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^SM

iShares Russell Mid-Cap Index Fund

iShares Russell Small/Mid-Cap Index Fund

iShares Total U.S. Stock Market Index Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 07/31/2022

Date of reporting period: 01/31/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

JANUARY 31, 2022

2022 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, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	3.44%	23.29%
U.S. small cap equities (Russell 2000® Index)	(8.41)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03
Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05
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		77
Statements of Operations		79
Statements of Changes in Net Assets		80
Financial Highlights		82
Notes to Financial Statements		91
Statement Regarding Liquidity Risk Management Program		102
Additional Information		103
Glossary of Terms Used in this Report		105

3

Fund Summary   as of January 31, 2022  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, 2022, the Fund’s Institutional Shares returned (3.06)%, Investor A Shares returned (3.20)%, and Class K Shares returned (3.03)%. The benchmark Russell MidCap^® Index (the “Index”) returned (3.06)% 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 2021, U.S. equities continued climbing in August on the back of strong economic data and quarterly earnings reports. The positive return in markets came despite the increase in COVID-19 Delta variant cases in the United States. The Fed announcement in August was in line with expectations, as Fed Chair Jerome Powell suggested that tapering may start before year end during his Jackson Hole speech.

The positive sentiment of July and August was offset in September amid concerns regarding potential contagion from the unfolding debt crisis at Chinese property developer, Evergrande. Concerns that higher inflation and supply chain issues would last longer than expected also weighed down on the market. Lastly, the continuing disagreement in Washington D.C. regarding the debt ceiling and the infrastructure bill dampened U.S. equity performance. However, Congress passed a bill, toward the end of the third quarter, extending government funding until December 3, 2021.

Following a strong earnings season in the fourth quarter of 2021 that boosted the positive sentiment early in the quarter, the emergence of the new COVID-19 Omicron variant and the concerns about higher inflation rates weighed down on U.S. market performance in November. However, preliminary data showed that the coronavirus vaccine was effective against the Omicron variant, and the Fed shared more clarity on next year’s policy path, leading to strong positive returns to end the fourth quarter. The falling unemployment rate and the $550 billion bipartisan infrastructure bill signed by President Biden supported market performance over the fourth quarter.

The Fed’s stance on monetary policy was at the forefront of market discussions over the fourth quarter of 2021. Fed Chair Jerome Powell conceded that inflation had been far stickier than initially anticipated. These inflation pressures have been exacerbated as consumer demand continued to increase with supply chain bottlenecks and labor shortages. The Fed brought forward the dates of tapering to Spring 2022.

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

			Average Annual Total Returns(a)(b)
	6-Month Total Returns			1 Year		5 Years		Since Inception	(c)
Institutional	(3.06	)%		13.80	%	12.72	%	10.85	%
Investor A	(3.20	)		13.48		12.44		10.58
Class K	(3.03	)		13.81		12.77		10.92
Russell Midcap® Index(d)	(3.06	)		13.85		12.81		10.89

^(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)  An index that measures the performance of approximately 800 smallest companies in the Russell 1000^® Index, which represent approximately 31% of the total market capitalization of the Russell 1000^® Index.

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 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary   as of January 31, 2022 (continued) iShares Russell Mid-Cap Index Fund

Expense Example

	Actual							Hypothetical
		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	969.40	$	0.40		$	1,000.00	$	1,024.80	$	0.41		0.08	%
Investor A		1,000.00		968.00		1.74			1,000.00		1,023.44		1.79		0.35
Class K		1,000.00		969.70		0.20			1,000.00		1,025.00		0.20		0.04

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

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	%
Industrials		15
Financials		13
Consumer Discretionary		12
Health Care		10
Real Estate		8
Materials		6
Utilities		5
Energy		5
Consumer Staples		4
Communication Services		3
Investment Companies		1
Short-Term Securities		2
Liabilities in Excess of Other Assets		(2	)

^(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, 2022 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, 2022, the Fund’s Institutional Shares returned (5.72)%, Investor A Shares returned (5.84)%, and Class K Shares returned (5.70)%. The benchmark Russell 2500TM Index (the “Index”) returned (5.72)% 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 2021, U.S. equities continued climbing in August on the back of strong economic data and quarterly earnings reports. The positive return in markets came despite the increase in COVID-19 Delta variant cases in the United States. The Fed announcement in August was in line with expectations, as Fed Chair Jerome Powell suggested that tapering may start before year end during his Jackson Hole speech.

The positive sentiment of July and August was offset in September amid concerns regarding potential contagion from the unfolding debt crisis at Chinese property developer, Evergrande. Concerns that higher inflation and supply chain issues would last longer than expected also weighed down on the market. Lastly, the continuing disagreement in Washington D.C. regarding the debt ceiling and the infrastructure bill dampened U.S. equity performance. However, Congress passed a bill, toward the end of the third quarter, extending government funding until December 3, 2021.

Following a strong earnings season in the fourth quarter of 2021 that boosted the positive sentiment early in the quarter, the emergence of the new COVID-19 Omicron variant and the concerns about higher inflation rates weighed down on U.S. market performance in November. However, preliminary data showed that the coronavirus vaccine was effective against the Omicron variant, and the Fed shared more clarity on next year’s policy path, leading to strong positive returns to end the fourth quarter. The falling unemployment rate and the $550 billion bipartisan infrastructure bill signed by President Biden supported market performance over the fourth quarter.

The Fed’s stance on monetary policy was at the forefront of market discussions over the fourth quarter of 2021. Fed Chair Jerome Powell conceded that inflation had been far stickier than initially anticipated. These inflation pressures have been exacerbated as consumer demand continued to increase with supply chain bottlenecks and labor shortages. The Fed brought forward the dates of tapering to Spring 2022.

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

			Average Annual Total Returns(a)(b)
	6-Month Total Returns			1 Year		5 Years		Since Inception	(c)
Institutional	(5.72	)%		5.61	%	11.42	%	10.75	%
Investor A	(5.84	)		5.38		11.15		10.50
Class K	(5.70	)		5.65		11.46		10.80
Russell 2500™ Index(d)	(5.72	)		5.75		11.49		10.76

^(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^TM Index is a subset of the Russell 3000^® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.

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 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary   as of January 31, 2022 (continued) iShares Russell Small/Mid-Cap Index Fund

Expense Example

			Actual							Hypothetical
		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	942.80	$	0.59		$	1,000.00	$	1,024.60	$	0.61		0.12	%
Investor A		1,000.00		941.60		1.71			1,000.00		1,023.44		1.79		0.35
Class K		1,000.00		943.00		0.34			1,000.00		1,024.85		0.36		0.07

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

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

Portfolio Information

SECTOR ALLOCATION
Sector(a)	Percent of Net Assets
Industrials		16	%
Information Technology		16
Financials		15
Health Care		13
Consumer Discretionary		12
Real Estate		9
Materials		6
Energy		4
Consumer Staples		3
Utilities		3
Communication Services		3
Short-Term Securities		5
Liabilities in Excess of Other Assets		(5	)

^(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, 2022  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, 2022, the Fund’s Institutional Shares returned 0.95%, Investor A Shares returned 0.84%, and Class K Shares returned 0.98%. The benchmark Russell 3000^® Index (the “Index”) returned 1.03% 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.

In the third quarter of 2021, U.S. equities continued climbing in August on the back of strong economic data and quarterly earnings reports. The positive return in markets came despite the increase in COVID-19 Delta variant cases in the United States. The Fed announcement in August was in line with expectations, as Fed Chair Jerome Powell suggested that tapering may start before year end during his Jackson Hole speech.

The positive sentiment of July and August was offset in September amid concerns regarding potential contagion from the unfolding debt crisis at Chinese property developer, Evergrande. Concerns that higher inflation and supply chain issues would last longer than expected also weighed down on the market. Lastly, the continuing disagreement in Washington D.C. regarding the debt ceiling and the infrastructure bill dampened U.S. equity performance. However, Congress passed a bill, toward the end of the third quarter, extending government funding until December 3, 2021.

Following a strong earnings season in the fourth quarter of 2021 that boosted the positive sentiment early in the quarter, the emergence of the new COVID-19 Omicron variant and the concerns about higher inflation rates weighed down on U.S. market performance in November. However, preliminary data showed that the coronavirus vaccine was effective against the Omicron variant, and the Fed shared more clarity on next year’s policy path, leading to strong positive returns to end the fourth quarter. The falling unemployment rate and the $550 billion bipartisan infrastructure bill signed by President Biden supported market performance over the fourth quarter.

The Fed’s stance on monetary policy was at the forefront of market discussions over the fourth quarter of 2021. Fed Chair Jerome Powell conceded that inflation had been far stickier than initially anticipated. These inflation pressures have been exacerbated as consumer demand continued to increase with supply chain bottlenecks and labor shortages. The Fed brought forward the dates of tapering to Spring 2022.

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

			Average Annual Total Returns(a)(b)
	6-Month Total Returns			1 Year		5 Years		Since Inception	(c)
Institutional	0.95	%		18.70	%	16.01	%	14.25	%
Investor A	0.84			18.41		15.74		13.98
Class K	0.98			18.75		16.06		14.30
Russell 3000® Index(d)	1.03			18.80		16.11		14.31

^(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 3,000 largest U.S. companies representing 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.

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

Fund Summary   as of January 31, 2022 (continued) iShares Total U.S. Stock Market Index Fund

Expense Example

			Actual							Hypothetical
		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,009.50	$	0.41		$	1,000.00	$	1,024.80	$	0.41		0.08	%
Investor A		1,000.00		1,008.40		1.52			1,000.00		1,023.69		1.53		0.30
Class K		1,000.00		1,009.80		0.15			1,000.00		1,025.05		0.15		0.03

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

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.		5
Amazon.com, Inc.		3
Alphabet, Inc., Class A		2
Alphabet, Inc., Class C		2
Tesla, Inc.		2
Meta Platforms, Inc., Class A.		1
NVIDIA Corp.		1
Berkshire Hathaway, Inc., Class B		1
Johnson & Johnson		1

SECTOR ALLOCATION
Sector(a)	Percent of Net Assets
Information Technology		27	%
Health Care		13
Financials		12
Consumer Discretionary		12
Communication Services		9
Industrials		9
Consumer Staples		6
Real Estate		3
Energy		3
Utilities		3
Materials		2
Investment Companies		1
Short-Term Securities		1
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 each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

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

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. 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 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) January 31, 2022 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
Axon Enterprise, Inc.(a)		10,679	$	1,494,313
BWX Technologies, Inc.		15,247		678,644
Curtiss-Wright Corp.		6,420		852,512
HEICO Corp.		7,131		972,597
HEICO Corp., Class A		12,952		1,420,834
Hexcel Corp.(a)		13,896		724,954
Howmet Aerospace, Inc.		64,137		1,994,019
Huntington Ingalls Industries, Inc.		6,381		1,194,523
Mercury Systems, Inc.(a)(b)		9,362		532,885
Spirit AeroSystems Holdings, Inc., Class A		17,079		748,573
Textron, Inc.		36,314		2,471,531
TransDigm Group, Inc.(a)		8,458		5,211,735
Virgin Galactic Holdings Inc.(a)(b)		27,358		251,694
Woodward, Inc.		9,415		1,038,192
				19,587,006
Air Freight & Logistics — 0.4%
C.H. Robinson Worldwide, Inc.		21,169		2,215,336
Expeditors International of Washington, Inc.		27,411		3,138,011
GXO Logistics, Inc.(a)		15,992		1,298,710
				6,652,057
Airlines(a) — 0.8%
Alaska Air Group, Inc.		19,987		1,094,088
American Airlines Group, Inc.		103,629		1,706,770
Copa Holdings SA, Class A		5,465		456,765
Delta Air Lines, Inc.		104,577		4,150,661
JetBlue Airways Corp.		50,593		740,175
Southwest Airlines Co.		96,670		4,326,949
United Airlines Holdings, Inc.		52,894		2,268,095
				14,743,503
Auto Components — 0.6%
Aptiv PLC(a)		43,957		6,003,647
BorgWarner, Inc.		38,967		1,708,703
Gentex Corp.		38,560		1,210,784
Lear Corp.		9,964		1,667,177
QuantumScape Corp.(a)(b)		38,845		648,323
				11,238,634
Automobiles — 0.1%
Harley-Davidson, Inc.		24,660		852,496
Thor Industries, Inc.		8,467		800,894
				1,653,390
Banks — 3.5%
Bank of Hawaii Corp.		6,573		565,738
Bank OZK		19,674		921,727
BOK Financial Corp.		4,776		489,779
Citizens Financial Group, Inc.		69,805		3,592,863
Comerica, Inc.		21,675		2,011,006
Commerce Bancshares, Inc.		18,201		1,254,231
Cullen/Frost Bankers, Inc.		9,284		1,309,137
East West Bancorp, Inc.		22,951		1,981,589
Fifth Third Bancorp		111,046		4,955,983
First Citizens BancShares, Inc., Class A		1,993		1,552,706
First Hawaiian, Inc.		21,373		605,925
First Horizon Corp.		87,500		1,497,125
First Republic Bank		29,200		5,068,828
FNB Corp.		55,934		722,667
Huntington Bancshares, Inc.		234,044		3,524,703
KeyCorp.		152,046		3,810,273
M&T Bank Corp.		20,917		3,542,921

Security	Shares		Value
Banks (continued)
PacWest Bancorp		18,944	$	879,570
People’s United Financial, Inc.		69,660		1,350,011
Pinnacle Financial Partners, Inc.		12,211		1,180,926
Popular, Inc.		13,225		1,179,273
Prosperity Bancshares, Inc.		14,226		1,042,055
Regions Financial Corp.		157,343		3,609,448
Signature Bank		9,684		2,950,037
Sterling Bancorp		31,169		819,433
SVB Financial Group(a)		9,270		5,412,753
Synovus Financial Corp.		24,060		1,197,226
Umpqua Holdings Corp.		35,906		728,174
Webster Financial Corp.		14,548		826,472
Western Alliance Bancorp		16,650		1,651,513
Wintrust Financial Corp.		9,180		900,283
Zions Bancorp NA		25,295		1,715,507
				62,849,882
Beverages — 0.3%
Boston Beer Co., Inc., Class A(a)		1,537		646,816
Brown-Forman Corp., Class A		7,670		480,449
Brown-Forman Corp., Class B		30,008		2,023,439
Molson Coors Beverage Co., Class B		29,153		1,389,432
				4,540,136
Biotechnology(a) — 1.4%
Alnylam Pharmaceuticals, Inc.		19,436		2,674,394
BioMarin Pharmaceutical, Inc.		29,869		2,647,289
CureVac NV		8,713		168,248
Exact Sciences Corp.(b)		28,199		2,153,276
Exelixis, Inc.		50,206		908,729
Horizon Therapeutics PLC		35,656		3,327,774
Incyte Corp.		30,790		2,288,621
Ionis Pharmaceuticals, Inc.		22,505		715,659
Iovance Biotherapeutics, Inc.		25,602		426,273
Mirati Therapeutics, Inc.		6,638		791,913
Natera, Inc.		13,652		964,514
Neurocrine Biosciences, Inc.		14,955		1,181,744
Novavax, Inc.		12,026		1,126,836
Sage Therapeutics, Inc.		9,085		358,131
Sarepta Therapeutics, Inc.		13,530		968,342
Seagen, Inc.		21,846		2,938,505
Ultragenyx Pharmaceutical, Inc.		10,247		716,573
United Therapeutics Corp.		7,068		1,426,817
				25,783,638
Building Products — 1.8%
A O Smith Corp.		21,376		1,633,554
Advanced Drainage Systems, Inc.		9,676		1,094,259
Allegion PLC		14,458		1,774,430
Armstrong World Industries, Inc.		7,766		768,989
AZEK Co., Inc.(a)		19,091		630,576
Builders FirstSource, Inc.(a)		30,828		2,095,996
Carlisle Cos., Inc.		8,331		1,861,479
Carrier Global Corp.		142,307		6,785,198
Fortune Brands Home & Security, Inc.		22,471		2,116,094
Lennox International, Inc.		5,384		1,527,010
Masco Corp.		39,484		2,500,522
Owens Corning		16,518		1,465,146
Trane Technologies PLC		39,061		6,761,459
Trex Co., Inc.(a)		19,108		1,747,809
				32,762,521
Capital Markets — 3.8%
Affiliated Managers Group, Inc.		6,800		994,228
Ameriprise Financial, Inc.		18,320		5,574,959

SCHEDULE   OF  INVESTMENTS 11

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Ares Management Corp., Class A		23,287	$	1,856,440
Carlyle Group, Inc.		26,102		1,332,507
Cboe Global Markets, Inc.		17,464		2,070,008
Evercore, Inc., Class A		6,470		807,585
FactSet Research Systems, Inc.		6,237		2,631,328
Franklin Resources, Inc.		47,604		1,521,900
Interactive Brokers Group, Inc., Class A		13,502		920,701
Invesco Ltd.		56,365		1,277,231
Janus Henderson Group PLC		28,162		1,039,178
Jefferies Financial Group, Inc.		36,049		1,320,835
KKR & Co., Inc.		91,032		6,477,837
Lazard Ltd., Class A		16,628		725,646
LPL Financial Holdings, Inc.		13,155		2,266,870
MarketAxess Holdings, Inc.		6,143		2,116,141
Morningstar, Inc.		3,840		1,103,654
MSCI, Inc.		13,139		7,044,081
Nasdaq, Inc.		19,108		3,424,345
Northern Trust Corp.		33,602		3,919,337
Raymond James Financial, Inc.		30,248		3,202,356
SEI Investments Co.		17,903		1,049,295
State Street Corp.		59,533		5,625,868
Stifel Financial Corp.		16,662		1,247,984
T. Rowe Price Group, Inc.		36,930		5,703,100
Tradeweb Markets, Inc., Class A		17,288		1,465,504
Virtu Financial, Inc., Class A		13,809		427,112
				67,146,030
Chemicals — 2.7%
Albemarle Corp.		18,932		4,179,050
Ashland Global Holdings, Inc.		8,871		851,971
Axalta Coating Systems Ltd.(a)		33,525		992,675
Celanese Corp.		17,834		2,776,932
CF Industries Holdings, Inc.		34,541		2,378,839
Chemours Co.		26,376		862,759
Corteva, Inc.		118,931		5,718,202
Diversey Holdings Ltd.(a)		12,215		134,365
Eastman Chemical Co.		22,070		2,624,785
Element Solutions, Inc.		36,933		828,777
FMC Corp.		20,785		2,294,040
Huntsman Corp.		34,025		1,219,116
International Flavors & Fragrances, Inc.		41,827		5,517,818
LyondellBasell Industries NV, Class A		43,025		4,161,808
Mosaic Co.		60,240		2,406,588
NewMarket Corp.		1,062		359,030
Olin Corp.		23,635		1,197,585
PPG Industries, Inc.		38,773		6,056,343
RPM International, Inc.		20,660		1,830,683
Scotts Miracle-Gro Co.		6,734		1,018,181
Valvoline, Inc.		28,994		955,062
Westlake Chemical Corp.		5,651		557,471
				48,922,080
Commercial Services & Supplies — 1.1%
ADT, Inc.		29,339		222,683
Cintas Corp.		14,265		5,585,175
Clean Harbors, Inc.(a)		8,312		769,276
Copart, Inc.(a)		34,142		4,412,854
Driven Brands Holdings, Inc.(a)		9,210		260,183
IAA, Inc.(a)		22,651		1,040,360
MSA Safety, Inc.		5,806		797,744

Security	Shares		Value
Commercial Services & Supplies (continued)
Republic Services, Inc.		34,382	$	4,389,206
Rollins, Inc.		36,246		1,118,189
Stericycle, Inc.(a)		15,453		907,709
				19,503,379
Communications Equipment — 1.1%
Arista Networks, Inc.(a)		39,562		4,917,952
Ciena Corp.(a)		24,848		1,647,671
CommScope Holding Co., Inc.(a)		32,992		309,795
F5, Inc.(a)		9,842		2,043,396
Juniper Networks, Inc.		52,911		1,842,361
Lumentum Holdings, Inc.(a)(b)		12,015		1,219,282
Motorola Solutions, Inc.		27,209		6,310,856
Ubiquiti, Inc.		1,160		336,447
ViaSat, Inc.(a)(b)		10,869		478,453
				19,106,213
Construction & Engineering — 0.3%
AECOM		21,965		1,518,440
MasTec, Inc.(a)		8,911		767,504
Quanta Services, Inc.		23,026		2,365,231
Valmont Industries, Inc.		3,382		734,672
				5,385,847
Construction Materials — 0.5%
Eagle Materials, Inc.		6,686		975,153
Martin Marietta Materials, Inc.		10,175		3,959,296
Vulcan Materials Co.		21,577		4,106,319
				9,040,768
Consumer Finance — 0.9%
Ally Financial, Inc.		56,187		2,681,244
Credit Acceptance Corp.(a)		1,287		694,414
Discover Financial Services		48,080		5,565,260
OneMain Holdings, Inc.		18,889		975,806
SLM Corp.		46,462		852,113
Synchrony Financial		89,345		3,805,203
Upstart Holdings Inc(a)		7,447		811,797
				15,385,837
Containers & Packaging — 1.5%
Amcor PLC		251,590		3,021,596
AptarGroup, Inc.		10,871		1,275,168
Ardagh Metal Packaging SA(a)		15,123		145,634
Avery Dennison Corp.		13,600		2,793,712
Ball Corp.		51,666		5,016,769
Berry Global Group, Inc.(a)		21,837		1,472,251
Crown Holdings, Inc.		20,148		2,304,931
Graphic Packaging Holding Co.		46,221		874,039
International Paper Co.		63,697		3,073,380
Packaging Corp. of America		15,509		2,336,121
Sealed Air Corp.		24,368		1,655,075
Silgan Holdings, Inc.		14,237		637,533
Sonoco Products Co.		15,944		903,068
Westrock Co.		43,027		1,986,126
				27,495,403
Distributors — 0.5%
Genuine Parts Co.		22,952		3,057,895

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Distributors (continued)
LKQ Corp.		44,615	$	2,448,917
Pool Corp.		6,340		3,019,425
				8,526,237
Diversified Consumer Services — 0.3%
Bright Horizons Family Solutions, Inc.(a)		9,756		1,252,768
Chegg, Inc.(a)		23,970		634,486
frontdoor, Inc.(a)		13,908		504,860
Grand Canyon Education, Inc.(a)		6,305		527,603
H&R Block, Inc.		27,824		636,057
Mister Car Wash, Inc.(a)		12,207		209,960
Service Corp. International		25,924		1,600,029
Terminix Global Holdings, Inc.(a)		20,092		866,769
				6,232,532
Diversified Financial Services — 0.4%
Apollo Global Management, Inc.(a)		60,101		4,207,070
Equitable Holdings, Inc.		59,801		2,011,706
Voya Financial, Inc.		17,204		1,169,184
				7,387,960
Diversified Telecommunication Services — 0.1%
Lumen Technologies, Inc.		166,960		2,063,626
Electric Utilities — 2.3%
Alliant Energy Corp.		40,775		2,440,792
Avangrid, Inc.		9,451		441,551
Edison International		60,730		3,813,237
Entergy Corp.		32,658		3,650,185
Evergy, Inc.		37,380		2,428,205
Eversource Energy		56,408		5,047,952
FirstEnergy Corp.		88,572		3,716,481
Hawaiian Electric Industries, Inc.		17,441		741,243
IDACORP, Inc.		8,202		904,024
NRG Energy, Inc.		40,500		1,617,165
OGE Energy Corp.		32,898		1,247,492
PG&E Corp.(a)		248,308		3,175,859
Pinnacle West Capital Corp.		18,094		1,259,523
PPL Corp.		123,196		3,656,457
Xcel Energy, Inc.		88,117		6,138,230
				40,278,396
Electrical Equipment — 1.4%
Acuity Brands, Inc.		5,636		1,079,463
AMETEK, Inc.		37,683		5,153,904
ChargePoint Holdings, Inc.(a)(b)		35,585		492,852
Fluence Energy, Inc.(a)		5,398		100,943
Generac Holdings, Inc.(a)		9,973		2,816,176
Hubbell, Inc.		8,821		1,652,085
nVent Electric PLC		26,577		919,298
Plug Power, Inc.(a)(b)		84,678		1,851,908
Regal Rexnord Corp.		11,069		1,754,215
Rockwell Automation, Inc.		19,060		5,512,533
Sensata Technologies Holding PLC(a)		24,993		1,433,599
Shoals Technologies Group, Inc., Class A(a)		15,583		262,729
Sunrun, Inc.(a)		32,932		853,927
Vertiv Holdings Co.		53,514		1,116,302
				24,999,934
Electronic Equipment, Instruments & Components — 2.4%
Amphenol Corp., Class A		95,567		7,606,178
Arrow Electronics, Inc.(a)		11,305		1,401,820
Avnet, Inc.		16,264		656,415
CDW Corp.		22,096		4,177,249
Cognex Corp.		28,078		1,866,064

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Coherent, Inc.(a)		3,890	$	1,005,487
Corning, Inc.		124,469		5,232,677
IPG Photonics Corp.(a)		5,896		910,755
Jabil, Inc.		24,123		1,483,323
Keysight Technologies, Inc.(a)		30,385		5,129,596
Littelfuse, Inc.		3,951		1,066,651
National Instruments Corp.		22,177		914,136
SYNNEX Corp.		6,830		714,213
Teledyne Technologies, Inc.(a)		7,517		3,167,889
Trimble, Inc.(a)		41,473		2,992,692
Vontier Corp.		28,593		803,749
Zebra Technologies Corp., Class A(a)		8,659		4,408,470
				43,537,364
Energy Equipment & Services — 0.5%
Baker Hughes Co.		120,722		3,312,612
Halliburton Co.		145,295		4,466,368
NOV, Inc.		65,193		1,070,469
				8,849,449
Entertainment — 1.0%
Liberty Media Corp.-Liberty Formula One, Class A(a)		3,867		211,912
Liberty Media Corp.-Liberty Formula One, Class C(a)		32,618		1,964,582
Live Nation Entertainment, Inc.(a)		22,552		2,469,670
Madison Square Garden Sports Corp.(a)		3,130		519,799
Playtika Holding Corp.(a)		15,896		270,709
Roku, Inc.(a)(b)		19,360		3,176,008
Skillz, Inc.(a)(b)		48,329		232,462
Spotify Technology SA(a)		22,431		4,402,308
Take-Two Interactive Software, Inc.(a)		18,768		3,065,565
World Wrestling Entertainment, Inc., Class A		6,782		338,693
Zynga, Inc., Class A(a)(b)		169,172		1,534,390
				18,186,098
Equity Real Estate Investment Trusts (REITs) — 7.8%
Alexandria Real Estate Equities, Inc.		25,088		4,888,146
American Campus Communities, Inc.		21,939		1,146,532
American Homes 4 Rent, Class A		46,264		1,810,310
Americold Realty Trust		43,476		1,236,892
Apartment Income REIT Corp.		25,391		1,341,153
AvalonBay Communities, Inc.		22,841		5,578,457
Boston Properties, Inc.		25,606		2,869,921
Brixmor Property Group, Inc.		48,818		1,238,025
Camden Property Trust		16,036		2,567,203
Cousins Properties, Inc.		24,929		961,262
CubeSmart		35,057		1,778,792
CyrusOne, Inc.		20,832		1,871,755
Douglas Emmett, Inc.		27,074		845,250
Duke Realty Corp.		62,221		3,595,129
EPR Properties		12,506		549,889
Equity LifeStyle Properties, Inc.		28,909		2,263,286
Equity Residential		60,437		5,362,575
Essex Property Trust, Inc.		10,550		3,507,875
Extra Space Storage, Inc.		21,457		4,252,563
Federal Realty Investment Trust(a)		12,713		1,620,780
First Industrial Realty Trust, Inc.		21,091		1,281,911
Gaming and Leisure Properties, Inc.		37,205		1,680,922
Healthcare Trust of America, Inc., Class A		34,896		1,135,865
Healthpeak Properties, Inc.		88,204		3,119,776
Highwoods Properties, Inc.		16,631		717,129
Host Hotels & Resorts, Inc.(a)		116,075		2,012,741
Hudson Pacific Properties, Inc.		25,436		601,053
Invitation Homes, Inc.		97,443		4,090,657
Iron Mountain, Inc.		47,035		2,159,847

SCHEDULE   OF  INVESTMENTS 13

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
JBG SMITH Properties		20,448	$	560,275
Kilroy Realty Corp.		19,272		1,233,408
Kimco Realty Corp.		95,528		2,317,509
Lamar Advertising Co., Class A		13,856		1,534,691
Life Storage, Inc.		13,339		1,800,098
Medical Properties Trust, Inc.		95,747		2,179,202
Mid-America Apartment Communities, Inc.		18,877		3,901,498
National Retail Properties, Inc.		28,385		1,259,726
Omega Healthcare Investors, Inc.		39,194		1,233,827
Orion Office REIT, Inc.(a)		8,648		143,903
Park Hotels & Resorts, Inc.(a)		37,917		690,089
Rayonier, Inc.		23,023		841,260
Realty Income Corp.		92,554		6,424,173
Regency Centers Corp.		27,279		1,957,268
Rexford Industrial Realty, Inc.		24,868		1,819,592
SBA Communications Corp.		17,726		5,768,750
Simon Property Group, Inc.		53,511		7,876,819
SL Green Realty Corp.(a)		10,522		763,055
Spirit Realty Capital, Inc.		20,707		982,754
STORE Capital Corp.		40,742		1,291,929
Sun Communities, Inc.		18,798		3,552,070
UDR, Inc.		50,141		2,850,014
Ventas, Inc.		65,438		3,469,523
VICI Properties, Inc.		101,894		2,916,206
Vornado Realty Trust		28,353		1,162,757
Welltower, Inc.		71,141		6,162,945
Weyerhaeuser Co.		123,148		4,978,874
WP Carey, Inc.		31,122		2,415,067
				138,172,978
Food & Staples Retailing — 0.5%
Albertsons Cos., Inc., Class A.		24,940		702,061
Casey’s General Stores, Inc.		6,129		1,151,088
Grocery Outlet Holding Corp.(a)		14,816		376,030
Kroger Co.		121,116		5,279,446
US Foods Holding Corp.(a)(b)		36,151		1,274,684
				8,783,309
Food Products — 2.3%
Archer-Daniels-Midland Co.		91,125		6,834,375
Beyond Meat, Inc.(a)(b)		9,830		640,228
Bunge Ltd.		22,185		2,193,209
Campbell Soup Co.		31,320		1,381,838
Conagra Brands, Inc.		77,207		2,683,715
Darling Ingredients, Inc.(a)		26,203		1,670,965
Flowers Foods, Inc.		29,817		838,752
Freshpet, Inc.(a)		6,958		647,303
Hain Celestial Group, Inc.(a)(b)		14,992		547,658
Hershey Co.		23,944		4,718,644
Hormel Foods Corp.		46,553		2,209,871
Ingredion, Inc.		10,669		1,010,354
J.M. Smucker Co.		16,990		2,388,454
Kellogg Co.		41,431		2,610,153
Lamb Weston Holdings, Inc.		24,051		1,544,315
McCormick & Co., Inc.		40,551		4,067,671
Pilgrim’s Pride Corp.(a)		7,712		215,705
Post Holdings, Inc.(a)		9,586		1,014,391
Seaboard Corp.		39		148,980
Tyson Foods, Inc., Class A		46,888		4,261,650
				41,628,231

Security	Shares		Value
Gas Utilities — 0.3%
Atmos Energy Corp.		21,196	$	2,272,635
National Fuel Gas Co.		14,201		862,427
UGI Corp.		33,677		1,527,252
				4,662,314
Health Care Equipment & Supplies — 2.9%
ABIOMED, Inc.(a)		7,256		2,146,833
Cooper Cos., Inc.		7,942		3,163,299
DENTSPLY SIRONA, Inc.		35,946		1,920,235
DexCom, Inc.(a)		15,799		6,801,153
Envista Holdings Corp.(a)		26,669		1,153,168
Figs, Inc., Class A(a)		15,704		353,026
Globus Medical, Inc., Class A(a)		12,794		853,744
Hologic, Inc.(a)		41,054		2,883,633
ICU Medical, Inc.(a)		3,184		679,338
IDEXX Laboratories, Inc.(a)		13,848		7,025,090
Insulet Corp.(a)		10,828		2,685,344
Integra LifeSciences Holdings Corp.(a)		11,493		744,057
Masimo Corp.(a)		8,221		1,807,551
Novocure Ltd.(a)		16,619		1,140,894
Penumbra, Inc.(a)		5,554		1,255,260
Quidel Corp.(a)		6,032		623,467
ResMed, Inc.		23,631		5,402,047
STERIS PLC		13,890		3,116,916
Tandem Diabetes Care, Inc.(a)		9,960		1,176,376
Teleflex, Inc.		7,571		2,348,448
Zimmer Biomet Holdings, Inc.		34,162		4,202,609
				51,482,488
Health Care Providers & Services — 1.8%
Acadia Healthcare Co., Inc.(a)		14,886		783,748
Agilon Health, Inc.(a)		26,536		439,967
Amedisys, Inc.(a)		5,277		712,923
AmerisourceBergen Corp.		24,157		3,290,183
Cardinal Health, Inc.		46,170		2,380,987
Chemed Corp.		2,451		1,149,298
DaVita, Inc.(a)		10,796		1,169,963
Encompass Health Corp.		15,745		976,820
Guardant Health, Inc.(a)		14,951		1,039,842
Henry Schein, Inc.(a)		22,918		1,725,725
Laboratory Corp. of America Holdings(a)		15,769		4,279,076
McKesson Corp.		25,031		6,425,958
Molina Healthcare, Inc.(a)		9,266		2,691,588
Oak Street Health, Inc.(a)		16,651		289,394
Premier, Inc., Class A		19,490		744,908
Quest Diagnostics, Inc.		19,944		2,692,839
Signify Health, Inc., Class A(a)(b)		9,646		128,581
Universal Health Services, Inc., Class B		11,707		1,522,612
				32,444,412
Health Care Technology — 0.7%
Cerner Corp.		48,123		4,388,818
Certara, Inc.(a)(b)		16,718		446,872
Change Healthcare, Inc.(a)		42,111		828,744
Definitive Healthcare Corp.(a)		2,100		45,948
Teladoc Health, Inc.(a)		25,011		1,918,594
Veeva Systems, Inc., Class A(a)		22,358		5,288,561
				12,917,537
Hotels, Restaurants & Leisure — 3.4%
Aramark		38,384		1,316,187
Boyd Gaming Corp.(a)		13,831		822,391
Caesars Entertainment, Inc.(a)		33,514		2,551,756

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Carnival Corp.(a)		139,871	$	2,770,845
Chipotle Mexican Grill, Inc.(a)		4,597		6,829,211
Choice Hotels International, Inc.		5,630		807,342
Churchill Downs, Inc.		5,933		1,247,710
Darden Restaurants, Inc.		21,374		2,989,581
Domino’s Pizza, Inc.		5,867		2,667,432
DraftKings, Inc., Class A(a)		49,832		1,100,789
Expedia Group, Inc.(a)		23,614		4,328,210
Hilton Worldwide Holdings, Inc.(a)		44,988		6,528,209
Hyatt Hotels Corp., Class A(a)		7,958		729,032
Marriott Vacations Worldwide Corp.		6,823		1,107,919
MGM Resorts International		63,273		2,703,023
Norwegian Cruise Line Holdings Ltd.(a)		61,621		1,283,565
Penn National Gaming, Inc.(a)		26,949		1,229,144
Planet Fitness, Inc., Class A(a)		13,643		1,209,316
Royal Caribbean Cruises Ltd.(a)		35,982		2,799,759
Six Flags Entertainment Corp.(a)		12,574		496,547
Travel + Leisure Co.		13,632		774,298
Vail Resorts, Inc.		6,599		1,828,583
Wendy’s Co.		29,872		687,952
Wyndham Hotels & Resorts, Inc.		15,122		1,269,492
Wynn Resorts Ltd.(a)		17,779		1,519,216
Yum China Holdings, Inc.		69,744		3,359,568
Yum! Brands, Inc.		48,038		6,012,916
				60,969,993
Household Durables — 1.5%
D.R. Horton, Inc.		53,455		4,769,255
Garmin Ltd.		24,749		3,079,271
Leggett & Platt, Inc.		22,443		894,354
Lennar Corp., B Shares		2,401		193,833
Lennar Corp., Class A		43,938		4,222,881
Mohawk Industries, Inc.(a)		8,953		1,413,410
Newell Brands, Inc.		62,731		1,455,987
NVR, Inc.(a)		519		2,764,827
PulteGroup, Inc.		40,989		2,159,710
Tempur Sealy International, Inc.		29,567		1,177,062
Toll Brothers, Inc.		17,762		1,047,425
TopBuild Corp.(a)		5,350		1,244,678
Whirlpool Corp.		9,628		2,023,709
				26,446,402
Household Products — 0.5%
Church & Dwight Co., Inc.		40,340		4,140,901
Clorox Co.		19,994		3,356,193
Reynolds Consumer Products Inc.		9,250		279,997
Spectrum Brands Holdings, Inc.		6,818		609,393
				8,386,484
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp.		107,186		2,377,385
Brookfield Renewable Corp., Class A		21,772		745,038
Vistra Corp.		78,680		1,716,011
				4,838,434
Insurance — 3.9%
Aflac, Inc.		106,972		6,719,981
Alleghany Corp.(a)		2,243		1,489,352
American Financial Group, Inc.		11,228		1,462,784
Arch Capital Group Ltd.(a)		60,793		2,815,932
Arthur J. Gallagher & Co.		33,597		5,306,310
Assurant, Inc.		9,322		1,421,698
Assured Guaranty Ltd.		11,257		599,885
Axis Capital Holdings Ltd.		12,404		706,780

Security	Shares		Value
Insurance (continued)
Brighthouse Financial, Inc.(a)		13,159	$	716,508
Brown & Brown, Inc.		38,113		2,526,130
Cincinnati Financial Corp.		24,526		2,889,899
CNA Financial Corp.		4,144		190,251
Erie Indemnity Co., Class A		4,030		741,923
Everest Re Group Ltd.		6,287		1,781,736
Fidelity National Financial, Inc.		44,273		2,229,145
First American Financial Corp.		17,033		1,269,129
Globe Life, Inc.		16,154		1,652,554
GoHealth, Inc., Class A(a)		5,606		15,473
Hanover Insurance Group, Inc.		5,874		810,377
Hartford Financial Services Group, Inc.		55,394		3,981,167
Kemper Corp.		10,339		620,133
Lemonade, Inc.(a)(b)		6,384		203,841
Lincoln National Corp.		29,859		2,089,533
Loews Corp.		34,646		2,066,980
Markel Corp.(a)		2,215		2,730,519
Mercury General Corp.		4,206		229,900
Old Republic International Corp.		44,814		1,148,583
Primerica, Inc.		6,247		964,162
Principal Financial Group, Inc.		42,841		3,129,963
Prudential Financial, Inc.		61,924		6,908,861
Reinsurance Group of America, Inc.		11,191		1,285,062
RenaissanceRe Holdings Ltd.		7,566		1,189,148
Unum Group		32,729		830,662
W.R. Berkley Corp.		22,476		1,899,222
White Mountains Insurance Group Ltd.		460		478,842
Willis Towers Watson PLC		20,211		4,728,566
				69,830,991
Interactive Media & Services(a) — 0.9%
IAC/InterActiveCorp		12,530		1,710,846
Match Group, Inc.		46,402		5,229,505
Pinterest, Inc., Class A		91,824		2,714,317
TripAdvisor, Inc.		17,397		472,329
Twitter, Inc.		127,066		4,766,246
Vimeo, Inc.		22,003		322,344
				15,215,587
Internet & Direct Marketing Retail — 0.5%
DoorDash, Inc., Class A(a)		24,137		2,739,308
Etsy, Inc.(a)		20,691		3,250,142
Qurate Retail, Inc., Series A		58,450		410,904
Wayfair, Inc., Class A(a)(b)		12,452		1,941,516
				8,341,870
IT Services — 3.3%
Akamai Technologies, Inc.(a)		26,195		3,000,637
Alliance Data Systems Corp.		7,563		522,150
Amdocs Ltd.		21,358		1,620,859
Broadridge Financial Solutions, Inc.		18,977		3,021,518
Cloudflare, Inc., Class A(a)		42,008		4,049,571
Concentrix Corp.		6,864		1,379,595
DXC Technology Co.(a)		41,537		1,249,433
EPAM Systems, Inc.(a)		8,859		4,218,124
Euronet Worldwide, Inc.(a)(b)		8,505		1,138,734
Fastly, Inc., Class A(a)		16,704		478,737
FleetCor Technologies, Inc.(a)		12,866		3,065,453
Gartner, Inc.(a)		13,089		3,846,726
Genpact Ltd.		30,430		1,513,893
Globant SA(a)		6,558		1,673,470
GoDaddy, Inc., Class A(a)		27,696		2,096,864
Jack Henry & Associates, Inc.		12,181		2,044,094
MongoDB, Inc.(a)		10,336		4,187,217

SCHEDULE   OF  INVESTMENTS 15

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Okta, Inc.(a)(b)		20,665	$	4,089,397
Paychex, Inc.		52,707		6,206,776
Paysafe Ltd.(a)		110,777		402,121
Sabre Corp.(a)		54,338		497,193
Shift4 Payments, Inc., Class A(a)(b)		7,021		370,147
SolarWinds Corp.		5,165		70,244
StoneCo Ltd., Class A(a)		35,002		545,331
Switch, Inc., Class A		18,908		484,612
Thoughtworks Holding, Inc.(a)		6,753		144,649
VeriSign, Inc.(a)		15,928		3,459,243
Western Union Co.		65,697		1,242,330
WEX, Inc.(a)		7,242		1,165,817
Wix.com Ltd.(a)		8,694		1,142,131
				58,927,066
Leisure Products — 0.4%
Brunswick Corp.		12,418		1,127,430
Hasbro, Inc.		21,106		1,951,883
Hayward Holdings, Inc.(a)		7,886		155,275
Mattel, Inc.(a)		57,103		1,194,595
Peloton Interactive, Inc., Class A(a)		44,335		1,211,676
Polaris, Inc.		9,402		1,058,571
YETI Holdings, Inc.(a)		13,905		911,890
				7,611,320
Life Sciences Tools & Services — 2.9%
10X Genomics, Inc., Class A(a)		13,984		1,346,240
Adaptive Biotechnologies Corp.(a)(b)		17,530		305,723
Agilent Technologies, Inc.		49,934		6,956,805
Avantor, Inc.(a)		98,573		3,679,730
Bio-Rad Laboratories, Inc., Class A(a)		3,446		2,066,669
Bio-Techne Corp.		6,448		2,427,092
Bruker Corp.		17,038		1,134,731
Charles River Laboratories International, Inc.(a)		8,160		2,690,842
IQVIA Holdings, Inc.(a)		31,299		7,665,125
Maravai LifeSciences Holdings, Inc., Class A(a)		17,448		504,596
Mettler-Toledo International, Inc.(a)		3,715		5,471,006
PerkinElmer, Inc.		20,646		3,554,622
QIAGEN NV(a)		36,616		1,812,126
Repligen Corp.(a)		8,802		1,745,789
Sotera Health Co.(a)		15,208		327,124
Syneos Health, Inc.(a)		16,815		1,522,766
Waters Corp.(a)		9,929		3,178,471
West Pharmaceutical Services, Inc.		11,950		4,698,979
				51,088,436
Machinery — 3.8%
AGCO Corp.		10,138		1,188,174
Allison Transmission Holdings, Inc.		17,065		648,299
Colfax Corp.(a)(b)		18,888		776,675
Crane Co.		7,960		823,940
Cummins, Inc.		23,376		5,163,291
Donaldson Co., Inc.		20,072		1,117,207
Dover Corp.		23,482		3,989,827
Flowserve Corp.		20,924		682,541
Fortive Corp.		53,497		3,773,678
Gates Industrial Corp. PLC(a)		14,586		225,645
Graco, Inc.		27,701		2,009,984
IDEX Corp.		12,506		2,694,293
Ingersoll Rand, Inc.		66,418		3,733,356
ITT, Inc.		14,678		1,349,202
Lincoln Electric Holdings, Inc.		9,361		1,196,710
Middleby Corp.(a)		8,881		1,644,761

Security	Shares		Value
Machinery (continued)
Nordson Corp.		9,574	$	2,226,338
Oshkosh Corp.		11,595		1,319,627
Otis Worldwide Corp.		69,660		5,951,054
PACCAR, Inc.		55,935		5,201,396
Parker-Hannifin Corp.		21,006		6,512,070
Pentair PLC		26,715		1,701,745
Snap-on, Inc.		8,622		1,795,531
Stanley Black & Decker, Inc.		26,498		4,627,876
Timken Co.		10,207		681,828
Toro Co.		17,484		1,688,605
Westinghouse Air Brake Technologies Corp.		29,380		2,611,882
Xylem, Inc.		29,369		3,084,332
				68,419,867
Marine — 0.0%
Kirby Corp.(a)		10,077		656,819
Media — 1.5%
Altice USA, Inc., Class A(a)		33,133		477,778
Cable One, Inc.		892		1,377,899
Discovery, Inc., Class A(a)(b)		27,189		758,845
Discovery, Inc., Class C(a)		51,500		1,408,525
DISH Network Corp., Class A(a)		40,101		1,259,171
Fox Corp., Class A		51,944		2,109,446
Fox Corp., Class B		23,752		883,099
Interpublic Group of Cos., Inc.		64,231		2,282,770
Liberty Broadband Corp., Class A(a)		3,709		542,812
Liberty Broadband Corp., Class C(a)		23,131		3,432,872
Liberty Media Corp. - Liberty SiriusXM, Class A(a)(b)		14,775		683,344
Liberty Media Corp. - Liberty SiriusXM, Class C(a)		27,326		1,271,479
Loyalty Ventures, Inc.(a)		3,025		88,663
New York Times Co., Class A		26,662		1,067,280
News Corp., Class A		65,650		1,460,056
News Corp., Class B		18,510		411,662
Nexstar Media Group, Inc., Class A		6,401		1,058,597
Omnicom Group, Inc.		34,524		2,601,729
Sirius XM Holdings, Inc.(b)		141,598		900,563
ViacomCBS, Inc., Class A		1,521		55,638
ViacomCBS, Inc., Class B		94,995		3,177,583
				27,309,811
Metals & Mining — 0.7%
Alcoa Corp.		30,925		1,753,757
Ardagh Group SA(a)		2,789		67,145
Cleveland-Cliffs, Inc.(a)		74,783		1,281,781
Nucor Corp.		46,783		4,743,796
Reliance Steel & Aluminum Co.		10,252		1,567,326
Royal Gold, Inc.		10,868		1,103,645
Steel Dynamics, Inc.		30,586		1,698,135
United States Steel Corp.		44,280		917,481
				13,133,066
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.		87,693		1,305,749
Annaly Capital Management, Inc.		225,542		1,781,782
New Residential Investment Corp.		69,045		735,329
Starwood Property Trust, Inc.		48,191		1,192,727
				5,015,587
Multiline Retail — 0.4%
Dollar Tree, Inc.(a)		36,627		4,806,195
Kohl’s Corp.		24,865		1,484,689

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Multiline Retail (continued)
Nordstrom, Inc.(a)		19,153	$	430,943
Ollie’s Bargain Outlet Holdings, Inc.(a)		10,301		493,830
				7,215,657
Multi-Utilities — 1.8%
Ameren Corp.		41,950		3,722,643
CenterPoint Energy, Inc.		97,269		2,758,549
CMS Energy Corp.		46,581		2,998,885
Consolidated Edison, Inc.		57,938		5,008,740
DTE Energy Co.		31,553		3,799,928
MDU Resources Group, Inc.		33,898		995,584
NiSource, Inc.		63,720		1,859,349
Public Service Enterprise Group, Inc.		82,777		5,507,154
WEC Energy Group, Inc.		51,646		5,011,728
				31,662,560
Oil, Gas & Consumable Fuels — 4.2%
Antero Midstream Corp.		54,585		543,121
APA Corp.		59,295		1,969,187
Cheniere Energy, Inc.		38,394		4,296,289
Continental Resources, Inc.		10,802		561,056
Coterra Energy, Inc.		130,583		2,859,768
Devon Energy Corp.		110,592		5,592,637
Diamondback Energy, Inc.		29,467		3,717,557
DTE Midstream LLC(a)		15,677		810,501
EQT Corp.(a)		50,143		1,065,539
Hess Corp.		45,575		4,206,117
HollyFrontier Corp.		24,121		848,094
Marathon Oil Corp.		126,705		2,466,946
Marathon Petroleum Corp.		100,642		7,221,063
New Fortress Energy, Inc.		3,920		86,083
Occidental Petroleum Corp.		138,304		5,209,912
ONEOK, Inc.		72,980		4,428,426
Phillips 66		71,791		6,087,159
Pioneer Natural Resources Co.		35,322		7,731,632
Targa Resources Corp.		36,596		2,162,092
Texas Pacific Land Corp.		948		1,019,100
Valero Energy Corp.		66,235		5,495,518
Williams Cos., Inc.		199,545		5,974,377
				74,352,174
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		13,943		926,373
Sylvamo Corp.(a)		5,414		161,283
				1,087,656
Personal Products(a) — 0.1%
Coty, Inc., Class A		57,543		487,964
Herbalife Nutrition Ltd.		16,933		719,822
Olaplex Holdings, Inc.		12,833		280,273
				1,488,059
Pharmaceuticals — 0.8%
Catalent, Inc.(a)		28,012		2,911,287
Elanco Animal Health, Inc.(a)		73,054		1,902,326
Jazz Pharmaceuticals PLC(a)		9,801		1,361,457
Nektar Therapeutics(a)		29,190		324,593
Organon & Co.		40,944		1,306,523
Perrigo Co. PLC		22,045		839,253
Royalty Pharma PLC, Class A		53,578		2,143,656
Viatris, Inc.		197,752		2,960,347
				13,749,442
Professional Services — 2.2%
Booz Allen Hamilton Holding Corp.		21,917		1,681,691

Security	Shares		Value
Professional Services (continued)
CACI International, Inc., Class A(a)		3,820	$	945,297
Clarivate PLC(a)		71,558		1,177,845
CoStar Group, Inc.(a)		63,803		4,476,419
Dun & Bradstreet Holdings, Inc.(a)		26,456		530,707
Equifax, Inc.		19,915		4,774,820
FTI Consulting, Inc.(a)		5,684		828,784
IHS Markit Ltd.		61,099		7,135,752
Jacobs Engineering Group, Inc.		21,173		2,756,301
Legalzoom.com, Inc.(a)		2,882		45,766
Leidos Holdings, Inc.		22,880		2,046,616
ManpowerGroup, Inc.		9,165		961,134
Nielsen Holdings PLC		59,809		1,127,998
Robert Half International, Inc.		17,796		2,015,575
Science Applications International Corp.		9,353		767,227
TransUnion		31,518		3,250,136
Verisk Analytics, Inc.		25,858		5,071,530
				39,593,598
Real Estate Management & Development(a) — 0.6%
CBRE Group, Inc., Class A		54,703		5,543,602
Howard Hughes Corp.		6,945		668,873
Jones Lang LaSalle, Inc.		8,229		2,063,751
Opendoor Technologies Inc.		73,300		727,869
Zillow Group, Inc., Class A		9,380		467,687
Zillow Group, Inc., Class C		27,650		1,395,772
				10,867,554
Road & Rail — 0.9%
AMERCO		1,421		865,318
JB Hunt Transport Services, Inc.		13,645		2,627,208
Knight-Swift Transportation Holdings, Inc.		26,675		1,509,271
Landstar System, Inc.		6,368		1,018,880
Lyft, Inc., Class A(a)		47,080		1,813,522
Old Dominion Freight Line, Inc.		16,774		5,064,574
Ryder System, Inc.		8,694		636,314
Schneider National, Inc., Class B		8,698		222,669
TuSimple Holdings, Inc., Class A(a)		21,074		395,348
XPO Logistics, Inc.(a)		15,512		1,026,429
				15,179,533
Semiconductors & Semiconductor Equipment — 3.1%
Allegro MicroSystems, Inc.(a)		6,143		174,338
Azenta Inc.		11,969		1,009,465
Cirrus Logic, Inc.(a)		9,215		824,190
Enphase Energy, Inc.(a)		21,670		3,043,985
Entegris, Inc.		22,062		2,643,910
First Solar, Inc.(a)		17,425		1,365,772
Globalfoundries, Inc.(a)		8,328		410,904
Marvell Technology, Inc.		134,046		9,570,884
Microchip Technology, Inc.		89,415		6,927,874
MKS Instruments, Inc.		9,165		1,423,599
Monolithic Power Systems, Inc.		7,309		2,945,015
ON Semiconductor Corp.(a)		68,971		4,069,289
Qorvo, Inc.(a)		17,945		2,463,490
Skyworks Solutions, Inc.		26,988		3,954,282
Teradyne, Inc.		26,560		3,118,941
Universal Display Corp.		7,102		1,090,228
Wolfspeed, Inc.(a)		18,608		1,753,618
Xilinx, Inc.		40,249		7,790,194
				54,579,978
Software — 7.3%
Alteryx, Inc., Class A(a)		9,477		540,852
Anaplan, Inc.(a)		23,134		1,116,910

SCHEDULE   OF  INVESTMENTS 17

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
ANSYS, Inc.(a)		14,196	$	4,826,782
Aspen Technology, Inc.(a)		10,965		1,646,504
Avalara, Inc.(a)		14,201		1,556,714
Bentley Systems, Inc., Class B		22,669		910,614
Bill.Com Holdings, Inc.(a)		14,842		2,793,413
Black Knight, Inc.(a)		24,629		1,837,323
C3.AI, Inc., Class A(a)(b)		9,432		248,439
Cadence Design Systems, Inc.(a)		44,973		6,842,192
CDK Global, Inc.		19,908		855,447
Ceridian HCM Holding, Inc.(a)		21,163		1,604,579
Citrix Systems, Inc.		20,085		2,047,465
Coupa Software, Inc.(a)		12,092		1,623,593
Crowdstrike Holdings, Inc., Class A(a)		32,138		5,805,408
Datadog, Inc., Class A(a)		41,393		6,047,931
Datto Holding Corp.(a)		3,423		85,267
DocuSign, Inc.(a)		31,440		3,954,209
Dolby Laboratories, Inc., Class A		10,785		947,462
DoubleVerify Holdings, Inc.(a)(b)		8,223		227,448
Dropbox, Inc., Class A(a)		48,584		1,202,454
Duck Creek Technologies, Inc.(a)		10,911		278,776
Dynatrace, Inc.(a)		31,801		1,744,603
Elastic NV(a)		12,298		1,146,789
Everbridge, Inc.(a)		6,037		308,611
Fair Isaac Corp.(a)		4,341		2,148,752
Five9, Inc.(a)		10,892		1,369,124
Fortinet, Inc.(a)		21,927		6,517,582
Guidewire Software, Inc.(a)		13,553		1,366,685
HubSpot, Inc.(a)		7,381		3,607,833
Informatica, Inc., Class A(a)(b)		5,316		148,423
Jamf Holding Corp.(a)(b)		9,438		312,020
Mandiant, Inc.(a)		40,248		607,342
Manhattan Associates, Inc.(a)		10,220		1,368,151
McAfee Corp., Class A		12,971		332,706
N-Able, Inc.(a)		5,165		57,641
nCino, Inc.(a)(b)		9,563		438,272
NCR Corp.(a)		20,754		789,897
New Relic, Inc.(a)		8,404		883,597
NortonLifeLock, Inc.		90,305		2,348,833
Nuance Communications, Inc.(a)		46,396		2,563,379
Nutanix, Inc., Class A(a)		35,432		968,711
Palantir Technologies, Inc., Class A(a)		270,298		3,705,786
Palo Alto Networks, Inc.(a)		15,596		8,069,370
Paycom Software, Inc.(a)		8,316		2,788,355
Paycor HCM, Inc.(a)		5,102		132,346
Paylocity Holding Corp.(a)		6,527		1,331,377
Pegasystems, Inc.		6,956		690,174
Procore Technologies, Inc.(a)		9,457		591,630
PTC, Inc.(a)		17,294		2,010,600
RingCentral, Inc., Class A(a)		13,479		2,378,909
Smartsheet, Inc., Class A(a)		20,172		1,255,102
Splunk, Inc.(a)		26,607		3,297,139
SS&C Technologies Holdings, Inc.		36,849		2,943,130
Synopsys, Inc.(a)		24,830		7,709,715
Teradata Corp.(a)		17,339		699,455
Trade Desk, Inc., Class A(a)		71,390		4,964,461
Tyler Technologies, Inc.(a)		6,579		3,117,130
Unity Software, Inc.(a)		24,562		2,582,694
Zendesk, Inc.(a)		19,511		1,922,029
Zscaler, Inc.(a)		12,946		3,328,546
				129,546,681

Security	Shares		Value
Specialty Retail — 2.9%
Advance Auto Parts, Inc.		10,249	$	2,372,746
AutoNation, Inc.(a)		6,573		716,457
AutoZone, Inc.(a)		3,427		6,807,222
Bath & Body Works, Inc.		40,170		2,252,332
Best Buy Co., Inc.		40,189		3,989,964
Burlington Stores, Inc.(a)		10,887		2,579,457
CarMax, Inc.(a)		26,572		2,954,009
Carvana Co.(a)(b)		12,914		2,092,843
Dick’s Sporting Goods, Inc.		10,243		1,182,042
Five Below, Inc.(a)		8,959		1,469,276
Floor & Decor Holdings, Inc., Class A(a)		16,886		1,835,846
Foot Locker, Inc.		14,191		634,054
GameStop Corp., Class A(a)(b)		10,180		1,108,907
Gap, Inc.		31,450		568,302
Leslie’s, Inc.(a)		20,999		437,409
Lithia Motors, Inc.		4,772		1,394,044
O’Reilly Automotive, Inc.(a)		10,903		7,106,030
Penske Automotive Group, Inc.		5,347		543,416
Petco Health & Wellness Co., Inc.(a)(b)		8,465		158,719
RH(a)(b)		2,915		1,174,220
Tractor Supply Co.		18,578		4,055,763
Ulta Beauty, Inc.(a)		8,722		3,172,540
Victoria’s Secret & Co.(a)		11,969		668,229
Vroom, Inc.(a)(b)		19,139		153,495
Williams-Sonoma, Inc.		12,134		1,947,992
				51,375,314
Technology Hardware, Storage & Peripherals — 1.0%
Hewlett Packard Enterprise Co.		211,690		3,456,898
HP, Inc.		188,726		6,931,906
NetApp, Inc.		36,224		3,133,738
Pure Storage, Inc., Class A(a)		43,567		1,154,090
Western Digital Corp.(a)		51,379		2,658,349
Xerox Holdings Corp.		22,677		478,712
				17,813,693
Textiles, Apparel & Luxury Goods — 1.1%
Capri Holdings Ltd.(a)		24,534		1,473,757
Carter’s, Inc.		6,498		605,094
Columbia Sportswear Co.		6,434		597,526
Deckers Outdoor Corp.(a)		4,419		1,415,096
Hanesbrands, Inc.		58,180		936,698
Lululemon Athletica, Inc.(a)		18,589		6,204,265
PVH Corp.		11,610		1,103,066
Ralph Lauren Corp.		7,888		874,306
Skechers USA, Inc., Class A(a)		21,183		889,686
Tapestry, Inc.		45,169		1,714,163
Under Armour, Inc., Class A(a)		33,522		631,219
Under Armour, Inc., Class C(a)		33,131		529,765
VF Corp.		53,072		3,460,825
				20,435,466
Thrifts & Mortgage Finance — 0.1%
MGIC Investment Corp.		54,763		831,302
New York Community Bancorp, Inc.		73,184		853,326
Rocket Cos., Inc., Class A		23,667		299,151
TFS Financial Corp.		6,973		121,191
UWM Holdings Corp.		14,183		73,326
				2,178,296
Trading Companies & Distributors — 1.0%
Air Lease Corp.		17,273		687,638
Core & Main, Inc., Class A(a)		9,985		240,139
Fastenal Co.		94,058		5,331,208

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
MSC Industrial Direct Co., Inc., Class A		7,455	$	608,626
SiteOne Landscape Supply, Inc.(a)		7,326		1,319,559
United Rentals, Inc.(a)		11,854		3,794,703
Univar Solutions, Inc.(a)		27,629		732,169
W.W. Grainger, Inc.		7,493		3,709,859
Watsco, Inc.		5,272		1,489,656
				17,913,557
Water Utilities — 0.4%
American Water Works Co., Inc.		29,835		4,797,468
Essential Utilities, Inc.		37,776		1,841,202
				6,638,670
Total Common Stocks — 99.0% (Cost: $1,170,827,395)				1,763,818,810
Investment Companies
Equity Funds — 0.9%
iShares Russell Mid-Cap ETF(c)		215,623		16,579,252
Total Investment Companies — 0.9% (Cost: $16,773,133)				16,579,252
Total Long-Term Investments — 99.9% (Cost: $1,187,600,528)				1,780,398,062

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.11%(c)(d)(e)		21,365,089	$	21,371,498
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.01%(c)(d)		12,127,741		12,127,741
Total Short-Term Securities — 1.9% (Cost: $33,499,239)				33,499,239
Total Investments — 101.8% (Cost: $1,221,099,767)				1,813,897,301
Liabilities in Excess of Other Assets — (1.8)%			(32,028,257)
Net Assets — 100.0%			$	1,781,869,044

^(a) Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,678,418	$	—		$	(7,300,185	)(a)	$	1,360	$	(8,095	)	$	21,371,498		21,365,089	$	43,180	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		11,820,501		307,240	(a)		—			—		—			12,127,741		12,127,741		391			—
iShares Russell Mid-Cap ETF		12,977,513		90,384,797			(85,797,827	)		415,550		(1,400,781	)		16,579,252		215,623		108,508			—
									$	416,910	$	(1,408,876	)	$	50,078,491			$	152,079		$	—

^(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 19

Schedule of Investments (unaudited) (continued) January 31, 2022 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		12		03/18/22	$	2,703	$	(90,300	)
S&P Mid 400 E-Mini Index		30		03/18/22		7,889		(175,220	)
							$	(265,520	)

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)	$	—	$	—	$	265,520	$	—	$	—	$	—	$	265,520

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

For the period ended January 31, 2022, 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	$	—	$	—	$	649,840		$	—	$	—	$	—	$	649,840
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(382,409	)	$	—	$	—	$	—	$	(382,409	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	12,656,535

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	19,587,006	$	—	$	—	$	19,587,006
Air Freight & Logistics		6,652,057		—		—		6,652,057
Airlines		14,743,503		—		—		14,743,503
Auto Components		11,238,634		—		—		11,238,634

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Mid-Cap Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Automobiles	$	1,653,390	$	—	$	—	$	1,653,390
Banks		62,849,882		—		—		62,849,882
Beverages		4,540,136		—		—		4,540,136
Biotechnology		25,783,638		—		—		25,783,638
Building Products		32,762,521		—		—		32,762,521
Capital Markets		67,146,030		—		—		67,146,030
Chemicals		48,922,080		—		—		48,922,080
Commercial Services & Supplies		19,503,379		—		—		19,503,379
Communications Equipment		19,106,213		—		—		19,106,213
Construction & Engineering		5,385,847		—		—		5,385,847
Construction Materials		9,040,768		—		—		9,040,768
Consumer Finance		15,385,837		—		—		15,385,837
Containers & Packaging		27,495,403		—		—		27,495,403
Distributors		8,526,237		—		—		8,526,237
Diversified Consumer Services		6,232,532		—		—		6,232,532
Diversified Financial Services		7,387,960		—		—		7,387,960
Diversified Telecommunication Services		2,063,626		—		—		2,063,626
Electric Utilities		40,278,396		—		—		40,278,396
Electrical Equipment		24,999,934		—		—		24,999,934
Electronic Equipment, Instruments & Components		43,537,364		—		—		43,537,364
Energy Equipment & Services		8,849,449		—		—		8,849,449
Entertainment		18,186,098		—		—		18,186,098
Equity Real Estate Investment Trusts (REITs)		138,172,978		—		—		138,172,978
Food & Staples Retailing		8,783,309		—		—		8,783,309
Food Products		41,628,231		—		—		41,628,231
Gas Utilities		4,662,314		—		—		4,662,314
Health Care Equipment & Supplies		51,482,488		—		—		51,482,488
Health Care Providers & Services		32,444,412		—		—		32,444,412
Health Care Technology		12,917,537		—		—		12,917,537
Hotels, Restaurants & Leisure		60,969,993		—		—		60,969,993
Household Durables		26,446,402		—		—		26,446,402
Household Products		8,386,484		—		—		8,386,484
Independent Power and Renewable Electricity Producers		4,838,434		—		—		4,838,434
Insurance		69,830,991		—		—		69,830,991
Interactive Media & Services		15,215,587		—		—		15,215,587
Internet & Direct Marketing Retail		8,341,870		—		—		8,341,870
IT Services		58,927,066		—		—		58,927,066
Leisure Products		7,611,320		—		—		7,611,320
Life Sciences Tools & Services		51,088,436		—		—		51,088,436
Machinery		68,419,867		—		—		68,419,867
Marine		656,819		—		—		656,819
Media		27,309,811		—		—		27,309,811
Metals & Mining		13,065,921		67,145		—		13,133,066
Mortgage Real Estate Investment Trusts (REITs)		5,015,587		—		—		5,015,587
Multiline Retail		7,215,657		—		—		7,215,657
Multi-Utilities		31,662,560		—		—		31,662,560
Oil, Gas & Consumable Fuels		74,352,174		—		—		74,352,174
Paper & Forest Products		1,087,656		—		—		1,087,656
Personal Products		1,488,059		—		—		1,488,059
Pharmaceuticals		13,749,442		—		—		13,749,442
Professional Services		39,593,598		—		—		39,593,598
Real Estate Management & Development		10,867,554		—		—		10,867,554
Road & Rail		15,179,533		—		—		15,179,533
Semiconductors & Semiconductor Equipment		54,579,978		—		—		54,579,978
Software		129,546,681		—		—		129,546,681
Specialty Retail		51,375,314		—		—		51,375,314
Technology Hardware, Storage & Peripherals		17,813,693		—		—		17,813,693
Textiles, Apparel & Luxury Goods		20,435,466		—		—		20,435,466
Thrifts & Mortgage Finance		2,178,296		—		—		2,178,296
Trading Companies & Distributors		17,913,557		—		—		17,913,557
Water Utilities		6,638,670		—		—		6,638,670
Investment Companies		16,579,252		—		—		16,579,252

SCHEDULE   OF  INVESTMENTS 21

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Mid-Cap Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Short-Term Securities
Money Market Funds.	$	33,499,239		$	—	$	—	$	33,499,239
	$	1,813,830,156		$	67,145	$	—	$	1,813,897,301
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(265,520	)	$	—	$	—	$	(265,520	)

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

See notes to financial statements.

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

Schedule of Investments (unaudited)  January 31, 2022 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)		2,798	$	112,675
Aerojet Rocketdyne Holdings, Inc.		5,699		219,924
AeroVironment, Inc.(a)		1,678		95,512
AerSale Corp.(a)		1,010		14,372
Astronics Corp.(a)		1,486		17,877
Axon Enterprise, Inc.(a)		4,861		680,200
BWX Technologies, Inc.		6,807		302,980
Byrna Technologies, Inc.(a)		1,385		15,110
Curtiss-Wright Corp.		2,992		397,308
Ducommun, Inc.(a)		742		32,463
Hexcel Corp.(a)		6,278		327,523
Howmet Aerospace, Inc.		29,228		908,699
Huntington Ingalls Industries, Inc.		2,964		554,861
Kaman Corp.		2,369		94,689
Kratos Defense & Security Solutions, Inc.(a)		9,141		153,203
Maxar Technologies, Inc.		5,347		139,075
Mercury Systems, Inc.(a)		4,369		248,684
Moog, Inc., Class A		2,165		165,060
National Presto Industries, Inc.		341		28,047
PAE, Inc.(a)		5,034		50,390
Park Aerospace Corp.		1,544		20,890
Parsons Corp.(a)		2,234		68,025
Spirit AeroSystems Holdings, Inc., Class A		8,103		355,155
Textron, Inc.		16,805		1,143,748
Triumph Group, Inc.(a)		4,861		88,567
Vectrus, Inc.(a)		935		43,019
Virgin Galactic Holdings Inc.(a)(b)		13,599		125,111
Woodward, Inc.		4,434		488,937
				6,892,104
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc.(a)		4,634		124,423
Atlas Air Worldwide Holdings, Inc.(a)		2,139		171,826
Forward Air Corp.		2,047		217,596
GXO Logistics, Inc.(a)(b)		7,272		590,559
Hub Group, Inc., Class A(a)		2,450		185,514
Radiant Logistics, Inc.(a)		2,218		13,774
				1,303,692
Airlines(a) — 0.5%
Alaska Air Group, Inc.		9,298		508,972
Allegiant Travel Co.		1,176		210,104
American Airlines Group, Inc.(b)		47,690		785,454
Copa Holdings SA, Class A		2,305		192,652
Frontier Group Holdings, Inc.(b)		2,214		28,959
Hawaiian Holdings, Inc.		4,347		74,334
JetBlue Airways Corp.		24,312		355,685
Mesa Air Group, Inc.		2,366		11,830
SkyWest, Inc.		3,844		146,649
Spirit Airlines, Inc.		7,245		155,550
Sun Country Airlines Holdings, Inc.		2,481		65,945
				2,536,134
Auto Components — 1.1%
Adient PLC(a)		7,056		296,140
American Axle & Manufacturing Holdings, Inc.(a)		8,855		72,080
BorgWarner, Inc.		18,088		793,159
Cooper-Standard Holdings, Inc.(a)		1,173		24,152
Dana, Inc.		10,787		233,646
Dorman Products, Inc.(a)		1,960		183,515
Fox Factory Holding Corp.(a)		3,197		425,425
Gentex Corp.		18,173		570,632

Security	Shares		Value
Auto Components (continued)
Gentherm, Inc.(a)		2,427	$	212,095
Goodyear Tire & Rubber Co.(a)		20,973		434,770
LCI Industries		1,922		236,733
Lear Corp.		4,583		766,828
Modine Manufacturing Co.(a)		3,841		35,145
Motorcar Parts of America, Inc.(a)		1,186		19,605
Patrick Industries, Inc.		1,671		107,612
QuantumScape Corp.(a)(b)		18,045		301,171
Standard Motor Products, Inc.		1,532		73,337
Stoneridge, Inc.(a)		1,839		34,702
Tenneco, Inc., Class A(a)		5,475		57,487
Visteon Corp.(a)		2,119		215,100
XL Fleet Corp.(a)		2,492		5,333
XPEL Inc.(a)		1,258		78,449
				5,177,116
Automobiles — 0.2%
Arcimoto, Inc.(a)		1,786		10,913
Canoo, Inc.(a)(b)		8,032		49,156
Fisker, Inc.(a)(b)		12,646		149,349
Harley-Davidson, Inc.		11,448		395,757
Lordstown Motors Corp., Class A(a)(b)		11,588		34,764
Thor Industries, Inc.		4,057		383,752
Winnebago Industries, Inc.		2,293		147,944
Workhorse Group, Inc.(a)(b)		8,552		28,906
				1,200,541
Banks — 6.8%
1st Source Corp.		1,728		86,193
Allegiance Bancshares, Inc.		1,395		61,422
Amalgamated Financial Corp.		1,032		17,554
Amerant Bancorp, Inc.		2,267		77,078
American National Bankshares, Inc.		660		24,948
Ameris Bancorp.		4,853		239,301
Arrow Financial Corp.		1,016		35,946
Associated Banc-Corp.		12,125		289,787
Atlantic Capital Bancshares, Inc.(a)		1,333		40,150
Atlantic Union Bankshares Corp.		6,015		244,931
Banc of California, Inc.		4,016		77,589
BancFirst Corp.		1,463		109,652
Bancorp, Inc.(a)		3,411		101,716
Bank First Corp.		651		45,563
Bank of Hawaii Corp.		3,158		271,809
Bank of Marin Bancorp		1,401		52,243
Bank of NT Butterfield & Son Ltd.		4,101		150,302
Bank OZK		9,381		439,500
BankUnited, Inc.		5,503		229,750
Banner Corp.		1,429		88,755
Bar Harbor Bankshares		1,663		50,788
Berkshire Hills Bancorp, Inc.		2,757		81,580
Blue Ridge Bankshares, Inc.		1,042		19,006
BOK Financial Corp.		2,400		246,120
Brookline Bancorp, Inc.		4,667		79,806
Business First Bancshares, Inc.		2,243		61,570
Byline Bancorp, Inc.		2,024		52,624
Cadence Bank		10,503		327,378
Cambridge Bancorp		637		57,037
Camden National Corp.		1,130		56,116
Capital Bancorp, Inc.		548		14,160
Capital City Bank Group, Inc.		884		24,451
Capstar Financial Holdings, Inc.		2,308		49,507
Carter Bankshares, Inc.(a)		2,657		40,891
Cathay General Bancorp		5,848		264,096
CBTX, Inc.		1,553		45,705

SCHEDULE   OF  INVESTMENTS 23

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Central Pacific Financial Corp.		715	$	20,806
Citizens & Northern Corp.		1,893		47,552
City Holding Co.		956		76,681
Civista Bancshares, Inc.		1,960		47,256
CNB Financial Corp.		1,778		47,490
Coastal Financial Corp.(a)		663		32,102
Columbia Banking System, Inc.		5,428		188,732
Comerica, Inc.		10,109		937,913
Commerce Bancshares, Inc.		8,630		594,693
Community Bank System, Inc.		3,296		235,400
Community Trust Bancorp, Inc.		1,541		68,097
ConnectOne Bancorp, Inc.		3,307		105,857
CrossFirst Bankshares, Inc.(a)		3,889		60,124
Cullen/Frost Bankers, Inc.		4,365		615,509
Customers Bancorp, Inc.(a)		2,158		125,811
CVB Financial Corp.		9,432		207,787
Dime Community Bancshares, Inc.		2,887		100,930
Eagle Bancorp, Inc.		1,944		116,582
East West Bancorp, Inc.		10,874		938,861
Eastern Bankshares, Inc.		13,140		279,751
Enterprise Bancorp, Inc.		679		28,987
Enterprise Financial Services Corp.		2,942		145,747
Equity Bancshares, Inc., Class A		1,042		33,407
Farmers National Banc Corp.		2,794		48,755
FB Financial Corp.		2,840		126,437
Fidelity D&D Bancorp, Inc.		254		13,368
Financial Institutions, Inc.		1,270		40,945
First Bancorp, Inc.		776		24,941
First BanCorp, Puerto Rico		12,950		188,422
First Bancorp/Southern Pines NC		2,516		110,478
First Bancshares, Inc.		1,476		53,239
First Bank/Hamilton		1,239		18,151
First Busey Corp.		4,243		118,295
First Citizens BancShares, Inc., Class A		923		719,091
First Commonwealth Financial Corp.		5,802		96,081
First Community Bancshares, Inc.		1,485		46,347
First Financial Bancorp		5,870		147,983
First Financial Bankshares, Inc.		10,003		470,041
First Financial Corp.		1,291		57,953
First Foundation, Inc.		3,400		88,910
First Hawaiian, Inc.		10,188		288,830
First Horizon Corp.		41,529		710,561
First Internet Bancorp		691		34,730
First Interstate Bancsystem, Inc., Class A		3,415		125,501
First Merchants Corp.		4,398		186,607
First Mid Bancshares, Inc.		1,751		72,054
First Midwest Bancorp, Inc.		6,932		143,978
First of Long Island Corp.		2,122		46,493
Five Star Bancorp		866		26,846
Flushing Financial Corp.		2,202		51,989
FNB Corp.		30,353		392,161
Fulton Financial Corp.		12,638		226,852
German American Bancorp, Inc.		2,080		82,368
Glacier Bancorp, Inc.		8,272		429,565
Great Southern Bancorp, Inc.		895		53,109
Great Western Bancorp, Inc.		3,300		101,904
Guaranty Bancshares, Inc.		438		15,567
Hancock Whitney Corp.		6,803		358,654
Hanmi Financial Corp.		1,558		41,879
HarborOne Bancorp, Inc.		3,651		51,844
HBT Financial, Inc.		587		10,924
Heartland Financial USA, Inc.		3,305		171,959
Heritage Commerce Corp.		4,374		54,500

Security	Shares		Value
Banks (continued)
Heritage Financial Corp.		2,200	$	53,372
Hilltop Holdings, Inc.		4,851		160,229
Home BancShares, Inc.		12,026		283,333
HomeStreet, Inc.		1,307		63,716
HomeTrust Bancshares, Inc.		1,199		37,325
Hope Bancorp, Inc.		6,886		115,340
Horizon Bancorp, Inc.		3,263		69,600
Independent Bank Corp.		4,559		282,533
Independent Bank Group, Inc.		3,066		232,771
International Bancshares Corp.		4,468		187,790
Investors Bancorp, Inc.		17,392		283,837
Lakeland Bancorp, Inc.		5,312		100,556
Lakeland Financial Corp.		1,965		157,062
Live Oak Bancshares, Inc.(b)		2,298		135,260
Macatawa Bank Corp.		2,222		20,087
Mercantile Bank Corp.		1,449		55,743
Meta Financial Group, Inc.		1,900		112,974
Metrocity Bankshares, Inc.		1,301		33,553
Metropolitan Bank Holding Corp.(a)		784		78,400
Mid Penn Bancorp, Inc.		1,205		35,969
Midland States Bancorp, Inc.		1,684		48,617
MidWestOne Financial Group, Inc.		1,385		44,223
MVB Financial Corp.		703		28,134
National Bank Holdings Corp., Class A		1,729		78,497
NBT Bancorp, Inc.		2,632		101,806
Nicolet Bankshares, Inc.(a)		1,006		93,649
Northrim BanCorp, Inc.		905		39,766
Northwest Bancshares, Inc.		7,141		100,760
OceanFirst Financial Corp.		5,113		116,065
OFG Bancorp		2,986		82,623
Old National Bancorp		10,106		185,243
Old Second Bancorp, Inc.		2,326		31,238
Origin Bancorp, Inc.		1,562		66,729
Orrstown Financial Services, Inc.		845		20,914
Pacific Premier Bancorp, Inc.		6,032		230,724
PacWest Bancorp		9,203		427,295
Park National Corp.		1,201		162,687
Peapack Gladstone Financial Corp.		1,354		49,881
Peoples Bancorp, Inc.		2,416		80,090
Peoples Financial Services Corp.		541		27,445
People’s United Financial, Inc.		32,129		622,660
Pinnacle Financial Partners, Inc.		5,773		558,307
Popular, Inc.		6,052		539,657
Preferred Bank/Los Angeles CA		621		48,475
Premier Financial Corp.		3,189		95,192
Primis Financial Corp.		2,009		29,854
Prosperity Bancshares, Inc.		6,868		503,081
QCR Holdings, Inc.		1,415		80,712
RBB Bancorp		1,180		31,848
Red River Bancshares, Inc.		321		16,682
Renasant Corp.		3,359		123,544
Republic Bancorp, Inc., Class A		679		33,285
Republic First Bancorp, Inc.(a)		4,846		20,838
S&T Bancorp, Inc.		2,342		72,157
Sandy Spring Bancorp, Inc.		3,634		171,925
Seacoast Banking Corp. of Florida		4,084		149,066
ServisFirst Bancshares, Inc.		3,850		326,749
Sierra Bancorp		947		25,124
Signature Bank		4,490		1,367,789
Silvergate Capital Corp., Class A(a)		2,085		224,638
Simmons First National Corp., Class A		7,835		224,081
SmartFinancial, Inc.		1,198		32,118
South Plains Financial, Inc.		568		16,432

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
South State Corp.		5,390	$	454,970
Southern First Bancshares, Inc.(a)		682		39,965
Southside Bancshares, Inc.		1,938		81,202
Spirit of Texas Bancshares, Inc.		1,049		29,204
Sterling Bancorp		14,662		385,464
Stock Yards Bancorp, Inc.		1,837		109,448
Summit Financial Group, Inc.		760		21,219
Synovus Financial Corp.		11,300		562,288
Texas Capital Bancshares, Inc.(a)		3,963		248,480
Tompkins Financial Corp.		1,201		95,552
TowneBank		5,525		173,374
Trico Bancshares		2,376		103,285
TriState Capital Holdings, Inc.(a)		2,038		64,380
Triumph Bancorp, Inc.(a)		1,746		152,740
Trustmark Corp.		4,312		140,485
UMB Financial Corp.		3,392		333,942
Umpqua Holdings Corp.		17,358		352,020
United Bankshares, Inc.		10,335		365,136
United Community Banks, Inc.		6,637		234,883
Univest Financial Corp.		2,119		63,845
Valley National Bancorp		31,205		434,374
Veritex Holdings, Inc.		2,924		117,399
Washington Trust Bancorp, Inc.		1,533		87,504
Webster Financial Corp.		7,066		401,419
WesBanco, Inc.		5,028		178,444
West BanCorp., Inc.		1,364		40,265
Westamerica BanCorp		1,623		94,264
Western Alliance Bancorp		7,632		757,018
Wintrust Financial Corp.		4,317		423,368
Zions Bancorp NA		11,960		811,127
				32,446,525
Beverages — 0.2%
Boston Beer Co., Inc., Class A(a)		700		294,581
Celsius Holdings, Inc.(a)		4,031		192,400
Coca-Cola Consolidated, Inc.		352		201,696
Duckhorn Portfolio, Inc.(a)		2,701		53,912
MGP Ingredients, Inc.		1,151		87,085
National Beverage Corp.		1,868		83,443
Primo Water Corp.		11,974		199,966
Zevia PBC, Class A(a)(b)		1,095		8,760
				1,121,843
Biotechnology — 4.2%
2seventy bio, Inc.(a)(b)		1,856		34,652
4D Molecular Therapeutics, Inc.(a)		2,320		36,656
89bio, Inc.(a)		687		4,046
ACADIA Pharmaceuticals, Inc.(a)(b)		8,743		196,630
Acumen Pharmaceuticals, Inc.(a)		905		4,634
Adagio Therapeutics, Inc.(a)(b)		1,548		11,115
Adicet Bio, Inc.(a)		1,911		24,117
Aduro Biotech, Inc.(c)		658		1,974
Adverum Biotechnologies, Inc.(a)(b)		6,357		10,489
Aeglea BioTherapeutics, Inc.(a)		2,882		12,393
Aerovate Therapeutics, Inc.(a)(b)		826		9,763
Affimed NV(a)		8,699		35,492
Agenus, Inc.(a)		15,317		42,275
Agios Pharmaceuticals, Inc.(a)		4,363		134,773
Akebia Therapeutics, Inc.(a)		12,113		24,105
Akero Therapeutics, Inc.(a)		1,674		29,328
Akouos, Inc.(a)(b)		1,689		10,928
Alaunos Therapeutics, Inc.(a)		13,238		14,297
Albireo Pharma, Inc.(a)		1,045		29,772

Security	Shares		Value
Biotechnology (continued)
Aldeyra Therapeutics, Inc.(a)(b)		3,158	$	11,590
Alector, Inc.(a)		4,697		74,494
Aligos Therapeutics, Inc.(a)		1,643		5,241
Alkermes PLC(a)		12,008		306,204
Allakos, Inc.(a)		2,575		17,407
Allogene Therapeutics, Inc.(a)		4,862		55,670
Allovir, Inc.(a)(b)		2,010		16,402
Alpine Immune Sciences, Inc.(a)		685		5,823
Altimmune, Inc.(a)		3,083		24,880
ALX Oncology Holdings, Inc.(a)		1,243		19,888
Amicus Therapeutics, Inc.(a)		20,310		191,117
AnaptysBio, Inc.(a)(b)		1,593		50,928
Anavex Life Sciences Corp.(a)(b)		5,401		70,645
Anika Therapeutics, Inc.(a)		967		30,751
Annexon, Inc.(a)		2,783		20,872
Apellis Pharmaceuticals, Inc.(a)		5,448		219,391
Applied Molecular Transport, Inc.(a)		1,842		17,352
Applied Therapeutics, Inc.(a)		1,137		3,502
AquaBounty Technologies, Inc.(a)(b)		3,371		5,967
Arbutus Biopharma Corp.(a)		4,973		13,974
Arcturus Therapeutics Holdings, Inc.(a)(b)		1,660		43,376
Arcus Biosciences, Inc.(a)		3,611		111,219
Arcutis Biotherapeutics, Inc.(a)		1,935		29,238
Ardelyx, Inc.(a)(b)		5,709		4,717
Arena Pharmaceuticals, Inc.(a)		4,549		418,417
Arrowhead Pharmaceuticals, Inc.(a)		7,729		407,782
Atara Biotherapeutics, Inc.(a)		6,848		105,185
Athenex, Inc.(a)		5,603		5,715
Athersys, Inc.(a)(b)		12,315		12,192
Atossa Therapeutics, Inc.(a)		7,637		10,463
Atreca, Inc., Class A(a)(b)		1,780		3,774
Avalo Therapeutics, Inc.(a)		3,381		3,323
Avid Bioservices, Inc.(a)(b)		4,437		83,726
Avidity Biosciences, Inc.(a)		2,888		47,999
Avita Medical, Inc.(a)		1,542		14,911
Avrobio, Inc.(a)		2,591		5,027
Beam Therapeutics, Inc.(a)		3,884		268,812
Beyondspring, Inc.(a)(b)		1,455		4,700
BioAtla, Inc.(a)		1,053		10,067
BioCryst Pharmaceuticals, Inc.(a)		12,937		199,877
Biohaven Pharmaceutical Holding Co. Ltd.(a)		4,130		548,753
Biomea Fusion, Inc.(a)		2,350		16,826
Bioxcel Therapeutics, Inc.(a)		1,152		19,469
Black Diamond Therapeutics, Inc.(a)(b)		1,487		6,201
Bluebird Bio, Inc.(a)		5,568		43,932
Blueprint Medicines Corp.(a)		4,444		342,632
Bolt Biotherapeutics, Inc.(a)		1,794		6,889
Bridgebio Pharma, Inc.(a)		8,326		82,178
Brooklyn ImmunoTherapeutics, Inc.(a)		2,034		5,532
C4 Therapeutics, Inc.(a)		3,118		76,173
Cardiff Oncology, Inc.(a)		2,292		7,747
CareDx, Inc.(a)		3,932		164,358
Caribou Biosciences, Inc.(a)		1,472		15,795
Catalyst Pharmaceuticals, Inc.(a)		8,719		50,221
Celcuity, Inc.(a)		487		5,415
Celldex Therapeutics, Inc.(a)		3,205		99,387
CEL-SCI Corp.(a)		2,427		14,659
Century Therapeutics, Inc.(a)(b)		950		12,379
Cerevel Therapeutics Holdings, Inc.(a)		2,965		77,209
ChemoCentryx, Inc.(a)		4,192		112,723
Chimerix, Inc.(a)		4,783		27,311
Chinook Therapeutics, Inc.(a)		3,316		42,776

SCHEDULE   OF  INVESTMENTS 25

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Clene, Inc.(a)(b)		1,381	$	3,881
Clovis Oncology, Inc.(a)(b)		6,102		12,448
Codiak Biosciences, Inc.(a)		989		6,547
Cogent Biosciences, Inc.(a)		2,368		17,902
Coherus Biosciences, Inc.(a)		4,781		59,093
Contra GTX, Inc.(b)(c)		23		24
Cortexyme, Inc.(a)(b)		1,453		8,834
Crinetics Pharmaceuticals, Inc.(a)		3,597		67,947
Cue Biopharma, Inc.(a)		2,105		15,556
Cullinan Oncology, Inc.(a)		1,953		26,326
Curis, Inc.(a)		5,634		17,972
Cyteir Therapeutics, Inc.(a)(b)		757		4,603
Cytokinetics, Inc.(a)		5,697		189,083
CytomX Therapeutics, Inc.(a)		4,326		19,900
Day One Biopharmaceuticals, Inc.(a)(b)		882		13,009
Deciphera Pharmaceuticals, Inc.(a)		2,940		24,784
Denali Therapeutics, Inc.(a)(b)		6,992		239,266
DermTech, Inc.(a)		1,686		21,598
Design Therapeutics, Inc.(a)(b)		2,056		25,988
Dynavax Technologies Corp.(a)(b)		8,317		107,871
Dyne Therapeutics, Inc.(a)		1,944		14,424
Eagle Pharmaceuticals, Inc.(a)		797		36,614
Editas Medicine, Inc.(a)		5,248		99,922
Eiger Biopharmaceuticals, Inc.(a)		1,994		8,614
Eliem Therapeutics, Inc.(a)(b)		621		5,614
Emergent BioSolutions, Inc.(a)(b)		3,800		177,840
Enanta Pharmaceuticals, Inc.(a)		1,461		86,813
Entrada Therapeutics, Inc.(a)(b)		778		8,612
Epizyme, Inc.(a)		6,721		8,267
Erasca, Inc.(a)(b)		1,599		18,948
Evelo Biosciences, Inc.(a)(b)		2,006		9,448
Exagen, Inc.(a)		640		6,291
Exelixis, Inc.(a)		24,032		434,979
Fate Therapeutics, Inc.(a)(b)		6,089		252,754
FibroGen, Inc.(a)		6,433		97,074
Finch Therapeutics Group, Inc.(a)		426		3,612
Foghorn Therapeutics, Inc.(a)(b)		1,197		18,410
Forma Therapeutics Holdings, Inc.(a)		2,270		26,877
Forte Biosciences, Inc.(a)(b)		721		1,218
Fortress Biotech, Inc.(a)		5,243		10,958
Frequency Therapeutics, Inc.(a)(b)		2,077		11,153
G1 Therapeutics, Inc.(a)(b)		2,641		26,621
Gemini Therapeutics, Inc.(a)(b)		1,343		2,632
Generation Bio Co.(a)(b)		3,492		22,698
Geron Corp.(a)		20,565		23,033
Global Blood Therapeutics, Inc.(a)		4,852		139,980
Gossamer Bio, Inc.(a)		5,376		51,556
Graphite Bio, Inc.(a)		1,299		12,133
Greenwich Lifesciences, Inc.(a)		254		4,691
Gritstone bio, Inc.(a)		2,626		14,338
GT Biopharma, Inc.(a)		1,529		4,786
Halozyme Therapeutics, Inc.(a)(b)		10,386		359,459
Harpoon Therapeutics, Inc.(a)		1,324		7,004
Heron Therapeutics, Inc.(a)(b)		7,502		65,342
Homology Medicines, Inc.(a)		2,784		10,356
Hookipa Pharma, Inc.(a)		1,356		2,034
Humanigen, Inc.(a)		2,922		7,539
iBio, Inc.(a)		15,962		7,639
Icosavax, Inc.(a)		1,018		15,535
Ideaya Biosciences, Inc.(a)		2,498		41,392
IGM Biosciences, Inc.(a)		527		9,328
Imago Biosciences, Inc.(a)		783		15,832
Immuneering Corp., Class A(a)(b)		694		6,940

Security	Shares		Value
Biotechnology (continued)
Immunic, Inc.(a)		960	$	11,318
ImmunityBio, Inc.(a)		4,810		27,994
ImmunoGen, Inc.(a)		14,550		82,207
Immunovant, Inc.(a)		3,950		27,610
Impel Neuropharma, Inc.(a)(b)		925		8,048
Infinity Pharmaceuticals, Inc.(a)		5,618		6,966
Inhibrx, Inc.(a)		2,226		59,123
Inovio Pharmaceuticals, Inc.(a)(b)		16,812		69,602
Inozyme Pharma, Inc.(a)		861		5,751
Insmed, Inc.(a)		9,088		206,116
Instil Bio, Inc.(a)		4,105		47,659
Intellia Therapeutics, Inc.(a)		5,302		501,410
Intercept Pharmaceuticals, Inc.(a)(b)		1,905		31,223
Invitae Corp.(a)(b)		14,909		167,577
Ionis Pharmaceuticals, Inc.(a)(b)		10,975		349,005
Iovance Biotherapeutics, Inc.(a)		11,628		193,606
Ironwood Pharmaceuticals, Inc.(a)		11,216		125,058
iTeos Therapeutics, Inc.(a)		1,637		59,947
IVERIC bio, Inc.(a)		8,533		118,950
Janux Therapeutics, Inc.(a)(b)		1,026		15,626
Jounce Therapeutics, Inc.(a)		2,105		15,745
KalVista Pharmaceuticals, Inc.(a)		2,079		26,237
Karuna Therapeutics, Inc.(a)		1,684		187,025
Karyopharm Therapeutics, Inc.(a)		5,057		45,007
Keros Therapeutics, Inc.(a)		1,149		53,279
Kezar Life Sciences, Inc.(a)		2,101		27,691
Kiniksa Pharmaceuticals Ltd., Class A(a)		1,909		21,438
Kinnate Biopharma, Inc.(a)		2,089		22,937
Kodiak Sciences, Inc.(a)		2,614		153,442
Kronos Bio, Inc.(a)		2,977		27,091
Krystal Biotech, Inc.(a)		1,351		79,709
Kura Oncology, Inc.(a)		5,182		73,014
Kymera Therapeutics, Inc.(a)		2,732		114,744
Lexicon Pharmaceuticals, Inc.(a)		4,408		13,973
Ligand Pharmaceuticals, Inc.(a)(b)		1,179		146,939
Lineage Cell Therapeutics, Inc.(a)		7,737		12,224
Lyell Immunopharma, Inc.(a)(b)		1,799		10,218
MacroGenics, Inc.(a)		5,142		63,504
Madrigal Pharmaceuticals, Inc.(a)		833		47,964
Magenta Therapeutics, Inc.(a)		1,918		6,272
MannKind Corp.(a)		17,120		63,858
MEI Pharma, Inc.(a)(b)		6,633		12,802
MeiraGTx Holdings plc(a)		2,394		35,886
Mersana Therapeutics, Inc.(a)		5,890		28,095
MiMedx Group, Inc.(a)		6,737		33,416
Mirati Therapeutics, Inc.(a)		3,213		383,311
Mirum Pharmaceuticals, Inc.(a)		259		4,934
Molecular Templates, Inc.(a)		2,370		7,300
Monte Rosa Therapeutics, Inc.(a)		902		11,419
Morphic Holding, Inc.(a)		1,603		68,015
Mustang Bio, Inc.(a)		5,153		6,081
Myriad Genetics, Inc.(a)		6,116		160,790
Natera, Inc.(a)		6,440		454,986
Neoleukin Therapeutics, Inc.(a)(b)		2,425		8,657
Neurocrine Biosciences, Inc.(a)		7,177		567,127
NexImmune, Inc.(a)		1,482		4,698
Nkarta, Inc.(a)		956		9,474
Novavax, Inc.(a)(b)		5,618		526,407
Nurix Therapeutics, Inc.(a)		2,696		50,200
Nuvalent, Inc., Class A(a)(b)		825		11,129
Ocugen, Inc.(a)(b)		13,599		48,276
Olema Pharmaceuticals, Inc.(a)		1,923		12,365
Omega Therapeutics, Inc.(a)		698		7,929

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Oncocyte Corp.(a)		5,168	$	8,786
Oncorus, Inc.(a)		1,299		4,508
Oncternal Therapeutics, Inc.(a)		2,811		5,257
OPKO Health, Inc.(a)		29,848		93,424
Organogenesis Holdings, Inc.(a)		2,497		19,202
ORIC Pharmaceuticals, Inc.(a)		2,480		24,527
Outlook Therapeutics, Inc.(a)(b)		5,469		7,766
Oyster Point Pharma, Inc.(a)(b)		676		8,105
Passage Bio, Inc.(a)		2,121		10,669
PMV Pharmaceuticals, Inc.(a)(b)		1,879		30,177
Portage Biotech, Inc.(a)		213		1,849
Poseida Therapeutics, Inc.(a)		1,849		8,783
Praxis Precision Medicines, Inc.(a)		2,486		36,942
Precigen, Inc.(a)		6,179		15,942
Precision BioSciences, Inc.(a)		3,366		16,056
Prelude Therapeutics, Inc.(a)(b)		728		7,229
Prometheus Biosciences, Inc.(a)		2,288		82,208
Protagonist Therapeutics, Inc.(a)		3,207		93,933
Prothena Corp. PLC(a)		2,816		95,969
PTC Therapeutics, Inc.(a)		5,413		217,711
Puma Biotechnology, Inc.(a)		1,922		4,728
Radius Health, Inc.(a)		3,465		26,265
Rallybio Corp.(a)		757		9,205
Rapt Therapeutics, Inc.(a)		1,638		35,414
Recursion Pharmaceuticals, Inc., Class A(a)(b)		8,694		102,937
REGENXBIO, Inc.(a)		3,080		81,312
Relay Therapeutics, Inc.(a)		5,315		117,621
Reneo Pharmaceuticals, Inc.(a)		483		2,999
Replimune Group, Inc.(a)		2,230		44,221
Revolution Medicines, Inc.(a)		4,607		99,143
Rhythm Pharmaceuticals, Inc.(a)		3,361		24,905
Rigel Pharmaceuticals, Inc.(a)		11,686		29,916
Rocket Pharmaceuticals, Inc.(a)(b)		3,371		56,093
Rubius Therapeutics, Inc.(a)		3,907		26,372
Sage Therapeutics, Inc.(a)		3,835		151,176
Sana Biotechnology, Inc.(a)(b)		6,989		61,224
Sangamo Therapeutics, Inc.(a)		9,836		59,311
Sarepta Therapeutics, Inc.(a)		6,216		444,879
Scholar Rock Holding Corp.(a)		2,357		41,978
Selecta Biosciences, Inc.(a)		5,804		14,510
Sensei Biotherapeutics, Inc.(a)		1,868		9,004
Seres Therapeutics, Inc.(a)		6,085		50,749
Sesen Bio, Inc.(a)		11,179		8,283
Shattuck Labs, Inc.(a)		1,722		11,899
Sigilon Therapeutics, Inc.(a)		571		1,113
Silverback Therapeutics, Inc.(a)		1,743		8,488
Solid Biosciences, Inc.(a)		3,813		4,652
Sorrento Therapeutics, Inc.(a)(b)		22,803		78,670
Spectrum Pharmaceuticals, Inc.(a)		17,434		12,226
Spero Therapeutics, Inc.(a)		1,687		20,025
SpringWorks Therapeutics, Inc.(a)		2,152		119,823
Spruce Biosciences, Inc.(a)		432		1,097
SQZ Biotechnologies Co.(a)		1,451		11,637
Stoke Therapeutics, Inc.(a)		1,241		23,517
Summit Therapeutics, Inc.(a)(b)		1,342		2,952
Surface Oncology, Inc.(a)		2,109		7,909
Sutro Biopharma, Inc.(a)		3,177		33,930
Syndax Pharmaceuticals, Inc.(a)		3,196		52,223
Syros Pharmaceuticals, Inc.(a)		3,721		7,368
Talaris Therapeutics, Inc.(a)		1,652		15,578
Taysha Gene Therapies, Inc.(a)(b)		1,428		11,353

Security	Shares		Value
Biotechnology (continued)
TCR2 Therapeutics, Inc.(a)		1,899	$	6,343
Tenaya Therapeutics, Inc.(a)		1,098		13,088
TG Therapeutics, Inc.(a)		10,237		118,442
Tonix Pharmaceuticals Holding Corp.(a)		20,783		5,050
Travere Therapeutics, Inc.(a)		4,678		128,645
Trevena, Inc.(a)		10,354		5,627
Turning Point Therapeutics, Inc.(a)		3,308		123,157
Twist Bioscience Corp.(a)		3,613		214,684
Tyra Biosciences, Inc.(a)(b)		1,014		13,294
Ultragenyx Pharmaceutical, Inc.(a)		5,018		350,909
United Therapeutics Corp.(a)		3,329		672,025
UroGen Pharma Ltd.(a)(b)		1,219		9,411
Vanda Pharmaceuticals, Inc.(a)(b)		4,585		69,509
Vaxart, Inc.(a)		10,049		49,743
Vaxcyte, Inc.(a)		3,497		66,583
VBI Vaccines, Inc.(a)		12,192		20,726
Vera Therapeutics, Inc.(a)(b)		594		11,838
Veracyte, Inc.(a)		5,266		160,139
Verastem, Inc.(a)		11,517		17,621
Vericel Corp.(a)(b)		3,481		123,854
Verve Therapeutics, Inc.(a)(b)		1,166		33,604
Viking Therapeutics, Inc.(a)(b)		4,523		16,780
Vincerx Pharma, Inc.(a)		1,240		8,916
Vir Biotechnology, Inc.(a)		4,329		148,615
Viracta Therapeutics, Inc.(a)		2,305		6,177
VistaGen Therapeutics, Inc.(a)		12,322		20,085
Vor BioPharma, Inc.(a)		1,706		14,074
Werewolf Therapeutics, Inc.(a)		2,051		18,685
XBiotech, Inc.		868		9,348
Xencor, Inc.(a)		4,275		146,932
XOMA Corp.(a)		347		7,190
Y-mAbs Therapeutics, Inc.(a)		2,861		28,295
Zentalis Pharmaceuticals, Inc.(a)		2,777		158,511
				19,764,616
Building Products — 2.2%
A O Smith Corp.		9,919		758,010
AAON, Inc.		3,190		204,958
Advanced Drainage Systems, Inc.		4,548		514,333
Allegion PLC		6,777		831,741
American Woodmark Corp.(a)		1,380		82,703
Apogee Enterprises, Inc.		1,860		83,049
Armstrong World Industries, Inc.		3,635		359,938
AZEK Co., Inc.(a)		8,503		280,854
Builders FirstSource, Inc.(a)		14,455		982,795
Caesarstone Ltd.		1,412		17,410
Carlisle Cos., Inc.		3,849		860,021
Cornerstone Building Brands, Inc.(a)		4,037		59,546
CSW Industrials, Inc.		1,105		122,655
Fortune Brands Home & Security, Inc.		10,131		954,036
Gibraltar Industries, Inc.(a)		2,538		139,082
Griffon Corp.		3,405		76,238
Insteel Industries, Inc.		1,302		49,255
JELD-WEN Holding, Inc.(a)		7,098		167,513
Lennox International, Inc.		2,471		700,825
Masonite International Corp.(a)		1,877		186,273
Owens Corning		7,511		666,226
PGT Innovations, Inc.(a)		4,849		92,083
Quanex Building Products Corp.		2,276		49,594
Resideo Technologies, Inc.(a)		10,974		271,936
Simpson Manufacturing Co., Inc.		3,265		368,259
Trex Co., Inc.(a)		8,701		795,880

SCHEDULE   OF  INVESTMENTS 27

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
UFP Industries, Inc.		4,529	$	361,686
View, Inc.(a)(b)		10,618		27,925
Zurn Water Solutions Corp.		8,846		270,157
				10,334,981
Capital Markets — 2.6%
Affiliated Managers Group, Inc.		2,994		437,753
Ares Management Corp., Class A		10,811		861,853
Artisan Partners Asset Management, Inc., Class A		4,435		191,636
Assetmark Financial Holdings, Inc.(a)		1,375		32,986
Associated Capital Group, Inc., Class A		121		5,433
B. Riley Financial, Inc.		1,618		99,620
BGC Partners, Inc., Class A		25,493		107,580
Blucora, Inc.(a)		4,734		76,785
Brightsphere Investment Group, Inc.		4,609		99,462
Carlyle Group, Inc.		12,275		626,639
Cboe Global Markets, Inc.		8,132		963,886
Cohen & Steers, Inc.		1,881		157,120
Cowen, Inc., Class A		1,928		61,079
Diamond Hill Investment Group, Inc.		337		62,935
Donnelley Financial Solutions, Inc.(a)		2,508		93,348
Evercore, Inc., Class A		2,833		353,615
FactSet Research Systems, Inc.		2,880		1,215,043
Federated Hermes, Inc.		7,303		241,802
Focus Financial Partners, Inc., Class A(a)		4,561		229,692
GAMCO Investors, Inc., Class A		288		6,483
GCM Grosvenor, Inc., Class A		4,182		38,014
Greenhill & Co., Inc.		1,057		17,631
Hamilton Lane, Inc., Class A		2,687		243,066
Houlihan Lokey, Inc.		3,868		411,091
Invesco Ltd.		24,934		565,004
Janus Henderson Group PLC		12,906		476,231
Jefferies Financial Group, Inc.		16,629		609,287
Lazard Ltd., Class A		7,391		322,543
LPL Financial Holdings, Inc.		6,044		1,041,502
Moelis & Co., Class A		4,472		252,534
Morningstar, Inc.		1,773		509,578
Open Lending Corp., Class A(a)		7,929		150,572
Oppenheimer Holdings, Inc., Class A		680		28,825
Piper Sandler Cos		1,305		201,257
PJT Partners, Inc., Class A		1,875		129,975
Pzena Investment Management, Inc., Class A		1,161		11,773
Sculptor Capital Management, Inc.		1,455		28,518
SEI Investments Co.		8,239		482,888
StepStone Group, Inc., Class A		2,840		99,428
Stifel Financial Corp.		7,614		570,289
StoneX Group, Inc.(a)		1,158		75,976
Value Line, Inc.		72		4,247
Virtu Financial, Inc., Class A		6,247		193,220
Virtus Investment Partners, Inc.		554		144,971
WisdomTree Investments, Inc.		9,844		55,225
				12,588,395
Chemicals — 2.4%
AdvanSix, Inc.		2,246		94,534
American Vanguard Corp.		1,787		27,109
Amyris, Inc.(a)(b)		11,516		52,513
Ashland Global Holdings, Inc.		4,222		405,481
Avient Corp.		7,004		348,589
Axalta Coating Systems Ltd.(a)		15,634		462,923
Balchem Corp.		2,457		361,032
Cabot Corp.		4,331		238,162
CF Industries Holdings, Inc.		16,129		1,110,804

Security	Shares		Value
Chemicals (continued)
Chase Corp.		662	$	62,811
Chemours Co.		12,196		398,931
Danimer Scientific, Inc.(a)(b)		6,876		34,449
Diversey Holdings Ltd.(a)		5,678		62,458
Ecovyst, Inc.		4,430		45,319
Element Solutions, Inc.		17,741		398,108
Ferro Corp.(a)		6,524		142,223
FutureFuel Corp.		1,853		14,453
GCP Applied Technologies, Inc.(a)		3,925		125,207
Hawkins, Inc.		1,408		52,547
HB Fuller Co.		3,771		270,645
Huntsman Corp.		15,761		564,717
Ingevity Corp.(a)		3,103		204,519
Innospec, Inc.		1,870		173,835
Intrepid Potash, Inc.(a)		738		28,620
Koppers Holdings, Inc.(a)		1,316		39,322
Kraton Corp.(a)		2,417		112,100
Kronos Worldwide, Inc.		1,507		21,625
Livent Corp.(a)		12,448		286,428
Marrone Bio Innovations, Inc.(a)		6,604		4,880
Minerals Technologies, Inc.		2,516		176,045
Mosaic Co.		28,385		1,133,981
NewMarket Corp.		472		159,569
Olin Corp.		10,922		553,418
Orion Engineered Carbons SA		4,440		75,924
PureCycle Technologies, Inc.(a)		4,522		26,906
Quaker Chemical Corp.		991		207,287
Rayonier Advanced Materials, Inc.(a)		3,762		23,437
RPM International, Inc.		9,548		846,048
Scotts Miracle-Gro Co.		3,154		476,885
Sensient Technologies Corp.		3,181		269,558
Stepan Co.		1,579		173,943
Tredegar Corp.		1,634		19,199
Trinseo PLC		3,053		163,458
Tronox Holdings PLC, Class A		8,785		199,419
Valhi, Inc.		183		4,859
Valvoline, Inc.		13,782		453,979
Westlake Chemical Corp.		2,522		248,795
Zymergen, Inc.(a)		6,190		32,188
				11,389,242
Commercial Services & Supplies — 1.1%
ABM Industries, Inc.		5,024		209,451
ACCO Brands Corp.		6,172		50,240
ADT, Inc.		12,509		94,943
Aris Water Solution, Inc.		1,179		13,641
Brady Corp., Class A		3,406		176,839
BrightView Holdings, Inc.(a)		3,342		44,348
Brink’s Co.		3,558		248,277
Casella Waste Systems, Inc., Class A(a)		3,718		282,494
CECO Environmental Corp.(a)		2,022		12,759
Cimpress PLC(a)		1,322		88,865
Clean Harbors, Inc.(a)		3,898		360,760
CoreCivic, Inc.(a)		9,252		93,538
Deluxe Corp.		3,335		100,383
Driven Brands Holdings, Inc.(a)		4,232		119,554
Ennis, Inc.		1,912		36,194
Geo Group, Inc.		7,298		49,116
Harsco Corp.(a)		5,495		86,271
Healthcare Services Group, Inc.		5,625		102,319
Heritage-Crystal Clean, Inc.(a)		1,231		35,219
HNI Corp.		3,397		142,470
IAA, Inc.(a)		10,258		471,150

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Interface, Inc.		3,907	$	51,807
KAR Auction Services, Inc.(a)		9,401		133,682
Kimball International, Inc., Class B		4,124		40,498
Matthews International Corp., Class A		2,390		83,937
MillerKnoll, Inc.		5,752		222,142
Montrose Environmental Group, Inc.(a)(b)		1,950		89,251
MSA Safety, Inc.		2,806		385,544
NL Industries, Inc.		244		1,586
Pitney Bowes, Inc.		8,032		49,477
RR Donnelley & Sons Co.(a)		5,135		56,588
SP Plus Corp.(a)		1,600		45,088
Steelcase, Inc., Class A		7,050		86,997
Stericycle, Inc.(a)		6,813		400,196
Team, Inc.(a)		1,914		1,364
Tetra Tech, Inc.		4,035		561,632
UniFirst Corp.		1,153		219,174
US Ecology, Inc.(a)		2,843		81,253
Viad Corp.(a)		1,358		51,156
VSE Corp.		852		43,946
				5,424,149
Communications Equipment — 1.1%
ADTRAN, Inc.		3,507		67,369
Aviat Networks, Inc.(a)		439		12,740
CalAmp Corp.(a)(b)		2,231		13,252
Calix, Inc.(a)		4,202		211,277
Cambium Networks Corp.(a)(b)		746		18,038
Casa Systems, Inc.(a)		2,392		10,597
Ciena Corp.(a)		11,688		775,031
Clearfield, Inc.(a)		816		52,608
CommScope Holding Co., Inc.(a)		15,293		143,601
Comtech Telecommunications Corp.		2,159		43,892
Digi International, Inc.(a)		2,647		59,134
DZS, Inc.(a)		1,296		18,973
EMCORE Corp.(a)		2,359		13,706
Extreme Networks, Inc.(a)		9,719		123,334
F5, Inc.(a)(b)		4,543		943,218
Harmonic, Inc.(a)		7,506		80,765
Infinera Corp.(a)		14,147		119,118
Inseego Corp.(a)		7,546		34,410
Juniper Networks, Inc.		24,286		845,639
KVH Industries, Inc.(a)		1,018		9,162
Lumentum Holdings, Inc.(a)(b)		5,548		563,011
NETGEAR, Inc.(a)		2,060		57,000
NetScout Systems, Inc.(a)		5,424		171,127
Plantronics, Inc.(a)		3,034		80,856
Ribbon Communications, Inc.(a)		4,753		21,388
ViaSat, Inc.(a)(b)		5,186		228,288
Viavi Solutions, Inc.(a)		18,354		302,107
				5,019,641
Construction & Engineering — 1.2%
AECOM		10,295		711,693
Ameresco, Inc., Class A(a)(b)		2,378		120,351
API Group Corp.(a)		15,275		340,632
Arcosa, Inc.		3,732		174,135
Argan, Inc.		1,277		47,441
Comfort Systems USA, Inc.		2,748		246,715
Concrete Pumping Holdings, Inc.(a)		1,782		14,630
Construction Partners, Inc., Class A(a)		2,133		55,970
Dycom Industries, Inc.(a)		2,229		187,882
EMCOR Group, Inc.		4,011		478,151
Fluor Corp.(a)		10,867		228,642

Security	Shares		Value
Construction & Engineering (continued)
Granite Construction, Inc.		3,643	$	131,075
Great Lakes Dredge & Dock Corp.(a)		4,995		68,382
IES Holdings, Inc.(a)		549		27,066
Infrastructure and Energy Alternatives, Inc.(a)		1,827		16,480
Innovate Corp.(a)		2,755		10,827
MasTec, Inc.(a)		4,163		358,559
Matrix Service Co.(a)		1,644		11,935
MYR Group, Inc.(a)		1,210		113,776
Northwest Pipe Co.(a)		587		16,653
NV5 Global, Inc.(a)(b)		960		100,406
Primoris Services Corp.		4,326		111,265
Quanta Services, Inc.		10,651		1,094,071
Sterling Construction Co., Inc.(a)		2,267		57,604
Tutor Perini Corp.(a)		2,825		33,618
Valmont Industries, Inc.		1,585		344,310
WillScot Mobile Mini Holdings Corp.(a)		16,064		595,011
				5,697,280
Construction Materials — 0.2%
Eagle Materials, Inc.		3,047		444,405
Forterra, Inc.(a)		1,997		46,870
Summit Materials, Inc., Class A(a)		9,104		323,738
United States Lime & Minerals, Inc.		103		13,028
				828,041
Consumer Finance — 0.7%
Atlanticus Holdings Corp.(a)		357		22,959
Credit Acceptance Corp.(a)		621		335,067
Curo Group Holdings Corp.		1,527		21,882
Encore Capital Group, Inc.(a)		2,129		137,320
Enova International, Inc.(a)		3,032		122,129
Ezcorp, Inc., Class A(a)		4,902		29,265
FirstCash Holdings, Inc.		2,844		198,227
Green Dot Corp., Class A(a)		3,218		102,043
LendingClub Corp.(a)		7,638		143,289
LendingTree, Inc.(a)(b)		861		104,904
Navient Corp.		11,513		200,671
Nelnet, Inc., Class A		1,319		116,771
OneMain Holdings, Inc.		8,411		434,512
Oportun Financial Corp.(a)		1,378		24,818
PRA Group, Inc.(a)		3,211		149,311
PROG Holdings, Inc.(a)		4,911		195,507
Regional Management Corp.		751		38,121
SLM Corp.		22,130		405,864
Upstart Holdings Inc(a)		3,499		381,426
World Acceptance Corp.(a)		315		59,529
				3,223,615
Containers & Packaging — 1.5%
AptarGroup, Inc.		4,941		579,579
Ardagh Metal Packaging SA(a)		8,339		80,305
Avery Dennison Corp.		6,248		1,283,464
Berry Global Group, Inc.(a)		10,224		689,302
Crown Holdings, Inc.		9,291		1,062,890
Graphic Packaging Holding Co.		20,839		394,065
Greif, Inc., Class A		1,877		111,043
Greif, Inc., Class B		451		26,789
Myers Industries, Inc.		2,482		44,850
O-I Glass, Inc.(a)		12,129		161,437
Packaging Corp. of America		7,176		1,080,921
Pactiv Evergreen, Inc.		3,150		34,493
Ranpak Holdings Corp.(a)		3,017		81,037
Sealed Air Corp.		11,065		751,535
Silgan Holdings, Inc.		6,467		289,592

SCHEDULE   OF  INVESTMENTS 29

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging (continued)
Sonoco Products Co.		7,640	$	432,730
TriMas Corp.		3,471		120,652
UFP Technologies, Inc.(a)		418		29,661
				7,254,345
Distributors — 0.3%
Funko, Inc., Class A(a)(b)		1,796		31,035
Greenlane Holdings, Inc., Class A(a)		1,307		996
Pool Corp.		2,921		1,391,126
				1,423,157
Diversified Consumer Services — 0.9%
2U, Inc.(a)		5,256		84,832
Adtalem Global Education, Inc.(a)		3,897		114,650
American Public Education, Inc.(a)		1,194		25,540
Bright Horizons Family Solutions, Inc.(a)		4,613		592,355
Carriage Services, Inc.		1,301		65,466
Chegg, Inc.(a)		10,569		279,761
Coursera, Inc.(a)		5,512		111,949
European Wax Center, Inc., Class A(a)(b)		872		21,312
frontdoor, Inc.(a)		6,575		238,672
Graham Holdings Co., Class B		284		169,014
Grand Canyon Education, Inc.(a)		2,952		247,023
H&R Block, Inc.		13,431		307,033
Houghton Mifflin Harcourt Co.(a)		9,287		167,259
Laureate Education, Inc., Class A		7,330		92,724
Mister Car Wash, Inc.(a)		5,529		95,099
OneSpaWorld Holdings Ltd.(a)		4,860		50,155
Perdoceo Education Corp.(a)		4,651		51,254
PowerSchool Holdings, Inc., Class A(a)		3,962		64,898
Regis Corp.(a)		1,614		2,405
Service Corp. International		12,236		755,206
StoneMor, Inc.(a)		1,811		4,527
Strategic Education, Inc.		1,880		112,161
Stride, Inc.(a)		3,294		115,521
Terminix Global Holdings, Inc.(a)		9,308		401,547
Udemy, Inc.(a)(b)		1,061		17,188
Vivint Smart Home, Inc.(a)(b)		7,683		55,318
WW International, Inc.(a)(b)		4,188		52,769
				4,295,638
Diversified Financial Services — 0.2%
Alerus Financial Corp.		1,396		39,556
A-Mark Precious Metals, Inc.		586		36,273
Banco Latinoamericano de Comercio Exterior SA, Class E		2,413		39,766
Cannae Holdings, Inc.(a)		6,539		195,320
Voya Financial, Inc.		8,098		550,340
				861,255
Diversified Telecommunication Services — 0.3%
Anterix, Inc.(a)		977		50,081
ATN International, Inc.		786		31,189
Bandwidth, Inc., Class A(a)		1,830		114,576
Cogent Communications Holdings, Inc.		3,183		202,471
Consolidated Communications Holdings, Inc.(a)		6,031		43,363
EchoStar Corp., Class A(a)(b)		2,906		68,843
Globalstar, Inc.(a)(b)		47,004		50,294
IDT Corp., Class B(a)		1,614		60,573
Iridium Communications, Inc.(a)		8,790		315,385
Liberty Latin America Ltd., Class A(a)		4,067		44,493
Liberty Latin America Ltd., Class C(a)		11,324		122,413

Security	Shares		Value
Diversified Telecommunication Services (continued)
Ooma, Inc.(a)		1,534	$	27,673
Radius Global Infrastructure, Inc., Class A(a)		4,341		59,732
Telesat Corp.(a)		870		19,706
				1,210,792
Electric Utilities — 0.8%
ALLETE, Inc.		4,011		256,022
Hawaiian Electric Industries, Inc.		8,041		341,742
IDACORP, Inc.		3,863		425,780
MGE Energy, Inc.		2,820		218,352
NRG Energy, Inc.		18,271		729,561
OGE Energy Corp.		14,990		568,421
Otter Tail Corp.		3,015		191,151
Pinnacle West Capital Corp.		8,434		587,091
PNM Resources, Inc.		6,607		296,060
Portland General Electric Co.		6,687		351,335
Via Renewables, Inc.		861		9,850
				3,975,365
Electrical Equipment — 1.5%
Acuity Brands, Inc.		2,642		506,022
Advent Technologies Holdings, Inc.(a)(b)		1,028		4,359
Allied Motion Technologies, Inc.		885		31,727
American Superconductor Corp.(a)		1,758		14,416
Array Technologies, Inc.(a)(b)		9,491		100,035
Atkore, Inc.(a)		3,500		377,230
AZZ, Inc.		2,075		98,729
Babcock & Wilcox Enterprises, Inc.(a)		3,399		24,133
Beam Global(a)(b)		566		7,460
Blink Charging Co.(a)(b)		2,704		56,541
Bloom Energy Corp., Class A(a)		10,767		162,366
ChargePoint Holdings, Inc.(a)(b)		16,488		228,359
Encore Wire Corp.		1,451		163,513
EnerSys		3,309		247,943
Eos Energy Enterprises, Inc.(a)(b)		3,309		13,699
Fluence Energy, Inc.(a)		2,452		45,852
FTC Solar, Inc.(a)		1,144		4,828
FuelCell Energy, Inc.(a)(b)		27,929		118,419
GrafTech International Ltd.		14,623		153,249
Hubbell, Inc.		4,095		766,953
nVent Electric PLC		12,741		440,711
Plug Power, Inc.(a)(b)		38,552		843,132
Powell Industries, Inc.		551		16,453
Preformed Line Products Co.		205		12,431
Regal Rexnord Corp.		5,117		810,942
Romeo Power, Inc.(a)		9,518		22,463
Sensata Technologies Holding PLC(a)		11,746		673,751
Shoals Technologies Group, Inc., Class A(a)(b)		7,599		128,119
Stem, Inc.(a)		8,551		105,006
Sunrun, Inc.(a)(b)		15,101		391,569
Thermon Group Holdings, Inc.(a)		2,055		35,243
TPI Composites, Inc.(a)		2,698		32,565
Vertiv Holdings Co.		23,971		500,035
Vicor Corp.(a)		1,639		154,607
				7,292,860
Electronic Equipment, Instruments & Components — 2.0%
908 Devices, Inc.(a)		1,646		26,040
Advanced Energy Industries, Inc.		2,821		243,114
Aeva Technologies, Inc.(a)		8,010		41,892
Akoustis Technologies, Inc.(a)		3,037		18,374
Arlo Technologies, Inc.(a)		6,797		59,066

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Arrow Electronics, Inc.(a)		5,266	$	652,984
Avnet, Inc.		7,611		307,180
Badger Meter, Inc.		2,223		224,901
Belden, Inc.		3,413		190,957
Benchmark Electronics, Inc.		2,367		57,139
Cognex Corp.		12,892		856,802
Coherent, Inc.(a)		1,818		469,917
CTS Corp.		2,544		85,351
Daktronics, Inc.(a)		2,403		11,775
ePlus, Inc.(a)		2,023		92,997
Fabrinet(a)(b)		2,798		316,622
FARO Technologies, Inc.(a)		1,527		82,931
Identiv, Inc.(a)		1,707		32,979
II-VI, Inc.(a)(b)		8,057		510,814
Insight Enterprises, Inc.(a)		2,656		250,062
IPG Photonics Corp.(a)		2,774		428,500
Iteris, Inc.(a)		2,835		11,283
Itron, Inc.(a)		3,441		213,342
Jabil, Inc.		10,932		672,209
Kimball Electronics, Inc.(a)		2,023		40,035
Knowles Corp.(a)		6,796		144,143
Littelfuse, Inc.		1,834		495,125
Luna Innovations, Inc.(a)		2,064		15,047
Methode Electronics, Inc.		2,945		129,668
MicroVision, Inc.(a)(b)		12,291		41,912
Napco Security Technologies, Inc.(a)(b)		1,900		39,501
National Instruments Corp.		10,271		423,371
nLight, Inc.(a)		3,492		72,249
Novanta, Inc.(a)		2,679		369,970
OSI Systems, Inc.(a)		1,241		102,928
Ouster, Inc.(a)(b)		11,813		41,582
PAR Technology Corp.(a)(b)		1,746		65,475
PC Connection, Inc.		922		39,969
Plexus Corp.(a)		2,157		167,211
Rogers Corp.(a)		1,421		387,862
Sanmina Corp.(a)		4,950		187,209
ScanSource, Inc.(a)		2,054		64,044
SYNNEX Corp.		3,210		335,670
TTM Technologies, Inc.(a)		7,850		105,661
Velodyne Lidar, Inc.(a)(b)		5,357		20,946
Vishay Intertechnology, Inc.		9,777		202,482
Vishay Precision Group, Inc.(a)		917		29,371
Vontier Corp.		12,382		348,058
				9,726,720
Energy Equipment & Services — 0.5%
Archrock, Inc.		11,746		99,136
Aspen Aerogels, Inc.(a)		1,584		47,045
Bristow Group, Inc.(a)		1,681		55,221
Cactus, Inc., Class A		4,340		210,316
ChampionX Corp.(a)		15,446		345,990
DMC Global, Inc.(a)		1,594		64,302
Dril-Quip, Inc.(a)(b)		2,359		59,659
Expro Group Holdings NV(a)		3,387		53,040
FTS International, Inc., Class A(a)		539		14,203
Helix Energy Solutions Group, Inc.(a)		9,371		33,080
Helmerich & Payne, Inc.		7,897		226,644
Liberty Oilfield Services, Inc., Class A(a)		7,048		85,281
Nabors Industries Ltd.(a)		490		50,720
National Energy Services Reunited Corp.(a)		3,327		33,037
Newpark Resources, Inc.(a)		5,916		21,002
NexTier Oilfield Solutions, Inc.(a)		12,997		78,242

Security	Shares		Value
Energy Equipment & Services (continued)
NOV, Inc.		29,347	$	481,878
Oceaneering International, Inc.(a)		8,240		107,367
Oil States International, Inc.(a)		4,122		25,845
Patterson-UTI Energy, Inc.		13,924		138,683
ProPetro Holding Corp.(a)		6,697		70,386
RPC, Inc.(a)		4,756		28,108
Select Energy Services, Inc., Class A(a)		3,726		24,852
Solaris Oilfield Infrastructure, Inc., Class A		2,026		15,620
TETRA Technologies, Inc.(a)		9,202		26,962
Tidewater, Inc.(a)		2,717		38,554
U.S. Silica Holdings, Inc.(a)		4,992		47,674
				2,482,847
Entertainment — 0.8%
AMC Entertainment Holdings, Inc., Class A(a)(b)		39,240		630,194
Chicken Soup For The Soul Entertainment, Inc.(a)		734		7,465
Cinemark Holdings, Inc.(a)		8,544		129,014
CuriosityStream, Inc.(a)		1,667		7,385
Eros STX Global Corp.(a)		20,302		4,324
IMAX Corp.(a)		3,856		66,516
Liberty Media Corp.-Liberty Braves, Class A(a)		524		14,698
Liberty Media Corp.-Liberty Braves, Class C(a)		2,860		77,220
Liberty Media Corp.-Liberty Formula One, Class A(a)		1,987		108,888
Liberty Media Corp.-Liberty Formula One, Class C(a)		15,031		905,317
Lions Gate Entertainment Corp., Class A(a)		4,180		65,542
Lions Gate Entertainment Corp., Class B(a)		8,954		130,549
LiveOne, Inc.(a)(b)		3,900		3,659
Madison Square Garden Entertainment Corp.(a)		1,888		133,727
Madison Square Garden Sports Corp.(a)		1,478		245,452
Marcus Corp.(a)		1,514		25,511
Playtika Holding Corp.(a)		7,618		129,735
Skillz, Inc.(a)(b)		23,506		113,064
World Wrestling Entertainment, Inc., Class A		3,324		166,001
Zynga, Inc., Class A(a)		77,295		701,066
				3,665,327
Equity Real Estate Investment Trusts (REITs) — 8.1%
Acadia Realty Trust		6,363		125,924
Agree Realty Corp.		5,076		331,869
Alexander & Baldwin, Inc.		5,679		130,333
Alexander’s, Inc.		134		35,278
American Assets Trust, Inc.		3,981		143,197
American Campus Communities, Inc.		10,280		537,233
American Finance Trust, Inc.		9,666		79,841
American Homes 4 Rent, Class A		21,226		830,573
Americold Realty Trust		20,213		575,060
Apartment Income REIT Corp.		11,854		626,128
Apartment Investment and Management Co., Class A(a)		11,941		83,945
Apple Hospitality REIT, Inc.		16,042		258,757
Armada Hoffler Properties, Inc.		3,840		53,875
Ashford Hospitality Trust, Inc.(a)		1,130		8,803
Braemar Hotels & Resorts, Inc.(a)		2,829		15,135
Brandywine Realty Trust		12,435		159,914
Brixmor Property Group, Inc.		22,547		571,792
Broadstone Net Lease, Inc.		11,329		261,813
BRT Apartments Corp.		862		19,128
Camden Property Trust		7,386		1,182,425
CareTrust REIT, Inc.		7,163		151,927
Catchmark Timber Trust, Inc., Class A		3,422		28,060
Centerspace		1,030		98,241
Chatham Lodging Trust(a)		5,191		68,885
City Office REIT, Inc.		3,573		63,707
Clipper Realty, Inc.		722	��	6,621

SCHEDULE   OF  INVESTMENTS 31

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Community Healthcare Trust, Inc.		2,048	$	92,856
CorePoint Lodging, Inc.(a)		3,260		51,215
Corporate Office Properties Trust		8,747		220,949
Cousins Properties, Inc.		11,064		426,628
CTO Realty Growth, Inc.		415		24,315
CubeSmart		16,271		825,591
CyrusOne, Inc.		9,553		858,337
DiamondRock Hospitality Co.(a)		14,771		138,109
DigitalBridge Group, Inc.(a)		37,232		271,794
Diversified Healthcare Trust		20,681		63,077
Douglas Emmett, Inc.		12,693		396,275
Easterly Government Properties, Inc.		6,759		141,736
EastGroup Properties, Inc.		3,039		607,526
Empire State Realty Trust, Inc., Class A		10,844		96,728
EPR Properties		5,738		252,300
Equity Commonwealth(a)		8,525		221,991
Equity LifeStyle Properties, Inc.		13,005		1,018,161
Essential Properties Realty Trust, Inc.		9,346		248,136
Farmland Partners, Inc.		1,772		20,183
Federal Realty Investment Trust		5,835		743,904
First Industrial Realty Trust, Inc.		9,834		597,711
Four Corners Property Trust, Inc.		5,514		149,264
Franklin Street Properties Corp.		6,579		36,513
Gaming and Leisure Properties, Inc.		16,775		757,894
Getty Realty Corp.		2,920		86,636
Gladstone Commercial Corp.		3,405		78,962
Gladstone Land Corp.		2,460		74,981
Global Medical REIT, Inc.		5,068		85,700
Global Net Lease, Inc.		7,630		109,414
Healthcare Realty Trust, Inc.		10,996		341,096
Healthcare Trust of America, Inc., Class A		16,369		532,811
Hersha Hospitality Trust(a)		2,133		19,240
Highwoods Properties, Inc.		7,927		341,812
Host Hotels & Resorts, Inc.(a)		53,517		927,985
Hudson Pacific Properties, Inc.		11,461		270,823
Independence Realty Trust, Inc.		7,577		174,195
Indus Realty Trust, Inc.		460		36,133
Industrial Logistics Properties Trust		5,163		118,388
Innovative Industrial Properties, Inc.		1,809		358,526
Iron Mountain, Inc.		21,602		991,964
iStar, Inc.		4,724		101,424
JBG SMITH Properties		9,002		246,655
Kilroy Realty Corp.		8,611		551,104
Kimco Realty Corp.		43,700		1,060,162
Kite Realty Group Trust		16,563		345,835
Lamar Advertising Co., Class A		6,475		717,171
Life Storage, Inc.		6,055		817,122
LTC Properties, Inc.		3,093		111,565
LXP Industrial Trust		20,666		307,717
Macerich Co.		15,731		260,191
Medical Properties Trust, Inc.		44,762		1,018,783
Monmouth Real Estate Investment Corp.		7,141		149,890
National Health Investors, Inc.		3,449		199,456
National Retail Properties, Inc.		13,129		582,665
National Storage Affiliates Trust		6,141		378,040
NETSTREIT Corp.(b)		3,256		73,586
NexPoint Residential Trust, Inc.		1,631		129,338
Office Properties Income Trust		3,857		98,276
Omega Healthcare Investors, Inc.		17,898		563,429
One Liberty Properties, Inc.		1,163		35,472
Outfront Media, Inc.		10,908		270,955
Paramount Group, Inc.		14,766		128,317

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Park Hotels & Resorts, Inc.(a)		17,644	$	321,121
Pebblebrook Hotel Trust		10,197		220,765
Phillips Edison & Co., Inc.		1,459		45,988
Physicians Realty Trust		17,050		311,333
Piedmont Office Realty Trust, Inc., Class A		9,445		167,743
Plymouth Industrial REIT, Inc.		2,453		70,524
Postal Realty Trust, Inc., Class A		763		13,642
PotlatchDeltic Corp.		4,983		268,036
Preferred Apartment Communities, Inc.		3,626		60,482
PS Business Parks, Inc.		1,510		252,110
Rayonier, Inc.		10,472		382,647
Regency Centers Corp.		12,730		913,377
Retail Opportunity Investments Corp.		8,849		163,972
Retail Value, Inc.		1,169		3,682
Rexford Industrial Realty, Inc.		11,534		843,943
RLJ Lodging Trust		12,107		167,682
RPT Realty		6,573		82,951
Ryman Hospitality Properties, Inc.(a)		4,120		364,208
Sabra Health Care REIT, Inc.		17,539		238,706
Safehold, Inc.		1,614		99,907
Saul Centers, Inc.		846		41,775
Seritage Growth Properties, Class A(a)		3,366		34,872
Service Properties Trust		12,089		103,361
SITE Centers Corp.		12,688		187,909
SL Green Realty Corp.		5,100		369,852
Spirit Realty Capital, Inc.		9,481		449,968
STAG Industrial, Inc.		13,295		568,095
STORE Capital Corp.		18,893		599,097
Summit Hotel Properties, Inc.(a)		7,856		74,004
Sunstone Hotel Investors, Inc.(a)		17,262		195,233
Tanger Factory Outlet Centers, Inc.		8,128		138,257
Terreno Realty Corp.		5,466		408,693
UMH Properties, Inc.		3,109		73,372
Uniti Group, Inc.		14,793		178,404
Universal Health Realty Income Trust		901		52,528
Urban Edge Properties		8,997		164,105
Urstadt Biddle Properties, Inc., Class A		2,994		58,952
Veris Residential, Inc(a)		7,018		115,797
VICI Properties, Inc.		48,135		1,377,624
Vornado Realty Trust		13,233		542,685
Washington Real Estate Investment Trust		6,695		164,831
Whitestone REIT		3,929		40,115
Xenia Hotels & Resorts, Inc.(a)		8,349		144,772
				38,482,596
Food & Staples Retailing — 0.8%
Albertsons Cos., Inc., Class A		11,937		336,027
Andersons, Inc.		2,518		95,936
BJ’s Wholesale Club Holdings, Inc.(a)		10,332		635,108
Casey’s General Stores, Inc.		2,766		519,482
Chefs’ Warehouse, Inc.(a)		2,522		75,257
Grocery Outlet Holding Corp.(a)(b)		6,684		169,640
HF Foods Group, Inc.(a)		2,066		14,338
Ingles Markets, Inc., Class A		1,103		84,854
MedAvail Holdings, Inc.(a)		687		989
Natural Grocers by Vitamin Cottage, Inc.		452		6,599
Performance Food Group Co.(a)		11,569		488,096
PriceSmart, Inc.		1,874		133,822
Rite Aid Corp.(a)(b)		3,844		40,785
SpartanNash Co.		2,462		60,491
Sprouts Farmers Market, Inc.(a)		8,209		222,792
United Natural Foods, Inc.(a)		3,941		152,832

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing (continued)
US Foods Holding Corp.(a)		16,668	$	587,714
Village Super Market, Inc., Class A		548		12,522
Weis Markets, Inc.		1,324		79,758
				3,717,042
Food Products — 1.5%
AppHarvest, Inc.(a)(b)		5,368		16,050
B&G Foods, Inc.(b)		4,854		150,959
Beyond Meat, Inc.(a)(b)		4,439		289,112
Bunge Ltd.		10,284		1,016,676
Calavo Growers, Inc.		1,244		51,514
Cal-Maine Foods, Inc.(b)		3,196		124,644
Darling Ingredients, Inc.(a)		12,156		775,188
Flowers Foods, Inc.		14,111		396,942
Fresh Del Monte Produce, Inc.		2,655		73,889
Freshpet, Inc.(a)		3,010		280,020
Hain Celestial Group, Inc.(a)		7,071		258,304
Hostess Brands, Inc.(a)		10,705		219,667
Ingredion, Inc.		4,996		473,121
J&J Snack Foods Corp.		1,155		175,202
John B Sanfilippo & Son, Inc.		687		54,342
Laird Superfood, Inc.(a)		384		3,060
Lamb Weston Holdings, Inc.		11,032		708,365
Lancaster Colony Corp.		1,441		228,788
Landec Corp.(a)		1,554		16,706
Limoneira Co.		1,018		15,127
Mission Produce, Inc.(a)		3,037		43,338
Pilgrim’s Pride Corp.(a)		3,522		98,510
Post Holdings, Inc.(a)		4,398		465,396
Sanderson Farms, Inc.		1,485		273,240
Seaboard Corp.		20		76,400
Seneca Foods Corp., Class A(a)		468		21,879
Simply Good Foods Co.(a)		6,212		218,849
Sovos Brands, Inc.(a)		1,867		27,389
Tattooed Chef, Inc.(a)(b)		2,930		37,211
Tootsie Roll Industries, Inc.		1,118		37,956
TreeHouse Foods, Inc.(a)		3,982		154,223
Utz Brands, Inc.(b)		4,070		65,568
Vital Farms, Inc.(a)(b)		1,638		27,076
Whole Earth Brands, Inc.(a)		3,360		31,853
				6,906,564
Gas Utilities — 0.6%
Brookfield Infrastructure Corp., Class A		4,566		302,817
Chesapeake Utilities Corp.		1,336		181,977
National Fuel Gas Co.		6,613		401,607
New Jersey Resources Corp.		7,365		296,147
Northwest Natural Holding Co.		2,446		115,794
ONE Gas, Inc.		3,846		299,565
South Jersey Industries, Inc.		7,977		199,584
Southwest Gas Holdings, Inc.		4,445		303,060
Spire, Inc.		3,879		255,704
UGI Corp.		15,489		702,426
				3,058,681
Health Care Equipment & Supplies — 2.2%
Accelerate Diagnostics, Inc.(a)		2,013		6,703
Accuray, Inc.(a)		6,238		22,769
Acutus Medical, Inc.(a)		1,127		2,558
Alphatec Holdings, Inc.(a)(b)		5,089		52,620
AngioDynamics, Inc.(a)		3,024		65,409
Apyx Medical Corp.(a)		2,142		24,633
Artivion, Inc.(a)		3,333		59,327

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Asensus Surgical, Inc.(a)		15,224	$	13,501
Aspira Women’s Health, Inc.(a)(b)		4,946		5,985
AtriCure, Inc.(a)		3,466		227,508
Atrion Corp.		102		61,752
Avanos Medical, Inc.(a)		3,526		106,697
Axogen, Inc.(a)(b)		2,518		21,932
Axonics, Inc.(a)		3,520		166,954
BioLife Solutions, Inc.(a)		837		24,976
Bioventus, Inc., Class A(a)		2,120		27,624
Butterfly Network, Inc.(a)(b)		9,702		56,272
Cardiovascular Systems, Inc.(a)		3,160		55,521
Cerus Corp.(a)		13,209		70,800
ClearPoint Neuro, Inc.(a)		1,197		10,569
CONMED Corp.		2,159		297,035
CryoPort, Inc.(a)		3,078		128,568
Cue Health, Inc.(a)(b)		1,454		12,766
Cutera, Inc.(a)		1,239		45,112
CVRx, Inc.(a)		807		6,698
CytoSorbents Corp.(a)		2,566		9,545
DarioHealth Corp.(a)		859		7,533
Eargo, Inc.(a)		2,656		12,775
Envista Holdings Corp.(a)(b)		12,389		535,700
Figs, Inc., Class A(a)(b)		7,142		160,552
Glaukos Corp.(a)		3,320		176,757
Globus Medical, Inc., Class A(a)		5,954		397,310
Haemonetics Corp.(a)		3,949		190,934
Heska Corp.(a)		779		107,175
ICU Medical, Inc.(a)		1,508		321,747
Inari Medical, Inc.(a)		2,630		193,463
Inogen, Inc.(a)		1,653		49,144
Integer Holdings Corp.(a)		2,562		200,886
Integra LifeSciences Holdings Corp.(a)		5,585		361,573
Intersect ENT, Inc.(a)		2,695		73,843
Invacare Corp.(a)		2,936		6,606
iRadimed Corp.(a)		385		15,331
iRhythm Technologies, Inc.(a)		2,149		268,260
Lantheus Holdings, Inc.(a)		5,316		135,080
LeMaitre Vascular, Inc.		1,643		69,515
LivaNova PLC(a)		3,959		297,360
Masimo Corp.(a)		3,763		827,371
Meridian Bioscience, Inc.(a)		3,009		62,738
Merit Medical Systems, Inc.(a)		4,009		222,299
Mesa Laboratories, Inc.		377		107,192
Natus Medical, Inc.(a)		2,584		59,535
Neogen Corp.(a)		8,214		299,565
Neuronetics, Inc.(a)		1,609		5,760
NeuroPace, Inc.(a)(b)		410		3,305
Nevro Corp.(a)		2,670		175,419
NuVasive, Inc.(a)		3,890		202,319
OraSure Technologies, Inc.(a)		4,986		44,126
Ortho Clinical Diagnostics Holdings PLC(a)		9,163		159,070
Orthofix Medical, Inc.(a)		1,696		51,558
OrthoPediatrics Corp.(a)		930		43,980
Outset Medical, Inc.(a)(b)		3,654		135,892
Paragon 28, Inc.(a)		903		13,590
PAVmed, Inc.(a)		4,822		8,294
Penumbra, Inc.(a)		2,629		594,180
PROCEPT BioRobotics Corp.(a)		603		11,180
Pulmonx Corp.(a)(b)		2,238		54,495
Pulse Biosciences, Inc.(a)(b)		886		10,774
Quidel Corp.(a)		2,705		279,589
Quotient Ltd.(a)		5,519		8,941

SCHEDULE   OF  INVESTMENTS 33

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Retractable Technologies, Inc.(a)(b)		1,180	$	6,443
RxSight, Inc.(a)		1,072		11,031
SeaSpine Holdings Corp.(a)		2,063		24,715
Senseonics Holdings, Inc.(a)(b)		30,446		81,595
Shockwave Medical, Inc.(a)		2,567		372,138
SI-BONE, Inc.(a)		2,887		56,874
Sientra, Inc.(a)		3,867		10,866
Sight Sciences, Inc.(a)		909		13,299
Silk Road Medical, Inc.(a)(b)		2,491		81,730
STAAR Surgical Co.(a)(b)		3,463		251,829
Stereotaxis, Inc.(a)		3,223		17,759
Surmodics, Inc.(a)		1,066		48,695
Tactile Systems Technology, Inc.(a)		1,405		22,157
Talis Biomedical Corp.(a)		936		2,761
Tandem Diabetes Care, Inc.(a)		4,732		558,896
TransMedics Group, Inc.(a)		1,853		29,407
Treace Medical Concepts, Inc.(a)		2,265		41,087
Utah Medical Products, Inc.		201		18,908
Vapotherm, Inc.(a)		2,004		32,405
Varex Imaging Corp.(a)		3,059		79,840
ViewRay, Inc.(a)		9,885		43,000
Zynex, Inc.		1,263		10,003
				10,361,988
Health Care Providers & Services — 2.2%
1Life Healthcare, Inc.(a)		8,659		96,634
Acadia Healthcare Co., Inc.(a)		6,894		362,969
Accolade, Inc.(a)		3,663		69,963
AdaptHealth Corp.(a)		5,233		98,904
Addus HomeCare Corp.(a)		1,126		89,889
Agiliti, Inc.(a)		1,666		31,871
Agilon Health, Inc.(a)(b)		12,641		209,588
Alignment Healthcare, Inc.(a)		6,025		45,790
Amedisys, Inc.(a)		2,367		319,782
AMN Healthcare Services, Inc.(a)		3,581		362,898
Apollo Medical Holdings, Inc.(a)(b)		2,866		147,542
Apria, Inc.(a)		1,258		47,062
Aveanna Healthcare Holdings, Inc.(a)		2,434		13,363
Biodesix, Inc.(a)		817		3,260
Brookdale Senior Living, Inc.(a)		14,540		76,917
Castle Biosciences, Inc.(a)		1,784		77,158
Chemed Corp.		1,142		535,495
Community Health Systems, Inc.(a)		9,612		121,976
CorVel Corp.(a)		679		119,585
Covetrus, Inc.(a)		7,605		137,422
Cross Country Healthcare, Inc.(a)		2,278		49,000
Encompass Health Corp.		7,331		454,815
Ensign Group, Inc.		4,043		304,963
Fulgent Genetics, Inc.(a)		1,601		102,256
Guardant Health, Inc.(a)		6,854		476,696
Hanger, Inc.(a)		2,498		45,289
HealthEquity, Inc.(a)		6,159		329,137
Henry Schein, Inc.(a)		10,434		785,680
InfuSystem Holdings, Inc.(a)		1,139		17,199
Innovage Holding Corp.(a)		1,143		5,966
Joint Corp.(a)		868		46,907
LHC Group, Inc.(a)		2,282		283,196
LifeStance Health Group, Inc.(a)		3,410		26,018
MEDNAX, Inc.(a)		5,646		138,045
ModivCare, Inc.(a)		985		114,191
Molina Healthcare, Inc.(a)		4,348		1,263,007
National HealthCare Corp.		886		57,944

Security	Shares		Value
Health Care Providers & Services (continued)
National Research Corp.		1,024	$	42,598
Ontrak, Inc.(a)		623		2,156
Option Care Health, Inc.(a)(b)		11,838		276,654
Owens & Minor, Inc.		5,246		220,804
Patterson Cos., Inc.		6,325		181,464
Pennant Group, Inc.(a)		2,190		36,398
PetIQ, Inc.(a)		2,381		48,668
Premier, Inc., Class A		9,079		346,999
Privia Health Group, Inc.(a)		1,124		23,919
Progyny, Inc.(a)		4,977		201,568
R1 RCM, Inc.(a)		8,791		209,050
RadNet, Inc.(a)		3,354		86,365
Select Medical Holdings Corp.		8,547		198,547
Sharps Compliance Corp.(a)(b)		815		5,501
Signify Health, Inc., Class A(a)		4,626		61,665
SOC Telemed, Inc.(a)		2,538		1,825
Surgery Partners, Inc.(a)		2,583		110,217
Tenet Healthcare Corp.(a)		8,073		598,371
Tivity Health, Inc.(a)		3,224		82,019
Triple-S Management Corp.(a)		1,675		60,283
U.S. Physical Therapy, Inc.		1,014		98,125
Viemed Healthcare, Inc.(a)		2,309		10,691
				10,372,264
Health Care Technology — 0.6%
Allscripts Healthcare Solutions, Inc.(a)		9,250		187,035
American Well Corp., Class A(a)		13,277		62,800
Castlight Health, Inc., Class B(a)		7,423		15,143
Certara, Inc.(a)		7,936		212,129
Change Healthcare, Inc.(a)(b)		19,188		377,620
Computer Programs & Systems, Inc.(a)		1,293		36,618
Convey Health Solutions Holdings, Inc.(a)		1,832		14,271
Definitive Healthcare Corp.(a)		828		18,117
Evolent Health, Inc., Class A(a)		6,185		146,646
Forian, Inc.(a)		1,131		9,331
Health Catalyst, Inc.(a)(b)		4,167		124,385
HealthStream, Inc.(a)		1,675		40,786
Icad, Inc.(a)		1,423		7,955
Inspire Medical Systems, Inc.(a)		2,051		453,866
Multiplan Corp.(a)(b)		28,302		114,057
NantHealth, Inc.(a)		1,522		1,214
NextGen Healthcare, Inc.(a)		4,289		82,821
Omnicell, Inc.(a)		3,322		498,765
OptimizeRx Corp.(a)		1,383		62,138
Phreesia, Inc.(a)		3,850		120,081
Schrodinger, Inc.(a)		3,425		97,099
Simulations Plus, Inc.		1,296		55,106
Tabula Rasa HealthCare, Inc.(a)		1,489		16,066
Vocera Communications, Inc.(a)		2,559		202,187
				2,956,236
Hotels, Restaurants & Leisure — 2.5%
Accel Entertainment, Inc.(a)		4,658		58,737
Aramark		17,484		599,526
Bally’s Corp.(a)		2,194		78,414
Biglari Holdings, Inc., Class B(a)		53		6,280
BJ’s Restaurants, Inc.(a)		1,715		51,604
Bloomin’ Brands, Inc.(a)		6,715		136,516
Bluegreen Vacations Holding Corp.(a)		727		21,788
Boyd Gaming Corp.(a)		6,233		370,614
Brinker International, Inc.(a)		3,452		114,641
Carrols Restaurant Group, Inc.		2,399		5,926
Century Casinos, Inc.(a)		1,954		19,442

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Cheesecake Factory, Inc.(a)		3,463	$	123,560
Choice Hotels International, Inc.		2,623		376,138
Churchill Downs, Inc.		2,793		587,368
Chuy’s Holdings, Inc.(a)		1,332		33,580
Cracker Barrel Old Country Store, Inc.		1,749		208,376
Dave & Buster’s Entertainment, Inc.(a)		3,326		119,038
Del Taco Restaurants, Inc.		1,681		20,962
Denny’s Corp.(a)(b)		5,418		83,979
Dine Brands Global, Inc.		1,243		84,338
Drive Shack, Inc.(a)		5,256		7,358
El Pollo Loco Holdings, Inc.(a)		1,165		15,541
Esports Technologies, Inc.(a)		868		10,433
Everi Holdings, Inc.(a)		6,832		135,069
F45 Training Holdings, Inc.(a)		1,774		22,193
Fiesta Restaurant Group, Inc.(a)(b)		1,171		11,089
First Watch Restaurant Group, Inc.(a)		848		12,754
Full House Resorts, Inc.(a)		2,082		18,384
GAN Ltd.(a)		2,857		19,685
Golden Entertainment, Inc.(a)		1,237		55,640
Golden Nugget Online Gaming, Inc.(a)		2,959		23,790
Hall of Fame Resort & Entertainment Co.(a)		3,525		4,089
Hilton Grand Vacations, Inc.(a)		6,482		316,711
Hyatt Hotels Corp., Class A(a)		3,755		343,996
International Game Technology PLC		7,660		205,058
Jack in the Box, Inc.		1,717		156,333
Krispy Kreme, Inc.(b)		2,024		30,340
Kura Sushi USA, Inc., Class A(a)		244		11,261
Life Time Group Holdings, Inc.(a)(b)		3,198		48,034
Lindblad Expeditions Holdings, Inc.(a)(b)		2,475		41,753
Marriott Vacations Worldwide Corp.		3,198		519,291
Monarch Casino & Resort, Inc.(a)(b)		1,220		75,518
Nathan’s Famous, Inc.		139		7,489
NEOGAMES SA(a)		937		22,179
Noodles & Co.(a)		3,368		28,325
Norwegian Cruise Line Holdings Ltd.(a)		28,603		595,800
ONE Group Hospitality, Inc.(a)		1,228		15,473
Papa John’s International, Inc.		2,403		296,650
Penn National Gaming, Inc.(a)(b)		12,639		576,465
Planet Fitness, Inc., Class A(a)		6,381		565,612
PlayAGS, Inc.(a)		1,936		15,081
Portillo’s, Inc.(a)		1,794		47,631
RCI Hospitality Holdings, Inc.		587		41,014
Red Robin Gourmet Burgers, Inc.(a)(b)		1,082		15,959
Red Rock Resorts, Inc., Class A		4,515		201,008
Rush Street Interactive, Inc.(a)		3,742		37,944
Ruth’s Hospitality Group, Inc.(a)		2,288		45,829
Scientific Games Corp., Class A(a)		7,350		424,095
SeaWorld Entertainment, Inc.(a)		3,796		226,166
Shake Shack, Inc., Class A(a)		2,896		191,339
Six Flags Entertainment Corp.(a)		5,781		228,292
Target Hospitality Corp.(a)		1,352		4,475
Texas Roadhouse, Inc.		5,329		455,043
Travel + Leisure Co.		6,354		360,907
Vail Resorts, Inc.		2,962		820,770
Wendy’s Co.		13,633		313,968
Wingstop, Inc.		2,266		347,264
Wyndham Hotels & Resorts, Inc.		6,984		586,307
Xponential Fitness, Inc., Class A(a)		306		5,343
				11,661,575
Household Durables — 1.7%
Aterian, Inc.(a)		1,701		5,511

Security	Shares		Value
Household Durables (continued)
Bassett Furniture Industries, Inc.		589	$	10,932
Beazer Homes USA, Inc.(a)		1,948		35,532
Cavco Industries, Inc.(a)		708		190,764
Century Communities, Inc.		2,335		153,760
Ethan Allen Interiors, Inc.		1,559		39,302
Flexsteel Industries, Inc.		414		10,313
GoPro, Inc., Class A(a)		8,995		79,696
Green Brick Partners, Inc.(a)		2,520		59,674
Hamilton Beach Brands Holding Co., Class A		434		6,015
Helen of Troy Ltd.(a)(b)		1,775		371,561
Hooker Furniture Corp.		737		16,243
Hovnanian Enterprises, Inc., Class A(a)(b)		380		36,814
Installed Building Products, Inc.		1,839		203,743
iRobot Corp.(a)		1,921		125,864
KB Home		5,953		251,514
La-Z-Boy, Inc.		3,559		130,651
Legacy Housing Corp.(a)		600		14,856
Leggett & Platt, Inc.		9,936		395,950
LGI Homes, Inc.(a)		1,635		203,574
Lifetime Brands, Inc.		937		14,523
Lovesac Co.(a)		783		42,165
M/I Homes, Inc.(a)		2,094		110,961
MDC Holdings, Inc.		4,235		214,672
Meritage Homes Corp.(a)		2,815		287,214
Mohawk Industries, Inc.(a)		4,185		660,686
Newell Brands, Inc.		29,035		673,902
PulteGroup, Inc.		18,869		994,208
Purple Innovation, Inc.(a)		4,278		35,593
Skyline Champion Corp.(a)		3,992		268,821
Snap One Holdings Corp.(a)		1,129		21,236
Sonos, Inc.(a)(b)		8,782		221,482
Taylor Morrison Home Corp.(a)		9,051		277,775
Tempur Sealy International, Inc.		13,529		538,589
Toll Brothers, Inc.		8,153		480,782
TopBuild Corp.(a)		2,505		582,788
Traeger, Inc.(a)(b)		1,703		17,354
Tri Pointe Homes, Inc.(a)		8,644		205,814
Tupperware Brands Corp.(a)		3,061		47,201
Universal Electronics, Inc.(a)		894		31,728
VOXX International Corp.(a)		1,092		12,067
Vuzix Corp.(a)(b)		4,194		27,387
Weber, Inc.(b)		1,197		12,975
				8,122,192
Household Products — 0.2%
Central Garden & Pet Co.(a)		915		42,447
Central Garden & Pet Co., Class A(a)		2,734		118,464
Energizer Holdings, Inc.		5,182		194,895
Oil-Dri Corp. of America		264		8,981
Reynolds Consumer Products Inc.		3,971		120,202
Spectrum Brands Holdings, Inc.		3,194		285,480
WD-40 Co.		986		219,149
				989,618
Independent Power and Renewable Electricity Producers — 0.4%
Brookfield Renewable Corp., Class A		9,547		326,698
Clearway Energy, Inc., Class A		2,950		91,008
Clearway Energy, Inc., Class C		5,931		199,756
Ormat Technologies, Inc.		3,296		224,655
Sunnova Energy International, Inc.(a)		6,653		130,798
Vistra Corp.		36,700		800,427
				1,773,342

SCHEDULE   OF  INVESTMENTS 35

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance — 3.2%
Alleghany Corp.(a)		1,030	$	683,920
Ambac Financial Group, Inc.(a)		4,040	��	57,247
American Equity Investment Life Holding Co.		6,061		249,350
American Financial Group, Inc.		5,186		675,632
American National Group, Inc.		557		105,156
AMERISAFE, Inc.		1,647		86,500
Argo Group International Holdings Ltd.		2,546		144,562
Assurant, Inc.		4,384		668,604
Assured Guaranty Ltd.		5,096		271,566
Axis Capital Holdings Ltd.		5,721		325,983
Bright Health Group, Inc.(a)		3,769		10,478
Brighthouse Financial, Inc.(a)		6,107		332,526
Brown & Brown, Inc.		17,959		1,190,323
BRP Group, Inc., Class A(a)		3,756		114,633
Citizens, Inc.(a)(b)		3,245		15,414
CNO Financial Group, Inc.		9,466		236,082
Crawford & Co., Class A		1,123		8,546
Donegal Group, Inc., Class A		1,267		18,181
eHealth, Inc.(a)		1,827		39,920
Employers Holdings, Inc.		1,304		50,986
Enstar Group Ltd.(a)		926		245,464
Erie Indemnity Co., Class A		1,862		342,794
Everest Re Group Ltd.		2,958		838,297
First American Financial Corp.		8,119		604,947
Genworth Financial, Inc., Class A(a)		33,748		131,617
Globe Life, Inc.		7,628		780,344
GoHealth, Inc., Class A(a)		3,145		8,680
Goosehead Insurance, Inc., Class A		1,394		137,421
Greenlight Capital Re Ltd., Class A(a)		2,446		17,709
Hanover Insurance Group, Inc.		2,738		377,735
HCI Group, Inc.		491		33,324
Heritage Insurance Holdings, Inc.		1,645		10,248
Horace Mann Educators Corp.		2,534		96,317
Independence Holding Co.		433		24,659
Investors Title Co.		73		14,599
James River Group Holdings Ltd.		2,003		56,725
Kemper Corp.		4,548		272,789
Kinsale Capital Group, Inc.		1,633		327,123
Lemonade, Inc.(a)		2,883		92,054
Maiden Holdings Ltd.(a)		3,612		10,078
MBIA, Inc.(a)		3,195		43,676
Mercury General Corp.		2,120		115,879
MetroMile, Inc.(a)		9,266		15,382
National Western Life Group, Inc., Class A		203		43,416
NI Holdings, Inc.(a)		788		15,208
Old Republic International Corp.		21,430		549,251
Palomar Holdings, Inc.(a)		1,854		97,799
Primerica, Inc.		2,942		454,068
ProAssurance Corp.		2,856		68,430
Reinsurance Group of America, Inc.		5,145		590,800
RenaissanceRe Holdings Ltd.		3,423		537,993
RLI Corp.		3,105		325,342
Safety Insurance Group, Inc.		854		70,310
Selective Insurance Group, Inc.		4,581		361,441
Selectquote, Inc.(a)(b)		10,164		75,112
SiriusPoint Ltd.(a)		8,526		72,215
State Auto Financial Corp.		1,312		67,830
Stewart Information Services Corp.		1,624		116,002
Tiptree, Inc.		1,526		18,907
Trean Insurance Group, Inc.(a)		1,099		8,869
Trupanion, Inc.(a)		2,903		276,511
United Fire Group, Inc.		1,513		37,734

Security	Shares		Value
Insurance (continued)
United Insurance Holdings Corp.		1,333	$	5,385
Universal Insurance Holdings, Inc.		1,866		32,170
Unum Group		15,576		395,319
W.R. Berkley Corp.		10,454		883,363
White Mountains Insurance Group Ltd.		222		231,093
				15,218,038
Interactive Media & Services(a) — 0.3%
Cargurus, Inc.		7,294		232,679
Cars.com, Inc.		5,642		87,902
Eventbrite, Inc., Class A		6,080		87,126
EverQuote, Inc., Class A		1,321		21,744
fuboTV, Inc.		10,442		112,147
Liberty TripAdvisor Holdings, Inc., Class A		5,186		11,669
MediaAlpha, Inc., Class A		1,382		20,523
Outbrain, Inc.		862		10,878
QuinStreet, Inc.		4,180		67,256
TripAdvisor, Inc.		7,721		209,625
TrueCar, Inc.		6,796		23,378
Vimeo, Inc.		10,895		159,612
Yelp, Inc.		5,279		182,337
Ziff Davis, Inc.		3,286		345,227
				1,572,103
Internet & Direct Marketing Retail — 0.2%
1-800-Flowers.com, Inc., Class A(a)(b)		1,832		31,199
1stdibs.com, Inc.(a)		1,183		12,185
CarParts.com, Inc.(a)		3,447		31,712
Duluth Holdings, Inc., Class B(a)		688		10,375
Groupon, Inc.(a)		1,920		58,637
Lands’ End, Inc.(a)		952		17,450
Liquidity Services, Inc.(a)		1,902		36,195
Overstock.com, Inc.(a)(b)		3,240		155,325
PetMed Express, Inc.		1,754		45,306
Porch Group, Inc.(a)(b)		5,089		53,689
Quotient Technology, Inc.(a)		5,899		41,942
Qurate Retail, Inc., Series A		27,254		191,596
RealReal, Inc.(a)		5,872		55,490
Revolve Group, Inc.(a)		2,480		122,314
Shutterstock, Inc.		1,730		167,758
Stitch Fix, Inc., Class A(a)		6,141		100,897
Xometry, Inc., Class A(a)(b)		614		31,682
				1,163,752
IT Services — 2.6%
Alliance Data Systems Corp.		3,807		262,835
Amdocs Ltd.		9,593		728,013
BigCommerce Holdings, Inc., Series-1(a)		3,717		121,509
Brightcove, Inc.(a)		2,788		26,291
Cantaloupe, Inc.(a)		3,705		31,122
Cass Information Systems, Inc.		1,080		43,934
Concentrix Corp.		3,195		642,163
Conduent, Inc.(a)		11,768		55,663
CSG Systems International, Inc.		2,385		135,396
DigitalOcean Holdings, Inc.(a)(b)		3,753		215,197
DXC Technology Co.(a)		19,166		576,513
Euronet Worldwide, Inc.(a)(b)		3,808		509,853
EVERTEC, Inc.		4,654		203,101
Evo Payments, Inc., Class A(a)		3,471		83,721
ExlService Holdings, Inc.(a)		2,406		289,971
Fastly, Inc., Class A(a)(b)		8,202		235,069
Flywire Corp.(a)		4,692		132,268
Genpact Ltd.		13,683		680,729
Globant SA(a)(b)		3,088		787,996

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
GreenBox POS(a)(b)		1,122	$	4,320
Grid Dynamics Holdings, Inc.(a)		3,538		94,288
Hackett Group, Inc.		2,089		39,983
I3 Verticals, Inc., Class A(a)		1,419		32,836
IBEX Holdings Ltd.(a)		349		5,068
International Money Express, Inc.(a)		2,133		34,149
Jack Henry & Associates, Inc.		5,558		932,688
Limelight Networks, Inc.(a)		8,726		37,260
LiveRamp Holdings, Inc.(a)		5,081		226,867
Maximus, Inc.		4,623		357,450
MoneyGram International, Inc.(a)		6,772		59,390
MongoDB, Inc.(a)		4,800		1,944,528
Paya Holdings, Inc.(a)		7,332		48,025
Paysafe Ltd.(a)		52,639		191,080
Perficient, Inc.(a)		2,505		262,574
Priority Technology Holdings, Inc.(a)		789		4,781
Rackspace Technology, Inc.(a)(b)		3,856		48,239
Remitly Global, Inc.(a)		977		11,890
Repay Holdings Corp.(a)(b)		6,796		121,580
Sabre Corp.(a)		24,811		227,021
Shift4 Payments, Inc., Class A(a)(b)		3,195		168,440
SolarWinds Corp.		2,427		33,007
StarTek, Inc.(a)		1,271		6,469
Switch, Inc., Class A		8,445		216,445
Thoughtworks Holding, Inc.(a)		3,027		64,838
TTEC Holdings, Inc.		1,324		106,039
Tucows, Inc., Class A(a)		714		56,406
Unisys Corp.(a)		5,071		92,546
Verra Mobility Corp.(a)		10,749		170,264
Western Union Co.		29,739		562,365
WEX, Inc.(a)		3,418		550,230
				12,472,410
Leisure Products — 0.6%
Acushnet Holdings Corp.		2,621		122,401
American Outdoor Brands, Inc.(a)		950		15,751
AMMO, Inc.(a)		6,541		30,350
Brunswick Corp.		5,929		538,294
Callaway Golf Co.(a)		8,627		205,840
Clarus Corp.		1,641		36,972
Escalade, Inc.		723		10,339
Genius Brands International, Inc.(a)(b)		18,186		15,998
Hayward Holdings, Inc.(a)(b)		3,799		74,802
Johnson Outdoors, Inc., Class A		318		28,690
Latham Group, Inc.(a)(b)		2,268		37,830
Malibu Boats, Inc., Class A(a)		1,612		105,844
Marine Products Corp.		440		5,394
MasterCraft Boat Holdings, Inc.(a)		1,528		38,857
Mattel, Inc.(a)		26,616		556,807
Nautilus, Inc.(a)(b)		2,277		11,613
Polaris, Inc.		4,235		476,819
Smith & Wesson Brands, Inc.		3,557		60,754
Solo Brands, Inc.(a)(b)		1,003		11,193
Sturm Ruger & Co., Inc.		1,338		89,954
Vista Outdoor, Inc.(a)		4,306		166,125
YETI Holdings, Inc.(a)		6,521		427,647
				3,068,274
Life Sciences Tools & Services — 2.3%
10X Genomics, Inc., Class A(a)		6,334		609,774
Absci Corp.(a)(b)		1,187		7,989
Adaptive Biotechnologies Corp.(a)		8,242		143,740
Akoya Biosciences, Inc.(a)		436		4,953

Security	Shares		Value
Life Sciences Tools & Services (continued)
Alpha Teknova, Inc.(a)(b)		583	$	9,200
Avantor, Inc.(a)		45,429		1,695,865
Berkeley Lights, Inc.(a)		3,806		36,956
Bionano Genomics, Inc.(a)(b)		19,810		43,978
Bio-Techne Corp.		2,951		1,110,786
Bruker Corp.		7,777		517,948
Charles River Laboratories International, Inc.(a)		3,813		1,257,375
ChromaDex Corp.(a)		3,250		9,133
Codex DNA, Inc.(a)		1,306		10,239
Codexis, Inc.(a)		4,539		93,049
Cytek Biosciences, Inc.(a)		1,248		18,171
Fluidigm Corp.(a)(b)		5,035		16,464
Harvard Bioscience, Inc.(a)		2,780		16,180
Inotiv, Inc.(a)		1,235		39,508
Maravai LifeSciences Holdings, Inc., Class A(a)(b)		8,021		231,967
MaxCyte, Inc.(a)		7,255		46,867
Medpace Holdings, Inc.(a)		2,212		392,542
NanoString Technologies, Inc.(a)		3,418		118,673
NeoGenomics, Inc.(a)		8,776		197,811
Pacific Biosciences of California, Inc.(a)		13,802		154,306
PerkinElmer, Inc.		9,529		1,640,608
Personalis, Inc.(a)		2,768		31,528
QIAGEN NV(a)		17,401		861,175
Quanterix Corp.(a)		2,418		73,604
Rapid Micro Biosystems, Inc., Class A(a)(b)		721		5,141
Repligen Corp.(a)		4,115		816,169
Seer, Inc.(a)		3,034		47,725
Singular Genomics Systems, Inc.(a)		1,015		7,866
Sotera Health Co.(a)(b)		7,219		155,281
Syneos Health, Inc.(a)		7,736		700,572
				11,123,143
Machinery — 3.6%
AGCO Corp.		4,683		548,848
AgEagle Aerial Systems, Inc.(a)		4,305		5,166
Alamo Group, Inc.		817		115,074
Albany International Corp., Class A		2,244		187,845
Allison Transmission Holdings, Inc.		7,706		292,751
Altra Industrial Motion Corp.		4,761		229,861
Astec Industries, Inc.		1,661		105,125
Barnes Group, Inc.		3,647		164,735
Blue Bird Corp.(a)(b)		1,008		15,634
Chart Industries, Inc.(a)		2,776		338,311
CIRCOR International, Inc.(a)		1,226		34,046
Colfax Corp.(a)		9,042		371,807
Columbus McKinnon Corp.		2,230		96,514
Commercial Vehicle Group, Inc.(a)		2,049		15,859
Crane Co.		3,761		389,301
Desktop Metal, Inc., Class A(a)		13,546		55,403
Donaldson Co., Inc.		9,228		513,630
Douglas Dynamics, Inc.		1,729		63,160
Energy Recovery, Inc.(a)		3,186		62,382
Enerpac Tool Group Corp.		4,943		88,233
EnPro Industries, Inc.		1,592		167,192
ESCO Technologies, Inc.		1,970		157,167
Evoqua Water Technologies Corp.(a)		8,765		354,983
Federal Signal Corp.		4,415		172,273
Flowserve Corp.		10,145		330,930
Franklin Electric Co., Inc.		3,398		294,946
Gates Industrial Corp. PLC(a)(b)		7,610		117,727
Gorman-Rupp Co.		2,064		82,787
Graco, Inc.		12,568		911,934
Greenbrier Cos., Inc.		2,614		105,501

SCHEDULE   OF  INVESTMENTS 37

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Helios Technologies, Inc.		2,424	$	185,751
Hillenbrand, Inc.		5,592		259,916
Hydrofarm Holdings Group, Inc.(a)		2,829		55,477
Hyliion Holdings Corp.(a)		9,885		43,988
Hyster-Yale Materials Handling, Inc.		857		38,471
Ideanomics, Inc.(a)(b)		37,236		39,843
ITT, Inc.		6,566		603,547
John Bean Technologies Corp.		2,320		313,200
Kadant, Inc.		879		183,693
Kennametal, Inc.		6,210		214,680
Lincoln Electric Holdings, Inc.		4,313		551,374
Lindsay Corp.		855		107,944
Luxfer Holdings PLC		2,124		36,278
Manitowoc Co., Inc.(a)		2,274		41,501
Mayville Engineering Co., Inc.(a)		562		6,446
Meritor, Inc.(a)		5,064		116,725
Middleby Corp.(a)		4,171		772,469
Miller Industries, Inc.		511		16,081
Mueller Industries, Inc.		4,148		214,286
Mueller Water Products, Inc., Class A		12,094		155,408
Nikola Corp.(a)(b)		17,601		141,336
NN, Inc.(a)		2,833		10,794
Nordson Corp.		4,367		1,015,502
Omega Flex, Inc.		189		26,830
Oshkosh Corp.		5,138		584,756
Park-Ohio Holdings Corp.		471		9,533
Pentair PLC		12,391		789,307
Proto Labs, Inc.(a)		2,158		108,288
RBC Bearings, Inc.(a)		2,126		383,679
REV Group, Inc.		1,889		25,369
Shyft Group, Inc.		2,671		112,022
Snap-on, Inc.		4,007		834,458
SPX Corp.(a)		3,407		177,777
SPX FLOW, Inc.		3,052		263,082
Standex International Corp.		867		86,136
Tennant Co.		1,470		113,440
Terex Corp.		5,285		220,490
Timken Co.		4,912		328,122
Titan International, Inc.(a)		4,154		40,502
Toro Co.		7,987		771,384
Trinity Industries, Inc.		5,919		170,053
Wabash National Corp.		4,105		80,540
Watts Water Technologies, Inc., Class A		2,093		320,669
Welbilt, Inc.(a)		9,959		236,526
				17,196,798
Marine — 0.2%
Costamare, Inc.		4,332		56,923
Eagle Bulk Shipping, Inc.		503		22,544
Genco Shipping & Trading Ltd.		2,209		34,372
Kirby Corp.(a)		4,575		298,199
Matson, Inc.		3,141		306,750
Safe Bulkers, Inc.(a)(b)		6,688		23,341
				742,129
Media — 1.2%
Advantage Solutions, Inc.(a)		5,443		39,625
AMC Networks, Inc., Class A(a)(b)		2,260		96,344
Audacy, Inc.(a)		7,924		19,176
Boston Omaha Corp., Class A(a)		1,511		39,875
Cable One, Inc.		411		634,884
Cardlytics, Inc.(a)		2,516		168,824
Clear Channel Outdoor Holdings, Inc.(a)		25,683		78,590

Security	Shares		Value
Media (continued)
ComScore, Inc.(a)		3,560	$	10,787
Daily Journal Corp.(a)		71		23,003
Emerald Holding, Inc.(a)		1,872		6,103
Entravision Communications Corp., Class A		3,973		24,076
EW Scripps Co., Class A		4,164		85,362
Fluent, Inc.(a)		2,731		4,370
Gannett Co., Inc.(a)		11,852		57,601
Gray Television, Inc.		6,837		142,551
Hemisphere Media Group, Inc.(a)		733		4,757
iHeartMedia, Inc., Class A(a)		8,703		175,365
Integral Ad Science Holding Corp.(a)		1,239		20,741
Interpublic Group of Cos., Inc.		29,848		1,060,798
John Wiley & Sons, Inc., Class A		3,279		166,409
Loyalty Ventures, Inc.(a)		1,457		42,705
Magnite, Inc.(a)(b)		9,210		124,980
National CineMedia, Inc.		4,140		10,930
New York Times Co., Class A		12,735		509,782
News Corp., Class A		28,796		640,423
News Corp., Class B		9,335		207,610
Nexstar Media Group, Inc., Class A		3,005		496,967
Scholastic Corp.		1,950		79,989
Sinclair Broadcast Group, Inc., Class A		3,646		100,192
Stagwell, Inc.(a)(b)		4,466		33,361
TechTarget, Inc.(a)		1,933		160,323
TEGNA, Inc.		16,748		324,241
Thryv Holdings, Inc.(a)(b)		660		21,404
WideOpenWest, Inc.(a)		4,241		78,925
				5,691,073
Metals & Mining — 1.4%
Alcoa Corp.		14,081		798,534
Allegheny Technologies, Inc.(a)		9,798		179,205
Arconic Corp.(a)		8,163		252,482
Ardagh Group SA(a)		1,258		30,286
Carpenter Technology Corp.		3,562		102,301
Century Aluminum Co.(a)		3,568		54,733
Cleveland-Cliffs, Inc.(a)		34,279		587,542
Coeur Mining, Inc.(a)		18,859		88,449
Commercial Metals Co.		9,056		302,833
Compass Minerals International, Inc.		2,561		136,757
Constellium SE(a)		9,717		169,950
Ferroglobe PLC(c)		897		—
Gatos Silver, Inc.(a)		3,456		10,748
Haynes International, Inc.		974		36,642
Hecla Mining Co.		41,160		204,154
Kaiser Aluminum Corp.		1,144		109,538
Materion Corp.		1,592		131,897
MP Materials Corp.(a)		5,716		228,297
Novagold Resources, Inc.(a)		18,793		124,034
Olympic Steel, Inc.		570		12,135
Perpetua Resources Corp.(a)(b)		1,669		6,142
PolyMet Mining Corp.(a)		1,623		4,139
Reliance Steel & Aluminum Co.		4,685		716,243
Royal Gold, Inc.		5,057		513,538
Ryerson Holding Corp.		1,352		27,716
Schnitzer Steel Industries, Inc., Class A		1,899		74,327
Steel Dynamics, Inc.		14,147		785,441
SunCoke Energy, Inc.		5,464		37,428
TimkenSteel Corp.(a)		3,179		44,601
United States Steel Corp.		20,559		425,983

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Warrior Met Coal, Inc.		3,568	$	93,482
Worthington Industries, Inc.		2,472		133,933
				6,423,490
Mortgage Real Estate Investment Trusts (REITs) — 0.9%
AFC Gamma, Inc.		1,189		23,411
AGNC Investment Corp.		40,383		601,303
Angel Oak Mortgage, Inc.		836		14,287
Apollo Commercial Real Estate Finance, Inc.		11,088		151,351
Arbor Realty Trust, Inc.		10,875		190,421
Ares Commercial Real Estate Corp.		3,899		57,276
ARMOUR Residential REIT, Inc.		6,043		56,683
Blackstone Mortgage Trust, Inc., Class A		11,394		358,000
BrightSpire Capital, Inc.		6,378		59,889
Broadmark Realty Capital, Inc.		10,781		101,126
Chimera Investment Corp.		17,179		249,096
Dynex Capital, Inc.		2,495		40,120
Ellington Financial, Inc.		3,527		62,675
Franklin BSP Realty Trust, Inc.		1,955		26,334
Granite Point Mortgage Trust, Inc.		3,724		45,060
Great Ajax Corp.		3,029		39,498
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		5,853		242,782
Invesco Mortgage Capital, Inc.		22,592		60,547
KKR Real Estate Finance Trust, Inc.		2,822		60,222
Ladder Capital Corp.		8,327		99,008
MFA Financial, Inc.		33,334		154,336
New Residential Investment Corp.		32,399		345,049
New York Mortgage Trust, Inc.		28,863		108,236
Orchid Island Capital, Inc.		9,055		36,492
PennyMac Mortgage Investment Trust		7,180		127,948
Ready Capital Corp.		4,813		68,537
Redwood Trust, Inc.		8,720		107,518
Starwood Property Trust, Inc.		22,064		546,084
TPG RE Finance Trust, Inc.		4,065		51,300
Two Harbors Investment Corp.		25,276		145,337
				4,229,926
Multiline Retail — 0.4%
Big Lots, Inc.		2,616		109,637
Dillard’s, Inc., Class A(b)		437		110,876
Franchise Group, Inc.		2,248		112,557
Kohl’s Corp.		11,454		683,918
Macy’s, Inc.		23,412		599,347
Nordstrom, Inc.(a)		8,538		192,105
Ollie’s Bargain Outlet Holdings, Inc.(a)		5,047		241,953
				2,050,393
Multi-Utilities — 0.5%
Avista Corp.		5,382		239,284
Black Hills Corp.		4,884		330,842
MDU Resources Group, Inc.		15,494		455,059
NiSource, Inc.		29,411		858,213
NorthWestern Corp.		4,154		241,430
Unitil Corp.		1,072		50,320
				2,175,148
Oil, Gas & Consumable Fuels — 4.0%
Aemetis, Inc.(a)		1,862		17,075
Alto Ingredients, Inc.(a)		4,984		25,817
Altus Midstream Co., Class A		210		13,236
Antero Midstream Corp.		25,668		255,397
Antero Resources Corp.(a)		21,932		428,332
APA Corp.		27,339		907,928

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Arch Resources, Inc.		1,118	$	105,807
Berry Corp.		4,328		37,610
Brigham Minerals, Inc., Class A		3,477		75,242
California Resources Corp.		6,243		266,077
Callon Petroleum Co.(a)(b)		3,556		175,809
Centennial Resource Development, Inc., Class A(a)		13,414		104,763
Centrus Energy Corp., Class A(a)		592		25,722
Chesapeake Energy Corp.		7,965		542,974
Civitas Resources, Inc.		3,372		183,774
Clean Energy Fuels Corp.(a)		11,557		70,151
CNX Resources Corp.(a)		16,191		240,112
Comstock Resources, Inc.(a)		7,271		56,568
CONSOL Energy, Inc.(a)		2,485		54,024
Continental Resources, Inc.		4,812		249,935
Coterra Energy, Inc.		60,223		1,318,884
Crescent Energy, Inc.(a)		2,178		28,902
CVR Energy, Inc.		2,176		42,497
Delek US Holdings, Inc.(a)		5,656		87,781
Denbury, Inc.(a)		3,787		284,555
Devon Energy Corp.		50,970		2,577,553
DHT Holdings, Inc.		9,463		46,179
Diamondback Energy, Inc.		13,654		1,722,589
Dorian LPG Ltd.		2,674		31,794
Earthstone Energy, Inc., Class A(a)		1,689		23,072
Energy Fuels, Inc.(a)		11,180		68,981
EQT Corp.(a)		22,652		481,355
Equitrans Midstream Corp.		31,210		253,113
Falcon Minerals Corp.		2,710		14,011
Frontline Ltd.(a)		9,507		62,461
Gevo, Inc.(a)(b)		16,243		55,551
Golar LNG Ltd.(a)		8,223		118,000
Green Plains, Inc.(a)		2,103		64,226
HighPeak Energy, Inc.		265		4,709
HollyFrontier Corp.		11,381		400,156
International Seaways, Inc.		3,743		54,610
Kosmos Energy Ltd.(a)		34,408		148,987
Laredo Petroleum, Inc.(a)(b)		993		66,690
Magnolia Oil & Gas Corp., Class A		10,936		236,546
Marathon Oil Corp.		59,169		1,152,020
Matador Resources Co.		8,460		378,754
Murphy Oil Corp.		11,124		351,518
New Fortress Energy, Inc.		1,927		42,317
Nordic American Tankers Ltd.		10,161		15,750
Northern Oil and Gas, Inc.		4,056		95,397
Oasis Petroleum, Inc.		1,497		202,739
Ovintiv, Inc.		19,792		767,930
Par Pacific Holdings, Inc.(a)		3,686		51,973
PBF Energy, Inc., Class A(a)		7,130		112,939
PDC Energy, Inc.		7,369		436,761
Peabody Energy Corp.(a)		6,432		69,466
Range Resources Corp.(a)(b)		17,639		339,551
Ranger Oil Corp., Class A(a)		1,691		52,438
Renewable Energy Group, Inc.(a)		3,324		133,824
REX American Resources Corp.(a)		532		51,301
Riley Exploration Permian, Inc.		42		1,126
Scorpio Tankers, Inc.		3,987		54,263
SFL Corp. Ltd.		9,365		76,793
SM Energy Co.		8,833		289,811
Southwestern Energy Co.(a)		77,739		342,052
Talos Energy, Inc.(a)		2,396		25,493
Targa Resources Corp.		17,290		1,021,493
Teekay Corp.(a)		4,335		13,438

SCHEDULE   OF  INVESTMENTS 39

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Teekay Tankers Ltd., Class A(a)(b)		1,521	$	16,229
Tellurian, Inc.(a)		26,994		67,755
Texas Pacific Land Corp.		447		480,525
Uranium Energy Corp.(a)(b)		16,448		42,929
Ur-Energy, Inc.(a)(b)		11,431		13,489
W&T Offshore, Inc.(a)(b)		7,179		30,726
Whiting Petroleum Corp.(a)		3,039		225,646
World Fuel Services Corp.		4,838		136,480
				19,122,481
Paper & Forest Products — 0.2%
Clearwater Paper Corp.(a)		1,143		36,142
Glatfelter Corp.		3,535		61,368
Louisiana-Pacific Corp.		6,666		442,889
Neenah, Inc.		1,152		53,107
Schweitzer-Mauduit International, Inc.		2,598		78,641
Verso Corp., Class A		2,082		55,964
				728,111
Personal Products — 0.4%
Beauty Health Co.(a)		6,875		97,625
BellRing Brands, Inc., Class A(a)		3,144		76,588
Coty, Inc., Class A(a)		24,721		209,634
Edgewell Personal Care Co.		4,274		195,749
elf Beauty, Inc.(a)		3,925		116,023
Herbalife Nutrition Ltd.(a)(b)		7,528		320,015
Honest Co., Inc.(a)(b)		6,519		42,308
Inter Parfums, Inc.		1,390		137,568
Medifast, Inc.		881		175,064
Nature’s Sunshine Products, Inc.		728		12,842
NewAge, Inc.(a)(b)		8,493		6,366
Nu Skin Enterprises, Inc., Class A		3,664		176,568
Revlon, Inc., Class A(a)(b)		566		5,604
USANA Health Sciences, Inc.(a)		873		83,441
Veru, Inc.(a)		4,129		21,471
				1,676,866
Pharmaceuticals — 1.3%
9 Meters Biopharma, Inc.(a)		13,360		10,196
Aclaris Therapeutics, Inc.(a)		3,494		38,154
Aerie Pharmaceuticals, Inc.(a)(b)		2,752		20,255
Amneal Pharmaceuticals, Inc.(a)		8,870		39,294
Amphastar Pharmaceuticals, Inc.(a)		2,489		57,471
Ampio Pharmaceuticals, Inc.(a)(b)		12,064		6,244
Angion Biomedica Corp.(a)		1,805		4,874
ANI Pharmaceuticals, Inc.(a)		963		38,924
Antares Pharma, Inc.(a)		10,470		35,284
Arvinas, Inc.(a)		3,412		243,924
Atea Pharmaceuticals, Inc.(a)		4,953		35,364
Athira Pharma, Inc.(a)		2,109		21,723
Axsome Therapeutics, Inc.(a)(b)		2,115		58,036
BioDelivery Sciences International, Inc.(a)		5,187		18,984
Cara Therapeutics, Inc.(a)		3,088		35,759
Cassava Sciences, Inc.(a)(b)		2,818		124,696
Catalent, Inc.(a)		12,850		1,335,500
Citius Pharmaceuticals, Inc.(a)(b)		7,405		11,182
Collegium Pharmaceutical, Inc.(a)		2,561		45,714
Corcept Therapeutics, Inc.(a)		7,547		141,657
CorMedix, Inc.(a)		2,538		10,736
Cymabay Therapeutics, Inc.(a)		4,286		12,772
DICE Therapeutics, Inc.(a)		1,113		18,954
Durect Corp.(a)		14,203		10,750
Edgewise Therapeutics, Inc.(a)		2,935		39,916

Security	Shares		Value
Pharmaceuticals (continued)
Endo International PLC(a)		15,974	$	50,957
Esperion Therapeutics, Inc.(a)		1,834		7,868
Evolus, Inc.(a)(b)		2,114		15,686
EyePoint Pharmaceuticals, Inc.(a)		1,271		11,909
Fulcrum Therapeutics, Inc.(a)		2,047		24,892
Harmony Biosciences Holdings, Inc.(a)		1,568		56,228
Ikena Oncology, Inc.(a)(b)		2,133		20,754
Innoviva, Inc.(a)		3,200		51,296
Intra-Cellular Therapies, Inc.(a)(b)		5,408		256,826
Jazz Pharmaceuticals PLC(a)		4,512		626,762
Kala Pharmaceuticals, Inc.(a)		3,108		2,750
Kaleido Biosciences, Inc.(a)(b)		1,434		2,524
KemPharm, Inc.(a)		1,865		13,447
Landos Biopharma, Inc.(a)		594		2,037
Marinus Pharmaceuticals, Inc.(a)		2,566		26,173
Mind Medicine MindMed, Inc.(a)(b)		27,336		30,616
Nektar Therapeutics(a)(b)		14,173		157,604
NGM Biopharmaceuticals, Inc.(a)		2,430		38,418
Nuvation Bio, Inc.(a)(b)		11,978		73,066
Ocular Therapeutix, Inc.(a)		5,213		29,506
Omeros Corp.(a)(b)		4,210		25,260
Oramed Pharmaceuticals, Inc.(a)		2,045		18,323
Organon & Co.		19,254		614,395
Pacira BioSciences, Inc.(a)		3,404		213,669
Paratek Pharmaceuticals, Inc.(a)(b)		3,208		12,992
Perrigo Co. PLC		9,922		377,731
Phathom Pharmaceuticals, Inc.(a)		1,310		22,008
Phibro Animal Health Corp., Class A		1,994		38,484
Pliant Therapeutics, Inc.(a)		1,593		18,686
Prestige Consumer Healthcare, Inc.(a)		3,899		220,099
Provention Bio, Inc.(a)		3,626		19,435
Rain Therapeutics, Inc.(a)		1,277		10,957
Reata Pharmaceuticals, Inc., Class A(a)		2,292		64,451
Relmada Therapeutics, Inc.(a)		1,035		19,034
Revance Therapeutics, Inc.(a)		5,230		69,716
Seelos Therapeutics, Inc.(a)		4,772		5,440
SIGA Technologies, Inc.(a)(b)		3,406		22,173
Supernus Pharmaceuticals, Inc.(a)		3,911		120,654
Tarsus Pharmaceuticals, Inc.(a)		537		10,778
Terns Pharmaceuticals, Inc.(a)		632		3,963
TherapeuticsMD, Inc.(a)		24,042		7,297
Theravance Biopharma, Inc.(a)		4,955		45,140
Ventyx Biosciences, Inc.(a)(b)		972		15,805
Verrica Pharmaceuticals, Inc.(a)		1,080		8,845
WaVe Life Sciences Ltd.(a)		2,798		6,128
Zogenix, Inc.(a)		4,409		114,678
				6,021,823
Professional Services — 1.9%
Acacia Research Corp.(a)		3,421		15,394
ASGN, Inc.(a)		3,847		441,905
Atlas Technical Consultants, Inc.(a)		787		7,642
Barrett Business Services, Inc.		524		33,536
Booz Allen Hamilton Holding Corp.		10,009		767,991
CACI International, Inc., Class A(a)		1,772		438,499
CBIZ, Inc.(a)		3,887		150,155
CRA International, Inc.		643		54,694
Dun & Bradstreet Holdings, Inc.(a)		12,326		247,260
Exponent, Inc.		3,783		359,309
First Advantage Corp.(a)		4,227		71,521
Forrester Research, Inc.(a)		827		45,501
Franklin Covey Co.(a)		1,083		50,695

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
FTI Consulting, Inc.(a)(b)		2,520	$	367,441
Heidrick & Struggles International, Inc.		1,324		57,951
HireQuest, Inc.		276		5,106
HireRight Holdings Corp.(a)		1,503		20,441
Huron Consulting Group, Inc.(a)		1,638		72,269
ICF International, Inc.		1,537		145,077
Insperity, Inc.		2,712		291,621
Jacobs Engineering Group, Inc.		9,857		1,283,184
KBR, Inc.		10,462		454,051
Kelly Services, Inc., Class A		2,615		44,664
Kforce, Inc.		1,661		114,061
Korn Ferry		4,069		270,100
Legalzoom.com, Inc.(a)		1,370		21,756
ManpowerGroup, Inc.		4,088		428,708
ManTech International Corp., Class A		2,004		144,769
Mistras Group, Inc.(a)		1,389		9,334
Nielsen Holdings PLC		26,623		502,110
Resources Connection, Inc.		2,473		43,104
Robert Half International, Inc.		8,260		935,528
Science Applications International Corp.		4,431		363,475
Sterling Check Corp.(a)(b)		1,078		21,571
TriNet Group, Inc.(a)		3,025		257,730
TrueBlue, Inc.(a)		2,445		65,037
Upwork, Inc.(a)		8,553		232,642
Willdan Group, Inc.(a)		737		23,186
				8,859,018
Real Estate Management & Development — 0.7%
Cushman & Wakefield PLC(a)		10,343		217,100
Douglas Elliman, Inc.		5,605		43,495
eXp World Holdings, Inc.(b)		4,968		134,831
Fathom Holdings, Inc.(a)		364		5,205
Forestar Group, Inc.(a)		1,055		21,047
FRP Holdings, Inc.(a)		420		23,722
Howard Hughes Corp.(a)		3,081		296,731
Jones Lang LaSalle, Inc.(a)		3,860		968,049
Kennedy-Wilson Holdings, Inc.		8,835		198,434
Marcus & Millichap, Inc.(a)		1,911		89,454
Newmark Group, Inc., Class A		11,176		171,105
Opendoor Technologies Inc.(a)		33,533		332,983
Rafael Holdings, Inc., Class B(a)		663		2,745
RE/MAX Holdings, Inc., Class A		1,259		37,468
Realogy Holdings Corp.(a)		8,534		140,811
Redfin Corp.(a)(b)		7,950		235,081
RMR Group, Inc., Class A		1,255		40,172
St. Joe Co.		2,598		126,029
Tejon Ranch Co.(a)		1,400		24,374
				3,108,836
Road & Rail — 0.9%
AMERCO		681		414,695
ArcBest Corp.		1,803		159,457
Avis Budget Group, Inc.(a)(b)		3,140		553,205
Covenant Logistics Group, Inc.(a)		1,207		26,216
Daseke, Inc.(a)		3,022		33,786
Heartland Express, Inc.		3,946		59,032
HyreCar, Inc.(a)		1,144		3,890
Knight-Swift Transportation Holdings, Inc.		12,178		689,031
Landstar System, Inc.		2,858		457,280
Marten Transport Ltd.		4,833		80,663
PAM Transportation Services, Inc.(a)		179		12,499
Ryder System, Inc.		3,832		280,464
Saia, Inc.(a)(b)		2,010		571,403
Schneider National, Inc., Class B		4,060		103,936

Security	Shares		Value
Road & Rail (continued)
TuSimple Holdings, Inc., Class A(a)		9,671	$	181,428
Universal Logistics Holdings, Inc.		635		10,814
US Xpress Enterprises, Inc., Class A(a)(b)		1,709		7,708
Werner Enterprises, Inc.		4,564		203,509
XPO Logistics, Inc.(a)		7,355		486,680
Yellow Corp.(a)		3,711		38,743
				4,374,439
Semiconductors & Semiconductor Equipment — 3.4%
Allegro MicroSystems, Inc.(a)		3,070		87,127
Alpha & Omega Semiconductor Ltd.(a)		1,447		65,158
Ambarella, Inc.(a)		2,599		364,250
Amkor Technology, Inc.		7,581		166,934
Atomera, Inc.(a)(b)		1,787		25,250
Axcelis Technologies, Inc.(a)		2,548		159,530
AXT, Inc.(a)(b)		2,786		20,867
Azenta Inc.		5,475		461,761
CEVA, Inc.(a)		1,664		62,683
Cirrus Logic, Inc.(a)		4,358		389,780
CMC Materials, Inc.		2,138		386,721
Cohu, Inc.(a)		3,771		124,368
Diodes, Inc.(a)		3,297		305,929
Enphase Energy, Inc.(a)		9,967		1,400,064
Entegris, Inc.		10,233		1,226,323
First Solar, Inc.(a)		7,952		623,278
FormFactor, Inc.(a)		5,909		252,551
Ichor Holdings Ltd.(a)		2,233		94,724
Impinj, Inc.(a)		1,489		118,212
Kopin Corp.(a)		5,063		14,885
Kulicke & Soffa Industries, Inc.		4,649		254,254
Lattice Semiconductor Corp.(a)		10,319		569,815
MACOM Technology Solutions Holdings, Inc., Class H(a)		3,778		231,251
MaxLinear, Inc.(a)		5,328		319,787
Meta Materials, Inc.(a)(b)		16,258		27,151
MKS Instruments, Inc.		4,146		643,998
Monolithic Power Systems, Inc.		3,383		1,363,112
NeoPhotonics Corp.(a)		3,676		56,463
NVE Corp.		310		19,180
ON Semiconductor Corp.(a)		31,994		1,887,646
Onto Innovation, Inc.(a)		3,710		339,613
PDF Solutions, Inc.(a)		2,455		72,987
Photronics, Inc.(a)		4,179		74,721
Power Integrations, Inc.		4,587		370,217
Rambus, Inc.(a)		8,392		211,898
Semtech Corp.(a)		4,874		346,541
Silicon Laboratories, Inc.(a)		3,029		500,361
SiTime Corp.(a)		1,159		270,151
SkyWater Technology, Inc.(a)(b)		489		4,905
SMART Global Holdings, Inc.(a)		1,353		77,608
SunPower Corp.(a)		5,633		94,522
Synaptics, Inc.(a)		2,906		611,277
Ultra Clean Holdings, Inc.(a)		3,400		171,428
Universal Display Corp.		3,330		511,188
Veeco Instruments, Inc.(a)		3,664		100,723
Wolfspeed, Inc.(a)(b)		8,681		818,097
				16,299,289
Software — 6.6%
8x8, Inc.(a)		8,480		130,168
A10 Networks, Inc.		4,782		70,774
ACI Worldwide, Inc.(a)		9,011		309,708
Agilysys, Inc.(a)		1,702		64,778
Alarm.com Holdings, Inc.(a)		3,599		268,377

SCHEDULE   OF  INVESTMENTS 41

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Alkami Technology, Inc.(a)		2,179	$	33,426
Altair Engineering, Inc., Class A(a)		3,373		212,229
Alteryx, Inc., Class A(a)		4,548		259,554
American Software, Inc., Class A		2,042		46,946
Anaplan, Inc.(a)		10,723		517,706
Appfolio, Inc., Class A(a)		1,462		168,510
Appian Corp.(a)		3,012		169,786
Arteris, Inc.(a)		637		9,421
Asana, Inc., Class A(a)		5,507		289,007
Aspen Technology, Inc.(a)		5,016		753,203
Avalara, Inc.(a)		6,444		706,391
Avaya Holdings Corp.(a)		6,638		120,944
AvidXchange Holdings, Inc.(a)(b)		1,944		20,140
Benefitfocus, Inc.(a)		1,988		22,146
Bentley Systems, Inc., Class B		10,512		422,267
Bill.Com Holdings, Inc.(a)		6,935		1,305,236
Black Knight, Inc.(a)		11,443		853,648
Blackbaud, Inc.(a)		3,498		238,354
Blackline, Inc.(a)		4,084		375,197
Bottomline Technologies DE, Inc.(a)(b)		3,403		191,895
Box, Inc., Class A(a)		10,823		282,805
BTRS Holdings, Inc.(a)		5,056		32,358
C3.AI, Inc., Class A(a)(b)		4,528		119,268
CDK Global, Inc.		9,075		389,953
Cerence, Inc.(a)(b)		2,919		185,327
Ceridian HCM Holding, Inc.(a)		9,858		747,434
ChannelAdvisor Corp.(a)		2,477		52,364
Cleanspark, Inc.(a)		2,446		16,437
CommVault Systems, Inc.(a)		3,452		232,872
Consensus Cloud Solutions, Inc.(a)		1,085		61,520
CoreCard Corp.(a)		474		17,585
Couchbase, Inc.(a)		762		17,854
CS Disco, Inc.(a)(b)		476		16,336
Datto Holding Corp.(a)		2,024		50,418
Digimarc Corp.(a)		927		29,386
Digital Turbine, Inc.(a)(b)		6,648		293,509
Dolby Laboratories, Inc., Class A		4,896		430,114
Domo, Inc., Class B(a)		2,261		106,177
DoubleVerify Holdings, Inc.(a)		3,835		106,076
Dropbox, Inc., Class A(a)(b)		22,756		563,211
Duck Creek Technologies, Inc.(a)		5,379		137,433
Dynatrace, Inc.(a)		14,951		820,212
E2open Parent Holdings, Inc.(a)(b)		15,689		145,908
Ebix, Inc.		1,813		55,097
eGain Corp.(a)		1,349		13,935
Elastic NV(a)(b)		5,467		509,798
Enfusion, Inc.(a)		1,578		21,792
EngageSmart, Inc.(a)		1,166		25,489
Envestnet, Inc.(a)		3,481		257,385
Everbridge, Inc.(a)		2,957		151,162
EverCommerce, Inc.(a)(b)		1,213		14,580
Fair Isaac Corp.(a)		1,997		988,495
Five9, Inc.(a)		5,164		649,115
GTY Technology Holdings, Inc.(a)		2,293		11,580
Guidewire Software, Inc.(a)		6,343		639,628
Informatica, Inc., Class A(a)(b)		2,395		66,868
Instructure Holdings, Inc.(a)		928		21,437
Intapp, Inc.(a)		765		15,392
InterDigital, Inc.		2,371		163,670
Jamf Holding Corp.(a)(b)		4,168		137,794
JFrog Ltd.(a)		4,025		107,548
Kaltura, Inc.(a)		1,440		5,170

Security	Shares		Value
Software (continued)
LivePerson, Inc.(a)		4,831	$	144,302
Mandiant, Inc.(a)(b)		17,235		260,076
Manhattan Associates, Inc.(a)		4,755		636,552
Marathon Digital Holdings, Inc.(a)(b)		6,994		164,639
McAfee Corp., Class A		6,060		155,439
MeridianLink, Inc.(a)(b)		1,012		19,623
MicroStrategy, Inc., Class A(a)(b)		633		232,950
Mimecast Ltd.(a)		4,535		361,485
Mitek Systems, Inc.(a)		3,619		59,243
Model N, Inc.(a)(b)		2,637		72,939
Momentive Global, Inc.(a)		9,846		168,662
N-Able, Inc.(a)		3,551		39,629
nCino, Inc.(b)		4,114		188,545
NCR Corp.(a)		9,482		360,885
New Relic, Inc.(a)		3,962		416,565
NortonLifeLock, Inc.		41,415		1,077,204
Nuance Communications, Inc.(a)		21,534		1,189,753
Nutanix, Inc., Class A(a)		15,717		429,703
ON24, Inc.(a)		2,039		33,562
OneSpan, Inc.(a)		2,953		47,425
PagerDuty, Inc.(a)		6,059		200,068
Paycor HCM, Inc.(a)(b)		2,397		62,178
Paylocity Holding Corp.(a)		3,009		613,776
Pegasystems, Inc.		3,164		313,932
Ping Identity Holding Corp.(a)		4,677		92,558
Procore Technologies, Inc.(a)		4,590		287,150
Progress Software Corp.		3,355		152,686
PROS Holdings, Inc.(a)		3,032		84,017
PTC, Inc.(a)		7,948		924,034
Q2 Holdings, Inc.(a)		4,054		264,524
Qualys, Inc.(a)		2,590		331,883
Rapid7, Inc.(a)(b)		4,223		406,802
Rekor Systems, Inc.(a)(b)		2,029		9,435
Rimini Street, Inc.(a)		2,822		14,533
Riot Blockchain, Inc.(a)(b)		6,660		106,160
SailPoint Technologies Holding, Inc.(a)		7,027		271,875
Sapiens International Corp. NV		2,503		79,696
SecureWorks Corp., Class A(a)		715		10,546
ShotSpotter, Inc.(a)		563		14,846
Smartsheet, Inc., Class A(a)		9,327		580,326
Smith Micro Software, Inc.(a)		2,783		11,633
Sprout Social, Inc., Class A(a)		3,414		235,054
SPS Commerce, Inc.(a)		2,756		341,331
Stronghold Digital Mining, Inc.(a)		897		8,010
Sumo Logic, Inc.(a)(b)		6,366		75,819
Telos Corp.(a)(b)		2,932		34,275
Tenable Holdings, Inc.(a)		6,989		359,235
Teradata Corp.(a)		8,082		326,028
Upland Software, Inc.(a)		2,117		41,493
Varonis Systems, Inc.(a)		8,178		304,712
Verint Systems, Inc.(a)(b)		4,742		243,407
Veritone, Inc.(a)(b)		2,089		32,944
Viant Technology, Inc., Class A(a)		704		5,625
VirnetX Holding Corp.(a)		3,999		9,038
Vonage Holdings Corp.(a)		17,935		373,765
Workiva, Inc.(a)		3,258		385,356
Xperi Holding Corp.		7,874		132,834
Yext, Inc.(a)		9,099		73,702
Zendesk, Inc.(a)		8,975		884,127
Zuora, Inc., Class A(a)		8,297		137,979
				31,166,876

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail — 2.4%
Aaron’s Co., Inc.		2,311	$	48,924
Abercrombie & Fitch Co., Class A(a)		4,394		171,366
Academy Sports & Outdoors, Inc.(a)		5,945		231,261
American Eagle Outfitters, Inc.		11,225		256,267
America’s Car-Mart, Inc.(a)		411		39,012
Arko Corp.(a)(b)		8,831		72,591
Asbury Automotive Group, Inc.(a)		1,744		280,732
AutoNation, Inc.(a)		3,044		331,796
Barnes & Noble Education, Inc.(a)		3,828		23,045
Bed Bath & Beyond, Inc.(a)(b)		8,001		129,936
Big 5 Sporting Goods Corp.		1,969		38,770
Boot Barn Holdings, Inc.(a)		2,222		204,357
Buckle, Inc.		2,188		82,356
Caleres, Inc.		2,545		61,029
Camping World Holdings, Inc., Class A		3,186		105,775
CarLotz, Inc.(a)		4,432		8,997
Cato Corp., Class A		1,422		23,492
Chico’s FAS, Inc.(a)		10,071		47,434
Children’s Place, Inc.(a)		1,037		73,368
Citi Trends, Inc.(a)		785		38,245
Conn’s, Inc.(a)(b)		1,303		31,624
Container Store Group, Inc.(a)		2,232		22,766
Designer Brands, Inc., Class A(a)		4,442		58,501
Dick’s Sporting Goods, Inc.		4,801		554,035
Five Below, Inc.(a)		4,202		689,128
Floor & Decor Holdings, Inc., Class A(a)(b)		7,803		848,342
Foot Locker, Inc.		6,646		296,943
GameStop Corp., Class A(a)(b)		4,908		534,629
Gap, Inc.		15,632		282,470
Genesco, Inc.(a)		1,231		79,190
Group 1 Automotive, Inc.		1,331		226,017
GrowGeneration Corp.(a)		4,139		34,933
Guess?, Inc.		3,028		69,705
Haverty Furniture Cos., Inc.		1,178		34,775
Hibbett, Inc.		1,154		71,144
JOANN, Inc.(b)		747		7,985
Kirkland’s, Inc.(a)		920		15,576
Lazydays Holdings, Inc.(a)		451		7,324
Leslie’s, Inc.(a)		9,708		202,218
Lithia Motors, Inc.		2,247		656,416
Lumber Liquidators Holdings, Inc.(a)		2,032		29,342
MarineMax, Inc.(a)		1,670		78,590
Monro, Inc.		2,498		124,226
Murphy USA, Inc.		1,814		356,741
National Vision Holdings, Inc.(a)		6,253		255,623
ODP Corp.(a)		3,338		147,640
OneWater Marine, Inc., Class A		720		37,231
Party City Holdco, Inc.(a)		7,843		37,097
Penske Automotive Group, Inc.		2,298		233,546
Petco Health & Wellness Co., Inc.(a)		4,164		78,075
Rent-A-Center, Inc.		4,922		207,462
RH(a)		1,332		536,556
Sally Beauty Holdings, Inc.(a)(b)		8,335		143,112
Shift Technologies, Inc.(a)(b)		3,990		9,137
Shoe Carnival, Inc.		1,497		51,138
Signet Jewelers Ltd.		4,021		346,329
Sleep Number Corp.(a)(b)		1,709		122,194
Sonic Automotive, Inc., Class A		1,627		82,993
Sportsman’s Warehouse Holdings, Inc.(a)		2,982		32,683
Tilly’s, Inc., Class A		1,735		22,867
Torrid Holdings, Inc.(a)		1,152		10,598
TravelCenters of America, Inc.(a)		911		41,523

Security	Shares		Value
Specialty Retail (continued)
Urban Outfitters, Inc.(a)		5,463	$	156,897
Vroom, Inc.(a)(b)		8,376		67,176
Williams-Sonoma, Inc.		5,641		905,606
Winmark Corp.		279		60,102
Zumiez, Inc.(a)		1,622		72,909
				11,239,867
Technology Hardware, Storage & Peripherals — 0.3%
3D Systems Corp.(a)(b)		9,608		171,983
Avid Technology, Inc.(a)		2,991		93,798
Corsair Gaming, Inc.(a)		2,337		45,665
Diebold Nixdorf, Inc.(a)		5,472		51,109
Eastman Kodak Co.(a)(b)		2,929		11,511
Pure Storage, Inc., Class A(a)		20,432		541,244
Quantum Corp.(a)		3,627		18,280
Super Micro Computer, Inc.(a)		3,402		137,849
Turtle Beach Corp.(a)		1,439		29,240
Xerox Holdings Corp.		10,875		229,571
				1,330,250
Textiles, Apparel & Luxury Goods — 1.3%
Capri Holdings Ltd.(a)		11,247		675,607
Carter’s, Inc.		3,136		292,024
Columbia Sportswear Co.		2,969		275,731
Crocs, Inc.(a)(b)		4,412		452,759
Deckers Outdoor Corp.(a)		2,104		673,764
Fossil Group, Inc.(a)		3,602		39,946
G-III Apparel Group Ltd.(a)		3,721		101,100
Hanesbrands, Inc.		25,723		414,140
Kontoor Brands, Inc.		3,763		185,478
Movado Group, Inc.		1,061		39,331
Oxford Industries, Inc.		1,292		106,448
PLBY Group, Inc.(a)		2,295		36,468
PVH Corp.		5,447		517,520
Ralph Lauren Corp.		3,646		404,123
Rocky Brands, Inc.		446		19,080
Skechers USA, Inc., Class A(a)		9,829		412,818
Steven Madden Ltd.		6,058		249,226
Superior Group of Cos., Inc.		682		13,933
Tapestry, Inc.		20,944		794,825
Under Armour, Inc., Class A(a)		14,706		276,914
Under Armour, Inc., Class C(a)		15,308		244,775
Unifi, Inc.(a)		822		15,626
Vera Bradley, Inc.(a)		1,667		13,653
Wolverine World Wide, Inc.		6,111		161,880
				6,417,169
Thrifts & Mortgage Finance — 0.8%
Axos Financial, Inc.(a)(b)		4,180		215,270
Blue Foundry Bancorp(a)(b)		2,426		35,614
Bridgewater Bancshares, Inc.(a)		1,386		24,657
Capitol Federal Financial, Inc.		8,839		98,378
Columbia Financial, Inc.(a)		3,409		72,169
Essent Group Ltd.		8,058		367,767
Federal Agricultural Mortgage Corp., Class C		702		85,504
Finance Of America Cos., Inc., Class A(a)		2,141		7,986
Flagstar Bancorp, Inc.		3,545		160,411
FS Bancorp, Inc.		384		12,756
Hingham Institution for Savings		106		41,110
Home Bancorp, Inc.		574		22,300
Home Point Capital, Inc.		696		2,777
Kearny Financial Corp.		6,498		84,084
Luther Burbank Corp.		1,439		18,462
Merchants Bancorp		1,249		36,408

SCHEDULE   OF  INVESTMENTS 43

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
MGIC Investment Corp.		25,177	$	382,187
Mr Cooper Group, Inc.(a)		4,456		178,908
New York Community Bancorp, Inc.		33,838		394,551
NMI Holdings, Inc., Class A(a)		6,217		153,809
Northfield Bancorp, Inc.		3,301		52,024
Ocwen Financial Corp.(a)		544		19,954
PCSB Financial Corp.		942		17,597
PennyMac Financial Services, Inc.		2,334		146,342
Pioneer Bancorp, Inc.(a)		699		8,080
Provident Bancorp, Inc.		937		16,941
Provident Financial Services, Inc.		5,360		129,551
Radian Group, Inc.		13,984		313,102
Southern Missouri Bancorp, Inc.		566		31,300
TFS Financial Corp.		4,152		72,162
TrustCo Bank Corp.		1,068		36,205
UWM Holdings Corp.		6,361		32,886
Velocity Financial Inc.(a)		531		6,829
Walker & Dunlop, Inc.		2,239		296,466
Washington Federal, Inc.		5,308		185,886
Waterstone Financial, Inc.		2,085		42,576
WSFS Financial Corp.		4,459		233,562
				4,036,571
Tobacco — 0.1%
22nd Century Group, Inc.(a)		11,373		24,679
Turning Point Brands, Inc.		938		33,046
Universal Corp.		1,916		104,288
Vector Group Ltd.		11,211		124,554
				286,567
Trading Companies & Distributors — 1.2%
Air Lease Corp.		8,246		328,273
Alta Equipment Group, Inc.(a)		1,317		17,951
Applied Industrial Technologies, Inc.		2,932		287,277
Beacon Roofing Supply, Inc.(a)		4,270		234,295
BlueLinx Holdings, Inc.(a)		669		47,927
Boise Cascade Co.		3,009		211,292
Core & Main, Inc., Class A(a)		2,872		69,072
Custom Truck One Source, Inc.(a)(b)		3,614		29,707
DXP Enterprises, Inc.(a)		1,267		36,173
EVI Industries, Inc.(a)(b)		255		5,638
GATX Corp.		2,666		278,464
Global Industrial Co.		753		26,325
GMS, Inc.(a)		3,098		158,556
H&E Equipment Services, Inc.		2,433		101,286
Herc Holdings, Inc.		1,901		305,015
Karat Packaging, Inc.(a)		226		3,736
Lawson Products, Inc.(a)		284		13,819
McGrath RentCorp		1,766		134,587
MRC Global, Inc.(a)		5,391		39,947
MSC Industrial Direct Co., Inc., Class A		3,309		270,147
NOW, Inc.(a)		8,260		73,431
Rush Enterprises, Inc., Class A		3,248		171,559
Rush Enterprises, Inc., Class B		502		25,472
SiteOne Landscape Supply, Inc.(a)(b)		3,340		601,601
Textainer Group Holdings Ltd.		3,364		123,728
Titan Machinery, Inc.(a)		1,299		40,009
Transcat, Inc.(a)		533		50,587
Triton International Ltd.		5,113		308,928
Univar Solutions, Inc.(a)		12,824		339,836
Veritiv Corp.(a)		1,150		107,042
Watsco, Inc.		2,447		691,424

Security	Shares			Value
Trading Companies & Distributors (continued)
WESCO International, Inc.(a)		3,369		$	410,647
Willis Lease Finance Corp.(a)		240	��		8,585
					5,552,336
Water Utilities — 0.4%
American States Water Co.		2,791			257,414
Artesian Resources Corp., Class A		484			23,329
Cadiz, Inc.(a)(b)		1,481			4,161
California Water Service Group		3,949			245,193
Essential Utilities, Inc.		17,388			847,491
Global Water Resources, Inc.		556			8,540
Middlesex Water Co.		1,224			123,918
Pure Cycle Corp.(a)		1,157			14,833
SJW Group		2,123			146,190
York Water Co.		921			41,832
					1,712,901
Wireless Telecommunication Services — 0.1%
Gogo, Inc.(a)(b)		4,276			53,236
Shenandoah Telecommunications Co.		3,721			84,727
Telephone & Data Systems, Inc.		7,640			151,272
United States Cellular Corp.(a)		1,027			31,447
					320,682
Total Common Stocks — 99.2% (Cost: $372,163,694)					470,919,078
Investment Companies
Equity Funds(d) — 0.5%
iShares Russell 2000 ETF		6,860			1,380,506
iShares Russell Mid-Cap ETF		14,012			1,077,383
					2,457,889
Total Investment Companies — 0.5% (Cost: $2,326,191)					2,457,889
Total Long-Term Investments — 99.7% (Cost: $374,489,885)				473,376,967
Short-Term Securities
Money Market Funds — 5.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.11%(d)(e)(f)		25,710,270			25,717,983
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.01%(d)(e)		1,337,100			1,337,100
Total Short-Term Securities — 5.7% (Cost: $27,056,364)					27,055,083
Total Investments — 105.4% (Cost: $401,546,249)					500,432,050
Liabilities in Excess of Other Assets — (5.4)%					(25,628,041	)
Net Assets — 100.0%				$	474,804,009

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	37,718,513	$	—	$	(11,993,892	)(a)	$	772		$	(7,410	)	$	25,717,983		25,710,270	$	74,417	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,388,584		—		(17,051,484	)(a)		—			—			1,337,100		1,337,100		101			—
iShares Russell 2000 ETF		2,705,210		28,778,712		(29,711,664	)		(344,838	)		(46,914	)		1,380,506		6,860		10,601			—
iShares Russell Mid-Cap ETF		1,806,939		18,382,827		(19,008,610	)		28,279			(132,052	)		1,077,383		14,012		7,853			—
								$	(315,787	)	$	(186,376	)	$	29,512,972			$	92,972		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		10		03/18/22	$	1,012	$	(87,667	)
S&P Mid 400 E-Mini Index		3		03/18/22		789		(35,323	)
							$	(122,990	)

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)	$	—	$	—	$	122,990	$	—	$	—	$	—	$	122,990

^(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).

SCHEDULE   OF  INVESTMENTS 45

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Russell Small/Mid-Cap Index Fund

For the period ended January 31, 2022, 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	$	—	$	—	$	(31,497	)	$	—	$	—	$	—	$	(31,497	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(123,428	)	$	—	$	—	$	—	$	(123,428	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,770,260

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	6,892,104	$	—	$	—	$	6,892,104
Air Freight & Logistics		1,303,692		—		—		1,303,692
Airlines		2,536,134		—		—		2,536,134
Auto Components		5,177,116		—		—		5,177,116
Automobiles		1,200,541		—		—		1,200,541
Banks		32,446,525		—		—		32,446,525
Beverages		1,121,843		—		—		1,121,843
Biotechnology		19,762,618		—		1,998		19,764,616
Building Products		10,334,981		—		—		10,334,981
Capital Markets		12,588,395		—		—		12,588,395
Chemicals		11,389,242		—		—		11,389,242
Commercial Services & Supplies		5,424,149		—		—		5,424,149
Communications Equipment		5,019,641		—		—		5,019,641
Construction & Engineering		5,697,280		—		—		5,697,280
Construction Materials		828,041		—		—		828,041
Consumer Finance		3,223,615		—		—		3,223,615
Containers & Packaging		7,254,345		—		—		7,254,345
Distributors		1,423,157		—		—		1,423,157
Diversified Consumer Services		4,295,638		—		—		4,295,638
Diversified Financial Services		861,255		—		—		861,255
Diversified Telecommunication Services		1,210,792		—		—		1,210,792
Electric Utilities		3,975,365		—		—		3,975,365
Electrical Equipment		7,292,860		—		—		7,292,860
Electronic Equipment, Instruments & Components		9,726,720		—		—		9,726,720
Energy Equipment & Services		2,482,847		—		—		2,482,847
Entertainment		3,665,327		—		—		3,665,327
Equity Real Estate Investment Trusts (REITs)		38,482,596		—		—		38,482,596
Food & Staples Retailing		3,717,042		—		—		3,717,042
Food Products		6,906,564		—		—		6,906,564
Gas Utilities		3,058,681		—		—		3,058,681
Health Care Equipment & Supplies		10,361,988		—		—		10,361,988
Health Care Providers & Services		10,372,264		—		—		10,372,264
Health Care Technology		2,956,236		—		—		2,956,236
Hotels, Restaurants & Leisure		11,661,575		—		—		11,661,575

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

Schedule of Investments (unaudited) (continued) January 31, 2022 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)
Household Durables	$	8,122,192		$	—	$	—	$	8,122,192
Household Products		989,618			—		—		989,618
Independent Power and Renewable Electricity Producers		1,773,342			—		—		1,773,342
Insurance		15,218,038			—		—		15,218,038
Interactive Media & Services		1,572,103			—		—		1,572,103
Internet & Direct Marketing Retail		1,163,752			—		—		1,163,752
IT Services		12,472,410			—		—		12,472,410
Leisure Products		3,068,274			—		—		3,068,274
Life Sciences Tools & Services		11,123,143			—		—		11,123,143
Machinery		17,196,798			—		—		17,196,798
Marine		742,129			—		—		742,129
Media		5,691,073			—		—		5,691,073
Metals & Mining		6,393,204			30,286		—		6,423,490
Mortgage Real Estate Investment Trusts (REITs)		4,229,926			—		—		4,229,926
Multiline Retail		2,050,393			—		—		2,050,393
Multi-Utilities		2,175,148			—		—		2,175,148
Oil, Gas & Consumable Fuels		19,122,481			—		—		19,122,481
Paper & Forest Products		728,111			—		—		728,111
Personal Products		1,676,866			—		—		1,676,866
Pharmaceuticals		6,021,823			—		—		6,021,823
Professional Services		8,859,018			—		—		8,859,018
Real Estate Management & Development		3,108,836			—		—		3,108,836
Road & Rail		4,374,439			—		—		4,374,439
Semiconductors & Semiconductor Equipment		16,299,289			—		—		16,299,289
Software		31,166,876			—		—		31,166,876
Specialty Retail		11,239,867			—		—		11,239,867
Technology Hardware, Storage & Peripherals		1,330,250			—		—		1,330,250
Textiles, Apparel & Luxury Goods		6,417,169			—		—		6,417,169
Thrifts & Mortgage Finance		4,036,571			—		—		4,036,571
Tobacco		286,567			—		—		286,567
Trading Companies & Distributors		5,552,336			—		—		5,552,336
Water Utilities		1,712,901			—		—		1,712,901
Wireless Telecommunication Services		320,682			—		—		320,682
Investment Companies		2,457,889			—		—		2,457,889
Short-Term Securities
Money Market Funds		27,055,083			—		—		27,055,083
	$	500,399,766		$	30,286	$	1,998	$	500,432,050
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(122,990	)	$	—	$	—	$	(122,990	)

^(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, 2022 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.(a)		1,832	$	73,775
Aerojet Rocketdyne Holdings, Inc.		4,402		169,873
AeroVironment, Inc.(a)		1,173		66,767
Astronics Corp.(a)(b)		802		9,648
Axon Enterprise, Inc.(a)		3,648		510,465
Boeing Co.(a)		30,019		6,011,004
BWX Technologies, Inc.		5,316		236,615
Byrna Technologies, Inc.(a)		889		9,699
Curtiss-Wright Corp.		2,277		302,363
Ducommun, Inc.(a)		463		20,256
General Dynamics Corp.		13,919		2,952,220
HEICO Corp.		2,509		342,202
HEICO Corp., Class A		4,494		492,992
Hexcel Corp.(a)		4,786		249,686
Howmet Aerospace, Inc.		21,551		670,021
Huntington Ingalls Industries, Inc.		2,178		407,722
Kaman Corp.		1,670		66,750
Kratos Defense & Security Solutions, Inc.(a)		6,472		108,471
L3Harris Technologies, Inc.		10,905		2,282,307
Lockheed Martin Corp.		13,870		5,397,233
Maxar Technologies, Inc.		4,526		117,721
Mercury Systems, Inc.(a)		3,318		188,861
Moog, Inc., Class A		2,034		155,072
National Presto Industries, Inc.		532		43,757
Northrop Grumman Corp.		8,320		3,077,568
PAE, Inc.(a)		4,825		48,298
Park Aerospace Corp.		2,497		33,784
Parsons Corp.(a)		1,324		40,316
Raytheon Technologies Corp.		83,833		7,560,898
Spirit AeroSystems Holdings, Inc., Class A		6,049		265,128
Textron, Inc.		12,047		819,919
TransDigm Group, Inc.(a)		2,878		1,773,395
Triumph Group, Inc.(a)		3,986		72,625
Vectrus, Inc.(a)		1,014		46,654
Virgin Galactic Holdings Inc.(a)(b)		9,776		89,939
Woodward, Inc.		3,271		360,693
				35,074,697
Air Freight & Logistics — 0.6%
Air Transport Services Group, Inc.(a)		3,269		87,773
Atlas Air Worldwide Holdings, Inc.(a)		1,506		120,977
C.H. Robinson Worldwide, Inc.		7,324		766,457
Expeditors International of Washington, Inc.		9,320		1,066,953
FedEx Corp.		13,742		3,378,608
Forward Air Corp.		1,607		170,824
GXO Logistics, Inc.(a)		5,353		434,717
Hub Group, Inc., Class A(a)		1,752		132,661
Radiant Logistics, Inc.(a)		1,065		6,614
United Parcel Service, Inc., Class B		40,632		8,216,197
				14,381,781
Airlines(a) — 0.2%
Alaska Air Group, Inc.		6,770		370,590
Allegiant Travel Co.		769		137,390
American Airlines Group, Inc.		35,408		583,170
Copa Holdings SA, Class A		1,947		162,730
Delta Air Lines, Inc.		34,736		1,378,672
Frontier Group Holdings, Inc.(b)		1,674		21,896
Hawaiian Holdings, Inc.		2,898		49,556
JetBlue Airways Corp.		17,926		262,257
Mesa Air Group, Inc.		1,258		6,290

Security	Shares		Value
Airlines (continued)
SkyWest, Inc.		2,859	$	109,071
Southwest Airlines Co.		33,394		1,494,715
Spirit Airlines, Inc.		7,108		152,609
Sun Country Airlines Holdings, Inc.		2,011		53,452
United Airlines Holdings, Inc.		18,318		785,476
				5,567,874
Auto Components — 0.2%
Adient PLC(a)		5,529		232,052
American Axle & Manufacturing Holdings, Inc.(a)		6,123		49,841
Aptiv PLC(a)		15,030		2,052,798
BorgWarner, Inc.		13,316		583,907
Cooper-Standard Holdings, Inc.(a)		597		12,292
Dana, Inc.		7,592		164,443
Dorman Products, Inc.(a)		1,364		127,711
Fox Factory Holding Corp.(a)		2,359		313,912
Gentex Corp.		13,775		432,535
Gentherm, Inc.(a)		1,943		169,799
Goodyear Tire & Rubber Co.(a)		15,578		322,932
LCI Industries		1,449		178,473
Lear Corp.		3,357		561,693
Modine Manufacturing Co.(a)		3,006		27,505
Motorcar Parts of America, Inc.(a)		702		11,604
Patrick Industries, Inc.		1,396		89,902
QuantumScape Corp.(a)(b)		14,360		239,668
Standard Motor Products, Inc.		1,011		48,397
Stoneridge, Inc.(a)		1,548		29,211
Tenneco, Inc., Class A(a)		3,547		37,244
Visteon Corp.(a)		1,782		180,891
XL Fleet Corp.(a)		2,774		5,936
XPEL Inc.(a)		1,008		62,859
				5,935,605
Automobiles — 2.1%
Arcimoto, Inc.(a)(b)		1,593		9,733
Canoo, Inc.(a)(b)		7,133		43,654
Fisker, Inc.(a)(b)		9,734		114,959
Ford Motor Co.		219,130		4,448,339
General Motors Co.(a)		76,868		4,053,250
Harley-Davidson, Inc.		8,797		304,112
Lordstown Motors Corp., Class A(a)(b)		5,606		16,818
Rivian Automotive, Inc., Class A(a)(b)		8,105		532,823
Tesla, Inc.(a)		45,384		42,512,100
Thor Industries, Inc.		2,960		279,986
Winnebago Industries, Inc.		2,035		131,298
Workhorse Group, Inc.(a)		6,200		20,956
				52,468,028
Banks — 4.4%
1st Source Corp.		2,496		124,500
Allegiance Bancshares, Inc.		1,063		46,804
Amalgamated Financial Corp.		666		11,329
Amerant Bancorp, Inc.		2,322		78,948
American National Bankshares, Inc.		234		8,845
Ameris Bancorp.		3,711		182,989
Arrow Financial Corp.		496		17,548
Associated Banc-Corp.		9,965		238,163
Atlantic Capital Bancshares, Inc.(a)		685		20,632
Atlantic Union Bankshares Corp.		5,090		207,265
Banc of California, Inc.		6,112		118,084
BancFirst Corp.		1,536		115,123
Bancorp, Inc.(a)		1,904		56,777
Bank First Corp.		309		21,627
Bank of America Corp.		404,451		18,661,369

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Bank of Hawaii Corp.		2,202	$	189,526
Bank of Marin Bancorp		2,507		93,486
Bank of NT Butterfield & Son Ltd.		2,766		101,374
Bank OZK		7,123		333,713
BankUnited, Inc.		3,469		144,831
Banner Corp.		981		60,930
Bar Harbor Bankshares		1,349		41,198
Berkshire Hills Bancorp, Inc.		2,000		59,180
Blue Ridge Bankshares, Inc.		1,301		23,730
BOK Financial Corp.		1,851		189,820
Brookline Bancorp, Inc.		2,260		38,646
Business First Bancshares, Inc.		1,155		31,705
Byline Bancorp, Inc.		1,662		43,212
Cadence Bank		7,133		222,336
Cambridge Bancorp		245		21,937
Camden National Corp.		528		26,220
Capital Bancorp, Inc.		643		16,615
Capital City Bank Group, Inc.		363		10,041
Capstar Financial Holdings, Inc.		1,127		24,174
Carter Bankshares, Inc.(a)		1,048		16,129
Cathay General Bancorp		5,815		262,605
CBTX, Inc.		1,468		43,203
Central Pacific Financial Corp.		427		12,426
Citigroup, Inc.		111,294		7,247,465
Citizens & Northern Corp.		1,802		45,266
Citizens Financial Group, Inc.		23,473		1,208,155
City Holding Co.		442		35,453
Civista Bancshares, Inc.		808		19,481
CNB Financial Corp.		1,531		40,893
Coastal Financial Corp.(a)		714		34,572
Columbia Banking System, Inc.		2,735		95,096
Comerica, Inc.		7,247		672,377
Commerce Bancshares, Inc.		6,423		442,609
Community Bank System, Inc.		1,925		137,484
Community Trust Bancorp, Inc.		2,423		107,072
ConnectOne Bancorp, Inc.		2,102		67,285
CrossFirst Bankshares, Inc.(a)		2,745		42,438
Cullen/Frost Bankers, Inc.		3,216		453,488
Customers Bancorp, Inc.(a)		1,668		97,244
CVB Financial Corp.		7,213		158,902
Dime Community Bancshares, Inc.		1,767		61,774
Eagle Bancorp, Inc.		1,044		62,609
East West Bancorp, Inc.		8,156		704,189
Eastern Bankshares, Inc.		10,087		214,752
Enterprise Bancorp, Inc.		214		9,136
Enterprise Financial Services Corp.		1,968		97,495
Equity Bancshares, Inc., Class A		1,265		40,556
Farmers National Banc Corp.		1,865		32,544
FB Financial Corp.		1,697		75,550
Fidelity D&D Bancorp, Inc.		168		8,842
Fifth Third Bancorp		37,986		1,695,315
Financial Institutions, Inc.		1,577		50,842
First Bancorp, Inc.		314		10,092
First BanCorp, Puerto Rico		5,114		74,409
First Bancorp/Southern Pines NC		897		39,387
First Bancshares, Inc.		1,176		42,418
First Bank/Hamilton		1,767		25,887
First Busey Corp.		4,173		116,343
First Citizens BancShares, Inc., Class A		675		525,879
First Commonwealth Financial Corp.		3,047		50,458
First Community Bancshares, Inc.		576		17,977
First Financial Bancorp		3,434		86,571
First Financial Bankshares, Inc.		7,245		340,443

Security	Shares		Value
Banks (continued)
First Financial Corp.		515	$	23,118
First Foundation, Inc.		2,299		60,119
First Hawaiian, Inc.		7,256		205,708
First Horizon Corp.		30,480		521,513
First Internet Bancorp		258		12,967
First Interstate Bancsystem, Inc., Class A		2,789		102,496
First Merchants Corp.		2,981		126,484
First Mid Bancshares, Inc.		847		34,854
First Midwest Bancorp, Inc.		3,526		73,235
First of Long Island Corp.		1,705		37,357
First Republic Bank		10,090		1,751,523
Flushing Financial Corp.		1,802		42,545
FNB Corp.		21,845		282,237
Fulton Financial Corp.		11,311		203,032
German American Bancorp, Inc.		1,941		76,864
Glacier Bancorp, Inc.		6,449		334,897
Great Southern Bancorp, Inc.		1,869		110,906
Great Western Bancorp, Inc.		1,846		57,004
Guaranty Bancshares, Inc.		297		10,555
Hancock Whitney Corp.		5,243		276,411
Hanmi Financial Corp.		907		24,380
HarborOne Bancorp, Inc.		5,315		75,473
Heartland Financial USA, Inc.		2,318		120,606
Heritage Commerce Corp.		3,436		42,813
Heritage Financial Corp.		1,053		25,546
Hilltop Holdings, Inc.		3,539		116,893
Home BancShares, Inc.		8,335		196,373
HomeStreet, Inc.		954		46,508
HomeTrust Bancshares, Inc.		642		19,985
Hope Bancorp, Inc.		3,638		60,937
Horizon Bancorp, Inc.		2,632		56,141
Huntington Bancshares, Inc.		81,104		1,221,426
Independent Bank Corp.		3,093		206,712
Independent Bank Group, Inc.		1,861		141,287
International Bancshares Corp.		3,311		139,161
Investors Bancorp, Inc.		12,452		203,217
JPMorgan Chase & Co.		164,929		24,508,449
KeyCorp.		53,619		1,343,692
Lakeland Bancorp, Inc.		4,929		93,306
Lakeland Financial Corp.		1,121		89,602
Live Oak Bancshares, Inc.(b)		1,658		97,590
M&T Bank Corp.		7,156		1,212,083
Macatawa Bank Corp.		816		7,377
Mercantile Bank Corp.		497		19,120
Meta Financial Group, Inc.		1,236		73,493
Metrocity Bankshares, Inc.		765		19,729
Metropolitan Bank Holding Corp.(a)		533		53,300
Mid Penn Bancorp, Inc.		806		24,059
Midland States Bancorp, Inc.		963		27,802
MidWestOne Financial Group, Inc.		1,021		32,601
MVB Financial Corp.		865		34,617
National Bank Holdings Corp., Class A		890		40,406
NBT Bancorp, Inc.		1,281		49,549
Nicolet Bankshares, Inc.(a)		940		87,505
Northrim BanCorp, Inc.		226		9,930
Northwest Bancshares, Inc.		4,246		59,911
OceanFirst Financial Corp.		4,668		105,964
OFG Bancorp		1,912		52,905
Old National Bancorp		5,681		104,133
Old Second Bancorp, Inc.		606		8,139
Origin Bancorp, Inc.		1,892		80,826
Orrstown Financial Services, Inc.		348		8,613
Pacific Premier Bancorp, Inc.		3,852		147,339

SCHEDULE   OF  INVESTMENTS 49

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
PacWest Bancorp		6,735	$	312,706
Park National Corp.		1,046		141,691
Peapack Gladstone Financial Corp.		1,216		44,797
Peoples Bancorp, Inc.		3,439		114,003
Peoples Financial Services Corp.		546		27,699
People’s United Financial, Inc.		24,143		467,891
Pinnacle Financial Partners, Inc.		4,175		403,764
PNC Financial Services Group, Inc.		23,837		4,910,184
Popular, Inc.		4,644		414,105
Preferred Bank/Los Angeles CA		305		23,808
Premier Financial Corp.		1,940		57,909
Primis Financial Corp.		1,942		28,858
Prosperity Bancshares, Inc.		5,101		373,648
QCR Holdings, Inc.		904		51,564
RBB Bancorp		350		9,447
Red River Bancshares, Inc.		282		14,656
Regions Financial Corp.		53,536		1,228,116
Renasant Corp.		1,899		69,845
Republic Bancorp, Inc., Class A		1,265		62,010
Republic First Bancorp, Inc.(a)		1,213		5,216
S&T Bancorp, Inc.		1,347		41,501
Sandy Spring Bancorp, Inc.		2,975		140,747
Seacoast Banking Corp. of Florida		2,936		107,164
ServisFirst Bancshares, Inc.		2,937		249,263
Sierra Bancorp		1,347		35,736
Signature Bank		3,312		1,008,935
Silvergate Capital Corp., Class A(a)		1,365		147,065
Simmons First National Corp., Class A		6,018		172,115
SmartFinancial, Inc.		348		9,330
South Plains Financial, Inc.		1,099		31,794
South State Corp.		4,039		340,932
Southern First Bancshares, Inc.(a)		161		9,435
Southside Bancshares, Inc.		1,208		50,615
Spirit of Texas Bancshares, Inc.		929		25,863
Sterling Bancorp		11,856		311,694
Stock Yards Bancorp, Inc.		1,115		66,432
Summit Financial Group, Inc.		488		13,625
SVB Financial Group(a)		3,169		1,850,379
Synovus Financial Corp.		8,407		418,332
Texas Capital Bancshares, Inc.(a)		3,041		190,671
Tompkins Financial Corp.		1,151		91,574
TowneBank		6,068		190,414
Trico Bancshares		1,297		56,381
TriState Capital Holdings, Inc.(a)		1,824		57,620
Triumph Bancorp, Inc.(a)		1,435		125,534
Truist Financial Corp.		75,486		4,742,031
Trustmark Corp.		3,530		115,007
U.S. Bancorp		75,445		4,390,145
UMB Financial Corp.		2,493		245,436
Umpqua Holdings Corp.		13,358		270,900
United Bankshares, Inc.		7,086		250,348
United Community Banks, Inc.		3,642		128,890
Univest Financial Corp.		4,249		128,022
Valley National Bancorp		22,509		313,325
Veritex Holdings, Inc.		1,506		60,466
Washington Trust Bancorp, Inc.		832		47,491
Webster Financial Corp.		5,170		293,708
Wells Fargo & Co.		224,520		12,079,176
WesBanco, Inc.		4,292		152,323
West BanCorp., Inc.		1,337		39,468
Westamerica BanCorp		987		57,325

Security	Shares		Value
Banks (continued)
Western Alliance Bancorp		5,831	$	578,377
Wintrust Financial Corp.		3,413		334,713
Zions Bancorp NA		8,469		574,368
				111,945,698
Beverages — 1.3%
Boston Beer Co., Inc., Class A(a)		515		216,727
Brown-Forman Corp., Class A		2,241		140,376
Brown-Forman Corp., Class B		10,887		734,110
Celsius Holdings, Inc.(a)		3,193		152,402
Coca-Cola Co.		217,903		13,294,262
Coca-Cola Consolidated, Inc.		267		152,991
Constellation Brands, Inc., Class A		8,698		2,067,950
Duckhorn Portfolio, Inc.(a)		2,594		51,776
Keurig Dr Pepper, Inc.		38,871		1,475,155
MGP Ingredients, Inc.		794		60,074
Molson Coors Beverage Co., Class B		9,932		473,359
Monster Beverage Corp.(a)		20,960		1,817,651
National Beverage Corp.		1,540		68,792
PepsiCo, Inc.		77,516		13,450,576
Primo Water Corp.		8,535		142,535
				34,298,736
Biotechnology — 2.3%
2seventy bio, Inc.(a)(b)		1,192		22,255
4D Molecular Therapeutics, Inc.(a)		982		15,516
89bio, Inc.(a)		289		1,702
AbbVie, Inc.		99,200		13,579,488
ACADIA Pharmaceuticals, Inc.(a)		7,340		165,077
Adagio Therapeutics, Inc.(a)(b)		2,455		17,627
Adicet Bio, Inc.(a)		1,548		19,536
Aduro Biotech, Inc.(a)(c)		400		1,200
Adverum Biotechnologies, Inc.(a)		3,722		6,141
Aeglea BioTherapeutics, Inc.(a)		2,074		8,918
Affimed NV(a)		6,814		27,801
Agenus, Inc.(a)		12,516		34,544
Agios Pharmaceuticals, Inc.(a)		3,560		109,968
Akebia Therapeutics, Inc.(a)		13,498		26,861
Akero Therapeutics, Inc.(a)		963		16,872
Akouos, Inc.(a)		2,027		13,115
Alaunos Therapeutics, Inc.(a)		9,111		9,840
Albireo Pharma, Inc.(a)(b)		609		17,350
Aldeyra Therapeutics, Inc.(a)		2,558		9,388
Alector, Inc.(a)		2,986		47,358
Aligos Therapeutics, Inc.(a)		956		3,050
Alkermes PLC(a)		9,214		234,957
Allakos, Inc.(a)		1,995		13,486
Allogene Therapeutics, Inc.(a)		3,795		43,453
Allovir, Inc.(a)		1,851		15,104
Alnylam Pharmaceuticals, Inc.(a)		6,657		916,003
Altimmune, Inc.(a)		1,708		13,784
ALX Oncology Holdings, Inc.(a)		841		13,456
Amgen, Inc.		31,951		7,257,350
Amicus Therapeutics, Inc.(a)		13,772		129,595
AnaptysBio, Inc.(a)		865		27,654
Anavex Life Sciences Corp.(a)(b)		3,482		45,545
Anika Therapeutics, Inc.(a)		1,304		41,467
Annexon, Inc.(a)		2,127		15,953
Apellis Pharmaceuticals, Inc.(a)		3,734		150,368
Applied Molecular Transport, Inc.(a)		933		8,789
Applied Therapeutics, Inc.(a)		1,299		4,001
AquaBounty Technologies, Inc.(a)(b)		3,889		6,884
Arbutus Biopharma Corp.(a)		7,498		21,069

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Arcturus Therapeutics Holdings, Inc.(a)		1,279	$	33,420
Arcus Biosciences, Inc.(a)		2,735		84,238
Arcutis Biotherapeutics, Inc.(a)		1,650		24,931
Ardelyx, Inc.(a)(b)		5,313		4,390
Arena Pharmaceuticals, Inc.(a)		3,550		326,529
Arrowhead Pharmaceuticals, Inc.(a)		5,536		292,079
Atara Biotherapeutics, Inc.(a)		4,529		69,565
Athenex, Inc.(a)		2,643		2,696
Athersys, Inc.(a)(b)		6,963		6,893
Atossa Therapeutics, Inc.(a)(b)		6,050		8,289
Atreca, Inc., Class A(a)(b)		1,687		3,576
Avid Bioservices, Inc.(a)(b)		3,513		66,290
Avidity Biosciences, Inc.(a)		1,781		29,600
Avita Medical, Inc.(a)		1,264		12,223
Avrobio, Inc.(a)		1,777		3,447
Beam Therapeutics, Inc.(a)(b)		2,869		198,563
Beyondspring, Inc.(a)		4,406		14,231
BioAtla, Inc.(a)		811		7,753
BioCryst Pharmaceuticals, Inc.(a)		9,050		139,822
Biogen, Inc.(a)		8,204		1,854,104
Biohaven Pharmaceutical Holding Co. Ltd.(a)		3,130		415,883
BioMarin Pharmaceutical, Inc.(a)		10,364		918,561
Bioxcel Therapeutics, Inc.(a)		1,041		17,593
Black Diamond Therapeutics, Inc.(a)(b)		546		2,277
Bluebird Bio, Inc.(a)		3,578		28,230
Blueprint Medicines Corp.(a)		3,266		251,809
Bolt Biotherapeutics, Inc.(a)		1,119		4,297
Bridgebio Pharma, Inc.(a)		5,906		58,292
C4 Therapeutics, Inc.(a)		2,279		55,676
Cardiff Oncology, Inc.(a)		2,894		9,782
CareDx, Inc.(a)		2,931		122,516
Caribou Biosciences, Inc.(a)		1,032		11,073
Catalyst Pharmaceuticals, Inc.(a)		7,043		40,568
Celldex Therapeutics, Inc.(a)		2,529		78,424
CEL-SCI Corp.(a)		2,268		13,699
Century Therapeutics, Inc.(a)(b)		1,185		15,441
Cerevel Therapeutics Holdings, Inc.(a)		2,455		63,928
ChemoCentryx, Inc.(a)		3,416		91,856
Chimerix, Inc.(a)		2,973		16,976
Chinook Therapeutics, Inc.(a)		1,931		24,910
Clene, Inc.(a)		2,307		6,483
Clovis Oncology, Inc.(a)(b)		3,846		7,846
Codiak Biosciences, Inc.(a)		1,043		6,905
Cogent Biosciences, Inc.(a)		2,592		19,596
Coherus Biosciences, Inc.(a)		3,643		45,027
Cortexyme, Inc.(a)(b)		1,076		6,542
Crinetics Pharmaceuticals, Inc.(a)		2,325		43,919
Cue Biopharma, Inc.(a)		2,621		19,369
Cullinan Oncology, Inc.(a)(b)		976		13,156
CureVac NV(a)		3,051		58,915
Curis, Inc.(a)		4,358		13,902
Cytokinetics, Inc.(a)		4,559		151,313
CytomX Therapeutics, Inc.(a)		4,560		20,976
Day One Biopharmaceuticals, Inc.(a)(b)		1,120		16,520
Deciphera Pharmaceuticals, Inc.(a)		2,226		18,765
Denali Therapeutics, Inc.(a)		5,054		172,948
DermTech, Inc.(a)		1,193		15,282
Design Therapeutics, Inc.(a)(b)		954		12,059
Dynavax Technologies Corp.(a)(b)		6,384		82,800
Dyne Therapeutics, Inc.(a)		1,550		11,501
Eagle Pharmaceuticals, Inc.(a)		611		28,069
Editas Medicine, Inc.(a)		3,741		71,229
Eiger Biopharmaceuticals, Inc.(a)		1,014		4,380

Security	Shares		Value
Biotechnology (continued)
Emergent BioSolutions, Inc.(a)		2,980	$	139,464
Enanta Pharmaceuticals, Inc.(a)		1,355		80,514
Epizyme, Inc.(a)		3,608		4,438
Erasca, Inc.(a)(b)		1,169		13,853
Evelo Biosciences, Inc.(a)		1,111		5,233
Exact Sciences Corp.(a)		9,655		737,256
Exagen, Inc.(a)		1,879		18,471
Exelixis, Inc.(a)		17,226		311,791
Fate Therapeutics, Inc.(a)(b)		4,554		189,037
FibroGen, Inc.(a)		4,502		67,935
Foghorn Therapeutics, Inc.(a)		1,251		19,240
Forma Therapeutics Holdings, Inc.(a)		1,944		23,017
Forte Biosciences, Inc.(a)(b)		598		1,011
Fortress Biotech, Inc.(a)		6,297		13,161
Frequency Therapeutics, Inc.(a)		1,215		6,525
G1 Therapeutics, Inc.(a)(b)		2,234		22,519
Generation Bio Co.(a)(b)		2,726		17,719
Geron Corp.(a)(b)		13,028		14,591
Gilead Sciences, Inc.		70,797		4,862,338
Global Blood Therapeutics, Inc.(a)		3,164		91,281
Gossamer Bio, Inc.(a)		2,626		25,183
Graphite Bio, Inc.(a)		1,533		14,318
Gritstone bio, Inc.(a)		1,243		6,787
Halozyme Therapeutics, Inc.(a)		7,709		266,808
Harpoon Therapeutics, Inc.(a)		690		3,650
Heron Therapeutics, Inc.(a)(b)		5,088		44,316
Homology Medicines, Inc.(a)(b)		2,223		8,270
Horizon Therapeutics PLC(a)		12,207		1,139,279
Humanigen, Inc.(a)		2,325		5,999
iBio, Inc.(a)		16,470		7,883
Icosavax, Inc.(a)(b)		890		13,581
Ideaya Biosciences, Inc.(a)		1,859		30,804
IGM Biosciences, Inc.(a)		534		9,452
Immuneering Corp., Class A(a)		860		8,600
ImmunityBio, Inc.(a)		3,425		19,934
ImmunoGen, Inc.(a)		10,990		62,093
Immunovant, Inc.(a)		1,328		9,283
Incyte Corp.(a)		10,405		773,404
Infinity Pharmaceuticals, Inc.(a)		6,820		8,457
Inhibrx, Inc.(a)		1,399		37,157
Inovio Pharmaceuticals, Inc.(a)(b)		12,025		49,783
Inozyme Pharma, Inc.(a)(b)		1,258		8,403
Insmed, Inc.(a)		6,318		143,292
Instil Bio, Inc.(a)(b)		3,486		40,472
Intellia Therapeutics, Inc.(a)		3,860		365,040
Intercept Pharmaceuticals, Inc.(a)(b)		997		16,341
Invitae Corp.(a)		10,997		123,606
Ionis Pharmaceuticals, Inc.(a)		8,186		260,315
Iovance Biotherapeutics, Inc.(a)		8,484		141,259
Ironwood Pharmaceuticals, Inc.(a)		8,803		98,153
iTeos Therapeutics, Inc.(a)		952		34,862
IVERIC bio, Inc.(a)		7,350		102,459
Janux Therapeutics, Inc.(a)		958		14,590
Jounce Therapeutics, Inc.(a)		2,971		22,223
KalVista Pharmaceuticals, Inc.(a)		672		8,481
Karuna Therapeutics, Inc.(a)		1,161		128,941
Karyopharm Therapeutics, Inc.(a)		2,939		26,157
Keros Therapeutics, Inc.(a)		1,105		51,239
Kezar Life Sciences, Inc.(a)		2,971		39,158
Kiniksa Pharmaceuticals Ltd., Class A(a)		935		10,500
Kinnate Biopharma, Inc.(a)		1,144		12,561
Kodiak Sciences, Inc.(a)		1,928		113,174
Kronos Bio, Inc.(a)(b)		2,376		21,622

SCHEDULE   OF  INVESTMENTS 51

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Krystal Biotech, Inc.(a)		950	$	56,050
Kura Oncology, Inc.(a)		3,343		47,103
Kymera Therapeutics, Inc.(a)		1,869		78,498
Lexicon Pharmaceuticals, Inc.(a)(b)		1,529		4,847
Ligand Pharmaceuticals, Inc.(a)		802		99,953
Lineage Cell Therapeutics, Inc.(a)		8,090		12,782
Lyell Immunopharma, Inc.(a)(b)		2,241		12,729
MacroGenics, Inc.(a)		3,347		41,335
Madrigal Pharmaceuticals, Inc.(a)		600		34,548
Magenta Therapeutics, Inc.(a)		606		1,982
MannKind Corp.(a)		15,218		56,763
MEI Pharma, Inc.(a)		4,856		9,372
MeiraGTx Holdings plc(a)		2,029		30,415
Mersana Therapeutics, Inc.(a)		3,619		17,263
MiMedx Group, Inc.(a)		5,597		27,761
Mirati Therapeutics, Inc.(a)		2,496		297,773
Moderna, Inc.(a)		18,983		3,214,391
Molecular Templates, Inc.(a)		873		2,689
Monte Rosa Therapeutics, Inc.(a)(b)		998		12,635
Morphic Holding, Inc.(a)		1,057		44,849
Mustang Bio, Inc.(a)(b)		6,462		7,625
Myriad Genetics, Inc.(a)		3,955		103,977
Natera, Inc.(a)		4,869		343,995
Neoleukin Therapeutics, Inc.(a)		1,127		4,023
Neurocrine Biosciences, Inc.(a)		5,401		426,787
NexImmune, Inc.(a)		1,595		5,056
Nkarta, Inc.(a)		599		5,936
Novavax, Inc.(a)(b)		4,324		405,159
Nurix Therapeutics, Inc.(a)		1,735		32,306
Ocugen, Inc.(a)(b)		9,292		32,987
Olema Pharmaceuticals, Inc.(a)		1,816		11,677
Oncocyte Corp.(a)(b)		4,037		6,863
Oncorus, Inc.(a)		1,407		4,882
OPKO Health, Inc.(a)		22,404		70,125
Organogenesis Holdings, Inc.(a)		2,184		16,795
ORIC Pharmaceuticals, Inc.(a)		2,033		20,106
Outlook Therapeutics, Inc.(a)		10,081		14,315
Oyster Point Pharma, Inc.(a)(b)		333		3,993
Passage Bio, Inc.(a)		1,051		5,287
PMV Pharmaceuticals, Inc.(a)		1,368		21,970
Poseida Therapeutics, Inc.(a)		2,547		12,098
Praxis Precision Medicines, Inc.(a)		1,900		28,234
Precigen, Inc.(a)		5,740		14,809
Precision BioSciences, Inc.(a)		3,411		16,270
Prelude Therapeutics, Inc.(a)(b)		414		4,111
Prometheus Biosciences, Inc.(a)		1,990		71,501
Protagonist Therapeutics, Inc.(a)		2,080		60,923
Prothena Corp. PLC(a)		2,076		70,750
PTC Therapeutics, Inc.(a)		3,618		145,516
Puma Biotechnology, Inc.(a)		955		2,349
Radius Health, Inc.(a)		2,817		21,353
Rapt Therapeutics, Inc.(a)		1,138		24,604
Recursion Pharmaceuticals, Inc., Class A(a)		6,877		81,424
Regeneron Pharmaceuticals, Inc.(a)		5,627		3,424,536
REGENXBIO, Inc.(a)		2,116		55,862
Relay Therapeutics, Inc.(a)		4,407		97,527
Replimune Group, Inc.(a)		1,503		29,804
Revolution Medicines, Inc.(a)		3,048		65,593
Rhythm Pharmaceuticals, Inc.(a)		2,428		17,991
Rigel Pharmaceuticals, Inc.(a)		11,055		28,301
Rocket Pharmaceuticals, Inc.(a)(b)		2,057		34,228
Rubius Therapeutics, Inc.(a)		2,618		17,672

Security	Shares		Value
Biotechnology (continued)
Sage Therapeutics, Inc.(a)		3,162	$	124,646
Sana Biotechnology, Inc.(a)(b)		5,009		43,879
Sangamo Therapeutics, Inc.(a)		6,311		38,055
Sarepta Therapeutics, Inc.(a)		4,877		349,047
Scholar Rock Holding Corp.(a)		1,312		23,367
Seagen, Inc.(a)		7,596		1,021,738
Selecta Biosciences, Inc.(a)		4,872		12,180
Sensei Biotherapeutics, Inc.(a)		2,196		10,585
Seres Therapeutics, Inc.(a)		3,502		29,207
Sesen Bio, Inc.(a)		8,602		6,373
Shattuck Labs, Inc.(a)		1,567		10,828
Silverback Therapeutics, Inc.(a)		896		4,364
Solid Biosciences, Inc.(a)		9,479		11,564
Sorrento Therapeutics, Inc.(a)(b)		17,259		59,544
Spectrum Pharmaceuticals, Inc.(a)		8,396		5,888
Spero Therapeutics, Inc.(a)		858		10,184
SpringWorks Therapeutics, Inc.(a)		1,472		81,961
SQZ Biotechnologies Co.(a)(b)		1,721		13,802
Stoke Therapeutics, Inc.(a)		1,062		20,125
Surface Oncology, Inc.(a)		3,510		13,163
Sutro Biopharma, Inc.(a)		2,510		26,807
Syndax Pharmaceuticals, Inc.(a)		2,263		36,977
Syros Pharmaceuticals, Inc.(a)(b)		1,897		3,756
Taysha Gene Therapies, Inc.(a)(b)		1,155		9,182
TCR2 Therapeutics, Inc.(a)		1,361		4,546
Tenaya Therapeutics, Inc.(a)(b)		1,213		14,459
TG Therapeutics, Inc.(a)(b)		7,337		84,889
Tonix Pharmaceuticals Holding Corp.(a)		19,969		4,852
Travere Therapeutics, Inc.(a)		3,424		94,160
Trevena, Inc.(a)		11,790		6,408
Turning Point Therapeutics, Inc.(a)		2,336		86,969
Twist Bioscience Corp.(a)		2,643		157,047
Ultragenyx Pharmaceutical, Inc.(a)		3,561		249,021
United Therapeutics Corp.(a)		2,464		497,408
UroGen Pharma Ltd.(a)		839		6,477
Vanda Pharmaceuticals, Inc.(a)		2,945		44,646
Vaxart, Inc.(a)(b)		6,011		29,754
Vaxcyte, Inc.(a)		2,000		38,080
VBI Vaccines, Inc.(a)		9,724		16,531
Veracyte, Inc.(a)		4,032		122,613
Verastem, Inc.(a)		8,381		12,823
Vericel Corp.(a)		2,424		86,246
Vertex Pharmaceuticals, Inc.(a)		14,299		3,475,372
Verve Therapeutics, Inc.(a)(b)		1,100		31,702
Viking Therapeutics, Inc.(a)		2,199		8,158
Vir Biotechnology, Inc.(a)		3,577		122,798
Viracta Therapeutics, Inc.(a)		1,898		5,087
VistaGen Therapeutics, Inc.(a)		9,627		15,692
Vor BioPharma, Inc.(a)		1,725		14,231
Werewolf Therapeutics, Inc.(a)		1,948		17,746
XBiotech, Inc.		663		7,141
Xencor, Inc.(a)		3,012		103,522
XOMA Corp.(a)(b)		708		14,670
Y-mAbs Therapeutics, Inc.(a)		1,877		18,564
Zentalis Pharmaceuticals, Inc.(a)(b)		2,156		123,064
				57,806,696
Building Products — 0.6%
A O Smith Corp.		7,272		555,726
AAON, Inc.		2,286		146,875
Advanced Drainage Systems, Inc.		3,310		374,328
Allegion PLC		5,142		631,078
American Woodmark Corp.(a)		907		54,356

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund     (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
Apogee Enterprises, Inc.		1,427	$	63,716
Armstrong World Industries, Inc.		2,729		270,226
AZEK Co., Inc.(a)		6,245		206,272
Builders FirstSource, Inc.(a)		10,440		709,816
Caesarstone Ltd.		2,414		29,765
Carlisle Cos., Inc.		2,884		644,401
Carrier Global Corp.		48,627		2,318,535
Cornerstone Building Brands, Inc.(a)		2,814		41,506
CSW Industrials, Inc.		854		94,794
Fortune Brands Home & Security, Inc.		7,484		704,768
Gibraltar Industries, Inc.(a)		1,619		88,721
Griffon Corp.		2,372		53,109
Insteel Industries, Inc.		1,232		46,607
JELD-WEN Holding, Inc.(a)		6,029		142,284
Johnson Controls International PLC		39,948		2,903,021
Lennox International, Inc.		1,882		533,773
Masco Corp.		13,425		850,205
Masonite International Corp.(a)		1,365		135,463
Owens Corning		5,744		509,493
PGT Innovations, Inc.(a)		2,429		46,127
Quanex Building Products Corp.		1,892		41,227
Resideo Technologies, Inc.(a)		8,359		207,136
Simpson Manufacturing Co., Inc.		2,467		278,253
Trane Technologies PLC		13,366		2,313,655
Trex Co., Inc.(a)		6,545		598,671
UFP Industries, Inc.		3,315		264,736
View, Inc.(a)(b)		4,259		11,201
Zurn Water Solutions Corp.		6,517		199,029
				16,068,873
Capital Markets — 3.1%
Affiliated Managers Group, Inc.		2,283		333,797
Ameriprise Financial, Inc.		6,249		1,901,633
Ares Management Corp., Class A		8,136		648,602
Artisan Partners Asset Management, Inc., Class A		3,461		149,550
Assetmark Financial Holdings, Inc.(a)		965		23,150
Associated Capital Group, Inc., Class A		82		3,682
B. Riley Financial, Inc.		1,026		63,171
Bank of New York Mellon Corp.		42,313		2,507,468
BGC Partners, Inc., Class A		17,841		75,289
BlackRock, Inc.(d)		8,029		6,607,385
Blackstone, Inc.		38,188		5,039,670
Blucora, Inc.(a)		2,865		46,470
Brightsphere Investment Group, Inc.		3,261		70,372
Carlyle Group, Inc.		8,999		459,399
Cboe Global Markets, Inc.		6,058		718,055
Charles Schwab Corp.		84,428		7,404,336
CME Group, Inc.		20,128		4,619,376
Cohen & Steers, Inc.		1,418		118,446
Cowen, Inc., Class A		1,474		46,696
Diamond Hill Investment Group, Inc.		101		18,862
Donnelley Financial Solutions, Inc.(a)		2,020		75,184
Evercore, Inc., Class A		2,253		281,220
FactSet Research Systems, Inc.		2,103		887,235
Federated Hermes, Inc.		5,140		170,185
Focus Financial Partners, Inc., Class A(a)		3,327		167,548
Franklin Resources, Inc.		15,988		511,136
GAMCO Investors, Inc., Class A		133		2,994
GCM Grosvenor, Inc., Class A		2,165		19,680
Goldman Sachs Group, Inc.		18,203		6,456,240
Greenhill & Co., Inc.		768		12,810
Hamilton Lane, Inc., Class A		2,018		182,548
Houlihan Lokey, Inc.		2,806		298,222

Security	Shares		Value
Capital Markets (continued)
Interactive Brokers Group, Inc., Class A		4,488	$	306,037
Intercontinental Exchange, Inc.		31,221		3,954,452
Invesco Ltd.		18,509		419,414
Janus Henderson Group PLC		9,719		358,631
Jefferies Financial Group, Inc.		12,082		442,685
KKR & Co., Inc.		31,075		2,211,297
Lazard Ltd., Class A		5,897		257,345
LPL Financial Holdings, Inc.		4,425		762,516
MarketAxess Holdings, Inc.		2,119		729,953
Moelis & Co., Class A		3,504		197,871
Moody’s Corp.		9,089		3,117,527
Morgan Stanley		75,081		7,698,806
Morningstar, Inc.		1,322		379,956
MSCI, Inc.		4,490		2,407,179
Nasdaq, Inc.		6,513		1,167,195
Northern Trust Corp.		11,714		1,366,321
Open Lending Corp., Class A(a)		5,715		108,528
Oppenheimer Holdings, Inc., Class A		713		30,224
Piper Sandler Cos		951		146,663
PJT Partners, Inc., Class A		1,317		91,294
Pzena Investment Management, Inc., Class A		1,238		12,553
Raymond James Financial, Inc.		10,432		1,104,436
S&P Global, Inc.		13,506		5,607,961
Sculptor Capital Management, Inc.		904		17,718
SEI Investments Co.		6,408		375,573
State Street Corp.		20,370		1,924,965
StepStone Group, Inc., Class A		2,480		86,825
Stifel Financial Corp.		5,639		422,361
StoneX Group, Inc.(a)		909		59,640
T. Rowe Price Group, Inc.		12,710		1,962,805
Tradeweb Markets, Inc., Class A		5,850		495,905
Virtu Financial, Inc., Class A		4,942		152,856
Virtus Investment Partners, Inc.		369		96,560
WisdomTree Investments, Inc.		4,011		22,502
				78,416,965
Chemicals — 1.4%
AdvanSix, Inc.		1,773		74,626
Air Products & Chemicals, Inc.		12,398		3,497,724
Albemarle Corp.		6,495		1,433,706
American Vanguard Corp.		2,757		41,824
Amyris, Inc.(a)(b)		10,201		46,517
Ashland Global Holdings, Inc.		3,129		300,509
Avient Corp.		4,809		239,344
Axalta Coating Systems Ltd.(a)		11,539		341,670
Balchem Corp.(b)		1,825		268,165
Cabot Corp.		3,145		172,944
Celanese Corp.		5,996		933,637
CF Industries Holdings, Inc.		11,782		811,426
Chase Corp.		398		37,762
Chemours Co.		9,311		304,563
Corteva, Inc.		40,758		1,959,645
Danimer Scientific, Inc.(a)(b)		6,007		30,095
Diversey Holdings Ltd.(a)		4,610		50,710
Dow, Inc.		41,594		2,484,410
DuPont de Nemours, Inc.		29,279		2,242,771
Eastman Chemical Co.		7,435		884,245
Ecolab, Inc.		14,008		2,653,816
Ecovyst, Inc.		2,650		27,110
Element Solutions, Inc.		13,142		294,906
Ferro Corp.(a)		4,533		98,819
FMC Corp.		7,060		779,212
FutureFuel Corp.		1,697		13,237

SCHEDULE   OF  INVESTMENTS 53

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
GCP Applied Technologies, Inc.(a)		2,719	$	86,736
Hawkins, Inc.		1,121		41,836
HB Fuller Co.		2,974		213,444
Huntsman Corp.		11,415		408,999
Ingevity Corp.(a)		2,428		160,029
Innospec, Inc.		1,590		147,806
International Flavors & Fragrances, Inc.		14,262		1,881,443
Intrepid Potash, Inc.(a)		281		10,897
Koppers Holdings, Inc.(a)		682		20,378
Kraton Corp.(a)		2,102		97,491
Kronos Worldwide, Inc.		777		11,150
Livent Corp.(a)		8,761		201,591
LyondellBasell Industries NV, Class A		14,531		1,405,584
Marrone Bio Innovations, Inc.(a)(b)		16,704		12,344
Minerals Technologies, Inc.		2,032		142,179
Mosaic Co.		21,080		842,146
NewMarket Corp.		374		126,438
Olin Corp.		7,904		400,496
Orion Engineered Carbons SA		3,373		57,678
PPG Industries, Inc.		13,243		2,068,557
PureCycle Technologies, Inc.(a)		1,658		9,865
Quaker Chemical Corp.		723		151,230
Rayonier Advanced Materials, Inc.(a)		5,464		34,041
RPM International, Inc.		7,053		624,966
Scotts Miracle-Gro Co.		2,257		341,258
Sensient Technologies Corp.		2,401		203,461
Sherwin-Williams Co.		13,457		3,855,565
Stepan Co.		1,165		128,336
Tredegar Corp.		2,663		31,290
Trinseo PLC		2,403		128,657
Tronox Holdings PLC, Class A		6,792		154,178
Valvoline, Inc.		10,180		335,329
Westlake Chemical Corp.		1,891		186,547
Zymergen, Inc.(a)		5,828		30,306
				34,575,644
Commercial Services & Supplies — 0.5%
ABM Industries, Inc.		4,075		169,887
ACCO Brands Corp.		3,640		29,630
ADT, Inc.		8,277		62,822
Brady Corp., Class A		2,472		128,346
BrightView Holdings, Inc.(a)		2,533		33,613
Brink’s Co.		2,522		175,985
Casella Waste Systems, Inc., Class A(a)		2,786		211,680
CECO Environmental Corp.(a)		925		5,837
Cimpress PLC(a)		966		64,935
Cintas Corp.		4,897		1,917,322
Clean Harbors, Inc.(a)		2,937		271,819
Copart, Inc.(a)		11,766		1,520,755
CoreCivic, Inc.(a)		6,112		61,792
Deluxe Corp.		2,249		67,695
Driven Brands Holdings, Inc.(a)		2,760		77,970
Ennis, Inc.		1,476		27,941
Geo Group, Inc.		4,668		31,416
Harsco Corp.(a)		4,861		76,318
Healthcare Services Group, Inc.		3,929		71,468
Heritage-Crystal Clean, Inc.(a)		397		11,358
HNI Corp.		2,341		98,182
IAA, Inc.(a)		7,428		341,168
Interface, Inc.		3,303		43,798
KAR Auction Services, Inc.(a)		7,187		102,199
Kimball International, Inc., Class B		1,050		10,311

Security	Shares		Value
Commercial Services & Supplies (continued)
Matthews International Corp., Class A		2,063	$	72,453
MillerKnoll, Inc.		3,897		150,502
Montrose Environmental Group, Inc.(a)(b)		1,392		63,712
MSA Safety, Inc.		2,049		281,533
Pitney Bowes, Inc.		4,309		26,543
Republic Services, Inc.		11,737		1,498,345
Rollins, Inc.		13,093		403,919
RR Donnelley & Sons Co.(a)		3,532		38,923
SP Plus Corp.(a)		1,356		38,212
Steelcase, Inc., Class A		4,806		59,306
Stericycle, Inc.(a)		5,183		304,449
Team, Inc.(a)		945		674
Tetra Tech, Inc.		2,948		410,332
UniFirst Corp.		801		152,262
US Ecology, Inc.(a)(b)		1,725		49,300
Viad Corp.(a)		1,234		46,485
VSE Corp.		846		43,637
Waste Management, Inc.		23,670		3,560,915
				12,815,749
Communications Equipment — 0.8%
ADTRAN, Inc.		2,523		48,467
Arista Networks, Inc.(a)		13,472		1,674,704
Aviat Networks, Inc.(a)		336		9,751
CalAmp Corp.(a)(b)		1,415		8,405
Calix, Inc.(a)		2,929		147,270
Cambium Networks Corp.(a)		644		15,572
Casa Systems, Inc.(a)		501		2,219
Ciena Corp.(a)		8,528		565,492
Cisco Systems, Inc.		237,111		13,199,969
Clearfield, Inc.(a)		817		52,672
CommScope Holding Co., Inc.(a)		11,803		110,830
Comtech Telecommunications Corp.		1,632		33,179
Digi International, Inc.(a)		2,062		46,065
DZS, Inc.(a)		990		14,494
EMCORE Corp.(a)		2,079		12,079
Extreme Networks, Inc.(a)		6,268		79,541
F5, Inc.(a)		3,333		691,997
Harmonic, Inc.(a)		6,424		69,122
Infinera Corp.(a)		11,106		93,513
Inseego Corp.(a)(b)		4,327		19,731
Juniper Networks, Inc.		17,953		625,123
KVH Industries, Inc.(a)		368		3,312
Lumentum Holdings, Inc.(a)(b)		4,175		423,679
Motorola Solutions, Inc.		9,263		2,148,460
NETGEAR, Inc.(a)		1,767		48,893
NetScout Systems, Inc.(a)		3,898		122,982
Plantronics, Inc.(a)		2,684		71,529
Ribbon Communications, Inc.(a)		4,557		20,506
Ubiquiti, Inc.		369		107,025
ViaSat, Inc.(a)		3,919		172,514
Viavi Solutions, Inc.(a)		14,736		242,555
				20,881,650
Construction & Engineering — 0.2%
AECOM		7,741		535,135
Ameresco, Inc., Class A(a)		1,863		94,286
API Group Corp.(a)		10,690		238,387
Arcosa, Inc.		2,688		125,422
Argan, Inc.		963		35,776
Comfort Systems USA, Inc.		2,092		187,820
Concrete Pumping Holdings, Inc.(a)(b)		1,884		15,468
Construction Partners, Inc., Class A(a)		1,288		33,797

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Dycom Industries, Inc.(a)		1,545	$	130,228
EMCOR Group, Inc.		2,859		340,821
Fluor Corp.(a)		7,578		159,441
Granite Construction, Inc.		2,389		85,956
Great Lakes Dredge & Dock Corp.(a)		2,420		33,130
IES Holdings, Inc.(a)		192		9,466
Infrastructure and Energy Alternatives, Inc.(a)		1,850		16,687
Innovate Corp.(a)		6,253		24,574
MasTec, Inc.(a)		3,095		266,572
Matrix Service Co.(a)		1,242		9,017
MYR Group, Inc.(a)		942		88,576
Northwest Pipe Co.(a)		487		13,816
NV5 Global, Inc.(a)(b)		710		74,259
Primoris Services Corp.		3,014		77,520
Quanta Services, Inc.		8,024		824,225
Sterling Construction Co., Inc.(a)		1,738		44,163
Tutor Perini Corp.(a)		1,983		23,598
Valmont Industries, Inc.		1,170		254,159
WillScot Mobile Mini Holdings Corp.(a)		11,644		431,294
				4,173,593
Construction Materials — 0.1%
Eagle Materials, Inc.		2,177		317,516
Forterra, Inc.(a)		1,820		42,715
Martin Marietta Materials, Inc.		3,477		1,352,970
Summit Materials, Inc., Class A(a)		6,721		238,999
United States Lime & Minerals, Inc.		114		14,420
Vulcan Materials Co.		7,394		1,407,152
				3,373,772
Consumer Finance — 0.6%
Ally Financial, Inc.		19,160		914,315
American Express Co.		35,267		6,341,712
Atlanticus Holdings Corp.(a)(b)		526		33,827
Capital One Financial Corp.		23,643		3,469,137
Credit Acceptance Corp.(a)		443		239,025
Curo Group Holdings Corp.		1,724		24,705
Discover Financial Services		16,380		1,895,985
Encore Capital Group, Inc.(a)		1,672		107,844
Enova International, Inc.(a)		2,095		84,387
Ezcorp, Inc., Class A(a)		1,575		9,403
FirstCash Holdings, Inc.		2,158		150,413
Green Dot Corp., Class A(a)		1,798		57,015
LendingClub Corp.(a)		5,772		108,283
LendingTree, Inc.(a)		601		73,226
Navient Corp.		9,301		162,116
Nelnet, Inc., Class A		899		79,588
OneMain Holdings, Inc.		6,618		341,886
Oportun Financial Corp.(a)		1,882		33,895
PRA Group, Inc.(a)		2,429		112,948
PROG Holdings, Inc.(a)		3,501		139,375
Regional Management Corp.		728		36,953
SLM Corp.		16,566		303,820
Synchrony Financial		30,304		1,290,647
Upstart Holdings Inc(a)(b)		2,578		281,028
World Acceptance Corp.(a)		213		40,253
				16,331,786
Containers & Packaging — 0.4%
Amcor PLC		85,383		1,025,450
AptarGroup, Inc.		3,828		449,024
Ardagh Metal Packaging SA(a)		4,467		43,017
Avery Dennison Corp.		4,706		966,707

Security	Shares		Value
Containers & Packaging (continued)
Ball Corp.		17,769	$	1,725,370
Berry Global Group, Inc.(a)		7,370		496,885
Crown Holdings, Inc.		6,821		780,322
Graphic Packaging Holding Co.		15,145		286,392
Greif, Inc., Class A		1,471		87,024
Greif, Inc., Class B		150		8,910
International Paper Co.		21,626		1,043,455
Myers Industries, Inc.		2,006		36,248
O-I Glass, Inc.(a)		8,316		110,686
Packaging Corp. of America		5,166		778,155
Pactiv Evergreen, Inc.		2,722		29,806
Ranpak Holdings Corp.(a)		2,577		69,218
Sealed Air Corp.		8,300		563,736
Silgan Holdings, Inc.		4,989		223,408
Sonoco Products Co.		5,568		315,372
TriMas Corp.		2,253		78,314
UFP Technologies, Inc.(a)		191		13,553
Westrock Co.		14,836		684,830
				9,815,882
Distributors — 0.1%
Funko, Inc., Class A(a)(b)		1,471		25,419
Genuine Parts Co.		7,757		1,033,465
LKQ Corp.		15,496		850,575
Pool Corp.		2,196		1,045,845
				2,955,304
Diversified Consumer Services — 0.1%
2U, Inc.(a)		3,716		59,976
Adtalem Global Education, Inc.(a)		2,748		80,846
American Public Education, Inc.(a)		1,286		27,508
Bright Horizons Family Solutions, Inc.(a)		3,500		449,435
Carriage Services, Inc.		750		37,740
Chegg, Inc.(a)		7,981		211,257
Coursera, Inc.(a)		4,593		93,284
European Wax Center, Inc., Class A(a)		1,195		29,206
frontdoor, Inc.(a)		4,541		164,838
Graham Holdings Co., Class B		197		117,239
Grand Canyon Education, Inc.(a)		2,471		206,773
H&R Block, Inc.		9,397		214,815
Houghton Mifflin Harcourt Co.(a)		7,970		143,540
Laureate Education, Inc., Class A		7,031		88,942
Mister Car Wash, Inc.(a)(b)		4,380		75,336
OneSpaWorld Holdings Ltd.(a)		1,738		17,936
Perdoceo Education Corp.(a)		2,686		29,600
PowerSchool Holdings, Inc., Class A(a)		3,870		63,391
Regis Corp.(a)		1,081		1,611
Service Corp. International		9,084		560,665
Strategic Education, Inc.		1,286		76,723
Stride, Inc.(a)(b)		2,478		86,903
Terminix Global Holdings, Inc.(a)		6,603		284,853
Vivint Smart Home, Inc.(a)		4,939		35,561
WW International, Inc.(a)(b)		2,679		33,755
				3,191,733
Diversified Financial Services — 1.4%
Alerus Financial Corp.		1,174		33,265
A-Mark Precious Metals, Inc.		438		27,112
Apollo Global Management, Inc.(a)		20,777		1,454,390
Banco Latinoamericano de Comercio Exterior SA, Class E		1,539		25,363
Berkshire Hathaway, Inc., Class B(a)		102,926		32,217,897
Cannae Holdings, Inc.(a)		4,597		137,312

SCHEDULE   OF  INVESTMENTS 55

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Financial Services (continued)
Equitable Holdings, Inc.		20,295	$	682,724
Voya Financial, Inc.		6,036		410,207
				34,988,270
Diversified Telecommunication Services — 0.9%
Anterix, Inc.(a)		518		26,553
AT&T, Inc.		401,284		10,232,742
ATN International, Inc.		370		14,682
Bandwidth, Inc., Class A(a)		1,206		75,508
Cogent Communications Holdings, Inc.		2,241		142,550
Consolidated Communications Holdings, Inc.(a)		4,659		33,498
EchoStar Corp., Class A(a)(b)		2,032		48,138
Globalstar, Inc.(a)(b)		30,159		32,270
IDT Corp., Class B(a)		1,298		48,714
Iridium Communications, Inc.(a)		6,681		239,714
Liberty Latin America Ltd., Class A(a)		4,385		47,972
Liberty Latin America Ltd., Class C(a)		7,372		79,691
Lumen Technologies, Inc.		57,132		706,152
Ooma, Inc.(a)		719		12,971
Radius Global Infrastructure, Inc., Class A(a)		3,647		50,183
Telesat Corp.(a)		1,082		24,507
Verizon Communications, Inc.		232,793		12,391,571
				24,207,416
Electric Utilities — 1.5%
ALLETE, Inc.		3,316		211,660
Alliant Energy Corp.		14,225		851,509
American Electric Power Co., Inc.		28,000		2,531,200
Avangrid, Inc.		3,047		142,356
Duke Energy Corp.		43,175		4,535,965
Edison International		21,068		1,322,860
Entergy Corp.		11,296		1,262,554
Evergy, Inc.		12,947		841,037
Eversource Energy		19,089		1,708,275
Exelon Corp.		54,630		3,165,809
FirstEnergy Corp.		30,422		1,276,507
Hawaiian Electric Industries, Inc.		5,918		251,515
IDACORP, Inc.		2,911		320,850
MGE Energy, Inc.		1,782		137,980
NextEra Energy, Inc.		110,065		8,598,278
NRG Energy, Inc.		13,364		533,625
OGE Energy Corp.		11,102		420,988
Otter Tail Corp.		2,126		134,788
PG&E Corp.(a)(b)		85,552		1,094,210
Pinnacle West Capital Corp.		6,443		448,497
PNM Resources, Inc.		5,032		225,484
Portland General Electric Co.		5,008		263,120
PPL Corp.		41,819		1,241,188
Southern Co.		59,416		4,128,818
Via Renewables, Inc.		516		5,903
Xcel Energy, Inc.		30,033		2,092,099
				37,747,075
Electrical Equipment — 0.7%
Acuity Brands, Inc.		1,987		380,570
Allied Motion Technologies, Inc.		267		9,572
American Superconductor Corp.(a)		1,101		9,028
AMETEK, Inc.		12,893		1,763,376
Array Technologies, Inc.(a)		7,243		76,341
Atkore, Inc.(a)		2,469		266,109
AZZ, Inc.		1,415		67,326
Babcock & Wilcox Enterprises, Inc.(a)		2,924		20,760
Beam Global(a)(b)		614		8,092

Security	Shares		Value
Electrical Equipment (continued)
Blink Charging Co.(a)(b)		1,842	$	38,516
Bloom Energy Corp., Class A(a)		8,342		125,797
ChargePoint Holdings, Inc.(a)		12,976		179,718
Eaton Corp. PLC		22,334		3,538,376
Emerson Electric Co.		33,419		3,072,877
Encore Wire Corp.		1,086		122,381
EnerSys		2,231		167,169
Eos Energy Enterprises, Inc.(a)(b)		3,132		12,966
Fluence Energy, Inc.(a)		2,273		42,505
FuelCell Energy, Inc.(a)		22,369		94,845
Generac Holdings, Inc.(a)		3,481		982,965
GrafTech International Ltd.		10,473		109,757
Hubbell, Inc.		3,002		562,245
nVent Electric PLC		9,424		325,976
Plug Power, Inc.(a)(b)		29,278		640,310
Powell Industries, Inc.		401		11,974
Preformed Line Products Co.		83		5,033
Regal Rexnord Corp.		3,809		603,650
Rockwell Automation, Inc.		6,494		1,878,195
Romeo Power, Inc.(a)(b)		7,570		17,865
Sensata Technologies Holding PLC(a)		8,843		507,234
Shoals Technologies Group, Inc., Class A(a)		6,172		104,060
Stem, Inc.(a)		6,914		84,904
Sunrun, Inc.(a)		11,156		289,275
Thermon Group Holdings, Inc.(a)		2,167		37,164
TPI Composites, Inc.(a)		1,837		22,173
Vertiv Holdings Co.		18,522		386,369
Vicor Corp.(a)		1,245		117,441
				16,682,914
Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.(a)		557		8,812
Advanced Energy Industries, Inc.		2,012		173,394
Aeva Technologies, Inc.(a)		4,909		25,674
Akoustis Technologies, Inc.(a)		1,380		8,349
Amphenol Corp., Class A		32,645		2,598,216
Arlo Technologies, Inc.(a)		4,365		37,932
Arrow Electronics, Inc.(a)		3,667		454,708
Avnet, Inc.		5,852		236,187
Badger Meter, Inc.		1,495		151,249
Belden, Inc.		2,368		132,490
Benchmark Electronics, Inc.		2,953		71,285
CDW Corp.		7,645		1,445,287
Cognex Corp.		9,536		633,763
Coherent, Inc.(a)		1,348		348,431
Corning, Inc.		43,152		1,814,110
CTS Corp.		1,973		66,194
Daktronics, Inc.(a)		624		3,058
ePlus, Inc.(a)		1,352		62,151
Fabrinet(a)		1,955		221,228
FARO Technologies, Inc.(a)		883		47,956
Identiv, Inc.(a)		1,391		26,874
II-VI, Inc.(a)(b)		5,759		365,121
Insight Enterprises, Inc.(a)		1,903		179,167
IPG Photonics Corp.(a)		2,006		309,867
Iteris, Inc.(a)		3,274		13,030
Itron, Inc.(a)		2,623		162,626
Jabil, Inc.		8,030		493,765
Keysight Technologies, Inc.(a)		10,306		1,739,859
Kimball Electronics, Inc.(a)		871		17,237
Knowles Corp.(a)(b)		5,726		121,448
Littelfuse, Inc.		1,321		356,630

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Luna Innovations, Inc.(a)		2,071	$	15,098
Methode Electronics, Inc.		1,799		79,210
MicroVision, Inc.(a)		9,988		34,059
Napco Security Technologies, Inc.(a)(b)		2,262		47,027
National Instruments Corp.		7,315		301,524
nLight, Inc.(a)		2,689		55,635
Novanta, Inc.(a)		2,004		276,752
OSI Systems, Inc.(a)		853		70,748
Ouster, Inc.(a)(b)		10,159		35,760
PAR Technology Corp.(a)		1,206		45,225
PC Connection, Inc.		479		20,765
Plexus Corp.(a)		1,781		138,063
Rogers Corp.(a)		1,000		272,950
Sanmina Corp.(a)		3,539		133,845
ScanSource, Inc.(a)		2,331		72,681
SYNNEX Corp.		2,328		243,439
Teledyne Technologies, Inc.(a)		2,587		1,090,239
Trimble, Inc.(a)		13,926		1,004,900
TTM Technologies, Inc.(a)		5,780		77,799
Velodyne Lidar, Inc.(a)(b)		3,591		14,041
Vishay Intertechnology, Inc.		7,564		156,650
Vishay Precision Group, Inc.(a)		1,208		38,692
Vontier Corp.		9,346		262,716
Zebra Technologies Corp., Class A(a)		2,974		1,514,123
				18,328,039
Energy Equipment & Services — 0.3%
Archrock, Inc.		8,196		69,174
Aspen Aerogels, Inc.(a)		1,334		39,620
Baker Hughes Co.		40,958		1,123,887
Bristow Group, Inc.(a)		1,285		42,212
Cactus, Inc., Class A		2,808		136,076
ChampionX Corp.(a)		11,859		265,642
DMC Global, Inc.(a)		948		38,242
Dril-Quip, Inc.(a)(b)		2,080		52,603
Expro Group Holdings NV(a)		3,098		48,515
FTS International, Inc., Class A(a)		1,104		29,090
Halliburton Co.		49,890		1,533,619
Helix Energy Solutions Group, Inc.(a)		9,071		32,021
Helmerich & Payne, Inc.		5,766		165,484
Liberty Oilfield Services, Inc., Class A(a)		5,009		60,609
Nabors Industries Ltd.(a)		460		47,615
National Energy Services Reunited Corp.(a)		1,333		13,237
Newpark Resources, Inc.(a)		9,939		35,283
NexTier Oilfield Solutions, Inc.(a)		9,126		54,938
NOV, Inc.		21,730		356,807
Oceaneering International, Inc.(a)		5,475		71,339
Oil States International, Inc.(a)		1,913		11,994
Patterson-UTI Energy, Inc.		9,536		94,979
ProPetro Holding Corp.(a)		4,714		49,544
RPC, Inc.(a)		2,009		11,873
Schlumberger NV		78,599		3,070,863
Select Energy Services, Inc., Class A(a)		1,380		9,205
Solaris Oilfield Infrastructure, Inc., Class A		756		5,829
TETRA Technologies, Inc.(a)		6,116		17,920
Tidewater, Inc.(a)		3,312		46,997
U.S. Silica Holdings, Inc.(a)		4,387		41,896
				7,577,113
Entertainment — 1.5%
Activision Blizzard, Inc.		43,263		3,418,210
AMC Entertainment Holdings, Inc., Class A(a)(b)		28,806		462,624
Chicken Soup For The Soul Entertainment, Inc.(a)		554		5,634

Security	Shares		Value
Entertainment (continued)
Cinemark Holdings, Inc.(a)		6,744	$	101,834
CuriosityStream, Inc.(a)		1,616		7,159
Electronic Arts, Inc.		15,852		2,102,926
Eros STX Global Corp.(a)		21,112		4,497
IMAX Corp.(a)		2,341		40,382
Liberty Media Corp.-Liberty Braves, Class A(a)		602		16,886
Liberty Media Corp.-Liberty Braves, Class C(a)		1,290		34,830
Liberty Media Corp.-Liberty Formula One, Class A(a)		2,455		134,534
Liberty Media Corp.-Liberty Formula One, Class C(a)		10,194		613,985
Lions Gate Entertainment Corp., Class A(a)(b)		4,773		74,841
Lions Gate Entertainment Corp., Class B(a)		3,890		56,716
Live Nation Entertainment, Inc.(a)		7,716		844,979
LiveOne, Inc.(a)		943		885
Madison Square Garden Entertainment Corp.(a)		1,317		93,283
Madison Square Garden Sports Corp.(a)(b)		1,122		186,331
Marcus Corp.(a)(b)		914		15,401
Netflix, Inc.(a)		24,226		10,347,894
Playtika Holding Corp.(a)		5,625		95,794
Roku, Inc.(a)		6,593		1,081,582
Skillz, Inc.(a)(b)		17,060		82,059
Spotify Technology SA(a)		7,662		1,503,744
Take-Two Interactive Software, Inc.(a)		6,331		1,034,105
Walt Disney Co.(a)		101,923		14,571,931
World Wrestling Entertainment, Inc., Class A		2,729		136,286
Zynga, Inc., Class A(a)		55,654		504,782
				37,574,114
Equity Real Estate Investment Trusts (REITs) — 3.3%
Acadia Realty Trust		4,332		85,730
Agree Realty Corp.		3,719		243,148
Alexander & Baldwin, Inc.		4,091		93,888
Alexander’s, Inc.		94		24,747
Alexandria Real Estate Equities, Inc.		8,691		1,693,354
American Assets Trust, Inc.		2,957		106,363
American Campus Communities, Inc.		7,546		394,354
American Finance Trust, Inc.		4,079		33,693
American Homes 4 Rent, Class A		16,118		630,697
American Tower Corp.		25,344		6,374,016
Americold Realty Trust		15,199		432,412
Apartment Income REIT Corp.		8,602		454,358
Apartment Investment and Management Co.,
Class A(a)		8,722		61,316
Apple Hospitality REIT, Inc.		10,716		172,849
Armada Hoffler Properties, Inc.		4,860		68,186
Ashford Hospitality Trust, Inc.(a)		572		4,456
AvalonBay Communities, Inc.		7,872		1,922,579
Boston Properties, Inc.		8,711		976,329
Braemar Hotels & Resorts, Inc.(a)		3,646		19,506
Brandywine Realty Trust		10,235		131,622
Brixmor Property Group, Inc.		16,229		411,567
Broadstone Net Lease, Inc.		9,023		208,522
BRT Apartments Corp.		1,270		28,181
Camden Property Trust		5,565		890,901
CareTrust REIT, Inc.		5,443		115,446
Catchmark Timber Trust, Inc., Class A		4,467		36,629
Centerspace		916		87,368
Chatham Lodging Trust(a)		2,016		26,752
City Office REIT, Inc.		1,953		34,822
Clipper Realty, Inc.		393		3,604
Community Healthcare Trust, Inc.		1,398		63,385
CorePoint Lodging, Inc.(a)		3,059		48,057
Corporate Office Properties Trust		7,249		183,110
Cousins Properties, Inc.		8,187		315,691

SCHEDULE   OF  INVESTMENTS 57

Schedule of Investments (unaudited) (continued) January 31, 2022 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)
Crown Castle International Corp.		24,204	$	4,417,472
CTO Realty Growth, Inc.		1,106		64,801
CubeSmart		12,248		621,463
CyrusOne, Inc.		7,287		654,737
DiamondRock Hospitality Co.(a)		11,505		107,572
Digital Realty Trust, Inc.		15,754		2,350,969
DigitalBridge Group, Inc.(a)		28,300		206,590
Diversified Healthcare Trust		14,315		43,661
Douglas Emmett, Inc.		9,328		291,220
Duke Realty Corp.		21,009		1,213,900
Easterly Government Properties, Inc.		4,896		102,669
EastGroup Properties, Inc.		2,202		440,202
Empire State Realty Trust, Inc., Class A		7,712		68,791
EPR Properties		4,664		205,076
Equinix, Inc.		5,017		3,636,823
Equity Commonwealth(a)		7,580		197,383
Equity LifeStyle Properties, Inc.		9,915		776,245
Equity Residential		20,505		1,819,409
Essential Properties Realty Trust, Inc.		7,752		205,816
Essex Property Trust, Inc.		3,658		1,216,285
Extra Space Storage, Inc.		7,335		1,453,724
Farmland Partners, Inc.		2,041		23,247
Federal Realty Investment Trust(a)		4,503		574,087
First Industrial Realty Trust, Inc.		7,118		432,632
Four Corners Property Trust, Inc.		3,889		105,275
Franklin Street Properties Corp.		7,341		40,743
Gaming and Leisure Properties, Inc.		12,312		556,256
Getty Realty Corp.		1,530		45,395
Gladstone Commercial Corp.		2,038		47,261
Gladstone Land Corp.		1,361		41,483
Global Medical REIT, Inc.		3,155		53,351
Global Net Lease, Inc.		5,657		81,121
Healthcare Realty Trust, Inc.		7,931		246,020
Healthcare Trust of America, Inc., Class A		11,886		386,889
Healthpeak Properties, Inc.		30,362		1,073,904
Hersha Hospitality Trust(a)		1,059		9,552
Highwoods Properties, Inc.		5,431		234,185
Host Hotels & Resorts, Inc.(a)		40,333		699,374
Hudson Pacific Properties, Inc.		7,629		180,273
Independence Realty Trust, Inc.		6,609		151,941
Indus Realty Trust, Inc.		343		26,943
Industrial Logistics Properties Trust		4,718		108,184
Innovative Industrial Properties, Inc.		1,293		256,260
Invitation Homes, Inc.		33,204		1,393,904
Iron Mountain, Inc.		15,854		728,016
iStar, Inc.		3,168		68,017
JBG SMITH Properties		6,550		179,470
Kilroy Realty Corp.		6,363		407,232
Kimco Realty Corp.		33,138		803,928
Kite Realty Group Trust		12,536		261,752
Lamar Advertising Co., Class A		4,963		549,702
Life Storage, Inc.		4,524		610,514
LTC Properties, Inc.		2,807		101,248
LXP Industrial Trust		15,813		235,456
Macerich Co.		11,458		189,515
Medical Properties Trust, Inc.		33,618		765,146
Mid-America Apartment Communities, Inc.		6,400		1,322,752
Monmouth Real Estate Investment Corp.		5,007		105,097
National Health Investors, Inc.		2,414		139,602
National Retail Properties, Inc.		9,636		427,646
National Storage Affiliates Trust		4,700		289,332
NETSTREIT Corp.		2,146		48,500

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
NexPoint Residential Trust, Inc.		1,405	$	111,416
Office Properties Income Trust		3,092		78,784
Omega Healthcare Investors, Inc.		13,002		409,303
One Liberty Properties, Inc.		1,518		46,299
Orion Office REIT, Inc.(a)		3,175		52,832
Outfront Media, Inc.		8,894		220,927
Paramount Group, Inc.		10,176		88,429
Park Hotels & Resorts, Inc.(a)		14,916		271,471
Pebblebrook Hotel Trust		6,691		144,860
Phillips Edison & Co., Inc.		1,120		35,302
Physicians Realty Trust		11,695		213,551
Piedmont Office Realty Trust, Inc., Class A		6,483		115,138
Plymouth Industrial REIT, Inc.		2,004		57,615
Postal Realty Trust, Inc., Class A		1,151		20,580
PotlatchDeltic Corp.		3,498		188,157
Preferred Apartment Communities, Inc.		2,312		38,564
Prologis, Inc.		41,378		6,488,898
PS Business Parks, Inc.		1,128		188,331
Public Storage		8,467		3,035,673
Rayonier, Inc.		7,807		285,268
Realty Income Corp.		31,648		2,196,688
Regency Centers Corp.		9,372		672,441
Retail Opportunity Investments Corp.		7,052		130,674
Retail Value, Inc.		1,526		4,807
Rexford Industrial Realty, Inc.		8,436		617,262
RLJ Lodging Trust		8,528		118,113
RPT Realty		4,311		54,405
Ryman Hospitality Properties, Inc.(a)(b)		3,038		268,559
Sabra Health Care REIT, Inc.		11,607		157,971
Safehold, Inc.		1,294		80,099
Saul Centers, Inc.		796		39,306
SBA Communications Corp.		6,035		1,964,030
Seritage Growth Properties, Class A(a)		2,263		23,445
Service Properties Trust		8,692		74,317
Simon Property Group, Inc.		18,231		2,683,603
SITE Centers Corp.		8,961		132,712
SL Green Realty Corp.(a)		3,951		286,527
Spirit Realty Capital, Inc.		7,097		336,824
STAG Industrial, Inc.		10,047		429,308
STORE Capital Corp.		13,425		425,707
Summit Hotel Properties, Inc.(a)		5,580		52,564
Sun Communities, Inc.		6,350		1,199,896
Sunstone Hotel Investors, Inc.(a)		11,930		134,928
Tanger Factory Outlet Centers, Inc.		5,117		87,040
Terreno Realty Corp.		4,273		319,492
UDR, Inc.		17,114		972,760
UMH Properties, Inc.		2,451		57,844
Uniti Group, Inc.		10,480		126,389
Universal Health Realty Income Trust		517		30,141
Urban Edge Properties		6,477		118,140
Urstadt Biddle Properties, Inc., Class A		1,775		34,950
Ventas, Inc.		22,212		1,177,680
Veris Residential, Inc(a)		4,655		76,807
VICI Properties, Inc.		35,085		1,004,133
Vornado Realty Trust		9,718		398,535
Washington Real Estate Investment Trust		4,505		110,913
Welltower, Inc.		24,362		2,110,480
Weyerhaeuser Co.		41,935		1,695,432
Whitestone REIT		1,160		11,844

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

Schedule of Investments (unaudited) (continued) January 31, 2022 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)
WP Carey, Inc.		10,238	$	794,469
Xenia Hotels & Resorts, Inc.(a)		5,735		99,445
				83,875,729
Food & Staples Retailing — 1.3%
Albertsons Cos., Inc., Class A		9,230		259,824
Andersons, Inc.		1,554		59,207
BJ’s Wholesale Club Holdings, Inc.(a)		7,537		463,299
Casey’s General Stores, Inc.		2,073		389,330
Chefs’ Warehouse, Inc.(a)		1,845		55,055
Costco Wholesale Corp.		24,835		12,544,904
Grocery Outlet Holding Corp.(a)(b)		5,387		136,722
HF Foods Group, Inc.(a)		1,854		12,867
Ingles Markets, Inc., Class A		575		44,235
Kroger Co.		41,197		1,795,777
Natural Grocers by Vitamin Cottage, Inc.		357		5,212
Performance Food Group Co.(a)		8,676		366,040
PriceSmart, Inc.		1,312		93,690
Rite Aid Corp.(a)(b)		3,304		35,055
SpartanNash Co.		1,724		42,359
Sprouts Farmers Market, Inc.(a)		6,156		167,074
Sysco Corp.		28,647		2,238,763
United Natural Foods, Inc.(a)		2,959		114,750
US Foods Holding Corp.(a)		12,630		445,334
Village Super Market, Inc., Class A		168		3,839
Walgreens Boots Alliance, Inc.		40,527		2,016,624
Walmart, Inc.		80,623		11,271,902
Weis Markets, Inc.		882		53,132
				32,614,994
Food Products — 1.0%
AppHarvest, Inc.(a)(b)		2,442		7,302
Archer-Daniels-Midland Co.		31,376		2,353,200
B&G Foods, Inc.		3,214		99,955
Beyond Meat, Inc.(a)		3,207		208,872
Bunge Ltd.		7,575		748,865
Calavo Growers, Inc.		718		29,732
Cal-Maine Foods, Inc.(b)		3,790		147,810
Campbell Soup Co.		10,871		479,629
Conagra Brands, Inc.		26,631		925,694
Darling Ingredients, Inc.(a)		9,244		589,490
Flowers Foods, Inc.		11,002		309,486
Fresh Del Monte Produce, Inc.		2,317		64,482
Freshpet, Inc.(a)(b)		2,265		210,713
General Mills, Inc.		34,079		2,340,546
Hain Celestial Group, Inc.(a)(b)		4,944		180,604
Hershey Co.		8,291		1,633,907
Hormel Foods Corp.		15,689		744,757
Hostess Brands, Inc.(a)		7,957		163,278
Ingredion, Inc.		3,782		358,155
J&J Snack Foods Corp.		731		110,885
J.M. Smucker Co.		5,871		825,345
John B Sanfilippo & Son, Inc.		296		23,414
Kellogg Co.		14,381		906,003
Kraft Heinz Co.		39,390		1,410,162
Lamb Weston Holdings, Inc.		8,098		519,973
Lancaster Colony Corp.		1,028		163,216
Landec Corp.(a)		899		9,664
Limoneira Co.		296		4,399
McCormick & Co., Inc.		13,901		1,394,409
Mission Produce, Inc.(a)		1,882		26,856
Mondelez International, Inc., Class A		78,135		5,237,389
Pilgrim’s Pride Corp.(a)		2,884		80,666
Post Holdings, Inc.(a)		3,371		356,719

Security	Shares		Value
Food Products (continued)
Sanderson Farms, Inc.		1,147	$	211,048
Seaboard Corp.		12		45,840
Seneca Foods Corp., Class A(a)		699		32,678
Simply Good Foods Co.(a)		4,500		158,535
Tattooed Chef, Inc.(a)(b)		2,366		30,048
Tootsie Roll Industries, Inc.		912		30,962
TreeHouse Foods, Inc.(a)		2,747		106,391
Tyson Foods, Inc., Class A		16,224		1,474,599
Utz Brands, Inc.		2,967		47,798
Vital Farms, Inc.(a)(b)		1,197		19,787
Whole Earth Brands, Inc.(a)		1,975		18,723
				24,841,986
Gas Utilities — 0.1%
Atmos Energy Corp.		7,207		772,735
Brookfield Infrastructure Corp., Class A		3,343		221,708
Chesapeake Utilities Corp.		1,026		139,751
National Fuel Gas Co.		4,908		298,063
New Jersey Resources Corp.		5,074		204,026
Northwest Natural Holding Co.		1,623		76,833
ONE Gas, Inc.		2,723		212,094
South Jersey Industries, Inc.		6,418		160,578
Southwest Gas Holdings, Inc.		3,323		226,562
Spire, Inc.		3,161		208,373
UGI Corp.		11,260		510,641
				3,031,364
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		97,564		12,435,507
ABIOMED, Inc.(a)		2,486		735,533
Accelerate Diagnostics, Inc.(a)(b)		1,051		3,500
Accuray, Inc.(a)		2,245		8,194
Acutus Medical, Inc.(a)		1,352		3,069
Align Technology, Inc.(a)		4,413		2,184,258
Alphatec Holdings, Inc.(a)(b)		3,545		36,655
AngioDynamics, Inc.(a)		2,055		44,450
Apyx Medical Corp.(a)		1,544		17,756
Artivion, Inc.(a)(b)		2,287		40,709
Asensus Surgical, Inc.(a)(b)		11,764		10,432
Aspira Women’s Health, Inc.(a)(b)		2,554		3,090
AtriCure, Inc.(a)		2,318		152,154
Atrion Corp.		52		31,481
Avanos Medical, Inc.(a)		2,746		83,094
Axogen, Inc.(a)		2,915		25,390
Axonics, Inc.(a)		2,490		118,101
Baxter International, Inc.		28,236		2,412,484
Becton Dickinson and Co.		16,036		4,075,389
BioLife Solutions, Inc.(a)		512		15,278
Bioventus, Inc., Class A(a)		2,413		31,441
Boston Scientific Corp.(a)		79,623		3,415,827
Butterfly Network, Inc.(a)(b)		9,583		55,581
Cardiovascular Systems, Inc.(a)		1,719		30,203
Cerus Corp.(a)		10,433		55,921
ClearPoint Neuro, Inc.(a)		1,187		10,481
CONMED Corp.		1,658		228,108
Cooper Cos., Inc.		2,727		1,086,164
CryoPort, Inc.(a)		2,379		99,371
Cutera, Inc.(a)		1,121		40,816
CytoSorbents Corp.(a)		2,460		9,151
DarioHealth Corp.(a)		1,102		9,665
DENTSPLY SIRONA, Inc.		12,124		647,664
DexCom, Inc.(a)		5,401		2,325,022
Eargo, Inc.(a)		928		4,464
Edwards Lifesciences Corp.(a)		34,678		3,786,838

SCHEDULE   OF  INVESTMENTS 59

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Envista Holdings Corp.(a)(b)		8,949	$	386,955
Figs, Inc., Class A(a)(b)		5,749		129,238
Glaukos Corp.(a)		2,324		123,730
Globus Medical, Inc., Class A(a)		4,276		285,337
Haemonetics Corp.(a)		2,897		140,070
Heska Corp.(a)		575		79,108
Hologic, Inc.(a)		14,265		1,001,974
ICU Medical, Inc.(a)		1,072		228,722
IDEXX Laboratories, Inc.(a)		4,742		2,405,617
Inari Medical, Inc.(a)		2,017		148,371
Inogen, Inc.(a)		1,013		30,116
Insulet Corp.(a)		3,723		923,304
Integer Holdings Corp.(a)		2,014		157,918
Integra LifeSciences Holdings Corp.(a)		4,406		285,244
Intersect ENT, Inc.(a)		1,517		41,566
Intuitive Surgical, Inc.(a)		19,894		5,653,477
Invacare Corp.(a)		2,642		5,944
iRadimed Corp.(a)		736		29,308
iRhythm Technologies, Inc.(a)		1,636		204,222
Lantheus Holdings, Inc.(a)		4,187		106,392
LeMaitre Vascular, Inc.		829		35,075
LivaNova PLC(a)		2,909		218,495
Masimo Corp.(a)		2,839		624,211
Medtronic PLC		75,367		7,799,731
Meridian Bioscience, Inc.(a)		2,171		45,265
Merit Medical Systems, Inc.(a)		2,616		145,057
Mesa Laboratories, Inc.		221		62,837
Natus Medical, Inc.(a)		1,964		45,251
Neogen Corp.(a)		5,963		217,471
Neuronetics, Inc.(a)		1,285		4,600
Nevro Corp.(a)		1,937		127,261
Novocure Ltd.(a)		5,924		406,683
NuVasive, Inc.(a)		2,730		141,987
OraSure Technologies, Inc.(a)		2,564		22,691
Ortho Clinical Diagnostics Holdings PLC(a)		5,956		103,396
Orthofix Medical, Inc.(a)		1,089		33,106
OrthoPediatrics Corp.(a)		618		29,225
Outset Medical, Inc.(a)		2,818		104,801
PAVmed, Inc.(a)		3,568		6,137
Penumbra, Inc.(a)		1,995		450,890
Pulmonx Corp.(a)		1,314		31,996
Pulse Biosciences, Inc.(a)		649		7,892
Quidel Corp.(a)		2,067		213,645
Quotient Ltd.(a)		2,710		4,390
ResMed, Inc.		8,062		1,842,973
Retractable Technologies, Inc.(a)(b)		2,137		11,668
SeaSpine Holdings Corp.(a)		1,292		15,478
Senseonics Holdings, Inc.(a)(b)		20,903		56,020
Shockwave Medical, Inc.(a)		1,837		266,310
SI-BONE, Inc.(a)		1,664		32,781
Sientra, Inc.(a)		3,843		10,799
Silk Road Medical, Inc.(a)		2,115		69,393
STAAR Surgical Co.(a)(b)		2,771		201,507
Stereotaxis, Inc.(a)		2,252		12,409
STERIS PLC		4,806		1,078,466
Stryker Corp.		19,603		4,862,524
Surmodics, Inc.(a)		823		37,595
Tactile Systems Technology, Inc.(a)		1,111		17,520
Talis Biomedical Corp.(a)		2,293		6,764
Tandem Diabetes Care, Inc.(a)		3,459		408,542
Teleflex, Inc.		2,648		821,383
TransMedics Group, Inc.(a)		1,422		22,567

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Treace Medical Concepts, Inc.(a)		656	$	11,900
Utah Medical Products, Inc.		90		8,466
Vapotherm, Inc.(a)		1,654		26,745
Varex Imaging Corp.(a)		2,011		52,487
ViewRay, Inc.(a)		10,180		44,283
Zimmer Biomet Holdings, Inc.		11,828		1,455,081
Zynex, Inc.		820		6,494
				68,902,102
Health Care Providers & Services — 2.6%
1Life Healthcare, Inc.(a)		5,871		65,520
Acadia Healthcare Co., Inc.(a)(b)		5,112		269,147
Accolade, Inc.(a)		2,548		48,667
AdaptHealth Corp.(a)(b)		4,231		79,966
Addus HomeCare Corp.(a)		862		68,813
Agiliti, Inc.(a)		1,083		20,718
Agilon Health, Inc.(a)(b)		9,404		155,918
Alignment Healthcare, Inc.(a)		5,182		39,383
Amedisys, Inc.(a)		1,768		238,857
AmerisourceBergen Corp.		8,331		1,134,682
AMN Healthcare Services, Inc.(a)		2,622		265,713
Anthem, Inc.		13,717		6,049,060
Apollo Medical Holdings, Inc.(a)(b)		2,116		108,932
Apria, Inc.(a)		824		30,826
Aveanna Healthcare Holdings, Inc.(a)		1,972		10,826
Brookdale Senior Living, Inc.(a)		9,444		49,959
Cardinal Health, Inc.		15,819		815,786
Castle Biosciences, Inc.(a)		1,068		46,191
Centene Corp.(a)		32,374		2,517,402
Chemed Corp.		865		405,607
Cigna Corp.		18,201		4,194,602
Community Health Systems, Inc.(a)		6,300		79,947
CorVel Corp.(a)		425		74,851
Covetrus, Inc.(a)		6,319		114,184
Cross Country Healthcare, Inc.(a)		1,938		41,686
CVS Health Corp.		73,981		7,879,716
DaVita, Inc.(a)		3,732		404,437
Encompass Health Corp.		5,412		335,760
Ensign Group, Inc.		2,964		223,575
Fulgent Genetics, Inc.(a)		1,080		68,980
Guardant Health, Inc.(a)		5,038		350,393
Hanger, Inc.(a)		1,491		27,032
HCA Healthcare, Inc.		13,733		3,296,607
HealthEquity, Inc.(a)		4,512		241,121
Henry Schein, Inc.(a)		7,770		585,081
Humana, Inc.		7,223		2,835,028
InfuSystem Holdings, Inc.(a)		955		14,421
Innovage Holding Corp.(a)(b)		978		5,105
Joint Corp.(a)		820		44,313
Laboratory Corp. of America Holdings(a)		5,399		1,465,073
LHC Group, Inc.(a)		1,681		208,612
LifeStance Health Group, Inc.(a)(b)		2,521		19,235
McKesson Corp.		8,611		2,210,616
MEDNAX, Inc.(a)		4,054		99,120
ModivCare, Inc.(a)		665		77,093
Molina Healthcare, Inc.(a)		3,235		939,703
National HealthCare Corp.		696		45,518
National Research Corp.		477		19,843
Oak Street Health, Inc.(a)		5,534		96,181
Ontrak, Inc.(a)		306		1,059
Option Care Health, Inc.(a)		9,463		221,150
Owens & Minor, Inc.		4,370		183,933
Patterson Cos., Inc.		5,305		152,200

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Pennant Group, Inc.(a)		1,158	$	19,246
PetIQ, Inc.(a)		1,413		28,882
Premier, Inc., Class A		6,585		251,679
Privia Health Group, Inc.(a)		942		20,046
Progyny, Inc.(a)(b)		3,560		144,180
Quest Diagnostics, Inc.		6,809		919,351
R1 RCM, Inc.(a)		6,591		156,734
RadNet, Inc.(a)		2,261		58,221
Select Medical Holdings Corp.		6,381		148,231
Sharps Compliance Corp.(a)		2,450		16,538
Signify Health, Inc., Class A(a)		4,110		54,786
SOC Telemed, Inc.(a)		3,552		2,555
Surgery Partners, Inc.(a)		1,668		71,174
Tenet Healthcare Corp.(a)		5,800		429,896
Tivity Health, Inc.(a)		1,912		48,641
Triple-S Management Corp.(a)		1,456		52,401
U.S. Physical Therapy, Inc.		849		82,158
UnitedHealth Group, Inc.		52,845		24,972,962
Universal Health Services, Inc., Class B		3,941		512,566
Viemed Healthcare, Inc.(a)		1,492		6,908
				66,975,303
Health Care Technology — 0.2%
Allscripts Healthcare Solutions, Inc.(a)		7,404		149,709
American Well Corp., Class A(a)		9,807		46,387
Castlight Health, Inc., Class B(a)		10,168		20,743
Cerner Corp.		16,596		1,513,555
Certara, Inc.(a)(b)		5,916		158,135
Change Healthcare, Inc.(a)(b)		13,648		268,593
Computer Programs & Systems, Inc.(a)		440		12,461
Evolent Health, Inc., Class A(a)		4,186		99,250
Forian, Inc.(a)		1,904		15,708
Health Catalyst, Inc.(a)		2,795		83,431
HealthStream, Inc.(a)		1,619		39,423
Icad, Inc.(a)		1,095		6,121
Inspire Medical Systems, Inc.(a)		1,468		324,854
Multiplan Corp.(a)(b)		19,836		79,939
NextGen Healthcare, Inc.(a)		3,477		67,141
Omnicell, Inc.(a)		2,521		378,503
OptimizeRx Corp.(a)		814		36,573
Phreesia, Inc.(a)		3,516		109,664
Schrodinger, Inc.(a)		2,381		67,501
Simulations Plus, Inc.		603		25,639
Tabula Rasa HealthCare, Inc.(a)		1,212		13,077
Teladoc Health, Inc.(a)(b)		8,545		655,487
Veeva Systems, Inc., Class A(a)		7,667		1,813,552
Vocera Communications, Inc.(a)		1,794		141,744
				6,127,190
Hotels, Restaurants & Leisure — 2.0%
Accel Entertainment, Inc.(a)		2,234		28,171
Aramark		12,821		439,632
Bally’s Corp.(a)		1,697		60,651
Biglari Holdings, Inc., Class B(a)		32		3,792
BJ’s Restaurants, Inc.(a)		1,084		32,618
Bloomin’ Brands, Inc.(a)		4,692		95,388
Bluegreen Vacations Holding Corp.(a)		372		11,149
Booking Holdings, Inc.(a)(b)		2,298		5,644,187
Boyd Gaming Corp.(a)		4,518		268,640
Brinker International, Inc.(a)		2,824		93,785
Caesars Entertainment, Inc.(a)		11,450		871,803
Carnival Corp.(a)		47,819		947,294
Carrols Restaurant Group, Inc.		896		2,213

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Century Casinos, Inc.(a)		1,395	$	13,880
Cheesecake Factory, Inc.(a)		2,810		100,261
Chipotle Mexican Grill, Inc.(a)(b)		1,567		2,327,904
Choice Hotels International, Inc.		1,876		269,018
Churchill Downs, Inc.		2,037		428,381
Chuy’s Holdings, Inc.(a)		1,136		28,639
Cracker Barrel Old Country Store, Inc.		1,256		149,640
Darden Restaurants, Inc.		7,413		1,036,856
Dave & Buster’s Entertainment, Inc.(a)		2,569		91,944
Del Taco Restaurants, Inc.		678		8,455
Denny’s Corp.(a)		3,384		52,452
Dine Brands Global, Inc.		887		60,183
Domino’s Pizza, Inc.		2,045		929,759
DraftKings, Inc., Class A(a)(b)		17,609		388,983
Drive Shack, Inc.(a)		6,737		9,432
El Pollo Loco Holdings, Inc.(a)		399		5,323
Everi Holdings, Inc.(a)(b)		5,012		99,087
Expedia Group, Inc.(a)		8,182		1,499,679
Fiesta Restaurant Group, Inc.(a)		813		7,699
Full House Resorts, Inc.(a)		2,239		19,770
GAN Ltd.(a)		2,249		15,496
Golden Entertainment, Inc.(a)		1,082		48,668
Golden Nugget Online Gaming, Inc.(a)		1,705		13,708
Hall of Fame Resort & Entertainment Co.(a)(b)		5,096		5,911
Hilton Grand Vacations, Inc.(a)		4,934		241,075
Hilton Worldwide Holdings, Inc.(a)		15,372		2,230,631
Hyatt Hotels Corp., Class A(a)		2,705		247,805
International Game Technology PLC		5,138		137,544
Jack in the Box, Inc.		1,145		104,252
Krispy Kreme, Inc.		1,974		29,590
Las Vegas Sands Corp.(a)		19,331		846,698
Life Time Group Holdings, Inc.(a)(b)		1,677		25,189
Lindblad Expeditions Holdings, Inc.(a)		2,077		35,039
Marriott International, Inc., Class A(a)		15,205		2,449,830
Marriott Vacations Worldwide Corp.		2,276		369,577
McDonald’s Corp.		41,850		10,857,982
MGM Resorts International		21,884		934,884
Monarch Casino & Resort, Inc.(a)		605		37,449
Nathan’s Famous, Inc.		339		18,265
NEOGAMES SA(a)		318		7,527
Noodles & Co.(a)		1,836		15,441
Norwegian Cruise Line Holdings Ltd.(a)		21,091		439,326
ONE Group Hospitality, Inc.(a)		2,463		31,034
Papa John’s International, Inc.		1,926		237,765
Penn National Gaming, Inc.(a)		9,602		437,947
Planet Fitness, Inc., Class A(a)		4,571		405,173
PlayAGS, Inc.(a)		1,281		9,979
Portillo’s, Inc.(a)(b)		1,977		52,489
RCI Hospitality Holdings, Inc.		626		43,739
Red Robin Gourmet Burgers, Inc.(a)		441		6,505
Red Rock Resorts, Inc., Class A		3,336		148,519
Royal Caribbean Cruises Ltd.(a)		12,447		968,501
Rush Street Interactive, Inc.(a)		2,591		26,273
Ruth’s Hospitality Group, Inc.(a)		1,993		39,920
Scientific Games Corp., Class A(a)		5,250		302,925
SeaWorld Entertainment, Inc.(a)		2,719		161,998
Shake Shack, Inc., Class A(a)		2,297		151,763
Six Flags Entertainment Corp.(a)		4,559		180,035
Starbucks Corp.		66,012		6,490,300
Target Hospitality Corp.(a)		2,425		8,027
Texas Roadhouse, Inc.		3,846		328,410
Travel + Leisure Co.		4,909		278,831

SCHEDULE   OF  INVESTMENTS 61

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Vail Resorts, Inc.		2,230	$	617,933
Wendy’s Co.		10,460		240,894
Wingstop, Inc.		1,663		254,855
Wyndham Hotels & Resorts, Inc.		5,329		447,370
Wynn Resorts Ltd.(a)		5,898		503,984
Yum China Holdings, Inc.		24,277		1,169,423
Yum! Brands, Inc.		16,344		2,045,778
				50,728,925
Household Durables — 0.5%
Aterian, Inc.(a)		1,384		4,484
Bassett Furniture Industries, Inc.		916		17,001
Beazer Homes USA, Inc.(a)		1,012		18,459
Cavco Industries, Inc.(a)		513		138,223
Century Communities, Inc.		1,627		107,138
D.R. Horton, Inc.		18,493		1,649,946
Ethan Allen Interiors, Inc.		842		21,227
Flexsteel Industries, Inc.		518		12,903
Garmin Ltd.		8,409		1,046,248
GoPro, Inc., Class A(a)		8,298		73,520
Green Brick Partners, Inc.(a)		1,939		45,916
Hamilton Beach Brands Holding Co., Class A		190		2,633
Helen of Troy Ltd.(a)		1,318		275,897
Hooker Furniture Corp.		333		7,339
Hovnanian Enterprises, Inc., Class A(a)		259		25,092
Installed Building Products, Inc.		1,230		136,272
iRobot Corp.(a)		1,749		114,595
KB Home		4,712		199,082
La-Z-Boy, Inc.		2,410		88,471
Leggett & Platt, Inc.		7,350		292,898
Lennar Corp., B Shares		1,295		104,545
Lennar Corp., Class A		14,438		1,387,636
LGI Homes, Inc.(a)		1,213		151,031
Lifetime Brands, Inc.		464		7,192
Lovesac Co.(a)		653		35,164
M/I Homes, Inc.(a)		1,521		80,598
MDC Holdings, Inc.		2,849		144,416
Meritage Homes Corp.(a)		2,069		211,100
Mohawk Industries, Inc.(a)		3,123		493,028
Newell Brands, Inc.		22,040		511,548
NVR, Inc.(a)		177		942,918
PulteGroup, Inc.		14,481		763,004
Purple Innovation, Inc.(a)		3,669		30,526
Skyline Champion Corp.(a)		3,086		207,811
Sonos, Inc.(a)		6,758		170,437
Taylor Morrison Home Corp.(a)		6,404		196,539
Tempur Sealy International, Inc.		10,061		400,528
Toll Brothers, Inc.		6,192		365,142
TopBuild Corp.(a)		1,911		444,594
Traeger, Inc.(a)(b)		1,304		13,288
Tri Pointe Homes, Inc.(a)		6,899		164,265
Tupperware Brands Corp.(a)		3,393		52,320
Universal Electronics, Inc.(a)		976		34,638
VOXX International Corp.(a)		1,140		12,597
Vuzix Corp.(a)(b)		2,953		19,283
Weber, Inc.(b)		1,560		16,910
Whirlpool Corp.		3,321		698,041
				11,936,443
Household Products — 1.2%
Central Garden & Pet Co.(a)		682		31,638
Central Garden & Pet Co., Class A(a)		1,849		80,117
Church & Dwight Co., Inc.		13,611		1,397,169

Security	Shares		Value
Household Products (continued)
Clorox Co.		6,934	$	1,163,941
Colgate-Palmolive Co.		46,761		3,855,445
Energizer Holdings, Inc.		3,583		134,757
Kimberly-Clark Corp.		18,868		2,597,180
Oil-Dri Corp. of America		141		4,797
Procter & Gamble Co.		135,212		21,694,765
Reynolds Consumer Products Inc.		2,901		87,813
Spectrum Brands Holdings, Inc.		2,420		216,300
WD-40 Co.		816		181,364
				31,445,286
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		37,500		831,750
Brookfield Renewable Corp., Class A		7,045		241,080
Clearway Energy, Inc., Class A		2,467		76,107
Clearway Energy, Inc., Class C		4,431		149,236
Ormat Technologies, Inc.		2,569		175,103
Sunnova Energy International, Inc.(a)		5,263		103,470
Vistra Corp.		26,580		579,710
				2,156,456
Industrial Conglomerates — 0.9%
3M Co.		32,481		5,392,495
General Electric Co.		61,239		5,785,861
Honeywell International, Inc.		39,010		7,976,765
Roper Technologies, Inc.		5,855		2,559,572
				21,714,693
Insurance — 2.1%
Aflac, Inc.		36,622		2,300,594
Alleghany Corp.(a)		759		503,976
Allstate Corp.		15,943		1,923,842
Ambac Financial Group, Inc.(a)		1,699		24,075
American Equity Investment Life Holding Co.		4,364		179,535
American Financial Group, Inc.		3,746		488,029
American International Group, Inc.		46,624		2,692,536
American National Group, Inc.		457		86,277
AMERISAFE, Inc.		924		48,528
Aon PLC, Class A		12,267		3,391,089
Arch Capital Group Ltd.(a)		20,766		961,881
Argo Group International Holdings Ltd.		1,747		99,195
Arthur J. Gallagher & Co.		11,516		1,818,837
Assurant, Inc.		3,309		504,656
Assured Guaranty Ltd.		4,229		225,363
Axis Capital Holdings Ltd.		4,196		239,088
Brighthouse Financial, Inc.(a)		4,515		245,842
Brown & Brown, Inc.		13,349		884,772
BRP Group, Inc., Class A(a)		2,348		71,661
Chubb Ltd.		24,100		4,754,448
Cincinnati Financial Corp.		8,427		992,953
Citizens, Inc.(a)		3,588		17,043
CNA Financial Corp.		1,745		80,113
CNO Financial Group, Inc.		7,685		191,664
eHealth, Inc.(a)		1,290		28,187
Employers Holdings, Inc.		798		31,202
Enstar Group Ltd.(a)		679		179,989
Erie Indemnity Co., Class A		1,502		276,518
Everest Re Group Ltd.		2,191		620,929
Fidelity National Financial, Inc.		15,005		755,502
First American Financial Corp.		5,864		436,927
Genworth Financial, Inc., Class A(a)		15,800		61,620
Globe Life, Inc.		5,639		576,870
GoHealth, Inc., Class A(a)		3,067		8,465
Goosehead Insurance, Inc., Class A		1,045		103,016

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Greenlight Capital Re Ltd., Class A(a)		1,310	$	9,484
Hanover Insurance Group, Inc.		1,944		268,194
Hartford Financial Services Group, Inc.		19,009		1,366,177
HCI Group, Inc.		444		30,134
Heritage Insurance Holdings, Inc.		585		3,645
Horace Mann Educators Corp.		1,576		59,904
Independence Holding Co.		268		15,263
Investors Title Co.		51		10,199
James River Group Holdings Ltd.		2,673		75,699
Kemper Corp.		3,523		211,310
Kinsale Capital Group, Inc.		1,245		249,398
Lemonade, Inc.(a)(b)		2,329		74,365
Lincoln National Corp.		10,446		731,011
Loews Corp.		12,195		727,554
Maiden Holdings Ltd.(a)		6,872		19,173
Markel Corp.(a)		765		943,046
Marsh & McLennan Cos., Inc.		28,619		4,397,023
MBIA, Inc.(a)		2,769		37,852
Mercury General Corp.		1,465		80,077
MetLife, Inc.		39,774		2,667,244
MetroMile, Inc.(a)		2,436		4,044
National Western Life Group, Inc., Class A		82		17,537
Old Republic International Corp.		15,429		395,445
Palomar Holdings, Inc.(a)		1,248		65,832
Primerica, Inc.		2,214		341,709
Principal Financial Group, Inc.		14,653		1,070,548
ProAssurance Corp.		1,892		45,332
Progressive Corp.		32,796		3,563,613
Prudential Financial, Inc.		21,398		2,387,375
Reinsurance Group of America, Inc.		3,770		432,909
RenaissanceRe Holdings Ltd.		2,533		398,112
RLI Corp.		2,287		239,632
Safety Insurance Group, Inc.		657		54,091
Selective Insurance Group, Inc.		3,146		248,219
Selectquote, Inc.(a)		8,469		62,586
SiriusPoint Ltd.(a)		6,850		58,020
State Auto Financial Corp.		1,267		65,504
Stewart Information Services Corp.		1,098		78,430
Tiptree, Inc.		2,116		26,217
Travelers Cos., Inc.		13,722		2,280,322
Trean Insurance Group, Inc.(a)		1,480		11,944
Trupanion, Inc.(a)(b)		2,192		208,788
United Fire Group, Inc.		1,781		44,418
United Insurance Holdings Corp.		649		2,622
Universal Insurance Holdings, Inc.		1,090		18,792
Unum Group		11,353		288,139
W.R. Berkley Corp.		7,688		649,636
White Mountains Insurance Group Ltd.		162		168,636
Willis Towers Watson PLC		6,948		1,625,554
				52,635,980
Interactive Media & Services(a) — 5.3%
Alphabet, Inc., Class A		16,873		45,659,519
Alphabet, Inc., Class C		15,751		42,747,742
Cargurus, Inc.(b)		5,622		179,342
Cars.com, Inc.		4,460		69,487
Eventbrite, Inc., Class A(b)		4,028		57,721
EverQuote, Inc., Class A		1,224		20,147
fuboTV, Inc.(b)		7,497		80,518
IAC/InterActiveCorp		4,416		602,961
Liberty TripAdvisor Holdings, Inc., Class A		2,921		6,572
Match Group, Inc.		15,793		1,779,871

Security	Shares		Value
Interactive Media & Services (continued)					��
MediaAlpha, Inc., Class A		1,139	$	16,914
Meta Platforms, Inc., Class A		132,630		41,547,674
Pinterest, Inc., Class A		31,351		926,736
QuinStreet, Inc.		3,046		49,010
TripAdvisor, Inc.(b)		5,684		154,321
TrueCar, Inc.		5,805		19,969
Twitter, Inc.		43,630		1,636,561
Vimeo, Inc.		7,862		115,178
Yelp, Inc.		4,499		155,395
Ziff Davis, Inc.		2,424		254,665
				136,080,303
Internet & Direct Marketing Retail — 3.1%
1-800-Flowers.com, Inc., Class A(a)		1,280		21,798
Amazon.com, Inc.(a)		24,360		72,872,209
CarParts.com, Inc.(a)(b)		2,466		22,687
DoorDash, Inc., Class A(a)		8,185		928,916
Duluth Holdings, Inc., Class B(a)		1,416		21,353
eBay, Inc.		34,949		2,099,386
Etsy, Inc.(a)		7,142		1,121,865
Groupon, Inc.(a)		1,225		37,412
Lands’ End, Inc.(a)(b)		889		16,295
Liquidity Services, Inc.(a)		1,998		38,022
Overstock.com, Inc.(a)(b)		2,560		122,726
PetMed Express, Inc.		1,061		27,406
Porch Group, Inc.(a)(b)		4,723		49,828
Quotient Technology, Inc.(a)		4,746		33,744
Qurate Retail, Inc., Series A		21,408		150,498
RealReal, Inc.(a)		4,179		39,492
Revolve Group, Inc.(a)		2,163		106,679
Shutterstock, Inc.		1,408		136,534
Stitch Fix, Inc., Class A(a)		5,133		84,335
Wayfair, Inc., Class A(a)(b)		4,357		679,344
Xometry, Inc., Class A(a)		433		22,343
				78,632,872
IT Services — 4.7%
Accenture PLC, Class A		35,712		12,627,049
Akamai Technologies, Inc.(a)(b)		9,046		1,036,219
Alliance Data Systems Corp.		2,726		188,203
Amdocs Ltd.		7,179		544,814
Automatic Data Processing, Inc.		23,869		4,921,072
BigCommerce Holdings, Inc., Series-1(a)		2,827		92,415
Block, Inc.(a)		26,911		3,290,946
Brightcove, Inc.(a)		2,245		21,170
Broadridge Financial Solutions, Inc.		6,462		1,028,880
Cantaloupe, Inc.(a)		2,911		24,452
Cass Information Systems, Inc.		434		17,655
Cloudflare, Inc., Class A(a)		14,458		1,393,751
Cognizant Technology Solutions Corp., Class A		29,524		2,521,940
Concentrix Corp.		2,302		462,679
Conduent, Inc.(a)		11,206		53,004
CSG Systems International, Inc.		1,739		98,723
DigitalOcean Holdings, Inc.(a)(b)		2,928		167,892
DXC Technology Co.(a)		13,982		420,579
EPAM Systems, Inc.(a)		3,013		1,434,610
Euronet Worldwide, Inc.(a)(b)		2,781		372,348
EVERTEC, Inc.		3,340		145,758
Evo Payments, Inc., Class A(a)		2,672		64,449
ExlService Holdings, Inc.(a)		1,849		222,841
Fastly, Inc., Class A(a)(b)		5,912		169,438
Fidelity National Information Services, Inc.		34,108		4,090,231
Fiserv, Inc.(a)		33,537		3,544,861

SCHEDULE   OF  INVESTMENTS 63

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
FleetCor Technologies, Inc.(a)		4,408	$	1,050,250
Flywire Corp.(a)		3,641		102,640
Gartner, Inc.(a)		4,470		1,313,688
Genpact Ltd.		10,162		505,560
Global Payments, Inc.		16,142		2,419,363
Globant SA(a)		2,247		573,389
GoDaddy, Inc., Class A(a)		9,389		710,841
GreenSky, Inc., Class A(a)		5,143		54,259
Grid Dynamics Holdings, Inc.(a)		2,355		62,761
Hackett Group, Inc.		1,720		32,921
I3 Verticals, Inc., Class A(a)		1,114		25,778
International Business Machines Corp.		50,171		6,701,340
International Money Express, Inc.(a)		2,474		39,609
Jack Henry & Associates, Inc.		4,181		701,614
Kyndryl Holdings, Inc.(a)		12,995		219,356
Limelight Networks, Inc.(a)		5,082		21,700
LiveRamp Holdings, Inc.(a)		3,611		161,231
Mastercard, Inc., Class A		49,118		18,978,213
Maximus, Inc.		3,520		272,166
MoneyGram International, Inc.(a)		6,591		57,803
MongoDB, Inc.(a)		3,553		1,439,356
Okta, Inc.(a)		7,054		1,395,916
Paya Holdings, Inc.(a)		4,078		26,711
Paychex, Inc.		18,001		2,119,798
PayPal Holdings, Inc.(a)		65,941		11,337,896
Paysafe Ltd.(a)		41,594		150,986
Perficient, Inc.(a)		1,876		196,642
Rackspace Technology, Inc.(a)(b)		2,884		36,079
Repay Holdings Corp.(a)		5,002		89,486
Sabre Corp.(a)		17,947		164,215
Shift4 Payments, Inc., Class A(a)(b)		2,445		128,900
Snowflake, Inc., Class A(a)		11,143		3,074,354
SolarWinds Corp.		1,754		23,854
StarTek, Inc.(a)		3,279		16,690
StoneCo Ltd., Class A(a)		13,166		205,126
Switch, Inc., Class A		6,715		172,105
Thoughtworks Holding, Inc.(a)		2,150		46,053
TTEC Holdings, Inc.		1,040		83,294
Tucows, Inc., Class A(a)(b)		474		37,446
Twilio, Inc., Class A(a)		9,318		1,920,626
Unisys Corp.(a)		3,469		63,309
VeriSign, Inc.(a)		5,425		1,178,201
Verra Mobility Corp.(a)		6,861		108,678
Visa, Inc., Class A		95,030		21,492,935
Western Union Co.		22,502		425,513
WEX, Inc.(a)		2,474		398,265
Wix.com Ltd.(a)		3,064		402,518
				119,695,413
Leisure Products — 0.1%
Acushnet Holdings Corp.		1,764		82,379
American Outdoor Brands, Inc.(a)		1,158		19,200
AMMO, Inc.(a)(b)		3,293		15,280
Brunswick Corp.		4,293		389,761
Callaway Golf Co.(a)		6,815		162,606
Clarus Corp.		1,492		33,615
Escalade, Inc.		501		7,164
Genius Brands International, Inc.(a)(b)		13,975		12,294
Hasbro, Inc.		7,286		673,809
Hayward Holdings, Inc.(a)(b)		2,852		56,156
Johnson Outdoors, Inc., Class A		138		12,450
Latham Group, Inc.(a)(b)		2,161		36,045

Security	Shares		Value
Leisure Products (continued)
Malibu Boats, Inc., Class A(a)		1,332	$	87,459
MasterCraft Boat Holdings, Inc.(a)		1,420		36,111
Mattel, Inc.(a)		19,120		399,990
Nautilus, Inc.(a)(b)		1,478		7,538
Peloton Interactive, Inc., Class A(a)		15,380		420,335
Polaris, Inc.		3,182		358,261
Smith & Wesson Brands, Inc.		2,956		50,489
Sturm Ruger & Co., Inc.		1,052		70,726
Vista Outdoor, Inc.(a)		3,618		139,582
YETI Holdings, Inc.(a)(b)		4,727		309,997
				3,381,247
Life Sciences Tools & Services — 1.7%
10X Genomics, Inc., Class A(a)		4,896		471,338
Adaptive Biotechnologies Corp.(a)		6,063		105,739
Agilent Technologies, Inc.		17,188		2,394,632
Avantor, Inc.(a)		33,623		1,255,147
Berkeley Lights, Inc.(a)		2,417		23,469
Bionano Genomics, Inc.(a)		14,144		31,400
Bio-Rad Laboratories, Inc., Class A(a)		1,189		713,079
Bio-Techne Corp.		2,186		822,832
Bruker Corp.		5,642		375,757
Charles River Laboratories International, Inc.(a)		2,827		932,232
ChromaDex Corp.(a)(b)		2,577		7,241
Codexis, Inc.(a)		3,610		74,005
Danaher Corp.		35,595		10,172,695
Fluidigm Corp.(a)(b)		5,382		17,599
Harvard Bioscience, Inc.(a)		3,253		18,932
Illumina, Inc.(a)		8,192		2,857,533
Inotiv, Inc.(a)(b)		753		24,089
IQVIA Holdings, Inc.(a)		10,773		2,638,308
Maravai LifeSciences Holdings, Inc., Class A(a)(b)		5,945		171,929
MaxCyte, Inc.(a)		6,350		41,021
Medpace Holdings, Inc.(a)		1,624		288,195
Mettler-Toledo International, Inc.(a)		1,267		1,865,886
NanoString Technologies, Inc.(a)		2,353		81,696
NeoGenomics, Inc.(a)		6,198		139,703
Pacific Biosciences of California, Inc.(a)		10,697		119,593
PerkinElmer, Inc.		7,081		1,219,136
Personalis, Inc.(a)		1,910		21,755
QIAGEN NV(a)		12,580		622,584
Quanterix Corp.(a)		1,710		52,052
Repligen Corp.(a)		3,088		612,474
Seer, Inc.(a)(b)		2,417		38,019
Sotera Health Co.(a)		5,256		113,057
Syneos Health, Inc.(a)		5,649		511,573
Thermo Fisher Scientific, Inc.		22,058		12,822,315
Waters Corp.(a)		3,377		1,081,045
West Pharmaceutical Services, Inc.		4,116		1,618,494
				44,356,554
Machinery — 1.8%
AGCO Corp.		3,428		401,762
AgEagle Aerial Systems, Inc.(a)		4,287		5,144
Alamo Group, Inc.		524		73,805
Albany International Corp., Class A		1,571		131,508
Allison Transmission Holdings, Inc.		5,509		209,287
Altra Industrial Motion Corp.		3,350		161,738
Astec Industries, Inc.		1,337		84,619
Barnes Group, Inc.		2,596		117,261
Blue Bird Corp.(a)(b)		429		6,654
Caterpillar, Inc.		30,361		6,119,563
Chart Industries, Inc.(a)(b)		1,992		242,765

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
CIRCOR International, Inc.(a)		747	$	20,744
Colfax Corp.(a)		6,567		270,035
Columbus McKinnon Corp.		1,466		63,448
Commercial Vehicle Group, Inc.(a)		2,001		15,488
Crane Co.		2,791		288,896
Cummins, Inc.		8,024		1,772,341
Deere & Co.		15,638		5,886,143
Desktop Metal, Inc., Class A(a)		11,454		46,847
Donaldson Co., Inc.		6,936		386,058
Douglas Dynamics, Inc.		1,306		47,708
Dover Corp.		7,955		1,351,634
Energy Recovery, Inc.(a)		2,318		45,386
Enerpac Tool Group Corp.		3,044		54,335	��
EnPro Industries, Inc.		1,210		127,074
ESCO Technologies, Inc.		1,470		117,277
Evoqua Water Technologies Corp.(a)(b)		6,747		273,254
Federal Signal Corp.		4,475		174,615
Flowserve Corp.		7,829		255,382
Fortive Corp.		18,332		1,293,139
Franklin Electric Co., Inc.		2,637		228,892
Gates Industrial Corp. PLC(a)		5,134		79,423
Gorman-Rupp Co.		1,213		48,653
Graco, Inc.		9,222		669,148
Greenbrier Cos., Inc.		1,846		74,505
Helios Technologies, Inc.		1,936		148,356
Hillenbrand, Inc.		3,849		178,902
Hydrofarm Holdings Group, Inc.(a)(b)		2,964		58,124
Hyliion Holdings Corp.(a)		5,934		26,406
Hyster-Yale Materials Handling, Inc.		750		33,668
Ideanomics, Inc.(a)(b)		20,556		21,995
IDEX Corp.		4,328		932,424
Illinois Tool Works, Inc.		17,640		4,126,349
Ingersoll Rand, Inc.		22,580		1,269,222
ITT, Inc.		4,812		442,319
John Bean Technologies Corp.		1,808		244,080
Kadant, Inc.		660		137,927
Kennametal, Inc.		4,869		168,321
Lincoln Electric Holdings, Inc.		3,252		415,736
Lindsay Corp.		692		87,365
Luxfer Holdings PLC		3,342		57,081
Manitowoc Co., Inc.(a)		2,189		39,949
Meritor, Inc.(a)		3,648		84,086
Middleby Corp.(a)		3,042		563,378
Miller Industries, Inc.		1,182		37,198
Mueller Industries, Inc.		3,097		159,991
Mueller Water Products, Inc., Class A		8,205		105,434
Nikola Corp.(a)(b)		12,299		98,761
NN, Inc.(a)		2,043		7,784
Nordson Corp.		3,291		765,289
Omega Flex, Inc.		130		18,455
Oshkosh Corp.		3,759		427,812
Otis Worldwide Corp.		23,782		2,031,696
PACCAR, Inc.		19,060		1,772,389
Parker-Hannifin Corp.		7,249		2,247,262
Park-Ohio Holdings Corp.		132		2,672
Pentair PLC		9,472		603,366
Proto Labs, Inc.(a)		1,431		71,808
RBC Bearings, Inc.(a)		1,556		280,811
REV Group, Inc.		1,078		14,478
Shyft Group, Inc.		1,974		82,790
Snap-on, Inc.		3,040		633,080
SPX Corp.(a)		2,297		119,857

Security	Shares		Value
Machinery (continued)
SPX FLOW, Inc.		2,188	$	188,606
Standex International Corp.		643		63,882
Stanley Black & Decker, Inc.		9,119		1,592,633
Tennant Co.		1,312		101,247
Terex Corp.		3,675		153,321
Timken Co.		3,564		238,075
Titan International, Inc.(a)		2,632		25,662
Toro Co.		5,863		566,249
Trinity Industries, Inc.		4,771		137,071
Wabash National Corp.		1,971		38,671
Watts Water Technologies, Inc., Class A		1,486		227,670
Welbilt, Inc.(a)		7,506		178,268
Westinghouse Air Brake Technologies Corp.		9,941		883,755
Xylem, Inc.		10,080		1,058,602
				45,114,864
Marine — 0.0%
Costamare, Inc.		3,080		40,471
Eagle Bulk Shipping, Inc.		778		34,870
Genco Shipping & Trading Ltd.		2,396		37,282
Kirby Corp.(a)		3,742		243,903
Matson, Inc.		2,255		220,223
Safe Bulkers, Inc.(a)		7,287		25,432
				602,181
Media — 1.1%
Advantage Solutions, Inc.(a)		3,751		27,307
Altice USA, Inc., Class A(a)		12,284		177,135
AMC Networks, Inc., Class A(a)		1,603		68,336
Audacy, Inc.(a)		11,048		26,736
Boston Omaha Corp., Class A(a)		863		22,775
Cable One, Inc.		297		458,785
Cardlytics, Inc.(a)(b)		1,891		126,886
Charter Communications, Inc., Class A(a)		7,002		4,154,567
Clear Channel Outdoor Holdings, Inc.(a)		18,038		55,196
Comcast Corp., Class A		256,080		12,801,439
ComScore, Inc.(a)		2,806		8,502
Daily Journal Corp.(a)(b)		60		19,439
Discovery, Inc., Class A(a)(b)		10,133		282,812
Discovery, Inc., Class C(a)		16,815		459,890
DISH Network Corp., Class A(a)		13,981		439,003
Emerald Holding, Inc.(a)		736		2,399
Entravision Communications Corp., Class A		1,689		10,235
EW Scripps Co., Class A		2,946		60,393
Fluent, Inc.(a)		1,571		2,514
Fox Corp., Class A		17,695		718,594
Fox Corp., Class B		8,940		332,389
Gannett Co., Inc.(a)		7,997		38,865
Gray Television, Inc.		4,444		92,657
iHeartMedia, Inc., Class A(a)		5,629		113,424
Integral Ad Science Holding Corp.(a)		1,140		19,084
Interpublic Group of Cos., Inc.		21,899		778,291
John Wiley & Sons, Inc., Class A		2,265		114,949
Liberty Broadband Corp., Class A(a)		1,674		244,990
Liberty Broadband Corp., Class C(a)		7,531		1,117,676
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		4,820		222,925
Liberty Media Corp. - Liberty SiriusXM, Class C(a)		9,359		435,474
Loyalty Ventures, Inc.(a)		1,090		31,948
Magnite, Inc.(a)		8,411		114,137
National CineMedia, Inc.		2,288		6,040
New York Times Co., Class A		9,082		363,553
News Corp., Class A		19,133		425,518
News Corp., Class B		9,143		203,340
Nexstar Media Group, Inc., Class A		2,127		351,763

SCHEDULE   OF  INVESTMENTS 65

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Omnicom Group, Inc.		11,755	$	885,857
Scholastic Corp.		1,551		63,622
Sinclair Broadcast Group, Inc., Class A		2,243		61,638
Sirius XM Holdings, Inc.(b)		50,960		324,106
Stagwell, Inc.(a)(b)		4,676		34,930
TechTarget, Inc.(a)		1,296		107,490
TEGNA, Inc.		12,601		243,955
Thryv Holdings, Inc.(a)(b)		853		27,663
ViacomCBS, Inc., Class A		2,068		75,648
ViacomCBS, Inc., Class B		31,642		1,058,425
WideOpenWest, Inc.(a)		3,478		64,726
				27,878,026
Metals & Mining — 0.5%
Alcoa Corp.		10,313		584,850
Allegheny Technologies, Inc.(a)		6,670		121,994
Arconic Corp.(a)		6,392		197,705
Ardagh Group SA(a)		1,250		30,094
Carpenter Technology Corp.		2,307		66,257
Century Aluminum Co.(a)		3,746		57,464
Cleveland-Cliffs, Inc.(a)		25,127		430,677
Coeur Mining, Inc.(a)		16,736		78,492
Commercial Metals Co.		6,336		211,876
Compass Minerals International, Inc.		1,903		101,620
Constellium SE(a)		6,148		107,529
Ferroglobe PLC(a)(c)		844		—
Freeport-McMoRan, Inc.		81,755		3,042,921
Gatos Silver, Inc.(a)		2,285		7,106
Haynes International, Inc.		363		13,656
Hecla Mining Co.		31,849		157,971
Kaiser Aluminum Corp.		806		77,175
Materion Corp.		1,319		109,279
MP Materials Corp.(a)		4,424		176,695
Newmont Corp.		44,730		2,736,134
Novagold Resources, Inc.(a)		12,171		80,329
Nucor Corp.		15,983		1,620,676
Olympic Steel, Inc.		1,177		25,058
Reliance Steel & Aluminum Co.		3,424		523,461
Royal Gold, Inc.		3,679		373,602
Ryerson Holding Corp.		1,198		24,559
Schnitzer Steel Industries, Inc., Class A		1,945		76,127
Southern Copper Corp.		4,681		299,069
Steel Dynamics, Inc.		10,387		576,686
SunCoke Energy, Inc.		5,143		35,230
TimkenSteel Corp.(a)(b)		2,945		41,318
United States Steel Corp.		14,679		304,149
Warrior Met Coal, Inc.		2,567		67,255
Worthington Industries, Inc.		1,826		98,933
				12,455,947
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.		26,635		396,595
Annaly Capital Management, Inc.		78,974		623,895
Apollo Commercial Real Estate Finance, Inc.		7,237		98,785
Arbor Realty Trust, Inc.		8,496		148,765
Ares Commercial Real Estate Corp.		2,603		38,238
ARMOUR Residential REIT, Inc.		5,531		51,881
Blackstone Mortgage Trust, Inc., Class A		8,520		267,698
BrightSpire Capital, Inc.		5,031		47,241
Broadmark Realty Capital, Inc.		7,832		73,464
Chimera Investment Corp.		13,492		195,634
Dynex Capital, Inc.		2,599		41,792
Ellington Financial, Inc.		6,403		113,781

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Franklin BSP Realty Trust, Inc.		811	$	10,924
Granite Point Mortgage Trust, Inc.		1,933		23,389
Great Ajax Corp.		2,080		27,123
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		4,189		173,760
Invesco Mortgage Capital, Inc.		12,749		34,167
KKR Real Estate Finance Trust, Inc.		2,479		52,902
Ladder Capital Corp.		6,531		77,654
MFA Financial, Inc.		25,148		116,435
New Residential Investment Corp.		24,528		261,223
New York Mortgage Trust, Inc.		17,656		66,210
Orchid Island Capital, Inc.		5,689		22,927
PennyMac Mortgage Investment Trust		5,334		95,052
Ready Capital Corp.		3,168		45,112
Redwood Trust, Inc.		6,308		77,778
Starwood Property Trust, Inc.		15,905		393,649
TPG RE Finance Trust, Inc.		3,418		43,135
Two Harbors Investment Corp.		16,642		95,692
				3,714,901
Multiline Retail — 0.5%
Big Lots, Inc.		1,787		74,893
Dillard’s, Inc., Class A		348		88,295
Dollar General Corp.		13,066		2,724,000
Dollar Tree, Inc.(a)		12,443		1,632,770
Franchise Group, Inc.		1,453		72,752
Kohl’s Corp.		8,658		516,969
Macy’s, Inc.		10,524		269,414
Nordstrom, Inc.(a)		6,401		144,023
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		3,663		175,604
Target Corp.		27,346		6,027,879
				11,726,599
Multi-Utilities — 0.7%
Ameren Corp.		14,048		1,246,620
Avista Corp.		4,703		209,095
Black Hills Corp.		3,561		241,222
CenterPoint Energy, Inc.		33,498		950,003
CMS Energy Corp.		16,340		1,051,969
Consolidated Edison, Inc.		19,700		1,703,065
Dominion Energy, Inc.		45,346		3,657,608
DTE Energy Co.		10,667		1,284,627
MDU Resources Group, Inc.		11,098		325,948
NiSource, Inc.		21,918		639,567
NorthWestern Corp.		3,345		194,412
Public Service Enterprise Group, Inc.		28,521		1,897,502
Sempra Energy		17,897		2,472,650
Unitil Corp.		767		36,003
WEC Energy Group, Inc.		17,643		1,712,077
				17,622,368
Oil, Gas & Consumable Fuels — 3.0%
Aemetis, Inc.(a)		1,655		15,176
Alto Ingredients, Inc.(a)(b)		3,664		18,980
Altus Midstream Co., Class A		357		22,502
Antero Midstream Corp.		19,417		193,199
Antero Resources Corp.(a)		15,879		310,117
APA Corp.		20,936		695,285
Arch Resources, Inc.		980		92,747
Berry Corp.		2,607		22,655
Brigham Minerals, Inc., Class A		2,322		50,248
California Resources Corp.		4,818		205,343
Callon Petroleum Co.(a)(b)		2,471		122,166
Centennial Resource Development, Inc., Class A(a)		9,150		71,462

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Cheniere Energy, Inc.		12,994	$	1,454,029
Chesapeake Energy Corp.		5,848		398,658
Chevron Corp.		108,542		14,254,821
Civitas Resources, Inc.		2,558		139,411
Clean Energy Fuels Corp.(a)		11,139		67,614
CNX Resources Corp.(a)		12,210		181,074
Comstock Resources, Inc.(a)		4,466		34,745
ConocoPhillips		73,953		6,553,715
CONSOL Energy, Inc.(a)		2,144		46,611
Continental Resources, Inc.		3,738		194,152
Coterra Energy, Inc.		44,131		966,469
Crescent Energy, Inc.(a)		1,874		24,868
CVR Energy, Inc.		2,507		48,962
Delek US Holdings, Inc.(a)		3,571		55,422
Denbury, Inc.(a)		2,901		217,981
Devon Energy Corp.		38,034		1,923,379
DHT Holdings, Inc.		8,078		39,421
Diamondback Energy, Inc.		10,072		1,270,684
Dorian LPG Ltd.		1,250		14,863
DTE Midstream LLC(a)		5,452		281,868
Earthstone Energy, Inc., Class A(a)		1,997		27,279
Energy Fuels, Inc.(a)		8,340		51,458
EOG Resources, Inc.		32,601		3,634,359
EQT Corp.(a)		17,148		364,395
Equitrans Midstream Corp.		21,144		171,478
Exxon Mobil Corp.		237,705		18,056,072
Falcon Minerals Corp.		1,711		8,846
Frontline Ltd.(a)		7,646		50,234
Gevo, Inc.(a)(b)		9,834		33,632
Golar LNG Ltd.(a)		5,492		78,810
Green Plains, Inc.(a)		1,196		36,526
Hess Corp.		15,730		1,451,722
HollyFrontier Corp.		8,765		308,177
International Seaways, Inc.		1,728		25,212
Kinder Morgan, Inc.		108,803		1,888,820
Kosmos Energy Ltd.(a)		22,400		96,992
Laredo Petroleum, Inc.(a)		644		43,251
Magnolia Oil & Gas Corp., Class A		7,273		157,315
Marathon Oil Corp.		43,562		848,152
Marathon Petroleum Corp.		34,354		2,464,900
Matador Resources Co.		6,544		292,975
Murphy Oil Corp.		7,792		246,227
New Fortress Energy, Inc.		1,317		28,921
Nordic American Tankers Ltd.		4,938		7,654
Northern Oil and Gas, Inc.		2,450		57,624
Oasis Petroleum, Inc.		1,009		136,649
Occidental Petroleum Corp.		47,281		1,781,075
ONEOK, Inc.		24,971		1,515,240
Ovintiv, Inc.		14,410		559,108
Par Pacific Holdings, Inc.(a)		2,754		38,831
PBF Energy, Inc., Class A(a)		6,579		104,211
PDC Energy, Inc.		5,642		334,401
Peabody Energy Corp.(a)		4,700		50,760
Phillips 66		24,523		2,079,305
Pioneer Natural Resources Co.		12,075		2,643,097
Range Resources Corp.(a)		13,615		262,089
Ranger Oil Corp., Class A(a)		1,207		37,429
Renewable Energy Group, Inc.(a)		2,712		109,185
REX American Resources Corp.(a)		221		21,311
Riley Exploration Permian, Inc.		425		11,394
Scorpio Tankers, Inc.		2,267		30,854
SFL Corp. Ltd.		6,904		56,613

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
SM Energy Co.		6,881	$	225,766
Southwestern Energy Co.(a)		57,451		252,784
Talos Energy, Inc.(a)		1,941		20,652
Targa Resources Corp.		12,344		729,284
Teekay Corp.(a)		5,713		17,710
Teekay Tankers Ltd., Class A(a)		1,541		16,442
Tellurian, Inc.(a)		23,796		59,728
Texas Pacific Land Corp.		333		357,975
Uranium Energy Corp.(a)		13,627		35,566
Ur-Energy, Inc.(a)		13,853		16,347
Valero Energy Corp.		22,954		1,904,493
W&T Offshore, Inc.(a)		2,856		12,224
Whiting Petroleum Corp.(a)		2,453		182,135
Williams Cos., Inc.		68,226		2,042,686
World Fuel Services Corp.		4,001		112,868
				76,177,870
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		1,371		43,351
Glatfelter Corp.		2,862		49,684
Louisiana-Pacific Corp.		4,910		326,220
Neenah, Inc.		977		45,040
Schweitzer-Mauduit International, Inc.		1,765		53,427
Sylvamo Corp.(a)		1,984		59,103
Verso Corp., Class A		1,086		29,192
				606,017
Personal Products — 0.2%
Beauty Health Co.(a)		5,074		72,051
BellRing Brands, Inc., Class A(a)		2,292		55,833
Coty, Inc., Class A(a)		19,175		162,604
Edgewell Personal Care Co.		2,898		132,728
elf Beauty, Inc.(a)(b)		3,293		97,341
Estee Lauder Cos., Inc., Class A		12,834		4,001,513
Herbalife Nutrition Ltd.(a)		5,932		252,169
Honest Co., Inc.(a)		6,142		39,862
Inter Parfums, Inc.		944		93,428
Medifast, Inc.		711		141,283
Nature’s Sunshine Products, Inc.		255		4,498
NewAge, Inc.(a)		4,799		3,597
Nu Skin Enterprises, Inc., Class A		2,597		125,149
Olaplex Holdings, Inc.(a)		4,494		98,149
Revlon, Inc., Class A(a)(b)		260		2,574
USANA Health Sciences, Inc.(a)		667		63,752
Veru, Inc.(a)		4,777		24,840
				5,371,371
Pharmaceuticals — 3.4%
9 Meters Biopharma, Inc.(a)		16,062		12,259
Aclaris Therapeutics, Inc.(a)		2,185		23,860
Aerie Pharmaceuticals, Inc.(a)		1,684		12,394
Amneal Pharmaceuticals, Inc.(a)		5,098		22,584
Amphastar Pharmaceuticals, Inc.(a)		2,313		53,407
Ampio Pharmaceuticals, Inc.(a)(b)		12,047		6,236
ANI Pharmaceuticals, Inc.(a)		794		32,094
Antares Pharma, Inc.(a)		10,058		33,895
Arvinas, Inc.(a)		2,504		179,011
Atea Pharmaceuticals, Inc.(a)		3,928		28,046
Athira Pharma, Inc.(a)		2,144		22,083
Axsome Therapeutics, Inc.(a)		1,553		42,614
BioDelivery Sciences International, Inc.(a)		3,852		14,098
Bristol-Myers Squibb Co.		125,596		8,149,924
Cara Therapeutics, Inc.(a)		3,166		36,662
Cassava Sciences, Inc.(a)(b)		1,925		85,181

SCHEDULE   OF  INVESTMENTS 67

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Catalent, Inc.(a)		9,502	$	987,543
Citius Pharmaceuticals, Inc.(a)(b)		5,805		8,766
Collegium Pharmaceutical, Inc.(a)		1,582		28,239
Corcept Therapeutics, Inc.(a)		5,104		95,802
CorMedix, Inc.(a)		1,458		6,167
Cymabay Therapeutics, Inc.(a)		3,406		10,150
DICE Therapeutics, Inc.(a)		1,186		20,198
Durect Corp.(a)		7,508		5,683
Edgewise Therapeutics, Inc.(a)		2,551		34,694
Elanco Animal Health, Inc.(a)		25,242		657,302
Eli Lilly & Co.		47,575		11,674,429
Endo International PLC(a)		15,455		49,301
Esperion Therapeutics, Inc.(a)		1,000		4,290
Evolus, Inc.(a)		1,907		14,150
EyePoint Pharmaceuticals, Inc.(a)		2,397		22,460
Fulcrum Therapeutics, Inc.(a)		1,593		19,371
Harmony Biosciences Holdings, Inc.(a)		1,152		41,311
Ikena Oncology, Inc.(a)(b)		1,917		18,652
Innoviva, Inc.(a)		2,582		41,389
Intra-Cellular Therapies, Inc.(a)		3,804		180,652
Jazz Pharmaceuticals PLC(a)		3,527		489,936
Johnson & Johnson		148,005		25,499,781
Kala Pharmaceuticals, Inc.(a)		1,156		1,023
KemPharm, Inc.(a)(b)		1,573		11,341
Marinus Pharmaceuticals, Inc.(a)		1,328		13,546
Merck & Co., Inc.		142,210		11,587,271
Mind Medicine MindMed, Inc.(a)(b)		16,253		18,203
Nektar Therapeutics(a)(b)		10,497		116,727
NGM Biopharmaceuticals, Inc.(a)		1,461		23,098
Nuvation Bio, Inc.(a)(b)		9,777		59,640
Ocular Therapeutix, Inc.(a)		2,768		15,667
Omeros Corp.(a)(b)		3,663		21,978
Oramed Pharmaceuticals, Inc.(a)		1,454		13,028
Organon & Co.		14,240		454,398
Pacira BioSciences, Inc.(a)		2,251		141,295
Paratek Pharmaceuticals, Inc.(a)		915		3,706
Perrigo Co. PLC		7,428		282,784
Pfizer, Inc.		313,355		16,510,675
Phathom Pharmaceuticals, Inc.(a)(b)		1,212		20,362
Phibro Animal Health Corp., Class A		619		11,947
Pliant Therapeutics, Inc.(a)		1,639		19,225
Prestige Consumer Healthcare, Inc.(a)		2,675		151,004
Provention Bio, Inc.(a)		1,609		8,624
Reata Pharmaceuticals, Inc., Class A(a)		1,618		45,498
Relmada Therapeutics, Inc.(a)		534		9,820
Revance Therapeutics, Inc.(a)		3,641		48,535
Royalty Pharma PLC, Class A		18,889		755,749
SIGA Technologies, Inc.(a)(b)		3,614		23,527
Supernus Pharmaceuticals, Inc.(a)		2,277		70,245
Tarsus Pharmaceuticals, Inc.(a)		888		17,822
Terns Pharmaceuticals, Inc.(a)		2,419		15,167
TherapeuticsMD, Inc.(a)		7,503		2,277
Theravance Biopharma, Inc.(a)		3,062		27,895
Verrica Pharmaceuticals, Inc.(a)		732		5,995
Viatris, Inc.		68,282		1,022,182
WaVe Life Sciences Ltd.(a)		1,000		2,190
Zoetis, Inc.		26,628		5,320,008
Zogenix, Inc.(a)		2,357		61,306
				85,578,372
Professional Services — 0.6%
Acacia Research Corp.(a)		3,628		16,326
ASGN, Inc.(a)		2,891		332,089

Security	Shares		Value
Professional Services (continued)
Atlas Technical Consultants, Inc.(a)		3,431	$	33,315
Barrett Business Services, Inc.		250		16,000
Booz Allen Hamilton Holding Corp.		7,381		566,344
CACI International, Inc., Class A(a)		1,284		317,739
CBIZ, Inc.(a)		3,197		123,500
Clarivate PLC(a)		24,268		399,451
CoStar Group, Inc.(a)		21,869		1,534,329
CRA International, Inc.		456		38,787
Dun & Bradstreet Holdings, Inc.(a)		9,419		188,945
Equifax, Inc.		6,758		1,620,298
Exponent, Inc.		2,889		274,397
First Advantage Corp.(a)		4,217		71,352
Forrester Research, Inc.(a)		474		26,079
Franklin Covey Co.(a)		875		40,959
FTI Consulting, Inc.(a)		1,887		275,143
Heidrick & Struggles International, Inc.		1,059		46,352
Huron Consulting Group, Inc.(a)		1,374		60,621
ICF International, Inc.		940		88,727
IHS Markit Ltd.		20,889		2,439,626
Insperity, Inc.		2,089		224,630
Jacobs Engineering Group, Inc.		7,248		943,545
KBR, Inc.		7,864		341,298
Kelly Services, Inc., Class A		1,865		31,854
Kforce, Inc.		1,056		72,516
Korn Ferry		3,029		201,065
Legalzoom.com, Inc.(a)		885		14,054
Leidos Holdings, Inc.		7,995		715,153
ManpowerGroup, Inc.		2,992		313,771
ManTech International Corp., Class A		1,416		102,292
Mistras Group, Inc.(a)		3,007		20,207
Nielsen Holdings PLC		19,997		377,143
Resources Connection, Inc.		2,633		45,893
Robert Half International, Inc.		6,040		684,090
Science Applications International Corp.		3,354		275,129
TransUnion		10,856		1,119,471
TriNet Group, Inc.(a)		2,363		201,328
TrueBlue, Inc.(a)		2,384		63,414
Upwork, Inc.(a)		6,329		172,149
Verisk Analytics, Inc.		8,950		1,755,364
Willdan Group, Inc.(a)		300		9,438
				16,194,183
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A(a)		18,586		1,883,505
Cushman & Wakefield PLC(a)		7,387		155,053
Douglas Elliman, Inc.(a)		3,965		30,768
eXp World Holdings, Inc.(b)		3,634		98,627
Fathom Holdings, Inc.(a)		885		12,656
Forestar Group, Inc.(a)		1,192		23,780
FRP Holdings, Inc.(a)		186		10,505
Howard Hughes Corp.(a)		2,164		208,415
Jones Lang LaSalle, Inc.(a)		2,806		703,717
Kennedy-Wilson Holdings, Inc.		6,954		156,187
Marcus & Millichap, Inc.(a)		1,555		72,790
Newmark Group, Inc., Class A		8,235		126,078
Opendoor Technologies Inc.(a)		25,395		252,172
Rafael Holdings, Inc., Class B(a)		432		1,788
RE/MAX Holdings, Inc., Class A		632		18,808
Realogy Holdings Corp.(a)		6,333		104,495
Redfin Corp.(a)(b)		5,744		169,850
RMR Group, Inc., Class A		541		17,317
St. Joe Co.		2,076		100,707
Tejon Ranch Co.(a)		507		8,827

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
Zillow Group, Inc., Class A(a)(b)		3,560	$	177,502
Zillow Group, Inc., Class C(a)		9,338		471,382
				4,804,929
Road & Rail — 1.0%
AMERCO		486		295,950
ArcBest Corp.		1,537		135,932
Avis Budget Group, Inc.(a)		2,349		413,847
Covenant Logistics Group, Inc.(a)		245		5,321
CSX Corp.		124,011		4,243,656
Daseke, Inc.(a)		4,015		44,888
Heartland Express, Inc.		3,436		51,402
HyreCar, Inc.(a)		1,009		3,431
JB Hunt Transport Services, Inc.		4,687		902,435
Knight-Swift Transportation Holdings, Inc.		8,791		497,395
Landstar System, Inc.		2,119		339,040
Lyft, Inc., Class A(a)		16,184		623,408
Marten Transport Ltd.		2,723		45,447
Norfolk Southern Corp.		13,622		3,705,048
Old Dominion Freight Line, Inc.		5,759		1,738,815
Ryder System, Inc.		2,730		199,809
Saia, Inc.(a)		1,529		434,664
Schneider National, Inc., Class B		3,106		79,514
TuSimple Holdings, Inc., Class A(a)(b)		7,605		142,670
Uber Technologies, Inc.(a)		90,455		3,383,017
Union Pacific Corp.		36,092		8,826,299
Universal Logistics Holdings, Inc.		345		5,875
US Xpress Enterprises, Inc., Class A(a)(b)		1,385		6,246
Werner Enterprises, Inc.		3,145		140,235
XPO Logistics, Inc.(a)		5,381		356,061
Yellow Corp.(a)		3,485		36,383
				26,656,788
Semiconductors & Semiconductor Equipment — 5.4%
Advanced Micro Devices, Inc.(a)		67,889		7,756,318
Allegro MicroSystems, Inc.(a)		2,315		65,700
Alpha & Omega Semiconductor Ltd.(a)		1,152		51,875
Ambarella, Inc.(a)		1,923		269,509
Amkor Technology, Inc.		5,568		122,607
Analog Devices, Inc.		30,073		4,931,070
Applied Materials, Inc.		50,521		6,980,992
Atomera, Inc.(a)(b)		815		11,516
Axcelis Technologies, Inc.(a)		2,013		126,034
AXT, Inc.(a)		1,214		9,093
Azenta Inc.		4,283		361,228
Broadcom, Inc.		22,406		13,127,227
CEVA, Inc.(a)		1,470		55,375
Cirrus Logic, Inc.(a)		3,254		291,038
CMC Materials, Inc.		1,513		273,671
Cohu, Inc.(a)		2,510		82,780
Diodes, Inc.(a)		2,380		220,840
Enphase Energy, Inc.(a)		7,376		1,036,107
Entegris, Inc.		7,544		904,073
First Solar, Inc.(a)		6,077		476,315
FormFactor, Inc.(a)		4,220		180,363
Globalfoundries, Inc.(a)		2,842		140,224
Ichor Holdings Ltd.(a)		1,435		60,873
Impinj, Inc.(a)		1,213		96,300
Intel Corp.		226,800		11,072,376
KLA Corp.		8,496		3,307,238
Kopin Corp.(a)		3,915		11,510
Kulicke & Soffa Industries, Inc.		3,414		186,712
Lam Research Corp.		7,886		4,652,109

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Lattice Semiconductor Corp.(a)		7,732	$	426,961
MACOM Technology Solutions Holdings, Inc.,
Class H(a)(b)		2,653		162,390
Marvell Technology, Inc.		45,913		3,278,188
MaxLinear, Inc.(a)		4,049		243,021
Meta Materials, Inc.(a)(b)		13,445		22,453
Microchip Technology, Inc.		30,457		2,359,808
Micron Technology, Inc.		62,824		5,168,531
MKS Instruments, Inc.		3,069		476,708
Monolithic Power Systems, Inc.		2,496		1,005,713
NeoPhotonics Corp.(a)		3,408		52,347
NVE Corp.		172		10,642
NVIDIA Corp.		134,255		32,873,679
NXP Semiconductors NV		14,828		3,046,264
ON Semiconductor Corp.(a)		23,904		1,410,336
Onto Innovation, Inc.(a)		2,592		237,272
PDF Solutions, Inc.(a)		1,754		52,146
Photronics, Inc.(a)		3,827		68,427
Power Integrations, Inc.		3,371		272,073
Qorvo, Inc.(a)		6,197		850,724
Qualcomm, Inc.		63,300		11,125,608
Rambus, Inc.(a)		5,861		147,990
Semtech Corp.(a)		3,724		264,776
Silicon Laboratories, Inc.(a)		2,289		378,120
SiTime Corp.(a)		898		209,315
SkyWater Technology, Inc.(a)(b)		811		8,134
Skyworks Solutions, Inc.		9,196		1,347,398
SMART Global Holdings, Inc.(a)		853		48,928
SunPower Corp.(a)		3,988		66,919
Synaptics, Inc.(a)		2,218		466,556
Teradyne, Inc.		9,095		1,068,026
Texas Instruments, Inc.		51,828		9,302,608
Ultra Clean Holdings, Inc.(a)		2,740		138,151
Universal Display Corp.		2,371		363,972
Veeco Instruments, Inc.(a)(b)		2,766		76,037
Wolfspeed, Inc.(a)		6,608		622,738
Xilinx, Inc.		13,745		2,660,345
				137,174,377
Software — 9.6%
8x8, Inc.(a)		6,460		99,161
A10 Networks, Inc.		3,291		48,707
ACI Worldwide, Inc.(a)		6,881		236,500
Adobe, Inc.(a)		26,783		14,310,157
Agilysys, Inc.(a)		963		36,652
Alarm.com Holdings, Inc.(a)		2,494		185,978
Alkami Technology, Inc.(a)		2,197		33,702
Altair Engineering, Inc., Class A(a)(b)		2,546		160,194
Alteryx, Inc., Class A(a)		3,321		189,529
American Software, Inc., Class A		1,641		37,727
Anaplan, Inc.(a)		8,362		403,717
ANSYS, Inc.(a)		4,883		1,660,269
Appfolio, Inc., Class A(a)		933		107,538
Appian Corp.(a)		2,229		125,649
Asana, Inc., Class A(a)		4,034		211,704
Aspen Technology, Inc.(a)		3,816		573,011
Atlassian Corp. PLC, Class A(a)		7,805		2,531,474
Autodesk, Inc.(a)		12,343		3,083,158
Avalara, Inc.(a)		4,932		540,646
Avaya Holdings Corp.(a)		5,377		97,969
AvidXchange Holdings, Inc.(a)		1,956		20,264
Benefitfocus, Inc.(a)		1,165		12,978
Bentley Systems, Inc., Class B(b)		7,812		313,808

SCHEDULE   OF  INVESTMENTS 69

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Bill.Com Holdings, Inc.(a)(b)		5,122	$	964,012
Black Knight, Inc.(a)		8,387		625,670
Blackbaud, Inc.(a)		2,852		194,335
Blackline, Inc.(a)		2,925		268,720
Bottomline Technologies DE, Inc.(a)		2,836		159,922
Box, Inc., Class A(a)		7,480		195,452
BTRS Holdings, Inc.(a)		2,403		15,379
C3.AI, Inc., Class A(a)(b)		3,809		100,329
Cadence Design Systems, Inc.(a)		15,344		2,334,436
CDK Global, Inc.		6,738		289,532
Cerence, Inc.(a)		2,169		137,710
Ceridian HCM Holding, Inc.(a)		7,322		555,154
ChannelAdvisor Corp.(a)		1,810		38,263
Citrix Systems, Inc.		7,028		716,434
Cleanspark, Inc.(a)		1,688		11,343
CommVault Systems, Inc.(a)		2,559		172,630
Consensus Cloud Solutions, Inc.(a)		808		45,814
CoreCard Corp.(a)		318		11,798
Couchbase, Inc.(a)(b)		653		15,300
Coupa Software, Inc.(a)(b)		4,127		554,132
Crowdstrike Holdings, Inc., Class A(a)		11,032		1,992,820
CS Disco, Inc.(a)(b)		641		21,999
Datadog, Inc., Class A(a)		14,233		2,079,584
Datto Holding Corp.(a)		1,098		27,351
Digimarc Corp.(a)		495		15,691
Digital Turbine, Inc.(a)		4,848		214,039
DocuSign, Inc.(a)		10,789		1,356,933
Dolby Laboratories, Inc., Class A		3,556		312,395
Domo, Inc., Class B(a)		1,416		66,495
DoubleVerify Holdings, Inc.(a)		2,950		81,597
Dropbox, Inc., Class A(a)		16,773		415,132
Duck Creek Technologies, Inc.(a)		3,777		96,502
Dynatrace, Inc.(a)		10,863		595,944
E2open Parent Holdings, Inc.(a)		12,000		111,600
Ebix, Inc.		1,492		45,342
eGain Corp.(a)		724		7,479
Elastic NV(a)		4,259		397,152
Enfusion, Inc.(a)		1,551		21,419
EngageSmart, Inc.(a)		1,206		26,363
Envestnet, Inc.(a)(b)		2,907		214,944
Everbridge, Inc.(a)		2,056		105,103
EverCommerce, Inc.(a)(b)		1,361		16,359
Fair Isaac Corp.(a)		1,470		727,635
Five9, Inc.(a)		3,872		486,710
Fortinet, Inc.(a)		7,496		2,228,111
GTY Technology Holdings, Inc.(a)(b)		2,386		12,049
Guidewire Software, Inc.(a)(b)		4,631		466,990
HubSpot, Inc.(a)		2,515		1,229,332
Informatica, Inc., Class A(a)(b)		1,702		47,520
Instructure Holdings, Inc.(a)		1,199		27,697
InterDigital, Inc.		1,610		111,138
Intuit, Inc.		14,894		8,269,596
Jamf Holding Corp.(a)(b)		2,776		91,775
JFrog Ltd.(a)		2,583		69,018
LivePerson, Inc.(a)		3,328		99,407
Mandiant, Inc.(a)		12,939		195,250
Manhattan Associates, Inc.(a)		3,633		486,350
Marathon Digital Holdings, Inc.(a)(b)		4,804		113,086
McAfee Corp., Class A		4,727		121,248
MeridianLink, Inc.(a)		1,066		20,670
Microsoft Corp.		422,982		131,538,942
MicroStrategy, Inc., Class A(a)		482		177,381
Mimecast Ltd.(a)		3,475		276,992

Security	Shares		Value
Software (continued)
Mitek Systems, Inc.(a)		2,481	$	40,614
Model N, Inc.(a)		2,003		55,403
Momentive Global, Inc.(a)		7,786		133,374
N-Able, Inc.(a)(b)		1,754		19,575
nCino, Inc.(a)(b)		3,554		162,880
NCR Corp.(a)		7,189		273,613
New Relic, Inc.(a)		2,815		295,969
NortonLifeLock, Inc.		31,050		807,610
Nuance Communications, Inc.(a)		16,138		891,624
Nutanix, Inc., Class A(a)		12,188		333,220
ON24, Inc.(a)		1,991		32,772
OneSpan, Inc.(a)		1,431		22,982
Oracle Corp.		92,571		7,513,062
PagerDuty, Inc.(a)		5,312		175,402
Palantir Technologies, Inc., Class A(a)		92,953		1,274,386
Palo Alto Networks, Inc.(a)		5,340		2,762,916
Paycom Software, Inc.(a)		2,847		954,599
Paycor HCM, Inc.(a)(b)		2,274		58,988
Paylocity Holding Corp.(a)		2,241		457,119
Pegasystems, Inc.		2,249		223,146
Ping Identity Holding Corp.(a)		4,136		81,851
Procore Technologies, Inc.(a)(b)		3,407		213,142
Progress Software Corp.		2,301		104,719
PROS Holdings, Inc.(a)		2,060		57,083
PTC, Inc.(a)		6,010		698,723
Q2 Holdings, Inc.(a)		3,026		197,446
Qualys, Inc.(a)		1,958		250,898
Rapid7, Inc.(a)		3,273		315,288
Rekor Systems, Inc.(a)		2,062		9,588
Rimini Street, Inc.(a)		3,501		18,030
RingCentral, Inc., Class A(a)		4,686		827,032
Riot Blockchain, Inc.(a)(b)		4,243		67,633
SailPoint Technologies Holding, Inc.(a)		5,099		197,280
salesforce.com, Inc.(a)		52,465		12,204,933
Sapiens International Corp. NV		2,240		71,322
SecureWorks Corp., Class A(a)		607		8,953
ServiceNow, Inc.(a)		11,040		6,467,011
ShotSpotter, Inc.(a)		707		18,644
Smartsheet, Inc., Class A(a)(b)		6,990		434,918
Smith Micro Software, Inc.(a)		5,294		22,129
Splunk, Inc.(a)		8,998		1,115,032
Sprout Social, Inc., Class A(a)		2,404		165,515
SPS Commerce, Inc.(a)		1,996		247,205
SS&C Technologies Holdings, Inc.		12,665		1,011,554
Sumo Logic, Inc.(a)(b)		4,469		53,226
Synopsys, Inc.(a)		8,482		2,633,661
Telos Corp.(a)		2,269		26,525
Tenable Holdings, Inc.(a)		5,180		266,252
Teradata Corp.(a)		5,990		241,637
Trade Desk, Inc., Class A(a)(b)		24,324		1,691,491
Tyler Technologies, Inc.(a)		2,261		1,071,262
Unity Software, Inc.(a)		8,388		881,998
Upland Software, Inc.(a)		1,510		29,596
Varonis Systems, Inc.(a)		6,254		233,024
Verint Systems, Inc.(a)		3,361		172,520
Veritone, Inc.(a)		2,366		37,312
Viant Technology, Inc., Class A(a)		883		7,055
VirnetX Holding Corp.(a)		2,642		5,971
VMware, Inc., Class A		12,417		1,595,336
Vonage Holdings Corp.(a)		13,838		288,384
Workday, Inc., Class A(a)		10,619		2,686,713
Workiva, Inc.(a)		2,487		294,162
Xperi Holding Corp.		5,535		93,375

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Yext, Inc.(a)		5,854	$	47,417
Zendesk, Inc.(a)		6,711		661,101
Zoom Video Communications, Inc., Class A(a)		12,172		1,877,896
Zscaler, Inc.(a)		4,378		1,125,628
Zuora, Inc., Class A(a)		5,649		93,943
				244,856,665
Specialty Retail — 2.3%
Aaron’s Co., Inc.		1,983		41,980
Abercrombie & Fitch Co., Class A(a)		3,245		126,555
Academy Sports & Outdoors, Inc.(a)		4,216		164,002
Advance Auto Parts, Inc.		3,485		806,812
American Eagle Outfitters, Inc.		8,725		199,192
America’s Car-Mart, Inc.(a)		281		26,673
Arko Corp.(a)		8,681		71,358
Asbury Automotive Group, Inc.(a)		1,345		216,505
AutoNation, Inc.(a)		2,386		260,074
AutoZone, Inc.(a)		1,171		2,326,016
Barnes & Noble Education, Inc.(a)		2,311		13,912
Bath & Body Works, Inc.		13,894		779,037
Bed Bath & Beyond, Inc.(a)		6,401		103,952
Best Buy Co., Inc.		13,729		1,363,015
Big 5 Sporting Goods Corp.		1,094		21,541
Boot Barn Holdings, Inc.(a)		1,545		142,094
Buckle, Inc.		1,687		63,499
Burlington Stores, Inc.(a)		3,757		890,146
Caleres, Inc.		2,081		49,902
Camping World Holdings, Inc., Class A		2,185		72,542
CarLotz, Inc.(a)		3,902		7,921
CarMax, Inc.(a)		9,093		1,010,869
Carvana Co.(a)		4,363		707,068
Cato Corp., Class A		2,025		33,453
Chico’s FAS, Inc.(a)		7,580		35,702
Children’s Place, Inc.(a)		869		61,482
Citi Trends, Inc.(a)		548		26,699
Conn’s, Inc.(a)(b)		641		15,557
Container Store Group, Inc.(a)		1,057		10,781
Designer Brands, Inc., Class A(a)		3,326		43,803
Dick’s Sporting Goods, Inc.		3,454		398,592
Five Below, Inc.(a)		3,183		522,012
Floor & Decor Holdings, Inc., Class A(a)		5,834		634,272
Foot Locker, Inc.		5,084		227,153
GameStop Corp., Class A(a)(b)		3,549		386,593
Gap, Inc.		11,272		203,685
Genesco, Inc.(a)		1,043		67,096
Group 1 Automotive, Inc.		957		162,508
GrowGeneration Corp.(a)		2,856		24,105
Guess?, Inc.		1,837		42,288
Haverty Furniture Cos., Inc.		1,048		30,937
Hibbett, Inc.		1,069		65,904
Home Depot, Inc.		59,681		21,901,733
JOANN, Inc.		2,118		22,641
Kirkland’s, Inc.(a)		980		16,591
Leslie’s, Inc.(a)		7,693		160,245
Lithia Motors, Inc.		1,673		488,733
Lowe’s Cos., Inc.		38,859		9,223,184
Lumber Liquidators Holdings, Inc.(a)		1,004		14,498
MarineMax, Inc.(a)		887		41,742
Monro, Inc.		1,675		83,298
Murphy USA, Inc.		1,316		258,805
National Vision Holdings, Inc.(a)		4,693		191,850
ODP Corp.(a)		2,695		119,200

Security	Shares		Value
Specialty Retail (continued)
OneWater Marine, Inc., Class A		684	$	35,370
O’Reilly Automotive, Inc.(a)		3,722		2,425,813
Party City Holdco, Inc.(a)		5,630		26,630
Penske Automotive Group, Inc.		1,642		166,876
Petco Health & Wellness Co., Inc.(a)(b)		3,824		71,700
Rent-A-Center, Inc.		3,760		158,484
RH(a)		985		396,778
Ross Stores, Inc.		19,560		1,911,990
Sally Beauty Holdings, Inc.(a)		7,155		122,851
Shift Technologies, Inc.(a)(b)		3,114		7,131
Shoe Carnival, Inc.		744		25,415
Signet Jewelers Ltd.		2,955		254,514
Sleep Number Corp.(a)		1,237		88,445
Sonic Automotive, Inc., Class A		1,309		66,772
Sportsman’s Warehouse Holdings, Inc.(a)		1,930		21,153
Tilly’s, Inc., Class A		598		7,882
TJX Cos., Inc.		67,645		4,868,411
Tractor Supply Co.		6,325		1,380,811
TravelCenters of America, Inc.(a)		768		35,005
Ulta Beauty, Inc.(a)		2,964		1,078,125
Urban Outfitters, Inc.(a)		3,600		103,392
Victoria’s Secret & Co.(a)		4,088		228,233
Vroom, Inc.(a)		6,816		54,664
Williams-Sonoma, Inc.		4,109		659,659
Winmark Corp.		223		48,039
Zumiez, Inc.(a)		980		44,051
				59,268,001
Technology Hardware, Storage & Peripherals — 6.2%
3D Systems Corp.(a)		7,065		126,463
Apple, Inc.		866,283		151,408,943
Avid Technology, Inc.(a)		1,825		57,232
Corsair Gaming, Inc.(a)(b)		1,838		35,914
Dell Technologies, Inc., Class C(a)		15,286		868,398
Diebold Nixdorf, Inc.(a)		2,781		25,975
Eastman Kodak Co.(a)		1,722		6,767
Hewlett Packard Enterprise Co.		73,741		1,204,191
HP, Inc.		64,356		2,363,796
NetApp, Inc.		12,616		1,091,410
Pure Storage, Inc., Class A(a)		15,543		411,734
Quantum Corp.(a)		2,963		14,933
Super Micro Computer, Inc.(a)		2,842		115,158
Turtle Beach Corp.(a)		776		15,768
Western Digital Corp.(a)		17,359		898,155
Xerox Holdings Corp.		8,090		170,780
				158,815,617
Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings Ltd.(a)		8,141		489,030
Carter’s, Inc.		2,472		230,193
Columbia Sportswear Co.		2,136		198,370
Crocs, Inc.(a)		3,312		339,877
Deckers Outdoor Corp.(a)		1,543		494,115
Fossil Group, Inc.(a)		3,093		34,301
G-III Apparel Group Ltd.(a)		2,509		68,170
Hanesbrands, Inc.		19,037		306,496
Kontoor Brands, Inc.		3,157		155,609
Lululemon Athletica, Inc.(a)		6,368		2,125,384
Movado Group, Inc.		1,241		46,004
NIKE, Inc., Class B		69,472		10,286,719
Oxford Industries, Inc.		853		70,279
PLBY Group, Inc.(a)		1,732		27,521
PVH Corp.		3,945		374,814

SCHEDULE   OF  INVESTMENTS 71

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Ralph Lauren Corp.		2,653	$	294,059
Rocky Brands, Inc.		309		13,219
Skechers USA, Inc., Class A(a)		7,375		309,750
Steven Madden Ltd.		4,857		199,817
Superior Group of Cos., Inc.		916		18,714
Tapestry, Inc.		16,036		608,566
Under Armour, Inc., Class A(a)		11,440		215,415
Under Armour, Inc., Class C(a)		9,628		153,952
Unifi, Inc.(a)		322		6,121
Vera Bradley, Inc.(a)		696		5,700
VF Corp.		17,939		1,169,802
Wolverine World Wide, Inc.		4,311		114,198
				18,356,195
Thrifts & Mortgage Finance — 0.1%
Axos Financial, Inc.(a)		2,871		147,857
Blue Foundry Bancorp(a)		1,829		26,850
Bridgewater Bancshares, Inc.(a)		1,355		24,105
Capitol Federal Financial, Inc.		5,759		64,098
Columbia Financial, Inc.(a)		2,444		51,740
Essent Group Ltd.		6,252		285,341
Federal Agricultural Mortgage Corp., Class C		456		55,541
Flagstar Bancorp, Inc.		2,381		107,740
Hingham Institution for Savings		79		30,639
Home Bancorp, Inc.		190		7,382
Kearny Financial Corp.		3,052		39,493
Merchants Bancorp		607		17,694
MGIC Investment Corp.		19,546		296,708
Mr Cooper Group, Inc.(a)		3,773		151,486
New York Community Bancorp, Inc.		24,685		287,827
NMI Holdings, Inc., Class A(a)		4,380		108,361
Northfield Bancorp, Inc.		1,190		18,754
Ocwen Financial Corp.(a)		722		26,483
PCSB Financial Corp.		450		8,406
PennyMac Financial Services, Inc.		1,842		115,493
Provident Bancorp, Inc.		875		15,820
Provident Financial Services, Inc.		3,731		90,178
Radian Group, Inc.		11,088		248,260
Rocket Cos., Inc., Class A		8,388		106,024
Southern Missouri Bancorp, Inc.		347		19,189
TFS Financial Corp.		3,225		56,051
TrustCo Bank Corp.		719		24,374
UWM Holdings Corp.		6,038		31,216
Walker & Dunlop, Inc.		1,704		225,627
Washington Federal, Inc.		4,414		154,578
Waterstone Financial, Inc.		3,037		62,016
WSFS Financial Corp.		3,734		195,587
				3,100,918
Tobacco — 0.6%
22nd Century Group, Inc.(a)		7,514		16,305
Altria Group, Inc.		103,855		5,284,142
Philip Morris International, Inc.		87,349		8,983,845
Turning Point Brands, Inc.		705		24,837
Universal Corp.		1,325		72,120
Vector Group Ltd.		7,931		88,114
				14,469,363

Security	Shares		Value
Trading Companies & Distributors — 0.3%
Air Lease Corp.		6,106	$	243,080
Alta Equipment Group, Inc.(a)		1,686		22,980
Applied Industrial Technologies, Inc.		1,995		195,470
Beacon Roofing Supply, Inc.(a)		2,873		157,642
BlueLinx Holdings, Inc.(a)		482		34,530
Boise Cascade Co.		2,388		167,685
Core & Main, Inc., Class A(a)		1,912		45,984
Custom Truck One Source, Inc.(a)		2,724		22,391
DXP Enterprises, Inc.(a)		556		15,874
EVI Industries, Inc.(a)(b)		262		5,793
Fastenal Co.		32,147		1,822,092
GATX Corp.		1,891		197,515
Global Industrial Co.		1,009		35,275
GMS, Inc.(a)		2,440		124,879
H&E Equipment Services, Inc.		1,772		73,768
Herc Holdings, Inc.		1,460		234,257
Lawson Products, Inc.(a)		255		12,408
McGrath RentCorp		1,253		95,491
MRC Global, Inc.(a)		4,647		34,434
MSC Industrial Direct Co., Inc., Class A		2,382		194,466
NOW, Inc.(a)		6,770		60,185
Rush Enterprises, Inc., Class A		2,846		150,326
Rush Enterprises, Inc., Class B		399		20,245
SiteOne Landscape Supply, Inc.(a)		2,549		459,126
Textainer Group Holdings Ltd.		2,893		106,405
Titan Machinery, Inc.(a)		1,169		36,005
Transcat, Inc.(a)		348		33,029
Triton International Ltd.		3,850		232,617
United Rentals, Inc.(a)(b)		4,081		1,306,410
Univar Solutions, Inc.(a)		9,155		242,608
Veritiv Corp.(a)		789		73,440
W.W. Grainger, Inc.		2,568		1,271,442
Watsco, Inc.		1,802		509,173
WESCO International, Inc.(a)		2,504		305,213
				8,542,238
Water Utilities — 0.1%
American States Water Co.		2,002		184,644
American Water Works Co., Inc.		10,145		1,631,316
Artesian Resources Corp., Class A		493		23,762
Cadiz, Inc.(a)		459		1,290
California Water Service Group		2,801		173,914
Essential Utilities, Inc.		12,768		622,312
Global Water Resources, Inc.		881		13,532
Middlesex Water Co.		903		91,420
Pure Cycle Corp.(a)		1,623		20,807
SJW Group		1,481		101,982
York Water Co.		673		30,568
				2,895,547
Wireless Telecommunication Services — 0.1%
Gogo, Inc.(a)		4,035		50,236
Shenandoah Telecommunications Co.		2,672		60,842
Telephone & Data Systems, Inc.		5,293		104,801

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services (continued)
T-Mobile US, Inc.(a)		33,025	$	3,572,314
United States Cellular Corp.(a)		1,024		31,355
				3,819,548
Total Common Stocks — 98.8% (Cost: $1,661,893,459)				2,522,120,732
Investment Companies
Equity Funds — 0.7%
iShares Russell 3000 ETF(d)		64,910		16,953,194
Total Investment Companies — 0.7% (Cost: $16,110,491)				16,953,194
Total Long-Term Investments — 99.5% (Cost: $1,678,003,950)				2,539,073,926
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.11%(d)(e)(f)		25,119,720		25,127,256
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.01%(d)(e)		12,921,366		12,921,366
Total Short-Term Securities — 1.5% (Cost: $38,048,622)				38,048,622
Total Investments — 101.0% (Cost: $1,716,052,572)				2,577,122,548
Liabilities in Excess of Other Assets — (1.0)%				(25,651,530	)
Net Assets — 100.0%			$	2,551,471,018

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

																						Capital Gain
												Change in										Distributions
									Net			Unrealized					Shares					from
	Value at		Purchases			Proceeds			Realized			Appreciation			Value at		Held at					Underlying
Affiliated Issuer	07/31/21		at Cost			from Sales			Gain (Loss)			(Depreciation)			01/31/22		01/31/22		Income			Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,776,918	$	—		$	(3,642,555	)(a)	$	1,021		$	(8,128	)	$	25,127,256		25,119,720	$	61,337	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		12,326,350		595,016	(a)		—			—			—			12,921,366		12,921,366		512			—
BlackRock, Inc.		6,385,840		757,682			(160,704	)		(7,549	)		(367,884	)		6,607,385		8,029		64,564			—
iShares Russell 3000 ETF		17,801,070		82,539,004			(84,736,677	)		3,620,200			(2,270,403	)		16,953,194		64,910		100,972			—
									$	3,613,672		$	(2,646,415	)	$	61,609,201			$	227,385		$	—

^(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 73

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares Total U.S. Stock Market Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		15		03/18/22	$	1,518	$	(146,514	)
S&P 500 E-Mini Index		45		03/18/22		10,135		(393,023	)
							$	(539,537	)

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)	$	—	$	—	$	539,537		$	—	$	—	$	—	$	539,537
(a) Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). For the period ended January 31, 2022, 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	$	—	$	—	$	295,402		$	—	$	—	$	—	$	295,402
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(648,792	)	$	—	$	—	$	—	$	(648,792	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	17,489,159

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	35,074,697	$	—	$	—	$	35,074,697
Air Freight & Logistics		14,381,781		—		—		14,381,781
Airlines		5,567,874		—		—		5,567,874
Auto Components		5,935,605		—		—		5,935,605

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

Schedule of Investments (unaudited) (continued) January 31, 2022 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)
Automobiles	$	52,468,028	$	—	$	—	$	52,468,028
Banks		111,945,698		—		—		111,945,698
Beverages		34,298,736		—		—		34,298,736
Biotechnology		57,805,496		—		1,200		57,806,696
Building Products		16,068,873		—		—		16,068,873
Capital Markets		78,416,965		—		—		78,416,965
Chemicals		34,575,644		—		—		34,575,644
Commercial Services & Supplies		12,815,749		—		—		12,815,749
Communications Equipment		20,881,650		—		—		20,881,650
Construction & Engineering		4,173,593		—		—		4,173,593
Construction Materials		3,373,772		—		—		3,373,772
Consumer Finance		16,331,786		—		—		16,331,786
Containers & Packaging		9,815,882		—		—		9,815,882
Distributors		2,955,304		—		—		2,955,304
Diversified Consumer Services		3,191,733		—		—		3,191,733
Diversified Financial Services		34,988,270		—		—		34,988,270
Diversified Telecommunication Services		24,207,416		—		—		24,207,416
Electric Utilities		37,747,075		—		—		37,747,075
Electrical Equipment		16,682,914		—		—		16,682,914
Electronic Equipment, Instruments & Components		18,328,039		—		—		18,328,039
Energy Equipment & Services		7,577,113		—		—		7,577,113
Entertainment		37,574,114		—		—		37,574,114
Equity Real Estate Investment Trusts (REITs)		83,875,729		—		—		83,875,729
Food & Staples Retailing		32,614,994		—		—		32,614,994
Food Products		24,841,986		—		—		24,841,986
Gas Utilities		3,031,364		—		—		3,031,364
Health Care Equipment & Supplies		68,902,102		—		—		68,902,102
Health Care Providers & Services		66,975,303		—		—		66,975,303
Health Care Technology		6,127,190		—		—		6,127,190
Hotels, Restaurants & Leisure		50,728,925		—		—		50,728,925
Household Durables		11,936,443		—		—		11,936,443
Household Products		31,445,286		—		—		31,445,286
Independent Power and Renewable Electricity Producers		2,156,456		—		—		2,156,456
Industrial Conglomerates		21,714,693		—		—		21,714,693
Insurance		52,635,980		—		—		52,635,980
Interactive Media & Services		136,080,303		—		—		136,080,303
Internet & Direct Marketing Retail		78,632,872		—		—		78,632,872
IT Services		119,695,413		—		—		119,695,413
Leisure Products		3,381,247		—		—		3,381,247
Life Sciences Tools & Services		44,356,554		—		—		44,356,554
Machinery		45,114,864		—		—		45,114,864
Marine		602,181		—		—		602,181
Media		27,878,026		—		—		27,878,026
Metals & Mining		12,425,853		30,094		—		12,455,947
Mortgage Real Estate Investment Trusts (REITs)		3,714,901		—		—		3,714,901
Multiline Retail		11,726,599		—		—		11,726,599
Multi-Utilities		17,622,368		—		—		17,622,368
Oil, Gas & Consumable Fuels		76,177,870		—		—		76,177,870
Paper & Forest Products		606,017		—		—		606,017
Personal Products		5,371,371		—		—		5,371,371
Pharmaceuticals		85,578,372		—		—		85,578,372
Professional Services		16,194,183		—		—		16,194,183
Real Estate Management & Development		4,804,929		—		—		4,804,929
Road & Rail		26,656,788		—		—		26,656,788
Semiconductors & Semiconductor Equipment		137,174,377		—		—		137,174,377
Software		244,856,665		—		—		244,856,665
Specialty Retail		59,268,001		—		—		59,268,001
Technology Hardware, Storage & Peripherals		158,815,617		—		—		158,815,617
Textiles, Apparel & Luxury Goods		18,356,195		—		—		18,356,195
Thrifts & Mortgage Finance		3,100,918		—		—		3,100,918
Tobacco		14,469,363		—		—		14,469,363
Trading Companies & Distributors		8,542,238		—		—		8,542,238
Water Utilities		2,895,547		—		—		2,895,547

SCHEDULE   OF  INVESTMENTS 75

Schedule of Investments (unaudited) (continued) January 31, 2022 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)
Wireless Telecommunication Services	$	3,819,548		$	—	$	—	$	3,819,548
Investment Companies		16,953,194			—		—		16,953,194
Short-Term Securities
Money Market Funds		38,048,622			—		—		38,048,622
	$	2,577,091,254		$	30,094	$	1,200	$	2,577,122,548
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(539,537	)	$	—	$	—	$	(539,537	)

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

January 31, 2022

	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)		$	1,763,818,810	$	470,919,078	$	2,515,513,347
Investments, at value — affiliated(c)			50,078,491		29,512,972		61,609,201
Cash pledged for futures contracts			556,000		123,000		575,000
Receivables:
Investments sold			426,399		240,823		177,654
Securities lending income — affiliated			4,848		10,380		9,234
Capital shares sold			5,732,631		542,447		1,921,322
Dividends — unaffiliated			598,724		126,053		1,611,817
Dividends — affiliated			70		13		56
Variation margin on futures contracts			660,626		55,099		226,338
Prepaid expenses			42,440		39,760		76,456
Other assets			152,000		—		—
Total assets			1,822,071,039		501,569,625		2,581,720,425
LIABILITIES
Collateral on securities loaned			21,370,599		25,723,635		25,132,649
Payables:
Investments purchased			3,465,111		—		3,265,439
Accounting services fees			3,798		3,798		3,798
Capital shares redeemed			15,041,954		878,388		1,580,672
Custodian fees			32,279		17,986		14,415
Investment advisory fees			29,821		2,472		21,321
Trustees’ and Officer’s fees			3,136		2,953		2,744
Recoupment of past waived fees			24,995		—		91,428
Other accrued expenses			17,050		13,970		18,902
Professional fees			42,695		72,574		28,810
Service fees			29,786		22,245		35,905
Transfer agent fees			140,771		27,595		53,324
Total liabilities			40,201,995		26,765,616		30,249,407
NET ASSETS		$	1,781,869,044	$	474,804,009	$	2,551,471,018
NET ASSETS CONSIST OF
Paid-in capital		$	1,223,498,263	$	389,290,316	$	1,709,529,215
Accumulated earnings			558,370,781		85,513,693		841,941,803
NET ASSETS		$	1,781,869,044	$	474,804,009	$	2,551,471,018
(a) Investments, at cost — unaffiliated		$	1,170,827,395	$	372,163,694	$	1,657,653,662
(b) Securities loaned, at value		$	22,329,918	$	26,603,181	$	26,003,772
(c)  Investments, at cost — affiliated		$	50,272,372	$	29,382,555	$	58,398,910

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

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2022

		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	$	201,775,038		$	163,973,528	$	137,338,313
Shares outstanding		14,485,605			10,492,481		6,566,160
Net asset value	$	13.93		$	15.63	$	20.92
Shares authorized		Unlimited			Unlimited		Unlimited
Par value	$	0.001		$	0.001	$	0.001
Investor A
Net assets	$	140,818,186		$	101,029,083	$	167,948,567
Shares outstanding		10,152,196			6,476,711		8,040,034
Net asset value	$	13.87		$	15.60	$	20.89
Shares authorized		Unlimited			Unlimited		Unlimited
Par value	$	0.001		$	0.001	$	0.001
Class K
Net assets	$	1,439,275,820		$	209,801,398	$	2,246,184,138
Shares outstanding		103,109,694			13,424,636		107,387,552
Net asset value	$	13.96		$	15.63	$	20.92
Shares authorized		Unlimited	��		Unlimited		Unlimited
Par value	$	0.001		$	0.001	$	0.001

See notes to financial statements.

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

Statements of Operations (unaudited)

Six Months Ended January 31, 2022

	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	$	12,204,389		$	3,486,161		$	17,009,640
Dividends — affiliated		111,945			20,866			168,707
Securities lending income — affiliated — net		40,134			72,106			58,678
Foreign taxes withheld		(3,536	)		(2,942	)		(4,730	)
Total investment income		12,352,932			3,576,191			17,232,295
EXPENSES
Investment advisory		182,284			76,144			130,582
Service — class specific		179,184			132,660			214,455
Transfer agent — class specific		153,580			62,339			72,910
Professional		55,325			53,094			51,014
Registration		42,299			36,960			40,975
Custodian		11,606			29,494			40,102
Trustees and Officer		6,283			4,689			7,010
Accounting services		4,550			4,550			4,550
Recoupment of past waived and/or reimbursed fees — class specific		2,586			—			2,329
Recoupment of past waived and/or reimbursed fees		—			—			70,664
Miscellaneous		27,928			22,207			28,416
Total expenses		665,625			422,137			663,007
Less:
Fees waived and/or reimbursed by the Manager		(5,382	)		(49,412	)		(6,509	)
Transfer agent fees waived and/or reimbursed — class specific		—			(2,700	)		—
Total expenses after fees waived and/or reimbursed		660,243			370,025			656,498
Net investment income		11,692,689			3,206,166			16,575,797
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		8,211,428			1,854,420			1,390,934
Investments — affiliated		416,910			(315,787	)		3,613,672
Futures contracts		649,840			(31,497	)		295,402
		9,278,178			1,507,136			5,300,008
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(78,432,364	)		(34,830,161	)		6,192,167
Investments — affiliated		(1,408,876	)		(186,376	)		(2,646,415	)
Futures contracts		(382,409	)		(123,428	)		(648,792	)
		(80,223,649	)		(35,139,965	)		2,896,960
Net realized and unrealized gain (loss)		(70,945,471	)		(33,632,829	)		8,196,968
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(59,252,782	)	$	(30,426,663	)	$	24,772,765

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

Statements of Changes in Net Assets

	iShares Russell Mid-Cap Index Fund						iShares Russell Small/Mid-Cap Index Fund
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	11,692,689		$	16,991,431		$	3,206,166		$	3,898,640
Net realized gain		9,278,178			63,048,650			1,507,136			16,445,631
Net change in unrealized appreciation (depreciation)		(80,223,649	)		424,271,970			(35,139,965	)		113,400,348
Net increase (decrease) in net assets resulting from operations		(59,252,782	)		504,312,051			(30,426,663	)		133,744,619
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(7,589,621	)		(5,368,839	)		(7,963,286	)		(4,029,472	)
Investor A		(5,200,125	)		(2,605,085	)		(4,481,622	)		(3,084,611	)
Class K		(53,941,793	)		(29,765,293	)		(9,508,370	)		(8,226,939	)
Decrease in net assets resulting from distributions to shareholders		(66,731,539	)		(37,739,217	)		(21,953,278	)		(15,341,022	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		179,808,741			60,316,126			50,902,908			100,862,863
NET ASSETS
Total increase (decrease) in net assets		53,824,420			526,888,960			(1,477,033	)		219,266,460
Beginning of period		1,728,044,624			1,201,155,664			476,281,042			257,014,582
End of period	$	1,781,869,044		$	1,728,044,624		$	474,804,009		$	476,281,042

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares Total U.S. Stock Market Index Fund
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	16,575,797		$	22,547,107
Net realized gain		5,300,008			6,613,238
Net change in unrealized appreciation (depreciation)		2,896,960			506,176,330
Net increase in net assets resulting from operations		24,772,765			535,336,675
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(1,781,265	)		(1,417,049	)
Investor A		(1,768,655	)		(1,498,740	)
Class K		(27,078,169	)		(19,697,165	)
Decrease in net assets resulting from distributions to shareholders		(30,628,089	)		(22,612,954	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		197,551,385			605,004,464
NET ASSETS
Total increase in net assets		191,696,061			1,117,728,185
Beginning of period		2,359,774,957			1,242,046,772
End of period	$	2,551,471,018		$	2,359,774,957

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

See notes to financial statements.

FINANCIAL   STATEMENTS 81

Financial Highlights

(For a share outstanding throughout each period)

		iShares Russell Mid-Cap Index Fund
		Institutional
		Six Months Ended
		01/31/22				Year Ended July 31,
			(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period			$	14.91		$	10.75		$	10.98		$	10.70		$	11.26		$	10.22
Net investment income(a)				0.10			0.15			0.19			0.17			0.16			0.16
Net realized and unrealized gain (loss)				(0.53	)		4.35			0.02			0.50			1.22			1.14
Net increase (decrease) from investment operations				(0.43	)		4.50			0.21			0.67			1.38			1.30
Distributions(b)
From net investment income				(0.10	)		(0.15	)		(0.17	)		(0.17	)		(0.18	)		(0.23	)
From net realized gain				(0.45	)		(0.19	)		(0.27	)		(0.22	)		(1.76	)		(0.03	)
Total distributions				(0.55	)		(0.34	)		(0.44	)		(0.39	)		(1.94	)		(0.26	)
Net asset value, end of period			$	13.93		$	14.91		$	10.75		$	10.98		$	10.70		$	11.26
Total Return(c)
Based on net asset value				(3.06	)%(d)		42.43	%		1.96	%		6.76	%		13.29	%(e)		12.91	%
Ratios to Average Net Assets(f)
Total expenses(g)				0.08	%(h)		0.09	%		0.10	%		0.12	%		0.13	%		0.23	%
Total expenses after fees waived and/or reimbursed				0.08	%(h)		0.09	%		0.10	%		0.12	%		0.11	%		0.12	%
Net investment income				1.27	%(h)		1.18	%		1.77	%		1.66	%		1.46	%		1.52	%
Supplemental Data
Net assets, end of period (000)			$	201,775		$	195,340		$	170,550		$	244,272		$	174,840		$	366,684
Portfolio turnover rate				7	%		24	%		26	%		25	%		75	%		41	%
(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
		Six Months Ended
		01/31/22				Year Ended July 31,
			(unaudited)			2021			2020			2019			2018			2017
	Expense ratios			N/A			N/A			0.09	%		0.05	%		0.09	%		0.20	%

^(h) Annualized.

See notes to financial statements.

82 2 0 2 2  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
			01/31/22			Year Ended July 31,
			(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period			$	14.85		$	10.71		$	10.93		$	10.66		$	11.24		$	10.20
Net investment income(a)				0.08			0.11			0.15			0.17			0.12			0.13
Net realized and unrealized gain (loss)				(0.53	)		4.34			0.04			0.47			1.22			1.16
Net increase (decrease) from investment operations				(0.45	)		4.45			0.19			0.64			1.34			1.29
Distributions(b)
From net investment income				(0.08	)		(0.12	)		(0.14	)		(0.15	)		(0.16	)		(0.22	)
From net realized gain				(0.45	)		(0.19	)		(0.27	)		(0.22	)		(1.76	)		(0.03	)
Total distributions				(0.53	)		(0.31	)		(0.41	)		(0.37	)		(1.92	)		(0.25	)
Net asset value, end of period			$	13.87		$	14.85		$	10.71		$	10.93		$	10.66		$	11.24
Total Return(c)
Based on net asset value				(3.20	)%(d)		42.05	%		1.80	%		6.43	%		12.96	%(e)		12.78	%
Ratios to Average Net Assets(f)
Total expenses(g)				0.35	%(h)		0.36	%		0.36	%		0.34	%		0.35	%		0.34	%
Total expenses after fees waived and/or reimbursed				0.35	%(h)		0.36	%		0.35	%		0.33	%		0.34	%		0.33	%
Net investment income				1.01	%(h)		0.87	%		1.48	%		1.64	%		1.11	%		1.17	%
Supplemental Data
Net assets, end of period (000)			$	140,818		$	136,579		$	93,113		$	105,914		$	203,933		$	46,135
Portfolio turnover rate				7	%		24	%		26	%		25	%		75	%		41	%
(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
		Six Months Ended 01/31/22				Year Ended July 31,
			(unaudited)			2021			2020			2019			2018			2017
	Expense ratios			0.35	%		0.36	%		0.35	%		0.33	%		0.35	%		0.34	%

^(h)  Annualized.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 83

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Russell Mid-Cap Index Fund (continued)
		Class K
		Six Months Ended
				01/31/22			Year Ended July 31,
				(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period				$	14.94		$	10.77		$	11.00		$	10.72		$	11.28		$	10.23
Net investment income(a)					0.10			0.15			0.18			0.17			0.13			0.18
Net realized and unrealized gain (loss)					(0.53	)		4.37			0.03			0.51			1.25			1.13
Net increase (decrease) from investment operations					(0.43	)		4.52			0.21			0.68			1.38			1.31
Distributions(b)
From net investment income					(0.10	)		(0.16	)		(0.17	)		(0.18	)		(0.18	)		(0.23	)
From net realized gain					(0.45	)		(0.19	)		(0.27	)		(0.22	)		(1.76	)		(0.03	)
Total distributions					(0.55	)		(0.35	)		(0.44	)		(0.40	)		(1.94	)		(0.26	)
Net asset value, end of period.				$	13.96		$	14.94		$	10.77		$	11.00		$	10.72		$	11.28
Total Return(c)
Based on net asset value					(3.03	)%(d)		42.50	%		2.00	%		6.81	%		13.32	%(e)		13.02	%
Ratios to Average Net Assets(f)
Total expenses(g)					0.04	%(h)		0.06	%		0.08	%		0.07	%		0.09	%		0.08	%
Total expenses after fees waived and/or reimbursed					0.04	%(h)		0.06	%		0.07	%		0.07	%		0.07	%		0.06	%
Net investment income					1.31	%(h)		1.18	%		1.73	%		1.67	%		1.25	%		1.67	%
Supplemental Data
Net assets, end of period (000)				$	1,439,276		$	1,396,125		$	937,493		$	783,361		$	410,593		$	229,763
Portfolio turnover rate					7	%		24	%		26	%		25	%		75	%		41	%
(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
		Six Months Ended
		01/31/22					Year Ended July 31,
			(unaudited)					2021			2020			2019			2018			2017
	Expense ratios				0.04	%		0.05	%		0.07	%		0.06	%		0.08	%		0.07	%

^(h)  Annualized.

See notes to financial statements.

84 2 0 2 2  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
			01/31/22			Year Ended July 31,
		(unaudited)				2021			2020			2019			2018			2017
Net asset value, beginning of period			$	17.32		$	12.17		$	12.72		$	13.20		$	11.58		$	10.22
Net investment income(a)				0.11			0.16			0.13			0.18			0.15			0.15
Net realized and unrealized gain (loss)				(1.05	)		5.66			(0.35	)		(0.16	)		1.82			1.38
Net increase (decrease) from investment operations				(0.94	)		5.82			(0.22	)		0.02			1.97			1.53
Distributions(b)
From net investment income				(0.12	)		(0.18	)		(0.16	)		(0.20	)		(0.17	)		(0.15	)
From net realized gain				(0.63	)		(0.49	)		(0.17	)		(0.30	)		(0.18	)		(0.02	)
Total distributions				(0.75	)		(0.67	)		(0.33	)		(0.50	)		(0.35	)		(0.17	)
Net asset value, end of period			$	15.63		$	17.32		$	12.17		$	12.72		$	13.20		$	11.58
Total Return(c)
Based on net asset value				(5.72	)%(d)		48.81	%		(1.68	)%		0.58	%		17.27	%(e)		15.02	%
Ratios to Average Net Assets(f)
Total expenses(g)				0.14	%(h)		0.16	%		0.21	%		0.24	%		0.28	%		0.74	%
Total expenses after fees waived and/or reimbursed				0.12	%(h)		0.12	%		0.12	%		0.12	%		0.12	%		0.11	%
Net investment income				1.29	%(h)		1.02	%		1.14	%		1.48	%		1.21	%		1.31	%
Supplemental Data
Net assets, end of period (000)			$	163,974		$	161,409		$	58,680		$	12,239		$	14,431		$	3,939
Portfolio turnover rate				16	%		43	%		29	%		27	%		54	%		48	%
(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
		Six Months Ended
			01/31/22			Year Ended July 31,
		(unaudited)					2021			2020			2019			2018			2017
	Expense ratios			N/A			N/A			0.21	%		0.24	%		0.28	%		0.74	%

^(h)  Annualized.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 85

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Russell Small/Mid-Cap Index Fund (continued)
		Investor A
		Six Months Ended
			01/31/22			Year Ended July 31,
			(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period.			$	17.29		$	12.15		$	12.70		$	13.18		$	11.56		$	10.21
Net investment income(a)				0.09			0.13			0.13			0.15			0.14			0.13
Net realized and unrealized gain (loss)				(1.05	)		5.65			(0.37	)		(0.16	)		1.80			1.37
Net increase (decrease) from investment operations				(0.96	)		5.78			(0.24	)		(0.01	)		1.94			1.50
Distributions(b)
From net investment income				(0.10	)		(0.15	)		(0.14	)		(0.17	)		(0.14	)		(0.13	)
From net realized gain				(0.63	)		(0.49	)		(0.17	)		(0.30	)		(0.18	)		(0.02	)
Total distributions				(0.73	)		(0.64	)		(0.31	)		(0.47	)		(0.32	)		(0.15	)
Net asset value, end of period			$	15.60		$	17.29		$	12.15		$	12.70		$	13.18		$	11.56
Total Return(c)
Based on net asset value				(5.84	)%(d)		48.49	%		(1.90	)%		0.35	%		17.03	%(e)		14.71	%
Ratios to Average Net Assets(f)
Total expenses(g)				0.37	%(h)		0.38	%		0.44	%		0.45	%		0.51	%		0.74	%
Total expenses after fees waived and/or reimbursed				0.35	%(h)		0.34	%		0.35	%		0.35	%		0.35	%		0.33	%
Net investment income				1.06	%(h)		0.83	%		1.13	%		1.25	%		1.10	%		1.22	%
Supplemental Data
Net assets, end of period (000)			$	101,029		$	101,139		$	55,522		$	30,250		$	25,073		$	21,358
Portfolio turnover rate				16	%		43	%		29	%		27	%		54	%		48	%
(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
		Six Months Ended
			01/31/22			Year Ended July 31,
				(unaudited	)		2021			2020			2019			2018			2017
	Expense ratios			N/A			N/A			0.44	%		0.45	%		0.51	%		0.74	%

^(h) Annualized.

See notes to financial statements.

86 2 0 2 2  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
		01/31/22				Year Ended July 31,
		(unaudited)				2021			2020			2019			2018			2017
Net asset value, beginning of period			$	17.32		$	12.17		$	12.72		$	13.20		$	11.58		$	10.22
Net investment income(a)				0.12			0.18			0.19			0.19			0.17			0.16
Net realized and unrealized gain (loss)				(1.05	)		5.65			(0.40	)		(0.16	)		1.80			1.37
Net increase (decrease) from investment operations				(0.93	)		5.83			(0.21	)		0.03			1.97			1.53
Distributions(b)
From net investment income				(0.13	)		(0.19	)		(0.17	)		(0.21	)		(0.17	)		(0.15	)
From net realized gain				(0.63	)		(0.49	)		(0.17	)		(0.30	)		(0.18	)		(0.02	)
Total distributions				(0.76	)		(0.68	)		(0.34	)		(0.51	)		(0.35	)		(0.17	)
Net asset value, end of period			$	15.63		$	17.32		$	12.17		$	12.72		$	13.20		$	11.58
Total Return(c)
Based on net asset value				(5.70	)%(d)		48.88	%		(1.64	)%		0.63	%		17.32	%(e)		15.04	%
Ratios to Average Net Assets(f)
Total expenses(g)				0.09	%(h)		0.11	%		0.16	%		0.17	%		0.23	%		0.47	%
Total expenses after fees waived and/or reimbursed				0.07	%(h)		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%
Net investment income				1.34	%(h)		1.15	%		1.55	%		1.53	%		1.37	%		1.47	%
Supplemental Data
Net assets, end of period (000)			$	209,801		$	213,734		$	142,813		$	154,242		$	87,011		$	64,118
Portfolio turnover rate				16	%		43	%		29	%		27	%		54	%		48	%
(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
		Six Months Ended
		01/31/22				Year Ended July 31,
				(unaudited	)		2021			2020			2019			2018			2017
	Expense ratios			N/A			N/A			0.16	%		0.17	%		0.23	%		0.47	%

^(h) Annualized.

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
		Institutional
		Six Months Ended
			01/31/22			Year Ended July 31,
			(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period			$	20.96		$	15.31		$	14.13		$	13.52		$	11.89		$	10.44
Net investment income(a)				0.14			0.24			0.25			0.25			0.22			0.21
Net realized and unrealized gain				0.06			5.65			1.24			0.67			1.69			1.44
Net increase from investment operations				0.20			5.89			1.49			0.92			1.91			1.65
Distributions(b)
From net investment income				(0.14	)		(0.23	)		(0.27	)		(0.26	)		(0.22	)		(0.19	)
From net realized gain				(0.10	)		(0.01	)		(0.04	)		(0.05	)		(0.06	)		(0.01	)
Total distributions				(0.24	)		(0.24	)		(0.31	)		(0.31	)		(0.28	)		(0.20	)
Net asset value, end of period			$	20.92		$	20.96		$	15.31		$	14.13		$	13.52		$	11.89
Total Return(c)
Based on net asset value				0.95	%(d)		38.73	%		10.79	%		7.01	%		16.21	%(e)		16.03	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)				0.08	%(h)		0.08	%		0.09	%		0.09	%		0.11	%		0.08	%
Total expenses after fees waived and/or reimbursed				0.08	%(h)		0.08	%		0.08	%		0.08	%		0.08	%		0.05	%
Net investment income				1.25	%(h)		1.32	%		1.79	%		1.87	%		1.69	%		1.87	%
Supplemental Data
Net assets, end of period (000)			$	137,338		$	155,378		$	84,117		$	88,223		$	83,121		$	27,221
Portfolio turnover rate				6	%		16	%		15	%		19	%		14	%		11	%
(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
		Six Months Ended
			01/31/22			Year Ended July 31,
				(unaudited	)		2021			2020			2019			2018			2017
	Expense ratios			0.07	%		0.08	%		0.09	%		0.09	%		0.11	%		0.08	%

^(h) Annualized.

See notes to financial statements.

88 2 0 2 2  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
			01/31/22			Year Ended July 31,
		(unaudited)				2021			2020			2019			2018			2017
Net asset value, beginning of period			$	20.93		$	15.29		$	14.11		$	13.50		$	11.88		$	10.44
Net investment income(a)				0.11			0.20			0.22			0.22			0.19			0.18
Net realized and unrealized gain				0.07			5.64			1.24			0.67			1.68			1.44
Net increase from investment operations				0.18			5.84			1.46			0.89			1.87			1.62
Distributions(b)
From net investment income				(0.12	)		(0.19	)		(0.24	)		(0.23	)		(0.19	)		(0.17	)
From net realized gain				(0.10	)		(0.01	)		(0.04	)		(0.05	)		(0.06	)		(0.01	)
Total distributions				(0.22	)		(0.20	)		(0.28	)		(0.28	)		(0.25	)		(0.18	)
Net asset value, end of period			$	20.89		$	20.93		$	15.29		$	14.11		$	13.50		$	11.88
Total Return(c)
Based on net asset value				0.84	%(d)		38.42	%		10.56	%		6.77	%		15.87	%(e)		15.71	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)				0.30	%(h)		0.30	%		0.31	%		0.32	%		0.34	%		0.33	%
Total expenses after fees waived and/or reimbursed				0.30	%(h)		0.30	%		0.30	%		0.31	%		0.31	%		0.29	%
Net investment income				1.02	%(h)		1.11	%		1.56	%		1.64	%		1.51	%		1.63	%
Supplemental Data
Net assets, end of period (000)			$	167,949		$	166,601		$	114,362		$	84,192		$	72,794		$	61,048
Portfolio turnover rate				6	%		16	%		15	%		19	%		14	%		11	%
(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
		Six Months Ended
			01/31/22			Year Ended July 31,
		(unaudited)					2021			2020			2019			2018			2017
	Expense ratios			0.30	%		0.30	%		0.31	%		0.32	%		0.34	%		0.32	%

^(h) Annualized.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 89

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Total U.S. Stock Market Index Fund (continued)
		Class K
		Six Months Ended
			01/31/22			Year Ended July 31,
		(unaudited)				2021			2020			2019			2018			2017
Net asset value, beginning of period			$	20.96		$	15.31		$	14.13		$	13.52		$	11.89		$	10.44
Net investment income(a)				0.14			0.25			0.26			0.26			0.23			0.22
Net realized and unrealized gain				0.07			5.64			1.24			0.66			1.69			1.44
Net increase from investment operations				0.21			5.89			1.50			0.92			1.92			1.66
Distributions(b)
From net investment income				(0.15	)		(0.23	)		(0.28	)		(0.26	)		(0.23	)		(0.20	)
From net realized gain				(0.10	)		(0.01	)		(0.04	)		(0.05	)		(0.06	)		(0.01	)
Total distributions				(0.25	)		(0.24	)		(0.32	)		(0.31	)		(0.29	)		(0.21	)
Net asset value, end of period			$	20.92		$	20.96		$	15.31		$	14.13		$	13.52		$	11.89
Total Return(c)
Based on net asset value				0.98	%(d)		38.79	%		10.84	%		7.06	%		16.26	%(e)		16.05	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)				0.03	%(h)		0.03	%		0.04	%		0.04	%		0.06	%		0.06	%
Total expenses after fees waived and/or reimbursed				0.03	%(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income				1.29	%(h)		1.35	%		1.84	%		1.91	%		1.79	%		1.95	%
Supplemental Data
Net assets, end of period (000)			$	2,246,184		$	2,037,797		$	1,043,568		$	916,638		$	761,815		$	599,599
Portfolio turnover rate				6	%		16	%		15	%		19	%		14	%		11	%
(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
		Six Months Ended
			01/31/22			Year Ended July 31,
		(unaudited)					2021			2020			2019			2018			2017
	Expense ratios.			0.02	%		0.03	%		0.04	%		0.04	%		0.06	%		0.06	%

^(h)  Annualized.

See notes to financial statements.

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

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 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 open-end 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 dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. 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 Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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 investments 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.

NOTES   TO   FINANCIAL   STATEMENTS 91

Notes to Financial Statements (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. 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.

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

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

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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.
Cost approach	(i)	audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
	(ii)	changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
	(iii)	relevant news and other public sources; and
	(iv)	known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

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

92 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

4. SECURITIES AND OTHER INVESTMENTS

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of 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		Cash Collateral Received	(a)		Non-Cash Collateral Received at Fair Value	(a)		Net Amount	(b)
Mid-Cap Index
Barclays Capital, Inc.	$	928,092	$	(909,706	)	$	—		$	18,386
BofA Securities, Inc.		661,336		(617,450	)		—			43,886
Citadel Clearing LLC		2,108		(2,013	)		—			95
Citigroup Global Markets, Inc.		5,553,973		(5,317,959	)		—			236,014
Credit Suisse Securities (USA) LLC		8,060		(7,344	)		—			716
HSBC Bank PLC		398,992		(398,992	)		—			—
J.P. Morgan Securities LLC		566,764		(522,846	)		—			43,918
Morgan Stanley		7,908,380		(7,490,256	)		—			418,124

NOTES   TO   FINANCIAL   STATEMENTS 93

Notes to Financial Statements (unaudited) (continued)

Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received at Fair Value	(a)		Net Amount	(b)
Mid-Cap Index (continued)
National Financial Services LLC.	$	684,302	$	(662,656	)	$	—		$	21,646
Scotia Capital (USA), Inc.		82,300		(82,300	)		—			—
SG Americas Securities LLC		634,232		(627,722	)		—			6,510
State Street Bank & Trust Co.		618,974		(571,228	)		—			47,746
UBS Securities LLC		3,416,773		(3,333,312	)		—			83,461
Virtu Americas LLC		860,729		(814,277	)		—			46,452
Wells Fargo Securities LLC		4,903		(4,696	)		—			207
	$	22,329,918	$	(21,362,757	)	$	—		$	967,161
Small/Mid-Cap Index
BNP Paribas SA	$	269,213	$	(263,136	)	$	—		$	6,077
BofA Securities, Inc.		2,494,573		(2,378,491	)		—			116,082
Citigroup Global Markets, Inc.		406,672		(384,758	)		—			21,914
Credit Suisse Securities (USA) LLC		963,028		(918,097	)		—			44,931
Goldman Sachs & Co. LLC		5,675,925		(5,498,256	)		—			177,669
HSBC Bank PLC		82,542		(79,854	)		—			2,688
ING Financial Markets LLC		38,416		(37,806	)		—			610
J.P. Morgan Securities LLC		5,135,571		(4,963,065	)		—			172,506
Jefferies LLC		100,161		(98,216	)		—			1,945
Morgan Stanley		6,150,037		(5,915,217	)		—			234,820
National Financial Services LLC		398,298		(386,380	)		—			11,918
Scotia Capital (USA), Inc.		406,811		(403,815	)		—			2,996
SG Americas Securities LLC		1,372,776		(1,363,468	)		—			9,308
State Street Bank & Trust Co.		983,375		(968,157	)		—			15,218
Toronto Dominion Bank		705,611		(694,419	)		—			11,192
UBS AG		368,201		(346,948	)		—			21,253
UBS Securities LLC		461,152		(445,139	)		—			16,013
Wells Fargo Bank N.A		116,920		(115,563	)		—			1,357
Wells Fargo Securities LLC		473,899		(457,198	)		—			16,701
	$	26,603,181	$	(25,717,983	)	$	—		$	885,198
Total U.S. Stock Market Index
BNP Paribas SA	$	113,148	$	(111,315	)	$	—		$	1,833
BofA Securities, Inc.		4,177,931		(4,059,073	)		—			118,858
Citadel Clearing LLC		1,925		(1,837	)		—			88
Citigroup Global Markets, Inc.		1,078,128		(1,033,103	)		—			45,025
Credit Suisse Securities (USA) LLC		133,313		(123,548	)		—			9,765
Goldman Sachs & Co. LLC		5,189,863		(4,920,401	)		—			269,462
HSBC Bank PLC		108,232		(108,232	)		—			—
J.P. Morgan Securities LLC		4,139,856		(4,056,920	)		—			82,936
Morgan Stanley		3,276,216		(3,070,677	)		—			205,539
National Financial Services LLC		878,524		(843,180	)		—			35,344
Scotia Capital (USA), Inc.		635,826		(612,731	)		—			23,095
SG Americas Securities LLC		519,009		(511,083	)		—			7,926
State Street Bank & Trust Co.		478,857		(464,646	)		—			14,211
Toronto Dominion Bank		326,490		(316,688	)		—			9,802
UBS AG		1,906,081		(1,906,081	)		—			—
UBS Securities LLC		571,527		(543,296	)		—			28,231
Virtu Americas LLC		573,389		(528,487	)		—			44,902
Wells Fargo Bank N.A.		1,152,894		(1,152,894	)		—			—
Wells Fargo Securities LLC		742,563		(702,082	)		—			40,481
	$	26,003,772	$	(25,066,274	)	$	—		$	937,498

^(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 Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of January 31, 2022. Additional collateral is delivered to each Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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

94 2 0 2 2  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 over-the-counter (“OTC”).

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

Service Fees: The Trust, on behalf of 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
Investor A		0.25	%

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

For the six months ended January 31, 2022, 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	$	179,184
Small/Mid-Cap Index		132,660
Total U.S. Stock Market Index		214,455

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, 2022, the Funds did not pay any amounts to affiliates in return for these services.

NOTES   TO   FINANCIAL   STATEMENTS 95

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, 2022, 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	$	305	$	1,607	$	2,725	$	4,637
Small/Mid-Cap Index		72		601		151		824
Total U.S. Stock Market Index		162		1,828		1,136		3,126

For the six months ended January 31, 2022, 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	$	50,740	$	46,389	$	56,451	$	153,580
Small/Mid-Cap Index		45,205		15,521		1,613		62,339
Total U.S. Stock Market Index		37,044		19,945		15,921		72,910

Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. 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, 2022, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed  by the Manager
Mid-Cap Index	$	3,293
Small/Mid-Cap Index		857
Total U.S. Stock Market Index		4,443

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2023. 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, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Mid-Cap Index	$	1,751
Small/Mid-Cap Index		925
Total U.S. Stock Market Index		973

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

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

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2023, 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, 2022, amounts included in the Statements of Operations were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Mid-Cap Index	$	338
Small/Mid-Cap Index		47,630
Total U.S. Stock Market Index		1,093

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

Notes to Financial Statements (unaudited) (continued)

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, 2022, class specific expense waivers and/or reimbursements are as follows:

	Transfer Agent Fees Waived and/or Reimbursed - Class Specific
Fund Name	Institutional		Class K		Total
Small/Mid-Cap Index	$	1,087	$	1,613	$	2,700

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.

For the six months ended January 31, 2022, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Funds:

Fund Name	Fund Level		Institutional		Investor A		Class K
Mid-Cap Index	$	—	$	—	$	945	$	1,641
Total U.S. Stock Market Index		70,664		2,329		—		—

As of January 31, 2022, 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	May 13, 2022
Mid-Cap Index
Fund Level	$	338
Institutional		1
Investor A		—
Class K		—

	Expiring
Fund Name/Fund Level/Share Class	July 31, 2022		August 13, 2022
Small/Mid-Cap Index
Fund Level	$	177,108	$	189,354
Institutional		1,236		6,355
Investor A		—		—
Class K		2,635		3,842
Total U.S. Stock Market Index
Fund Level		30,075		3,801
Institutional		—		—
Investor A		—		—
Class K		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, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

NOTES   TO   FINANCIAL   STATEMENTS 97

Notes to Financial Statements (unaudited) (continued)

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

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

Prior to January 1, 2022, each Fund retained 77% 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 81% 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.

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, 2022, each Fund paid BTC the following amounts for securities lending agent services:

Fund Name	Amounts
Mid-Cap Index	$	14,783
Small/Mid-Cap Index		24,743
Total U.S. Stock Market Index		21,619

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, 2022, the Funds did not participate in the Interfund Lending Program.

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

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended January 31, 2022, 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	$	11,928,374	$	8,439,073	$	(550,236	)
Small/Mid-Cap Index		2,452,769		2,941,111		(225,396	)
Total U.S. Stock Market Index		57,632,083		7,502,363		(588,281	)

7. PURCHASES AND SALES

For the six months ended January 31, 2022, purchases and sales of investments, excluding short-term investments, were as follows:

Fund Name	Purchases		Sales
Mid-Cap Index	$	266,259,344	$	131,987,252
Small/Mid-Cap Index		111,402,262		78,702,922
Total U.S. Stock Market Index		342,284,589		156,406,613

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.

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

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2022, 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, 2022, 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	$	1,261,452,348	$	656,194,054	$	(104,014,621	)	$	552,179,433
Small/Mid-Cap Index		415,357,812		129,889,811		(44,938,563	)		84,951,248
Total U.S. Stock Market Index		1,739,602,729		914,410,409		(77,430,127	)		836,980,282

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 London Interbank Offered Rate (“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 2022 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, 2022, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

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

Market Risk: 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

NOTES   TO   FINANCIAL   STATEMENTS 99

Notes to Financial Statements (unaudited) (continued)

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 each 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.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. 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 01/31/22						Year Ended 07/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Mid-Cap Index
Institutional
Shares sold		3,660,242		$	54,207,539			6,841,025		$	89,725,735
Shares issued in reinvestment of distributions		514,379			7,585,992			425,794			5,367,600
Shares redeemed		(2,787,511	)		(40,482,398	)		(10,031,775	)		(137,845,040	)
		1,387,110		$	21,311,133			(2,764,956	)	$	(42,751,705	)
Investor A
Shares sold		2,412,056		$	36,295,562			3,588,253		$	46,456,816
Shares issued in reinvestment of distributions		353,731			5,197,635			207,420			2,603,471
Shares redeemed		(1,809,181	)		(26,950,210	)		(3,293,166	)		(41,581,063	)
		956,606		$	14,542,987			502,507		$	7,479,224
Class K
Shares sold		16,949,773		$	253,392,906			34,266,626		$	457,843,273
Shares issued in reinvestment of distributions		3,646,286			53,884,897			2,339,955			29,684,573
Shares redeemed		(10,916,197	)		(163,323,182	)		(30,200,655	)		(391,939,239	)
		9,679,862		$	143,954,621			6,405,926		$	95,588,607
		12,023,578		$	179,808,741			4,143,477		$	60,316,126

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

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/22						Year Ended 07/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Small/Mid-Cap Index
Institutional
Shares sold		2,325,163		$	40,288,422			5,689,218		$	90,442,217
Shares issued in reinvestment of distributions		474,172			7,963,286			270,507			4,029,472
Shares redeemed		(1,623,940	)		(26,527,118	)		(1,464,065	)		(21,999,858	)
		1,175,395		$	21,724,590			4,495,660		$	72,471,831
Investor A
Shares sold		1,034,249		$	17,756,207			3,584,163		$	55,485,190
Shares issued in reinvestment of distributions		267,027			4,477,099			208,565			3,080,737
Shares redeemed		(673,250	)		(11,517,856	)		(2,513,519	)		(38,946,335	)
		628,026		$	10,715,450			1,279,209		$	19,619,592
Class K
Shares sold		1,383,042		$	23,829,050			3,630,308		$	58,903,179
Shares issued in reinvestment of distributions		564,631			9,484,435			553,753			8,205,418
Shares redeemed		(860,622	)		(14,850,617	)		(3,581,326	)		(58,337,157	)
		1,087,051		$	18,462,868			602,735		$	8,771,440
		2,890,472		$	50,902,908			6,377,604		$	100,862,863

	Six Months Ended 01/31/22						Year Ended 07/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Total U.S. Stock Market Index
Institutional
Shares sold		931,544		$	19,977,531			3,592,939		$	68,878,103
Shares issued in reinvestment of distributions		82,353			1,776,089			77,031			1,410,791
Shares redeemed		(1,861,876	)		(40,308,865	)		(1,749,290	)		(31,437,793	)
		(847,979	)	$	(18,555,245	)		1,920,680		$	38,851,101
Investor A
Shares sold		1,009,914		$	21,768,460			3,002,909		$	56,131,084
Shares issued in reinvestment of distributions		81,829			1,766,174			82,927			1,496,485
Shares redeemed		(1,011,674	)		(21,671,430	)		(2,603,589	)		(46,948,675	)
		80,069		$	1,863,204			482,247		$	10,678,894
Class K
Shares sold		19,444,180		$	415,821,125			43,977,636		$	825,707,520
Shares issued in reinvestment of distributions		1,250,659			26,981,557			1,054,995			19,347,020
Shares redeemed		(10,542,043	)		(228,559,256	)		(15,951,939	)		(289,580,071	)
		10,152,796		$	214,243,426			29,080,692		$	555,474,469
		9,384,886		$	197,551,385			31,483,619		$	605,004,464

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.

NOTES   TO   FINANCIAL   STATEMENTS 101

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 9-10, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

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

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

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size (“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 each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V). The Committee also considered other types of borrowing available to the Funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

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

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

Additional Information

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted 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 August 19, 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 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 schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

ADDITIONAL  INFORMATION 103

Additional Information   (continued)

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

104 2 0 2 2  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 105

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.

INDEX5-01/22-SAR

(b) Not Applicable

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

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

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

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

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

Item 11 – Controls and Procedures

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

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

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies – Not Applicable

Item 13 – Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

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

2

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

(b) Section 906 Certifications are attached

3

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

BlackRock Funds^SM

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

Date: March 23, 2022

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

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

Date: March 23, 2022

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

Date: March 23, 2022

4