Blackrock Funds NCSR Certified 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: 07/31/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		JULY 31, 2022



		2022 Annual Report

BlackRock Funds^SM

iShares Russell Mid-Cap Index Fund

iShares Russell Small/Mid-Cap Index Fund

iShares Total U.S. Stock Market Index Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of July 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, 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 notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have room to rise before peaking, although investors’ inflation expectations began to decline near the end of the period.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we believe that we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, 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,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of July 31, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(7.81	)%		(4.64	)%

U.S. small cap equities (Russell 2000^® Index)		(6.42	)		(14.29	)

International equities (MSCI Europe, Australasia, Far East Index)		(11.27	)		(14.32	)

Emerging market equities (MSCI Emerging Markets Index)		(16.24	)		(20.09	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.21			0.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.38	)		(10.00	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.14	)		(9.12	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(3.95	)		(6.93	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(6.58	)		(8.03	)

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


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

Table of Contents


	Page

The Markets in Review		2
Annual Report:
Fund Summary		4
About Fund Performance		13
Disclosure of Expenses		13
Derivative Financial Instruments		13
Financial Statements:
Schedules of Investments		14
Statements of Assets and Liabilities		78
Statements of Operations		80
Statements of Changes in Net Assets		81
Financial Highlights		83
Notes to Financial Statements		92
Report of Independent Registered Public Accounting Firm		104
Important Tax Information		105
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement		106
Trustee and Officer Information		109
Additional Information		114
Glossary of Terms Used in this Report		116

LOGO


		3


Fund Summary as of July 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 12-month period ended July 31, 2022, the Fund’s Institutional Shares returned (9.76)%, Investor A Shares returned (9.98)%, and Class K Shares returned (9.70)%. The benchmark Russell Midcap^® Index (the “Index”) returned (9.83)% 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 announced that August 2021 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.

Geopolitical tension after the Russian invasion of Ukraine in February 2022 fueled existing concerns over rising inflation, interest rate hikes, and rallying commodity prices. On the other hand, economic data in the United States remained strong with robust employment numbers and corporate earnings results. This provided comfort to investors but added to U.S. policy makers’ challenges. Investors were concerned that the Fed may dampen growth in its efforts to get inflation under control.

Commodity prices spiked in the first quarter and pushed expectations for a higher inflation rate. The Fed hiked the interest rate by 25 basis points and signaled hikes at all six remaining meetings for the year in efforts to tackle the highest inflation rate in four decades.

During the second quarter of 2022, concerns around high inflation, growth outlook and recession fears increased in the United States. While the unemployment rate remained low and wage growth strong, consumer sentiment went down as consumers struggled with higher prices and borrowing costs. The increase in expectation of an interest rate hike weighed down on U.S. equity market valuations.

As the Fed continued to grapple with inflation, its messaging evolved over the quarter. Initially, Chairman Powell adopted a more hawkish tone stating that the Fed would not hesitate to raise interest rates beyond neutral to achieve its inflation target and would be willing to accept an increase in the unemployment rate. But as risks to growth increased over the quarter and recession fears intensified, the number and magnitude of future rate hikes beyond July 2022 remained unclear.

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

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


4		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS


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

GROWTH OF $10,000 INVESTMENT

LOGO

The Fund commenced operations on May 13, 2015.

^(a)

Assuming transaction costs and other operating expenses, including investment advisory fees, if any.

^(b)

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

^(c)

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

Performance


	Average Annual Total Returns^(a)

		1 Year		5 Years		Since Inception	^(b)
Institutional		(9.76	)%	9.65	%	8.98	%
Investor A		(9.98	)	9.37		8.72
Class K		(9.70	)	9.70		9.05

Russell Midcap^® Index		(9.83	)	9.69		9.00

^(a)

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

^(b)

The Fund commenced operations on May 13, 2015.

Past performance is not an indication of future results.

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

Expense Example


	Actual							Hypothetical 5% Return

		Beginning Account Value (02/01/22)		Ending Account Value (07/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)		Ending Account Value (07/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	930.90	$	0.48		$	1,000.00	$	1,024.30	$	0.50		0.10	%
Investor A		1,000.00		930.00		1.72			1,000.00		1,023.01		1.81		0.36
Class K		1,000.00		931.20		0.24			1,000.00		1,024.55		0.25		0.05

^(a)

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

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


FUND SUMMARY		5


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

Portfolio Information


SECTOR ALLOCATION

Sector^(a)	Percent of Net Assets
Information Technology		16.5	%
Industrials		14.8
Financials		13.0
Consumer Discretionary		11.1
Health Care		10.5
Real Estate		8.4
Materials		6.2
Utilities		5.6
Energy		4.7
Communication Services		3.9
Consumer Staples		3.5
Investment Companies		1.1
Short-Term Securities		5.0
Liabilities in Excess of Other Assets		(4.3	)

^(a)

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


6		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 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 12-month period ended July 31, 2022, the Fund’s Institutional Shares returned (11.32)%, Investor A Shares returned (11.56)%, and Class K Shares returned (11.28)%. The benchmark Russell 2500TM Index (the “Index”) returned (11.27)% 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.

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.


FUND SUMMARY		7


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

GROWTH OF $10,000 INVESTMENT

LOGO

The Fund commenced operations on August 13, 2015.

^(a)

Assuming transaction costs and other operating expenses, including investment advisory fees, if any.

^(b)

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

^(c)

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

Performance


	Average Annual Total Returns^(a)

		1 Year		5 Years		Since Inception	^(b)
Institutional		(11.32	)%	8.88	%	8.98	%
Investor A		(11.56	)	8.63		8.73
Class K		(11.28	)	8.93		9.03

Russell 2500™ Index		(11.27	)	8.95		8.99

^(a)

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

^(b)

The Fund commenced operations on August 13, 2015.

Past performance is not an indication of future results.

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

Expense Example


	Actual							Hypothetical 5% Return

		Beginning Account Value (02/01/22)		Ending Account Value (07/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)		Ending Account Value (07/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	940.60	$	0.58		$	1,000.00	$	1,024.20	$	0.60		0.12	%
Investor A		1,000.00		939.30		1.73			1,000.00		1,023.01		1.81		0.36
Class K		1,000.00		940.80		0.34			1,000.00		1,024.45		0.35		0.07

^(a)

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


8		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS


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

Portfolio Information


SECTOR ALLOCATION

Sector^(a)	Percent of Net Assets
Industrials		17.1	%
Financials		15.5
Information Technology		14.2
Health Care		12.7
Consumer Discretionary		11.1
Real Estate		8.5
Materials		5.5
Energy		4.6
Consumer Staples		3.1
Utilities		3.0
Communication Services		2.7
Investment Companies		1.6
Short-Term Securities		11.9
Liabilities in Excess of Other Assets		(11.5	)

^(a)


FUND SUMMARY		9


Fund Summary as of July 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 12-month period ended July 31, 2022, the Fund’s Institutional Shares returned (7.37)%, Investor A Shares returned (7.54)%, and Class K Shares returned (7.32)%. The benchmark Russell 3000^® Index (the “Index”) returned (7.35)% 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.

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.


10		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS


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

GROWTH OF $10,000 INVESTMENT

LOGO

The Fund commenced operations on August 13, 2015.

^(a)

Assuming transaction costs and other operating expenses, including investment advisory fees, if any.

^(b)

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

^(c)

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

Performance


	Average Annual Total Returns^(a)

		1 Year		5 Years		Since Inception	^(b)
Institutional		(7.37	)%	12.10	%	11.78	%
Investor A		(7.54	)	11.85		11.52
Class K		(7.32	)	12.16		11.82
Russell 3000^® Index		(7.35	)	12.18		11.82

^(a)

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

^(b)

The Fund commenced operations on August 13, 2015.

Past performance is not an indication of future results.

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

Expense Example


	Actual							Hypothetical 5% Return
		Beginning Account Value (02/01/22)		Ending Account Value (07/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)		Ending Account Value (07/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	917.60	$	0.38		$	1,000.00	$	1,024.40	$	0.40		0.08	%
Investor A		1,000.00		916.90		1.52			1,000.00		1,023.21		1.61		0.32
Class K		1,000.00		917.90		0.14			1,000.00		1,024.65		0.15		0.03

^(a)

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


FUND SUMMARY		11


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

Portfolio Information


TEN LARGEST HOLDINGS
Security	Percent of Net Assets
Apple, Inc.		6.0	%
Microsoft Corp.		5.1
Amazon.com, Inc.		2.9
Tesla, Inc.		1.8
Alphabet, Inc., Class A		1.7
Alphabet, Inc., Class C		1.5
Berkshire Hathaway, Inc., Class B		1.3
UnitedHealth Group, Inc.		1.2
Johnson & Johnson		1.1
NVIDIA Corp.		1.1


SECTOR ALLOCATION
Sector^(a)	Percent of Net Assets
Information Technology		26.0	%
Health Care		14.0
Consumer Discretionary		11.3
Financials		11.2
Industrials		8.9
Communication Services		7.6
Consumer Staples		6.0
Energy		4.4
Real Estate		3.6
Utilities		2.9
Materials		2.8
Investment Companies		0.8
Short-Term Securities		2.9
Liabilities in Excess of Other Assets		(2.4	)

^(a)

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


12		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

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

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

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

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

Disclosure of Expenses

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

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

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

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

Derivative Financial Instruments

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


ABOUT FUND PERFORMANCE / DISCLOSURE OF EXPENSES / DERIVATIVE FINANCIAL INSTRUMENTS		13

Schedule of Investments

July 31, 2022

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.2%
Axon Enterprise, Inc.^(a)		11,137	$	1,227,186
BWX Technologies, Inc.		15,052		853,147
Curtiss-Wright Corp.		6,313		905,537
HEICO Corp.^(b)		7,349		1,159,011
HEICO Corp., Class A		13,048		1,665,969
Hexcel Corp.		13,718		830,076
Howmet Aerospace, Inc.		61,812		2,295,079
Huntington Ingalls Industries, Inc.		6,508		1,411,195
Mercury Systems, Inc.^(a)(b)		9,230		544,662
Spirit AeroSystems Holdings, Inc., Class A		17,079		560,533
Textron, Inc.		35,422		2,325,100
TransDigm Group, Inc.^(a)		8,661		5,390,087
Woodward, Inc.		9,684		1,013,915

				20,181,497

Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.		20,689		2,290,272
Expeditors International of Washington, Inc.		27,528		2,924,850
GXO Logistics, Inc.^(a)		17,456		837,888

				6,053,010

Airlines^(a)— 0.7%
Alaska Air Group, Inc.		20,337		901,539
American Airlines Group, Inc.		106,487		1,459,937
Copa Holdings SA, Class A^(b)		5,000		336,100
Delta Air Lines, Inc.		105,559		3,356,776
JetBlue Airways Corp.		53,846		453,384
Southwest Airlines Co.		97,657		3,722,685
United Airlines Holdings, Inc.		53,783		1,976,525

				12,206,946

Auto Components — 0.5%
Aptiv PLC^(a)		44,584		4,676,416
BorgWarner, Inc.		39,079		1,502,978
Gentex Corp.		38,735		1,093,102
Lear Corp.		9,869		1,491,601
QuantumScape Corp.^(a)(b)		40,092		433,795

				9,197,892

Automobiles — 0.2%
Harley-Davidson, Inc.		22,245		841,083
Lucid Group, Inc.^(a)(b)		87,707		1,600,653
Rivian Automotive, Inc., Class A^(a)		29,380		1,007,734
Thor Industries, Inc.		8,753		738,141

				4,187,611

Banks — 3.2%
Bank of Hawaii Corp.		6,576		526,803
Bank OZK		19,368		776,657
BOK Financial Corp.		4,755		418,583
Citizens Financial Group, Inc.		80,514		3,057,117
Comerica, Inc.		21,545		1,675,555
Commerce Bancshares, Inc.		17,947		1,247,137
Cullen/Frost Bankers, Inc.		9,637		1,256,665
East West Bancorp, Inc.		23,344		1,675,632
Fifth Third Bancorp		112,354		3,833,518
First Citizens BancShares, Inc., Class A		2,017		1,526,224
First Hawaiian, Inc.		21,106		537,992
First Horizon Corp.		87,246		1,950,821
First Republic Bank		29,480		4,796,691
FNB Corp.		57,308		685,404
Huntington Bancshares, Inc.		236,648		3,145,052
KeyCorp		153,215		2,803,834


Security	Shares		Value

Banks (continued)
M&T Bank Corp.		29,468	$	5,229,097
PacWest Bancorp		18,944		531,000
Pinnacle Financial Partners, Inc.		12,400		980,840
Popular, Inc.		12,356		959,690
Prosperity Bancshares, Inc.		14,588		1,080,825
Regions Financial Corp.		154,128		3,264,431
Signature Bank		10,215		1,895,597
SVB Financial Group^(a)		9,678		3,905,557
Synovus Financial Corp.		23,735		958,419
Umpqua Holdings Corp.		35,631		627,462
Webster Financial Corp.		29,571		1,373,573
Western Alliance Bancorp		17,449		1,332,755
Wintrust Financial Corp.		9,884		850,419
Zions Bancorp NA		24,693		1,347,003

				54,250,353

Beverages — 0.3%
Boston Beer Co., Inc., Class A^(a)		1,537		584,721
Brown-Forman Corp., Class A		7,580		548,792
Brown-Forman Corp., Class B		30,263		2,246,120
Molson Coors Beverage Co., Class B		28,868		1,724,863

				5,104,496

Biotechnology^(a)— 1.8%
Alnylam Pharmaceuticals, Inc.		19,904		2,827,164
Biogen, Inc.		24,043		5,170,688
BioMarin Pharmaceutical, Inc.		30,429		2,618,415
Exact Sciences Corp.^(b)		28,822		1,299,872
Exelixis, Inc.		52,093		1,089,785
Horizon Therapeutics PLC		37,028		3,072,213
Incyte Corp.		30,091		2,337,469
Ionis Pharmaceuticals, Inc.		23,420		879,655
Mirati Therapeutics, Inc.		6,970		448,868
Natera, Inc.		14,074		661,478
Neurocrine Biosciences, Inc.		15,647		1,472,852
Novavax, Inc.		12,947		705,741
Sarepta Therapeutics, Inc.		13,958		1,297,396
Seagen, Inc.		22,417		4,034,612
Ultragenyx Pharmaceutical, Inc.		11,013		586,773
United Therapeutics Corp.		7,354		1,699,289

				30,202,270

Building Products — 1.7%
A O Smith Corp.		21,018		1,329,809
Advanced Drainage Systems, Inc.		10,114		1,199,521
Allegion PLC		14,487		1,531,276
Armstrong World Industries, Inc.		7,735		691,122
AZEK Co., Inc.^(a)		18,781		388,391
Builders FirstSource, Inc.^(a)		28,348		1,927,664
Carlisle Cos., Inc.		8,479		2,510,632
Carrier Global Corp.		139,812		5,666,580
Fortune Brands Home & Security, Inc.		21,376		1,489,480
Hayward Holdings, Inc.^(a)		11,430		133,388
Lennox International, Inc.		5,338		1,278,611
Masco Corp.		38,863		2,152,233
Owens Corning		15,877		1,472,433
Trane Technologies PLC		38,481		5,656,322
Trex Co., Inc.^(a)		18,836		1,215,299

				28,642,761

Capital Markets — 4.0%
Affiliated Managers Group, Inc.		6,343		801,628
Ameriprise Financial, Inc.		18,105		4,886,902
Ares Management Corp., Class A		25,062		1,795,692
Bank of New York Mellon Corp.		121,145		5,264,962


14		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Blue Owl Capital, Inc.		66,680	$	760,819
Carlyle Group, Inc.		33,966		1,321,617
Cboe Global Markets, Inc.		17,456		2,153,721
Coinbase Global, Inc., Class A^(a)(b)		25,396		1,598,932
Evercore, Inc., Class A		6,289		628,711
FactSet Research Systems, Inc.		6,258		2,688,937
Franklin Resources, Inc.		46,806		1,284,825
Interactive Brokers Group, Inc., Class A		15,294		897,605
Invesco Ltd.		61,562		1,092,110
Janus Henderson Group PLC		22,949		591,396
Jefferies Financial Group, Inc.		34,542		1,125,033
KKR & Co., Inc.		94,321		5,231,043
Lazard Ltd., Class A		15,720		592,172
LPL Financial Holdings, Inc.		13,126		2,755,410
MarketAxess Holdings, Inc.		6,127		1,659,069
Morningstar, Inc.		4,099		1,046,680
MSCI, Inc.		13,000		6,257,420
Nasdaq, Inc.		18,899		3,418,829
Northern Trust Corp.		33,894		3,381,943
Raymond James Financial, Inc.		32,100		3,160,887
Robinhood Markets, Inc., Class A^(a)(b)		91,734		830,193
SEI Investments Co.		17,176		950,863
State Street Corp.		60,503		4,298,133
Stifel Financial Corp.		17,130		1,024,545
T Rowe Price Group, Inc.		36,906		4,556,784
Tradeweb Markets, Inc., Class A		17,767		1,252,929
Virtu Financial, Inc., Class A		16,109		375,823

				67,685,613

Chemicals — 3.2%
Albemarle Corp.		19,301		4,715,427
Ashland Global Holdings, Inc.		8,339		837,819
Axalta Coating Systems Ltd.^(a)(b)		36,401		918,033
Celanese Corp.		17,856		2,098,259
CF Industries Holdings, Inc.		34,327		3,277,885
Chemours Co.		25,465		906,299
Corteva, Inc.		119,509		6,877,743
DuPont de Nemours, Inc.		83,966		5,141,238
Eastman Chemical Co.		21,179		2,031,702
Element Solutions, Inc.		38,213		755,089
FMC Corp.		20,768		2,307,325
Ginkgo Bioworks Holdings, Inc.^(a)(b)		132,763		379,702
Huntsman Corp.		32,824		950,583
International Flavors & Fragrances, Inc.		42,029		5,213,698
LyondellBasell Industries NV, Class A		42,378		3,776,727
Mosaic Co.		59,618		3,139,484
NewMarket Corp.		979		304,273
Olin Corp.		23,067		1,205,712
PPG Industries, Inc.		38,861		5,024,339
RPM International, Inc.		21,042		1,902,197
Scotts Miracle-Gro Co.		6,720		597,744
Valvoline, Inc.		29,500		950,490
Westlake Corp.^(b)		5,444		529,919

				53,841,687

Commercial Services & Supplies — 1.3%
Cintas Corp.		14,438		6,143,225
Clean Harbors, Inc.^(a)		8,480		827,563
Copart, Inc.^(a)		35,146		4,502,203
Driven Brands Holdings, Inc.^(a)		9,210		279,800
IAA, Inc.^(a)		22,114		834,361
MSA Safety, Inc.		6,076		779,794
Republic Services, Inc.		34,010		4,715,826


Security	Shares		Value

Commercial Services & Supplies (continued)
Rollins, Inc.^(b)		38,199	$	1,473,335
Stericycle, Inc.^(a)		15,176		711,299
Tetra Tech, Inc.		8,729		1,337,894

				21,605,300

Communications Equipment — 1.0%
Arista Networks, Inc.^(a)		41,111		4,794,776
Ciena Corp.^(a)		24,945		1,287,162
F5, Inc.^(a)		9,979		1,670,085
Juniper Networks, Inc.		52,762		1,478,919
Lumentum Holdings, Inc.^(a)(b)		11,366		1,028,168
Motorola Solutions, Inc.		27,155		6,478,912
Ubiquiti, Inc.^(b)		967		291,676
Viasat, Inc.^(a)		11,687		384,853

				17,414,551

Construction & Engineering — 0.5%
AECOM		22,028		1,586,016
MasTec, Inc.^(a)		9,907		781,959
MDU Resources Group, Inc.		33,301		951,410
Quanta Services, Inc.^(b)		23,463		3,255,022
Valmont Industries, Inc.		3,445		935,249
WillScot Mobile Mini Holdings Corp.^(a)		35,513		1,371,157

				8,880,813

Construction Materials — 0.5%
Eagle Materials, Inc.		6,455		816,235
Martin Marietta Materials, Inc.		10,255		3,610,580
Vulcan Materials Co.		21,832		3,609,485

				8,036,300

Consumer Finance — 0.7%
Ally Financial, Inc.		53,216		1,759,853
Credit Acceptance Corp.^(a)		1,153		664,024
Discover Financial Services		46,283		4,674,583
OneMain Holdings, Inc.		19,420		722,424
SLM Corp.		44,586		695,541
SoFi Technologies, Inc.^(a)(b)		131,170		827,683
Synchrony Financial		82,404		2,758,886
Upstart Holdings, Inc.^(a)(b)		11,872		288,846

				12,391,840

Containers & Packaging — 1.5%
Amcor PLC		247,334		3,202,975
AptarGroup, Inc.		10,795		1,163,269
Ardagh Group SA^(a)		2,789		37,317
Ardagh Metal Packaging SA		24,125		163,085
Avery Dennison Corp.		13,425		2,556,926
Ball Corp.		51,738		3,798,604
Berry Global Group, Inc.^(a)		21,374		1,232,211
Crown Holdings, Inc.		19,450		1,977,676
Graphic Packaging Holding Co.		50,420		1,121,845
International Paper Co.		61,025		2,610,039
Packaging Corp. of America		15,236		2,142,334
Sealed Air Corp.		24,111		1,473,664
Silgan Holdings, Inc.		13,784		613,388
Sonoco Products Co.		16,042		1,018,507
Westrock Co.		41,786		1,770,055

				24,881,895

Distributors — 0.5%
Genuine Parts Co.		22,894		3,499,806


SCHEDULE OF INVESTMENTS		15

Schedule of Investments (continued)

July 31, 2022

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Distributors (continued)
LKQ Corp.		43,632	$	2,392,779
Pool Corp.		6,429		2,299,653

				8,192,238

Diversified Consumer Services — 0.3%
ADT, Inc.		33,811		246,820
Bright Horizons Family Solutions, Inc.^(a)		9,736		911,971
Grand Canyon Education, Inc.^(a)		5,318		510,900
H&R Block, Inc.		27,103		1,083,036
Mister Car Wash, Inc.^(a)		13,579		157,517
Service Corp. International		25,450		1,895,007
Terminix Global Holdings, Inc.^(a)		19,880		888,636

				5,693,887

Diversified Financial Services — 0.4%
Apollo Global Management, Inc.		75,732		4,324,297
Equitable Holdings, Inc.		63,135		1,794,928
Voya Financial, Inc.		16,430		988,429

				7,107,654

Diversified Telecommunication Services — 0.2%
Frontier Communications Parent, Inc.^(a)		40,379		1,046,220
Lumen Technologies, Inc.		169,382		1,844,570

				2,890,790

Electric Utilities — 2.6%
Alliant Energy Corp.		41,333		2,518,420
Avangrid, Inc.		11,802		575,111
Constellation Energy Corp.		53,854		3,559,749
Edison International		62,006		4,202,147
Entergy Corp.		33,478		3,854,322
Evergy, Inc.		36,656		2,502,139
Eversource Energy		56,834		5,013,896
FirstEnergy Corp.		89,553		3,680,628
Hawaiian Electric Industries, Inc.		17,727		749,852
IDACORP, Inc.		8,297		926,941
NRG Energy, Inc.		38,978		1,471,420
OGE Energy Corp.		33,091		1,359,378
PG&E Corp.^(a)(b)		255,802		2,778,010
Pinnacle West Capital Corp.		18,684		1,372,713
PPL Corp.		121,536		3,534,267
Xcel Energy, Inc.		89,945		6,582,175

				44,681,168

Electrical Equipment — 1.4%
Acuity Brands, Inc.		5,673		1,034,755
AMETEK, Inc.		37,999		4,692,877
ChargePoint Holdings, Inc.^(a)(b)		32,133		485,530
Generac Holdings, Inc.^(a)		10,271		2,755,709
Hubbell, Inc.		8,830		1,933,947
nVent Electric PLC		27,202		960,503
Plug Power, Inc.^(a)(b)		85,633		1,827,408
Regal Rexnord Corp.		11,110		1,492,073
Rockwell Automation, Inc.		19,176		4,895,249
Sensata Technologies Holding PLC		25,573		1,137,231
Sunrun, Inc.^(a)(b)		34,126		1,115,579
Vertiv Holdings Co.^(b)		50,877		581,015

				22,911,876

Electronic Equipment, Instruments & Components — 2.4%
Amphenol Corp., Class A		96,588		7,449,832
Arrow Electronics, Inc.^(a)		10,774		1,380,904
Avnet, Inc.		16,057		768,649
CDW Corp.		22,296		4,047,393
Cognex Corp.		28,745		1,465,420


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Corning, Inc.		124,518	$	4,577,282
II-VI, Inc.^(a)(b)		20,925		1,101,492
IPG Photonics Corp.^(a)		5,783		616,352
Jabil, Inc.		22,595		1,340,787
Keysight Technologies, Inc.^(a)		29,890		4,860,114
Littelfuse, Inc.		3,990		1,112,691
National Instruments Corp.		21,638		822,244
TD SYNNEX Corp.		6,994		702,338
Teledyne Technologies, Inc.^(a)		7,636		2,988,730
Trimble, Inc.^(a)		41,173		2,858,641
Vontier Corp.		26,731		689,660
Zebra Technologies Corp., Class A^(a)		8,627		3,085,792

				39,868,321

Energy Equipment & Services — 0.6%
Baker Hughes Co.		152,692		3,922,658
Halliburton Co.		148,174		4,341,498
NOV, Inc.		64,528		1,200,866

				9,465,022

Entertainment — 1.8%
AMC Entertainment Holdings, Inc., Class A^(a)(b)		85,740		1,248,374
Electronic Arts, Inc.		46,226		6,066,238
Liberty Media Corp.-Liberty Formula One, Class A^(a)		3,400		210,766
Liberty Media Corp.-Liberty Formula One, Class C^(a)		33,085		2,242,171
Live Nation Entertainment, Inc.^(a)		25,399		2,387,252
Madison Square Garden Sports Corp.^(a)		3,119		479,640
Playtika Holding Corp.^(a)		16,640		204,173
ROBLOX Corp., Class A^(a)		72,586		3,116,117
Roku, Inc.^(a)(b)		19,747		1,293,823
Spotify Technology SA^(a)		23,083		2,608,841
Take-Two Interactive Software, Inc.^(a)		26,115		3,466,244
Warner Bros Discovery, Inc.^(a)		389,042		5,835,630
World Wrestling Entertainment, Inc., Class A		7,065		489,675

				29,648,944

Equity Real Estate Investment Trusts (REITs) — 7.9%
Alexandria Real Estate Equities, Inc.		26,714		4,428,647
American Campus Communities, Inc.		22,877		1,494,326
American Homes 4 Rent, Class A		50,006		1,894,227
Americold Realty Trust, Inc.		44,432		1,455,148
Apartment Income REIT Corp.		25,997		1,178,704
AvalonBay Communities, Inc.		23,034		4,927,894
Boston Properties, Inc.		25,840		2,355,574
Brixmor Property Group, Inc.		49,303		1,142,844
Camden Property Trust		17,092		2,411,681
Cousins Properties, Inc.		24,550		757,367
CubeSmart		36,877		1,691,548
Douglas Emmett, Inc.		27,681		654,379
Duke Realty Corp.		63,242		3,956,419
EastGroup Properties, Inc.		6,781		1,156,432
EPR Properties		12,161		654,383
Equity LifeStyle Properties, Inc.		29,282		2,152,813
Equity Residential		61,069		4,787,199
Essex Property Trust, Inc.		10,716		3,070,455
Extra Space Storage, Inc.		21,849		4,140,822
Federal Realty OP LP		13,060		1,379,267
First Industrial Realty Trust, Inc.		21,788		1,131,887
Gaming & Leisure Properties, Inc.		39,005		2,027,870
Healthcare Realty Trust, Inc.		62,499		1,640,599
Healthpeak Properties, Inc.		88,913		2,456,666
Highwoods Properties, Inc.		17,051		606,504
Host Hotels & Resorts, Inc.		116,721		2,078,801
Hudson Pacific Properties, Inc.		22,722		341,739


16		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 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)
Invitation Homes, Inc.		100,630	$	3,927,589
Iron Mountain, Inc.		47,596		2,307,930
JBG SMITH Properties		19,328		491,704
Kilroy Realty Corp.		19,160		1,038,089
Kimco Realty Corp.^(b)		99,585		2,201,824
Lamar Advertising Co., Class A		14,329		1,448,089
Life Storage, Inc.		13,879		1,747,227
Medical Properties Trust, Inc.		97,914		1,688,037
Mid-America Apartment Communities, Inc.		18,931		3,516,055
National Retail Properties, Inc.		28,982		1,379,833
National Storage Affiliates Trust		14,040		769,954
Omega Healthcare Investors, Inc.		38,550		1,195,050
Park Hotels & Resorts, Inc.		38,549		600,979
Rayonier, Inc.		23,831		899,620
Realty Income Corp.		99,286		7,346,171
Regency Centers Corp.		28,252		1,820,276
Rexford Industrial Realty, Inc.		27,232		1,781,245
SBA Communications Corp.		17,587		5,905,539
Simon Property Group, Inc.		53,798		5,844,615
SL Green Realty Corp.		10,518		522,219
Spirit Realty Capital, Inc.		22,063		978,273
STORE Capital Corp.		41,886		1,215,532
Sun Communities, Inc.		19,782		3,243,457
UDR, Inc.		52,312		2,531,901
Ventas, Inc.		65,834		3,540,553
VICI Properties, Inc.		158,636		5,423,765
Vornado Realty Trust		29,307		890,640
Welltower, Inc.		74,954		6,471,528
Weyerhaeuser Co.^(b)		122,766	��	4,458,861
WP Carey, Inc.^(b)		31,170		2,783,481

				133,944,231

Food & Staples Retailing — 0.7%
Albertsons Cos., Inc., Class A		26,557		713,055
BJ’s Wholesale Club Holdings, Inc.^(a)		22,142		1,499,013
Casey’s General Stores, Inc.		6,139		1,244,068
Grocery Outlet Holding Corp.^(a)		14,478		618,500
Kroger Co.		108,142		5,022,115
Performance Food Group Co.^(a)		24,928		1,239,171
U.S. Foods Holding Corp.^(a)(b)		36,921		1,163,012

				11,498,934

Food Products — 2.0%
Bunge Ltd.		23,102		2,133,008
Campbell Soup Co.		31,990		1,578,706
Conagra Brands, Inc.		77,619		2,655,346
Darling Ingredients, Inc.^(a)		26,400		1,828,992
Flowers Foods, Inc.		30,899		877,841
Freshpet, Inc.^(a)		7,449		398,074
Hershey Co.		24,072		5,487,453
Hormel Foods Corp.		47,273		2,332,450
Ingredion, Inc.		10,921		993,593
J M Smucker Co.		17,300		2,289,136
Kellogg Co.		41,622		3,076,698
Lamb Weston Holdings, Inc.		23,764		1,893,040
McCormick & Co., Inc.		41,337		3,610,787
Pilgrim’s Pride Corp.^(a)		7,712		241,925
Post Holdings, Inc.^(a)		9,181		798,196
Seaboard Corp.		40		162,426
Tyson Foods, Inc., Class A		46,976		4,134,358

				34,492,029


Security	Shares		Value

Gas Utilities — 0.3%
Atmos Energy Corp.		22,754	$	2,762,108
National Fuel Gas Co.		14,450		1,045,313
UGI Corp.		34,516		1,489,711

				5,297,132

Health Care Equipment & Supplies — 2.9%
ABIOMED, Inc.^(a)		7,367		2,158,605
Align Technology, Inc.^(a)		12,938		3,635,190
Cooper Cos., Inc.		8,011		2,619,597
Dentsply Sirona, Inc.		35,526		1,284,620
DexCom, Inc.^(a)(b)		64,592		5,301,711
Enovis Corp.^(a)(b)		8,473		506,008
Envista Holdings Corp.^(a)		26,912		1,093,973
Globus Medical, Inc., Class A^(a)		12,849		754,108
Hologic, Inc.^(a)		40,562		2,895,315
ICU Medical, Inc.^(a)		3,289		582,712
IDEXX Laboratories, Inc.^(a)		13,750		5,488,725
Insulet Corp.^(a)		11,351		2,812,778
Integra LifeSciences Holdings Corp.^(a)		11,864		652,995
Masimo Corp.^(a)		8,322		1,203,195
Novocure Ltd.^(a)		16,930		1,151,071
Penumbra, Inc.^(a)		5,882		819,833
QuidelOrtho Corp.^(a)		8,113		827,850
ResMed, Inc.		23,827		5,730,870
STERIS PLC^(b)		14,055		3,171,511
Tandem Diabetes Care, Inc.^(a)		10,424		690,173
Teleflex, Inc.		7,736		1,860,198
Zimmer Biomet Holdings, Inc.		34,597		3,819,163

				49,060,201

Health Care Providers & Services — 1.7%
Acadia Healthcare Co., Inc.^(a)		14,783		1,225,658
Agilon Health, Inc.^(a)		30,858		772,376
Amedisys, Inc.^(a)		5,289		633,887
AmerisourceBergen Corp.		24,603		3,590,316
Cardinal Health, Inc.		44,927		2,675,852
Chemed Corp.		2,408		1,158,465
DaVita, Inc.^(a)(b)		9,635		810,881
Encompass Health Corp.^(b)		16,007		810,274
Enhabit, Inc.^(a)		8,003		140,132
Guardant Health, Inc.^(a)		16,092		807,336
Henry Schein, Inc.^(a)(b)		22,608		1,782,189
Laboratory Corp. of America Holdings		15,278		4,005,739
Molina Healthcare, Inc.^(a)		9,542		3,127,104
Oak Street Health, Inc.^(a)(b)		19,530		565,393
Premier, Inc., Class A		19,458		748,355
Quest Diagnostics, Inc.		19,288		2,634,162
Signify Health, Inc., Class A^(a)(b)		11,917		203,900
Tenet Healthcare Corp.^(a)		17,524		1,158,687
Universal Health Services, Inc., Class B		10,651		1,197,918

				28,048,624

Health Care Technology^(a)— 0.5%
Certara, Inc.^(b)		19,040		437,729
Change Healthcare, Inc.		41,221		1,000,434
Definitive Healthcare Corp.^(b)		5,146		133,693
Doximity, Inc., Class A^(b)		15,890		672,465
Teladoc Health, Inc.^(b)		26,429		973,909
Veeva Systems, Inc., Class A		22,979		5,137,645

				8,355,875

Hotels, Restaurants & Leisure — 2.9%
Aramark		37,993		1,268,966
Boyd Gaming Corp.		13,281		737,228


SCHEDULE OF INVESTMENTS		17

Schedule of Investments (continued)

July 31, 2022

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Caesars Entertainment, Inc.^(a)		33,583	$	1,534,407
Carnival Corp.^(a)		158,685		1,437,686
Chipotle Mexican Grill, Inc.^(a)		4,589		7,178,206
Choice Hotels International, Inc.		5,583		674,817
Churchill Downs, Inc.		5,945		1,247,261
Darden Restaurants, Inc.		20,541		2,557,149
Domino’s Pizza, Inc.		5,922		2,322,075
DraftKings, Inc., Class A^(a)		62,650		860,185
Expedia Group, Inc.^(a)		24,934		2,644,251
Hilton Worldwide Holdings, Inc.		45,213		5,790,429
Hyatt Hotels Corp., Class A^(a)		8,347		690,714
Las Vegas Sands Corp.^(a)		54,542		2,055,688
Marriott Vacations Worldwide Corp.^(b)		6,722		920,376
MGM Resorts International		58,676		1,920,465
Norwegian Cruise Line Holdings Ltd.^(a)		69,060		839,079
Penn National Gaming, Inc.^(a)		27,527		951,058
Planet Fitness, Inc., Class A^(a)		13,914		1,096,562
Royal Caribbean Cruises Ltd.^(a)(b)		36,319		1,405,909
Six Flags Entertainment Corp.^(a)		12,574		285,053
Travel & Leisure Co.		13,945		601,169
Vail Resorts, Inc.		6,651		1,577,152
Wendy’s Co.		28,710		603,771
Wyndham Hotels & Resorts, Inc.		14,922		1,035,736
Wynn Resorts Ltd.^(a)		17,621		1,118,581
Yum! Brands, Inc.		47,218		5,786,094

				49,140,067

Household Durables — 1.3%
D.R. Horton, Inc.		53,254		4,155,410
Garmin Ltd.		25,421		2,481,598
Leggett & Platt, Inc.		21,951		870,138
Lennar Corp., B Shares		2,508		170,243
Lennar Corp., Class A		41,942		3,565,070
Mohawk Industries, Inc.^(a)		8,671		1,114,050
Newell Brands, Inc.		61,858		1,250,150
NVR, Inc.^(a)		496		2,178,977
PulteGroup, Inc.		38,981		1,700,351
Tempur Sealy International, Inc.		28,400		780,432
Toll Brothers, Inc.		18,009		885,683
TopBuild Corp.^(a)		5,390		1,141,171
Whirlpool Corp.		9,089		1,571,215

				21,864,488

Household Products — 0.4%
Church & Dwight Co., Inc.		40,041		3,522,407
Clorox Co.		20,320		2,882,189
Reynolds Consumer Products, Inc.		8,665		251,805
Spectrum Brands Holdings, Inc.		6,630		461,050

				7,117,451

Independent Power and Renewable Electricity Producers — 0.3%
AES Corp.		110,011		2,444,445
Brookfield Renewable Corp., Class A		20,965		820,151
Vistra Corp.		70,318		1,817,720

				5,082,316

Insurance — 4.2%
Aflac, Inc.		105,352		6,036,670
Alleghany Corp.^(a)		2,157		1,806,444
Allstate Corp.		45,199		5,286,927
American Financial Group, Inc.		11,106		1,484,650
Arch Capital Group Ltd.^(a)		59,434		2,638,870
Arthur J Gallagher & Co.		34,312		6,141,505
Assurant, Inc.		8,687		1,527,001


Security	Shares		Value

Insurance (continued)
Assured Guaranty Ltd.		10,239	$	597,855
Axis Capital Holdings Ltd.		12,943		653,492
Brighthouse Financial, Inc.^(a)		12,507		543,054
Brown & Brown, Inc.		38,979		2,537,533
Cincinnati Financial Corp.		25,788		2,510,204
CNA Financial Corp.		4,427		187,793
Erie Indemnity Co., Class A		4,121		838,046
Everest Re Group Ltd.		6,416		1,676,822
Fidelity National Financial, Inc.		44,175		1,765,233
First American Financial Corp.		17,149		994,642
Globe Life, Inc.		14,947		1,505,611
Hanover Insurance Group, Inc.		5,835		796,302
Hartford Financial Services Group, Inc.		54,129		3,489,697
Kemper Corp.		10,586		495,425
Lincoln National Corp.		28,047		1,439,933
Loews Corp.		33,575		1,955,744
Markel Corp.^(a)		2,203		2,857,599
Old Republic International Corp.		46,317		1,077,797
Primerica, Inc.		6,314		812,549
Principal Financial Group, Inc.		41,235		2,760,271
Prudential Financial, Inc.		61,888		6,188,181
Reinsurance Group of America, Inc.		11,070		1,281,685
RenaissanceRe Holdings Ltd.		7,136		922,756
Ryan Specialty Holdings, Inc.^(a)		13,692		592,042
Unum Group		32,842		1,057,184
W R Berkley Corp.		33,944		2,122,518
White Mountains Insurance Group Ltd.		478		592,447
Willis Towers Watson PLC		18,285		3,783,898

				70,958,380

Interactive Media & Services^(a)— 0.8%
IAC/InterActiveCorp		12,734		872,279
Match Group, Inc.		46,979		3,444,031
Pinterest, Inc., Class A		94,674		1,844,250
TripAdvisor, Inc.		16,549		314,596
Twitter, Inc.		123,025		5,119,070
ZoomInfo Technologies, Inc., CLass A		45,341		1,717,970

				13,312,196

Internet & Direct Marketing Retail — 0.6%
DoorDash, Inc., Class A^(a)		41,208		2,874,258
eBay, Inc.		92,378		4,492,342
Etsy, Inc.^(a)		20,850		2,162,562
Wayfair, Inc., Class A^(a)(b)		12,565		677,379

				10,206,541

IT Services — 3.6%
Affirm Holdings, Inc.^(a)		29,121		781,608
Akamai Technologies, Inc.^(a)		26,135		2,514,710
Amdocs Ltd.		20,205		1,759,047
Broadridge Financial Solutions, Inc.		19,240		3,088,982
Cloudflare, Inc., Class A^(a)(b)		46,074		2,318,444
Concentrix Corp.		7,153		956,785
DXC Technology Co.^(a)		40,596		1,282,834
EPAM Systems, Inc.^(a)		9,050		3,160,712
Euronet Worldwide, Inc.^(a)		7,938		780,067
FleetCor Technologies, Inc.^(a)		12,407		2,730,657
Gartner, Inc.^(a)		12,888		3,421,506
Genpact Ltd.		29,559		1,421,197
Global Payments, Inc.		46,079		5,636,383
Globant SA^(a)		6,672		1,329,329
GoDaddy, Inc., Class A^(a)		26,689		1,979,790
Jack Henry & Associates, Inc.		11,966		2,486,176
Kyndryl Holdings, Inc.^(a)		29,157		305,274


18		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
MongoDB, Inc.^(a)		10,364	$	3,238,439
Okta, Inc.^(a)(b)		20,476		2,015,862
Paychex, Inc.		53,199		6,824,368
Shift4 Payments, Inc., Class A^(a)		8,570		312,205
SS&C Technologies Holdings, Inc.		36,793		2,177,042
Switch, Inc., Class A		23,391		790,850
Thoughtworks Holding, Inc.^(a)		13,773		215,685
Toast, Inc., Class A^(a)		37,667		601,919
Twilio, Inc., Class A^(a)		28,283		2,398,398
VeriSign, Inc.^(a)		15,809		2,990,430
Western Union Co.		63,437		1,079,698
WEX, Inc.^(a)		7,405		1,230,785
Wix.com Ltd.^(a)(b)		8,934		530,054

				60,359,236

Leisure Products — 0.4%
Brunswick Corp.		12,586		1,008,391
Hasbro, Inc.		21,661		1,705,154
Mattel, Inc.^(a)		58,005		1,345,716
Peloton Interactive, Inc., Class A^(a)		49,180		466,718
Polaris, Inc.		9,315		1,092,463
YETI Holdings, Inc.^(a)		14,256		723,777

				6,342,219

Life Sciences Tools & Services — 2.8%
10X Genomics, Inc., Class A^(a)		15,038		603,776
Agilent Technologies, Inc.		49,458		6,632,318
Avantor, Inc.^(a)		100,554		2,918,077
Azenta, Inc.		12,153		829,564
Bio-Rad Laboratories, Inc., Class A^(a)(b)		3,525		1,985,491
Bio-Techne Corp.		6,413		2,470,801
Bruker Corp.		17,937		1,229,581
Charles River Laboratories International, Inc.^(a)		8,313		2,082,739
IQVIA Holdings, Inc.^(a)		31,051		7,460,624
Maravai LifeSciences Holdings, Inc., Class A^(a)		18,001		469,646
Mettler-Toledo International, Inc.^(a)		3,690		4,980,504
PerkinElmer, Inc.		20,798		3,185,630
QIAGEN NV^(a)		37,399		1,856,486
Repligen Corp.^(a)		9,118		1,945,416
Sotera Health Co.^(a)		15,850		304,320
Syneos Health, Inc.^(a)		16,944		1,340,948
Waters Corp.^(a)		9,875		3,594,796
West Pharmaceutical Services, Inc.^(b)		12,211		4,195,211

				48,085,928

Machinery — 3.7%
AGCO Corp.		10,233		1,114,578
Allison Transmission Holdings, Inc.		16,052		672,097
Crane Holdings Co.		7,781		769,774
Cummins, Inc.		23,244		5,144,130
Donaldson Co., Inc.		20,335		1,106,427
Dover Corp.		23,725		3,171,558
Esab Corp.^(b)		8,200		338,004
Flowserve Corp.		21,443		725,631
Fortive Corp.		59,157		3,812,669
Gates Industrial Corp. PLC^(a)		17,909		220,281
Graco, Inc.		27,672		1,858,452
IDEX Corp.		12,526		2,614,802
Ingersoll Rand, Inc.		66,986		3,335,903
ITT, Inc.		13,763		1,032,638
Lincoln Electric Holdings, Inc.		9,184		1,298,985
Middleby Corp.^(a)(b)		8,916		1,290,056
Nordson Corp.		9,550		2,205,954


Security	Shares		Value

Machinery (continued)
Oshkosh Corp.		10,805	$	930,311
Otis Worldwide Corp.		69,783		5,454,937
PACCAR, Inc.		56,267		5,149,556
Parker-Hannifin Corp.		21,107		6,101,823
Pentair PLC		27,274		1,333,426
Snap-on, Inc.		8,669		1,942,289
Stanley Black & Decker, Inc.		24,867		2,420,305
Timken Co.		10,373		678,187
Toro Co.		17,278		1,485,735
Westinghouse Air Brake Technologies Corp.		29,849		2,789,986
Xylem, Inc.		29,537		2,718,290

				61,716,784

Marine — 0.0%
Kirby Corp.^(a)		9,791		621,141


Media — 1.2%
Altice USA, Inc., Class A^(a)		34,654		364,214
Cable One, Inc.		981		1,350,523
DISH Network Corp., Class A^(a)		41,646		723,391
Fox Corp., Class A		51,155		1,693,742
Fox Corp., Class B		23,973		740,766
Interpublic Group of Cos., Inc.		64,826		1,936,353
Liberty Broadband Corp., Class A^(a)		3,370		363,724
Liberty Broadband Corp., Class C^(a)		21,260		2,315,852
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)(b)		12,566		500,755
Liberty Media Corp.-Liberty SiriusXM, Class C^(a)		25,515		1,016,007
New York Times Co., Class A		27,111		866,196
News Corp., Class A		63,629		1,090,601
News Corp., Class B		19,507		337,081
Nexstar Media Group, Inc., Class A		6,407		1,206,887
Omnicom Group, Inc.		33,549		2,343,062
Paramount Global, Class A		1,521		41,128
Paramount Global, Class B		95,091		2,248,902
Sirius XM Holdings, Inc.^(b)		117,233		783,116

				19,922,300

Metals & Mining — 1.0%
Alcoa Corp.		30,502		1,552,247
Cleveland-Cliffs, Inc.^(a)		85,849		1,520,386
MP Materials Corp.^(a)(b)		15,196		510,130
Nucor Corp.		43,845		5,954,151
Reliance Steel & Aluminum Co.		10,162		1,933,320
Royal Gold, Inc.		10,742		1,125,439
SSR Mining, Inc.		35,213		579,606
Steel Dynamics, Inc.		29,501		2,297,538
U.S. Steel Corp.		42,561		1,006,568

				16,479,385

Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.		86,107		1,085,809
Annaly Capital Management, Inc.		257,148		1,769,178
New Residential Investment Corp.		70,630		770,573
Starwood Property Trust, Inc.		48,462		1,144,673

				4,770,233

Multiline Retail — 0.5%
Dollar Tree, Inc.^(a)		35,041		5,794,380
Kohl’s Corp.		21,228		618,584
Macy’s, Inc.		46,942		828,526
Nordstrom, Inc.		18,392		432,396
Ollie’s Bargain Outlet Holdings, Inc.^(a)(b)		10,306		607,539

				8,281,425


SCHEDULE OF INVESTMENTS		19

Schedule of Investments (continued)

July 31, 2022

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Multi-Utilities — 2.0%
Ameren Corp.		42,444	$	3,952,385
CenterPoint Energy, Inc.		103,907		3,292,813
CMS Energy Corp.		47,743		3,281,376
Consolidated Edison, Inc.		58,530		5,810,273
DTE Energy Co.		31,814		4,145,364
NiSource, Inc.		66,951		2,035,311
Public Service Enterprise Group, Inc.		82,121		5,392,886
WEC Energy Group, Inc.		52,047		5,402,999

				33,313,407

Oil, Gas & Consumable Fuels — 4.1%
Antero Midstream Corp.		54,585		549,125
Antero Resources Corp.^(a)		48,530		1,923,729
APA Corp.		55,570		2,065,537
Cheniere Energy, Inc.		41,766		6,247,358
Chesapeake Energy Corp.		21,027		1,980,113
Continental Resources, Inc.		5,832		401,767
Coterra Energy, Inc.		131,073		4,009,523
Devon Energy Corp.		108,499		6,819,162
Diamondback Energy, Inc.		29,202		3,738,440
DT Midstream, Inc.^(a)		15,964		878,499
Enviva, Inc.		4,951		344,738
EQT Corp.		60,763		2,675,395
Hess Corp.		46,439		5,222,994
HF Sinclair Corp.		24,733		1,182,732
Marathon Oil Corp.		116,326		2,884,885
New Fortress Energy, Inc.		7,795		381,721
ONEOK, Inc.		73,307		4,379,360
Ovintiv, Inc.		42,599		2,176,383
PDC Energy, Inc.		15,598		1,024,633
Phillips 66		79,365		7,063,485
Range Resources Corp.^(a)		43,349		1,433,551
Southwestern Energy Co.^(a)		182,435		1,287,991
Targa Resources Corp.		37,256		2,574,762
Texas Pacific Land Corp.^(b)		947		1,736,656
Williams Cos., Inc.		200,886		6,848,204

				69,830,743

Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		13,439		855,124


Personal Products^(a)— 0.0%
Coty, Inc., Class A		57,357		419,853
Olaplex Holdings, Inc.		20,106		345,823

				765,676

Pharmaceuticals — 0.8%
Catalent, Inc.^(a)		28,144		3,183,086
Elanco Animal Health, Inc.^(a)		73,559		1,490,305
Jazz Pharmaceuticals PLC^(a)		10,045		1,567,623
Organon & Co.		42,023		1,332,969
Perrigo Co. PLC		22,270		932,445
Royalty Pharma PLC, Class A		60,522		2,632,102
Viatris, Inc.		199,801		1,936,072

				13,074,602

Professional Services — 2.0%
Booz Allen Hamilton Holding Corp.		21,644		2,077,391
CACI International, Inc., Class A^(a)		3,819		1,154,446
Clarivate PLC^(a)		78,989		1,144,551
CoStar Group, Inc.^(a)		64,802		4,703,977
Dun & Bradstreet Holdings, Inc.^(a)		41,738		657,791
Equifax, Inc.		20,043		4,187,183
FTI Consulting, Inc.^(a)		5,556		908,739


Security	Shares		Value

Professional Services (continued)
Jacobs Engineering Group, Inc.		21,075	$	2,893,597
KBR, Inc.		22,854		1,216,518
Leidos Holdings, Inc.		22,460		2,403,220
ManpowerGroup, Inc.		8,683		680,834
Nielsen Holdings PLC		59,250		1,419,038
Robert Half International, Inc.		17,814		1,409,800
Science Applications International Corp.		9,165		887,814
TransUnion		31,732		2,514,126
Verisk Analytics, Inc.		25,616		4,873,444

				33,132,469

Real Estate Management & Development^(a)— 0.5%
CBRE Group, Inc., Class A		54,402		4,657,899
Howard Hughes Corp.^(b)		6,230		441,645
Jones Lang LaSalle, Inc.		8,170		1,557,774
Opendoor Technologies, Inc.^(b)		75,561		371,004
WeWork, Inc., Class A^(b)		21,026		100,294
Zillow Group, Inc., Class A		9,598		335,930
Zillow Group, Inc., Class C^(b)		27,024		942,597

				8,407,143

Road & Rail — 0.9%
AMERCO		1,488		799,175
Avis Budget Group, Inc.^(a)		4,914		894,496
Hertz Global Holdings, Inc.^(a)(b)		38,605		826,919
JB Hunt Transport Services, Inc.		13,753		2,520,512
Knight-Swift Transportation Holdings, Inc.		26,337		1,447,218
Landstar System, Inc.		6,066		949,814
Lyft, Inc., Class A^(a)		50,039		693,541
Old Dominion Freight Line, Inc.		16,806		5,100,789
Ryder System, Inc.		8,211		643,086
Schneider National, Inc., Class B		8,698		220,320
XPO Logistics, Inc.^(a)(b)		16,880		1,008,411

				15,104,281

Semiconductors & Semiconductor Equipment — 2.3%
Allegro MicroSystems, Inc.^(a)		7,721		191,712
Cirrus Logic, Inc.^(a)		9,425		805,461
Enphase Energy, Inc.^(a)		21,584		6,133,741
Entegris, Inc.		24,470		2,689,253
First Solar, Inc.^(a)		17,629		1,748,268
Globalfoundries, Inc.^(a)(b)		10,466		538,790
Lattice Semiconductor Corp.^(a)		22,373		1,375,940
Microchip Technology, Inc.		88,741		6,110,705
MKS Instruments, Inc.		9,150		1,081,530
Monolithic Power Systems, Inc.		7,482		3,477,035
ON Semiconductor Corp.^(a)		71,548		4,777,975
Qorvo, Inc.^(a)		17,830		1,855,568
Skyworks Solutions, Inc.		26,517		2,887,171
Teradyne, Inc.		26,387		2,662,184
Universal Display Corp.		7,097		819,420
Wolfspeed, Inc.^(a)		19,159		1,595,945

				38,750,698

Software — 6.2%
Alteryx, Inc., Class A^(a)		9,758		472,580
ANSYS, Inc.^(a)		14,343		4,001,554
AppLovin Corp., Class A^(a)		36,829		1,308,903
Aspen Technology, Inc.^(a)		4,600		938,814
Avalara, Inc.^(a)		14,307		1,250,718
Bentley Systems, Inc., Class B		27,796		1,100,722
Bill.Com Holdings, Inc.^(a)(b)		16,088		2,173,167
Black Knight, Inc.^(a)		25,480		1,673,526
Cadence Design Systems, Inc.^(a)		44,994		8,372,483


20		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
CCC Intelligent Solutions Holdings, Inc.^(a)		27,356	$	273,286
Ceridian HCM Holding, Inc.^(a)		22,562		1,235,721
Citrix Systems, Inc.		20,775		2,106,793
Confluent, Inc., Class A^(a)(b)		20,655		525,670
Coupa Software, Inc.^(a)		12,378		809,769
Crowdstrike Holdings, Inc., Class A^(a)		34,673		6,365,963
Datadog, Inc., Class A^(a)		42,620		4,347,666
DocuSign, Inc.^(a)		32,573		2,084,021
Dolby Laboratories, Inc., Class A		10,534		815,332
DoubleVerify Holdings, Inc.^(a)(b)		10,241		234,826
Dropbox, Inc., Class A^(a)		46,212		1,050,861
Dynatrace, Inc.^(a)		32,557		1,225,120
Elastic NV^(a)		12,508		999,264
Fair Isaac Corp.^(a)		4,157		1,920,659
Five9, Inc.^(a)		11,416		1,234,298
Fortinet, Inc.^(a)		108,151		6,451,207
Guidewire Software, Inc.^(a)		13,788		1,071,603
HubSpot, Inc.^(a)		7,508		2,312,464
Informatica, Inc., Class A^(a)(b)		6,035		138,201
Jamf Holding Corp.^(a)(b)		10,550		257,842
Mandiant, Inc.^(a)		37,863		862,519
Manhattan Associates, Inc.^(a)		10,410		1,464,375
nCino, Inc.^(a)(b)		9,510		307,078
NCR Corp.^(a)		21,086		684,241
New Relic, Inc.^(a)		8,630		523,582
NortonLifeLock, Inc.		93,082		2,283,301
Nutanix, Inc., Class A^(a)		35,014		529,762
Palantir Technologies, Inc., Class A^(a)(b)		298,265		3,087,043
Paycom Software, Inc.^(a)		8,442		2,789,997
Paycor HCM, Inc.^(a)(b)		7,588		202,524
Paylocity Holding Corp.^(a)		6,509		1,340,398
Pegasystems, Inc.		6,854		275,188
Procore Technologies, Inc.^(a)		11,611		600,289
PTC, Inc.^(a)		17,366		2,142,617
RingCentral, Inc., Class A^(a)		13,896		687,713
SentinelOne, Inc., Class A^(a)		28,319		703,727
Smartsheet, Inc., Class A^(a)		20,903		628,344
Splunk, Inc.^(a)		26,539		2,757,667
Synopsys, Inc.^(a)		25,146		9,241,155
Teradata Corp.^(a)		17,259		660,847
Trade Desk, Inc., Class A^(a)		72,366		3,256,470
Tyler Technologies, Inc.^(a)		6,785		2,707,215
UiPath, Inc., Class A^(a)		61,186		1,121,539
Unity Software, Inc.^(a)(b)		34,106		1,275,223
Zendesk, Inc.^(a)		20,041		1,511,492
Zoom Video Communications, Inc., Class A^(a)		41,645		4,325,250
Zscaler, Inc.^(a)		13,724		2,128,043

				104,850,632

Specialty Retail — 2.8%
Advance Auto Parts, Inc.		10,068		1,949,366
AutoNation, Inc.^(a)(b)		6,554		778,222
AutoZone, Inc.^(a)		3,269		6,987,128
Bath & Body Works, Inc.		39,400		1,400,276
Best Buy Co., Inc.		33,144		2,551,756
Burlington Stores, Inc.^(a)		10,868		1,533,801
CarMax, Inc.^(a)		26,447		2,632,534
Carvana Co.^(a)(b)		16,874		491,877
Dick’s Sporting Goods, Inc.		9,162		857,472


Security	Shares		Value

Specialty Retail (continued)
Five Below, Inc.^(a)		8,998	$	1,143,376
Floor & Decor Holdings, Inc., Class A^(a)		16,928		1,363,889
GameStop Corp., Class A^(a)(b)		44,392		1,509,772
Gap, Inc.		31,996		307,801
Leslie’s, Inc.^(a)		26,367		399,724
Lithia Motors, Inc.^(b)		4,722		1,252,652
O’Reilly Automotive, Inc.^(a)		10,773		7,579,775
Penske Automotive Group, Inc.		4,585		524,937
Petco Health & Wellness Co., Inc.^(a)(b)		13,018		181,211
RH^(a)		2,874		803,082
Ross Stores, Inc.		56,929		4,626,050
Tractor Supply Co.		18,444		3,531,657
Ulta Beauty, Inc.^(a)		8,474		3,295,623
Victoria’s Secret & Co.^(a)		13,378		494,451
Williams-Sonoma, Inc.		11,509		1,662,130

				47,858,562

Technology Hardware, Storage & Peripherals — 1.0%
Dell Technologies, Inc., Class C		44,099		1,987,101
Hewlett Packard Enterprise Co.		214,178		3,049,895
HP, Inc.		173,804		5,803,315
NetApp, Inc.		36,684		2,616,670
Pure Storage, Inc., Class A^(a)		46,688		1,323,605
Western Digital Corp.^(a)		51,687		2,537,831

				17,318,417

Textiles, Apparel & Luxury Goods — 1.0%
Capri Holdings Ltd.^(a)		23,728		1,155,079
Carter’s, Inc.		6,573		535,568
Columbia Sportswear Co.		6,106		451,905
Deckers Outdoor Corp.^(a)(b)		4,434		1,388,773
Hanesbrands, Inc.		56,924		636,410
Lululemon Athletica, Inc.^(a)		18,420		5,719,594
PVH Corp.		11,137		689,603
Ralph Lauren Corp.		7,491		738,838
Skechers USA, Inc., Class A^(a)		22,232		843,927
Tapestry, Inc.		43,711		1,470,001
Under Armour, Inc., Class A^(a)		30,227		279,902
Under Armour, Inc., Class C^(a)		35,285		291,454
VF Corp.		57,641		2,575,400

				16,776,454

Thrifts & Mortgage Finance — 0.1%
MGIC Investment Corp.		50,974		720,772
New York Community Bancorp, Inc.		76,459		811,994
Rocket Cos., Inc., Class A		19,111		181,937
TFS Financial Corp.		7,886		115,530
UWM Holdings Corp.^(b)		14,183		53,470

				1,883,703

Trading Companies & Distributors — 1.1%
Air Lease Corp.		17,273		641,001
Core & Main, Inc., Class A^(a)		9,746		235,268
Fastenal Co.		94,930		4,875,605
MSC Industrial Direct Co., Inc., Class A		7,599		628,133
SiteOne Landscape Supply, Inc.^(a)		7,286		1,015,158
United Rentals, Inc.^(a)		11,783		3,802,021
Univar Solutions, Inc.^(a)		27,492		743,384
W.W.Grainger, Inc.		7,515		4,084,628


SCHEDULE OF INVESTMENTS		21

Schedule of Investments (continued)

July 31, 2022

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Trading Companies & Distributors (continued)
Watsco, Inc.		5,453	$	1,493,849
WESCO International, Inc.^(a)		7,352		939,880

				18,458,927

Water Utilities — 0.4%
American Water Works Co., Inc.		30,005		4,663,977
Essential Utilities, Inc.		38,153		1,981,667

				6,645,644

Total Common Stocks — 98.2%
(Cost: $1,205,753,111)				1,657,208,333


Investment Companies

Equity Funds — 1.1%
iShares Russell Mid-Cap ETF^(b)(c)		246,239		17,487,894


Total Investment Companies — 1.1%
(Cost: $16,349,002)				17,487,894


Total Long-Term Investments — 99.3%
(Cost: $1,222,102,113)				1,674,696,227


Security	Shares		Value

Short-Term Securities

Money Market Funds — 5.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.96%^(c)(d)(e)		74,916,250	$	74,908,758
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.84%^(c)(d)		9,934,737		9,934,737


Total Short-Term Securities — 5.0%
(Cost: $84,842,994)				84,843,495


Total Investments — 104.3%
(Cost: $1,306,945,107)				1,759,539,722
Liabilities in Excess of Other Assets — (4.3)%				(71,898,132	)


Net Assets — 100.0%			$	1,687,641,590

^(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 year ended July 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 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,678,418	$	46,242,806	^(a)	$	—		$	(4,872	)	$	(7,594	)	$	74,908,758		74,916,250	$	238,688	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		11,820,501		—			(1,885,764)	^(a)		—			—			9,934,737		9,934,737		36,630			—
iShares Russell Mid-Cap ETF		12,977,513		226,649,201			(219,528,829)			(2,541,983	)		(68,008	)		17,487,894		246,239		164,710			—

									$	(2,546,855	)	$	(75,602	)	$	102,331,389			$	440,028		$	—

^(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
S&P 500 E-Mini Index		12		09/16/22	$	2,480	$	104,680
S&P Mid 400 E-Mini Index		33		09/16/22		8,298		584,599

							$	689,279


22		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Mid-Cap Index Fund

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	689,279	$	—	$	—	$	—	$	689,279

^(a)

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

For the period ended July 31, 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	$	—	$	—	$	(601,716	)	$	—	$	—	$	—	$	(601,716	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	572,390		$	—	$	—	$	—	$	572,390

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	10,577,460

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	$	20,181,497	$	—	$	—	$	20,181,497
Air Freight & Logistics		6,053,010		—		—		6,053,010
Airlines		12,206,946		—		—		12,206,946
Auto Components		9,197,892		—		—		9,197,892
Automobiles		4,187,611		—		—		4,187,611
Banks		54,250,353		—		—		54,250,353
Beverages		5,104,496		—		—		5,104,496
Biotechnology		30,202,270		—		—		30,202,270
Building Products		28,642,761		—		—		28,642,761
Capital Markets		67,685,613		—		—		67,685,613
Chemicals		53,841,687		—		—		53,841,687
Commercial Services & Supplies		21,605,300		—		—		21,605,300
Communications Equipment		17,414,551		—		—		17,414,551
Construction & Engineering		8,880,813		—		—		8,880,813
Construction Materials		8,036,300		—		—		8,036,300
Consumer Finance		12,391,840		—		—		12,391,840
Containers & Packaging		24,844,578		37,317		—		24,881,895
Distributors		8,192,238		—		—		8,192,238


SCHEDULE OF INVESTMENTS		23

Schedule of Investments (continued)

July 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)
Diversified Consumer Services.	$	5,693,887	$	—	$	—	$	5,693,887
Diversified Financial Services		7,107,654		—		—		7,107,654
Diversified Telecommunication Services		2,890,790		—		—		2,890,790
Electric Utilities		44,681,168		—		—		44,681,168
Electrical Equipment		22,911,876		—		—		22,911,876
Electronic Equipment, Instruments & Components		39,868,321		—		—		39,868,321
Energy Equipment & Services		9,465,022		—		—		9,465,022
Entertainment		29,648,944		—		—		29,648,944
Equity Real Estate Investment Trusts (REITs)		133,944,231		—		—		133,944,231
Food & Staples Retailing		11,498,934		—		—		11,498,934
Food Products		34,492,029		—		—		34,492,029
Gas Utilities		5,297,132		—		—		5,297,132
Health Care Equipment & Supplies		49,060,201		—		—		49,060,201
Health Care Providers & Services		28,048,624		—		—		28,048,624
Health Care Technology		8,355,875		—		—		8,355,875
Hotels, Restaurants & Leisure		49,140,067		—		—		49,140,067
Household Durables		21,864,488		—		—		21,864,488
Household Products		7,117,451		—		—		7,117,451
Independent Power and Renewable Electricity Producers		5,082,316		—		—		5,082,316
Insurance		70,958,380		—		—		70,958,380
Interactive Media & Services		13,312,196		—		—		13,312,196
Internet & Direct Marketing Retail		10,206,541		—		—		10,206,541
IT Services		60,359,236		—		—		60,359,236
Leisure Products		6,342,219		—		—		6,342,219
Life Sciences Tools & Services		48,085,928		—		—		48,085,928
Machinery		61,716,784		—		—		61,716,784
Marine		621,141		—		—		621,141
Media		19,922,300		—		—		19,922,300
Metals & Mining		16,479,385		—		—		16,479,385
Mortgage Real Estate Investment Trusts (REITs)		4,770,233		—		—		4,770,233
Multiline Retail		8,281,425		—		—		8,281,425
Multi-Utilities		33,313,407		—		—		33,313,407
Oil, Gas & Consumable Fuels		69,830,743		—		—		69,830,743
Paper & Forest Products		855,124		—		—		855,124
Personal Products		765,676		—		—		765,676
Pharmaceuticals		13,074,602		—		—		13,074,602
Professional Services		33,132,469		—		—		33,132,469
Real Estate Management & Development		8,407,143		—		—		8,407,143
Road & Rail		15,104,281		—		—		15,104,281
Semiconductors & Semiconductor Equipment		38,750,698		—		—		38,750,698
Software		104,850,632		—		—		104,850,632
Specialty Retail		47,858,562		—		—		47,858,562
Technology Hardware, Storage & Peripherals		17,318,417		—		—		17,318,417
Textiles, Apparel & Luxury Goods		16,776,454		—		—		16,776,454
Thrifts & Mortgage Finance		1,883,703		—		—		1,883,703
Trading Companies & Distributors		18,458,927		—		—		18,458,927
Water Utilities		6,645,644		—		—		6,645,644
Investment Companies		17,487,894		—		—		17,487,894
Short-Term Securities
Money Market Funds		84,843,495		—		—		84,843,495

	$	1,759,502,405	$	37,317	$	—	$	1,759,539,722

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	689,279	$	—	$	—	$	689,279

^(a)

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

See notes to financial statements.


24		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.7%
AAR Corp.^(a)		2,798	$	124,595
Aerojet Rocketdyne Holdings, Inc.^(a)		6,556		286,432
AeroVironment, Inc.^(a)		1,831		158,638
AerSale Corp.^(a)		1,010		17,685
Archer Aviation, Inc., Class A^(a)		10,706		43,252
Astra Space, Inc.^(a)(b)		14,460		20,678
Astronics Corp.^(a)		2,147		24,089
Axon Enterprise, Inc.^(a)		5,508		606,926
BWX Technologies, Inc.		7,521		426,290
Cadre Holdings, Inc.		1,637		38,715
Curtiss-Wright Corp.		3,057		438,496
Ducommun, Inc.^(a)		742		35,126
Fresh Market, Inc.^(c)		290		—
Hexcel Corp.		6,690		404,812
Howmet Aerospace, Inc.		30,595		1,135,992
Huntington Ingalls Industries, Inc.		3,197		693,237
Kaman Corp.		2,423		74,580
Kratos Defense & Security Solutions, Inc.^(a)		9,877		142,130
Maxar Technologies, Inc.		6,108		167,848
Mercury Systems, Inc.^(a)		4,565		269,381
Momentus, Inc.^(a)		7,355		12,945
Moog, Inc., Class A		2,165		185,411
National Presto Industries, Inc.		538		38,306
Park Aerospace Corp.		1,544		18,837
Parsons Corp.^(a)(b)		2,758		119,228
Rocket Lab USA, Inc.^(a)		17,892		83,556
Spirit AeroSystems Holdings, Inc., Class A		8,433		276,771
Terran Orbital Corp.^(a)(b)		2,750		11,660
Textron, Inc.		17,500		1,148,700
Triumph Group, Inc.^(a)		4,861		75,540
V2X Inc.^(a)		935		31,079
Virgin Galactic Holdings, Inc.^(a)(b)		19,077		141,933
Woodward, Inc.		4,911		514,182

				7,767,050

Air Freight & Logistics — 0.2%
Air Transport Services Group, Inc.^(a)		4,634		145,230
Atlas Air Worldwide Holdings, Inc.^(a)		2,331		176,480
Forward Air Corp.		2,047		214,792
GXO Logistics, Inc.^(a)		8,512		408,576
Hub Group, Inc., Class A^(a)		2,805		214,302
Radiant Logistics, Inc.^(a)(b)		2,218		16,080

				1,175,460

Airlines^(a)— 0.5%
Alaska Air Group, Inc.		9,907		439,177
Allegiant Travel Co.		1,303		150,249
American Airlines Group, Inc.^(b)		52,046		713,551
Blade Air Mobility, Inc.^(b)		4,942		27,453
Copa Holdings SA, Class A^(b)		2,492		167,512
Frontier Group Holdings, Inc.^(b)		2,963		42,904
Hawaiian Holdings, Inc.		4,347		65,031
JetBlue Airways Corp.		25,584		215,417
Joby Aviation, Inc.^(b)		20,530		113,736
SkyWest, Inc.		3,844		92,833
Spirit Airlines, Inc.		8,789		217,704
Sun Country Airlines Holdings, Inc.^(b)		2,481		50,042
Wheels Up Experience, Inc.		13,605		30,475

				2,326,084

Auto Components — 1.1%
Adient PLC^(a)		7,466		252,202


Security	Shares		Value

Auto Components (continued)
American Axle & Manufacturing Holdings, Inc.^(a)		8,855	$	78,898
BorgWarner, Inc.		19,211		738,855
Dana, Inc.		11,337		190,008
Dorman Products, Inc.^(a)		2,107		212,997
Fox Factory Holding Corp.^(a)(b)		3,363		318,342
Gentex Corp.		19,158		540,639
Gentherm, Inc.^(a)		2,624		169,405
Goodyear Tire & Rubber Co.^(a)		23,218		285,117
Holley, Inc.^(a)		4,184		33,430
LCI Industries		2,035		274,908
Lear Corp.		4,786		723,356
Luminar Technologies, Inc.^(a)(b)		19,566		132,266
Modine Manufacturing Co.^(a)		3,841		50,394
Motorcar Parts of America, Inc.^(a)		1,773		26,719
Patrick Industries, Inc.		1,892		114,882
QuantumScape Corp.^(a)(b)		19,768		213,890
Solid Power, Inc.^(a)		4,947		31,364
Standard Motor Products, Inc.		1,532		70,074
Stoneridge, Inc.^(a)		1,839		34,610
Tenneco, Inc., Class A^(a)(b)		6,759		127,542
Visteon Corp.^(a)		2,245		286,417
XPEL, Inc.^(a)		1,848		113,264

				5,019,579

Automobiles — 0.3%
Canoo, Inc.^(a)(b)		8,032		27,791
Cenntro Electric Group Ltd.^(a)(b)		16,324		24,486
Faraday Future Intelligent Electric, Inc.^(a)		9,310		20,575
Fisker, Inc.^(a)(b)		13,891		133,076
Harley-Davidson, Inc.		10,799		408,310
Lordstown Motors Corp., Class A^(a)(b)		11,588		25,957
Thor Industries, Inc.		4,396		370,715
Winnebago Industries, Inc.		2,720		164,206
Workhorse Group, Inc.^(a)(b)		11,058		36,160

				1,211,276

Banks — 6.6%
1st Source Corp.		1,728		83,324
ACNB Corp.		955		31,410
Allegiance Bancshares, Inc.		1,395		61,436
Amalgamated Financial Corp.		1,032		23,819
Amerant Bancorp, Inc.		2,166		59,175
American National Bankshares, Inc.		1,039		37,705
Ameris Bancorp		4,853		229,498
Arrow Financial Corp.		1,435		48,144
Associated Banc-Corp.		13,293		267,189
Atlantic Union Bankshares Corp.		6,300		217,917
Banc of California, Inc.		5,143		90,054
BancFirst Corp.		1,698		182,348
Bancorp, Inc.^(a)		3,411		83,911
Bank First Corp.		651		50,075
Bank of Hawaii Corp.		3,731		298,890
Bank of Marin Bancorp		1,401		45,841
Bank of NT Butterfield & Son Ltd.		4,101		138,983
Bank OZK		9,953		399,115
BankUnited, Inc.		4,803		186,597
Bankwell Financial Group, Inc.		1,060		34,747
Banner Corp.		1,429		88,584
Bar Harbor Bankshares		1,200		34,764
BayCom Corp.		1,547		30,306
BCB Bancorp, Inc.		1,620		31,201
Berkshire Hills Bancorp, Inc.		2,657		74,848
Blue Ridge Bankshares, Inc.		1,856		27,729
BOK Financial Corp.		2,523		222,100


SCHEDULE OF INVESTMENTS		25

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Brookline Bancorp, Inc.		4,667	$	64,545
Business First Bancshares, Inc.		2,243		52,666
Byline Bancorp, Inc.		2,024		49,568
Cadence Bank		10,103		263,688
Cambridge Bancorp		637		53,056
Camden National Corp.		1,130		51,641
Capital Bancorp, Inc.		548		13,695
Capital City Bank Group, Inc.		1,231		39,872
Capstar Financial Holdings, Inc.		2,308		48,491
Carter Bankshares, Inc.^(a)		2,657		37,065
Cathay General Bancorp		6,164		257,039
CBTX, Inc.		1,553		48,065
Central Pacific Financial Corp.		715		16,931
Citizens & Northern Corp.		1,893		46,246
City Holding Co.		956		82,971
Civista Bancshares, Inc.		1,960		42,454
CNB Financial Corp.		1,778		45,872
Coastal Financial Corp.^(a)		973		40,117
Colony Bankcorp, Inc.		2,154		31,276
Columbia Banking System, Inc.		5,428		163,763
Comerica, Inc.		10,828		842,094
Commerce Bancshares, Inc.		9,174		637,501
Community Bank System, Inc.		3,296		221,920
Community Trust Bancorp, Inc.		1,541		66,772
ConnectOne Bancorp, Inc.		3,307		87,437
CrossFirst Bankshares, Inc.^(a)		3,889		53,357
Cullen/Frost Bankers, Inc.		4,852		632,701
Customers Bancorp, Inc.^(a)		2,158		82,414
CVB Financial Corp.		9,432		251,551
Dime Community Bancshares, Inc.		2,887		98,389
Eagle Bancorp, Inc.		1,944		95,314
East West Bancorp, Inc.		11,601		832,720
Eastern Bankshares, Inc.		13,772		280,949
Enterprise Bancorp, Inc.		679		21,592
Enterprise Financial Services Corp.		2,942		138,362
Equity Bancshares, Inc., Class A		1,507		48,149
Esquire Financial Holdings, Inc.		759		27,491
Farmers & Merchants Bancorp, Inc.		1,124		34,451
Farmers National Banc Corp.		2,794		39,675
FB Financial Corp.		3,422		146,633
Financial Institutions, Inc.		1,270		33,668
First BanCorp.		12,350		186,361
First Bancorp, Inc.		776		23,439
First Bancorp/Southern Pines NC		2,516		95,306
First Bancshares, Inc.		2,088		60,552
First Bank		1,239		18,659
First Busey Corp.		4,243		104,590
First Business Financial Services, Inc.		942		31,510
First Citizens BancShares, Inc., Class A		1,004		759,707
First Commonwealth Financial Corp.		5,802		85,986
First Community Bankshares, Inc.		1,485		47,639
First Financial Bancorp		5,870		131,136
First Financial Bankshares, Inc.		10,643		470,208
First Financial Corp.		990		46,253
First Foundation, Inc.		4,769		99,291
First Guaranty Bancshares, Inc.		805		19,980
First Hawaiian, Inc.		10,738		273,712
First Horizon Corp.		43,044		962,464
First Internet Bancorp		691		24,496
First Interstate BancSystem, Inc., Class A		7,840		319,715
First Merchants Corp.		4,964		206,155
First Mid Bancshares, Inc.		1,751		65,785
First of Long Island Corp.		2,122		38,620


Security	Shares		Value

Banks (continued)
First Western Financial, Inc.^(a)		903	$	25,275
Five Star Bancorp		866		22,836
Flushing Financial Corp.		2,795		60,344
FNB Corp.		30,740		367,650
Fulton Financial Corp.		12,683		211,679
FVCBankcorp, Inc.^(a)		1,585		30,353
German American Bancorp, Inc.		2,770		104,817
Glacier Bancorp, Inc.		9,261		463,883
Great Southern Bancorp, Inc.		895		55,436
Guaranty Bancshares, Inc.		706		26,383
Hancock Whitney Corp.		7,292		355,922
Hanmi Financial Corp.		1,558		39,371
HarborOne Bancorp, Inc.		4,624		67,048
HBT Financial, Inc.		587		10,942
Heartland Financial USA, Inc.		3,661		164,379
Heritage Commerce Corp.		5,586		65,803
Heritage Financial Corp.		2,200		57,244
Hilltop Holdings, Inc.		5,317		153,395
Home BancShares, Inc.		16,150		381,140
HomeStreet, Inc.		1,207		45,009
HomeTrust Bancshares, Inc.		1,199		28,944
Hope Bancorp, Inc.		6,886		103,565
Horizon Bancorp, Inc.		3,263		62,225
Independent Bank Corp.		4,559		274,999
Independent Bank Group, Inc.		2,888		204,239
International Bancshares Corp.		4,468		195,966
John Marshall Bancorp, Inc.		1,078		28,103
Lakeland Bancorp, Inc.		5,312		84,567
Lakeland Financial Corp.		1,794		139,573
Live Oak Bancshares, Inc.		2,825		106,333
Macatawa Bank Corp.		2,222		20,665
Mercantile Bank Corp.		1,449		51,353
Meta Financial Group, Inc.		1,900		64,068
Metrocity Bankshares, Inc.		1,301		26,944
Metropolitan Bank Holding Corp.^(a)		784		54,394
Mid Penn Bancorp, Inc.		1,205		34,559
Midland States Bancorp, Inc.		1,684		44,121
MidWestOne Financial Group, Inc.		1,385		43,226
MVB Financial Corp.		1,052		34,190
National Bank Holdings Corp., Class A		1,729		71,961
NBT Bancorp, Inc.		2,632		106,701
Nicolet Bankshares, Inc.^(a)		1,006		80,460
Northeast Bank		725		28,855
Northwest Bancshares, Inc.		7,141		102,688
OceanFirst Financial Corp.		5,113		105,123
OFG Bancorp		2,986		82,025
Old National Bancorp		24,767		431,193
Old Second Bancorp, Inc.		4,839		67,988
Origin Bancorp, Inc.		1,779		76,622
Orrstown Financial Services, Inc.		845		21,902
Pacific Premier Bancorp, Inc.		6,032		202,916
PacWest Bancorp		9,699		271,863
Park National Corp.		1,201		155,602
Parke Bancorp, Inc.		1,420		31,169
PCB Bancorp		1,439		27,730
PCSB Financial Corp.		1,602		31,223
Peapack-Gladstone Financial Corp.		1,354		44,222
Peoples Bancorp, Inc.		2,416		74,703
Peoples Financial Services Corp.		541		28,803
Pinnacle Financial Partners, Inc.		6,230		492,793
Popular, Inc.		6,209		482,253
Preferred Bank/Los Angeles CA		621		45,147
Premier Financial Corp.		3,189		90,823


26		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Primis Financial Corp.		2,009	$	27,222
Professional Holding Corp., Class A^(a)		1,311		29,432
Prosperity Bancshares, Inc.		7,476		553,897
QCR Holdings, Inc.		1,415		83,895
RBB Bancorp		1,180		26,916
Red River Bancshares, Inc.		321		17,607
Renasant Corp.		3,359		112,191
Republic Bancorp, Inc., Class A		985		44,167
Republic First Bancorp, Inc.^(a)		4,846		17,543
S&T Bancorp, Inc.		2,242		69,367
Sandy Spring Bancorp, Inc.		3,956		163,383
Seacoast Banking Corp. of Florida		4,084		146,125
ServisFirst Bancshares, Inc.		4,176		356,839
Shore Bancshares, Inc.		2,380		46,648
Sierra Bancorp		1,307		29,342
Signature Bank		5,025		932,489
Silvergate Capital Corp., Class A^(a)		2,599		242,461
Simmons First National Corp., Class A		8,885		211,019
SmartFinancial, Inc.		1,198		31,447
South Plains Financial, Inc.		1,082		28,586
Southern First Bancshares, Inc.^(a)		682		30,519
Southside Bancshares, Inc.		1,938		77,404
SouthState Corp.		6,198		525,404
Stock Yards Bancorp, Inc.^(b)		2,580		178,407
Summit Financial Group, Inc.		1,259		38,412
Synovus Financial Corp.		11,926		481,572
Texas Capital Bancshares, Inc.^(a)		4,217		247,201
Third Coast Bancshares, Inc.^(a)		646		12,119
Tompkins Financial Corp.		1,201		92,657
Towne Bank		6,067		181,221
Trico Bancshares		2,972		142,062
Triumph Bancorp, Inc.^(a)		1,746		126,847
Trustmark Corp.		4,312		140,011
UMB Financial Corp.		3,834		346,977
Umpqua Holdings Corp.		18,081		318,406
United Bankshares, Inc.		10,637		412,077
United Community Banks, Inc.		7,109		241,919
Unity Bancorp, Inc.		988		27,684
Univest Financial Corp.		2,785		69,458
USCB Financial Holdings, Inc.^(a)		1,092		13,257
Valley National Bancorp		36,297		424,312
Veritex Holdings, Inc.		3,592		111,136
Washington Federal, Inc.		6,157		210,138
Washington Trust Bancorp, Inc.		1,533		84,131
Webster Financial Corp.		14,746		684,952
WesBanco, Inc.		5,028		171,555
West BanCorp., Inc.		1,364		35,478
Westamerica BanCorp.		1,623		97,396
Western Alliance Bancorp		8,596		656,562
Wintrust Financial Corp.		5,025		432,351
Zions Bancorp NA		12,395		676,147

				31,197,491

Beverages — 0.3%
Boston Beer Co., Inc., Class A^(a)		767		291,790
Celsius Holdings, Inc.^(a)		4,465		397,207
Coca-Cola Consolidated, Inc.		378		193,914
Duckhorn Portfolio, Inc.^(a)		2,701		49,536
MGP Ingredients, Inc.^(b)		1,151		121,062
National Beverage Corp.		1,868		101,208
Primo Water Corp.		11,974		158,296


Security	Shares		Value

Beverages (continued)
Vintage Wine Estates, Inc.^(a)		2,782	$	20,420
Vita Coco Co., Inc.^(a)		1,674		20,172

				1,353,605

Biotechnology — 4.1%
2seventy bio, Inc.^(a)		3,496		50,307
4D Molecular Therapeutics, Inc.^(a)		2,320		21,808
Aadi Bioscience, Inc.^(a)(b)		1,641		20,299
ACADIA Pharmaceuticals, Inc.^(a)		10,011		147,062
Adagio Therapeutics, Inc.^(a)		4,704		16,558
Adicet Bio, Inc.^(a)		1,911		32,277
ADMA Biologics, Inc.^(a)		17,926		38,362
Aduro Biotech, Inc.^(c)		658		1,671
Aerovate Therapeutics, Inc.^(a)		826		18,379
Affimed NV^(a)		8,699		24,618
Agenus, Inc.^(a)		21,810		56,270
Agios Pharmaceuticals, Inc.^(a)(b)		4,780		103,105
Akero Therapeutics, Inc.^(a)		1,674		17,142
Albireo Pharma, Inc.^(a)(b)		1,385		28,794
Alector, Inc.^(a)(b)		4,433		45,305
Alkermes PLC^(a)		13,265		339,584
Allogene Therapeutics, Inc.^(a)(b)		6,145		79,762
Allovir, Inc.^(a)		2,010		9,226
Alpine Immune Sciences, Inc.^(a)		685		5,446
ALX Oncology Holdings, Inc.^(a)(b)		1,243		12,032
Amicus Therapeutics, Inc.^(a)		22,765		226,739
AnaptysBio, Inc.^(a)		1,593		33,357
Anavex Life Sciences Corp.^(a)(b)		5,401		55,414
Anika Therapeutics, Inc.^(a)		967		22,589
Apellis Pharmaceuticals, Inc.^(a)		7,364		414,446
Arbutus Biopharma Corp.^(a)		9,788		22,610
Arcellx, Inc.^(a)(b)		806		16,708
Arcturus Therapeutics Holdings, Inc.^(a)(b)		1,660		29,133
Arcus Biosciences, Inc.^(a)(b)		4,485		119,256
Arcutis Biotherapeutics, Inc.^(a)		2,592		62,882
Arrowhead Pharmaceuticals, Inc.^(a)		8,040		341,941
Atara Biotherapeutics, Inc.^(a)		6,848		20,749
Aura Biosciences, Inc.^(a)(b)		1,526		21,761
Aurinia Pharmaceuticals, Inc.^(a)		11,272		92,205
Avid Bioservices, Inc.^(a)(b)		4,437		87,187
Avidity Biosciences, Inc.^(a)		4,936		80,407
Beam Therapeutics, Inc.^(a)(b)		5,366		337,951
BioCryst Pharmaceuticals, Inc.^(a)(b)		15,035		165,686
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		5,076		741,198
Bioxcel Therapeutics, Inc.^(a)		1,152		17,787
Bluebird Bio, Inc.^(a)(b)		5,568		22,550
Blueprint Medicines Corp.^(a)		4,658		237,837
Bridgebio Pharma, Inc.^(a)		8,326		72,103
C4 Therapeutics, Inc.^(a)		3,118		30,058
CareDx, Inc.^(a)		3,845		91,473
Caribou Biosciences, Inc.^(a)		3,979		32,309
Catalyst Pharmaceuticals, Inc.^(a)		7,894		80,835
Celldex Therapeutics, Inc.^(a)		3,502		107,581
Century Therapeutics, Inc.^(a)(b)		950		10,042
Cerevel Therapeutics Holdings, Inc.^(a)		4,565		120,014
ChemoCentryx, Inc.^(a)		5,252		124,052
Chimerix, Inc.^(a)		4,783		10,475
Chinook Therapeutics, Inc.^(a)		3,316		61,379
Cogent Biosciences, Inc.^(a)		3,917		43,440
Coherus Biosciences, Inc.^(a)		4,781		40,495
Crinetics Pharmaceuticals, Inc.^(a)		4,702		90,325


SCHEDULE OF INVESTMENTS		27

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
CTI BioPharma Corp.^(a)		8,241	$	53,896
Cullinan Oncology, Inc.^(a)		1,953		26,385
Cytokinetics, Inc.^(a)		6,629		280,606
Day One Biopharmaceuticals, Inc.^(a)		2,191		37,532
Deciphera Pharmaceuticals, Inc.^(a)		3,898		49,466
Denali Therapeutics, Inc.^(a)(b)		7,969		271,105
Design Therapeutics, Inc.^(a)		2,956		57,997
Dynavax Technologies Corp.^(a)(b)		10,184		146,446
Dyne Therapeutics, Inc.^(a)		1,944		20,393
Eagle Pharmaceuticals, Inc.^(a)		1,081		42,916
Editas Medicine, Inc.^(a)		5,248		83,496
Eiger Biopharmaceuticals, Inc.^(a)		3,994		34,708
Emergent BioSolutions, Inc.^(a)		4,170		144,449
Enanta Pharmaceuticals, Inc.^(a)		1,765		97,340
EQRx, Inc.^(a)(b)		11,972		65,247
Erasca, Inc.^(a)(b)		5,011		37,783
Exact Sciences Corp.^(a)		14,375		648,313
Exelixis, Inc.^(a)		25,809		539,924
Fate Therapeutics, Inc.^(a)(b)		6,652		203,086
FibroGen, Inc.^(a)		7,626		95,935
Foghorn Therapeutics, Inc.^(a)		1,197		17,512
Forma Therapeutics Holdings, Inc.^(a)		2,270		18,796
Generation Bio Co.^(a)		3,492		22,279
Geron Corp.^(a)		28,692		54,515
Global Blood Therapeutics, Inc.^(a)		4,852		158,757
Gossamer Bio, Inc.^(a)		5,376		60,372
Gtx, Inc.^(b)(c)		23		24
Halozyme Therapeutics, Inc.^(a)		10,781		527,191
Heron Therapeutics, Inc.^(a)(b)		7,502		20,856
HilleVax, Inc.^(a)		1,153		15,589
Icosavax, Inc.^(a)		1,924		13,468
Ideaya Biosciences, Inc.^(a)(b)		2,498		37,270
IGM Biosciences, Inc.^(a)		527		8,490
Imago Biosciences, Inc.^(a)(b)		2,503		40,298
ImmunityBio, Inc.^(a)(b)		4,810		18,711
ImmunoGen, Inc.^(a)		17,316		82,078
Immunovant, Inc.^(a)		3,950		16,274
Inhibrx, Inc.^(a)(b)		2,226		38,599
Inovio Pharmaceuticals, Inc.^(a)(b)		16,812		33,288
Insmed, Inc.^(a)		9,088		201,027
Instil Bio, Inc.^(a)		4,105		23,152
Intellia Therapeutics, Inc.^(a)(b)		6,149		398,209
Intercept Pharmaceuticals, Inc.^(a)(b)		1,905		24,308
Ionis Pharmaceuticals, Inc.^(a)		11,376		427,283
Iovance Biotherapeutics, Inc.^(a)(b)		11,628		135,466
Ironwood Pharmaceuticals, Inc.^(a)		11,216		128,423
iTeos Therapeutics, Inc.^(a)		2,248		54,986
IVERIC bio, Inc.^(a)		9,412		100,614
Janux Therapeutics, Inc.^(a)(b)		1,026		12,743
Jounce Therapeutics, Inc.^(a)		2,105		6,462
KalVista Pharmaceuticals, Inc.^(a)		2,079		25,676
Karuna Therapeutics, Inc.^(a)		2,257		293,974
Karyopharm Therapeutics, Inc.^(a)(b)		5,057		21,492
Keros Therapeutics, Inc.^(a)		1,149		36,860
Kezar Life Sciences, Inc.^(a)(b)		4,267		41,689
Kiniksa Pharmaceuticals Ltd., Class A^(a)		1,909		18,918
Kinnate Biopharma, Inc.^(a)		2,089		22,352
Kodiak Sciences, Inc.^(a)		2,614		26,009
Kronos Bio, Inc.^(a)(b)		2,977		12,503
Krystal Biotech, Inc.^(a)		1,572		114,096
Kura Oncology, Inc.^(a)		5,182		79,336
Kymera Therapeutics, Inc.^(a)		2,732		60,186
Lexicon Pharmaceuticals, Inc.^(a)		4,408		10,491


Security	Shares		Value

Biotechnology (continued)
Ligand Pharmaceuticals, Inc.^(a)		1,160	$	106,755
Lyell Immunopharma, Inc.^(a)		14,969		83,377
MacroGenics, Inc.^(a)		4,926		15,418
Madrigal Pharmaceuticals, Inc.^(a)(b)		1,105		69,416
MannKind Corp.^(a)		21,235		73,261
MeiraGTx Holdings PLC^(a)		2,394		19,822
Mersana Therapeutics, Inc.^(a)		5,890		29,862
MiMedx Group, Inc.^(a)		8,604		29,426
Mirati Therapeutics, Inc.^(a)		3,432		221,021
Mirum Pharmaceuticals, Inc.^(a)(b)		1,614		40,511
Monte Rosa Therapeutics, Inc.^(a)		2,258		20,480
Morphic Holding, Inc.^(a)		2,184		57,810
Myriad Genetics, Inc.^(a)		6,116		161,340
Natera, Inc.^(a)		7,074		332,478
Neurocrine Biosciences, Inc.^(a)		7,772		731,578
Nkarta, Inc.^(a)		3,182		42,989
Novavax, Inc.^(a)(b)		6,425		350,227
Nurix Therapeutics, Inc.^(a)		3,690		58,892
Nuvalent, Inc., Class A^(a)(b)		2,051		30,478
Ocugen, Inc.^(a)(b)		13,599		35,085
Organogenesis Holdings, Inc.^(a)		5,244		30,101
Outlook Therapeutics, Inc.^(a)(b)		12,799		14,463
PMV Pharmaceuticals, Inc.^(a)(b)		3,800		56,810
Point Biopharma Global, Inc.^(a)		6,516		47,827
Praxis Precision Medicines, Inc.^(a)		2,486		8,776
Precigen, Inc.^(a)		6,179		9,701
Prometheus Biosciences, Inc.^(a)		2,288		97,629
Protagonist Therapeutics, Inc.^(a)		3,564		35,462
Prothena Corp. PLC^(a)		2,816		87,465
PTC Therapeutics, Inc.^(a)		5,727		249,411
Radius Health, Inc.^(a)		3,465		34,927
Rallybio Corp.^(a)		1,911		17,830
RAPT Therapeutics, Inc.^(a)		2,328		42,882
Recursion Pharmaceuticals, Inc., Class A^(a)(b)		11,638		98,457
REGENXBIO, Inc.^(a)		3,080		96,620
Relay Therapeutics, Inc.^(a)		6,623		125,969
Replimune Group, Inc.^(a)		2,230		42,994
Revolution Medicines, Inc.^(a)(b)		4,607		104,072
Rigel Pharmaceuticals, Inc.^(a)		11,686		13,906
Rocket Pharmaceuticals, Inc.^(a)		3,371		48,880
Sage Therapeutics, Inc.^(a)		4,091		140,771
Sana Biotechnology, Inc.^(a)(b)		6,989		46,687
Sangamo Therapeutics, Inc.^(a)		9,836		42,196
Sarepta Therapeutics, Inc.^(a)		6,882		639,682
Seres Therapeutics, Inc.^(a)		5,442		22,367
Sorrento Therapeutics, Inc.^(a)		33,923		88,200
SpringWorks Therapeutics, Inc.^(a)		2,742		81,931
Stoke Therapeutics, Inc.^(a)		1,805		26,696
Sutro Biopharma, Inc.^(a)		3,177		18,585
Syndax Pharmaceuticals, Inc.^(a)		3,780		76,999
Talaris Therapeutics, Inc.^(a)		1,652		7,351
Tenaya Therapeutics, Inc.^(a)		2,293		10,938
TG Therapeutics, Inc.^(a)(b)		10,237		61,320
Travere Therapeutics, Inc.^(a)		4,678		110,120
Turning Point Therapeutics, Inc.^(a)		3,779		283,349
Twist Bioscience Corp.^(a)		4,634		202,691
Tyra Biosciences, Inc.^(a)(b)		1,014		10,799
Ultragenyx Pharmaceutical, Inc.^(a)		5,295		282,118
United Therapeutics Corp.^(a)		3,618		836,011
Vanda Pharmaceuticals, Inc.^(a)		4,585		49,426
Vaxart, Inc.^(a)(b)		10,049		36,980
Vaxcyte, Inc.^(a)		4,565		105,360
VBI Vaccines, Inc.^(a)		12,192		10,372


28		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Vera Therapeutics, Inc.^(a)(b)		1,165	$	20,096
Veracyte, Inc.^(a)		5,899		155,380
Vericel Corp.^(a)		4,009		130,453
Verve Therapeutics, Inc.^(a)		2,805		69,059
Vir Biotechnology, Inc.^(a)		5,920		164,635
Viridian Therapeutics, Inc.^(a)(b)		2,667		35,311
VistaGen Therapeutics, Inc.^(a)		12,322		1,763
Xencor, Inc.^(a)		4,840		138,860
Y-mAbs Therapeutics, Inc.^(a)(b)		2,861		44,603
Zentalis Pharmaceuticals, Inc.^(a)		3,225		94,170
Zogenix, Inc.^(b)(c)		4,246		2,887

				19,373,200

Building Products — 2.2%
A O Smith Corp.		10,464		662,057
AAON, Inc.		3,426		206,142
Advanced Drainage Systems, Inc.		5,013		594,542
Allegion PLC		7,243		765,585
American Woodmark Corp.^(a)		1,380		69,304
Apogee Enterprises, Inc.		1,860		77,395
Armstrong World Industries, Inc.		3,787		338,368
AZEK Co., Inc.^(a)		9,200		190,256
Builders FirstSource, Inc.^(a)		13,999		951,932
Caesarstone Ltd.		1,412		12,680
Carlisle Cos., Inc.		4,153		1,229,703
CSW Industrials, Inc.		1,230		146,948
Fortune Brands Home & Security, Inc.		10,702		745,715
Gibraltar Industries, Inc.^(a)		2,538		118,753
Griffon Corp.		4,023		120,730
Hayward Holdings, Inc.^(a)(b)		5,701		66,531
Insteel Industries, Inc.		1,559		48,797
Janus International Group, Inc.^(a)(b)		6,831		69,471
JELD-WEN Holding, Inc.^(a)		7,098		126,202
Lennox International, Inc.		2,669		639,306
Masonite International Corp.^(a)		1,928		175,506
Owens Corning		7,810		724,299
PGT Innovations, Inc.^(a)		4,849		106,193
Quanex Building Products Corp.		2,875		70,754
Resideo Technologies, Inc.^(a)		11,537		259,698
Simpson Manufacturing Co., Inc.^(b)		3,513		362,823
Trex Co., Inc.^(a)(b)		9,306		600,423
UFP Industries, Inc.		4,881		450,077
View, Inc.^(a)(b)		10,618		23,466
Zurn Water Solutions Corp.		10,139		293,524

				10,247,180

Capital Markets — 2.7%
Affiliated Managers Group, Inc.		3,129		395,443
Artisan Partners Asset Management, Inc., Class A		4,803		190,967
Assetmark Financial Holdings, Inc.^(a)		1,375		26,111
Associated Capital Group, Inc., Class A		121		4,949
B. Riley Financial, Inc.		1,557		80,248
Bakkt Holdings, Inc.^(a)		8,801		24,731
BGC Partners, Inc., Class A		24,281		88,626
Blucora, Inc.^(a)		3,894		77,880
Brightsphere Investment Group, Inc.		2,495		47,180
Carlyle Group, Inc.		16,598		645,828
Cboe Global Markets, Inc.		8,615		1,062,919
Cohen & Steers, Inc.		1,881		138,611
Cowen, Inc., Class A		2,491		87,359
Diamond Hill Investment Group, Inc.		260		49,704
Donnelley Financial Solutions, Inc.^(a)		2,510		85,315
Evercore, Inc., Class A		3,104		310,307


Security	Shares		Value

Capital Markets (continued)
FactSet Research Systems, Inc.		3,088	$	1,326,852
Federated Hermes, Inc.		7,321		249,719
Focus Financial Partners, Inc., Class A^(a)(b)		4,949		200,088
GAMCO Investors, Inc., Class A		288		5,973
GCM Grosvenor, Inc., Class A		4,495		35,555
Hamilton Lane, Inc., Class A		2,875		217,264
Houlihan Lokey, Inc.		4,166		352,277
Invesco Ltd.		30,119		534,311
Janus Henderson Group PLC		11,336		292,129
Jefferies Financial Group, Inc.		17,112		557,338
Lazard Ltd., Class A		7,797		293,713
LPL Financial Holdings, Inc.^(b)		6,460		1,356,083
Manning & Napier, Inc.		1,650		20,972
MarketAxess Holdings, Inc.		3,034		821,547
Moelis & Co., Class A		4,967		231,363
Morningstar, Inc.^(b)		2,002		511,211
Open Lending Corp., Class A^(a)		7,929		82,144
Oppenheimer Holdings, Inc., Class A		680		22,841
Perella Weinberg Partners		4,552		32,092
Piper Sandler Cos.,		1,417		178,825
PJT Partners, Inc., Class A		1,875		134,025
Pzena Investment Management, Inc., Class A		1,161		10,948
Robinhood Markets, Inc., Class A^(a)(b)		44,826		405,675
Sculptor Capital Management, Inc.		1,455		14,274
SEI Investments Co.		8,728		483,182
Silvercrest Asset Management Group, Inc., Class A		1,124		20,007
StepStone Group, Inc., Class A		4,342		115,671
Stifel Financial Corp.		8,348		499,294
StoneX Group, Inc.^(a)		1,446		125,990
Value Line, Inc.		72		6,249
Victory Capital Holdings, Inc., Class A		1,411		39,042
Virtu Financial, Inc., Class A		8,043		187,643
Virtus Investment Partners, Inc.		554		114,301
WisdomTree Investments, Inc.		9,844		51,189

				12,845,965

Chemicals — 1.9%
AdvanSix, Inc.		2,242		88,088
American Vanguard Corp.		2,566		60,070
Amyris, Inc.^(a)		13,481		23,996
Ashland Global Holdings, Inc.		4,132		415,142
Aspen Aerogels, Inc.^(a)		1,584		20,719
Avient Corp.		7,304		315,168
Axalta Coating Systems Ltd.^(a)		17,960		452,951
Balchem Corp.		2,568		348,632
Cabot Corp.		4,529		336,324
Chase Corp.		662		60,189
Chemours Co.		12,543		446,405
Danimer Scientific, Inc.^(a)(b)		6,876		31,767
Diversey Holdings Ltd.^(a)(b)		5,678		42,528
Ecovyst, Inc.		5,709		58,403
Element Solutions, Inc.		19,103		377,475
FutureFuel Corp.		3,137		22,555
GCP Applied Technologies, Inc.^(a)		4,048		127,512
Ginkgo Bioworks Holdings, Inc.^(a)(b)		67,944		194,320
Hawkins, Inc.		1,408		55,968
HB Fuller Co.		4,364		280,169
Huntsman Corp.		16,228		469,963
Ingevity Corp.^(a)		3,103		208,211
Innospec, Inc.		2,004		204,408
Intrepid Potash, Inc.^(a)		1,016		46,330
Koppers Holdings, Inc.		1,316		30,979
Kronos Worldwide, Inc.		1,507		26,478


SCHEDULE OF INVESTMENTS		29

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Livent Corp.^(a)		13,303	$	331,112
LSB Industries, Inc.^(a)		2,558		35,326
Mativ Inc.		4,673		102,105
Minerals Technologies, Inc.		2,722		181,857
NewMarket Corp.		517		160,684
Olin Corp.		11,379		594,780
Origin Materials, Inc.^(a)		9,174		53,943
Orion Engineered Carbons SA		5,146		88,974
Perimeter Solutions SA^(a)		9,937		114,772
PureCycle Technologies, Inc.^(a)		8,812		66,795
Quaker Chemical Corp.		1,045		169,509
Rayonier Advanced Materials, Inc.^(a)		5,389		19,077
RPM International, Inc.		10,385		938,804
Scotts Miracle-Gro Co.		3,267		290,600
Sensient Technologies Corp.		3,340		287,173
Stepan Co.		1,702		190,981
Tredegar Corp.		2,462		25,802
Trinseo PLC		2,993		107,060
Tronox Holdings PLC, Class A		9,535		148,841
Valhi, Inc.		183		9,351
Valvoline, Inc.		14,213		457,943

				9,120,239

Commercial Services & Supplies — 1.1%
ABM Industries, Inc.		5,308		238,011
ACCO Brands Corp.		7,945		56,966
ACV Auctions, Inc., Class A^(a)		9,476		70,028
Aris Water Solution, Inc., Class A		1,830		38,741
Brady Corp., Class A		3,881		185,706
BrightView Holdings, Inc.^(a)		3,342		43,914
Brink’s Co.		3,787		215,632
Casella Waste Systems, Inc., Class A^(a)(b)		4,080		330,276
Cimpress PLC^(a)(b)		1,322		53,131
Clean Harbors, Inc.^(a)		4,143		404,315
CoreCivic, Inc.^(a)		10,386		111,857
Deluxe Corp.		3,335		83,842
Driven Brands Holdings, Inc.^(a)		4,079		123,920
Ennis, Inc.		1,912		41,777
GEO Group, Inc.^(a)		7,298		47,875
Harsco Corp.^(a)		6,275		30,183
Healthcare Services Group, Inc.		6,388		91,604
Heritage-Crystal Clean, Inc.^(a)		1,231		41,312
HNI Corp.		3,397		119,982
IAA, Inc.^(a)		10,677		402,843
Interface, Inc.		4,863		70,465
KAR Auction Services, Inc.^(a)		10,254		175,343
Kimball International, Inc., Class B		4,124		33,776
Li-Cycle Holdings Corp.^(a)(b)		10,857		78,062
Matthews International Corp., Class A		2,390		66,800
MillerKnoll, Inc.		6,104		183,791
Montrose Environmental Group, Inc.^(a)		2,323		93,199
MSA Safety, Inc.		3,002		385,277
NL Industries, Inc.		244		2,276
Pitney Bowes, Inc.		8,032		26,265
Quad/Graphics, Inc.^(a)(b)		4,581		14,568
SP Plus Corp.^(a)		2,024		69,342
Steelcase, Inc., Class A		7,050		78,466
Stericycle, Inc.^(a)		7,499		351,478
Tetra Tech, Inc.		4,336		664,579
UniFirst Corp.		1,233		241,532


Security	Shares		Value

Commercial Services & Supplies (continued)
Viad Corp.^(a)		1,358	$	45,860
VSE Corp.		852		35,741

				5,348,735

Communications Equipment — 1.0%
ADTRAN Holdings, Inc.		4,233		101,973
Aviat Networks, Inc.^(a)		439		12,898
Calix, Inc.^(a)		4,535		258,676
Cambium Networks Corp.^(a)		746		14,062
Casa Systems, Inc.^(a)		2,392		10,573
Ciena Corp.^(a)		12,522		646,135
Clearfield, Inc.^(a)		1,019		100,422
CommScope Holding Co., Inc.^(a)		17,205		155,361
Comtech Telecommunications Corp.		2,159		25,087
Digi International, Inc.^(a)(b)		2,647		75,413
DZS, Inc.^(a)		1,296		24,287
Extreme Networks, Inc.^(a)		9,719		127,124
F5, Inc.^(a)(b)		4,928		824,750
Harmonic, Inc.^(a)		7,506		81,965
Infinera Corp.^(a)		14,147		92,663
Inseego Corp.^(a)(b)		7,546		16,828
Juniper Networks, Inc.		26,058		730,406
Lumentum Holdings, Inc.^(a)(b)		5,595		506,124
NETGEAR, Inc.^(a)		2,060		53,107
NetScout Systems, Inc.^(a)		5,796		206,222
Ondas Holdings, Inc.^(a)(b)		3,241		14,844
Plantronics, Inc.^(a)		3,391		134,928
Ribbon Communications, Inc.^(a)		4,753		16,113
Viasat, Inc.^(a)		5,720		188,360
Viavi Solutions, Inc.^(a)		18,460		273,208

				4,691,529

Construction & Engineering — 1.5%
AECOM		10,810		778,320
Ameresco, Inc., Class A^(a)(b)		2,649		151,576
API Group Corp.^(a)		16,043		284,122
Arcosa, Inc.		3,732		192,422
Argan, Inc.		1,277		47,453
Comfort Systems USA, Inc.		2,748		290,354
Concrete Pumping Holdings, Inc.^(a)		1,782		11,636
Construction Partners, Inc., Class A^(a)		3,021		71,839
Dycom Industries, Inc.^(a)		2,393		246,862
EMCOR Group, Inc.		4,180		486,427
Fluor Corp.^(a)		11,791		299,609
Granite Construction, Inc.		3,643		108,926
Great Lakes Dredge & Dock Corp.^(a)		4,995		64,585
IES Holdings, Inc.^(a)		549		18,117
Infrastructure & Energy Alternatives, Inc.^(a)		2,867		40,482
MasTec, Inc.^(a)		4,810		379,653
MDU Resources Group, Inc.		16,452		470,034
MYR Group, Inc.^(a)		1,360		129,513
Northwest Pipe Co.^(a)		1,024		32,102
NV5 Global, Inc.^(a)		1,070		145,092
Primoris Services Corp.		4,355		101,733
Quanta Services, Inc.		11,550		1,602,331
Sterling Infrastructure, Inc.^(a)(b)		2,267		58,285
Tutor Perini Corp.^(a)		2,825		25,651
Valmont Industries, Inc.		1,702		462,059
WillScot Mobile Mini Holdings Corp.^(a)		17,370		670,656

				7,169,839

Construction Materials — 0.1%
Eagle Materials, Inc.		3,216		406,663


30		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction Materials (continued)
Summit Materials, Inc., Class A^(a)		9,645	$	265,334
U.S. Lime & Minerals, Inc.		103		10,596

				682,593

Consumer Finance — 0.7%
Atlanticus Holdings Corp.^(a)		357		13,794
Bread Financial Holdings, Inc.		3,807		150,795
Consumer Portfolio Services, Inc.^(a)(b)		1,855		23,781
Credit Acceptance Corp.^(a)(b)		559		321,934
Curo Group Holdings Corp.		1,527		10,933
Encore Capital Group, Inc.^(a)		1,894		137,182
Enova International, Inc.^(a)		3,031		104,600
Ezcorp, Inc., Class A^(a)		4,902		39,412
FirstCash Holdings, Inc.		3,175		232,601
Green Dot Corp., Class A^(a)		3,218		90,426
LendingClub Corp.^(a)		8,658		119,913
LendingTree, Inc.^(a)		1,057		48,178
Moneylion, Inc.^(a)		13,990		21,964
Navient Corp.		9,567		157,569
Nelnet, Inc., Class A		1,319		125,424
NerdWallet, Inc., Class A^(a)		2,259		19,608
OneMain Holdings, Inc.		9,444		351,317
Oportun Financial Corp.^(a)		1,378		12,650
PRA Group, Inc.^(a)		3,564		141,990
PROG Holdings, Inc.^(a)		4,793		88,287
Regional Management Corp.		751		30,791
SLM Corp.		21,836		340,642
SoFi Technologies, Inc.^(a)(b)		64,149		404,780
Upstart Holdings, Inc.^(a)(b)		5,945		144,642
World Acceptance Corp.^(a)(b)		315		34,894

				3,168,107

Containers & Packaging — 1.5%
AptarGroup, Inc.		5,270		567,895
Ardagh Group SA^(a)		1,258		16,832
Ardagh Metal Packaging SA		12,398		83,810
Avery Dennison Corp.		6,619		1,260,655
Berry Global Group, Inc.^(a)		10,605		611,378
Crown Holdings, Inc.		9,516		967,587
Cryptyde, Inc.^(a)(b)		1,633		1,813
Graphic Packaging Holding Co.		24,244		539,429
Greif, Inc., Class A		2,252		159,036
Greif, Inc., Class B		451		31,489
Myers Industries, Inc.		3,021		73,501
O-I Glass, Inc.^(a)		12,129		178,418
Packaging Corp. of America		7,573		1,064,839
Pactiv Evergreen, Inc.		3,150		32,193
Ranpak Holdings Corp.^(a)		3,017		15,417
Sealed Air Corp.		11,890		726,717
Silgan Holdings, Inc.		6,769		301,220
Sonoco Products Co.		8,087		513,444
TriMas Corp.		3,471		102,742

				7,248,415

Distributors — 0.3%
Funko, Inc., Class A^(a)(b)		2,450		64,214
Pool Corp.		3,168		1,133,194
Weyco Group, Inc.		681		17,938

				1,215,346

Diversified Consumer Services — 1.0%
2U, Inc.^(a)		6,437		63,018
ADT, Inc.^(b)		17,170		125,341
Adtalem Global Education, Inc.^(a)(b)		3,897		156,270


Security	Shares		Value

Diversified Consumer Services (continued)
American Public Education, Inc.^(a)		1,194	$	18,758
Beachbody Co., Inc.^(a)		14,923		17,908
Bright Horizons Family Solutions, Inc.^(a)		4,842		453,550
Carriage Services, Inc.		1,301		47,200
Chegg, Inc.^(a)		9,877		210,380
Coursera, Inc.^(a)		9,504		132,011
Duolingo, Inc.^(a)		1,893		173,683
European Wax Center, Inc., Class A		1,848		38,660
Frontdoor, Inc.^(a)		7,073		189,344
Graham Holdings Co., Class B		306		181,914
Grand Canyon Education, Inc.^(a)		2,554		245,363
H&R Block, Inc.		13,148		525,394
Laureate Education, Inc., Class A		8,416		99,646
Mister Car Wash, Inc.^(a)(b)		5,529		64,136
Nerdy, Inc.^(a)		6,580		17,174
OneSpaWorld Holdings Ltd.^(a)(b)		4,881		35,192
Perdoceo Education Corp.^(a)		6,084		83,351
PowerSchool Holdings, Inc., Class A^(a)		3,922		56,516
Rover Group, Inc.^(a)		7,950		34,742
Service Corp. International		12,357		920,102
StoneMor, Inc.^(a)		1,811		6,139
Strategic Education, Inc.		1,880		135,040
Stride, Inc.^(a)(b)		3,179		142,038
Terminix Global Holdings, Inc.^(a)		9,873		441,323
Udemy, Inc.^(a)		5,934		70,911
Universal Technical Institute, Inc.^(a)		2,735		21,989
Vivint Smart Home, Inc.^(a)		7,683		36,725
WW International, Inc.^(a)(b)		4,188		27,808

				4,771,626

Diversified Financial Services — 0.2%
Alerus Financial Corp.		1,396		34,397
A-Mark Precious Metals, Inc.		1,576		47,753
Banco Latinoamericano de Comercio Exterior SA, Class E		2,413		33,420
Cannae Holdings, Inc.^(a)		6,539		138,038
Compass Diversified Holdings		4,836		116,693
Jackson Financial, Inc., Class A		5,997		164,977
Voya Financial, Inc.		8,135		489,402

				1,024,680

Diversified Telecommunication Services — 0.4%
Anterix, Inc.^(a)		977		43,467
ATN International, Inc.		786		36,187
Bandwidth, Inc., Class A^(a)		1,830		30,433
Charge Enterprises, Inc.^(a)		8,933		27,156
Cogent Communications Holdings, Inc.		3,399		216,890
Consolidated Communications Holdings, Inc.^(a)		6,031		39,805
EchoStar Corp., Class A^(a)(b)		2,906		57,423
Frontier Communications Parent, Inc.^(a)		20,209		523,615
Globalstar, Inc.^(a)(b)		57,245		80,143
IDT Corp., Class B^(a)		1,116		29,049
Iridium Communications, Inc.^(a)		10,377		463,956
Liberty Latin America Ltd., Class A^(a)		4,067		29,974
Liberty Latin America Ltd., Class C^(a)		11,324		83,118
Ooma, Inc.^(a)(b)		1,534		18,301
Radius Global Infrastructure, Inc., Class A^(a)(b)		6,362		97,211
Starry Group Holdings, Inc., Class A^(a)		3,057		9,782

				1,786,510

Electric Utilities — 0.9%
ALLETE, Inc.		4,736		293,964
Hawaiian Electric Industries, Inc.		8,970		379,431
IDACORP, Inc.		4,099		457,940


SCHEDULE OF INVESTMENTS		31

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electric Utilities (continued)
MGE Energy, Inc.		2,982	$	242,675
NRG Energy, Inc.		19,200		724,800
OGE Energy Corp.		16,291		669,234
Otter Tail Corp.		3,256		228,799
Pinnacle West Capital Corp.		9,243		679,083
PNM Resources, Inc.		7,071		341,317
Portland General Electric Co.		7,403		380,070
Via Renewables, Inc.		861		6,992

				4,404,305

Electrical Equipment — 1.6%
Acuity Brands, Inc.		2,808		512,179
Allied Motion Technologies, Inc.		885		23,842
Array Technologies, Inc.^(a)(b)		12,277		206,867
Atkore, Inc.^(a)(b)		3,498		347,246
AZZ, Inc.		2,075		88,270
Babcock & Wilcox Enterprises, Inc.^(a)		4,750		37,810
Blink Charging Co.^(a)(b)		2,704		57,244
Bloom Energy Corp., Class A^(a)		13,086		264,730
ChargePoint Holdings, Inc.^(a)		16,163		244,223
Encore Wire Corp.^(b)		1,560		216,013
Energy Vault Holdings, Inc.^(a)(b)		2,177		9,688
EnerSys		3,367		221,919
Enovix Corp.^(a)		8,925		118,881
ESS Tech, Inc.^(a)(b)		7,607		28,907
Fluence Energy, Inc.^(a)(b)		2,452		33,690
FTC Solar, Inc.^(a)		3,585		17,997
FuelCell Energy, Inc.^(a)(b)		31,647		113,613
GrafTech International Ltd.		15,578		119,951
Hubbell, Inc.		4,352		953,175
NuScale Power Corp.^(a)(b)		1,919		27,518
nVent Electric PLC		13,213		466,551
Plug Power, Inc.^(a)(b)		42,584		908,742
Powell Industries, Inc.		551		13,202
Preformed Line Products Co.		205		12,259
Regal Rexnord Corp.		5,400		725,220
Sensata Technologies Holding PLC		12,629		561,612
Shoals Technologies Group, Inc., Class A^(a)(b)		9,382		221,697
Stem, Inc.^(a)(b)		11,978		135,711
Sunrun, Inc.^(a)(b)		16,662		544,681
Thermon Group Holdings, Inc.^(a)		2,616		40,731
TPI Composites, Inc.^(a)		2,698		44,436
Vertiv Holdings Co.		25,343		289,417
Vicor Corp.^(a)		1,869		136,362

				7,744,384

Electronic Equipment, Instruments & Components — 2.1%
908 Devices, Inc.^(a)(b)		1,646		37,035
Advanced Energy Industries, Inc.		2,986		267,217
Aeva Technologies, Inc.^(a)		8,010		28,275
Akoustis Technologies, Inc.^(a)		3,037		12,998
Arlo Technologies, Inc.^(a)		6,797		47,783
Arrow Electronics, Inc.^(a)		5,424		695,194
Avnet, Inc.		7,899		378,125
Badger Meter, Inc.		2,391		229,990
Belden, Inc.		3,649		236,163
Benchmark Electronics, Inc.		2,943		75,282
Cognex Corp.		14,176		722,693
CTS Corp.		2,544		103,490
ePlus, Inc.^(a)		2,023		112,418
Evolv Technologies Holdings, Inc.^(a)		7,399		19,903
Fabrinet^(a)		2,937		282,128
FARO Technologies, Inc.^(a)		1,527		49,658


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Focus Universal, Inc.^(a)(b)		1,510	$	21,034
Identiv, Inc.^(a)(b)		1,707		23,113
II-VI, Inc.^(a)(b)		10,400		547,456
Insight Enterprises, Inc.^(a)		2,511		234,553
IPG Photonics Corp.^(a)		2,905		309,615
Itron, Inc.^(a)		3,698		215,963
Jabil, Inc.		11,003		652,918
Kimball Electronics, Inc.^(a)(b)		2,023		44,506
Knowles Corp.^(a)		7,487		147,868
Lightwave Logic, Inc.^(a)(b)		9,450		100,832
Littelfuse, Inc.^(b)		1,958		546,027
Methode Electronics, Inc.		2,945		121,452
MicroVision, Inc.^(a)(b)		12,291		63,299
Mirion Technologies, Inc.^(a)(b)		11,702		79,574
Napco Security Technologies, Inc.^(a)		1,900		48,754
National Instruments Corp.		10,612		403,256
nLight, Inc.^(a)		3,492		42,812
Novanta, Inc.^(a)		2,790		430,218
OSI Systems, Inc.^(a)		1,241		119,967
Ouster, Inc.^(a)		11,813		20,791
PAR Technology Corp.^(a)(b)		1,972		82,075
PC Connection, Inc.		922		43,730
Plexus Corp.^(a)		2,157		202,650
Rogers Corp.^(a)		1,515		407,914
Sanmina Corp.^(a)		4,850		223,343
ScanSource, Inc.^(a)		2,054		65,625
SmartRent, Inc.^(a)		10,416		58,955
TD SYNNEX Corp.		3,480		349,462
TTM Technologies, Inc.^(a)		8,814		119,253
Velodyne Lidar, Inc.^(a)		21,965		23,063
Vishay Intertechnology, Inc.		10,506		217,054
Vishay Precision Group, Inc.^(a)		917		28,592
Vontier Corp.		13,426		346,391

				9,640,467

Energy Equipment & Services — 0.8%
Archrock, Inc.		10,111		85,337
Borr Drilling Ltd.^(a)(b)		10,789		41,430
Bristow Group, Inc.^(a)		2,083		53,741
Cactus, Inc., Class A		4,860		202,127
ChampionX Corp.		16,156		337,499
Diamond Offshore Drilling, Inc.^(a)(b)		8,354		56,390
DMC Global, Inc.^(a)		1,549		35,255
Dril-Quip, Inc.^(a)		2,742		70,332
Expro Group Holdings NV^(a)(b)		6,671		81,253
Helix Energy Solutions Group, Inc.^(a)		12,441		50,262
Helmerich & Payne, Inc.		8,179		378,688
Liberty Energy, Inc., Class A^(a)(b)		11,564		164,209
Nabors Industries Ltd.^(a)		741		105,585
National Energy Services Reunited Corp.^(a)		3,327		23,455
Newpark Resources, Inc.^(a)		5,916		20,824
NexTier Oilfield Solutions, Inc.^(a)		14,186		141,434
Noble Corp.^(a)		3,101		93,030
NOV, Inc.		32,088		597,158
Oceaneering International, Inc.^(a)		8,240		87,509
Oil States International, Inc.^(a)		4,122		21,022
Patterson-UTI Energy, Inc.		17,277		285,934
ProPetro Holding Corp.^(a)		6,697		70,453
RPC, Inc.^(a)		6,238		50,902
Select Energy Services, Inc., Class A^(a)		4,831		36,088
Solaris Oilfield Infrastructure, Inc., Class A		2,026		22,468
TETRA Technologies, Inc.^(a)		9,202		40,305
Tidewater, Inc.^(a)		3,436		75,695


32		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Energy Equipment & Services (continued)
U.S. Silica Holdings, Inc.^(a)		5,658	$	78,250
Valaris Ltd.^(a)		4,891		245,430
Weatherford International PLC^(a)		4,860		112,412

				3,664,477

Entertainment — 0.7%
AMC Entertainment Holdings, Inc., Class A^(a)(b)		41,527		604,633
Cinemark Holdings, Inc.^(a)		8,544		156,612
IMAX Corp.^(a)(b)		3,856		64,819
Liberty Media Corp.-Liberty Braves, Class A^(a)		890		25,685
Liberty Media Corp.-Liberty Braves, Class C^(a)		2,860		79,136
Liberty Media Corp.-Liberty Formula One, Class A^(a)		1,987		123,174
Liberty Media Corp.-Liberty Formula One, Class C^(a)		16,016		1,085,404
Lions Gate Entertainment Corp., Class A^(a)		5,238		45,885
Lions Gate Entertainment Corp., Class B^(a)		8,954		74,408
Madison Square Garden Entertainment Corp.^(a)(b)		2,010		117,042
Madison Square Garden Sports Corp.^(a)		1,561		240,051
Marcus Corp.^(a)		1,514		24,875
Playstudios, Inc.^(a)		6,414		25,784
Playtika Holding Corp.^(a)(b)		8,098		99,363
Reservoir Media, Inc.^(a)		1,932		12,558
Skillz, Inc.^(a)(b)		23,506		37,140
World Wrestling Entertainment, Inc., Class A		3,526		244,387

				3,060,956

Equity Real Estate Investment Trusts (REITs) — 7.8%
Acadia Realty Trust		7,051		120,784
Agree Realty Corp.		5,923		471,412
Alexander & Baldwin, Inc.		5,679		113,069
Alexander’s, Inc.		191		46,510
American Assets Trust, Inc.		3,981		120,346
American Campus Communities, Inc.		11,246		734,589
American Homes 4 Rent, Class A		24,679		934,841
Americold Realty Trust, Inc.		21,897		717,127
Apartment Income REIT Corp.		12,884		584,161
Apartment Investment & Management Co., Class A^(a)		11,941		99,349
Apple Hospitality REIT, Inc.		16,846		280,991
Armada Hoffler Properties, Inc.		4,527		64,193
Ashford Hospitality Trust, Inc.^(a)		3,237		28,227
Bluerock Residential Growth REIT, Inc.		2,305		60,552
Braemar Hotels & Resorts, Inc.		5,143		26,692
Brandywine Realty Trust		13,623		127,375
Brixmor Property Group, Inc.		24,472		567,261
Broadstone Net Lease, Inc.		13,672		309,944
BRT Apartments Corp.		862		19,817
Camden Property Trust		8,346		1,177,621
CareTrust REIT, Inc.		7,920		163,548
Catchmark Timber Trust, Inc., Class A		4,609		51,805
CBL & Associates Properties, Inc.		2,282		70,263
Cedar Realty Trust, Inc.		964		28,014
Centerspace		1,187		101,951
Chatham Lodging Trust^(a)		4,196		51,023
City Office REIT, Inc.		3,573		50,379
Clipper Realty, Inc.		722		6,505
Community Healthcare Trust, Inc.		2,048		79,770
Corporate Office Properties Trust		9,259		260,641
Cousins Properties, Inc.		11,696		360,822
CTO Realty Growth, Inc.		1,245		26,394
CubeSmart		17,977		824,605
DiamondRock Hospitality Co.^(a)		17,144		159,096
Diversified Healthcare Trust		21,017		36,359
Douglas Emmett, Inc.		13,885		328,241
Easterly Government Properties, Inc.		7,513		152,288


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
EastGroup Properties, Inc.		3,336	$	568,921
Empire State Realty Trust, Inc., Class A		10,844		92,499
EPR Properties		6,041		325,066
Equity Commonwealth^(a)		8,542		239,603
Equity LifeStyle Properties, Inc.		14,518		1,067,363
Essential Properties Realty Trust, Inc.		10,774		259,869
Farmland Partners, Inc.		4,302		63,842
Federal Realty OP LP		6,429		678,967
First Industrial Realty Trust, Inc.		10,723		557,060
Four Corners Property Trust, Inc.		6,093		178,098
Franklin Street Properties Corp.		8,203		31,089
Gaming & Leisure Properties, Inc.		19,031		989,422
Getty Realty Corp.		2,920		85,673
Gladstone Commercial Corp.		3,405		71,335
Gladstone Land Corp.		2,460		66,691
Global Medical REIT, Inc.		5,068		61,728
Global Net Lease, Inc.		7,630		115,137
Healthcare Realty Trust, Inc.^(b)		31,003		813,829
Hersha Hospitality Trust^(a)		2,133		21,501
Highwoods Properties, Inc.		8,705		309,637
Host Hotels & Resorts, Inc.		58,040		1,033,692
Hudson Pacific Properties, Inc.		12,119		182,270
Independence Realty Trust, Inc.		17,677		392,429
Indus Realty Trust, Inc.		460		28,097
Industrial Logistics Properties Trust		5,163		51,785
Innovative Industrial Properties, Inc.		2,280		219,815
InvenTrust Properties Corp.		5,420		155,391
Iron Mountain, Inc.^(b)		23,463		1,137,721
iStar, Inc.		5,517		92,189
JBG SMITH Properties		9,884		251,449
Kilroy Realty Corp.		9,496		514,493
Kimco Realty Corp.^(b)		48,533		1,073,065
Kite Realty Group Trust^(b)		17,291		343,918
Lamar Advertising Co., Class A		7,097		717,223
Life Storage, Inc.		6,868		864,613
LTC Properties, Inc.		3,093		129,597
LXP Industrial Trust		23,583		258,705
Macerich Co.		17,459		185,240
Medical Properties Trust, Inc.		48,385		834,157
National Health Investors, Inc.		3,449		223,633
National Retail Properties, Inc.		14,381		684,679
National Storage Affiliates Trust		6,813		373,625
Necessity Retail REIT, Inc.		9,666		75,298
NETSTREIT Corp.		4,384		89,872
NexPoint Residential Trust, Inc.		1,814		120,704
Office Properties Income Trust		3,857		80,148
Omega Healthcare Investors, Inc.		19,231		596,161
One Liberty Properties, Inc.		1,163		32,273
Orion Office REIT, Inc.		4,549		49,766
Outfront Media, Inc.		11,424		210,887
Paramount Group, Inc.		14,766		115,913
Park Hotels & Resorts, Inc.		18,939		295,259
Pebblebrook Hotel Trust		10,776		210,779
Phillips Edison & Co., Inc.		9,351		318,308
Physicians Realty Trust		18,475		328,301
Piedmont Office Realty Trust, Inc., Class A		9,445		129,963
Plymouth Industrial REIT, Inc.		2,453		47,245
Postal Realty Trust, Inc., Class A		1,528		25,793
PotlatchDeltic Corp.		5,568		272,999
Rayonier, Inc.		12,050		454,887
Regency Centers Corp.		14,136		910,782
Retail Opportunity Investments Corp.		8,849		154,504


SCHEDULE OF INVESTMENTS		33

Schedule of Investments (continued)

July 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)
Rexford Industrial Realty, Inc.		13,491	$	882,446
RLJ Lodging Trust		13,065		163,182
RPT Realty		6,573		71,448
Ryman Hospitality Properties, Inc.^(a)		4,270		378,066
Sabra Health Care REIT, Inc.		18,431		283,653
Safehold, Inc.		1,614		68,821
Saul Centers, Inc.		846		44,229
Service Properties Trust		12,089		79,062
SITE Centers Corp.		16,329		238,567
SL Green Realty Corp.		5,131		254,754
Spirit Realty Capital, Inc.		11,285		500,377
STAG Industrial, Inc.		14,756		483,702
STORE Capital Corp.		20,823		604,283
Summit Hotel Properties, Inc.^(a)		7,856		61,670
Sunstone Hotel Investors, Inc.^(a)		17,262		195,578
Tanger Factory Outlet Centers, Inc.		8,629		140,394
Terreno Realty Corp.		6,073		380,473
UMH Properties, Inc.		4,823		102,778
Uniti Group, Inc.		19,160		191,025
Universal Health Realty Income Trust		901		48,564
Urban Edge Properties		8,997		147,821
Urstadt Biddle Properties, Inc., Class A		2,994		55,090
Veris Residential, Inc.^(a)		7,018		97,901
Vornado Realty Trust		14,314		435,002
Washington Real Estate Investment Trust		7,345		162,839
Whitestone REIT		3,929		44,123
Xenia Hotels & Resorts, Inc.^(a)		9,042		148,470

				36,485,841

Food & Staples Retailing — 0.9%
Albertsons Cos., Inc., Class A		13,220		354,957
Andersons, Inc.		2,518		91,076
BJ’s Wholesale Club Holdings, Inc.^(a)		10,786		730,212
Casey’s General Stores, Inc.		3,022		612,408
Chefs’ Warehouse, Inc.^(a)		2,522		87,287
Grocery Outlet Holding Corp.^(a)		7,047		301,048
HF Foods Group, Inc.^(a)		2,066		10,867
Ingles Markets, Inc., Class A		1,103		105,293
Natural Grocers by Vitamin Cottage, Inc.		452		7,494
Performance Food Group Co.^(a)		12,344		613,620
PriceSmart, Inc.		1,874		124,396
Rite Aid Corp.^(a)(b)		5,838		48,047
SpartanNash Co.		2,858		92,285
Sprouts Farmers Market, Inc.^(a)		9,127		252,270
U.S. Foods Holding Corp.^(a)		18,150		571,725
United Natural Foods, Inc.^(a)		4,578		194,611
Village Super Market, Inc., Class A		548		12,368
Weis Markets, Inc.		1,324		101,855

				4,311,819

Food Products — 1.3%
Alico, Inc.		655		23,868
AppHarvest, Inc.^(a)		5,368		20,613
B&G Foods, Inc.^(b)		5,413		133,755
Benson Hill, Inc.^(a)(b)		15,385		50,001
Beyond Meat, Inc.^(a)(b)		5,249		167,915
BRC, Inc.^(a)(b)		2,634		24,733
Calavo Growers, Inc.		1,546		62,304
Cal-Maine Foods, Inc.		3,196		163,348
Darling Ingredients, Inc.^(a)		12,921		895,167
Flowers Foods, Inc.		15,109		429,247
Fresh Del Monte Produce, Inc.		2,655		78,880
Freshpet, Inc.^(a)(b)		3,778		201,896
Hain Celestial Group, Inc.^(a)		6,172		140,413


Security	Shares		Value

Food Products (continued)
Hostess Brands, Inc.^(a)		11,074	$	250,494
Ingredion, Inc.		5,424		493,475
J & J Snack Foods Corp.		1,245		168,710
John B Sanfilippo & Son, Inc.		868		65,013
Lamb Weston Holdings, Inc.		11,658		928,676
Lancaster Colony Corp.		1,641		217,236
Landec Corp.^(a)		2,948		30,895
Mission Produce, Inc.^(a)		3,037		43,065
Pilgrim’s Pride Corp.^(a)		3,934		123,410
Post Holdings, Inc.^(a)		4,576		397,837
Seaboard Corp.		20		81,213
Seneca Foods Corp., Class A^(a)		468		26,639
Simply Good Foods Co.^(a)		7,333		239,202
Sovos Brands, Inc.^(a)(b)		1,867		26,437
SunOpta, Inc.^(a)		8,079		71,257
Tattooed Chef, Inc.^(a)(b)		3,676		23,196
Tootsie Roll Industries, Inc.		1,151		40,423
TreeHouse Foods, Inc.^(a)		4,337		188,313
Utz Brands, Inc.		4,712		79,256
Vital Farms, Inc.^(a)		1,638		19,328
Whole Earth Brands, Inc.^(a)		3,360		18,077

				5,924,292

Gas Utilities — 0.8%
Brookfield Infrastructure Corp., Class A^(b)		7,934		363,456
Chesapeake Utilities Corp.		1,336		183,206
National Fuel Gas Co.		7,113		514,554
New Jersey Resources Corp.		7,651		353,400
Northwest Natural Holding Co.		2,989		160,419
ONE Gas, Inc.		4,456		378,493
South Jersey Industries, Inc.		9,799		335,910
Southwest Gas Holdings, Inc.		5,200		452,192
Spire, Inc.		4,220		317,513
UGI Corp.		17,029		734,972

				3,794,115

Health Care Equipment & Supplies — 2.7%
Alphatec Holdings, Inc.^(a)		5,089		38,371
AngioDynamics, Inc.^(a)		3,024		68,615
Artivion, Inc.^(a)		3,333		65,327
AtriCure, Inc.^(a)		3,386		167,302
Atrion Corp.		102		68,942
Avanos Medical, Inc.^(a)		3,526		100,033
Axogen, Inc.^(a)		3,861		35,985
Axonics, Inc.^(a)		3,934		255,199
BioLife Solutions, Inc.^(a)		2,972		57,270
Bioventus, Inc., Class A^(a)		2,120		17,999
Butterfly Network, Inc.^(a)(b)		9,702		42,107
Cardiovascular Systems, Inc.^(a)		3,160		48,696
Cerus Corp.^(a)		13,209		71,329
CONMED Corp.		2,273		221,913
CryoPort, Inc.^(a)		3,836		142,699
Cue Health, Inc.^(a)		8,872		29,987
Cutera, Inc.^(a)		1,552		72,044
Dentsply Sirona, Inc.		17,427		630,160
Embecta Corp.^(a)		4,631		136,290
Enovis Corp.^(a)(b)		4,183		249,809
Envista Holdings Corp.^(a)		13,190		536,173
Figs, Inc., Class A^(a)(b)		10,562		111,640
Glaukos Corp.^(a)		3,776		203,338
Globus Medical, Inc., Class A^(a)		6,391		375,088
Haemonetics Corp.^(a)		4,142		287,828
Heska Corp.^(a)(b)		738		67,520
ICU Medical, Inc.^(a)		1,568		277,803


34		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Inari Medical, Inc.^(a)		3,897	$	302,329
Inogen, Inc.^(a)		1,653		45,986
Inspire Medical Systems, Inc.^(a)		2,125		444,104
Integer Holdings Corp.^(a)		2,562		179,058
Integra LifeSciences Holdings Corp.^(a)		5,730		315,379
iRadimed Corp.		385		16,266
iRhythm Technologies, Inc.^(a)		2,456		379,771
Lantheus Holdings, Inc.^(a)		5,590		428,865
LeMaitre Vascular, Inc.		1,643		82,725
LivaNova PLC^(a)		4,283		272,699
Masimo Corp.^(a)		4,076		589,308
Meridian Bioscience, Inc.^(a)		3,579		113,311
Merit Medical Systems, Inc.^(a)		4,649		267,224
Mesa Laboratories, Inc.		377		80,395
Nano-X Imaging Ltd.^(a)(b)		3,726		44,861
Neogen Corp.^(a)		8,748		202,341
Nevro Corp.^(a)		2,922		126,669
Novocure Ltd.^(a)(b)		8,339		566,969
NuVasive, Inc.^(a)		4,163		218,641
Omnicell, Inc.^(a)		3,540		389,825
OraSure Technologies, Inc.^(a)(b)		4,986		15,257
Orthofix Medical, Inc.^(a)		1,696		43,502
OrthoPediatrics Corp.^(a)		1,209		57,125
Outset Medical, Inc.^(a)		3,654		56,454
Paragon 28, Inc.^(a)(b)		3,857		73,283
Penumbra, Inc.^(a)		2,957		412,147
PROCEPT BioRobotics Corp.^(a)		2,123		81,311
Pulmonx Corp.^(a)		2,238		38,135
QuidelOrtho Corp.^(a)		4,023		410,507
RxSight, Inc.^(a)		1,967		29,426
SeaSpine Holdings Corp.^(a)		2,063		12,254
Senseonics Holdings, Inc.^(a)(b)		30,446		39,275
Shockwave Medical, Inc.^(a)		2,849		600,940
SI-BONE, Inc.^(a)		2,887		38,801
Sight Sciences, Inc.^(a)(b)		1,934		17,948
Silk Road Medical, Inc.^(a)		2,852		129,794
STAAR Surgical Co.^(a)		3,815		307,870
Surmodics, Inc.^(a)		1,066		37,097
Tactile Systems Technology, Inc.^(a)		1,405		10,889
Tandem Diabetes Care, Inc.^(a)		5,282		349,721
TransMedics Group, Inc.^(a)		2,324		93,843
Treace Medical Concepts, Inc.^(a)		2,265		38,324
UFP Technologies, Inc.^(a)		654		52,660
Utah Medical Products, Inc.		201		18,359
Varex Imaging Corp.^(a)		3,059		68,185
Vicarious Surgical, Inc.^(a)(b)		5,566		21,707
ViewRay, Inc.^(a)		13,478		41,108
Zimvie, Inc.^(a)		1,890		36,704
Zynex, Inc.^(b)		1,263		10,837

				12,589,656

Health Care Providers & Services — 2.6%
1Life Healthcare, Inc.^(a)		15,478		262,197
23andMe Holding Co., Class A^(a)(b)		15,799		43,921
Acadia Healthcare Co., Inc.^(a)		7,092		587,998
Accolade, Inc.^(a)		5,365		49,573
AdaptHealth Corp.^(a)(b)		6,013		132,947
Addus HomeCare Corp.^(a)		1,283		119,075
Agiliti, Inc.^(a)		2,280		49,909
Agilon Health, Inc.^(a)		15,232		381,257
Alignment Healthcare, Inc.^(a)		7,129		104,654
Amedisys, Inc.^(a)(b)		2,534		303,700
AMN Healthcare Services, Inc.^(a)(b)		3,524		396,239


Security	Shares		Value

Health Care Providers & Services (continued)
Apollo Medical Holdings, Inc.^(a)(b)		3,219	$	170,704
ATI Physical Therapy, Inc.^(a)		8,934		9,381
Aveanna Healthcare Holdings, Inc.^(a)		2,434		5,160
Brookdale Senior Living, Inc.^(a)		14,540		70,083
Cano Health, Inc.^(a)		13,820		84,164
CareMax, Inc.^(a)		5,496		39,296
Castle Biosciences, Inc.^(a)		1,672		46,749
Chemed Corp.		1,204		579,232
Clover Health Investments Corp.^(a)		32,497		90,992
Community Health Systems, Inc.^(a)		9,421		28,075
CorVel Corp.^(a)		765		126,141
Covetrus, Inc.^(a)		8,479		176,109
Cross Country Healthcare, Inc.^(a)		2,716		71,594
DaVita, Inc.^(a)(b)		4,801		404,052
DocGo, Inc.^(a)(b)		6,893		53,283
Encompass Health Corp.		7,917		400,758
Enhabit, Inc.		3,958		69,305
Ensign Group, Inc.		4,208		335,335
Fulgent Genetics, Inc.^(a)		1,832		109,462
Guardant Health, Inc.^(a)		7,965		399,604
Hanger, Inc.^(a)		2,498		46,388
HealthEquity, Inc.^(a)		6,792		395,091
Henry Schein, Inc.^(a)		11,112		875,959
Hims & Hers Health, Inc.^(a)		10,833		67,056
Innovage Holding Corp.^(a)(b)		1,143		5,086
Invitae Corp.^(a)(b)		14,909		28,327
Joint Corp.^(a)(b)		1,125		19,237
LHC Group, Inc.^(a)		2,404		391,996
LifeStance Health Group, Inc.^(a)		5,456		32,518
ModivCare, Inc.^(a)		985		98,303
National HealthCare Corp.		1,076		76,428
National Research Corp.		1,024		38,810
Oak Street Health, Inc.^(a)(b)		9,606		278,094
Oncology Institute, Inc.^(a)		2,490		16,085
OPKO Health, Inc.^(a)		34,156		80,608
Option Care Health, Inc.^(a)		11,604		389,894
Owens & Minor, Inc.		5,855		207,325
P3 Health Partners, Inc.^(a)(b)		3,386		16,625
Patterson Cos., Inc.		7,060		219,284
Pediatrix Medical Group Inc.^(a)		6,992		158,439
Pennant Group, Inc.^(a)		2,190		29,215
PetIQ, Inc.^(a)		2,381		39,048
Premier, Inc., Class A		9,436		362,909
Privia Health Group, Inc.^(a)		3,595		132,224
Progyny, Inc.^(a)		6,197		189,194
R1 RCM, Inc.^(a)		10,775		269,375
RadNet, Inc.^(a)		3,354		68,992
Select Medical Holdings Corp.		9,091		269,275
Sema4 Holdings Corp.^(a)		16,646		26,966
Signify Health, Inc., Class A^(a)(b)		5,462		93,455
Surgery Partners, Inc.^(a)(b)		3,342		131,608
Tenet Healthcare Corp.^(a)		8,432		557,524
U.S. Physical Therapy, Inc.		1,014		131,597
Universal Health Services, Inc., Class B		5,346		601,265

				12,045,149

Health Care Technology — 0.6%
Allscripts Healthcare Solutions, Inc.^(a)		9,421		149,040
American Well Corp., Class A^(a)		19,284		75,208
Babylon Holdings Ltd., Class A^(a)		12,883		13,012
Certara, Inc.^(a)(b)		9,382		215,692
Change Healthcare, Inc.^(a)		20,310		492,924
Computer Programs & Systems, Inc.^(a)		1,293		43,652


SCHEDULE OF INVESTMENTS		35

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Technology (continued)
Convey Health Solutions Holdings, Inc.^(a)		1,832	$	19,144
Definitive Healthcare Corp.^(a)(b)		2,633		68,405
Doximity, Inc., Class A^(a)(b)		7,698		325,779
Evolent Health, Inc., Class A^(a)		6,595		224,164
Health Catalyst, Inc.^(a)(b)		4,167		69,756
HealthStream, Inc.^(a)		2,377		57,191
Multiplan Corp.^(a)(b)		30,982		156,769
NextGen Healthcare, Inc.^(a)		4,289		73,428
Nutex Health, Inc.^(a)(b)		4,789		12,643
OptimizeRx Corp.^(a)		1,290		28,986
Phreesia, Inc.^(a)		3,850		90,437
Schrodinger, Inc.^(a)(b)		4,551		142,446
Sharecare, Inc.^(a)		7,973		11,401
Simulations Plus, Inc.		1,296		83,138
Teladoc Health, Inc.^(a)(b)		13,091		482,403

				2,835,618

Hotels, Restaurants & Leisure — 2.4%
Accel Entertainment, Inc.^(a)		4,658		56,176
Aramark		18,689		624,213
Bally’s Corp.^(a)(b)		3,610		79,312
Biglari Holdings, Inc., Class B^(a)		53		6,371
BJ’s Restaurants, Inc.^(a)		1,715		40,251
Bloomin’ Brands, Inc.		7,457		152,048
Bluegreen Vacations Holding Corp.		1,072		28,172
Bowlero Corp.^(a)		3,182		36,402
Boyd Gaming Corp.		6,470		359,150
Brinker International, Inc.^(a)		3,452		95,793
Century Casinos, Inc.^(a)		1,954		16,472
Cheesecake Factory, Inc.		3,912		114,348
Choice Hotels International, Inc.		2,727		329,613
Churchill Downs, Inc.		2,948		618,490
Chuy’s Holdings, Inc.^(a)		1,332		29,610
Cracker Barrel Old Country Store, Inc.		1,887		179,397
Dave & Buster’s Entertainment, Inc.^(a)		3,326		124,259
Denny’s Corp.^(a)		5,418		52,609
Dine Brands Global, Inc.		1,243		88,638
El Pollo Loco Holdings, Inc.^(a)(b)		1,165		11,324
Everi Holdings, Inc.^(a)		6,618		127,132
F45 Training Holdings, Inc.^(a)(b)		2,829		5,573
First Watch Restaurant Group, Inc.^(a)		848		14,094
Full House Resorts, Inc.^(a)		3,467		21,530
Golden Entertainment, Inc.^(a)		1,736		76,158
Hilton Grand Vacations, Inc.^(a)		7,144		291,261
Hyatt Hotels Corp., Class A^(a)		4,086		338,117
Inspired Entertainment, Inc.^(a)		2,177		22,510
International Game Technology PLC		8,232		155,996
Jack in the Box, Inc.		1,717		118,713
Krispy Kreme, Inc.		6,487		92,634
Kura Sushi USA, Inc., Class A^(a)		513		43,318
Life Time Group Holdings, Inc.^(a)		3,198		46,371
Lindblad Expeditions Holdings, Inc.^(a)		2,475		19,553
Marriott Vacations Worldwide Corp.		3,269		447,592
Monarch Casino & Resort, Inc.^(a)(b)		1,017		65,241
NEOGAMES SA^(a)		937		14,327
Noodles & Co.^(a)		3,368		17,547
Norwegian Cruise Line Holdings Ltd.^(a)(b)		35,246		428,239
ONE Group Hospitality, Inc.^(a)		2,056		17,250
Papa John’s International, Inc.		2,654		254,492
Penn National Gaming, Inc.^(a)(b)		13,547		468,049
Planet Fitness, Inc., Class A^(a)		6,883		542,449


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Portillo’s, Inc., Class A^(a)		1,794	$	40,957
RCI Hospitality Holdings, Inc.		817		46,536
Red Rock Resorts, Inc., Class A		4,136		162,669
Rush Street Interactive, Inc.^(a)		3,742		20,731
Ruth’s Hospitality Group, Inc.		2,288		40,154
Scientific Games Corp., Class A^(a)		8,000		407,520
SeaWorld Entertainment, Inc.^(a)		3,749		178,940
Shake Shack, Inc., Class A^(a)		2,896		149,028
Six Flags Entertainment Corp.^(a)		6,233		141,302
Sweetgreen, Inc., Class A^(a)		1,082		16,998
Target Hospitality Corp.^(a)		3,536		48,620
Texas Roadhouse, Inc.		5,502		479,884
Travel & Leisure Co.		6,917		298,192
Vacasa, Inc., Class A^(a)		4,374		11,416
Vail Resorts, Inc.		3,267		774,704
Wendy’s Co.		14,337		301,507
Wingstop, Inc.		2,418		305,103
Wyndham Hotels & Resorts, Inc.		7,347		509,955
Wynn Resorts Ltd.^(a)		8,744		555,069
Xponential Fitness, Inc., Class A^(a)		1,788		26,534

				11,186,613

Household Durables — 1.5%
Aterian, Inc.^(a)(b)		1,701		3,878
Beazer Homes USA, Inc.^(a)		1,948		28,733
Cavco Industries, Inc.^(a)		708		182,515
Century Communities, Inc.		2,335		119,482
Dream Finders Homes, Inc., Class A^(a)		2,017		26,221
Ethan Allen Interiors, Inc.		1,559		35,841
GoPro, Inc., Class A^(a)		10,116		64,338
Green Brick Partners, Inc.^(a)		2,304		61,747
Helen of Troy Ltd.^(a)		1,974		264,102
Hovnanian Enterprises, Inc., Class A^(a)		380		18,434
Installed Building Products, Inc.		1,839		186,511
iRobot Corp.^(a)		2,074		95,425
KB Home		6,345		207,101
Landsea Homes Corp.^(a)		1,637		12,048
La-Z-Boy, Inc.		3,559		99,189
Legacy Housing Corp.^(a)		600		8,148
Leggett & Platt, Inc.		10,910		432,472
LGI Homes, Inc.^(a)(b)		1,769		199,543
Lifetime Brands, Inc.		937		10,082
Lovesac Co.^(a)		1,011		31,503
M/I Homes, Inc.^(a)		2,541		116,911
MDC Holdings, Inc.		4,697		170,266
Meritage Homes Corp.^(a)		2,954		260,838
Mohawk Industries, Inc.^(a)		4,320		555,034
Newell Brands, Inc.		30,356		613,495
PulteGroup, Inc.^(b)		18,917		825,160
Purple Innovation, Inc.^(a)		4,278		14,930
Skyline Champion Corp.^(a)		4,269		270,228
Snap One Holdings Corp.^(a)		1,129		13,729
Sonos, Inc.^(a)		10,220		225,964
Taylor Morrison Home Corp.^(a)		9,619		276,065
Tempur Sealy International, Inc.		13,961		383,648
Toll Brothers, Inc.		8,764		431,014
TopBuild Corp.^(a)		2,648		560,635
Traeger, Inc.^(a)		3,244		9,959
Tri Pointe Homes, Inc.^(a)		8,644		160,087
Tupperware Brands Corp.^(a)		3,714		27,706
Universal Electronics, Inc.^(a)		894		24,809


36		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Durables (continued)
Vizio Holding Corp., Class A^(a)		5,660	$	51,846
Vuzix Corp.^(a)(b)		4,194		34,265
Weber, Inc., Class A^(b)		2,944		18,753

				7,132,655

Household Products — 0.2%
Central Garden & Pet Co.^(a)		915		39,656
Central Garden & Pet Co., Class A^(a)		3,045		124,236
Energizer Holdings, Inc.		5,182		153,024
Reynolds Consumer Products, Inc.		4,434		128,852
Spectrum Brands Holdings, Inc.		3,183		221,346
WD-40 Co.		1,104		195,817

				862,931

Independent Power and Renewable Electricity Producers — 0.5%
Altus Power, Inc.^(a)(b)		3,530		27,675
Brookfield Renewable Corp., Class A		10,249		400,941
Clearway Energy, Inc., Class A		2,950		101,863
Clearway Energy, Inc., Class C		6,697		251,405
Montauk Renewables, Inc.^(a)(b)		5,164		61,813
Ormat Technologies, Inc.		3,611		312,496
Sunnova Energy International, Inc.^(a)(b)		8,039		209,175
Vistra Corp.		34,742		898,081

				2,263,449

Industrial Conglomerates — 0.0%
Brookfield Business Corp., Class A.		1,984		45,334


Insurance — 3.3%
Alleghany Corp.^(a)		1,076		901,128
Ambac Financial Group, Inc.^(a)		4,615		54,319
American Equity Investment Life Holding Co.		6,420		241,135
American Financial Group, Inc.		5,585		746,603
AMERISAFE, Inc.		1,647		75,037
Argo Group International Holdings Ltd.		2,546		83,483
Assurant, Inc.		4,332		761,479
Assured Guaranty Ltd.		4,948		288,914
Axis Capital Holdings Ltd.		6,216		313,846
Bright Health Group, Inc.^(a)		20,063		33,706
Brighthouse Financial, Inc.^(a)		5,921		257,090
Brown & Brown, Inc.		19,276		1,254,868
BRP Group, Inc., Class A^(a)(b)		4,764		131,343
CNO Financial Group, Inc.		10,167		190,631
Crawford & Co., Class A		1,123		8,142
Donegal Group, Inc., Class A		1,267		17,941
eHealth, Inc.^(a)		1,827		13,520
Employers Holdings, Inc.		1,304		51,782
Enstar Group Ltd.^(a)		920		182,086
Erie Indemnity Co., Class A		2,067		420,345
Everest Re Group Ltd.		3,210		838,933
First American Financial Corp.		8,274		479,892
Genworth Financial, Inc., Class A^(a)		33,748		143,429
Globe Life, Inc.		7,477		753,158
Goosehead Insurance, Inc., Class A		1,670		93,871
Greenlight Capital Re Ltd., Class A^(a)		2,446		17,587
Hanover Insurance Group, Inc.		3,018		411,866
HCI Group, Inc.		677		46,354
Hippo Holdings, Inc.^(a)		25,485		21,764
Horace Mann Educators Corp.		2,534		86,789
Investors Title Co.		146		21,754
James River Group Holdings Ltd.		2,003		47,591
Kemper Corp.		5,257		246,028
Kinsale Capital Group, Inc.^(b)		1,753		426,347
Lemonade, Inc.^(a)(b)		2,883		54,345


Security	Shares		Value

Insurance (continued)
Lincoln National Corp.		14,078	$	722,765
MBIA, Inc.^(a)		3,954		49,741
Mercury General Corp.		2,379		99,751
National Western Life Group, Inc., Class A		203		41,006
NI Holdings, Inc.^(a)		788		11,694
Old Republic International Corp.		23,450		545,681
Oscar Health, Inc., Class A^(a)		10,292		55,577
Palomar Holdings, Inc.^(a)		2,076		129,480
Primerica, Inc.		3,131		402,928
ProAssurance Corp.		2,856		63,203
Reinsurance Group of America, Inc.		5,498		636,558
RenaissanceRe Holdings Ltd.		3,592		464,482
RLI Corp.		3,217		353,806
Root, Inc., Class A^(a)		15,964		16,762
Ryan Specialty Holdings, Inc.^(a)		6,683		288,973
Safety Insurance Group, Inc.		854		73,914
Selective Insurance Group, Inc.		4,752		369,991
Selectquote, Inc.^(a)		10,164		18,702
SiriusPoint Ltd.^(a)		6,870		30,091
Stewart Information Services Corp.		1,624		88,752
Tiptree, Inc.		2,680		29,775
Trean Insurance Group, Inc.^(a)		1,099		5,671
Trupanion, Inc.^(a)(b)		3,091		194,826
United Fire Group, Inc.		1,943		63,789
Universal Insurance Holdings, Inc.		1,866		23,605
Unum Group		16,316		525,212
White Mountains Insurance Group Ltd.^(b)		236		292,505

				15,316,346

Interactive Media & Services — 0.4%
Bumble, Inc., Class A^(a)		6,900		261,648
Cargurus, Inc.^(a)		8,437		204,935
Cars.com, Inc.^(a)		5,338		62,775
DHI Group, Inc.^(a)		3,723		18,206
Eventbrite, Inc., Class A^(a)(b)		6,080		56,909
EverQuote, Inc., Class A^(a)(b)		1,321		13,804
FuboTV, Inc.^(a)(b)		18,041		45,283
IAC/InterActiveCorp.^(a)		6,238		427,303
MediaAlpha, Inc., Class A^(a)		1,382		17,026
Outbrain, Inc.^(a)(b)		2,117		11,855
QuinStreet, Inc.^(a)		4,180		44,935
Shutterstock, Inc.		1,836		103,734
TripAdvisor, Inc.^(a)		8,132		154,589
TrueCar, Inc.^(a)		6,796		17,466
Vimeo, Inc.^(a)		10,895		60,576
Vinco Ventures, Inc.^(a)		16,325		12,407
Yelp, Inc.^(a)		5,841		179,085
Ziff Davis, Inc.^(a)		3,721		304,713
ZipRecruiter, Inc., Class A^(a)		6,613		115,926

				2,113,175

Internet & Direct Marketing Retail — 0.2%
1-800-Flowers.com, Inc., Class A^(a)		1,832		18,265
1stdibs.com, Inc.^(a)		1,183		7,666
CarParts.com, Inc.^(a)		3,447		27,507
ContextLogic, Inc., Class A^(a)		47,200		70,800
Duluth Holdings, Inc., Class B^(a)		688		6,632
Groupon, Inc.^(a)(b)		1,920		20,352
Lands’ End, Inc.^(a)		952		12,138
Liquidity Services, Inc.^(a)		1,902		38,287
Lulu’s Fashion Lounge Holdings, Inc.^(a)		1,329		7,442
Overstock.com, Inc.^(a)		3,709		107,561
PetMed Express, Inc.		1,754		38,272


SCHEDULE OF INVESTMENTS		37

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Internet & Direct Marketing Retail (continued)
Porch Group, Inc.^(a)		6,376	$	12,306
Poshmark, Inc., Class A^(a)		4,190		45,210
Quotient Technology, Inc.^(a)		5,899		16,340
Qurate Retail, Inc., Series A		30,886		84,319
RealReal, Inc.^(a)		5,872		13,682
Rent the Runway, Inc., Class A^(a)(b)		2,183		9,693
Revolve Group, Inc.^(a)		3,418		96,798
RumbleON, Inc., Class B^(a)		1,229		20,524
Stitch Fix, Inc., Class A^(a)		6,141		36,662
ThredUp, Inc., Class A^(a)		5,918		13,315
Vivid Seats, Inc., Class A		2,502		20,917
Wayfair, Inc., Class A^(a)(b)		6,256		337,261
Xometry, Inc., Class A^(a)(b)		2,769		105,222

				1,167,171

IT Services — 2.6%
Affirm Holdings, Inc.^(a)(b)		14,226		381,826
Amdocs Ltd.		9,948		866,073
AvidXchange Holdings, Inc.^(a)		12,079		87,210
BigCommerce Holdings, Inc., Series-1^(a)		5,459		85,433
Brightcove, Inc.^(a)		2,788		16,589
Cantaloupe, Inc.^(a)		4,940		29,986
Cass Information Systems, Inc.		1,080		39,377
Cerberus Cyber Sentinel Corp.^(a)(b)		3,857		12,381
Concentrix Corp.		3,507		469,096
Conduent, Inc.^(a)		14,456		67,365
Core Scientific, Inc.^(a)		18,552		46,565
CSG Systems International, Inc.		2,385		155,621
Cyxtera Technologies, Inc.^(a)(b)		3,272		39,886
DigitalOcean Holdings, Inc.^(a)(b)		6,088		249,486
DXC Technology Co.^(a)		19,911		629,188
Edgio, Inc.^(a)		8,726		22,077
Euronet Worldwide, Inc.^(a)		3,816		374,998
EVERTEC, Inc.		4,918		191,753
Evo Payments, Inc., Class A^(a)		3,471		94,897
ExlService Holdings, Inc.^(a)		2,582		434,731
Fastly, Inc., Class A^(a)(b)		9,287		105,593
Flywire Corp.^(a)		4,795		112,491
Genpact Ltd.		14,631		703,458
Globant SA^(a)(b)		3,313		660,082
Grid Dynamics Holdings, Inc.^(a)		4,287		80,896
Hackett Group, Inc.		2,089		43,806
I3 Verticals, Inc., Class A^(a)		1,955		53,039
IBEX Holdings Ltd.^(a)(b)		349		6,303
Information Services Group, Inc.		3,455		25,774
International Money Express, Inc.^(a)		2,814		67,649
Jack Henry & Associates, Inc.^(b)		5,911		1,228,128
Kyndryl Holdings, Inc.^(a)		14,660		153,490
Marqeta, Inc., Class A^(a)		34,844		334,154
Maximus, Inc.		5,060		338,261
MoneyGram International, Inc.^(a)		8,023		81,514
Paya Holdings, Inc.^(a)(b)		7,332		51,251
Payoneer Global, Inc.^(a)		18,290		97,669
Paysafe Ltd.^(a)(b)		28,678		57,643
Perficient, Inc.^(a)		2,737		288,808
PFSweb, Inc.^(a)		1,688		18,416
Priority Technology Holdings, Inc.^(a)		789		3,543
Rackspace Technology, Inc.^(a)(b)		3,856		25,989
Remitly Global, Inc.^(a)(b)		7,011		66,815
Repay Holdings Corp.^(a)		6,796		91,066
Sabre Corp.^(a)		26,972		165,878
Shift4 Payments, Inc., Class A^(a)(b)		4,346		158,325


Security		Shares		Value

IT Services (continued)
SolarWinds Corp.			4,532	$	48,538
Squarespace, Inc., Class A^(a)			2,599		55,281
StoneCo. Ltd., Class A^(a)			22,348		214,094
Switch, Inc., Class A			11,596		392,061
Thoughtworks Holding, Inc.^(a)			7,105		111,264
Toast, Inc., Class A^(a)			18,336		293,009
TTEC Holdings, Inc.			1,445		105,731
Tucows, Inc., Class A^(a)(b)			714		33,037
Unisys Corp.^(a)			5,071		69,574
Verra Mobility Corp.^(a)			12,397		204,427
Western Union Co.			31,203		531,075
WEX, Inc.^(a)			3,646		606,002
Wix.com Ltd.^(a)			4,350		258,085
	��
					12,236,757

Leisure Products — 0.7%
Acushnet Holdings Corp.			2,621		127,721
AMMO, Inc.^(a)(b)			6,541		31,920
Brunswick Corp.			6,131		491,216
Callaway Golf Co.^(a)			11,107		254,906
Clarus Corp.^(b)			1,641		33,838
Johnson Outdoors, Inc., Class A			523		35,203
Latham Group, Inc.^(a)			3,286		18,040
Malibu Boats, Inc., Class A^(a)(b)			1,612		100,670
Marine Products Corp.			440		4,778
MasterCraft Boat Holdings, Inc.^(a)			1,528		36,198
Mattel, Inc.^(a)			28,486		660,875
Peloton Interactive, Inc., Class A^(a)			24,164		229,316
Polaris, Inc.			4,601		539,605
Smith & Wesson Brands, Inc.			3,557		51,754
Solo Brands, Inc., Class A^(a)(b)			1,003		5,005
Sturm Ruger & Co., Inc.			1,338		88,482
Vista Outdoor, Inc.^(a)			4,681		140,898
YETI Holdings, Inc.^(a)			6,758		343,104

					3,193,529

Life Sciences Tools & Services — 1.7%
10X Genomics, Inc., Class A^(a)			7,484		300,483
AbCellera Biologics, Inc.^(a)			16,959		170,268
Absci Corp.^(a)(b)			4,330		14,246
Adaptive Biotechnologies Corp.^(a)			8,242		75,497
Akoya Biosciences, Inc.^(a)			1,301		18,318
Alpha Teknova, Inc.^(a)(b)			583		3,784
Azenta, Inc.			6,021		410,993
Berkeley Lights, Inc.^(a)			3,806		17,089
Bionano Genomics, Inc.^(a)(b)			27,759		51,632
Bio-Techne Corp.			3,138		1,209,009
Bruker Corp.			8,834		605,571
Charles River Laboratories International, Inc.^(a)(b)			4,143		1,037,987
Codexis, Inc.^(a)			4,539		31,137
Cytek Biosciences, Inc.^(a)			9,450		120,960
Inotiv, Inc.^(a)(b)			1,235		23,070
Maravai LifeSciences Holdings, Inc., Class A^(a)			8,762		228,600
MaxCyte, Inc.^(a)			7,255		39,540
Medpace Holdings, Inc.^(a)			2,309		391,445
NanoString Technologies, Inc.^(a)			3,418		43,750
Nautilus Biotechnology, Inc.^(a)			6,865		19,977
NeoGenomics, Inc.^(a)			10,322		104,459
Pacific Biosciences of California, Inc.^(a)(b)			19,604		85,669
QIAGEN NV^(a)(b)			18,318		909,305
Quanterix Corp.^(a)			2,418		38,664
Quantum-Si, Inc.^(a)			8,727		28,363
Repligen Corp.^(a)			4,497		959,480


38		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Science 37 Holdings, Inc.^(a)(b)		6,337	$	12,611
Seer, Inc., Class A^(a)		4,441		39,969
Singular Genomics Systems, Inc.^(a)		3,745		14,268
SomaLogic, Inc.^(a)		14,520		73,326
Sotera Health Co.^(a)		8,301		159,379
Syneos Health, Inc.^(a)		8,191		648,236

				7,887,085

Machinery — 3.6%
AGCO Corp.		5,110		556,581
Alamo Group, Inc.		817		105,728
Albany International Corp., Class A		2,443		222,973
Allison Transmission Holdings, Inc.		8,077		338,184
Altra Industrial Motion Corp.		5,108		213,157
Astec Industries, Inc.		1,953		95,951
Barnes Group, Inc.		4,052		137,039
Blue Bird Corp.^(a)		1,719		19,184
Chart Industries, Inc.^(a)(b)		2,978		580,978
CIRCOR International, Inc.^(a)		1,593		27,734
Columbus McKinnon Corp.		2,230		73,813
Crane Holdings Co.		3,916		387,410
Desktop Metal, Inc., Class A^(a)(b)		23,107		49,218
Donaldson Co., Inc.		10,099		549,487
Douglas Dynamics, Inc.		1,729		55,086
Energy Recovery, Inc.^(a)		4,872		108,305
Enerpac Tool Group Corp.		4,943		100,343
EnPro Industries, Inc.		1,592		148,820
Esab Corp.		4,132		170,321
ESCO Technologies, Inc.		1,970		152,773
Evoqua Water Technologies Corp.^(a)		9,512		362,502
Federal Signal Corp.		4,806		199,545
Flowserve Corp.^(b)		10,594		358,501
Franklin Electric Co., Inc.		3,637		330,312
Gates Industrial Corp. PLC^(a)		9,498		116,825
Gorman-Rupp Co.		2,064		63,365
Graco, Inc.		13,765		924,457
Greenbrier Cos., Inc.		2,567		81,682
Helios Technologies, Inc.		2,619		180,240
Hillenbrand, Inc.		5,844		269,993
Hillman Solutions Corp.^(a)		10,642		110,145
Hydrofarm Holdings Group, Inc.^(a)		3,695		11,935
Hyliion Holdings Corp.^(a)		9,885		38,848
Hyster-Yale Materials Handling, Inc.		857		29,644
Hyzon Motors, Inc.^(a)(b)		7,851		31,561
ITT, Inc.		6,776		508,403
John Bean Technologies Corp.		2,520		283,021
Kadant, Inc.		879		179,184
Kennametal, Inc.		6,803		182,661
Lightning eMotors, Inc.^(a)		4,548		16,145
Lincoln Electric Holdings, Inc.^(b)		4,624		654,019
Lindsay Corp.		855		131,636
Luxfer Holdings PLC		2,124		34,706
Manitowoc Co., Inc.^(a)		2,274		25,992
Markforged Holding Corp.^(a)		11,019		24,132
Meritor, Inc.^(a)		5,825		212,146
Microvast Holdings, Inc.^(a)		15,032		39,835
Middleby Corp.^(a)		4,369		632,151
Miller Industries, Inc.		858		20,618
Mueller Industries, Inc.		4,391		295,646
Mueller Water Products, Inc., Class A		12,094		157,464
Nikola Corp.^(a)(b)		23,933		148,863
Nordson Corp.		4,711		1,088,194


Security	Shares		Value

Machinery (continued)
Omega Flex, Inc.		303	$	34,842
Oshkosh Corp.		5,307		456,933
Pentair PLC		13,495		659,770
Proterra, Inc.^(a)(b)		18,350		98,906
Proto Labs, Inc.^(a)		2,158		105,505
RBC Bearings, Inc.^(a)(b)		2,284		539,024
REV Group, Inc.		2,927		34,070
Sarcos Technology & Robotics Corp.^(a)		7,366		24,676
Shyft Group, Inc.^(b)		2,671		69,286
Snap-on, Inc.		4,281		959,158
SPX Corp.^(a)		3,645		215,529
Standex International Corp.		867		84,168
Tennant Co.		1,470		98,534
Terex Corp.		5,285		177,100
Timken Co.		5,136		335,792
Titan International, Inc.^(a)		4,154		69,621
Toro Co.		8,502		731,087
Trinity Industries, Inc.		6,974		180,975
Wabash National Corp.		4,105		74,136
Watts Water Technologies, Inc., Class A		2,184		301,676
Xos, Inc.^(a)		6,846		12,254

				17,100,498

Marine — 0.2%
Costamare, Inc.		4,332		50,814
Eagle Bulk Shipping, Inc.		1,078		57,059
Eneti, Inc.		3,020		19,388
Genco Shipping & Trading Ltd.		2,919		56,278
Golden Ocean Group Ltd.		9,723		106,175
Kirby Corp.^(a)		4,775		302,926
Matson, Inc.		3,284		301,044
Safe Bulkers, Inc.		6,947		26,816

				920,500

Media — 1.1%
Advantage Solutions, Inc.^(a)(b)		5,443		24,167
Altice USA, Inc., Class A^(a)		17,628		185,270
AMC Networks, Inc., Class A^(a)		2,693		82,190
Audacy, Inc.^(a)		7,924		5,048
Boston Omaha Corp., Class A^(a)(b)		1,511		36,868
Cable One, Inc.^(b)		490		674,573
Cardlytics, Inc.^(a)		2,516		34,721
Clear Channel Outdoor Holdings, Inc.^(a)		28,169		43,662
Cumulus Media, Inc., Class A^(a)		2,539		20,160
Daily Journal Corp.^(a)		101		27,300
Entravision Communications Corp., Class A		3,973		21,295
EW Scripps Co., Class A^(a)		4,164		59,379
Gannett Co., Inc.^(a)		11,852		35,675
Gray Television, Inc.		6,876		127,687
iHeartMedia, Inc., Class A^(a)		10,087		75,451
Integral Ad Science Holding Corp.^(a)		2,561		24,253
Interpublic Group of Cos., Inc.		31,991		955,571
John Wiley & Sons, Inc., Class A		3,537		184,702
Loyalty Ventures, Inc.^(a)		1,457		4,298
Magnite, Inc.^(a)(b)		11,109		84,873
New York Times Co., Class A		13,318		425,510
News Corp., Class A		31,372		537,716
News Corp., Class B		10,085		174,269
Nexstar Media Group, Inc., Class A		3,154		594,119
PubMatic, Inc., Class A^(a)(b)		3,432		56,937
Scholastic Corp.		2,317		109,061
Sinclair Broadcast Group, Inc., Class A		3,646		79,629
Stagwell, Inc.^(a)		7,563		49,991


SCHEDULE OF INVESTMENTS		39

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
TechTarget, Inc.^(a)		2,237	$	145,830
TEGNA, Inc.		17,975		376,396
Thryv Holdings, Inc.^(a)		2,534		61,678
Urban One, Inc.^(a)		2,943		10,330
WideOpenWest, Inc.^(a)		4,241		77,950

				5,406,559

Metals & Mining — 1.7%
5E Advanced Materials, Inc.^(a)(b)		2,976		48,449
Alcoa Corp.		14,933		759,940
Allegheny Technologies, Inc.^(a)		10,141		252,409
Alpha Metallurgical Resources, Inc.		1,421		194,336
Arconic Corp.^(a)		8,163		246,604
Carpenter Technology Corp.		3,941		126,664
Century Aluminum Co.^(a)		4,172		32,917
Cleveland-Cliffs, Inc.^(a)		42,285		748,867
Coeur Mining, Inc.^(a)		22,589		72,511
Commercial Metals Co.		9,801		388,316
Compass Minerals International, Inc.		2,856		106,329
Constellium SE^(a)		9,717		142,160
Dakota Gold Corp.^(a)(b)		5,492		24,549
Haynes International, Inc.		974		37,655
Hecla Mining Co.		44,373		201,010
Hycroft Mining Holding Corp.^(a)		11,349		11,689
Kaiser Aluminum Corp.		1,304		98,804
Materion Corp.		1,717		140,691
MP Materials Corp.^(a)(b)		7,409		248,720
Novagold Resources, Inc.^(a)		18,793		91,710
Olympic Steel, Inc.		570		16,946
Piedmont Lithium, Inc.^(a)(b)		1,437		64,967
PolyMet Mining Corp.^(a)		1,623		4,837
Ramaco Resources, Inc.		1,835		21,543
Reliance Steel & Aluminum Co.		4,988		948,967
Royal Gold, Inc.		5,310		556,329
Ryerson Holding Corp.		1,352		37,045
Schnitzer Steel Industries, Inc., Class A		2,242		79,725
SSR Mining, Inc.^(b)		17,343		285,466
Steel Dynamics, Inc.		14,366		1,118,824
SunCoke Energy, Inc.		6,585		48,729
TimkenSteel Corp.^(a)		3,707		75,215
U.S. Steel Corp.		20,582		486,764
Warrior Met Coal, Inc.		4,300		137,299
Worthington Industries, Inc.		2,776		142,159

				7,999,145

Mortgage Real Estate Investment Trusts (REITs) — 1.1%
AFC Gamma, Inc.		1,189		19,500
AGNC Investment Corp.		42,635		537,627
Angel Oak Mortgage, Inc.		836		11,829
Annaly Capital Management, Inc.		127,238		875,397
Apollo Commercial Real Estate Finance, Inc.		11,088		141,705
Arbor Realty Trust, Inc.		11,728		194,919
Ares Commercial Real Estate Corp.		3,899		53,416
ARMOUR Residential REIT, Inc.		11,532		90,757
Blackstone Mortgage Trust, Inc., Class A		13,618		421,749
BrightSpire Capital, Inc.		6,378		56,381
Broadmark Realty Capital, Inc.		10,781		81,828
Chicago Atlantic Real Estate Finance, Inc.		866		12,315
Chimera Investment Corp.		18,400		192,648
Claros Mortgage Trust, Inc.		7,264		139,178
Dynex Capital, Inc.		3,356		56,381
Ellington Financial, Inc.		4,511		72,402
Franklin BSP Realty Trust, Inc.		5,297		81,309


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
Granite Point Mortgage Trust, Inc.		3,724	$	39,512
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(b)		6,876		248,155
Invesco Mortgage Capital, Inc.		2,259		39,984
KKR Real Estate Finance Trust, Inc.		4,461		86,945
Ladder Capital Corp.		8,327		98,925
MFA Financial, Inc.		9,319		120,774
New Residential Investment Corp.		34,803		379,701
New York Mortgage Trust, Inc.		28,863		90,630
Nexpoint Real Estate Finance, Inc.		998		21,058
Orchid Island Capital, Inc.		18,804		60,549
PennyMac Mortgage Investment Trust		7,180		110,285
Ready Capital Corp.		5,888		81,902
Redwood Trust, Inc.		10,354		89,666
Starwood Property Trust, Inc.		23,870		563,809
TPG RE Finance Trust, Inc.		6,639		72,033
Two Harbors Investment Corp.		27,864		149,908

				5,293,177

Multiline Retail — 0.3%
Big Lots, Inc.		2,245		45,327
Dillard’s, Inc., Class A		335		76,162
Franchise Group, Inc.		2,248		74,027
Kohl’s Corp.		10,593		308,680
Macy’s, Inc.		22,727		401,131
Nordstrom, Inc.		8,956		210,556
Ollie’s Bargain Outlet Holdings, Inc.^(a)		5,052		297,815

				1,413,698

Multi-Utilities — 0.4%
Avista Corp.		5,357		226,387
Black Hills Corp.		5,364		414,101
NiSource, Inc.		33,218		1,009,827
NorthWestern Corp.		4,541		251,799
Unitil Corp.		1,255		68,736

				1,970,850

Oil, Gas & Consumable Fuels — 3.9%
Aemetis, Inc.^(a)		1,862		13,686
Alto Ingredients, Inc.^(a)		7,528		32,370
Amplify Energy Corp.^(a)		3,118		21,358
Antero Midstream Corp.		27,831		279,980
Antero Resources Corp.^(a)(b)		24,002		951,439
APA Corp.		27,571		1,024,814
Arch Resources, Inc.		1,287		166,203
Archaea Energy, Inc.^(a)		4,965		81,327
Ardmore Shipping Corp.^(a)		2,952		24,059
Berry Corp.		6,916		59,063
Brigham Minerals, Inc., Class A		4,468		118,625
California Resources Corp.		6,421		288,046
Callon Petroleum Co.^(a)		3,819		175,827
Centennial Resource Development, Inc., Class A^(a)		17,271		115,025
Centrus Energy Corp., Class A^(a)		592		19,625
Chesapeake Energy Corp.		10,404		979,745
Chord Energy Corp.		3,428		439,607
Civitas Resources, Inc.		5,885		346,980
Clean Energy Fuels Corp.^(a)		14,369		93,111
CNX Resources Corp.^(a)		15,638		270,068
Comstock Resources, Inc.^(a)(b)		7,271		115,827
CONSOL Energy, Inc.^(a)		2,746		168,385
Crescent Energy Co., Class A		2,178		31,799
CVR Energy, Inc.		2,582		86,600
Delek U.S. Holdings, Inc.		5,629		150,069
Denbury, Inc.^(a)		4,161		299,217


40		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
DHT Holdings, Inc.		10,960	$	72,007
Dorian LPG Ltd.		2,674		43,105
DT Midstream, Inc.^(a)		7,717		424,666
Earthstone Energy, Inc., Class A^(a)(b)		3,830		54,348
Energy Fuels, Inc.^(a)(b)		12,298		82,520
Enviva, Inc.		2,468		171,847
EQT Corp.		30,015		1,321,560
Equitrans Midstream Corp.		32,932		258,516
Excelerate Energy, Inc., Class A^(a)		1,842		40,782
FLEX LNG Ltd.^(a)(b)		2,295		73,119
Frontline Ltd.^(a)		9,507		91,172
Gevo, Inc.^(a)(b)		16,243		47,754
Golar LNG Ltd.^(a)		8,149		182,293
Green Plains, Inc.^(a)		2,103		75,750
Gulfport Energy Corp.^(a)		969		89,187
HF Sinclair Corp.		12,341		590,147
HighPeak Energy, Inc.^(b)		742		18,238
International Seaways, Inc.		3,743		88,522
Kinetik Holdings, Inc., Class A		1,349		54,877
Kosmos Energy Ltd.^(a)		36,137		229,109
Laredo Petroleum, Inc.^(a)		1,375		121,921
Magnolia Oil & Gas Corp., Class A		13,370		322,618
Matador Resources Co.		9,105		526,087
Murphy Oil Corp.		12,078		424,421
NACCO Industries, Inc., Class A		465		18,274
New Fortress Energy, Inc.		3,867		189,367
NextDecade Corp.^(a)		3,807		26,915
Nordic American Tankers Ltd.		17,834		42,802
Northern Oil & Gas, Inc.		5,281		152,251
Ovintiv, Inc.		21,078		1,076,875
Par Pacific Holdings, Inc.^(a)		4,494		74,151
PBF Energy, Inc., Class A^(a)		7,842		261,531
PDC Energy, Inc.		7,750		509,097
Peabody Energy Corp.^(a)(b)		9,414		197,600
Range Resources Corp.^(a)		21,612		714,709
Ranger Oil Corp., Class A		1,691		64,359
REX American Resources Corp.^(a)		480		45,821
Riley Exploration Permian, Inc.^(b)		754		19,966
Ring Energy, Inc.^(a)		7,446		20,923
SandRidge Energy, Inc.^(a)		1,535		28,751
Scorpio Tankers, Inc.		3,987		153,938
SFL Corp. Ltd.		9,365		93,369
SilverBow Resources, Inc.^(a)		980		44,286
Sitio Royalties Corp.		677		19,978
SM Energy Co.		9,831		405,824
Southwestern Energy Co.^(a)		89,347		630,790
Talos Energy, Inc.^(a)		5,404		102,406
Teekay Corp.^(a)		4,335		13,612
Teekay Tankers Ltd., Class A^(a)		2,239		46,728
Tellurian, Inc.^(a)(b)		41,518		154,447
Texas Pacific Land Corp.		467		856,408
Uranium Energy Corp.^(a)		22,963		96,445
Ur-Energy, Inc.^(a)(b)		22,769		27,095
VAALCO Energy, Inc.		4,717		27,972
Vertex Energy, Inc.^(a)		4,468		60,675
W&T Offshore, Inc.^(a)		7,179		35,680
World Fuel Services Corp.		5,396		149,577

				18,120,043

Paper & Forest Products — 0.1%
Clearwater Paper Corp.^(a)		1,527		54,514
Glatfelter Corp.		3,535		21,705


Security	Shares		Value

Paper & Forest Products (continued)
Louisiana-Pacific Corp.		6,736	$	428,612
Resolute Forest Products, Inc.^(a)		3,649		74,002
Sylvamo Corp.		2,827		110,931

				689,764

Personal Products — 0.4%
Beauty Health Co.^(a)		8,258		109,997
BellRing Brands, Inc.^(a)		9,688		233,868
Coty, Inc., Class A^(a)		27,550		201,666
Edgewell Personal Care Co.		4,529		180,164
elf Beauty, Inc.^(a)		3,925		131,605
Herbalife Nutrition Ltd.^(a)(b)		7,964		194,401
Honest Co., Inc.^(a)(b)		6,519		21,773
Inter Parfums, Inc.		1,350		112,685
Medifast, Inc.		950		159,780
Nature’s Sunshine Products, Inc.^(a)		728		7,608
Nu Skin Enterprises, Inc., Class A		4,162		181,089
Olaplex Holdings, Inc.^(a)		10,024		172,413
USANA Health Sciences, Inc.^(a)		1,062		73,936
Veru, Inc.^(a)(b)		5,094		61,637

				1,842,622

Pharmaceuticals — 1.1%
Aclaris Therapeutics, Inc.^(a)		4,578		70,547
Aerie Pharmaceuticals, Inc.^(a)		4,574		32,064
Amneal Pharmaceuticals, Inc.^(a)		8,870		31,400
Amphastar Pharmaceuticals, Inc.^(a)		2,884		107,833
Amylyx Pharmaceuticals, Inc.^(a)(b)		770		20,782
ANI Pharmaceuticals, Inc.^(a)		858		29,387
Arvinas, Inc.^(a)		3,777		200,597
Atea Pharmaceuticals, Inc.^(a)		6,727		55,161
Athira Pharma, Inc.^(a)		2,109		7,339
Axsome Therapeutics, Inc.^(a)		2,444		94,314
Cara Therapeutics, Inc.^(a)		3,088		26,989
Cassava Sciences, Inc.^(a)		3,362		54,902
CinCor Pharma, Inc.^(a)(b)		895		20,245
Collegium Pharmaceutical, Inc.^(a)		2,561		44,024
Corcept Therapeutics, Inc.^(a)		7,270		208,358
DICE Therapeutics, Inc.^(a)		2,695		46,462
Edgewise Therapeutics, Inc.^(a)(b)		2,935		28,381
Endo International PLC^(a)		15,974		8,469
Esperion Therapeutics, Inc.^(a)(b)		4,816		27,788
Evolus, Inc.^(a)		3,407		42,008
EyePoint Pharmaceuticals, Inc.^(a)(b)		2,424		22,131
Fulcrum Therapeutics, Inc.^(a)		2,047		12,036
Harmony Biosciences Holdings, Inc.^(a)		2,253		114,295
Innoviva, Inc.^(a)		5,483		78,626
Intra-Cellular Therapies, Inc.^(a)		7,399		400,434
Jazz Pharmaceuticals PLC^(a)		4,957		773,589
Liquidia Corp.^(a)		4,841		23,745
Nektar Therapeutics^(a)		14,173		56,125
NGM Biopharmaceuticals, Inc.^(a)		3,413		49,420
Nuvation Bio, Inc.^(a)		11,978		33,059
Ocular Therapeutix, Inc.^(a)		5,213		23,354
Organon & Co.		20,584		652,925
Pacira BioSciences, Inc.^(a)		3,620		204,747
Perrigo Co. PLC		11,058		462,999
Phathom Pharmaceuticals, Inc.^(a)		1,310		12,065
Phibro Animal Health Corp., Class A		1,994		39,023
Prestige Consumer Healthcare, Inc.^(a)		3,899		235,149
Provention Bio, Inc.^(a)		3,626		13,851
Reata Pharmaceuticals, Inc., Class A^(a)		2,085		63,968
Relmada Therapeutics, Inc.^(a)		1,967		50,355


SCHEDULE OF INVESTMENTS		41

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Revance Therapeutics, Inc.^(a)		6,175	$	95,836
SIGA Technologies, Inc.^(b)		4,478		76,977
Supernus Pharmaceuticals, Inc.^(a)		3,911		124,174
Tarsus Pharmaceuticals, Inc.^(a)		2,053		30,836
Theravance Biopharma, Inc.^(a)		4,955		43,555
Theseus Pharmaceuticals, Inc.^(a)		1,015		7,318
Tricida, Inc.^(a)(b)		3,077		28,185
Ventyx Biosciences, Inc.^(a)(b)		2,483		37,518
Xeris Biopharma Holdings, Inc.^(a)		13,971		19,839

				4,943,184

Professional Services — 2.0%
Alight, Inc., Class A^(a)		26,886		202,720
ASGN, Inc.^(a)		4,113		426,765
Atlas Technical Consultants, Inc.^(a)(b)		1,994		13,998
Barrett Business Services, Inc.		524		42,753
Booz Allen Hamilton Holding Corp.		10,669		1,024,011
CACI International, Inc., Class A^(a)		1,912		577,978
CBIZ, Inc.^(a)		3,887		177,325
Clarivate PLC^(a)		38,501		557,879
CRA International, Inc.		643		63,663
Dun & Bradstreet Holdings, Inc.^(a)		20,310		320,086
Exponent, Inc.		4,205		422,560
First Advantage Corp.^(a)		4,227		59,305
Forrester Research, Inc.^(a)		827		38,447
Franklin Covey Co.^(a)		1,083		56,673
FTI Consulting, Inc.^(a)		2,751		449,954
Heidrick & Struggles International, Inc.		1,687		52,533
HireRight Holdings Corp.^(a)		2,303		34,223
Huron Consulting Group, Inc.^(a)		1,864		125,074
ICF International, Inc.		1,385		130,675
Insperity, Inc.		2,972		326,147
KBR, Inc.		11,233		597,933
Kelly Services, Inc., Class A		2,615		56,693
Kforce, Inc.		1,668		109,838
Korn Ferry		4,301		281,759
Legalzoom.com, Inc.^(a)(b)		8,221		86,156
ManpowerGroup, Inc.		4,325		339,123
ManTech International Corp., Class A		2,377		227,764
Nielsen Holdings PLC		29,108		697,137
Planet Labs PBC^(a)		13,033		69,466
Red Violet, Inc.^(a)		922		21,759
Resources Connection, Inc.		2,473		53,071
Robert Half International, Inc.		8,720		690,101
Science Applications International Corp.		4,556		441,340
Skillsoft Corp.^(a)		6,984		26,819
Spire Global, Inc.^(a)(b)		14,503		21,754
Sterling Check Corp.^(a)(b)		1,746		34,309
TriNet Group, Inc.^(a)		3,063		252,697
TrueBlue, Inc.^(a)		2,952		63,881
Upwork, Inc.^(a)		9,675		179,568
Willdan Group, Inc.^(a)		737		20,054

				9,373,991

Real Estate Management & Development — 0.7%
Anywhere Real Estate, Inc.^(a)(b)		9,661		95,934
Compass, Inc., Class A^(a)		21,633		82,638
Cushman & Wakefield PLC^(a)		12,620		212,016
DigitalBridge Group, Inc.^(a)		48,316		264,772
Doma Holdings, Inc.^(a)		15,484		11,489
Douglas Elliman, Inc.		5,605		33,630
EXp World Holdings, Inc.^(b)		4,968		73,825
Forestar Group, Inc.^(a)		1,055		14,601


Security	Shares		Value

Real Estate Management & Development (continued)
FRP Holdings, Inc.^(a)		420	$	24,780
Howard Hughes Corp.^(a)(b)		3,334		236,347
Jones Lang LaSalle, Inc.^(a)		4,029		768,210
Kennedy-Wilson Holdings, Inc.		9,454		195,320
Marcus & Millichap, Inc.		1,911		78,198
Newmark Group, Inc., Class A		12,826		146,216
Opendoor Technologies, Inc.^(a)(b)		36,554		179,480
RE/MAX Holdings, Inc., Class A		1,259		31,903
Redfin Corp.^(a)(b)		7,901		68,739
RMR Group, Inc., Class A		1,255		36,282
Seritage Growth Properties, Class A^(a)		3,366		40,459
St. Joe Co.^(b)		2,598		109,168
Stratus Properties, Inc.^(a)		583		18,464
Tejon Ranch Co.^(a)		1,400		23,128
WeWork, Inc., Class A^(a)(b)		10,881		51,902
Zillow Group, Inc., Class A^(a)		4,593		160,755
Zillow Group, Inc., Class C^(a)		13,315		464,427

				3,422,683

Road & Rail — 1.1%
AMERCO		731		392,605
ArcBest Corp.		2,106		186,592
Avis Budget Group, Inc.^(a)		2,385		434,142
Covenant Logistics Group, Inc.		948		31,730
Daseke, Inc.^(a)		3,022		25,324
Heartland Express, Inc.		3,946		62,662
Hertz Global Holdings, Inc.^(a)(b)		18,671		399,933
Knight-Swift Transportation Holdings, Inc.		13,070		718,196
Landstar System, Inc.		3,025		473,655
Lyft, Inc., Class A^(a)		24,868		344,670
Marten Transport Ltd.		4,833		104,199
PAM Transportation Services, Inc.^(a)(b)		732		26,191
Ryder System, Inc.		3,884		304,195
Saia, Inc.^(a)		2,129		506,383
Schneider National, Inc., Class B		4,623		117,101
TuSimple Holdings, Inc., Class A^(a)		11,964		119,161
Universal Logistics Holdings, Inc.		635		19,082
Werner Enterprises, Inc.^(b)		5,166		227,097
XPO Logistics, Inc.^(a)		8,527		509,403

				5,002,321

Semiconductors & Semiconductor Equipment — 2.3%
ACM Research, Inc., Class A^(a)(b)		4,029		68,009
Allegro MicroSystems, Inc.^(a)		4,154		103,144
Alpha & Omega Semiconductor Ltd.^(a)(b)		1,729		72,635
Ambarella, Inc.^(a)		2,861		247,620
Amkor Technology, Inc.		8,207		165,535
Atomera, Inc.^(a)(b)		1,787		20,872
Axcelis Technologies, Inc.^(a)		2,548		179,201
AXT, Inc.^(a)		2,786		24,433
CEVA, Inc.^(a)		1,664		61,951
Cirrus Logic, Inc.^(a)		4,696		401,320
Cohu, Inc.^(a)		3,771		107,775
Credo Technology Group Holding Ltd.^(a)(b)		1,701		27,301
CyberOptics Corp.^(a)		645		26,232
Diodes, Inc.^(a)		3,484		283,493
Entegris, Inc.		12,024		1,321,438
First Solar, Inc.^(a)		8,655		858,316
FormFactor, Inc.^(a)		6,263		222,712
Ichor Holdings Ltd.^(a)		2,233		69,804
Impinj, Inc.^(a)(b)		1,704		144,874
indie Semiconductor, Inc., Class A^(a)		8,943		64,390
Kulicke & Soffa Industries, Inc.		4,912		236,365


42		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Lattice Semiconductor Corp.^(a)		11,077	$	681,235
MACOM Technology Solutions Holdings, Inc., Class H^(a)		3,778		218,897
MaxLinear, Inc.^(a)		5,944		240,197
MKS Instruments, Inc.		4,558		538,756
NeoPhotonics Corp.^(a)		4,537		72,547
Onto Innovation, Inc.^(a)		3,859		321,262
PDF Solutions, Inc.^(a)(b)		2,455		66,236
Photronics, Inc.^(a)		4,707		112,074
Power Integrations, Inc.		4,707		400,142
Rambus, Inc.^(a)		8,978		226,964
Rigetti Computing, Inc.^(a)(b)		4,363		19,328
Rockley Photonics Holdings Ltd.^(a)		9,803		25,096
Semtech Corp.^(a)		5,090		317,260
Silicon Laboratories, Inc.^(a)		2,968		437,721
SiTime Corp.^(a)		1,271		236,381
SkyWater Technology, Inc.^(a)(b)		489		6,572
SMART Global Holdings, Inc.^(a)		3,721		73,006
SunPower Corp.^(a)		6,951		141,592
Synaptics, Inc.^(a)		3,238		469,348
Transphorm, Inc.^(a)		3,020		15,553
Ultra Clean Holdings, Inc.^(a)		3,400		114,240
Universal Display Corp.		3,449		398,221
Veeco Instruments, Inc.^(a)		4,304		93,827
Wolfspeed, Inc.^(a)(b)		9,376		781,021

				10,714,896

Software — 6.0%
8x8, Inc.^(a)		8,480		41,467
A10 Networks, Inc.		5,658		84,361
ACI Worldwide, Inc.^(a)		9,517		271,520
Agilysys, Inc.^(a)		1,702		82,207
Alarm.com Holdings, Inc.^(a)		3,817		270,129
Alkami Technology, Inc.^(a)(b)		3,086		42,957
Altair Engineering, Inc., Class A^(a)		4,221		248,659
Alteryx, Inc., Class A^(a)		4,821		233,481
American Software, Inc., Class A		2,475		44,253
Amplitude, Inc., Class A^(a)(b)		4,637		68,535
Appfolio, Inc., Class A^(a)		1,462		148,846
Appian Corp.^(a)		3,318		161,023
AppLovin Corp., Class A^(a)		18,067		642,101
Arteris, Inc.^(a)		637		5,134
Asana, Inc., Class A^(a)(b)		6,031		116,519
Aspen Technology, Inc.^(a)		2,277		464,713
Avalara, Inc.^(a)		7,064		617,535
Avaya Holdings Corp.^(a)(b)		6,638		5,965
AvePoint, Inc.^(a)(b)		11,158		56,125
Benefitfocus, Inc.^(a)		1,988		16,838
Bentley Systems, Inc., Class B^(b)		13,559		536,936
Bill.Com Holdings, Inc.^(a)(b)		7,955		1,074,561
Black Knight, Inc.^(a)		12,591		826,977
Blackbaud, Inc.^(a)		3,869		237,247
Blackline, Inc.^(a)(b)		4,478		283,099
Blend Labs, Inc., Class A^(a)(b)		15,665		41,356
Box, Inc., Class A^(a)		10,763		306,100
BTRS Holdings, Inc., Class 1^(a)		7,749		49,981
C3.ai, Inc., Class A^(a)(b)		5,594		102,986
CCC Intelligent Solutions Holdings, Inc.^(a)(b)		13,549		135,355
Cerence, Inc.^(a)		3,325		93,665
Ceridian HCM Holding, Inc.^(a)(b)		11,164		611,452
ChannelAdvisor Corp.^(a)(b)		2,477		36,511
Cleanspark, Inc.^(a)(b)		3,678		14,675


Security	Shares		Value

Software (continued)
Clear Secure, Inc., Class A^(a)		5,022	$	127,157
CommVault Systems, Inc.^(a)		3,452		193,623
Confluent, Inc., Class A^(a)		10,025		255,136
Consensus Cloud Solutions, Inc.^(a)		1,256		67,862
Couchbase, Inc.^(a)(b)		1,886		28,724
Coupa Software, Inc.^(a)(b)		6,121		400,436
CS Disco, Inc.^(a)(b)		1,938		47,559
Cvent Holding Corp.^(a)		6,895		43,025
Digimarc Corp.^(a)(b)		927		14,192
Digital Turbine, Inc.^(a)		7,358		147,675
Dolby Laboratories, Inc., Class A		5,285		409,059
Domo, Inc., Class B^(a)		2,180		61,062
DoubleVerify Holdings, Inc.^(a)(b)		5,433		124,579
Dropbox, Inc., Class A^(a)		22,603		513,992
Duck Creek Technologies, Inc.^(a)(b)		6,096		84,125
Dynatrace, Inc.^(a)		16,204		609,757
E2open Parent Holdings, Inc.^(a)		15,172		102,411
Ebix, Inc.		2,170		51,342
eGain Corp.^(a)		1,349		11,952
Elastic NV^(a)		6,190		494,519
Enfusion, Inc., Class A^(a)(b)		1,578		18,147
EngageSmart, Inc.^(a)		2,975		56,138
Envestnet, Inc.^(a)		3,481		202,838
Everbridge, Inc.^(a)(b)		3,303		83,037
EverCommerce, Inc.^(a)		2,329		26,737
Fair Isaac Corp.^(a)		2,044		944,389
Five9, Inc.^(a)(b)		5,615		607,094
ForgeRock, Inc., Class A^(a)(b)		2,333		47,290
Greenidge Generation Holdings, Inc.^(a)(b)		740		2,205
Guidewire Software, Inc.^(a)		6,597		512,719
Informatica, Inc., Class A^(a)(b)		3,104		71,082
Instructure Holdings, Inc.^(a)		1,483		36,245
Intapp, Inc.^(a)		1,387		21,041
InterDigital, Inc.		2,578		158,263
IronNet, Inc.^(a)		7,921		17,585
Jamf Holding Corp.^(a)(b)		5,270		128,799
KnowBe4, Inc., Class A^(a)		5,849		83,582
LivePerson, Inc.^(a)		5,836		79,603
LiveRamp Holdings, Inc.^(a)		5,494		146,195
Mandiant, Inc.^(a)		18,655		424,961
Manhattan Associates, Inc.^(a)		5,043		709,399
Marathon Digital Holdings, Inc.^(a)(b)		8,198		106,492
Matterport, Inc.^(a)		18,429		78,323
MeridianLink, Inc.^(a)(b)		1,817		30,980
MicroStrategy, Inc., Class A^(a)(b)		771		220,552
Mitek Systems, Inc.^(a)		3,619		39,375
Model N, Inc.^(a)		3,216		80,786
Momentive Global, Inc.^(a)		10,962		94,821
N-Able, Inc.^(a)(b)		5,651		55,493
nCino, Inc.^(a)(b)		4,310		139,170
NCR Corp.^(a)		10,497		340,628
New Relic, Inc.^(a)		4,272		259,182
NextNav, Inc.^(a)		5,549		15,315
NortonLifeLock, Inc.		46,021		1,128,895
Nutanix, Inc., Class A^(a)		17,633		266,787
Olo, Inc., Class A^(a)(b)		7,636		81,782
ON24, Inc.^(a)		3,909		37,565
OneSpan, Inc.^(a)		2,953		32,690
PagerDuty, Inc.^(a)		6,665		172,823
Paycor HCM, Inc.^(a)(b)		3,594		95,924
Paylocity Holding Corp.^(a)		3,165		651,768
Pegasystems, Inc.		3,393		136,229


SCHEDULE OF INVESTMENTS		43

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security		Shares		Value

Software (continued)
Ping Identity Holding Corp.^(a)(b)			6,412	$	109,966
Procore Technologies, Inc.^(a)(b)			5,742		296,861
Progress Software Corp.			3,355		157,551
PROS Holdings, Inc.^(a)			3,032		73,890
PTC, Inc.^(a)			8,572		1,057,613
Q2 Holdings, Inc.^(a)			4,377		192,150
Qualys, Inc.^(a)(b)			3,111		380,538
Rapid7, Inc.^(a)(b)			4,744		303,474
Rimini Street, Inc.^(a)			5,015		35,205
RingCentral, Inc., Class A^(a)			6,874		340,194
Riot Blockchain, Inc.^(a)(b)			8,119		59,431
Sailpoint Technologies Holdings, Inc.^(a)(b)			7,542		480,953
Sapiens International Corp. NV			2,503		65,854
SecureWorks Corp., Class A^(a)			715		7,100
SentinelOne, Inc., Class A^(a)			13,855		344,297
ShotSpotter, Inc.^(a)			563		18,911
Smartsheet, Inc., Class A^(a)			10,407		312,834
Sprout Social, Inc., Class A^(a)			3,665		190,946
SPS Commerce, Inc.^(a)			2,939		351,975
Sumo Logic, Inc.^(a)			7,700		52,129
Telos Corp.^(a)			5,422		43,051
Tenable Holdings, Inc.^(a)			8,777		339,231
Teradata Corp.^(a)			8,635		330,634
UiPath, Inc., Class A^(a)			30,071		551,201
Upland Software, Inc.^(a)			2,117		23,964
UserTesting, Inc.^(a)			4,236		26,814
Varonis Systems, Inc.^(a)			8,582		218,240
Verint Systems, Inc.^(a)(b)			5,229		238,808
Veritone, Inc.^(a)(b)			2,089		14,686
Viant Technology, Inc., Class A^(a)			704		3,499
WM Technology, Inc.^(a)			6,309		21,451
Workiva, Inc.^(a)			3,871		253,550
Xperi Holding Corp.			8,767		146,935
Yext, Inc.^(a)			9,099		39,854
Zendesk, Inc.^(a)			9,885		745,527
Zeta Global Holdings Corp., Class A^(a)(b)			4,102		21,946
Zuora, Inc., Class A^(a)			8,297		70,607

					28,126,255

Specialty Retail — 2.2%
Aaron’s Co., Inc.	��		2,311		30,089
Abercrombie & Fitch Co., Class A^(a)			4,394		78,257
Academy Sports & Outdoors, Inc.			6,725		289,377
American Eagle Outfitters, Inc.			12,809		154,220
America’s Car-Mart, Inc.^(a)(b)			542		56,135
Arko Corp.			6,521		59,537
Asbury Automotive Group, Inc.^(a)(b)			1,813		311,183
AutoNation, Inc.^(a)			3,257		386,736
Bed Bath & Beyond, Inc.^(a)(b)			7,712		38,791
Big 5 Sporting Goods Corp.^(b)			1,833		23,572
Boot Barn Holdings, Inc.^(a)			2,386		148,648
Buckle, Inc.			2,622		79,184
Build-A-Bear Workshop, Inc.			1,166		18,621
Caleres, Inc.			3,064		76,048
Camping World Holdings, Inc., Class A^(b)			3,186		86,149
Carvana Co.^(a)(b)			8,463		246,696
Cato Corp., Class A			1,422		17,562
Chico’s FAS, Inc.^(a)			10,071		50,556
Children’s Place, Inc.^(a)			1,314		56,949
Citi Trends, Inc.^(a)			733		18,017
Conn’s, Inc.^(a)			1,303		12,274
Container Store Group, Inc.^(a)			2,232		16,651


Security	Shares		Value

Specialty Retail (continued)
Designer Brands, Inc., Class A.		4,442	$	64,098
Destination XL Group, Inc.^(a)		5,308		21,975
Dick’s Sporting Goods, Inc.		4,412		412,919
EVgo, Inc.^(a)(b)		5,827		52,268
Express, Inc.^(a)		8,993		15,198
Five Below, Inc.^(a)		4,398		558,854
Floor & Decor Holdings, Inc., Class A^(a)(b)		8,419		678,319
Foot Locker, Inc.		6,779		192,320
GameStop Corp., Class A^(a)(b)		21,976		747,404
Gap, Inc.		16,853		162,126
Genesco, Inc.^(a)		1,231		68,998
Group 1 Automotive, Inc.		1,329		235,127
GrowGeneration Corp.^(a)(b)		4,139		20,074
Guess?, Inc.		3,028		57,259
Haverty Furniture Cos., Inc.		1,178		32,195
Hibbett, Inc.		1,154		54,146
JOANN, Inc.		747		6,753
Leslie’s, Inc.^(a)(b)		12,612		191,198
Lithia Motors, Inc.		2,309		612,531
LL Flooring Holdings, Inc.^(a)		2,032		20,401
MarineMax, Inc.^(a)		1,670		68,203
Monro, Inc.		2,498		125,275
Murphy USA, Inc.		1,830		520,379
National Vision Holdings, Inc.^(a)(b)		6,736		196,287
ODP Corp.^(a)		3,558		129,155
OneWater Marine, Inc., Class A^(a)		720		26,093
Party City Holdco, Inc.^(a)(b)		7,843		8,941
Penske Automotive Group, Inc.		2,130		243,864
Petco Health & Wellness Co., Inc.^(a)(b)		6,375		88,740
Rent-A-Center, Inc.		4,353		102,426
RH^(a)		1,378		385,055
Sally Beauty Holdings, Inc.^(a)		8,335		106,521
Shoe Carnival, Inc.		1,497		32,650
Signet Jewelers Ltd.		3,696		225,308
Sleep Number Corp.^(a)		1,709		77,008
Sonic Automotive, Inc., Class A		1,627		68,090
Sportsman’s Warehouse Holdings, Inc.^(a)		2,982		29,402
Tile Shop Holdings, Inc.		4,103		13,663
Tilly’s, Inc., Class A		1,735		13,134
Torrid Holdings, Inc.^(a)		1,152		4,677
TravelCenters of America, Inc.^(a)		911		38,007
Urban Outfitters, Inc.^(a)		5,333		109,220
Victoria’s Secret & Co.^(a)		6,580		243,197
Volta, Inc.^(a)		12,471		22,947
Warby Parker, Inc., Class A^(a)(b)		7,027		87,065
Williams-Sonoma, Inc.		5,678		820,017
Winmark Corp.		279		61,980
Zumiez, Inc.^(a)		1,622		42,172

				10,348,891

Technology Hardware, Storage & Peripherals — 0.3%
3D Systems Corp.^(a)		10,669		122,053
Avid Technology, Inc.^(a)		2,852		80,027
Corsair Gaming, Inc.^(a)		3,296		46,474
Diebold Nixdorf, Inc.^(a)		5,472		17,675
Eastman Kodak Co.^(a)(b)		5,301		29,209
IonQ, Inc.^(a)		10,128		54,691
Pure Storage, Inc., Class A^(a)		22,778		645,756
Super Micro Computer, Inc.^(a)		3,714		200,593


44		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Turtle Beach Corp.^(a)		1,439	$	18,707
Xerox Holdings Corp.		9,270		158,795

				1,373,980

Textiles, Apparel & Luxury Goods — 1.2%
Allbirds, Inc., Class A^(a)		7,995		41,094
Capri Holdings Ltd.^(a)		11,543		561,913
Carter’s, Inc.		3,294		268,395
Columbia Sportswear Co.		2,955		218,699
Crocs, Inc.^(a)		4,904		351,323
Deckers Outdoor Corp.^(a)		2,197		688,122
Ermenegildo Zegna Holditalia SpA		3,032		33,352
Fossil Group, Inc.^(a)		3,602		21,720
G-III Apparel Group Ltd.^(a)		3,721		82,197
Hanesbrands, Inc.		28,746		321,380
Kontoor Brands, Inc.		4,658		170,017
Movado Group, Inc.		1,443		49,033
Oxford Industries, Inc.		1,292		123,257
PLBY Group, Inc.^(a)(b)		2,295		14,734
PVH Corp.^(b)		5,529		342,356
Ralph Lauren Corp.		3,733		368,186
Rocky Brands, Inc.		446		14,664
Skechers USA, Inc., Class A^(a)		10,859		412,208
Steven Madden Ltd.		6,401		202,912
Superior Group of Cos., Inc.		682		12,590
Tapestry, Inc.		21,446		721,229
Under Armour, Inc., Class A^(a)		16,315		151,077
Under Armour, Inc., Class C^(a)		16,995		140,379
Unifi, Inc.^(a)		1,316		17,937
Wolverine World Wide, Inc.^(b)		6,111		137,314

				5,466,088

Thrifts & Mortgage Finance — 0.8%
Axos Financial, Inc.^(a)		4,631		193,390
Blue Foundry Bancorp^(a)(b)		2,426		28,457
Bridgewater Bancshares, Inc.^(a)		2,254		39,400
Capitol Federal Financial, Inc.		8,839		84,766
Columbia Financial, Inc.^(a)		3,409		69,339
Enact Holdings, Inc.		2,581		59,466
Essent Group Ltd.		8,628		360,305
Federal Agricultural Mortgage Corp., Class C		702		77,424
Finance Of America Cos., Inc., Class A^(a)		2,141		3,790
Flagstar Bancorp, Inc.		3,545		146,054
Greene County Bancorp, Inc.^(b)		425		19,495
Hingham Institution for Savings		106		30,741
Home Bancorp, Inc.		574		21,623
Home Point Capital, Inc.		696		2,561
Kearny Financial Corp.		6,498		76,092
Luther Burbank Corp.		1,439		18,980
Merchants Bancorp		1,249		33,048
MGIC Investment Corp.		25,240		356,894
Mr. Cooper Group, Inc.^(a)		5,742		258,677
New York Community Bancorp, Inc.		38,415		407,967
NMI Holdings, Inc., Class A^(a)		6,919		131,046
Northfield Bancorp, Inc.		3,301		48,591
PennyMac Financial Services, Inc.		2,615		143,276
Pioneer Bancorp, Inc.^(a)		2,062		20,022
Provident Bancorp, Inc.		937		14,186
Provident Financial Services, Inc.		5,360		130,570
Radian Group, Inc.		14,407		322,285
Southern Missouri Bancorp, Inc.		566		30,530
Sterling Bancorp, Inc.^(a)		2,210		13,835
TFS Financial Corp.		5,083		74,466


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
TrustCo Bank Corp.		1,068	$	35,842
UWM Holdings Corp.^(b)		8,390		31,630
Velocity Financial, Inc.^(a)		531		6,282
Walker & Dunlop, Inc.		2,506		282,276
Waterstone Financial, Inc.		2,085		38,885
WSFS Financial Corp.		4,359		208,011

				3,820,202

Tobacco — 0.1%
22nd Century Group, Inc.^(a)		11,373		19,107
Turning Point Brands, Inc.		938		22,512
Universal Corp.		1,916		107,123
Vector Group Ltd.		11,298		125,860

				274,602

Trading Companies & Distributors — 1.2%
Air Lease Corp.		8,607		319,406
Alta Equipment Group, Inc.^(a)		1,317		14,803
Applied Industrial Technologies, Inc.		3,059		307,705
Beacon Roofing Supply, Inc.^(a)		4,508		270,570
BlueLinx Holdings, Inc.^(a)(b)		776		62,080
Boise Cascade Co.		3,221		227,757
Core & Main, Inc., Class A^(a)(b)		5,210		125,769
Custom Truck One Source, Inc.^(a)		5,253		32,516
Distribution Solutions Group, Inc.^(a)		507		25,147
DXP Enterprises, Inc.^(a)		1,267		43,078
GATX Corp.		2,901		290,825
Global Industrial Co.		1,047		37,430
GMS, Inc.^(a)		3,367		178,687
H&E Equipment Services, Inc.		2,433		86,980
Herc Holdings, Inc.		2,033		252,133
Hudson Technologies, Inc.^(a)		3,372		30,045
Karat Packaging, Inc.^(a)		226		4,301
McGrath RentCorp.		1,967		165,936
MRC Global, Inc.^(a)		6,304		73,252
MSC Industrial Direct Co., Inc., Class A		3,843		317,662
NOW, Inc.^(a)		8,260		91,356
Rush Enterprises, Inc., Class A		3,509		169,099
Rush Enterprises, Inc., Class B		502		27,233
SiteOne Landscape Supply, Inc.^(a)(b)		3,524		490,999
Textainer Group Holdings Ltd.		3,635		123,481
Titan Machinery, Inc.^(a)		1,299		36,541
Transcat, Inc.^(a)		533		33,217
Triton International Ltd.		5,251		336,484
Univar Solutions, Inc.^(a)		13,162		355,900
Veritiv Corp.^(a)		1,152		142,871
Watsco, Inc.		2,679		733,912
WESCO International, Inc.^(a)		3,602		460,480

				5,867,655

Water Utilities — 0.4%
American States Water Co.		2,955		257,587
Artesian Resources Corp., Class A		484		24,955
California Water Service Group		4,201		252,396
Essential Utilities, Inc.		18,781		975,485
Global Water Resources, Inc.		1,533		20,282
Middlesex Water Co.		1,224		116,415
Pure Cycle Corp.^(a)		1,157		12,218
SJW Group		2,123		139,396
York Water Co.		921		39,594

				1,838,328

Wireless Telecommunication Services — 0.1%
Gogo, Inc.^(a)		3,763		65,326
KORE Group Holdings, Inc.^(a)(b)		4,103		10,914


SCHEDULE OF INVESTMENTS		45

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Wireless Telecommunication Services (continued)
Shenandoah Telecommunications Co.		3,721	$	82,978
Telephone & Data Systems, Inc.		8,383		132,535
U.S. Cellular Corp.^(a)		1,027		30,081

				321,834


Total Common Stocks — 98.0% (Cost: $401,769,445)				460,302,399


Investment Companies

Aerospace & Defense — 1.0%
iShares Russell 2000 ETF^(b)(d)		25,130		4,705,593


Equity Funds — 0.6%
iShares Russell Mid-Cap ETF^(b)(d)		40,452		2,872,901


Total Investment Companies — 1.6% (Cost: $7,078,563)				7,578,494


Preferred Securities

Preferred Stocks — 0.0%

Biotechnology — 0.0%
Tango Therapeutics, Inc.^(a)		5,194		21,243

				21,243


Total Preferred Securities — 0.0% (Cost: $24,090)				21,243


Total Long-Term Investments — 99.6% (Cost: $408,872,098)				467,902,136


Security	Shares		Value

Short-Term Securities

Money Market Funds — 11.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.96%^(d)(e)(f)		54,338,463	$	54,333,029
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.84%^(d)(e)		1,668,772		1,668,772


Total Short-Term Securities — 11.9% (Cost: $56,004,285)				56,001,801


Total Investments — 111.5% (Cost: $464,876,383)				523,903,937

Liabilities in Excess of Other Assets — (11.5)%				(54,053,834	)


Net Assets — 100.0%			$	469,850,103

^(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


Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	37,718,513	$	16,632,840	^(a)	$	—		$	(9,710	)	$	(8,614	)	$	54,333,029		54,338,463	$	294,766	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,388,584		—			(16,719,812	)^(a)		—			—			1,668,772		1,668,772		8,234			—
iShares Russell 2000 ETF		2,705,210		61,728,266			(59,040,913	)		(843,535	)		156,565			4,705,593		25,130		29,177			—
iShares Russell Mid-Cap ETF		1,806,939		40,154,159			(38,734,260	)		(386,640	)		32,703			2,872,901		40,452		23,260			—

									$	(1,239,885	)	$	180,654		$	63,580,295			$	355,437		$	—

^(a)

Represents net amount purchased (sold).

^(b)


46		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Russell Small/Mid-Cap Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini CME Index		9		09/16/22	$	848	$	52,893
S&P Mid 400 E-Mini Index		3		09/16/22		754		47,664

							$	100,557

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	100,557	$	—	$	—	$	—	$	100,557

^(a)

For the period ended July 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	$	—	$	—	$	(56,990	)	$	—	$	—	$	(256,169	)	$	(313,159	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	100,119		$	—	$	—	$	—		$	100,119

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	2,119,958

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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	7,767,050	$	—	$	—	$	7,767,050
Air Freight & Logistics		1,175,460		—		—		1,175,460
Airlines		2,326,084		—		—		2,326,084
Auto Components		5,019,579		—		—		5,019,579


SCHEDULE OF INVESTMENTS		47

Schedule of Investments (continued)

July 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)
Automobiles	$	1,211,276	$	—	$	—	$	1,211,276
Banks		31,197,491		—		—		31,197,491
Beverages		1,353,605		—		—		1,353,605
Biotechnology		19,368,618		—		4,582		19,373,200
Building Products		10,247,180		—		—		10,247,180
Capital Markets		12,845,965		—		—		12,845,965
Chemicals		9,120,239		—		—		9,120,239
Commercial Services & Supplies		5,348,735		—		—		5,348,735
Communications Equipment		4,691,529		—		—		4,691,529
Construction & Engineering		7,169,839		—		—		7,169,839
Construction Materials		682,593		—		—		682,593
Consumer Finance		3,168,107		—		—		3,168,107
Containers & Packaging		7,231,583		16,832		—		7,248,415
Distributors		1,215,346		—		—		1,215,346
Diversified Consumer Services		4,771,626		—		—		4,771,626
Diversified Financial Services		1,024,680		—		—		1,024,680
Diversified Telecommunication Services		1,786,510		—		—		1,786,510
Electric Utilities		4,404,305		—		—		4,404,305
Electrical Equipment		7,744,384		—		—		7,744,384
Electronic Equipment, Instruments & Components		9,640,467		—		—		9,640,467
Energy Equipment & Services		3,664,477		—		—		3,664,477
Entertainment		3,060,956		—		—		3,060,956
Equity Real Estate Investment Trusts (REITs)		36,485,841		—		—		36,485,841
Food & Staples Retailing		4,311,819		—		—		4,311,819
Food Products		5,924,292		—		—		5,924,292
Gas Utilities		3,794,115		—		—		3,794,115
Health Care Equipment & Supplies		12,589,656		—		—		12,589,656
Health Care Providers & Services		12,045,149		—		—		12,045,149
Health Care Technology		2,835,618		—		—		2,835,618
Hotels, Restaurants & Leisure		11,186,613		—		—		11,186,613
Household Durables		7,132,655		—		—		7,132,655
Household Products		862,931		—		—		862,931
Independent Power and Renewable Electricity Producers		2,263,449		—		—		2,263,449
Industrial Conglomerates		45,334		—		—		45,334
Insurance		15,316,346		—		—		15,316,346
Interactive Media & Services		2,113,175		—		—		2,113,175
Internet & Direct Marketing Retail		1,167,171		—		—		1,167,171
IT Services		12,236,757		—		—		12,236,757
Leisure Products		3,193,529		—		—		3,193,529
Life Sciences Tools & Services		7,887,085		—		—		7,887,085
Machinery		17,100,498		—		—		17,100,498
Marine		920,500		—		—		920,500
Media		5,406,559		—		—		5,406,559
Metals & Mining		7,999,145		—		—		7,999,145
Mortgage Real Estate Investment Trusts (REITs)		5,293,177		—		—		5,293,177
Multiline Retail		1,413,698		—		—		1,413,698
Multi-Utilities		1,970,850		—		—		1,970,850
Oil, Gas & Consumable Fuels		18,120,043		—		—		18,120,043
Paper & Forest Products		689,764		—		—		689,764
Personal Products		1,842,622		—		—		1,842,622
Pharmaceuticals		4,943,184		—		—		4,943,184
Professional Services		9,373,991		—		—		9,373,991
Real Estate Management & Development		3,422,683		—		—		3,422,683
Road & Rail		5,002,321		—		—		5,002,321
Semiconductors & Semiconductor Equipment		10,714,896		—		—		10,714,896
Software		28,126,255		—		—		28,126,255
Specialty Retail		10,348,891		—		—		10,348,891
Technology Hardware, Storage & Peripherals		1,373,980		—		—		1,373,980
Textiles, Apparel & Luxury Goods		5,466,088		—		—		5,466,088
Thrifts & Mortgage Finance		3,820,202		—		—		3,820,202
Tobacco		274,602		—		—		274,602
Trading Companies & Distributors		5,867,655		—		—		5,867,655
Water Utilities		1,838,328		—		—		1,838,328


48		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 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)
Wireless Telecommunication Services	$	321,834	$	—	$	—	$	321,834
Investment Companies		7,578,494		—		—		7,578,494
Preferred Securities
Preferred Stocks		21,243		—		—		21,243
Short-Term Securities
Money Market Funds		56,001,801		—		—		56,001,801

	$	523,882,523	$	16,832	$	4,582	$	523,903,937

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	100,557	$	—	$	—	$	100,557

^(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		49

Schedule of Investments

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
AAR Corp.^(a)		1,832	$	81,579
Aerojet Rocketdyne Holdings, Inc.^(a)		4,402		192,323
AeroVironment, Inc.^(a)		1,443		125,022
AerSale Corp.^(a)		1,566		27,421
Archer Aviation, Inc., Class A^(a)		8,285		33,471
Astra Space, Inc.^(a)(b)		13,517		19,329
Astronics Corp.^(a)		3,153		35,377
Axon Enterprise, Inc.^(a)		3,955		435,801
Boeing Co.^(a)		33,061		5,266,948
BWX Technologies, Inc.		5,357		303,635
Cadre Holdings, Inc.		1,180		27,907
Curtiss-Wright Corp.		2,307		330,916
Ducommun, Inc.^(a)		1,004		47,529
General Dynamics Corp.		14,930		3,384,183
HEICO Corp.		2,693		424,713
HEICO Corp., Class A		4,810		614,141
Hexcel Corp.		5,227		316,286
Howmet Aerospace, Inc.		22,728		843,891
Huntington Ingalls Industries, Inc.		2,334		506,105
Kaman Corp.		1,670		51,403
Kratos Defense & Security Solutions, Inc.^(a)		8,184		117,768
L3Harris Technologies, Inc.		11,680		2,802,850
Lockheed Martin Corp.		14,387		5,953,484
Maxar Technologies, Inc.^(b)		4,526		124,374
Mercury Systems, Inc.^(a)		3,346		197,447
Moog, Inc., Class A		1,740		149,014
National Presto Industries, Inc.		532		37,878
Northrop Grumman Corp.		8,873		4,249,280
Park Aerospace Corp.		2,497		30,463
Parsons Corp.^(a)		1,923		83,131
Raytheon Technologies Corp.		90,197		8,407,262
Rocket Lab USA, Inc.^(a)		13,537		63,218
Spirit AeroSystems Holdings, Inc., Class A		6,835		224,325
Textron, Inc.		12,942		849,513
TransDigm Group, Inc.^(a)(b)		3,156		1,964,105
Triumph Group, Inc.^(a)		3,986		61,942
V2X Inc.^(a)		1,014		33,705
Virgin Galactic Holdings, Inc.^(a)(b)		14,613		108,721
Woodward, Inc.		3,700		387,390

				38,913,850

Air Freight & Logistics — 0.6%
Air Transport Services Group, Inc.^(a)		3,269		102,450
Atlas Air Worldwide Holdings, Inc.^(a)		2,037		154,221
CH Robinson Worldwide, Inc.		7,755		858,479
Expeditors International of Washington, Inc.		10,056		1,068,450
FedEx Corp.		14,576		3,397,520
Forward Air Corp.		1,607		168,623
GXO Logistics, Inc.^(a)		6,305		302,640
Hub Group, Inc., Class A^(a)		2,086		159,370
Radiant Logistics, Inc.^(a)		1,065		7,721
United Parcel Service, Inc., Class B		44,590		8,690,145

				14,909,619

Airlines^(a)— 0.2%
Alaska Air Group, Inc.		7,417		328,796
Allegiant Travel Co.		932		107,469
American Airlines Group, Inc.		39,039		535,225
Blade Air Mobility, Inc.		4,235		23,525
Copa Holdings SA, Class A^(b)		2,021		135,852
Delta Air Lines, Inc.		38,649		1,229,038


Security	Shares		Value

Airlines (continued)
Frontier Group Holdings, Inc.^(b)		1,674	$	24,239
Hawaiian Holdings, Inc.		2,898		43,354
JetBlue Airways Corp.		17,926		150,937
Joby Aviation, Inc.^(b)		15,127		83,804
SkyWest, Inc.		2,859		69,045
Southwest Airlines Co.		36,221		1,380,744
Spirit Airlines, Inc.		6,425		159,147
Sun Country Airlines Holdings, Inc.		2,011		40,562
United Airlines Holdings, Inc.		19,894		731,104
Wheels Up Experience, Inc.		10,220		22,893

				5,065,734

Auto Components — 0.2%
Adient PLC^(a)		5,529		186,770
American Axle & Manufacturing Holdings, Inc.^(a)		6,123		54,556
Aptiv PLC^(a)		16,279		1,707,504
BorgWarner, Inc.		14,532		558,901
Dana, Inc.		8,323		139,494
Dorman Products, Inc.^(a)		1,598		161,542
Fox Factory Holding Corp.^(a)(b)		2,649		250,754
Gentex Corp.		14,350		404,957
Gentherm, Inc.^(a)		1,943		125,440
Goodyear Tire & Rubber Co.^(a)		17,489		214,765
Holley, Inc.^(a)(b)		3,298		26,351
LCI Industries		1,449		195,745
Lear Corp.		3,676		555,591
Luminar Technologies, Inc.^(a)(b)		15,044		101,697
Modine Manufacturing Co.^(a)		3,006		39,439
Motorcar Parts of America, Inc.^(a)		702		10,579
Patrick Industries, Inc.		1,396		84,765
QuantumScape Corp.^(a)(b)		14,310		154,834
Solid Power, Inc.^(a)		4,086		25,905
Standard Motor Products, Inc.		1,011		46,243
Stoneridge, Inc.^(a)		1,548		29,133
Tenneco, Inc., Class A^(a)(b)		4,973		93,841
Visteon Corp.^(a)		1,624		207,190
XPEL, Inc.^(a)		1,496		91,690

				5,467,686

Automobiles — 2.2%
Canoo, Inc.^(a)(b)		7,133		24,680
Cenntro Electric Group Ltd.^(a)(b)		12,749		19,124
Faraday Future Intelligent Electric, Inc.^(a)(b)		8,813		19,477
Fisker, Inc.^(a)(b)		9,734		93,252
Ford Motor Co.		237,181		3,484,189
General Motors Co.^(a)		88,367		3,204,187
Harley-Davidson, Inc.		8,188		309,588
Lordstown Motors Corp., Class A^(a)(b)		19,860		44,486
Lucid Group, Inc.^(a)(b)		32,027		584,493
Rivian Automotive, Inc., Class A^(a)(b)		10,808		370,714
Tesla, Inc.^(a)		51,441		45,857,079
Thor Industries, Inc.		3,278		276,434
Winnebago Industries, Inc.		2,035		122,853
Workhorse Group, Inc.^(a)(b)		6,200		20,274

				54,430,830

Banks — 3.9%
1st Source Corp.		2,496		120,357
Allegiance Bancshares, Inc.		1,063		46,815
Amalgamated Financial Corp.		666		15,371
Amerant Bancorp, Inc.		1,476		40,324
American National Bankshares, Inc.		234		8,492
Ameris Bancorp		3,711		175,493
Arrow Financial Corp.		496		16,641


50		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Associated Banc-Corp.		9,965	$	200,296
Atlantic Union Bankshares Corp.		5,090		176,063
Banc of California, Inc.		6,112		107,021
BancFirst Corp.		1,304		140,037
Bancorp, Inc.^(a)		1,904		46,838
Bank First Corp.		309		23,768
Bank of America Corp.		427,637		14,458,407
Bank of Hawaii Corp.		2,765		221,504
Bank of Marin Bancorp		558		18,258
Bank of NT Butterfield & Son Ltd.		3,623		122,783
Bank OZK		7,732		310,053
BankUnited, Inc.		3,069		119,231
Banner Corp.		981		60,812
Bar Harbor Bankshares		1,349		39,081
BCB Bancorp, Inc.		1,342		25,847
Berkshire Hills Bancorp, Inc.		1,900		53,523
Blue Ridge Bankshares, Inc.		1,301		19,437
BOK Financial Corp.		1,851		162,944
Brookline Bancorp, Inc.		2,260		31,256
Business First Bancshares, Inc.		1,155		27,119
Byline Bancorp, Inc.		1,662		40,702
Cadence Bank		6,933		180,951
Cambridge Bancorp		245		20,406
Camden National Corp.		1,025		46,842
Capital Bancorp, Inc.		643		16,069
Capital City Bank Group, Inc.		363		11,758
Capstar Financial Holdings, Inc.		1,127		23,678
Carter Bankshares, Inc.^(a)		1,048		14,620
Cathay General Bancorp		4,329		180,519
CBTX, Inc.		1,468		45,435
Central Pacific Financial Corp.		427		10,111
Citigroup, Inc.		120,108		6,233,605
Citizens & Northern Corp.		1,802		44,023
Citizens Financial Group, Inc.		30,041		1,140,657
City Holding Co.		442		38,361
Civista Bancshares, Inc.		808		17,501
CNB Financial Corp.		1,531		39,500
Coastal Financial Corp.^(a)		714		29,438
Colony Bankcorp, Inc.		1,564		22,709
Columbia Banking System, Inc.		2,735		82,515
Comerica, Inc.		8,064		627,137
Commerce Bancshares, Inc.		6,789		471,768
Community Bank System, Inc.		1,925		129,610
Community Trust Bancorp, Inc.		2,423		104,989
ConnectOne Bancorp, Inc.		2,102		55,577
CrossFirst Bankshares, Inc.^(a)		2,745		37,661
Cullen/Frost Bankers, Inc.		3,528		460,051
Customers Bancorp, Inc.^(a)		1,668		63,701
CVB Financial Corp.		7,213		192,371
Dime Community Bancshares, Inc.		1,767		60,219
Eagle Bancorp, Inc.		1,044		51,187
East West Bancorp, Inc.		8,595		616,949
Eastern Bankshares, Inc.		10,087		205,775
Enterprise Bancorp, Inc.		214		6,805
Enterprise Financial Services Corp.		1,968		92,555
Equity Bancshares, Inc., Class A		1,265		40,417
Farmers & Merchants Bancorp, Inc.		828		25,378
Farmers National Banc Corp.		1,865		26,483
FB Financial Corp.		3,630		155,545
Fifth Third Bancorp		41,371		1,411,579
Financial Institutions, Inc.		1,577		41,806
First BanCorp.		4,914		74,152
First Bancorp, Inc.		314		9,484


Security	Shares		Value

Banks (continued)
First Bancorp/Southern Pines NC		897	$	33,978
First Bancshares, Inc.		1,176		34,104
First Bank		1,767		26,611
First Busey Corp.		4,173		102,864
First Business Financial Services, Inc.		758		25,355
First Citizens BancShares, Inc., Class A		730		552,376
First Commonwealth Financial Corp.		3,047		45,157
First Community Bankshares, Inc.		576		18,478
First Financial Bancorp		3,434		76,716
First Financial Bankshares, Inc.		7,922		349,994
First Financial Corp.		515		24,061
First Foundation, Inc.		6,885		143,346
First Guaranty Bancshares, Inc.		973		24,150
First Hawaiian, Inc.		8,210		209,273
First Horizon Corp.		31,682		708,410
First Internet Bancorp		258		9,146
First Interstate BancSystem, Inc., Class A		5,748		234,403
First Merchants Corp.		5,056		209,976
First Mid Bancshares, Inc.		847		31,822
First of Long Island Corp.		1,705		31,031
First Republic Bank		11,029		1,794,529
Five Star Bancorp		948		24,999
Flushing Financial Corp.		1,802		38,905
FNB Corp.		21,845		261,266
Fulton Financial Corp.		11,311		188,781
German American Bancorp, Inc.		1,941		73,447
Glacier Bancorp, Inc.		6,957		348,476
Great Southern Bancorp, Inc.		1,489		92,229
Guaranty Bancshares, Inc.		297		11,099
Hancock Whitney Corp.		5,243		255,911
Hanmi Financial Corp.		907		22,920
HarborOne Bancorp, Inc.		5,315		77,067
Heartland Financial USA, Inc.		2,318		104,078
Heritage Commerce Corp.		3,436		40,476
Heritage Financial Corp.		1,053		27,399
Hilltop Holdings, Inc.		3,539		102,100
Home BancShares, Inc.		12,036		284,050
HomeStreet, Inc.		954		35,575
HomeTrust Bancshares, Inc.		642		15,498
Hope Bancorp, Inc.		3,638		54,716
Horizon Bancorp, Inc.		2,632		50,192
Huntington Bancshares, Inc.		87,165		1,158,423
Independent Bank Corp.		3,093		202,341
Independent Bank Group, Inc.		2,212		156,433
International Bancshares Corp.		3,311		145,220
John Marshall Bancorp, Inc.		759		19,787
JPMorgan Chase & Co.		177,158		20,436,947
KeyCorp.		56,846		1,040,282
Lakeland Bancorp, Inc.		4,929		78,470
Lakeland Financial Corp.		1,478		114,988
Live Oak Bancshares, Inc.		2,391		89,997
M&T Bank Corp.		10,872		1,929,236
Macatawa Bank Corp.		816		7,589
Mercantile Bank Corp.		497		17,614
Meta Financial Group, Inc.		1,236		41,678
Metrocity Bankshares, Inc.		765		15,843
Metropolitan Bank Holding Corp.^(a)		533		36,980
Mid Penn Bancorp, Inc.		806		23,116
Midland States Bancorp, Inc.		963		25,231
MidWestOne Financial Group, Inc.		1,021		31,865
MVB Financial Corp.		865		28,112
National Bank Holdings Corp., Class A		890		37,042
NBT Bancorp, Inc.		1,281		51,932


SCHEDULE OF INVESTMENTS		51

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Nicolet Bankshares, Inc.^(a)		940	$	75,181
Northwest Bancshares, Inc.		4,246		61,057
OceanFirst Financial Corp.		4,668		95,974
OFG Bancorp		1,912		52,523
Old National Bancorp		19,289		335,821
Old Second Bancorp, Inc.		5,066		71,177
Origin Bancorp, Inc.		1,892		81,488
Orrstown Financial Services, Inc.		348		9,020
Pacific Premier Bancorp, Inc.		3,852		129,581
PacWest Bancorp		7,512		210,561
Park National Corp.		1,046		135,520
PCSB Financial Corp.		450		8,771
Peapack-Gladstone Financial Corp.		1,216		39,715
Peoples Bancorp, Inc.		3,439		106,334
Peoples Financial Services Corp.		546		29,069
Pinnacle Financial Partners, Inc.		4,572		361,645
PNC Financial Services Group, Inc.		25,457		4,224,335
Popular, Inc.		4,946		384,156
Preferred Bank/Los Angeles CA		305		22,174
Premier Financial Corp.		1,940		55,251
Primis Financial Corp.		1,942		26,314
Prosperity Bancshares, Inc.		5,508		408,088
QCR Holdings, Inc.		904		53,598
RBB Bancorp		350		7,984
Red River Bancshares, Inc.		282		15,468
Regions Financial Corp.		58,050		1,229,499
Renasant Corp.		1,899		63,427
Republic Bancorp, Inc., Class A		1,265		56,723
Republic First Bancorp, Inc.^(a)		1,213		4,391
S&T Bancorp, Inc.		1,247		38,582
Sandy Spring Bancorp, Inc.		2,975		122,867
Seacoast Banking Corp. of Florida		2,936		105,050
ServisFirst Bancshares, Inc.^(b)		2,937		250,967
Shore Bancshares, Inc.		2,166		42,454
Sierra Bancorp		1,347		30,240
Signature Bank		3,708		688,094
Silvergate Capital Corp., Class A^(a)		2,046		190,871
Simmons First National Corp., Class A		6,948		165,015
SmartFinancial, Inc.		348		9,135
South Plains Financial, Inc.		1,099		29,036
Southern First Bancshares, Inc.^(a)		161		7,205
Southside Bancshares, Inc.		1,208		48,248
SouthState Corp.		4,644		393,672
Stock Yards Bancorp, Inc.		2,417		167,136
Summit Financial Group, Inc.		488		14,889
SVB Financial Group^(a)		3,552		1,433,410
Synovus Financial Corp.		9,221		372,344
Texas Capital Bancshares, Inc.^(a)		3,041		178,263
Third Coast Bancshares, Inc.^(a)		1,211		22,718
Tompkins Financial Corp.		1,151		88,800
Towne Bank		6,068		181,251
Trico Bancshares		2,838		135,656
Triumph Bancorp, Inc.^(a)		1,435		104,253
Truist Financial Corp.		81,007		4,088,423
Trustmark Corp.		3,530		114,619
U.S. Bancorp		82,574		3,897,493
UMB Financial Corp.		2,757		249,508
Umpqua Holdings Corp.		13,358		235,234
United Bankshares, Inc.		7,831		303,373
United Community Banks, Inc.		3,642		123,937
Univest Financial Corp.		4,249		105,970
Valley National Bancorp		24,711		288,872


Security	Shares		Value

Banks (continued)
Veritex Holdings, Inc.		2,661	$	82,331
Washington Federal, Inc.		4,414		150,650
Washington Trust Bancorp, Inc.		2,282		125,236
Webster Financial Corp.		10,746		499,152
Wells Fargo & Co.		230,665		10,119,274
WesBanco, Inc.		4,292		146,443
West BanCorp., Inc.		1,337		34,775
Westamerica BanCorp.		987		59,230
Western Alliance Bancorp		6,598		503,955
Wintrust Financial Corp.		3,955		340,288
Zions Bancorp NA		9,125		497,769

				97,613,993

Beverages — 1.5%
Boston Beer Co., Inc., Class A^(a)(b)		590		224,454
Brown-Forman Corp., Class A		2,632		190,557
Brown-Forman Corp., Class B		11,310		839,428
Celsius Holdings, Inc.^(a)(b)		3,193		284,049
Coca-Cola Co.		236,509		15,176,783
Coca-Cola Consolidated, Inc.		267		136,971
Constellation Brands, Inc., Class A		9,341		2,300,782
Duckhorn Portfolio, Inc.^(a)(b)		2,594		47,574
Keurig Dr Pepper, Inc.		52,158		2,020,601
MGP Ingredients, Inc.		794		83,513
Molson Coors Beverage Co., Class B		10,546		630,123
Monster Beverage Corp.^(a)		22,426		2,234,078
National Beverage Corp.		1,540		83,437
PepsiCo, Inc.		83,705		14,645,027
Primo Water Corp.		10,816		142,987
Vintage Wine Estates, Inc.^(a)		2,418		17,748
Vita Coco Co., Inc.^(a)		2,013		24,257

				39,082,369

Biotechnology — 2.4%
2seventy bio, Inc.^(a)		3,031		43,616
4D Molecular Therapeutics, Inc.^(a)		982		9,231
Aadi Bioscience, Inc.^(a)		1,787		22,105
AbbVie, Inc.		107,227		15,388,147
ACADIA Pharmaceuticals, Inc.^(a)		7,957		116,888
Adagio Therapeutics, Inc.^(a)		2,455		8,642
Adicet Bio, Inc.^(a)		1,548		26,146
ADMA Biologics, Inc.^(a)		12,578		26,917
Aduro Biotech, Inc.^(c)		400		1,016
Aerovate Therapeutics, Inc.^(a)(b)		1,610		35,823
Affimed NV^(a)(b)		6,814		19,284
Agenus, Inc.^(a)		12,516		32,291
Agios Pharmaceuticals, Inc.^(a)		3,560		76,789
Akero Therapeutics, Inc.^(a)		963		9,861
Albireo Pharma, Inc.^(a)		1,780		37,006
Alector, Inc.^(a)(b)		2,986		30,517
Alkermes PLC^(a)(b)		10,041		257,050
Allogene Therapeutics, Inc.^(a)(b)		5,719		74,233
Allovir, Inc.^(a)		1,851		8,496
Alnylam Pharmaceuticals, Inc.^(a)		7,234		1,027,517
Alpine Immune Sciences, Inc.^(a)		2,578		20,495
ALX Oncology Holdings, Inc.^(a)(b)		841		8,141
Amgen, Inc.		32,423		8,023,720
Amicus Therapeutics, Inc.^(a)		17,257		171,880
AnaptysBio, Inc.^(a)(b)		865		18,113
Anavex Life Sciences Corp.^(a)(b)		5,256		53,927
Anika Therapeutics, Inc.^(a)		1,304		30,461
Apellis Pharmaceuticals, Inc.^(a)		5,492		309,090
Arbutus Biopharma Corp.^(a)		7,498		17,320
Arcellx, Inc.^(a)(b)		677		14,034


52		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 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)(b)		1,279	$	22,446
Arcus Biosciences, Inc.^(a)		2,735		72,724
Arcutis Biotherapeutics, Inc.^(a)		1,650		40,029
Arrowhead Pharmaceuticals, Inc.^(a)		6,489		275,977
Atara Biotherapeutics, Inc.^(a)		4,529		13,723
Aura Biosciences, Inc.^(a)		1,601		22,830
Aurinia Pharmaceuticals, Inc.^(a)		8,475		69,326
Avid Bioservices, Inc.^(a)		3,513		69,030
Avidity Biosciences, Inc.^(a)		3,751		61,104
Beam Therapeutics, Inc.^(a)		4,047		254,880
BioCryst Pharmaceuticals, Inc.^(a)		11,882		130,940
Biogen, Inc.^(a)		8,801		1,892,743
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		3,741		546,261
BioMarin Pharmaceutical, Inc.^(a)		11,064		952,057
Bioxcel Therapeutics, Inc.^(a)		1,041		16,073
Bluebird Bio, Inc.^(a)		3,578		14,491
Blueprint Medicines Corp.^(a)		3,677		187,748
Bridgebio Pharma, Inc.^(a)(b)		5,906		51,146
C4 Therapeutics, Inc.^(a)		2,279		21,970
CareDx, Inc.^(a)		2,931		69,728
Caribou Biosciences, Inc.^(a)		4,018		32,626
Catalyst Pharmaceuticals, Inc.^(a)		7,043		72,120
Celldex Therapeutics, Inc.^(a)		2,529		77,691
Century Therapeutics, Inc.^(a)(b)		1,185		12,525
Cerevel Therapeutics Holdings, Inc.^(a)(b)		3,376		88,755
ChemoCentryx, Inc.^(a)		3,416		80,686
Chimerix, Inc.^(a)		2,973		6,511
Chinook Therapeutics, Inc.^(a)		3,112		57,603
Cogent Biosciences, Inc.^(a)		2,592		28,745
Coherus Biosciences, Inc.^(a)(b)		3,643		30,856
Crinetics Pharmaceuticals, Inc.^(a)		3,550		68,196
CTI BioPharma Corp.^(a)(b)		6,063		39,652
Cullinan Oncology, Inc.^(a)		976		13,186
Cytokinetics, Inc.^(a)		5,113		216,433
Day One Biopharmaceuticals, Inc.^(a)(b)		1,120		19,186
Deciphera Pharmaceuticals, Inc.^(a)		2,226		28,248
Denali Therapeutics, Inc.^(a)		6,275		213,476
Design Therapeutics, Inc.^(a)		2,613		51,267
Dynavax Technologies Corp.^(a)(b)		8,014		115,241
Dyne Therapeutics, Inc.^(a)		1,550		16,260
Eagle Pharmaceuticals, Inc.^(a)		611		24,257
Editas Medicine, Inc.^(a)(b)		3,741		59,519
Eiger Biopharmaceuticals, Inc.^(a)		3,702		32,170
Emergent BioSolutions, Inc.^(a)		2,980		103,227
Enanta Pharmaceuticals, Inc.^(a)		1,355		74,728
EQRx, Inc.^(a)(b)		8,747		47,671
Erasca, Inc.^(a)(b)		3,958		29,843
Exact Sciences Corp.^(a)(b)		10,602		478,150
Exelixis, Inc.^(a)		18,879		394,949
Fate Therapeutics, Inc.^(a)		4,554		139,034
FibroGen, Inc.^(a)		4,502		56,635
Foghorn Therapeutics, Inc.^(a)		1,251		18,302
Forma Therapeutics Holdings, Inc.^(a)		1,944		16,096
Generation Bio Co.^(a)		2,726		17,392
Geron Corp.^(a)(b)		13,028		24,753
Gilead Sciences, Inc.		75,846		4,531,798
Global Blood Therapeutics, Inc.^(a)		4,577		149,759
Gossamer Bio, Inc.^(a)(b)		4,691		52,680
Halozyme Therapeutics, Inc.^(a)		8,235		402,691
Heron Therapeutics, Inc.^(a)		5,088		14,145
Horizon Therapeutics PLC^(a)		13,573		1,126,152
Icosavax, Inc.^(a)		890		6,230
Ideaya Biosciences, Inc.^(a)		1,859		27,736


Security	Shares		Value

Biotechnology (continued)
IGM Biosciences, Inc.^(a)		534	$	8,603
Imago Biosciences, Inc.^(a)		1,182		19,030
ImmunityBio, Inc.^(a)(b)		3,425		13,323
ImmunoGen, Inc.^(a)		10,990		52,093
Immunovant, Inc.^(a)		1,328		5,471
Incyte Corp.^(a)		11,229		872,269
Inhibrx, Inc.^(a)(b)		1,399		24,259
Inovio Pharmaceuticals, Inc.^(a)(b)		12,025		23,810
Insmed, Inc.^(a)		7,918		175,146
Instil Bio, Inc.^(a)(b)		3,486		19,661
Intellia Therapeutics, Inc.^(a)		4,702		304,502
Intercept Pharmaceuticals, Inc.^(a)(b)		997		12,722
Ionis Pharmaceuticals, Inc.^(a)		8,186		307,466
Iovance Biotherapeutics, Inc.^(a)		8,484		98,839
Ironwood Pharmaceuticals, Inc.^(a)		8,803		100,794
iTeos Therapeutics, Inc.^(a)		952		23,286
IVERIC bio, Inc.^(a)		7,350		78,572
Janux Therapeutics, Inc.^(a)(b)		958		11,898
Jounce Therapeutics, Inc.^(a)		2,971		9,121
KalVista Pharmaceuticals, Inc.^(a)(b)		2,567		31,702
Karuna Therapeutics, Inc.^(a)		1,654		215,433
Karyopharm Therapeutics, Inc.^(a)		2,939		12,491
Keros Therapeutics, Inc.^(a)		1,105		35,448
Kezar Life Sciences, Inc.^(a)		2,971		29,027
Kiniksa Pharmaceuticals Ltd., Class A^(a)		935		9,266
Kinnate Biopharma, Inc.^(a)(b)		1,144		12,241
Kodiak Sciences, Inc.^(a)		1,928		19,184
Kronos Bio, Inc.^(a)		2,376		9,979
Krystal Biotech, Inc.^(a)		1,376		99,870
Kura Oncology, Inc.^(a)		3,343		51,181
Kymera Therapeutics, Inc.^(a)		1,869		41,174
Lexicon Pharmaceuticals, Inc.^(a)(b)		1,529		3,639
Ligand Pharmaceuticals, Inc.^(a)		802		73,808
Lyell Immunopharma, Inc.^(a)(b)		11,179		62,267
MacroGenics, Inc.^(a)		3,347		10,476
Madrigal Pharmaceuticals, Inc.^(a)(b)		600		37,692
MannKind Corp.^(a)		15,218		52,502
MeiraGTx Holdings PLC^(a)		2,029		16,800
Mersana Therapeutics, Inc.^(a)		3,619		18,348
MiMedx Group, Inc.^(a)		5,597		19,142
Mirati Therapeutics, Inc.^(a)		2,496		160,742
Mirum Pharmaceuticals, Inc.^(a)		1,260		31,626
Moderna, Inc.^(a)		20,856		3,422,261
Monte Rosa Therapeutics, Inc.^(a)(b)		998		9,052
Morphic Holding, Inc.^(a)		1,057		27,979
Myriad Genetics, Inc.^(a)		6,162		162,554
Natera, Inc.^(a)		5,526		259,722
Neurocrine Biosciences, Inc.^(a)		5,834		549,154
Nkarta, Inc.^(a)(b)		2,544		34,369
Novavax, Inc.^(a)(b)		4,770		260,013
Nurix Therapeutics, Inc.^(a)		1,735		27,691
Nuvalent, Inc., Class A^(a)(b)		2,068		30,730
Ocugen, Inc.^(a)(b)		9,292		23,973
Organogenesis Holdings, Inc.^(a)		6,610		37,941
Outlook Therapeutics, Inc.^(a)		10,081		11,392
PMV Pharmaceuticals, Inc.^(a)(b)		2,919		43,639
Point Biopharma Global, Inc.^(a)		4,612		33,852
Praxis Precision Medicines, Inc.^(a)(b)		1,900		6,707
Precigen, Inc.^(a)		5,740		9,012
Prometheus Biosciences, Inc.^(a)		2,220		94,727
Protagonist Therapeutics, Inc.^(a)		2,080		20,696
Prothena Corp. PLC^(a)		2,076		64,481
PTC Therapeutics, Inc.^(a)(b)		4,656		202,769


SCHEDULE OF INVESTMENTS		53

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Radius Health, Inc.^(a)		2,817	$	28,395
Rallybio Corp.^(a)		1,815		16,934
RAPT Therapeutics, Inc.^(a)		1,138		20,962
Recursion Pharmaceuticals, Inc., Class A^(a)		6,877		58,179
Regeneron Pharmaceuticals, Inc.^(a)		6,299		3,664,065
REGENXBIO, Inc.^(a)		2,116		66,379
Relay Therapeutics, Inc.^(a)(b)		4,407		83,821
Replimune Group, Inc.^(a)		1,503		28,978
Revolution Medicines, Inc.^(a)(b)		4,445		100,413
Rigel Pharmaceuticals, Inc.^(a)		11,055		13,155
Rocket Pharmaceuticals, Inc.^(a)(b)		2,057		29,827
Sage Therapeutics, Inc.^(a)		3,162		108,804
Sana Biotechnology, Inc.^(a)(b)		5,009		33,460
Sangamo Therapeutics, Inc.^(a)		6,311		27,074
Sarepta Therapeutics, Inc.^(a)		5,064		470,699
Seagen, Inc.^(a)		8,266		1,487,715
Seres Therapeutics, Inc.^(a)		3,502		14,393
Sorrento Therapeutics, Inc.^(a)(b)		26,350		68,510
SpringWorks Therapeutics, Inc.^(a)(b)		2,491		74,431
Stoke Therapeutics, Inc.^(a)		1,062		15,707	��
Sutro Biopharma, Inc.^(a)		2,510		14,684
Syndax Pharmaceuticals, Inc.^(a)		3,759		76,571
Talaris Therapeutics, Inc.^(a)		2,772		12,335
Tenaya Therapeutics, Inc.^(a)		1,213		5,786
TG Therapeutics, Inc.^(a)		7,337		43,949
Travere Therapeutics, Inc.^(a)		3,424		80,601
Turning Point Therapeutics, Inc.^(a)		2,774		207,995
Twist Bioscience Corp.^(a)		3,793		165,906
Ultragenyx Pharmaceutical, Inc.^(a)		4,095		218,182
United Therapeutics Corp.^(a)		2,660		614,646
Vanda Pharmaceuticals, Inc.^(a)		2,945		31,747
Vaxart, Inc.^(a)(b)		6,011		22,120
Vaxcyte, Inc.^(a)		3,029		69,909
VBI Vaccines, Inc.^(a)(b)		9,724		8,272
Vera Therapeutics, Inc.^(a)(b)		1,118		19,286
Veracyte, Inc.^(a)		4,032		106,203
Vericel Corp.^(a)		2,424		78,877
Vertex Pharmaceuticals, Inc.^(a)		15,424		4,325,044
Verve Therapeutics, Inc.^(a)		2,499		61,525
Vir Biotechnology, Inc.^(a)(b)		4,475		124,450
Viridian Therapeutics, Inc.^(a)		2,037		26,970
VistaGen Therapeutics, Inc.^(a)		9,627		1,378
Xencor, Inc.^(a)		3,012		86,414
Y-mAbs Therapeutics, Inc.^(a)		1,877		29,262
Zentalis Pharmaceuticals, Inc.^(a)(b)		2,156		62,955
Zogenix, Inc.^(c)		2,357		1,603

				61,257,350

Building Products — 0.6%
A O Smith Corp.		7,819		494,708
AAON, Inc.		2,718		163,543
Advanced Drainage Systems, Inc.		3,663		434,432
Allegion PLC		5,413		572,154
American Woodmark Corp.^(a)		907		45,550
Apogee Enterprises, Inc.		1,427		59,378
Armstrong World Industries, Inc.		2,729		243,836
AZEK Co., Inc.^(a)		6,245		129,147
Builders FirstSource, Inc.^(a)		10,325		702,100
Caesarstone Ltd.		2,414		21,678
Carlisle Cos., Inc.		3,124		925,016
Carrier Global Corp.		51,119		2,071,853
CSW Industrials, Inc.		854		102,027
Fortune Brands Home & Security, Inc.		7,858		547,545


Security	Shares		Value

Building Products (continued)
Gibraltar Industries, Inc.^(a)		2,248	$	105,184
Griffon Corp.		3,346		100,414
Hayward Holdings, Inc.^(a)(b)		4,513		52,667
Insteel Industries, Inc.		1,232		38,562
Janus International Group, Inc.^(a)(b)		5,152		52,396
JELD-WEN Holding, Inc.^(a)		6,029		107,196
Johnson Controls International PLC		41,916		2,259,692
Lennox International, Inc.		1,997		478,341
Masco Corp.		14,174		784,956
Masonite International Corp.^(a)		1,365		124,256
Owens Corning		5,993		555,791
PGT Innovations, Inc.^(a)		4,856		106,346
Quanex Building Products Corp.		1,892		46,562
Resideo Technologies, Inc.^(a)		8,359		188,161
Simpson Manufacturing Co., Inc.		2,694		278,236
Trane Technologies PLC		14,273		2,097,988
Trex Co., Inc.^(a)		6,985		450,672
UFP Industries, Inc.		3,620		333,800
View, Inc.^(a)(b)		4,259		9,412
Zurn Water Solutions Corp.		7,384		213,767

				14,897,366

Capital Markets — 3.0%
Affiliated Managers Group, Inc.		2,263		285,998
Ameriprise Financial, Inc.		6,644		1,793,349
Ares Management Corp., Class A		9,102		652,158
Artisan Partners Asset Management, Inc., Class A		3,461		137,609
Assetmark Financial Holdings, Inc.^(a)		965		18,325
Associated Capital Group, Inc., Class A		82		3,354
B. Riley Financial, Inc.		1,480		76,279
Bank of New York Mellon Corp.		44,856		1,949,442
BGC Partners, Inc., Class A		17,841		65,120
BlackRock, Inc.^(d)		9,103		6,091,545
Blackstone, Inc.		42,468		4,334,709
Blucora, Inc.^(a)		2,865		57,300
Blue Owl Capital, Inc.		23,990		273,726
Brightsphere Investment Group, Inc.		3,261		61,666
Carlyle Group, Inc.		12,019		467,659
Cboe Global Markets, Inc.		6,397		789,262
Charles Schwab Corp.		92,292		6,372,763
CME Group, Inc.		21,778		4,344,276
Cohen & Steers, Inc.		1,418		104,492
Coinbase Global, Inc., Class A^(a)		9,337		587,858
Cowen, Inc., Class A		1,474		51,693
Diamond Hill Investment Group, Inc.		101		19,308
Donnelley Financial Solutions, Inc.^(a)(b)		2,020		68,660
Evercore, Inc., Class A		2,298		229,731
FactSet Research Systems, Inc.		2,275		977,522
Federated Hermes, Inc.		5,858		199,816
Focus Financial Partners, Inc., Class A^(a)		4,538		183,471
Franklin Resources, Inc.		17,466		479,442
GAMCO Investors, Inc., Class A		133		2,758
GCM Grosvenor, Inc., Class A		2,165		17,125
Goldman Sachs Group, Inc.		20,198		6,733,811
Hamilton Lane, Inc., Class A		2,018		152,500
Houlihan Lokey, Inc.		3,079		260,360
Interactive Brokers Group, Inc., Class A		5,465		320,741
Intercontinental Exchange, Inc.		33,569		3,423,702
Invesco Ltd.		22,260		394,892
Janus Henderson Group PLC		8,837		227,730
Jefferies Financial Group, Inc.		12,836		418,069
KKR & Co., Inc.		34,665		1,922,521
Lazard Ltd., Class A		5,897		222,140


54		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
LPL Financial Holdings, Inc.		4,766	$	1,000,479
Manning & Napier, Inc.		1,796		22,827
MarketAxess Holdings, Inc.		2,266		613,588
Moelis & Co., Class A		4,116		191,723
Moody’s Corp.		9,708		3,011,907
Morgan Stanley		77,455		6,529,457
Morningstar, Inc.^(b)		1,419		362,342
MSCI, Inc.		4,753		2,287,809
Nasdaq, Inc.		6,937		1,254,903
Northern Trust Corp.		12,356		1,232,882
Open Lending Corp., Class A^(a)		5,715		59,207
Oppenheimer Holdings, Inc., Class A		713		23,950
Perella Weinberg Partners		3,888		27,410
Piper Sandler Cos.,		1,151		145,256
PJT Partners, Inc., Class A		1,317		94,139
Pzena Investment Management, Inc., Class A		1,238		11,674
Raymond James Financial, Inc.		11,817		1,163,620
Robinhood Markets, Inc., Class A^(a)		33,691		304,904
S&P Global, Inc.		20,629		7,775,689
Sculptor Capital Management, Inc.		904		8,868
SEI Investments Co.		6,510		360,394
State Street Corp.		22,288		1,583,340
StepStone Group, Inc., Class A		3,324		88,551
Stifel Financial Corp.		6,188		370,104
StoneX Group, Inc.^(a)		909		79,201
T Rowe Price Group, Inc.		13,566		1,674,994
Tradeweb Markets, Inc., Class A		6,397		451,116
Victory Capital Holdings, Inc., Class A		1,129		31,239
Virtu Financial, Inc., Class A		5,906		137,787
Virtus Investment Partners, Inc.		369		76,132
WisdomTree Investments, Inc.		8,155		42,406

				75,790,780

Chemicals — 1.7%
AdvanSix, Inc.		1,773		69,661
Air Products & Chemicals, Inc.		13,462		3,341,672
Albemarle Corp.		7,040		1,719,942
American Vanguard Corp.		2,757		64,541
Amyris, Inc.^(a)(b)		10,201		18,158
Ashland Global Holdings, Inc.		3,129		314,371
Aspen Aerogels, Inc.^(a)(b)		1,334		17,449
Avient Corp.		5,450		235,168
Axalta Coating Systems Ltd.^(a)		13,380		337,444
Balchem Corp.		1,825		247,762
Cabot Corp.		3,476		258,128
Celanese Corp.		6,609		776,624
CF Industries Holdings, Inc.		12,535		1,196,967
Chase Corp.		398		36,186
Chemours Co.		9,311		331,378
Corteva, Inc.		44,043		2,534,675
Danimer Scientific, Inc.^(a)(b)		6,007		27,752
Diversey Holdings Ltd.^(a)(b)		4,610		34,529
Dow, Inc.		44,288		2,356,564
DuPont de Nemours, Inc.		31,165		1,908,233
Eastman Chemical Co.		7,846		752,667
Ecolab, Inc.		15,065		2,488,286
Ecovyst, Inc.		2,650		27,110
Element Solutions, Inc.		14,301		282,588
FMC Corp.		7,563		840,249
FutureFuel Corp.		1,697		12,201
GCP Applied Technologies, Inc.^(a)		3,170		99,855
Ginkgo Bioworks Holdings, Inc.^(a)(b)		49,744		142,268
Hawkins, Inc.		1,121		44,560


Security	Shares		Value

Chemicals (continued)
HB Fuller Co.		2,974	$	190,931
Huntsman Corp.		12,243		354,557
Ingevity Corp.^(a)		2,428		162,919
Innospec, Inc.		1,590		162,180
International Flavors & Fragrances, Inc.		15,448		1,916,324
Intrepid Potash, Inc.^(a)		545		24,852
Koppers Holdings, Inc.		682		16,054
Kronos Worldwide, Inc.		777		13,652
Linde PLC^(a)		30,490		9,207,980
Livent Corp.^(a)		9,649		240,164
LSB Industries, Inc.^(a)		1,960		27,068
LyondellBasell Industries NV, Class A		15,670		1,396,510
Mativ Inc.		3,091		67,538
Minerals Technologies, Inc.		2,032		135,758
Mosaic Co.		21,777		1,146,777
NewMarket Corp.		374		116,239
Olin Corp.		8,347		436,298
Origin Materials, Inc.^(a)		7,098		41,736
Orion Engineered Carbons SA		3,373		58,319
Perimeter Solutions SA^(a)		7,347		84,858
PPG Industries, Inc.		14,184		1,833,849
PureCycle Technologies, Inc.^(a)(b)		6,987		52,961
Quaker Chemical Corp.		723		117,278
Rayonier Advanced Materials, Inc.^(a)		5,464		19,343
RPM International, Inc.		7,595		686,588
Scotts Miracle-Gro Co.		2,518		223,976
Sensient Technologies Corp.		2,401		206,438
Sherwin-Williams Co.		14,535		3,516,598
Stepan Co.		1,165		130,725
Tredegar Corp.		2,663		27,908
Trinseo PLC		2,403		85,955
Tronox Holdings PLC, Class A		6,792		106,023
Valvoline, Inc.		10,958		353,067
Westlake Corp.		2,070		201,494

				43,879,905

Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		4,075		182,723
ACCO Brands Corp.		3,640		26,099
ACV Auctions, Inc., Class A^(a)		7,474		55,233
Aris Water Solution, Inc., Class A		1,316		27,860
Brady Corp., Class A		3,536		169,198
BrightView Holdings, Inc.^(a)		2,533		33,284
Brink’s Co.		3,044		173,325
Casella Waste Systems, Inc., Class A^(a)		2,786		225,527
Cimpress PLC^(a)		966		38,824
Cintas Corp.		5,305		2,257,224
Clean Harbors, Inc.^(a)		2,937		286,622
Copart, Inc.^(a)		12,786		1,637,887
CoreCivic, Inc.^(a)		8,030		86,483
Deluxe Corp.		2,249		56,540
Driven Brands Holdings, Inc.^(a)		3,595		109,216
Ennis, Inc.		1,476		32,251
GEO Group, Inc.^(a)		4,668		30,622
Harsco Corp.^(a)		4,861		23,381
Healthcare Services Group, Inc.		3,929		56,342
Heritage-Crystal Clean, Inc.^(a)		397		13,323
HNI Corp.		2,341		82,684
IAA, Inc.^(a)		8,173		308,367
Interface, Inc.		3,303		47,860
KAR Auction Services, Inc.^(a)		7,187		122,898
Kimball International, Inc., Class B		1,050		8,600
Li-Cycle Holdings Corp.^(a)(b)		8,180		58,814


SCHEDULE OF INVESTMENTS		55

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
Matthews International Corp., Class A		2,063	$	57,661
MillerKnoll, Inc.		5,129		154,434
Montrose Environmental Group, Inc.^(a)(b)		1,392		55,847
MSA Safety, Inc.		2,318		297,492
Pitney Bowes, Inc.		4,309		14,090
Republic Services, Inc.		12,632		1,751,553
Rollins, Inc.		13,653		526,596
SP Plus Corp.^(a)		1,356		46,457
Steelcase, Inc., Class A		4,806		53,491
Stericycle, Inc.^(a)		5,859		274,611
Tetra Tech, Inc.		3,222		493,836
UniFirst Corp.		954		186,879
Viad Corp.^(a)		1,234		41,672
VSE Corp.		846		35,490
Waste Management, Inc.		24,958		4,107,088

				14,248,384

Communications Equipment — 0.8%
ADTRAN Holdings, Inc.		4,146		99,877
Arista Networks, Inc.^(a)		15,004		1,749,917
Aviat Networks, Inc.^(a)		336		9,872
Calix, Inc.^(a)		3,580		204,203
Cambium Networks Corp.^(a)		644		12,139
Casa Systems, Inc.^(a)		501		2,214
Ciena Corp.^(a)		9,325		481,170
Cisco Systems, Inc.		252,084		11,437,051
Clearfield, Inc.^(a)(b)		817		80,515
CommScope Holding Co., Inc.^(a)		11,803		106,581
Comtech Telecommunications Corp.		1,632		18,964
Digi International, Inc.^(a)		2,062		58,746
DZS, Inc.^(a)(b)		990		18,553
Extreme Networks, Inc.^(a)		8,756		114,529
F5, Inc.^(a)		3,664		613,207
Harmonic, Inc.^(a)(b)		6,424		70,150
Infinera Corp.^(a)		11,106		72,744
Inseego Corp.^(a)(b)		4,327		9,649
Juniper Networks, Inc.		19,388		543,446
Lumentum Holdings, Inc.^(a)(b)		4,154		375,771
Motorola Solutions, Inc.		10,000		2,385,900
NETGEAR, Inc.^(a)		1,767		45,553
NetScout Systems, Inc.^(a)(b)		4,617		164,273
Ondas Holdings, Inc.^(a)(b)		3,056		13,997
Plantronics, Inc.^(a)		2,684		106,796
Ribbon Communications, Inc.^(a)(b)		4,557		15,448
Ubiquiti, Inc.		369		111,302
Viasat, Inc.^(a)		4,544		149,634
Viavi Solutions, Inc.^(a)		14,749		218,285

				19,290,486

Construction & Engineering — 0.2%
AECOM		8,081		581,832
Ameresco, Inc., Class A^(a)		1,863		106,601
API Group Corp.^(a)		12,049		213,388
Arcosa, Inc.		2,688		138,593
Argan, Inc.		963		35,785
Comfort Systems USA, Inc.		2,092		221,041
Concrete Pumping Holdings, Inc.^(a)(b)		1,884		12,303
Construction Partners, Inc., Class A^(a)		2,954		70,246
Dycom Industries, Inc.^(a)		1,865		192,393
EMCOR Group, Inc.		3,149		366,449
Fluor Corp.^(a)		8,496		215,883
Granite Construction, Inc.		2,389		71,431
Great Lakes Dredge & Dock Corp.^(a)		2,420		31,291


Security	Shares		Value

Construction & Engineering (continued)
IES Holdings, Inc.^(a)		991	$	32,703
Infrastructure & Energy Alternatives, Inc.^(a)		1,850		26,122
MasTec, Inc.^(a)		3,489		275,387
MDU Resources Group, Inc.		12,504		357,239
MYR Group, Inc.^(a)		942		89,707
Northwest Pipe Co.^(a)		487		15,267
NV5 Global, Inc.^(a)(b)		710		96,276
Primoris Services Corp.		3,014		70,407
Quanta Services, Inc.		8,645		1,199,321
Sterling Infrastructure, Inc.^(a)		1,738		44,684
Tutor Perini Corp.^(a)		1,983		18,006
Valmont Industries, Inc.		1,263		342,879
WillScot Mobile Mini Holdings Corp.^(a)		13,236		511,042

				5,336,276

Construction Materials — 0.1%
Eagle Materials, Inc.		2,360		298,422
Martin Marietta Materials, Inc.		3,726		1,311,850
Summit Materials, Inc., Class A^(a)		6,721		184,895
U.S. Lime & Minerals, Inc.		114		11,727
Vulcan Materials Co.		7,966		1,317,019

				3,123,913

Consumer Finance — 0.6%
Ally Financial, Inc.		19,656		650,024
American Express Co.		36,559		5,630,817
Atlanticus Holdings Corp.^(a)		526		20,325
Bread Financial Holdings, Inc.		2,726		107,977
Capital One Financial Corp.		24,100		2,646,903
Credit Acceptance Corp.^(a)		431		248,217
Curo Group Holdings Corp.		1,724		12,344
Discover Financial Services		17,031		1,720,131
Encore Capital Group, Inc.^(a)		1,672		121,103
Enova International, Inc.^(a)		2,095		72,298
Ezcorp, Inc., Class A^(a)		1,575		12,663
FirstCash Holdings, Inc.		2,474		181,245
Green Dot Corp., Class A^(a)		1,798		50,524
LendingClub Corp.^(a)		7,342		101,687
LendingTree, Inc.^(a)		601		27,394
Navient Corp.		7,631		125,683
Nelnet, Inc., Class A		903		85,866
NerdWallet, Inc., Class A^(a)		2,065		17,924
OneMain Holdings, Inc.		6,557		243,920
Oportun Financial Corp.^(a)		1,882		17,277
PRA Group, Inc.^(a)		2,429		96,771
PROG Holdings, Inc.^(a)		3,501		64,488
Regional Management Corp.		728		29,848
SLM Corp.		16,566		258,430
SoFi Technologies, Inc.^(a)		48,158		303,877
Synchrony Financial		30,172		1,010,159
Upstart Holdings, Inc.^(a)(b)		4,483		109,071
World Acceptance Corp.^(a)		213		23,595

				13,990,561

Containers & Packaging — 0.4%
Amcor PLC		91,431		1,184,031
AptarGroup, Inc.		4,033		434,596
Ardagh Group SA^(a)		1,250		16,725
Ardagh Metal Packaging SA		8,206		55,473
Avery Dennison Corp.		4,950		942,777
Ball Corp.		18,956		1,391,750
Berry Global Group, Inc.^(a)		8,040		463,506
Crown Holdings, Inc.		7,161		728,130
Cryptyde, Inc.^(a)(b)		1,382		1,534


56		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Containers & Packaging (continued)
Graphic Packaging Holding Co.		18,893	$	420,369
Greif, Inc., Class A		1,857		131,141
Greif, Inc., Class B		150		10,473
International Paper Co.		22,726		971,991
Myers Industries, Inc.		2,006		48,806
O-I Glass, Inc.^(a)		9,817		144,408
Packaging Corp. of America		5,540		778,979
Pactiv Evergreen, Inc.		2,722		27,819
Ranpak Holdings Corp.^(a)		2,577		13,168
Sealed Air Corp.		8,725		533,272
Silgan Holdings, Inc.		5,081		226,105
Sonoco Products Co.		5,973		379,226
TriMas Corp.		2,253		66,689
Westrock Co.		15,135		641,119

				9,612,087

Distributors — 0.1%
Funko, Inc., Class A^(a)		1,471		38,555
Genuine Parts Co.		8,243		1,260,107
LKQ Corp.		15,851		869,269
Pool Corp.		2,380		851,326
Weyco Group, Inc.		929		24,470

				3,043,727

Diversified Consumer Services — 0.1%
2U, Inc.^(a)		3,716		36,380
ADT, Inc.^(b)		11,774		85,949
Adtalem Global Education, Inc.^(a)		2,748		110,195
American Public Education, Inc.^(a)		1,286		20,203
Bright Horizons Family Solutions, Inc.^(a)		3,636		340,584
Carriage Services, Inc.		750		27,210
Chegg, Inc.^(a)		7,981		169,995
Coursera, Inc.^(a)		7,465		103,689
Duolingo, Inc.^(a)		1,417		130,010
European Wax Center, Inc., Class A		1,195		24,999
Frontdoor, Inc.^(a)(b)		5,809		155,507
Graham Holdings Co., Class B		237		140,894
Grand Canyon Education, Inc.^(a)		1,932		185,607
H&R Block, Inc.		10,097		403,476
Laureate Education, Inc., Class A		7,031		83,247
Mister Car Wash, Inc.^(a)(b)		4,380		50,808
OneSpaWorld Holdings Ltd.^(a)		1,738		12,531
Perdoceo Education Corp.^(a)		2,686		36,798
PowerSchool Holdings, Inc., Class A^(a)		3,870		55,767
Rover Group, Inc.^(a)		6,057		26,469
Service Corp. International^(b)		9,444		703,200
Strategic Education, Inc.		1,286		92,373
Stride, Inc.^(a)		2,478		110,717
Terminix Global Holdings, Inc.^(a)		7,320		327,204
Udemy, Inc.^(a)		4,678		55,902
Vivint Smart Home, Inc.^(a)		4,939		23,609
WW International, Inc.^(a)(b)		2,679		17,789

				3,531,112

Diversified Financial Services — 1.4%
Alerus Financial Corp.		1,174		28,927
A-Mark Precious Metals, Inc.		876		26,543
Apollo Global Management, Inc.		28,005		1,599,086
Banco Latinoamericano de Comercio Exterior SA, Class E		1,539		21,315
Berkshire Hathaway, Inc., Class B^(a)		109,374		32,877,824
Cannae Holdings, Inc.^(a)		6,158		129,995
Equitable Holdings, Inc.		22,950		652,469


Security	Shares		Value

Diversified Financial Services (continued)
Jackson Financial, Inc., Class A		4,413	$	121,402
Voya Financial, Inc.		6,036		363,126

				35,820,687

Diversified Telecommunication Services — 0.9%
Anterix, Inc.^(a)		518		23,046
AT&T, Inc.		434,033		8,151,140
ATN International, Inc.		370		17,035
Bandwidth, Inc., Class A^(a)(b)		1,206		20,056
Charge Enterprises, Inc.^(a)		6,537		19,873
Cogent Communications Holdings, Inc.		2,894		184,666
Consolidated Communications Holdings, Inc.^(a)		4,659		30,749
EchoStar Corp., Class A^(a)(b)		2,032		40,152
Frontier Communications Parent, Inc.^(a)		15,288		396,112
Globalstar, Inc.^(a)(b)		47,986		67,180
IDT Corp., Class B^(a)		1,298		33,787
Iridium Communications, Inc.^(a)		7,346		328,440
Liberty Latin America Ltd., Class A^(a)		4,385		32,317
Liberty Latin America Ltd., Class C^(a)		7,372		54,111
Lumen Technologies, Inc.		63,436		690,818
Ooma, Inc.^(a)		719		8,578
Radius Global Infrastructure, Inc., Class A^(a)		5,304		81,045
Verizon Communications, Inc.		254,775		11,768,057

				21,947,162

Electric Utilities — 1.7%
ALLETE, Inc.		3,316		205,824
Alliant Energy Corp.		15,107		920,469
American Electric Power Co., Inc.		31,141		3,069,257
Avangrid, Inc.		4,129		201,206
Constellation Energy Corp.		19,889		1,314,663
Duke Energy Corp.		46,273		5,086,791
Edison International		22,675		1,536,685
Entergy Corp.		12,382		1,425,540
Evergy, Inc.		13,640		931,066
Eversource Energy		20,798		1,834,800
Exelon Corp.		59,349		2,759,135
FirstEnergy Corp.		33,026		1,357,369
Hawaiian Electric Industries, Inc.		6,466		273,512
IDACORP, Inc.		3,127		349,348
MGE Energy, Inc.		2,196		178,710
NextEra Energy, Inc.		119,105		10,063,181
NRG Energy, Inc.		14,751		556,850
OGE Energy Corp.		12,012		493,453
Otter Tail Corp.		2,126		149,394
PG&E Corp.^(a)(b)		94,745		1,028,931
Pinnacle West Capital Corp.		6,848		503,123
PNM Resources, Inc.		5,032		242,895
Portland General Electric Co.		5,482		281,446
PPL Corp.		45,075		1,310,781
Southern Co.		64,490		4,958,636
Via Renewables, Inc.		516		4,190
Xcel Energy, Inc.		33,262		2,434,113

				43,471,368

Electrical Equipment — 0.7%
Acuity Brands, Inc.		2,125		387,600
Allied Motion Technologies, Inc.		267		7,193
AMETEK, Inc.		14,063		1,736,781
Array Technologies, Inc.^(a)		9,224		155,424
Atkore, Inc.^(a)		2,690		267,036
AZZ, Inc.		1,415		60,194
Babcock & Wilcox Enterprises, Inc.^(a)		2,924		23,275


SCHEDULE OF INVESTMENTS		57

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electrical Equipment (continued)
Blink Charging Co.^(a)(b)		3,392	$	71,809
Bloom Energy Corp., Class A^(a)		9,767		197,586
ChargePoint Holdings, Inc.^(a)(b)		12,283		185,596
Eaton Corp. PLC		24,266		3,600,832
Emerson Electric Co.		35,933		3,236,485
Encore Wire Corp.		1,084		150,102
Energy Vault Holdings, Inc.^(a)		2,175		9,679
EnerSys^(b)		2,662		175,452
Enovix Corp.^(a)		6,695		89,177
ESS Tech, Inc.^(a)		6,406		24,343
Fluence Energy, Inc.^(a)(b)		2,273		31,231
FuelCell Energy, Inc.^(a)(b)		22,369		80,305
Generac Holdings, Inc.^(a)		3,788		1,016,320
GrafTech International Ltd.		10,473		80,642
Hubbell, Inc.		3,271		716,414
nVent Electric PLC		10,272		362,704
Plug Power, Inc.^(a)(b)		30,866		658,681
Powell Industries, Inc.		401		9,608
Preformed Line Products Co.		83		4,963
Regal Rexnord Corp.		4,123		553,719
Rockwell Automation, Inc.		7,098		1,811,978
Sensata Technologies Holding PLC^(b)		9,468		421,042
Shoals Technologies Group, Inc., Class A^(a)(b)		7,569		178,856
Stem, Inc.^(a)(b)		9,932		112,530
Sunrun, Inc.^(a)		12,238		400,060
Thermon Group Holdings, Inc.^(a)		2,167		33,740
TPI Composites, Inc.^(a)		1,837		30,255
Vertiv Holdings Co.^(b)		18,550		211,841
Vicor Corp.^(a)		1,236		90,179

				17,183,632

Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.^(a)(b)		2,108		47,430
Advanced Energy Industries, Inc.		2,357		210,928
Aeva Technologies, Inc.^(a)(b)		4,909		17,329
Akoustis Technologies, Inc.^(a)		1,380		5,906
Amphenol Corp., Class A		35,858		2,765,728
Arlo Technologies, Inc.^(a)		4,365		30,686
Arrow Electronics, Inc.^(a)		3,881		497,428
Avnet, Inc.		5,852		280,135
Badger Meter, Inc.		1,969		189,398
Belden, Inc.		2,832		183,287
Benchmark Electronics, Inc.		2,953		75,538
CDW Corp.		8,211		1,490,543
Cognex Corp.		10,304		525,298
Corning, Inc.		45,437		1,670,264
CTS Corp.		1,973		80,262
ePlus, Inc.^(a)		1,352		75,131
Evolv Technologies Holdings, Inc.^(a)		6,676		17,958
Fabrinet^(a)		2,231		214,310
FARO Technologies, Inc.^(a)		883		28,715
Focus Universal, Inc.^(a)(b)		1,526		21,257
Identiv, Inc.^(a)		1,391		18,834
II-VI, Inc.^(a)(b)		7,643		402,328
Insight Enterprises, Inc.^(a)(b)		2,160		201,766
IPG Photonics Corp.^(a)		2,299		245,027
Itron, Inc.^(a)		2,623		153,183
Jabil, Inc.		8,431		500,296
Keysight Technologies, Inc.^(a)		10,902		1,772,665
Kimball Electronics, Inc.^(a)		2,170		47,740
Knowles Corp.^(a)		5,726		113,089
Lightwave Logic, Inc.^(a)(b)		7,025		74,957


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Littelfuse, Inc.		1,443	$	402,409
Methode Electronics, Inc.		2,506		103,347
MicroVision, Inc.^(a)(b)		9,988		51,438
Mirion Technologies, Inc.^(a)(b)		8,978		61,050
Napco Security Technologies, Inc.^(a)		2,262		58,043
National Instruments Corp.		8,112		308,256
nLight, Inc.^(a)		2,689		32,967
Novanta, Inc.^(a)		2,004		309,017
OSI Systems, Inc.^(a)		853		82,460
Ouster, Inc.^(a)(b)		10,159		17,880
PAR Technology Corp.^(a)(b)		1,911		79,536
PC Connection, Inc.		479		22,719
Plexus Corp.^(a)		1,781		167,325
Rogers Corp.^(a)		1,118		301,022
Sanmina Corp.^(a)		3,539		162,971
ScanSource, Inc.^(a)		945		30,193
SmartRent, Inc.^(a)		7,900		44,714
TD SYNNEX Corp.		2,567		257,778
Teledyne Technologies, Inc.^(a)		2,836		1,110,010
Trimble, Inc.^(a)		15,047		1,044,713
TTM Technologies, Inc.^(a)		5,780		78,203
Velodyne Lidar, Inc.^(a)		3,591		3,771
Vishay Intertechnology, Inc.		7,564		156,272
Vishay Precision Group, Inc.^(a)		1,208		37,665
Vontier Corp.		10,169		262,360
Zebra Technologies Corp., Class A^(a)		3,173		1,134,950

				18,278,485

Energy Equipment & Services — 0.4%
Archrock, Inc.		8,196		69,174
Baker Hughes Co.		55,741		1,431,986
Borr Drilling Ltd.^(a)(b)		8,221		31,569
Bristow Group, Inc.^(a)		1,285		33,153
Cactus, Inc., Class A		3,908		162,534
ChampionX Corp.		12,877		269,001
Diamond Offshore Drilling, Inc.^(a)(b)		6,633		44,773
DMC Global, Inc.^(a)		948		21,576
Dril-Quip, Inc.^(a)		2,080		53,352
Expro Group Holdings NV^(a)(b)		5,586		68,037
Halliburton Co.		54,254		1,589,642
Helix Energy Solutions Group, Inc.^(a)		9,071		36,647
Helmerich & Payne, Inc.		6,266		290,116
Liberty Energy, Inc., Class A^(a)		8,643		122,731
Nabors Industries Ltd.^(a)		626		89,199
National Energy Services Reunited Corp.^(a)		1,333		9,398
Newpark Resources, Inc.^(a)		9,939		34,985
NexTier Oilfield Solutions, Inc.^(a)		11,391		113,568
Noble Corp.^(a)		2,350		70,500
NOV, Inc.		24,001		446,659
Oceaneering International, Inc.^(a)		5,475		58,144
Oil States International, Inc.^(a)		1,913		9,756
Patterson-UTI Energy, Inc.		12,949		214,306
ProPetro Holding Corp.^(a)		4,714		49,591
RPC, Inc.^(a)		4,947		40,368
Schlumberger NV		86,103		3,188,394
Select Energy Services, Inc., Class A^(a)		4,294		32,076
Solaris Oilfield Infrastructure, Inc., Class A		2,770		30,719
TETRA Technologies, Inc.^(a)		6,116		26,788
Tidewater, Inc.^(a)		3,312		72,963


58		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Energy Equipment & Services (continued)
U.S. Silica Holdings, Inc.^(a)		4,387	$	60,672
Valaris Ltd.^(a)		3,631		182,204

				8,954,581

Entertainment — 1.3%
Activision Blizzard, Inc.		47,159		3,770,362
AMC Entertainment Holdings, Inc., Class A^(a)(b)		30,641		446,133
Cinemark Holdings, Inc.^(a)(b)		6,744		123,618
Electronic Arts, Inc.		17,061		2,238,915
IMAX Corp.^(a)(b)		2,341		39,352
Liberty Media Corp.-Liberty Braves, Class A^(a)		602		17,374
Liberty Media Corp.-Liberty Braves, Class C^(a)		2,200		60,874
Liberty Media Corp.-Liberty Formula One, Class A^(a)		2,455		152,185
Liberty Media Corp.-Liberty Formula One, Class C^(a)		10,932		740,862
Lions Gate Entertainment Corp., Class A^(a)		4,773		41,811
Lions Gate Entertainment Corp., Class B^(a)(b)		5,862		48,713
Live Nation Entertainment, Inc.^(a)		9,326		876,551
Madison Square Garden Entertainment Corp.^(a)		1,765		102,776
Madison Square Garden Sports Corp.^(a)		1,122		172,541
Marcus Corp.^(a)(b)		914		15,017
Netflix, Inc.^(a)		26,587		5,979,416
Playstudios, Inc.^(a)		4,630		18,613
Playtika Holding Corp.^(a)		7,314		89,743
ROBLOX Corp., Class A^(a)		26,565		1,140,435
Roku, Inc.^(a)(b)		7,151		468,534
Skillz, Inc.^(a)(b)		17,060		26,955
Spotify Technology SA^(a)		8,389		948,125
Take-Two Interactive Software, Inc.^(a)		9,658		1,281,906
Walt Disney Co.^(a)		110,826		11,758,639
Warner Bros Discovery, Inc.^(a)		143,680		2,155,200
World Wrestling Entertainment, Inc., Class A^(b)		2,672		185,196

				32,899,846

Equity Real Estate Investment Trusts (REITs) — 3.4%
Acadia Realty Trust.		4,332		74,207
Agree Realty Corp.		4,439		353,300
Alexander & Baldwin, Inc.		4,091		81,452
Alexander’s, Inc.		94		22,890
Alexandria Real Estate Equities, Inc.		9,975		1,653,655
American Assets Trust, Inc.		2,957		89,390
American Campus Communities, Inc.		8,231		537,649
American Homes 4 Rent, Class A		19,029		720,819
American Tower Corp.		28,149		7,623,594
Americold Realty Trust, Inc.		16,119		527,897
Apartment Income REIT Corp.		9,757		442,382
Apartment Investment & Management Co., Class A^(a)		8,722		72,567
Apple Hospitality REIT, Inc.		13,033		217,390
Armada Hoffler Properties, Inc.		4,860		68,915
Ashford Hospitality Trust, Inc.^(a)		3,471		30,267
AvalonBay Communities, Inc.		8,493		1,816,992
Bluerock Residential Growth REIT, Inc.		1,831		48,100
Boston Properties, Inc.		9,519		867,752
Braemar Hotels & Resorts, Inc.		3,646		18,923
Brandywine Realty Trust		10,235		95,697
Brixmor Property Group, Inc.		17,562		407,087
Broadstone Net Lease, Inc.		10,115		229,307
BRT Apartments Corp.^(b)		1,270		29,197
Camden Property Trust		6,307		889,918
CareTrust REIT, Inc.		5,443		112,398
Catchmark Timber Trust, Inc., Class A		4,467		50,209
CBL & Associates Properties, Inc.		1,773		54,591
Cedar Realty Trust, Inc.		1,003		29,147
Centerspace		916		78,675


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Chatham Lodging Trust^(a)		2,016	$	24,515
City Office REIT, Inc.		1,953		27,537
Clipper Realty, Inc.		393		3,541
Community Healthcare Trust, Inc.		1,398		54,452
Corporate Office Properties Trust		7,249		204,059
Cousins Properties, Inc.		8,900		274,565
Crown Castle International Corp.		26,183		4,730,221
CTO Realty Growth, Inc.		51		1,081
CubeSmart		13,574		622,639
DiamondRock Hospitality Co.^(a)		11,505		106,766
Digital Realty Trust, Inc.		17,255		2,285,425
Diversified Healthcare Trust		14,315		24,765
Douglas Emmett, Inc.		10,175		240,537
Duke Realty Corp.		23,409		1,464,467
Easterly Government Properties, Inc.		6,247		126,627
EastGroup Properties, Inc.		2,594		442,381
Empire State Realty Trust, Inc., Class A^(b)		7,712		65,783
EPR Properties		4,513		242,845
Equinix, Inc.		5,521		3,885,349
Equity Commonwealth^(a)		6,701		187,963
Equity LifeStyle Properties, Inc.		10,711		787,473
Equity Residential		22,421		1,757,582
Essential Properties Realty Trust, Inc.		7,752		186,978
Essex Property Trust, Inc.		3,960		1,134,659
Extra Space Storage, Inc.		7,951		1,506,874
Farmland Partners, Inc.^(b)		2,041		30,288
Federal Realty OP LP		4,811		508,090
First Industrial Realty Trust, Inc.		7,654		397,625
Four Corners Property Trust, Inc.		6,863		200,605
Franklin Street Properties Corp.		7,341		27,822
Gaming & Leisure Properties, Inc.		14,125		734,359
Getty Realty Corp.		2,447		71,795
Gladstone Commercial Corp.		2,038		42,696
Gladstone Land Corp.		2,385		64,657
Global Medical REIT, Inc.		3,155		38,428
Global Net Lease, Inc.		5,657		85,364
Healthcare Realty Trust, Inc.^(b)		22,880		600,600
Healthpeak Properties, Inc.		33,285		919,665
Hersha Hospitality Trust^(a)		1,059		10,675
Highwoods Properties, Inc.		6,064		215,696
Host Hotels & Resorts, Inc.		43,791		779,918
Hudson Pacific Properties, Inc.		8,553		128,637
Independence Realty Trust, Inc.		12,985		288,267
Indus Realty Trust, Inc.		343		20,950
Industrial Logistics Properties Trust		4,718		47,322
Innovative Industrial Properties, Inc.		1,553		149,725
InvenTrust Properties Corp.		4,089		117,232
Invitation Homes, Inc.		36,697		1,432,284
Iron Mountain, Inc.		17,478		847,508
iStar, Inc.		4,587		76,649
JBG SMITH Properties		7,715		196,270
Kilroy Realty Corp.		6,946		376,334
Kimco Realty Corp.		36,463		806,197
Kite Realty Group Trust		12,536		249,341
Lamar Advertising Co., Class A		5,057		511,060
Life Storage, Inc.		5,050		635,744
LTC Properties, Inc.		2,807		117,613
LXP Industrial Trust		15,813		173,469
Macerich Co.		13,406		142,238
Medical Properties Trust, Inc.		35,180		606,503
Mid-America Apartment Communities, Inc.		7,019		1,303,639
National Health Investors, Inc.		2,414		156,524


SCHEDULE OF INVESTMENTS		59

Schedule of Investments (continued)

July 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)
National Retail Properties, Inc.		10,517	$	500,714
National Storage Affiliates Trust		5,179		284,016
Necessity Retail REIT, Inc.		13,216		102,953
NETSTREIT Corp.		4,355		89,278
NexPoint Residential Trust, Inc.		1,405		93,489
Office Properties Income Trust		3,092		64,252
Omega Healthcare Investors, Inc.		14,329		444,199
One Liberty Properties, Inc.		1,518		42,125
Orion Office REIT, Inc.		3,175		34,735
Outfront Media, Inc.		8,894		164,183
Paramount Group, Inc.		10,176		79,882
Park Hotels & Resorts, Inc.		14,578		227,271
Pebblebrook Hotel Trust		8,080		158,045
Phillips Edison & Co., Inc.		6,890		234,536
Physicians Realty Trust		13,099		232,769
Piedmont Office Realty Trust, Inc., Class A		6,483		89,206
Plymouth Industrial REIT, Inc.		2,004		38,597
Postal Realty Trust, Inc., Class A		1,151		19,429
PotlatchDeltic Corp.		3,928		192,590
Prologis, Inc.		44,841		5,944,123
Public Storage		9,486		3,096,325
Rayonier, Inc.		8,497		320,762
Realty Income Corp.		36,621		2,709,588
Regency Centers Corp.		10,076		649,197
Retail Opportunity Investments Corp.		7,052		123,128
Rexford Industrial Realty, Inc.		10,018		655,277
RLJ Lodging Trust		11,744		146,683
RPT Realty		4,311		46,861
Ryman Hospitality Properties, Inc.^(a)		3,303		292,448
Sabra Health Care REIT, Inc.		13,939		214,521
Safehold, Inc.		1,294		55,176
Saul Centers, Inc.		796		41,615
SBA Communications Corp.		6,473		2,173,569
Service Properties Trust		8,692		56,846
Simon Property Group, Inc.		19,848		2,156,287
SITE Centers Corp.		10,909		159,380
SL Green Realty Corp.		4,077		202,423
Spirit Realty Capital, Inc.		7,789		345,364
STAG Industrial, Inc.		10,762		352,778
STORE Capital Corp.		15,432		447,837
Summit Hotel Properties, Inc.^(a)		5,580		43,803
Sun Communities, Inc.		7,207		1,181,660
Sunstone Hotel Investors, Inc.^(a)		11,930		135,167
Tanger Factory Outlet Centers, Inc.		7,151		116,347
Terreno Realty Corp.		4,273		267,703
UDR, Inc.		19,616		949,414
UMH Properties, Inc.		2,451		52,231
Uniti Group, Inc.		14,285		142,421
Universal Health Realty Income Trust		517		27,866
Urban Edge Properties		6,477		106,417
Urstadt Biddle Properties, Inc., Class A		1,775		32,660
Ventas, Inc.		24,022		1,291,903
Veris Residential, Inc.^(a)		4,655		64,937
VICI Properties, Inc.		57,458		1,964,489
Vornado Realty Trust		10,637		323,258
Washington Real Estate Investment Trust		5,837		129,406
Welltower, Inc.		27,382		2,364,162
Weyerhaeuser Co.		45,364		1,647,620
Whitestone REIT		5,174		58,104


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
WP Carey, Inc.^(b)		11,403	$	1,018,288
Xenia Hotels & Resorts, Inc.^(a)		8,131		133,511

				86,079,064

Food & Staples Retailing — 1.4%
Albertsons Cos., Inc., Class A		9,969		267,668
Andersons, Inc.		2,210		79,936
BJ’s Wholesale Club Holdings, Inc.^(a)		8,207		555,614
Casey’s General Stores, Inc.		2,231		452,112
Chefs’ Warehouse, Inc.^(a)		1,845		63,855
Costco Wholesale Corp.		26,681		14,442,425
Grocery Outlet Holding Corp.^(a)		5,387		230,133
HF Foods Group, Inc.^(a)		1,854		9,752
Ingles Markets, Inc., Class A		1,069		102,047
Kroger Co.		39,973		1,856,346
Natural Grocers by Vitamin Cottage, Inc.		357		5,919
Performance Food Group Co.^(a)(b)		9,229		458,774
PriceSmart, Inc.		1,312		87,090
Rite Aid Corp.^(a)		3,304		27,192
SpartanNash Co.		1,724		55,668
Sprouts Farmers Market, Inc.^(a)		7,159		197,875
Sysco Corp.		31,002		2,632,070
U.S. Foods Holding Corp.^(a)		13,654		430,101
United Natural Foods, Inc.^(a)		3,544		150,655
Village Super Market, Inc., Class A		1,208		27,265
Walgreens Boots Alliance, Inc.		43,883		1,738,644
Walmart, Inc.		86,840		11,467,222
Weis Markets, Inc.		882		67,852

				35,406,215

Food Products — 1.1%
AppHarvest, Inc.^(a)		2,442		9,377
Archer-Daniels-Midland Co.		34,029		2,816,580
B&G Foods, Inc.		4,306		106,401
Benson Hill, Inc.^(a)(b)		11,400		37,050
Beyond Meat, Inc.^(a)(b)		4,136		132,311
BRC, Inc.^(a)(b)		2,764		25,954
Bunge Ltd.		8,382		773,910
Calavo Growers, Inc.		1,277		51,463
Cal-Maine Foods, Inc.		2,710		138,508
Campbell Soup Co.		11,748		579,764
Conagra Brands, Inc.		28,300		968,143
Darling Ingredients, Inc.^(a)		9,672		670,076
Flowers Foods, Inc.		11,002		312,567
Fresh Del Monte Produce, Inc.		2,317		68,838
Freshpet, Inc.^(a)(b)		2,702		144,395
General Mills, Inc.^(b)		36,429		2,724,525
Hain Celestial Group, Inc.^(a)		4,928		112,112
Hershey Co.		8,732		1,990,547
Hormel Foods Corp.		17,509		863,894
Hostess Brands, Inc.^(a)		7,957		179,987
Ingredion, Inc.		4,090		372,108
J & J Snack Foods Corp.		1,069		144,860
J M Smucker Co.		6,302		833,881
John B Sanfilippo & Son, Inc.		672		50,333
Kellogg Co.		15,299		1,130,902
Kraft Heinz Co.		42,361		1,560,156
Lamb Weston Holdings, Inc.		8,799		700,928
Lancaster Colony Corp.		1,206		159,650
Landec Corp.^(a)		899		9,422
McCormick & Co., Inc.^(b)		15,183		1,326,235
Mission Produce, Inc.^(a)		1,882		26,687


60		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Mondelez International, Inc., Class A		83,671	$	5,358,291
Pilgrim’s Pride Corp.^(a)		2,884		90,471
Post Holdings, Inc.^(a)		3,371		293,075
Seaboard Corp.		12		48,728
Seneca Foods Corp., Class A^(a)		699		39,787
Simply Good Foods Co.^(a)		5,162		168,384
Sovos Brands, Inc.^(a)		2,778		39,336
SunOpta, Inc.^(a)		6,076		53,590
Tattooed Chef, Inc.^(a)(b)		2,366		14,929
Tootsie Roll Industries, Inc.		939		32,978
TreeHouse Foods, Inc.^(a)		3,434		149,104
Tyson Foods, Inc., Class A		16,982		1,494,586
Utz Brands, Inc.^(b)		4,872		81,947
Vital Farms, Inc.^(a)		1,197		14,125
Whole Earth Brands, Inc.^(a)		1,975		10,626

				26,911,521

Gas Utilities — 0.1%
Atmos Energy Corp.		8,274		1,004,381
Brookfield Infrastructure Corp., Class A		5,722		262,125
Chesapeake Utilities Corp.		1,026		140,695
National Fuel Gas Co.		5,253		380,002
New Jersey Resources Corp.		5,872		271,228
Northwest Natural Holding Co.		2,475		132,833
ONE Gas, Inc.		3,074		261,106
South Jersey Industries, Inc.		7,293		250,004
Southwest Gas Holdings, Inc.		3,887		338,013
Spire, Inc.		3,161		237,834
UGI Corp.		12,466		538,032

				3,816,253

Health Care Equipment & Supplies — 2.6%
Abbott Laboratories		104,044		11,324,149
ABIOMED, Inc.^(a)		2,678		784,681
Align Technology, Inc.^(a)		4,744		1,332,922
Alphatec Holdings, Inc.^(a)		3,545		26,729
AngioDynamics, Inc.^(a)		2,055		46,628
Artivion, Inc.^(a)		2,287		44,825
AtriCure, Inc.^(a)		3,211		158,655
Atrion Corp.		52		35,147
Avanos Medical, Inc.^(a)		2,746		77,904
Axogen, Inc.^(a)		2,915		27,168
Axonics, Inc.^(a)		2,947		191,172
Baxter International, Inc.		30,610		1,795,583
Becton Dickinson & Co.		17,248		4,213,859
BioLife Solutions, Inc.^(a)		2,281		43,955
Bioventus, Inc., Class A^(a)		2,413		20,486
Boston Scientific Corp.^(a)		86,258		3,540,891
Butterfly Network, Inc.^(a)(b)		9,583		41,590
Cardiovascular Systems, Inc.^(a)		1,719		26,490
Cerus Corp.^(a)		10,433		56,338
CONMED Corp.^(b)		1,658		161,870
Cooper Cos., Inc.		2,966		969,882
CryoPort, Inc.^(a)		2,379		88,499
Cue Health, Inc.^(a)		6,722		22,720
Cutera, Inc.^(a)		1,121		52,037
Dentsply Sirona, Inc.		13,240		478,758
DexCom, Inc.^(a)		23,828		1,955,802
Edwards Lifesciences Corp.^(a)		37,579		3,778,193
Embecta Corp.^(a)		4,176		122,900
Enovis Corp.^(a)		2,849		170,142
Envista Holdings Corp.^(a)(b)		9,687		393,777
Figs, Inc., Class A^(a)(b)		8,730		92,276


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Glaukos Corp.^(a)		3,038	$	163,596
Globus Medical, Inc., Class A^(a)		4,765		279,658
Haemonetics Corp.^(a)		3,257		226,329
Heska Corp.^(a)		575		52,607
Hologic, Inc.^(a)		14,736		1,051,856
ICU Medical, Inc.^(a)		1,201		212,781
IDEXX Laboratories, Inc.^(a)		5,045		2,013,863
Inari Medical, Inc.^(a)		2,883		223,663
Inogen, Inc.^(a)		1,013		28,182
Inspire Medical Systems, Inc.^(a)(b)		1,638		342,326
Insulet Corp.^(a)		4,139		1,025,644
Integer Holdings Corp.^(a)		2,014		140,758
Integra LifeSciences Holdings Corp.^(a)		4,403		242,341
Intuitive Surgical, Inc.^(a)		21,803		5,018,396
iRadimed Corp.		736		31,096
iRhythm Technologies, Inc.^(a)		1,809		279,726
Lantheus Holdings, Inc.^(a)		4,187		321,227
LeMaitre Vascular, Inc.		829		41,740
LivaNova PLC^(a)		3,277		208,647
Masimo Corp.^(a)		3,021		436,776
Medtronic PLC		81,161		7,509,016
Meridian Bioscience, Inc.^(a)		3,069		97,164
Merit Medical Systems, Inc.^(a)		3,114		178,993
Mesa Laboratories, Inc.		384		81,888
Nano-X Imaging Ltd.^(a)(b)		2,926		35,229
Neogen Corp.^(a)(b)		5,963		137,924
Nevro Corp.^(a)		1,937		83,969
Novocure Ltd.^(a)(b)		6,191		420,926
NuVasive, Inc.^(a)		3,253		170,848
Omnicell, Inc.^(a)		2,721		299,636
OraSure Technologies, Inc.^(a)		8,512		26,047
Orthofix Medical, Inc.^(a)		1,089		27,933
OrthoPediatrics Corp.^(a)		618		29,200
Outset Medical, Inc.^(a)		2,818		43,538
Paragon 28, Inc.^(a)(b)		2,936		55,784
Penumbra, Inc.^(a)		2,227		310,399
PROCEPT BioRobotics Corp.^(a)		1,619		62,008
Pulmonx Corp.^(a)(b)		1,314		22,391
QuidelOrtho Corp.^(a)		3,069		313,161
ResMed, Inc.		8,733		2,100,461
RxSight, Inc.^(a)		1,911		28,589
SeaSpine Holdings Corp.^(a)		1,292		7,674
Senseonics Holdings, Inc.^(a)(b)		20,903		26,965
Shockwave Medical, Inc.^(a)		2,150		453,499
SI-BONE, Inc.^(a)		1,664		22,364
Sight Sciences, Inc.^(a)(b)		2,874		26,671
Silk Road Medical, Inc.^(a)(b)		2,115		96,254
STAAR Surgical Co.^(a)		2,771		223,620
STERIS PLC^(b)		5,202		1,173,831
Stryker Corp.		21,382		4,591,784
Surmodics, Inc.^(a)		823		28,640
Tactile Systems Technology, Inc.^(a)		1,111		8,610
Tandem Diabetes Care, Inc.^(a)		3,779		250,208
Teleflex, Inc.		2,826		679,540
TransMedics Group, Inc.^(a)(b)		1,422		57,420
Treace Medical Concepts, Inc.^(a)		1,854		31,370
UFP Technologies, Inc.^(a)		514		41,387
Utah Medical Products, Inc.		90		8,221
Varex Imaging Corp.^(a)		2,011		44,825
Vicarious Surgical, Inc.^(a)		7,131		27,811
ViewRay, Inc.^(a)		10,180		31,049


SCHEDULE OF INVESTMENTS		61

Schedule of Investments (continued)

July 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)
Zimmer Biomet Holdings, Inc.		12,881	$	1,421,934
Zimvie, Inc.^(a)		1,143		22,197
Zynex, Inc.^(b)		820		7,036

				65,735,254

Health Care Providers & Services — 3.1%
1Life Healthcare, Inc.^(a)(b)		11,819		200,214
23andMe Holding Co., Class A^(a)		12,498		34,744
Acadia Healthcare Co., Inc.^(a)(b)		5,442		451,196
Accolade, Inc.^(a)		2,548		23,544
AdaptHealth Corp.^(a)		4,231		93,547
Addus HomeCare Corp.^(a)		862		80,002
Agiliti, Inc.^(a)(b)		1,083		23,707
Agilon Health, Inc.^(a)		11,574		289,697
Alignment Healthcare, Inc.^(a)		5,182		76,072
Amedisys, Inc.^(a)		1,968		235,865
AmerisourceBergen Corp.		8,980		1,310,451
AMN Healthcare Services, Inc.^(a)		2,665		299,653
Apollo Medical Holdings, Inc.^(a)		2,631		139,522
Aveanna Healthcare Holdings, Inc.^(a)		1,972		4,181
Brookdale Senior Living, Inc.^(a)(b)		9,444		45,520
Cano Health, Inc.^(a)		10,355		63,062
Cardinal Health, Inc.		16,322		972,138
CareMax, Inc.^(a)		4,295		30,709
Castle Biosciences, Inc.^(a)(b)		1,068		29,861
Centene Corp.^(a)		35,075		3,260,923
Chemed Corp.		913		439,235
Cigna Corp.		18,996		5,230,739
Clover Health Investments Corp.^(a)(b)		24,965		69,902
Community Health Systems, Inc.^(a)		6,300		18,774
CorVel Corp.^(a)		425		70,078
Covetrus, Inc.^(a)		6,319		131,246
Cross Country Healthcare, Inc.^(a)		1,938		51,086
CVS Health Corp.		79,543		7,610,674
DaVita, Inc.^(a)(b)		3,593		302,387
DocGo, Inc.^(a)		4,887		37,777
Elevance Health, Inc.		14,624		6,977,110
Encompass Health Corp.		6,113		309,440
Enhabit, Inc.		3,056		53,511
Ensign Group, Inc.		3,256		259,471
Fulgent Genetics, Inc.^(a)		1,533		91,597
Guardant Health, Inc.^(a)(b)		5,702		286,069
Hanger, Inc.^(a)		1,491		27,688
HCA Healthcare, Inc.		13,746		2,919,925
HealthEquity, Inc.^(a)		4,903		285,207
Henry Schein, Inc.^(a)		8,265		651,530
Hims & Hers Health, Inc.^(a)		8,208		50,808
Humana, Inc.		7,693		3,708,026
Innovage Holding Corp.^(a)(b)		978		4,352
Invitae Corp.^(a)		10,997		20,894
Joint Corp.^(a)		820		14,022
Laboratory Corp. of America Holdings		5,603		1,469,051
LHC Group, Inc.^(a)		1,872		305,248
LifeStance Health Group, Inc.^(a)		5,834		34,771
McKesson Corp.		8,832		3,016,835
ModivCare, Inc.^(a)(b)		665		66,367
Molina Healthcare, Inc.^(a)		3,458		1,133,256
National HealthCare Corp.		696		49,437
National Research Corp.		1,109		42,031
Oak Street Health, Inc.^(a)(b)		7,186		208,035
OPKO Health, Inc.^(a)		22,404		52,873
Option Care Health, Inc.^(a)		8,615		289,464


Security	Shares		Value

Health Care Providers & Services (continued)
Owens & Minor, Inc.		4,320	$	152,971
Patterson Cos., Inc.		5,305		164,773
Pediatrix Medical Group Inc.^(a)		5,332		120,823
Pennant Group, Inc.^(a)		1,158		15,448
PetIQ, Inc.^(a)		1,413		23,173
Premier, Inc., Class A		7,282		280,066
Privia Health Group, Inc.^(a)		2,853		104,933
Progyny, Inc.^(a)		4,402		134,393
Quest Diagnostics, Inc.		7,025		959,404
R1 RCM, Inc.^(a)(b)		8,272		206,800
RadNet, Inc.^(a)		2,261		46,509
Select Medical Holdings Corp.		6,381		189,005
Sema4 Holdings Corp.^(a)		13,770		22,307
Signify Health, Inc., Class A^(a)(b)		4,110		70,322
Surgery Partners, Inc.^(a)		2,263		89,117
Tenet Healthcare Corp.^(a)(b)		6,352		419,994
U.S. Physical Therapy, Inc.		849		110,183
UnitedHealth Group, Inc.		56,749		30,777,253
Universal Health Services, Inc., Class B		4,019		452,017

				78,293,015

Health Care Technology — 0.2%
Allscripts Healthcare Solutions, Inc.^(a)		7,214		114,126
American Well Corp., Class A^(a)		14,687		57,279
Certara, Inc.^(a)		7,090		162,999
Change Healthcare, Inc.^(a)		15,022		364,584
Computer Programs & Systems, Inc.^(a)		440		14,854
Convey Health Solutions Holdings, Inc.^(a)		2,186		22,844
Definitive Healthcare Corp.^(a)(b)		2,101		54,584
Doximity, Inc., Class A^(a)		5,767		244,059
Evolent Health, Inc., Class A^(a)		4,983		169,372
Health Catalyst, Inc.^(a)		2,795		46,788
HealthStream, Inc.^(a)		1,619		38,953
Multiplan Corp.^(a)(b)		23,893		120,899
NextGen Healthcare, Inc.^(a)		3,477		59,526
OptimizeRx Corp.^(a)		814		18,291
Phreesia, Inc.^(a)		3,516		82,591
Schrodinger, Inc.^(a)		3,581		112,085
Simulations Plus, Inc.		1,116		71,591
Teladoc Health, Inc.^(a)		9,401		346,427
Veeva Systems, Inc., Class A^(a)		8,477		1,895,288

				3,997,140

Hotels, Restaurants & Leisure — 1.9%
Accel Entertainment, Inc.^(a)		2,234		26,942
Airbnb, Inc., Class A^(a)		22,566		2,504,375
Aramark		14,025		468,435
Bally’s Corp.^(a)		2,881		63,296
Biglari Holdings, Inc., Class B^(a)		32		3,847
BJ’s Restaurants, Inc.^(a)		1,084		25,441
Bloomin’ Brands, Inc.		5,912		120,546
Bluegreen Vacations Holding Corp.		372		9,776
Booking Holdings, Inc.^(a)		2,451		4,744,376
Bowlero Corp.^(a)		2,290		26,198
Boyd Gaming Corp.		4,982		276,551
Brinker International, Inc.^(a)		2,824		78,366
Caesars Entertainment, Inc.^(a)		12,462		569,389
Carnival Corp.^(a)		53,037		480,515
Century Casinos, Inc.^(a)		1,395		11,760
Cheesecake Factory, Inc.		2,810		82,136
Chipotle Mexican Grill, Inc.^(a)		1,676		2,621,633
Choice Hotels International, Inc.		2,061		249,113
Churchill Downs, Inc.		2,182		457,784


62		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Chuy’s Holdings, Inc.^(a)		1,136	$	25,253
Cracker Barrel Old Country Store, Inc.		1,446		137,471
Darden Restaurants, Inc.		7,513		935,293
Dave & Buster’s Entertainment, Inc.^(a)		2,569		95,978
Denny’s Corp.^(a)		3,384		32,859
Dine Brands Global, Inc.		887		63,252
Domino’s Pizza, Inc.		2,202		863,426
DraftKings, Inc., Class A^(a)		23,182		318,289
El Pollo Loco Holdings, Inc.^(a)		399		3,878
Everi Holdings, Inc.^(a)		5,012		96,280
Expedia Group, Inc.^(a)		9,159		971,312
F45 Training Holdings, Inc.^(a)		2,382		4,693
First Watch Restaurant Group, Inc.^(a)		1,553		25,811
Full House Resorts, Inc.^(a)		2,239		13,904
Golden Entertainment, Inc.^(a)		1,082		47,467
Hilton Grand Vacations, Inc.^(a)		4,934		201,159
Hilton Worldwide Holdings, Inc.		16,788		2,150,039
Hyatt Hotels Corp., Class A^(a)		2,985		247,009
Inspired Entertainment, Inc.^(a)		2,964		30,648
International Game Technology PLC		6,271		118,835
Jack in the Box, Inc.		1,529		105,715
Krispy Kreme, Inc.^(b)		5,573		79,582
Kura Sushi USA, Inc., Class A^(a)(b)		655		55,308
Las Vegas Sands Corp.^(a)		19,953		752,029
Life Time Group Holdings, Inc.^(a)		1,677		24,316
Lindblad Expeditions Holdings, Inc.^(a)		2,077		16,408
Marriott International, Inc., Class A		16,724		2,656,106
Marriott Vacations Worldwide Corp.		2,465		337,508
McDonald’s Corp.		44,701		11,772,902
MGM Resorts International		21,661		708,964
Monarch Casino & Resort, Inc.^(a)		999		64,086
NEOGAMES SA^(a)		318		4,862
Noodles & Co.^(a)		1,836		9,566
Norwegian Cruise Line Holdings Ltd.^(a)(b)		25,985		315,718
ONE Group Hospitality, Inc.^(a)		2,463		20,665
Papa John’s International, Inc.		1,926		184,684
Penn National Gaming, Inc.^(a)		10,233		353,550
Planet Fitness, Inc., Class A^(a)		4,947		389,873
Portillo’s, Inc., Class A^(a)		1,977		45,135
RCI Hospitality Holdings, Inc.		626		35,657
Red Rock Resorts, Inc., Class A		3,336		131,205
Royal Caribbean Cruises Ltd.^(a)		13,429		519,837
Rush Street Interactive, Inc.^(a)		2,591		14,354
Ruth’s Hospitality Group, Inc.		1,993		34,977
Scientific Games Corp., Class A^(a)(b)		5,731		291,937
SeaWorld Entertainment, Inc.^(a)		2,631		125,578
Shake Shack, Inc., Class A^(a)		2,297		118,204
Six Flags Entertainment Corp.^(a)		4,559		103,353
Starbucks Corp.		69,562		5,897,466
Sweetgreen, Inc., Class A^(a)		1,195		18,773
Target Hospitality Corp.^(a)(b)		2,425		33,344
Texas Roadhouse, Inc.		3,951		344,606
Travel & Leisure Co.		4,909		211,627
Vail Resorts, Inc.		2,463		584,051
Wendy’s Co.		10,460		219,974
Wingstop, Inc.		1,663		209,837
Wyndham Hotels & Resorts, Inc.		5,632		390,917
Wynn Resorts Ltd.^(a)(b)		6,656		422,523


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Xponential Fitness, Inc., Class A^(a)		1,307	$	19,396
Yum! Brands, Inc.		17,307		2,120,800

				48,948,728

Household Durables — 0.4%
Aterian, Inc.^(a)(b)		1,384		3,156
Beazer Homes USA, Inc.^(a)		1,012		14,927
Cavco Industries, Inc.^(a)		513		132,246
Century Communities, Inc.		1,627		83,254
D.R. Horton, Inc.		19,220		1,499,737
Dream Finders Homes, Inc., Class A^(a)(b)		1,935		25,155
Ethan Allen Interiors, Inc.		1,903		43,750
Garmin Ltd.		9,265		904,449
GoPro, Inc., Class A^(a)		8,298		52,775
Green Brick Partners, Inc.^(a)		1,939		51,965
Helen of Troy Ltd.^(a)		1,447		193,594
Hovnanian Enterprises, Inc., Class A^(a)		259		12,564
Installed Building Products, Inc.		1,495		151,623
iRobot Corp.^(a)(b)		1,749		80,471
KB Home		4,712		153,800
La-Z-Boy, Inc.		2,410		67,167
Leggett & Platt, Inc.		7,975		316,129
Lennar Corp., B Shares		1,295		87,905
Lennar Corp., Class A		14,927		1,268,795
LGI Homes, Inc.^(a)		1,213		136,826	��
Lifetime Brands, Inc.		464		4,993
Lovesac Co.^(a)		1,362		42,440
M/I Homes, Inc.^(a)		1,521		69,981
MDC Holdings, Inc.		4,300		155,875
Meritage Homes Corp.^(a)		2,069		182,693
Mohawk Industries, Inc.^(a)(b)		3,119		400,729
Newell Brands, Inc.		22,604		456,827
NVR, Inc.^(a)		186		817,117
PulteGroup, Inc.		14,146		617,049
Purple Innovation, Inc.^(a)(b)		3,669		12,805
Skyline Champion Corp.^(a)		3,086		195,344
Snap One Holdings Corp.^(a)(b)		1,999		24,308
Sonos, Inc.^(a)		7,986		176,570
Taylor Morrison Home Corp.^(a)		7,237		207,702
Tempur Sealy International, Inc.		9,951		273,453
Toll Brothers, Inc.		6,886		338,653
TopBuild Corp.^(a)		2,017		427,039
Traeger, Inc.^(a)(b)		1,304		4,003
Tri Pointe Homes, Inc.^(a)		6,899		127,769
Tupperware Brands Corp.^(a)		3,393		25,312
Universal Electronics, Inc.^(a)		976		27,084
Vizio Holding Corp., Class A^(a)		4,238		38,820
Vuzix Corp.^(a)(b)		2,953		24,126
Weber, Inc., Class A^(b)		1,560		9,937
Whirlpool Corp.		3,287		568,224

				10,509,141

Household Products — 1.2%
Central Garden & Pet Co.^(a)		682		29,558
Central Garden & Pet Co., Class A^(a)		1,849		75,439
Church & Dwight Co., Inc.		14,873		1,308,378
Clorox Co.		7,547		1,070,466
Colgate-Palmolive Co.		50,063		3,941,960
Energizer Holdings, Inc.		4,687		138,407
Kimberly-Clark Corp.		20,387		2,686,803
Procter & Gamble Co.		144,759		20,108,473


SCHEDULE OF INVESTMENTS		63

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Products (continued)
Reynolds Consumer Products, Inc.		2,901	$	84,303
Spectrum Brands Holdings, Inc.		2,420		168,287
WD-40 Co.		816		144,734

				29,756,808

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		40,789		906,332
Altus Power, Inc.^(a)(b)		2,655		20,815
Brookfield Renewable Corp., Class A		7,689		300,794
Clearway Energy, Inc., Class A		2,467		85,185
Clearway Energy, Inc., Class C		4,431		166,340
Montauk Renewables, Inc.^(a)(b)		3,696		44,241
Ormat Technologies, Inc.^(b)		2,569		222,321
Sunnova Energy International, Inc.^(a)(b)		6,377		165,930
Vistra Corp.		25,771		666,180

				2,578,138

Industrial Conglomerates — 0.7%
3M Co.		34,491		4,940,491
Brookfield Business Corp., Class A		1,134		25,912
General Electric Co.		66,653		4,926,323
Honeywell International, Inc.		41,341		7,956,489

				17,849,215

Insurance — 2.1%
Aflac, Inc.		38,784		2,222,323
Alleghany Corp.^(a)		789		660,772
Allstate Corp.		16,687		1,951,878
Ambac Financial Group, Inc.^(a)		3,841		45,209
American Equity Investment Life Holding Co.		4,993		187,537
American Financial Group, Inc.		4,080		545,414
American International Group, Inc.		47,934		2,481,543
AMERISAFE, Inc.		1,410		64,240
Aon PLC, Class A		12,743		3,708,723
Arch Capital Group Ltd.^(a)		22,193		985,369
Argo Group International Holdings Ltd.		2,322		76,138
Arthur J Gallagher & Co.		12,659		2,265,834
Assurant, Inc.		3,257		572,515
Assured Guaranty Ltd.		3,660		213,707
Axis Capital Holdings Ltd.		4,633		233,920
Bright Health Group, Inc.^(a)(b)		13,038		21,904
Brighthouse Financial, Inc.^(a)		4,515		196,041
Brown & Brown, Inc.		14,549		947,140
BRP Group, Inc., Class A^(a)		3,327		91,725
Chubb Ltd.		25,615		4,832,014
Cincinnati Financial Corp.		9,337		908,864
CNA Financial Corp.		1,745		74,023
CNO Financial Group, Inc.		7,685		144,094
Crawford & Co., Class A		3,010		21,823
eHealth, Inc.^(a)		1,290		9,546
Employers Holdings, Inc.		798		31,689
Enstar Group Ltd.^(a)		780		154,378
Erie Indemnity Co., Class A		1,502		305,447
Everest Re Group Ltd.		2,418		631,944
Fidelity National Financial, Inc.		16,176		646,393
First American Financial Corp.		6,362		368,996
Genworth Financial, Inc., Class A^(a)		15,800		67,150
Globe Life, Inc.		5,674		571,542
Goosehead Insurance, Inc., Class A		1,045		58,739
Greenlight Capital Re Ltd., Class A^(a)		1,310		9,419
Hanover Insurance Group, Inc.		2,157		294,366
Hartford Financial Services Group, Inc.		19,784		1,275,474
HCI Group, Inc.		444		30,401


Security	Shares		Value

Insurance (continued)
Hippo Holdings, Inc.^(a)		23,267	$	19,870
Horace Mann Educators Corp.		1,576		53,978
Investors Title Co.		51		7,599
James River Group Holdings Ltd.		2,673		63,510
Kemper Corp.		3,523		164,876
Kinsale Capital Group, Inc.		1,245		302,796
Lemonade, Inc.^(a)(b)		2,329		43,902
Lincoln National Corp.		10,572		542,766
Loews Corp.		13,242		771,347
Markel Corp.^(a)		806		1,045,495
Marsh & McLennan Cos., Inc.		30,504		5,001,436
MBIA, Inc.^(a)(b)		2,769		34,834
Mercury General Corp.		1,465		61,427
MetLife, Inc.		41,712		2,638,284
National Western Life Group, Inc., Class A		82		16,564
Old Republic International Corp.		16,723		389,144
Oscar Health, Inc., Class A^(a)		8,387		45,290
Palomar Holdings, Inc.^(a)		1,645		102,599
Primerica, Inc.		2,410		310,143
Principal Financial Group, Inc.		15,078		1,009,321
ProAssurance Corp.		1,892		41,870
Progressive Corp.		35,154		4,044,819
Prudential Financial, Inc.		22,807		2,280,472
Reinsurance Group of America, Inc.		4,036		467,288
RenaissanceRe Holdings Ltd.		2,687		347,456
RLI Corp.		2,483		273,080
Ryan Specialty Holdings, Inc.^(a)		4,783		206,817
Safety Insurance Group, Inc.		657		56,863
Selective Insurance Group, Inc.		3,559		277,104
Selectquote, Inc.^(a)		8,469		15,583
SiriusPoint Ltd.^(a)		6,850		30,003
Stewart Information Services Corp.		1,098		60,006
Tiptree, Inc.		2,116		23,509
Travelers Cos., Inc.		14,597		2,316,544
Trean Insurance Group, Inc.^(a)		1,480		7,637
Trupanion, Inc.^(a)(b)		2,192		138,162
United Fire Group, Inc.		1,781		58,470
Universal Insurance Holdings, Inc.		1,090		13,789
Unum Group		12,047		387,793
W R Berkley Corp.		12,736		796,382
White Mountains Insurance Group Ltd.		181		224,337
Willis Towers Watson PLC		6,730		1,392,706

				53,994,105

Interactive Media & Services — 4.3%
Alphabet, Inc., Class A^(a)		364,820		42,435,862
Alphabet, Inc., Class C^(a)		333,500		38,899,440
Bumble, Inc., Class A^(a)		5,150		195,288
Cargurus, Inc.^(a)		6,510		158,128
Cars.com, Inc.^(a)		4,460		52,450
DHI Group, Inc.^(a)		4,676		22,866
Eventbrite, Inc., Class A^(a)		4,028		37,702
EverQuote, Inc., Class A^(a)		1,224		12,791
FuboTV, Inc.^(a)(b)		7,497		18,817
IAC/InterActiveCorp.^(a)		4,658		319,073
Match Group, Inc.^(a)		17,474		1,281,019
MediaAlpha, Inc., Class A^(a)(b)		1,139		14,032
Meta Platforms, Inc., Class A^(a)		139,149		22,138,606
Outbrain, Inc.^(a)		4,466		25,010
Pinterest, Inc., Class A^(a)		34,398		670,073
QuinStreet, Inc.^(a)		3,046		32,744
Shutterstock, Inc.		1,408		79,552


64		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services (continued)
TripAdvisor, Inc.^(a)		7,010	$	133,260
TrueCar, Inc.^(a)		5,805		14,919
Twitter, Inc.^(a)		45,025		1,873,490
Vimeo, Inc.^(a)(b)		7,862		43,713
Vinco Ventures, Inc.^(a)(b)		13,827		10,509
Yelp, Inc.^(a)		4,499		137,939
Ziff Davis, Inc.^(a)		2,747		224,952
ZipRecruiter, Inc., Class A^(a)(b)		5,115		89,666
ZoomInfo Technologies, Inc., CLass A^(a)		16,521		625,981

				109,547,882

Internet & Direct Marketing Retail — 3.1%
1-800-Flowers.com, Inc., Class A^(a)		1,280		12,762
Amazon.com, Inc.^(a)		539,305		72,779,210
CarParts.com, Inc.^(a)		2,466		19,679
ContextLogic, Inc., Class A^(a)		36,174		54,261
DoorDash, Inc., Class A^(a)		15,123		1,054,829
Duluth Holdings, Inc., Class B^(a)		1,416		13,650
eBay, Inc.		33,840		1,645,639
Etsy, Inc.^(a)		7,662		794,703
Groupon, Inc.^(a)(b)		1,225		12,985
Lands’ End, Inc.^(a)		889		11,335
Liquidity Services, Inc.^(a)		1,998		40,220
Overstock.com, Inc.^(a)(b)		2,560		74,240
PetMed Express, Inc.		1,061		23,151
Porch Group, Inc.^(a)(b)		4,723		9,115
Poshmark, Inc., Class A^(a)		3,643		39,308
Quotient Technology, Inc.^(a)		4,746		13,146
Qurate Retail, Inc., Series A		21,408		58,444
RealReal, Inc.^(a)		4,179		9,737
Revolve Group, Inc.^(a)(b)		2,163		61,256
RumbleON, Inc., Class B^(a)		1,437		23,998
Stitch Fix, Inc., Class A^(a)		5,133		30,644
Wayfair, Inc., Class A^(a)(b)		4,694		253,053
Xometry, Inc., Class A^(a)(b)		1,954		74,252

				77,109,617

IT Services — 4.4%
Accenture PLC, Class A		38,468		11,781,210
Affirm Holdings, Inc.^(a)(b)		10,696		287,081
Akamai Technologies, Inc.^(a)(b)		9,588		922,557
Amdocs Ltd.		7,457		649,206
Automatic Data Processing, Inc.		25,358		6,114,321
AvidXchange Holdings, Inc.^(a)		9,286		67,045
BigCommerce Holdings, Inc., Series-1^(a)		4,449		69,627
Block, Inc.^(a)(b)		31,269		2,378,320
Brightcove, Inc.^(a)		2,245		13,358
Broadridge Financial Solutions, Inc.		7,119		1,142,955
Cantaloupe, Inc.^(a)		2,911		17,670
Cass Information Systems, Inc.		1,157		42,184
Cerberus Cyber Sentinel Corp.^(a)		3,920		12,583
Cloudflare, Inc., Class A^(a)		16,913		851,062
Cognizant Technology Solutions Corp., Class A		31,757		2,158,206
Concentrix Corp.		2,515		336,406
Conduent, Inc.^(a)		11,206		52,220
Core Scientific, Inc.^(a)(b)		14,619		36,694
CSG Systems International, Inc.		1,739		113,470
Cyxtera Technologies, Inc.^(a)(b)		2,123		25,879
DigitalOcean Holdings, Inc.^(a)(b)		4,527		185,516
DXC Technology Co.^(a)		14,760		466,416
Edgio, Inc.^(a)		5,082		12,857
EPAM Systems, Inc.^(a)		3,291		1,149,382
Euronet Worldwide, Inc.^(a)		3,033		298,053


Security	Shares		Value

IT Services (continued)
EVERTEC, Inc.		3,340	$	130,227
Evo Payments, Inc., Class A^(a)		2,672		73,052
ExlService Holdings, Inc.^(a)		1,849		311,316
Fastly, Inc., Class A^(a)		5,912		67,219
Fidelity National Information Services, Inc.		37,147		3,794,938
Fiserv, Inc.^(a)		36,236		3,829,421
FleetCor Technologies, Inc.^(a)		4,552		1,001,850
Flywire Corp.^(a)		3,641		85,418
Gartner, Inc.^(a)		4,714		1,251,473
Genpact Ltd.		11,041		530,851
Global Payments, Inc.		16,878		2,064,517
Globant SA^(a)(b)		2,411		480,368
GoDaddy, Inc., Class A^(a)		9,804		727,261
Grid Dynamics Holdings, Inc.^(a)		2,355		44,439
Hackett Group, Inc.		1,720		36,068
I3 Verticals, Inc., Class A^(a)		1,114		30,223
International Business Machines Corp.		54,582		7,138,780
International Money Express, Inc.^(a)		2,474		59,475
Jack Henry & Associates, Inc.		4,401		914,396
Kyndryl Holdings, Inc.^(a)		12,995		136,058
Marqeta, Inc., Class A^(a)		25,965		249,004
Mastercard, Inc., Class A^(b)		52,238		18,481,282
Maximus, Inc.		3,917		261,851
MoneyGram International, Inc.^(a)		6,829		69,383
MongoDB, Inc.^(a)(b)		3,801		1,187,698
Okta, Inc.^(a)		7,656		753,733
Paya Holdings, Inc.^(a)		4,078		28,505
Paychex, Inc.		19,487		2,499,792
Payoneer Global, Inc.^(a)		14,272		76,213
PayPal Holdings, Inc.^(a)		70,361		6,088,337
Paysafe Ltd.^(a)(b)		17,933		36,045
Perficient, Inc.^(a)		1,876		197,956
PFSweb, Inc.^(a)		2,076		22,649
Rackspace Technology, Inc.^(a)(b)		2,884		19,438
Remitly Global, Inc.^(a)(b)		5,354		51,024
Repay Holdings Corp.^(a)		5,002		67,027
Sabre Corp.^(a)		21,234		130,589
Shift4 Payments, Inc., Class A^(a)		3,291		119,891
Snowflake, Inc., Class A^(a)(b)		11,874		1,780,031
SolarWinds Corp.		1,754		18,785
Squarespace, Inc., Class A^(a)		1,981		42,136
SS&C Technologies Holdings, Inc.		13,357		790,334
StoneCo. Ltd., Class A^(a)		16,800		160,944
Switch, Inc., Class A		8,707		294,384
Thoughtworks Holding, Inc.^(a)		4,953		77,564
Toast, Inc., Class A^(a)		13,690		218,766
TTEC Holdings, Inc.		1,040		76,097
Tucows, Inc., Class A^(a)(b)		474		21,932
Twilio, Inc., Class A^(a)		10,504		890,739
Unisys Corp.^(a)		3,469		47,595
VeriSign, Inc.^(a)(b)		5,782		1,093,723
Verra Mobility Corp.^(a)		8,882		146,464
Visa, Inc., Class A		99,904		21,190,637
Western Union Co.		23,860		406,097
WEX, Inc.^(a)		2,669		443,615
Wix.com Ltd.^(a)		3,441		204,155

				110,136,043

Leisure Products — 0.1%
Acushnet Holdings Corp.		1,764		85,960
AMMO, Inc.^(a)(b)		3,293		16,070
Brunswick Corp.		4,620		370,154
Callaway Golf Co.^(a)		8,107		186,056


SCHEDULE OF INVESTMENTS		65

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Leisure Products (continued)
Clarus Corp.		1,492	$	30,765
Hasbro, Inc.		7,856		618,424
Johnson Outdoors, Inc., Class A		138		9,289
Latham Group, Inc.^(a)		2,161		11,864
Malibu Boats, Inc., Class A^(a)		1,332		83,183
MasterCraft Boat Holdings, Inc.^(a)		1,420		33,640
Mattel, Inc.^(a)		21,580		500,656
Peloton Interactive, Inc., Class A^(a)		18,123		171,987
Polaris, Inc.		3,410		399,925
Smith & Wesson Brands, Inc.		2,956		43,010
Sturm Ruger & Co., Inc.		1,052		69,569
Vista Outdoor, Inc.^(a)		3,171		95,447
YETI Holdings, Inc.^(a)(b)		5,364		272,330

				2,998,329

Life Sciences Tools & Services — 1.8%
10X Genomics, Inc., Class A^(a)		5,378		215,927
AbCellera Biologics, Inc.^(a)		12,369		124,185
Absci Corp.^(a)		3,217		10,584
Adaptive Biotechnologies Corp.^(a)		6,063		55,537
Agilent Technologies, Inc.		18,117		2,429,490
Akoya Biosciences, Inc.^(a)(b)		2,119		29,836
Avantor, Inc.^(a)		36,777		1,067,269
Azenta, Inc.		4,514		308,126
Berkeley Lights, Inc.^(a)		2,417		10,852
Bionano Genomics, Inc.^(a)(b)		14,144		26,308
Bio-Rad Laboratories, Inc., Class A^(a)		1,272		716,467
Bio-Techne Corp.		2,367		911,958
Bruker Corp.		6,518		446,809
Charles River Laboratories International, Inc.^(a)		3,034		760,138
Codexis, Inc.^(a)		3,610		24,765
Cytek Biosciences, Inc.^(a)		5,943		76,070
Danaher Corp.		39,288		11,451,273
Illumina, Inc.^(a)		9,514		2,061,494
Inotiv, Inc.^(a)(b)		753		14,066
IQVIA Holdings, Inc.^(a)		11,427		2,745,565
Maravai LifeSciences Holdings, Inc., Class A^(a)		6,652		173,551
MaxCyte, Inc.^(a)		6,350		34,607
Medpace Holdings, Inc.^(a)		1,796		304,476
Mettler-Toledo International, Inc.^(a)		1,352		1,824,835
NanoString Technologies, Inc.^(a)		2,353		30,118
NeoGenomics, Inc.^(a)		6,198		62,724
Pacific Biosciences of California, Inc.^(a)(b)		15,893		69,452
PerkinElmer, Inc.		7,584		1,161,641
QIAGEN NV^(a)		13,758		682,947
Quanterix Corp.^(a)		1,710		27,343
Quantum-Si, Inc.^(a)		7,468		24,271
Repligen Corp.^(a)		3,297		703,448
Seer, Inc., Class A^(a)		2,417		21,753
Singular Genomics Systems, Inc.^(a)		5,103		19,442
SomaLogic, Inc.^(a)		10,906		55,075
Sotera Health Co.^(a)(b)		6,415		123,168
Syneos Health, Inc.^(a)		6,259		495,337
Thermo Fisher Scientific, Inc.		23,740		14,206,253
Waters Corp.^(a)		3,604		1,311,964
West Pharmaceutical Services, Inc.		4,473		1,536,744

				46,355,868

Machinery — 1.8%
AGCO Corp.		3,725		405,727
Alamo Group, Inc.		524		67,811
Albany International Corp., Class A		2,042		186,373
Allison Transmission Holdings, Inc.		6,125		256,454


Security	Shares		Value

Machinery (continued)
Altra Industrial Motion Corp.		4,165	$	173,805
Astec Industries, Inc.		1,337		65,687
Barnes Group, Inc.		2,596		87,797
Blue Bird Corp.^(a)		1,815		20,255
Caterpillar, Inc.		32,362		6,415,767
Chart Industries, Inc.^(a)(b)		2,174		424,126
CIRCOR International, Inc.^(a)		747		13,005
Columbus McKinnon Corp.		1,466		48,525
Crane Holdings Co.		2,848		281,753
Cummins, Inc.		8,455		1,871,176
Deere & Co.		17,012		5,838,178
Desktop Metal, Inc., Class A^(a)(b)		11,454		24,397
Donaldson Co., Inc.		7,478		406,878
Douglas Dynamics, Inc.		1,306		41,609
Dover Corp.		8,907		1,190,688
Energy Recovery, Inc.^(a)		3,940		87,586
Enerpac Tool Group Corp.		4,294		87,168
EnPro Industries, Inc.		1,210		113,111
Esab Corp.		2,774		114,344
ESCO Technologies, Inc.		1,470		113,999
Evoqua Water Technologies Corp.^(a)		6,747		257,128
Federal Signal Corp.		4,475		185,802
Flowserve Corp.^(b)		7,829		264,933
Fortive Corp.		22,050		1,421,123
Franklin Electric Co., Inc.		2,637		239,492
Gates Industrial Corp. PLC^(a)		5,134		63,148
Gorman-Rupp Co.		1,213		37,239
Graco, Inc.		10,233		687,248
Greenbrier Cos., Inc.		1,846		58,740
Helios Technologies, Inc.		1,936		133,236
Hillenbrand, Inc.		4,517		208,685
Hillman Solutions Corp.^(a)		7,917		81,941
Hydrofarm Holdings Group, Inc.^(a)		2,964		9,574
Hyliion Holdings Corp.^(a)(b)		5,934		23,321
Hyster-Yale Materials Handling, Inc.		750		25,943
Hyzon Motors, Inc.^(a)(b)		6,251		25,129
IDEX Corp.		4,595		959,206
Illinois Tool Works, Inc.		18,844		3,915,029
Ingersoll Rand, Inc.		24,281		1,209,194
ITT, Inc.		5,379		403,586
John Bean Technologies Corp.		1,808		203,057
Kadant, Inc.		660		134,541
Kennametal, Inc.		4,869		130,733
Lincoln Electric Holdings, Inc.		3,427		484,715
Lindsay Corp.		692		106,540
Luxfer Holdings PLC		3,342		54,608
Manitowoc Co., Inc.^(a)		2,189		25,020
Markforged Holding Corp.^(a)		10,015		21,933
Meritor, Inc.^(a)		4,290		156,242
Microvast Holdings, Inc.^(a)		11,816		31,312
Middleby Corp.^(a)		3,282		474,873
Miller Industries, Inc.		1,182		28,403
Mueller Industries, Inc.		3,534		237,944
Mueller Water Products, Inc., Class A		8,205		106,829
Nikola Corp.^(a)(b)		18,178		113,067
Nordson Corp.		3,457		798,532
Omega Flex, Inc.		130		14,949
Oshkosh Corp.		4,123		354,990
Otis Worldwide Corp.		25,438		1,988,488
PACCAR, Inc.		20,398		1,866,825
Parker-Hannifin Corp.		7,706		2,227,728
Pentair PLC		9,921		485,038


66		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Proterra, Inc.^(a)(b)		13,816	$	74,468
Proto Labs, Inc.^(a)		1,922		93,967
RBC Bearings, Inc.^(a)		1,702		401,672
REV Group, Inc.		1,078		12,548
Sarcos Technology & Robotics Corp.^(a)		7,735		25,912
Shyft Group, Inc.		1,974		51,206
Snap-on, Inc.		3,134		702,173
SPX Corp.^(a)		2,991		176,858
Standex International Corp.		643		62,422
Stanley Black & Decker, Inc.		9,141		889,694
Tennant Co.		1,312		87,943
Terex Corp.		4,907		164,434
Timken Co.		4,019		262,762
Titan International, Inc.^(a)		2,632		44,112
Toro Co.		6,299		541,651
Trinity Industries, Inc.		4,771		123,807
Wabash National Corp.		1,971		35,596
Watts Water Technologies, Inc., Class A		1,669		230,539
Westinghouse Air Brake Technologies Corp.		10,711		1,001,157
Xylem, Inc.		10,826		996,317

				44,571,521

Marine — 0.0%
Costamare, Inc.		3,080		36,128
Eagle Bulk Shipping, Inc.		778		41,180
Genco Shipping & Trading Ltd.		2,396		46,195
Golden Ocean Group Ltd.		7,042		76,899
Kirby Corp.^(a)		3,667		232,634
Matson, Inc.		2,528		231,742
Safe Bulkers, Inc.		7,287		28,128

				692,906

Media — 0.9%
Advantage Solutions, Inc.^(a)		3,751		16,654
Altice USA, Inc., Class A^(a)		12,284		129,105
AMC Networks, Inc., Class A^(a)		1,603		48,924
Audacy, Inc.^(a)		11,048		7,038
Boston Omaha Corp., Class A^(a)		863		21,057
Cable One, Inc.		363		499,735
Cardlytics, Inc.^(a)		1,891		26,096
Charter Communications, Inc., Class A^(a)		7,014		3,030,749
Clear Channel Outdoor Holdings, Inc.^(a)		18,038		27,959
Comcast Corp., Class A		269,943		10,128,261
Cumulus Media, Inc., Class A^(a)		3,500		27,790
Daily Journal Corp.^(a)		60		16,218
DISH Network Corp., Class A^(a)		15,137		262,930
Entravision Communications Corp., Class A		1,689		9,053
EW Scripps Co., Class A^(a)		2,946		42,010
Fox Corp., Class A		18,875		624,951
Fox Corp., Class B		8,940		276,246
Gannett Co., Inc.^(a)		7,997		24,071
Gray Television, Inc.		4,444		82,525
iHeartMedia, Inc., Class A^(a)		7,721		57,753
Integral Ad Science Holding Corp.^(a)		1,140		10,796
Interpublic Group of Cos., Inc.		23,690		707,620
John Wiley & Sons, Inc., Class A		2,734		142,770
Liberty Broadband Corp., Class A^(a)		1,419		153,153
Liberty Broadband Corp., Class C^(a)		7,772		846,604
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)(b)		5,199		207,180
Liberty Media Corp.-Liberty SiriusXM, Class C^(a)		9,359		372,675
Loyalty Ventures, Inc.^(a)		1,090		3,216
Magnite, Inc.^(a)		8,306		63,458
New York Times Co., Class A		10,106		322,887
News Corp., Class A		22,108		378,931


Security	Shares		Value

Media (continued)
News Corp., Class B		9,143	$	157,991
Nexstar Media Group, Inc., Class A		2,344		441,539
Omnicom Group, Inc.		12,343		862,035
Paramount Global, Class A		2,738		74,036
Paramount Global, Class B		32,502		768,672
PubMatic, Inc., Class A^(a)(b)		2,634		43,698
Scholastic Corp.		1,551		73,006
Sinclair Broadcast Group, Inc., Class A		3,738		81,638
Sirius XM Holdings, Inc.^(b)		45,919		306,739
Stagwell, Inc.^(a)(b)		4,676		30,908
TechTarget, Inc.^(a)(b)		1,792		116,820
TEGNA, Inc.		13,709		287,066
Thryv Holdings, Inc.^(a)		853		20,762
WideOpenWest, Inc.^(a)		3,478		63,926

				21,897,251

Metals & Mining — 0.5%
5E Advanced Materials, Inc.^(a)		2,185		35,572
Alcoa Corp.		11,007		560,146
Allegheny Technologies, Inc.^(a)		7,570		188,417
Alpha Metallurgical Resources, Inc.		1,050		143,598
Arconic Corp.^(a)		5,631		170,112
Carpenter Technology Corp.		3,397		109,180
Century Aluminum Co.^(a)		2,613		20,617
Cleveland-Cliffs, Inc.^(a)(b)		31,008		549,152
Coeur Mining, Inc.^(a)		16,736		53,723
Commercial Metals Co.		6,959		275,716
Compass Minerals International, Inc.		1,903		70,849
Constellium SE^(a)		7,608		111,305
Dakota Gold Corp.^(a)		6,771		30,266
Freeport-McMoRan, Inc.		87,421		2,758,133
Haynes International, Inc.		363		14,034
Hecla Mining Co.		31,849		144,276
Kaiser Aluminum Corp.		1,048		79,407
Materion Corp.		1,424		116,683
MP Materials Corp.^(a)		5,491		184,333
Newmont Corp.		48,305		2,187,250
Novagold Resources, Inc.^(a)		12,171		59,394
Nucor Corp.		15,888		2,157,590
Olympic Steel, Inc.		1,177		34,992
Piedmont Lithium, Inc.^(a)(b)		1,121		50,680
Ramaco Resources, Inc.		1,470		17,258
Reliance Steel & Aluminum Co.		3,668		697,837
Royal Gold, Inc.		3,928		411,537
Ryerson Holding Corp.		1,198		32,825
Schnitzer Steel Industries, Inc., Class A		1,945		69,164
Southern Copper Corp.		5,574		277,585
SSR Mining, Inc.^(b)		12,423		204,483
Steel Dynamics, Inc.		11,051		860,652
SunCoke Energy, Inc.		5,143		38,058
TimkenSteel Corp.^(a)		2,945		59,754
U.S. Steel Corp.		15,630		369,649
Warrior Met Coal, Inc.		3,308		105,624
Worthington Industries, Inc.		1,826		93,509

				13,343,360

Mortgage Real Estate Investment Trusts (REITs) — 0.2%
AFC Gamma, Inc.		1,378		22,599
AGNC Investment Corp.		32,428		408,917
Angel Oak Mortgage, Inc.		1,604		22,697
Annaly Capital Management, Inc.		89,522		615,911
Apollo Commercial Real Estate Finance, Inc.		11,046		141,168
Arbor Realty Trust, Inc.		10,209		169,674
Ares Commercial Real Estate Corp.		2,603		35,661


SCHEDULE OF INVESTMENTS		67

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
ARMOUR Residential REIT, Inc.		5,531	$	43,529
Blackstone Mortgage Trust, Inc., Class A		10,115		313,262
BrightSpire Capital, Inc.		5,031		44,474
Broadmark Realty Capital, Inc.		7,832		59,445
Chimera Investment Corp.		13,492		141,261
Claros Mortgage Trust, Inc.		4,968		95,187
Dynex Capital, Inc.		2,599		43,663
Ellington Financial, Inc.		5,436		87,248
Franklin BSP Realty Trust, Inc.		811		12,449
Granite Point Mortgage Trust, Inc.		1,933		20,509
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		5,512		198,928
Invesco Mortgage Capital, Inc.		1,274		22,550
KKR Real Estate Finance Trust, Inc.		4,580		89,264
Ladder Capital Corp.		6,531		77,588
MFA Financial, Inc.		6,287		81,480
New Residential Investment Corp.		26,674		291,013
New York Mortgage Trust, Inc.		17,656		55,440
Orchid Island Capital, Inc.		5,689		18,319
PennyMac Mortgage Investment Trust		5,334		81,930
Ready Capital Corp.		6,262		87,104
Redwood Trust, Inc.		6,308		54,627
Starwood Property Trust, Inc.		17,552		414,578
TPG RE Finance Trust, Inc.		3,418		37,085
Two Harbors Investment Corp.		28,347		152,507

				3,940,067

Multiline Retail — 0.4%
Big Lots, Inc.		1,787		36,080
Dillard’s, Inc., Class A^(b)		252		57,292
Dollar General Corp.		13,875		3,446,966
Dollar Tree, Inc.^(a)		12,909		2,134,632
Franchise Group, Inc.		1,453		47,847
Kohl’s Corp.		7,694		224,203
Macy’s, Inc.		17,021		300,421
Nordstrom, Inc.		6,401		150,487
Ollie’s Bargain Outlet Holdings, Inc.^(a)		4,006		236,154
Target Corp.		28,112		4,592,939

				11,227,021

Multi-Utilities — 0.8%
Ameren Corp.		15,802		1,471,482
Avista Corp.		3,862		163,208
Black Hills Corp.		3,874		299,073
CenterPoint Energy, Inc.		38,531		1,221,047
CMS Energy Corp.		17,227		1,184,012
Consolidated Edison, Inc.		21,482		2,132,518
Dominion Energy, Inc.		49,470		4,055,551
DTE Energy Co.		11,814		1,539,364
NiSource, Inc.		24,838		755,075
NorthWestern Corp.		3,345		185,480
Public Service Enterprise Group, Inc.		30,585		2,008,517
Sempra Energy		19,038		3,156,501
Unitil Corp.		767		42,009
WEC Energy Group, Inc.		19,319		2,005,505

				20,219,342

Oil, Gas & Consumable Fuels — 4.1%
Aemetis, Inc.^(a)(b)		1,655		12,164
Alto Ingredients, Inc.^(a)		3,664		15,755
Amplify Energy Corp.^(a)		3,056		20,934
Antero Midstream Corp.		19,417		195,335
Antero Resources Corp.^(a)		17,642		699,329


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
APA Corp.		20,367	$	757,041
Arch Resources, Inc.		908		117,259
Archaea Energy, Inc.^(a)		3,892		63,751
Ardmore Shipping Corp.^(a)		3,060		24,939
Berry Corp.		4,825		41,206
Brigham Minerals, Inc., Class A		4,137		109,837
California Resources Corp.		4,797		215,193
Callon Petroleum Co.^(a)		2,953		135,956
Centennial Resource Development, Inc., Class A^(a)		12,259		81,645
Cheniere Energy, Inc.		15,268		2,283,787
Chesapeake Energy Corp.		7,866		740,741
Chevron Corp.		119,253		19,531,256
Chord Energy Corp.		2,536		325,217
Civitas Resources, Inc.		4,311		254,177
Clean Energy Fuels Corp.^(a)		11,389		73,801
CNX Resources Corp.^(a)		12,210		210,867
Comstock Resources, Inc.^(a)(b)		5,948		94,752
ConocoPhillips		78,470		7,645,332
CONSOL Energy, Inc.^(a)		2,144		131,470
Continental Resources, Inc.		2,202		151,696
Coterra Energy, Inc.		48,160		1,473,214
Crescent Energy Co., Class A		1,874		27,360
CVR Energy, Inc.		1,859		62,351
Delek U.S. Holdings, Inc.		4,418		117,784
Denbury, Inc.^(a)		3,239		232,917
Devon Energy Corp.		39,595		2,488,546
DHT Holdings, Inc.		8,078		53,072
Diamondback Energy, Inc.		10,635		1,361,493
Dorian LPG Ltd.		1,250		20,150
DT Midstream, Inc.^(a)		5,870		323,026
Earthstone Energy, Inc., Class A^(a)(b)		1,997		28,337
Energy Fuels, Inc.^(a)(b)		8,340		55,961
EOG Resources, Inc.		35,522		3,950,757
EQT Corp.		22,178		976,497
Equitrans Midstream Corp.		24,371		191,312
Excelerate Energy, Inc., Class A^(a)		1,754		38,834
Exxon Mobil Corp.		255,735		24,788,394
FLEX LNG Ltd.^(a)		1,825		58,145
Frontline Ltd.^(a)		7,646		73,325
Gevo, Inc.^(a)		9,834		28,912
Golar LNG Ltd.^(a)		5,492		122,856
Green Plains, Inc.^(a)		1,196		43,080
Gulfport Energy Corp.^(a)		713		65,625
Hess Corp.		17,007		1,912,777
HF Sinclair Corp.		9,267		443,148
HighPeak Energy, Inc.^(b)		727		17,870
International Seaways, Inc.		3,867		91,455
Kinder Morgan, Inc.		120,590		2,169,414
Kinetik Holdings, Inc., Class A		714		29,046
Kosmos Energy Ltd.^(a)		26,528		168,188
Laredo Petroleum, Inc.^(a)		1,235		109,507
Magnolia Oil & Gas Corp., Class A		10,126		244,340
Marathon Oil Corp.		42,725		1,059,580
Marathon Petroleum Corp.		32,921		3,017,539
Matador Resources Co.		6,540		377,881
Murphy Oil Corp.		8,766		308,037
New Fortress Energy, Inc.		2,886		141,327
Nordic American Tankers Ltd.^(b)		13,383		32,119
Northern Oil & Gas, Inc.		4,278		123,335
Occidental Petroleum Corp.^(b)		49,741		3,270,471
ONEOK, Inc.		26,637		1,591,294
Ovintiv, Inc.		15,595		796,749


68		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 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)
Par Pacific Holdings, Inc.^(a)		2,754	$	45,441
PBF Energy, Inc., Class A^(a)		5,864		195,564
PDC Energy, Inc.		5,642		370,623
Peabody Energy Corp.^(a)		6,999		146,909
Phillips 66		29,262		2,604,318
Pioneer Natural Resources Co.		14,614		3,462,787
Range Resources Corp.^(a)		15,748		520,786
Ranger Oil Corp., Class A		1,207		45,938
REX American Resources Corp.^(a)		480		45,821
Riley Exploration Permian, Inc.^(b)		425		11,254
Ring Energy, Inc.^(a)		6,295		17,689
SandRidge Energy, Inc.^(a)		3,119		58,419
Scorpio Tankers, Inc.		3,349		129,305
SFL Corp. Ltd.		6,904		68,833
SilverBow Resources, Inc.^(a)		771		34,841
Sitio Royalties Corp.		427		12,601
SM Energy Co.		7,392		305,142
Southwestern Energy Co.^(a)		66,989		472,942
Talos Energy, Inc.^(a)		4,137		78,396
Targa Resources Corp.		13,458		930,082
Teekay Corp.^(a)		5,713		17,939
Teekay Tankers Ltd., Class A^(a)		1,541		32,161
Tellurian, Inc.^(a)(b)		31,729		118,032
Texas Pacific Land Corp.		352		645,515
Uranium Energy Corp.^(a)		13,627		57,233
Ur-Energy, Inc.^(a)		13,853		16,485
VAALCO Energy, Inc.		3,526		20,909
Valero Energy Corp.		24,693		2,735,244
Vertex Energy, Inc.^(a)		3,651		49,581
W&T Offshore, Inc.^(a)		7,555		37,548
Williams Cos., Inc.		73,477		2,504,831
World Fuel Services Corp.		4,001		110,908

				102,323,542

Paper & Forest Products — 0.0%
Clearwater Paper Corp.^(a)		1,371		48,945
Glatfelter Corp.		2,862		17,573
Louisiana-Pacific Corp.		4,827		307,142
Resolute Forest Products, Inc.^(a)		2,700		54,756
Sylvamo Corp.		1,984		77,852

				506,268

Personal Products — 0.2%
Beauty Health Co.^(a)		6,871		91,522
BellRing Brands, Inc.^(a)		6,565		158,479
Coty, Inc., Class A^(a)		22,417		164,092
Edgewell Personal Care Co.		3,579		142,373
elf Beauty, Inc.^(a)		3,293		110,414
Estee Lauder Cos., Inc., Class A		13,938		3,806,468
Herbalife Nutrition Ltd.^(a)		5,756		140,504
Honest Co., Inc.^(a)		6,142		20,514
Inter Parfums, Inc.		944		78,796
Medifast, Inc.		711		119,583
Nature’s Sunshine Products, Inc.^(a)		255		2,665
Nu Skin Enterprises, Inc., Class A		3,335		145,106
Olaplex Holdings, Inc.^(a)(b)		7,257		124,820
USANA Health Sciences, Inc.^(a)		667		46,436
Veru, Inc.^(a)(b)		4,777		57,802

				5,209,574

Pharmaceuticals — 3.9%
Aclaris Therapeutics, Inc.^(a)		3,668		56,524
Aerie Pharmaceuticals, Inc.^(a)		1,684		11,805


Security	Shares		Value

Pharmaceuticals (continued)
Amneal Pharmaceuticals, Inc.^(a)		5,098	$	18,047
Amphastar Pharmaceuticals, Inc.^(a)		2,313		86,483
Amylyx Pharmaceuticals, Inc.^(a)(b)		1,236		33,360
ANI Pharmaceuticals, Inc.^(a)		794		27,194
Arvinas, Inc.^(a)(b)		3,027		160,764
Atea Pharmaceuticals, Inc.^(a)		3,928		32,210
Athira Pharma, Inc.^(a)		2,144		7,461
Axsome Therapeutics, Inc.^(a)		1,553		59,930
Bristol-Myers Squibb Co.		129,328		9,541,820
Cara Therapeutics, Inc.^(a)		3,166		27,671
Cassava Sciences, Inc.^(a)		2,756		45,005
Catalent, Inc.^(a)		10,236		1,157,692
CinCor Pharma, Inc.^(a)		929		21,014
Collegium Pharmaceutical, Inc.^(a)		1,582		27,195
Corcept Therapeutics, Inc.^(a)		5,104		146,281
DICE Therapeutics, Inc.^(a)		1,186		20,447
Edgewise Therapeutics, Inc.^(a)		2,551		24,668
Elanco Animal Health, Inc.^(a)		27,152		550,099
Eli Lilly & Co.^(b)		51,124		16,855,072
Endo International PLC^(a)		15,455		8,194
Esperion Therapeutics, Inc.^(a)(b)		6,545		37,765
Evolus, Inc.^(a)		1,907		23,513
EyePoint Pharmaceuticals, Inc.^(a)(b)		2,397		21,885
Fulcrum Therapeutics, Inc.^(a)		1,593		9,367
Harmony Biosciences Holdings, Inc.^(a)		1,653		83,857
Innoviva, Inc.^(a)		4,370		62,666
Intra-Cellular Therapies, Inc.^(a)		5,524		298,959
Jazz Pharmaceuticals PLC^(a)		3,657		570,711
Johnson & Johnson		159,665		27,864,736
Liquidia Corp.^(a)		4,533		22,234
Merck & Co., Inc.		153,492		13,712,975
Nektar Therapeutics^(a)		10,497		41,568
NGM Biopharmaceuticals, Inc.^(a)		1,461		21,155
Nuvation Bio, Inc.^(a)		9,777		26,984
Ocular Therapeutix, Inc.^(a)		2,768		12,401
Organon & Co.		15,269		484,333
Pacira BioSciences, Inc.^(a)		2,757		155,936
Perrigo Co. PLC		8,212		343,836
Pfizer, Inc.		342,903		17,320,031
Phathom Pharmaceuticals, Inc.^(a)(b)		1,212		11,162
Phibro Animal Health Corp., Class A		619		12,114
Prestige Consumer Healthcare, Inc.^(a)		3,156		190,338
Provention Bio, Inc.^(a)(b)		1,609		6,146
Reata Pharmaceuticals, Inc., Class A^(a)		1,618		49,640
Relmada Therapeutics, Inc.^(a)(b)		1,462		37,427
Revance Therapeutics, Inc.^(a)		3,641		56,508
Royalty Pharma PLC, Class A		22,138		962,782
SIGA Technologies, Inc.^(b)		3,614		62,125
Supernus Pharmaceuticals, Inc.^(a)		4,026		127,825
Tarsus Pharmaceuticals, Inc.^(a)		888		13,338
Theravance Biopharma, Inc.^(a)		3,062		26,915
Tricida, Inc.^(a)		2,223		20,363
Ventyx Biosciences, Inc.^(a)		1,410		21,305
Viatris, Inc.		72,590		703,397
Xeris Biopharma Holdings, Inc.^(a)(b)		12,105		17,189
Zoetis, Inc.		28,486		5,200,119

				97,552,541

Professional Services — 0.6%
Alight, Inc., Class A^(a)(b)		19,253		145,168
ASGN, Inc.^(a)		3,126		324,354
Atlas Technical Consultants, Inc.^(a)(b)		1,076		7,554


SCHEDULE OF INVESTMENTS		69

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
Barrett Business Services, Inc.		580	$	47,322
Booz Allen Hamilton Holding Corp.		7,786		747,300
CACI International, Inc., Class A^(a)		1,378		416,556
CBIZ, Inc.^(a)		3,197		145,847
Clarivate PLC^(a)(b)		28,109		407,299
CoStar Group, Inc.^(a)		23,649		1,716,681
CRA International, Inc.		456		45,149
Dun & Bradstreet Holdings, Inc.^(a)(b)		15,185		239,316
Equifax, Inc.		7,402		1,546,352
Exponent, Inc.		3,154		316,945
First Advantage Corp.^(a)		4,217		59,164
Forrester Research, Inc.^(a)		474		22,036
Franklin Covey Co.^(a)		875		45,789
FTI Consulting, Inc.^(a)		2,030		332,027
Heidrick & Struggles International, Inc.		1,059		32,977
HireRight Holdings Corp.^(a)		1,645		24,445
Huron Consulting Group, Inc.^(a)		1,374		92,195
ICF International, Inc.		1,207		113,880
Insperity, Inc.		2,089		229,247
Jacobs Engineering Group, Inc.		7,864		1,079,727
KBR, Inc.^(b)		8,375		445,801
Kelly Services, Inc., Class A		1,865		40,433
Kforce, Inc.		1,056		69,538
Korn Ferry		3,029		198,430
Legalzoom.com, Inc.^(a)(b)		6,145		64,400
Leidos Holdings, Inc.		8,204		877,828
ManpowerGroup, Inc.		3,288		257,812
ManTech International Corp., Class A		1,900		182,058
Nielsen Holdings PLC		21,468		514,159
Planet Labs PBC^(a)(b)		9,833		52,410
Red Violet, Inc.^(a)		1,105		26,078
Resources Connection, Inc.		2,633		56,504
Robert Half International, Inc.		6,474		512,352
Science Applications International Corp.		3,354		324,902
Skillsoft Corp.^(a)		5,867		22,529
Sterling Check Corp.^(a)		1,260		24,759
TransUnion		11,577		917,246
TriNet Group, Inc.^(a)(b)		2,363		194,947
TrueBlue, Inc.^(a)		2,384		51,590
Upwork, Inc.^(a)(b)		7,682		142,578
Verisk Analytics, Inc.		9,390		1,786,447
Willdan Group, Inc.^(a)		300		8,163

				14,908,294

Real Estate Management & Development — 0.2%
Anywhere Real Estate, Inc.^(a)		6,333		62,887
CBRE Group, Inc., Class A^(a)		19,984		1,711,030
Compass, Inc., Class A^(a)		16,508		63,060
Cushman & Wakefield PLC^(a)		8,663		145,538
DigitalBridge Group, Inc.^(a)		36,510		200,075
Doma Holdings, Inc.^(a)		26,630		19,759
Douglas Elliman, Inc.		3,965		23,790
EXp World Holdings, Inc.^(b)		3,634		54,001
Forestar Group, Inc.^(a)		1,192		16,497
FRP Holdings, Inc.^(a)		186		10,974
Howard Hughes Corp.^(a)(b)		2,558		181,337
Jones Lang LaSalle, Inc.^(a)		3,021		576,014
Kennedy-Wilson Holdings, Inc.		6,954		143,670
Marcus & Millichap, Inc.		1,555		63,631
Newmark Group, Inc., Class A		11,545		131,613
Opendoor Technologies, Inc.^(a)(b)		28,738		141,104
RE/MAX Holdings, Inc., Class A		632		16,015


Security	Shares		Value

Real Estate Management & Development (continued)
Redfin Corp.^(a)		5,744	$	49,973
RMR Group, Inc., Class A		541		15,640
Seritage Growth Properties, Class A^(a)		2,263		27,201
St. Joe Co.		2,076		87,233
Tejon Ranch Co.^(a)		507		8,376
WeWork, Inc., Class A^(a)(b)		8,203		39,128
Zillow Group, Inc., Class A^(a)(b)		3,560		124,600
Zillow Group, Inc., Class C^(a)(b)		10,061		350,928

				4,264,074

Road & Rail — 1.0%
AMERCO		531		285,190
ArcBest Corp.		1,534		135,912
Avis Budget Group, Inc.^(a)		1,797		327,108
Covenant Logistics Group, Inc.		245		8,200
CSX Corp.		131,386		4,247,709
Daseke, Inc.^(a)		1,895		15,880
Heartland Express, Inc.		3,436		54,564
Hertz Global Holdings, Inc.^(a)(b)		13,914		298,038
JB Hunt Transport Services, Inc.		5,122		938,709
Knight-Swift Transportation Holdings, Inc.		9,539		524,168
Landstar System, Inc.^(b)		2,281		357,159
Lyft, Inc., Class A^(a)		18,053		250,215
Marten Transport Ltd.		2,723		58,708
Norfolk Southern Corp.		14,361		3,607,052
Old Dominion Freight Line, Inc.^(b)		6,195		1,880,244
PAM Transportation Services, Inc.^(a)		886		31,701
Ryder System, Inc.		3,053		239,111
Saia, Inc.^(a)		1,581		376,041
Schneider National, Inc., Class B		3,106		78,675
TuSimple Holdings, Inc., Class A^(a)		7,605		75,746
Uber Technologies, Inc.^(a)		114,307		2,680,499
Union Pacific Corp.		38,107		8,661,721
Universal Logistics Holdings, Inc.		345		10,367
Werner Enterprises, Inc.		3,887		170,873
XPO Logistics, Inc.^(a)		6,383		381,320

				25,694,910

Semiconductors & Semiconductor Equipment — 4.8%
ACM Research, Inc., Class A^(a)		3,000		50,640
Advanced Micro Devices, Inc.^(a)		98,054		9,263,161
Allegro MicroSystems, Inc.^(a)		2,315		57,481
Alpha & Omega Semiconductor Ltd.^(a)		1,152		48,396
Ambarella, Inc.^(a)		2,226		192,660
Amkor Technology, Inc.		5,568		112,307
Analog Devices, Inc.		31,691		5,449,584
Applied Materials, Inc.		53,600		5,680,528
Atomera, Inc.^(a)(b)		815		9,519
Axcelis Technologies, Inc.^(a)		2,013		141,574
AXT, Inc.^(a)		1,214		10,647
Broadcom, Inc.		24,219		12,968,790
CEVA, Inc.^(a)		1,470		54,728
Cirrus Logic, Inc.^(a)		3,545		302,956
Cohu, Inc.^(a)		2,510		71,736
Credo Technology Group Holding Ltd.^(a)(b)		2,413		38,729
Diodes, Inc.^(a)(b)		2,693		219,129
Enphase Energy, Inc.^(a)		7,917		2,249,853
Entegris, Inc.		9,081		998,002
First Solar, Inc.^(a)		6,428		637,465
FormFactor, Inc.^(a)		4,805		170,866
Globalfoundries, Inc.^(a)(b)		3,758		193,462
Ichor Holdings Ltd.^(a)		1,435		44,858
Impinj, Inc.^(a)(b)		1,213		103,129


70		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
indie Semiconductor, Inc., Class A^(a)		6,908	$	49,738
Intel Corp.		248,260		9,014,321
KLA Corp.		9,062		3,475,639
Kulicke & Soffa Industries, Inc.		3,357		161,539
Lam Research Corp.		8,422		4,215,295
Lattice Semiconductor Corp.^(a)		8,200		504,300
MACOM Technology Solutions Holdings, Inc., Class H^(a)		2,653		153,715
Marvell Technology, Inc.		51,169		2,849,090
MaxLinear, Inc.^(a)		4,049		163,620
Microchip Technology, Inc.		32,479		2,236,504
Micron Technology, Inc.		67,737		4,190,211
MKS Instruments, Inc.		3,359		397,034
Monolithic Power Systems, Inc.		2,763		1,284,021
NeoPhotonics Corp.^(a)		3,408		54,494
NVIDIA Corp.		146,132		26,541,955
ON Semiconductor Corp.^(a)		26,148		1,746,163
Onto Innovation, Inc.^(a)		2,908		242,091
PDF Solutions, Inc.^(a)		1,754		47,323
Photronics, Inc.^(a)		3,827		91,121
Power Integrations, Inc.		3,675		312,412
Qorvo, Inc.^(a)		6,572		683,948
Qualcomm, Inc.		67,975		9,860,453
Rambus, Inc.^(a)		6,863		173,497
Rockley Photonics Holdings Ltd.^(a)		10,516		26,921
Semtech Corp.^(a)		3,724		232,117
Silicon Laboratories, Inc.^(a)(b)		2,134		314,722
SiTime Corp.^(a)		1,033		192,117
SkyWater Technology, Inc.^(a)(b)		811		10,900
Skyworks Solutions, Inc.		9,691		1,055,156
SMART Global Holdings, Inc.^(a)		3,469		68,062
SunPower Corp.^(a)(b)		5,371		109,407
Synaptics, Inc.^(a)		2,383		345,416
Teradyne, Inc.		9,682		976,817
Texas Instruments, Inc.		55,918		10,003,171
Ultra Clean Holdings, Inc.^(a)		2,740		92,064
Universal Display Corp.		2,636		304,353
Veeco Instruments, Inc.^(a)		2,766		60,299
Wolfspeed, Inc.^(a)(b)		6,954		579,268

				121,889,474

Software — 9.1%
8x8, Inc.^(a)		6,460		31,589
A10 Networks, Inc.		3,291		49,069
ACI Worldwide, Inc.^(a)		6,881		196,315
Adobe, Inc.^(a)		28,655		11,751,989
Agilysys, Inc.^(a)		963		46,513
Alarm.com Holdings, Inc.^(a)		2,898		205,091
Alkami Technology, Inc.^(a)		2,197		30,582
Altair Engineering, Inc., Class A^(a)(b)		3,034		178,733
Alteryx, Inc., Class A^(a)		3,791		183,598
American Software, Inc., Class A		1,641		29,341
Amplitude, Inc., Class A^(a)(b)		3,549		52,454
ANSYS, Inc.^(a)		5,236		1,460,792
Appfolio, Inc., Class A^(a)		1,200		122,172
Appian Corp.^(a)		2,229		108,173
AppLovin Corp., Class A^(a)(b)		13,505		479,968
Arteris, Inc.^(a)		3,156		25,437
Asana, Inc., Class A^(a)(b)		4,034		77,937
Aspen Technology, Inc.^(a)(b)		1,746		356,341
Atlassian Corp. PLC, Class A^(a)(b)		8,281		1,733,379
Autodesk, Inc.^(a)		13,147		2,843,959


Security	Shares		Value

Software (continued)
Avalara, Inc.^(a)		5,223	$	456,595
Avaya Holdings Corp.^(a)		5,377		4,832
AvePoint, Inc.^(a)(b)		8,422		42,363
Benefitfocus, Inc.^(a)		1,165		9,868
Bentley Systems, Inc., Class B		10,074		398,930
Bill.Com Holdings, Inc.^(a)(b)		5,885		794,946
Black Knight, Inc.^(a)		9,421		618,771
Blackbaud, Inc.^(a)		2,852		174,885
Blackline, Inc.^(a)		3,335		210,839
Blend Labs, Inc., Class A^(a)		12,282		32,424
Box, Inc., Class A^(a)		8,323		236,706
BTRS Holdings, Inc., Class 1^(a)		7,370		47,536
C3.ai, Inc., Class A^(a)		3,809		70,124
Cadence Design Systems, Inc.^(a)		16,409		3,053,387
CCC Intelligent Solutions Holdings, Inc.^(a)		9,356		93,466
Cerence, Inc.^(a)(b)		2,169		61,101
Ceridian HCM Holding, Inc.^(a)(b)		8,055		441,172
ChannelAdvisor Corp.^(a)		1,810		26,679
Citrix Systems, Inc.		7,651		775,888
Cleanspark, Inc.^(a)(b)		1,688		6,735
Clear Secure, Inc., Class A^(a)		3,729		94,418
CommVault Systems, Inc.^(a)		2,559		143,534
Confluent, Inc., Class A^(a)		7,462		189,908
Consensus Cloud Solutions, Inc.^(a)		808		43,656
Couchbase, Inc.^(a)		2,394		36,461
Coupa Software, Inc.^(a)		4,579		299,558
Crowdstrike Holdings, Inc., Class A^(a)		12,666		2,325,478
CS Disco, Inc.^(a)(b)		1,888		46,332
Cvent Holding Corp.^(a)(b)		4,519		28,199
Datadog, Inc., Class A^(a)		15,500		1,581,155
Digimarc Corp.^(a)(b)		495		7,578
Digital Turbine, Inc.^(a)		5,723		114,861
DocuSign, Inc.^(a)		11,982		766,608
Dolby Laboratories, Inc., Class A		3,861		298,841
Domo, Inc., Class B^(a)		1,416		39,662
DoubleVerify Holdings, Inc.^(a)(b)		3,989		91,468
Dropbox, Inc., Class A^(a)		16,841		382,964
Duck Creek Technologies, Inc.^(a)(b)		5,123		70,697
Dynatrace, Inc.^(a)		12,171		457,995
E2open Parent Holdings, Inc.^(a)		12,000		81,000
Ebix, Inc.^(b)		1,492		35,301
eGain Corp.^(a)(b)		724		6,415
Elastic NV^(a)		4,700		375,483
Enfusion, Inc., Class A^(a)(b)		1,551		17,837
EngageSmart, Inc.^(a)		2,476		46,722
Envestnet, Inc.^(a)(b)		2,907		169,391
Everbridge, Inc.^(a)		2,780		69,889
EverCommerce, Inc.^(a)		1,361		15,624
Fair Isaac Corp.^(a)		1,531		707,368
Five9, Inc.^(a)(b)		4,108		444,157
ForgeRock, Inc., Class A^(a)		1,824		36,972
Fortinet, Inc.^(a)		40,505		2,416,123
Greenidge Generation Holdings, Inc.^(a)		553		1,648
Guidewire Software, Inc.^(a)		5,215		405,310
HubSpot, Inc.^(a)		2,798		861,784
Informatica, Inc., Class A^(a)(b)		1,702		38,976
Instructure Holdings, Inc.^(a)(b)		1,199		29,304
Intapp, Inc.^(a)(b)		938		14,229
InterDigital, Inc.		1,610		98,838
Intuit, Inc.		16,747		7,639,479
Jamf Holding Corp.^(a)(b)		3,854		94,192
KnowBe4, Inc., Class A^(a)		4,247		60,690


SCHEDULE OF INVESTMENTS		71

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
LivePerson, Inc.^(a)		4,799	$	65,458
LiveRamp Holdings, Inc.^(a)		3,611		96,089
Mandiant, Inc.^(a)		14,017		319,307
Manhattan Associates, Inc.^(a)		3,830		538,766
Marathon Digital Holdings, Inc.^(a)(b)		4,804		62,404
Matterport, Inc.^(a)		14,473		61,510
MeridianLink, Inc.^(a)		1,066		18,175
Microsoft Corp.		453,909		127,430,413
MicroStrategy, Inc., Class A^(a)(b)		591		169,061
Mitek Systems, Inc.^(a)		2,481		26,993
Model N, Inc.^(a)		2,003		50,315
Momentive Global, Inc.^(a)		7,786		67,349
N-Able, Inc.^(a)		4,241		41,647
nCino, Inc.^(a)(b)		3,554		114,759
NCR Corp.^(a)		7,887		255,933
New Relic, Inc.^(a)		3,307		200,636
NortonLifeLock, Inc.		33,650		825,434
Nutanix, Inc., Class A^(a)(b)		13,776		208,431
Olo, Inc., Class A^(a)(b)		5,920		63,403
ON24, Inc.^(a)		1,991		19,134
OneSpan, Inc.^(a)		1,431		15,841
Oracle Corp.		91,796		7,145,401
PagerDuty, Inc.^(a)(b)		5,772		149,668
Palantir Technologies, Inc., Class A^(a)(b)		109,429		1,132,590
Palo Alto Networks, Inc.^(a)(b)		5,861		2,925,225
Paycom Software, Inc.^(a)		3,082		1,018,570
Paycor HCM, Inc.^(a)(b)		2,274		60,693
Paylocity Holding Corp.^(a)		2,392		492,585
Pegasystems, Inc.		2,249		90,297
Ping Identity Holding Corp.^(a)		4,136		70,932
Procore Technologies, Inc.^(a)		4,290		221,793
Progress Software Corp.		2,301		108,055
PROS Holdings, Inc.^(a)		3,022		73,646
PTC, Inc.^(a)		6,310		778,528
Q2 Holdings, Inc.^(a)		3,494		153,387
Qualys, Inc.^(a)		2,299		281,214
Rapid7, Inc.^(a)		3,624		231,827
Rimini Street, Inc.^(a)		3,501		24,577
RingCentral, Inc., Class A^(a)		5,053		250,073
Riot Blockchain, Inc.^(a)(b)		8,080		59,146
Roper Technologies, Inc.		6,371		2,782,025
Sailpoint Technologies Holdings, Inc.^(a)		5,471		348,886
Salesforce, Inc.^(a)		58,448		10,755,601
Sapiens International Corp. NV		2,240		58,934
SecureWorks Corp., Class A^(a)		607		6,028
SentinelOne, Inc., Class A^(a)		10,291		255,731
ServiceNow, Inc.^(a)		12,173		5,437,192
ShotSpotter, Inc.^(a)(b)		707		23,748
Smartsheet, Inc., Class A^(a)		7,802		234,528
Splunk, Inc.^(a)		9,772		1,015,409
Sprout Social, Inc., Class A^(a)		2,948		153,591
SPS Commerce, Inc.^(a)		2,227		266,706
Sumo Logic, Inc.^(a)		4,469		30,255
Synopsys, Inc.^(a)		9,268		3,405,990
Telos Corp.^(a)		2,269		18,016
Tenable Holdings, Inc.^(a)		6,551		253,196
Teradata Corp.^(a)		6,638		254,169
Trade Desk, Inc., Class A^(a)		26,460		1,190,700
Tyler Technologies, Inc.^(a)		2,486		991,914
UiPath, Inc., Class A^(a)(b)		22,455		411,600
Unity Software, Inc.^(a)(b)		12,608		471,413
Upland Software, Inc.^(a)		1,510		17,093


Security	Shares		Value

Software (continued)
UserTesting, Inc.^(a)		4,328	$	27,396
Varonis Systems, Inc.^(a)		6,254		159,039
Verint Systems, Inc.^(a)		3,819		174,414
Veritone, Inc.^(a)(b)		2,366		16,633
Viant Technology, Inc., Class A^(a)		883		4,389
VMware, Inc., Class A		12,572		1,460,866
WM Technology, Inc.^(a)(b)		4,980		16,932
Workday, Inc., Class A^(a)		11,715		1,816,996
Workiva, Inc.^(a)(b)		2,886		189,033
Xperi Holding Corp.		5,535		92,767
Yext, Inc.^(a)		5,854		25,641
Zendesk, Inc.^(a)		7,543		568,893
Zoom Video Communications, Inc., Class A^(a)		15,205		1,579,191
Zscaler, Inc.^(a)		5,023		778,866
Zuora, Inc., Class A^(a)		5,649		48,073

				229,467,903

Specialty Retail — 2.1%
Aaron’s Co., Inc.		1,983		25,819
Abercrombie & Fitch Co., Class A^(a)		3,245		57,793
Academy Sports & Outdoors, Inc.^(b)		4,947		212,869
Advance Auto Parts, Inc.		3,698		716,007
American Eagle Outfitters, Inc.		8,725		105,049
America’s Car-Mart, Inc.^(a)		281		29,103
Arko Corp.		8,681		79,258
Asbury Automotive Group, Inc.^(a)		1,345		230,856
AutoNation, Inc.^(a)(b)		2,386		283,314
AutoZone, Inc.^(a)		1,202		2,569,143
Bath & Body Works, Inc.		14,327		509,182
Bed Bath & Beyond, Inc.^(a)(b)		6,264		31,508
Best Buy Co., Inc.		12,102		931,733
Big 5 Sporting Goods Corp.^(b)		1,094		14,069
Boot Barn Holdings, Inc.^(a)		1,850		115,255
Buckle, Inc.		1,687		50,947
Build-A-Bear Workshop, Inc.		1,239		19,787
Burlington Stores, Inc.^(a)(b)		4,002		564,802
Caleres, Inc.		2,081		51,650
Camping World Holdings, Inc., Class A^(b)		2,185		59,082
CarMax, Inc.^(a)		9,773		972,804
Carvana Co.^(a)(b)		6,450		188,018
Cato Corp., Class A		2,025		25,009
Chico’s FAS, Inc.^(a)		7,580		38,052
Children’s Place, Inc.^(a)		869		37,662
Citi Trends, Inc.^(a)		548		13,470
Conn’s, Inc.^(a)		2,511		23,654
Container Store Group, Inc.^(a)(b)		1,057		7,885
Designer Brands, Inc., Class A		3,326		47,994
Destination XL Group, Inc.^(a)		6,269		25,954
Dick’s Sporting Goods, Inc.		3,316		310,344
EVgo, Inc.^(a)(b)		4,566		40,957
Five Below, Inc.^(a)(b)		3,371		428,353
Floor & Decor Holdings, Inc., Class A^(a)(b)		6,204		499,856
Foot Locker, Inc.		5,084		144,233
GameStop Corp., Class A^(a)(b)		16,208		551,234
Gap, Inc.		13,510		129,966
Genesco, Inc.^(a)		1,043		58,460
Group 1 Automotive, Inc.		957		169,312
GrowGeneration Corp.^(a)		2,856		13,852
Guess?, Inc.		3,020		57,108
Haverty Furniture Cos., Inc.		1,048		28,642
Hibbett, Inc.		1,069		50,157
Home Depot, Inc.		62,670		18,859,910
JOANN, Inc.		2,118		19,147


72		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Leslie’s, Inc.^(a)(b)		9,408	$	142,625
Lithia Motors, Inc.^(b)		1,679		445,405
LL Flooring Holdings, Inc.^(a)		1,004		10,080
Lowe’s Cos., Inc.		40,135		7,687,057
MarineMax, Inc.^(a)		887		36,225
Monro, Inc.		2,222		111,433
Murphy USA, Inc.^(b)		1,311		372,796
National Vision Holdings, Inc.^(a)		4,693		136,754
ODP Corp.^(a)		2,695		97,829
OneWater Marine, Inc., Class A^(a)		684		24,788
O’Reilly Automotive, Inc.^(a)		3,963		2,788,327
Party City Holdco, Inc.^(a)(b)		5,630		6,418
Penske Automotive Group, Inc.		1,593		182,383
Petco Health & Wellness Co., Inc.^(a)(b)		5,201		72,398
Rent-A-Center, Inc.		3,760		88,473
RH^(a)		1,092		305,138
Ross Stores, Inc.		20,896		1,698,009
Sally Beauty Holdings, Inc.^(a)		7,155		91,441
Shoe Carnival, Inc.		744		16,227
Signet Jewelers Ltd.		2,786		169,835
Sleep Number Corp.^(a)		1,237		55,739
Sonic Automotive, Inc., Class A		1,309		54,782
Sportsman’s Warehouse Holdings, Inc.^(a)		1,930		19,030
Tilly’s, Inc., Class A		598		4,527
TJX Cos., Inc.		71,303		4,360,891
Tractor Supply Co.		6,712		1,285,214
TravelCenters of America, Inc.^(a)		768		32,041
Ulta Beauty, Inc.^(a)		3,075		1,195,898
Urban Outfitters, Inc.^(a)		4,847		99,267
Victoria’s Secret & Co.^(a)		5,449		201,395
Warby Parker, Inc., Class A^(a)		5,414		67,079
Williams-Sonoma, Inc.		4,177		603,242
Winmark Corp.		223		49,539
Zumiez, Inc.^(a)		980		25,480

				51,937,024

Technology Hardware, Storage & Peripherals — 6.2%
3D Systems Corp.^(a)		7,065		80,823
Apple, Inc.		927,690		150,758,902
Avid Technology, Inc.^(a)		2,695		75,622
Corsair Gaming, Inc.^(a)		1,838		25,916
Dell Technologies, Inc., Class C		16,463		741,823
Diebold Nixdorf, Inc.^(a)		2,781		8,983
Eastman Kodak Co.^(a)(b)		1,722		9,488
Hewlett Packard Enterprise Co.		78,041		1,111,304
HP, Inc.		64,158		2,142,236
IonQ, Inc.^(a)		7,983		43,108
NetApp, Inc.		13,457		959,888
Pure Storage, Inc., Class A^(a)		16,544		469,022
Super Micro Computer, Inc.^(a)		2,842		153,496
Turtle Beach Corp.^(a)		776		10,088
Western Digital Corp.^(a)		19,170		941,247
Xerox Holdings Corp.		8,090		138,582

				157,670,528

Textiles, Apparel & Luxury Goods — 0.6%
Allbirds, Inc., Class A^(a)		6,333		32,552
Capri Holdings Ltd.^(a)		8,708		423,906
Carter’s, Inc.		2,358		192,130
Columbia Sportswear Co.		2,139		158,307
Crocs, Inc.^(a)		3,755		269,008
Deckers Outdoor Corp.^(a)		1,645		515,231
Ermenegildo Zegna Holditalia SpA		2,206		24,266


Security	Shares			Value

Textiles, Apparel & Luxury Goods (continued)
Fossil Group, Inc.^(a)		3,093		$	18,651
G-III Apparel Group Ltd.^(a)		2,509			55,424
Hanesbrands, Inc.		21,010			234,892
Kontoor Brands, Inc.		3,157			115,231
Lululemon Athletica, Inc.^(a)		6,733			2,090,664
Movado Group, Inc.		1,241			42,169
NIKE, Inc., Class B		74,476			8,558,782
Oxford Industries, Inc.		853			81,376
PLBY Group, Inc.^(a)(b)		1,732			11,119
PVH Corp.		3,945			244,274
Ralph Lauren Corp.		2,914			287,408
Rocky Brands, Inc.		309			10,160
Skechers USA, Inc., Class A^(a)		8,018			304,363
Steven Madden Ltd.		4,857			153,967
Superior Group of Cos., Inc.		916			16,909
Tapestry, Inc.		15,894			534,515
Under Armour, Inc., Class A^(a)		11,440			105,934
Under Armour, Inc., Class C^(a)		12,665			104,613
Unifi, Inc.^(a)		1,883			25,665
VF Corp.		21,620			965,982
Wolverine World Wide, Inc.^(b)		4,311			96,868

					15,674,366

Thrifts & Mortgage Finance — 0.1%
Axos Financial, Inc.^(a)		2,871			119,893
Blue Foundry Bancorp^(a)		1,829			21,454
Bridgewater Bancshares, Inc.^(a)		1,355			23,685
Capitol Federal Financial, Inc.		5,759			55,229
Columbia Financial, Inc.^(a)		2,444			49,711
Enact Holdings, Inc.		1,946			44,836
Essent Group Ltd.		6,810			284,386
Federal Agricultural Mortgage Corp., Class C		456			50,292
Flagstar Bancorp, Inc.		2,381			98,097
Hingham Institution for Savings		79			22,911
Home Bancorp, Inc.		190			7,157
Kearny Financial Corp.		3,052			35,739
Merchants Bancorp		607			16,061
MGIC Investment Corp.		19,061			269,523
Mr. Cooper Group, Inc.^(a)		4,407			198,535
New York Community Bancorp, Inc.		27,058			287,356
NMI Holdings, Inc., Class A^(a)		4,380			82,957
Northfield Bancorp, Inc.		1,190			17,517
PennyMac Financial Services, Inc.		1,842			100,923
Provident Bancorp, Inc.		875			13,248
Provident Financial Services, Inc.		3,731			90,887
Radian Group, Inc.		10,815			241,932
Rocket Cos., Inc., Class A^(b)		8,388			79,854
Southern Missouri Bancorp, Inc.		347			18,717
TFS Financial Corp.		3,225			47,246
TrustCo. Bank Corp.		719			24,130
UWM Holdings Corp.^(b)		6,038			22,763
Walker & Dunlop, Inc.		1,979			222,915
Waterstone Financial, Inc.		3,037			56,640
WSFS Financial Corp.		3,534			168,642

					2,773,236

Tobacco — 0.6%
22nd Century Group, Inc.^(a)		7,514			12,624
Altria Group, Inc.		109,859			4,818,416
Philip Morris International, Inc.		93,974	��		9,129,574
Turning Point Brands, Inc.		705			16,920


SCHEDULE OF INVESTMENTS		73

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Tobacco (continued)
Universal Corp.		1,853	$	103,601
Vector Group Ltd.		9,936		110,687

				14,191,822

Trading Companies & Distributors — 0.4%
Air Lease Corp.		6,106		226,594
Alta Equipment Group, Inc.^(a)		1,686		18,951
Applied Industrial Technologies, Inc.		2,325		233,872
Beacon Roofing Supply, Inc.^(a)		3,378		202,747
BlueLinx Holdings, Inc.^(a)		482		38,560
Boise Cascade Co.		2,392		169,138
Core & Main, Inc., Class A^(a)		3,474		83,862
Custom Truck One Source, Inc.^(a)		2,724		16,862
Distribution Solutions Group, Inc.^(a)(b)		255		12,648
DXP Enterprises, Inc.^(a)		1,361		46,274
Fastenal Co.		35,167		1,806,177
GATX Corp.		2,112		211,728
Global Industrial Co.		1,009		36,072
GMS, Inc.^(a)		2,440		129,491
H&E Equipment Services, Inc.		1,772		63,349
Herc Holdings, Inc.		1,460		181,069
Hudson Technologies, Inc.^(a)		2,482		22,115
McGrath RentCorp.		1,253		105,703
MRC Global, Inc.^(a)		4,647		53,998
MSC Industrial Direct Co., Inc., Class A		2,807		232,027
NOW, Inc.^(a)		6,770		74,876
Rush Enterprises, Inc., Class A		2,846		137,149
Rush Enterprises, Inc., Class B		399		21,646
SiteOne Landscape Supply, Inc.^(a)(b)		2,749		383,018
Textainer Group Holdings Ltd.		2,893		98,275
Titan Machinery, Inc.^(a)		1,169		32,884
Transcat, Inc.^(a)		348		21,687
Triton International Ltd.		3,850		246,708
United Rentals, Inc.^(a)		4,361		1,407,164
Univar Solutions, Inc.^(a)		10,329		279,296
Veritiv Corp.^(a)		975		120,919
W.W.Grainger, Inc.		2,779		1,510,470
Watsco, Inc.		1,976		541,325
WESCO International, Inc.^(a)		2,695		344,529

				9,111,183

Water Utilities — 0.1%
American States Water Co.		2,476		215,833
American Water Works Co., Inc.		11,129		1,729,892
Artesian Resources Corp., Class A		493		25,419
California Water Service Group		3,450		207,276
Essential Utilities, Inc.		13,920		723,005
Global Water Resources, Inc.		881		11,656
Middlesex Water Co.		903		85,884
Pure Cycle Corp.^(a)		1,623		17,139
SJW Group		1,481		97,242
York Water Co.		673		28,932

				3,142,278


Security	Shares		Value

Wireless Telecommunication Services — 0.2%
Gogo, Inc.^(a)		4,035	$	70,047
Shenandoah Telecommunications Co.		2,672		59,586
Telephone & Data Systems, Inc.		6,742		106,591
T-Mobile U.S., Inc.^(a)		36,182		5,176,197
U.S. Cellular Corp.^(a)		1,024		29,993

				5,442,414


Total Common Stocks — 98.6% (Cost: $1,829,079,241)				2,489,715,024


Investment Companies

Equity Funds — 0.9%
iShares Russell 3000 ETF^(b)(d)		89,191		21,228,350


Total Investment Companies — 0.9% (Cost: $19,466,932)				21,228,350


Preferred Securities

Preferred Stocks — 0.0%

Biotechnology — 0.0%
Tango Therapeutics, Inc.^(a)		5,222		21,358

				21,358


Total Preferred Securities — 0.0% (Cost: $23,598)				21,358


Total Long-Term Investments — 99.5% (Cost: $1,848,569,771)				2,510,964,732


Short-Term Securities

Money Market Funds — 2.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.96%^(d)(e)(f)		60,639,002		60,632,938
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.84%^(d)(e)		12,829,647		12,829,647


Total Short-Term Securities — 2.9% (Cost: $73,461,897)				73,462,585


Total Investments — 102.4% (Cost: $1,922,031,668)				2,584,427,317
Liabilities in Excess of Other Assets — (2.4)%				(59,476,775	)


Net Assets — 100.0%			$	2,524,950,542

^(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.


74		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

Affiliates


Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,776,918	$	31,873,218	^(a)	$	—		$	(9,759	)	$	(7,439	)	$	60,632,938		60,639,002	$	256,480	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		12,326,350		503,297	^(a)		—			—			—			12,829,647		12,829,647		51,740			—
BlackRock, Inc.		6,385,840		1,529,731			(288,099	)		(42,451	)		(1,493,476	)		6,091,545		9,103		145,606			—
iShares Russell 3000 ETF		17,801,070		232,918,248			(229,187,828	)		1,048,548			(1,351,688	)		21,228,350		89,191		206,982			—

									$	996,338		$	(2,852,603	)	$	100,782,480			$	660,808		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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 CME Index		19		09/16/22	$	1,791	$	137,321
S&P 500 E-Mini Index		54		09/16/22		11,160		777,379

							$	914,700

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	914,700	$	—	$	—	$	—	$	914,700

^(a)

For the period ended July 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	$	—	$	—	$	(1,428,726	)	$	—	$	—	$	—	$	(1,428,726	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	805,445		$	—	$	—	$	—	$	805,445


SCHEDULE OF INVESTMENTS		75

Schedule of Investments (continued)

July 31, 2022

iShares Total U.S. Stock Market Index Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	15,107,384

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


	Level 1		Level��2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	38,913,850	$	—	$	—	$	38,913,850
Air Freight & Logistics		14,909,619		—		—		14,909,619
Airlines		5,065,734		—		—		5,065,734
Auto Components		5,467,686		—		—		5,467,686
Automobiles		54,430,830		—		—		54,430,830
Banks		97,613,993		—		—		97,613,993
Beverages		39,082,369		—		—		39,082,369
Biotechnology		61,254,731		—		2,619		61,257,350
Building Products		14,897,366		—		—		14,897,366
Capital Markets		75,790,780		—		—		75,790,780
Chemicals		43,879,905		—		—		43,879,905
Commercial Services & Supplies		14,248,384		—		—		14,248,384
Communications Equipment		19,290,486		—		—		19,290,486
Construction & Engineering		5,336,276		—		—		5,336,276
Construction Materials		3,123,913		—		—		3,123,913
Consumer Finance		13,990,561		—		—		13,990,561
Containers & Packaging		9,595,362		16,725		—		9,612,087
Distributors		3,043,727		—		—		3,043,727
Diversified Consumer Services		3,531,112		—		—		3,531,112
Diversified Financial Services		35,820,687		—		—		35,820,687
Diversified Telecommunication Services		21,947,162		—		—		21,947,162
Electric Utilities		43,471,368		—		—		43,471,368
Electrical Equipment		17,183,632		—		—		17,183,632
Electronic Equipment, Instruments & Components		18,278,485		—		—		18,278,485
Energy Equipment & Services		8,954,581		—		—		8,954,581
Entertainment		32,899,846		—		—		32,899,846
Equity Real Estate Investment Trusts (REITs)		86,079,064		—		—		86,079,064
Food & Staples Retailing		35,406,215		—		—		35,406,215
Food Products		26,911,521		—		—		26,911,521
Gas Utilities		3,816,253		—		—		3,816,253
Health Care Equipment & Supplies		65,735,254		—		—		65,735,254
Health Care Providers & Services		78,293,015		—		—		78,293,015
Health Care Technology		3,997,140		—		—		3,997,140
Hotels, Restaurants & Leisure		48,948,728		—		—		48,948,728
Household Durables		10,509,141		—		—		10,509,141
Household Products		29,756,808		—		—		29,756,808
Independent Power and Renewable Electricity Producers		2,578,138		—		—		2,578,138
Industrial Conglomerates		17,849,215		—		—		17,849,215
Insurance		53,994,105		—		—		53,994,105
Interactive Media & Services		109,547,882		—		—		109,547,882
Internet & Direct Marketing Retail		77,109,617		—		—		77,109,617
IT Services		110,136,043		—		—		110,136,043
Leisure Products		2,998,329		—		—		2,998,329
Life Sciences Tools & Services		46,355,868		—		—		46,355,868
Machinery		44,571,521		—		—		44,571,521
Marine		692,906		—		—		692,906


76		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 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)
Media	$	21,897,251	$	—	$	—	$	21,897,251
Metals & Mining		13,343,360		—		—		13,343,360
Mortgage Real Estate Investment Trusts (REITs)		3,940,067		—		—		3,940,067
Multiline Retail		11,227,021		—		—		11,227,021
Multi-Utilities		20,219,342		—		—		20,219,342
Oil, Gas & Consumable Fuels		102,323,542		—		—		102,323,542
Paper & Forest Products		506,268		—		—		506,268
Personal Products		5,209,574		—		—		5,209,574
Pharmaceuticals		97,552,541		—		—		97,552,541
Professional Services		14,908,294		—		—		14,908,294
Real Estate Management & Development		4,264,074		—		—		4,264,074
Road & Rail		25,694,910		—		—		25,694,910
Semiconductors & Semiconductor Equipment		121,889,474		—		—		121,889,474
Software		229,467,903		—		—		229,467,903
Specialty Retail		51,937,024		—		—		51,937,024
Technology Hardware, Storage & Peripherals		157,670,528		—		—		157,670,528
Textiles, Apparel & Luxury Goods		15,674,366		—		—		15,674,366
Thrifts & Mortgage Finance		2,773,236		—		—		2,773,236
Tobacco		14,191,822		—		—		14,191,822
Trading Companies & Distributors		9,111,183		—		—		9,111,183
Water Utilities		3,142,278		—		—		3,142,278
Wireless Telecommunication Services		5,442,414		—		—		5,442,414
Investment Companies		21,228,350		—		—		21,228,350
Preferred Securities
Preferred Stocks		21,358		—		—		21,358
Short-Term Securities
Money Market Funds		73,462,585		—		—		73,462,585

	$	2,584,407,973	$	16,725	$	2,619	$	2,584,427,317

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	914,700	$	—	$	—	$	914,700

(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		77

Statements of Assets and Liabilities

July 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)	$	1,657,208,333	$	460,323,642	$	2,483,644,837
Investments, at value — affiliated^(c)		102,331,389		63,580,295		100,782,480
Cash		—		—		165,575
Cash pledged for futures contracts		635,000		97,000		679,000
Receivables:
Investments sold		—		252,480		180,144
Securities lending income — affiliated		77,962		91,582		83,531
Capital shares sold		4,559,046		697,764		713,624
Dividends — unaffiliated		720,546		158,886		2,114,455
Dividends — affiliated		15,481		3,145		13,441
From the Manager		—		505		—
Variation margin on futures contracts		145,499		15,662		173,850
Prepaid expenses		43,591		31,393		27,844

Total assets		1,765,736,847		525,252,354		2,588,578,781


LIABILITIES
Bank overdraft		147,405		331,932		—
Collateral on securities loaned		74,913,589		54,350,366		60,648,423
Payables:
Investments purchased		—		200,841		1,988,323
Accounting services fees		7,521		7,521		7,521
Capital shares redeemed		2,728,033		336,090		698,825
Custodian fees		38,847		36,528		62,620
Investment advisory fees		50,857		—		19,293
Trustees’ and Officer’s fees		3,236		2,318		3,504
Recoupment of past waived fees		—		2,148		47,135
Other accrued expenses		5,525		6,453		2,489
Professional fees		100,113		95,781		97,045
Service fees		25,859		20,441		35,060
Transfer agent fees		74,272		11,832		18,001

Total liabilities		78,095,257		55,402,251		63,628,239


NET ASSETS	$	1,687,641,590	$	469,850,103	$	2,524,950,542


NET ASSETS CONSIST OF
Paid-in capital	$	1,257,036,484	$	413,965,516	$	1,896,583,892
Accumulated earnings		430,605,106		55,884,587		628,366,650

NET ASSETS	$	1,687,641,590	$	469,850,103	$	2,524,950,542


^(a)Investments, at cost — unaffiliated	$	1,205,753,111	$	401,793,535	$	1,824,253,291
^(b)Securities loaned, at value	$	73,704,885	$	53,265,923	$	59,863,877
^(c)Investments, at cost — affiliated	$	101,191,996	$	63,082,848	$	97,778,377


78		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (continued)

July 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	$	216,280,998	$	156,524,436	$	132,761,692

Shares outstanding		16,777,595		10,697,668		6,961,270

Net asset value	$	12.89	$	14.63	$	19.07

Shares authorized		Unlimited		Unlimited		Unlimited

Par value	$	0.001	$	0.001	$	0.001


Investor A
Net assets	$	131,260,259	$	100,734,395	$	176,682,699

Shares outstanding		10,224,817		6,897,321		9,276,631

Net asset value	$	12.84	$	14.60	$	19.05

Shares authorized		Unlimited		Unlimited		Unlimited

Par value	$	0.001	$	0.001	$	0.001


Class K
Net assets	$	1,340,100,333	$	212,591,272	$	2,215,506,151

Shares outstanding		103,737,388		14,529,395		116,165,527

Net asset value	$	12.92	$	14.63	$	19.07

Shares authorized		Unlimited		Unlimited		Unlimited

Par value	$	0.001	$	0.001	$	0.001

See notes to financial statements.


FINANCIAL STATEMENTS		79

Statements of Operations

Year Ended July 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.	$	23,611,838		$	6,463,258		$	34,239,937
Dividends — affiliated		204,713			63,133			407,396
Securities lending income — affiliated — net		235,315			292,304			253,412
Foreign taxes withheld		(7,561	)		(6,601	)		(11,228	)

Total investment income		24,044,305			6,812,094			34,889,517


EXPENSES
Investment advisory		347,787			144,847			250,210
Service — class specific		344,635			257,124			423,386
Transfer agent — class specific		282,452			156,015			178,109
Professional		148,874			110,845			156,077
Registration		84,766			80,172			108,739
Custodian		21,027			50,367			93,064
Trustees and Officer		17,237			10,239			21,639
Accounting services		9,025			9,025			9,025
Recoupment of past waived and/or reimbursed fees — class specific		2,586			2,148			4,202
Recoupment of past waived and/or reimbursed fees		—			—			75,680
Miscellaneous		59,738			47,653			61,964

Total expenses		1,318,127			868,435			1,382,095
Less:
Fees waived and/or reimbursed by the Manager		(10,267	)		(115,117	)		(50,308	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(2,090	)		(37,682	)		(37,431	)

Total expenses after fees waived and/or reimbursed		1,305,770			715,636			1,294,356

Net investment income		22,738,535			6,096,458			33,595,161


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		22,403,499			12,221,537			(11,591,914	)
Investments — affiliated		(2,546,855	)		(1,239,885	)		996,338
Futures contracts		(601,716	)		(313,159	)		(1,428,726	)

		19,254,928			10,668,493			(12,024,302	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(219,968,557	)		(75,055,438	)		(192,275,972	)
Investments — affiliated		(75,602	)		180,654			(2,852,603	)
Futures contracts		572,390			100,119			805,445

		(219,471,769	)		(74,774,665	)		(194,323,130	)

Net realized and unrealized loss		(200,216,841	)		(64,106,172	)		(206,347,432	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(177,478,306	)	$	(58,009,714	)	$	(172,752,271	)

See notes to financial statements.


80		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares Russell Mid-Cap Index Fund						iShares Russell Small/Mid-Cap Index Fund
	Year Ended July 31,						Year Ended July 31,
	2022			2021			2022			2021

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	22,738,535		$	16,991,431		$	6,096,458		$	3,898,640
Net realized gain		19,254,928			63,048,650			10,668,493			16,445,631
Net change in unrealized appreciation (depreciation)		(219,471,769	)		424,271,970			(74,774,665	)		113,400,348

Net increase (decrease) in net assets resulting from operations		(177,478,306	)		504,312,051			(58,009,714	)		133,744,619


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(8,785,993	)		(5,368,839	)		(8,672,227	)		(4,029,472	)
Investor A		(5,772,125	)		(2,605,085	)		(4,813,065	)		(3,084,611	)
Class K		(61,713,572	)		(29,765,293	)		(10,514,041	)		(8,226,939	)

Decrease in net assets resulting from distributions to shareholders		(76,271,690	)		(37,739,217	)		(23,999,333	)		(15,341,022	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		213,346,962			60,316,126			75,578,108			100,862,863


NET ASSETS
Total increase (decrease) in net assets		(40,403,034	)		526,888,960			(6,430,939	)		219,266,460
Beginning of year		1,728,044,624			1,201,155,664			476,281,042			257,014,582

End of year	$	1,687,641,590		$	1,728,044,624		$	469,850,103		$	476,281,042

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

See notes to financial statements.


FINANCIAL STATEMENTS		81

Statements of Changes in Net Assets (continued)


	iShares Total U.S. Stock Market Index Fund
		Year Ended July 31,
	2022			2021

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	33,595,161		$	22,547,107
Net realized gain (loss)		(12,024,302	)		6,613,238
Net change in unrealized appreciation (depreciation)		(194,323,130	)		506,176,330

Net increase (decrease) in net assets resulting from operations		(172,752,271	)		535,336,675


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(2,629,466	)		(1,417,049	)
Investor A		(2,686,529	)		(1,498,740	)
Class K		(41,362,211	)		(19,697,165	)

Decrease in net assets resulting from distributions to shareholders		(46,678,206	)		(22,612,954	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions	384,606,062			605,004,464

NET ASSETS
Total increase in net assets		165,175,585			1,117,728,185
Beginning of year		2,359,774,957			1,242,046,772

End of year	$	2,524,950,542		$	2,359,774,957

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

See notes to financial statements.


82		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares Russell Mid-Cap Index Fund

	Institutional

	Year Ended July 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	14.91		$	10.75		$	10.98		$	10.70		$	11.26

Net investment income^(a)		0.18			0.15			0.19			0.17			0.16
Net realized and unrealized gain (loss)		(1.58	)		4.35			0.02			0.50			1.22

Net increase (decrease) from investment operations		(1.40	)		4.50			0.21			0.67			1.38


Distributions^(b)
From net investment income		(0.17	)		(0.15	)		(0.17	)		(0.17	)		(0.18	)
From net realized gain		(0.45	)		(0.19	)		(0.27	)		(0.22	)		(1.76	)

Total distributions		(0.62	)		(0.34	)		(0.44	)		(0.39	)		(1.94	)


Net asset value, end of year	$	12.89		$	14.91		$	10.75		$	10.98		$	10.70


Total Return^(c)
Based on net asset value		(9.76	)%		42.43	%		1.96	%		6.76	%		13.29	%^(d)


Ratios to Average Net Assets^(e)
Total expenses^(f)		0.09	%		0.09	%		0.10	%		0.12	%		0.13	%

Total expenses after fees waived and/or reimbursed		0.09	%		0.09	%		0.10	%		0.12	%		0.11	%

Net investment income		1.28	%		1.18	%		1.77	%		1.66	%		1.46	%


Supplemental Data
Net assets, end of year (000)	$	216,281		$	195,340		$	170,550		$	244,272		$	174,840

Portfolio turnover rate		28	%		24	%		26	%		25	%		75	%


^(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) Includes payment from an affiliate, which had no impact on the Fund’s total return. ^(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. ^(f) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:


	Year Ended July 31,
	2022		2021		2020			2019			2018
Expense ratios		N/A		N/A		0.09	%		0.05	%		0.09	%

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)

	Investor A

	Year Ended July 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	14.85		$	10.71		$	10.93		$	10.66		$	11.24

Net investment income^(a)		0.14			0.11			0.15			0.17			0.12
Net realized and unrealized gain (loss)		(1.56	)		4.34			0.04			0.47			1.22

Net increase (decrease) from investment operations		(1.42	)		4.45			0.19			0.64			1.34


Distributions^(b)
From net investment income		(0.14	)		(0.12	)		(0.14	)		(0.15	)		(0.16	)
From net realized gain		(0.45	)		(0.19	)		(0.27	)		(0.22	)		(1.76	)

Total distributions		(0.59	)		(0.31	)		(0.41	)		(0.37	)		(1.92	)


Net asset value, end of year	$	12.84		$	14.85		$	10.71		$	10.93		$	10.66


Total Return^(c)
Based on net asset value		(9.98	)%		42.05	%		1.80	%		6.43	%		12.96	%^(d)


Ratios to Average Net Assets^(e)
Total expenses^(f)		0.36	%		0.36	%		0.36	%		0.34	%		0.35	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.36	%		0.35	%		0.33	%		0.34	%

Net investment income		1.03	%		0.87	%		1.48	%		1.64	%		1.11	%


Supplemental Data
Net assets, end of year (000)	$	131,260		$	136,579		$	93,113		$	105,914		$	203,933

Portfolio turnover rate		28	%		24	%		26	%		25	%		75	%


^(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) Includes payment from an affiliate, which had no impact on the Fund’s total return. ^(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. ^(f) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:


	Year Ended July 31,
	2022			2021			2020			2019			2018
Expense ratios		0.36	%		0.36	%		0.35	%		0.33	%		0.35	%

See notes to financial statements.


84		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Mid-Cap Index Fund (continued)

	Class K

	Year Ended July 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	14.94		$	10.77		$	11.00		$	10.72		$	11.28

Net investment income^(a)		0.19			0.15			0.18			0.17			0.13
Net realized and unrealized gain (loss)		(1.58	)		4.37			0.03			0.51			1.25

Net increase (decrease) from investment operations		(1.39	)		4.52			0.21			0.68			1.38


Distributions^(b)
From net investment income		(0.18	)		(0.16	)		(0.17	)		(0.18	)		(0.18	)
From net realized gain		(0.45	)		(0.19	)		(0.27	)		(0.22	)		(1.76	)

Total distributions		(0.63	)		(0.35	)		(0.44	)		(0.40	)		(1.94	)


Net asset value, end of year	$	12.92		$	14.94		$	10.77		$	11.00		$	10.72


Total Return^(c)
Based on net asset value		(9.70	)%		42.50	%		2.00	%		6.81	%		13.32	%^(d)


Ratios to Average Net Assets^(e)
Total expenses^(f)		0.05	%		0.06	%		0.08	%		0.07	%		0.09	%

Total expenses after fees waived and/or reimbursed		0.05	%		0.06	%		0.07	%		0.07	%		0.07	%

Net investment income		1.34	%		1.18	%		1.73	%		1.67	%		1.25	%


Supplemental Data
Net assets, end of year (000)	$	1,340,100		$	1,396,125		$	937,493		$	783,361		$	410,593

Portfolio turnover rate		28	%		24	%		26	%		25	%		75	%

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

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

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


	Year Ended July 31,
	2022			2021			2020			2019			2018
Expense ratios		0.05	%		0.05	%		0.07	%		0.06	%		0.08	%

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

	Institutional

	Year Ended July 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	17.32		$	12.17		$	12.72		$	13.20		$	11.58

Net investment income^(a)		0.21			0.16			0.13			0.18			0.15
Net realized and unrealized gain (loss)		(2.08	)		5.66			(0.35	)		(0.16	)		1.82

Net increase (decrease) from investment operations		(1.87	)		5.82			(0.22	)		0.02			1.97


Distributions^(b)
From net investment income		(0.19	)		(0.18	)		(0.16	)		(0.20	)		(0.17	)
From net realized gain		(0.63	)		(0.49	)		(0.17	)		(0.30	)		(0.18	)

Total distributions		(0.82	)		(0.67	)		(0.33	)		(0.50	)		(0.35	)


Net asset value, end of year	$	14.63		$	17.32		$	12.17		$	12.72		$	13.20


Total Return^(c)
Based on net asset value		(11.32	)%		48.81	%		(1.68	)%		0.58	%		17.27	%^(d)


Ratios to Average Net Assets^(e)
Total expenses^(f)		0.14	%		0.16	%		0.21	%		0.24	%		0.28	%

Total expenses after fees waived and/or reimbursed		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%

Net investment income		1.29	%		1.02	%		1.14	%		1.48	%		1.21	%


Supplemental Data
Net assets, end of year (000)	$	156,524		$	161,409		$	58,680		$	12,239		$	14,431

Portfolio turnover rate		38	%		43	%		29	%		27	%		54	%

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

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

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


	Year Ended July 31,
	2022			2021		2020			2019			2018
Expense ratios		0.14	%		N/A		0.21	%		0.24	%		0.28	%

See notes to financial statements.


86		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Small/Mid-Cap Index Fund (continued)

	Investor A

	Year Ended July 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	17.29		$	12.15		$	12.70		$	13.18		$	11.56

Net investment income^(a)		0.17			0.13			0.13			0.15			0.14
Net realized and unrealized gain (loss)		(2.08	)		5.65			(0.37	)		(0.16	)		1.80

Net increase (decrease) from investment operations		(1.91	)		5.78			(0.24	)		(0.01	)		1.94


Distributions^(b)
From net investment income		(0.15	)		(0.15	)		(0.14	)		(0.17	)		(0.14	)
From net realized gain		(0.63	)		(0.49	)		(0.17	)		(0.30	)		(0.18	)

Total distributions		(0.78	)		(0.64	)		(0.31	)		(0.47	)		(0.32	)


Net asset value, end of year	$	14.60		$	17.29		$	12.15		$	12.70		$	13.18


Total Return^(c)
Based on net asset value		(11.56	)%		48.49	%		(1.90	)%		0.35	%		17.03	%^(d)


Ratios to Average Net Assets^(e)
Total expenses^(f)		0.39	%		0.38	%		0.44	%		0.45	%		0.51	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.34	%		0.35	%		0.35	%		0.35	%

Net investment income		1.06	%		0.83	%		1.13	%		1.25	%		1.10	%


Supplemental Data
Net assets, end of year (000)	$	100,734		$	101,139		$	55,522		$	30,250		$	25,073

Portfolio turnover rate		38	%		43	%		29	%		27	%		54	%

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

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

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


	Year Ended July 31,
	2022		2021		2020			2019			2018
Expense ratios		N/A		N/A		0.44	%		0.45	%		0.51	%

See notes to financial statements.


FINANCIAL HIGHLIGHTS		87

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Small/Mid-Cap Index Fund (continued)

	Class K

	Year Ended July 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	17.32		$	12.17		$	12.72		$	13.20		$	11.58

Net investment income^(a)		0.21			0.18			0.19			0.19			0.17
Net realized and unrealized gain (loss)		(2.07	)		5.65			(0.40	)		(0.16	)		1.80

Net increase (decrease) from investment operations		(1.86	)		5.83			(0.21	)		0.03			1.97


Distributions^(b)
From net investment income		(0.20	)		(0.19	)		(0.17	)		(0.21	)		(0.17	)
From net realized gain		(0.63	)		(0.49	)		(0.17	)		(0.30	)		(0.18	)

Total distributions		(0.83	)		(0.68	)		(0.34	)		(0.51	)		(0.35	)


Net asset value, end of year	$	14.63		$	17.32		$	12.17		$	12.72		$	13.20


Total Return^(c)
Based on net asset value		(11.28	)%		48.88	%		(1.64	)%		0.63	%		17.32	%^(d)


Ratios to Average Net Assets^(e)
Total expenses^(f)		0.10	%		0.11	%		0.16	%		0.17	%		0.23	%

Total expenses after fees waived and/or reimbursed		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%

Net investment income		1.34	%		1.15	%		1.55	%		1.53	%		1.37	%


Supplemental Data
Net assets, end of year (000)	$	212,591		$	213,734		$	142,813		$	154,242		$	87,011

Portfolio turnover rate		38	%		43	%		29	%		27	%		54	%

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

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

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


	Year Ended July 31,
	2022		2021		2020			2019			2018
Expense ratios		N/A		N/A		0.16	%		0.17	%		0.23	%

See notes to financial statements.


88		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Total U.S. Stock Market Index Fund

	Institutional

	Year Ended July 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	20.96		$	15.31		$	14.13		$	13.52		$	11.89

Net investment income^(a)		0.27			0.24			0.25			0.25			0.22
Net realized and unrealized gain (loss)		(1.79	)		5.65			1.24			0.67			1.69

Net increase (decrease) from investment operations		(1.52	)		5.89			1.49			0.92			1.91


Distributions^(b)
From net investment income		(0.27	)		(0.23	)		(0.27	)		(0.26	)		(0.22	)
From net realized gain		(0.10	)		(0.01	)		(0.04	)		(0.05	)		(0.06	)

Total distributions		(0.37	)		(0.24	)		(0.31	)		(0.31	)		(0.28	)


Net asset value, end of year	$	19.07		$	20.96		$	15.31		$	14.13		$	13.52


Total Return^(c)
Based on net asset value		(7.37	)%		38.73	%		10.79	%		7.01	%		16.21	%^(d)


Ratios to Average Net Assets^(e)
Total expenses^(f)		0.08	%		0.08	%		0.09	%		0.09	%		0.11	%

Total expenses after fees waived and/or reimbursed		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%

Net investment income		1.32	%		1.32	%		1.79	%		1.87	%		1.69	%


Supplemental Data
Net assets, end of year (000)	$	132,762		$	155,378		$	84,117		$	88,223		$	83,121

Portfolio turnover rate		16	%		16	%		15	%		19	%		14	%

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

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

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


	Year Ended July 31,
	2022			2021			2020			2019			2018
Expense ratios		0.08	%		0.08	%		0.09	%		0.09	%		0.11	%

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)

	Investor A

	Year Ended July 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	20.93		$	15.29		$	14.11		$	13.50		$	11.88

Net investment income^(a)		0.22			0.20			0.22			0.22			0.19
Net realized and unrealized gain (loss)		(1.78	)		5.64			1.24			0.67			1.68

Net increase (decrease) from investment operations		(1.56	)		5.84			1.46			0.89			1.87


Distributions^(b)
From net investment income		(0.22	)		(0.19	)		(0.24	)		(0.23	)		(0.19	)
From net realized gain		(0.10	)		(0.01	)		(0.04	)		(0.05	)		(0.06	)

Total distributions		(0.32	)		(0.20	)		(0.28	)		(0.28	)		(0.25	)


Net asset value, end of year	$	19.05		$	20.93		$	15.29		$	14.11		$	13.50


Total Return^(c)
Based on net asset value		(7.54	)%		38.42	%		10.56	%		6.77	%		15.87	%^(d)


Ratios to Average Net Assets^(e)
Total expenses^(f)		0.32	%		0.30	%		0.31	%		0.32	%		0.34	%

Total expenses after fees waived and/or reimbursed		0.31	%		0.30	%		0.30	%		0.31	%		0.31	%

Net investment income		1.09	%		1.11	%		1.56	%		1.64	%		1.51	%


Supplemental Data
Net assets, end of year (000)	$	176,683		$	166,601		$	114,362		$	84,192		$	72,794

Portfolio turnover rate		16	%		16	%		15	%		19	%		14	%

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

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

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


	Year Ended July 31,
	2022			2021			2020			2019			2018
Expense ratios		0.32	%		0.30	%		0.31	%		0.32	%		0.34	%

See notes to financial statements.


90		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Total U.S. Stock Market Index Fund (continued)

	Class K

	Year Ended July 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	20.96		$	15.31		$	14.13		$	13.52		$	11.89

Net investment income^(a)		0.28			0.25			0.26			0.26			0.23
Net realized and unrealized gain (loss)		(1.79	)		5.64			1.24			0.66			1.69

Net increase (decrease) from investment operations		(1.51	)		5.89			1.50			0.92			1.92


Distributions^(b)
From net investment income		(0.28	)		(0.23	)		(0.28	)		(0.26	)		(0.23	)
From net realized gain		(0.10	)		(0.01	)		(0.04	)		(0.05	)		(0.06	)

Total distributions		(0.38	)		(0.24	)		(0.32	)		(0.31	)		(0.29	)


Net asset value, end of year	$	19.07		$	20.96		$	15.31		$	14.13		$	13.52


Total Return^(c)
Based on net asset value		(7.32	)%		38.79	%		10.84	%		7.06	%		16.26	%^(d)


Ratios to Average Net Assets^(e)
Total expenses^(f)		0.03	%		0.03	%		0.04	%		0.04	%		0.06	%

Total expenses after fees waived and/or reimbursed		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%

Net investment income		1.36	%		1.35	%		1.84	%		1.91	%		1.79	%


Supplemental Data
Net assets, end of year (000)	$	2,215,506		$	2,037,797		$	1,043,568		$	916,638		$	761,815

Portfolio turnover rate		16	%		16	%		15	%		19	%		14	%

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

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

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


	Year Ended July 31,
	2022			2021			2020			2019			2018
Expense ratios		0.03	%		0.03	%		0.04	%		0.04	%		0.06	%

See notes to financial statements.


FINANCIAL HIGHLIGHTS		91

Notes to Financial Statements

1.	*ORGANIZATION*

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


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

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


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

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of 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 July 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.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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


92		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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


NOTES TO FINANCIAL STATEMENTS		93

Notes to Financial Statements (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, 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.	$	4,845,725	$ (4,822,091)	$	—	$ (23,634)
BNP Paribas SA		14,125,919	(14,125,919)		—	—
BofA Securities, Inc.		8,685,082	(8,685,082)		—	—
Citigroup Global Markets, Inc.		7,664,053	(7,664,053)		—	—
HSBC Bank PLC		147,971	(147,971)		—	—
ING Financial Markets LLC		178,600	(173,391)		—	(5,209)
Jefferies LLC		2,135,076	(2,135,076)		—	—
Mizuho Securities USA LLC		3,363,010	(3,363,010)		—	—


94		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount	^(b)
Mid-Cap Index (continued)
Morgan Stanley	$	6,492,587	$	(6,492,587	)	$	—		$	—
National Financial Services LLC		402,721		(400,548	)		—			(2,173	)
Scotia Capital (USA), Inc.		15,715,708		(15,715,708	)		—			—
SG Americas Securities LLC		591,852		(591,852	)		—			—
State Street Bank & Trust Co.		1,335,859		(1,335,859	)		—			—
Toronto-Dominion Bank		3,212,420		(3,152,026	)		—			(60,394	)
UBS AG		3,426,767		(3,426,767	)		—			—
UBS Securities LLC		1,349,878		(1,349,878	)		—			—
Wells Fargo Securities LLC		31,657		(30,544	)		—			(1,113	)

	$	73,704,885	$	(73,612,362	)	$	—		$	(92,523	)


Small/Mid-Cap Index
BMO Capital Markets Corp.	$	120,993	$	(120,993	)	$	—		$	—
BNP Paribas SA		9,085,133		(9,085,133	)		—			—
BofA Securities, Inc.		5,500,777		(5,500,777	)		—			—
Citadel Clearing LLC		15,726		(15,726	)		—			—
Citigroup Global Markets, Inc.		1,204,481		(1,204,481	)		—			—
Goldman Sachs & Co. LLC		9,654,287		(9,654,287	)		—			—
HSBC Bank PLC		532,481		(532,481	)		—			—
ING Financial Markets LLC		1,277		(1,277	)		—			—
J.P. Morgan Securities LLC		6,506,409		(6,506,409	)		—			—
Jefferies LLC		535,435		(535,435	)		—			—
Mizuho Securities USA LLC		3,477,869		(3,477,869	)		—			—
Morgan Stanley		8,825,931		(8,825,931	)		—			—
National Financial Services LLC		1,661,152		(1,661,152	)		—			—
Pershing LLC		10,837		(10,101	)		—			(736	)
Scotia Capital (USA), Inc.		583,038		(583,038	)		—			—
SG Americas Securities LLC		1,734,580		(1,734,580	)		—			—
State Street Bank & Trust Co.		496,488		(496,488	)		—			—
Toronto-Dominion Bank		342,733		(342,733	)		—			—
UBS AG		1,662,714		(1,661,121	)		—			(1,593	)
UBS Securities LLC		327,835		(327,835	)		—			—
Wells Fargo Bank N.A.		358,821		(358,821	)		—			—
Wells Fargo Securities LLC		626,926		(626,926	)		—			—

	$	53,265,923	$	(53,263,594	)	$	—		$	(2,329	)


Total U.S. Stock Market Index
BNP Paribas SA	$	12,473,374	$	(12,473,374	)	$	—		$	—
BofA Securities, Inc.		4,600,385		(4,600,385	)		—			—
Citadel Clearing LLC		411,600		(411,600	)		—			—
Citigroup Global Markets, Inc.		2,783,989		(2,783,989	)		—			—
Credit Suisse Securities (USA) LLC		281,438		(281,438	)		—			—
Goldman Sachs & Co. LLC		7,999,035		(7,999,035	)		—			—
HSBC Bank PLC		1,752,084		(1,752,084	)		—			—
J.P. Morgan Securities LLC		11,647,792		(11,647,792	)		—			—
Jefferies LLC		1,581,158		(1,578,537	)		—			(2,621	)
Morgan Stanley		5,343,852		(5,343,852	)		—			—
National Financial Services LLC		965,454		(965,454	)		—			—
Scotia Capital (USA), Inc.		2,776,309		(2,755,816	)		—			(20,493	)
SG Americas Securities LLC		1,975,363		(1,975,363	)		—			—
State Street Bank & Trust Co.		603,660		(594,956	)		—			(8,704	)
Toronto-Dominion Bank		718,435		(718,435	)		—			—
UBS AG		1,065,973		(1,065,973	)		—			—
UBS Securities LLC		2,587,801		(2,587,801	)		—			—
Wells Fargo Bank N.A.		117,106		(117,106	)		—			—
Wells Fargo Securities LLC		179,069		(179,069	)		—			—

	$	59,863,877	$	(59,832,059	)	$	—		$	(31,818	)

^(a)

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

^(b)

The market value of the loaned securities is determined as of July 31, 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


NOTES TO FINANCIAL STATEMENTS		95

Notes to Financial Statements (continued)

loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or 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 year ended July 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	$	344,635
Small/Mid-Cap Index		257,124
Total U.S. Stock Market Index		423,386

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended July 31, 2022, the Funds did not pay any amounts to affiliates in return for these services.


96		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended July 31, 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	$	663	$	4,148	$	4,004	$	8,815
Small/Mid-Cap Index		300		1,559		422		2,281
Total U.S. Stock Market Index		423		4,151		4,145		8,719

For the year ended July 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	$	104,087	$	92,823	$	85,542	$	282,452
Small/Mid-Cap Index		83,256		50,673		22,086		156,015
Total U.S. Stock Market Index		73,028		66,375		38,706		178,109

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 year ended July 31, 2022, the amounts waived were as follows:


Fund Name	Fees Waived and/or Reimbursed by the Manager
Mid-Cap Index	$	6,769
Small/Mid-Cap Index		1,746
Total U.S. Stock Market Index		9,246

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 year ended July 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	$	3,160
Small/Mid-Cap Index		1,765
Total U.S. Stock Market Index		1,923

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 year ended July 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		111,606
Total U.S. Stock Market Index		39,139


NOTES TO FINANCIAL STATEMENTS		97

Notes to Financial Statements (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 year ended July 31, 2022, class specific expense waivers and/or reimbursements are as follows:


	Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific
Fund Name	Institutional		Investor A		Class K		Total
Mid-Cap Index	$	—	$	2,090	$	—	$	2,090
Small/Mid-Cap Index		2,159		13,439		22,084		37,682
Total U.S. Stock Market Index		2,849		13,691		20,891		37,431

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 year ended July 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	$	—	$	—	$	944	$	1,642
Small/Mid-Cap Index		—		2,148		—		—
Total U.S. Stock Market Index		75,680		2,329		—		1,873

As of July 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:


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

The following fund level and class specific waivers and/or reimbursements previously recorded by the Funds, which were subject to recoupment by the Manager, expired on July 31, 2022:


Fund Name/Fund Level/Share Class	Expired 07/31/22
Small/Mid-Cap Index
Fund Level	$	177,108
Institutional		—
Investor A		—
Class K		2,635
Total U.S. Stock Market Index
Fund Level		25,059
Institutional		—
Investor A		—
Class K		17,342


98		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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

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

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

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

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 year ended July 31, 2022, each Fund paid BTC the following amounts for securities lending agent services:


Fund Name	Amounts
Mid-Cap Index	$	73,208
Small/Mid-Cap Index		94,167
Total U.S. Stock Market Index		82,578

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

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

During the year ended July 31, 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 Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended July 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	$	53,038,840	$	33,816,703	$	(5,202,299	)
Small/Mid-Cap Index		6,934,562		9,228,143		1,505,981
Total U.S. Stock Market Index		92,153,834		22,927,865		(4,481,981	)


NOTES TO FINANCIAL STATEMENTS		99

Notes to Financial Statements (continued)

7.	*PURCHASES AND SALES*

For the year ended July 31, 2022, purchases and sales of investments, excluding short-term investments, were as follows:


Fund Name	Purchases		Sales
Mid-Cap Index	$	641,601,284	$	481,342,850
Small/Mid-Cap Index		240,457,187		182,145,643
Total U.S. Stock Market Index		762,928,037		389,588,277

8.	*INCOME TAX INFORMATION*

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 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.

The tax character of distributions paid was as follows:


Fund Name	Year Ended 07/31/22		Year Ended 07/31/21
Mid-Cap Index
Ordinary income	$	35,245,458	$	17,709,371
Long-term capital gains		41,026,232		22,609,716

	$	76,271,690	$	40,319,087

Small/Mid-Cap Index
Ordinary income	$	11,539,341	$	7,567,354
Long-term capital gains		12,459,992		8,682,155

	$	23,999,333	$	16,249,509

Total U.S. Stock Market Index
Ordinary income	$	41,734,895	$	22,612,954
Long-term capital gains		4,943,311		—

	$	46,678,206	$	22,612,954

As of July 31, 2022, the tax components of accumulated earnings (loss) were as follows:


Fund Name	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses)^(a)		Qualified Late-Year Loss^(b)			Total
Mid-Cap Index	$	3,597,391	$	29,509,243	$	408,430,457	$	(10,931,985	)	$	430,605,106
Small/Mid-Cap Index		1,615,967		14,184,426		43,638,355		(3,554,161	)		55,884,587
Total U.S. Stock Market Index		3,397,468		—		634,033,331		(9,064,149	)		628,366,650

^(a)

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

^(b)

The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of July 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	$	1,351,109,266	$	512,917,891	$	(104,487,434	)	$	408,430,457
Small/Mid-Cap Index		480,265,582		92,714,047		(49,075,692	)		43,638,355
Total U.S. Stock Market Index		1,950,393,986		747,051,609		(113,018,278	)		634,033,331


100		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

9.	*BANK BORROWINGS*

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

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

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

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

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

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


NOTES TO FINANCIAL STATEMENTS		101

Notes to Financial Statements (continued)

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 London Interbank Offered Rate (“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:


	Year Ended 07/31/22						Year Ended 07/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Mid-Cap Index
Institutional
Shares sold		10,136,195		$	138,061,649			6,841,025		$	89,725,735
Shares issued in reinvestment of distributions		611,922			8,781,145			425,794			5,367,600
Shares redeemed		(7,069,017	)		(96,301,703	)		(10,031,775	)		(137,845,040	)

		3,679,100		$	50,541,091			(2,764,956	)	$	(42,751,705	)

Investor A
Shares sold		4,020,640		$	57,230,526			3,588,253		$	46,456,816
Shares issued in reinvestment of distributions		401,033			5,769,439			207,420			2,603,471
Shares redeemed		(3,392,446	)		(47,647,436	)		(3,293,166	)		(41,581,063	)

		1,029,227		$	15,352,529			502,507		$	7,479,224

Class K
Shares sold		36,446,587		$	509,941,926			34,266,626		$	457,843,273
Shares issued in reinvestment of distributions		2,742,767			39,523,235			2,339,955			29,684,573
Shares redeemed		(28,881,798	)		(402,011,819	)		(30,200,655	)		(391,939,239	)

		10,307,556		$	147,453,342			6,405,926		$	95,588,607

		15,015,883		$	213,346,962			4,143,477		$	60,316,126


	Year Ended 07/31/22						Year Ended 07/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Small/Mid-Cap Index
Institutional
Shares sold		4,859,117		$	77,910,823			5,689,218		$	90,442,217
Shares issued in reinvestment of distributions		526,516			8,672,226			270,507			4,029,472
Shares redeemed		(4,005,051	)		(62,039,986	)		(1,464,065	)		(21,999,858	)

		1,380,582		$	24,543,063			4,495,660		$	72,471,831


102		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


	Year Ended 07/31/22						Year Ended 07/31/21
Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
Small/Mid-Cap Index (continued)
Investor A
Shares sold		2,122,107		$	34,182,646			3,584,163		$	55,485,190
Shares issued in reinvestment of distributions		291,973			4,807,538			208,565			3,080,737
Shares redeemed		(1,365,444	)		(21,610,480	)		(2,513,519	)		(38,946,335	)

		1,048,636		$	17,379,704			1,279,209		$	19,619,592

Class K
Shares sold		4,080,177		$	63,044,676			3,630,308		$	58,903,179
Shares issued in reinvestment of distributions		638,113			10,481,664			553,753			8,205,418
Shares redeemed		(2,526,480	)		(39,870,999	)		(3,581,326	)		(58,337,157	)

		2,191,810		$	33,655,341			602,735		$	8,771,440

		4,621,028		$	75,578,108			6,377,604		$	100,862,863


	Year Ended 07/31/22						Year Ended 07/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Total U.S. Stock Market Index
Institutional
Shares sold		2,411,832		$	48,741,326			3,592,939		$	68,878,103
Shares issued in reinvestment of distributions		127,569			2,622,426			77,031			1,410,791
Shares redeemed		(2,992,270	)		(61,665,770	)		(1,749,290	)		(31,437,793	)

		(452,869	)	$	(10,302,018	)		1,920,680		$	38,851,101

Investor A
Shares sold		2,708,211		$	54,806,911			3,002,909		$	56,131,084
Shares issued in reinvestment of distributions		130,982			2,682,514			82,927			1,496,485
Shares redeemed		(1,522,527	)		(31,475,398	)		(2,603,589	)		(46,948,675	)

		1,316,666		$	26,014,027			482,247		$	10,678,894

Class K
Shares sold		36,883,545		$	740,647,199			43,977,636		$	825,707,520
Shares issued in reinvestment of distributions		2,012,631			41,212,633			1,054,995			19,347,020
Shares redeemed		(19,965,405	)		(412,965,779	)		(15,951,939	)		(289,580,071	)

		18,930,771		$	368,894,053			29,080,692		$	555,474,469

		19,794,568		$	384,606,062			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		103

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

BlackRock Funds^SM and Shareholders of each of the three funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting BlackRock Funds, hereafter collectively referred to as the “Funds”) as of July 31, 2022, the related statements of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2022 and each of the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares Russell Mid-Cap Index Fund

iShares Russell Small/Mid-Cap Index Fund

iShares Total U.S. Stock Market Index Fund

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 23, 2022

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


104		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2022:



Fund Name		Qualified Dividend Income

Mid-Cap Index	$	21,894,705
Small/Mid-Cap Index		5,514,004
Total U.S. Stock Market Index		32,415,320

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2022:



Fund Name		Qualified Business Income

Mid-Cap Index	$	2,174,875
Small/Mid-Cap Index		719,629
Total U.S. Stock Market Index		2,436

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended July 31, 2022:



Fund Name		20% Rate Long-Term Capital Gain Dividends

Mid-Cap Index	$	41,026,232
Small/Mid-Cap Index		12,459,992

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2022 qualified for the dividends-received deduction for corporate shareholders:



Fund Name			Dividends-Received Deduction

Mid-Cap Index			85.04%
Small/Mid-Cap Index			76.23
Total U.S. Stock Market Index			91.01

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2022:



Fund Name		Qualified Short-Term Capital Gains

Mid-Cap Index	$	358,385
Small/Mid-Cap Index		53,567
Total U.S. Stock Market Index		457,127


IMPORTANT TAX INFORMATION		105

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Funds (the “Trust”) met on April 20, 2022 (the “April Meeting”) and May 10-11, 2022 (the “May Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of iShares Russell Mid-Cap Index Fund (“Mid-Cap Index Fund”), iShares Russell Small/Mid-Cap Index Fund (“Small/Mid-Cap Index Fund”) and iShares Total U.S. Stock Market Index Fund (“Total U.S. Stock Market Index Fund” and, together with Mid-Cap Index Fund and Small/Mid-Cap Index Fund, the “Funds”), and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and BlackRock Fund Advisors (the “Sub-Advisor”) with respect to each Fund. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the “Agreements.”

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not “interested persons” of the Trust, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information surrounding the renewal of the Agreements. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, an applicable benchmark, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and the Trust’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and the Funds’ operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide


106		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

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

more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of each Fund. Throughout the year, the Board compared each Fund’s performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing the Fund’s performance, investment strategies and outlook.

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

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third-parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, including in light of the ongoing COVID-19 pandemic.

B. The Investment Performance of the Funds and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund’s performance as of December 31, 2021, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of the Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

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

The Board noted that for the one-year period reported, Total U.S. Stock Market Index Fund’s net performance was below the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s below tolerance performance relative to its benchmark over the period. The Board was informed that, among other things, the Fund’s underperformance relative its benchmark and the breach of its lower tolerance, was primarily driven by NAV rounding.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).


DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB - ADVISORY AGREEMENT		107

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

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2021 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that each of Mid-Cap Index Fund’s, Small/Mid-Cap Index Fund’s and Total U.S. Stock Market Index Fund’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund’s Expense Peers. The Board also noted that BlackRock and the Board have contractually agreed to a cap on each Fund’s total expenses as a percentage of the pertinent Fund’s average daily net assets on a class-by-class basis.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Funds increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which the Funds benefit from such economies of scale in a variety of ways and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Funds to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

At the May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2023, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to each Fund, for a one-year term ending June 30, 2023. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.


108		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information


Independent Trustees^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years

Mark Stalnecker 1951	Chair of the Board (Since 2019) and Trustee (Since 2015)	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014.	28 RICs consisting of 162 Portfolios	None

Susan J. Carter 1956	Trustee (Since 2016)	Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof since 2018; Advisory Board Member, Bridges Fund Management since 2016; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021.	28 RICs consisting of 162 Portfolios	None

Collette Chilton 1958	Trustee (Since 2015)	Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020.	28 RICs consisting of 162 Portfolios	None

Neil A. Cotty 1954	Trustee (Since 2016)	Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.	28 RICs consisting of 162 Portfolios	None

Lena G. Goldberg 1949	Trustee (Since 2019)	Director, Charles Stark Draper Laboratory, Inc. since 2013; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President - Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985.	28 RICs consisting of 162 Portfolios	None


TRUSTEE AND OFFICER INFORMATION		109

Trustee and Officer Information (continued)


Independent Trustees^(a)(continued)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years

Henry R. Keizer 1956	Trustee (Since 2019)	Director, Park Indemnity Ltd. (captive insurer) since 2010; Director, MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. (financial and bank holding company) from 2014 to 2016; Director, American Institute of Certified Public Accountants from 2009 to 2011; Director, KPMG LLP (audit, tax and advisory services) from 2004 to 2005 and 2010 to 2012; Director, KPMG International in 2012, Deputy Chairman and Chief Operating Officer thereof from 2010 to 2012 and U.S. Vice Chairman of Audit thereof from 2005 to 2010; Global Head of Audit, KPMGI (consortium of KPMG firms) from 2006 to 2010; Director, YMCA of Greater New York from 2006 to 2010.	28 RICs consisting of 162 Portfolios	Hertz Global Holdings (car rental); GrafTech International Ltd. (materials manufacturing); Montpelier Re Holdings, Ltd. (publicly held property and casualty reinsurance) from 2013 to 2015; WABCO (commercial vehicle safety systems) from 2015 to 2020; Sealed Air Corp. (packaging) from 2015 to 2021.

Cynthia A. Montgomery 1952	Trustee (Since 2007)	Professor, Harvard Business School since 1989.	28 RICs consisting of 162 Portfolios	Newell Rubbermaid, Inc. (manufacturing) from 1995 to 2016.

Donald C. Opatrny 1952	Trustee (Since 2019)	Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Member of the Board and Investment Committee, University School from 2007 to 2018; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2017; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Phoenix Art Museum since 2018; Trustee, Arizona Community Foundation and Member of Investment Committee since 2020.	28 RICs consisting of 162 Portfolios	None

Joseph P. Platt 1947	Trustee (Since 2007)	General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015.	28 RICs consisting of 162 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc.


110		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (continued)


Independent Trustees^(a)(continued)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years

Kenneth L. Urish 1951	Trustee (Since 2007)	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since founding in 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter- Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020.	28 RICs consisting of 162 Portfolios	None

Claire A. Walton 1957	Trustee (Since 2016)	Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015.	28 RICs consisting of 162 Portfolios	None


TRUSTEE AND OFFICER INFORMATION		111

Trustee and Officer Information (continued)


Interested Trustees^(a)(d)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years

Robert Fairbairn 1965	Trustee (Since 2018)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016.	97 RICs consisting of 261 Portfolios	None

John M. Perlowski^(e) 1964	Trustee (Since 2015) President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	99 RICs consisting of 263 Portfolios	None

^(a)	The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

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

^(c)

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

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

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


Officers Who Are Not Trustees^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years

Roland Villacorta 1971	Vice President (Since 2022)	Managing Director of BlackRock, Inc. since 2022; Head of Global Cash Management and Head of Securities Lending within BlackRock’s Portfolio Management Group since 2022; Member of BlackRock’s Global Operating Committee since 2022; Head of Portfolio Management in BlackRock’s Financial Markets Advisory Group within BlackRock Solutions from 2008 to 2015; previously Mr. Villacorta was Co-Head of BlackRock Solutions’ Portfolio Analytics Group and Co-Head of Fixed Income within BlackRock’s Risk & Quantitative Analysis Group.

Jennifer McGovern 1977	Vice President (Since 2014)	Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.

Trent Walker 1974	Chief Financial Officer (Since 2021)	Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Jay M. Fife 1970	Treasurer (Since 2007)	Managing Director of BlackRock, Inc. since 2007.

Charles Park 1967	Chief Compliance Officer (Since 2014)	Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.


112		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (continued)


Officers Who Are Not Trustees^(a)(continued)

Name Year of Birth^(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years

Lisa Belle 1968	Anti-Money Laundering Compliance Officer (Since 2019)	Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012.

Janey Ahn 1975	Secretary (Since 2019)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

^(a)	The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

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

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

Effective December 31, 2021, Bruce R. Bond retired as a Trustee of the Trust.

Effective March 31, 2022, Thomas Callahan resigned as a Vice President of the Trust and effective May 10, 2022, Roland Villacorta was appointed as a Vice President of the Trust.


TRUSTEE AND OFFICER INFORMATION		113

Additional Information

General Information

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies, Procedures and Voting Records

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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

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.


114		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

BlackRock Privacy Principles (continued)

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


ADDITIONAL INFORMATION		115

Glossary of Terms Used in this Report


Portfolio Abbreviation

CME		Chicago Mercantile Exchange

ETF		Exchange-Traded Fund

MSCI		Morgan Stanley Capital International

REIT		Real Estate Investment Trust

S&P		Standard & Poor’s


116		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

blackrock.com | 800-441-7762

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

INDEX5-07/22-AR

(b) Not Applicable

Item 2 –

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

Item 3 –

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

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

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

Item 4 –

Principal Accountant Fees and Services

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


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

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

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


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

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

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

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

(e)(1)

Audit Committee Pre-Approval Policies and Procedures:

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

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

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

(f) Not Applicable

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


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

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

(i) – Not Applicable

(j) – Not Applicable

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

Item 6 –

Investments

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

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

Item 7 –

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

Item 8 –

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

Item 9 –

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

Item 10 –

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

Item 11 –

Controls and Procedures

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially 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 – See Item 2

(a)(2) Section 302 Certifications are attached

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

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

(b) Section 906 Certifications are attached

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^SM

Date: September 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 Funds^SM

Date: September 23, 2022


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

Date: September 23, 2022

Blackrock Funds N-CSRCertified annual shareholder report (management investment company)