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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-05742

Name of Fund: BlackRock Funds^SM

iShares Russell Mid-Cap Index Fund

iShares Russell Small/Mid-Cap Index Fund

iShares Total U.S. Stock Market Index Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 07/31/2023

Date of reporting period: 01/31/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

· iShares Russell Mid-Cap Index Fund

· iShares Russell Small/Mid-Cap Index Fund

· iShares Total U.S. Stock Market Index Fund

Not FDIC Insured • May Lose Value • No Bank Gurantee

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. 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 during the first half of the reporting period. Both large- and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of January 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(0.44)%	(8.22)%
U.S. small cap equities (Russell 2000® Index)	3.25	(3.38)
International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)
Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)
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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Derivative Financial Instruments		10
Financial Statements:
Schedules of Investments		11
Statements of Assets and Liabilities		76
Statements of Operations		78
Statements of Changes in Net Assets		79
Financial Highlights		81
Notes to Financial Statements		90
Statement Regarding Liquidity Risk Management Program		101
Additional Information		102
Glossary of Terms Used in this Report		104

3

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

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2023, the Fund’s Institutional Shares returned 3.89%, Investor A Shares returned 3.76%, and Class K Shares returned 3.90%. The benchmark Russell Midcap^® Index (the “Index”) returned 3.92% for the same period.

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

Describe the market environment.

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

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

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

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

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

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

Performance

				Average Annual Total Returns(a)(b)
	6-Month Total Returns			1 Year			5 Years			Since Inception(c)
Institutional		3.89	%		(3.29	)%		7.99	%		8.91	%
Investor A		3.76			(3.50	)		7.72			8.64
Class K		3.90			(3.24	)		8.04			8.97
Russell Midcap® Index(d)		3.92			(3.33	)		8.02			8.94

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

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

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

^(d)  An index that includes approximately 800 of the smallest companies in the Russell 1000^® Index, which represent approximately 27% of the total market capitalization of the Russell 1000^® Index, as of the most recent constitution.

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 (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period(a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,038.90	$	0.51	$	1,000.00	$	1,024.70	$	0.51		0.10	%
Investor A		1,000.00		1,037.60		1.90		1,000.00		1,023.34		1.89		0.37

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

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

Expense Example (continued)

	Actual						Hypothetical 5% Return
	Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period(a)		Annualized Expense Ratio
Class K	$	1,000.00	$	1,039.00	$	0.26	$	1,000.00	$	1,024.95	$	0.26		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 184/365 (to reflect the one-half year period shown).

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

Portfolio Information

SECTOR ALLOCATION

Sector(a)	Percent of Net Assets
Industrials		15.6	%
Information Technology		15.3
Financials		13.9
Consumer Discretionary		12.0
Health Care		10.5
Real Estate		7.6
Materials		6.4
Utilities		5.5
Energy		4.9
Communication Services		3.6
Consumer Staples		3.4
Investment Companies		1.0
Short-Term Securities		3.7
Liabilities in Excess of Other Assets		(3.4	)

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

F U N D    S U M M A R Y 5

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

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2023, the Fund’s Institutional Shares returned 4.02%, Investor A Shares returned 3.96%, and Class K Shares returned 4.05%. The benchmark Russell 2500TM Index (the “Index”) returned 4.07% for the same period.

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

Describe the market environment.

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

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

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

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

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

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

Performance

				Average Annual Total Returns(a)(b)
	6-Month Total Returns			1 Year			5 Years			Since Inception(c)
Institutional		4.02	%		(2.16	)%		7.20	%		8.93	%
Investor A		3.96			(2.35	)		6.96			8.69
Class K		4.05			(2.11	)		7.25			8.97
Russell 2500™ Index(d)		4.07			(2.05	)		7.28			8.95

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

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

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

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

Past performance is not an indication of future results.

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

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

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

Expense Example

	Actual							Hypothetical 5% Return
		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,040.20	$	0.62		$	1,000.00	$	1,024.60	$	0.61		0.12	%
Investor A		1,000.00		1,039.60		1.90			1,000.00		1,023.34		1.89		0.37
Class K		1,000.00		1,040.50		0.36			1,000.00		1,024.85		0.36		0.07

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

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

Portfolio Information

SECTOR ALLOCATION

Sector(a)	Percent of Net Assets
Industrials		18.0	%
Financials		15.6
Information Technology		13.7
Health Care		12.5
Consumer Discretionary		11.9
Real Estate		8.0
Materials		5.9
Energy		4.9
Consumer Staples		3.3
Utilities		2.9
Communication Services		2.6
Investment Companies		0.4
Short-Term Securities		9.1
Unknown GS		0.2
Liabilities in Excess of Other Assets		(9.0	)

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

F U N D    S U M M A R Y 7

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

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2023, the Fund’s Institutional Shares returned 0.09%, Investor A Shares returned (0.10)%, and Class K Shares returned 0.11%. The benchmark Russell 3000^® Index (the “Index”) returned 0.06% for the same period.

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

Describe the market environment.

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

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

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

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

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

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

Performance

				Average Annual Total Returns(a)(b)
	6-Month Total Returns			1 Year			5 Years			Since Inception (c)
Institutional		0.09	%		(8.16	)%		9.07	%		10.96	%
Investor A		(0.10	)		(8.40	)		8.80			10.70
Class K		0.11			(8.11	)		9.12			11.01
Russell 3000® Index(d)		0.06			(8.24	)		9.12			10.99

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

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

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

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

Past performance is not an indication of future results.

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

Expense Example

	Actual						Hypothetical 5% Return
	Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,000.90	$	0.35	$	1,000.00	$	1,024.85	$	0.36		0.07	%
Investor A		1,000.00		999.00		1.66		1,000.00		1,023.54		1.68		0.33

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

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

Expense Example (continued)

	Actual						Hypothetical 5% Return
	Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Class K	$	1,000.00	$	1,001.10	$	0.10	$	1,000.00	$	1,025.10	$	0.10		0.02	%

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

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

Portfolio Information

TEN LARGEST HOLDINGS

Security	Percent of Net Assets
Apple, Inc.		5.3	%
Microsoft Corp.		4.5
Amazon.com, Inc.		2.2
Alphabet, Inc., Class A		1.5
Berkshire Hathaway, Inc., Class B		1.4
Alphabet, Inc., Class C		1.3
iShares Russell 3000 ETF		1.2
Exxon Mobil Corp.		1.2
NVIDIA Corp.		1.2
UnitedHealth Group, Inc.		1.2

SECTOR ALLOCATION

Sector(a)	Percent of Net Assets
Information Technology		24.5	%
Health Care		14.2
Financials		12.1
Consumer Discretionary		10.5
Industrials		9.4
Communication Services		7.1
Consumer Staples		6.0
Energy		5.0
Real Estate		3.3
Materials		3.0
Utilities		2.8
Investment Companies		1.2
Short-Term Securities		3.9
Liabilities in Excess of Other Assets		(3.0	)

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

F U N D    S U M M A R Y 9

About Fund Performance

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

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

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

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

Disclosure of Expenses

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

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

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

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

Derivative Financial Instruments

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

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

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

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.3%
Axon Enterprise, Inc.(a)		11,120	$	2,173,293
BWX Technologies, Inc.		15,010		913,509
Curtiss-Wright Corp.		6,300		1,044,540
HEICO Corp.		7,397		1,264,517
HEICO Corp., Class A		13,020		1,740,514
Hexcel Corp.		13,717		968,146
Howmet Aerospace, Inc.		61,686		2,510,003
Huntington Ingalls Industries, Inc.		6,499		1,433,289
Mercury Systems, Inc.(a)		9,230		461,361
Spirit AeroSystems Holdings, Inc., Class A		17,079		617,406
Textron, Inc.		34,766		2,532,703
TransDigm Group, Inc.		8,516		6,112,359
Woodward, Inc.(b)		9,688		990,695
				22,762,335
Air Freight & Logistics — 0.3%
CH Robinson Worldwide, Inc.(b)		19,242		1,927,471
Expeditors International of Washington, Inc.		26,835		2,902,205
GXO Logistics, Inc.(a)		17,445		912,897
				5,742,573
Airlines — 0.8%
Alaska Air Group, Inc.(a)		20,320		1,043,229
American Airlines Group, Inc.(a)		106,665		1,721,573
Copa Holdings SA, Class A(a)(b)		4,640		427,251
Delta Air Lines, Inc.(a)		106,148		4,150,387
JetBlue Airways Corp.(a)		51,877		415,016
Southwest Airlines Co.		98,202		3,512,686
United Airlines Holdings, Inc.(a)		53,673		2,627,830
				13,897,972
Auto Components — 0.6%
Aptiv PLC(a)		44,833		5,070,164
BorgWarner, Inc.		38,962		1,842,123
Gentex Corp.		38,656		1,140,739
Lear Corp.		9,734		1,419,022
QuantumScape Corp.(a)(b)		41,935		356,867
				9,828,915
Automobiles — 0.3%
Harley-Davidson, Inc.		22,133		1,018,782
Lucid Group, Inc.(a)(b)		87,066		1,017,801
Rivian Automotive, Inc., Class A(a)		85,510		1,658,894
Thor Industries, Inc.		8,742		833,375
				4,528,852
Banks — 3.2%
Bank of Hawaii Corp.		6,575		502,922
Bank OZK		18,425		841,470
BOK Financial Corp.		4,754		477,777
Citizens Financial Group, Inc.		80,349		3,480,719
Comerica, Inc.		21,563		1,580,784
Commerce Bancshares, Inc.		18,828		1,253,192
Cullen/Frost Bankers, Inc.		9,645		1,256,551
East West Bancorp, Inc.		23,316		1,830,772
Fifth Third Bancorp		112,981		4,100,080
First Citizens BancShares, Inc., Class A		1,821		1,416,155
First Hawaiian, Inc.		21,128		579,752
First Horizon Corp.		87,068		2,153,192
First Republic Bank(b)		30,151		4,247,673
FNB Corp.		57,192		816,130
Huntington Bancshares, Inc.		237,969		3,609,990
KeyCorp.		154,070		2,956,603

Security	Shares		Value
Banks (continued)
M&T Bank Corp.		28,784	$	4,490,304
PacWest Bancorp		18,944		523,991
Pinnacle Financial Partners, Inc.		12,330		970,741
Popular, Inc.		12,112		831,368
Prosperity Bancshares, Inc.		14,312		1,085,708
Regions Financial Corp.		154,989		3,648,441
Signature Bank		10,224		1,318,385
SVB Financial Group(a)		9,658		2,920,965
Synovus Financial Corp.		23,687		993,670
Umpqua Holdings Corp.		35,587		647,683
Webster Financial Corp.		28,836		1,518,215
Western Alliance Bancorp		17,395		1,311,061
Wintrust Financial Corp.		9,854		901,345
Zions Bancorp NA		24,386		1,296,360
				53,561,999
Beverages — 0.3%
Boston Beer Co., Inc., Class A(a)		1,569		609,729
Brown-Forman Corp., Class A		7,357		489,240
Brown-Forman Corp., Class B		30,201		2,010,783
Molson Coors Beverage Co., Class B		28,619		1,504,787
				4,614,539
Biotechnology(a) — 2.1%
Alnylam Pharmaceuticals, Inc.(b)		20,382		4,614,485
Biogen, Inc.		23,994		6,979,855
BioMarin Pharmaceutical, Inc.		30,367		3,502,833
Exact Sciences Corp.		28,764		1,942,145
Exelixis, Inc.		52,034		916,839
Horizon Therapeutics PLC		36,952		4,054,373
Incyte Corp.		30,030		2,556,754
Ionis Pharmaceuticals, Inc.		23,237		926,459
Mirati Therapeutics, Inc.		6,960		371,734
Natera, Inc.		16,192		695,123
Neurocrine Biosciences, Inc.		15,605		1,731,063
Novavax, Inc.(b)		13,006		141,896
Sarepta Therapeutics, Inc.		13,894		1,736,333
Seagen, Inc.		22,542		3,144,158
Ultragenyx Pharmaceutical, Inc.		11,013		499,219
United Therapeutics Corp.		7,345		1,932,984
				35,746,253
Building Products — 1.8%
A O Smith Corp.		20,741		1,404,166
Advanced Drainage Systems, Inc.		10,624		1,071,324
Allegion PLC		14,465		1,700,361
Armstrong World Industries, Inc.		7,535		583,284
AZEK Co., Inc.(a)(b)		17,931		432,675
Builders FirstSource, Inc.(a)		24,110		1,921,567
Carlisle Cos., Inc.		8,461		2,122,527
Carrier Global Corp.		139,526		6,352,619
Fortune Brands Innovations, Inc.		21,379		1,379,159
Hayward Holdings, Inc.(a)(b)		11,430		154,191
Lennox International, Inc.		5,234		1,364,085
Masco Corp.		37,072		1,972,230
Masterbrand, Inc.		21,379		196,687
Owens Corning		15,854		1,532,289
Trane Technologies PLC		38,402		6,878,566
Trex Co., Inc.(a)		18,150		956,868
				30,022,598
Capital Markets — 4.4%
Affiliated Managers Group, Inc.		6,208		1,072,370
Ameriprise Financial, Inc.		17,782		6,225,834
Ares Management Corp., Class A		25,428		2,110,270

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

Security	Shares		Value
Capital Markets (continued)
Bank of New York Mellon Corp.		121,821	$	6,160,488
Blue Owl Capital, Inc.		69,036		868,473
Carlyle Group, Inc.		34,063		1,225,246
Cboe Global Markets, Inc.		17,420		2,140,570
Coinbase Global, Inc., Class A(a)(b)		26,025		1,521,942
Evercore, Inc., Class A		6,037		783,663
FactSet Research Systems, Inc.		6,245		2,641,260
Franklin Resources, Inc.		46,810		1,460,472
Interactive Brokers Group, Inc., Class A		15,211		1,215,967
Invesco Ltd.		61,436		1,137,180
Janus Henderson Group PLC		22,281		577,523
Jefferies Financial Group, Inc.		33,340		1,309,595
KKR & Co., Inc.		94,847		5,293,411
Lazard Ltd., Class A		14,874		596,150
LPL Financial Holdings, Inc.		13,199		3,129,747
MarketAxess Holdings, Inc.		6,134		2,231,856
Morningstar, Inc.		4,091		993,622
MSCI, Inc.		12,973		6,895,928
Nasdaq, Inc.		57,013		3,431,612
Northern Trust Corp.		34,083		3,305,028
Raymond James Financial, Inc.		32,279		3,640,103
Robinhood Markets, Inc., Class A(a)		93,191		970,118
SEI Investments Co.		16,851		1,052,008
State Street Corp.		60,841		5,556,609
Stifel Financial Corp.		16,997		1,145,768
T Rowe Price Group, Inc.		36,830		4,289,590
Tradeweb Markets, Inc., Class A		17,718		1,320,700
Virtu Financial, Inc., Class A		16,105		310,988
				74,614,091
Chemicals — 3.3%
Albemarle Corp.		19,408		5,462,382
Ashland, Inc.		8,329		910,110
Axalta Coating Systems Ltd.(a)		36,331		1,093,563
Celanese Corp.		17,821		2,195,547
CF Industries Holdings, Inc.		32,723		2,771,638
Chemours Co.		25,450		926,125
Corteva, Inc.		119,265		7,686,629
DuPont de Nemours, Inc.		83,168		6,150,274
Eastman Chemical Co.		20,140		1,775,744
Element Solutions, Inc.		37,331		764,539
FMC Corp.		20,726		2,759,252
Ginkgo Bioworks Holdings, Inc.(a)(b)		142,321		277,526
Huntsman Corp.		31,491		997,950
International Flavors & Fragrances, Inc.		42,264		4,753,009
LyondellBasell Industries NV, Class A		42,291		4,089,117
Mosaic Co.		56,748		2,811,296
NewMarket Corp.		979		337,275
Olin Corp.		21,919		1,415,748
PPG Industries, Inc.		39,078		5,093,427
RPM International, Inc.		20,999		1,888,020
Scotts Miracle-Gro Co.		6,513		470,173
Valvoline, Inc.		28,951		1,061,344
Westlake Corp.		5,450		668,988
				56,359,676
Commercial Services & Supplies — 1.3%
Cintas Corp.		14,357		6,370,775
Clean Harbors, Inc.(a)		8,390		1,093,217
Copart, Inc.(a)		70,684		4,708,261
Driven Brands Holdings, Inc.(a)		10,311		300,978
IAA, Inc.(a)		22,039		919,688
MSA Safety, Inc.		6,066		827,342

Security	Shares		Value
Commercial Services & Supplies (continued)
Republic Services, Inc.		34,200	$	4,268,844
Rollins, Inc.		38,235		1,391,754
Stericycle, Inc.(a)		15,141		814,737
Tetra Tech, Inc.		8,727		1,357,223
				22,052,819
Communications Equipment — 1.1%
Arista Networks, Inc.(a)		40,806		5,142,372
Ciena Corp.(a)		24,407		1,269,652
F5, Inc.(a)		9,871		1,457,552
Juniper Networks, Inc.		52,727		1,703,082
Lumentum Holdings, Inc.(a)		11,432		687,978
Motorola Solutions, Inc.		27,306		7,017,915
Ubiquiti, Inc.(b)		967		282,519
Viasat, Inc.(a)(b)		11,687		402,617
				17,963,687
Construction & Engineering — 0.6%
AECOM		21,709		1,894,544
MasTec, Inc.(a)		10,111		993,204
MDU Resources Group, Inc.		33,233		1,027,232
Quanta Services, Inc.		23,415		3,563,529
Valmont Industries, Inc.		3,444		1,135,590
WillScot Mobile Mini Holdings Corp.(a)		34,368		1,665,473
				10,279,572
Construction Materials — 0.5%
Eagle Materials, Inc.		6,172		901,606
Martin Marietta Materials, Inc.		10,312		3,708,607
Vulcan Materials Co.		21,954		4,024,827
				8,635,040
Consumer Finance — 0.8%
Ally Financial, Inc.		50,840		1,651,792
Credit Acceptance Corp.(a)(b)		1,118		517,231
Discover Financial Services		45,250		5,282,032
OneMain Holdings, Inc.		18,986		819,056
SLM Corp.		41,388		727,187
SoFi Technologies, Inc.(a)(b)		131,359		910,318
Synchrony Financial		74,446		2,734,402
Upstart Holdings, Inc.(a)(b)		11,854		221,433
				12,863,451
Containers & Packaging — 1.4%
Amcor PLC		246,830		2,976,770
AptarGroup, Inc.		10,773		1,245,790
Ardagh Group SA(a)		2,789		29,368
Ardagh Metal Packaging SA		24,125		135,582
Avery Dennison Corp.		13,397		2,537,928
Ball Corp.(b)		51,136		2,978,161
Berry Global Group, Inc.		20,602		1,271,761
Crown Holdings, Inc.		19,032		1,677,861
Graphic Packaging Holding Co.		50,136		1,207,776
International Paper Co.		59,486		2,487,705
Packaging Corp. of America		15,204		2,169,611
Sealed Air Corp.		23,899		1,308,709
Silgan Holdings, Inc.		13,784		742,820
Sonoco Products Co.		16,017		978,799
Westrock Co.		41,446		1,626,341
				23,374,982
Distributors — 0.5%
Genuine Parts Co.		22,848		3,834,351

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

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

Security	Shares		Value
Distributors (continued)
LKQ Corp.		42,244	$	2,490,706
Pool Corp.		6,347		2,447,467
				8,772,524
Diversified Consumer Services — 0.3%
ADT, Inc.		33,811		297,199
Bright Horizons Family Solutions, Inc.(a)(b)		9,517		730,715
Grand Canyon Education, Inc.(a)		5,118		596,554
H&R Block, Inc.		26,235		1,022,640
Mister Car Wash, Inc.(a)		13,579		139,456
Service Corp. International		25,451		1,887,192
				4,673,756
Diversified Financial Services — 0.5%
Apollo Global Management, Inc.		80,192		5,675,990
Equitable Holdings, Inc.		61,562		1,974,293
Voya Financial, Inc.		15,744		1,098,459
				8,748,742
Diversified Telecommunication Services — 0.1%
Frontier Communications Parent, Inc.(a)(b)		40,296		1,193,164
Lumen Technologies, Inc.		168,263		883,381
				2,076,545
Electric Utilities — 2.7%
Alliant Energy Corp.		41,248		2,228,629
Avangrid, Inc.		11,464		483,437
Constellation Energy Corp.		54,155		4,622,671
Edison International		62,352		4,296,053
Entergy Corp.		33,410		3,617,635
Evergy, Inc.		36,581		2,291,800
Eversource Energy		57,151		4,705,242
FirstEnergy Corp.		90,053		3,687,670
Hawaiian Electric Industries, Inc.		18,008		761,198
IDACORP, Inc.		8,298		878,011
NRG Energy, Inc.		38,889		1,330,782
OGE Energy Corp.		32,721		1,286,590
PG&E Corp.(a)		273,035		4,341,256
Pinnacle West Capital Corp.		18,702		1,394,234
PPL Corp.		122,214		3,617,534
Xcel Energy, Inc.		90,448		6,220,109
				45,762,851
Electrical Equipment — 1.3%
Acuity Brands, Inc.		5,365		1,011,410
AMETEK, Inc.		38,211		5,537,538
ChargePoint Holdings, Inc.(a)(b)		40,775		495,009
Generac Holdings, Inc.(a)		10,297		1,241,818
Hubbell, Inc.		8,810		2,016,697
nVent Electric PLC		27,179		1,080,365
Plug Power, Inc.(a)(b)		85,481		1,454,887
Regal Rexnord Corp.		11,086		1,543,171
Rockwell Automation, Inc.		19,137		5,397,208
Sensata Technologies Holding PLC		25,449		1,294,082
Sunrun, Inc.(a)		33,786		887,896
Vertiv Holdings Co.(b)		50,201		713,858
				22,673,939
Electronic Equipment, Instruments & Components — 2.4%
Amphenol Corp., Class A		97,127		7,747,821
Arrow Electronics, Inc.(a)		10,515		1,235,407
Avnet, Inc.		15,574		714,535
CDW Corp.		22,420		4,394,993
Cognex Corp.		28,438		1,556,696
Coherent Corp.(a)		21,017		912,138

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Corning, Inc.		125,213	$	4,333,622
IPG Photonics Corp.(a)(b)		5,604		628,208
Jabil, Inc.		21,961		1,726,794
Keysight Technologies, Inc.(a)		29,722		5,330,641
Littelfuse, Inc.		3,980		1,021,626
National Instruments Corp.		21,546		1,163,484
TD SYNNEX Corp.		7,005		715,561
Teledyne Technologies, Inc.(a)		7,620		3,232,861
Trimble, Inc.(a)		41,089		2,385,627
Vontier Corp.		26,028		599,425
Zebra Technologies Corp., Class A(a)		8,491		2,684,684
				40,384,123
Energy Equipment & Services — 0.7%
Baker Hughes Co.		156,587		4,970,072
Halliburton Co.		149,001		6,141,821
NOV, Inc.		63,994		1,564,013
				12,675,906
Entertainment — 1.6%
AMC Entertainment Holdings, Inc., Class A(a)(b)		85,636		458,153
Electronic Arts, Inc.		45,959		5,914,004
Liberty Media Corp.-Liberty Formula One, Class A(a)		3,400		216,512
Liberty Media Corp.-Liberty Formula One, Class C(a)		33,018		2,337,674
Live Nation Entertainment, Inc.(a)		25,856		2,081,149
Madison Square Garden Sports Corp.		3,119		567,159
Playtika Holding Corp.(a)		16,640		174,554
ROBLOX Corp., Class A(a)		74,185		2,760,424
Roku, Inc.(a)		20,188		1,160,810
Spotify Technology SA(a)		23,036		2,596,618
Take-Two Interactive Software, Inc.(a)		26,877		3,043,283
Warner Bros Discovery, Inc., Class A(a)		391,214		5,797,791
World Wrestling Entertainment, Inc., Class A		7,065		597,840
				27,705,971
Equity Real Estate Investment Trusts (REITs) — 7.1%
Alexandria Real Estate Equities, Inc.		26,863		4,317,959
American Homes 4 Rent, Class A		51,031		1,749,853
Americold Realty Trust, Inc.		44,223		1,389,044
Apartment Income REIT Corp.		25,343		969,623
AvalonBay Communities, Inc.		23,162		4,109,865
Boston Properties, Inc.		25,787		1,922,163
Brixmor Property Group, Inc.		49,074		1,154,711
Camden Property Trust		17,057		2,101,593
Cousins Properties, Inc.		24,633		675,437
CubeSmart		36,925		1,690,796
Douglas Emmett, Inc.		27,681		463,657
EastGroup Properties, Inc.		6,768		1,138,716
EPR Properties		12,161		516,599
Equity LifeStyle Properties, Inc.		29,222		2,097,555
Equity Residential		60,944		3,879,086
Essex Property Trust, Inc.		10,694		2,417,593
Extra Space Storage, Inc.		21,805		3,441,483
Federal Realty Investment Trust		13,233		1,475,877
First Industrial Realty Trust, Inc.		21,674		1,156,308
Gaming & Leisure Properties, Inc.		40,174		2,151,719
Healthcare Realty Trust, Inc.		62,082		1,336,625
Healthpeak Properties, Inc.		88,732		2,438,355
Highwoods Properties, Inc.		17,051		517,839
Host Hotels & Resorts, Inc.		116,482		2,195,686
Hudson Pacific Properties, Inc.		22,722		258,804
Invitation Homes, Inc.		101,192		3,288,740
Iron Mountain, Inc.		47,499		2,592,495
JBG SMITH Properties		17,281		348,039

S C H E D U L E    O F    I N V E S T  M E N T S 13

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

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Kilroy Realty Corp.		19,179	$	787,106
Kimco Realty Corp.		99,382		2,232,120
Lamar Advertising Co., Class A		14,322		1,525,866
Life Storage, Inc.		13,746		1,485,118
Medical Properties Trust, Inc.		97,714		1,265,396
Mid-America Apartment Communities, Inc.		19,037		3,173,849
National Retail Properties, Inc.		29,552		1,399,287
National Storage Affiliates Trust		14,144		577,075
Omega Healthcare Investors, Inc.		38,495		1,133,293
Park Hotels & Resorts, Inc.		36,053		530,340
Rayonier, Inc.		24,020		874,088
Realty Income Corp.		104,082		7,059,882
Regency Centers Corp.		28,220		1,880,299
Rexford Industrial Realty, Inc.		30,450		1,932,662
SBA Communications Corp.		17,685		5,261,818
Simon Property Group, Inc.		54,098		6,949,429
SL Green Realty Corp.		10,560		434,544
Spirit Realty Capital, Inc.		22,541		989,099
STORE Capital Corp.		42,088		1,355,654
Sun Communities, Inc.		20,172		3,164,180
UDR, Inc.		53,275		2,268,982
Ventas, Inc.		66,202		3,429,926
VICI Properties, Inc.		159,522		5,452,462
Vornado Realty Trust		29,183		711,773
Welltower, Inc.		78,453		5,887,113
Weyerhaeuser Co.		122,515		4,218,191
WP Carey, Inc.		34,188		2,924,100
				120,699,872
Food & Staples Retailing — 0.7%
Albertsons Cos., Inc., Class A		27,429		581,495
BJ’s Wholesale Club Holdings, Inc.(a)		22,079		1,600,065
Casey’s General Stores, Inc.		6,130		1,446,128
Grocery Outlet Holding Corp.(a)		14,478		439,986
Kroger Co.		108,746		4,853,334
Performance Food Group Co.(a)		24,893		1,526,439
U.S. Foods Holding Corp.(a)		33,366		1,272,246
				11,719,693
Food Products — 2.0%
Bunge Ltd.		23,055		2,284,751
Campbell Soup Co.		31,981		1,660,773
Conagra Brands, Inc.		78,053		2,902,791
Darling Ingredients, Inc.(a)		26,325		1,745,084
Flowers Foods, Inc.		30,831		853,710
Freshpet, Inc.(a)(b)		7,449		471,745
Hershey Co.		24,206		5,436,668
Hormel Foods Corp.		47,177		2,137,590
Ingredion, Inc.		10,886		1,119,081
J M Smucker Co.		17,092		2,611,658
Kellogg Co.		42,277		2,899,357
Lamb Weston Holdings, Inc.		23,716		2,368,991
McCormick & Co., Inc.		41,568		3,122,588
Pilgrim’s Pride Corp.(a)		7,712		187,247
Post Holdings, Inc.(a)		8,987		853,316
Seaboard Corp.		40		156,820
Tyson Foods, Inc., Class A		47,238		3,105,898
				33,918,068
Gas Utilities — 0.3%
Atmos Energy Corp.		22,881		2,689,433

Security	Shares		Value
Gas Utilities (continued)
National Fuel Gas Co.		14,431	$	837,864
UGI Corp.		34,298		1,366,089
				4,893,386
Health Care Equipment & Supplies — 3.1%
Align Technology, Inc.(a)		12,912		3,482,754
Cooper Cos., Inc.		8,055		2,810,631
DENTSPLY SIRONA, Inc.		35,255		1,298,442
Dexcom, Inc.(a)(b)		64,461		6,903,129
Enovis Corp.(a)		8,477		533,627
Envista Holdings Corp.(a)(b)		26,789		1,044,503
Globus Medical, Inc., Class A(a)(b)		12,579		949,715
Hologic, Inc.(a)		40,479		3,293,776
ICU Medical, Inc.(a)(b)		3,289		635,533
IDEXX Laboratories, Inc.(a)		13,722		6,593,421
Insulet Corp.(a)		11,414		3,279,471
Integra LifeSciences Holdings Corp.(a)		11,864		679,807
Masimo Corp.(a)		7,805		1,327,474
Novocure Ltd.(a)		16,930		1,543,677
Penumbra, Inc.(a)		5,867		1,469,155
QuidelOrtho Corp.(a)		8,110		694,297
ResMed, Inc.		23,960		5,471,745
STERIS PLC(b)		16,547		3,417,121
Tandem Diabetes Care, Inc.(a)		10,424		424,674
Teleflex, Inc.		7,735		1,882,854
Zimmer Biomet Holdings, Inc.		34,791		4,430,286
				52,166,092
Health Care Providers & Services — 1.7%
Acadia Healthcare Co., Inc.(a)		14,592		1,226,020
Agilon Health, Inc.(a)(b)		30,736		668,815
Amedisys, Inc.(a)		5,328		515,004
AmerisourceBergen Corp.		25,735		4,348,186
Cardinal Health, Inc.		43,451		3,356,590
Chemed Corp.		2,403		1,213,851
DaVita, Inc.(a)(b)		9,348		770,182
Encompass Health Corp.		16,121		1,006,756
Enhabit, Inc.(a)		8,003		122,926
Guardant Health, Inc.(a)		16,071		505,112
Henry Schein, Inc.(a)(b)		22,300		1,921,145
Laboratory Corp. of America Holdings		14,869		3,748,772
Molina Healthcare, Inc.(a)		9,426		2,939,310
Oak Street Health, Inc.(a)		18,842		547,549
Premier, Inc., Class A		19,514		650,987
Quest Diagnostics, Inc.		19,249		2,858,091
Signify Health, Inc., Class A(a)(b)		13,420		381,933
Tenet Healthcare Corp.(a)(b)		17,561		963,221
Universal Health Services, Inc., Class B		10,413		1,543,311
				29,287,761
Health Care Technology(a) — 0.3%
Certara, Inc.(b)		19,040		369,376
Definitive Healthcare Corp.(b)		5,146		63,708
Doximity, Inc., Class A(b)		18,531		653,588
Teladoc Health, Inc.		26,463		778,012
Veeva Systems, Inc., Class A		23,107		3,940,899
				5,805,583
Hotels, Restaurants & Leisure — 3.3%
Aramark		37,918		1,688,489
Boyd Gaming Corp.		12,911		804,484
Caesars Entertainment, Inc.(a)		33,835		1,761,450
Carnival Corp.(a)(b)		161,747		1,750,103
Chipotle Mexican Grill, Inc.(a)		4,614		7,596,397

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

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

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Choice Hotels International, Inc.		5,576	$	685,235
Churchill Downs, Inc.		5,940		1,473,714
Darden Restaurants, Inc.		20,145		2,980,856
Domino’s Pizza, Inc.		5,910		2,086,230
DraftKings, Inc., Class A(a)		58,673		879,508
Expedia Group, Inc.(a)		24,883		2,844,127
Hilton Worldwide Holdings, Inc.		44,465		6,451,427
Hyatt Hotels Corp., Class A(a)		8,153		889,655
Las Vegas Sands Corp.(a)		54,431		3,211,429
Marriott Vacations Worldwide Corp.		6,312		1,010,172
MGM Resorts International		54,028		2,237,299
Norwegian Cruise Line Holdings Ltd.(a)(b)		68,810		1,046,600
Penn Entertainment, Inc.(a)		26,006		921,913
Planet Fitness, Inc., Class A(a)(b)		13,886		1,175,450
Royal Caribbean Cruises Ltd.(a)		36,245		2,353,750
Six Flags Entertainment Corp.(a)		12,465		334,685
Travel & Leisure Co.		13,555		574,325
Vail Resorts, Inc.		6,577		1,725,410
Wendy’s Co.		27,915		622,505
Wyndham Hotels & Resorts, Inc.		14,562		1,128,701
Wynn Resorts Ltd.(a)(b)		17,148		1,777,219
Yum! Brands, Inc.		47,121		6,149,762
				56,160,895
Household Durables — 1.4%
D.R. Horton, Inc.		52,459		5,177,179
Garmin Ltd.		25,369		2,508,487
Leggett & Platt, Inc.		21,971		803,260
Lennar Corp., B Shares		2,508		216,591
Lennar Corp., Class A		41,269		4,225,945
Mohawk Industries, Inc.(a)		8,660		1,039,719
Newell Brands, Inc.		62,220		993,031
NVR, Inc.(a)		495		2,608,650
PulteGroup, Inc.		38,015		2,162,673
Tempur Sealy International, Inc.		27,693		1,128,490
Toll Brothers, Inc.		17,774		1,057,375
TopBuild Corp.(a)		5,294		1,059,118
Whirlpool Corp.		8,739		1,359,701
				24,340,219
Household Products — 0.4%
Church & Dwight Co., Inc.		39,959		3,231,085
Clorox Co.		20,434		2,956,595
Reynolds Consumer Products, Inc.		8,665		257,957
Spectrum Brands Holdings, Inc.		6,708		455,339
				6,900,976
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp.		109,786		3,009,234
Brookfield Renewable Corp., Class A		20,968		660,911
Vistra Corp.		67,873		1,565,152
				5,235,297
Insurance — 4.6%
Aflac, Inc.		103,138		7,580,643
Allstate Corp.		44,338		5,696,103
American Financial Group, Inc.		11,106		1,583,605
Arch Capital Group Ltd.(a)		58,284		3,750,575
Arthur J Gallagher & Co.		34,504		6,753,123
Assurant, Inc.		8,754		1,160,693
Assured Guaranty Ltd.		9,619		602,149
Axis Capital Holdings Ltd.		12,880		805,902
Brighthouse Financial, Inc.(a)		11,828		665,562
Brown & Brown, Inc.		38,899		2,277,925

Security	Shares		Value
Insurance (continued)
Cincinnati Financial Corp.		25,736	$	2,912,028
CNA Financial Corp.		4,427		192,840
Erie Indemnity Co., Class A		4,114		1,005,256
Everest Re Group Ltd.		6,403		2,239,065
F&G Annuities & Life, Inc.		2,955		63,414
Fidelity National Financial, Inc.		43,457		1,913,412
First American Financial Corp.		16,319		1,009,657
Globe Life, Inc.		14,743		1,781,692
Hanover Insurance Group, Inc.		5,817		782,852
Hartford Financial Services Group, Inc.		53,078		4,119,384
Kemper Corp.		10,542		619,132
Lincoln National Corp.		27,722		982,190
Loews Corp.		32,814		2,017,405
Markel Corp.(a)		2,198		3,096,938
Old Republic International Corp.		46,522		1,227,716
Primerica, Inc.		6,136		992,498
Principal Financial Group, Inc.		40,588		3,756,419
Prudential Financial, Inc.		61,762		6,481,304
Reinsurance Group of America, Inc.		11,033		1,674,478
RenaissanceRe Holdings Ltd.		7,083		1,386,072
Ryan Specialty Holdings, Inc.(a)		13,302		566,931
Unum Group		33,133		1,392,580
W R Berkley Corp.		33,875		2,375,992
White Mountains Insurance Group Ltd.		469		716,613
Willis Towers Watson PLC		17,998		4,574,912
				78,757,060
Interactive Media & Services(a) — 0.4%
IAC, Inc.		12,900		728,850
Match Group, Inc.		46,883		2,537,308
Pinterest, Inc., Class A		96,558		2,538,510
TripAdvisor, Inc.		16,518		384,870
ZoomInfo Technologies, Inc., CLass A		45,319		1,279,355
				7,468,893
Internet & Direct Marketing Retail — 0.6%
DoorDash, Inc., Class A(a)		41,124		2,381,902
eBay, Inc.		90,465		4,478,017
Etsy, Inc.(a)		20,807		2,862,627
Wayfair, Inc., Class A(a)(b)		12,867		778,454
				10,501,000
IT Services — 3.4%
Affirm Holdings, Inc.(a)(b)		36,067		583,925
Akamai Technologies, Inc.(a)		25,767		2,291,975
Amdocs Ltd.		19,916		1,830,878
Broadridge Financial Solutions, Inc.		19,201		2,887,062
Cloudflare, Inc., Class A(a)		46,893		2,481,109
Concentrix Corp.		7,108		1,007,985
DXC Technology Co.(a)		37,847		1,087,344
EPAM Systems, Inc.(a)		9,101		3,027,448
Euronet Worldwide, Inc.(a)		7,771		875,636
FleetCor Technologies, Inc.(a)		12,017		2,509,270
Gartner, Inc.(a)		12,727		4,303,508
Genpact Ltd.		29,884		1,412,916
Global Payments, Inc.		45,271		5,102,947
Globant SA(a)		6,667		1,081,254
GoDaddy, Inc., Class A(a)		25,747		2,114,601
Jack Henry & Associates, Inc.		11,942		2,150,635
Kyndryl Holdings, Inc.(a)		32,978		441,575
MongoDB, Inc.(a)		10,995		2,355,239
Okta, Inc.(a)		25,081		1,846,212
Paychex, Inc.		53,496		6,198,047
Shift4 Payments, Inc., Class A(a)		8,164		522,823

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

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

Security	Shares		Value
IT Services (continued)
SS&C Technologies Holdings, Inc.		36,718	$	2,215,931
Thoughtworks Holding, Inc.(a)		13,773		148,748
Toast, Inc., Class A(a)(b)		41,268		920,689
Twilio, Inc., Class A(a)		28,881		1,728,239
VeriSign, Inc.(a)		15,451		3,369,091
Western Union Co.		63,373		897,995
WEX, Inc.(a)		7,255		1,341,957
Wix.com Ltd.(a)		9,139		794,910
				57,529,949
Leisure Products — 0.3%
Brunswick Corp.		12,205		1,029,248
Hasbro, Inc.		21,764		1,287,776
Mattel, Inc.(a)		57,617		1,178,844
Peloton Interactive, Inc., Class A(a)		49,669		642,220
Polaris, Inc.		9,296		1,067,553
YETI Holdings, Inc.(a)		14,256		638,098
				5,843,739
Life Sciences Tools & Services — 2.7%
10X Genomics, Inc., Class A(a)		15,063		705,400
Agilent Technologies, Inc.		49,357		7,506,213
Avantor, Inc.(a)		100,349		2,398,341
Azenta, Inc.		12,153		679,353
Bio-Rad Laboratories, Inc., Class A(a)		3,501		1,636,577
Bio-Techne Corp.(b)		25,600		2,039,296
Bruker Corp.		17,900		1,255,148
Charles River Laboratories International, Inc.(a)		8,296		2,018,002
IQVIA Holdings, Inc.(a)		30,767		7,058,258
Maravai LifeSciences Holdings, Inc., Class A(a)		18,001		263,895
Mettler-Toledo International, Inc.(a)		3,682		5,644,211
PerkinElmer, Inc.		20,756		2,854,573
QIAGEN NV(a)		37,385		1,831,865
Repligen Corp.(a)(b)		9,101		1,686,415
Sotera Health Co.(a)		15,853		273,306
Syneos Health, Inc.(a)		17,048		612,364
Waters Corp.(a)		9,855		3,238,156
West Pharmaceutical Services, Inc.		12,279		3,261,302
				44,962,675
Machinery — 4.1%
AGCO Corp.		10,164		1,403,953
Allison Transmission Holdings, Inc.		15,996		721,100
Crane Holdings Co.		7,762		899,693
Cummins, Inc.		23,373		5,832,499
Donaldson Co., Inc.		20,293		1,265,269
Dover Corp.		23,676		3,594,727
Esab Corp.		8,200		474,042
Flowserve Corp.		21,470		738,997
Fortive Corp.		59,037		4,016,287
Gates Industrial Corp. PLC(a)		17,909		236,578
Graco, Inc.		27,615		1,886,657
IDEX Corp.		12,501		2,996,240
Ingersoll Rand, Inc.(b)		67,360		3,772,160
ITT, Inc.		13,735		1,257,989
Lincoln Electric Holdings, Inc.		9,280		1,548,554
Middleby Corp.(a)		8,759		1,361,587
Nordson Corp.		9,531		2,318,892
Oshkosh Corp.		10,782		1,086,610
Otis Worldwide Corp.		69,640		5,726,497
PACCAR, Inc.		56,581		6,184,869
Parker-Hannifin Corp.		21,225		6,919,350
Pentair PLC		26,972		1,493,709

Security	Shares		Value
Machinery (continued)
Snap-on, Inc.		8,652	$	2,152,012
Stanley Black & Decker, Inc.		24,298		2,170,054
Timken Co.		10,298		848,040
Toro Co.		17,170		1,914,798
Westinghouse Air Brake Technologies Corp.		30,016		3,115,961
Xylem, Inc.		29,476		3,065,799
				69,002,923
Marine — 0.0%
Kirby Corp.(a)		9,791		693,007
Media — 1.4%
Altice USA, Inc., Class A(a)		34,654		169,805
Cable One, Inc.		967		763,814
DISH Network Corp., Class A(a)(b)		41,535		597,689
Fox Corp., Class A		49,768		1,689,126
Fox Corp., Class B		23,461		743,714
Interpublic Group of Cos., Inc.		64,694		2,358,743
Liberty Broadband Corp., Class A(a)(b)		2,963		265,544
Liberty Broadband Corp., Class C(a)(b)		20,316		1,823,970
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		12,503		507,872
Liberty Media Corp.-Liberty SiriusXM, Class C(a)		25,463		1,026,159
New York Times Co., Class A		27,054		942,561
News Corp., Class A		63,500		1,286,510
News Corp., Class B		19,502		398,621
Nexstar Media Group, Inc., Class A		6,135		1,256,264
Omnicom Group, Inc.		33,481		2,879,031
Paramount Global, Class A(b)		1,521		40,535
Paramount Global, Class B		94,913		2,198,185
Sirius XM Holdings, Inc.(b)		114,623		663,667
Trade Desk, Inc., Class A(a)		72,770		3,689,439
				23,301,249
Metals & Mining — 1.2%
Alcoa Corp.		29,474		1,539,722
Cleveland-Cliffs, Inc.(a)		84,078		1,795,065
MP Materials Corp.(a)		15,133		491,974
Nucor Corp.		43,062		7,278,339
Reliance Steel & Aluminum Co.		9,871		2,245,159
Royal Gold, Inc.		10,782		1,369,637
SSR Mining, Inc.		35,169		595,763
Steel Dynamics, Inc.		27,603		3,330,026
U.S. Steel Corp.		38,981		1,110,569
				19,756,254
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.		94,583		1,097,163
Annaly Capital Management, Inc.		77,491		1,818,714
Rithm Capital Corp.		70,747		665,729
Starwood Property Trust, Inc.		48,054		1,003,848
				4,585,454
Multiline Retail — 0.5%
Dollar Tree, Inc.(a)(b)		35,237		5,291,893
Kohl’s Corp.		21,192		685,985
Macy’s, Inc.		44,328		1,047,471
Nordstrom, Inc.		18,392		359,380
Ollie’s Bargain Outlet Holdings, Inc.(a)		10,323		565,287
				7,950,016
Multi-Utilities — 1.8%
Ameren Corp.		42,681		3,707,698
CenterPoint Energy, Inc.		103,695		3,123,293
CMS Energy Corp.		48,010		3,033,752
Consolidated Edison, Inc.		58,856		5,609,565

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

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

Security	Shares		Value
Multi-Utilities (continued)
DTE Energy Co.		31,992	$	3,722,909
NiSource, Inc.		66,889		1,856,170
Public Service Enterprise Group, Inc.		82,579		5,114,118
WEC Energy Group, Inc.		52,337		4,919,155
				31,086,660
Oil, Gas & Consumable Fuels — 4.2%
Antero Midstream Corp.		55,828		608,525
Antero Resources Corp.(a)		47,642		1,373,995
APA Corp.		53,538		2,373,340
Cheniere Energy, Inc.		41,279		6,307,018
Chesapeake Energy Corp.		19,926		1,727,983
Coterra Energy, Inc.		129,148		3,232,574
Devon Energy Corp.		108,277		6,847,438
Diamondback Energy, Inc.		29,118		4,254,722
DT Midstream, Inc.(a)		15,944		871,499
Enviva, Inc.		4,951		225,172
EQT Corp.		60,639		1,981,076
Hess Corp.		46,698		7,012,172
HF Sinclair Corp.		23,824		1,355,586
Marathon Oil Corp.		104,971		2,883,553
New Fortress Energy, Inc.		7,793		302,290
ONEOK, Inc.		73,717		5,048,140
Ovintiv, Inc.		42,048		2,070,023
PDC Energy, Inc.		15,566		1,054,285
Phillips 66		78,405		7,861,669
Range Resources Corp.		41,982		1,050,390
Southwestern Energy Co.(a)		184,325		1,017,474
Targa Resources Corp.		37,180		2,789,244
Texas Pacific Land Corp.		942		1,880,091
Vitesse Energy, Inc.(a)(b)		3,923		62,611
Williams Cos., Inc.		202,008		6,512,738
				70,703,608
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		11,936		812,722
Personal Products(a) — 0.0%
Coty, Inc., Class A		57,269		570,399
Olaplex Holdings, Inc.		20,106		126,869
				697,268
Pharmaceuticals — 0.7%
Catalent, Inc.(a)		29,668		1,588,722
Elanco Animal Health, Inc.(a)		73,293		1,006,313
Jazz Pharmaceuticals PLC(a)(b)		10,206		1,598,872
Organon & Co.		41,810		1,259,735
Perrigo Co. PLC		22,103		827,094
Royalty Pharma PLC, Class A		61,669		2,416,808
Viatris, Inc.		199,393		2,424,619
				11,122,163
Professional Services — 1.9%
Booz Allen Hamilton Holding Corp., Class A		21,600		2,044,224
CACI International, Inc., Class A(a)		3,798		1,170,126
Clarivate PLC(a)		77,495		861,744
CoStar Group, Inc.(a)		66,885		5,210,341
Dun & Bradstreet Holdings, Inc.		41,773		611,974
Equifax, Inc.(b)		20,155		4,478,441
FTI Consulting, Inc.(a)(b)		5,549		885,176
Jacobs Solutions, Inc.		21,032		2,598,504
KBR, Inc.		22,807		1,168,403
Leidos Holdings, Inc.		22,414		2,215,400
ManpowerGroup, Inc.		8,472		738,420

Security	Shares		Value
Professional Services (continued)
Robert Half International, Inc.		17,823	$	1,496,419
Science Applications International Corp.		9,129		947,408
TransUnion		31,667		2,272,107
Verisk Analytics, Inc.		25,759		4,682,729
				31,381,416
Real Estate Management & Development(a) — 0.5%
CBRE Group, Inc., Class A		52,731		4,509,028
Howard Hughes Corp.		5,925		506,528
Jones Lang LaSalle, Inc.		7,881		1,456,960
Opendoor Technologies, Inc.(b)		75,561		165,479
WeWork, Inc., Class A(b)		21,026		33,431
Zillow Group, Inc., Class A		9,598		412,330
Zillow Group, Inc., Class C(b)		26,370		1,165,818
				8,249,574
Road & Rail — 0.9%
Avis Budget Group, Inc.(a)		4,234		846,969
Hertz Global Holdings, Inc.(a)		33,202		598,300
JB Hunt Transport Services, Inc.		13,725		2,594,711
Knight-Swift Transportation Holdings, Inc.		25,556		1,510,360
Landstar System, Inc.		5,950		1,028,338
Lyft, Inc., Class A(a)		50,627		822,689
Old Dominion Freight Line, Inc.		16,538		5,511,123
RXO, Inc.(a)		16,556		303,306
Ryder System, Inc.		8,180		772,274
Schneider National, Inc., Class B		8,698		230,497
U-Haul Holding Co.		14,822		923,476
XPO Logistics, Inc.(a)		16,963		676,145
				15,818,188
Semiconductors & Semiconductor Equipment — 2.3%
Allegro MicroSystems, Inc.(a)		10,802		412,312
Cirrus Logic, Inc.(a)		9,215		832,944
Enphase Energy, Inc.(a)		21,704		4,804,831
Entegris, Inc.		24,420		1,970,938
First Solar, Inc.(a)		17,480		3,104,448
Globalfoundries, Inc.(a)(b)		10,377		615,149
Lattice Semiconductor Corp.(a)		22,267		1,687,616
Microchip Technology, Inc.		88,560		6,874,027
MKS Instruments, Inc.		9,513		973,370
Monolithic Power Systems, Inc.		7,467		3,185,124
ON Semiconductor Corp.(a)		71,948		5,284,581
Qorvo, Inc.(a)		16,994		1,846,568
Skyworks Solutions, Inc.		26,463		2,902,197
Teradyne, Inc.		25,770		2,620,809
Universal Display Corp.		7,169		950,108
Wolfspeed, Inc.(a)		20,415		1,572,159
				39,637,181
Software — 5.2%
Alteryx, Inc., Class A(a)		9,736		540,251
ANSYS, Inc.(a)		14,423		3,841,710
AppLovin Corp., Class A(a)		36,443		462,826
Aspen Technology, Inc.(a)		4,435		881,456
Bentley Systems, Inc., Class B(b)		27,739		1,083,208
Bill.com Holdings, Inc.(a)		16,395		1,895,590
Black Knight, Inc.(a)		25,524		1,546,499
Cadence Design Systems, Inc.(a)		45,245		8,272,143
CCC Intelligent Solutions Holdings, Inc.(a)		27,356		253,043
Ceridian HCM Holding, Inc.(a)(b)		22,590		1,632,805
Confluent, Inc., Class A(a)		20,763		479,625
Coupa Software, Inc.(a)		12,435		993,805
Crowdstrike Holdings, Inc., Class A(a)		34,867		3,692,415

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

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

Security	Shares		Value
Software (continued)
Datadog, Inc., Class A(a)		44,025	$	3,293,510
DocuSign, Inc.(a)		32,570		1,975,045
Dolby Laboratories, Inc., Class A		10,100		803,556
DoubleVerify Holdings, Inc.(a)(b)		12,064		328,020
Dropbox, Inc., Class A(a)		45,047		1,046,442
Dynatrace, Inc.(a)		32,608		1,253,125
Elastic NV(a)		12,720		748,445
Fair Isaac Corp.(a)		4,039		2,689,772
Five9, Inc.(a)(b)		11,426		900,140
Fortinet, Inc.(a)		107,015		5,601,165
Gen Digital, Inc.		94,001		2,162,963
Guidewire Software, Inc.(a)		13,787		1,009,760
HubSpot, Inc.(a)		7,678		2,664,343
Informatica, Inc., Class A(a)(b)		6,035		107,423
Jamf Holding Corp.(a)		10,550		209,628
Manhattan Associates, Inc.(a)		10,278		1,339,840
nCino, Inc.(a)		11,350		324,610
NCR Corp.(a)		20,560		563,755
New Relic, Inc.(a)		8,605		525,335
Nutanix, Inc., Class A(a)		38,073		1,061,095
Palantir Technologies, Inc., Class A(a)		305,041		2,373,219
Paycom Software, Inc.(a)		8,489		2,749,927
Paycor HCM, Inc.(a)		9,078		227,949
Paylocity Holding Corp.(a)		6,489		1,351,594
Pegasystems, Inc.		6,854		266,484
Procore Technologies, Inc.(a)		11,578		647,789
PTC, Inc.(a)		17,331		2,337,605
RingCentral, Inc., Class A(a)		13,900		542,517
SentinelOne, Inc., Class A(a)		30,132		454,692
Smartsheet, Inc., Class A(a)		20,793		898,466
Splunk, Inc.(a)		26,980		2,583,875
Synopsys, Inc.(a)		25,286		8,944,921
Teradata Corp.(a)		16,787		585,531
Tyler Technologies, Inc.(a)		6,771		2,185,476
UiPath, Inc., Class A(a)(b)		61,560		945,562
Unity Software, Inc.(a)(b)		40,583		1,441,508
Zoom Video Communications, Inc., Class A(a)		41,877		3,140,775
Zscaler, Inc.(a)		13,993		1,737,371
				87,598,609
Specialty Retail — 3.2%
Advance Auto Parts, Inc.		10,048		1,530,109
AutoNation, Inc.(a)		6,293		797,449
AutoZone, Inc.(a)		3,144		7,667,744
Bath & Body Works, Inc.		37,472		1,724,087
Best Buy Co., Inc.		33,077		2,934,591
Burlington Stores, Inc.(a)		10,862		2,496,414
CarMax, Inc.(a)(b)		26,393		1,859,387
Carvana Co.(a)(b)		16,871		171,578
Dick’s Sporting Goods, Inc.		8,953		1,170,694
Five Below, Inc.(a)		9,036		1,781,267
Floor & Decor Holdings, Inc., Class A(a)(b)		17,109		1,552,984
GameStop Corp., Class A(a)(b)		43,967		961,558
Gap, Inc.		31,996		434,186
Leslie’s, Inc.(a)(b)		26,432		409,432
Lithia Motors, Inc.		4,461		1,174,135
O’Reilly Automotive, Inc.(a)		10,327		8,182,598
Penske Automotive Group, Inc.(b)		4,440		567,521

Security	Shares		Value
Specialty Retail (continued)
Petco Health & Wellness Co., Inc.(a)(b)		13,018	$	152,180
RH(a)(b)		3,278		1,022,703
Ross Stores, Inc.		56,813		6,714,729
Tractor Supply Co.		18,406		4,196,384
Ulta Beauty, Inc.(a)		8,457		4,346,560
Victoria’s Secret & Co.(a)		13,740		579,141
Williams-Sonoma, Inc.		11,171		1,507,415
				53,934,846
Technology Hardware, Storage & Peripherals — 0.9%
Dell Technologies, Inc., Class C		42,689		1,734,027
Hewlett Packard Enterprise Co.		213,741		3,447,642
HP, Inc.		166,905		4,863,612
NetApp, Inc.		36,148		2,394,082
Pure Storage, Inc., Class A(a)		46,009		1,331,501
Western Digital Corp.(a)		52,704		2,316,341
				16,087,205
Textiles, Apparel & Luxury Goods — 1.1%
Capri Holdings Ltd.(a)		20,818		1,384,189
Carter’s, Inc.		6,373		531,317
Columbia Sportswear Co.		5,887		564,563
Deckers Outdoor Corp.(a)		4,351		1,859,965
Hanesbrands, Inc.		56,924		480,439
Lululemon Athletica, Inc.(a)		18,522		5,684,031
PVH Corp.		11,125		1,000,138
Ralph Lauren Corp.		6,898		854,317
Skechers USA, Inc., Class A(a)		22,040		1,061,226
Tapestry, Inc.		41,232		1,878,942
Under Armour, Inc., Class A(a)		30,230		374,550
Under Armour, Inc., Class C(a)		32,337		352,473
VF Corp.		57,524		1,779,793
				17,805,943
Thrifts & Mortgage Finance — 0.1%
MGIC Investment Corp.		48,690		687,503
New York Community Bancorp, Inc.		110,468		1,103,575
Rocket Cos., Inc., Class A(b)		19,111		179,835
TFS Financial Corp.		7,886		112,375
UWM Holdings Corp.(b)		14,183		64,958
				2,148,246
Trading Companies & Distributors — 1.2%
Air Lease Corp.		17,236		775,103
Core & Main, Inc., Class A(a)(b)		11,615		256,343
Fastenal Co.		95,461		4,825,554
MSC Industrial Direct Co., Inc., Class A		7,606		629,016
SiteOne Landscape Supply, Inc.(a)		7,321		1,109,205
United Rentals, Inc.(a)		11,580		5,106,201
Univar Solutions, Inc.(a)		27,138		935,718
W.W.Grainger, Inc.		7,499		4,420,510
Watsco, Inc.		5,443		1,564,155
WESCO International, Inc.(a)		7,332		1,092,541
				20,714,346

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

Security	Shares		Value
Water Utilities — 0.4%
American Water Works Co., Inc.		30,172	$	4,721,616
Essential Utilities, Inc.		38,122		1,781,441
				6,503,057
Total Common Stocks — 98.7% (Cost: $1,185,292,621)				1,676,104,804
Investment Companies
Equity Funds — 1.0%
iShares Russell Mid-Cap ETF(c)		227,385		16,610,474
Total Investment Companies — 1.0% (Cost: $15,907,182)				16,610,474
Total Long-Term Investments — 99.7% (Cost: $1,201,199,803)				1,692,715,278
Short-Term Securities
Money Market Funds — 3.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(c)(d)(e)		54,990,291		55,023,285
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(c)(d)		7,217,649		7,217,649
Total Short-Term Securities — 3.7% (Cost: $62,223,109)				62,240,934
Total Investments — 103.4% (Cost: $1,263,422,912)				1,754,956,212
Liabilities in Excess of Other Assets — (3.4)%				(57,996,266	)
Net Assets — 100.0%			$	1,696,959,946

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

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

Affiliates

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

Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	74,908,758	$	—	$	(19,928,141	)(a)	$	25,344	$	17,324		$	55,023,285		54,990,291	$	317,747	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		9,934,737		—		(2,717,088	)(a)		—		—			7,217,649		7,217,649		134,845			—
iShares Russell Mid-Cap ETF		17,487,894		81,882,662		(83,134,560	)		810,078		(435,600	)		16,610,474		227,385		175,521			—
								$	835,422	$	(418,276	)	$	78,851,408			$	628,113		$	—

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

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 400 E-Mini Index		9		03/17/23	$	2,397	$	208,137
S&P 500 E-Mini Index		11		03/17/23		2,250		59,585
							$	267,722

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)	$	—	$	—	$	267,722	$	—	$	—	$	—	$	267,722

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

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	790,505		$	—	$	—	$	—	$	790,505
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(421,557	)	$	—	$	—	$	—	$	(421,557)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	13,978,235

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	$	22,762,335	$	—	$	—	$	22,762,335
Air Freight & Logistics		5,742,573		—		—		5,742,573
Airlines		13,897,972		—		—		13,897,972
Auto Components		9,828,915		—		—		9,828,915

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

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Automobiles	$	4,528,852	$	—	$	—	$	4,528,852
Banks		53,561,999		—		—		53,561,999
Beverages		4,614,539		—		—		4,614,539
Biotechnology		35,746,253		—		—	��	35,746,253
Building Products		30,022,598		—		—		30,022,598
Capital Markets		74,614,091		—		—		74,614,091
Chemicals		56,359,676		—		—		56,359,676
Commercial Services & Supplies		22,052,819		—		—		22,052,819
Communications Equipment		17,963,687		—		—		17,963,687
Construction & Engineering		10,279,572		—		—		10,279,572
Construction Materials		8,635,040		—		—		8,635,040
Consumer Finance		12,863,451		—		—		12,863,451
Containers & Packaging		23,345,614		29,368		—		23,374,982
Distributors		8,772,524		—		—		8,772,524
Diversified Consumer Services		4,673,756		—		—		4,673,756
Diversified Financial Services		8,748,742		—		—		8,748,742
Diversified Telecommunication Services		2,076,545		—		—		2,076,545
Electric Utilities		45,762,851		—		—		45,762,851
Electrical Equipment		22,673,939		—		—		22,673,939
Electronic Equipment, Instruments & Components		40,384,123		—		—		40,384,123
Energy Equipment & Services		12,675,906		—		—		12,675,906
Entertainment		27,705,971		—		—		27,705,971
Equity Real Estate Investment Trusts (REITs)		120,699,872		—		—		120,699,872
Food & Staples Retailing		11,719,693		—		—		11,719,693
Food Products		33,918,068		—		—		33,918,068
Gas Utilities		4,893,386		—		—		4,893,386
Health Care Equipment & Supplies		52,166,092		—		—		52,166,092
Health Care Providers & Services		29,287,761		—		—		29,287,761
Health Care Technology		5,805,583		—		—		5,805,583
Hotels, Restaurants & Leisure		56,160,895		—		—		56,160,895
Household Durables		24,340,219		—		—		24,340,219
Household Products		6,900,976		—		—		6,900,976
Independent Power and Renewable Electricity Producers		5,235,297		—		—		5,235,297
Insurance		78,757,060		—		—		78,757,060
Interactive Media & Services		7,468,893		—		—		7,468,893
Internet & Direct Marketing Retail		10,501,000		—		—		10,501,000
IT Services		57,529,949		—		—		57,529,949
Leisure Products		5,843,739		—		—		5,843,739
Life Sciences Tools & Services		44,962,675		—		—		44,962,675
Machinery		69,002,923		—		—		69,002,923
Marine		693,007		—		—		693,007
Media		23,301,249		—		—		23,301,249
Metals & Mining		19,756,254		—		—		19,756,254
Mortgage Real Estate Investment Trusts (REITs)		4,585,454		—		—		4,585,454
Multiline Retail		7,950,016		—		—		7,950,016
Multi-Utilities		31,086,660		—		—		31,086,660
Oil, Gas & Consumable Fuels		70,703,608		—		—		70,703,608
Paper & Forest Products		812,722		—		—		812,722
Personal Products		697,268		—		—		697,268
Pharmaceuticals		11,122,163		—		—		11,122,163
Professional Services		31,381,416		—		—		31,381,416
Real Estate Management & Development		8,249,574		—		—		8,249,574
Road & Rail		15,818,188		—		—		15,818,188
Semiconductors & Semiconductor Equipment		39,637,181		—		—		39,637,181
Software		87,598,609		—		—		87,598,609
Specialty Retail		53,934,846		—		—		53,934,846
Technology Hardware, Storage & Peripherals		16,087,205		—		—		16,087,205
Textiles, Apparel & Luxury Goods		17,805,943		—		—		17,805,943
Thrifts & Mortgage Finance		2,148,246		—		—		2,148,246
Trading Companies & Distributors		20,714,346		—		—		20,714,346
Water Utilities		6,503,057		—		—		6,503,057
Investment Companies		16,610,474		—		—		16,610,474

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

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

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	62,240,934	$	—	$	—	$	62,240,934
	$	1,754,926,844	$	29,368	$	—	$	1,754,956,212
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	267,722	$	—	$	—	$	267,722

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

See notes to financial statements.

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

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

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.9%
AAR Corp.(a)		2,798	$	143,929
Aerojet Rocketdyne Holdings, Inc.(a)		6,642		371,421
AeroVironment, Inc.(a)		2,166		192,709
AerSale Corp.(a)		1,686		31,376
Archer Aviation, Inc., Class A(a)		12,181		35,325
Astra Space, Inc.(a)(b)		14,460		9,194
Astronics Corp.(a)		2,147		31,883
Axon Enterprise, Inc.(a)		5,797		1,132,966
BWX Technologies, Inc.		7,759		472,213
Cadre Holdings, Inc.		1,840		42,118
Curtiss-Wright Corp.		3,274		542,829
Ducommun, Inc.(a)		1,058		61,131
Hexcel Corp.		7,353		518,975
Howmet Aerospace, Inc.		31,855		1,296,180
Huntington Ingalls Industries, Inc.		3,393		748,292
Kaman Corp.		2,423		61,108
Kratos Defense & Security Solutions, Inc.(a)		9,856		112,851
Maxar Technologies, Inc.		6,413		331,360
Mercury Systems, Inc.(a)		4,366		218,234
Momentus, Inc.(a)		7,355		6,656
Moog, Inc., Class A		2,337		222,763
National Presto Industries, Inc.		538		41,216
Park Aerospace Corp.		1,544		21,477
Parsons Corp.(a)		2,914		126,817
Rocket Lab USA, Inc.(a)		17,892		88,923
Spirit AeroSystems Holdings, Inc., Class A		9,091		328,640
Terran Orbital Corp.(a)(b)		2,750		5,335
Textron, Inc.		17,919		1,305,399
Triumph Group, Inc.(a)		5,890		67,087
V2X, Inc.(a)		935		41,290
Virgin Galactic Holdings, Inc.(a)(b)		21,597		119,215
Woodward, Inc.		5,108		522,344
				9,251,256
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc.(a)		5,154		145,910
Atlas Air Worldwide Holdings, Inc.(a)		2,475		252,970
Forward Air Corp.		2,314		249,565
GXO Logistics, Inc.(a)		9,178		480,284
Hub Group, Inc., Class A(a)		2,805		239,182
Radiant Logistics, Inc.(a)		2,218		12,443
				1,380,354
Airlines — 0.5%
Alaska Air Group, Inc.(a)		10,578		543,075
Allegiant Travel Co.(a)		1,303		112,097
American Airlines Group, Inc.(a)		55,587		897,174
Blade Air Mobility, Inc.(a)		4,942		22,041
Copa Holdings SA, Class A(a)(b)		2,493		229,556
Frontier Group Holdings, Inc.(a)(b)		3,328		41,866
Hawaiian Holdings, Inc.(a)		4,347		53,555
JetBlue Airways Corp.(a)		27,238		217,904
Joby Aviation, Inc.(a)(b)		21,755		96,157
SkyWest, Inc.(a)		4,455		92,486
Spirit Airlines, Inc.		9,455		187,587
Sun Country Airlines Holdings, Inc.(a)		2,579		48,150
Wheels Up Experience, Inc.(a)		13,605		16,734
				2,558,382
Auto Components — 1.1%
Adient PLC(a)		8,200		369,164
American Axle & Manufacturing Holdings, Inc.(a)		8,818		78,216

Security	Shares		Value
Auto Components (continued)
BorgWarner, Inc.(b)		20,042	$	947,586
Dana, Inc.		11,272		204,474
Dorman Products, Inc.(a)		2,300		223,238
Fox Factory Holding Corp.(a)		3,659		432,091
Gentex Corp.		20,316		599,525
Gentherm, Inc.(a)		2,853		212,349
Goodyear Tire & Rubber Co.(a)		24,361		274,061
Holley, Inc.(a)(b)		4,184		13,849
LCI Industries		2,155		241,834
Lear Corp.		5,073		739,542
Luminar Technologies, Inc.(a)(b)		22,008		146,793
Modine Manufacturing Co.(a)		4,070		97,232
Motorcar Parts of America, Inc.(a)		1,773		25,815
Patrick Industries, Inc.		1,892		134,275
QuantumScape Corp.(a)(b)		21,921		186,548
Solid Power, Inc.(a)		11,108		37,212
Standard Motor Products, Inc.		1,917		77,562
Stoneridge, Inc.(a)(b)		1,956		48,235
Visteon Corp.(a)		2,404		375,842
XPEL, Inc.(a)(b)		1,848		140,577
				5,606,020
Automobiles — 0.3%
Canoo, Inc.(a)(b)		10,199		12,239
Cenntro Electric Group Ltd.(a)		16,324		12,450
Faraday Future Intelligent Electric, Inc.(a)(b)		9,310		7,913
Fisker, Inc.(a)(b)		14,742		109,828
Harley-Davidson, Inc.		11,665		536,940
Lordstown Motors Corp., Class A(a)(b)		11,588		15,180
Mullen Automotive, Inc.(a)(b)		26,152		8,994
Thor Industries, Inc.		4,444		423,647
Winnebago Industries, Inc.		2,471		157,353
Workhorse Group, Inc.(a)(b)		11,058		24,438
				1,308,982
Banks — 6.5%
1st Source Corp.		1,728		85,000
ACNB Corp.		955		37,579
Amalgamated Financial Corp.		1,582		36,307
Amerant Bancorp, Inc.		2,697		75,084
American National Bankshares, Inc.		1,039		35,960
Ameris Bancorp		4,853		228,867
Arrow Financial Corp.		1,478		48,641
Associated Banc-Corp.		14,043		314,704
Atlantic Union Bankshares Corp.		6,737		260,655
Banc of California, Inc.		5,143		89,591
BancFirst Corp.		1,756		151,244
Bancorp, Inc.(a)		3,411		115,735
Bank First Corp.		651		51,989
Bank of Hawaii Corp.		3,751		286,914
Bank of Marin Bancorp		1,800		54,846
Bank of NT Butterfield & Son Ltd.		4,528		144,715
Bank OZK		9,760		445,739
BankUnited, Inc.		4,384		165,014
Bankwell Financial Group, Inc.		1,060		31,344
Banner Corp.		2,097		135,949
Bar Harbor Bankshares		1,200		37,284
BayCom Corp.		857		17,234
BCB Bancorp, Inc.		1,620		29,144
Berkshire Hills Bancorp, Inc.		2,657		82,500
Blue Ridge Bankshares, Inc.		1,856		23,497
BOK Financial Corp.		2,538		255,069
Brookline Bancorp, Inc.		5,839		76,374
Business First Bancshares, Inc.		2,243		46,520

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

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

Security	Shares		Value
Banks (continued)
Byline Bancorp, Inc.		2,055	$	50,964
Cadence Bank		10,103		258,435
Cambridge Bancorp		637		50,960
Camden National Corp.		1,436		60,642
Capital Bancorp, Inc.		791		17,007
Capital City Bank Group, Inc.		1,231		39,971
Capstar Financial Holdings, Inc.		2,308		40,182
Carter Bankshares, Inc.(a)		2,657		44,159
Cathay General Bancorp		6,795		298,708
Central Pacific Financial Corp.		715		16,159
Citizens & Northern Corp.		1,893		44,788
City Holding Co.		956		90,619
Civista Bancshares, Inc.		1,960		42,532
CNB Financial Corp.		1,778		42,885
Coastal Financial Corp.(a)		973		44,437
Colony Bankcorp, Inc.		2,154		27,765
Columbia Banking System, Inc.		5,428		167,779
Comerica, Inc.		11,441		838,740
Commerce Bancshares, Inc.		10,164		676,516
Community Bank System, Inc.		3,296		190,212
Community Trust Bancorp, Inc.		1,841		79,310
ConnectOne Bancorp, Inc.		3,307		78,607
CrossFirst Bankshares, Inc.(a)(b)		3,889		52,501
Cullen/Frost Bankers, Inc.		5,098		664,167
Customers Bancorp, Inc.(a)		2,158		65,538
CVB Financial Corp.		10,864		263,126
Dime Community Bancshares, Inc.		2,887		86,090
Eagle Bancorp, Inc.		1,944		92,321
East West Bancorp, Inc.		12,336		968,623
Eastern Bankshares, Inc.		14,053		227,237
Enterprise Bancorp, Inc.		816		29,001
Enterprise Financial Services Corp.		3,293		175,583
Equity Bancshares, Inc., Class A		1,507		44,984
Esquire Financial Holdings, Inc.		759		35,324	��
Farmers & Merchants Bancorp, Inc.		1,124		31,978
Farmers National Banc Corp.		2,794		40,178
FB Financial Corp.		3,422		128,530
Financial Institutions, Inc.		1,783		44,058
First Bancorp, Inc.		776		23,016
First BanCorp/Puerto Rico		11,110		149,429
First Bancorp/Southern Pines NC		2,516		100,263
First Bancshares, Inc.		2,088		63,997
First Bank		1,239		16,764
First Busey Corp.		5,368		128,134
First Business Financial Services, Inc.		942		33,724
First Citizens BancShares, Inc., Class A		954		741,907
First Commonwealth Financial Corp.		5,802		85,347
First Community Bankshares, Inc.		1,863		60,566
First Financial Bancorp		5,870		148,687
First Financial Bankshares, Inc.		11,438		407,422
First Financial Corp.		1,301		58,441
First Foundation, Inc.		4,769		74,063
First Guaranty Bancshares, Inc.		805		17,638
First Hawaiian, Inc.		11,639		319,374
First Horizon Corp.		44,847		1,109,066
First Internet Bancorp		691		18,166
First Interstate BancSystem, Inc., Class A		7,722		277,065
First Merchants Corp.		5,386		229,659
First Mid Bancshares, Inc.		1,751		56,260
First of Long Island Corp.		2,146		37,898
First Western Financial, Inc.(a)		903		23,704
Five Star Bancorp		1,075		28,982
Flushing Financial Corp.		2,795		53,636

Security	Shares		Value
Banks (continued)
FNB Corp.		31,218	$	445,481
Fulton Financial Corp.		14,860		248,608
FVCBankcorp, Inc.(a)(b)		1,585		27,151
German American Bancorp, Inc.		2,770		106,700
Glacier Bancorp, Inc.		9,548		435,293
Great Southern Bancorp, Inc.		1,134		66,271
Guaranty Bancshares, Inc.		706		23,284
Hancock Whitney Corp.		7,467		384,401
Hanmi Financial Corp.		1,558		36,286
HarborOne Bancorp, Inc.		4,624		63,071
HBT Financial, Inc.		1,282		26,884
Heartland Financial USA, Inc.		3,945		195,159
Heritage Commerce Corp.		5,586		67,702
Heritage Financial Corp.		2,200		62,766
Hilltop Holdings, Inc.		4,613		150,845
Home BancShares, Inc.		16,965		404,955
HomeStreet, Inc.		1,207		33,277
HomeTrust Bancshares, Inc.		1,784		48,168
Hope Bancorp, Inc.		6,886		88,761
Horizon Bancorp, Inc.		3,931		61,481
Independent Bank Corp.		4,386		251,507
Independent Bank Group, Inc.		3,222		197,509
International Bancshares Corp.		4,718		221,133
John Marshall Bancorp, Inc.		1,078		26,670
Lakeland Bancorp, Inc.		6,139		118,299
Lakeland Financial Corp.		1,794		126,854
Live Oak Bancshares, Inc.		2,825		96,700
Macatawa Bank Corp.		2,222		24,486
Mercantile Bank Corp.		1,449		49,744
Metrocity Bankshares, Inc.		1,892		38,256
Metropolitan Bank Holding Corp.(a)		972		57,717
Mid Penn Bancorp, Inc.		1,205		37,921
Midland States Bancorp, Inc.		2,183		55,623
MidWestOne Financial Group, Inc.		1,385		43,143
MVB Financial Corp.		1,052		23,228
National Bank Holdings Corp., Class A		2,537		107,138
NBT Bancorp, Inc.		2,632		103,464
Nicolet Bankshares, Inc.(a)		1,110		80,908
Northeast Bank(b)		725		34,220
Northwest Bancshares, Inc.		7,141		100,974
OceanFirst Financial Corp.		5,889		140,865
OFG Bancorp		2,986		84,534
Old National Bancorp		26,238		459,165
Old Second Bancorp, Inc.		3,811		64,749
Origin Bancorp, Inc.		2,204		82,650
Orrstown Financial Services, Inc.		845		20,914
Pacific Premier Bancorp, Inc.		6,032		195,075
PacWest Bancorp		10,529		291,232
Park National Corp.		1,247		156,187
Parke Bancorp, Inc.		1,420		29,401
Pathward Financial, Inc.		1,900		94,278
PCB Bancorp		1,439		26,722
Peapack-Gladstone Financial Corp.		1,734		64,314
Peoples Bancorp, Inc.		2,839		84,233
Peoples Financial Services Corp.		808		41,192
Pinnacle Financial Partners, Inc.		6,460		508,596
Popular, Inc.		6,369		437,168
Preferred Bank/Los Angeles CA		621		44,172
Premier Financial Corp.		3,656		91,473
Primis Financial Corp.		2,009		23,787
Professional Holding Corp., Class A(a)		1,311		37,560
Prosperity Bancshares, Inc.		7,863		596,487
QCR Holdings, Inc.		1,392		73,164

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

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

Security	Shares		Value
Banks (continued)
RBB Bancorp		1,180	$	23,765
Red River Bancshares, Inc.		321		16,339
Renasant Corp.		3,359		119,513
Republic Bancorp, Inc., Class A		985		44,305
Republic First Bancorp, Inc.(a)		4,846		10,661
S&T Bancorp, Inc.		2,242		81,564
Sandy Spring Bancorp, Inc.		3,813		128,879
Seacoast Banking Corp. of Florida		4,084		131,137
ServisFirst Bancshares, Inc.(b)		4,333		295,424
Shore Bancshares, Inc.		2,380		41,602
Sierra Bancorp.		1,307		27,525
Signature Bank		5,382		694,009
Silvergate Capital Corp., Class A(a)(b)		2,765		39,374
Simmons First National Corp., Class A		8,885		198,224
SmartFinancial, Inc.		1,455		39,241
South Plains Financial, Inc.		1,082		30,404
Southern First Bancshares, Inc.(a)		682		28,705
Southside Bancshares, Inc.		1,938		73,411
SouthState Corp.		6,624		527,270
Stellar Bancorp, Inc.		3,984		111,990
Stock Yards Bancorp, Inc.		2,580		154,697
Summit Financial Group, Inc.		1,259		32,671
Synovus Financial Corp.		12,721		533,646
Texas Capital Bancshares, Inc.(a)		4,293		283,639
Third Coast Bancshares, Inc.(a)		1,374		25,474
Tompkins Financial Corp.		1,201		90,471
Towne Bank		6,381		194,429
TriCo Bancshares		2,972		150,235
Triumph Financial, Inc.(a)		2,005		111,739
Trustmark Corp.		4,312		125,565
UMB Financial Corp.		3,974		358,415
Umpqua Holdings Corp.		19,674		358,067
United Bankshares, Inc.		11,349		456,230
United Community Banks, Inc.		8,966		291,754
Unity Bancorp, Inc.		988		26,152
Univest Financial Corp.		2,785		75,613
USCB Financial Holdings, Inc.(a)		1,092		13,104
Valley National Bancorp		37,685		447,698
Veritex Holdings, Inc.		3,592		101,115
Washington Federal, Inc.		5,614		199,072
Washington Trust Bancorp, Inc.		1,765		75,489
Webster Financial Corp.		15,103		795,173
WesBanco, Inc.		5,372		199,677
West BanCorp., Inc.		1,364		29,872
Westamerica BanCorp		1,623		90,174
Western Alliance Bancorp		9,210		694,158
Wintrust Financial Corp.		5,362		490,462
Zions Bancorp NA		12,916		686,615
				31,952,027
Beverages — 0.3%
Boston Beer Co., Inc., Class A(a)		826		320,992
Celsius Holdings, Inc.(a)		4,660		467,491
Coca-Cola Consolidated, Inc.		383		194,097
Duckhorn Portfolio, Inc.(a)		3,103		50,206
MGP Ingredients, Inc.(b)		1,191		116,170
National Beverage Corp.(a)		2,193		96,931
Primo Water Corp.		13,569		212,355
Vintage Wine Estates, Inc.(a)		2,782		7,956
Vita Coco Co., Inc.(a)		1,870		25,376
				1,491,574

Security	Shares		Value
Biotechnology(a) — 4.3%
2seventy bio, Inc.		3,496	$	47,546
4D Molecular Therapeutics, Inc.		2,536		53,383
Aadi Bioscience, Inc.(b)		570		7,193
Absci Corp.		4,330		13,596
ACADIA Pharmaceuticals, Inc.		10,333		196,637
Adicet Bio, Inc.(b)		2,792		25,547
ADMA Biologics, Inc.		14,424		53,225
Aerovate Therapeutics, Inc.(b)		826		18,874
Affimed NV		14,780		19,066
Agenus, Inc.		26,704		69,697
Agios Pharmaceuticals, Inc.		4,780		140,914
Akero Therapeutics, Inc.		3,136		155,232
Albireo Pharma, Inc.		1,710		76,369
Alector, Inc.		5,540		48,863
Alkermes PLC		13,531		387,528
Allogene Therapeutics, Inc.(b)		7,422		57,298
Allovir, Inc.(b)		3,368		19,467
Alpine Immune Sciences, Inc.		2,344		19,690
ALX Oncology Holdings, Inc.(b)		1,738		16,163
Amicus Therapeutics, Inc.		22,865		298,160
AnaptysBio, Inc.		1,593		39,650
Anavex Life Sciences Corp.(b)		5,929		64,448
Anika Therapeutics, Inc.		1,127		34,948
Apellis Pharmaceuticals, Inc.		8,100		427,113
Arbutus Biopharma Corp.		9,788		29,462
Arcellx, Inc.		2,444		81,654
Arcturus Therapeutics Holdings, Inc.(b)		1,933		40,844
Arcus Biosciences, Inc.		4,485		97,011
Arcutis Biotherapeutics, Inc.(b)		3,752		62,171
Arrowhead Pharmaceuticals, Inc.		8,916		311,971
Atara Biotherapeutics, Inc.		7,980		40,459
Aura Biosciences, Inc.		1,526		15,886
Aurinia Pharmaceuticals, Inc.		11,272		102,012
Avid Bioservices, Inc.		5,201		82,332
Avidity Biosciences, Inc.(b)		4,940		117,078
Beam Therapeutics, Inc.		5,482		238,193
BioCryst Pharmaceuticals, Inc.		15,967		168,452
Biohaven Ltd.		4,929		94,095
Bioxcel Therapeutics, Inc.(b)		1,512		43,122
Bluebird Bio, Inc.		7,547		47,923
Blueprint Medicines Corp.		5,168		241,552
Bridgebio Pharma, Inc.(b)		9,569		88,800
C4 Therapeutics, Inc.		3,118		24,289
CareDx, Inc.		4,326		64,630
Caribou Biosciences, Inc.(b)		5,166		37,247
Catalyst Pharmaceuticals, Inc.		8,241		127,653
Celldex Therapeutics, Inc.		3,899		171,790
Celularity, Inc.		4,295		3,608
Century Therapeutics, Inc.		2,020		9,231
Cerevel Therapeutics Holdings, Inc.(b)		4,729		161,495
Chimerix, Inc.		6,928		12,263
Chinook Therapeutics, Inc.		4,159		105,098
Cogent Biosciences, Inc.		5,527		83,237
Coherus Biosciences, Inc.		6,048		51,287
Crinetics Pharmaceuticals, Inc.		4,702		92,206
CTI BioPharma Corp.		8,241		45,573
Cullinan Oncology, Inc.		2,395		27,878
Cytokinetics, Inc.		7,081		300,801
Day One Biopharmaceuticals, Inc.		2,551		55,535
Deciphera Pharmaceuticals, Inc.		3,898		66,305
Denali Therapeutics, Inc.		9,165		277,425
Design Therapeutics, Inc.		2,956		23,205

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

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

Security	Shares		Value
Biotechnology (continued)
Dynavax Technologies Corp.(b)		10,184	$	115,894
Dyne Therapeutics, Inc.		2,930		42,778
Eagle Pharmaceuticals, Inc.(b)		625		21,213
Editas Medicine, Inc.(b)		6,346		62,762
Eiger BioPharmaceuticals, Inc.		3,994		7,589
Emergent BioSolutions, Inc.		4,170		55,002
Enanta Pharmaceuticals, Inc.		1,765		94,216
EQRx, Inc.		17,305		42,397
Erasca, Inc.		5,011		20,044
Exact Sciences Corp.(b)		15,022		1,014,285
Exelixis, Inc.		27,498		484,515
Fate Therapeutics, Inc.		7,272		43,341
FibroGen, Inc.		7,626		179,974
Foghorn Therapeutics, Inc.		1,197		10,294
Generation Bio Co.		3,492		20,603
Geron Corp.		30,683		101,254
Gossamer Bio, Inc.		5,376		14,193
GreenLight Biosciences Holdings PBC		4,845		5,281
Halozyme Therapeutics, Inc.		11,174		578,478
Heron Therapeutics, Inc.		7,502		20,330
HilleVax, Inc.		1,153		19,716
Humacyte, Inc.		5,597		14,720
Icosavax, Inc.		1,924		20,298
Ideaya Biosciences, Inc.		4,211		71,713
IGM Biosciences, Inc.		1,078		24,503
ImmunityBio, Inc.(b)		8,039		30,548
ImmunoGen, Inc.		19,394		89,212
Immunovant, Inc.		3,950		70,191
Inhibrx, Inc.(b)		2,663		66,575
Inovio Pharmaceuticals, Inc.(b)		24,074		39,963
Insmed, Inc.		11,380		245,011
Instil Bio, Inc.		6,855		5,579
Intellia Therapeutics, Inc.		7,131		302,640
Intercept Pharmaceuticals, Inc.		1,905		34,785
Invivyd, Inc.		4,704		10,725
Ionis Pharmaceuticals, Inc.		12,282		489,683
Iovance Biotherapeutics, Inc.		12,795		101,848
Ironwood Pharmaceuticals, Inc.		11,216		129,208
iTeos Therapeutics, Inc.		2,302		48,112
IVERIC bio, Inc.(b)		11,189		258,466
Janux Therapeutics, Inc.		1,375		30,539
Jounce Therapeutics, Inc.		2,105		2,463
KalVista Pharmaceuticals, Inc.		2,079		16,549
Karuna Therapeutics, Inc.		2,591		516,619
Karyopharm Therapeutics, Inc.		7,351		24,258
Keros Therapeutics, Inc.		1,536		89,964
Kezar Life Sciences, Inc.		4,775		34,237
Kiniksa Pharmaceuticals Ltd., Class A		3,183		46,026
Kinnate Biopharma, Inc.		2,089		15,730
Kodiak Sciences, Inc.(b)		2,614		21,121
Kronos Bio, Inc.		2,977		7,145
Krystal Biotech, Inc.		1,772		147,289
Kura Oncology, Inc.		5,497		75,969
Kymera Therapeutics, Inc.(b)		3,185		119,055
Lexicon Pharmaceuticals, Inc.		8,558		19,170
Lyell Immunopharma, Inc.		14,969		48,949
MacroGenics, Inc.		4,926		28,423
Madrigal Pharmaceuticals, Inc.		1,105		318,516
MannKind Corp.		21,235		116,155
MeiraGTx Holdings PLC		2,394		20,014
Mersana Therapeutics, Inc.		7,892		51,929
MiMedx Group, Inc.(b)		8,604		33,297
Mirati Therapeutics, Inc.(b)		3,808		203,385

Security	Shares		Value
Biotechnology (continued)
Mirum Pharmaceuticals, Inc.		1,614	$	37,897
Monte Rosa Therapeutics, Inc.		2,258		16,709
Morphic Holding, Inc.		2,184		71,482
Myriad Genetics, Inc.		6,773		133,564
Natera, Inc.		8,457		363,059
Neurocrine Biosciences, Inc.		8,149		903,969
Nkarta, Inc.		3,182		16,960
Novavax, Inc.(b)		7,070		77,134
Nurix Therapeutics, Inc.(b)		3,690		45,350
Nuvalent, Inc., Class A		1,593		48,188
Ocugen, Inc.(b)		18,847		23,936
Organogenesis Holdings, Inc.		5,244		13,425
Outlook Therapeutics, Inc.(b)		12,799		14,719
Pardes Biosciences, Inc.		3,806		7,878
PepGen, Inc.		1,425		22,259
PMV Pharmaceuticals, Inc.(b)		2,238		18,352
Point Biopharma Global, Inc.		6,516		52,128
Praxis Precision Medicines, Inc.		2,486		12,380
Precigen, Inc.		6,179		10,010
Prime Medicine, Inc.		827		14,539
Prometheus Biosciences, Inc.		2,920		331,887
Protagonist Therapeutics, Inc.		3,564		47,366
Prothena Corp. PLC		3,246		183,561
PTC Therapeutics, Inc.(b)		6,032		276,808
Rallybio Corp.		1,911		13,262
RAPT Therapeutics, Inc.		2,328		67,628
Recursion Pharmaceuticals, Inc., Class A		11,638		96,945
REGENXBIO, Inc.		3,492		81,049
Relay Therapeutics, Inc.		7,463		160,156
Replimune Group, Inc.		3,337		92,935
Revolution Medicines, Inc.		6,353		169,879
Rigel Pharmaceuticals, Inc.		11,686		19,165
Rocket Pharmaceuticals, Inc.		4,854		105,477
Sage Therapeutics, Inc.		4,424		196,160
Sana Biotechnology, Inc.(b)		6,989		31,870
Sangamo Therapeutics, Inc.		9,836		34,328
Sarepta Therapeutics, Inc.		7,119		889,661
Seres Therapeutics, Inc.		5,442		29,768
Sorrento Therapeutics, Inc.(b)		33,923		32,515
SpringWorks Therapeutics, Inc.(b)		2,948		92,567
Stoke Therapeutics, Inc.(b)		1,805		17,978
Sutro Biopharma, Inc.		3,932		28,468
Syndax Pharmaceuticals, Inc.		4,391		126,022
Talaris Therapeutics, Inc.		1,652		2,412
Tango Therapeutics, Inc.		3,485		23,001
Tenaya Therapeutics, Inc.		2,293		7,842
TG Therapeutics, Inc.(b)		11,834		180,232
Travere Therapeutics, Inc.		5,186		116,166
Twist Bioscience Corp.		4,826		138,458
Tyra Biosciences, Inc.(b)		1,014		10,769
Ultragenyx Pharmaceutical, Inc.		5,625		254,981
United Therapeutics Corp.		3,828		1,007,415
Vanda Pharmaceuticals, Inc.		4,585		35,213
Vaxart, Inc.		10,049		10,853
Vaxcyte, Inc.		5,991		271,692
VBI Vaccines, Inc.		12,192		7,096
Vera Therapeutics, Inc.		1,165		9,879
Veracyte, Inc.		6,169		155,027
Vericel Corp.		4,009		110,127
Verve Therapeutics, Inc.(b)		3,874		88,133
Vir Biotechnology, Inc.		6,063		179,162
Viridian Therapeutics, Inc.		3,395		123,985
VistaGen Therapeutics, Inc.		12,322		3,189

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

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

Security	Shares		Value
Biotechnology (continued)
Xencor, Inc.(b)		4,840	$	159,333
Y-mAbs Therapeutics, Inc.		2,861		12,846
Zentalis Pharmaceuticals, Inc.		3,933		92,819
				20,959,144
Building Products — 2.2%
A O Smith Corp.(b)		10,793		730,686
AAON, Inc.		3,788		289,100
Advanced Drainage Systems, Inc.		5,602		564,906
Allegion PLC		7,516		883,506
American Woodmark Corp.(a)		1,380		79,060
Apogee Enterprises, Inc.		1,860		87,122
Armstrong World Industries, Inc.		3,860		298,803
AZEK Co., Inc.(a)(b)		9,391		226,605
AZZ, Inc.		2,075		88,146
Builders FirstSource, Inc.(a)(b)		12,478		994,497
Caesarstone Ltd.		1,412		8,811
Carlisle Cos., Inc.		4,414		1,107,296
CSW Industrials, Inc.		1,230		166,308
Fortune Brands Innovations, Inc.		11,134		718,254
Gibraltar Industries, Inc.(a)(b)		2,823		151,228
Griffon Corp.		4,023		164,460
Hayward Holdings, Inc.(a)(b)		5,701		76,906
Insteel Industries, Inc.		1,559		46,754
Janus International Group, Inc.(a)		6,831		75,141
JELD-WEN Holding, Inc.(a)		7,098		89,790
Lennox International, Inc.		2,743		714,881
Masonite International Corp.(a)		1,928		175,872
Masterbrand, Inc.		11,364		104,549
Owens Corning		8,027		775,810
PGT Innovations, Inc.(a)		4,849		105,223
Quanex Building Products Corp.		2,875		74,434
Resideo Technologies, Inc.(a)		12,550		241,337
Simpson Manufacturing Co., Inc.		3,676		393,736
Trex Co., Inc.(a)		9,547		503,318
UFP Industries, Inc.		5,179		484,495
View, Inc.(a)(b)		10,618		8,707
Zurn Elkay Water Solutions Corp.		10,260		224,284
				10,654,025
Capital Markets — 3.0%
Affiliated Managers Group, Inc.		3,224		556,914
Artisan Partners Asset Management, Inc., Class A		5,209		191,795
AssetMark Financial Holdings, Inc.(a)		1,706		45,277
Associated Capital Group, Inc., Class A		121		4,604
Avantax, Inc.(a)		3,894		113,471
B. Riley Financial, Inc.		1,838		78,538
Bakkt Holdings, Inc.(a)(b)		8,801		13,818
BGC Partners, Inc., Class A		27,707		120,525
Brightsphere Investment Group, Inc.		2,752		64,534
Carlyle Group, Inc.		17,925		644,762
Cboe Global Markets, Inc.		9,086		1,116,488
Cohen & Steers, Inc.		2,243		164,793
Cowen, Inc., Class A		2,157		83,864
Diamond Hill Investment Group, Inc.		260		48,992
Donnelley Financial Solutions, Inc.(a)(b)		2,019		92,087
Evercore, Inc., Class A		3,074		399,036
FactSet Research Systems, Inc.		3,258		1,377,939
Federated Hermes, Inc.		7,536		296,165
Focus Financial Partners, Inc., Class A(a)(b)		4,949		223,447
GCM Grosvenor, Inc., Class A		2,788		24,980
Hamilton Lane, Inc., Class A		3,085		240,198
Houlihan Lokey, Inc.		4,350		430,955

Security	Shares		Value
Capital Markets (continued)
Invesco Ltd.		32,386	$	599,465
Janus Henderson Group PLC		12,007		311,221
Jefferies Financial Group, Inc.		17,391		683,119
Lazard Ltd., Class A		7,402		296,672
LPL Financial Holdings, Inc.		6,832		1,620,004
MarketAxess Holdings, Inc.		3,190		1,160,682
Moelis & Co., Class A		5,617		262,595
Morningstar, Inc.		2,157		523,892
Open Lending Corp., Class A(a)		9,718		85,227
Oppenheimer Holdings, Inc., Class A		680		32,375
Perella Weinberg Partners		3,120		31,980
Piper Sandler Cos		1,474		209,455
PJT Partners, Inc., Class A		2,069		165,582
Robinhood Markets, Inc., Class A(a)(b)		48,993		510,017
Sculptor Capital Management, Inc.		2,155		20,020
SEI Investments Co.		8,931		557,562
Silvercrest Asset Management Group, Inc., Class A		1,124		21,244
StepStone Group, Inc., Class A		4,557		133,019
Stifel Financial Corp.		8,765		590,849
StoneX Group, Inc.(a)		1,446		127,074
Value Line, Inc.		72		3,723
Victory Capital Holdings, Inc., Class A		1,411		41,822
Virtu Financial, Inc., Class A		7,974		153,978
Virtus Investment Partners, Inc.		596		128,068
WisdomTree, Inc.		11,166		64,316
				14,667,143
Chemicals — 2.0%
AdvanSix, Inc.		2,242		96,944
American Vanguard Corp.		2,566		57,966
Amyris, Inc.(a)(b)		17,937		28,520
Ashland, Inc.		4,326		472,702
Aspen Aerogels, Inc.(a)		2,620		27,510
Avient Corp.		7,898		320,027
Axalta Coating Systems Ltd.(a)(b)		18,531		557,783
Balchem Corp.		2,652		346,431
Cabot Corp.		4,637		349,305
Chase Corp.		662		62,480
Chemours Co.		12,997		472,961
Danimer Scientific, Inc.(a)		6,876		15,677
Diversey Holdings Ltd.(a)		6,649		40,359
Ecovyst, Inc.(a)		6,706		70,346
Element Solutions, Inc.		18,879		386,642
FutureFuel Corp.		3,064		28,403
Ginkgo Bioworks Holdings, Inc.(a)(b)		75,476		147,178
Hawkins, Inc.		1,729		67,431
HB Fuller Co.		4,602		317,998
Huntsman Corp.		15,777		499,973
Ingevity Corp.(a)		3,105		255,976
Innospec, Inc.		2,150		242,993
Intrepid Potash, Inc.(a)		1,016		33,254
Koppers Holdings, Inc.		1,889		65,378
Kronos Worldwide, Inc.		1,507		17,557
Livent Corp.(a)(b)		14,181		367,571
LSB Industries, Inc.(a)		6,395		81,280
Mativ Holdings, Inc.		4,673		128,788
Minerals Technologies, Inc.		2,722		189,043
NewMarket Corp.		517		178,112
Olin Corp.		10,889		703,320
Origin Materials, Inc.(a)		9,174		55,503
Orion Engineered Carbons SA		5,146		108,169
Perimeter Solutions SA(a)		10,531		97,938
PureCycle Technologies, Inc.(a)		8,812		73,845

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

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

Security	Shares		Value
Chemicals (continued)
Quaker Chemical Corp.		1,131	$	222,660
Rayonier Advanced Materials, Inc.(a)		5,389		37,346
RPM International, Inc.		10,765		967,881
Scotts Miracle-Gro Co.		3,549		256,202
Sensient Technologies Corp.		3,682		278,691
Stepan Co.		1,836		201,666
Trinseo PLC		2,993		83,056
Tronox Holdings PLC, Class A		9,585		164,383
Valhi, Inc.		183		4,727
Valvoline, Inc.		14,970		548,800
				9,730,775
Commercial Services & Supplies — 1.2%
ABM Industries, Inc.		5,634		264,291
ACCO Brands Corp.		7,945		50,451
ACV Auctions, Inc., Class A(a)(b)		10,082		98,804
Aris Water Solution, Inc., Class A		1,830		28,347
Brady Corp., Class A		4,019		214,896
BrightView Holdings, Inc.(a)		3,342		26,569
Brink’s Co.		3,803		249,477
Casella Waste Systems, Inc., Class A(a)		4,325		346,519
Cimpress PLC(a)		1,333		43,576
Clean Harbors, Inc.(a)		4,419		575,796
CoreCivic, Inc.(a)		10,544		112,188
Deluxe Corp.		4,027		80,500
Driven Brands Holdings, Inc.(a)(b)		5,261		153,568
Ennis, Inc.		1,912		40,611
GEO Group, Inc.(a)		7,298		83,927
Harsco Corp.(a)		6,957		55,238
Healthcare Services Group, Inc.		6,388		86,046
Heritage-Crystal Clean, Inc.(a)		1,231		45,793
HNI Corp.		3,397		107,923
IAA, Inc.(a)		11,294		471,299
Interface, Inc.		4,863		55,341
KAR Auction Services, Inc.(a)		9,801		142,702
Kimball International, Inc., Class B		4,124		30,518
Li-Cycle Holdings Corp.(a)(b)		11,653		63,392
Liquidity Services, Inc.(a)		1,902		28,511
Matthews International Corp., Class A		2,571		95,230
MillerKnoll, Inc.		6,188		147,769
Montrose Environmental Group, Inc.(a)(b)		2,323		125,814
MSA Safety, Inc.		3,209		437,675
NL Industries, Inc.		244		1,723
Pitney Bowes, Inc.		8,032		34,618
Quad/Graphics, Inc.(a)		4,544		20,039
SP Plus Corp.(a)		1,641		61,882
Steelcase, Inc., Class A		7,050		54,990
Stericycle, Inc.(a)		7,760		417,565
Tetra Tech, Inc.		4,443		690,975
UniFirst Corp.		1,307		259,361
Viad Corp.(a)		1,714		50,649
VSE Corp.		852		46,775
				5,901,348
Communications Equipment — 0.9%
ADTRAN Holdings, Inc.		6,850		129,259
Aviat Networks, Inc.(a)		439		14,202
Calix, Inc.(a)		4,999		263,147
Cambium Networks Corp.(a)		986		21,130
Casa Systems, Inc.(a)		2,392		8,181
Ciena Corp.(a)		12,711		661,226
Clearfield, Inc.(a)		1,019		72,818
CommScope Holding Co., Inc.(a)		18,023		151,393

Security	Shares		Value
Communications Equipment (continued)
Comtech Telecommunications Corp.		2,159	$	34,242
Digi International, Inc.(a)		3,036		103,194
DZS, Inc.(a)		1,296		16,459
Extreme Networks, Inc.(a)		10,781		194,381
F5, Inc.(a)		5,119		755,872
Harmonic, Inc.(a)		7,919		104,293
Infinera Corp.(a)(b)		16,583		121,388
Inseego Corp.(a)		7,546		8,753
Juniper Networks, Inc.		27,357		883,631
Lumentum Holdings, Inc.(a)		5,732		344,952
NETGEAR, Inc.(a)		2,697		53,859
NetScout Systems, Inc.(a)		6,049		194,173
Ondas Holdings, Inc.(a)(b)		3,241		6,450
Ribbon Communications, Inc.(a)		4,753		16,683
Viasat, Inc.(a)(b)		6,260		215,657
Viavi Solutions, Inc.(a)		19,908		224,960
				4,600,303
Construction & Engineering — 1.7%
AECOM		11,335		989,205
Ameresco, Inc., Class A(a)(b)		2,755		177,615
API Group Corp.(a)		17,126		380,882
Arcosa, Inc.		4,177		247,571
Argan, Inc.		1,277		49,790
Comfort Systems USA, Inc.		2,950		357,068
Concrete Pumping Holdings, Inc.(a)		1,782		14,505
Construction Partners, Inc., Class A(a)		3,499		98,987
Dycom Industries, Inc.(a)		2,526		240,905
EMCOR Group, Inc.		3,949		585,439
Fluor Corp.(a)		11,946		439,015
Granite Construction, Inc.		3,830		163,081
Great Lakes Dredge & Dock Corp.(a)		4,995		34,366
IES Holdings, Inc.(a)		549		21,856
MasTec, Inc.(a)		5,294		520,030
MDU Resources Group, Inc.		17,102		528,623
MYR Group, Inc.(a)		1,360		134,722
Northwest Pipe Co.(a)		1,028		38,447
Primoris Services Corp.		4,355		115,843
Quanta Services, Inc.		12,212		1,858,544
Sterling Infrastructure, Inc.(a)		2,447		89,046
Tutor Perini Corp.(a)		3,489		31,994
Valmont Industries, Inc.		1,768		582,963
WillScot Mobile Mini Holdings Corp.(a)		17,436		844,949
				8,545,446
Construction Materials — 0.2%
Eagle Materials, Inc.		3,069		448,319
Summit Materials, Inc., Class A(a)		10,496		344,899
U.S. Lime & Minerals, Inc.		137		20,797
				814,015
Consumer Finance — 0.7%
Atlanticus Holdings Corp.(a)		357		11,603
Bread Financial Holdings, Inc.		3,807		156,201
Consumer Portfolio Services, Inc.(a)(b)		100		1,005
Credit Acceptance Corp.(a)(b)		585		270,644
Curo Group Holdings Corp.		1,527		6,169
Encore Capital Group, Inc.(a)		2,138		119,129
Enova International, Inc.(a)		2,673		122,023
Ezcorp, Inc., Class A(a)		4,902		44,657
FirstCash Holdings, Inc.		3,193		294,331
Green Dot Corp., Class A(a)		3,218		58,181
LendingClub Corp.(a)		8,658		83,896
LendingTree, Inc.(a)		1,057		41,921

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

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

Security	Shares		Value
Consumer Finance (continued)
Moneylion, Inc.(a)		13,990	$	11,012
Navient Corp.		9,195		174,429
Nelnet, Inc., Class A		1,174		112,105
NerdWallet, Inc., Class A(a)		2,259		26,408
OneMain Holdings, Inc.		9,717		419,191
Oportun Financial Corp.(a)		3,592		25,180
PRA Group, Inc.(a)		3,564		143,415
PROG Holdings, Inc.(a)		4,450		99,191
Regional Management Corp.		751		25,902
SLM Corp.		21,137		371,377
SoFi Technologies, Inc.(a)(b)		69,527		481,822
Upstart Holdings, Inc.(a)(b)		6,309		117,852
World Acceptance Corp.(a)		315		30,152
				3,247,796
Containers & Packaging — 1.6%
AptarGroup, Inc.		5,666		655,216
Ardagh Group SA(a)		1,258		13,247
Ardagh Metal Packaging SA		12,398		69,677
Avery Dennison Corp.		6,969		1,320,207
Berry Global Group, Inc.		10,754		663,844
Crown Holdings, Inc.		9,896		872,431
Cryptyde, Inc.(a)(b)		1,633		352
Graphic Packaging Holding Co.		26,535		639,228
Greif, Inc., Class A		2,264		161,718
Greif, Inc., Class B		451		37,162
Myers Industries, Inc.		3,021		72,746
O-I Glass, Inc.(a)		13,455		259,009
Packaging Corp. of America		7,825		1,116,628
Pactiv Evergreen, Inc.		3,408		39,226
Ranpak Holdings Corp.(a)		3,933		30,127
Sealed Air Corp.		12,568		688,224
Silgan Holdings, Inc.		7,405		399,055
Sonoco Products Co.		8,482		518,335
TriMas Corp.		3,471		106,872
				7,663,304
Distributors — 0.3%
Funko, Inc., Class A(a)(b)		3,070		37,147
Pool Corp.		3,261		1,257,474
Weyco Group, Inc.		661		17,993
				1,312,614
Diversified Consumer Services — 0.9%
2U, Inc.(a)		6,437		55,551
ADT, Inc.(b)		18,066		158,800
Adtalem Global Education, Inc.(a)		3,897		148,788
American Public Education, Inc.(a)		1,318		15,961
Beachbody Co., Inc.(a)		14,923		9,270
Bright Horizons Family Solutions, Inc.(a)		5,025		385,820
Carriage Services, Inc.		1,293		41,919
Chegg, Inc.(a)		10,781		223,814
Coursera, Inc.(a)		9,872		157,458
Duolingo, Inc.(a)		2,025		193,367
European Wax Center, Inc., Class A		2,117		39,884
Frontdoor, Inc.(a)		7,073		192,244
Graham Holdings Co., Class B		292		190,767
Grand Canyon Education, Inc.(a)		2,687		313,197
H&R Block, Inc.(b)		13,091		510,287
Laureate Education, Inc., Class A		11,541		126,720
Mister Car Wash, Inc.(a)(b)		6,992		71,808
Nerdy, Inc.(a)		6,580		18,687
OneSpaWorld Holdings Ltd.(a)		5,435		57,122

Security	Shares		Value
Diversified Consumer Services (continued)
Perdoceo Education Corp.(a)		5,160	$	77,245
Rover Group, Inc.(a)(b)		7,950		32,516
Service Corp. International		12,785		948,008
Strategic Education, Inc.		1,944		181,472
Stride, Inc.(a)		3,551		152,444
Udemy, Inc.(a)		6,265		78,563
Universal Technical Institute, Inc.(a)		2,735		20,731
Vivint Smart Home, Inc.(a)(b)		8,218		98,452
WW International, Inc.(a)		4,188		20,814
				4,521,709
Diversified Financial Services — 0.3%
Alerus Financial Corp.		1,396		28,730
A-Mark Precious Metals, Inc.		1,576		60,676
Banco Latinoamericano de Comercio Exterior SA, Class E		2,413		41,576
Cannae Holdings, Inc.(a)		6,186		151,186
Compass Diversified Holdings		5,535		123,541
Jackson Financial, Inc., Class A		6,233		274,501
Voya Financial, Inc.		8,401		586,138
				1,266,348
Diversified Telecommunication Services — 0.4%
Anterix, Inc.(a)		1,497		53,997
ATN International, Inc.		895		43,748
Bandwidth, Inc., Class A(a)		1,830		45,530
Charge Enterprises, Inc.(a)(b)		8,933		11,970
Cogent Communications Holdings, Inc.		3,508		240,544
Consolidated Communications Holdings, Inc.(a)		6,031		26,235
EchoStar Corp., Class A(a)(b)		2,906		54,371
Frontier Communications Parent, Inc.(a)(b)		21,180		627,140
Globalstar, Inc.(a)(b)		59,742		84,236
IDT Corp., Class B(a)		1,116		32,799
Iridium Communications, Inc.(a)		10,707		640,707
Liberty Latin America Ltd., Class A(a)		2,323		22,858
Liberty Latin America Ltd., Class C(a)		13,103		129,065
Ooma, Inc.(a)(b)		1,841		26,455
Radius Global Infrastructure, Inc., Class A(a)(b)		6,362		85,696
				2,125,351
Electric Utilities — 0.9%
ALLETE, Inc.		4,986		308,434
Hawaiian Electric Industries, Inc.		9,620		406,637
IDACORP, Inc.		4,486		474,664
MGE Energy, Inc.		3,173		231,978
NRG Energy, Inc.		19,816		678,104
OGE Energy Corp.		17,299		680,197
Otter Tail Corp.		3,585		229,978
Pinnacle West Capital Corp.		9,747		726,639
PNM Resources, Inc.		7,188		355,662
Portland General Electric Co.		7,514		357,516
Via Renewables, Inc.		861		5,777
				4,455,586
Electrical Equipment — 1.7%
Acuity Brands, Inc.		2,780		524,086
Allied Motion Technologies, Inc.		939		38,161
Array Technologies, Inc.(a)		13,091		291,013
Atkore, Inc.(a)		3,566		464,471
Babcock & Wilcox Enterprises, Inc.(a)		4,750		31,540
Blink Charging Co.(a)(b)		2,704		36,801
Bloom Energy Corp., Class A(a)(b)		15,201		378,961
ChargePoint Holdings, Inc.(a)(b)		21,849		265,247
Encore Wire Corp.(b)		1,509		243,598

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

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

Security	Shares		Value
Electrical Equipment (continued)
Energy Vault Holdings, Inc.(a)(b)		5,351	$	22,688
EnerSys		3,396		281,936
Enovix Corp.(a)(b)		10,222		81,163
ESS Tech, Inc.(a)(b)		7,607		16,811
Fluence Energy, Inc.(a)(b)		3,174		76,620
FTC Solar, Inc.(a)		3,585		9,859
FuelCell Energy, Inc.(a)(b)		33,313		121,926
GrafTech International Ltd.		16,687		109,133
Heliogen, Inc.(a)		5,950		3,794
Hubbell, Inc.		4,593		1,051,384
NuScale Power Corp.(a)(b)		3,190		34,005
nVent Electric PLC		14,386		571,843
Plug Power, Inc.(a)(b)		44,720		761,134
Powell Industries, Inc.		739		29,338
Preformed Line Products Co.		205		18,108
Regal Rexnord Corp.		5,692		792,326
Sensata Technologies Holding PLC		13,051		663,643
Shoals Technologies Group, Inc., Class A(a)		11,789		328,795
Stem, Inc.(a)		12,417		122,432
SunPower Corp.(a)(b)		7,154		124,694
Sunrun, Inc.(a)(b)		17,934		471,306
Thermon Group Holdings, Inc.(a)		2,616		60,482
TPI Composites, Inc.(a)		3,419		44,618
Vertiv Holdings Co.		25,507		362,710
Vicor Corp.(a)(b)		1,869		129,765
				8,564,391
Electronic Equipment, Instruments & Components — 2.1%
908 Devices, Inc.(a)(b)		1,646		15,341
Advanced Energy Industries, Inc.		3,232		299,736
Aeva Technologies, Inc.(a)		8,010		13,537
Akoustis Technologies, Inc.(a)		3,037		11,207
Arlo Technologies, Inc.(a)		6,797		25,489
Arrow Electronics, Inc.(a)		5,273		619,525
Avnet, Inc.		7,852		360,250
Badger Meter, Inc.		2,530		293,227
Belden, Inc.		3,538		286,896
Benchmark Electronics, Inc.		2,943		82,375
Cepton, Inc.(a)		3,271		3,958
Cognex Corp.		14,930		817,268
Coherent Corp.(a)(b)		9,991		433,609
CTS Corp.		2,846		126,675
ePlus, Inc.(a)		2,310		114,992
Evolv Technologies Holdings, Inc.(a)		7,399		22,641
Fabrinet(a)		3,085		406,171
FARO Technologies, Inc.(a)		1,527		41,962
Focus Universal, Inc.(a)		1,510		8,758
Identiv, Inc.(a)		1,707		14,885
Insight Enterprises, Inc.(a)(b)		2,760		311,107
IPG Photonics Corp.(a)		2,815		315,561
Itron, Inc.(a)		3,996		229,650
Jabil, Inc.		11,265		885,767
Kimball Electronics, Inc.(a)		2,023		51,627
Knowles Corp.(a)		7,884		151,609
Lightwave Logic, Inc.(a)(b)		9,450		59,440
Littelfuse, Inc.		2,097		538,279
Methode Electronics, Inc.		3,134		149,617
MicroVision, Inc.(a)(b)		15,033		37,733
Mirion Technologies, Inc.(a)		11,702		93,031
Napco Security Technologies, Inc.(a)		2,470		71,556
National Instruments Corp.		11,252		607,608
nLight, Inc.(a)		3,492		43,301

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Novanta, Inc.(a)		2,973	$	480,050
OSI Systems, Inc.(a)		1,393		131,931
Ouster, Inc.(a)		11,813		16,893
PAR Technology Corp.(a)(b)		2,396		81,440
PC Connection, Inc.		922		45,206
Plexus Corp.(a)		2,238		214,826
Rogers Corp.(a)		1,626		226,973
Sanmina Corp.(a)		4,949		301,543
ScanSource, Inc.(a)		2,054		67,638
SmartRent, Inc.(a)(b)		10,416		30,415
TD SYNNEX Corp.		3,706		378,568
TTM Technologies, Inc.(a)		8,814		138,556
Velodyne Lidar, Inc.(a)		21,965		25,699
Vishay Intertechnology, Inc.		10,659		243,984
Vishay Precision Group, Inc.(a)		917		39,596
Vontier Corp.		13,140		302,614
				10,270,320
Energy Equipment & Services — 1.1%
Archrock, Inc.		11,245		111,438
Borr Drilling Ltd.(a)		16,882		100,448
Bristow Group, Inc.(a)		2,083		63,615
Cactus, Inc., Class A		4,898		265,031
ChampionX Corp.		17,219		568,571
Diamond Offshore Drilling, Inc.(a)		8,354		95,737
DMC Global, Inc.(a)		1,549		35,224
Dril-Quip, Inc.(a)		2,742		84,207
Expro Group Holdings NV(a)(b)		6,671		126,015
Helix Energy Solutions Group, Inc.(a)		12,441		98,657
Helmerich & Payne, Inc.		8,585		415,857
Liberty Energy, Inc., Class A		11,662		184,609
Nabors Industries Ltd.(a)		774		137,416
National Energy Services Reunited Corp.(a)		3,327		25,152
Newpark Resources, Inc.(a)		7,114		32,298
NexTier Oilfield Solutions, Inc.(a)		15,531		146,302
Noble Corp. PLC(a)		7,212		293,456
NOV, Inc.		33,936		829,396
Oceaneering International, Inc.(a)		8,602		183,653
Oil States International, Inc.(a)		5,105		43,699
Patterson-UTI Energy, Inc.		18,399		309,103
ProFrac Holding Corp., Class A(a)		2,052		46,170
ProPetro Holding Corp.(a)		8,069		80,287
RPC, Inc.		6,238		61,881
Select Energy Services, Inc., Class A		5,525		48,510
Solaris Oilfield Infrastructure, Inc., Class A		3,187		33,750
TETRA Technologies, Inc.(a)		10,502		41,588
Tidewater, Inc.(a)(b)		3,812		165,441
U.S. Silica Holdings, Inc.(a)		6,759		82,730
Valaris Ltd.(a)		5,263		382,304
Weatherford International PLC(a)		6,125		348,390
				5,440,935
Entertainment — 0.6%
AMC Entertainment Holdings, Inc., Class A(a)(b)		44,706		239,177
Cinemark Holdings, Inc.(a)		9,494		113,358
IMAX Corp.(a)		3,856		65,552
Liberty Media Corp.-Liberty Braves, Class A(a)(b)		890		31,266
Liberty Media Corp.-Liberty Braves, Class C(a)		3,287		113,993
Liberty Media Corp.-Liberty Formula One, Class A(a)		2,222		141,497
Liberty Media Corp.-Liberty Formula One, Class C(a)		16,910		1,197,228
Lions Gate Entertainment Corp., Class A(a)		2,891		23,041
Lions Gate Entertainment Corp., Class B(a)		12,858		97,978
Madison Square Garden Entertainment Corp.(a)(b)		2,294		119,953

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

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

Security	Shares		Value
Entertainment (continued)
Madison Square Garden Sports Corp.		1,683	$	306,037
Marcus Corp.		1,514		22,922
Playstudios, Inc.(a)(b)		6,414		29,633
Playtika Holding Corp.(a)		7,769		81,497
Reservoir Media, Inc.(a)		1,932		13,601
Skillz, Inc.(a)		23,506		18,791
Vivid Seats, Inc., Class A(a)(b)		2,502		21,292
World Wrestling Entertainment, Inc., Class A		3,732		315,802
				2,952,618
Equity Real Estate Investment Trusts (REITs) — 7.3%
Acadia Realty Trust		7,051		109,502
Agree Realty Corp.		7,296		544,500
Alexander & Baldwin, Inc.		6,421		128,548
Alexander’s, Inc.		191		45,320
American Assets Trust, Inc.		3,989		113,527
American Homes 4 Rent, Class A		26,000		891,540
Americold Realty Trust, Inc.		23,048		723,938
Apartment Income REIT Corp.		12,617		482,726
Apartment Investment & Management Co., Class A		13,716		103,007
Apple Hospitality REIT, Inc.		17,690		313,644
Armada Hoffler Properties, Inc.		6,122		77,627
Ashford Hospitality Trust, Inc.(a)(b)		3,237		22,303
Bluerock Homes Trust, Inc.(a)		288		6,224
Braemar Hotels & Resorts, Inc.		5,143		27,258
Brandywine Realty Trust		13,623		89,367
Brixmor Property Group, Inc.		25,708		604,909
Broadstone Net Lease, Inc.		14,321		259,353
BRT Apartments Corp.		862		18,059
Camden Property Trust		8,976		1,105,933
CareTrust REIT, Inc.		8,347		172,950
CBL & Associates Properties, Inc.		2,282		60,815
Centerspace		1,383		93,518
Chatham Lodging Trust		4,196		59,625
City Office REIT, Inc.		3,573		35,158
Clipper Realty, Inc.		722		5,083
Community Healthcare Trust, Inc.		2,048		87,818
Corporate Office Properties Trust		9,798		275,030
Cousins Properties, Inc.		12,669		347,384
CTO Realty Growth, Inc.		1,245		24,452
CubeSmart		18,859		863,554
DiamondRock Hospitality Co.		18,011		173,446
Diversified Healthcare Trust		21,017		16,633
Douglas Emmett, Inc.		14,995		251,166
Easterly Government Properties, Inc.		7,513		122,011
EastGroup Properties, Inc.		3,546		596,615
Elme Communities		7,345		141,024
Empire State Realty Trust, Inc., Class A		10,844		90,439
EPR Properties		6,493		275,823
Equity Commonwealth		8,908		227,332
Equity LifeStyle Properties, Inc.		15,281		1,096,870
Essential Properties Realty Trust, Inc.		11,552		294,345
Farmland Partners, Inc.		4,302		55,410
Federal Realty Investment Trust		6,933		773,238
First Industrial Realty Trust, Inc.		11,367		606,429
Four Corners Property Trust, Inc.		6,882		197,926
Franklin Street Properties Corp.		8,203		25,265
Gaming & Leisure Properties, Inc.		20,948		1,121,975
Getty Realty Corp.		2,920		106,376
Gladstone Commercial Corp.		3,405		57,851
Gladstone Land Corp.		3,048		59,558
Global Medical REIT, Inc.		5,068		56,914

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Global Net Lease, Inc.		9,163	$	136,987
Healthcare Realty Trust, Inc.		32,041		689,843
Hersha Hospitality Trust, Class A		2,133		19,624
Highwoods Properties, Inc.		9,206		279,586
Host Hotels & Resorts, Inc.		60,816		1,146,382
Hudson Pacific Properties, Inc.		12,119		138,035
Independence Realty Trust, Inc.		19,068		359,050
Indus Realty Trust, Inc.		460		29,486
Industrial Logistics Properties Trust		5,163		22,769
Innovative Industrial Properties, Inc.		2,417		216,998
InvenTrust Properties Corp.		6,004		149,319
Iron Mountain, Inc.		24,756		1,351,182
iStar, Inc.		5,517		51,198
JBG SMITH Properties		8,851		178,259
Kilroy Realty Corp.		10,156		416,802
Kimco Realty Corp.		51,977		1,167,403
Kite Realty Group Trust		18,774		407,396
Lamar Advertising Co., Class A		7,430		791,592
Life Storage, Inc.		7,241		782,318
LTC Properties, Inc.		3,428		130,778
LXP Industrial Trust		23,105		266,863
Macerich Co.		18,623		255,880
Medical Properties Trust, Inc.		51,228		663,403
National Health Investors, Inc.		3,735		219,730
National Retail Properties, Inc.		15,356		727,107
National Storage Affiliates Trust		7,032		286,906
Necessity Retail REIT, Inc.		12,262		83,749
NETSTREIT Corp.		4,488		90,343
NexPoint Residential Trust, Inc.		1,814		91,607
Office Properties Income Trust		3,857		66,186
Omega Healthcare Investors, Inc.		19,834		583,913
One Liberty Properties, Inc.		1,163		28,040
Orion Office REIT, Inc.		4,549		43,898
Outfront Media, Inc.		12,166		242,103
Paramount Group, Inc.		16,731		107,915
Park Hotels & Resorts, Inc.		19,346		284,580
Pebblebrook Hotel Trust		11,324		185,714
Phillips Edison & Co., Inc.(b)		9,757		327,055
Physicians Realty Trust		19,673		312,014
Piedmont Office Realty Trust, Inc., Class A		11,137		118,052
Plymouth Industrial REIT, Inc.		3,367		75,353
Postal Realty Trust, Inc., Class A		1,528		23,623
PotlatchDeltic Corp.		6,637		324,881
Rayonier, Inc.		12,308		447,888
Regency Centers Corp.		14,794		985,724
Retail Opportunity Investments Corp.		9,733		154,073
Rexford Industrial Realty, Inc.		15,802		1,002,953
RLJ Lodging Trust		13,881		174,484
RPT Realty		7,049		73,874
Ryman Hospitality Properties, Inc.		4,485		416,612
Sabra Health Care REIT, Inc.		20,401		275,414
Safehold, Inc.(b)		2,067		72,262
Saul Centers, Inc.		846		36,217
Service Properties Trust		13,957		124,357
SITE Centers Corp.		16,719		228,214
SL Green Realty Corp.		5,710		234,967
Spirit Realty Capital, Inc.		11,916		522,874
STAG Industrial, Inc.		15,718		559,561
STORE Capital Corp.		21,901		705,431
Summit Hotel Properties, Inc.		8,770		74,720
Sunstone Hotel Investors, Inc.		18,529		203,634
Tanger Factory Outlet Centers, Inc.		8,629		164,900

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

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

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Terreno Realty Corp.		6,420	$	413,641
UMH Properties, Inc.		4,823		86,428
Uniti Group, Inc.		20,962		138,140
Universal Health Realty Income Trust		1,190		65,224
Urban Edge Properties		10,244		161,343
Urstadt Biddle Properties, Inc., Class A		2,994		56,227
Veris Residential, Inc.(a)		7,459		129,041
Vornado Realty Trust		15,522		378,582
Whitestone REIT		3,929		40,901
Xenia Hotels & Resorts, Inc.		9,881		147,227
				35,988,153
Food & Staples Retailing — 1.0%
Albertsons Cos., Inc., Class A		14,779		313,315
Andersons, Inc.		2,555		93,973
BJ’s Wholesale Club Holdings, Inc.(a)		11,504		833,695
Casey’s General Stores, Inc.		3,182		750,666
Chefs’ Warehouse, Inc.(a)		2,953		112,893
Fresh Market, Inc.(c)		290		—
Grocery Outlet Holding Corp.(a)		7,787		236,647
HF Foods Group, Inc.(a)		2,066		9,628
Ingles Markets, Inc., Class A		1,261		119,795
Natural Grocers by Vitamin Cottage, Inc.		452		4,488
Performance Food Group Co.(a)		13,068		801,330
PriceSmart, Inc.		2,092		155,456
Rite Aid Corp.(a)		5,838		21,309
SpartanNash Co.		3,030		95,990
Sprouts Farmers Market, Inc.(a)		8,867		283,301
U.S. Foods Holding Corp.(a)(b)		16,999		648,172
United Natural Foods, Inc.(a)		5,026		209,182
Village Super Market, Inc., Class A		548		12,746
Weis Markets, Inc.		1,489		128,560
				4,831,146
Food Products — 1.3%
Alico, Inc.		665		17,623
AppHarvest, Inc.(a)(b)		5,368		13,098
B&G Foods, Inc.(b)		6,401		89,742
Benson Hill, Inc.(a)		15,385		41,232
Beyond Meat, Inc.(a)(b)		5,249		86,241
BRC, Inc.(a)(b)		2,634		17,384
Calavo Growers, Inc.		1,546		49,549
Cal-Maine Foods, Inc.		3,293		188,426
Darling Ingredients, Inc.(a)		13,727		909,963
Flowers Foods, Inc.		16,176		447,914
Fresh Del Monte Produce, Inc.		2,655		75,933
Freshpet, Inc.(a)(b)		3,987		252,497
Hain Celestial Group, Inc.(a)		7,224		148,237
Hostess Brands, Inc.(a)		11,192		258,871
Ingredion, Inc.		5,638		579,586
J & J Snack Foods Corp.		1,254		179,698
John B Sanfilippo & Son, Inc.		708		59,833
Lamb Weston Holdings, Inc.		12,354		1,234,041
Lancaster Colony Corp.		1,691		324,520
Lifecore Biomedical, Inc.(a)		2,948		18,307
Local Bounti Corp.(a)(b)		5,193		4,984
Mission Produce, Inc.(a)		3,037		37,841
Pilgrim’s Pride Corp.(a)		4,121		100,058
Post Holdings, Inc.(a)		4,639		440,473
Seaboard Corp.		22		86,251
Seneca Foods Corp., Class A(a)		468		29,250
Simply Good Foods Co.(a)		7,777		282,305
Sovos Brands, Inc.(a)		3,563		48,314
SunOpta, Inc.(a)		8,079		66,005

Security	Shares		Value
Food Products (continued)
Tattooed Chef, Inc.(a)(b)		3,676	$	5,588
Tootsie Roll Industries, Inc.		1,205		53,900
TreeHouse Foods, Inc.(a)		4,433		214,690
Utz Brands, Inc.		5,490		91,463
Vital Farms, Inc.(a)		2,735		48,081
Whole Earth Brands, Inc.(a)		3,360		12,734
				6,514,632
Gas Utilities — 0.7%
Brookfield Infrastructure Corp., Class A		8,500		375,870
Chesapeake Utilities Corp.		1,336		168,443
National Fuel Gas Co.		7,412		430,341
New Jersey Resources Corp.		8,376		418,130
Northwest Natural Holding Co.		2,989		149,868
ONE Gas, Inc.		4,529		373,008
South Jersey Industries, Inc.		10,318		372,377
Southwest Gas Holdings, Inc.		5,834		390,470
Spire, Inc.		4,410		318,490
UGI Corp.		18,028		718,055
				3,715,052
Health Care Equipment & Supplies — 2.7%
Alphatec Holdings, Inc.(a)(b)		6,481		84,383
AngioDynamics, Inc.(a)		3,024		39,372
Artivion, Inc.(a)		3,333		43,462
AtriCure, Inc.(a)		3,750		162,300
Atrion Corp.		113		77,665
Avanos Medical, Inc.(a)		3,688		113,000
Axogen, Inc.(a)		3,861		36,564
Axonics, Inc.(a)		4,191		257,327
Bioventus, Inc., Class A(a)		2,120		4,155
Butterfly Network, Inc.(a)(b)		12,367		34,009
Cardiovascular Systems, Inc.(a)		3,160		44,050
Cerus Corp.(a)		14,502		45,536
CONMED Corp.		2,504		239,783
Cue Health, Inc.(a)(b)		8,872		23,245
Cutera, Inc.(a)		1,662		57,887
DENTSPLY SIRONA, Inc.		18,113		667,102
Embecta Corp.		5,066		133,692
Enovis Corp.(a)(b)		4,526		284,912
Envista Holdings Corp.(a)		14,145		551,514
Figs, Inc., Class A(a)(b)		10,562		94,530
Glaukos Corp.(a)		3,994		195,906
Globus Medical, Inc., Class A(a)		6,501		490,825
Haemonetics Corp.(a)		4,391		371,479
Heska Corp.(a)		712		63,681
ICU Medical, Inc.(a)(b)		1,742		336,607
Inari Medical, Inc.(a)		4,165		237,613
Inogen, Inc.(a)		2,259		52,702
Inspire Medical Systems, Inc.(a)		2,370		599,752
Integer Holdings Corp.(a)		2,870		188,875
Integra LifeSciences Holdings Corp.(a)		6,084		348,613
iRadimed Corp.		322		12,043
iRhythm Technologies, Inc.(a)		2,601		255,678
Lantheus Holdings, Inc.(a)		5,929		340,917
LeMaitre Vascular, Inc.		1,643		77,517
LivaNova PLC(a)		4,421		248,460
Masimo Corp.(a)		4,093		696,137
Meridian Bioscience, Inc.(a)		3,579		121,579
Merit Medical Systems, Inc.(a)		4,642		331,207
Mesa Laboratories, Inc.		475		92,406
Nano-X Imaging Ltd.(a)(b)		3,726		34,354
Neogen Corp.(a)		18,149		388,570
Nevro Corp.(a)		3,029		111,225

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

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

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Novocure Ltd.(a)(b)		8,887	$	810,317
NuVasive, Inc.(a)		4,571		208,438
Omnicell, Inc.(a)		3,814		211,563
OraSure Technologies, Inc.(a)		6,064		33,837
Orthofix Medical, Inc.(a)		2,865		61,970
OrthoPediatrics Corp.(a)		1,209		56,980
Outset Medical, Inc.(a)		3,998		112,424
Paragon 28, Inc.(a)		3,857		64,990
Penumbra, Inc.(a)(b)		3,013		754,485
PROCEPT BioRobotics Corp.(a)(b)		2,228		86,647
Pulmonx Corp.(a)		2,921		25,968
QuidelOrtho Corp.(a)		4,284		366,753
RxSight, Inc.(a)		1,967		27,538
Senseonics Holdings, Inc.(a)(b)		38,020		42,963
Shockwave Medical, Inc.(a)		3,062		575,442
SI-BONE, Inc.(a)		2,887		49,166
Sight Sciences, Inc.(a)		1,934		22,260
Silk Road Medical, Inc.(a)		3,064		166,559
STAAR Surgical Co.(a)		4,136		291,795
Surmodics, Inc.(a)		1,066		29,965
Tactile Systems Technology, Inc.(a)		1,405		18,223
Tandem Diabetes Care, Inc.(a)		5,544		225,863
TransMedics Group, Inc.(a)		2,625		165,427
Treace Medical Concepts, Inc.(a)		2,950		68,116
UFP Technologies, Inc.(a)		539		61,300
Utah Medical Products, Inc.		201		18,518
Varex Imaging Corp.(a)		3,059		65,738
Vicarious Surgical, Inc.(a)(b)		5,566		15,084
ViewRay, Inc.(a)		13,478		61,864
Zimvie, Inc.(a)		1,890		18,541
Zynex, Inc.(a)(b)		1,666		23,541
				13,332,909
Health Care Providers & Services — 2.4%
1Life Healthcare, Inc.(a)		15,587		249,236
23andMe Holding Co., Class A(a)(b)		22,960		57,400
Acadia Healthcare Co., Inc.(a)		7,519		631,746
Accolade, Inc.(a)(b)		5,919		69,075
AdaptHealth Corp.(a)		5,948		127,466
Addus HomeCare Corp.(a)		1,283		137,948
Agiliti, Inc.(a)		2,280		42,066
Agilon Health, Inc.(a)(b)		16,427		357,452
AirSculpt Technologies, Inc.(b)		1,598		9,300
Alignment Healthcare, Inc.(a)		8,861		109,433
Amedisys, Inc.(a)		2,789		269,585
AMN Healthcare Services, Inc.(a)		3,633		348,187
Apollo Medical Holdings, Inc.(a)		3,180		113,335
ATI Physical Therapy, Inc.(a)(b)		8,934		3,931
Aveanna Healthcare Holdings, Inc.(a)		2,434		2,969
Brookdale Senior Living, Inc.(a)(b)		16,156		46,529
Cano Health, Inc.(a)		13,820		19,072
CareMax, Inc.(a)		5,496		25,776
Castle Biosciences, Inc.(a)		2,129		57,653
Chemed Corp.		1,261		636,982
Clover Health Investments Corp.(a)(b)		32,497		43,221
Community Health Systems, Inc.(a)		10,344		53,996
CorVel Corp.(a)		765		136,292
Cross Country Healthcare, Inc.(a)		3,371		93,545
DaVita, Inc.(a)(b)		4,779		393,742
DocGo, Inc.(a)(b)		6,893		68,930
Encompass Health Corp.		8,513		531,637
Enhabit, Inc.(a)		4,308		66,171

Security	Shares		Value
Health Care Providers & Services (continued)
Ensign Group, Inc.		4,514	$	420,931
Fulgent Genetics, Inc.(a)		1,832		61,885
Guardant Health, Inc.(a)		8,501		267,186
HealthEquity, Inc.(a)		7,247		440,980
Henry Schein, Inc.(a)(b)		11,713		1,009,075
Hims & Hers Health, Inc.(a)		10,833		89,697
Innovage Holding Corp.(a)(b)		1,143		8,561
Invitae Corp.(a)		21,028		49,626
Joint Corp.(a)		1,125		20,441
LHC Group, Inc.(a)		2,504		397,134
LifeStance Health Group, Inc.(a)		5,456		28,808
ModivCare, Inc.(a)		1,111		119,166
National HealthCare Corp.		1,076		64,065
National Research Corp.		1,346		62,481
NeoGenomics, Inc.(a)		10,878		129,231
Oak Street Health, Inc.(a)		10,044		291,879
Oncology Institute, Inc.(a)		3,818		5,651
OPKO Health, Inc.(a)		34,156		44,061
Option Care Health, Inc.(a)		13,104		378,312
Owens & Minor, Inc.		6,276		123,888
P3 Health Partners, Inc.(a)(b)		3,386		4,368
Patterson Cos., Inc.		7,115		214,802
Pediatrix Medical Group, Inc.(a)		6,992		107,327
Pennant Group, Inc.(a)		2,190		28,339
PetIQ, Inc.(a)		2,381		28,191
Premier, Inc., Class A		10,331		344,642
Privia Health Group, Inc.(a)		3,963		107,160
Progyny, Inc.(a)		6,535		224,739
R1 RCM, Inc.(a)		12,756		182,538
RadNet, Inc.(a)		4,116		86,642
Select Medical Holdings Corp.		8,987		261,252
Sema4 Holdings Corp.(a)		16,646		7,071
Signify Health, Inc., Class A(a)(b)		6,686		190,284
Surgery Partners, Inc.(a)		4,311		143,125
Tenet Healthcare Corp.(a)		9,244		507,033
U.S. Physical Therapy, Inc.		1,177		116,700
Universal Health Services, Inc., Class B		5,244		777,213
				12,047,159
Health Care Technology — 0.4%
American Well Corp., Class A(a)(b)		19,284		76,557
Babylon Holdings Ltd./Jersey, Class A(b)		515		5,964
Certara, Inc.(a)		10,235		198,559
Computer Programs & Systems, Inc.(a)		1,293		37,988
Definitive Healthcare Corp.(a)(b)		2,633		32,597
Doximity, Inc., Class A(a)(b)		9,671		341,096
Evolent Health, Inc., Class A(a)		7,119		229,374
Health Catalyst, Inc.(a)		4,693		65,233
HealthStream, Inc.(a)		1,853		44,805
Multiplan Corp.(a)		30,982		40,896
NextGen Healthcare, Inc.(a)		5,101		97,021
Nutex Health, Inc.(a)(b)		23,221		31,116
OptimizeRx Corp.(a)		1,521		27,302
Pear Therapeutics, Inc.(a)		5,684		6,196
Phreesia, Inc.(a)		4,342		162,782
Schrodinger, Inc.(a)		4,551		110,043
Sharecare, Inc.(a)		27,303		69,350
Simulations Plus, Inc.		1,296		53,317
Teladoc Health, Inc.(a)		14,070		413,658
Veradigm, Inc.(a)		9,480		169,787
				2,213,641

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

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

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.8%
Accel Entertainment, Inc.(a)		4,658	$	42,947
Aramark		19,917		886,904
Bally’s Corp.(a)(b)		3,318		65,929
Biglari Holdings, Inc., Class B(a)		53		8,643
BJ’s Restaurants, Inc.(a)		1,894		59,794
Bloomin’ Brands, Inc.		7,457		180,832
Bluegreen Vacations Holding Corp.		1,141		37,014
Bowlero Corp.(a)		2,427		33,371
Boyd Gaming Corp.		6,442		401,401
Brinker International, Inc.(a)		3,927		154,959
Century Casinos, Inc.(a)		1,954		17,234
Cheesecake Factory, Inc.		4,273		167,715
Choice Hotels International, Inc.		2,719		334,138
Churchill Downs, Inc.		2,996		743,308
Chuy’s Holdings, Inc.(a)		1,543		52,817
Cracker Barrel Old Country Store, Inc.		1,882		209,994
Dave & Buster’s Entertainment, Inc.(a)		3,730		161,695
Denny’s Corp.(a)		3,986		47,912
Dine Brands Global, Inc.		1,348		104,214
El Pollo Loco Holdings, Inc.(b)		1,165		14,295
Everi Holdings, Inc.(a)		7,371		128,034
F45 Training Holdings, Inc.(a)		2,829		8,770
First Watch Restaurant Group, Inc.(a)		1,718		27,832
Full House Resorts, Inc.(a)		3,313		29,221
Golden Entertainment, Inc.(a)		1,736		68,572
Hilton Grand Vacations, Inc.(a)(b)		7,190		340,518
Hyatt Hotels Corp., Class A(a)		4,080		445,210
Inspired Entertainment, Inc.(a)		2,141		31,901
International Game Technology PLC		8,450		223,502
Jack in the Box, Inc.		1,881		142,918
Krispy Kreme, Inc.		6,487		79,141
Kura Sushi USA, Inc., Class A(a)		525		32,623
Life Time Group Holdings, Inc.(a)(b)		3,576		67,193
Light & Wonder, Inc., Class A(a)		8,147		531,592
Lindblad Expeditions Holdings, Inc.(a)(b)		2,950		35,105
Marriott Vacations Worldwide Corp.		3,188		510,208
Monarch Casino & Resort, Inc.(a)(b)		1,230		94,243
NEOGAMES SA(a)		937		12,087
Noodles & Co.(a)		3,368		21,185
Norwegian Cruise Line Holdings Ltd.(a)		36,320		552,427
ONE Group Hospitality, Inc.(a)		2,056		15,482
Papa John’s International, Inc.		2,826		253,464
Penn Entertainment, Inc.(a)(b)		13,003		460,956
Planet Fitness, Inc., Class A(a)		7,056		597,290
Portillo’s, Inc., Class A(a)		2,082		46,970
RCI Hospitality Holdings, Inc.		677		61,465
Red Rock Resorts, Inc., Class A		4,269		192,148
Rush Street Interactive, Inc.(a)		6,429		27,580
Ruth’s Hospitality Group, Inc.		3,031		52,467
SeaWorld Entertainment, Inc.(a)		3,352		209,131
Shake Shack, Inc., Class A(a)(b)		3,175		180,594
Six Flags Entertainment Corp.(a)		6,644		178,391
Sonder Holdings, Inc.(a)(b)		19,659		26,343
Sweetgreen, Inc., Class A(a)		7,581		78,615
Target Hospitality Corp.(a)		2,521		38,710
Texas Roadhouse, Inc.		5,609		563,312
Travel & Leisure Co.		6,906		292,607
Vacasa, Inc., Class A(a)(b)		10,256		17,948
Vail Resorts, Inc.		3,464		908,746
Wendy’s Co.		14,698		327,765
Wingstop, Inc.		2,504		396,809

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wyndham Hotels & Resorts, Inc.		7,487	$	580,317
Wynn Resorts Ltd.(a)		8,992		931,931
Xponential Fitness, Inc., Class A(a)(b)		1,777		48,832
				13,595,271
Household Durables — 1.6%
Aterian, Inc.(a)		7,175		10,978
Beazer Homes USA, Inc.(a)		2,424		39,681
Cavco Industries, Inc.(a)		765		203,567
Century Communities, Inc.		2,335		142,902
Dream Finders Homes, Inc., Class A(a)		2,017		25,495
Ethan Allen Interiors, Inc.		2,152		61,848
GoPro, Inc., Class A(a)		11,108		68,314
Green Brick Partners, Inc.(a)		2,304		71,885
Helen of Troy Ltd.(a)		1,986		224,636
Hovnanian Enterprises, Inc., Class A(a)		380		21,994
Installed Building Products, Inc.		2,062		227,006
iRobot Corp.(a)		2,309		103,905
KB Home		6,310		242,620
Landsea Homes Corp.(a)		1,637		10,853
La-Z-Boy, Inc.		3,559		101,182
Legacy Housing Corp.(a)		600		12,012
Leggett & Platt, Inc.		11,272		412,104
LGI Homes, Inc.(a)		1,769		201,401
Lifetime Brands, Inc.		937		7,505
Lovesac Co.(a)		1,199		30,862
M/I Homes, Inc.(a)		2,082		124,504
MDC Holdings, Inc.		5,047		190,575
Meritage Homes Corp.(a)		3,144		338,577
Mohawk Industries, Inc.(a)		4,579		549,755
Newell Brands, Inc.		32,911		525,260
PulteGroup, Inc.		19,505		1,109,639
Purple Innovation, Inc.(a)(b)		4,278		24,812
Skyline Champion Corp.(a)(b)		4,631		272,997
Snap One Holdings Corp.(a)		1,129		10,827
Sonos, Inc.(a)		11,124		205,127
Taylor Morrison Home Corp.(a)		8,793		314,789
Tempur Sealy International, Inc.		14,550		592,913
Toll Brothers, Inc.		9,220		548,498
TopBuild Corp.(a)		2,742		548,565
Traeger, Inc.(a)(b)		3,244		11,776
Tri Pointe Homes, Inc.(a)		8,644		190,946
Tupperware Brands Corp.(a)		3,714		16,453
Universal Electronics, Inc.(a)		894		20,946
Vizio Holding Corp., Class A(a)		5,660		49,582
Vuzix Corp.(a)(b)		4,194		21,851
Weber, Inc., Class A(b)		1,265		10,322
				7,899,464
Household Products — 0.2%
Central Garden & Pet Co.(a)		915		38,375
Central Garden & Pet Co., Class A(a)		3,396		134,583
Energizer Holdings, Inc.		5,662		210,060
Reynolds Consumer Products, Inc.		4,936		146,945
Spectrum Brands Holdings, Inc.		3,497		237,376
WD-40 Co.		1,175		205,085
				972,424
Independent Power and Renewable Electricity Producers — 0.4%
Altus Power, Inc.(a)		3,530		28,310
Brookfield Renewable Corp., Class A		10,700		337,264
Clearway Energy, Inc., Class A		2,933		94,003
Clearway Energy, Inc., Class C		7,101		239,943

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

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

Security	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Montauk Renewables, Inc.(a)(b)		5,882	$	65,349
Ormat Technologies, Inc.(b)		4,122		381,491
Sunnova Energy International, Inc.(a)(b)		8,606		167,645
Vistra Corp.		33,927		782,357
				2,096,362
Industrial Conglomerates — 0.0%
Brookfield Business Corp., Class A		2,209		50,034
Insurance — 3.4%
Ambac Financial Group, Inc.(a)		3,758		62,608
American Equity Investment Life Holding Co.		6,050		288,283
American Financial Group, Inc.		5,793		826,024
AMERISAFE, Inc.		1,764		97,161
Argo Group International Holdings Ltd.		2,803		77,811
Assurant, Inc.		4,596		609,384
Assured Guaranty Ltd.		4,934		308,868
Axis Capital Holdings Ltd.		7,013		438,803
Bright Health Group, Inc.(a)		20,063		17,790
Brighthouse Financial, Inc.(a)		6,045		340,152
Brown & Brown, Inc.		20,468		1,198,606
BRP Group, Inc., Class A(a)		5,246		150,298
CNO Financial Group, Inc.		10,167		261,902
Crawford & Co., Class A		3,329		21,539
Donegal Group, Inc., Class A		2,178		33,062
eHealth, Inc.(a)		1,827		15,164
Employers Holdings, Inc.		1,304		57,206
Enstar Group Ltd.(a)		996		241,331
Erie Indemnity Co., Class A		2,195		536,348
Everest Re Group Ltd.		3,374		1,179,854
First American Financial Corp.		8,569		530,164
Genworth Financial, Inc., Class A(a)		33,748		186,289
Globe Life, Inc.		7,930		958,341
Goosehead Insurance, Inc., Class A(a)		1,670		65,214
Greenlight Capital Re Ltd., Class A(a)		2,446		24,093
Hanover Insurance Group, Inc.		3,199		430,521
HCI Group, Inc.		656		32,938
Hippo Holdings, Inc.(a)(b)		1,490		25,002
Horace Mann Educators Corp.		2,534		90,236
Investors Title Co.		146		23,652
James River Group Holdings Ltd.		2,003		45,388
Kemper Corp.		5,561		326,598
Kinsale Capital Group, Inc.		1,877		522,632
Lemonade, Inc.(a)		4,016		65,380
Lincoln National Corp.		14,409		510,511
MBIA, Inc.(a)		3,954		51,442
Mercury General Corp.		2,379		85,002
National Western Life Group, Inc., Class A(b)		203		56,190
NI Holdings, Inc.(a)		788		10,441
Old Republic International Corp.		24,824		655,105
Oscar Health, Inc., Class A(a)		10,292		39,521
Palomar Holdings, Inc.(a)		2,076		106,104
Primerica, Inc.		3,313		535,878
ProAssurance Corp.		2,856		55,378
Reinsurance Group of America, Inc.		5,823		883,757
RenaissanceRe Holdings Ltd.		3,721		728,162
RLI Corp.		3,420		452,979
Root, Inc., Class A(a)		886		5,210
Ryan Specialty Holdings, Inc.(a)(b)		7,230		308,143
Safety Insurance Group, Inc.		854		72,069
Selective Insurance Group, Inc.		5,250		498,750
Selectquote, Inc.(a)(b)		10,164		8,763
SiriusPoint Ltd.(a)		7,195		54,610

Security	Shares		Value
Insurance (continued)
Stewart Information Services Corp.		1,624	$	77,578
Tiptree, Inc.		1,736		26,057
Trean Insurance Group, Inc.(a)		1,723		10,493
Trupanion, Inc.(a)(b)		3,394		200,314
United Fire Group, Inc.		1,943		61,185
Universal Insurance Holdings, Inc.		1,866		23,773
Unum Group		17,318		727,876
White Mountains Insurance Group Ltd.		217		331,567
				16,665,500
Interactive Media & Services — 0.4%
Arena Group Holdings, Inc.(a)		1,367		12,221
Bumble, Inc., Class A(a)		7,428		191,271
Cargurus, Inc.(a)(b)		8,885		156,820
Cars.com, Inc.(a)		5,810		99,351
DHI Group, Inc.(a)		3,723		22,115
Eventbrite, Inc., Class A(a)		6,080		54,051
EverQuote, Inc., Class A(a)		1,762		27,487
fuboTV, Inc.(a)(b)		18,041		46,365
IAC, Inc.(a)		6,435		363,578
MediaAlpha, Inc., Class A(a)		2,009		28,026
Outbrain, Inc.(a)		4,296		21,136
QuinStreet, Inc.(a)		4,519		69,276
Shutterstock, Inc.		1,868		140,604
TripAdvisor, Inc.(a)		8,864		206,531
TrueCar, Inc.(a)		6,796		21,204
Vimeo, Inc.(a)		10,895		49,463
Vinco Ventures, Inc.(a)(b)		16,325		12,063
Yelp, Inc.(a)		6,008		189,312
Ziff Davis, Inc.(a)		3,962		354,520
ZipRecruiter, Inc., Class A(a)		6,100		119,804
				2,185,198
Internet & Direct Marketing Retail — 0.2%
1-800-Flowers.com, Inc., Class A(a)		2,137		21,306
1stdibs.com, Inc.(a)		1,183		7,181
BARK, Inc.(a)		11,542		23,199
CarParts.com, Inc.(a)		3,447		23,509
ContextLogic, Inc., Class A(a)		47,200		32,469
Duluth Holdings, Inc., Class B(a)		688		4,575
Groupon, Inc.(a)(b)		1,920		15,859
Lands’ End, Inc.(a)		1,371		12,380
Lulu’s Fashion Lounge Holdings, Inc.(a)(b)		2,224		7,183
Overstock.com, Inc.(a)(b)		3,709		89,795
PetMed Express, Inc.		1,754		37,676
Qurate Retail, Inc., Series A(a)		30,886		79,686
RealReal, Inc.(a)(b)		5,872		10,746
Rent the Runway, Inc., Class A(a)		4,623		19,833
Revolve Group, Inc.(a)		3,606		102,915
RumbleON, Inc., Class B(a)		1,229		10,336
Stitch Fix, Inc., Class A(a)		6,141		31,995
ThredUp, Inc., Class A(a)		5,918		10,238
Wayfair, Inc., Class A(a)(b)		6,515		394,157
Xometry, Inc., Class A(a)(b)		3,013		105,515
				1,040,553
IT Services — 2.5%
Affirm Holdings, Inc.(a)(b)		19,320		312,791
Amdocs Ltd.		10,425		958,370
AvidXchange Holdings, Inc.(a)		12,706		141,291
BigCommerce Holdings, Inc., Series-1(a)		5,459		66,927
Brightcove, Inc.(a)		2,788		17,676
Cantaloupe, Inc.(a)		4,940		25,145
Cass Information Systems, Inc.		1,080		52,445

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

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

Security	Shares		Value
IT Services (continued)
Cerberus Cyber Sentinel Corp.(a)(b)		3,857	$	5,516
Concentrix Corp.		3,666		519,875
Conduent, Inc.(a)		14,456		68,955
CSG Systems International, Inc.		2,737		163,317
Cyxtera Technologies, Inc.(a)		3,272		10,536
DigitalOcean Holdings, Inc.(a)(b)		6,064		177,978
DXC Technology Co.(a)		19,923		572,388
Edgio, Inc.(a)		12,859		20,189
Euronet Worldwide, Inc.(a)		3,978		448,241
EVERTEC, Inc.		5,410		199,845
Evo Payments, Inc., Class A(a)		4,055		137,343
ExlService Holdings, Inc.(a)		2,717		463,520
Fastly, Inc., Class A(a)(b)		9,287		96,120
Flywire Corp.(a)		4,795		129,321
Genpact Ltd.		15,265		721,729
Globant SA(a)(b)		3,430		556,277
Grid Dynamics Holdings, Inc.(a)		4,287		53,673
Hackett Group, Inc.		2,311		51,073
I3 Verticals, Inc., Class A(a)		1,955		56,539
IBEX Holdings Ltd.(a)		872		23,274
Information Services Group, Inc.		3,455		18,104
International Money Express, Inc.(a)		2,814		64,047
Jack Henry & Associates, Inc.		6,223		1,120,700
Kyndryl Holdings, Inc.(a)		17,954		240,404
Marqeta, Inc., Class A(a)		38,007		251,986
Maximus, Inc.		5,092		381,136
MoneyGram International, Inc.(a)		8,023		86,408
Paya Holdings, Inc.(a)(b)		7,332		71,267
Payoneer Global, Inc.(a)		18,290		109,008
Paysafe Ltd.(a)		2,390		50,286
Perficient, Inc.(a)		2,979		220,863
PFSweb, Inc.		1,688		11,242
Priority Technology Holdings, Inc.(a)		789		3,795
Rackspace Technology, Inc.(a)(b)		2,289		6,867
Remitly Global, Inc.(a)(b)		8,217		99,097
Repay Holdings Corp.(a)		8,203		79,897
Sabre Corp.(a)		29,112		198,253
Shift4 Payments, Inc., Class A(a)(b)		4,193		268,520
Squarespace, Inc., Class A(a)		2,599		61,648
StoneCo Ltd., Class A(a)		24,158		269,603
Thoughtworks Holding, Inc.(a)(b)		7,105		76,734
Toast, Inc., Class A(a)(b)		21,859		487,674
TTEC Holdings, Inc.		1,703		86,581
Tucows, Inc., Class A(a)		714		23,683
Unisys Corp.(a)		6,488		35,100
Verra Mobility Corp.(a)		12,404		191,394
Western Union Co.		33,829		479,357
WEX, Inc.(a)		3,670		678,840
Wix.com Ltd.(a)		4,722		410,720
				12,133,568
Leisure Products — 0.7%
Acushnet Holdings Corp.		2,906		136,437
AMMO, Inc.(a)(b)		6,541		16,222
Brunswick Corp.		6,092		513,738
Clarus Corp.		1,641		16,492
Johnson Outdoors, Inc., Class A		523		35,805
Latham Group, Inc.(a)		3,286		14,458
Malibu Boats, Inc., Class A(a)		1,737		105,245
Marine Products Corp.		440		5,852
MasterCraft Boat Holdings, Inc.(a)		1,528		43,945
Mattel, Inc.(a)		30,628		626,649

Security	Shares		Value
Leisure Products (continued)
Peloton Interactive, Inc., Class A(a)(b)		26,422	$	341,636
Polaris, Inc.(b)		4,774		548,246
Smith & Wesson Brands, Inc.		3,961		43,888
Solo Brands, Inc., Class A(a)		1,003		4,433
Sturm Ruger & Co., Inc.		1,584		90,130
Topgolf Callaway Brands Corp.(a)		12,018		294,321
Vista Outdoor, Inc.(a)		4,681		137,387
YETI Holdings, Inc.(a)		7,213		322,854
				3,297,738
Life Sciences Tools & Services — 1.5%
10X Genomics, Inc., Class A(a)(b)		7,652		358,343
AbCellera Biologics, Inc.(a)		18,197		191,614
Adaptive Biotechnologies Corp.(a)		9,586		88,862
Akoya Biosciences, Inc.(a)		1,301		14,636
Alpha Teknova, Inc.(a)		583		3,475
Azenta, Inc.		6,469		361,617
Berkeley Lights, Inc.(a)(b)		3,806		8,183
BioLife Solutions, Inc.(a)		2,972		69,664
Bionano Genomics, Inc.(a)(b)		27,759		50,244
Bio-Techne Corp.		13,400		1,067,444
Bruker Corp.		9,052		634,726
Charles River Laboratories International, Inc.(a)		4,336		1,054,732
Codexis, Inc.(a)		4,539		27,915
CryoPort, Inc.(a)(b)		3,836		87,576
Cytek Biosciences, Inc.(a)		9,840		118,572
Inotiv, Inc.(a)(b)		1,235		8,954
Maravai LifeSciences Holdings, Inc., Class A(a)		9,647		141,425
MaxCyte, Inc.(a)		7,255		42,369
Medpace Holdings, Inc.(a)		2,194		485,028
NanoString Technologies, Inc.(a)		3,418		36,163
Nautilus Biotechnology, Inc.(a)		6,865		13,455
OmniAb, Inc.(a)		6,394		26,471
OmniAb, Inc.(c)		988		—
Pacific Biosciences of California, Inc.(a)(b)		19,604		217,408
QIAGEN NV(a)(b)		19,497		955,353
Quanterix Corp.(a)		2,547		35,989
Quantum-Si, Inc.(a)		8,727		19,374
Repligen Corp.(a)		4,754		880,916
Science 37 Holdings, Inc.(a)		6,337		3,421
Seer, Inc., Class A(a)(b)		4,441		20,207
Singular Genomics Systems, Inc.(a)		3,745		10,018
SomaLogic, Inc.(a)		14,520		50,530
Sotera Health Co.(a)		8,301		143,109
Syneos Health, Inc.(a)		8,534		306,541
				7,534,334
Machinery — 4.0%
3D Systems Corp.(a)		10,669		115,865
AGCO Corp.		5,335		736,924
Alamo Group, Inc.		862		134,877
Albany International Corp., Class A		2,684		301,011
Allison Transmission Holdings, Inc.		7,731		348,514
Altra Industrial Motion Corp.		5,428		331,488
Astec Industries, Inc.		1,953		86,205
Barnes Group, Inc.		4,454		197,134
Berkshire Grey, Inc.(a)(b)		5,814		6,570
Blue Bird Corp.(a)		1,719		24,926
Chart Industries, Inc.(a)		3,582		479,916
CIRCOR International, Inc.(a)		1,593		44,046
Columbus McKinnon Corp.		2,230		80,169
Crane Holdings Co.		4,073		472,101
Desktop Metal, Inc., Class A(a)(b)		23,107		38,820

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

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

Security	Shares		Value
Machinery (continued)
Donaldson Co., Inc.		10,589	$	660,224
Douglas Dynamics, Inc.		1,889		76,335
Energy Recovery, Inc.(a)(b)		4,872		107,817
Enerpac Tool Group Corp.		4,943		131,187
EnPro Industries, Inc.		1,791		216,836
Esab Corp.		4,519		261,243
ESCO Technologies, Inc.		2,227		219,226
Evoqua Water Technologies Corp.(a)		9,832		476,950
Federal Signal Corp.		5,142		273,812
Flowserve Corp.		11,407		392,629
Franklin Electric Co., Inc.		3,852		347,836
Gates Industrial Corp. PLC(a)		9,498		125,469
Gorman-Rupp Co.		2,064		59,299
Graco, Inc.		14,414		984,765
Greenbrier Cos., Inc.		2,685		83,020
Helios Technologies, Inc.		2,619		172,854
Hillenbrand, Inc.		5,977		280,082
Hillman Solutions Corp.(a)(b)		11,407		109,507
Hydrofarm Holdings Group, Inc.(a)		3,695		6,910
Hyliion Holdings Corp.(a)		9,885		35,388
Hyster-Yale Materials Handling, Inc.		857		27,793
Hyzon Motors, Inc.(a)(b)		7,851		16,723
ITT, Inc.		7,203		659,723
John Bean Technologies Corp.		2,757		308,040
Kadant, Inc.(b)		1,000		203,770
Kennametal, Inc.		7,103		202,436
Lightning eMotors, Inc.(a)(b)		4,548		3,950
Lincoln Electric Holdings, Inc.		4,798		800,642
Lindsay Corp.		942		147,536
Luxfer Holdings PLC		2,124		35,152
Manitowoc Co., Inc.(a)		2,274		31,154
Markforged Holding Corp.(a)		11,019		14,765
Microvast Holdings, Inc.(a)(b)		15,032		24,502
Middleby Corp.(a)		4,523		703,100
Miller Industries, Inc.		858		24,891
Mueller Industries, Inc.		4,873		319,425
Mueller Water Products, Inc., Class A		13,459		170,256
Nikola Corp.(a)(b)		28,054		76,026
Nordson Corp.		4,914		1,195,576
Omega Flex, Inc.		303		32,209
Oshkosh Corp.		5,706		575,051
Pentair PLC		14,263		789,885
Proterra, Inc.(a)(b)		18,350		93,585
Proto Labs, Inc.(a)		2,487		76,102
RBC Bearings, Inc.(a)		2,450		597,727
REV Group, Inc.		2,927		37,495
Sarcos Technology & Robotics Corp.(a)(b)		10,147		6,088
Shyft Group, Inc.		3,287		109,424
Snap-on, Inc.		4,512		1,122,270
SPX Technologies, Inc.(a)		3,639		272,961
Standex International Corp.		1,019		117,766
Tennant Co.		1,479		103,722
Terex Corp.		5,736		292,364
Timken Co.		5,111		420,891
Titan International, Inc.(a)		4,154		69,330
Toro Co.		8,943		997,323
Trinity Industries, Inc.		7,200		207,144
Velo3D, Inc.(a)(b)		3,925		9,420
Wabash National Corp.		4,105		105,745

Security	Shares		Value
Machinery (continued)
Watts Water Technologies, Inc., Class A		2,279	$	372,662
Xos, Inc.(a)		6,846		6,482
				19,801,061
Marine — 0.2%
Costamare, Inc.		4,332		43,970
Eagle Bulk Shipping, Inc.		1,171		67,075
Eneti, Inc.(b)		1,573		16,658
Genco Shipping & Trading Ltd.		3,242		58,810
Golden Ocean Group Ltd.		11,014		105,514
Kirby Corp.(a)		5,196		367,773
Matson, Inc.		3,132		207,088
Safe Bulkers, Inc.		6,947		22,855
				889,743
Media — 1.1%
AdTheorent Holding Co., Inc.(a)		5,827		10,139
Advantage Solutions, Inc.(a)		7,451		19,298
Altice USA, Inc., Class A(a)		17,628		86,377
AMC Networks, Inc., Class A(a)		2,693		49,847
Audacy, Inc.(a)(b)		7,924		2,545
Boston Omaha Corp., Class A(a)		1,772		46,869
Cable One, Inc.		492		388,621
Cardlytics, Inc.(a)(b)		2,516		18,870
Clear Channel Outdoor Holdings, Inc.(a)		28,169		53,803
Cumulus Media, Inc., Class A(a)		636		4,261
Daily Journal Corp.(a)		101		30,906
Entravision Communications Corp., Class A		3,973		25,824
EW Scripps Co., Class A(a)		5,145		76,918
Gambling.com Group Ltd.(a)		217		2,077
Gannett Co., Inc.(a)		11,852		26,786
Gray Television, Inc.		6,876		89,113
iHeartMedia, Inc., Class A(a)		10,087		78,174
Innovid Corp.(a)		8,977		20,198
Integral Ad Science Holding Corp.(a)		3,147		32,351
Interpublic Group of Cos., Inc.		33,436		1,219,077
John Wiley & Sons, Inc., Class A		3,539		162,086
Loyalty Ventures, Inc.(a)		1,457		2,695
Magnite, Inc.(a)		11,109		134,197
New York Times Co., Class A		13,915		484,799
News Corp., Class A		33,125		671,112
News Corp., Class B		9,298		190,051
Nexstar Media Group, Inc., Class A		3,138		642,568
PubMatic, Inc., Class A(a)		3,747		57,442
Quotient Technology, Inc.(a)		5,899		23,891
Scholastic Corp.		2,611		115,511
Sinclair Broadcast Group, Inc., Class A		3,646		75,217
Stagwell, Inc.(a)		7,556		53,043
TechTarget, Inc.(a)		2,145		106,242
TEGNA, Inc.		18,633		371,356
Thryv Holdings, Inc.(a)		2,534		56,686
Urban One, Inc.(a)		2,943		14,656
WideOpenWest, Inc.(a)		5,083		58,404
				5,502,010
Metals & Mining — 2.0%
5E Advanced Materials, Inc.(a)(b)		2,976		29,314
Alcoa Corp.		15,244		796,347
Alpha Metallurgical Resources, Inc.		1,310		210,818
Arconic Corp.(a)		8,295		195,015
ATI, Inc.(a)(b)		10,774		392,066
Carpenter Technology Corp.		4,118		198,858
Century Aluminum Co.(a)(b)		4,172		46,893

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

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

Security	Shares		Value
Metals & Mining (continued)
Cleveland-Cliffs, Inc.(a)		43,870	$	936,625
Coeur Mining, Inc.(a)		24,137		93,893
Commercial Metals Co.		9,833		533,637
Compass Minerals International, Inc.		2,977		138,907
Constellium SE(a)		10,747		156,154
Dakota Gold Corp.(a)		5,742		20,154
Haynes International, Inc.		974		54,242
Hecla Mining Co.(b)		47,553		293,402
Hycroft Mining Holding Corp.(a)		11,349		6,797
Ivanhoe Electric, Inc.(a)		1,203		15,940
Kaiser Aluminum Corp.		1,339		117,189
Materion Corp.		1,717		154,959
MP Materials Corp.(a)(b)		7,872		255,919
Novagold Resources, Inc.(a)		19,493		123,001
Olympic Steel, Inc.		728		32,207
Piedmont Lithium, Inc.(a)(b)		1,437		98,636
PolyMet Mining Corp.(a)		1,623		4,252
Ramaco Resources, Inc.		1,835		19,139
Reliance Steel & Aluminum Co.		5,010		1,139,525
Royal Gold, Inc.		5,671		720,387
Ryerson Holding Corp.		1,588		60,614
Schnitzer Steel Industries, Inc., Class A		2,242		75,869
SSR Mining, Inc.		17,433		295,315
Steel Dynamics, Inc.		14,196		1,712,605
SunCoke Energy, Inc.		7,151		65,146
TimkenSteel Corp.(a)		3,741		73,586
Tredegar Corp.		2,462		29,864
U.S. Steel Corp.		20,084		572,193
Warrior Met Coal, Inc.		4,463		169,058
Worthington Industries, Inc.		2,775		157,814
				9,996,340
Mortgage Real Estate Investment Trusts (REITs) — 1.0%
AFC Gamma, Inc.		1,189		18,667
AGNC Investment Corp.		47,960		556,336
Angel Oak Mortgage, Inc.		836		6,613
Annaly Capital Management, Inc.		40,128		941,804
Apollo Commercial Real Estate Finance, Inc.		12,477		151,845
Arbor Realty Trust, Inc.		13,964		208,483
Ares Commercial Real Estate Corp.		4,447		54,609
ARMOUR Residential REIT, Inc.		12,479		78,368
Blackstone Mortgage Trust, Inc., Class A		14,047		334,880
BrightSpire Capital, Inc.		7,972		60,747
Broadmark Realty Capital, Inc.		10,781		47,221
Chicago Atlantic Real Estate Finance, Inc.		924		14,276
Chimera Investment Corp.		19,897		145,049
Claros Mortgage Trust, Inc.		8,019		134,238
Dynex Capital, Inc.		3,973		57,251
Ellington Financial, Inc.		4,511		61,936
Franklin BSP Realty Trust, Inc.		7,126		103,327
Granite Point Mortgage Trust, Inc.		3,724		24,876
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		7,427		274,131
Invesco Mortgage Capital, Inc.		3,464		50,886
KKR Real Estate Finance Trust, Inc.		4,907		78,169
Ladder Capital Corp.		10,059		112,661
MFA Financial, Inc.		7,988		94,977
New York Mortgage Trust, Inc.		31,397		97,959
Nexpoint Real Estate Finance, Inc.		971		18,498
Orchid Island Capital, Inc.		2,507		30,560
PennyMac Mortgage Investment Trust		7,548		115,107
Ready Capital Corp.		5,888		77,898

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Redwood Trust, Inc.		10,354	$	86,559
Rithm Capital Corp.		37,044		348,584
Starwood Property Trust, Inc.		25,018		522,626
TPG RE Finance Trust, Inc.		6,458		56,249
Two Harbors Investment Corp.		7,403		132,810
				5,098,200
Multiline Retail — 0.3%
Big Lots, Inc.		2,245		36,728
Dillard’s, Inc., Class A(b)		356		140,018
Franchise Group, Inc.		2,248		69,441
Kohl’s Corp.		10,181		329,559
Macy’s, Inc.		22,725		536,992
Nordstrom, Inc.		9,806		191,609
Ollie’s Bargain Outlet Holdings, Inc.(a)		5,249		287,435
				1,591,782
Multi-Utilities — 0.4%
Avista Corp.		5,357		213,744
Black Hills Corp.		5,677		410,901
NiSource, Inc.		35,036		972,249
NorthWestern Corp.		4,963		281,899
Unitil Corp.		1,255		65,473
				1,944,266
Oil, Gas & Consumable Fuels — 3.8%
Aemetis, Inc.(a)(b)		3,346		15,626
Alto Ingredients, Inc.(a)		7,528		25,520
Amplify Energy Corp.(a)		3,118		27,002
Antero Midstream Corp.		29,119		317,397
Antero Resources Corp.(a)		24,422		704,330
APA Corp.		27,487		1,218,499
Arch Resources, Inc.		1,273		188,429
Ardmore Shipping Corp.(a)		3,942		57,750
Berry Corp.		6,916		63,627
California Resources Corp.		6,301		269,242
Callon Petroleum Co.(a)		4,283		182,242
Centrus Energy Corp., Class A(a)		592		24,302
Chesapeake Energy Corp.		10,383		900,414
Chord Energy Corp.		3,584		513,695
Civitas Resources, Inc.		6,386		424,988
Clean Energy Fuels Corp.(a)		14,369		81,329
CNX Resources Corp.(a)(b)		15,429		258,127
Comstock Resources, Inc.		7,996		97,151
CONSOL Energy, Inc.		2,964		171,408
Crescent Energy Co., Class A		3,108		37,482
CVR Energy, Inc.		2,706		89,839
Delek U.S. Holdings, Inc.		6,322		169,177
Denbury, Inc.(a)		4,362		378,534
DHT Holdings, Inc.		11,182		95,830
Dorian LPG Ltd.		2,674		53,079
DT Midstream, Inc.(a)		8,195		447,939
Earthstone Energy, Inc., Class A(a)(b)		3,830		53,237
Empire Petroleum Corp.(a)(b)		1,078		14,219
Energy Fuels, Inc.(a)(b)		14,345		105,723
Enviva, Inc.		2,475		112,563
EQT Corp.		31,641		1,033,711
Equitrans Midstream Corp.		36,156		262,131
Excelerate Energy, Inc., Class A		1,901		44,293
FLEX LNG Ltd.(a)(b)		2,440		75,884
Frontline PLC		10,765		148,880
Gevo, Inc.(a)(b)		16,243		34,435
Golar LNG Ltd.(a)		8,149		191,013
Green Plains, Inc.(a)		2,103		73,121

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

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

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Gulfport Energy Corp.(a)		877	$	59,768
HF Sinclair Corp.		11,823		672,729
HighPeak Energy, Inc.(b)		723		20,215
International Seaways, Inc.		4,217		163,788
Kinetik Holdings, Inc., Class A		1,497		46,841
Kosmos Energy Ltd.(a)(b)		38,560		305,010
Magnolia Oil & Gas Corp., Class A		14,513		342,652
Matador Resources Co.		9,652		638,576
Murphy Oil Corp.		12,691		553,455
NACCO Industries, Inc., Class A		484		18,861
New Fortress Energy, Inc.		4,719		183,050
NextDecade Corp.(a)		3,649		21,858
Nordic American Tankers Ltd.		17,834		54,215
Northern Oil and Gas, Inc.		5,738		192,338
Ovintiv, Inc.		21,348		1,050,962
Par Pacific Holdings, Inc.(a)		4,494		120,125
PBF Energy, Inc., Class A		8,400		352,716
PDC Energy, Inc.		7,389		500,457
Peabody Energy Corp.(a)(b)		10,250		285,872
Permian Resources Corp.		17,784		193,312
Range Resources Corp.		19,872		497,197
Ranger Oil Corp., Class A		1,691		71,022
REX American Resources Corp.(a)(b)		1,464		47,902
Riley Exploration Permian, Inc.		901		29,904
Ring Energy, Inc.(a)(b)		7,446		17,573
SandRidge Energy, Inc.(a)		1,535		24,268
Scorpio Tankers, Inc.		4,008		191,863
SFL Corp. Ltd.		9,365		95,336
SilverBow Resources, Inc.(a)(b)		980		25,745
Sitio Royalties Corp., Class A		6,268		166,541
SM Energy Co.		10,072		331,067
Southwestern Energy Co.(a)		92,983		513,266
Talos Energy, Inc.(a)		5,334		105,667
Teekay Corp.(a)		5,790		28,139
Teekay Tankers Ltd., Class A(a)		1,828		56,101
Tellurian, Inc.(a)(b)		45,722		90,987
Texas Pacific Land Corp.		490		977,966
Uranium Energy Corp.(a)		32,042		129,129
Ur-Energy, Inc.(a)(b)		22,769		29,827
VAALCO Energy, Inc.		8,995		41,827
Vertex Energy, Inc.(a)(b)		4,468		32,527
Vital Energy, Inc.(a)		1,314		73,952
Vitesse Energy, Inc.(a)		2,003		31,968
W&T Offshore, Inc.(a)		9,251		57,541
World Fuel Services Corp.		5,396		152,707
				18,558,990
Paper & Forest Products — 0.1%
Clearwater Paper Corp.(a)		1,527		58,957
Glatfelter Corp.		3,535		15,483
Louisiana-Pacific Corp.		5,995		408,200
Resolute Forest Products, Inc.(a)		4,350		94,439
Sylvamo Corp.		3,157		150,052
				727,131
Personal Products — 0.4%
Beauty Health Co.(a)		8,721		99,419
BellRing Brands, Inc.(a)		11,450		324,722
Coty, Inc., Class A(a)		30,254		301,330
Edgewell Personal Care Co.		4,469		191,541
elf Beauty, Inc.(a)		4,280		246,314
Herbalife Nutrition Ltd.(a)(b)		8,526		149,802
Honest Co., Inc.(a)		6,519		21,513

Security	Shares		Value
Personal Products (continued)
Inter Parfums, Inc.		1,517	$	179,340
Medifast, Inc.		951		105,989
Nature’s Sunshine Products, Inc.(a)		728		7,688
Nu Skin Enterprises, Inc., Class A		4,043		173,364
Olaplex Holdings, Inc.(a)(b)		11,336		71,530
Thorne HealthTech, Inc.(a)		3,015		13,899
USANA Health Sciences, Inc.(a)		1,062		62,063
Veru, Inc.(a)(b)		6,237		35,925
				1,984,439
Pharmaceuticals — 1.1%
Aclaris Therapeutics, Inc.(a)		5,770		97,513
Amneal Pharmaceuticals, Inc.(a)(b)		8,870		19,514
Amphastar Pharmaceuticals, Inc.(a)		3,338		101,008
Amylyx Pharmaceuticals, Inc.(a)		4,442		174,082
AN2 Therapeutics, Inc.(a)		721		8,767
ANI Pharmaceuticals, Inc.(a)		941		42,091
Arvinas, Inc.(a)		4,095		134,193
Atea Pharmaceuticals, Inc.(a)(b)		6,727		31,146
Athira Pharma, Inc.(a)		2,109		8,520
Axsome Therapeutics, Inc.(a)		2,804		210,300
Cara Therapeutics, Inc.(a)		4,328		50,551
Cassava Sciences, Inc.(a)(b)		3,362		94,136
CinCor Pharma, Inc.(a)		2,331		67,436
Collegium Pharmaceutical, Inc.(a)		2,815		79,045
Corcept Therapeutics, Inc.(a)		7,270		166,192
DICE Therapeutics, Inc.(a)		3,189		101,315
Edgewise Therapeutics, Inc.(a)(b)		2,935		30,025
Esperion Therapeutics, Inc.(a)		6,530		41,531
Evolus, Inc.(a)		3,407		35,399
EyePoint Pharmaceuticals, Inc.(a)		2,424		11,296
Fulcrum Therapeutics, Inc.(a)		3,817		48,132
Harmony Biosciences Holdings, Inc.(a)(b)		2,253		108,527
Innoviva, Inc.(a)		5,483		69,360
Intra-Cellular Therapies, Inc.(a)		7,707		369,319
Jazz Pharmaceuticals PLC(a)		5,304		830,925
Ligand Pharmaceuticals, Inc.(a)		1,305		90,958
Liquidia Corp.(a)		4,969		32,795
Nektar Therapeutics(a)		14,173		38,551
NGM Biopharmaceuticals, Inc.(a)		3,413		17,884
Nuvation Bio, Inc.(a)		11,978		29,466
Ocular Therapeutix, Inc.(a)(b)		8,299		32,449
Organon & Co.		21,665		652,766
Pacira BioSciences, Inc.(a)		3,865		151,779
Perrigo Co. PLC		11,339		424,305
Phathom Pharmaceuticals, Inc.(a)		2,441		29,121
Phibro Animal Health Corp., Class A		1,994		30,708
Prestige Consumer Healthcare, Inc.(a)		4,075		267,972
Provention Bio, Inc.(a)		5,451		47,206
Reata Pharmaceuticals, Inc., Class A(a)		2,223		96,323
Relmada Therapeutics, Inc.(a)		2,305		9,358
Revance Therapeutics, Inc.(a)		6,920		239,986
Scilex Holding Co., (Acquired 01/06/23, Cost: $24,157)(d)		4,783		36,690
SIGA Technologies, Inc.		4,478		32,824
Supernus Pharmaceuticals, Inc.(a)		4,300		176,343
Tarsus Pharmaceuticals, Inc.(a)		2,120		33,411
Theravance Biopharma, Inc.(a)		5,461		59,033
Theseus Pharmaceuticals, Inc.(a)		1,015		14,200
Third Harmonic Bio, Inc.(a)		1,194		5,218

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

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

Security	Shares		Value
Pharmaceuticals (continued)
Ventyx Biosciences, Inc.(a)		2,068	$	86,856
Xeris Biopharma Holdings, Inc.(a)		13,971		17,324
				5,583,849
Professional Services — 1.8%
Alight, Inc., Class A(a)		29,461		276,639
ASGN, Inc.(a)		4,275		388,811
Atlas Technical Consultants, Inc.(a)		1,994		24,187
Barrett Business Services, Inc.		555		55,156
Booz Allen Hamilton Holding Corp., Class A		11,263		1,065,930
CACI International, Inc., Class A(a)		2,005		617,720
CBIZ, Inc.(a)		4,205		200,116
Clarivate PLC(a)		39,708		441,553
CRA International, Inc.		643		76,414
Dun & Bradstreet Holdings, Inc.		20,871		305,760
Exponent, Inc.		4,259		436,718
First Advantage Corp.(a)		5,203		72,218
Forrester Research, Inc.(a)		827		30,649
Franklin Covey Co.(a)		1,083		50,251
FTI Consulting, Inc.(a)		2,849		454,472
Heidrick & Struggles International, Inc.		1,687		51,892
HireRight Holdings Corp.(a)(b)		2,371		27,124
Huron Consulting Group, Inc.(a)		1,647		112,062
ICF International, Inc.		1,582		161,665
Insperity, Inc.		3,030		334,967
KBR, Inc.		11,812		605,129
Kelly Services, Inc., Class A		2,618		47,386
Kforce, Inc.		1,763		98,957
Korn Ferry		4,503		243,117
Legalzoom.com, Inc.(a)		8,221		69,714
ManpowerGroup, Inc.		4,253		370,691
NV5 Global, Inc.(a)		1,171		156,083
Planet Labs PBC(a)(b)		13,033		64,513
Red Violet, Inc.(a)		922		21,921
Resources Connection, Inc.		2,510		43,348
Robert Half International, Inc.		9,105		764,456
Science Applications International Corp.		4,746		492,540
Skillsoft Corp.(a)(b)		6,984		13,409
Spire Global, Inc.(a)		14,503		17,259
Sterling Check Corp.(a)(b)		1,746		24,357
TriNet Group, Inc.(a)(b)		3,243		244,684
TrueBlue, Inc.(a)		2,952		57,948
Upwork, Inc.(a)(b)		10,595		137,311
Willdan Group, Inc.(a)		1,011		19,249
				8,676,376
Real Estate Management & Development — 0.7%
Anywhere Real Estate, Inc.(a)		9,661		81,925
Compass, Inc., Class A(a)(b)		23,531		94,595
Cushman & Wakefield PLC(a)(b)		13,512		194,978
DigitalBridge Group, Inc.(b)		13,025		192,770
Doma Holdings, Inc.(a)		15,484		10,994
Douglas Elliman, Inc.		7,945		37,024
eXp World Holdings, Inc.		5,829		90,874
Forestar Group, Inc.(a)		1,439		21,412
FRP Holdings, Inc.(a)		664		37,297
Howard Hughes Corp.(a)(b)		3,177		271,602
Jones Lang LaSalle, Inc.(a)		4,114		760,555
Kennedy-Wilson Holdings, Inc.		10,231		182,930
Marcus & Millichap, Inc.		2,265		82,084
Newmark Group, Inc., Class A		12,314		105,531
Offerpad Solutions, Inc.(a)		5,731		5,258
Opendoor Technologies, Inc.(a)(b)		41,712		91,349
RE/MAX Holdings, Inc., Class A		1,306		29,790

Security	Shares		Value
Real Estate Management & Development (continued)
Redfin Corp.(a)		9,045	$	67,657
RMR Group, Inc., Class A		1,255		38,930
St. Joe Co.		2,958		139,322
Stratus Properties, Inc.		583		12,838
Tejon Ranch Co.(a)		2,103		42,102
WeWork, Inc., Class A(a)(b)		21,084		33,523
Zillow Group, Inc., Class A(a)		5,248		225,454
Zillow Group, Inc., Class C(a)(b)		13,192		583,218
				3,434,012
Road & Rail — 1.1%
ArcBest Corp.		2,106		175,746
Avis Budget Group, Inc.(a)(b)		2,153		430,686
Bird Global, Inc., Class A(a)		23,350		5,478
Covenant Logistics Group, Inc.		582		19,299
Daseke, Inc.(a)		3,022		21,094
Heartland Express, Inc.		3,946		66,372
Hertz Global Holdings, Inc.(a)(b)		15,699		282,896
Knight-Swift Transportation Holdings, Inc.		13,417		792,945
Landstar System, Inc.		3,134		541,649
Lyft, Inc., Class A(a)		27,160		441,350
Marten Transport Ltd.		5,059		111,753
PAM Transportation Services, Inc.(a)		732		21,191
RXO, Inc.(a)		8,797		161,161
Ryder System, Inc.		4,158		392,557
Saia, Inc.(a)(b)		2,263		617,301
Schneider National, Inc., Class B		4,518		119,727
TuSimple Holdings, Inc., Class A(a)		11,964		25,124
U-Haul Holding Co.(b)		6,650		410,904
U-Haul Holding Co.		915		61,332
Universal Logistics Holdings, Inc.		635		22,809
Werner Enterprises, Inc.		5,548		260,590
XPO Logistics, Inc.(a)		8,565		341,401
				5,323,365
Semiconductors & Semiconductor Equipment — 2.4%
ACM Research, Inc., Class A(a)		4,029		50,322
Allegro MicroSystems, Inc.(a)		5,702		217,645
Alpha & Omega Semiconductor Ltd.(a)		1,877		61,866
Ambarella, Inc.(a)		3,120		280,301
Amkor Technology, Inc.		8,395		245,638
Atomera, Inc.(a)(b)		1,787		13,045
Axcelis Technologies, Inc.(a)		2,795		307,310
AXT, Inc.(a)		2,786		16,410
CEVA, Inc.(a)		1,900		62,928
Cirrus Logic, Inc.(a)		4,730		427,545
Cohu, Inc.(a)		4,250		153,340
Credo Technology Group Holding Ltd.(a)		7,964		138,016
Diodes, Inc.(a)		3,738		333,392
Entegris, Inc.		12,725		1,027,035
First Solar, Inc.(a)		9,112		1,618,291
FormFactor, Inc.(a)		6,706		188,707
Ichor Holdings Ltd.(a)		2,233		75,475
Impinj, Inc.(a)		1,858		241,131
indie Semiconductor, Inc., Class A(a)(b)		8,943		71,276
Kulicke & Soffa Industries, Inc.(b)		4,986		254,785
Lattice Semiconductor Corp.(a)		11,598		879,012
MACOM Technology Solutions Holdings, Inc., Class H(a)		4,375		293,213
MaxLinear, Inc.(a)		6,365		262,238
MKS Instruments, Inc.(b)		4,959		507,405
Onto Innovation, Inc.(a)		4,106		322,937
PDF Solutions, Inc.(a)		2,455		78,020
Photronics, Inc.(a)		5,162		93,535

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

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

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Power Integrations, Inc.		4,855	$	417,967
Rambus, Inc.(a)		9,107		368,560
Rigetti Computing, Inc.(a)(b)		4,363		3,406
Semtech Corp.(a)		5,538		182,920
Silicon Laboratories, Inc.(a)(b)		2,840		445,624
SiTime Corp.(a)		1,428		164,548
SkyWater Technology, Inc.(a)		489		5,291
SMART Global Holdings, Inc.(a)		4,451		76,513
Synaptics, Inc.(a)		3,295		411,974
Transphorm, Inc.(a)		604		2,815
Ultra Clean Holdings, Inc.(a)		3,849		129,519
Universal Display Corp.		3,745		496,325
Veeco Instruments, Inc.(a)(b)		4,304		85,477
Wolfspeed, Inc.(a)(b)		10,578		814,612
				11,826,369
Software — 5.5%
8x8, Inc.(a)		10,183		47,962
A10 Networks, Inc.		5,658		87,586
ACI Worldwide, Inc.(a)		9,372		261,760
Adeia, Inc.		8,767		95,999
Agilysys, Inc.(a)		1,702		142,219
Alarm.com Holdings, Inc.(a)		4,194		224,798
Alkami Technology, Inc.(a)(b)		3,086		50,518
Altair Engineering, Inc., Class A(a)(b)		4,215		223,816
Alteryx, Inc., Class A(a)		4,936		273,899
American Software, Inc., Class A		2,858		43,470
Amplitude, Inc., Class A(a)(b)		4,637		66,680
Appfolio, Inc., Class A(a)		1,649		185,232
Appian Corp., Class A(a)(b)		3,484		144,116
Applied Digital Corp.(a)		7,878		24,422
AppLovin Corp., Class A(a)(b)		17,830		226,441
Arteris, Inc.(a)		2,238		14,055
Asana, Inc., Class A(a)		6,400		99,200
Aspen Technology, Inc.(a)(b)		2,344		465,870
Avaya Holdings Corp.(a)		6,638		2,370
AvePoint, Inc.(a)		11,158		49,876
Bentley Systems, Inc., Class B(b)		14,551		568,217
Bill.com Holdings, Inc.(a)(b)		8,512		984,157
Black Knight, Inc.(a)		13,300		805,847
Blackbaud, Inc.(a)		4,036		251,080
Blackline, Inc.(a)		4,795		344,281
Blend Labs, Inc., Class A(a)		15,665		26,004
Box, Inc., Class A(a)		11,679		373,611
C3.ai, Inc., Class A(a)(b)		5,594		111,041
CCC Intelligent Solutions Holdings, Inc.(a)(b)		15,063		139,333
Cerence, Inc.(a)		3,325		81,529
Ceridian HCM Holding, Inc.(a)		11,834		855,361
Cipher Mining, Inc.(a)(b)		6,457		7,748
Cleanspark, Inc.(a)(b)		3,678		11,659
Clear Secure, Inc., Class A		5,094		159,901
CommVault Systems, Inc.(a)		3,699		230,189
Confluent, Inc., Class A(a)(b)		10,234		236,405
Consensus Cloud Solutions, Inc.(a)		1,609		94,561
Couchbase, Inc.(a)		2,254		33,337
Coupa Software, Inc.(a)		6,451		515,564
CS Disco, Inc.(a)(b)		1,938		16,105
Cvent Holding Corp.(a)		3,662		29,552
Digimarc Corp.(a)(b)		1,146		22,897
Digital Turbine, Inc.(a)		8,227		142,821
Dolby Laboratories, Inc., Class A		5,296		421,350
Domo, Inc., Class B(a)		2,863		44,405

Security	Shares		Value
Software (continued)
DoubleVerify Holdings, Inc.(a)(b)		6,415	$	174,424
Dropbox, Inc., Class A(a)		23,117		537,008
Duck Creek Technologies, Inc.(a)		6,745		127,683
Dynatrace, Inc.(a)		16,741		643,357
E2open Parent Holdings, Inc.(a)		17,189		118,604
Ebix, Inc.		2,170		41,360
eGain Corp.(a)		1,349		13,112
Elastic NV(a)(b)		6,502		382,578
Enfusion, Inc., Class A(a)		2,593		30,805
EngageSmart, Inc.(a)		2,975		58,607
Envestnet, Inc.(a)		3,481		226,265
Everbridge, Inc.(a)		3,458		110,518
EverCommerce, Inc.(a)		2,329		24,059
Fair Isaac Corp.(a)		2,083		1,387,174
Five9, Inc.(a)		6,039		475,752
ForgeRock, Inc., Class A(a)		3,519		69,887
Gen Digital, Inc.		48,118		1,107,195
Greenidge Generation Holdings, Inc.(a)(b)		740		622
Guidewire Software, Inc.(a)		6,854		501,987
Informatica, Inc., Class A(a)(b)		3,104		55,251
Instructure Holdings, Inc.(a)(b)		1,483		40,085
Intapp, Inc.(a)		1,383		40,079
InterDigital, Inc.		2,578		180,331
IronNet, Inc.(a)		7,921		3,160
Jamf Holding Corp.(a)(b)		5,921		117,650
KnowBe4, Inc., Class A(a)		5,931		147,623
Latch, Inc.(a)		13,137		12,079
LivePerson, Inc.(a)		5,836		75,168
LiveRamp Holdings, Inc.(a)		5,773		154,485
LiveVox Holdings, Inc.(a)(b)		4,247		12,359
Manhattan Associates, Inc.(a)		5,341		696,253
Marathon Digital Holdings, Inc.(a)(b)		10,727		77,342
Matterport, Inc.(a)		18,429		64,870
MeridianLink, Inc.(a)		1,817		28,854
MicroStrategy, Inc., Class A(a)(b)		830		208,936
Mitek Systems, Inc.(a)(b)		3,619		35,683
Model N, Inc.(a)		3,216		127,547
Momentive Global, Inc.(a)		10,962		84,517
N-able, Inc.(a)		5,651		58,036
nCino, Inc.(a)(b)		6,080		173,888
NCR Corp.(a)		11,161		306,035
New Relic, Inc.(a)		4,564		278,632
NextNav, Inc.(a)		7,268		21,513
Nutanix, Inc., Class A(a)		19,667		548,119
Olo, Inc., Class A(a)		7,636		61,241
ON24, Inc.(a)		3,909		36,275
OneSpan, Inc.(a)		3,402		46,982
PagerDuty, Inc.(a)		7,209		214,756
Paycor HCM, Inc.(a)		4,897		122,964
Paylocity Holding Corp.(a)		3,417		711,727
Pegasystems, Inc.(b)		3,390		131,803
Porch Group, Inc.(a)(b)		6,376		18,809
PowerSchool Holdings, Inc., Class A(a)		3,922		88,323
Procore Technologies, Inc.(a)		6,114		342,078
Progress Software Corp.		3,515		186,436
PROS Holdings, Inc.(a)		3,695		93,114
PTC, Inc.(a)		9,051		1,220,799
Q2 Holdings, Inc.(a)		4,726		154,635
Qualys, Inc.(a)(b)		3,220		371,459
Rapid7, Inc.(a)		5,036		200,785
Rimini Street, Inc.(a)		5,015		22,567
RingCentral, Inc., Class A(a)		7,588		296,160

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

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

Security	Shares		Value
Software (continued)
Riot Blockchain, Inc.(a)(b)		13,802	$	86,539
Sapiens International Corp. NV		2,503		56,718
SecureWorks Corp., Class A(a)		715		5,734
SentinelOne, Inc., Class A(a)		16,075		242,572
ShotSpotter, Inc.(a)		960		37,008
Smartsheet, Inc., Class A(a)(b)		10,980		474,446
SolarWinds Corp.(a)		4,532		46,045
Sprout Social, Inc., Class A(a)(b)		3,983		254,792
SPS Commerce, Inc.(a)		3,147		428,244
Sumo Logic, Inc.(a)		10,017		118,501
Telos Corp.(a)(b)		5,532		26,830
Tenable Holdings, Inc.(a)		9,516		382,829
Teradata Corp.(a)		8,966		312,734
UiPath, Inc., Class A(a)(b)		31,571		484,931
Upland Software, Inc.(a)		2,117		18,481
Varonis Systems, Inc.(a)		9,477		244,886
Verint Systems, Inc.(a)		5,602		212,708
Veritone, Inc.(a)		2,089		17,652
Viant Technology, Inc., Class A(a)		704		3,196
Weave Communications, Inc.(a)		2,174		11,305
WM Technology, Inc.(a)		6,309		7,949
Workiva, Inc.(a)(b)		4,139		358,148
Xperi, Inc.(a)		3,506		36,287
Yext, Inc.(a)		9,099		63,238
Zeta Global Holdings Corp., Class A(a)		9,011		81,820
Zuora, Inc., Class A(a)		10,278		81,402
				27,232,644
Specialty Retail — 2.4%
Aaron’s Co., Inc.		2,311		33,856
Abercrombie & Fitch Co., Class A(a)		4,344		125,802
Academy Sports & Outdoors, Inc.		6,641		387,967
American Eagle Outfitters, Inc.		13,379		215,937
America’s Car-Mart, Inc.(a)(b)		542		46,688
Arko Corp.		8,041		67,464
Asbury Automotive Group, Inc.(a)		1,923		423,060
AutoNation, Inc.(a)		2,879		364,827
Bed Bath & Beyond, Inc.(a)(b)		6,499		18,327
Big 5 Sporting Goods Corp.		1,833		18,312
Boot Barn Holdings, Inc.(a)		2,578		215,237
Buckle, Inc.		2,622		115,368
Build-A-Bear Workshop, Inc.(a)		1,166		28,637
Caleres, Inc.		3,064		79,725
Camping World Holdings, Inc., Class A		3,186		80,956
Carvana Co.(a)(b)		8,859		90,096
Cato Corp., Class A		1,422		14,135
Chico’s FAS, Inc.(a)		10,071		53,074
Children’s Place, Inc.(a)		951		43,147
Citi Trends, Inc.(a)		733		23,075
Conn’s, Inc.(a)		1,303		12,261
Container Store Group, Inc.(a)		2,232		11,629
Designer Brands, Inc., Class A		4,442		45,797
Destination XL Group, Inc.(a)		5,308		37,846
Dick’s Sporting Goods, Inc.		4,610		602,804
EVgo, Inc.(a)(b)		5,827		40,148
Express, Inc.(a)		8,993		10,432
Five Below, Inc.(a)(b)		4,681		922,765
Floor & Decor Holdings, Inc., Class A(a)(b)		8,876		805,674
Foot Locker, Inc.		6,796		295,694
GameStop Corp., Class A(a)(b)		22,683		496,077
Gap, Inc.		17,257		234,177
Genesco, Inc.(a)		940		45,393

Security	Shares		Value
Specialty Retail (continued)
Group 1 Automotive, Inc.		1,201	$	256,834
GrowGeneration Corp.(a)(b)		4,901		25,289
Guess?, Inc.		3,028		70,159
Haverty Furniture Cos., Inc.		1,178		41,136
Hibbett, Inc.		1,169		77,575
JOANN, Inc.(b)		747		2,928
Leslie’s, Inc.(a)		13,777		213,406
Lithia Motors, Inc.		2,309		607,729
LL Flooring Holdings, Inc.(a)		2,032		12,314
MarineMax, Inc.(a)(b)		1,817		56,781
Monro, Inc.		2,771		141,044
Murphy USA, Inc.		1,772		482,037
National Vision Holdings, Inc.(a)(b)		6,558		269,534
ODP Corp.(a)		3,337		172,189
OneWater Marine, Inc., Class A(a)		699		22,885
Penske Automotive Group, Inc.(b)		2,194		280,437
Petco Health & Wellness Co., Inc.(a)(b)		7,307		85,419
Rent-A-Center, Inc., Class A		4,562		122,672
RH(a)(b)		1,639		511,352
Sally Beauty Holdings, Inc.(a)		9,344		145,579
Shoe Carnival, Inc.		1,497		40,883
Signet Jewelers Ltd.		3,975		305,320
Sleep Number Corp.(a)		1,883		64,738
Sonic Automotive, Inc., Class A		1,439		77,289
Sportsman’s Warehouse Holdings, Inc.(a)		3,501		33,014
Tile Shop Holdings, Inc.(a)		4,103		20,515
Tilly’s, Inc., Class A(a)		1,735		15,372
Torrid Holdings, Inc.(a)		1,152		4,285
TravelCenters of America, Inc.(a)		1,175		53,486
Urban Outfitters, Inc.(a)		5,526		151,357
Victoria’s Secret & Co.(a)		6,992		294,713
Volta, Inc.(a)		12,471		10,703
Warby Parker, Inc., Class A(a)		7,027		113,486
Williams-Sonoma, Inc.(b)		5,581		753,100
Winmark Corp.		217		60,934
Zumiez, Inc.(a)		1,014		26,192
				11,629,073
Technology Hardware, Storage & Peripherals — 0.3%
Avid Technology, Inc.(a)		2,843		86,171
Corsair Gaming, Inc.(a)(b)		3,296		51,846
Diebold Nixdorf, Inc.(a)		5,472		13,078
Eastman Kodak Co.(a)(b)		5,301		19,137
IonQ, Inc.(a)(b)		10,128		44,968
Pure Storage, Inc., Class A(a)		24,250		701,795
Super Micro Computer, Inc.(a)		3,948		285,559
Turtle Beach Corp.(a)		1,439		13,671
Xerox Holdings Corp.		10,125		165,847
				1,382,072
Textiles, Apparel & Luxury Goods — 1.4%
Allbirds, Inc., Class A(a)		7,995		21,986
Capri Holdings Ltd.(a)		10,827		719,887
Carter’s, Inc.		3,172		264,450
Columbia Sportswear Co.		3,150		302,085
Crocs, Inc.(a)		5,202		633,448
Deckers Outdoor Corp.(a)		2,258		965,250
Ermenegildo Zegna NV(b)		4,292		49,186
Fossil Group, Inc.(a)		3,602		20,459
G-III Apparel Group Ltd.(a)		3,721		62,959
Hanesbrands, Inc.		30,546		257,808
Kontoor Brands, Inc.		4,793		228,914
Movado Group, Inc.		1,443		51,025

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

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

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Oxford Industries, Inc.		1,292	$	151,448
PLBY Group, Inc.(a)(b)		2,295		6,701
PVH Corp.		5,652		508,115
Ralph Lauren Corp.		3,522		436,200
Rocky Brands, Inc.		446		14,040
Skechers USA, Inc., Class A(a)		11,383		548,091
Steven Madden Ltd.		6,446		231,089
Superior Group of Cos., Inc.		682		8,136
Tapestry, Inc.		20,776		946,762
Under Armour, Inc., Class A(a)		16,859		208,883
Under Armour, Inc., Class C(a)		15,972		174,095
Unifi, Inc.(a)(b)		1,316		11,252
Wolverine World Wide, Inc.		6,804		109,749
				6,932,018
Thrifts & Mortgage Finance — 0.8%
Axos Financial, Inc.(a)		4,982		239,734
Blue Foundry Bancorp(a)		2,426		28,821
Bridgewater Bancshares, Inc.(a)		2,254		35,072
Capitol Federal Financial, Inc.		10,269		85,951
Columbia Financial, Inc.(a)		3,454		68,562
Enact Holdings, Inc.		2,775		69,791
Essent Group Ltd.		9,369		412,517
Federal Agricultural Mortgage Corp., Class C		749		99,594
Finance of America Cos., Inc., Class A(a)		2,141		3,768
Greene County Bancorp, Inc.		465		22,762
Hingham Institution for Savings		156		45,605
Home Bancorp, Inc.		574		22,042
Home Point Capital, Inc.		696		1,253
Kearny Financial Corp.		5,233		49,086
Luther Burbank Corp.		1,439		16,894
Merchants Bancorp		1,249		35,934
MGIC Investment Corp.		25,574		361,105
Mr. Cooper Group, Inc.(a)		5,845		268,812
New York Community Bancorp, Inc.		58,848		587,891
NMI Holdings, Inc., Class A(a)		6,928		160,937
Northfield Bancorp, Inc.		3,761		56,227
PennyMac Financial Services, Inc.		2,253		151,897
Pioneer Bancorp, Inc.(a)		2,062		23,197
Provident Bancorp, Inc.		1,807		16,299
Provident Financial Services, Inc.		5,360		125,746
Radian Group, Inc.		14,247		314,859
Southern Missouri Bancorp, Inc.		811		39,269
Sterling Bancorp, Inc.(a)		2,210		13,459
TFS Financial Corp.		5,043		71,863
TrustCo Bank Corp./New York		1,068		38,352
UWM Holdings Corp.(b)		8,390		38,426
Velocity Financial, Inc.(a)		531		5,358
Walker & Dunlop, Inc.		2,741		261,437
Waterstone Financial, Inc.		2,085		33,568
WSFS Financial Corp.		4,259		205,752
				4,011,840
Tobacco — 0.1%
22nd Century Group, Inc.(a)	11,373		12,510
Turning Point Brands, Inc.		869		20,170
Universal Corp.		2,187		118,907
Vector Group Ltd.		12,720		164,724
				316,311
Trading Companies & Distributors — 1.4%
Air Lease Corp.		8,661		389,485
Alta Equipment Group, Inc.		1,317		22,323

Security	Shares		Value
Trading Companies & Distributors (continued)
Applied Industrial Technologies, Inc.		3,311	$	474,168
Beacon Roofing Supply, Inc.(a)		4,256		242,081
BlueLinx Holdings, Inc.(a)		776		67,372
Boise Cascade Co.		3,449		258,572
Core & Main, Inc., Class A(a)(b)		6,214		137,143
Custom Truck One Source, Inc.(a)		5,253		37,191
Distribution Solutions Group, Inc.(a)		509		21,022
DXP Enterprises, Inc.(a)		1,267		38,390
GATX Corp.		3,091		353,765
Global Industrial Co.		1,047		27,526
GMS, Inc.(a)		3,639		215,866
H&E Equipment Services, Inc.		2,689		136,843
Herc Holdings, Inc.		2,098		325,861
Hudson Technologies, Inc.(a)		3,794		38,737
Karat Packaging, Inc.		226		3,397
McGrath RentCorp		1,986		197,686
MRC Global, Inc.(a)		6,861		93,310
MSC Industrial Direct Co., Inc., Class A		4,041		334,191
NOW, Inc.(a)		9,346		131,218
Rush Enterprises, Inc., Class A		3,445		185,375
Rush Enterprises, Inc., Class B		502		29,201
SiteOne Landscape Supply, Inc.(a)		3,730		565,132
Textainer Group Holdings Ltd.		3,582		121,430
Titan Machinery, Inc.(a)		1,776		78,037
Transcat, Inc.(a)		593		49,527
Triton International Ltd.		4,952		349,809
Univar Solutions, Inc.(a)		13,549		467,170
Veritiv Corp.		1,093		136,669
Watsco, Inc.		2,823		811,246
WESCO International, Inc.(a)		3,859		575,030
				6,914,773
Water Utilities — 0.4%
American States Water Co.		3,219		303,133
Artesian Resources Corp., Class A		632		37,225
California Water Service Group		4,669		285,603
Essential Utilities, Inc.		19,864		928,245
Global Water Resources, Inc.		1,533		21,814
Middlesex Water Co.		1,224		102,645
Pure Cycle Corp.(a)		1,157		10,378
SJW Group		2,337		180,907
York Water Co.		1,248		56,722
				1,926,672
Wireless Telecommunication Services — 0.1%
Gogo, Inc.(a)		4,230		70,937
KORE Group Holdings, Inc.(a)		4,103		10,258
Shenandoah Telecommunications Co.		4,339		84,828
Telephone & Data Systems, Inc.		8,841		118,204
U.S. Cellular Corp.(a)		1,290		31,553
				315,780
Total Common Stocks — 99.3% (Cost: $412,868,000)				488,954,020

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

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

Security	Shares		Value
Investment Companies
Equity Funds (e) — 0.4%
iShares Russell 2000 ETF(b)		7,328	$	1,403,166
iShares Russell Mid-Cap ETF		11,883		868,053
				2,271,219
Total Investment Companies — 0.4% (Cost: $2,132,509)				2,271,219
Rights
Biotechnology(c) — 0.0%
Aduro Biotech, Inc.		658		1,671
Gtx, Inc.(b)		23		23
Zogenix, Inc.(b)		4,246		2,887
				4,581
Total Rights — 0.0% (Cost: $2,935)				4,581
Total Long-Term Investments — 99.7% (Cost: $415,003,444)				491,229,820
Short-Term Securities
Money Market Funds — 9.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g)		44,639,211		44,665,994
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(e)(f)		1,189,481		1,189,481
Total Short-Term Securities — 9.3% (Cost: $45,838,569)				45,855,475
Total Investments — 109.0% (Cost: $460,842,013)				537,085,295
Liabilities in Excess of Other Assets — (9.0)%				(44,500,704	)
Net Assets — 100.0%			$	492,584,591

^(a)  Non-income producing security.

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

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

^(d)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $36,690, representing less than 0.05% of its net assets as of period end, and an original cost of $24,157.

^(e)  Affiliate of the Fund.

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

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

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

Affiliates

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

Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	54,333,029	$	—	$	(9,701,494	)(a)	$	15,069	$	19,390		$	44,665,994		44,639,211	$	278,707	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,668,772		—		(479,291	)(a)		—		—			1,189,481		1,189,481		28,178			—
iShares Russell 2000 ETF		4,705,593		21,659,418		(24,886,211	)		134,480		(210,114	)		1,403,166		7,328		27,606			—
iShares Russell Mid-Cap ETF		2,872,901		13,800,448		(15,800,689	)		146,501		(151,108	)		868,053		11,883		19,215			—
								$	296,050	$	(341,832	)	$	48,126,694			$	353,706		$	—

^(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.

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		9		03/17/23	$	873	$	10,399
S&P 400 E-Mini Index		3		03/17/23		799		11,741
							$	22,140

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)	$	—	$	—	$	22,140	$	—	$	—	$	—	$	22,140

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

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(88,375	)	$	—	$	—	$	—	$	(88,375	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(78,417	)	$	—	$	—	$	—	$	(78,417	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,274,950

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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	$	9,251,256	$	—	$	—	$	9,251,256
Air Freight & Logistics		1,380,354		—		—		1,380,354
Airlines		2,558,382		—		—		2,558,382
Auto Components		5,606,020		—		—		5,606,020

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

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Automobiles	$	1,308,982	$	—	$	—	$	1,308,982
Banks		31,952,027		—		—		31,952,027
Beverages		1,491,574		—		—		1,491,574
Biotechnology		20,959,144		—		—		20,959,144
Building Products		10,654,025		—		—		10,654,025
Capital Markets		14,667,143		—		—		14,667,143
Chemicals		9,730,775		—		—		9,730,775
Commercial Services & Supplies		5,901,348		—		—		5,901,348
Communications Equipment		4,600,303		—		—		4,600,303
Construction & Engineering		8,545,446		—		—		8,545,446
Construction Materials		814,015		—		—		814,015
Consumer Finance		3,247,796		—		—		3,247,796
Containers & Packaging		7,650,057		13,247		—		7,663,304
Distributors		1,312,614		—		—		1,312,614
Diversified Consumer Services		4,521,709		—		—		4,521,709
Diversified Financial Services		1,266,348		—		—		1,266,348
Diversified Telecommunication Services		2,125,351		—		—		2,125,351
Electric Utilities		4,455,586		—		—		4,455,586
Electrical Equipment		8,564,391		—		—		8,564,391
Electronic Equipment, Instruments & Components		10,270,320		—		—		10,270,320
Energy Equipment & Services		5,440,935		—		—		5,440,935
Entertainment		2,952,618		—		—		2,952,618
Equity Real Estate Investment Trusts (REITs)		35,988,153		—		—		35,988,153
Food & Staples Retailing		4,831,146		—		—		4,831,146
Food Products		6,514,632		—		—		6,514,632
Gas Utilities		3,715,052		—		—		3,715,052
Health Care Equipment & Supplies		13,211,330		121,579		—		13,332,909
Health Care Providers & Services		12,047,159		—		—		12,047,159
Health Care Technology		2,213,641		—		—		2,213,641
Hotels, Restaurants & Leisure		13,595,271		—		—		13,595,271
Household Durables		7,899,464		—		—		7,899,464
Household Products		972,424		—		—		972,424
Independent Power and Renewable Electricity Producers		2,096,362		—		—		2,096,362
Industrial Conglomerates		50,034		—		—		50,034
Insurance		16,665,500		—		—		16,665,500
Interactive Media & Services		2,185,198		—		—		2,185,198
Internet & Direct Marketing Retail		1,040,553		—		—		1,040,553
IT Services		12,133,568		—		—		12,133,568
Leisure Products		3,297,738		—		—		3,297,738
Life Sciences Tools & Services		7,534,334		—		—		7,534,334
Machinery		19,801,061		—		—		19,801,061
Marine		889,743		—		—		889,743
Media		5,502,010		—		—		5,502,010
Metals & Mining		9,996,340		—		—		9,996,340
Mortgage Real Estate Investment Trusts (REITs)		5,098,200		—		—		5,098,200
Multiline Retail		1,591,782		—		—		1,591,782
Multi-Utilities		1,944,266		—		—		1,944,266
Oil, Gas & Consumable Fuels		18,558,990		—		—		18,558,990
Paper & Forest Products		727,131		—		—		727,131
Personal Products		1,984,439		—		—		1,984,439
Pharmaceuticals		5,547,159		36,690		—		5,583,849
Professional Services		8,676,376		—		—		8,676,376
Real Estate Management & Development		3,434,012		—		—		3,434,012
Road & Rail		5,323,365		—		—		5,323,365
Semiconductors & Semiconductor Equipment		11,826,369		—		—		11,826,369
Software		27,232,644		—		—		27,232,644
Specialty Retail		11,629,073		—		—		11,629,073
Technology Hardware, Storage & Peripherals		1,382,072		—		—		1,382,072
Textiles, Apparel & Luxury Goods		6,932,018		—		—		6,932,018
Thrifts & Mortgage Finance		4,011,840		—		—		4,011,840
Tobacco		316,311		—		—		316,311
Trading Companies & Distributors		6,914,773		—		—		6,914,773
Water Utilities		1,926,672		—		—		1,926,672

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

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

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Wireless Telecommunication Services	$	315,780	$	—	$	—	$	315,780
Investment Companies		2,271,219		—		—		2,271,219
Rights		—		—		4,581		4,581
Short-Term Securities
Money Market Funds		45,855,475		—		—		45,855,475
	$	536,909,198	$	171,516	$	4,581	$	537,085,295
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	22,140	$	—	$	—	$	22,140

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

See notes to financial statements.

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

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

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.7%
AAR Corp.(a)		1,832	$	94,238
Aerojet Rocketdyne Holdings, Inc.(a)		4,972		278,034
AeroVironment, Inc.(a)		1,729		153,829
AerSale Corp.(a)		1,566		29,143
Archer Aviation, Inc., Class A(a)		8,285		24,027
Astra Space, Inc.(a)		13,517		8,594
Astronics Corp.(a)		3,153		46,822
Axon Enterprise, Inc.(a)		4,476		874,789
Boeing Co.(a)		36,240		7,719,120
BWX Technologies, Inc.		5,820		354,205
Cadre Holdings, Inc.		1,180		27,010
Curtiss-Wright Corp.		2,464		408,531
Ducommun, Inc.(a)		1,004		58,011
General Dynamics Corp.		16,094		3,750,868
HEICO Corp.		2,882		492,678
HEICO Corp., Class A		5,200		695,136
Hexcel Corp.		5,227		368,922
Howmet Aerospace, Inc.		24,158		982,989
Huntington Ingalls Industries, Inc.		2,645		583,328
Kaman Corp.		1,670		42,117
Kratos Defense & Security Solutions, Inc.(a)		8,184		93,707
L3Harris Technologies, Inc.		12,584		2,703,295
Lockheed Martin Corp.		15,445		7,155,051
Maxar Technologies, Inc.		4,526		233,858
Mercury Systems, Inc.(a)		3,868		193,342
Moog, Inc., Class A		1,740		165,857
National Presto Industries, Inc.		532		40,757
Northrop Grumman Corp.		9,662		4,328,962
Park Aerospace Corp.		2,497		34,733
Parsons Corp.(a)		2,481		107,973
Raytheon Technologies Corp.		97,229		9,708,316
Rocket Lab USA, Inc.(a)		13,537		67,279
Spirit AeroSystems Holdings, Inc., Class A		6,835		247,085
Textron, Inc.		13,760		1,002,416
TransDigm Group, Inc.		3,397		2,438,197
Triumph Group, Inc.(a)		3,986		45,401
V2X, Inc.(a)		1,014		44,778
Virgin Galactic Holdings, Inc.(a)(b)		14,613		80,664
Woodward, Inc.		3,975		406,484
				46,090,546
Air Freight & Logistics — 0.6%
Air Transport Services Group, Inc.(a)		4,072		115,278
Atlas Air Worldwide Holdings, Inc.(a)		1,942		198,492
CH Robinson Worldwide, Inc.		7,761		777,419
Expeditors International of Washington, Inc.		10,450		1,130,168
FedEx Corp.		15,868		3,076,170
Forward Air Corp.		1,607		173,315
GXO Logistics, Inc.(a)		6,975		365,002
Hub Group, Inc., Class A(a)		2,086		177,873
Radiant Logistics, Inc.(a)		1,065		5,975
United Parcel Service, Inc., Class B		48,536		8,990,323
				15,010,015
Airlines — 0.2%
Alaska Air Group, Inc.(a)		8,017		411,593
Allegiant Travel Co.(a)		932		80,180
American Airlines Group, Inc.(a)		42,855		691,680
Blade Air Mobility, Inc.(a)		4,235		18,888
Copa Holdings SA, Class A(a)(b)		2,021		186,094
Delta Air Lines, Inc.(a)		41,928		1,639,385

Security	Shares		Value
Airlines (continued)
Frontier Group Holdings, Inc.(a)		3,537	$	44,495
Hawaiian Holdings, Inc.(a)		2,898		35,703
JetBlue Airways Corp.(a)		21,282		170,256
Joby Aviation, Inc.(a)(b)		15,127		66,861
SkyWest, Inc.(a)		2,859		59,353
Southwest Airlines Co.		38,928		1,392,454
Spirit Airlines, Inc.		7,552		149,832
Sun Country Airlines Holdings, Inc.(a)		2,011		37,545
United Airlines Holdings, Inc.(a)		21,600		1,057,536
Wheels Up Experience, Inc.(a)		10,220		12,571
				6,054,426
Auto Components — 0.2%
Adient PLC(a)(b)		6,311		284,121
American Axle & Manufacturing Holdings, Inc.(a)		6,123		54,311
Aptiv PLC(a)		17,938		2,028,608
BorgWarner, Inc.		15,221		719,649
Dana, Inc.		8,323		150,979
Dorman Products, Inc.(a)		1,899		184,317
Fox Factory Holding Corp.(a)(b)		2,920		344,823
Gentex Corp.		15,283		451,001
Gentherm, Inc.(a)		2,298		171,040
Goodyear Tire & Rubber Co.(a)		17,489		196,751
Holley, Inc.(a)(b)		3,298		10,916
LCI Industries		1,693		189,989
Lear Corp.		3,862		563,002
Luminar Technologies, Inc.(a)(b)		15,044		100,344
Modine Manufacturing Co.(a)		3,006		71,813
Motorcar Parts of America, Inc.(a)		702		10,221
Patrick Industries, Inc.		1,396		99,074
QuantumScape Corp.(a)(b)		16,780		142,798
Solid Power, Inc.(a)		8,899		29,812
Standard Motor Products, Inc.		1,696		68,620
Stoneridge, Inc.(a)		1,548		38,174
Visteon Corp.(a)		1,834		286,728
XPEL, Inc.(a)		1,523		115,855
				6,312,946
Automobiles — 1.4%
Canoo, Inc.(a)(b)		7,133		8,560
Cenntro Electric Group Ltd.(a)		12,749		9,724
Faraday Future Intelligent Electric, Inc.(a)(b)		8,813		7,491
Fisker, Inc.(a)(b)		13,305		99,122
Ford Motor Co.		260,660		3,521,516
General Motors Co.		94,364		3,710,392
Harley-Davidson, Inc.		8,826		406,261
Lordstown Motors Corp., Class A(a)(b)		9,338		12,233
Lucid Group, Inc.(a)(b)		33,533		392,001
Rivian Automotive, Inc., Class A(a)		33,896		657,582
Tesla, Inc.(a)(b)		170,871		29,598,275
Thor Industries, Inc.		3,278		312,492
Winnebago Industries, Inc.(b)		2,035		129,589
Workhorse Group, Inc.(a)(b)		13,953		30,836
				38,896,074
Banks — 4.1%
1st Source Corp.		2,496		122,778
ACNB Corp.		658		25,892
Amalgamated Financial Corp.		666		15,285
Amerant Bancorp, Inc.		1,476		41,092
American National Bankshares, Inc.		234		8,099
Ameris Bancorp.		3,711		175,011
Arrow Financial Corp.		510		16,784
Associated Banc-Corp.		9,965		223,316

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

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

Security	Shares		Value
Banks (continued)
Atlantic Union Bankshares Corp.		5,090	$	196,932
Banc of California, Inc.		6,112		106,471
BancFirst Corp.		1,304		112,314
Bancorp, Inc.(a)		1,904		64,603
Bank First Corp.		578		46,159
Bank of America Corp.		464,901		16,494,687
Bank of Hawaii Corp.		3,114		238,190
Bank of Marin Bancorp.		1,301		39,641
Bank of NT Butterfield & Son Ltd.		3,623		115,791
Bank OZK		7,732		353,120
BankUnited, Inc.		2,969		111,753
Banner Corp.		981		63,598
Bar Harbor Bankshares		1,349		41,913
BayCom Corp.		1,314		26,425
BCB Bancorp, Inc.		1,342		24,143
Berkshire Hills Bancorp, Inc.		1,900		58,995
Blue Ridge Bankshares, Inc.		1,301		16,471
BOK Financial Corp.		2,080		209,040
Brookline Bancorp, Inc.		3,524		46,094
Business First Bancshares, Inc.		1,155		23,955
Byline Bancorp, Inc.		1,662		41,218
Cadence Bank		6,933		177,346
Cambridge Bancorp.		547		43,760
Camden National Corp.		1,025		43,286
Capital Bancorp, Inc.		643		13,824
Capital City Bank Group, Inc.		1,111		36,074
Capstar Financial Holdings, Inc.		1,127		19,621
Carter Bankshares, Inc.(a)		1,048		17,418
Cathay General Bancorp.		5,920		260,243
Central Pacific Financial Corp.		427		9,650
Citigroup, Inc.		127,994		6,683,847
Citizens & Northern Corp.		1,802		42,635
Citizens Financial Group, Inc.		33,226		1,439,350
City Holding Co.		442		41,897
Civista Bancshares, Inc.		808		17,534
CNB Financial Corp.		1,531		36,928
Coastal Financial Corp.(a)		714		32,608
Colony Bankcorp, Inc.		1,564		20,160
Columbia Banking System, Inc.		2,735		84,539
Comerica, Inc.		9,072		665,068
Commerce Bancshares, Inc.		8,031		534,543
Community Bank System, Inc.		1,925		111,092
Community Trust Bancorp, Inc.		2,423		104,383
ConnectOne Bancorp, Inc.		2,102		49,965
CrossFirst Bankshares, Inc.(a)		2,745		37,057
Cullen/Frost Bankers, Inc.		3,919		510,567
Customers Bancorp, Inc.(a)		1,668		50,657
CVB Financial Corp.		7,213		174,699
Dime Community Bancshares, Inc.		1,767		52,692
Eagle Bancorp, Inc.		1,044		49,580
East West Bancorp, Inc.		9,671		759,367
Eastern Bankshares, Inc.		10,087		163,107
Enterprise Bancorp, Inc.		214		7,606
Enterprise Financial Services Corp.		2,436		129,888
Equity Bancshares, Inc., Class A		1,265		37,760
Esquire Financial Holdings, Inc.		654		30,437
Farmers & Merchants Bancorp, Inc.		828		23,557
Farmers National Banc Corp.		1,865		26,819
FB Financial Corp.		3,630		136,343
Fifth Third Bancorp		45,567		1,653,626
Financial Institutions, Inc.		1,577		38,968
First Bancorp, Inc.		314		9,313
First BanCorp/Puerto Rico		4,737		63,713

Security	Shares		Value
Banks (continued)
First Bancorp/Southern Pines NC		897	$	35,745
First Bancshares, Inc.		1,176		36,044
First Bank		1,767		23,908
First Busey Corp.		4,173		99,609
First Business Financial Services, Inc.		758		27,136
First Citizens BancShares, Inc., Class A		788		612,812
First Commonwealth Financial Corp.		3,047		44,821
First Community Bankshares, Inc.		576		18,726
First Financial Bancorp		3,434		86,983
First Financial Bankshares, Inc.		8,460		301,345
First Financial Corp.		1,022		45,908
First Foundation, Inc.		3,066		47,615
First Guaranty Bancshares, Inc.		973		21,318
First Hawaiian, Inc.		9,199		252,421
First Horizon Corp.		34,745		859,244
First Internet Bancorp		258		6,783
First Interstate BancSystem, Inc., Class A		6,282		225,398
First Merchants Corp.		5,056		215,588
First Mid Bancshares, Inc.		1,619		52,018
First of Long Island Corp.		1,705		30,110
First Republic Bank		12,113		1,706,479
Five Star Bancorp		948		25,558
Flushing Financial Corp.		1,802		34,580
FNB Corp.		23,738		338,741
Fulton Financial Corp.		11,311		189,233
German American Bancorp, Inc.		2,925		112,671
Glacier Bancorp, Inc.		7,422		338,369
Great Southern Bancorp, Inc.		1,489		87,017
Guaranty Bancshares, Inc.		297		9,795
Hancock Whitney Corp.		5,243		269,910
Hanmi Financial Corp.		907		21,124
HarborOne Bancorp, Inc.		5,315		72,497
HBT Financial, Inc.		1,273		26,695
Heartland Financial USA, Inc.		2,831		140,050
Heritage Commerce Corp.		3,436		41,644
Heritage Financial Corp.		1,053		30,042
Hilltop Holdings, Inc.		3,539		115,725
Home BancShares, Inc.		13,023		310,859
HomeStreet, Inc.		954		26,302
HomeTrust Bancshares, Inc.		642		17,334
Hope Bancorp, Inc.		3,638		46,894
Horizon Bancorp, Inc.		2,632		41,164
Huntington Bancshares, Inc.		97,405		1,477,634
Independent Bank Corp.		2,993		186,457
Independent Bank Group, Inc.		2,212		135,596
International Bancshares Corp.		3,841		180,028
John Marshall Bancorp, Inc.		759		18,778
JPMorgan Chase & Co.		192,868		26,993,805
KeyCorp.		63,112		1,211,119
Lakeland Bancorp, Inc.		4,929		94,982
Lakeland Financial Corp.		1,478		104,509
Live Oak Bancshares, Inc.(b)		2,391		81,844
M&T Bank Corp.		11,434		1,783,704
Macatawa Bank Corp.		816		8,992
Mercantile Bank Corp.		497		17,062
Metrocity Bankshares, Inc.		1,908		38,580
Metropolitan Bank Holding Corp.(a)		533		31,650
Mid Penn Bancorp, Inc.		806		25,365
Midland States Bancorp, Inc.		963		24,537
MidWestOne Financial Group, Inc.		1,021		31,804
MVB Financial Corp.		865		19,099
National Bank Holdings Corp., Class A		2,275		96,073
NBT Bancorp, Inc.		1,281		50,356

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

Schedule of Investments (unaudited) (continued) January 31, 2023 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	$	68,517
Northeast Bank		629		29,689
Northwest Bancshares, Inc.		4,246		60,038
OceanFirst Financial Corp.		4,668		111,659
OFG Bancorp		1,912		54,129
Old National Bancorp		19,289		337,557
Old Second Bancorp, Inc.		5,066		86,071
Origin Bancorp, Inc.		1,892		70,950
Orrstown Financial Services, Inc.		348		8,613
Pacific Premier Bancorp, Inc.		3,852		124,574
PacWest Bancorp		7,512		207,782
Park National Corp.		1,046		131,011
Pathward Financial, Inc.		1,236		61,330
PCB Bancorp		1,231		22,860
Peapack-Gladstone Financial Corp.		1,216		45,101
Peoples Bancorp, Inc.		3,439		102,035
Peoples Financial Services Corp.		546		27,835
Pinnacle Financial Partners, Inc.		4,868		383,258
PNC Financial Services Group, Inc.		27,155		4,492,252
Popular, Inc.		4,946		339,493
Preferred Bank/Los Angeles CA		305		21,695
Premier Financial Corp.		1,940		48,539
Primis Financial Corp.		1,942		22,993
Professional Holding Corp., Class A(a)		871		24,954
Prosperity Bancshares, Inc.		6,373		483,456
QCR Holdings, Inc.		904		47,514
RBB Bancorp		350		7,049
Red River Bancshares, Inc.		282		14,354
Regions Financial Corp.		63,073		1,484,738
Renasant Corp.		1,899		67,566
Republic Bancorp, Inc., Class A		1,265		56,900
Republic First Bancorp, Inc.(a)(b)		1,213		2,669
S&T Bancorp, Inc.		1,247		45,366
Sandy Spring Bancorp, Inc.		2,975		100,555
Seacoast Banking Corp. of Florida		2,936		94,275
ServisFirst Bancshares, Inc.		3,496		238,357
Shore Bancshares, Inc.		2,166		37,862
Sierra Bancorp		1,347		28,368
Signature Bank		4,208		542,622
Silvergate Capital Corp., Class A(a)(b)		2,042		29,078
Simmons First National Corp., Class A		6,948		155,010
SmartFinancial, Inc.		1,272		34,306
South Plains Financial, Inc.		1,099		30,882
Southern First Bancshares, Inc.(a)		161		6,776
Southside Bancshares, Inc.		1,208		45,759
SouthState Corp.		4,925		392,030
Stellar Bancorp, Inc.		2,975		83,627
Stock Yards Bancorp, Inc.		2,417		144,923
Summit Financial Group, Inc.		488		12,664
SVB Financial Group(a)		3,865		1,168,931
Synovus Financial Corp.		9,937		416,857
Texas Capital Bancshares, Inc.(a)		3,412		225,431
Third Coast Bancshares, Inc.(a)		1,211		22,452
Tompkins Financial Corp.		1,151		86,705
Towne Bank		6,068		184,892
TriCo Bancshares		2,838		143,461
Triumph Financial, Inc.(a)		1,435		79,973
Truist Financial Corp.		88,746		4,383,165
Trustmark Corp.		3,530		102,794
U.S. Bancorp		89,874		4,475,725
UMB Financial Corp.		3,024		272,735
Umpqua Holdings Corp.		16,107		293,147

Security	Shares		Value
Banks (continued)
United Bankshares, Inc.		8,494	$	341,459
United Community Banks, Inc.		3,642		118,511
Univest Financial Corp.		4,249		115,360
USCB Financial Holdings, Inc.(a)(b)		1,758		21,096
Valley National Bancorp		28,846		342,690
Veritex Holdings, Inc.		2,661		74,907
Washington Federal, Inc.		4,414		156,520
Washington Trust Bancorp, Inc.		2,282		97,601
Webster Financial Corp.		11,936		628,430
Wells Fargo & Co.		251,433		11,784,665
WesBanco, Inc.		4,292		159,534
West BanCorp., Inc.		1,337		29,280
Westamerica BanCorp		987		54,838
Western Alliance Bancorp		6,952		523,972
Wintrust Financial Corp.		3,955		361,764
Zions Bancorp NA		10,022		532,770
				111,428,792
Beverages — 1.5%
Boston Beer Co., Inc., Class A(a)		590		229,280
Brown-Forman Corp., Class A		2,982		198,303
Brown-Forman Corp., Class B		12,110		806,284
Celsius Holdings, Inc.(a)(b)		3,684		369,579
Coca-Cola Co.		258,343		15,841,593
Coca-Cola Consolidated, Inc.		320		162,170
Constellation Brands, Inc., Class A		10,076		2,332,796
Duckhorn Portfolio, Inc.(a)(b)		2,594		41,971
Keurig Dr. Pepper, Inc.		57,064		2,013,218
MGP Ingredients, Inc.		794		77,447
Molson Coors Beverage Co., Class B		11,504		604,880
Monster Beverage Corp.(a)		24,242		2,523,107
National Beverage Corp.(a)		1,540		68,068
PepsiCo, Inc.		91,347		15,622,164
Primo Water Corp.		10,816		169,270
Vintage Wine Estates, Inc.(a)		2,418		6,915
Vita Coco Co., Inc.(a)(b)		2,013		27,316
				41,094,361
Biotechnology — 2.1%
2seventy bio, Inc.(a)		3,031		41,222
4D Molecular Therapeutics, Inc.(a)		2,112		44,458
Aadi Bioscience, Inc.(a)(b)		1,787		22,552
Absci Corp.(a)		3,217		10,101
ACADIA Pharmaceuticals, Inc.(a)		7,957		151,422
Adicet Bio, Inc.(a)(b)		1,548		14,164
ADMA Biologics, Inc.(a)		12,578		46,413
Aerovate Therapeutics, Inc.(a)(b)		433		9,894
Affimed NV(a)		6,814		8,790
Agenus, Inc.(a)		23,370		60,996
Agios Pharmaceuticals, Inc.(a)		3,560		104,949
Akero Therapeutics, Inc.(a)		1,977		97,862
Albireo Pharma, Inc.(a)		1,706		76,190
Alector, Inc.(a)		2,986		26,337
Alkermes PLC(a)		10,994		314,868
Allogene Therapeutics, Inc.(a)(b)		5,719		44,151
Allovir, Inc.(a)(b)		1,851		10,699
Alnylam Pharmaceuticals, Inc.(a)		8,151		1,845,386
Alpine Immune Sciences, Inc.(a)		2,578		21,655
ALX Oncology Holdings, Inc.(a)(b)		841		7,821
Amgen, Inc.		35,242		8,895,081
Amicus Therapeutics, Inc.(a)		17,257		225,031
AnaptysBio, Inc.(a)		865		21,530
Anavex Life Sciences Corp.(a)(b)		5,256		57,133
Anika Therapeutics, Inc.(a)		1,304		40,437

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

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

Security	Shares		Value
Biotechnology (continued)
Apellis Pharmaceuticals, Inc.(a)(b)		6,350	$	334,836
Arbutus Biopharma Corp.(a)		7,498		22,569
Arcellx, Inc.(a)		1,982		66,219
Arcturus Therapeutics Holdings, Inc.(a)(b)		1,279		27,025
Arcus Biosciences, Inc.(a)		3,707		80,182
Arcutis Biotherapeutics, Inc.(a)(b)		2,914		48,285
Arrowhead Pharmaceuticals, Inc.(a)		6,489		227,050
Atara Biotherapeutics, Inc.(a)		4,529		22,962
Aura Biosciences, Inc.(a)		1,601		16,666
Aurinia Pharmaceuticals, Inc.(a)		8,475		76,699
Avid Bioservices, Inc.(a)		3,513		55,611
Avidity Biosciences, Inc.(a)(b)		3,751		88,899
Beam Therapeutics, Inc.(a)(b)		4,047		175,842
BioCryst Pharmaceuticals, Inc.(a)(b)		11,882		125,355
Biogen, Inc.(a)		9,446		2,747,841
Biohaven Ltd.(a)		4,113		78,517
BioMarin Pharmaceutical, Inc.(a)		12,099		1,395,620
Bioxcel Therapeutics, Inc.(a)(b)		1,041		29,689
Bluebird Bio, Inc.(a)		6,924		43,967
Blueprint Medicines Corp.(a)		3,677		171,863
Bridgebio Pharma, Inc.(a)		5,906		54,808
C4 Therapeutics, Inc.(a)		2,279		17,753
CareDx, Inc.(a)		2,931		43,789
Caribou Biosciences, Inc.(a)(b)		4,018		28,970
Catalyst Pharmaceuticals, Inc.(a)		6,914		107,098
Celldex Therapeutics, Inc.(a)		3,354		147,777
Century Therapeutics, Inc.(a)		1,185		5,415
Cerevel Therapeutics Holdings, Inc.(a)(b)		3,376		115,290
Chimerix, Inc.(a)		2,973		5,262
Chinook Therapeutics, Inc.(a)		3,112		78,640
Cogent Biosciences, Inc.(a)		4,083		61,490
Coherus Biosciences, Inc.(a)		6,286		53,305
Crinetics Pharmaceuticals, Inc.(a)		3,550		69,616
CTI BioPharma Corp.(a)		6,063		33,528
Cullinan Oncology, Inc.(a)		2,878		33,500
Cytokinetics, Inc.(a)		5,660		240,437
Day One Biopharmaceuticals, Inc.(a)		2,141		46,610
Deciphera Pharmaceuticals, Inc.(a)		3,552		60,420
Denali Therapeutics, Inc.(a)		7,099		214,887
Design Therapeutics, Inc.(a)		2,613		20,512
Dynavax Technologies Corp.(a)(b)		8,014		91,199
Dyne Therapeutics, Inc.(a)		1,550		22,630
Eagle Pharmaceuticals, Inc.(a)		611		20,737
Editas Medicine, Inc.(a)(b)		3,741		36,998
Eiger BioPharmaceuticals, Inc.(a)		3,702		7,034
Emergent BioSolutions, Inc.(a)		2,980		39,306
Enanta Pharmaceuticals, Inc.(a)		1,355		72,330
EQRx, Inc.(a)		13,686		33,531
Erasca, Inc.(a)		3,958		15,832
Exact Sciences Corp.(a)(b)		11,787		795,858
Exelixis, Inc.(a)		20,298		357,651
Fate Therapeutics, Inc.(a)		5,497		32,762
FibroGen, Inc.(a)		6,075		143,370
Foghorn Therapeutics, Inc.(a)		1,251		10,759
Generation Bio Co.(a)		2,726		16,083
Geron Corp.(a)		23,751		78,378
Gilead Sciences, Inc.		83,024		6,969,035
Gossamer Bio, Inc.(a)(b)		4,691		12,384
GreenLight Biosciences Holdings PBC(a)		9,590		10,453
Halozyme Therapeutics, Inc.(a)		8,793		455,214
Heron Therapeutics, Inc.(a)		5,088		13,788
HilleVax, Inc.(a)		1,399		23,923
Horizon Therapeutics PLC(a)		14,570		1,598,620

Security	Shares		Value
Biotechnology (continued)
Humacyte, Inc.(a)		12,017	$	31,605
Icosavax, Inc.(a)		890		9,390
Ideaya Biosciences, Inc.(a)		3,400		57,902
IGM Biosciences, Inc.(a)		534		12,138
ImmunityBio, Inc.(a)(b)		7,947		30,199
ImmunoGen, Inc.(a)		15,645		71,967
Immunovant, Inc.(a)		3,376		59,992
Incyte Corp.(a)		12,192		1,038,027
Inhibrx, Inc.(a)		2,243		56,075
Inovio Pharmaceuticals, Inc.(a)(b)		12,025		19,962
Insmed, Inc.(a)		9,212		198,334
Instil Bio, Inc.(a)		3,486		2,837
Intellia Therapeutics, Inc.(a)		5,528		234,608
Intercept Pharmaceuticals, Inc.(a)		2,692		49,156
Invivyd, Inc.(a)(b)		2,455		5,597
Ionis Pharmaceuticals, Inc.(a)		9,446		376,612
Iovance Biotherapeutics, Inc.(a)		10,854		86,398
Ironwood Pharmaceuticals, Inc.(a)(b)		8,803		101,411
iTeos Therapeutics, Inc.(a)		2,020		42,218
IVERIC bio, Inc.(a)		8,753		202,194
Janux Therapeutics, Inc.(a)		958		21,277
Jounce Therapeutics, Inc.(a)		2,971		3,476
KalVista Pharmaceuticals, Inc.(a)		2,567		20,433
Karuna Therapeutics, Inc.(a)		1,997		398,182
Karyopharm Therapeutics, Inc.(a)		2,939		9,699
Keros Therapeutics, Inc.(a)		1,105		64,720
Kezar Life Sciences, Inc.(a)(b)		2,971		21,302
Kiniksa Pharmaceuticals Ltd., Class A(a)		2,602		37,625
Kinnate Biopharma, Inc.(a)		3,251		24,480
Kodiak Sciences, Inc.(a)		1,928		15,578
Kronos Bio, Inc.(a)		2,376		5,702
Krystal Biotech, Inc.(a)		1,376		114,373
Kura Oncology, Inc.(a)		5,383		74,393
Kymera Therapeutics, Inc.(a)(b)		2,658		99,356
Lexicon Pharmaceuticals, Inc.(a)		1,529		3,425
Lyell Immunopharma, Inc.(a)(b)		11,179		36,555
MacroGenics, Inc.(a)		3,347		19,312
Madrigal Pharmaceuticals, Inc.(a)		942		271,532
MannKind Corp.(a)		15,218		83,242
MeiraGTx Holdings PLC(a)		2,029		16,962
Mersana Therapeutics, Inc.(a)		6,910		45,468
MiMedx Group, Inc.(a)(b)		5,597		21,660
Mirati Therapeutics, Inc.(a)		2,788		148,907
Mirum Pharmaceuticals, Inc.(a)		1,260		29,585
Moderna, Inc.(a)		21,906		3,856,770
Monte Rosa Therapeutics, Inc.(a)(b)		998		7,385
Morphic Holding, Inc.(a)		1,875		61,369
Myriad Genetics, Inc.(a)(b)		5,141		101,381
Natera, Inc.(a)		6,311		270,931
Neurocrine Biosciences, Inc.(a)		6,048		670,905
Nkarta, Inc.(a)		2,544		13,560
Novavax, Inc.(a)(b)		4,770		52,041
Nurix Therapeutics, Inc.(a)		3,236		39,770
Nuvalent, Inc., Class A(a)		1,542		46,646
Ocugen, Inc.(a)(b)		9,292		11,801
Organogenesis Holdings, Inc.(a)		6,610		16,922
Outlook Therapeutics, Inc.(a)		10,081		11,593
PepGen, Inc.(a)		1,713		26,757
PMV Pharmaceuticals, Inc.(a)(b)		2,919		23,936
Point Biopharma Global, Inc.(a)		4,612		36,896
Praxis Precision Medicines, Inc.(a)		1,900		9,462
Precigen, Inc.(a)		5,740		9,299
Prometheus Biosciences, Inc.(a)		2,353		267,442

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

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

Security	Shares		Value
Biotechnology (continued)
Protagonist Therapeutics, Inc.(a)		4,318	$	57,386
Prothena Corp. PLC(a)		2,491		140,866
PTC Therapeutics, Inc.(a)		4,623		212,149
Rallybio Corp.(a)		1,815		12,596
RAPT Therapeutics, Inc.(a)		2,175		63,184
Recursion Pharmaceuticals, Inc., Class A(a)		9,184		76,503
Regeneron Pharmaceuticals, Inc.(a)		6,844		5,190,969
REGENXBIO, Inc.(a)		2,116		49,112
Relay Therapeutics, Inc.(a)		5,448		116,914
Replimune Group, Inc.(a)		3,154		87,839
Revolution Medicines, Inc.(a)		4,445		118,859
Rigel Pharmaceuticals, Inc.(a)		11,055		18,130
Rocket Pharmaceuticals, Inc.(a)		3,412		74,143
Sage Therapeutics, Inc.(a)(b)		3,162		140,203
Sana Biotechnology, Inc.(a)(b)		5,009		22,841
Sangamo Therapeutics, Inc.(a)(b)		6,311		22,025
Sarepta Therapeutics, Inc.(a)		5,507		688,210
Seagen, Inc.(a)		8,839		1,232,864
Seres Therapeutics, Inc.(a)		7,958		43,530
Sorrento Therapeutics, Inc.(a)		26,350		25,256
SpringWorks Therapeutics, Inc.(a)(b)		2,491		78,217
Stoke Therapeutics, Inc.(a)		1,062		10,578
Sutro Biopharma, Inc.(a)		2,510		18,172
Syndax Pharmaceuticals, Inc.(a)		3,759		107,883
Talaris Therapeutics, Inc.(a)		2,772		4,047
Tango Therapeutics, Inc.(a)		5,222		34,465
Tenaya Therapeutics, Inc.(a)(b)		1,213		4,148
TG Therapeutics, Inc.(a)(b)		9,740		148,340
Travere Therapeutics, Inc.(a)(b)		3,424		76,698
Twist Bioscience Corp.(a)(b)		3,793		108,821
Ultragenyx Pharmaceutical, Inc.(a)		4,648		210,694
United Therapeutics Corp.(a)		2,957		778,194
Vanda Pharmaceuticals, Inc.(a)		2,945		22,618
Vaxart, Inc.(a)		6,011		6,492
Vaxcyte, Inc.(a)		4,720		214,052
VBI Vaccines, Inc.(a)(b)		9,724		5,659
Vera Therapeutics, Inc.(a)		1,118		9,481
Veracyte, Inc.(a)		5,067		127,334
Vericel Corp.(a)		3,406		93,563
Vertex Pharmaceuticals, Inc.(a)		16,870		5,450,697
Verve Therapeutics, Inc.(a)(b)		3,190		72,573
Vir Biotechnology, Inc.(a)		4,475		132,236
Viridian Therapeutics, Inc.(a)		2,902		105,981
VistaGen Therapeutics, Inc.(a)(b)		9,627		2,491
Xencor, Inc.(a)(b)		3,868		127,335
Y-mAbs Therapeutics, Inc.(a)		1,877		8,428
Zentalis Pharmaceuticals, Inc.(a)(b)		3,109		73,372
				56,566,701
Building Products — 0.6%
A O Smith Corp.		8,253		558,728
AAON, Inc.		3,043		232,242
Advanced Drainage Systems, Inc.		4,421		445,814
Allegion PLC.		5,664		665,803
American Woodmark Corp.(a)		907		51,962
Apogee Enterprises, Inc.		1,427		66,841
Armstrong World Industries, Inc.		3,008		232,849
AZEK Co., Inc.(a)(b)		7,549		182,157
AZZ, Inc.		1,415		60,109
Builders FirstSource, Inc.(a)		10,002		797,159
Caesarstone Ltd.		2,414		15,063
Carlisle Cos., Inc.		3,397		852,172
Carrier Global Corp.		55,334		2,519,357

Security	Shares		Value
Building Products (continued)
CSW Industrials, Inc.		854	$	115,469
Fortune Brands Innovations, Inc.		8,295		535,111
Gibraltar Industries, Inc.(a)		2,248		120,425
Griffon Corp.		3,346		136,785
Hayward Holdings, Inc.(a)(b)		4,513		60,880
Insteel Industries, Inc.		1,232		36,948
Janus International Group, Inc.(a)		5,152		56,672
JELD-WEN Holding, Inc.(a)		6,029		76,267
Johnson Controls International PLC.		45,574		3,170,583
Lennox International, Inc.		2,102		547,823
Masco Corp.		15,222		809,811
Masonite International Corp.(a)		1,365		124,515
Masterbrand, Inc.		8,295		76,314
Owens Corning		6,278		606,769
PGT Innovations, Inc.(a)		4,856		105,375
Quanex Building Products Corp.		1,892		48,984
Resideo Technologies, Inc.(a)		9,442		181,570
Simpson Manufacturing Co., Inc.		2,694		288,554
Trane Technologies PLC.		15,156		2,714,743
Trex Co., Inc.(a)		7,570		399,090
UFP Industries, Inc.		3,956		370,084
View, Inc.(a)(b)		4,259		3,492
Zurn Elkay Water Solutions Corp.		8,471		185,176
				17,451,696
Capital Markets — 3.2%
Affiliated Managers Group, Inc.		2,454		423,904
Ameriprise Financial, Inc.		6,959		2,436,485
Ares Management Corp., Class A		10,140		841,519
Artisan Partners Asset Management, Inc., Class A		4,294		158,105
AssetMark Financial Holdings, Inc.(a)		965		25,611
Associated Capital Group, Inc., Class A(b)		82		3,120
Avantax, Inc.(a)		2,865		83,486
B. Riley Financial, Inc.		1,480		63,240
Bank of New York Mellon Corp.		48,635		2,459,472
BGC Partners, Inc., Class A		17,841		77,608
BlackRock, Inc.(c)		9,917		7,529,086
Blackstone, Inc., Class A		46,312		4,444,100
Blue Owl Capital, Inc.		28,528		358,882
Brightsphere Investment Group, Inc.		3,261		76,470
Carlyle Group, Inc.		13,623		490,019
Cboe Global Markets, Inc.		6,793		834,724
Charles Schwab Corp.		100,438		7,775,910
CME Group, Inc., Class A		23,725		4,191,258
Cohen & Steers, Inc.		1,830		134,450
Coinbase Global, Inc., Class A(a)(b)		10,304		602,578
Cowen, Inc., Class A		1,474		57,309
Diamond Hill Investment Group, Inc.		101		19,031
Donnelley Financial Solutions, Inc.(a)		2,020		92,132
Evercore, Inc., Class A		2,298		298,303
FactSet Research Systems, Inc.		2,505		1,059,465
Federated Hermes, Inc.		5,858		230,219
Focus Financial Partners, Inc., Class A(a)(b).		4,538		204,891
Franklin Resources, Inc.		18,526		578,011
GCM Grosvenor, Inc., Class A		2,165		19,398
Goldman Sachs Group, Inc.		21,698		7,937,345
Hamilton Lane, Inc., Class A		2,385		185,696
Houlihan Lokey, Inc.		3,340		330,894
Interactive Brokers Group, Inc., Class A		6,188		494,669
Intercontinental Exchange, Inc.		36,492		3,924,715
Invesco Ltd.		25,128		465,119
Janus Henderson Group PLC.		8,837		229,055
Jefferies Financial Group, Inc.		12,836		504,198

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

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

Security	Shares		Value
Capital Markets (continued)
KKR & Co., Inc.		37,976	$	2,119,441
Lazard Ltd., Class A		5,897		236,352
LPL Financial Holdings, Inc.		5,293		1,255,076
MarketAxess Holdings, Inc.		2,455		893,252
Moelis & Co., Class A		4,116		192,423
Moody’s Corp.		10,564		3,409,531
Morgan Stanley		81,696		7,951,472
Morningstar, Inc.		1,635		397,109
MSCI, Inc.		5,139		2,731,687
Nasdaq, Inc.		22,696		1,366,072
Northern Trust Corp.		13,700		1,328,489
Open Lending Corp., Class A(a)(b)		5,715		50,121
Oppenheimer Holdings, Inc., Class A		713		33,946
Perella Weinberg Partners		3,888		39,852
Piper Sandler Cos		1,151		163,557
PJT Partners, Inc., Class A		1,652		132,210
Raymond James Financial, Inc.		12,839		1,447,854
Robinhood Markets, Inc., Class A(a)		38,999		405,980
S&P Global, Inc.		21,508		8,064,210
Sculptor Capital Management, Inc.		904		8,398
SEI Investments Co.		6,938		433,139
State Street Corp.		24,250		2,214,752
StepStone Group, Inc., Class A		3,324		97,028
Stifel Financial Corp.		6,614		445,850
StoneX Group, Inc.(a)		1,163		102,204
T Rowe Price Group, Inc.		14,603		1,700,811
Tradeweb Markets, Inc., Class A		7,167		534,228
Victory Capital Holdings, Inc., Class A		1,129		33,464
Virtu Financial, Inc., Class A		6,992		135,016
Virtus Investment Partners, Inc.		369		79,291
WisdomTree, Inc.		8,155		46,973
				87,690,265
Chemicals — 1.9%
AdvanSix, Inc.		1,773		76,665
Air Products & Chemicals, Inc.		14,626		4,687,779
Albemarle Corp.		7,776		2,188,555
American Vanguard Corp.		2,757		62,281
Amyris, Inc.(a)(b)		10,201		16,220
Ashland, Inc.		3,359		367,038
Aspen Aerogels, Inc.(a)		1,334		14,007
Avient Corp.		6,205		251,427
Axalta Coating Systems Ltd.(a)		14,436		434,524
Balchem Corp.		2,008		262,305
Cabot Corp.		3,476		261,847
Celanese Corp.		7,112		876,198
CF Industries Holdings, Inc.		12,959		1,097,627
Chase Corp.		398		37,563
Chemours Co.		10,214		371,687
Corteva, Inc.		47,430		3,056,864
Danimer Scientific, Inc.(a)(b)		6,007		13,696
Diversey Holdings Ltd.(a)(b)		4,610		27,983
Dow, Inc.		46,702		2,771,764
DuPont de Nemours, Inc.		33,216		2,456,323
Eastman Chemical Co.		7,846		691,782
Ecolab, Inc.		16,436		2,544,786
Ecovyst, Inc.(a)		5,243		54,999
Element Solutions, Inc.		14,301		292,885
FMC Corp.		8,398		1,118,026
FutureFuel Corp.		1,697		15,731
Ginkgo Bioworks Holdings, Inc.(a)(b)		60,136		117,265
Hawkins, Inc.		1,121		43,719
HB Fuller Co.		3,352		231,623

Security	Shares		Value
Chemicals (continued)
Huntsman Corp.		12,243	$	387,981
Ingevity Corp.(a)		2,428		200,164
Innospec, Inc.		1,590		179,702
International Flavors & Fragrances, Inc.		16,877		1,897,987
Intrepid Potash, Inc.(a)		1,114		36,461
Koppers Holdings, Inc.		1,501		51,950
Kronos Worldwide, Inc.		777		9,052
Linde PLC.		32,644		10,803,205
Livent Corp.(a)(b)		10,375		268,920
LSB Industries, Inc.(a)(b)		4,808		61,109
LyondellBasell Industries NV, Class A		16,731		1,617,720
Mativ Holdings, Inc.		4,082		112,500
Minerals Technologies, Inc.		2,032		141,122
Mosaic Co.		22,241		1,101,819
NewMarket Corp.		374		128,847
Olin Corp.		8,809		568,973
Origin Materials, Inc.(a)(b)		7,098		42,943
Orion Engineered Carbons SA		3,373		70,900
Perimeter Solutions SA(a)(b)		7,347		68,327
PPG Industries, Inc.		15,592		2,032,261
PureCycle Technologies, Inc.(a)		6,987		58,551
Quaker Chemical Corp.		858		168,914
Rayonier Advanced Materials, Inc.(a)		5,464		37,866
RPM International, Inc.		8,621		775,114
Scotts Miracle-Gro Co.		2,518		181,774
Sensient Technologies Corp.		2,722		206,028
Sherwin-Williams Co.		15,798		3,737,649
Stepan Co.		1,403		154,106
Trinseo PLC.		2,403		66,683
Tronox Holdings PLC, Class A		6,792		116,483
Valvoline, Inc.		11,880		435,521
Westlake Corp.(b)		2,070		254,093
				50,417,894
Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		4,646		217,944
ACCO Brands Corp.		3,640		23,114
ACV Auctions, Inc., Class A(a)(b)		7,474		73,245
Aris Water Solution, Inc., Class A		1,316		20,385
Brady Corp., Class A		3,536		189,070
BrightView Holdings, Inc.(a)		2,533		20,137
Brink’s Co.		3,044		199,686
Casella Waste Systems, Inc., Class A(a)		3,078		246,609
Cimpress PLC(a)		966		31,579
Cintas Corp.		5,701		2,529,762
Clean Harbors, Inc.(a)		3,346		435,984
Copart, Inc.(a)		28,177		1,876,870
CoreCivic, Inc.(a)		8,030		85,439
Deluxe Corp.		2,249		44,957
Driven Brands Holdings, Inc.(a)(b)		3,595		104,938
Ennis, Inc.		1,476		31,350
GEO Group, Inc.(a)		4,668		53,682
Harsco Corp.(a)		4,861		38,596
Healthcare Services Group, Inc.		5,673		76,415
Heritage-Crystal Clean, Inc.(a)		1,201		44,677
HNI Corp.		2,341		74,374
IAA, Inc.(a)		8,849		369,269
Interface, Inc.		3,303		37,588
KAR Auction Services, Inc.(a)		7,187		104,643
Kimball International, Inc., Class B		1,050		7,770
Li-Cycle Holdings Corp.(a)		8,180		44,499
Liquidity Services, Inc.(a)		1,998		29,950
Matthews International Corp., Class A		2,063		76,414

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

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

Security	Shares		Value
Commercial Services & Supplies (continued)
MillerKnoll, Inc.		5,129	$	122,481
Montrose Environmental Group, Inc.(a)(b)		1,946		105,395
MSA Safety, Inc.		2,318		316,152
Pitney Bowes, Inc.		4,309		18,572
Quad/Graphics, Inc.(a)		7,294		32,167
Republic Services, Inc.		13,636		1,702,045
Rollins, Inc.		14,960		544,544
SP Plus Corp.(a)		1,356		51,135
Steelcase, Inc., Class A		4,806		37,487
Stericycle, Inc.(a)		5,859		315,273
Tetra Tech, Inc.		3,406		529,701
UniFirst Corp.		954		189,312
Viad Corp.(a)		1,234		36,465
VSE Corp.		846		46,445
Waste Management, Inc.		27,110		4,194,730
				15,330,850
Communications Equipment — 0.8%
ADTRAN Holdings, Inc.		5,274		99,520
Arista Networks, Inc.(a)		16,108		2,029,930
Aviat Networks, Inc.(a)		336		10,870
Calix, Inc.(a)		3,944		207,612
Cambium Networks Corp.(a)		644		13,801
Casa Systems, Inc.(a)		501		1,713
Ciena Corp.(a)		9,906		515,310
Cisco Systems, Inc.		271,805		13,228,749
Clearfield, Inc.(a)		817		58,383
CommScope Holding Co., Inc.(a)		13,802		115,937
Comtech Telecommunications Corp.		1,632		25,884
Digi International, Inc.(a)		2,062		70,087
DZS, Inc.(a)		990		12,573
Extreme Networks, Inc.(a)		8,756		157,871
F5, Inc.(a)		3,842		567,310
Harmonic, Inc.(a)		6,424		84,604
Infinera Corp.(a)(b)		11,106		81,296
Inseego Corp.(a)(b)		4,327		5,019
Juniper Networks, Inc.		21,138		682,757
Lumentum Holdings, Inc.(a)(b)		4,472		269,125
Motorola Solutions, Inc.		10,866		2,792,671
NETGEAR, Inc.(a)		1,767		35,287
NetScout Systems, Inc.(a)		4,617		148,206
Ondas Holdings, Inc.(a)(b)		3,056		6,081
Ribbon Communications, Inc.(a)(b)		4,557		15,995
Ubiquiti, Inc.		369		107,807
Viasat, Inc.(a)(b)		4,544		156,541
Viavi Solutions, Inc.(a)		14,749		166,664
				21,667,603
Construction & Engineering — 0.2%
AECOM		8,717		760,733
Ameresco, Inc., Class A(a)(b)		2,330		150,215
API Group Corp.(a)		13,460		299,350
Arcosa, Inc.		3,111		184,389
Argan, Inc.		963		37,547
Comfort Systems USA, Inc.		2,306		279,118
Concrete Pumping Holdings, Inc.(a)(b)		1,884		15,336
Construction Partners, Inc., Class A(a)		2,954		83,569
Dycom Industries, Inc.(a)		1,865		177,865
EMCOR Group, Inc.		3,149		466,839
Fluor Corp.(a)		9,240		339,570
Granite Construction, Inc.		2,389		101,724
Great Lakes Dredge & Dock Corp.(a)		4,898		33,698
IES Holdings, Inc.(a)		991		39,452

Security	Shares		Value
Construction & Engineering (continued)
MasTec, Inc.(a)		3,885	$	381,624
MDU Resources Group, Inc.		13,340		412,339
MYR Group, Inc.(a)		942		93,314
Northwest Pipe Co.(a)		487		18,214
Primoris Services Corp.		3,014		80,172
Quanta Services, Inc.		9,410		1,432,108
Sterling Infrastructure, Inc.(a)(b)		1,738		63,246
Tutor Perini Corp.(a)		1,983		18,184
Valmont Industries, Inc.		1,345		443,487
WillScot Mobile Mini Holdings Corp.(a)		13,236		641,417
				6,553,510
Construction Materials — 0.1%
Eagle Materials, Inc.		2,360		344,749
Martin Marietta Materials, Inc.		4,143		1,489,988
Summit Materials, Inc., Class A(a)(b)		7,815		256,801
U.S. Lime & Minerals, Inc.		114		17,305
Vulcan Materials Co.		8,823		1,617,521
				3,726,364
Consumer Finance — 0.6%
Ally Financial, Inc.		19,656		638,623
American Express Co.		39,785		6,959,590
Atlanticus Holdings Corp.(a)(b)		526		17,095
Bread Financial Holdings, Inc.		2,726		111,848
Capital One Financial Corp.		25,201		2,998,919
Consumer Portfolio Services, Inc.(a)		1,875		18,844
Credit Acceptance Corp.(a)(b)		431		199,398
Curo Group Holdings Corp.		1,724		6,965
Discover Financial Services		18,167		2,120,634
Encore Capital Group, Inc.(a)		1,672		93,164
Enova International, Inc.(a)		2,095		95,637
Ezcorp, Inc., Class A(a)		4,461		40,640
FirstCash Holdings, Inc.		2,474		228,053
Green Dot Corp., Class A(a)		1,798		32,508
LendingClub Corp.(a)		7,657		74,196
LendingTree, Inc.(a)		601		23,836
Moneylion, Inc.(a)		15,012		11,816
Navient Corp.		7,631		144,760
Nelnet, Inc., Class A		903		86,227
NerdWallet, Inc., Class A(a)		2,065		24,140
OneMain Holdings, Inc.		7,323		315,914
Oportun Financial Corp.(a)		1,882		13,193
PRA Group, Inc.(a)		2,429		97,743
PROG Holdings, Inc.(a)		3,501		78,037
Regional Management Corp.		728		25,109
SLM Corp.		16,566		291,065
SoFi Technologies, Inc.(a)(b)		52,779		365,758
Synchrony Financial		30,745		1,129,264
Upstart Holdings, Inc.(a)(b)		4,483		83,742
World Acceptance Corp.(a)		213		20,388
				16,347,106
Containers & Packaging — 0.4%
Amcor PLC.		99,848		1,204,167
AptarGroup, Inc.		4,279		494,824
Ardagh Group SA(a)		1,250		13,163
Ardagh Metal Packaging SA		8,206		46,118
Avery Dennison Corp.		5,430	��	1,028,659
Ball Corp.		20,467		1,191,998
Berry Global Group, Inc.		8,040		496,309
Crown Holdings, Inc.		7,424		654,500
Cryptyde, Inc.(a)(b)		1,382		298
Graphic Packaging Holding Co.		20,057		483,173

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

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

Security	Shares		Value
Containers & Packaging (continued)
Greif, Inc., Class A		1,857	$	132,646
Greif, Inc., Class B		150		12,360
International Paper Co.		23,443		980,386
Myers Industries, Inc.		2,006		48,304
O-I Glass, Inc.(a)		9,817		188,977
Packaging Corp. of America		6,135		875,464
Pactiv Evergreen, Inc.		2,722		31,330
Ranpak Holdings Corp.(a)		2,577		19,740
Sealed Air Corp.		9,708		531,610
Silgan Holdings, Inc.		5,610		302,323
Sonoco Products Co.		6,394		390,737
TriMas Corp.		2,253		69,370
Westrock Co.		16,465		646,087
				9,842,543
Distributors — 0.1%
Funko, Inc., Class A(a)		2,563		31,012
Genuine Parts Co.		9,088		1,525,148
LKQ Corp.		16,316		961,991
Pool Corp.		2,455		946,673
Weyco Group, Inc.		929		25,288
				3,490,112
Diversified Consumer Services — 0.1%
2U, Inc.(a)		3,716		32,069
ADT, Inc.(b)		14,416		126,717
Adtalem Global Education, Inc.(a)		2,748		104,919
American Public Education, Inc.(a)		1,286		15,573
Bright Horizons Family Solutions, Inc.(a)		3,636		279,172
Carriage Services, Inc.		750		24,315
Chegg, Inc.(a)		7,981		165,686
Coursera, Inc.(a)		7,465		119,067
Duolingo, Inc.(a)(b)		1,417		135,309
European Wax Center, Inc., Class A		1,195		22,514
Frontdoor, Inc.(a)		5,809		157,889
Graham Holdings Co., Class B		237		154,834
Grand Canyon Education, Inc.(a)		2,160		251,770
H&R Block, Inc.		10,112		394,166
Laureate Education, Inc., Class A		9,584		105,232
Mister Car Wash, Inc.(a)(b)		4,380		44,983
Nerdy, Inc.(a)(b)		9,979		28,340
OneSpaWorld Holdings Ltd.(a)(b)		4,480		47,085
Perdoceo Education Corp.(a)		4,729		70,793
Rover Group, Inc.(a)(b)		6,057		24,773
Service Corp. International		10,181		754,921
Strategic Education, Inc.		1,286		120,048
Stride, Inc.(a)		2,478		106,380
Udemy, Inc.(a)		4,678		58,662
Universal Technical Institute, Inc.(a)		3,497		26,507
Vivint Smart Home, Inc.(a)(b)		7,038		84,315
WW International, Inc.(a)		2,679		13,315
				3,469,354
Diversified Financial Services — 1.5%
Alerus Financial Corp.		1,174		24,161
A-Mark Precious Metals, Inc.		876		33,726
Apollo Global Management, Inc.		31,655		2,240,541
Banco Latinoamericano de Comercio Exterior SA, Class E		1,539		26,517
Berkshire Hathaway, Inc., Class B(a)		119,107		37,104,213
Cannae Holdings, Inc.(a)		5,113		124,962
Compass Diversified Holdings		4,320		96,422
Equitable Holdings, Inc.		24,642		790,269

Security	Shares		Value
Diversified Financial Services (continued)
Jackson Financial, Inc., Class A		5,215	$	229,669
Voya Financial, Inc.		6,398		446,388
				41,116,868
Diversified Telecommunication Services — 0.9%
Anterix, Inc.(a)		1,678		60,525
AT&T, Inc.		473,063		9,636,293
ATN International, Inc.		370		18,086
Bandwidth, Inc., Class A(a)		1,206		30,005
Charge Enterprises, Inc.(a)(b)		6,537		8,760
Cogent Communications Holdings, Inc.		2,894		198,442
Consolidated Communications Holdings, Inc.(a)		4,659		20,267
EchoStar Corp., Class A(a)(b)		2,032		38,019
Frontier Communications Parent, Inc.(a)		16,370		484,716
Globalstar, Inc.(a)(b)		47,986		67,660
IDT Corp., Class B(a)		1,298		38,148
Iridium Communications, Inc.(a)		7,853		469,923
Liberty Latin America Ltd., Class A(a)		4,385		43,148
Liberty Latin America Ltd., Class C(a)		7,372		72,614
Lumen Technologies, Inc.		67,212		352,863
Ooma, Inc.(a)		719		10,332
Radius Global Infrastructure, Inc., Class A(a)		5,304		71,445
Verizon Communications, Inc.		277,854		11,550,391
				23,171,637
Electric Utilities — 1.7%
ALLETE, Inc.		3,794		234,697
Alliant Energy Corp.		16,818		908,676
American Electric Power Co., Inc.		33,457		3,143,620
Avangrid, Inc.		5,237		220,844
Constellation Energy Corp.		21,667		1,849,495
Duke Energy Corp.		50,920		5,216,754
Edison International		24,931		1,717,746
Entergy Corp.		13,514		1,463,296
Evergy, Inc.		14,844		929,977
Eversource Energy		22,829		1,879,512
Exelon Corp.		65,568		2,766,314
FirstEnergy Corp.		36,094		1,478,049
Hawaiian Electric Industries, Inc.		7,119		300,920
IDACORP, Inc.		3,367		356,262
MGE Energy, Inc.		2,196		160,550
NextEra Energy, Inc.		131,309		9,799,591
NRG Energy, Inc.		15,298		523,497
OGE Energy Corp.		13,305		523,153
Otter Tail Corp.		2,898		185,907
PG&E Corp.(a)		109,309		1,738,013
Pinnacle West Capital Corp.		7,518		560,467
PNM Resources, Inc.		5,519		273,080
Portland General Electric Co.		5,482		260,834
PPL Corp.		49,182		1,455,787
Southern Co.		71,242		4,821,658
Via Renewables, Inc.		516		3,462
Xcel Energy, Inc.		35,704		2,455,364
				45,227,525
Electrical Equipment — 0.7%
Acuity Brands, Inc.		2,125		400,605
Allied Motion Technologies, Inc.		976		39,665
AMETEK, Inc.		15,274		2,213,508
Array Technologies, Inc.(a)		10,541		234,327
Atkore, Inc.(a)		2,690		350,373
Babcock & Wilcox Enterprises, Inc.(a)		2,924		19,415
Blink Charging Co.(a)(b)		2,352		32,011

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

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

Security	Shares		Value
Electrical Equipment (continued)
Bloom Energy Corp., Class A(a)		12,009	$	299,384
ChargePoint Holdings, Inc.(a)(b)		18,288		222,016
Eaton Corp. PLC		26,458		4,291,752
Emerson Electric Co.		39,014		3,519,843
Encore Wire Corp.(b)		1,271		205,178
Energy Vault Holdings, Inc.(a)(b)		6,389		27,089
EnerSys		2,662		220,999
Enovix Corp.(a)		6,695		53,158
ESS Tech, Inc.(a)		6,406		14,157
Fluence Energy, Inc.(a)(b)		2,273		54,870
FuelCell Energy, Inc.(a)(b)		31,425		115,016
Generac Holdings, Inc.(a)		4,044		487,706
GrafTech International Ltd.		15,814		103,424
Hubbell, Inc.		3,511		803,703
NuScale Power Corp.(a)(b)		1,721		18,346
nVent Electric PLC		10,933		434,587
Plug Power, Inc.(a)(b)		34,412		585,692
Powell Industries, Inc.		401		15,920
Preformed Line Products Co.		83		7,331
Regal Rexnord Corp.		4,276		595,219
Rockwell Automation, Inc.		7,553		2,130,173
Sensata Technologies Holding PLC		10,051		511,093
Shoals Technologies Group, Inc., Class A(a)(b)		8,980		250,452
Stem, Inc.(a)(b)		8,334		82,173
SunPower Corp.(a)		5,371		93,617
Sunrun, Inc.(a)		13,791		362,428
Thermon Group Holdings, Inc.(a)		2,167		50,101
TPI Composites, Inc.(a)		4,242		55,358
Vertiv Holdings Co.(b)		20,664		293,842
Vicor Corp.(a)		1,638		113,726
				19,308,257
Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.(a)(b)		1,976		18,416
Advanced Energy Industries, Inc.		2,357		218,588
Aeva Technologies, Inc.(a)		4,909		8,296
Akoustis Technologies, Inc.(a)		1,380		5,092
Amphenol Corp., Class A		38,708		3,087,737
Arlo Technologies, Inc.(a)		4,365		16,369
Arrow Electronics, Inc.(a)		4,118		483,824
Avnet, Inc.		6,424		294,733
Badger Meter, Inc.		1,969		228,207
Belden, Inc.		2,832		229,647
Benchmark Electronics, Inc.		2,953		82,655
CDW Corp.		8,935		1,751,528
Cognex Corp.		11,403		624,200
Coherent Corp.(a)		8,281		359,395
Corning, Inc.		49,996		1,730,362
CTS Corp.		1,973		87,818
ePlus, Inc.(a)		1,893		94,234
Evolv Technologies Holdings, Inc.(a)		6,676		20,429
Fabrinet(a)		2,435		320,592
FARO Technologies, Inc.(a)		883		24,265
Focus Universal, Inc.(a)		1,526		8,851
Identiv, Inc.(a)		1,391		12,130
Insight Enterprises, Inc.(a)		2,160		243,475
IPG Photonics Corp.(a)		2,299		257,718
Itron, Inc.(a)		3,111		178,789
Jabil, Inc.		8,431		662,930
Keysight Technologies, Inc.(a)		11,851		2,125,477
Kimball Electronics, Inc.(a)		2,170		55,378
Knowles Corp.(a)		5,726		110,111

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Lightwave Logic, Inc.(a)(b)		7,025	$	44,187
Littelfuse, Inc.		1,555		399,153
Methode Electronics, Inc.		2,506		119,636
MicroVision, Inc.(a)(b)		9,988		25,070
Mirion Technologies, Inc.(a)		8,978		71,375
Napco Security Technologies, Inc.(a)		2,262		65,530
National Instruments Corp.		8,754		472,716
nLight, Inc.(a)		2,689		33,344
Novanta, Inc.(a)		2,193		354,104
OSI Systems, Inc.(a)		853		80,788
Ouster, Inc.(a)		10,159		14,527
PAR Technology Corp.(a)(b)		1,911		64,955
PC Connection, Inc.		993		48,687
Plexus Corp.(a)		1,781		170,958
Rogers Corp.(a)		1,210		168,904
Sanmina Corp.(a)		3,539		215,631
ScanSource, Inc.(a)		945		31,119
SmartRent, Inc.(a)		7,900		23,068
TD SYNNEX Corp.		2,846		290,719
Teledyne Technologies, Inc.(a)		3,077		1,305,448
Trimble, Inc.(a)		16,069		932,966
TTM Technologies, Inc.(a)		7,528		118,340
Velodyne Lidar, Inc.(a)(b)		3,591		4,201
Vishay Intertechnology, Inc.		8,790		201,203
Vishay Precision Group, Inc.(a)		1,208		52,161
Vontier Corp.		10,169		234,192
Zebra Technologies Corp., Class A(a)		3,425		1,082,917
				19,967,145
Energy Equipment & Services — 0.5%
Archrock, Inc.		11,194		110,933
Baker Hughes Co.		61,594		1,954,994
Borr Drilling Ltd.(a)		13,940		82,943
Bristow Group, Inc.(a)		2,204		67,310
Cactus, Inc., Class A		3,908		211,462
ChampionX Corp.		12,877		425,199
Diamond Offshore Drilling, Inc.(a)		6,633		76,014
DMC Global, Inc.(a)		948		21,558
Dril-Quip, Inc.(a)(b)		2,080		63,877
Expro Group Holdings NV(a)(b)		5,586		105,520
Halliburton Co.		58,817		2,424,437
Helix Energy Solutions Group, Inc.(a)		9,071		71,933
Helmerich & Payne, Inc.		6,801		329,440
Liberty Energy, Inc., Class A		10,173		161,039
Nabors Industries Ltd.(a)		626		111,140
National Energy Services Reunited Corp.(a)		5,079		38,397
Newpark Resources, Inc.(a)		9,939		45,123
NexTier Oilfield Solutions, Inc.(a)		11,391		107,303
Noble Corp. PLC(a)		5,486		223,225
NOV, Inc.		24,860		607,578
Oceaneering International, Inc.(a)		7,956		169,861
Oil States International, Inc.(a)		5,562		47,611
Patterson-UTI Energy, Inc.		12,949		217,543
ProFrac Holding Corp., Class A(a)		1,185		26,663
ProPetro Holding Corp.(a)		6,951		69,162
RPC, Inc.		4,947		49,074
Schlumberger Ltd.		92,536		5,272,701
Select Energy Services, Inc., Class A		4,294		37,701
Solaris Oilfield Infrastructure, Inc., Class A		2,770		29,334
TETRA Technologies, Inc.(a)		6,116		24,219
Tidewater, Inc.(a)		3,312		143,741
U.S. Silica Holdings, Inc.(a)		4,387		53,697

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

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

Security	Shares		Value
Energy Equipment & Services (continued)
Valaris Ltd.(a)		4,039	$	293,393
Weatherford International PLC(a)		4,649		264,435
				13,938,560
Entertainment — 1.4%
Activision Blizzard, Inc.		51,341		3,931,180
AMC Entertainment Holdings, Inc., Class A(a)(b)		33,553		179,508
Cinemark Holdings, Inc.(a)		6,744		80,523
Electronic Arts, Inc.		18,335		2,359,348
IMAX Corp.(a)(b)		2,341		39,797
Liberty Media Corp.-Liberty Braves, Class A(a)(b)		602		21,148
Liberty Media Corp.-Liberty Braves, Class C(a)		2,200		76,296
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		2,455		156,334
Liberty Media Corp.-Liberty Formula One, Class C(a)		13,133		929,816
Lions Gate Entertainment Corp., Class A(a)		4,773		38,041
Lions Gate Entertainment Corp., Class B(a)		5,862		44,668
Live Nation Entertainment, Inc.(a)		10,251		825,103
Madison Square Garden Entertainment Corp.(a)		1,765		92,292
Madison Square Garden Sports Corp.		1,284		233,483
Marcus Corp.(b)		914		13,838
Netflix, Inc.(a)		28,924		10,235,047
Playstudios, Inc.(a)(b)		4,630		21,391
Playtika Holding Corp.(a)		7,314		76,724
ROBLOX Corp., Class A(a)		29,284		1,089,658
Roku, Inc.(a)(b)		7,962		457,815
Skillz, Inc.(a)		17,060		13,638
Spotify Technology SA(a)		9,242		1,041,758
Take-Two Interactive Software, Inc.(a)		10,816		1,224,696
Vivid Seats, Inc., Class A(a)(b)		2,759		23,479
Walt Disney Co.(a)		120,459		13,068,597
Warner Bros Discovery, Inc., Class A(a)(b)		155,717		2,307,726
World Wrestling Entertainment, Inc., Class A		2,672		226,105
				38,808,009
Equity Real Estate Investment Trusts (REITs) — 3.2%
Acadia Realty Trust		4,332		67,276
Agree Realty Corp.		5,744		428,675
Alexander & Baldwin, Inc.		4,091		81,902
Alexander’s, Inc.		94		22,304
Alexandria Real Estate Equities, Inc.		10,774		1,731,813
American Assets Trust, Inc.		2,957		84,156
American Homes 4 Rent, Class A		20,722		710,557
American Tower Corp.		30,671		6,851,595
Americold Realty Trust, Inc.		17,785		558,627
Apartment Income REIT Corp.		10,424		398,822
Apartment Investment & Management Co., Class A		8,722		65,502
Apple Hospitality REIT, Inc.		13,033		231,075
Armada Hoffler Properties, Inc.		4,860		61,625
Ashford Hospitality Trust, Inc.(a)		3,471		23,915
AvalonBay Communities, Inc.		9,098		1,614,349
Bluerock Homes Trust, Inc.(a)		228		4,927
Boston Properties, Inc.		10,155		756,954
Braemar Hotels & Resorts, Inc.		3,646		19,324
Brandywine Realty Trust		10,235		67,142
Brixmor Property Group, Inc.		19,948		469,376
Broadstone Net Lease, Inc.		11,612		210,293
BRT Apartments Corp.		1,270		26,607
Camden Property Trust		6,911		851,504
CareTrust REIT, Inc.		6,801		140,917
CBL & Associates Properties, Inc.		1,773		47,250
Centerspace		916		61,940
Chatham Lodging Trust		2,016		28,647

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
City Office REIT, Inc.		1,953	$	19,218
Clipper Realty, Inc.		393		2,767
Community Healthcare Trust, Inc.		1,398		59,946
Corporate Office Properties Trust		7,249		203,479
Cousins Properties, Inc.		9,941		272,582
Crown Castle, Inc.		28,577		4,232,539
CTO Realty Growth, Inc.		1,428		28,046
CubeSmart		14,892		681,905
DiamondRock Hospitality Co.		11,505		110,793
Digital Realty Trust, Inc.		19,052		2,183,740
Diversified Healthcare Trust		14,315		11,329
Douglas Emmett, Inc.		11,576		193,898
Easterly Government Properties, Inc.		6,247		101,451
EastGroup Properties, Inc.		2,762		464,707
Elme Communities		5,837		112,070
Empire State Realty Trust, Inc., Class A		7,712		64,318
EPR Properties		4,513		191,712
Equinix, Inc.		6,107		4,507,760
Equity Commonwealth		7,668		195,687
Equity LifeStyle Properties, Inc.		11,937		856,838
Equity Residential		24,763		1,576,165
Essential Properties Realty Trust, Inc.		9,144		232,989
Essex Property Trust, Inc.		4,361		985,891
Extra Space Storage, Inc.		8,812		1,390,798
Farmland Partners, Inc.		2,041		26,288
Federal Realty Investment Trust		5,208		580,848
First Industrial Realty Trust, Inc.		8,721		465,265
Four Corners Property Trust, Inc.		6,863		197,380
Franklin Street Properties Corp.		7,341		22,610
Gaming & Leisure Properties, Inc.		16,126		863,709
Getty Realty Corp.		2,447		89,144
Gladstone Commercial Corp.		2,038		34,626
Gladstone Land Corp.		2,385		46,603
Global Medical REIT, Inc.		3,155		35,431
Global Net Lease, Inc.		5,657		84,572
Healthcare Realty Trust, Inc.		24,172		520,423
Healthpeak Properties, Inc.		36,305		997,661
Hersha Hospitality Trust, Class A		1,059		9,743
Highwoods Properties, Inc.		7,001		212,620
Host Hotels & Resorts, Inc.		46,606		878,523
Hudson Pacific Properties, Inc.		8,553		97,419
Independence Realty Trust, Inc.		14,480		272,658
Indus Realty Trust, Inc.		343		21,986
Industrial Logistics Properties Trust		4,718		20,806
Innovative Industrial Properties, Inc.		1,807		162,232
InvenTrust Properties Corp.		5,089		126,563
Invitation Homes, Inc.		39,803		1,293,598
Iron Mountain, Inc.		18,916		1,032,435
iStar, Inc.		4,587		42,567
JBG SMITH Properties		7,715		155,380
Kilroy Realty Corp.		7,474		306,733
Kimco Realty Corp.		39,136		878,995
Kite Realty Group Trust		13,877		301,131
Lamar Advertising Co., Class A		5,583		594,813
Life Storage, Inc.		5,720		617,989
LTC Properties, Inc.		2,807		107,087
LXP Industrial Trust		18,394		212,451
Macerich Co.		13,406		184,198
Medical Properties Trust, Inc.		40,113		519,463
Mid-America Apartment Communities, Inc.		7,740		1,290,413
National Health Investors, Inc.		2,865		168,548
National Retail Properties, Inc.		11,753		556,505

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

Schedule of Investments (unaudited) (continued) January 31, 2023 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 Storage Affiliates Trust		5,767	$	235,294
Necessity Retail REIT, Inc.		13,216		90,265
NETSTREIT Corp.		4,355		87,666
NexPoint Residential Trust, Inc.		1,405		70,953
Office Properties Income Trust		3,092		53,059
Omega Healthcare Investors, Inc.		16,012		471,393
One Liberty Properties, Inc.		1,518		36,599
Orion Office REIT, Inc.		3,175		30,639
Outfront Media, Inc.		8,901		177,130
Paramount Group, Inc.		10,176		65,635
Park Hotels & Resorts, Inc.		14,578		214,442
Pebblebrook Hotel Trust		8,080		132,512
Phillips Edison & Co., Inc.(b)		7,708		258,372
Physicians Realty Trust		14,761		234,109
Piedmont Office Realty Trust, Inc., Class A		6,483		68,720
Plymouth Industrial REIT, Inc.		2,004		44,850
Postal Realty Trust, Inc., Class A		1,151		17,794
PotlatchDeltic Corp.		5,504		269,421
Prologis, Inc.		60,886		7,871,342
Public Storage		10,322		3,141,398
Rayonier, Inc.		9,313		338,900
Realty Income Corp.		41,575		2,820,032
Regency Centers Corp.		11,622		774,374
Retail Opportunity Investments Corp.		7,052		111,633
Rexford Industrial Realty, Inc.		12,020		762,909
RLJ Lodging Trust		11,744		147,622
RPT Realty		4,311		45,179
Ryman Hospitality Properties, Inc.		3,591		333,568
Sabra Health Care REIT, Inc.		15,945		215,258
Safehold, Inc.		1,645		57,509
Saul Centers, Inc.		796		34,077
SBA Communications Corp.		7,069		2,103,240
Service Properties Trust		8,692		77,446
Simon Property Group, Inc.		21,577		2,771,781
SITE Centers Corp.		12,815		174,925
SL Green Realty Corp.		4,077		167,769
Spirit Realty Capital, Inc.		8,909		390,927
STAG Industrial, Inc.		11,608		413,245
STORE Capital Corp.		16,142		519,934
Summit Hotel Properties, Inc.		5,580		47,542
Sun Communities, Inc.		8,136		1,276,213
Sunstone Hotel Investors, Inc.		14,339		157,586
Tanger Factory Outlet Centers, Inc.		7,151		136,656
Terreno Realty Corp.		4,852		312,614
UDR, Inc.		21,917		933,445
UMH Properties, Inc.		2,451		43,922
Uniti Group, Inc.		14,285		94,138
Universal Health Realty Income Trust		517		28,337
Urban Edge Properties		6,477		102,013
Urstadt Biddle Properties, Inc., Class A		1,775		33,335
Ventas, Inc.		26,630		1,379,700
Veris Residential, Inc.(a)		6,270		108,471
VICI Properties, Inc.		62,970		2,152,315
Vornado Realty Trust		11,598		282,875
Welltower, Inc.		30,969		2,323,914
Weyerhaeuser Co.		48,536		1,671,095
Whitestone REIT		5,174		53,861
WP Carey, Inc.		13,814		1,181,511
Xenia Hotels & Resorts, Inc.		8,131		121,152
				86,599,734
Food & Staples Retailing — 1.4%
Albertsons Cos., Inc., Class A		10,864		230,317

Security	Shares		Value
Food & Staples Retailing (continued)
Andersons, Inc.		2,210	$	81,284
BJ’s Wholesale Club Holdings, Inc.(a)		8,748		633,968
Casey’s General Stores, Inc.		2,455		579,159
Chefs’ Warehouse, Inc.(a)		2,601		99,436
Costco Wholesale Corp.		29,304		14,978,447
Grocery Outlet Holding Corp.(a)		6,240		189,634
HF Foods Group, Inc.(a)		1,854		8,640
Ingles Markets, Inc., Class A		1,069		101,555
Kroger Co.		43,413		1,937,522
Natural Grocers by Vitamin Cottage, Inc.		357		3,545
Performance Food Group Co.(a)		9,745		597,563
PriceSmart, Inc.		1,657		123,132
Rite Aid Corp.(a)		3,304		12,060
SpartanNash Co.		2,523		79,929
Sprouts Farmers Market, Inc.(a)		7,159		228,730
Sysco Corp.		33,649		2,606,452
U.S. Foods Holding Corp.(a)		12,857		490,237
United Natural Foods, Inc.(a)		3,544		147,501
Village Super Market, Inc., Class A		1,208		28,098
Walgreens Boots Alliance, Inc.		47,675		1,757,300
Walmart, Inc.		93,389		13,435,875
Weis Markets, Inc.		1,178		101,708
				38,452,092
Food Products — 1.1%
AppHarvest, Inc.(a)(b)		2,442		5,958
Archer-Daniels-Midland Co.		35,868		2,971,664
B&G Foods, Inc.		4,306		60,370
Benson Hill, Inc.(a)		11,400		30,552
Beyond Meat, Inc.(a)(b)		4,136		67,954
BRC, Inc.(a)(b)		2,764		18,242
Bunge Ltd.		9,138		905,576
Calavo Growers, Inc.		1,277		40,928
Cal-Maine Foods, Inc.		2,720		155,638
Campbell Soup Co.		12,855		667,560
Conagra Brands, Inc.		31,198		1,160,254
Darling Ingredients, Inc.(a)(b)		10,729		711,225
Flowers Foods, Inc.(b)		12,825		355,124
Fresh Del Monte Produce, Inc.		2,317		66,266
Freshpet, Inc.(a)(b)		3,087		195,500
General Mills, Inc.		39,346		3,083,153
Hain Celestial Group, Inc.(a)		6,528		133,955
Hershey Co.		9,625		2,161,775
Hormel Foods Corp.		19,228		871,221
Hostess Brands, Inc.(a)		9,038		209,049
Ingredion, Inc.		4,380		450,264
J & J Snack Foods Corp.		1,069		153,188
J M Smucker Co.		6,826		1,043,013
John B Sanfilippo & Son, Inc.		672		56,791
Kellogg Co.		17,039		1,168,535
Kraft Heinz Co.		46,298		1,876,458
Lamb Weston Holdings, Inc.		9,484		947,357
Lancaster Colony Corp.		1,204		231,060
Lifecore Biomedical, Inc.(a)		899		5,583
Local Bounti Corp.(a)(b)		7,541		7,238
McCormick & Co., Inc.		16,695		1,254,128
Mission Produce, Inc.(a)		1,882		23,450
Mondelez International, Inc., Class A		89,818		5,877,690
Pilgrim’s Pride Corp.(a)		2,884		70,024
Post Holdings, Inc.(a)		3,640		345,618
Seaboard Corp.		12		47,046
Seneca Foods Corp., Class A(a)		699		43,687
Simply Good Foods Co.(a)		5,858		212,645

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

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

Security	Shares		Value
Food Products (continued)
Sovos Brands, Inc.(a)		2,778	$	37,670
SunOpta, Inc.(a)(b)		6,076		49,641
Tattooed Chef, Inc.(a)(b)		2,366		3,596
Tootsie Roll Industries, Inc.		939		42,001
TreeHouse Foods, Inc.(a)		3,444		166,793
Tyson Foods, Inc., Class A		18,694		1,229,130
Utz Brands, Inc.		4,872		81,167
Vital Farms, Inc.(a)		2,834		49,822
Whole Earth Brands, Inc.(a)		1,975		7,485
				29,353,044
Gas Utilities — 0.1%
Atmos Energy Corp.		9,063		1,065,265
Brookfield Infrastructure Corp., Class A		6,222		275,137
Chesapeake Utilities Corp.		1,026		129,358
National Fuel Gas Co.		5,623		326,471
New Jersey Resources Corp.		6,393		319,139
Northwest Natural Holding Co.		2,475		124,097
ONE Gas, Inc.		3,452		284,307
South Jersey Industries, Inc.		7,996		288,576
Southwest Gas Holdings, Inc.		4,185		280,102
Spire, Inc.		3,161		228,287
UGI Corp.		13,763		548,180
				3,868,919
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		113,366		12,532,611
Align Technology, Inc.(a)		5,137		1,385,603
Alphatec Holdings, Inc.(a)		5,618		73,146
AngioDynamics, Inc.(a)		2,055		26,756
Artivion, Inc.(a)		2,287		29,822
AtriCure, Inc.(a)		3,211		138,972
Atrion Corp.		93		63,919
Avanos Medical, Inc.(a)		2,746		84,137
Axogen, Inc.(a)		2,915		27,605
Axonics, Inc.(a)(b)		2,947		180,946
Baxter International, Inc.		33,378		1,525,041
Becton Dickinson and Co.		18,768		4,733,665
Bioventus, Inc., Class A(a)		2,413		4,729
Boston Scientific Corp.(a)		94,377		4,364,936
Butterfly Network, Inc.(a)(b)		9,583		26,353
Cardiovascular Systems, Inc.(a)		1,719		23,963
Cerus Corp.(a)		10,433		32,760
CONMED Corp.		1,948		186,540
Cooper Cos., Inc.		3,216		1,122,159
Cue Health, Inc.(a)		6,722		17,612
Cutera, Inc.(a)(b)		1,121		39,044
DENTSPLY SIRONA, Inc.		14,055		517,646
Dexcom, Inc.(a)		25,392		2,719,229
Edwards Lifesciences Corp.(a)		40,882		3,135,649
Embecta Corp.		4,176		110,205
Enovis Corp.(a)		3,332		209,749
Envista Holdings Corp.(a)		10,351		403,586
Figs, Inc., Class A(a)		8,730		78,134
GE HealthCare Technologies, Inc.(a)		24,163		1,679,812
Glaukos Corp.(a)		3,038		149,014
Globus Medical, Inc., Class A(a)		5,115		386,183
Haemonetics Corp.(a)		3,257		275,542
Heska Corp.(a)		575		51,428
Hologic, Inc.(a)		16,101		1,310,138
ICU Medical, Inc.(a)		1,366		263,952
IDEXX Laboratories, Inc.(a)		5,445		2,616,323
Inari Medical, Inc.(a)		3,207		182,959

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Inogen, Inc.(a)		1,013	$	23,633
Inspire Medical Systems, Inc.(a)		1,865		471,957
Insulet Corp.(a)		4,542		1,305,007
Integer Holdings Corp.(a)		2,376		156,365
Integra LifeSciences Holdings Corp.(a)		4,941		283,119
Intuitive Surgical, Inc.(a)		23,306		5,726,051
iRadimed Corp.		736		27,526
iRhythm Technologies, Inc.(a)		2,058		202,301
Lantheus Holdings, Inc.(a)		4,176		240,120
LeMaitre Vascular, Inc.		1,369		64,589
LivaNova PLC(a)		3,277		184,167
Masimo Corp.(a)		3,191		542,725
Medtronic PLC		88,440		7,401,544
Meridian Bioscience, Inc.(a)		3,069		104,254
Merit Medical Systems, Inc.(a)		3,518		251,009
Mesa Laboratories, Inc.		384		74,703
Nano-X Imaging Ltd.(a)(b)		2,926		26,978
Neogen Corp.(a)		14,114		302,181
Nevro Corp.(a)		2,489		91,396
Novocure Ltd.(a)		6,754		615,830
NuVasive, Inc.(a)		3,253		148,337
Omnicell, Inc.(a)		3,229		179,113
OraSure Technologies, Inc.(a)		8,512		47,497
Orthofix Medical, Inc.(a)		1,626		35,170
OrthoPediatrics Corp.(a)		618		29,126
Outset Medical, Inc.(a)(b)		2,818		79,242
Paragon 28, Inc.(a)		2,936		49,472
Penumbra, Inc.(a)		2,363		591,719
PROCEPT BioRobotics Corp.(a)		1,619		62,963
Pulmonx Corp.(a)		2,550		22,670
QuidelOrtho Corp.(a)		3,364		287,992
ResMed, Inc.		9,582		2,188,241
RxSight, Inc.(a)		1,911		26,754
Senseonics Holdings, Inc.(a)(b)		34,405		38,878
Shockwave Medical, Inc.(a)		2,333		438,441
SI-BONE, Inc.(a)(b)		1,664		28,338
Sight Sciences, Inc.(a)(b)		2,874		33,080
Silk Road Medical, Inc.(a)		2,576		140,031
STAAR Surgical Co.(a)		3,016		212,779
STERIS PLC		6,613		1,365,651
Stryker Corp.		23,221		5,893,722
Surmodics, Inc.(a)		823		23,135
Tactile Systems Technology, Inc.(a)		1,111		14,410
Tandem Diabetes Care, Inc.(a)		4,223		172,045
Teleflex, Inc.		3,075		748,517
TransMedics Group, Inc.(a)		1,883		118,667
Treace Medical Concepts, Inc.(a)		1,854		42,809
UFP Technologies, Inc.(a)		514		58,457
Utah Medical Products, Inc.		90		8,292
Varex Imaging Corp.(a)		2,011		43,216
Vicarious Surgical, Inc.(a)		7,131		19,325
ViewRay, Inc.(a)		10,180		46,726
Zimmer Biomet Holdings, Inc.		13,891		1,768,880
Zimvie, Inc.(a)		1,143		11,213
Zynex, Inc.(a)(b)		2,679		37,854
				73,818,085
Health Care Providers & Services — 3.1%
1Life Healthcare, Inc.(a)		11,819		188,986
23andMe Holding Co., Class A(a)(b)		12,498		31,245
Acadia Healthcare Co., Inc.(a)		5,731		481,519
Accolade, Inc.(a)		4,551		53,110
AdaptHealth Corp.(a)(b)		4,211		90,242

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

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

Security	Shares		Value
Health Care Providers & Services (continued)
Addus HomeCare Corp.(a)		862	$	92,682
Agiliti, Inc.(a)		2,703		49,870
Agilon Health, Inc.(a)(b)		12,945		281,683
Alignment Healthcare, Inc.(a)(b)		7,317		90,365
Amedisys, Inc.(a)		2,266		219,032
AmerisourceBergen Corp.		10,161		1,716,803
AMN Healthcare Services, Inc.(a)		2,864		274,486
Apollo Medical Holdings, Inc.(a)		2,670		95,159
Aveanna Healthcare Holdings, Inc.(a)		1,972		2,406
Brookdale Senior Living, Inc.(a)(b)		14,257		41,060
Cano Health, Inc.(a)		10,355		14,290
Cardinal Health, Inc.		17,694		1,366,861
CareMax, Inc.(a)(b)		4,295		20,144
Castle Biosciences, Inc.(a)		1,921		52,021
Centene Corp.(a)		37,627		2,868,682
Chemed Corp.		966		487,965
Cigna Corp.		19,769		6,260,249
Clover Health Investments Corp.(a)		24,965		33,203
Community Health Systems, Inc.(a)		6,300		32,886
CorVel Corp.(a)		587		104,580
Cross Country Healthcare, Inc.(a)		2,722		75,535
CVS Health Corp.		86,671		7,646,116
DaVita, Inc.(a)		3,593		296,027
DocGo, Inc.(a)(b)		4,887		48,870
Elevance Health, Inc.		15,931		7,965,341
Encompass Health Corp.		6,570		410,296
Enhabit, Inc.(a)		3,056		46,940
Ensign Group, Inc.		3,537		329,825
Fulgent Genetics, Inc.(a)		1,533		51,785
Guardant Health, Inc.(a)(b)		6,176		194,112
HCA Healthcare, Inc.		14,237		3,631,432
HealthEquity, Inc.(a)		5,601		340,821
Henry Schein, Inc.(a)		8,920		768,458
Hims & Hers Health, Inc.(a)		8,208		67,962
Humana, Inc.		8,282		4,237,899
Innovage Holding Corp.(a)(b)		978		7,325
Invitae Corp.(a)(b)		19,431		45,857
Joint Corp.(a)		820		14,899
Laboratory Corp. of America Holdings		5,845		1,473,641
LHC Group, Inc.(a)		2,027		321,482
LifeStance Health Group, Inc.(a)		5,834		30,804
McKesson Corp.		9,395		3,557,699
ModivCare, Inc.(a)		947		101,575
Molina Healthcare, Inc.(a)		3,794		1,183,083
National HealthCare Corp.		1,106		65,851
National Research Corp.		1,109		51,480
NeoGenomics, Inc.(a)		8,616		102,358
Oak Street Health, Inc.(a)(b)		7,186		208,825
Oncology Institute, Inc.(a)		4,806		7,113
OPKO Health, Inc.(a)(b)		22,404		28,901
Option Care Health, Inc.(a)		10,229		295,311
Owens & Minor, Inc.		5,611		110,761
Patterson Cos., Inc.		5,305		160,158
Pediatrix Medical Group, Inc.(a)		5,332		81,846
Pennant Group, Inc.(a)		1,158		14,985
PetIQ, Inc.(a)		1,413		16,730
Premier, Inc., Class A		7,997		266,780
Privia Health Group, Inc.(a)		2,853		77,145
Progyny, Inc.(a)(b)		5,002		172,019
Quest Diagnostics, Inc.		7,586		1,126,369
R1 RCM, Inc.(a)		9,585		137,161
RadNet, Inc.(a)		3,480		73,254

Security	Shares		Value
Health Care Providers & Services (continued)
Select Medical Holdings Corp.		6,381	$	185,496
Sema4 Holdings Corp.(a)		13,770		5,850
Signify Health, Inc., Class A(a)		4,873		138,686
Surgery Partners, Inc.(a)		3,294		109,361
Tenet Healthcare Corp.(a)		6,789		372,377
U.S. Physical Therapy, Inc.		849		84,178
UnitedHealth Group, Inc.		61,816		30,857,929
Universal Health Services, Inc., Class B		4,220		625,446
				83,173,683
Health Care Technology — 0.1%
American Well Corp., Class A(a)		14,687		58,307
Certara, Inc.(a)		7,090		137,546
Computer Programs & Systems, Inc.(a)		440		12,927
Definitive Healthcare Corp.(a)(b)		2,101		26,010
Doximity, Inc., Class A(a)(b)		7,514		265,019
Evolent Health, Inc., Class A(a)		5,881		189,486
Health Catalyst, Inc.(a)		2,795		38,851
HealthStream, Inc.(a)		1,619		39,148
Multiplan Corp.(a)		23,893		31,539
NextGen Healthcare, Inc.(a)		3,477		66,133
Nutex Health, Inc.(a)(b)		16,301		21,843
OptimizeRx Corp.(a)		814		14,611
Pear Therapeutics, Inc.(a)		9,877		10,766
Phreesia, Inc.(a)		3,516		131,815
Schrodinger, Inc.(a)		3,581		86,589
Sharecare, Inc.(a)		16,795		42,659
Simulations Plus, Inc.		1,116		45,912
Teladoc Health, Inc.(a)(b)		11,178		328,633
Veeva Systems, Inc., Class A(a)(b)		9,228		1,573,835
Veradigm, Inc.(a)		7,214		129,203
				3,250,832
Hotels, Restaurants & Leisure — 2.2%
Accel Entertainment, Inc.(a)		5,026		46,340
Airbnb, Inc., Class A(a)		25,438		2,826,416
Aramark		14,690		654,146
Bally’s Corp.(a)		2,881		57,245
Biglari Holdings, Inc., Class B(a)		32		5,218
BJ’s Restaurants, Inc.(a)		1,084		34,222
Bloomin’ Brands, Inc.		5,912		143,366
Bluegreen Vacations Holding Corp.		881		28,580
Booking Holdings, Inc.(a)		2,574		6,265,373
Bowlero Corp.(a)		2,290		31,488
Boyd Gaming Corp.		4,982		310,428
Brinker International, Inc.(a)		2,824		111,435
Caesars Entertainment, Inc.(a)		13,138		683,964
Carnival Corp.(a)		65,013		703,441
Century Casinos, Inc.(a)		1,395		12,304
Cheesecake Factory, Inc.		3,485		136,786
Chipotle Mexican Grill, Inc.(a)		1,839		3,027,693
Choice Hotels International, Inc.		2,264		278,223
Churchill Downs, Inc.		2,317		574,848
Chuy’s Holdings, Inc.(a)(b)		1,136		38,885
Cracker Barrel Old Country Store, Inc.		1,446		161,345
Darden Restaurants, Inc.		8,174		1,209,507
Dave & Buster’s Entertainment, Inc.(a)		2,569		111,366
Denny’s Corp.(a)		3,384		40,676
Dine Brands Global, Inc.		887		68,574
Domino’s Pizza, Inc.		2,349		829,197
DraftKings, Inc., Class A(a)		23,161		347,183
El Pollo Loco Holdings, Inc.		399		4,896
Everi Holdings, Inc.(a)		5,012		87,058
Expedia Group, Inc.(a)		9,923		1,134,199

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

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

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
F45 Training Holdings, Inc.(a)(b)		2,382	$	7,384
First Watch Restaurant Group, Inc.(a)(b)		1,553		25,159
Full House Resorts, Inc.(a)		2,239		19,748
Golden Entertainment, Inc.(a)		1,082		42,739
Hilton Grand Vacations, Inc.(a)		5,593		264,885
Hilton Worldwide Holdings, Inc.		17,635		2,558,662
Hyatt Hotels Corp., Class A(a)		3,265		356,277
Inspired Entertainment, Inc.(a)(b)		902		13,440
International Game Technology PLC		6,271		165,868
Jack in the Box, Inc.		1,529		116,173
Krispy Kreme, Inc.		5,441		66,380
Kura Sushi USA, Inc., Class A(a)		372		23,116
Las Vegas Sands Corp.(a)		22,189		1,309,151
Life Time Group Holdings, Inc.(a)		3,549		66,686
Light & Wonder, Inc., Class A(a)(b)		6,222		405,986
Lindblad Expeditions Holdings, Inc.(a)		2,077		24,716
Marriott International, Inc., Class A		17,849		3,108,939
Marriott Vacations Worldwide Corp.		2,465		394,499
McDonald’s Corp.		48,774		13,042,168
MGM Resorts International		20,935		866,918
Monarch Casino & Resort, Inc.(a)		999		76,543
NEOGAMES SA(a)		1,806		23,297
Noodles & Co.(a)		1,836		11,548
Norwegian Cruise Line Holdings Ltd.(a)(b)		27,499		418,260
ONE Group Hospitality, Inc.(a)		2,463		18,546
Papa John’s International, Inc.		2,240		200,906
Penn Entertainment, Inc.(a)(b)		10,233		362,760
Planet Fitness, Inc., Class A(a)		5,315		449,915
Portillo’s, Inc., Class A(a)		1,965		44,330
RCI Hospitality Holdings, Inc.		626		56,835
Red Rock Resorts, Inc., Class A		3,336		150,153
Royal Caribbean Cruises Ltd.(a)		14,518		942,799
Rush Street Interactive, Inc.(a)		2,591		11,115
Ruth’s Hospitality Group, Inc.		1,993		34,499
SeaWorld Entertainment, Inc.(a)		2,631		164,148
Shake Shack, Inc., Class A(a)		2,297		130,653
Six Flags Entertainment Corp.(a)		4,559		122,409
Sonder Holdings, Inc.(a)		11,715		15,698
Starbucks Corp.		75,725		8,264,627
Sweetgreen, Inc., Class A(a)		5,522		57,263
Target Hospitality Corp.(a)		2,425		37,236
Texas Roadhouse, Inc.		4,216		423,413
Travel & Leisure Co.		4,909		207,994
Vacasa, Inc., Class A(a)		6,820		11,935
Vail Resorts, Inc.		2,637		691,791
Wendy’s Co.		10,460		233,258
Wingstop, Inc.		2,041		323,437
Wyndham Hotels & Resorts, Inc.		5,632		436,536
Wynn Resorts Ltd.(a)(b)		6,964		721,749
Xponential Fitness, Inc., Class A(a)(b)		1,307		35,916
Yum! Brands, Inc.		18,670		2,436,622
				59,959,487
Household Durables — 0.5%
Aterian, Inc.(a)		1,384		2,118
Beazer Homes USA, Inc.(a)		1,012		16,566
Cavco Industries, Inc.(a)		513		136,509
Century Communities, Inc.		1,627		99,572
D.R. Horton, Inc.		20,941		2,066,667
Dream Finders Homes, Inc., Class A(a)(b)		1,935		24,458
Ethan Allen Interiors, Inc.		1,903		54,692

Security	Shares		Value
Household Durables (continued)
Garmin Ltd.		10,089	$	997,600
GoPro, Inc., Class A(a)		8,298		51,033
Green Brick Partners, Inc.(a)		1,939		60,497
Helen of Troy Ltd.(a)		1,678		189,799
Hovnanian Enterprises, Inc., Class A(a)		259		14,991
Installed Building Products, Inc.		1,495		164,585
iRobot Corp.(a)		1,749		78,705
KB Home		4,712		181,176
La-Z-Boy, Inc.		2,410		68,516
Legacy Housing Corp.(a)		1,461		29,249
Leggett & Platt, Inc.		8,651		316,281
Lennar Corp., B Shares		1,295		111,836
Lennar Corp., Class A		16,415		1,680,896
LGI Homes, Inc.(a)(b)		1,213		138,100
Lifetime Brands, Inc.(b)		464		3,717
Lovesac Co.(a)		653		16,808
M/I Homes, Inc.(a)		1,521		90,956
MDC Holdings, Inc.		4,300		162,368
Meritage Homes Corp.(a)		2,381		256,410
Mohawk Industries, Inc.(a)		3,339		400,880
Newell Brands, Inc.		26,108		416,684
NVR, Inc.(a)		197		1,038,190
PulteGroup, Inc.		14,723		837,591
Purple Innovation, Inc.(a)(b)		3,669		21,280
Skyline Champion Corp.(a)		3,500		206,325
Snap One Holdings Corp.(a)(b)		1,999		19,170
Sonos, Inc.(a)		7,986		147,262
Taylor Morrison Home Corp.(a)		7,237		259,085
Tempur Sealy International, Inc.		10,812		440,589
Toll Brothers, Inc.		6,886		409,648
TopBuild Corp.(a)		2,182		436,531
Traeger, Inc.(a)(b)		1,304		4,734
Tri Pointe Homes, Inc.(a)		6,899		152,399
Tupperware Brands Corp.(a)		3,393		15,031
Universal Electronics, Inc.(a)		976		22,868
Vizio Holding Corp., Class A(a)		4,238		37,125
Vuzix Corp.(a)(b)		2,953		15,385
Weber, Inc., Class A(b)		1,560		12,730
Whirlpool Corp.		3,614		562,302
				12,469,914
Household Products — 1.2%
Central Garden & Pet Co.(a)		682		28,603
Central Garden & Pet Co., Class A(a)		2,523		99,986
Church & Dwight Co., Inc.		16,152		1,306,051
Clorox Co.		8,175		1,182,841
Colgate-Palmolive Co.		54,673		4,074,779
Energizer Holdings, Inc.		4,687		173,888
Kimberly-Clark Corp.		22,207		2,887,132
Procter & Gamble Co.		154,911		22,056,228
Reynolds Consumer Products, Inc.		3,809		113,394
Spectrum Brands Holdings, Inc.		2,828		191,964
WD-40 Co.		970		169,304
				32,284,170
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		43,613		1,195,432
Altus Power, Inc.(a)		2,655		21,293
Brookfield Renewable Corp., Class A		8,444		266,155
Clearway Energy, Inc., Class A		3,272		104,868
Clearway Energy, Inc., Class C		5,336		180,303
Montauk Renewables, Inc.(a)		3,696		41,063

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

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

Security	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Ormat Technologies, Inc.(b)		3,191	$	295,327
Sunnova Energy International, Inc.(a)(b)		6,377		124,224
Vistra Corp.		26,836		618,838
				2,847,503
Industrial Conglomerates — 0.7%
3M Co.		36,819		4,237,130
Brookfield Business Corp., Class A		2,141		48,494
General Electric Co.(b)		72,489		5,833,915
Honeywell International, Inc.		44,549		9,287,575
				19,407,114
Insurance — 2.4%
Aflac, Inc.		41,186		3,027,171
Allstate Corp.		17,498		2,247,968
Ambac Financial Group, Inc.(a)		3,841		63,991
American Equity Investment Life Holding Co.		4,993		237,916
American Financial Group, Inc.		4,262		607,719
American International Group, Inc.		49,287		3,115,924
AMERISAFE, Inc.		1,410		77,663
Aon PLC, Class A		13,670		4,356,356
Arch Capital Group Ltd.(a)		23,133		1,488,609
Argo Group International Holdings Ltd.		2,322		64,459
Arthur J Gallagher & Co.		13,831		2,707,003
Assurant, Inc.		3,407		451,734
Assured Guaranty Ltd.		4,121		257,975
Axis Capital Holdings Ltd.		5,100		319,107
Bright Health Group, Inc.(a)(b)		13,038		11,561
Brighthouse Financial, Inc.(a)		4,515		254,059
Brown & Brown, Inc.		15,779		924,018
BRP Group, Inc., Class A(a)(b)		4,318		123,711
Chubb Ltd.		27,535		6,263,937
Cincinnati Financial Corp.		10,079		1,140,439
CNA Financial Corp.		2,363		102,932
CNO Financial Group, Inc.		7,685		197,966
Crawford & Co., Class A		3,010		19,475
eHealth, Inc.(a)		1,290		10,707
Employers Holdings, Inc.		798		35,008
Enstar Group Ltd.(a)		780		188,994
Erie Indemnity Co., Class A		1,602		391,449
Everest Re Group Ltd.		2,581		902,550
F&G Annuities & Life, Inc.		1,150		24,679
Fidelity National Financial, Inc.		16,924		745,164
First American Financial Corp.		6,362		393,617
Genworth Financial, Inc., Class A(a)		15,800		87,216
Globe Life, Inc.		6,012		726,550
Goosehead Insurance, Inc., Class A(a)		1,730		67,556
Greenlight Capital Re Ltd., Class A(a)		1,310		12,904
Hanover Insurance Group, Inc.		2,331		313,706
Hartford Financial Services Group, Inc.		21,237		1,648,204
HCI Group, Inc.		444		22,293
Hippo Holdings, Inc.(a)		930		15,605
Horace Mann Educators Corp.		1,576		56,121
Investors Title Co.		51		8,262
James River Group Holdings Ltd.		2,673		60,570
Kemper Corp.		4,044		237,504
Kinsale Capital Group, Inc.		1,432		398,726
Lemonade, Inc.(a)(b)		3,392		55,222
Lincoln National Corp.		11,067		392,104
Loews Corp.		13,054		802,560
Markel Corp.(a)		874		1,231,449
Marsh & McLennan Cos., Inc.		32,835		5,743,170
MBIA, Inc.(a)		2,769		36,025

Security	Shares		Value
Insurance (continued)
Mercury General Corp.		2,282	$	81,536
MetLife, Inc.		44,291		3,234,129
National Western Life Group, Inc., Class A		175		48,440
Old Republic International Corp.		18,850		497,451
Oscar Health, Inc., Class A(a)		8,387		32,206
Palomar Holdings, Inc.(a)		1,645		84,076
Primerica, Inc.		2,586		418,285
Principal Financial Group, Inc.		15,708		1,453,775
ProAssurance Corp.		1,892		36,686
Progressive Corp.		38,249		5,215,251
Prudential Financial, Inc.		24,067		2,525,591
Reinsurance Group of America, Inc.		4,393		666,726
RenaissanceRe Holdings Ltd.		2,864		560,456
RLI Corp.		2,496		330,595
Ryan Specialty Holdings, Inc.(a)(b)		5,331		227,207
Safety Insurance Group, Inc.		657		55,444
Selective Insurance Group, Inc.		3,832		364,040
Selectquote, Inc.(a)		8,469		7,302
SiriusPoint Ltd.(a)(b)		6,850		51,991
Stewart Information Services Corp.		1,098		52,451
Tiptree, Inc.		2,116		31,761
Travelers Cos., Inc.		15,574		2,976,503
Trean Insurance Group, Inc.(a)		1,480		9,013
Trupanion, Inc.(a)(b)		2,521		148,789
United Fire Group, Inc.		1,781		56,084
Universal Insurance Holdings, Inc.		1,090		13,887
Unum Group		13,227		555,931
W R Berkley Corp.		13,710		961,619
White Mountains Insurance Group Ltd.(b)		181		276,561
Willis Towers Watson PLC		7,108		1,806,783
				65,450,177
Interactive Media & Services — 3.7%
Alphabet, Inc., Class A(a)		397,829		39,321,418
Alphabet, Inc., Class C(a)		352,069		35,161,131
Arena Group Holdings, Inc.(a)		1,698		15,180
Bumble, Inc., Class A(a)		6,338		163,204
Cargurus, Inc.(a)		6,510		114,902
Cars.com, Inc.(a)		4,460		76,266
DHI Group, Inc.(a)		4,676		27,775
Eventbrite, Inc., Class A(a)		4,028		35,809
EverQuote, Inc., Class A(a)		1,224		19,094
fuboTV, Inc.(a)(b)		12,757		32,785
IAC, Inc.(a)		5,073		286,625
Match Group, Inc.(a)		18,419		996,836
MediaAlpha, Inc., Class A(a)		1,139		15,889
Meta Platforms, Inc., Class A(a)		148,572		22,132,771
Outbrain, Inc.(a)		4,466		21,973
Pinterest, Inc., Class A(a)(b)		38,486		1,011,797
QuinStreet, Inc.(a)		3,046		46,695
Shutterstock, Inc.		1,408		105,980
TripAdvisor, Inc.(a)		7,461		173,841
TrueCar, Inc.(a)		5,805		18,112
Vimeo, Inc.(a)		7,862		35,693
Vinco Ventures, Inc.(a)(b)		13,827		10,217
Yelp, Inc.(a)(b)		4,499		141,764
Ziff Davis, Inc.(a)		3,041		272,109
ZipRecruiter, Inc., Class A(a)		5,115		100,459
ZoomInfo Technologies, Inc., CLass A(a)		18,414		519,827
				100,858,152
Internet & Direct Marketing Retail — 2.4%
1-800-Flowers.com, Inc., Class A(a)(b)		1,280		12,762
Amazon.com, Inc.(a)		587,301		60,568,352

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

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

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
BARK, Inc.(a)		12,225	$	24,572
CarParts.com, Inc.(a)		2,466		16,818
ContextLogic, Inc., Class A(a)		36,174		24,884
DoorDash, Inc., Class A(a)		16,589		960,835
Duluth Holdings, Inc., Class B(a)		1,416		9,416
eBay, Inc.		35,936		1,778,832
Etsy, Inc.(a)(b)		8,286		1,139,988
Groupon, Inc.(a)(b)		1,225		10,118
Lands’ End, Inc.(a)		889		8,028
Overstock.com, Inc.(a)		2,560		61,978
PetMed Express, Inc.		1,061		22,790
Qurate Retail, Inc., Series A(a)		21,408		55,233
RealReal, Inc.(a)		4,179		7,648
Revolve Group, Inc.(a)(b)		3,137		89,530
RumbleON, Inc., Class B(a)		1,437		12,085
Stitch Fix, Inc., Class A(a)		5,133		26,743
Wayfair, Inc., Class A(a)(b)		5,525		334,262
Xometry, Inc., Class A(a)(b)		2,346		82,157
				65,247,031
IT Services — 4.4%
Accenture PLC, Class A		41,895		11,690,800
Affirm Holdings, Inc.(a)		14,237		230,497
Akamai Technologies, Inc.(a)		10,420		926,859
Amdocs Ltd.		7,742		711,722
Automatic Data Processing, Inc.		27,590		6,230,098
AvidXchange Holdings, Inc.(a)		9,286		103,260
BigCommerce Holdings, Inc., Series-1(a)		4,449		54,545
Block, Inc.(a)		35,101		2,868,454
Brightcove, Inc.(a)		2,245		14,233
Broadridge Financial Solutions, Inc.		7,822		1,176,116
Cantaloupe, Inc.(a)		2,911		14,817
Cass Information Systems, Inc.		1,157		56,184
Cerberus Cyber Sentinel Corp.(a)		3,920		5,606
Cloudflare, Inc., Class A(a)(b)		18,770		993,121
Cognizant Technology Solutions Corp., Class A		33,798		2,256,017
Concentrix Corp.		2,706		383,738
Conduent, Inc.(a)		11,206		53,453
CSG Systems International, Inc.		2,157		128,708
Cyxtera Technologies, Inc.(a)		2,123		6,836
DigitalOcean Holdings, Inc.(a)(b)		4,527		132,867
DXC Technology Co.(a)		15,334		440,546
Edgio, Inc.(a)		13,086		20,545
EPAM Systems, Inc.(a)		3,626		1,206,189
Euronet Worldwide, Inc.(a)		3,033		341,758
EVERTEC, Inc.		4,185		154,594
Evo Payments, Inc., Class A(a)		3,362		113,871
ExlService Holdings, Inc.(a)		2,134		364,060
Fastly, Inc., Class A(a)(b)		8,595		88,958
Fidelity National Information Services, Inc.		39,777		2,984,866
Fiserv, Inc.(a)		38,911		4,151,025
FleetCor Technologies, Inc.(a)		4,682		977,648
Flywire Corp.(a)		3,641		98,198
Gartner, Inc.(a)		5,051		1,707,945
Genpact Ltd.		12,100		572,088
Global Payments, Inc.		17,852		2,012,277
Globant SA(a)(b)		2,664		432,048
GoDaddy, Inc., Class A(a)		10,109		830,252
Grid Dynamics Holdings, Inc.(a)(b)		3,516		44,020
Hackett Group, Inc.		1,720		38,012
I3 Verticals, Inc., Class A(a)		1,114		32,217
IBEX Holdings Ltd.(a)(b)		997		26,610

Security	Shares		Value
IT Services (continued)
Information Services Group, Inc.		4,090	$	21,432
International Business Machines Corp.		59,460		8,011,046
International Money Express, Inc.(a)		2,474		56,308
Jack Henry & Associates, Inc.		4,737		853,086
Kyndryl Holdings, Inc.(a)		13,127		175,771
Marqeta, Inc., Class A(a)		29,185		193,497
Mastercard, Inc., Class A		56,205		20,829,573
Maximus, Inc.		3,917		293,187
MoneyGram International, Inc.(a)		6,829		73,548
MongoDB, Inc.(a)		4,340		929,671
Okta, Inc.(a)		10,125		745,301
Paya Holdings, Inc.(a)		4,078		39,638
Paychex, Inc.		21,316		2,469,672
Payoneer Global, Inc.(a)		14,272		85,061
PayPal Holdings, Inc.(a)		75,440		6,147,606
Paysafe Ltd.(a)		1,495		31,455
Perficient, Inc.(a)		2,180		161,625
PFSweb, Inc.		2,076		13,826
Rackspace Technology, Inc.(a)		2,884		8,652
Remitly Global, Inc.(a)		7,488		90,305
Repay Holdings Corp.(a)		5,002		48,719
Sabre Corp.(a)		21,234		144,604
Shift4 Payments, Inc., Class A(a)(b)		3,291		210,756
Snowflake, Inc., Class A(a)(b)		20,288		3,173,855
Squarespace, Inc., Class A(a)		1,981		46,989
SS&C Technologies Holdings, Inc.		14,367		867,048
StoneCo Ltd., Class A(a)		19,136		213,558
Thoughtworks Holding, Inc.(a)(b)		4,953		53,492
Toast, Inc., Class A(a)		16,689		372,332
TTEC Holdings, Inc.		1,040		52,874
Tucows, Inc., Class A(a)(b)		474		15,723
Twilio, Inc., Class A(a)		11,325		677,688
Unisys Corp.(a)		3,469		18,767
VeriSign, Inc.(a)		6,162		1,343,624
Verra Mobility Corp.(a)		8,882		137,049
Visa, Inc., Class A		108,782		25,042,704
Western Union Co.		25,745		364,807
WEX, Inc.(a)		2,830		523,465
Wix.com Ltd.(a)		3,771		328,002
				119,541,974
Leisure Products — 0.1%
Acushnet Holdings Corp.(b)		2,268		106,483
AMMO, Inc.(a)(b)		3,293		8,167
Brunswick Corp.		4,620		389,605
Clarus Corp.(b)		1,492		14,995
Hasbro, Inc.		8,909		527,145
Johnson Outdoors, Inc., Class A		138		9,447
Latham Group, Inc.(a)		2,161		9,508
Malibu Boats, Inc., Class A(a)		1,332		80,706
MasterCraft Boat Holdings, Inc.(a)		1,420		40,839
Mattel, Inc.(a)		22,747		465,404
Peloton Interactive, Inc., Class A(a)(b)		20,787		268,776
Polaris, Inc.(b)		3,649		419,051
Smith & Wesson Brands, Inc.		2,956		32,752
Sturm Ruger & Co., Inc.		1,052		59,859
Topgolf Callaway Brands Corp.(a)		9,369		229,447
Vista Outdoor, Inc.(a)(b)		3,171		93,069
YETI Holdings, Inc.(a)(b)		5,929		265,382
				3,020,635
Life Sciences Tools & Services — 1.7%
10X Genomics, Inc., Class A(a)(b)		6,159		288,426

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

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

Security	Shares		Value
Life Sciences Tools & Services (continued)
AbCellera Biologics, Inc.(a)		14,351	$	151,116
Adaptive Biotechnologies Corp.(a)		6,063		56,204
Agilent Technologies, Inc.		19,457		2,959,021
Akoya Biosciences, Inc.(a)		2,119		23,839
Avantor, Inc.(a)		40,461		967,018
Azenta, Inc.		4,939		276,090
Berkeley Lights, Inc.(a)		2,417		5,197
BioLife Solutions, Inc.(a)		2,281		53,467
Bionano Genomics, Inc.(a)(b)		14,144		25,601
Bio-Rad Laboratories, Inc., Class A(a)		1,382		646,030
Bio-Techne Corp.(b)		10,170		810,142
Bruker Corp.		6,933		486,142
Charles River Laboratories International, Inc.(a)		3,269		795,184
Codexis, Inc.(a)		3,610		22,201
CryoPort, Inc.(a)(b)		2,379		54,313
Cytek Biosciences, Inc.(a)(b)		7,712		92,930
Danaher Corp.		42,414		11,213,413
Illumina, Inc.(a)		10,415		2,230,893
Inotiv, Inc.(a)		753		5,459
IQVIA Holdings, Inc.(a)		12,145		2,786,184
Maravai LifeSciences Holdings, Inc., Class A(a)		6,620		97,049
MaxCyte, Inc.(a)		6,350		37,084
Medpace Holdings, Inc.(a)		1,637		361,892
Mettler-Toledo International, Inc.(a)		1,452		2,225,800
NanoString Technologies, Inc.(a)		2,353		24,895
OmniAb, Inc.(a)(b)		3,929		16,266
OmniAb, Inc.(d)		608		—
Pacific Biosciences of California, Inc.(a)(b)		15,893		176,253
PerkinElmer, Inc.		8,316		1,143,699
QIAGEN NV(a)		14,845		727,405
Quanterix Corp.(a)		1,710		24,162
Quantum-Si, Inc.(a)(b)		7,468		16,579
Repligen Corp.(a)(b)		3,669		679,866
Seer, Inc., Class A(a)(b)		2,417		10,997
Singular Genomics Systems, Inc.(a)		5,103		13,650
SomaLogic, Inc.(a)(b)		10,906		37,953
Sotera Health Co.(a)		6,415		110,595
Syneos Health, Inc.(a)		6,936		249,141
Thermo Fisher Scientific, Inc.		25,855		14,745,882
Waters Corp.(a)		3,923		1,289,019
West Pharmaceutical Services, Inc.		4,846		1,287,098
				47,224,155
Machinery — 2.0%
3D Systems Corp.(a)		7,065		76,726
AGCO Corp.		4,136		571,306
Alamo Group, Inc.		698		109,216
Albany International Corp., Class A		2,042		229,010
Allison Transmission Holdings, Inc.		6,124		276,070
Altra Industrial Motion Corp.		4,584		279,945
Astec Industries, Inc.		1,337		59,015
Barnes Group, Inc.		3,332		147,474
Blue Bird Corp.(a)		1,815		26,317
Caterpillar, Inc.		34,225		8,634,625
Chart Industries, Inc.(a)(b)		2,776		371,928
CIRCOR International, Inc.(a)		747		20,655
Columbus McKinnon Corp.		1,466		52,703
Crane Holdings Co.		3,098		359,089
Cummins, Inc.		9,291		2,318,476
Deere & Co.		18,234		7,710,065
Desktop Metal, Inc., Class A(a)(b)		18,582		31,218
Donaldson Co., Inc.		7,935		494,747

Security	Shares		Value
Machinery (continued)
Douglas Dynamics, Inc.		1,306	$	52,775
Dover Corp.		9,226		1,400,784
Energy Recovery, Inc.(a)		3,940		87,192
Enerpac Tool Group Corp.		4,294		113,963
EnPro Industries, Inc.		1,210		146,495
Esab Corp.		3,449		199,387
ESCO Technologies, Inc.		1,757		172,959
Evoqua Water Technologies Corp.(a)		7,394		358,683
Federal Signal Corp.		4,016		213,852
Flowserve Corp.		8,732		300,555
Fortive Corp.		23,431		1,594,011
Franklin Electric Co., Inc.		2,913		263,044
Gates Industrial Corp. PLC(a)		7,452		98,441
Gorman-Rupp Co.		1,213		34,849
Graco, Inc.		11,079		756,917
Greenbrier Cos., Inc.		2,505		77,455
Helios Technologies, Inc.(b)		1,936		127,776
Hillenbrand, Inc.		4,517		211,667
Hillman Solutions Corp.(a)		7,917		76,003
Hydrofarm Holdings Group, Inc.(a)		2,964		5,543
Hyliion Holdings Corp.(a)(b)		5,934		21,244
Hyster-Yale Materials Handling, Inc.		750		24,322
Hyzon Motors, Inc.(a)(b)		6,251		13,315
IDEX Corp.(b)		5,064		1,213,740
Illinois Tool Works, Inc.		20,215		4,771,549
Ingersoll Rand, Inc.		26,531		1,485,736
ITT, Inc.		5,379		492,663
John Bean Technologies Corp.		2,067		230,946
Kadant, Inc.(b)		797		162,405
Kennametal, Inc.		4,869		138,766
Lincoln Electric Holdings, Inc.		3,614		603,068
Lindsay Corp.		692		108,381
Luxfer Holdings PLC		3,342		55,310
Manitowoc Co., Inc.(a)		2,189		29,989
Markforged Holding Corp.(a)		10,015		13,420
Microvast Holdings, Inc.(a)(b)		11,816		19,260
Middleby Corp.(a)		3,454		536,924
Miller Industries, Inc.		1,182		34,290
Mueller Industries, Inc.		3,534		231,654
Mueller Water Products, Inc., Class A		10,406		131,636
Nikola Corp.(a)(b)		18,178		49,262
Nordson Corp.		3,691		898,020
Omega Flex, Inc.		130		13,819
Oshkosh Corp.		4,123		415,516
Otis Worldwide Corp.		27,519		2,262,887
PACCAR, Inc.		22,478		2,457,070
Parker-Hannifin Corp.		8,464		2,759,264
Pentair PLC		10,601		587,083
Proterra, Inc.(a)(b)		13,816		70,462
Proto Labs, Inc.(a)		1,922		58,813
RBC Bearings, Inc.(a)(b)		1,809		441,342
REV Group, Inc.		1,078		13,809
Sarcos Technology & Robotics Corp.(a)		7,735		4,641
Shyft Group, Inc.		1,974		65,714
Snap-on, Inc.		3,362		836,230
SPX Technologies, Inc.(a)		2,991		224,355
Standex International Corp.		643		74,312
Stanley Black & Decker, Inc.		9,861		880,686
Tennant Co.		1,312		92,011
Terex Corp.		4,422		225,389
Timken Co.		4,019		330,965
Titan International, Inc.(a)		2,632		43,928

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

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

Security	Shares		Value
Machinery (continued)
Toro Co.		6,802	$	758,559
Trinity Industries, Inc.		5,760		165,715
Velo3D, Inc.(a)(b)		5,709		13,702
Wabash National Corp.		3,518		90,624
Watts Water Technologies, Inc., Class A		1,852		302,839
Westinghouse Air Brake Technologies Corp.		11,972		1,242,813
Xylem, Inc.		11,901		1,237,823
				54,997,207
Marine — 0.0%
Costamare, Inc.		3,080		31,262
Eagle Bulk Shipping, Inc.		778		44,564
Eneti, Inc.		3,353		35,508
Genco Shipping & Trading Ltd.		2,396		43,464
Golden Ocean Group Ltd.(a)		7,042		67,462
Kirby Corp.(a)		3,667		259,550
Matson, Inc.		2,529		167,218
Safe Bulkers, Inc.		7,287		23,974
				673,002
Media — 0.9%
Advantage Solutions, Inc.(a)(b)		3,751		9,715
Altice USA, Inc., Class A(a)		12,284		60,192
AMC Networks, Inc., Class A(a)		2,699		49,958
Audacy, Inc.(a)		11,048		3,549
Boston Omaha Corp., Class A(a)		863		22,826
Cable One, Inc.		391		308,843
Cardlytics, Inc.(a)(b)		1,891		14,183
Charter Communications, Inc., Class A(a)		7,183		2,760,499
Clear Channel Outdoor Holdings, Inc.(a)		18,038		34,453
Comcast Corp., Class A		283,900		11,171,465
Cumulus Media, Inc., Class A(a)		3,500		23,450
Daily Journal Corp.(a)		60		18,360
DISH Network Corp., Class A(a)(b)		16,826		242,126
Entravision Communications Corp., Class A		1,689		10,979
EW Scripps Co., Class A(a)		2,946		44,043
Fox Corp., Class A		18,875		640,617
Fox Corp., Class B		9,735		308,599
Gannett Co., Inc.(a)		7,997		18,073
Gray Television, Inc.		6,043		78,317
iHeartMedia, Inc., Class A(a)(b)		7,721		59,838
Innovid Corp.(a)		8,210		18,473
Integral Ad Science Holding Corp.(a)		1,140		11,719
Interpublic Group of Cos., Inc.		25,358		924,553
John Wiley & Sons, Inc., Class A		2,734		125,217
Liberty Broadband Corp., Class A(a)		1,719		154,057
Liberty Broadband Corp., Class C(a)		7,803		700,553
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		5,199		211,183
Liberty Media Corp.-Liberty SiriusXM, Class C(a)		10,552		425,246
Loyalty Ventures, Inc.(a)(b)		1,090		2,017
Magnite, Inc.(a)(b)		8,306		100,336
New York Times Co., Class A		10,894		379,547
News Corp., Class A		23,597		478,075
News Corp., Class B		9,143		186,883
Nexstar Media Group, Inc., Class A		2,486		509,058
Omnicom Group, Inc.		13,377		1,150,288
Paramount Global, Class A(b)		2,738		72,968
Paramount Global, Class B		37,746		874,197
PubMatic, Inc., Class A(a)		2,634		40,379
Quotient Technology, Inc.(a)		4,746		19,221
Scholastic Corp.		2,274		100,602
Sinclair Broadcast Group, Inc., Class A		3,738		77,115
Sirius XM Holdings, Inc.(b)		45,919		265,871
Stagwell, Inc.(a)		4,676		32,826

Security	Shares		Value
Media (continued)
TechTarget, Inc.(a)(b)		1,792	$	88,758
TEGNA, Inc.		13,709		273,220
Thryv Holdings, Inc.(a)		1,791		40,065
Trade Desk, Inc., Class A(a)		29,277		1,484,344
WideOpenWest, Inc.(a)		3,478		39,962
				24,666,818
Metals & Mining — 0.7%
5E Advanced Materials, Inc.(a)(b)		2,185		21,522
Alcoa Corp.		11,668		609,536
Alpha Metallurgical Resources, Inc.(b)		1,050		168,977
Arconic Corp.(a)		5,631		132,385
ATI, Inc.(a)(b)		7,570		275,472
Carpenter Technology Corp.		3,397		164,041
Century Aluminum Co.(a)(b)		2,613		29,370
Cleveland-Cliffs, Inc.(a)		33,903		723,829
Coeur Mining, Inc.(a)(b)		16,736		65,103
Commercial Metals Co.		7,485		406,211
Compass Minerals International, Inc.		2,480		115,717
Constellium SE(a)		7,608		110,544
Dakota Gold Corp.(a)		6,771		23,766
Freeport-McMoRan, Inc.		94,020		4,195,172
Haynes International, Inc.		363		20,215
Hecla Mining Co.		37,284		230,042
Ivanhoe Electric, Inc.(a)		2,122		28,117
Kaiser Aluminum Corp.		1,048		91,721
Materion Corp.		1,424		128,516
MP Materials Corp.(a)		6,271		203,870
Newmont Corp.		52,033		2,754,107
Novagold Resources, Inc.(a)		16,803		106,027
Nucor Corp.		16,991		2,871,819
Olympic Steel, Inc.		1,177		52,071
Piedmont Lithium, Inc.(a)(b)		1,121		76,945
Ramaco Resources, Inc.		1,470		15,332
Reliance Steel & Aluminum Co.		3,920		891,604
Royal Gold, Inc.		4,407		559,821
Ryerson Holding Corp.		1,198		45,728
Schnitzer Steel Industries, Inc., Class A		1,945		65,819
Southern Copper Corp.		5,574		419,221
SSR Mining, Inc.		14,157		239,820
Steel Dynamics, Inc.		11,048		1,332,831
SunCoke Energy, Inc.		5,143		46,853
TimkenSteel Corp.(a)		2,945		57,928
Tredegar Corp.		2,663		32,302
U.S. Steel Corp.		15,776		449,458
Warrior Met Coal, Inc.		3,308		125,307
Worthington Industries, Inc.		1,931		109,816
				17,996,935
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
AFC Gamma, Inc.		1,378		21,635
AGNC Investment Corp.		37,914		439,802
Angel Oak Mortgage, Inc.		1,604		12,688
Annaly Capital Management, Inc.		30,589		717,924
Apollo Commercial Real Estate Finance, Inc.		11,046		134,430
Arbor Realty Trust, Inc.		10,209		152,420
Ares Commercial Real Estate Corp.		2,603		31,965
ARMOUR Residential REIT, Inc.		5,531		34,735
Blackstone Mortgage Trust, Inc., Class A		11,093		264,457
BrightSpire Capital, Inc.		5,031		38,336
Broadmark Realty Capital, Inc.		7,832		34,304
Chimera Investment Corp.		13,492		98,357
Claros Mortgage Trust, Inc.		6,855		114,753
Dynex Capital, Inc.		2,599		37,452

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

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

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Ellington Financial, Inc.		5,436	$	74,636
Franklin BSP Realty Trust, Inc.		5,397		78,257
Granite Point Mortgage Trust, Inc.		1,933		12,912
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		6,346		234,231
Invesco Mortgage Capital, Inc.		1,274		18,715
KKR Real Estate Finance Trust, Inc.		4,580		72,959
Ladder Capital Corp.		6,531		73,147
MFA Financial, Inc.		6,287		74,752
New York Mortgage Trust, Inc.		17,656		55,087
Orchid Island Capital, Inc.(b)		1,137		13,860
PennyMac Mortgage Investment Trust		5,334		81,343
Ready Capital Corp.		6,262		82,846
Redwood Trust, Inc.		6,308		52,735
Rithm Capital Corp.		29,696		279,439
Starwood Property Trust, Inc.		19,945		416,651
TPG RE Finance Trust, Inc.		3,418		29,771
Two Harbors Investment Corp.		7,086		127,123
				3,911,722
Multiline Retail — 0.5%
Big Lots, Inc.		1,787		29,236
Dillard’s, Inc., Class A(b)		252		99,114
Dollar General Corp.		14,813		3,460,317
Dollar Tree, Inc.(a)		14,084		2,115,135
Franchise Group, Inc.		1,453		44,883
Kohl’s Corp.		8,579		277,702
Macy’s, Inc.		17,021		402,206
Nordstrom, Inc.		7,722		150,888
Ollie’s Bargain Outlet Holdings, Inc.(a)		4,045		221,504
Target Corp.		30,609		5,269,033
				12,070,018
Multi-Utilities — 0.7%
Ameren Corp.		17,249		1,498,421
Avista Corp.		3,862		154,094
Black Hills Corp.		4,232		306,312
CenterPoint Energy, Inc.		41,778		1,258,353
CMS Energy Corp.		18,911		1,194,986
Consolidated Edison, Inc.		23,459		2,235,877
Dominion Energy, Inc.		55,076		3,505,037
DTE Energy Co.		12,906		1,501,871
NiSource, Inc.		26,881		745,948
NorthWestern Corp.		3,792		215,386
Public Service Enterprise Group, Inc.		33,093		2,049,449
Sempra Energy		20,820		3,338,071
Unitil Corp.		767		40,014
WEC Energy Group, Inc.		20,998		1,973,602
				20,017,421
Oil, Gas & Consumable Fuels — 4.5%
Aemetis, Inc.(a)(b)		1,655		7,729
Alto Ingredients, Inc.(a)		3,664		12,421
Amplify Energy Corp.(a)(b)		3,056		26,465
Antero Midstream Corp.		23,105		251,845
Antero Resources Corp.(a)		18,986		547,556
APA Corp.		20,911		926,985
Arch Resources, Inc.		906		134,106
Ardmore Shipping Corp.(a)		3,060		44,829
Berry Corp.		4,825		44,390
California Resources Corp.		4,770		203,822
Callon Petroleum Co.(a)		2,953		125,650
Cheniere Energy, Inc.		16,453		2,513,854

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Chesapeake Energy Corp.		8,018	$	695,321
Chevron Corp.		127,806		22,240,800
Chord Energy Corp.		2,692		385,844
Civitas Resources, Inc.		4,697		312,585
Clean Energy Fuels Corp.(a)		11,389		64,462
CNX Resources Corp.(a)(b)		12,210		204,273
Comstock Resources, Inc.		5,948		72,268
ConocoPhillips		82,212		10,019,176
CONSOL Energy, Inc.		2,144		123,988
Coterra Energy, Inc.		52,045		1,302,686
Crescent Energy Co., Class A		1,874		22,600
CVR Energy, Inc.		1,859		61,719
Delek U.S. Holdings, Inc.		4,418		118,226
Denbury, Inc.(a)		3,239		281,080
Devon Energy Corp.		42,711		2,701,044
DHT Holdings, Inc.		8,078		69,228
Diamondback Energy, Inc.		11,494		1,679,503
Dorian LPG Ltd.		2,590		51,412
DT Midstream, Inc.(a)		6,298		344,249
Earthstone Energy, Inc., Class A(a)(b)		3,803		52,862
Empire Petroleum Corp.(a)(b)		1,692		22,317
Energy Fuels, Inc.(a)(b)		11,976		88,263
Enviva, Inc.		1,991		90,551
EOG Resources, Inc.		38,545		5,097,576
EQT Corp.		24,523		801,166
Equitrans Midstream Corp.		27,007		195,801
Excelerate Energy, Inc., Class A		1,754		40,868
Exxon Mobil Corp.		272,241		31,582,678
FLEX LNG Ltd.(a)(b)		1,825		56,758
Frontline PLC(b)		7,646		105,744
Gevo, Inc.(a)		9,834		20,848
Golar LNG Ltd.(a)		5,492		128,732
Green Plains, Inc.(a)		1,196		41,585
Gulfport Energy Corp.(a)(b)		713		48,591
Hess Corp.		18,519		2,780,813
HF Sinclair Corp.		9,666		549,995
HighPeak Energy, Inc.(b)		727		20,327
International Seaways, Inc.		2,882		111,937
Kinder Morgan, Inc.		131,920		2,414,136
Kinetik Holdings, Inc., Class A		1,404		43,931
Kosmos Energy Ltd.(a)		26,528		209,836
Magnolia Oil & Gas Corp., Class A		11,073		261,434
Marathon Oil Corp.		44,374		1,218,954
Marathon Petroleum Corp.		30,650		3,939,138
Matador Resources Co.		7,324		484,556
Murphy Oil Corp.		9,297		405,442
NACCO Industries, Inc., Class A		532		20,732
New Fortress Energy, Inc.(b)		3,964		153,764
NextDecade Corp.(a)		3,045		18,240
Nordic American Tankers Ltd.		13,383		40,684
Northern Oil and Gas, Inc.		4,278		143,399
Occidental Petroleum Corp.		53,088		3,439,572
ONEOK, Inc.		29,533		2,022,420
Ovintiv, Inc.		16,496		812,098
Par Pacific Holdings, Inc.(a)		4,110		109,860
PBF Energy, Inc., Class A		6,394		268,484
PDC Energy, Inc.		6,027		408,209
Peabody Energy Corp.(a)(b)		7,895		220,192
Permian Resources Corp.		12,259		133,255
Phillips 66		31,206		3,129,026
Pioneer Natural Resources Co.		15,676		3,610,967
Range Resources Corp.		16,571		414,606

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

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

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Ranger Oil Corp., Class A		1,207	$	50,694
REX American Resources Corp.(a)		1,440		47,117
Riley Exploration Permian, Inc.		425		14,106
Ring Energy, Inc.(a)		6,295		14,856
SandRidge Energy, Inc.(a)		1,890		29,881
Scorpio Tankers, Inc.		3,349		160,317
SFL Corp. Ltd.		6,904		70,283
SilverBow Resources, Inc.(a)(b)		771		20,254
Sitio Royalties Corp., Class A		4,771		126,765
SM Energy Co.		7,906		259,870
Southwestern Energy Co.(a)		70,625		389,850
Talos Energy, Inc.(a)		4,137		81,954
Targa Resources Corp.		14,789		1,109,471
Teekay Corp.(a)		5,713		27,765
Teekay Tankers Ltd., Class A(a)		1,541		47,293
Tellurian, Inc.(a)(b)		31,729		63,141
Texas Pacific Land Corp.		375		748,444
Uranium Energy Corp.(a)(b)		26,349		106,186
Ur-Energy, Inc.(a)		13,853		18,147
VAALCO Energy, Inc.		8,384		38,986
Valero Energy Corp.		25,298		3,542,479
Vertex Energy, Inc.(a)(b)		3,651		26,579
Vital Energy, Inc.(a)		1,222		68,774
Vitesse Energy, Inc.(a)		1,510		24,100
W&T Offshore, Inc.(a)		7,555		46,992
Williams Cos., Inc.		80,687		2,601,349
World Fuel Services Corp.		4,001		113,228
				121,199,344
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		1,371		52,934
Glatfelter Corp.		2,862		12,536
Louisiana-Pacific Corp.		4,613		314,099
Resolute Forest Products, Inc.(a)		2,627		57,032
Sylvamo Corp.		2,521		119,823
				556,424
Personal Products — 0.2%
Beauty Health Co.(a)		6,871		78,329
BellRing Brands, Inc.(a)		8,954		253,935
Coty, Inc., Class A(a)		22,417		223,273
Edgewell Personal Care Co.		3,579		153,396
elf Beauty, Inc.(a)		3,293		189,512
Estee Lauder Cos., Inc., Class A		15,180		4,206,074
Herbalife Nutrition Ltd.(a)		6,918		121,549
Honest Co., Inc.(a)		6,142		20,269
Inter Parfums, Inc.		1,217		143,874
Medifast, Inc.		711		79,241
Nature’s Sunshine Products, Inc.(a)		255		2,693
Nu Skin Enterprises, Inc., Class A		3,335		143,005
Olaplex Holdings, Inc.(a)		8,979		56,658
USANA Health Sciences, Inc.(a)		667		38,979
Veru, Inc.(a)(b)		4,989		28,737
				5,739,524
Pharmaceuticals — 4.5%
AbbVie, Inc.		116,777		17,253,802
Aclaris Therapeutics, Inc.(a)		5,218		88,184
Amneal Pharmaceuticals, Inc.(a)		5,098		11,216
Amphastar Pharmaceuticals, Inc.(a)		2,313		69,991
Amylyx Pharmaceuticals, Inc.(a)		3,280		128,543
ANI Pharmaceuticals, Inc.(a)		794		35,516
Arvinas, Inc.(a)		3,027		99,195

Security	Shares		Value
Pharmaceuticals (continued)
Atea Pharmaceuticals, Inc.(a)		3,928	$	18,187
Athira Pharma, Inc.(a)		2,144		8,662
Axsome Therapeutics, Inc.(a)		1,951		146,325
Bristol-Myers Squibb Co.		139,541		10,137,654
Cara Therapeutics, Inc.(a)(b)		3,166		36,979
Cassava Sciences, Inc.(a)(b)		2,756		77,168
Catalent, Inc.(a)		11,711		627,124
CinCor Pharma, Inc.(a)		1,607		46,491
Collegium Pharmaceutical, Inc.(a)		2,761		77,529
Corcept Therapeutics, Inc.(a)(b)		6,078		138,943
DICE Therapeutics, Inc.(a)		2,283		72,531
Edgewise Therapeutics, Inc.(a)		2,551		26,097
Elanco Animal Health, Inc.(a)		29,037		398,678
Eli Lilly & Co.		55,681		19,162,616
Esperion Therapeutics, Inc.(a)		5,844		37,168
Evolus, Inc.(a)(b)		1,907		19,814
EyePoint Pharmaceuticals, Inc.(a)(b)		2,397		11,170
Fulcrum Therapeutics, Inc.(a)		1,593		20,088
Harmony Biosciences Holdings, Inc.(a)(b)		1,653		79,625
Innoviva, Inc.(a)		4,370		55,280
Intra-Cellular Therapies, Inc.(a)		6,007		287,855
Jazz Pharmaceuticals PLC(a)		4,002		626,953
Johnson & Johnson		173,979		28,431,648
Ligand Pharmaceuticals, Inc.(a)		1,120		78,064
Liquidia Corp.(a)		4,533		29,918
Merck & Co., Inc.		167,185		17,957,341
Nektar Therapeutics(a)		10,497		28,552
NGM Biopharmaceuticals, Inc.(a)		3,162		16,569
Nuvation Bio, Inc.(a)		9,777		24,051
Ocular Therapeutix, Inc.(a)(b)		2,768		10,823
Organon & Co.		16,989		511,879
Pacira BioSciences, Inc.(a)		2,757		108,267
Perrigo Co. PLC		8,820		330,044
Pfizer, Inc.		373,613		16,498,750
Phathom Pharmaceuticals, Inc.(a)		1,212		14,459
Phibro Animal Health Corp., Class A		619		9,533
Prestige Consumer Healthcare, Inc.(a)		3,589		236,013
Provention Bio, Inc.(a)		4,955		42,910
Reata Pharmaceuticals, Inc., Class A(a)(b)		1,618		70,108
Relmada Therapeutics, Inc.(a)		1,462		5,936
Revance Therapeutics, Inc.(a)		4,871		168,926
Royalty Pharma PLC, Class A		24,832		973,166
Scilex Holding Co., (Acquired 01/06/23, Cost: $18,764)(e)		3,715		28,497
SIGA Technologies, Inc.		2,502		18,340
Supernus Pharmaceuticals, Inc.(a)		3,326		136,399
Tarsus Pharmaceuticals, Inc.(a)		888		13,995
Theravance Biopharma, Inc.(a)		5,256		56,817
Third Harmonic Bio, Inc.(a)		1,258		5,497
Ventyx Biosciences, Inc.(a)(b)		1,410		59,220
Viatris, Inc.		80,278		976,180
Xeris Biopharma Holdings, Inc.(a)		12,105		15,010
Zoetis, Inc.		31,224		5,167,260
				121,823,556
Professional Services — 0.6%
Alight, Inc., Class A(a)(b)		21,826		204,946
ASGN, Inc.(a)		3,126		284,310
Atlas Technical Consultants, Inc.(a)(b)		1,076		13,052
Barrett Business Services, Inc.		580		57,640
Booz Allen Hamilton Holding Corp., Class A		8,764		829,425
CACI International, Inc., Class A(a)(b)		1,552		478,156

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

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

Security	Shares		Value
Professional Services (continued)
CBIZ, Inc.(a)		3,197	$	152,145
Clarivate PLC(a)(b)		30,144		335,201
CoStar Group, Inc.(a)		26,725		2,081,877
CRA International, Inc.		456		54,191
Dun & Bradstreet Holdings, Inc.		17,060		249,929
Equifax, Inc.		8,059		1,790,710
Exponent, Inc.		3,403		348,944
First Advantage Corp.(a)(b)		4,217		58,532
Forrester Research, Inc.(a)		474		17,566
Franklin Covey Co.(a)		875		40,600
FTI Consulting, Inc.(a)		2,321		370,246
Heidrick & Struggles International, Inc.		1,059		32,575
HireRight Holdings Corp.(a)(b)		1,645		18,819
Huron Consulting Group, Inc.(a)		1,374		93,487
ICF International, Inc.		1,207		123,343
Insperity, Inc.		2,314		255,813
Jacobs Solutions, Inc.		8,505		1,050,793
KBR, Inc.		8,876		454,717
Kelly Services, Inc., Class A		1,865		33,757
Kforce, Inc.		1,435		80,547
Korn Ferry		3,503		189,127
Legalzoom.com, Inc.(a)		6,145		52,110
Leidos Holdings, Inc.		8,938		883,432
ManpowerGroup, Inc.		3,288		286,582
NV5 Global, Inc.(a)		890		118,628
Planet Labs PBC(a)(b)		9,833		48,673
Red Violet, Inc.(a)		1,105		26,271
Resources Connection, Inc.		2,633		45,472
Robert Half International, Inc.		7,089		595,192
Science Applications International Corp.		3,605		374,127
Skillsoft Corp.(a)		5,867		11,265
Spire Global, Inc.(a)(b)		16,464		19,592
Sterling Check Corp.(a)		1,260		17,577
TransUnion		12,801		918,472
TriNet Group, Inc.(a)		2,363		178,288
TrueBlue, Inc.(a)		2,384		46,798
Upwork, Inc.(a)		7,682		99,559
Verisk Analytics, Inc.		10,265		1,866,074
Willdan Group, Inc.(a)(b)		1,798		34,234
				15,322,794
Real Estate Management & Development — 0.2%
Anywhere Real Estate, Inc.(a)		6,333		53,704
CBRE Group, Inc., Class A(a)		20,870		1,784,594
Compass, Inc., Class A(a)		16,508		66,362
Cushman & Wakefield PLC(a)(b)		10,268		148,167
DigitalBridge Group, Inc.		11,121		164,591
Doma Holdings, Inc.(a)		26,630		18,907
Douglas Elliman, Inc.		3,965		18,477
eXp World Holdings, Inc.		5,792		90,297
Forestar Group, Inc.(a)		1,192		17,737
FRP Holdings, Inc.(a)		186		10,448
Howard Hughes Corp.(a)(b)		2,558		218,683
Jones Lang LaSalle, Inc.(a)		3,176		587,147
Kennedy-Wilson Holdings, Inc.		8,538		152,659
Marcus & Millichap, Inc.		1,555		56,353
Newmark Group, Inc., Class A		9,252		79,290
Opendoor Technologies, Inc.(a)(b)		28,738		62,936
RE/MAX Holdings, Inc., Class A		632		14,416
Redfin Corp.(a)(b)		5,744		42,965
RMR Group, Inc., Class A		541		16,782
St. Joe Co.		2,076		97,780

Security	Shares		Value
Real Estate Management & Development (continued)
Stratus Properties, Inc.		955	$	21,029
Tejon Ranch Co.(a)		507		10,150
WeWork, Inc., Class A(a)(b)		8,203		13,043
Zillow Group, Inc., Class A(a)		3,560		152,938
Zillow Group, Inc., Class C(a)(b)		10,805		477,689
				4,377,144
Road & Rail — 1.0%
ArcBest Corp.(b)		1,534		128,012
Avis Budget Group, Inc.(a)(b)		1,947		389,478
Covenant Logistics Group, Inc.(b)		1,017		33,724
CSX Corp.		138,604		4,285,636
Daseke, Inc.(a)		1,895		13,227
Heartland Express, Inc.		3,436		57,794
Hertz Global Holdings, Inc.(a)		14,092		253,938
JB Hunt Transport Services, Inc.		5,406		1,022,004
Knight-Swift Transportation Holdings, Inc.		10,042		593,482
Landstar System, Inc.		2,445		422,569
Lyft, Inc., Class A(a)(b)		22,002		357,533
Marten Transport Ltd.		4,841		106,938
Norfolk Southern Corp.		15,292		3,758,927
Old Dominion Freight Line, Inc.		6,506		2,168,059
PAM Transportation Services, Inc.(a)(b)		886		25,650
RXO, Inc.(a)		6,858		125,639
Ryder System, Inc.		3,073		290,122
Saia, Inc.(a)(b)		1,698		463,180
Schneider National, Inc., Class B		3,106		82,309
TuSimple Holdings, Inc., Class A(a)		10,700		22,470
Uber Technologies, Inc.(a)		127,038		3,929,285
U-Haul Holding Co.		5,740		357,682
Union Pacific Corp.		40,668		8,303,999
Universal Logistics Holdings, Inc.		345		12,392
Werner Enterprises, Inc.		3,887		182,572
XPO Logistics, Inc.(a)		6,858		273,360
				27,659,981
Semiconductors & Semiconductor Equipment — 4.8%
ACM Research, Inc., Class A(a)		3,000		37,470
Advanced Micro Devices, Inc.(a)		106,821		8,027,598
Allegro MicroSystems, Inc.(a)		4,091		156,153
Alpha & Omega Semiconductor Ltd.(a)		1,720		56,691
Ambarella, Inc.(a)		2,579		231,697
Amkor Technology, Inc.		6,653		194,667
Analog Devices, Inc.		33,867		5,807,174
Applied Materials, Inc.		56,772		6,329,510
Atomera, Inc.(a)		815		5,950
Axcelis Technologies, Inc.(a)		2,013		221,329
AXT, Inc.(a)		1,214		7,150
Broadcom, Inc.		26,088		15,261,741
CEVA, Inc.(a)		1,470		48,686
Cirrus Logic, Inc.(a)		3,545		320,433
Cohu, Inc.(a)		3,237		116,791
Credo Technology Group Holding Ltd.(a)(b)		6,153		106,631
Diodes, Inc.(a)		3,022		269,532
Enphase Energy, Inc.(a)		8,638		1,912,280
Entegris, Inc.		9,631		777,318
First Solar, Inc.(a)		6,936		1,231,834
FormFactor, Inc.(a)		4,805		135,213
Globalfoundries, Inc.(a)(b)		4,218		250,043
Ichor Holdings Ltd.(a)		1,435		48,503
Impinj, Inc.(a)		1,444		187,402
indie Semiconductor, Inc., Class A(a)		6,908		55,057
Intel Corp.		270,646		7,648,456

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

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

Security	Shares			Value
Semiconductors & Semiconductor Equipment (continued)
KLA Corp.		9,355		$	3,671,650
Kulicke & Soffa Industries, Inc.		3,925			200,568
Lam Research Corp.		9,045			4,523,405
Lattice Semiconductor Corp.(a)		9,040			685,142
MACOM Technology Solutions Holdings, Inc., Class H(a)		3,204			214,732
Marvell Technology, Inc.		56,333			2,430,769
MaxLinear, Inc.(a)		4,731			194,917
Microchip Technology, Inc.		35,026			2,718,718
Micron Technology, Inc.		71,945			4,338,284
MKS Instruments, Inc.(b)		3,628			371,217
Monolithic Power Systems, Inc.		3,019			1,287,785
NVIDIA Corp.		159,176			31,098,215
ON Semiconductor Corp.(a)		28,401			2,086,053
Onto Innovation, Inc.(a)		3,247			255,377
PDF Solutions, Inc.(a)		1,754			55,742
Photronics, Inc.(a)		3,827			69,345
Power Integrations, Inc.		3,675			316,381
Qorvo, Inc.(a)		6,757			734,216
Qualcomm, Inc.		74,050			9,864,201
Rambus, Inc.(a)		6,863			277,746
Semtech Corp.(a)		4,481			148,007
Silicon Laboratories, Inc.(a)		2,312			362,776
SiTime Corp.(a)		1,041			119,954
SkyWater Technology, Inc.(a)		811			8,775
Skyworks Solutions, Inc.		10,687			1,172,043
SMART Global Holdings, Inc.(a)		3,469			59,632
Synaptics, Inc.(a)		2,654			331,830
Teradyne, Inc.		10,250			1,042,425
Texas Instruments, Inc.		59,924			10,619,132
Transphorm, Inc.(a)		3,643			16,976
Ultra Clean Holdings, Inc.(a)		2,740			92,201
Universal Display Corp.		2,869			380,229
Veeco Instruments, Inc.(a)(b)		2,766			54,933
Wolfspeed, Inc.(a)		8,059			620,624
					129,869,309
Software — 8.3%			��
8x8, Inc.(a)		6,460			30,427
A10 Networks, Inc.		4,857			75,186
ACI Worldwide, Inc.(a)		6,881			192,186
Adeia, Inc.		8,008			87,688
Adobe, Inc.(a)		30,700			11,369,438
Agilysys, Inc.(a)		1,390			116,148
Alarm.com Holdings, Inc.(a)		2,898			155,333
Alkami Technology, Inc.(a)		2,197			35,965
Altair Engineering, Inc., Class A(a)(b)		3,565			189,302
Alteryx, Inc., Class A(a)		3,791			210,363
American Software, Inc., Class A		1,641			24,960
Amplitude, Inc., Class A(a)(b)		3,549			51,035
ANSYS, Inc.(a)		5,794			1,543,290
Appfolio, Inc., Class A(a)		1,200			134,796
Appian Corp., Class A(a)		2,774			114,747
AppLovin Corp., Class A(a)		14,710			186,817
Arteris, Inc.(a)		3,156			19,820
Asana, Inc., Class A(a)		4,988			77,314
Aspen Technology, Inc.(a)		1,731			344,036
Atlassian Corp., Class A(a)(b)		9,409			1,520,683
Autodesk, Inc.(a)		14,402			3,098,734
Avaya Holdings Corp.(a)		5,377			1,920
AvePoint, Inc.(a)		8,422			37,646
Bentley Systems, Inc., Class B(b)		11,446			446,966

Security	Shares		Value
Software (continued)
Bill.com Holdings, Inc.(a)		6,472	$	748,293
Black Knight, Inc.(a)		10,116		612,928
Blackbaud, Inc.(a)		2,852		177,423
Blackline, Inc.(a)		3,699		265,588
Blend Labs, Inc., Class A(a)		12,282		20,388
Box, Inc., Class A(a)		9,213		294,724
C3.ai, Inc., Class A(a)		3,809		75,609
Cadence Design Systems, Inc.(a)		18,027		3,295,876
CCC Intelligent Solutions Holdings, Inc.(a)		11,864		109,742
Cerence, Inc.(a)		2,169		53,184
Ceridian HCM Holding, Inc.(a)		9,036		653,122
Cleanspark, Inc.(a)(b)		1,688		5,351
Clear Secure, Inc., Class A		3,729		117,053
CommVault Systems, Inc.(a)		2,940		182,956
Confluent, Inc., Class A(a)(b)		8,394		193,901
Consensus Cloud Solutions, Inc.(a)		1,250		73,463
Couchbase, Inc.(a)		2,394		35,407
Coupa Software, Inc.(a)		4,985		398,401
Crowdstrike Holdings, Inc., Class A(a)		13,952		1,477,517
CS Disco, Inc.(a)		1,888		15,689
Cvent Holding Corp.(a)(b)		4,519		36,468
Datadog, Inc., Class A(a)		17,655		1,320,771
Digimarc Corp.(a)		1,863		37,223
Digital Turbine, Inc.(a)		5,723		99,351
DocuSign, Inc.(a)		12,981		787,168
Dolby Laboratories, Inc., Class A		4,216		335,425
Domo, Inc., Class B(a)		1,416		21,962
DoubleVerify Holdings, Inc.(a)(b)		4,954		134,699
Dropbox, Inc., Class A(a)		17,951		417,002
Duck Creek Technologies, Inc.(a)		5,123		96,978
Dynatrace, Inc.(a)		12,807		492,173
E2open Parent Holdings, Inc.(a)(b)		12,000		82,800
Ebix, Inc.		1,492		28,438
eGain Corp.(a)		724		7,037
Elastic NV(a)		5,022		295,494
Enfusion, Inc., Class A(a)(b)		1,551		18,426
EngageSmart, Inc.(a)		2,476		48,777
Envestnet, Inc.(a)(b)		2,907		188,955
Everbridge, Inc.(a)		2,780		88,849
EverCommerce, Inc.(a)		1,361		14,059
Fair Isaac Corp.(a)		1,589		1,058,195
Five9, Inc.(a)		4,754		374,520
ForgeRock, Inc., Class A(a)		1,824		36,225
Fortinet, Inc.(a)		42,752		2,237,640
Gen Digital, Inc.		36,890		848,839
Greenidge Generation Holdings, Inc.(a)(b)		553		465
Guidewire Software, Inc.(a)		5,215		381,947
HubSpot, Inc.(a)		3,031		1,051,787
Informatica, Inc., Class A(a)(b)		2,800		49,840
Instructure Holdings, Inc.(a)(b)		1,199		32,409
Intapp, Inc.(a)		938		27,183
InterDigital, Inc.		2,107		147,385
Intuit, Inc.		18,218		7,700,202
Jamf Holding Corp.(a)		3,854		76,579
KnowBe4, Inc., Class A(a)		5,218		129,876
LivePerson, Inc.(a)		4,799		61,811
LiveRamp Holdings, Inc.(a)		4,836		129,411
Manhattan Associates, Inc.(a)		4,001		521,570
Marathon Digital Holdings, Inc.(a)(b)		6,785		48,920
Matterport, Inc.(a)(b)		14,473		50,945
MeridianLink, Inc.(a)		1,066		16,928
Microsoft Corp.		494,516		122,546,010

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

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

Security	Shares		Value
Software (continued)
MicroStrategy, Inc., Class A(a)(b)		591	$	148,772
Mitek Systems, Inc.(a)		2,481		24,463
Model N, Inc.(a)		2,003		79,439
Momentive Global, Inc.(a)		7,786		60,030
N-able, Inc.(a)		4,241		43,555
nCino, Inc.(a)(b)		4,394		125,668
NCR Corp.(a)		7,887		216,262
New Relic, Inc.(a)		3,756		229,304
NextNav, Inc.(a)		7,099		21,013
Nutanix, Inc., Class A(a)		15,029		418,858
Olo, Inc., Class A(a)(b)		5,920		47,478
ON24, Inc.(a)		1,991		18,476
OneSpan, Inc.(a)		3,234		44,662
Oracle Corp.		100,987		8,933,310
PagerDuty, Inc.(a)(b)		5,772		171,948
Palantir Technologies, Inc., Class A(a)		120,413		936,813
Palo Alto Networks, Inc.(a)		19,453		3,086,024
Paycom Software, Inc.(a)		3,345		1,083,579
Paycor HCM, Inc.(a)(b)		3,050		76,586
Paylocity Holding Corp.(a)		2,581		537,596
Pegasystems, Inc.(b)		2,937		114,191
Porch Group, Inc.(a)		4,723		13,933
PowerSchool Holdings, Inc., Class A(a)		3,683		82,941
Procore Technologies, Inc.(a)		4,784		267,665
Progress Software Corp.		2,817		149,414
PROS Holdings, Inc.(a)		3,022		76,154
PTC, Inc.(a)		6,869		926,491
Q2 Holdings, Inc.(a)		3,494		114,324
Qualys, Inc.(a)		2,467		284,593
Rapid7, Inc.(a)		3,624		144,489
Rimini Street, Inc.(a)		3,501		15,755
RingCentral, Inc., Class A(a)		5,642		220,207
Riot Blockchain, Inc.(a)(b)		8,080		50,662
Roper Technologies, Inc.		6,982		2,979,568
Salesforce, Inc.(a)		63,678		10,695,994
Sapiens International Corp. NV		2,240		50,758
SecureWorks Corp., Class A(a)		607		4,868
SentinelOne, Inc., Class A(a)		13,260		200,093
ServiceNow, Inc.(a)		13,253		6,031,838
ShotSpotter, Inc.(a)(b)		707		27,255
Smartsheet, Inc., Class A(a)		8,429		364,217
SolarWinds Corp.(a)		1,754		17,821
Splunk, Inc.(a)		10,680		1,022,824
Sprout Social, Inc., Class A(a)(b)		2,948		188,584
SPS Commerce, Inc.(a)		2,415		328,633
Sumo Logic, Inc.(a)		8,411		99,502
Synopsys, Inc.(a)		10,076		3,564,385
Telos Corp.(a)		4,939		23,954
Tenable Holdings, Inc.(a)		7,240		291,265
Teradata Corp.(a)		6,638		231,533
Tyler Technologies, Inc.(a)		2,712		875,352
UiPath, Inc., Class A(a)		24,241		372,342
Unity Software, Inc.(a)(b)		16,193		575,175
Upland Software, Inc.(a)		1,510		13,182
Varonis Systems, Inc.(a)(b)		7,148		184,704
Verint Systems, Inc.(a)		4,508		171,169
Veritone, Inc.(a)(b)		2,366		19,993
Viant Technology, Inc., Class A(a)		883		4,009
VMware, Inc., Class A(a)		13,970		1,710,906
Weave Communications, Inc.(a)(b)		3,917		20,368
WM Technology, Inc.(a)		4,980		6,275
Workday, Inc., Class A(a)		13,229		2,400,137

Security	Shares		Value
Software (continued)
Workiva, Inc.(a)(b)		3,189	$	275,944
Xperi, Inc.(a)		2,213		22,905
Yext, Inc.(a)		5,854		40,685
Zeta Global Holdings Corp., Class A(a)		6,861		62,298
Zoom Video Communications, Inc., Class A(a)		16,781		1,258,575
Zscaler, Inc.(a)(b)		5,533		686,977
Zuora, Inc., Class A(a)		5,649		44,740
				224,585,640
Specialty Retail — 2.3%
Aaron’s Co., Inc.		1,983		29,051
Abercrombie & Fitch Co., Class A(a)		3,245		93,975
Academy Sports & Outdoors, Inc.		5,467		319,382
Advance Auto Parts, Inc.		3,976		605,465
American Eagle Outfitters, Inc.		10,398		167,824
America’s Car-Mart, Inc.(a)		281		24,205
Arko Corp.		6,136		51,481
Asbury Automotive Group, Inc.(a)		1,495		328,900
AutoNation, Inc.(a)		2,386		302,354
AutoZone, Inc.(a)		1,259		3,070,512
Bath & Body Works, Inc.		15,487		712,557
Bed Bath & Beyond, Inc.(a)(b)		4,874		13,745
Best Buy Co., Inc.		13,127		1,164,627
Big 5 Sporting Goods Corp.		1,094		10,929
Boot Barn Holdings, Inc.(a)		1,850		154,456
Buckle, Inc.		1,687		74,228
Build-A-Bear Workshop, Inc.(a)		1,239		30,430
Burlington Stores, Inc.(a)		4,348		999,301
Caleres, Inc.		2,081		54,148
Camping World Holdings, Inc., Class A		2,185		55,521
CarMax, Inc.(a)(b)		10,482		738,457
Carvana Co.(a)(b)		6,450		65,596
Cato Corp., Class A		2,025		20,129
Chico’s FAS, Inc.(a)		7,580		39,947
Children’s Place, Inc.(a)		869		39,427
Citi Trends, Inc.(a)		548		17,251
Conn’s, Inc.(a)		439		4,131
Container Store Group, Inc.(a)		1,057		5,507
Designer Brands, Inc., Class A		3,326		34,291
Destination XL Group, Inc.(a)		6,269		44,698
Dick’s Sporting Goods, Inc.		3,526		461,060
EVgo, Inc.(a)(b)		4,566		31,460
Five Below, Inc.(a)		3,536		697,052
Floor & Decor Holdings, Inc., Class A(a)(b)		6,887		625,133
Foot Locker, Inc.		5,084		221,205
GameStop Corp., Class A(a)(b)		18,457		403,655
Gap, Inc.		13,510		183,331
Genesco, Inc.(a)		1,043		50,366
Group 1 Automotive, Inc.(b)		957		204,654
GrowGeneration Corp.(a)		2,856		14,737
Guess?, Inc.		3,020		69,973
Haverty Furniture Cos., Inc.		1,048		36,596
Hibbett, Inc.		1,069		70,939
Home Depot, Inc.		68,245		22,122,982
JOANN, Inc.		2,118		8,303
Leslie’s, Inc.(a)(b)		9,408		145,730
Lithia Motors, Inc.		1,783		469,286
LL Flooring Holdings, Inc.(a)		1,004		6,084
Lowe’s Cos., Inc.		40,994		8,537,000
MarineMax, Inc.(a)(b)		887		27,719
Monro, Inc.		2,222		113,100
Murphy USA, Inc.		1,395		379,482
National Vision Holdings, Inc.(a)(b)		5,351		219,926

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

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

Security	Shares		Value
Specialty Retail (continued)
ODP Corp.(a)		2,695	$	139,062
OneWater Marine, Inc., Class A(a)		684		22,394
O’Reilly Automotive, Inc.(a)		4,061		3,217,733
Penske Automotive Group, Inc.(b)		1,825		233,271
Petco Health & Wellness Co., Inc.(a)		5,201		60,800
Rent-A-Center, Inc., Class A		3,760		101,106
RH(a)(b)		1,252		390,611
Ross Stores, Inc.		22,397		2,647,101
Sally Beauty Holdings, Inc.(a)		7,155		111,475
Shoe Carnival, Inc.		744		20,319
Signet Jewelers Ltd.		2,786		213,993
Sleep Number Corp.(a)		1,237		42,528
Sonic Automotive, Inc., Class A		1,309		70,306
Sportsman’s Warehouse Holdings, Inc.(a)		1,930		18,200
Tilly’s, Inc., Class A(a)		598		5,298
TJX Cos., Inc.		76,622		6,272,277
Tractor Supply Co.		7,247		1,652,244
TravelCenters of America, Inc.(a)		768		34,959
Ulta Beauty, Inc.(a)		3,331		1,712,001
Urban Outfitters, Inc.(a)		4,847		132,759
Victoria’s Secret & Co.(a)		5,589		235,576
Volta, Inc.(a)(b)		10,813		9,280
Warby Parker, Inc., Class A(a)		5,414		87,436
Williams-Sonoma, Inc.		4,372		589,958
Winmark Corp.		223		62,618
Zumiez, Inc.(a)		980		25,313
				62,480,916
Technology Hardware, Storage & Peripherals — 5.5%
Apple, Inc.		993,367		143,332,924
Avid Technology, Inc.(a)		2,695		81,685
Corsair Gaming, Inc.(a)(b)		3,685		57,965
Dell Technologies, Inc., Class C		17,071		693,424
Diebold Nixdorf, Inc.(a)		2,781		6,647
Eastman Kodak Co.(a)		6,701		24,191
Hewlett Packard Enterprise Co.		83,721		1,350,420
HP, Inc.		67,378		1,963,395
IonQ, Inc.(a)		7,983		35,445
NetApp, Inc.		14,602		967,090
Pure Storage, Inc., Class A(a)		18,185		526,274
Super Micro Computer, Inc.(a)		2,842		205,562
Turtle Beach Corp.(a)		776		7,372
Western Digital Corp.(a)		20,550		903,172
Xerox Holdings Corp.		8,090		132,514
				150,288,080
Textiles, Apparel & Luxury Goods — 0.7%
Allbirds, Inc., Class A(a)(b)		6,333		17,416
Capri Holdings Ltd.(a)		8,736		580,857
Carter’s, Inc.		2,358		196,587
Columbia Sportswear Co.		2,457		235,626
Crocs, Inc.(a)		3,990		485,862
Deckers Outdoor Corp.(a)		1,717		733,983
Ermenegildo Zegna NV		4,527		51,879
Fossil Group, Inc.(a)		3,093		17,568
G-III Apparel Group Ltd.(a)		2,509		42,452
Hanesbrands, Inc.		21,010		177,324
Kontoor Brands, Inc.		3,741		178,670
Lululemon Athletica, Inc.(a)		7,379		2,264,468
Movado Group, Inc.		1,241		43,882
NIKE, Inc., Class B		80,964		10,309,146
Oxford Industries, Inc.		1,115		130,700
PLBY Group, Inc.(a)(b)		1,732		5,057

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
PVH Corp.		4,442	$	399,336
Ralph Lauren Corp.		2,914		360,899
Rocky Brands, Inc.		309		9,727
Skechers USA, Inc., Class A(a)		8,691		418,472
Steven Madden Ltd.		4,857		174,123
Superior Group of Cos., Inc.		916		10,928
Tapestry, Inc.		15,894		724,290
Under Armour, Inc., Class A(a)		11,440		141,742
Under Armour, Inc., Class C(a)		12,665		138,049
Unifi, Inc.(a)		1,883		16,100
VF Corp.		23,144		716,075
Wolverine World Wide, Inc.		4,311		69,536
				18,650,754
Thrifts & Mortgage Finance — 0.1%
Axos Financial, Inc.(a)(b)		3,469		166,928
Blue Foundry Bancorp(a)(b)		1,829		21,729
Bridgewater Bancshares, Inc.(a)		1,355		21,084
Capitol Federal Financial, Inc.		5,759		48,203
Columbia Financial, Inc.(a)		2,444		48,513
Enact Holdings, Inc.		1,946		48,942
Essent Group Ltd.		6,810		299,844
Federal Agricultural Mortgage Corp., Class C		456		60,634
Greene County Bancorp, Inc.		389		19,042
Hingham Institution for Savings		79		23,095
Home Bancorp, Inc.		190		7,296
Kearny Financial Corp.		5,495		51,543
Luther Burbank Corp.		1,915		22,482
Merchants Bancorp		607		17,463
MGIC Investment Corp.		19,061		269,141
Mr. Cooper Group, Inc.(a)		4,407		202,678
New York Community Bancorp, Inc.		44,825		447,802
NMI Holdings, Inc., Class A(a)		5,784		134,362
Northfield Bancorp, Inc.		2,756		41,202
PennyMac Financial Services, Inc.		1,842		124,188
Provident Bancorp, Inc.		875		7,893
Provident Financial Services, Inc.		3,731		87,529
Radian Group, Inc.		10,815		239,011
Rocket Cos., Inc., Class A(b)		8,621		81,124
Southern Missouri Bancorp, Inc.		347		16,802
TFS Financial Corp.		4,986		71,050
TrustCo Bank Corp./New York		719		25,819
UWM Holdings Corp.(b)		6,038		27,654
Walker & Dunlop, Inc.		1,979		188,757
Waterstone Financial, Inc.		3,037		48,896
WSFS Financial Corp.		3,434		165,897
				3,036,603
Tobacco — 0.6%
22nd Century Group, Inc.(a)(b)		7,514		8,266
Altria Group, Inc.		118,601		5,341,789
Philip Morris International, Inc.		101,530		10,583,487
Turning Point Brands, Inc.		705		16,363
Universal Corp.		1,853		100,748
Vector Group Ltd.		9,936		128,671
				16,179,324
Trading Companies & Distributors — 0.4%
Air Lease Corp.		6,821		306,740
Alta Equipment Group, Inc.		1,686		28,578
Applied Industrial Technologies, Inc.		2,526		361,748
Beacon Roofing Supply, Inc.(a)		3,378		192,141
BlueLinx Holdings, Inc.(a)		823		71,453
Boise Cascade Co.		2,746		205,868

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

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

Security	Shares		Value
Trading Companies & Distributors (continued)
Core & Main, Inc., Class A(a)(b)		4,452	$	98,256
Custom Truck One Source, Inc.(a)(b)		2,724		19,286
Distribution Solutions Group, Inc.(a)		255		10,531
DXP Enterprises, Inc.(a)		1,361		41,238
Fastenal Co.		38,228		1,932,425
GATX Corp.		2,369		271,132
Global Industrial Co.		1,009		26,527
GMS, Inc.(a)		2,981		176,833
H&E Equipment Services, Inc.		1,772		90,177
Herc Holdings, Inc.		1,662		258,142
Hudson Technologies, Inc.(a)		2,482		25,341
McGrath RentCorp		1,530		152,296
MRC Global, Inc.(a)		6,858		93,269
MSC Industrial Direct Co., Inc., Class A		3,123		258,272
NOW, Inc.(a)		6,770		95,051
Rush Enterprises, Inc., Class A		2,846		153,143
Rush Enterprises, Inc., Class B		399		23,210
SiteOne Landscape Supply, Inc.(a)(b)		2,989		452,863
Textainer Group Holdings Ltd.		2,893		98,073
Titan Machinery, Inc.(a)		1,169		51,366
Transcat, Inc.(a)		348		29,065
Triton International Ltd.		3,850		271,964
United Rentals, Inc.(a)		4,531		1,997,944
Univar Solutions, Inc.(a)		10,329		356,144
Veritiv Corp.		975		121,914
W.W.Grainger, Inc.		2,967		1,748,987
Watsco, Inc.(b)		2,154		618,995
WESCO International, Inc.(a)		2,881		429,298
				11,068,270
Water Utilities — 0.1%
American States Water Co.		2,476		233,165
American Water Works Co., Inc.(b)		12,062		1,887,582
Artesian Resources Corp., Class A		493		29,038
California Water Service Group		3,450		211,036
Essential Utilities, Inc.		15,394		719,362
Global Water Resources, Inc.		881		12,537
Middlesex Water Co.		903		75,726
Pure Cycle Corp.(a)		1,623		14,558
SJW Group		1,820		140,886
York Water Co.		673		30,588
				3,354,478
Wireless Telecommunication Services — 0.2%
Gogo, Inc.(a)		3,467		58,142
Shenandoah Telecommunications Co.		3,990		78,004
Telephone & Data Systems, Inc.		6,742		90,140
T-Mobile U.S., Inc.(a)		39,354		5,875,946
U.S. Cellular Corp.(a)(b)		1,024		25,047
				6,127,279

Security	Shares		Value
Wireless Telecommunication Services (continued)
Total Common Stocks — 97.9% (Cost: $2,007,481,949)			$	2,662,458,403
Investment Companies
Equity Funds — 1.2%
iShares Russell 3000 ETF(b)(c)		137,235	$	32,340,800
Total Investment Companies — 1.2% (Cost: $30,762,539)				32,340,800
Rights
Biotechnology(d) — 0.0%
Aduro Biotech, Inc.		400		1,015
Zogenix, Inc.		2,357		1,603
				2,618
Total Rights — 0.0% (Cost: $1,603)				2,618
Total Long-Term Investments — 99.1% (Cost: $2,038,246,091)				2,694,801,821
Short-Term Securities
Money Market Funds — 3.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(c)(f)(g)		84,694,758		84,745,575
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(c)(f)		22,313,746		22,313,746
Total Short-Term Securities — 3.9% (Cost: $107,038,803)				107,059,321
Total Investments — 103.0% (Cost: $2,145,284,894)				2,801,861,142
Liabilities in Excess of Other Assets — (3.0)%			(82,822,665)
Net Assets — 100.0%			$2,719,038,477

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

^(e)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $28,497, representing less than 0.05% of its net assets as of period end, and an original cost of $18,764.

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

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

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

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

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

Affiliates

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

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	60,632,938	$	24,073,156	(a)	$	—		$	19,651		$	19,830		$	84,745,575		84,694,758	$	275,148	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		12,829,647		9,484,099	(a)		—			—			—			22,313,746		22,313,746		276,309			—
BlackRock, Inc.		6,091,545		582,873			(60,374	)		(14,919	)		929,961			7,529,086		9,917		92,105			—
iShares Russell 3000 ETF		21,228,350		184,255,622			(173,911,017	)		951,002			(183,157	)		32,340,800		137,235		202,481			—
									$	955,734		$	766,634		$	146,929,207			$	846,043		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		31		03/17/23	$	3,006	$	98,648
S&P 500 E-Mini Index		102		03/17/23		20,859		560,653
							$	659,301

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)	$	—	$	—	$	659,301	$	—	$	—	$	—	$	659,301

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

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$  (241,497)	$	—	$	—	$	—	$	(241,497	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$  (255,399)	$	—	$	—	$	—		$ (255,399)

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

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	19,599,110

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s 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	$	46,090,546	$	—	$	—	$	46,090,546
Air Freight & Logistics		15,010,015		—		—		15,010,015
Airlines		6,054,426		—		—		6,054,426
Auto Components		6,312,946		—		—		6,312,946
Automobiles		38,896,074		—		—		38,896,074
Banks		111,428,792		—		—		111,428,792
Beverages		41,094,361		—		—		41,094,361
Biotechnology		56,566,701		—		—		56,566,701
Building Products		17,451,696		—		—		17,451,696
Capital Markets		87,690,265		—		—		87,690,265
Chemicals		50,417,894		—		—		50,417,894
Commercial Services & Supplies		15,330,850		—		—		15,330,850
Communications Equipment		21,667,603		—		—		21,667,603
Construction & Engineering		6,553,510		—		—		6,553,510
Construction Materials		3,726,364		—		—		3,726,364
Consumer Finance		16,347,106		—		—		16,347,106
Containers & Packaging		9,829,380		13,163		—		9,842,543
Distributors		3,490,112		—		—		3,490,112
Diversified Consumer Services		3,469,354		—		—		3,469,354
Diversified Financial Services		41,116,868		—		—		41,116,868
Diversified Telecommunication Services		23,171,637		—		—		23,171,637
Electric Utilities		45,227,525		—		—		45,227,525
Electrical Equipment		19,308,257		—		—		19,308,257
Electronic Equipment, Instruments & Components		19,967,145		—		—		19,967,145
Energy Equipment & Services		13,938,560		—		—		13,938,560
Entertainment		38,808,009		—		—		38,808,009
Equity Real Estate Investment Trusts (REITs)		86,599,734		—		—		86,599,734
Food & Staples Retailing		38,452,092		—		—		38,452,092
Food Products		29,353,044		—		—		29,353,044
Gas Utilities		3,868,919		—		—		3,868,919
Health Care Equipment & Supplies		73,713,831		104,254		—		73,818,085
Health Care Providers & Services		83,173,683		—		—		83,173,683
Health Care Technology		3,250,832		—		—		3,250,832
Hotels, Restaurants & Leisure		59,959,487		—		—		59,959,487
Household Durables		12,469,914		—		—		12,469,914
Household Products		32,284,170		—		—		32,284,170
Independent Power and Renewable Electricity Producers		2,847,503		—		—		2,847,503
Industrial Conglomerates		19,407,114		—		—		19,407,114
Insurance		65,450,177		—		—		65,450,177
Interactive Media & Services		100,858,152		—		—		100,858,152
Internet & Direct Marketing Retail		65,247,031		—		—		65,247,031
IT Services		119,541,974		—		—		119,541,974
Leisure Products		3,020,635		—		—		3,020,635
Life Sciences Tools & Services		47,224,155		—		—		47,224,155
Machinery		54,997,207		—		—		54,997,207
Marine		673,002		—		—		673,002

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

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

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Media	$	24,666,818	$	—	$	—	$	24,666,818
Metals & Mining		17,996,935		—		—		17,996,935
Mortgage Real Estate Investment Trusts (REITs)		3,911,722		—		—		3,911,722
Multiline Retail		12,070,018		—		—		12,070,018
Multi-Utilities		20,017,421		—		—		20,017,421
Oil, Gas & Consumable Fuels		121,199,344		—		—		121,199,344
Paper & Forest Products		556,424		—		—		556,424
Personal Products		5,739,524		—		—		5,739,524
Pharmaceuticals		121,795,059		28,497		—		121,823,556
Professional Services		15,322,794		—		—		15,322,794
Real Estate Management & Development		4,377,144		—		—		4,377,144
Road & Rail		27,659,981		—		—		27,659,981
Semiconductors & Semiconductor Equipment		129,869,309		—		—		129,869,309
Software		224,585,640		—		—		224,585,640
Specialty Retail		62,480,916		—		—		62,480,916
Technology Hardware, Storage & Peripherals		150,288,080		—		—		150,288,080
Textiles, Apparel & Luxury Goods		18,650,754		—		—		18,650,754
Thrifts & Mortgage Finance		3,036,603		—		—		3,036,603
Tobacco		16,179,324		—		—		16,179,324
Trading Companies & Distributors		11,068,270		—		—		11,068,270
Water Utilities		3,354,478		—		—		3,354,478
Wireless Telecommunication Services		6,127,279		—		—		6,127,279
Investment Companies		32,340,800		—		—		32,340,800
Rights		—		—		2,618		2,618
Short-Term Securities
Money Market Funds		107,059,321		—		—		107,059,321
	$	2,801,712,610	$	145,914	$	2,618	$	2,801,861,142
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	659,301	$	—	$	—	$	659,301

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

January 31, 2023

	iShares Russell Mid-Cap Index Fund		iShares Russell Small/Mid-Cap Index Fund		iShares Total U.S. Stock Market Index Fund
ASSETS
Investments, at value — unaffiliated(a)(b)	$	1,676,104,804	$	488,958,601	$	2,654,931,935
Investments, at value — affiliated(c)		78,851,408		48,126,694		146,929,207
Cash pledged for futures contracts		265,000		63,000		1,274,000
Receivables:
Investments sold		—		2,129		1,031
Securities lending income — affiliated		75,524		53,888		55,672
Capital shares sold		1,864,412		677,823		1,213,896
Dividends — unaffiliated		808,491		242,544		1,945,766
Dividends — affiliated		17,060		5,473		62,296
Variation margin on futures contracts		87,311		26,127		364,393
Prepaid expenses		48,113		24,676		37,726
Total assets		1,758,122,123		538,180,955		2,806,815,922
LIABILITIES
Bank overdraft		186,531		94,965		73,188
Collateral on securities loaned		54,985,448		44,648,872		84,721,579
Payables:
Investments purchased		3,146,444		190,981		1,320,216
Accounting services fees		2,294		2,294		2,294
Capital shares redeemed		2,605,860		487,666		1,438,646
Custodian fees		—		16,956		23,144
Investment advisory fees		27,181		3,457		20,955
Trustees’ and Officer’s fees		4,584		3,163		5,075
Other accrued expenses		14,536		15,087		14,799
Professional fees		85,501		80,805		80,224
Service fees		28,702		20,236		35,321
Transfer agent fees		75,096		31,882		42,004
Total liabilities		61,162,177		45,596,364		87,777,445
NET ASSETS	$	1,696,959,946	$	492,584,591	$	2,719,038,477
NET ASSETS CONSIST OF
Paid-in capital	$	1,250,336,825	$	437,638,723	$	2,097,559,798
Accumulated earnings		446,623,121		54,945,868		621,478,679
NET ASSETS	$	1,696,959,946	$	492,584,591	$	2,719,038,477
(a) Investments, at cost — unaffiliated	$	1,185,292,621	$	412,870,934	$	2,002,126,424
(b) Securities loaned, at value	$	55,332,952	$	44,733,353	$	85,242,741
(c)  Investments, at cost — affiliated	$	78,130,291	$	47,971,079	$	143,158,470

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

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2023

	iShares Russell Mid-Cap Index Fund		iShares Russell Small/Mid-Cap Index Fund		iShares Total U.S. Stock Market Index Fund
NET ASSET VALUE
Institutional
Net assets	$	189,323,360	$	140,651,976	$	150,753,385
Shares outstanding		14,548,175		9,637,855		7,968,024
Net asset value	$	13.01	$	14.59	$	18.92
Shares authorized		Unlimited		Unlimited		Unlimited
Par value	$	0.001	$	0.001	$	0.001
Investor A
Net assets	$	145,284,719	$	98,948,391	$	173,715,467
Shares outstanding		11,211,789		6,792,556		9,193,756
Net asset value	$	12.96	$	14.57	$	18.89
Shares authorized		Unlimited		Unlimited		Unlimited
Par value	$	0.001	$	0.001	$	0.001
Class K
Net assets	$	1,362,351,867	$	252,984,224	$	2,394,569,625
Shares outstanding		104,460,602		17,334,401		126,569,264
Net asset value	$	13.04	$	14.59	$	18.92
Shares authorized		Unlimited		Unlimited		Unlimited
Par value	$	0.001	$	0.001	$	0.001

See notes to financial statements.

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

Statements of Operations (unaudited)

Six Months Ended January 31, 2023

	iShares Russell Mid-Cap Index Fund			iShares Russell Small/Mid-Cap Index Fund			iShares Total U.S. Stock Market Index Fund
INVESTMENT INCOME
Dividends — unaffiliated		$ 13,983,332			$  4,061,649			$ 21,044,787
Dividends — affiliated		310,366			74,999			570,895
Securities lending income — affiliated — net		317,747			278,707			275,148
Foreign taxes withheld		(4,789	)		(4,382	)		(3,212	)
Total investment income		14,606,656			4,410,973			21,887,618
EXPENSES
Transfer agent — class specific		171,897			84,507			121,157
Service — class specific		165,362			120,679			207,414
Investment advisory		160,891			70,074			126,407
Professional		61,986			59,709			61,237
Registration		39,875			26,511			22,884
Custodian		35,451			21,562			38,674
Printing and postage		18,622			17,824			18,464
Trustees and Officer		9,771			5,124			13,379
Accounting services		4,550			4,550			4,550
Miscellaneous		12,305			7,852			15,121
Total expenses		680,710			418,392			629,287
Less:
Fees waived and/or reimbursed by the Manager		(4,501	)		(49,642	)		(7,526	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(2,480	)		(24,415	)		(23,201	)
Total expenses after fees waived and/or reimbursed		673,729			344,335			598,560
Net investment income		13,932,927			4,066,638			21,289,058
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		8,272,819			(2,735,181	)		(657,940	)
Investments — affiliated		835,422			296,050			955,734
Futures contracts		790,505			(88,375	)		(241,497	)
		9,898,746			(2,527,506	)		56,297
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		39,356,961			17,557,560			(6,586,035	)
Investments — affiliated		(418,276	)		(341,832	)		766,634
Futures contracts		(421,557	)		(78,417	)		(255,399	)
		38,517,128			17,137,311			(6,074,800	)
Net realized and unrealized gain (loss)		48,415,874			14,609,805			(6,018,503	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$ 62,348,801			$ 18,676,443			$  15,270,555

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares Russell Mid-Cap Index Fund						iShares Russell Small/Mid-Cap Index Fund
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	13,932,927		$	22,738,535			$     4,066,638		$	6,096,458
Net realized gain (loss)		9,898,746			19,254,928			(2,527,506	)		10,668,493
Net change in unrealized appreciation (depreciation)		38,517,128			(219,471,769	)		17,137,311			(74,774,665	)
Net increase (decrease) in net assets resulting from operations		62,348,801			(177,478,306	)		18,676,443			(58,009,714	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(5,663,433	)		(8,785,993	)		(5,994,886	)		(8,672,227	)
Investor A		(3,732,489	)		(5,772,125	)		(3,860,295	)		(4,813,065	)
Class K		(36,934,864	)		(61,713,572	)		(9,759,981	)		(10,514,041	)
Decrease in net assets resulting from distributions to shareholders		(46,330,786	)		(76,271,690	)		(19,615,162	)		(23,999,333	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(6,699,659	)		213,346,962			23,673,207			75,578,108
NET ASSETS
Total increase (decrease) in net assets		9,318,356			(40,403,034	)		22,734,488			(6,430,939	)
Beginning of period		1,687,641,590			1,728,044,624			469,850,103			476,281,042
End of period	$	1,696,959,946		$	1,687,641,590			$ 492,584,591		$	469,850,103

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares Total U.S. Stock Market Index Fund
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	21,289,058		$	33,595,161
Net realized gain (loss)		56,297			(12,024,302	)
Net change in unrealized appreciation (depreciation)		(6,074,800	)		(194,323,130	)
Net increase (decrease) in net assets resulting from operations		15,270,555			(172,752,271	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(1,112,433	)		(2,629,466	)
Investor A		(1,190,971	)		(2,686,529	)
Class K		(19,855,122	)		(41,362,211	)
Decrease in net assets resulting from distributions to shareholders		(22,158,526	)		(46,678,206	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		200,975,906			384,606,062
NET ASSETS
Total increase in net assets		194,087,935			165,175,585
Beginning of period		2,524,950,542			2,359,774,957
End of period	$	2,719,038,477		$	2,524,950,542

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Index Fund
	Institutional
	Six Months Ended 01/31/23 (unaudited)			Year Ended July 31,
					2022		2021		2020		2019		2018
Net asset value, beginning of period	$	12.89			$      14.91		$      10.75		$      10.98		$      10.70		$      11.26
Net investment income(a)		0.11			0.18		0.15		0.19		0.17		0.16
Net realized and unrealized gain (loss)		0.37			(1.58)		4.35		0.02		0.50		1.22
Net increase (decrease) from investment operations		0.48			(1.40)		4.50		0.21		0.67		1.38
Distributions(b)
From net investment income		(0.13	)		(0.17)		(0.15)		(0.17)		(0.17)		(0.18)
From net realized gain		(0.23	)		(0.45)		(0.19)		(0.27)		(0.22)		(1.76)
Total distributions		(0.36	)		(0.62)		(0.34)		(0.44)		(0.39)		(1.94)
Net asset value, end of period	$	13.01			$      12.89		$      14.91		$      10.75		$      10.98		$      10.70
Total Return(c)
Based on net asset value		3.89	%(d)		(9.76)%		42.43%		1.96%		6.76%		13.29%	(e)
Ratios to Average Net Assets(f)
Total expenses(g)		0.10	%(h)		0.09%		0.09%		0.10%		0.12%		0.13%
Total expenses after fees waived and/or reimbursed		0.10	%(h)		0.09%		0.09%		0.10%		0.12%		0.11%
Net investment income		1.73	%(h)		1.28%		1.18%		1.77%		1.66%		1.46%
Supplemental Data
Net assets, end of period (000)	$	189,323			$  216,281		$  195,340		$  170,550		$  244,272		$  174,840
Portfolio turnover rate		8	%		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)  Not annualized.

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

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

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

	Six Months Ended 01/31/23 (unaudited)		Year Ended July 31,
			2022		2021		2020			2019			2018
Expense ratios		N/A		N/A		N/A		0.09	%		0.05	%		0.09	%

^(h)  Annualized.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Index Fund (continued)
	Investor A
	Six Months Ended 01/31/23 (unaudited)			Year Ended July 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.84		$	14.85		$	10.71		$	10.93		$	10.66		$	11.24
Net investment income(a)		0.09			0.14			0.11			0.15			0.17			0.12
Net realized and unrealized gain (loss)		0.37			(1.56	)		4.34			0.04			0.47			1.22
Net increase (decrease) from investment operations		0.46			(1.42	)		4.45			0.19			0.64			1.34
Distributions(b)
From net investment income		(0.11	)		(0.14	)		(0.12	)		(0.14	)		(0.15	)		(0.16	)
From net realized gain		(0.23	)		(0.45	)		(0.19	)		(0.27	)		(0.22	)		(1.76	)
Total distributions		(0.34	)		(0.59	)		(0.31	)		(0.41	)		(0.37	)		(1.92	)
Net asset value, end of period	$	12.96		$	12.84		$	14.85		$	10.71		$	10.93		$	10.66
Total Return(c)
Based on net asset value		3.76	%(d)		(9.98	)%		42.05	%		1.80	%		6.43	%		12.96	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)		0.37	%(h)		0.36	%		0.36	%		0.36	%		0.34	%		0.35	%
Total expenses after fees waived and/or reimbursed		0.37	%(h)		0.36	%		0.36	%		0.35	%		0.33	%		0.34	%
Net investment income		1.44	%(h)		1.03	%		0.87	%		1.48	%		1.64	%		1.11	%
Supplemental Data
Net assets, end of period (000)	$	145,285		$	131,260		$	136,579		$	93,113		$	105,914		$	203,933
Portfolio turnover rate		8	%		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)  Not annualized.

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

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

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

	Six Months Ended 01/31/23 (unaudited)		Year Ended July 31,
			2022			2021			2020			2019			2018
Expense ratios		N/A		0.36	%		0.36	%		0.35	%		0.33	%		0.35	%

^(h)  Annualized.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Index Fund (continued)
	Class K
	Six Months Ended 01/31/23 (unaudited)			Year Ended July 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.92			$      14.94			$      10.77			$      11.00			$      10.72			$      11.28
Net investment income(a)		0.11			0.19			0.15			0.18			0.17			0.13
Net realized and unrealized gain (loss)		0.37			(1.58	)		4.37			0.03			0.51			1.25
Net increase (decrease) from investment operations		0.48			(1.39	)		4.52			0.21			0.68			1.38
Distributions(b)
From net investment income		(0.13	)		(0.18	)		(0.16	)		(0.17	)		(0.18	)		(0.18	)
From net realized gain		(0.23	)		(0.45	)		(0.19	)		(0.27	)		(0.22	)		(1.76	)
Total distributions		(0.36	)		(0.63	)		(0.35	)		(0.44	)		(0.40	)		(1.94	)
Net asset value, end of period	$	13.04			$      12.92			$      14.94			$      10.77			$      11.00			$      10.72
Total Return(c)
Based on net asset value		3.90	%(d)		(9.70	)%		42.50	%		2.00	%		6.81	%		13.32	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)		0.05	%(h)		0.05	%		0.06	%		0.08	%		0.07	%		0.09	%
Total expenses after fees waived and/or reimbursed		0.05	%(h)		0.05	%		0.06	%		0.07	%		0.07	%		0.07	%
Net investment income		1.76	%(h)		1.34	%		1.18	%		1.73	%		1.67	%		1.25	%
Supplemental Data
Net assets, end of period (000)	$	1,362,352		$	1,340,100		$	1,396,125		$	937,493		$	783,361		$	410,593
Portfolio turnover rate		8	%		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)  Not annualized.

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

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

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

	Six Months Ended 01/31/23 (unaudited)		Year Ended July 31,
			2022			2021			2020			2019			2018
Expense ratios		N/A		0.05	%		0.05	%		0.07	%		0.06	%		0.08	%

^(h)  Annualized.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Small/Mid-Cap Index Fund
	Institutional
	Six Months Ended 01/31/23 (unaudited)			Year Ended July 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.63		$	17.32		$	12.17		$	12.72		$	13.20		$	11.58
Net investment income(a)		0.13			0.21			0.16			0.13			0.18			0.15
Net realized and unrealized gain (loss)		0.42			(2.08	)		5.66			(0.35	)		(0.16	)		1.82
Net increase (decrease) from investment operations		0.55			(1.87	)		5.82			(0.22	)		0.02			1.97
Distributions(b)
From net investment income		(0.17	)		(0.19	)		(0.18	)		(0.16	)		(0.20	)		(0.17	)
From net realized gain		(0.42	)		(0.63	)		(0.49	)		(0.17	)		(0.30	)		(0.18	)
Total distributions		(0.59	)		(0.82	)		(0.67	)		(0.33	)		(0.50	)		(0.35	)
Net asset value, end of period	$	14.59		$	14.63		$	17.32		$	12.17		$	12.72		$	13.20
Total Return(c)
Based on net asset value		4.02	%(d)		(11.32	)%		48.81	%		(1.68	)%		0.58	%		17.27	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)		0.14	%(h)		0.14	%		0.16	%		0.21	%		0.24	%		0.28	%
Total expenses after fees waived and/or reimbursed		0.12	%(h)		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%
Net investment income		1.78	%(h)		1.29	%		1.02	%		1.14	%		1.48	%		1.21	%
Supplemental Data
Net assets, end of period (000)	$	140,652		$	156,524		$	161,409		$	58,680		$	12,239		$	14,431
Portfolio turnover rate		15	%		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)  Not annualized.

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

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

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

	Six Months Ended 01/31/23 (unaudited)		Year Ended July 31,
			2022			2021		2020			2019			2018
Expense ratios		N/A		0.14	%		N/A		0.21	%		0.24	%		0.28	%

^(h)  Annualized.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Small/Mid-Cap Index Fund (continued)
	Investor A
	Six Months Ended 01/31/23 (unaudited)			Year Ended July 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.60		$	17.29		$	12.15		$	12.70		$	13.18		$	11.56
Net investment income(a)		0.11			0.17			0.13			0.13			0.15			0.14
Net realized and unrealized gain (loss)		0.43			(2.08	)		5.65			(0.37	)		(0.16	)		1.80
Net increase (decrease) from investment operations		0.54			(1.91	)		5.78			(0.24	)		(0.01	)		1.94
Distributions(b)
From net investment income		(0.15	)		(0.15	)		(0.15	)		(0.14	)		(0.17	)		(0.14	)
From net realized gain		(0.42	)		(0.63	)		(0.49	)		(0.17	)		(0.30	)		(0.18	)
Total distributions		(0.57	)		(0.78	)		(0.64	)		(0.31	)		(0.47	)		(0.32	)
Net asset value, end of period	$	14.57		$	14.60		$	17.29		$	12.15		$	12.70		$	13.18
Total Return(c)
Based on net asset value		3.96	%(d)		(11.56	)%		48.49	%		(1.90	)%		0.35	%		17.03	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)		0.42	%(h)		0.39	%		0.38	%		0.44	%		0.45	%		0.51	%
Total expenses after fees waived and/or reimbursed		0.37	%(h)		0.36	%		0.34	%		0.35	%		0.35	%		0.35	%
Net investment income		1.52	%(h)		1.06	%		0.83	%		1.13	%		1.25	%		1.10	%
Supplemental Data
Net assets, end of period (000)	$	98,948		$	100,734		$	101,139		$	55,522		$	30,250		$	25,073
Portfolio turnover rate		15	%		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)  Not annualized.

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

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

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

	Six Months Ended 01/31/23 (unaudited)		Year Ended July 31,
			2022		2021		2020			2019			2018
Expense ratios		N/A		N/A		N/A		0.44	%		0.45	%		0.51	%

^(h)  Annualized.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Small/Mid-Cap Index Fund (continued)
	Class K
	Six Months Ended 01/31/23 (unaudited)			Year Ended July 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.63			$      17.32			$      12.17			$      12.72			$      13.20			$      11.58
Net investment income(a)		0.13			0.21			0.18			0.19			0.19			0.17
Net realized and unrealized gain (loss)		0.42			(2.07	)		5.65			(0.40	)		(0.16	)		1.80
Net increase (decrease) from investment operations		0.55			(1.86	)		5.83			(0.21	)		0.03			1.97
Distributions(b)
From net investment income		(0.17	)		(0.20	)		(0.19	)		(0.17	)		(0.21	)		(0.17	)
From net realized gain		(0.42	)		(0.63	)		(0.49	)		(0.17	)		(0.30	)		(0.18	)
Total distributions		(0.59	)		(0.83	)		(0.68	)		(0.34	)		(0.51	)		(0.35	)
Net asset value, end of period	$	14.59			$      14.63			$      17.32			$      12.17			$      12.72			$      13.20
Total Return(c)
Based on net asset value		4.05	%(d)		(11.28	)%		48.88	%		(1.64	)%		0.63	%		17.32	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)		0.10	%(h)		0.10	%		0.11	%		0.16	%		0.17	%		0.23	%
Total expenses after fees waived and/or reimbursed		0.07	%(h)		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%
Net investment income		1.81	%(h)		1.34	%		1.15	%		1.55	%		1.53	%		1.37	%
Supplemental Data
Net assets, end of period (000)	$	252,984			$  212,591			$  213,734			$  142,813			$  154,242			$  87,011
Portfolio turnover rate		15	%		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)  Not annualized.

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

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

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

	Six Months Ended 01/31/23 (unaudited)		Year Ended July 31,
			2022		2021		2020			2019			2018
Expense ratios		N/A		N/A		N/A		0.16	%		0.17	%		0.23	%

^(h)  Annualized.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Total U.S. Stock Market Index Fund
	Institutional
	Six Months Ended 01/31/23 (unaudited)			Year Ended July 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	19.07		$	20.96		$	15.31		$	14.13		$	13.52		$	11.89
Net investment income(a)		0.15			0.27			0.24			0.25			0.25			0.22
Net realized and unrealized gain (loss)		(0.14	)		(1.79	)		5.65			1.24			0.67			1.69
Net increase (decrease) from investment operations		0.01			(1.52	)		5.89			1.49			0.92			1.91
Distributions(b)
From net investment income		(0.16	)		(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		(0.16	)		(0.37	)		(0.24	)		(0.31	)		(0.31	)		(0.28	)
Net asset value, end of period	$	18.92		$	19.07		$	20.96		$	15.31		$	14.13		$	13.52
Total Return(c)
Based on net asset value		0.09	%(d)		(7.37	)%		38.73	%		10.79	%		7.01	%		16.21	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)		0.07	%(h)		0.08	%		0.08	%		0.09	%		0.09	%		0.11	%
Total expenses after fees waived and/or reimbursed		0.07	%(h)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		1.66	%(h)		1.32	%		1.32	%		1.79	%		1.87	%		1.69	%
Supplemental Data
Net assets, end of period (000)	$	150,753		$	132,762		$	155,378		$	84,117		$	88,223		$	83,121
Portfolio turnover rate		9	%		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)  Not annualized.

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

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

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

	Six Months Ended 01/31/23 (unaudited)		Year Ended July 31,
			2022			2021			2020			2019			2018
Expense ratios		N/A		0.08	%		0.08	%		0.09	%		0.09	%		0.11	%

^(h)  Annualized.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Total U.S. Stock Market Index Fund (continued)
	Investor A
	Six Months Ended 01/31/23 (unaudited)			Year Ended July 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	19.05			$      20.93			$      15.29			$      14.11			$      13.50			$      11.88
Net investment income(a)		0.13			0.22			0.20			0.22			0.22			0.19
Net realized and unrealized gain (loss)		(0.16	)		(1.78	)		5.64			1.24			0.67			1.68
Net increase (decrease) from investment operations		(0.03	)		(1.56	)		5.84			1.46			0.89			1.87
Distributions(b)
From net investment income		(0.13	)		(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		(0.13	)		(0.32	)		(0.20	)		(0.28	)		(0.28	)		(0.25	)
Net asset value, end of period	$	18.89			$      19.05			$      20.93			$      15.29			$      14.11			$      13.50
Total Return(c)
Based on net asset value		(0.10	)%(d)		(7.54	)%		38.42	%		10.56	%		6.77	%		15.87	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)		0.36	%(h)		0.32	%		0.30	%		0.31	%		0.32	%		0.34	%
Total expenses after fees waived and/or reimbursed		0.33	%(h)		0.31	%		0.30	%		0.30	%		0.31	%		0.31	%
Net investment income		1.41	%(h)		1.09	%		1.11	%		1.56	%		1.64	%		1.51	%
Supplemental Data
Net assets, end of period (000)	$	173,715			$  176,683			$  166,601			$  114,362			$  84,192			$  72,794
Portfolio turnover rate		9	%		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)  Not annualized.

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

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

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

	Six Months Ended 01/31/23 (unaudited)		Year Ended July 31,
			2022			2021			2020			2019			2018
Expense ratios		N/A		0.32	%		0.30	%		0.31	%		0.32	%		0.34	%

^(h)  Annualized.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Total U.S. Stock Market Index Fund (continued)
	Class K
	Six Months Ended 01/31/23 (unaudited)			Year Ended July 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	19.07		$	20.96		$	15.31		$	14.13		$	13.52		$	11.89
Net investment income(a)		0.16			0.28			0.25			0.26			0.26			0.23
Net realized and unrealized gain (loss)		(0.15	)		(1.79	)		5.64			1.24			0.66			1.69
Net increase (decrease) from investment operations		0.01			(1.51	)		5.89			1.50			0.92			1.92
Distributions(b)
From net investment income		(0.16	)		(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		(0.16	)		(0.38	)		(0.24	)		(0.32	)		(0.31	)		(0.29	)
Net asset value, end of period	$	18.92		$	19.07		$	20.96		$	15.31		$	14.13		$	13.52
Total Return(c)
Based on net asset value		0.11	%(d)		(7.32	)%		38.79	%		10.84	%		7.06	%		16.26	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)		0.03	%(h)		0.03	%		0.03	%		0.04	%		0.04	%		0.06	%
Total expenses after fees waived and/or reimbursed		0.02	%(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income		1.71	%(h)		1.36	%		1.35	%		1.84	%		1.91	%		1.79	%
Supplemental Data
Net assets, end of period (000)	$	2,394,570		$	2,215,506		$	2,037,797		$	1,043,568		$	916,638		$	761,815
Portfolio turnover rate		9	%		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)  Not annualized.

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

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

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

	Six Months Ended 01/31/23 (unaudited)		Year Ended July 31,
			2022			2021			2020			2019			2018
Expense ratios		N/A		0.03	%		0.03	%		0.04	%		0.04	%		0.06	%

^(h)  Annualized.

See notes to financial statements.

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

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

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

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

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

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

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

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

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

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

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

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

Notes to Financial Statements (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of each Fund (the “Board”) has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

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

• 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 Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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

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

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

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

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

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

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

Fund Name/Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Non-Cash Collateral Received, at Fair Value (a)		Net Amount (b)
Mid-Cap Index
Barclays Capital, Inc.	$	2,537,522	$	(2,537,522	)	$	—	$	—
BNP Paribas SA		5,225,921		(5,225,921	)		—		—
BofA Securities, Inc.		7,931,788		(7,931,788	)		—		—
Citadel Clearing LLC		1,534,045		(1,534,045	)		—		—
Citigroup Global Markets, Inc.		3,278,393		(3,229,891	)		—		48,502
Jefferies LLC		95,400		(95,400	)		—		—
Morgan Stanley		19,991,303		(19,741,135	)		—		250,168
National Financial Services LLC		501,696		(493,860	)		—		7,836
Scotia Capital (USA), Inc.		1,874,230		(1,874,230	)		—		—
State Street Bank & Trust Co.		2,217,016		(2,183,512	)		—		33,504
Toronto-Dominion Bank		1,786,784		(1,719,905	)		—		66,879
UBS AG		3,054,863		(3,007,687	)		—		47,176
UBS Securities LLC		3,662,441		(3,662,441	)		—		—
Wells Fargo Bank N.A.		1,641,550		(1,613,054	)		—		28,496
	$	55,332,952	$	(54,850,391	)	$	—	$	482,561

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

Notes to Financial Statements (unaudited) (continued)

Fund Name/Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Non-Cash Collateral Received, at Fair Value (a)		Net Amount (b)
Small/Mid-Cap Index
BMO Capital Markets Corp.	$	89,675	$	(89,675	)	$	—	$	—
BNP Paribas SA		3,939,028		(3,939,028	)		—		—
BofA Securities, Inc.		2,830,605		(2,818,095	)		—		12,510
Citadel Clearing LLC		868,235		(868,235	)		—		—
Citigroup Global Markets, Inc.		1,879,379		(1,867,881	)		—		11,498
Goldman Sachs & Co. LLC		12,289,509		(12,156,401	)		—		133,108
HSBC Bank PLC		1,054,059		(1,054,059	)		—		—
ING Financial Markets LLC		12,859		(12,859	)		—		—
J.P. Morgan Securities LLC		6,046,989		(6,046,989	)		—		—
Jefferies LLC		349,786		(349,786	)		—		—
Morgan Stanley		6,439,165		(6,439,165	)		—		—
National Financial Services LLC		1,614,937		(1,610,910	)		—		4,027
Scotia Capital (USA), Inc.		1,025,015		(1,025,015	)		—		—
SG Americas Securities LLC		13,917		(13,917	)		—		—
State Street Bank & Trust Co.		1,569,478		(1,540,671	)		—		28,807
Toronto-Dominion Bank		1,334,230		(1,300,713	)		—		33,517
UBS AG		1,491,763		(1,491,763	)		—		—
UBS Securities LLC		60,808		(60,808	)		—		—
Virtu Americas LLC		583,218		(583,218	)		—		—
Wells Fargo Bank N.A		865,747		(865,747	)		—		—
Wells Fargo Securities LLC		374,951		(374,426	)		—		525
	$	44,733,353	$	(44,509,361	)	$	—	$	223,992
Total U.S. Stock Market Index
BMO Capital Markets Corp.	$	21,660	$	(21,660	)	$	—	$	—
BNP Paribas SA		3,336,600		(3,336,600	)		—		—
BofA Securities, Inc.		2,126,343		(2,117,663	)		—		8,680
Citadel Clearing LLC		2,124,083		(2,124,083	)		—		—
Citigroup Global Markets, Inc.		35,620,420		(35,048,465	)		—		571,955
Goldman Sachs & Co. LLC		6,533,934		(6,510,938	)		—		22,996
HSBC Bank PLC		388,188		(378,414	)		—		9,774
ING Financial Markets LLC		73,760		(73,023	)		—		737
J.P. Morgan Securities LLC		5,940,376		(5,940,376	)		—		—
Jefferies LLC		3,179,399		(3,179,399	)		—		—
Morgan Stanley		6,069,008		(5,960,879	)		—		108,129
National Financial Services LLC		867,824		(867,824	)		—		—
Nomura Securities International, Inc.		295,134		(295,134	)		—		—
Pershing LLC		38,703		(38,703	)		—		—
Scotia Capital (USA), Inc.		1,636,804		(1,634,031	)		—		2,773
SG Americas Securities LLC		408,929		(405,768	)		—		3,161
State Street Bank & Trust Co.		663,066		(663,066	)		—		—
Toronto-Dominion Bank		5,421,108		(5,369,625	)		—		51,483
UBS AG		7,781,992		(7,781,992	)		—		—
UBS Securities LLC		1,514,811		(1,500,064	)		—		14,747
Virtu Americas LLC		134,699		(134,699	)		—		—
Wells Fargo Bank N.A		437,129		(437,129	)		—		—
Wells Fargo Securities LLC		628,771		(616,976	)		—		11,795
	$	85,242,741	$	(84,436,511	)	$	—	$	806,230

^(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 January 31, 2023. Additional collateral is delivered to each Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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

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Notes to Financial Statements (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

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

Share Class	Service Fees
Investor A		0.25	%

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

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

Fund Name	Investor A
Mid-Cap Index	$	165,362
Small/Mid-Cap Index		120,679
Total U.S. Stock Market Index		207,414

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended January 31, 2023, the Funds did not pay any amounts to affiliates in return for these services.

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Notes to Financial Statements (unaudited) (continued)

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

Fund Name	Institutional		Investor A		Class K		Total
Mid-Cap Index	$	494	$	3,225	$	3,005	$	6,724
Small/Mid-Cap Index		206		2,372		768		3,346
Total U.S. Stock Market Index		334		4,135		2,858		7,327

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

Fund Name	Institutional		Investor A		Class K		Total
Mid-Cap Index	$	53,000	$	52,000	$	66,897	$	171,897
Small/Mid-Cap Index		36,526		37,193		10,788		84,507
Total U.S. Stock Market Index		31,708		70,146		19,303		121,157

Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2023, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Mid-Cap Index	$	3,032
Small/Mid-Cap Index		662
Total U.S. Stock Market Index		5,963

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Mid-Cap Index	$	1,469
Small/Mid-Cap Index		724
Total U.S. Stock Market Index		1,087

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

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

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

Fund Name	Fees Waived and/or Reimbursed by the Manager
Small/Mid-Cap Index	$	48,256
Total U.S. Stock Market Index		476

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager — class specific in the Statements of Operations. For the six months ended January 31, 2023, 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	$	—	$	2,480	$	—	$	2,480

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Notes to Financial Statements (unaudited) (continued)

	Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific
Fund Name	Institutional		Investor A		Class K		Total
Small/Mid-Cap Index	$	571	$	13,057	$	10,787	$	24,415
Total U.S. Stock Market Index		12		23,013		176		23,201

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

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

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

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

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

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

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended January 31, 2023, each Fund paid BTC the following amounts for securities lending agent services:

Fund Name	Amounts
Mid-Cap Index	$	88,039
Small/Mid-Cap Index		74,560
Total U.S. Stock Market Index		77,265

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Notes to Financial Statements (unaudited) (continued)

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

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

During the period ended January 31, 2023, the Funds did not participate in the Interfund Lending Program.

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

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

Fund Name	Purchases		Sales		Net Realized Gain (Loss)
Mid-Cap Index	$	9,651,383	$	1,734,449	$	355,478
Small/Mid-Cap Index		1,939,197		4,074,634		(377,862	)
Total U.S. Stock Market Index		45,766,185		2,265,716		(85,934	)

7. PURCHASES AND SALES

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

Fund Name	Purchases		Sales
Mid-Cap Index	$	132,789,195	$	162,708,021
Small/Mid-Cap Index		79,690,774		71,096,582
Total U.S. Stock Market Index		412,104,731		222,697,123

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

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

Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Mid-Cap Index	$	1,307,587,071	$	598,534,641	$	(150,897,777	)	$	447,636,864
Small/Mid-Cap Index		476,231,212		124,729,073		(63,852,850	)		60,876,223
Total U.S. Stock Market Index		2,173,647,212		764,172,835		(135,299,604	)		628,873,231

9. BANK BORROWINGS

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), are 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

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Notes to Financial Statements (unaudited) (continued)

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 six months ended January 31, 2023, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

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

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

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

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

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

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

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

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.

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Notes to Financial Statements (unaudited) (continued)

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:

	Six Months Ended 01/31/23						Year Ended 07/31/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Mid-Cap Index
Institutional
Shares sold		2,917,610		$	35,815,669			10,136,195		$	138,061,649
Shares issued in reinvestment of distributions		455,703			5,660,838			611,922			8,781,145
Shares redeemed		(5,602,733	)		(68,308,708	)		(7,069,017	)		(96,301,703	)
		(2,229,420	)	$	(26,832,201	)		3,679,100		$	50,541,091
Investor A
Shares sold		1,946,990		$	23,985,472			4,020,640		$	57,230,526
Shares issued in reinvestment of distributions		301,044			3,732,056			401,033			5,769,439
Shares redeemed		(1,261,062	)		(15,460,671	)		(3,392,446	)		(47,647,436	)
		986,972		$	12,256,857			1,029,227		$	15,352,529
Class K
Shares sold		14,106,084		$	175,526,184			36,446,587		$	509,941,926
Shares issued in reinvestment of distributions		2,960,846			36,871,461			2,742,767			39,523,235
Shares redeemed		(16,343,716	)		(204,521,960	)		(28,881,798	)		(402,011,819	)
		723,214		$	7,875,685			10,307,556		$	147,453,342
		(519,234	)	$	(6,699,659	)		15,015,883		$	213,346,962

	Six Months Ended 01/31/23						Year Ended 07/31/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Small/Mid-Cap Index
Institutional
Shares sold		1,827,359		$	25,588,610			4,859,117		$	77,910,823
Shares issued in reinvestment of distributions		436,437			5,994,886			526,516			8,672,226
Shares redeemed		(3,323,609	)		(45,376,523	)		(4,005,051	)		(62,039,986	)
		(1,059,813	)	$	(13,793,027	)		1,380,582		$	24,543,063
Investor A
Shares sold		520,965		$	7,259,128			2,122,107		$	34,182,646
Shares issued in reinvestment of distributions		280,383			3,847,705			291,973			4,807,538
Shares redeemed		(906,113	)		(12,424,776	)		(1,365,444	)		(21,610,480	)
		(104,765	)	$	(1,317,943	)		1,048,636		$	17,379,704
Class K
Shares sold		3,432,755		$	47,820,477			4,080,177		$	63,044,676
Shares issued in reinvestment of distributions		707,132			9,714,466			638,113			10,481,664
Shares redeemed		(1,334,881	)		(18,750,766	)		(2,526,480	)		(39,870,999	)
		2,805,006		$	38,784,177			2,191,810		$	33,655,341
		1,640,428		$	23,673,207			4,621,028		$	75,578,108

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

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/23						Year Ended 07/31/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Total U.S. Stock Market Index
Institutional
Shares sold		1,979,121		$	35,902,723			2,411,832		$	48,741,326
Shares issued in reinvestment of distributions		62,329			1,109,787			127,569			2,622,426
Shares redeemed		(1,034,696	)		(18,586,595	)		(2,992,270	)		(61,665,770	)
		1,006,754		$	18,425,915			(452,869	)	$	(10,302,018	)
Investor A
Shares sold		836,749		$	15,259,425			2,708,211		$	54,806,911
Shares issued in reinvestment of distributions		66,715			1,189,301			130,982			2,682,514
Shares redeemed		(986,339	)		(18,097,820	)		(1,522,527	)		(31,475,398	)
		(82,875	)	$	(1,649,094	)		1,316,666		$	26,014,027
Class K
Shares sold		16,955,784		$	306,555,192			36,883,545		$	740,647,199
Shares issued in reinvestment of distributions		1,110,233			19,787,679			2,012,631			41,212,633
Shares redeemed		(7,662,280	)		(142,143,786	)		(19,965,405	)		(412,965,779	)
		10,403,737		$	184,199,085			18,930,771		$	368,894,053
		11,327,616		$	200,975,906			19,794,568		$	384,606,062

12. SUBSEQUENT EVENTS

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

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Statement Regarding Liquidity Risk Management Program

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on November 8-9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

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

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

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

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

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

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

S T A T E M E N T    R E G A R D I N G     L I Q U I D I T Y    R I S K    M A N A G E M E  N T    P R O G R A M 101

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.

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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 10001

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

A D D I T I O N A L    I N F O R M A T  I O N 103

Glossary of Terms Used in this Report

Portfolio Abbreviation

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

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Want to know more?

blackrock.com    |    800-441-7762

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

INDEX5-01/23-SAR

(b) Not Applicable

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

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

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

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

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

Item 11 – Controls and Procedures

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

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

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

Item 13 – Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

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

2

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

(b) Section 906 Certifications are attached

3

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

BlackRock Funds^SM

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

Date: March 23, 2023

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

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

Date: March 23, 2023

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

Date: March 23, 2023

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