BlackRock High Yield Instl (BHYIX) 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 FundsSM, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 07/31/2024

Date of reporting period: 01/31/2024

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

JANUARY 31, 2024

2024 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

· iShares Russell Mid-Cap Index Fund

· iShares Russell Small/Mid-Cap Index Fund

· iShares Total U.S. Stock Market Index Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	6.43%	20.82%
U.S. small cap equities (Russell 2000® Index)	(2.02)	2.40
International equities (MSCI Europe, Australasia, Far East Index)	3.15	10.01
Emerging market equities (MSCI Emerging Markets Index)	(6.00)	(2.94)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.73	5.13
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.74	(0.38)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	3.15	2.10
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	2.70	2.90
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	9.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents

 

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Derivative Financial Instruments		10
Financial Statements:
Schedules of Investments		11
Statements of Assets and Liabilities		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, 2024  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, 2024, the Fund’s Institutional Shares returned 1.92%, Investor A Shares returned 1.79%, and Class K Shares returned 1.94%. The benchmark Russell MidCap^® Index (the “Index”) returned 1.96% 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.

The U.S. equity market initially rallied over the third quarter of 2023, supported by a falling inflation rate and resilient economic data. The Fed raised its policy rate by 25 basis points, bringing the fed funds rate to 5.25%-5.50%. However, uncertainty around whether the Fed had reached the endpoint for its rate-hiking cycle dampened market sentiment.

A slight inflation hike in August 2023 weighed down on market performance over the second part of the quarter. However, the Fed kept rates unchanged during their September 2023 meeting, signaling a hawkish pause that raised concerns about high rates persisting for a longer period and a possibility of another rate hike later during the year, driven by increasing oil prices pushing the inflation rate higher.

The U.S. equity market posted overall robust gains on the back of cooling inflation data during the fourth quarter of 2023. The market initially dampened in October 2023 with expectations that interest rates would remain higher for longer. Increasing conflict in the Middle East further exacerbated the initial market dampening. Later in the quarter however, optimistic inflation data led to hopes that interest rates had reached their peak, leading the market to rally in the second half of the quarter.

Falling consumer price index data raised hopes that inflation was on course to fall back to the Fed’s 2% target. The Fed held interest rates steady for the quarter at a targeted range of 5.25% to 5.50%. Given that the Fed signaled they may have finished their series of rate hikes, market expectations of rate cuts in 2024 increased.

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	1.92	%		6.67	%	10.04	%	8.65	%
Investor A	1.79			6.33		9.74		8.38
Class K	1.94			6.70		10.08		8.71
Russell Midcap® Index(d)	1.96			6.70		10.08		8.68

^(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 (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,019.20	$	0.48		$	1,000.00	$	1,024.66	$	0.48		0.09	%
Investor A		1,000.00		1,017.90		1.85			1,000.00		1,023.30		1.86		0.36

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

Fund Summary as of January 31, 2024 (continued) iShares Russell Mid-Cap Index Fund

 

Expense Example (continued)

	Actual							Hypothetical 5% Return
		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
Class K	$	1,000.00	$	1,019.40	$	0.24		$	1,000.00	$	1,024.90	$	0.24		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 184/366 (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		19.0	%
Financials		15.5
Information Technology		13.4
Consumer Discretionary		10.2
Health Care		10.0
Real Estate		7.5
Materials		5.5
Utilities		4.9
Energy		4.6
Communication Services		3.5
Consumer Staples		3.4
Investment Companies		1.1
Short-Term Securities		4.1
Liabilities in Excess of Other Assets		(2.7	)

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

FUND   SUMMARY 5

Fund Summary  as of January 31, 2024  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, 2024, the Fund’s Institutional Shares returned (0.02)%, Investor A Shares returned (0.15)%, and Class K Shares returned 0.01%. The benchmark Russell 2500™ Index (the “Index”) returned 0.13% 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.

The U.S. equity market initially rallied over the third quarter of 2023, supported by a falling inflation rate and resilient economic data. The Fed raised its policy rate by 25 basis points, bringing the fed funds rate to 5.25%-5.50%. However, uncertainty around whether the Fed had reached the endpoint for its rate-hiking cycle dampened market sentiment.

A slight inflation hike in August 2023 weighed down on market performance over the second part of the quarter. However, the Fed kept rates unchanged during their September 2023 meeting, signaling a hawkish pause that raised concerns about high rates persisting for a longer period and a possibility of another rate hike later during the year, driven by increasing oil prices pushing the inflation rate higher.

The U.S. equity market posted overall robust gains on the back of cooling inflation data during the fourth quarter of 2023. The market initially dampened in October 2023 with expectations that interest rates would remain higher for longer. Increasing conflict in the Middle East further exacerbated the initial market dampening. Later in the quarter however, optimistic inflation data led to hopes that interest rates had reached their peak, leading the market to rally in the second half of the quarter.

Falling consumer price index data raised hopes that inflation was on course to fall back to the Fed’s 2% target. The Fed held interest rates steady for the quarter at a targeted range of 5.25% to 5.50%. Given that the Fed signaled they may have finished their series of rate hikes, market expectations of rate cuts in 2024 increased.

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	(0.02	)%		3.83	%	8.64	%	8.31	%
Investor A	(0.15	)		3.51		8.39		8.06
Class K	0.01			3.88		8.69		8.36
Russell 2500™ Index(d)	0.13			3.96		8.69		8.34

^(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. The Russell 2500™ Index 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 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2024 (continued) iShares Russell Small/Mid-Cap Index Fund

 

Expense Example

	Actual							Hypothetical 5% Return
		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	999.80	$	0.72		$	1,000.00	$	1,024.42	$	0.73		0.14	%
Investor A		1,000.00		998.50		1.98			1,000.00		1,023.15		2.01		0.40
Class K		1,000.00		1,000.10		0.46			1,000.00		1,024.68		0.46		0.09

^(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 184/366 (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		19.7	%
Financials		16.4
Information Technology		12.8
Consumer Discretionary		12.5
Health Care		12.1
Real Estate		6.8
Materials		5.4
Energy		4.8
Consumer Staples		3.2
Communication Services		2.6
Utilities		2.5
Investment Companies		0.9
Short-Term Securities		10.2
Liabilities in Excess of Other Assets		(9.9	)

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

FUND   SUMMARY 7

Fund Summary  as of January 31, 2024  iShares Total U.S. Stock Market Index Fund

 

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2024, the Fund’s Institutional Shares returned 5.85%, Investor A Shares returned 5.72%, and Class K Shares returned 5.87%. The benchmark Russell 3000^® Index (the “Index”) returned 5.83% for the same period.

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

Describe the market environment.

The U.S. equity market initially rallied over the third quarter of 2023, supported by a falling inflation rate and resilient economic data. The Fed raised its policy rate by 25 basis points, bringing the fed funds rate to 5.25%-5.50%. However, uncertainty around whether the Fed had reached the endpoint for its rate-hiking cycle dampened market sentiment.

A slight inflation hike in August 2023 weighed down on market performance over the second part of the quarter. However, the Fed kept rates unchanged during their September 2023 meeting, signaling a hawkish pause that raised concerns about high rates persisting for a longer period and a possibility of another rate hike later during the year, driven by increasing oil prices pushing the inflation rate higher.

The U.S. equity market posted overall robust gains on the back of cooling inflation data during the fourth quarter of 2023. The market initially dampened in October 2023 with expectations that interest rates would remain higher for longer. Increasing conflict in the Middle East further exacerbated the initial market dampening. Later in the quarter however, optimistic inflation data led to hopes that interest rates had reached their peak, leading the market to rally in the second half of the quarter.

Falling consumer price index data raised hopes that inflation was on course to fall back to the Fed’s 2% target. The Fed held interest rates steady for the quarter at a targeted range of 5.25% to 5.50%. Given that the Fed signaled they may have finished their series of rate hikes, market expectations of rate cuts in 2024 increased.

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

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

Performance

			Average Annual Total Returns(a)(b)
	6-Month Total Returns			1 Year		5 Years		Since Inception	(c)
Institutional	5.85	%		19.13	%	13.51	%	11.89	%
Investor A	5.72			18.87		13.24		11.63
Class K	5.87			19.19		13.57		11.94
Russell 3000® Index(d)	5.83			19.15		13.53		11.93

^(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 96% 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 (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,058.50	$	0.39		$	1,000.00	$	1,024.76	$	0.38		0.07	%
Investor A		1,000.00		1,057.20		1.72			1,000.00		1,023.46		1.70		0.33

8 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2024 (continued) iShares Total U.S. Stock Market Index Fund

 

Expense Example (continued)

	Actual							Hypothetical 5% Return
		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
Class K	$	1,000.00	$	1,058.70	$	0.15		$	1,000.00	$	1,024.99	$	0.15		0.03	%

^(a)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366 (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
Microsoft Corp.		6.3	%
Apple, Inc.		5.8
NVIDIA Corp.		3.1
Amazon.com, Inc.		3.0
Meta Platforms, Inc., Class A		1.8
Alphabet, Inc., Class A		1.8
Alphabet, Inc., Class C		1.5
Berkshire Hathaway, Inc., Class B		1.5
Eli Lilly & Co.		1.2
Tesla, Inc.		1.1

SECTOR ALLOCATION

Sector(a)	Percent of Net Assets
Information Technology		27.7	%
Financials		13.7
Health Care		12.7
Consumer Discretionary		10.3
Industrials		9.7
Communication Services		8.2
Consumer Staples		5.7
Energy		3.9
Real Estate		2.8
Materials		2.6
Utilities		2.2
Short-Term Securities		1.4
Liabilities in Excess of Other Assets		(0.9	)

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

FUND   SUMMARY 9

About Fund Performance

 

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

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

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

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

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period 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 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) January 31, 2024 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.7%
Axon Enterprise, Inc.(a)		11,617	$	2,893,330
BWX Technologies, Inc.		15,422		1,256,584
Curtiss-Wright Corp.		6,430		1,431,125
HEICO Corp.		7,608		1,366,321
HEICO Corp., Class A		13,668		1,933,612
Hexcel Corp.		14,056		933,178
Howmet Aerospace, Inc.		63,680		3,582,637
Huntington Ingalls Industries, Inc.		6,600		1,708,872
Mercury Systems, Inc.(a)(b)		9,044		268,245
Spirit AeroSystems Holdings, Inc., Class A(a)		17,408		478,024
Textron, Inc.		32,221		2,729,441
TransDigm Group, Inc.		8,793		9,607,935
Woodward, Inc.		9,977		1,374,531
				29,563,835
Air Freight & Logistics — 0.3%
CH Robinson Worldwide, Inc.		19,353		1,627,394
Expeditors International of Washington, Inc.		24,402		3,082,705
GXO Logistics, Inc.(a)		19,488		1,059,757
				5,769,856
Automobile Components — 0.5%
Aptiv PLC(a)		44,689		3,634,556
BorgWarner, Inc.		39,353		1,334,067
Gentex Corp.		39,029		1,293,031
Lear Corp.		9,273		1,232,382
Phinia, Inc.		8,194		247,786
QuantumScape Corp., Class A(a)(b)		56,999		388,163
				8,129,985
Automobiles — 0.2%
Harley-Davidson, Inc.		21,826		708,254
Lucid Group, Inc.(a)(b)		124,382		420,411
Rivian Automotive, Inc., Class A(a)(b)		111,391		1,705,396
Thor Industries, Inc.		8,589		970,729
				3,804,790
Banks — 2.4%
Bank OZK		18,204		821,182
BOK Financial Corp.		4,824		404,444
Citizens Financial Group, Inc.		74,843		2,447,366
Columbia Banking System, Inc.		35,022		706,044
Comerica, Inc.		21,914		1,152,238
Commerce Bancshares, Inc.		20,034		1,044,172
Cullen/Frost Bankers, Inc.		10,024		1,063,747
East West Bancorp, Inc.		23,648		1,721,811
Fifth Third Bancorp		113,972		3,902,401
First Citizens BancShares, Inc., Class A		1,822		2,751,220
First Hawaiian, Inc.		21,200		459,828
First Horizon Corp.		93,854		1,336,481
FNB Corp.		60,075		791,789
Huntington Bancshares, Inc.		241,491		3,074,180
KeyCorp.		156,484		2,273,713
M&T Bank Corp.		27,229		3,760,325
New York Community Bancorp, Inc., Class A		118,603		767,361
NU Holdings Ltd./Cayman Islands, Class A(a)		387,713		3,338,209
Pinnacle Financial Partners, Inc.		12,749		1,126,757
Popular, Inc.		11,820		1,010,019
Prosperity Bancshares, Inc.		14,504		926,951
Regions Financial Corp.		156,927		2,929,827
Synovus Financial Corp.		24,081		906,890
TFS Financial Corp.		9,007		119,973

Security	Shares		Value
Banks (continued)
Webster Financial Corp.		26,735	$	1,322,848
Western Alliance Bancorp		18,314		1,171,363
Wintrust Financial Corp.		10,173		986,578
Zions Bancorp NA		24,428		1,023,533
				43,341,250
Beverages — 0.3%
Boston Beer Co., Inc., Class A(a)		1,591		555,689
Brown-Forman Corp., Class A		8,220		463,361
Brown-Forman Corp., Class B		30,915		1,697,233
Celsius Holdings, Inc.(a)(b)		24,252		1,210,175
Molson Coors Beverage Co., Class B		29,391		1,816,070
				5,742,528
Biotechnology(a) — 1.6%
Alnylam Pharmaceuticals, Inc.		20,441		3,534,453
Apellis Pharmaceuticals, Inc.		17,043		1,078,652
Biogen, Inc.		23,958		5,909,480
BioMarin Pharmaceutical, Inc.		30,724		2,706,170
Exact Sciences Corp.		29,996		1,961,738
Exelixis, Inc.		53,413		1,162,267
Incyte Corp.		31,021		1,823,104
Ionis Pharmaceuticals, Inc.		23,714		1,218,663
Karuna Therapeutics, Inc.		5,928		1,857,954
Natera, Inc.		18,100		1,193,514
Neurocrine Biosciences, Inc.		16,242		2,270,144
Roivant Sciences Ltd.		58,267		582,670
Sarepta Therapeutics, Inc.		15,099		1,796,630
Ultragenyx Pharmaceutical, Inc.		13,242		584,105
United Therapeutics Corp.		7,590		1,630,180
				29,309,724
Broadline Retail — 0.6%
Coupang, Inc., Class A(a)		183,965		2,575,510
eBay, Inc.		88,829		3,648,207
Etsy, Inc.(a)		20,647		1,374,264
Kohl’s Corp.		18,477		475,967
Macy’s, Inc.		45,157		825,922
Nordstrom, Inc.		19,548		354,796
Ollie’s Bargain Outlet Holdings, Inc.(a)		10,431		750,302
				10,004,968
Building Products — 2.2%
A O Smith Corp.		19,446		1,509,204
Advanced Drainage Systems, Inc.(b)		11,493		1,498,917
Allegion PLC		14,617		1,810,900
Armstrong World Industries, Inc.		7,455		739,611
AZEK Co., Inc., Class A(a)		22,170		854,875
Builders FirstSource, Inc.(a)		20,410		3,545,829
Carlisle Cos., Inc.		8,020		2,520,365
Carrier Global Corp.		138,870		7,597,578
Fortune Brands Innovations, Inc.		21,293		1,652,124
Hayward Holdings, Inc.(a)		21,764		272,485
Lennox International, Inc.		5,365		2,297,078
Masco Corp.		37,747		2,539,996
Owens Corning		14,626		2,216,278
Trane Technologies PLC		37,966		9,569,330
Trex Co., Inc.(a)		18,343		1,494,588
				40,119,158
Capital Markets — 4.8%
Affiliated Managers Group, Inc.		5,712		850,174
Ameriprise Financial, Inc.		17,161		6,638,390
Ares Management Corp., Class A		27,022		3,282,633
Bank of New York Mellon Corp.		128,974		7,152,898

SCHEDULE OF INVESTMENTS 11

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Blue Owl Capital, Inc., Class A		75,668	$	1,175,881
Carlyle Group, Inc.		35,136		1,406,143
Cboe Global Markets, Inc.		17,657		3,246,240
Coinbase Global, Inc., Class A(a)(b)		28,191		3,614,086
Evercore, Inc., Class A		5,938		1,019,733
FactSet Research Systems, Inc.		6,332		3,013,525
Franklin Resources, Inc.		47,409		1,262,502
Houlihan Lokey, Inc., Class A		8,448		1,011,901
Interactive Brokers Group, Inc., Class A		17,464		1,549,930
Invesco Ltd.		61,550		974,337
Janus Henderson Group PLC		22,864		657,569
Jefferies Financial Group, Inc.		29,870		1,217,501
KKR & Co., Inc., Class A		110,882		9,600,164
Lazard, Inc.		18,243		711,112
LPL Financial Holdings, Inc.		12,470		2,982,699
MarketAxess Holdings, Inc.		6,242		1,407,633
Morningstar, Inc.		4,281		1,195,683
MSCI, Inc., Class A		12,766		7,641,983
Nasdaq, Inc.		57,347		3,312,936
Northern Trust Corp.		34,398		2,739,457
Raymond James Financial, Inc.		31,769		3,500,308
Robinhood Markets, Inc., Class A(a)		113,291		1,216,745
SEI Investments Co.		15,338		969,975
State Street Corp.		51,182		3,780,814
Stifel Financial Corp.		17,094		1,247,007
T Rowe Price Group, Inc.		37,036		4,016,554
TPG, Inc., Class A		10,851		451,727
Tradeweb Markets, Inc., Class A		19,294		1,840,455
Virtu Financial, Inc., Class A		15,018		252,152
XP, Inc., Class A		53,107		1,305,370
				86,246,217
Chemicals — 2.5%
Albemarle Corp.		19,658		2,255,559
Ashland, Inc.		8,214		768,995
Axalta Coating Systems Ltd.(a)		36,850		1,194,677
Celanese Corp., Class A		16,590		2,426,951
CF Industries Holdings, Inc.		31,964		2,413,602
Chemours Co.		24,991		753,978
Corteva, Inc.		118,259		5,378,419
DuPont de Nemours, Inc.		77,106		4,765,151
Eastman Chemical Co.		19,949		1,666,739
Element Solutions, Inc.		37,503		833,692
FMC Corp.		20,801		1,169,016
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		260,036		314,644
Huntsman Corp.		25,556		627,144
International Flavors & Fragrances, Inc.		42,142		3,400,016
LyondellBasell Industries NV, Class A		43,443		4,088,855
Mosaic Co.		55,589		1,707,138
NewMarket Corp.		1,044		582,354
Olin Corp.		19,875		1,034,891
PPG Industries, Inc.		38,966		5,495,765
RPM International, Inc.		21,347		2,276,871
Scotts Miracle-Gro Co.		6,836		384,593
Westlake Corp.		5,391		745,845
				44,284,895
Commercial Services & Supplies — 1.7%
Cintas Corp.		14,442		8,731,200
Clean Harbors, Inc.(a)		8,439		1,417,414
Copart, Inc.(a)		142,966		6,868,087
Driven Brands Holdings, Inc.(a)		10,994		144,131
MSA Safety, Inc.		6,137		1,012,789

Security	Shares		Value
Commercial Services & Supplies (continued)
RB Global, Inc.		30,511	$	1,951,789
Republic Services, Inc.		34,503		5,904,153
Rollins, Inc.		42,936		1,859,558
Stericycle, Inc.(a)		15,335		736,080
Tetra Tech, Inc.		8,931		1,412,706
Vestis Corp.		19,962		427,187
				30,465,094
Communications Equipment — 0.4%
Ciena Corp.(a)		24,704		1,309,312
F5, Inc.(a)		9,497		1,744,599
Juniper Networks, Inc.		53,610		1,981,426
Lumentum Holdings, Inc.(a)		11,522		633,019
Ubiquiti, Inc.		660		82,988
Viasat, Inc.(a)(b)		19,822		440,643
				6,191,987
Construction & Engineering — 0.7%
AECOM		21,995		1,939,739
EMCOR Group, Inc.		7,642		1,743,217
MasTec, Inc.(a)		10,421		684,347
MDU Resources Group, Inc.		33,649		656,492
Quanta Services, Inc.(b)		23,886		4,635,078
Valmont Industries, Inc.		3,474		784,117
WillScot Mobile Mini Holdings Corp.(a)		30,651		1,449,792
				11,892,782
Construction Materials — 0.6%
Eagle Materials, Inc.		5,564		1,259,022
Martin Marietta Materials, Inc.		10,245		5,208,763
Vulcan Materials Co.		21,944		4,959,563
				11,427,348
Consumer Finance — 0.7%
Ally Financial, Inc.		45,066		1,653,021
Credit Acceptance Corp.(a)(b)		1,068		577,863
Discover Financial Services		41,420		4,370,638
OneMain Holdings, Inc.		18,698		890,025
SLM Corp.		36,326		722,161
SoFi Technologies, Inc.(a)(b)		157,234		1,231,142
Synchrony Financial		68,427		2,659,757
				12,104,607
Consumer Staples Distribution & Retail — 1.2%
Albertsons Cos., Inc., Class A		70,153		1,488,647
BJ’s Wholesale Club Holdings, Inc.(a)		22,414		1,442,117
Casey’s General Stores, Inc.		6,265		1,700,070
Dollar Tree, Inc.(a)		34,592		4,518,407
Grocery Outlet Holding Corp.(a)(b)		15,995		396,356
Kroger Co.		108,686		5,014,772
Maplebear, Inc.(a)		3,530		86,379
Performance Food Group Co.(a)		25,780		1,873,691
U.S. Foods Holding Corp.(a)		38,128		1,754,269
Walgreens Boots Alliance, Inc.		117,447		2,650,779
				20,925,487
Containers & Packaging — 1.2%
Amcor PLC		239,816		2,261,465
AptarGroup, Inc.		11,027		1,432,187
Ardagh Group SA, Class A(a)		2,789		19,816
Ardagh Metal Packaging SA		24,125		89,021
Avery Dennison Corp.		13,292		2,651,089
Ball Corp.		51,725		2,868,151
Berry Global Group, Inc.		19,933		1,304,814
Crown Holdings, Inc.		17,863		1,580,876
Graphic Packaging Holding Co.		50,785		1,295,525

12 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging (continued)
International Paper Co.		58,266	$	2,087,671
Packaging Corp. of America		14,853		2,463,816
Sealed Air Corp.		24,130		833,692
Silgan Holdings, Inc.		14,063		646,054
Sonoco Products Co.		16,323		928,779
Westrock Co.		42,720		1,719,907
				22,182,863
Distributors — 0.4%
Genuine Parts Co.		23,551		3,302,557
LKQ Corp.		44,751		2,088,529
Pool Corp.		6,378		2,367,832
				7,758,918
Diversified Consumer Services — 0.3%
ADT, Inc.		36,556		238,712
Bright Horizons Family Solutions, Inc.(a)(b)		9,564		939,663
Grand Canyon Education, Inc.(a)		5,032		657,129
H&R Block, Inc.		24,015		1,124,862
Mister Car Wash, Inc.(a)(b)		13,579		112,706
Service Corp. International		24,735		1,660,213
				4,733,285
Diversified REITs — 0.4%
VICI Properties, Inc.		169,607		5,108,563
WP Carey, Inc.		35,589		2,205,094
				7,313,657
Diversified Telecommunication Services — 0.1%
ESC GCI Liberty, Inc. (c)		15,053		—
Frontier Communications Parent, Inc.(a)(b)		41,531		1,022,908
Iridium Communications, Inc.		20,914		758,342
				1,781,250
Electric Utilities — 2.7%
Alliant Energy Corp.		40,211		1,956,667
Avangrid, Inc.		11,979		363,922
CMS Energy Corp.		48,835		2,791,409
Constellation Energy Corp.		53,711		6,552,742
Edison International		62,985		4,250,228
Entergy Corp.		35,186		3,510,155
Evergy, Inc.		37,426		1,900,118
Eversource Energy		56,668		3,072,539
FirstEnergy Corp.		89,996		3,301,053
Hawaiian Electric Industries, Inc.(a)		19,027		246,780
IDACORP, Inc.		8,483		785,356
NRG Energy, Inc.		37,766		2,003,109
OGE Energy Corp.		33,297		1,106,792
PG&E Corp.		340,504		5,744,303
Pinnacle West Capital Corp.		19,086		1,315,025
PPL Corp.		123,937		3,247,150
Xcel Energy, Inc.		92,047		5,510,854
				47,658,202
Electrical Equipment — 1.4%
Acuity Brands, Inc.		5,201		1,238,670
AMETEK, Inc.		37,992		6,156,604
ChargePoint Holdings, Inc., Class A(a)(b)		48,979		93,060
Generac Holdings, Inc.(a)		10,208		1,160,343
Hubbell, Inc.		8,833		2,964,090
nVent Electric PLC		27,712		1,663,829
Plug Power, Inc.(a)(b)		90,397		402,267
Regal Rexnord Corp.		11,153		1,488,479
Rockwell Automation, Inc.		19,018		4,816,879

Security	Shares		Value
Electrical Equipment (continued)
Sensata Technologies Holding PLC		25,308	$	915,390
Sunrun, Inc.(a)		35,600		515,488
Vertiv Holdings Co., Class A		56,858		3,202,811
				24,617,910
Electronic Equipment, Instruments & Components — 2.3%
Amphenol Corp., Class A		97,248		9,831,773
Arrow Electronics, Inc.(a)		9,108		1,012,354
Avnet, Inc.		15,161		686,793
CDW Corp.		22,505		5,102,334
Cognex Corp.		28,770		1,039,748
Coherent Corp.(a)(b)		21,882		1,040,270
Corning, Inc.		127,721		4,149,655
Crane NXT Co.		8,125		473,525
IPG Photonics Corp.(a)		4,582		448,532
Jabil, Inc.		20,774		2,602,774
Keysight Technologies, Inc.(a)		29,384		4,503,392
Littelfuse, Inc.		4,042		977,760
TD SYNNEX Corp.		9,779		977,704
Teledyne Technologies, Inc.(a)		7,823		3,273,691
Trimble, Inc.(a)		41,407		2,105,960
Vontier Corp.		26,213		906,708
Zebra Technologies Corp., Class A(a)		8,598		2,059,651
				41,192,624
Energy Equipment & Services — 0.7%
Baker Hughes Co., Class A		167,636		4,777,626
Halliburton Co.		150,869		5,378,480
NOV, Inc.		66,222		1,291,991
TechnipFMC PLC		73,112		1,413,986
				12,862,083
Entertainment — 1.7%
AMC Entertainment Holdings, Inc., Class A(a)(b)		33,405		135,290
Electronic Arts, Inc.		45,169		6,214,351
Liberty Media Corp.-Liberty Formula One, Class C(a)		32,574		2,190,602
Liberty Media Corp.-Liberty Formula One, Class A(a)		3,900		238,251
Liberty Media Corp.-Liberty Live, Class A(a)		3,131		115,315
Liberty Media Corp.-Liberty Live, Class C(a)		7,637		284,631
Live Nation Entertainment, Inc.(a)		26,271		2,334,178
Madison Square Garden Sports Corp., Class A(a)		3,110		575,661
Playtika Holding Corp.(a)		3,804		27,465
ROBLOX Corp., Class A(a)		77,003		2,988,486
Roku, Inc., Class A(a)		20,691		1,822,049
Spotify Technology SA(a)		23,366		5,031,868
Take-Two Interactive Software, Inc.(a)(b)		27,359		4,512,320
TKO Group Holdings, Inc., Class A		10,230		856,149
Warner Bros Discovery, Inc., Series A(a)		363,635		3,643,623
				30,970,239
Financial Services — 2.4%
Affirm Holdings, Inc., Class A(a)		37,940		1,536,949
Apollo Global Management, Inc.		86,765		8,711,206
Block, Inc., Class A(a)		90,040		5,853,500
Equitable Holdings, Inc.		56,961		1,862,055
Euronet Worldwide, Inc.(a)		8,046		801,784
Fidelity National Information Services, Inc.		97,904		6,095,503
FleetCor Technologies, Inc.(a)		11,911		3,453,356
Global Payments, Inc.		42,850		5,708,906
Jack Henry & Associates, Inc.		11,889		1,971,553
MGIC Investment Corp.		47,014		932,758
NCR Atleos Corp.(a)		11,239		251,641
Rocket Cos., Inc., Class A(a)		18,964		233,447

SCHEDULE OF INVESTMENTS 13

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Financial Services (continued)
Shift4 Payments, Inc., Class A(a)		9,122	$	655,051
Toast, Inc., Class A(a)		59,982		1,065,880
UWM Holdings Corp., Class A		16,771		112,366
Voya Financial, Inc.		16,636		1,203,947
Western Union Co.		46,889		589,395
WEX, Inc.(a)		7,121		1,455,461
				42,494,758
Food Products — 1.4%
Bunge Global SA		24,119		2,124,643
Campbell Soup Co.		32,278		1,440,567
Conagra Brands, Inc.		79,865		2,328,065
Darling Ingredients, Inc.(a)		26,395		1,142,904
Flowers Foods, Inc.		31,903		727,388
Freshpet, Inc.(a)		6,884		592,712
Hormel Foods Corp.		48,763		1,480,932
Ingredion, Inc.		10,984		1,181,549
J M Smucker Co.		16,635		2,188,334
Kellanova		42,231		2,312,570
Lamb Weston Holdings, Inc.		24,401		2,499,639
McCormick & Co., Inc.		42,194		2,875,943
Pilgrim’s Pride Corp.(a)		7,712		209,535
Post Holdings, Inc.(a)		8,910		827,472
Seaboard Corp.		45		162,135
Tyson Foods, Inc., Class A		46,649		2,554,499
WK Kellogg Co.		10,561		137,187
				24,786,074
Gas Utilities — 0.2%
Atmos Energy Corp.		24,398		2,779,908
National Fuel Gas Co.		14,872		701,364
UGI Corp.		34,796		770,383
				4,251,655
Ground Transportation — 1.1%
Avis Budget Group, Inc.		3,403		557,105
Hertz Global Holdings, Inc.(a)(b)		21,705		181,237
JB Hunt Transport Services, Inc.		13,818		2,777,142
Knight-Swift Transportation Holdings, Inc.		26,315		1,509,955
Landstar System, Inc.		5,705		1,093,762
Lyft, Inc., Class A(a)		56,355		703,874
Old Dominion Freight Line, Inc.		16,404		6,414,292
Ryder System, Inc.		7,184		815,887
Saia, Inc.(a)		4,464		2,011,389
Schneider National, Inc., Class B		9,405		230,611
U-Haul Holding Co.(a)		1,455		96,408
U-Haul Holding Co., Series N		16,707		1,067,076
XPO, Inc.(a)(b)		19,159		1,636,945
				19,095,683
Health Care Equipment & Supplies — 3.0%
Align Technology, Inc.(a)		12,819		3,426,775
Baxter International, Inc.		83,138		3,216,609
Cooper Cos., Inc.(a)		8,157		3,042,806
DENTSPLY SIRONA, Inc.		35,209		1,223,513
Dexcom, Inc.(a)(b)		64,323		7,805,596
Enovis Corp.(a)		8,849		519,436
Envista Holdings Corp.(a)(b)		27,518		646,673
Globus Medical, Inc., Class A(a)		19,737		1,041,916
Hologic, Inc.(a)		40,794		3,036,705
ICU Medical, Inc.(a)		3,469		317,518
IDEXX Laboratories, Inc.(a)		13,681		7,046,810
Inspire Medical Systems, Inc.(a)(b)		4,837		1,019,978
Insulet Corp.(a)		11,636		2,220,963

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Integra LifeSciences Holdings Corp.(a)		9,948	$	399,412
Masimo Corp.(a)		6,957		897,036
Novocure Ltd.(a)		17,261		240,273
Penumbra, Inc.(a)		6,117		1,542,646
QuidelOrtho Corp.(a)		8,946		612,890
ResMed, Inc.		23,994		4,563,659
Shockwave Medical, Inc.(a)		6,043		1,367,229
STERIS PLC		16,424		3,596,035
Tandem Diabetes Care, Inc.(a)		11,225		255,930
Teleflex, Inc.		7,901		1,918,600
Zimmer Biomet Holdings, Inc.		34,594		4,345,006
				54,304,014
Health Care Providers & Services — 1.7%
Acadia Healthcare Co., Inc.(a)		14,937		1,226,925
agilon health, Inc.(a)(b)		49,020		288,728
Amedisys, Inc.(a)		5,435		512,357
Cardinal Health, Inc.		41,029		4,479,957
Cencora, Inc.		27,143		6,315,633
Chemed Corp.		2,474		1,466,562
DaVita, Inc.(a)		9,041		977,875
Encompass Health Corp.		16,444		1,168,182
Henry Schein, Inc.(a)(b)		21,953		1,642,963
Laboratory Corp. of America Holdings		13,746		3,055,736
Molina Healthcare, Inc.(a)		9,745		3,473,508
Premier, Inc., Class A		20,025		432,941
Quest Diagnostics, Inc.		18,802		2,414,741
R1 RCM, Inc.(a)		26,239		268,687
Tenet Healthcare Corp.(a)		17,175		1,421,059
Universal Health Services, Inc., Class B		9,688		1,538,551
				30,684,405
Health Care REITs — 0.8%
Healthcare Realty Trust, Inc.		64,339		1,036,501
Healthpeak Properties, Inc.		92,083		1,703,536
Medical Properties Trust, Inc.		100,072		310,223
Omega Healthcare Investors, Inc.		41,239		1,195,931
Ventas, Inc.		67,083		3,111,980
Welltower, Inc.		89,257		7,721,623
				15,079,794
Health Care Technology(a) — 0.4%
Certara, Inc.(b)		20,198		326,399
Doximity, Inc., Class A		20,338		548,109
Teladoc Health, Inc.		26,988		524,377
Veeva Systems, Inc., Class A		24,036		4,985,307
				6,384,192
Hotel & Resort REITs — 0.2%
Host Hotels & Resorts, Inc.		118,735		2,282,087
Park Hotels & Resorts, Inc.		36,053		543,679
				2,825,766
Hotels, Restaurants & Leisure — 3.3%
Aramark		39,004		1,134,236
Boyd Gaming Corp.		12,396		787,022
Brunswick Corp.		11,189		902,729
Caesars Entertainment, Inc.(a)		34,624		1,518,955
Carnival Corp.(a)		166,868		2,766,671
Cava Group, Inc.(a)(b)		2,625		122,850
Choice Hotels International, Inc.		4,786		579,680
Churchill Downs, Inc.		11,987		1,450,067
Darden Restaurants, Inc.		20,267		3,295,009
Domino’s Pizza, Inc.		5,801		2,472,502
DoorDash, Inc., Class A(a)		50,681		5,280,960

14 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
DraftKings, Inc., Class A(a)		70,181	$	2,740,568
Expedia Group, Inc.(a)		22,756		3,375,397
Hilton Worldwide Holdings, Inc.		41,715		7,965,896
Hyatt Hotels Corp., Class A		7,233		928,500
Marriott Vacations Worldwide Corp.		6,071		509,296
MGM Resorts International(a)		45,242		1,962,146
Norwegian Cruise Line Holdings Ltd.(a)(b)		70,406		1,253,227
Penn Entertainment, Inc.(a)		25,782		581,384
Planet Fitness, Inc., Class A(a)		14,196		961,921
Royal Caribbean Cruises Ltd.(a)		38,888		4,958,220
Texas Roadhouse, Inc.		10,476		1,317,043
Travel & Leisure Co.		10,973		443,529
Vail Resorts, Inc.		6,196		1,375,512
Wendy’s Co.		28,807		549,638
Wingstop, Inc.		4,996		1,404,426
Wyndham Hotels & Resorts, Inc.		13,389		1,043,405
Wynn Resorts Ltd.		17,502		1,652,714
Yum! Brands, Inc.		46,869		6,069,067
				59,402,570
Household Durables — 1.8%
D.R. Horton, Inc.		52,106		7,446,469
Garmin Ltd.		25,798		3,082,603
Leggett & Platt, Inc.		22,351		518,767
Lennar Corp., Class A		40,635		6,089,155
Lennar Corp., Class B		2,508		347,985
Mohawk Industries, Inc.(a)		8,908		928,659
Newell Brands, Inc.		63,644		529,518
NVR, Inc.(a)		488		3,452,742
PulteGroup, Inc.		35,670		3,729,655
Tempur Sealy International, Inc.		27,788		1,386,343
Toll Brothers, Inc.		17,440		1,732,664
TopBuild Corp.(a)		5,332		1,968,201
Whirlpool Corp.		9,066		992,908
				32,205,669
Household Products — 0.4%
Church & Dwight Co., Inc.		40,345		4,028,448
Clorox Co.		20,764		3,015,971
Reynolds Consumer Products, Inc.		9,241		251,078
Spectrum Brands Holdings, Inc.		5,500		432,410
				7,727,907
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp.		112,209		1,871,646
Brookfield Renewable Corp., Class A		22,508		628,423
Clearway Energy, Inc., Class A		5,595		125,664
Clearway Energy, Inc., Class C		13,950		338,148
Vistra Corp.		60,434		2,479,607
				5,443,488
Industrial REITs — 0.4%
Americold Realty Trust, Inc.		45,567		1,253,093
EastGroup Properties, Inc.		7,709		1,367,808
First Industrial Realty Trust, Inc.		22,002		1,133,543
Rexford Industrial Realty, Inc.		33,490		1,761,239
STAG Industrial, Inc.		30,627		1,131,361
				6,647,044
Insurance — 4.9%
Aflac, Inc.		98,852		8,337,178
Allstate Corp.		43,655		6,777,439
American Financial Group, Inc.		12,263		1,476,465

Security	Shares		Value
Insurance (continued)
Arch Capital Group Ltd.(a)		59,582	$	4,911,344
Arthur J Gallagher & Co.		35,272		8,188,747
Assurant, Inc.		8,807		1,479,136
Assured Guaranty Ltd.		9,713		788,016
Axis Capital Holdings Ltd.		13,256		788,997
Brighthouse Financial, Inc.(a)		11,256		582,723
Brown & Brown, Inc.		39,806		3,087,353
Cincinnati Financial Corp.		25,776		2,855,981
CNA Financial Corp.		4,427		195,098
Everest Group Ltd.		7,193		2,769,089
Fidelity National Financial, Inc., Class A		41,930		2,097,758
First American Financial Corp.		16,688		1,007,121
Globe Life, Inc.		14,786		1,816,016
Hanover Insurance Group, Inc.		6,046		798,132
Hartford Financial Services Group, Inc.		49,774		4,328,347
Kemper Corp.		10,379		622,740
Kinsale Capital Group, Inc.		3,686		1,465,443
Lincoln National Corp.		27,746		761,628
Loews Corp.		31,045		2,261,939
Markel Group, Inc.(a)		2,206		3,303,331
Old Republic International Corp.		45,067		1,263,679
Primerica, Inc.		6,122		1,433,528
Principal Financial Group, Inc.		40,591		3,210,748
Prudential Financial, Inc.		61,129		6,414,266
Reinsurance Group of America, Inc.		11,178		1,943,742
RenaissanceRe Holdings Ltd.		8,444		1,932,240
RLI Corp.		6,722		916,679
Ryan Specialty Holdings, Inc., Class A(a)(b)		15,562		674,146
Unum Group		33,123		1,601,166
W.R. Berkley Corp.		33,986		2,782,774
White Mountains Insurance Group Ltd.(b)		421		663,483
Willis Towers Watson PLC		17,220		4,241,286
				87,777,758
Interactive Media & Services(a) — 0.4%
IAC, Inc.		12,503		627,776
Match Group, Inc.		46,943		1,801,672
Pinterest, Inc., Class A		97,152		3,640,285
TripAdvisor, Inc.		18,985		410,076
ZoomInfo Technologies, Inc., CLass A		48,917		784,629
				7,264,438
IT Services — 2.3%
Akamai Technologies, Inc.(a)		24,789		3,054,748
Amdocs Ltd.		19,322		1,771,441
Cloudflare, Inc., Class A(a)		48,171		3,807,917
Cognizant Technology Solutions Corp., Class A		85,311		6,579,184
DXC Technology Co.(a)(b)		33,387		727,836
EPAM Systems, Inc.(a)		9,334		2,595,879
Gartner, Inc.(a)		12,797		5,853,860
Globant SA(a)		6,701		1,580,163
GoDaddy, Inc., Class A(a)		24,744		2,639,195
Kyndryl Holdings, Inc.(a)		38,115		782,120
MongoDB, Inc., Class A(a)		11,107		4,448,576
Okta, Inc., Class A(a)		25,180		2,081,127
Twilio, Inc., Class A(a)		28,417		1,998,568
VeriSign, Inc.(a)		14,785		2,940,441
				40,861,055
Leisure Products — 0.2%
Hasbro, Inc.		21,817		1,067,942
Mattel, Inc.(a)		58,625		1,048,801

SCHEDULE OF INVESTMENTS 15

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Leisure Products (continued)
Peloton Interactive, Inc., Class A(a)		56,576	$	314,563
Polaris, Inc.		9,100		818,636
YETI Holdings, Inc.(a)		14,585		641,302
				3,891,244
Life Sciences Tools & Services — 2.8%
10X Genomics, Inc., Class A(a)(b)		15,384		641,051
Agilent Technologies, Inc.		48,503		6,310,240
Avantor, Inc.(a)		113,272		2,604,123
Azenta, Inc.(a)(b)		9,990		651,348
Bio-Rad Laboratories, Inc., Class A(a)		3,276		1,051,236
Bio-Techne Corp.		26,184		1,841,259
Bruker Corp.		17,686		1,264,726
Charles River Laboratories International, Inc.(a)(b)		8,539		1,846,815
Fortrea Holdings, Inc.(a)		14,851		459,787
ICON PLC(a)		13,530		3,529,571
Illumina, Inc.(a)		26,075		3,728,986
IQVIA Holdings, Inc.(a)		30,246		6,298,125
Maravai LifeSciences Holdings, Inc., Class A(a)		18,001		104,406
Medpace Holdings, Inc.(a)		3,882		1,131,913
Mettler-Toledo International, Inc.(a)		3,585		4,291,926
QIAGEN NV		37,227		1,625,331
Repligen Corp.(a)		9,350		1,770,890
Revvity, Inc.		20,317		2,177,576
Sotera Health Co.(a)(b)		17,065		251,197
Waters Corp.(a)		9,832		3,123,725
West Pharmaceutical Services, Inc.		12,275		4,578,943
				49,283,174
Machinery — 4.7%
AGCO Corp.		10,567		1,292,661
Allison Transmission Holdings, Inc.		15,325		927,776
CNH Industrial NV		162,819		1,953,828
Crane Co.		8,021		995,486
Cummins, Inc.		23,617		5,651,548
Donaldson Co., Inc.		20,443		1,320,413
Dover Corp.		22,872		3,425,768
Esab Corp.		9,489		815,959
Flowserve Corp.		22,037		879,937
Fortive Corp.		58,392		4,565,087
Gates Industrial Corp. PLC(a)		19,456		250,593
Graco, Inc.		28,049		2,392,580
IDEX Corp.		12,693		2,684,570
Ingersoll Rand, Inc.		66,615		5,319,874
ITT, Inc.		13,916		1,680,774
Lincoln Electric Holdings, Inc.		9,381		2,084,646
Middleby Corp.(a)		8,884		1,253,266
Nordson Corp.		9,600		2,416,512
Oshkosh Corp.		10,856		1,195,246
Otis Worldwide Corp.		69,039		6,105,809
PACCAR, Inc.		85,891		8,622,598
Parker-Hannifin Corp.		21,280		9,884,560
Pentair PLC		27,650		2,023,151
RBC Bearings, Inc.(a)(b)		4,773		1,281,741
Snap-on, Inc.		8,737		2,533,118
Stanley Black & Decker, Inc.		25,703		2,398,090
Timken Co.		9,498		777,981
Toro Co.		17,535		1,621,637
Westinghouse Air Brake Technologies Corp.		29,338		3,860,001
Xylem, Inc./New York		39,060		4,391,906
				84,607,116

Security	Shares		Value
Marine Transportation — 0.0%
Kirby Corp.(a)		9,931	$	781,173
Media — 1.2%
Cable One, Inc.		941		516,543
Fox Corp., Class A		38,750		1,251,625
Fox Corp., Class B		22,673		680,417
Interpublic Group of Cos., Inc.		64,765		2,136,597
Liberty Broadband Corp., Class A(a)		2,963		230,581
Liberty Broadband Corp., Class C(a)		19,436		1,524,754
Liberty Media Corp.-Liberty SiriusXM(a)		25,810		783,591
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		12,571		382,033
New York Times Co., Class A		26,895		1,306,021
News Corp., Class A		64,181		1,581,420
News Corp., Class B		19,502		498,666
Nexstar Media Group, Inc., Class A		5,246		932,267
Omnicom Group, Inc.		33,127		2,994,018
Paramount Global, Class A		1,521		35,485
Paramount Global, Class B		97,159		1,417,550
Sirius XM Holdings, Inc.(b)		104,929		534,089
Trade Desk, Inc., Class A(a)		73,127		5,004,080
				21,809,737
Metals & Mining — 1.1%
Alcoa Corp.		29,783		886,044
Cleveland-Cliffs, Inc.(a)		81,485		1,633,774
MP Materials Corp., Class A(a)(b)		17,906		283,094
Nucor Corp.		41,518		7,760,960
Reliance Steel & Aluminum Co.		9,579		2,734,038
Royal Gold, Inc.		11,059		1,265,039
SSR Mining, Inc.		35,403		333,851
Steel Dynamics, Inc.		25,896		3,125,388
U.S. Steel Corp.		36,952		1,737,483
				19,759,671
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.		108,880		1,032,182
Annaly Capital Management, Inc.		83,150		1,595,648
Rithm Capital Corp.		80,234		858,504
Starwood Property Trust, Inc.		49,947		1,015,423
			4,501,757
Multi-Utilities — 1.4%
Ameren Corp.		43,293		3,011,894
CenterPoint Energy, Inc.		106,561		2,977,314
Consolidated Edison, Inc.		58,272		5,296,925
DTE Energy Co.		34,269		3,612,638
NiSource, Inc.		69,517		1,805,356
Public Service Enterprise Group, Inc.		83,515		4,843,035
WEC Energy Group, Inc.		52,138		4,210,665
				25,757,827
Office REITs — 0.4%
Alexandria Real Estate Equities, Inc.		28,798		3,481,678
Boston Properties, Inc.		26,395		1,755,268
Cousins Properties, Inc.		25,607		586,656
Highwoods Properties, Inc.		17,255		396,347
Kilroy Realty Corp.		19,540		698,751
NET Lease Office Properties		2,340		57,985
Vornado Realty Trust		29,590		804,552
				7,781,237
Oil, Gas & Consumable Fuels — 3.9%
Antero Midstream Corp.		56,462		691,095
Antero Resources Corp.(a)		47,097		1,052,147
APA Corp.		50,578		1,584,609

16 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Cheniere Energy, Inc.		40,070	$	6,571,079
Chesapeake Energy Corp.		20,653		1,592,553
Coterra Energy, Inc.		125,339		3,118,434
Devon Energy Corp.		105,890		4,449,498
Diamondback Energy, Inc.		29,602		4,551,011
DT Midstream, Inc.(a)		16,455		883,469
EQT Corp.		60,520		2,142,408
Hess Corp.		46,339		6,512,020
HF Sinclair Corp.		24,389		1,377,735
Marathon Oil Corp.		100,324		2,292,403
New Fortress Energy, Inc., Class A		10,999		365,497
ONEOK, Inc.		96,151		6,562,306
Ovintiv, Inc.		43,141		1,830,041
Phillips 66		74,506		10,751,961
Range Resources Corp.		39,507		1,147,283
Southwestern Energy Co.(a)		182,702		1,178,428
Targa Resources Corp.		36,068		3,064,337
Texas Pacific Land Corp.		1,039		1,518,322
Williams Cos., Inc.		202,556		7,020,591
				70,257,227
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		10,701		712,152
Passenger Airlines — 0.7%
Alaska Air Group, Inc.(a)		20,877		748,023
American Airlines Group, Inc.(a)		109,496		1,558,128
Delta Air Lines, Inc.		105,124		4,114,553
Southwest Airlines Co.		99,806		2,983,201
United Airlines Holdings, Inc.(a)		54,844		2,269,445
				11,673,350
Personal Care Products(a) — 0.1%
Coty, Inc., Class A		63,442		766,379
Olaplex Holdings, Inc.		20,106		45,239
				811,618
Pharmaceuticals — 0.5%
Catalent, Inc.(a)(b)		30,061		1,552,350
Elanco Animal Health, Inc.(a)		82,983		1,223,170
Jazz Pharmaceuticals PLC(a)		10,310		1,265,243
Organon & Co.		43,509		724,425
Perrigo Co. PLC		22,842		732,771
Royalty Pharma PLC, Class A		62,479		1,773,779
Viatris, Inc.		201,103		2,366,982
				9,638,720
Professional Services — 2.7%
Booz Allen Hamilton Holding Corp., Class A		21,400		3,012,478
Broadridge Financial Solutions, Inc.		19,420		3,965,564
CACI International, Inc., Class A(a)		3,628		1,247,052
Ceridian HCM Holding, Inc.(a)(b)		24,810		1,724,791
Clarivate PLC(a)(b)		79,200		708,048
Concentrix Corp.		7,325		650,973
Dun & Bradstreet Holdings, Inc.		45,933		532,363
Equifax, Inc.		20,227		4,942,265
FTI Consulting, Inc.(a)		5,619		1,076,657
Genpact Ltd.		30,367		1,090,175
Jacobs Solutions, Inc.		21,122		2,846,612
KBR, Inc.		22,526		1,173,830
Leidos Holdings, Inc.		22,916		2,531,531
ManpowerGroup, Inc.		8,408		623,369
Paychex, Inc.		53,724		6,539,822
Paycom Software, Inc.		8,696		1,654,327
Paycor HCM, Inc.(a)(b)		10,841		210,641

Security	Shares		Value
Professional Services (continued)
Paylocity Holding Corp.(a)		6,995	$	1,108,078
Robert Half, Inc.		16,868		1,341,681
Science Applications International Corp.		9,035		1,153,408
SS&C Technologies Holdings, Inc.		36,496		2,226,986
TransUnion		32,452		2,245,354
Verisk Analytics, Inc.		23,754		5,737,304
				48,343,309
Real Estate Management & Development(a) — 0.8%
CBRE Group, Inc., Class A		50,500		4,358,655
CoStar Group, Inc.		67,128		5,603,845
Howard Hughes Holdings, Inc.(b)		4,573		366,206
Jones Lang LaSalle, Inc.		7,892		1,397,358
Zillow Group, Inc., Class A		9,310		512,888
Zillow Group, Inc., Class C		25,928		1,473,747
				13,712,699
Residential REITs — 1.5%
American Homes 4 Rent, Class A		55,926		1,960,206
Apartment Income REIT Corp.		24,923		814,733
AvalonBay Communities, Inc.		23,374		4,184,180
Camden Property Trust		17,468		1,639,197
Equity LifeStyle Properties, Inc.		29,830		2,019,193
Equity Residential		61,396		3,695,425
Essex Property Trust, Inc.		10,718		2,500,188
Invitation Homes, Inc.		100,422		3,306,897
Mid-America Apartment Communities, Inc.		19,493		2,463,525
Sun Communities, Inc.		20,631		2,586,096
UDR, Inc.		55,152		1,986,575
				27,156,215
Retail REITs — 1.3%
Agree Realty Corp.		16,701		995,547
Brixmor Property Group, Inc.		49,855		1,118,746
Federal Realty Investment Trust		13,640		1,387,597
Kimco Realty Corp.		110,242		2,226,888
NNN REIT, Inc.		30,627		1,235,493
Realty Income Corp.		137,410		7,473,730
Regency Centers Corp.		30,362		1,902,787
Simon Property Group, Inc.		53,798		7,456,941
				23,797,729
Semiconductors & Semiconductor Equipment — 2.7%
Allegro MicroSystems, Inc.(a)		12,912		334,937
Cirrus Logic, Inc.(a)		9,298		717,806
Enphase Energy, Inc.(a)		22,344		2,326,681
Entegris, Inc		25,068		2,950,504
First Solar, Inc.(a)		17,867		2,613,942
GLOBALFOUNDRIES, Inc.(a)(b)		13,251		728,540
Lattice Semiconductor Corp.(a)		22,973		1,398,137
Marvell Technology, Inc.		142,051		9,616,853
Microchip Technology, Inc.		89,352		7,611,003
MKS Instruments, Inc.		11,115		1,183,192
Monolithic Power Systems, Inc.		7,614		4,589,110
ON Semiconductor Corp.(a)		71,703		5,100,234
Qorvo, Inc.(a)		16,481		1,643,815
Skyworks Solutions, Inc.		26,036		2,719,720
Teradyne, Inc.		25,025		2,417,165
Universal Display Corp.		7,877		1,337,278
Wolfspeed, Inc.(a)(b)		20,652		672,223
				47,961,140
Software — 4.9%
Alteryx, Inc., Class A(a)(b)		10,158		482,099
ANSYS, Inc.(a)		14,430		4,730,587

SCHEDULE OF INVESTMENTS 17

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
AppLovin Corp., Class A(a)		35,431	$	1,457,277
Aspen Technology, Inc.(a)		4,647		892,178
Bentley Systems, Inc., Class B		32,780		1,652,112
Bill Holdings, Inc.(a)(b)		17,099		1,334,577
CCC Intelligent Solutions Holdings, Inc.(a)		34,057		374,286
Confluent, Inc., Class A(a)(b)		31,157		696,671
Crowdstrike Holdings, Inc., Class A(a)		35,480		10,377,900
Datadog, Inc., Class A(a)		45,359		5,644,474
DocuSign, Inc.(a)		34,063		2,075,118
Dolby Laboratories, Inc., Class A		9,894		822,983
DoubleVerify Holdings, Inc.(a)		23,076		923,271
Dropbox, Inc., Class A(a)		43,436		1,376,052
Dynatrace, Inc.(a)		40,362		2,300,634
Elastic NV(a)		13,366		1,564,624
Fair Isaac Corp.(a)		4,037		4,839,677
Five9, Inc.(a)		12,055		914,492
Gen Digital, Inc.		93,040		2,184,579
Gitlab, Inc., Class A(a)		14,607		1,038,704
Guidewire Software, Inc.(a)		13,759		1,536,605
HashiCorp, Inc., Class A(a)		16,651		363,991
HubSpot, Inc.(a)(b)		7,535		4,603,885
Informatica, Inc., Class A(a)(b)		6,910		207,300
Klaviyo, Inc., Class A		—		—
Manhattan Associates, Inc.(a)		10,344		2,509,041
nCino, Inc.(a)		11,902		374,675
NCR Voyix Corp.(a)(b)		21,146		310,846
Nutanix, Inc., Class A(a)		40,948		2,301,278
Palantir Technologies, Inc., Class A(a)		316,891		5,098,776
Pegasystems, Inc.		7,179		349,904
Procore Technologies, Inc.(a)		13,410		957,340
PTC, Inc.(a)		19,233		3,474,441
RingCentral, Inc., Class A(a)		14,542		492,828
SentinelOne, Inc., Class A(a)		39,372		1,055,170
Smartsheet, Inc., Class A(a)		21,556		969,373
Splunk, Inc.(a)		25,854		3,965,228
Teradata Corp.(a)		16,966		783,490
Tyler Technologies, Inc.(a)		6,866		2,902,601
UiPath, Inc., Class A(a)(b)		64,121		1,473,501
Unity Software, Inc.(a)(b)		49,069		1,589,836
Zoom Video Communications, Inc., Class A(a)		41,656		2,691,394
Zscaler, Inc.(a)		14,617		3,444,788
				87,138,586
Specialized REITs — 1.7%
CubeSmart		37,670		1,628,097
Digital Realty Trust, Inc.		50,247		7,057,694
EPR Properties		12,475		552,268
Extra Space Storage, Inc.		34,695		5,011,346
Gaming and Leisure Properties, Inc.		43,114		1,968,154
Iron Mountain, Inc.		48,096		3,247,442
Lamar Advertising Co., Class A		14,636		1,532,096
National Storage Affiliates Trust		13,514		504,748
Rayonier, Inc.		24,759		750,198
SBA Communications Corp.		17,790		3,982,469
Weyerhaeuser Co.		122,979		4,030,022
				30,264,534
Specialty Retail — 2.2%
Advance Auto Parts, Inc.		9,888		661,013
AutoNation, Inc.(a)(b)		4,917		686,708
Bath & Body Works, Inc.		38,663		1,649,364
Best Buy Co., Inc.		32,709		2,371,075

Security	Shares		Value
Specialty Retail (continued)
Burlington Stores, Inc.(a)(b)		10,861	$	2,076,080
CarMax, Inc.(a)(b)		26,564		1,890,826
Dick’s Sporting Goods, Inc.		10,134		1,510,675
Five Below, Inc.(a)		9,211		1,653,006
Floor & Decor Holdings, Inc., Class A(a)(b)		17,508		1,760,604
GameStop Corp., Class A(a)(b)		44,672		635,683
Gap, Inc.		33,035		617,424
Lithia Motors, Inc., Class A		4,569		1,347,170
Murphy USA, Inc.		3,291		1,160,143
Penske Automotive Group, Inc.(b)		3,346		496,446
Petco Health & Wellness Co., Inc.(a)		13,018		31,113
RH(a)		2,475		627,363
Ross Stores, Inc.		55,633		7,804,197
Tractor Supply Co.		17,920		4,024,832
Ulta Beauty, Inc.(a)		8,139		4,086,185
Valvoline, Inc.(a)		23,322		851,020
Victoria’s Secret & Co.(a)		12,913		336,384
Wayfair, Inc., Class A(a)(b)		13,731		689,983
Williams-Sonoma, Inc.		10,695		2,068,306
				39,035,600
Technology Hardware, Storage & Peripherals — 0.9%
Hewlett Packard Enterprise Co.		212,805		3,253,789
HP, Inc.		145,096		4,165,706
NetApp, Inc.		35,387		3,085,746
Pure Storage, Inc., Class A(a)		47,996		1,919,360
Western Digital Corp.(a)		53,308		3,051,883
				15,476,484
Textiles, Apparel & Luxury Goods — 0.7%
Birkenstock Holding PLC(a)(b)		5,013		232,553
Capri Holdings Ltd.(a)		18,581		905,638
Carter’s, Inc.		6,166		466,396
Columbia Sportswear Co.		5,952		471,756
Crocs, Inc.(a)		10,195		1,034,589
Deckers Outdoor Corp.(a)		4,399		3,315,658
PVH Corp.		9,792		1,177,586
Ralph Lauren Corp., Class A		6,712		964,313
Skechers USA, Inc., Class A(a)		22,331		1,394,348
Tapestry, Inc.		36,665		1,422,235
Under Armour, Inc., Class A(a)		32,202		245,379
Under Armour, Inc., Class C(a)		34,442		254,871
VF Corp.		58,413		961,478
				12,846,800
Trading Companies & Distributors — 1.9%
Air Lease Corp., Class A		17,349		725,362
Core & Main, Inc., Class A(a)		25,398		1,049,191
Fastenal Co.		95,064		6,486,217
Ferguson PLC		34,082		6,402,645
MSC Industrial Direct Co., Inc., Class A		7,697		759,540
SiteOne Landscape Supply, Inc.(a)		7,418		1,146,452
United Rentals, Inc.		11,250		7,035,750
Watsco, Inc.		5,573		2,178,932
WESCO International, Inc.		7,474		1,296,888
WW Grainger, Inc.		7,371		6,601,762
				33,682,739

18 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024   iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Water Utilities — 0.3%
American Water Works Co., Inc.		32,015	$	3,970,500
Essential Utilities, Inc.		40,909		1,466,997
				5,437,497
Total Common Stocks — 97.5% (Cost: $1,211,537,512)				1,743,751,147
Investment Companies
Equity Funds — 1.1%
iShares Russell Mid-Cap ETF(d)		251,878		19,301,411
Total Investment Companies — 1.1% (Cost: $19,229,809)				19,301,411
Total Long-Term Investments — 98.6% (Cost: $1,230,767,321)				1,763,052,558
Short-Term Securities
Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		49,371,747		49,401,369
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e)		23,126,279		23,126,279
Total Short-Term Securities — 4.1% (Cost: $72,515,543)				72,527,648
Total Investments — 102.7% (Cost: $1,303,282,864)				1,835,580,206
Liabilities in Excess of Other Assets — (2.7)%				(47,887,576	)
Net Assets — 100.0%			$	1,787,692,630

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	43,582,836	$	5,799,847	(a)	$	—		$	6,890	$	11,796		$	49,401,369		49,371,747	$	223,035	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		11,395,519		11,730,760	(a)		—			—		—			23,126,279		23,126,279		344,137			—
iShares Russell Mid-Cap ETF		21,270,589		90,558,835			(92,337,845	)		1,092,944		(1,283,112	)		19,301,411		251,878		133,564			—
									$	1,099,834	$	(1,271,316	)	$	91,829,059			$	700,736		$	—

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

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

SCHEDULE   OF  INVESTMENTS 19

Schedule of Investments (unaudited) (continued) January 31, 2024   iShares Russell Mid-Cap Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		26		03/15/24	$	6,332	$	157,879
S&P Mid 400 E-Mini Index		62		03/15/24		17,008		100,315
							$	258,194

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)	$	—	$	—	$	258,194	$	—	$	—	$	—	$	258,194

^(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, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	1,300,834		$	—	$	—	$	—	$	1,300,834
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(499,391	)	$	—	$	—	$	—	$	(499,391)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	21,638,624

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	$	29,563,835	$	—	$	—	$	29,563,835
Air Freight & Logistics		5,769,856		—		—		5,769,856
Automobile Components		8,129,985		—		—		8,129,985
Automobiles		3,804,790		—		—		3,804,790

20 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024   iShares Russell Mid-Cap Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Banks	$	43,341,250	$	—	$	—	$	43,341,250
Beverages		5,742,528		—		—		5,742,528
Biotechnology		29,309,724		—		—		29,309,724
Broadline Retail		10,004,968		—		—		10,004,968
Building Products		40,119,158		—		—		40,119,158
Capital Markets		86,246,217		—		—		86,246,217
Chemicals		44,284,895		—		—		44,284,895
Commercial Services & Supplies		30,465,094		—		—		30,465,094
Communications Equipment		6,191,987		—		—		6,191,987
Construction & Engineering		11,892,782		—		—		11,892,782
Construction Materials		11,427,348		—		—		11,427,348
Consumer Finance		12,104,607		—		—		12,104,607
Consumer Staples Distribution & Retail		20,925,487		—		—		20,925,487
Containers & Packaging		22,163,047		19,816		—		22,182,863
Distributors		7,758,918		—		—		7,758,918
Diversified Consumer Services		4,733,285		—		—		4,733,285
Diversified REITs		7,313,657		—		—		7,313,657
Diversified Telecommunication Services		1,781,250		—		—		1,781,250
Electric Utilities		47,658,202		—		—		47,658,202
Electrical Equipment		24,617,910		—		—		24,617,910
Electronic Equipment, Instruments & Components		41,192,624		—		—		41,192,624
Energy Equipment & Services		12,862,083		—		—		12,862,083
Entertainment		30,970,239		—		—		30,970,239
Financial Services		42,494,758		—		—		42,494,758
Food Products		24,786,074		—		—		24,786,074
Gas Utilities		4,251,655		—		—		4,251,655
Ground Transportation		19,095,683		—		—		19,095,683
Health Care Equipment & Supplies		54,304,014		—		—		54,304,014
Health Care Providers & Services		30,684,405		—		—		30,684,405
Health Care REITs		15,079,794		—		—		15,079,794
Health Care Technology		6,384,192		—		—		6,384,192
Hotel & Resort REITs		2,825,766		—		—		2,825,766
Hotels, Restaurants & Leisure		59,402,570		—		—		59,402,570
Household Durables		32,205,669		—		—		32,205,669
Household Products		7,727,907		—		—		7,727,907
Independent Power and Renewable Electricity Producers		5,443,488		—		—		5,443,488
Industrial REITs		6,647,044		—		—		6,647,044
Insurance		87,777,758		—		—		87,777,758
Interactive Media & Services		7,264,438		—		—		7,264,438
IT Services		40,861,055		—		—		40,861,055
Leisure Products		3,891,244		—		—		3,891,244
Life Sciences Tools & Services		49,283,174		—		—		49,283,174
Machinery		84,607,116		—		—		84,607,116
Marine Transportation		781,173		—		—		781,173
Media		21,809,737		—		—		21,809,737
Metals & Mining		19,759,671		—		—		19,759,671
Mortgage Real Estate Investment Trusts (REITs)		4,501,757		—		—		4,501,757
Multi-Utilities		25,757,827		—		—		25,757,827
Office REITs		7,781,237		—		—		7,781,237
Oil, Gas & Consumable Fuels		70,257,227		—		—		70,257,227
Paper & Forest Products		712,152		—		—		712,152
Passenger Airlines		11,673,350		—		—		11,673,350
Personal Care Products		811,618		—		—		811,618
Pharmaceuticals		9,638,720		—		—		9,638,720
Professional Services		48,343,309		—		—		48,343,309
Real Estate Management & Development		13,712,699		—		—		13,712,699
Residential REITs		27,156,215		—		—		27,156,215
Retail REITs		23,797,729		—		—		23,797,729
Semiconductors & Semiconductor Equipment		47,961,140		—		—		47,961,140
Software		87,138,586		—		—		87,138,586
Specialized REITs		30,264,534		—		—		30,264,534
Specialty Retail		39,035,600		—		—		39,035,600
Technology Hardware, Storage & Peripherals		15,476,484		—		—		15,476,484

SCHEDULE   OF  INVESTMENTS 21

Schedule of Investments (unaudited) (continued) January 31, 2024   iShares Russell Mid-Cap Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Textiles, Apparel & Luxury Goods	$	12,846,800	$	—	$	—	$	12,846,800
Trading Companies & Distributors		33,682,739		—		—		33,682,739
Water Utilities		5,437,497		—		—		5,437,497
Investment Companies		19,301,411		—		—		19,301,411
Short-Term Securities
Money Market Funds		72,527,648		—		—		72,527,648
	$	1,835,560,390	$	19,816	$	—	$	1,835,580,206
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	258,194	$	—	$	—	$	258,194

^(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 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)  January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.7%
AAR Corp.(a)		2,864	$	174,189
AeroVironment, Inc.(a)		2,197		265,046
AerSale Corp.(a)(b)		2,489		23,148
Archer Aviation, Inc., Class A(a)(b)		12,943		62,515
Astronics Corp.(a)		2,206		37,303
Axon Enterprise, Inc.(a)		6,103		1,520,013
BWX Technologies, Inc.		7,766		632,774
Cadre Holdings, Inc.		1,840		62,542
Curtiss-Wright Corp.		3,351		745,832
Ducommun, Inc.(a)		1,109		54,729
Eve Holding, Inc., Class A		1,499		9,294
Hexcel Corp.		7,183		476,879
Huntington Ingalls Industries, Inc.		3,462		896,381
Kaman Corp.		2,345		105,642
Kratos Defense & Security Solutions, Inc.(a)		10,791		182,692
Leonardo DRS, Inc.(a)		5,837		113,296
Mercury Systems, Inc.(a)		4,573		135,635
Moog, Inc., Class A		2,406		336,359
National Presto Industries, Inc.		529		41,881
Park Aerospace Corp.		1,544		22,774
Redwire Corp.(a)(b)		1,269		3,680
Rocket Lab USA, Inc., Class A(a)(b)		23,606		114,489
Spirit AeroSystems Holdings, Inc., Class A(a)		8,928		245,163
Terran Orbital Corp., Class A(a)		14,997		12,413
Textron, Inc.		17,090		1,447,694
Triumph Group, Inc.(a)		5,847		94,721
V2X, Inc.(a)		1,049		40,796
Virgin Galactic Holdings, Inc., Class A(a)(b)		27,030		48,113
Woodward, Inc.		5,222		719,435
				8,625,428
Air Freight & Logistics — 0.2%
Air Transport Services Group, Inc.(a)(b)		4,754		73,639
Forward Air Corp.		2,176		96,462
GXO Logistics, Inc.(a)		9,994		543,474
Hub Group, Inc., Class A(a)		5,338		241,705
Radiant Logistics, Inc.(a)(b)		4,349		26,703
				981,983
Automobile Components — 1.0%
Adient PLC(a)		8,408		291,842
American Axle & Manufacturing Holdings, Inc.(a)		9,666		78,198
Atmus Filtration Technologies, Inc.(a)		1,603		35,795
BorgWarner, Inc.		19,948		676,237
Cooper-Standard Holdings, Inc.(a)		1,653		29,076
Dana, Inc.		11,042		149,730
Dorman Products, Inc.(a)		2,405		195,791
Fox Factory Holding Corp.(a)		3,835		241,758
Gentex Corp.		19,944		660,745
Gentherm, Inc.(a)(b)		2,732		131,546
Goodyear Tire & Rubber Co.(a)		23,858		332,580
Holley, Inc.(a)		4,184		19,958
LCI Industries		2,096		233,243
Lear Corp.		5,088		676,195
Luminar Technologies, Inc., Class A(a)(b)		22,911		62,318
Modine Manufacturing Co.(a)		4,359		301,163
Patrick Industries, Inc.		1,856		186,324
Phinia, Inc.		3,970		120,053
QuantumScape Corp., Class A(a)(b)		28,865		196,571
Solid Power, Inc., Class A(a)		8,431		13,658
Standard Motor Products, Inc.		1,917		77,351

Security	Shares		Value
Automobile Components (continued)
Stoneridge, Inc.(a)		2,287	$	40,686
Visteon Corp.(a)		2,446		281,999
XPEL, Inc.(a)		1,898		101,448
				5,134,265
Automobiles — 0.2%
Fisker, Inc., Class A(a)(b)		20,403		16,371
Harley-Davidson, Inc.		10,991		356,658
Livewire Group, Inc.(b)		1,368		13,571
Thor Industries, Inc.		4,520		510,850
Winnebago Industries, Inc.		2,459		161,606
Workhorse Group, Inc.(a)(b)		11,058		2,930
				1,061,986
Banks — 6.1%
1st Source Corp.		1,396		72,969
ACNB Corp.		623		24,316
Amalgamated Financial Corp.		1,508		40,052
Amerant Bancorp, Inc., Class A		2,093		47,323
American National Bankshares, Inc.		1,051		47,600
Ameris Bancorp		5,635		279,721
Ames National Corp.		787		16,637
Arrow Financial Corp.		1,522		38,339
Associated Banc-Corp.		13,721		288,278
Atlantic Union Bankshares Corp.		6,325		216,062
Axos Financial, Inc.(a)		4,719		261,574
Banc of California, Inc.		11,143		153,551
BancFirst Corp.		1,862		164,806
Bancorp, Inc.(a)		4,406		192,278
Bank First Corp.		781		65,948
Bank of Hawaii Corp.		3,434		217,132
Bank of Marin Bancorp		1,119		21,910
Bank of NT Butterfield & Son Ltd.		4,654		141,156
Bank OZK		9,167		413,523
Bank7 Corp.		597		16,686
BankUnited, Inc.		6,157		173,997
Bankwell Financial Group, Inc.		556		15,429
Banner Corp.		2,097		97,678
Bar Harbor Bankshares		1,403		36,913
BayCom Corp.		1,153		23,533
BCB Bancorp, Inc.		1,620		20,120
Berkshire Hills Bancorp, Inc.		2,657		63,768
Blue Foundry Bancorp(a)(b)		2,426		23,144
Blue Ridge Bankshares, Inc.		1,856		4,640
BOK Financial Corp.		2,438		204,402
Bridgewater Bancshares, Inc.(a)		2,254		28,198
Brookline Bancorp, Inc.		7,960		86,127
Burke & Herbert Financial Services Corp.		605		35,332
Business First Bancshares, Inc.		2,053		46,295
Byline Bancorp, Inc.		1,872		40,884
C&F Financial Corp.		302		16,761
Cadence Bank		10,103		268,942
Cambridge Bancorp		732		50,208
Camden National Corp.		1,436		51,739
Capital Bancorp, Inc.		914		19,889
Capital City Bank Group, Inc.		1,151		32,896
Capitol Federal Financial, Inc.		10,269		65,105
Capstar Financial Holdings, Inc.		1,503		27,340
Carter Bankshares, Inc.(a)		1,649		23,845
Cathay General Bancorp		6,006		247,267
Central Pacific Financial Corp.		715		13,778
Central Valley Community Bancorp		1,115		21,653
Chemung Financial Corp.		491		22,841

SCHEDULE OF INVESTMENTS 23

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
ChoiceOne Financial Services, Inc.		665	$	17,742
Citizens & Northern Corp.		1,219		24,709
Citizens Financial Services, Inc.		369		21,605
City Holding Co.		956		97,713
Civista Bancshares, Inc.		1,960		33,496
CNB Financial Corp.		1,839		39,263
Coastal Financial Corp.(a)		973		38,823
Codorus Valley Bancorp, Inc.		1,095		25,809
Colony Bankcorp, Inc.		2,154		26,343
Columbia Banking System, Inc.		18,438		371,710
Columbia Financial, Inc.(a)		2,551		45,867
Comerica, Inc.		11,594		609,613
Commerce Bancshares, Inc.		10,273		535,429
Community Bank System, Inc.		4,008		183,446
Community Trust Bancorp, Inc.		1,337		55,486
ConnectOne Bancorp, Inc.		3,146		71,855
CrossFirst Bankshares, Inc.(a)		3,916		55,294
Cullen/Frost Bankers, Inc.		5,065		537,498
Customers Bancorp, Inc.(a)		2,352		125,691
CVB Financial Corp.		10,864		182,189
Dime Community Bancshares, Inc.		2,960		67,518
Eagle Bancorp, Inc.		2,713		67,255
East West Bancorp, Inc.		12,262		892,796
Eastern Bankshares, Inc.		13,223		184,593
Enterprise Bancorp, Inc.		891		25,322
Enterprise Financial Services Corp.		3,137		130,593
Equity Bancshares, Inc., Class A		1,061		34,854
Esquire Financial Holdings, Inc.		460		22,936
ESSA Bancorp, Inc.		950		18,060
Evans Bancorp, Inc.		336		9,902
Farmers & Merchants Bancorp, Inc.		1,213		27,414
Farmers National Banc Corp.		3,257		44,686
FB Financial Corp.		3,058		113,911
Fidelity D&D Bancorp, Inc.		438		21,786
Financial Institutions, Inc.		1,783		37,265
First Bancorp, Inc.		1,358		33,950
First BanCorp./Puerto Rico		14,805		246,947
First Bancorp/Southern Pines NC		3,377		116,709
First Bancshares, Inc.		2,560		65,101
First Bank/Hamilton		1,983		27,246
First Busey Corp.		4,493		105,765
First Business Financial Services, Inc.		942		34,637
First Citizens BancShares, Inc., Class A		943		1,423,930
First Commonwealth Financial Corp.		8,601		120,500
First Community Bankshares, Inc.		1,457		49,946
First Community Corp.		806		15,072
First Financial Bancorp		8,114		181,916
First Financial Bankshares, Inc.		11,530		360,082
First Financial Corp.		905		35,675
First Foundation, Inc.		4,769		45,401
First Hawaiian, Inc.		11,047		239,609
First Horizon Corp.		48,635		692,562
First Interstate BancSystem, Inc., Class A		7,547		207,693
First Merchants Corp.		5,156		174,324
First Mid Bancshares, Inc.		1,914		60,234
First of Long Island Corp.		2,146		25,795
First Western Financial, Inc.(a)		903		15,396
Five Star Bancorp		1,103		26,284
Flushing Financial Corp.		2,690		43,121
FNB Corp.		32,189		424,251
FS Bancorp, Inc.		686		25,259
Fulton Financial Corp.		13,747		214,316
FVCBankcorp, Inc.(a)(b)		1,981		24,307

Security	Shares		Value
Banks (continued)
German American Bancorp, Inc.		2,031	$	67,287
Glacier Bancorp, Inc.		9,826		379,873
Great Southern Bancorp, Inc.		819		42,662
Greene County Bancorp, Inc.		454		11,350
Guaranty Bancshares, Inc.		871		26,557
Hancock Whitney Corp.		7,407		334,130
Hanmi Financial Corp.		1,558		26,097
HarborOne Bancorp, Inc.		3,371		36,811
HBT Financial, Inc.		1,210		23,559
Heartland Financial USA, Inc.		3,667		130,068
Heritage Commerce Corp.		5,289		47,019
Heritage Financial Corp.		2,711		54,627
Hilltop Holdings, Inc.		4,463		140,540
Hingham Institution For Savings The(b)		156		28,838
Home Bancorp, Inc.		697		27,755
Home BancShares, Inc.		16,773		393,159
HomeStreet, Inc.		2,373		32,652
HomeTrust Bancshares, Inc.		1,226		33,286
Hope Bancorp, Inc.		10,109		112,008
Horizon Bancorp, Inc.		3,931		51,535
Independent Bank Corp.		5,304		242,944
Independent Bank Group, Inc.		3,097		149,740
International Bancshares Corp.		4,566		241,359
John Marshall Bancorp, Inc.		1,078		20,482
Kearny Financial Corp.		4,787		34,610
Lakeland Bancorp, Inc.		5,430		72,165
Lakeland Financial Corp.		2,148		143,830
LCNB Corp.		1,249		18,448
Live Oak Bancshares, Inc.		2,873		104,491
Luther Burbank Corp.		2,864		27,494
Macatawa Bank Corp.		2,754		29,358
MainStreet Bancshares, Inc.		726		13,446
Mercantile Bank Corp.		1,240		49,712
Metrocity Bankshares, Inc.		1,892		45,219
Metropolitan Bank Holding Corp.(a)		972		47,132
Mid Penn Bancorp, Inc.		1,482		31,685
Middlefield Banc Corp.		713		18,823
Midland States Bancorp, Inc.		1,355		35,582
MidWestOne Financial Group, Inc.		1,478		37,689
MVB Financial Corp.		1,052		22,544
National Bank Holdings Corp., Class A		2,537		88,795
National Bankshares, Inc.		695		22,421
NBT Bancorp, Inc.		3,912		139,150
New York Community Bancorp, Inc., Class A		62,456		404,090
Nicolet Bankshares, Inc.		1,078		83,836
Northeast Bank		725		39,752
Northeast Community Bancorp, Inc.		1,276		21,985
Northfield Bancorp, Inc.		3,761		45,245
Northrim BanCorp, Inc.		495		25,012
Northwest Bancshares, Inc.		9,322		115,313
Norwood Financial Corp.		738		20,214
Oak Valley Bancorp		584		15,213
OceanFirst Financial Corp.		5,030		86,667
OFG Bancorp		3,860		141,932
Old National Bancorp		25,841		425,601
Old Second Bancorp, Inc.		3,615		49,236
Orange County Bancorp, Inc.		525		25,484
Origin Bancorp, Inc.		2,464		75,152
Orrstown Financial Services, Inc.		947		26,213
Pacific Premier Bancorp, Inc.		8,415		213,489
Park National Corp.		1,229		160,606
Parke Bancorp, Inc.		1,420		26,284
Pathward Financial, Inc.		2,119		109,722

24 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
PCB Bancorp		1,439	$	24,103
Peapack-Gladstone Financial Corp.		1,734		47,824
Penns Woods Bancorp, Inc.		765		16,493
Peoples Bancorp, Inc.		2,971		87,050
Peoples Financial Services Corp.		808		35,318
Pinnacle Financial Partners, Inc.		6,622		585,252
Pioneer Bancorp, Inc./New York(a)		2,062		20,105
Plumas Bancorp		513		18,099
Ponce Financial Group, Inc.(a)		2,258		20,457
Popular, Inc.		6,252		534,233
Preferred Bank/Los Angeles CA		621		44,613
Premier Financial Corp.		3,038		63,464
Primis Financial Corp.		2,009		26,519
Princeton Bancorp, Inc.		518		16,918
Prosperity Bancshares, Inc.		7,676		490,573
Provident Financial Services, Inc.		5,360		88,708
QCR Holdings, Inc.		1,415		82,650
RBB Bancorp		1,364		24,129
Red River Bancshares, Inc.		331		16,951
Renasant Corp.		4,602		145,561
Republic Bancorp, Inc., Class A		714		36,550
S&T Bancorp, Inc.		3,166		105,554
Sandy Spring Bancorp, Inc.		3,832		93,424
Seacoast Banking Corp. of Florida		7,022		172,460
ServisFirst Bancshares, Inc.		4,320		290,045
Shore Bancshares, Inc.		2,600		33,644
Sierra Bancorp		1,347		27,950
Simmons First National Corp., Class A		10,514		199,871
SmartFinancial, Inc.		1,510		35,123
South Plains Financial, Inc.		1,128		30,546
Southern First Bancshares, Inc.(a)		734		27,518
Southern Missouri Bancorp, Inc.		811		35,368
Southern States Bancshares, Inc.		697		17,815
Southside Bancshares, Inc.		2,682		83,947
SouthState Corp.		6,669		554,194
Stellar Bancorp, Inc.		4,092		102,423
Sterling Bancorp, Inc.(a)		2,210		11,956
Stock Yards Bancorp, Inc.		2,303		114,505
Summit Financial Group, Inc.		1,259		35,617
Synovus Financial Corp.		12,866		484,534
Texas Capital Bancshares, Inc.(a)(b)		4,300		262,300
TFS Financial Corp.		4,817		64,162
Third Coast Bancshares, Inc.(a)		1,374		26,106
Timberland Bancorp, Inc.		592		16,558
Tompkins Financial Corp.		1,201		59,317
Towne Bank		6,581		184,992
TriCo Bancshares		2,681		97,454
Triumph Financial, Inc.(a)		1,882		132,963
TrustCo Bank Corp./New York		1,633		47,194
Trustmark Corp.		5,201		140,375
UMB Financial Corp.		3,951		325,957
United Bankshares, Inc.		11,113		398,401
United Community Banks, Inc.		9,812		268,260
Unity Bancorp, Inc.		988		27,061
Univest Financial Corp.		2,520		53,525
USCB Financial Holdings, Inc., Class A(a)		1,092		13,246
Valley National Bancorp		36,905		355,026
Veritex Holdings, Inc.		3,592		75,468
Virginia National Bankshares Corp.		559		18,453
WaFd, Inc.		5,614		163,031
Washington Trust Bancorp, Inc.		1,298		36,097
Webster Financial Corp.		14,998		742,101

Security	Shares		Value
Banks (continued)
WesBanco, Inc.		4,980	$	146,113
West BanCorp, Inc.		1,504		28,290
Westamerica BanCorp		2,148		102,503
Western Alliance Bancorp		9,249		591,566
Wintrust Financial Corp.		5,375		521,267
WSFS Financial Corp.		5,171		230,161
Zions Bancorp NA		12,472		522,577
				30,597,651
Beverages — 0.3%
Boston Beer Co., Inc., Class A(a)		801		279,765
Celsius Holdings, Inc.(a)(b)		12,566		627,044
Coca-Cola Consolidated, Inc.		424		365,229
Duckhorn Portfolio, Inc.(a)		3,577		30,870
MGP Ingredients, Inc.(b)		1,341		113,918
National Beverage Corp.(a)		2,191		101,312
Primo Water Corp.		13,323		194,249
Vita Coco Co., Inc.(a)		2,329		45,858
Zevia PBC, Class A(a)(b)		3,090		5,253
				1,763,498
Biotechnology — 4.8%
2seventy bio, Inc.(a)		4,921		25,294
4D Molecular Therapeutics, Inc.(a)		3,470		59,857
89bio, Inc.(a)		5,088		50,371
Aadi Bioscience, Inc.(a)		1,176		2,164
ACADIA Pharmaceuticals, Inc.(a)		10,264		265,940
ACELYRIN, Inc.(a)		3,199		24,376
Acrivon Therapeutics, Inc.(a)		791		2,887
Actinium Pharmaceuticals, Inc.(a)(b)		2,431		13,079
Adicet Bio, Inc.(a)		2,792		8,348
ADMA Biologics, Inc.(a)		16,482		85,542
Aerovate Therapeutics, Inc.(a)		826		15,950
Agenus, Inc.(a)		36,200		24,153
Agios Pharmaceuticals, Inc.(a)		4,663		105,477
Akero Therapeutics, Inc.(a)		4,257		91,994
Aldeyra Therapeutics, Inc.(a)		4,115		12,880
Alector, Inc.(a)		5,622		33,507
Alkermes PLC(a)(b)		14,018		379,187
Allakos, Inc.(a)		6,281		7,977
Allogene Therapeutics, Inc.(a)(b)		7,422		26,125
Allovir, Inc.(a)		3,368		2,425
Alpine Immune Sciences, Inc.(a)		2,724		72,486
Altimmune, Inc.(a)		5,530		52,203
ALX Oncology Holdings, Inc.(a)		2,862		41,241
Amicus Therapeutics, Inc.(a)		24,016		298,519
AnaptysBio, Inc.(a)		1,790		42,244
Anavex Life Sciences Corp.(a)(b)		6,135		36,626
Anika Therapeutics, Inc.(a)		1,127		26,507
Annexon, Inc.(a)		4,619		19,192
Apellis Pharmaceuticals, Inc.(a)(b)		8,868		561,256
Apogee Therapeutics, Inc.(b)		1,900		63,650
Arbutus Biopharma Corp.(a)		9,788		23,198
Arcellx, Inc.(a)		3,246		200,733
Arcturus Therapeutics Holdings, Inc.(a)(b)		1,974		65,083
Arcus Biosciences, Inc.(a)		4,466		67,615
Arcutis Biotherapeutics, Inc.(a)(b)		5,373		31,540
Ardelyx, Inc.(a)(b)		19,536		170,549
Arrowhead Pharmaceuticals, Inc.(a)		10,279		329,956
ARS Pharmaceuticals, Inc.(a)(b)		2,393		14,861
Astria Therapeutics, Inc.(a)		2,352		30,647
Atara Biotherapeutics, Inc.(a)		7,980		4,976
Aura Biosciences, Inc.(a)		3,223		24,817
Aurinia Pharmaceuticals, Inc.(a)(b)		11,455		86,371

SCHEDULE OF INVESTMENTS 25

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Avid Bioservices, Inc.(a)(b)		6,424	$	43,490
Avidity Biosciences, Inc.(a)		6,136		75,043
Avita Medical, Inc.(a)		2,241		37,559
Beam Therapeutics, Inc.(a)(b)		6,118		149,279
BioAtla, Inc.(a)		4,713		9,025
BioCryst Pharmaceuticals, Inc.(a)(b)		15,647		82,929
Biohaven Ltd.(a)		5,796		257,806
Biomea Fusion, Inc.(a)		1,744		31,532
Bioxcel Therapeutics, Inc.(a)(b)		1,512		4,869
Bluebird Bio, Inc.(a)		12,503		12,753
Blueprint Medicines Corp.(a)		5,333		424,133
Bridgebio Pharma, Inc.(a)(b)		10,106		346,535
Cabaletta Bio, Inc.(a)		3,420		70,042
CareDx, Inc.(a)		4,398		37,647
Caribou Biosciences, Inc.(a)(b)		7,630		46,772
Carisma Therapeutics, Inc.		2,521		5,294
Cartesian Therapeutics, Inc.(a)		12,002		8,641
Catalyst Pharmaceuticals, Inc.(a)		8,494		122,314
Celcuity, Inc.(a)		1,519		22,937
Celldex Therapeutics, Inc.(a)(b)		3,929		138,379
Century Therapeutics, Inc.(a)		2,020		8,646
Cerevel Therapeutics Holdings, Inc.(a)		5,922		248,132
Cogent Biosciences, Inc.(a)		8,121		35,976
Coherus Biosciences, Inc.(a)(b)		9,807		21,085
Compass Therapeutics, Inc.(a)		8,222		10,689
Crinetics Pharmaceuticals, Inc.(a)		5,524		201,516
Cue Biopharma, Inc.(a)(b)		3,595		9,491
Cullinan Oncology, Inc.(a)		2,395		36,260
Cytokinetics, Inc.(a)		8,071		630,587
Day One Biopharmaceuticals, Inc.(a)		5,054		76,063
Deciphera Pharmaceuticals, Inc.(a)		4,705		67,376
Denali Therapeutics, Inc.(a)		9,964		159,524
Design Therapeutics, Inc.(a)		2,956		7,006
Disc Medicine, Inc.(a)		690		45,367
Dynavax Technologies Corp.(a)(b)		10,965		141,668
Dyne Therapeutics, Inc.(a)		4,164		89,110
Eagle Pharmaceuticals, Inc.(a)		868		5,086
Editas Medicine, Inc.(a)(b)		6,660		46,820
Emergent BioSolutions, Inc.(a)		4,266		7,124
Enanta Pharmaceuticals, Inc.(a)		1,765		21,445
Entrada Therapeutics, Inc.(a)		1,908		27,800
Erasca, Inc.(a)		5,122		8,554
Exact Sciences Corp.(a)		15,493		1,013,242
Exelixis, Inc.(a)		26,865		584,582
Fate Therapeutics, Inc.(a)		7,272		44,796
Fennec Pharmaceuticals, Inc.(a)		1,521		15,195
FibroGen, Inc.(a)(b)		7,626		14,642
Foghorn Therapeutics, Inc.(a)		2,783		8,850
Genelux Corp.(a)		1,767		18,695
Generation Bio Co.(a)		3,492		6,565
Geron Corp.(a)		41,780		76,875
Graphite Bio, Inc.(a)		5,402		14,693
Gritstone bio, Inc.(a)		8,838		21,123
Halozyme Therapeutics, Inc.(a)		10,972		371,402
Heron Therapeutics, Inc.(a)		7,502		18,080
HilleVax, Inc.(a)		2,319		32,860
Humacyte, Inc.(a)		5,597		18,582
Icosavax, Inc.(a)		2,854		43,695
Ideaya Biosciences, Inc.(a)(b)		5,092		221,655
IGM Biosciences, Inc.(a)		1,078		11,341
Immuneering Corp., Class A(a)		1,961		11,511
ImmunityBio, Inc.(a)(b)		12,478		41,926
ImmunoGen, Inc.(a)		20,813		610,237

Security	Shares		Value
Biotechnology (continued)
Immunovant, Inc.(a)		4,944	$	180,011
Inhibrx, Inc.(a)		2,904		111,891
Inozyme Pharma, Inc.(a)		3,298		18,139
Insmed, Inc.(a)(b)		11,678		324,648
Intellia Therapeutics, Inc.(a)		7,439		177,197
Ionis Pharmaceuticals, Inc.(a)		12,155		624,645
Iovance Biotherapeutics, Inc.(a)(b)		19,416		150,086
Ironwood Pharmaceuticals, Inc., Class A(a)		11,739		166,576
iTeos Therapeutics, Inc.(a)		2,302		22,905
Janux Therapeutics, Inc.(a)		1,375		11,770
KalVista Pharmaceuticals, Inc.(a)		2,079		32,786
Karuna Therapeutics, Inc.(a)		3,085		966,901
Karyopharm Therapeutics, Inc.(a)		18,357		13,777
Keros Therapeutics, Inc.(a)		2,032		112,492
Kezar Life Sciences, Inc.(a)(b)		4,775		4,725
Kiniksa Pharmaceuticals Ltd., Class A(a)		3,117		54,953
Kodiak Sciences, Inc.(a)		2,614		10,482
Krystal Biotech, Inc.(a)(b)		1,825		203,031
Kura Oncology, Inc.(a)		5,887		118,564
Kymera Therapeutics, Inc.(a)(b)		3,210		105,224
Larimar Therapeutics, Inc.(a)		845		4,893
Lexicon Pharmaceuticals, Inc.(a)(b)		8,558		16,003
Lineage Cell Therapeutics, Inc.(a)		13,121		12,204
Lyell Immunopharma, Inc.(a)		14,969		27,393
MacroGenics, Inc.(a)(b)		5,789		82,783
Madrigal Pharmaceuticals, Inc.(a)		1,319		285,840
MannKind Corp.(a)		24,311		81,199
MeiraGTx Holdings PLC(a)		2,394		14,532
Merrimack Pharmaceuticals, Inc.(a)		1,167		15,638
Mersana Therapeutics, Inc.(a)		7,892		24,939
MiMedx Group, Inc.(a)		9,785		75,736
Mineralys Therapeutics, Inc.(a)		1,154		12,590
Mirum Pharmaceuticals, Inc.(a)		1,905		50,406
Monte Rosa Therapeutics, Inc.(a)(b)		2,258		11,956
Morphic Holding, Inc.(a)		3,305		104,735
Mural Oncology PLC(a)		1,619		7,107
Myriad Genetics, Inc.(a)		6,840		146,308
Natera, Inc.(a)		9,395		619,506
Neurocrine Biosciences, Inc.(a)		8,370		1,169,875
Nkarta, Inc.(a)		3,182		28,765
Novavax, Inc.(a)(b)		9,181		36,724
Nurix Therapeutics, Inc.(a)(b)		4,018		31,742
Nuvalent, Inc., Class A(a)		2,250		169,132
Nuvectis Pharma, Inc.(b)		807		5,883
Olema Pharmaceuticals, Inc.(a)(b)		2,578		33,617
Omega Therapeutics, Inc.(a)		2,235		8,158
Organogenesis Holdings, Inc., Class A(a)		5,244		17,305
ORIC Pharmaceuticals, Inc.(a)		3,775		41,487
Outlook Therapeutics, Inc.(a)(b)		12,799		4,940
Ovid therapeutics, Inc.(a)		5,290		20,472
PDS Biotechnology Corp.(a)(b)		2,744		14,680
PepGen, Inc.(a)		1,425		14,293
PMV Pharmaceuticals, Inc.(a)		3,164		5,569
Poseida Therapeutics, Inc.(a)		7,253		24,950
Precigen, Inc.(a)(b)		18,928		26,121
Prime Medicine, Inc.(a)(b)		3,622		23,000
ProKidney Corp., Class A(a)(b)		5,346		7,003
Protagonist Therapeutics, Inc.(a)		4,831		120,823
Protalix BioTherapeutics, Inc.		6,426		9,318
Prothena Corp. PLC(a)		3,567		101,267
PTC Therapeutics, Inc.(a)		6,099		159,123
Rallybio Corp.(a)		34		46
RAPT Therapeutics, Inc.(a)		2,497		61,801

26 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
RayzeBio, Inc.(a)		1,773	$	110,103
Recursion Pharmaceuticals, Inc., Class A(a)(b)		11,552		108,704
REGENXBIO, Inc.(a)		3,433		42,295
Relay Therapeutics, Inc.(a)		7,342		67,913
Reneo Pharmaceuticals, Inc.(a)		2,355		3,862
Replimune Group, Inc.(a)		4,393		34,090
REVOLUTION Medicines, Inc.(a)(b)		12,724		353,091
Rhythm Pharmaceuticals, Inc.(a)(b)		4,349		191,834
Rigel Pharmaceuticals, Inc.(a)		14,485		16,947
Rocket Pharmaceuticals, Inc.(a)		5,315		152,700
Roivant Sciences Ltd.(a)(b)		31,818		318,180
Sage Therapeutics, Inc.(a)(b)		4,450		114,098
Sana Biotechnology, Inc.(a)(b)		9,335		51,249
Sangamo Therapeutics, Inc.(a)		10,586		4,838
Sarepta Therapeutics, Inc.(a)(b)		7,769		924,433
Savara, Inc.(a)		7,684		37,959
Scholar Rock Holding Corp.(a)		4,534		63,249
Seres Therapeutics, Inc.(a)(b)		7,933		8,964
SpringWorks Therapeutics, Inc.(a)		5,677		250,526
Stoke Therapeutics, Inc.(a)		2,856		13,823
Summit Therapeutics, Inc.(a)(b)		10,694		41,920
Sutro Biopharma, Inc.(a)		4,750		20,615
Syndax Pharmaceuticals, Inc.(a)		5,639		115,543
Tango Therapeutics, Inc.(a)		4,744		55,742
Tenaya Therapeutics, Inc.(a)		4,128		17,358
TG Therapeutics, Inc.(a)		11,737		190,609
Travere Therapeutics, Inc.(a)		6,778		60,528
Twist Bioscience Corp.(a)(b)		4,818		156,103
Tyra Biosciences, Inc.(a)		1,014		13,588
Ultragenyx Pharmaceutical, Inc.(a)(b)		6,699		295,493
United Therapeutics Corp.(a)		3,927		843,441
UroGen Pharma Ltd.(a)		1,871		29,375
Vanda Pharmaceuticals, Inc.(a)		4,585		16,506
Vaxcyte, Inc.(a)(b)		8,195		585,287
Vaxxinity, Inc., Class A(a)(b)		6,803		4,830
Vera Therapeutics, Inc., Class A(a)		3,440		125,285
Veracyte, Inc.(a)		6,158		154,073
Vericel Corp.(a)		4,028		173,123
Verve Therapeutics, Inc.(a)(b)		4,612		49,902
Vigil Neuroscience, Inc.(a)		1,473		4,007
Viking Therapeutics, Inc.(a)(b)		8,152		196,789
Vir Biotechnology, Inc.(a)		7,076		66,514
Viridian Therapeutics, Inc.(a)		4,035		77,674
Vor BioPharma, Inc.(a)		3,613		8,310
Voyager Therapeutics, Inc.(a)		2,822		20,516
X4 Pharmaceuticals, Inc.(a)		11,714		9,153
Xencor, Inc.(a)		4,842		90,545
XOMA Corp.(a)		777		15,517
Y-mAbs Therapeutics, Inc.(a)		2,861		36,592
Zentalis Pharmaceuticals, Inc.(a)(b)		4,641		54,996
Zura Bio Ltd., Class A		1,135		3,235
Zymeworks, Inc.(a)		4,863		52,715
				24,130,061
Broadline Retail — 0.3%
Big Lots, Inc.		2,245		12,886
ContextLogic, Inc., Class A(a)		1,574		6,879
Dillard’s, Inc., Class A(b)		296		114,632
Kohl’s Corp.		9,470		243,947
Macy’s, Inc.		24,025		439,417

Security	Shares		Value
Broadline Retail (continued)
Nordstrom, Inc.		9,780	$	177,507
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		5,257		378,136
Savers Value Village, Inc.(a)(b)		2,377		44,426
				1,417,830
Building Products — 2.9%
A O Smith Corp.		10,574		820,648
AAON, Inc.		5,725		401,665
Advanced Drainage Systems, Inc.(b)		5,941		774,825
Allegion PLC		7,636		946,024
American Woodmark Corp.(a)		1,390		126,879
Apogee Enterprises, Inc.		1,827		96,484
Armstrong World Industries, Inc.		3,729		369,954
AZEK Co., Inc., Class A(a)		11,258		434,108
AZZ, Inc.		2,067		129,084
Builders FirstSource, Inc.(a)(b)		10,690		1,857,174
Carlisle Cos., Inc.		4,214		1,324,292
CSW Industrials, Inc.		1,305		276,099
Fortune Brands Innovations, Inc.		11,047		857,137
Gibraltar Industries, Inc.(a)		2,594		209,906
Griffon Corp.		3,499		203,852
Hayward Holdings, Inc.(a)		11,344		142,027
Insteel Industries, Inc.		1,591		55,096
Janus International Group, Inc.(a)		7,111		100,621
JELD-WEN Holding, Inc.(a)		7,187		133,678
Lennox International, Inc.		2,786		1,192,854
Masonite International Corp.(a)		1,931		177,748
Masterbrand, Inc.(a)		11,010		154,911
Owens Corning		7,733		1,171,781
PGT Innovations, Inc.(a)		4,814		198,433
Quanex Building Products Corp.		2,786		86,979
Resideo Technologies, Inc.(a)		12,493		209,508
Simpson Manufacturing Co., Inc.		3,641		658,985
Trex Co., Inc.(a)		9,454		770,312
UFP Industries, Inc.		5,249		595,499
Zurn Elkay Water Solutions Corp.		12,509		370,892
				14,847,455
Capital Markets — 2.9%
Affiliated Managers Group, Inc.		2,983		443,990
AlTi Global, Inc., Class A(a)		1,928		11,973
Artisan Partners Asset Management, Inc., Class A		5,209		218,257
AssetMark Financial Holdings, Inc.(a)		1,692		51,894
B. Riley Financial, Inc.(b)		1,838		43,046
Bakkt Holdings, Inc., Class A(a)(b)		8,801		12,057
BGC Group, Inc., Class A		30,872		217,956
Brightsphere Investment Group, Inc.		2,714		60,034
Carlyle Group, Inc.		18,138		725,883
Cboe Global Markets, Inc.		9,173		1,686,456
Cohen & Steers, Inc.		2,206		155,347
Diamond Hill Investment Group, Inc., Class A		260		41,478
Donnelley Financial Solutions, Inc.(a)		2,099		130,390
Evercore, Inc., Class A		3,116		535,111
FactSet Research Systems, Inc.		3,344		1,591,476
Forge Global Holdings, Inc.(a)(b)		11,095		21,302
GCM Grosvenor, Inc., Class A		3,500		30,415
Hamilton Lane, Inc., Class A		3,088		358,023
Houlihan Lokey, Inc., Class A		4,323		517,809
Invesco Ltd.		31,235		494,450
Janus Henderson Group PLC		12,018		345,638
Jefferies Financial Group, Inc.		16,069		654,972

SCHEDULE OF INVESTMENTS 27

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Lazard, Inc.		9,401	$	366,451
MarketAxess Holdings, Inc.		3,221		726,368
MarketWise, Inc., Class A		1,653		3,851
Moelis & Co., Class A		5,617		308,767
Morningstar, Inc.		2,251		628,704
Open Lending Corp.(a)		8,005		58,757
P10, Inc., Class A		3,292		30,286
Patria Investments Ltd., Class A		4,906		70,009
Perella Weinberg Partners, Class A		3,354		39,410
Piper Sandler Cos		1,476		256,071
PJT Partners, Inc., Class A		2,012		193,494
Robinhood Markets, Inc., Class A(a)		58,895		632,532
SEI Investments Co.		8,546		540,449
Silvercrest Asset Management Group, Inc., Class A		1,124		18,748
StepStone Group, Inc., Class A		4,582		153,268
Stifel Financial Corp.		8,788		641,085
StoneX Group, Inc.(a)		2,315		152,211
TPG, Inc., Class A		5,542		230,713
Value Line, Inc.		72		3,211
Victory Capital Holdings, Inc., Class A		2,594		87,496
Virtu Financial, Inc., Class A		7,568		127,067
Virtus Investment Partners, Inc.		593		140,013
WisdomTree, Inc.		11,416		77,286
XP, Inc., Class A		28,209		693,377
				14,527,581
Chemicals — 1.7%
AdvanSix, Inc.		2,234		56,699
American Vanguard Corp., Series 13A		2,566		28,021
Arcadium Lithium PLC(b)		86,640		423,670
Ashland, Inc.		4,039		378,131
Aspen Aerogels, Inc.(a)(b)		4,601		51,669
Avient Corp.		7,718		279,469
Axalta Coating Systems Ltd.(a)		18,894		612,543
Balchem Corp.		2,698		378,152
Cabot Corp.		4,695		338,510
Chemours Co.		12,763		385,060
Core Molding Technologies, Inc.(a)		749		12,958
Danimer Scientific, Inc., Class A(a)(b)		6,876		4,387
Ecovyst, Inc.(a)		7,718		71,469
Element Solutions, Inc.		19,048		423,437
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		132,997		160,926
Hawkins, Inc.		1,641		109,241
HB Fuller Co.		4,568		346,117
Huntsman Corp.		14,528		356,517
Ingevity Corp.(a)		3,403		148,235
Innospec, Inc.		2,112		245,224
Intrepid Potash, Inc.(a)		1,016		18,694
Koppers Holdings, Inc.		1,896		96,961
Kronos Worldwide, Inc.		1,582		14,728
LSB Industries, Inc.(a)(b)		4,928		36,664
Mativ Holdings, Inc.		4,453		53,570
Minerals Technologies, Inc.		2,989		195,331
NewMarket Corp.		532		296,755
Olin Corp.		10,792		561,939
Origin Materials, Inc., Class A(a)(b)		9,174		5,413
Orion SA		4,711		105,526
Perimeter Solutions SA(a)		14,650		69,441
PureCycle Technologies, Inc.(a)(b)		10,641		41,713
Quaker Chemical Corp.		1,175		223,180
Rayonier Advanced Materials, Inc.(a)		5,389		23,388
RPM International, Inc.		11,126		1,186,699

Security	Shares		Value
Chemicals (continued)
Scotts Miracle-Gro Co.		3,522	$	198,148
Sensient Technologies Corp.		3,805		236,024
Stepan Co.		1,810		161,579
Trinseo PLC		2,985		18,000
Tronox Holdings PLC		10,084		139,058
Valhi, Inc.		183		2,538
				8,495,784
Commercial Services & Supplies — 1.2%
ABM Industries, Inc.		5,653		230,586
ACCO Brands Corp.		7,961		48,403
ACV Auctions, Inc., Class A(a)		10,817		140,296
Aris Water Solution, Inc., Class A		3,357		29,206
BrightView Holdings, Inc.(a)		3,342		29,844
Brink’s Co.		3,918		316,731
Casella Waste Systems, Inc., Class A(a)		4,748		405,194
CECO Environmental Corp.(a)		2,849		55,071
Cimpress PLC(a)		1,529		115,011
Clean Harbors, Inc.(a)		4,336		728,275
CompX International, Inc.		59		1,423
CoreCivic, Inc.(a)		9,655		137,294
Deluxe Corp.		4,027		76,151
Driven Brands Holdings, Inc.(a)		5,832		76,457
Ennis, Inc.		1,879		38,275
Enviri Corp.(a)		6,998		60,253
GEO Group, Inc.(a)		10,242		113,891
Healthcare Services Group, Inc.		6,170		58,245
HNI Corp.		3,948		160,763
Interface, Inc., Class A		4,863		60,350
LanzaTech Global, Inc.(a)		2,548		11,097
Li-Cycle Holdings Corp.(a)(b)		11,653		5,012
Liquidity Services, Inc.(a)		1,847		32,230
Matthews International Corp., Class A		2,505		82,414
MillerKnoll, Inc.		6,852		182,195
Montrose Environmental Group, Inc.(a)		2,224		64,963
MSA Safety, Inc.		3,145		519,019
NL Industries, Inc.		244		1,281
OPENLANE, Inc.(a)		9,180		129,254
Performant Financial Corp.(a)		6,150		17,343
Pitney Bowes, Inc.		8,032		33,012
Quad/Graphics, Inc., Class A(a)(b)		1,730		9,446
SP Plus Corp.(a)		1,651		85,406
Steelcase, Inc., Class A		8,559		108,528
Stericycle, Inc.(a)(b)		8,163		391,824
Tetra Tech, Inc.		4,531		716,714
UniFirst Corp.		1,360		230,411
Vestis Corp.		9,970		213,358
Viad Corp.(a)		1,713		56,632
VSE Corp.		1,265		78,569
				5,850,427
Communications Equipment — 0.9%
ADTRAN Holdings, Inc.		6,603		41,368
Aviat Networks, Inc.(a)		1,096		32,694
Calix, Inc.(a)		4,978		165,170
Cambium Networks Corp.(a)		986		4,191
Ciena Corp.(a)(b)		12,935		685,555
Clearfield, Inc.(a)(b)		1,347		33,931
CommScope Holding Co., Inc.(a)		17,770		41,226
Comtech Telecommunications Corp.		3,951		25,010
Digi International, Inc.(a)(b)		2,931		71,253
DZS, Inc.(a)		3,069		4,788
Extreme Networks, Inc.(a)		10,678		144,260

28 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
F5, Inc.(a)		5,118	$	940,177
Harmonic, Inc.(a)		9,302		108,833
Infinera Corp.(a)(b)		16,598		81,994
Juniper Networks, Inc.		27,646		1,021,796
KVH Industries, Inc.(a)		1,802		8,776
Lumentum Holdings, Inc.(a)		5,695		312,883
NETGEAR, Inc.(a)		2,697		38,297
NetScout Systems, Inc.(a)		5,900		126,909
Ribbon Communications, Inc.(a)		6,108		18,568
Viasat, Inc.(a)(b)		10,606		235,771
Viavi Solutions, Inc.(a)		18,704		183,860
				4,327,310
Construction & Engineering — 1.4%
AECOM		11,491		1,013,391
Ameresco, Inc., Class A(a)(b)		2,604		53,200
API Group Corp.(a)		17,798		560,993
Arcosa, Inc.		4,110		321,731
Argan, Inc.		954		42,291
Bowman Consulting Group Ltd.(a)		853		26,793
Comfort Systems USA, Inc.		3,002		652,845
Concrete Pumping Holdings, Inc.(a)		1,782		13,757
Construction Partners, Inc., Class A(a)		3,401		154,746
Dycom Industries, Inc.(a)		2,561		286,064
EMCOR Group, Inc.		4,059		925,898
Fluor Corp.(a)		12,103		456,404
Granite Construction, Inc.		3,747		169,027
Great Lakes Dredge & Dock Corp.(a)		6,939		53,014
IES Holdings, Inc.(a)		703		57,618
INNOVATE Corp.(a)		9,315		8,421
Limbach Holdings, Inc.(a)		823		35,389
MasTec, Inc.(a)		5,315		349,036
MDU Resources Group, Inc.		17,473		340,898
MYR Group, Inc.(a)		1,398		201,102
Northwest Pipe Co.(a)		1,028		31,220
Primoris Services Corp.		4,536		148,781
Sterling Infrastructure, Inc.(a)		2,739		205,699
Tutor Perini Corp.(a)		3,489		31,261
Valmont Industries, Inc.		1,770		399,507
WillScot Mobile Mini Holdings Corp.(a)		16,695		789,673
				7,328,759
Construction Materials — 0.3%
Eagle Materials, Inc.		2,947		666,847
Knife River Corp.(a)		4,792		313,828
Summit Materials, Inc., Class A(a)		10,532		381,048
U.S. Lime & Minerals, Inc.		143		36,990
				1,398,713
Consumer Finance — 0.9%
Ally Financial, Inc.		23,260		853,177
Atlanticus Holdings Corp.(a)		357		12,384
Bread Financial Holdings, Inc.		3,807		138,080
Consumer Portfolio Services, Inc.(a)		679		6,206
Credit Acceptance Corp.(a)(b)		564		305,163
Encore Capital Group, Inc.(a)(b)		1,978		99,058
Enova International, Inc.(a)		2,478		134,878
FirstCash Holdings, Inc.		3,319		380,922
Green Dot Corp., Class A(a)		3,218		28,994
LendingClub Corp.(a)		8,747		78,898
LendingTree, Inc.(a)		1,057		34,183
Navient Corp.		8,340		143,615
Nelnet, Inc., Class A		1,223		106,560

Security	Shares		Value
Consumer Finance (continued)
NerdWallet, Inc., Class A(a)		2,617	$	40,066
OneMain Holdings, Inc.		10,008		476,381
OppFi, Inc., Class A(a)		4,132		13,264
PRA Group, Inc.(a)		3,283		74,754
PROG Holdings, Inc.(a)		3,762		115,268
Regional Management Corp.		751		18,309
SLM Corp.		20,075		399,091
SoFi Technologies, Inc.(a)(b)		81,770		640,259
Upstart Holdings, Inc.(a)(b)		6,660		211,522
World Acceptance Corp.(a)		424		55,675
				4,366,707
Consumer Staples Distribution & Retail — 1.1%
Albertsons Cos., Inc., Class A		36,620		777,076
Andersons, Inc.		2,763		145,638
BJ’s Wholesale Club Holdings, Inc.(a)		11,615		747,309
Casey’s General Stores, Inc.		3,239		878,935
Chefs’ Warehouse, Inc.(a)		2,881		91,673
Grocery Outlet Holding Corp.(a)		8,080		200,222
HF Foods Group, Inc.(a)		2,550		12,750
Ingles Markets, Inc., Class A		1,228		103,459
Maplebear, Inc.(a)(b)		1,764		43,165
Natural Grocers by Vitamin Cottage, Inc.		1,482		22,156
Performance Food Group Co.(a)		13,339		969,479
PriceSmart, Inc.		2,128		161,771
SpartanNash Co.		2,970		66,617
Sprouts Farmers Market, Inc.(a)		8,933		449,955
U.S. Foods Holding Corp.(a)		19,742		908,329
United Natural Foods, Inc.(a)		5,649		84,227
Village Super Market, Inc., Class A		548		13,936
Weis Markets, Inc.		1,408		85,536
				5,762,233
Containers & Packaging — 1.7%
AptarGroup, Inc.		5,569		723,302
Ardagh Group SA, Class A(a)		1,258		8,938
Ardagh Metal Packaging SA		12,554		46,324
Avery Dennison Corp.		7,115		1,419,087
Berry Global Group, Inc.		10,217		668,805
Crown Holdings, Inc.		9,334		826,059
Graphic Packaging Holding Co.		26,824		684,280
Greif, Inc., Class A		1,870		117,081
Greif, Inc., Class B		651		40,818
Myers Industries, Inc.		3,028		56,775
O-I Glass, Inc.(a)		13,248		192,891
Packaging Corp. of America		7,796		1,293,200
Pactiv Evergreen, Inc.		3,713		54,210
Ranpak Holdings Corp., Class A(a)		3,933		16,204
Sealed Air Corp.		12,284		424,412
Silgan Holdings, Inc.		7,464		342,896
Sonoco Products Co.		8,352		475,229
TriMas Corp.		3,380		83,418
Westrock Co.		22,165		892,363
				8,366,292
Distributors — 0.2%
Pool Corp.		3,287		1,220,299
Weyco Group, Inc.		661		21,225
				1,241,524
Diversified Consumer Services — 1.0%
2U, Inc.(a)(b)		6,437		5,476
ADT, Inc.		18,122		118,337
Adtalem Global Education, Inc.(a)		3,365		169,865

SCHEDULE OF INVESTMENTS 29

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services (continued)
Bright Horizons Family Solutions, Inc.(a)(b)		4,894	$	480,835
Carriage Services, Inc.		1,293		31,950
Chegg, Inc.(a)		10,712		105,513
Coursera, Inc.(a)		11,039		211,286
Duolingo, Inc., Class A(a)		2,481		443,826
European Wax Center, Inc., Class A(a)		3,136		46,538
Frontdoor, Inc.(a)		6,830		223,751
Graham Holdings Co., Class B		304		219,002
Grand Canyon Education, Inc.(a)		2,622		342,407
H&R Block, Inc.		12,444		582,877
Laureate Education, Inc., Class A		11,080		139,830
Lincoln Educational Services Corp.(a)		2,207		19,775
Mister Car Wash, Inc.(a)(b)		6,992		58,034
Nerdy, Inc., Class A(a)		6,648		20,409
OneSpaWorld Holdings Ltd.(a)		7,032		95,846
Perdoceo Education Corp.		5,506		99,659
Rover Group, Inc., Class A(a)		8,727		95,473
Service Corp. International		12,767		856,921
Strategic Education, Inc.		1,912		179,843
Stride, Inc.(a)		3,834		229,848
Udemy, Inc.(a)		7,462		101,409
Universal Technical Institute, Inc.(a)(b)		2,735		38,618
WW International, Inc.(a)		3,982		14,972
				4,932,300
Diversified REITs — 0.2%
Alexander & Baldwin, Inc.		6,083		105,358
Alpine Income Property Trust, Inc.		860		13,364
American Assets Trust, Inc.		4,138		92,815
Armada Hoffler Properties, Inc.		6,122		73,219
Broadstone Net Lease, Inc.		16,832		270,490
CTO Realty Growth, Inc.		2,063		34,101
Empire State Realty Trust, Inc., Class A		11,234		106,948
Essential Properties Realty Trust, Inc.		13,145		327,442
Gladstone Commercial Corp.		3,405		43,652
Global Net Lease, Inc.		16,569		140,008
NexPoint Diversified Real Estate Trust		3,416		23,571
One Liberty Properties, Inc.		1,165		23,580
				1,254,548
Diversified Telecommunication Services — 0.4%
Anterix, Inc.(a)		1,039		30,983
AST SpaceMobile, Inc., Class A(a)		6,818		19,568
ATN International, Inc.		895		33,026
Bandwidth, Inc., Class A(a)		1,834		25,383
Charge Enterprises, Inc.(a)(b)		8,933		1,228
Cogent Communications Holdings, Inc.		3,914		302,161
Consolidated Communications Holdings, Inc.(a)		6,226		27,021
EchoStar Corp., Class A(a)		10,314		138,104
Frontier Communications Parent, Inc.(a)(b)		21,621		532,525
Globalstar, Inc.(a)		59,490		94,589
IDT Corp., Class B(a)		1,224		42,326
Iridium Communications, Inc.		10,462		379,352
Liberty Latin America Ltd., Class A(a)		6,235		43,894
Liberty Latin America Ltd., Class C(a)(b)		8,476		60,349
Lumen Technologies, Inc.(a)		86,037		104,965
Ooma, Inc.(a)(b)		1,841		19,920
Shenandoah Telecommunications Co.		4,103		84,070
				1,939,464
Electric Utilities — 0.9%
ALLETE, Inc.		4,885		288,752
Genie Energy Ltd., Class B		1,711		31,842

Security	Shares		Value
Electric Utilities (continued)
Hawaiian Electric Industries, Inc.		10,568	$	137,067
IDACORP, Inc.		4,235		392,076
MGE Energy, Inc.		3,256		209,980
NRG Energy, Inc.		19,861		1,053,428
OGE Energy Corp.		18,308		608,558
Otter Tail Corp.		3,501		316,560
Pinnacle West Capital Corp.		10,004		689,276
PNM Resources, Inc.		7,606		275,565
Portland General Electric Co.		8,583		351,302
				4,354,406
Electrical Equipment — 2.0%
Acuity Brands, Inc.		2,663		634,220
Allient, Inc.		1,123		31,287
Array Technologies, Inc.(a)		12,832		169,896
Atkore, Inc.(a)		3,311		505,027
Babcock & Wilcox Enterprises, Inc.(a)		4,750		6,270
Blink Charging Co.(a)(b)		4,428		10,627
Bloom Energy Corp., Class A(a)(b)		16,286		184,358
ChargePoint Holdings, Inc., Class A(a)(b)		23,707		45,043
Encore Wire Corp.		1,272		286,836
Energy Vault Holdings, Inc.(a)		7,336		11,151
EnerSys		3,484		332,966
Enovix Corp.(a)(b)		11,721		109,122
Eos Energy Enterprises, Inc., Class A(a)(b)		10,433		11,581
ESS Tech, Inc.(a)(b)		7,607		7,835
Fluence Energy, Inc., Class A(a)(b)		4,957		98,496
FTC Solar, Inc.(a)		3,742		1,877
FuelCell Energy, Inc.(a)(b)		35,341		42,409
Generac Holdings, Inc.(a)		5,196		590,629
GrafTech International Ltd.		19,752		26,270
Hubbell, Inc.		4,672		1,567,783
LSI Industries, Inc.		2,447		33,426
NEXTracker, Inc., Class A(a)		10,671		483,076
NuScale Power Corp., Class A(a)(b)		5,028		14,531
nVent Electric PLC		14,297		858,392
Plug Power, Inc.(a)(b)		44,868		199,663
Powell Industries, Inc.		766		90,794
Preformed Line Products Co.		205		25,061
Regal Rexnord Corp.		5,761		768,863
Sensata Technologies Holding PLC		12,882		465,942
SES AI Corp., Class A(a)		12,887		16,882
Shoals Technologies Group, Inc., Class A(a)		14,494		190,886
SKYX Platforms Corp.(a)		5,493		8,239
Stem, Inc.(a)(b)		12,417		36,754
SunPower Corp.(a)(b)		8,783		26,612
Sunrun, Inc.(a)(b)		19,168		277,553
Thermon Group Holdings, Inc.(a)		2,801		91,817
TPI Composites, Inc.(a)		3,470		9,369
Vertiv Holdings Co., Class A		29,791		1,678,127
Vicor Corp.(a)		2,191		82,535
				10,032,205
Electronic Equipment, Instruments & Components — 2.2%
908 Devices, Inc.(a)(b)		1,646		11,654
Advanced Energy Industries, Inc.(b)		3,317		345,565
Aeva Technologies, Inc.(a)		8,010		6,825
Akoustis Technologies, Inc.(a)(b)		4,542		2,605
Arlo Technologies, Inc.(a)		7,330		65,090
Arrow Electronics, Inc.(a)		4,890		543,523
Avnet, Inc.		7,893		357,553
Badger Meter, Inc.		2,580		371,494
Bel Fuse, Inc., Class B		933		62,380

30 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Belden, Inc.		3,600	$	267,048
Benchmark Electronics, Inc.		3,021		81,929
Climb Global Solutions, Inc.		389		21,481
Cognex Corp.		14,705		531,439
Coherent Corp.(a)		11,097		527,551
Crane NXT Co.		4,122		240,230
CTS Corp.		2,577		105,812
Daktronics, Inc.(a)(b)		3,526		26,727
ePlus, Inc.(a)		2,278		172,080
Evolv Technologies Holdings, Inc., Class A(a)		10,114		44,198
Fabrinet(a)		3,194		681,951
FARO Technologies, Inc.(a)		1,622		36,722
Insight Enterprises, Inc.(a)(b)		2,528		467,023
IPG Photonics Corp.(a)		2,555		250,109
Iteris, Inc.(a)		4,146		19,984
Itron, Inc.(a)		3,855		278,100
Jabil, Inc.		10,846		1,358,895
Kimball Electronics, Inc.(a)		2,023		48,107
Knowles Corp.(a)		7,573		123,516
Lightwave Logic, Inc.(a)(b)		12,360		53,272
Littelfuse, Inc.		2,069		500,491
Luna Innovations, Inc.(a)		2,954		21,180
Methode Electronics, Inc.		2,862		59,415
MicroVision, Inc.(a)(b)		15,941		37,940
Mirion Technologies, Inc., Class A(a)(b)		16,941		160,092
Napco Security Technologies, Inc.		2,803		97,404
nLight, Inc.(a)		3,772		48,961
Novanta, Inc.(a)		3,030		468,286
OSI Systems, Inc.(a)		1,365		174,761
PAR Technology Corp.(a)(b)		2,244		102,192
PC Connection, Inc.		1,008		65,026
Plexus Corp.(a)		2,335		221,171
Richardson Electronics Ltd.		1,153		11,345
Rogers Corp.(a)		1,467		169,101
Sanmina Corp.(a)		4,813		287,914
ScanSource, Inc.(a)		2,150		84,409
SmartRent, Inc., Class A(a)		17,310		51,064
TD SYNNEX Corp.		5,046		504,499
TTM Technologies, Inc.(a)		8,803		122,450
Vishay Intertechnology, Inc.		11,655		253,263
Vishay Precision Group, Inc.(a)		1,053		33,570
Vontier Corp.		13,706		474,091
Vuzix Corp.(a)(b)		4,194		7,004
Xerox Holdings Corp.		9,982		184,268
				11,242,760
Energy Equipment & Services — 1.3%
Archrock, Inc.		11,824		193,204
Atlas Energy Solutions, Inc.		1,665		28,921
Borr Drilling Ltd.(a)(b)		18,613		114,470
Bristow Group, Inc.(a)		2,083		54,950
Cactus, Inc., Class A		5,444		231,043
ChampionX Corp.		17,181		470,931
Core Laboratories, Inc.		3,933		62,023
Diamond Offshore Drilling, Inc.(a)		8,567		104,517
DMC Global, Inc.(a)(b)		1,449		24,662
Dril-Quip, Inc.(a)		2,814		56,477
Expro Group Holdings NV(a)		7,501		132,018
Forum Energy Technologies, Inc.(a)(b)		870		17,148
Helix Energy Solutions Group, Inc.(a)		12,206		114,736
Helmerich & Payne, Inc.		8,245		331,944
KLX Energy Services Holdings, Inc.(a)		1,764		17,146

Security	Shares		Value
Energy Equipment & Services (continued)
Kodiak Gas Services, Inc.		1,440	$	33,725
Liberty Energy, Inc., Class A		13,959		290,208
Mammoth Energy Services, Inc.(a)(b)		3,130		10,986
Nabors Industries Ltd.(a)		733		61,997
Newpark Resources, Inc.(a)		7,114		46,170
Noble Corp. PLC		9,887		436,313
NOV, Inc.		34,413		671,398
Oceaneering International, Inc.(a)		8,550		177,669
Oil States International, Inc.(a)		5,105		31,498
Patterson-UTI Energy, Inc.		29,946		332,101
ProFrac Holding Corp., Class A(a)		1,901		15,037
ProPetro Holding Corp.(a)		7,932		67,105
Ranger Energy Services, Inc., Class A		1,414		14,366
RPC, Inc.		8,334		60,922
SEACOR Marine Holdings, Inc.(a)		2,135		22,546
Seadrill Ltd.(a)		4,633		200,238
Select Water Solutions, Inc., Class A		6,135		47,669
Solaris Oilfield Infrastructure, Inc., Class A		3,187		23,902
TechnipFMC PLC		37,077		717,069
TETRA Technologies, Inc.(a)		13,277		55,631
Tidewater, Inc.(a)(b)		4,153		279,040
U.S. Silica Holdings, Inc.(a)		6,453		69,176
Valaris Ltd.(a)		5,325		329,458
Weatherford International PLC(a)		6,040		540,882
				6,489,296
Entertainment — 0.5%
AMC Entertainment Holdings, Inc., Class A(a)		16,408		66,452
Atlanta Braves Holdings, Inc., Class C(a)		3,721		149,994
Atlanta Braves Holdings, Inc., Class A		951		40,960
Cinemark Holdings, Inc.(a)		9,300		128,619
IMAX Corp.(a)		3,626		50,655
Liberty Media Corp.-Liberty Live, Class A		1,717		63,237
Liberty Media Corp.-Liberty Live, Class C(a)		3,988		148,633
Lions Gate Entertainment Corp., Class A(a)		4,797		50,033
Lions Gate Entertainment Corp., Class B(a)		11,370		110,289
Loop Media, Inc.(a)(b)		4,685		3,280
Madison Square Garden Entertainment Corp.(a)		3,543		118,124
Madison Square Garden Sports Corp., Class A(a)		1,655		306,340
Marcus Corp.		1,890		25,666
Playstudios, Inc., Class A(a)		6,469		14,232
Playtika Holding Corp.(a)(b)		2,538		18,324
Reservoir Media, Inc.(a)(b)		1,932		13,524
Roku, Inc., Class A(a)(b)		10,705		942,682
Sphere Entertainment Co., Class A(a)(b)		2,237		79,145
TKO Group Holdings, Inc., Class A		5,379		450,169
Vivid Seats, Inc., Class A(a)		2,502		14,361
				2,794,719
Financial Services — 2.3%
Acacia Research Corp.(a)		3,963		15,495
Affirm Holdings, Inc., Class A(a)(b)		19,603		794,118
Alerus Financial Corp.		1,576		35,791
A-Mark Precious Metals, Inc.		1,516		40,887
AvidXchange Holdings, Inc.(a)		12,693		139,115
Banco Latinoamericano de Comercio Exterior SA, Class E		2,316		55,700
Cannae Holdings, Inc.(a)		5,854		118,544
Cantaloupe, Inc.(a)		4,940		33,641
Cass Information Systems, Inc.		1,063		45,879
Compass Diversified Holdings		5,536		122,290
Enact Holdings, Inc.		2,667		75,983
Equitable Holdings, Inc.		29,699		970,860

SCHEDULE OF INVESTMENTS 31

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Financial Services (continued)
Essent Group Ltd.		9,162	$	505,376
Euronet Worldwide, Inc.(a)		4,052		403,782
EVERTEC, Inc.		5,519		221,643
Federal Agricultural Mortgage Corp., Class C		783		145,865
Finance of America Cos., Inc., Class A(a)		1,542		1,295
Flywire Corp.(a)		9,012		192,586
I3 Verticals, Inc., Class A(a)		1,955		36,637
International Money Express, Inc.(a)		2,889		59,513
Jack Henry & Associates, Inc.		6,350		1,053,021
Jackson Financial, Inc., Class A		7,248		362,907
Marqeta, Inc., Class A(a)		40,763		244,986
Merchants Bancorp		1,499		65,566
MGIC Investment Corp.		23,596		468,145
Mr. Cooper Group, Inc.(a)		5,490		369,806
NCR Atleos Corp.(a)		5,555		124,376
NewtekOne, Inc.		2,325		27,923
NMI Holdings, Inc., Class A(a)		7,285		232,537
Ocwen Financial Corp.(a)		650		18,805
Pagseguro Digital Ltd., Class A(a)		16,888		217,349
Payoneer Global, Inc.(a)		21,252		99,459
Paysafe Ltd.(a)		2,757		41,024
Paysign, Inc.(a)		1,026		3,150
PennyMac Financial Services, Inc., Class A		2,353		205,229
Priority Technology Holdings, Inc.(a)		789		2,801
Radian Group, Inc.		13,294		385,260
Remitly Global, Inc.(a)		11,288		193,476
Repay Holdings Corp., Class A(a)		8,521		66,805
Security National Financial Corp., Class A(a)		1,775		13,898
Shift4 Payments, Inc., Class A(a)		4,586		329,321
StoneCo Ltd., Class A(a)		24,702		424,627
Toast, Inc., Class A(a)		31,192		554,282
UWM Holdings Corp., Class A		9,083		60,856
Velocity Financial, Inc.(a)		531		8,363
Voya Financial, Inc.		8,632		624,698
Walker & Dunlop, Inc.		2,851		275,378
Waterstone Financial, Inc.		2,085		27,731
Western Union Co.		24,668		310,077
WEX, Inc.(a)		3,667		749,498
				11,576,354
Food Products — 0.9%
Alico, Inc.		665		19,578
B&G Foods, Inc.		6,018		60,541
Benson Hill, Inc.(a)		15,385		2,649
Beyond Meat, Inc.(a)(b)		5,249		34,748
BRC, Inc., Class A(a)		2,634		9,957
Calavo Growers, Inc.		1,546		40,335
Cal-Maine Foods, Inc.		3,771		208,989
Darling Ingredients, Inc.(a)		13,893		601,567
Dole PLC		6,177		69,738
Flowers Foods, Inc.		16,046		365,849
Fresh Del Monte Produce, Inc.		3,251		79,910
Freshpet, Inc.(a)		3,865		332,777
Hain Celestial Group, Inc.(a)		7,546		80,818
Ingredion, Inc.		5,783		622,077
J & J Snack Foods Corp.		1,263		201,107
John B Sanfilippo & Son, Inc.		755		80,883
Lancaster Colony Corp.		1,644		302,134
Limoneira Co.		1,676		30,403
Mission Produce, Inc.(a)(b)		4,680		46,753
Pilgrim’s Pride Corp.(a)		3,535		96,046
Post Holdings, Inc.(a)		4,555		423,023

Security	Shares		Value
Food Products (continued)
Seaboard Corp.		19	$	68,457
Seneca Foods Corp., Class A(a)		468		24,982
Simply Good Foods Co.(a)		8,004		302,551
Sovos Brands, Inc.(a)(b)		4,814		106,149
SunOpta, Inc.(a)		8,146		48,469
TreeHouse Foods, Inc.(a)		4,313		181,577
Utz Brands, Inc., Class A		6,479		114,678
Vital Farms, Inc.(a)		2,735		39,329
Westrock Coffee Co.(a)(b)		2,565		26,573
				4,622,647
Gas Utilities — 0.5%
Brookfield Infrastructure Corp., Class A		10,181		356,437
Chesapeake Utilities Corp.		1,796		181,899
National Fuel Gas Co.		7,577		357,331
New Jersey Resources Corp.		8,217		335,500
Northwest Natural Holding Co.		3,010		110,949
ONE Gas, Inc.		4,670		286,598
RGC Resources, Inc.		698		13,339
Southwest Gas Holdings, Inc.		5,222		306,427
Spire, Inc.		4,356		247,290
UGI Corp.		17,931		396,992
				2,592,762
Ground Transportation — 1.2%
ArcBest Corp.		2,144		255,415
Avis Budget Group, Inc.		1,704		278,962
Covenant Logistics Group, Inc., Class A		777		37,560
Daseke, Inc.(a)		3,249		26,447
FTAI Infrastructure, Inc.		9,147		38,966
Heartland Express, Inc.		3,891		50,388
Hertz Global Holdings, Inc.(a)(b)		11,237		93,829
Knight-Swift Transportation Holdings, Inc.		13,620		781,516
Landstar System, Inc.		3,036		582,062
Lyft, Inc., Class A(a)		29,358		366,681
Marten Transport Ltd.		4,845		89,632
PAM Transportation Services, Inc.(a)		732		15,160
RXO, Inc.(a)		9,846		204,797
Ryder System, Inc.		3,752		426,115
Saia, Inc.(a)		2,302		1,037,235
Schneider National, Inc., Class B		5,127		125,714
U-Haul Holding Co.(a)		646		42,804
U-Haul Holding Co., Series N		8,847		565,058
Universal Logistics Holdings, Inc.		635		19,380
Werner Enterprises, Inc.		5,321		210,446
XPO, Inc.(a)		9,914		847,052
				6,095,219
Health Care Equipment & Supplies — 2.2%
Accuray, Inc.(a)		8,603		22,282
Alphatec Holdings, Inc.(a)		7,662		123,282
AngioDynamics, Inc.(a)		3,024		17,842
Artivion, Inc.(a)		3,314		55,410
AtriCure, Inc.(a)		3,928		133,788
Atrion Corp.		113		38,420
Avanos Medical, Inc.(a)		3,896		74,764
Axogen, Inc.(a)		3,861		37,336
Axonics, Inc.(a)		4,200		285,096
Beyond Air, Inc.(a)(b)		2,919		4,904
Butterfly Network, Inc., Class A(a)(b)		12,367		11,144
Cerus Corp.(a)		14,502		26,249
ClearPoint Neuro, Inc.(a)(b)		2,678		18,639
CONMED Corp.		2,734		261,370
Cutera, Inc.(a)		1,662		4,388

32 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
CVRx, Inc.(a)		1,038	$	26,075
DENTSPLY SIRONA, Inc.		18,471		641,867
Embecta Corp.		4,919		84,312
Enovis Corp.(a)(b)		4,476		262,741
Envista Holdings Corp.(a)		13,970		328,295
Glaukos Corp.(a)		4,016		357,544
Globus Medical, Inc., Class A(a)		10,376		547,749
Haemonetics Corp.(a)		4,235		323,808
ICU Medical, Inc.(a)		1,726		157,981
Inari Medical, Inc.(a)(b)		4,785		272,506
Inmode Ltd.(a)(b)		6,544		155,027
Inogen, Inc.(a)		2,259		16,073
Inspire Medical Systems, Inc.(a)(b)		2,530		533,501
Integer Holdings Corp.(a)(b)		2,810		284,709
Integra LifeSciences Holdings Corp.(a)		5,815		233,472
iRadimed Corp.		566		23,438
iRhythm Technologies, Inc.(a)(b)		2,597		311,069
KORU Medical Systems, Inc.(a)		3,733		7,765
Lantheus Holdings, Inc.(a)(b)		5,755		298,857
LeMaitre Vascular, Inc.		1,611		93,502
LivaNova PLC(a)		4,582		223,052
Masimo Corp.(a)(b)		3,808		491,004
Merit Medical Systems, Inc.(a)		4,807		376,388
Nano-X Imaging Ltd.(a)(b)		4,692		25,524
Neogen Corp.(a)(b)		18,444		285,882
Nevro Corp.(a)		2,986		49,448
Novocure Ltd.(a)		8,962		124,751
Omnicell, Inc.(a)		3,808		122,503
OraSure Technologies, Inc.(a)		6,323		46,601
Orchestra BioMed Holdings, Inc.(a)		1,935		13,700
Orthofix Medical, Inc.(a)		3,713		51,574
OrthoPediatrics Corp.(a)		1,544		40,329
Outset Medical, Inc.(a)		5,227		15,890
Paragon 28, Inc.(a)		3,871		49,084
Penumbra, Inc.(a)(b)		3,160		796,920
PROCEPT BioRobotics Corp.(a)(b)		3,355		155,337
Pulmonx Corp.(a)		3,091		41,048
Pulse Biosciences, Inc.(a)		1,174		10,425
QuidelOrtho Corp.(a)		4,575		313,433
RxSight, Inc.(a)		2,526		114,958
Sanara Medtech, Inc.(a)		346		11,695
Semler Scientific, Inc.(a)(b)		568		25,157
Shockwave Medical, Inc.(a)		3,165		716,081
SI-BONE, Inc.(a)(b)		3,637		73,504
Sight Sciences, Inc.(a)		1,934		8,200
Silk Road Medical, Inc.(a)(b)		3,760		56,889
STAAR Surgical Co.(a)		4,102		114,897
Surmodics, Inc.(a)		1,512		53,238
Tactile Systems Technology, Inc.(a)		2,279		34,572
Tandem Diabetes Care, Inc.(a)		5,503		125,468
Tela Bio, Inc.(a)		1,497		10,344
TransMedics Group, Inc.(a)(b)		2,686		230,378
Treace Medical Concepts, Inc.(a)		4,034		54,378
UFP Technologies, Inc.(a)		667		112,396
Utah Medical Products, Inc.		250		19,803
Varex Imaging Corp.(a)		3,242		62,473
Vicarious Surgical, Inc., Class A(a)		5,566		2,240
Zimvie, Inc.(a)		2,199		38,439
Zynex, Inc.(a)(b)		1,666		19,725
				11,192,933
Health Care Providers & Services — 2.2%
23andMe Holding Co., Class A(a)(b)		22,960		16,786

Security	Shares		Value
Health Care Providers & Services (continued)
Acadia Healthcare Co., Inc.(a)		7,652	$	628,535
Accolade, Inc.(a)		5,719		64,739
AdaptHealth Corp.(a)		7,179		51,832
Addus HomeCare Corp.(a)		1,311		113,533
Agiliti, Inc.(a)		3,988		28,275
agilon health, Inc.(a)(b)		24,832		146,261
AirSculpt Technologies, Inc.(a)(b)		1,598		11,602
Alignment Healthcare, Inc.(a)		7,112		47,650
Amedisys, Inc.(a)		2,721		256,509
AMN Healthcare Services, Inc.(a)(b)		3,229		238,978
Apollo Medical Holdings, Inc.(a)		3,629		126,108
Aveanna Healthcare Holdings, Inc.(a)		8,881		20,426
Brookdale Senior Living, Inc.(a)(b)		15,806		86,459
Cano Health, Inc., Class A(a)(b)		240		574
CareMax, Inc., Class A(a)		5,496		1,887
Castle Biosciences, Inc.(a)		2,094		48,330
Chemed Corp.		1,276		756,400
Community Health Systems, Inc.(a)		10,838		39,775
CorVel Corp.(a)		733		172,504
Cross Country Healthcare, Inc.(a)		3,385		71,931
DaVita, Inc.(a)		4,617		499,375
DocGo, Inc.(a)		6,550		24,235
Encompass Health Corp.		8,413		597,660
Enhabit, Inc.(a)(b)		4,083		41,197
Ensign Group, Inc.		4,737		536,323
Fulgent Genetics, Inc.(a)		1,832		45,049
Guardant Health, Inc.(a)		9,551		209,453
HealthEquity, Inc.(a)		7,330		554,001
Henry Schein, Inc.(a)		11,381		851,754
Hims & Hers Health, Inc., Class A(a)		10,357		88,863
InfuSystem Holdings, Inc.(a)		1,767		16,309
Innovage Holding Corp.(a)		2,921		15,452
Invitae Corp.(a)(b)		21,028		8,201
Joint Corp.(a)		1,125		10,980
LifeStance Health Group, Inc.(a)(b)		8,988		53,748
ModivCare, Inc.(a)		1,101		43,787
National HealthCare Corp.		1,057		98,343
National Research Corp., Class A		1,346		53,032
NeoGenomics, Inc.(a)		10,793		160,276
OPKO Health, Inc.(a)(b)		31,584		32,216
Option Care Health, Inc.(a)		14,655		457,822
Owens & Minor, Inc.(a)		6,306		124,291
P3 Health Partners, Inc., Class A(a)		3,386		4,097
Patterson Cos., Inc.		7,802		232,968
Pediatrix Medical Group, Inc.(a)		6,697		62,684
Pennant Group, Inc.(a)		2,390		35,874
PetIQ, Inc., Class A(a)		2,291		41,169
Premier, Inc., Class A		10,197		220,459
Privia Health Group, Inc.(a)		9,528		192,085
Progyny, Inc.(a)(b)		6,702		255,279
Quipt Home Medical Corp.(a)		3,438		16,159
R1 RCM, Inc.(a)		13,007		133,192
RadNet, Inc.(a)		5,113		189,028
Select Medical Holdings Corp.		8,818		229,180
Surgery Partners, Inc.(a)		6,386		195,986
Tenet Healthcare Corp.(a)		8,819		729,684
U.S. Physical Therapy, Inc.		1,249		115,233
Universal Health Services, Inc., Class B		5,228		830,259
Viemed Healthcare, Inc.(a)		2,808		22,801
				10,957,598
Health Care REITs — 0.5%
CareTrust REIT, Inc.		8,428		176,314

SCHEDULE OF INVESTMENTS 33

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care REITs (continued)
Community Healthcare Trust, Inc.		2,199	$	56,272
Diversified Healthcare Trust		21,017		60,319
Global Medical REIT, Inc.		5,068		51,237
Healthcare Realty Trust, Inc.		32,584		524,928
LTC Properties, Inc.		3,384		105,479
Medical Properties Trust, Inc.		51,010		158,131
National Health Investors, Inc.		3,537		188,098
Omega Healthcare Investors, Inc.		20,924		606,796
Physicians Realty Trust		20,298		248,448
Sabra Health Care REIT, Inc.		19,602		261,491
Universal Health Realty Income Trust		1,190		47,374
				2,484,887
Health Care Technology — 0.3%
American Well Corp., Class A(a)		16,887		17,731
Certara, Inc.(a)		10,229		165,301
Computer Programs and Systems, Inc.(a)		1,293		13,098
Definitive Healthcare Corp., Class A(a)		4,523		38,446
Doximity, Inc., Class A(a)(b)		10,723		288,985
Evolent Health, Inc., Class A(a)(b)		9,820		288,806
Health Catalyst, Inc.(a)		4,649		45,421
HealthStream, Inc.		2,051		54,598
Multiplan Corp., Class A(a)		42,815		43,243
OptimizeRx Corp.(a)		1,521		21,477
Phreesia, Inc.(a)(b)		4,494		114,507
Schrodinger, Inc.(a)(b)		4,621		122,225
Sharecare, Inc., Class A(a)		27,303		30,852
Simulations Plus, Inc.		1,317		49,914
Teladoc Health, Inc.(a)(b)		14,047		272,933
Veradigm, Inc.(a)		9,107		83,147
				1,650,684
Hotel & Resort REITs — 0.7%
Apple Hospitality REIT, Inc.		19,182		308,063
Braemar Hotels & Resorts, Inc.		5,143		11,726
Chatham Lodging Trust		4,196		44,058
DiamondRock Hospitality Co.		17,924		163,825
Host Hotels & Resorts, Inc.		61,760		1,187,027
Park Hotels & Resorts, Inc.		19,150		288,782
Pebblebrook Hotel Trust(b)		9,964		151,652
RLJ Lodging Trust		13,109		151,802
Ryman Hospitality Properties, Inc.		5,074		557,633
Service Properties Trust		14,009		108,289
Summit Hotel Properties, Inc.		8,770		56,830
Sunstone Hotel Investors, Inc.		17,722		189,094
Xenia Hotels & Resorts, Inc.		9,088		121,143
				3,339,924
Hotels, Restaurants & Leisure — 2.7%
Accel Entertainment, Inc., Class A(a)		4,633		47,488
Aramark		20,548		597,536
Bally’s Corp.(a)		2,337		26,315
Biglari Holdings, Inc., Class B(a)		53		8,198
BJ’s Restaurants, Inc.(a)		1,911		66,140
Bloomin’ Brands, Inc.		7,947		211,549
Bowlero Corp., Class A(a)(b)		1,337		14,453
Boyd Gaming Corp.		6,372		404,558
Brinker International, Inc.(a)(b)		3,728		159,521
Brunswick Corp.		6,116		493,439
Carrols Restaurant Group, Inc.		3,247		30,522
Cava Group, Inc.(a)(b)		1,537		71,932
Century Casinos, Inc.(a)		1,954		6,780
Cheesecake Factory, Inc.		4,114		141,398

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Choice Hotels International, Inc.		2,535	$	307,039
Churchill Downs, Inc.(b)		6,187		748,441
Chuy’s Holdings, Inc.(a)(b)		1,543		52,169
Cracker Barrel Old Country Store, Inc.		1,877		145,186
Dave & Buster’s Entertainment, Inc.(a)		3,068		164,230
Denny’s Corp.(a)		4,696		49,919
Dine Brands Global, Inc.		1,302		60,738
El Pollo Loco Holdings, Inc.(a)		2,705		25,048
Empire Resorts, Inc.(c)		81		—
Everi Holdings, Inc.(a)		7,042		73,307
First Watch Restaurant Group, Inc.(a)		1,718		36,868
Full House Resorts, Inc.(a)		3,313		15,637
Global Business Travel Group I, Class A(a)(b)		2,686		15,552
Golden Entertainment, Inc.		1,704		65,400
Hilton Grand Vacations, Inc.(a)		6,862		286,146
Hyatt Hotels Corp., Class A		3,801		487,934
Inspired Entertainment, Inc.(a)		2,141		19,654
International Game Technology PLC		9,776		253,785
Jack in the Box, Inc.		1,720		134,108
Krispy Kreme, Inc.(b)		7,416		98,559
Kura Sushi USA, Inc., Class A(a)		525		51,518
Life Time Group Holdings, Inc.(a)(b)		4,406		58,600
Light & Wonder, Inc., Class A(a)		7,742		622,302
Lindblad Expeditions Holdings, Inc.(a)(b)		2,950		27,258
Marriott Vacations Worldwide Corp.		3,091		259,304
Monarch Casino & Resort, Inc.		1,230		84,784
Mondee Holdings, Inc., Class A(a)(b)		4,008		9,359
Nathan’s Famous, Inc.		181		12,914
Noodles & Co., Class A(a)		3,368		8,555
Norwegian Cruise Line Holdings Ltd.(a)(b)		36,154		643,541
ONE Group Hospitality, Inc.(a)(b)		2,056		9,046
Papa John’s International, Inc.		2,975		218,603
Penn Entertainment, Inc.(a)		12,756		287,648
Planet Fitness, Inc., Class A(a)		7,484		507,116
PlayAGS, Inc.(a)		3,517		30,633
Portillo’s, Inc., Class A(a)(b)		3,761		51,676
Potbelly Corp.(a)		2,295		28,871
RCI Hospitality Holdings, Inc.		737		45,517
Red Robin Gourmet Burgers, Inc.(a)		1,528		15,555
Red Rock Resorts, Inc., Class A		4,027		220,196
Rush Street Interactive, Inc., Class A(a)		6,429		33,495
Sabre Corp.(a)		28,161		115,460
SeaWorld Entertainment, Inc.(a)		3,096		152,943
Shake Shack, Inc., Class A(a)		3,187		240,810
Six Flags Entertainment Corp.(a)		6,136		154,689
Super Group SGHC Ltd.		12,370		38,718
Sweetgreen, Inc., Class A(a)(b)		8,153		87,074
Target Hospitality Corp.(a)		3,620		35,005
Texas Roadhouse, Inc.		5,833		733,325
Travel & Leisure Co.		6,535		264,145
Vail Resorts, Inc.		3,303		733,266
Wendy’s Co.		14,470		276,088
Wingstop, Inc.		2,554		717,955
Wyndham Hotels & Resorts, Inc.		6,953		541,847
Wynn Resorts Ltd.		9,016		851,381
Xponential Fitness, Inc., Class A(a)		2,323		25,692
				13,514,438
Household Durables — 2.2%
Beazer Homes USA, Inc.(a)		2,490		79,058
Cavco Industries, Inc.(a)		734		243,629
Century Communities, Inc.		2,587		224,293

34 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Cricut, Inc., Class A(b)		3,638	$	19,063
Dream Finders Homes, Inc., Class A(a)		2,040		67,055
Ethan Allen Interiors, Inc.		2,152		62,688
GoPro, Inc., Class A(a)		11,108		33,102
Green Brick Partners, Inc.(a)		2,185		113,991
Helen of Troy Ltd.(a)		2,139		244,915
Hooker Furnishings Corp.		1,306		30,142
Hovnanian Enterprises, Inc., Class A(a)		450		76,037
Installed Building Products, Inc.		2,090		407,236
iRobot Corp.(a)		2,250		30,600
KB Home		5,997		357,361
Landsea Homes Corp.(a)		2,622		33,011
La-Z-Boy, Inc.		3,679		128,066
Legacy Housing Corp.(a)		700		16,541
Leggett & Platt, Inc.		11,979		278,033
LGI Homes, Inc.(a)		1,748		206,281
Lovesac Co.(a)		1,199		27,769
M/I Homes, Inc.(a)		2,278		290,263
MDC Holdings, Inc.		5,074		317,531
Meritage Homes Corp.		3,073		508,920
Mohawk Industries, Inc.(a)		4,510		470,167
Newell Brands, Inc.		32,625		271,440
PulteGroup, Inc.		18,908		1,977,020
Purple Innovation, Inc.		4,336		4,423
Skyline Champion Corp.(a)		4,519		309,461
Snap One Holdings Corp.(a)		2,384		18,834
Sonos, Inc.(a)		10,768		167,765
Taylor Morrison Home Corp., Class A(a)		8,724		454,869
Tempur Sealy International, Inc.		14,266		711,731
Toll Brothers, Inc.		9,421		935,976
TopBuild Corp.(a)		2,751		1,015,477
Traeger, Inc.(a)		3,244		7,104
Tri Pointe Homes, Inc.(a)		8,081		279,037
United Homes Group, Inc., Class A(a)(b)		1,384		10,408
Vizio Holding Corp., Class A(a)		5,980		41,860
VOXX International Corp., Class A(a)		1,266		10,571
Whirlpool Corp.		4,701		514,854
Worthington Enterprises, Inc.		2,618		149,331
				11,145,913
Household Products — 0.2%
Central Garden & Pet Co.(a)		899		42,163
Central Garden & Pet Co., Class A(a)		3,252		134,243
Energizer Holdings, Inc.		6,016		190,226
Oil-Dri Corp. of America		420		27,283
Reynolds Consumer Products, Inc.		5,160		140,197
Spectrum Brands Holdings, Inc.		3,172		249,383
WD-40 Co.(b)		1,143		296,014
				1,079,509
Independent Power and Renewable Electricity Producers — 0.5%
Altus Power, Inc., Class A(a)(b)		5,233		28,206
Brookfield Renewable Corp., Class A		11,477		320,438
Clearway Energy, Inc., Class A		3,656		82,114
Clearway Energy, Inc., Class C		7,008		169,874
Montauk Renewables, Inc.(a)		5,648		39,028
Ormat Technologies, Inc.		4,498		290,930
Sunnova Energy International, Inc.(a)(b)		10,034		105,558
Vistra Corp.		31,722		1,301,553
				2,337,701

Security	Shares		Value
Industrial Conglomerates — 0.0%
Brookfield Business Corp., Class A(b)		2,300	$	52,831
Industrial REITs — 0.9%
Americold Realty Trust, Inc.		23,609		649,247
EastGroup Properties, Inc.		4,013		712,027
First Industrial Realty Trust, Inc.		11,250		579,600
Innovative Industrial Properties, Inc.		2,370		220,955
LXP Industrial Trust		24,790		225,341
Plymouth Industrial REIT, Inc.		4,007		88,715
Rexford Industrial Realty, Inc.		18,252		959,873
STAG Industrial, Inc.		15,501		572,607
Terreno Realty Corp.		6,932		414,048
				4,422,413
Insurance — 3.4%
Ambac Financial Group, Inc.(a)		3,836		62,335
American Coastal Insurance Corp.(a)		1,906		22,052
American Equity Investment Life Holding Co.(a)		7,124		393,316
American Financial Group, Inc.		6,505		783,202
AMERISAFE, Inc.		1,982		98,783
Assurant, Inc.		4,603		773,074
Assured Guaranty Ltd.		4,860		394,292
Axis Capital Holdings Ltd.		7,826		465,804
Brighthouse Financial, Inc.(a)		6,463		334,590
BRP Group, Inc., Class A(a)(b)		5,132		115,162
CNO Financial Group, Inc.		10,985		298,572
Crawford & Co., Class A		1,507		18,295
Donegal Group, Inc., Class A		2,178		32,692
eHealth, Inc.(a)		1,990		13,532
Employers Holdings, Inc.		1,304		54,403
Enstar Group Ltd.(a)		1,021		272,495
Everest Group Ltd.		3,765		1,449,412
F&G Annuities & Life, Inc.		1,745		78,246
Fidelis Insurance Holdings Ltd.(b)		1,922		25,024
First American Financial Corp.		8,661		522,691
Genworth Financial, Inc., Class A(a)		34,319		211,748
Globe Life, Inc.		8,125		997,912
GoHealth, Inc., Class A(a)		784		9,259
Goosehead Insurance, Inc., Class A(a)		1,832		141,430
Greenlight Capital Re Ltd., Class A(a)(b)		2,446		27,909
Hanover Insurance Group, Inc.		3,093		408,307
HCI Group, Inc.		647		58,016
Hippo Holdings, Inc.(a)		588		5,439
Horace Mann Educators Corp.		2,534		93,327
Investors Title Co.		146		24,418
James River Group Holdings Ltd.		3,600		34,452
Kemper Corp.		5,178		310,680
Kingsway Financial Services, Inc.(a)(b)		1,645		14,427
Kinsale Capital Group, Inc.		1,905		757,371
Lemonade, Inc.(a)(b)		3,915		61,935
Lincoln National Corp.		14,766		405,327
Maiden Holdings Ltd.(a)		9,593		16,884
MBIA, Inc.		4,394		26,716
Mercury General Corp.		2,323		93,036
National Western Life Group, Inc., Class A		200		96,800
NI Holdings, Inc.(a)		788		10,528
Old Republic International Corp.		24,113		676,129
Oscar Health, Inc., Class A(a)		13,603		170,310
Palomar Holdings, Inc.(a)		2,076		124,290
Primerica, Inc.		3,330		779,753

SCHEDULE OF INVESTMENTS 35

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
ProAssurance Corp.		2,756	$	37,096
Reinsurance Group of America, Inc.		5,949		1,034,472
RenaissanceRe Holdings Ltd.		4,384		1,003,191
RLI Corp.		3,477		474,158
Ryan Specialty Holdings, Inc., Class A(a)(b)		8,507		368,523
Safety Insurance Group, Inc.		1,397		116,384
Selective Insurance Group, Inc.		5,179		543,070
Selectquote, Inc.(a)		12,310		13,664
SiriusPoint Ltd.(a)		5,785		68,263
Skyward Specialty Insurance Group, Inc.(a)		2,212		68,793
Stewart Information Services Corp.		1,624		100,136
Tiptree, Inc.		2,041		38,636
Trupanion, Inc.(a)(b)		3,422		93,078
United Fire Group, Inc.		1,943		43,543
Universal Insurance Holdings, Inc.		2,022		33,606
Unum Group.		17,616		851,557
White Mountains Insurance Group Ltd.		223		351,441
				17,003,986
Interactive Media & Services — 0.5%
Bumble, Inc., Class A(a)		8,579		117,704
Cargurus, Inc., Class A(a)		8,325		193,473
Cars.com, Inc.(a)		5,642		98,340
DHI Group, Inc.(a)		3,723		8,526
Eventbrite, Inc., Class A(a)		6,395		53,526
EverQuote, Inc., Class A(a)		1,762		22,254
fuboTV, Inc.(a)(b)		22,903		57,029
Grindr, Inc.(a)		3,721		32,298
IAC, Inc.(a)		6,638		333,294
MediaAlpha, Inc., Class A(a)		2,009		25,615
Nextdoor Holdings, Inc., Class A(a)		14,622		22,226
Outbrain, Inc.(a)		4,296		16,883
QuinStreet, Inc.(a)		4,821		61,082
Shutterstock, Inc.		2,054		96,476
System1, Inc., Class A(a)		3,286		5,915
TripAdvisor, Inc.(a)		9,194		198,590
TrueCar, Inc.(a)		6,796		24,058
Vimeo, Inc.(a)		10,895		43,253
Yelp, Inc.(a)(b)		5,655		247,293
Ziff Davis, Inc.(a)		3,946		265,961
ZipRecruiter, Inc., Class A(a)		5,695		79,274
ZoomInfo Technologies, Inc., CLass A(a)		25,733		412,757
				2,415,827
IT Services — 0.7%
Amdocs Ltd.		10,383		951,913
Applied Digital Corp.(a)(b)		6,189		31,811
BigBear.ai Holdings, Inc.(a)(b)		8,674		14,052
BigCommerce Holdings, Inc., Series 1(a)		5,498		44,974
Brightcove, Inc.(a)		2,788		6,385
Couchbase, Inc.(a)		3,209		80,225
DigitalOcean Holdings, Inc.(a)		5,379		181,380
DXC Technology Co.(a)		17,534		382,241
Fastly, Inc., Class A(a)(b)		10,243		206,089
Globant SA(a)		3,593		847,265
Grid Dynamics Holdings, Inc., Class A(a)		4,796		62,588
Hackett Group, Inc.		2,311		53,430
Information Services Group, Inc.		3,455		15,271
Kyndryl Holdings, Inc.(a)		20,184		414,176
Perficient, Inc.(a)		2,915		198,599
Rackspace Technology, Inc.(a)		3,776		6,344
Squarespace, Inc., Class A(a)		4,459		138,229

Security	Shares		Value
IT Services (continued)
Thoughtworks Holding, Inc.(a)		8,984	$	42,045
Tucows, Inc., Class A(a)		808		18,681
Unisys Corp.(a)		6,488		43,729
				3,739,427
Leisure Products — 0.6%
Acushnet Holdings Corp.		2,585		163,734
AMMO, Inc.(a)		6,541		14,194
Clarus Corp.		1,641		9,715
Escalade, Inc.		1,074		17,248
Funko, Inc., Class A(a)		3,070		21,705
Hasbro, Inc.		11,164		546,478
JAKKS Pacific, Inc.(a)		654		20,509
Johnson Outdoors, Inc., Class A		523		23,409
Latham Group, Inc.(a)		3,286		8,314
Malibu Boats, Inc., Class A(a)(b)		1,710		71,393
Marine Products Corp.		440		4,492
MasterCraft Boat Holdings, Inc.(a)		1,528		29,597
Mattel, Inc.(a)		30,047		537,541
Peloton Interactive, Inc., Class A(a)(b)		28,664		159,372
Polaris, Inc.		4,766		428,749
Smith & Wesson Brands, Inc.		3,825		49,955
Solo Brands, Inc., Class A(a).		1,709		4,768
Sturm Ruger & Co., Inc.		1,584		69,157
Topgolf Callaway Brands Corp.(a)		12,187		160,503
Vista Outdoor, Inc.(a)		4,899		137,515
YETI Holdings, Inc.(a)(b)		7,713		339,141
				2,817,489
Life Sciences Tools & Services — 1.3%
10X Genomics, Inc., Class A(a)		7,846		326,943
Adaptive Biotechnologies Corp.(a)		9,592		35,203
Akoya Biosciences, Inc.(a)		1,301		6,609
Azenta, Inc.(a)(b)		5,296		345,299
BioLife Solutions, Inc.(a)(b)		2,937		49,929
Bio-Techne Corp.		13,515		950,375
Bruker Corp.		9,291		664,399
Charles River Laboratories International, Inc.(a)		4,416		955,092
Codexis, Inc.(a)		4,539		11,938
CryoPort, Inc.(a)		3,836		55,660
Cytek Biosciences, Inc.(a)		10,029		75,719
Harvard Bioscience, Inc.(a)		3,631		15,976
Maravai LifeSciences Holdings, Inc., Class A(a)		8,882		51,516
MaxCyte, Inc.(a)		7,255		36,928
Medpace Holdings, Inc.(a)		1,991		580,536
Mesa Laboratories, Inc.		475		43,520
NanoString Technologies, Inc.(a)		4,005		1,648
Nautilus Biotechnology, Inc.(a)		3,652		10,153
OmniAb, Inc.(a)		9,383		54,421
OmniAb, Inc., 12.50 Earnout Shares(c)		494		—
OmniAb, Inc., 15.00 Earnout Shares(c)		494		—
Pacific Biosciences of California, Inc.(a)(b)		21,325		138,826
QIAGEN NV		19,429		848,270
Quanterix Corp.(a)		2,976		65,740
Quantum-Si, Inc., Class A(a)		8,727		13,614
Repligen Corp.(a)		4,828		914,423
Seer, Inc., Class A(a)		4,339		7,463
Sotera Health Co.(a)(b)		8,417		123,898
				6,384,098
Machinery — 4.1%
374Water, Inc.(a)		5,305		6,366
3D Systems Corp.(a)		11,033		52,848

36 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
AGCO Corp.		5,490	$	671,592
Alamo Group, Inc.		825		175,131
Albany International Corp., Class A		2,632		234,011
Allison Transmission Holdings, Inc.		7,881		477,116
Astec Industries, Inc.		2,280		81,168
Barnes Group, Inc.		4,147		137,307
Blue Bird Corp.(a)(b)		2,409		70,174
Chart Industries, Inc.(a)(b)		3,761		438,984
Columbus McKinnon Corp./New York		2,358		92,127
Commercial Vehicle Group, Inc.(a)		3,178		20,625
Crane Co.		4,225		524,365
Desktop Metal, Inc., Class A(a)(b)		37,292		24,191
Donaldson Co., Inc.		10,323		666,763
Douglas Dynamics, Inc.		1,869		47,005
Energy Recovery, Inc.(a)(b)		4,657		72,230
Enerpac Tool Group Corp., Class A		4,606		143,845
Enpro, Inc.		1,876		280,237
Esab Corp.		4,995		429,520
ESCO Technologies, Inc.		2,298		234,097
Federal Signal Corp.		5,262		405,069
Flowserve Corp.		11,182		446,497
Franklin Electric Co., Inc.		3,891		366,766
Gates Industrial Corp. PLC(a)		9,544		122,927
Gencor Industries, Inc.(a)		1,044		16,286
Gorman-Rupp Co.		2,064		68,917
Graco, Inc.		14,559		1,241,883
Greenbrier Cos., Inc.		2,589		117,696
Helios Technologies, Inc.		2,801		115,569
Hillenbrand, Inc.		5,947		276,952
Hillman Solutions Corp.(a)		16,521		145,220
Hyliion Holdings Corp., Class A(a)(b)		11,844		12,436
Hyster-Yale Materials Handling, Inc., Class A		955		62,763
ITT, Inc.		7,214		871,307
John Bean Technologies Corp.		2,835		279,985
Kadant, Inc.		982		280,852
Kennametal, Inc.		6,888		168,894
Lincoln Electric Holdings, Inc.		4,882		1,084,878
Lindsay Corp.		928		120,742
Luxfer Holdings PLC		2,124		17,481
Manitowoc Co., Inc.(a)		2,941		47,350
Mayville Engineering Co., Inc.(a)		1,163		14,758
Microvast Holdings, Inc.(a)(b)		13,682		12,834
Middleby Corp.(a)		4,659		657,245
Miller Industries, Inc.		889		35,782
Mueller Industries, Inc.		9,852		472,896
Mueller Water Products, Inc., Class A		13,193		180,876
Nikola Corp.(a)(b)		48,784		36,456
Nordson Corp.		4,986		1,255,076
Omega Flex, Inc.		303		21,137
Oshkosh Corp.		5,724		630,212
Park-Ohio Holdings Corp.		887		21,944
Pentair PLC		14,321		1,047,868
Proto Labs, Inc.(a)		2,468		89,070
RBC Bearings, Inc.(a)(b)		2,412		647,718
REV Group, Inc.		2,927		57,135
Shyft Group, Inc.		3,287		35,598
Snap-on, Inc.		4,589		1,330,489
SPX Technologies, Inc.(a)		3,886		391,087
Standex International Corp.		998		147,365
Tennant Co.		1,561		147,546
Terex Corp.		5,890		361,823
Timken Co.		5,231		428,471

Security	Shares		Value
Machinery (continued)
Titan International, Inc.(a)		4,442	$	65,564
Toro Co.		9,060		837,869
Trinity Industries, Inc.		6,874		172,812
Velo3D, Inc.(a)		11,124		3,487
Wabash National Corp.		3,909		98,898
Watts Water Technologies, Inc., Class A		2,385		472,254
				20,824,442
Marine Transportation — 0.2%
Costamare, Inc.		4,332		46,396
Eagle Bulk Shipping, Inc.		974		53,697
Genco Shipping & Trading Ltd.		3,414		59,881
Golden Ocean Group Ltd.		10,504		111,027
Himalaya Shipping Ltd.		2,508		16,327
Kirby Corp.(a)		5,184		407,773
Matson, Inc.		3,056		342,364
Pangaea Logistics Solutions Ltd.		2,775		25,863
Safe Bulkers, Inc.		6,947		28,066
				1,091,394
Media — 1.1%
Advantage Solutions, Inc., Class A(a)		7,451		30,027
AMC Networks, Inc., Class A(a)		2,693		48,716
Boston Omaha Corp., Class A(a)		1,772		27,448
Cable One, Inc.		476		261,291
Cardlytics, Inc.(a)		3,678		28,100
Clear Channel Outdoor Holdings, Inc.(a)		32,025		55,083
Daily Journal Corp.(a)		101		32,453
Emerald Holding, Inc.(a)		1,074		6,594
Entravision Communications Corp., Class A		4,839		19,501
EW Scripps Co., Class A(a)		5,145		41,006
Gambling.com Group Ltd.(a)		698		6,387
Gannett Co., Inc.(a)(b)		16,811		41,523
Gray Television, Inc.		7,159		68,368
iHeartMedia, Inc., Class A(a)		10,087		27,336
Integral Ad Science Holding Corp.(a)		4,616		67,163
Interpublic Group of Cos., Inc.		33,534		1,106,287
John Wiley & Sons, Inc., Class A		3,230		109,303
Liberty Media Corp.-Liberty SiriusXM(a)		13,619		413,473
Liberty Media Corp.-Liberty SiriusXM, Class A		6,361		193,311
Magnite, Inc.(a)		12,769		113,006
New York Times Co., Class A		13,795		669,885
News Corp., Class A		32,599		803,239
News Corp., Class B		10,628		271,758
Nexstar Media Group, Inc., Class A		2,867		509,495
PubMatic, Inc., Class A(a)		3,832		58,170
Scholastic Corp.		2,205		84,760
Sinclair, Inc., Class A		3,470		54,479
Stagwell, Inc., Class A(a)(b)		6,738		43,932
TechTarget, Inc.(a)		2,158		73,739
TEGNA, Inc.		18,249		284,502
Thryv Holdings, Inc.(a)(b)		2,425		49,567
Townsquare Media, Inc., Class A		1,221		13,113
Urban One, Inc., Class A(a)		2,553		9,344
Urban One, Inc., Class D(a)		388		1,397
WideOpenWest, Inc.(a)		5,083		18,858
				5,642,614
Metals & Mining — 1.7%
5E Advanced Materials, Inc.(a)(b)		2,976		4,226
Alcoa Corp.		15,246		453,568
Alpha Metallurgical Resources, Inc.		982		392,054
Arch Resources, Inc., Class A		1,614		285,613
ATI, Inc.(a)(b)		11,262		460,278

SCHEDULE OF INVESTMENTS 37

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Caledonia Mining Corp. PLC		1,412	$	15,123
Carpenter Technology Corp.		4,134		254,613
Century Aluminum Co.(a)		4,172		46,518
Cleveland-Cliffs, Inc.(a)		43,508		872,335
Coeur Mining, Inc.(a)		32,267		86,798
Commercial Metals Co.		10,271		536,352
Compass Minerals International, Inc.		2,850		64,096
Constellium SE, Class A(a)		11,084		207,825
Contango ORE, Inc.(a)(b)		488		8,037
Dakota Gold Corp.(a)		5,742		12,058
Haynes International, Inc.		1,001		55,726
Hecla Mining Co.		51,996		198,105
i-80 Gold Corp.(a)		17,174		27,478
Ivanhoe Electric, Inc.(a)(b)		4,960		41,466
Kaiser Aluminum Corp.		1,370		88,913
Materion Corp.		1,752		204,931
MP Materials Corp., Class A(a)(b)		8,911		140,883
Novagold Resources, Inc.(a)		20,622		52,792
Olympic Steel, Inc.		817		55,213
Perpetua Resources Corp.(a)(b)		3,812		10,902
Piedmont Lithium, Inc.(a)		1,277		19,513
Ramaco Resources, Inc., Class A		1,835		34,645
Ramaco Resources, Inc., Class B		367		4,632
Reliance Steel & Aluminum Co.		5,009		1,429,669
Royal Gold, Inc.		5,743		656,942
Ryerson Holding Corp.		2,661		91,326
Schnitzer Steel Industries, Inc., Class A		2,213		58,268
SSR Mining, Inc.		17,479		164,827
SunCoke Energy, Inc.		7,267		74,487
TimkenSteel Corp.(a)		3,662		75,254
Tredegar Corp.		2,462		11,645
U.S. Steel Corp.		19,262		905,699
Warrior Met Coal, Inc.		4,399		282,284
Worthington Steel, Inc.(a)		2,473		74,066
				8,459,160
Mortgage Real Estate Investment Trusts (REITs) — 0.9%
AFC Gamma, Inc.		1,189		13,864
AGNC Investment Corp.		56,706		537,573
Angel Oak Mortgage REIT, Inc., Series 13A		758		8,088
Annaly Capital Management, Inc.		43,819		840,887
Apollo Commercial Real Estate Finance, Inc.		12,288		137,134
Arbor Realty Trust, Inc.(b)		15,209		202,280
Ares Commercial Real Estate Corp.		4,447		42,291
ARMOUR Residential REIT, Inc.		4,049		77,133
Blackstone Mortgage Trust, Inc., Class A		15,275		301,528
BrightSpire Capital, Inc., Class A		10,998		78,636
Chicago Atlantic Real Estate Finance, Inc.		1,050		16,664
Chimera Investment Corp.		18,974		91,075
Claros Mortgage Trust, Inc.		7,823		91,842
Dynex Capital, Inc.		5,088		62,277
Ellington Financial, Inc.		6,783		82,820
Franklin BSP Realty Trust, Inc.		6,896		88,407
Granite Point Mortgage Trust, Inc.		3,724		20,892
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		8,971		213,420
Invesco Mortgage Capital, Inc.		3,464		30,518
KKR Real Estate Finance Trust, Inc.		4,863		59,523
Ladder Capital Corp., Class A		9,613		105,070
MFA Financial, Inc.		8,420		93,209
New York Mortgage Trust, Inc.		7,546		59,161
Nexpoint Real Estate Finance, Inc.		971		14,147

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Orchid Island Capital, Inc.		3,741	$	29,853
PennyMac Mortgage Investment Trust		7,292		104,567
Ready Capital Corp.		13,802		129,325
Redwood Trust, Inc.		10,354		69,475
Rithm Capital Corp.		41,588		444,992
Starwood Property Trust, Inc.		26,528		539,314
TPG RE Finance Trust, Inc.		6,458		39,329
Two Harbors Investment Corp.		8,152		101,574
				4,726,868
Multi-Utilities — 0.3%
Avista Corp.		6,507		221,303
Black Hills Corp.		5,988		309,939
NiSource, Inc.		35,553		923,312
Northwestern Energy Group, Inc.		5,210		250,705
Unitil Corp.		1,373		65,245
				1,770,504
Office REITs — 0.7%
Boston Properties, Inc.		13,667		908,855
Brandywine Realty Trust.		13,623		64,573
City Office REIT, Inc.		3,573		18,758
COPT Defense Properties		10,062		237,061
Cousins Properties, Inc.		13,005		297,944
Douglas Emmett, Inc.		13,755		186,380
Easterly Government Properties, Inc.		7,602		93,352
Equity Commonwealth		8,858		169,276
Highwoods Properties, Inc.		9,013		207,029
Hudson Pacific Properties, Inc.		12,119		99,255
JBG SMITH Properties		8,647		138,352
Kilroy Realty Corp.		10,378		371,117
Office Properties Income Trust		5,013		18,398
Orion Office REIT, Inc.		4,549		23,382
Paramount Group, Inc.		16,731		79,472
Peakstone Realty Trust, Class E(b)		3,681		53,301
Piedmont Office Realty Trust, Inc., Class A		10,807		73,488
Postal Realty Trust, Inc., Class A		1,528		21,545
SL Green Realty Corp.		5,384		242,011
Vornado Realty Trust		15,672		426,122
				3,729,671
Oil, Gas & Consumable Fuels — 3.5%
Amplify Energy Corp.(a)		3,118		19,082
Antero Midstream Corp.		30,142		368,938
Antero Resources Corp.(a)		24,917		556,646
APA Corp.		26,872		841,900
Ardmore Shipping Corp.		3,942		65,319
Berry Corp.		6,916		46,406
California Resources Corp.		5,973		284,793
Callon Petroleum Co.(a)		5,238		168,245
Centrus Energy Corp., Class A(a)(b)		1,183		59,410
Chesapeake Energy Corp.		10,957		844,894
Chord Energy Corp.		3,684		566,452
Civitas Resources, Inc.		7,150		463,391
Clean Energy Fuels Corp.(a)		14,230		41,979
CNX Resources Corp.(a)(b)		13,279		268,236
Comstock Resources, Inc.		7,637		59,645
CONSOL Energy, Inc.		2,599		245,865
Crescent Energy Co., Class A		5,918		65,394
CVR Energy, Inc.		2,747		92,656
Delek U.S. Holdings, Inc.		6,389		172,695
DHT Holdings, Inc.		11,574		128,703
Dorian LPG Ltd.		2,906		108,801
DT Midstream, Inc.(a)		8,217		441,171

38 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Empire Petroleum Corp.(a)(b)		1,078	$	7,201
Encore Energy Corp.		12,424		57,275
Energy Fuels, Inc./Canada(a)(b)		13,272		100,204
Enviva, Inc.		2,638		1,156
EQT Corp.		31,317		1,108,622
Equitrans Midstream Corp.		37,006		377,091
Evolution Petroleum Corp.		2,595		14,558
Excelerate Energy, Inc., Class A		1,901		29,123
FLEX LNG Ltd.(a)		2,421		72,557
FutureFuel Corp.		3,064		17,465
Gevo, Inc.(a)(b)		16,862		15,746
Golar LNG Ltd.		8,524		185,908
Granite Ridge Resources, Inc.		2,155		11,809
Green Plains, Inc.(a)		2,103		43,595
Gulfport Energy Corp.(a)		956		121,316
Hallador Energy Co.(a)		1,901		16,216
HF Sinclair Corp.		12,714		718,214
HighPeak Energy, Inc.(b)		1,664		22,714
International Seaways, Inc.		3,434		184,200
Kinetik Holdings, Inc., Class A		1,497		48,682
Kosmos Energy Ltd.(a)		38,895		235,704
Magnolia Oil & Gas Corp., Class A		15,417		317,899
Matador Resources Co.		9,660		530,237
Murphy Oil Corp.		12,832		496,598
NACCO Industries, Inc., Class A		484		17,560
New Fortress Energy, Inc., Class A		5,527		183,662
NextDecade Corp.(a)(b)		7,261		36,958
Nordic American Tankers Ltd.		17,332		77,127
Northern Oil and Gas, Inc.		7,494		251,049
Overseas Shipholding Group, Inc., Class A		4,794		29,243
Ovintiv, Inc.		22,493		954,153
Par Pacific Holdings, Inc.(a)		4,910		179,657
PBF Energy, Inc., Class A		9,837		496,867
Peabody Energy Corp.		9,744		260,165
Permian Resources Corp., Class A		33,256		448,291
PrimeEnergy Resources Corp.(a)		24		2,309
Range Resources Corp.		20,585		597,788
REX American Resources Corp.(a)		1,227		50,786
Riley Exploration Permian, Inc.		901		20,020
Ring Energy, Inc.(a)(b)		7,446		10,350
SandRidge Energy, Inc.		1,535		22,411
Scorpio Tankers, Inc.		4,043		285,840
SFL Corp. Ltd.		9,576		116,540
SilverBow Resources, Inc.(a)(b)		1,671		44,382
Sitio Royalties Corp., Class A		6,971		148,691
SM Energy Co.		10,116		375,101
Southwestern Energy Co.(a)		96,708		623,767
Talos Energy, Inc.(a)(b)		11,582		150,219
Teekay Corp.(a)		5,790		52,052
Teekay Tankers Ltd., Class A		2,024		126,601
Tellurian, Inc.(a)(b)		42,448		21,266
Texas Pacific Land Corp.		537		784,734
Uranium Energy Corp.(a)(b)		32,101		245,252
VAALCO Energy, Inc.		9,062		38,604
Vertex Energy, Inc.(a)		7,152		10,442
Vital Energy, Inc.(a)		2,093		91,736
Vitesse Energy, Inc.		1,998		41,978
W&T Offshore, Inc.		9,251		28,123
World Kinect Corp.		5,355		120,862
				17,589,297

Security	Shares		Value
Paper & Forest Products — 0.1%
Clearwater Paper Corp.(a)		1,527	$	50,345
Glatfelter Corp.(a)		3,535		5,126
Louisiana-Pacific Corp.		5,484		364,960
Sylvamo Corp.		3,023		140,358
				560,789
Passenger Airlines — 0.4%
Alaska Air Group, Inc.(a)		10,648		381,518
Allegiant Travel Co.		1,317		103,253
American Airlines Group, Inc.(a)		56,639		805,973
Blade Air Mobility, Inc., Class A(a)		4,942		14,727
Frontier Group Holdings, Inc.(a)(b)		3,328		16,207
Hawaiian Holdings, Inc.(a)(b)		4,283		61,033
JetBlue Airways Corp.(a)		28,386		150,730
Joby Aviation, Inc., Class A(a)(b)		23,655		129,156
SkyWest, Inc.(a)		3,428		182,575
Spirit Airlines, Inc.(b)		9,276		58,346
Sun Country Airlines Holdings, Inc.(a)		3,548		48,288
				1,951,806
Personal Care Products — 0.5%
Beauty Health Co., Class A(a)(b)		7,546		22,110
BellRing Brands, Inc.(a)		11,155		616,537
Coty, Inc., Class A(a)(b)		32,276		389,894
Edgewell Personal Care Co.		4,236		156,944
elf Beauty, Inc.(a)		4,666		744,367
Herbalife Ltd.(a)		8,295		99,955
Inter Parfums, Inc.		1,553		216,100
Medifast, Inc.		907		49,567
Nature’s Sunshine Products, Inc.(a)		822		14,311
Nu Skin Enterprises, Inc., Class A		4,256		78,991
Olaplex Holdings, Inc.(a)		11,336		25,506
USANA Health Sciences, Inc.(a)		1,062		49,723
Waldencast PLC, Class A		4,217		29,730
				2,493,735
Pharmaceuticals — 1.3%
Aclaris Therapeutics, Inc.(a)		7,259		8,420
Amneal Pharmaceuticals, Inc., Class A(a)		12,791		68,432
Amphastar Pharmaceuticals, Inc.(a)(b)		3,257		173,794
Amylyx Pharmaceuticals, Inc.(a)		4,152		66,432
ANI Pharmaceuticals, Inc.(a)		1,122		62,630
Arvinas, Inc.(a)		4,156		172,474
Assertio Holdings, Inc.(a)		9,708		8,568
Atea Pharmaceuticals, Inc.(a)		6,727		27,984
Axsome Therapeutics, Inc.(a)		3,191		287,286
Biote Corp., Class A(a)		2,285		8,660
Cara Therapeutics, Inc.(a)		4,328		2,448
Cassava Sciences, Inc.(a)(b)		3,621		86,723
Catalent, Inc.(a)		15,675		809,457
Citius Pharmaceuticals, Inc.(a)(b)		11,887		7,382
Collegium Pharmaceutical, Inc.(a)		2,889		95,221
Corcept Therapeutics, Inc.(a)		6,779		143,037
CorMedix, Inc.(a)		4,098		12,089
Cymabay Therapeutics, Inc.(a)		10,196		239,708
Edgewise Therapeutics, Inc.(a)		3,631		64,741
Elanco Animal Health, Inc.(a)		42,887		632,154
Enliven Therapeutics, Inc.(a)(b)		2,085		32,735
Evolus, Inc.(a)		3,407		43,235
Eyenovia, Inc.(a)(b)		1,664		3,028
EyePoint Pharmaceuticals, Inc.(a)		2,424		65,278
Harmony Biosciences Holdings, Inc.(a)		2,723		85,883
Harrow, Inc.(a)(b)		3,192		30,420
Ikena Oncology, Inc.(a)		2,181		2,923

SCHEDULE OF INVESTMENTS 39

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Innoviva, Inc.(a)		5,483	$	88,825
Intra-Cellular Therapies, Inc.(a)		8,157		549,292
Jazz Pharmaceuticals PLC(a)		5,316		652,380
Ligand Pharmaceuticals, Inc.(a)		1,499		109,577
Liquidia Corp.(a)		3,701		47,299
Longboard Pharmaceuticals, Inc.(a)		1,665		35,365
Marinus Pharmaceuticals, Inc.(a)		4,463		43,470
Neumora Therapeutics, Inc.(b)		1,280		19,072
NGM Biopharmaceuticals, Inc.(a)		3,413		5,222
Nuvation Bio, Inc., Class A(a)		11,978		19,404
Ocular Therapeutix, Inc.(a)		8,299		40,333
Omeros Corp.(a)(b)		5,484		17,768
Optinose, Inc.(a)		12,558		15,823
Organon & Co.		21,909		364,785
Pacira BioSciences, Inc.(a)		3,823		124,592
Perrigo Co. PLC		11,494		368,728
Phathom Pharmaceuticals, Inc.(a)		2,230		14,941
Phibro Animal Health Corp., Class A		1,994		21,555
Pliant Therapeutics, Inc.(a)(b)		4,820		86,374
Prestige Consumer Healthcare, Inc.(a)		4,176		256,991
Revance Therapeutics, Inc.(a)		8,259		41,543
Scilex Holding Co., (Acquired 01/06/23, Cost: $50,126)(d)		4,783		7,713
scPharmaceuticals, Inc.(a)		2,577		12,627
SIGA Technologies, Inc.		4,478		21,853
Supernus Pharmaceuticals, Inc.(a)		4,152		114,927
Taro Pharmaceutical Industries Ltd.(a)		732		31,513
Tarsus Pharmaceuticals, Inc.(a)		2,757		75,101
Terns Pharmaceuticals, Inc.(a)		3,857		19,979
Theravance Biopharma, Inc.(a)		4,107		38,934
Theseus Pharmaceuticals, Inc.(a)		2,332		9,468
Third Harmonic Bio, Inc.(a)		1,478		12,814
Trevi Therapeutics, Inc.(a)		5,359		7,610
Ventyx Biosciences, Inc.(a)		4,644		9,799
Verrica Pharmaceuticals, Inc.(a)(b)		2,416		13,650
WaVe Life Sciences Ltd.(a)		5,473		23,643
Xeris Biopharma Holdings, Inc.(a)		13,971		34,369
Zevra Therapeutics, Inc.(a)(b)		3,233		18,719
				6,617,200
Professional Services — 2.7%
Alight, Inc., Class A(a)		35,318		315,037
ASGN, Inc.(a)		4,032		374,250
Asure Software, Inc.(a)(b)		2,252		19,908
Barrett Business Services, Inc.		564		63,320
BlackSky Technology, Inc., Class A(a)		12,150		15,430
Booz Allen Hamilton Holding Corp., Class A		11,215		1,578,736
CACI International, Inc., Class A(a)		1,940		666,836
CBIZ, Inc.(a)		4,253		270,746
Ceridian HCM Holding, Inc.(a)(b)		12,848		893,193
Clarivate PLC(a)(b)		41,900		374,586
Concentrix Corp.		3,909		347,393
Conduent, Inc.(a)		14,776		53,194
CRA International, Inc.		643		68,955
CSG Systems International, Inc.		3,004		151,131
Dun & Bradstreet Holdings, Inc.		24,499		283,943
ExlService Holdings, Inc.(a)		13,658		427,222
Exponent, Inc.		4,268		376,395
First Advantage Corp.		4,281		70,080
FiscalNote Holdings, Inc., Class A(a)		6,358		7,884
Forrester Research, Inc.(a)		977		24,894
Franklin Covey Co.(a)(b)		1,083		43,796

Security	Shares		Value
Professional Services (continued)
FTI Consulting, Inc.(a)(b)		2,842	$	544,556
Genpact Ltd.		15,545		558,065
Heidrick & Struggles International, Inc.		1,687		50,559
HireQuest, Inc.		514		6,836
HireRight Holdings Corp.(a)		1,087		13,479
Huron Consulting Group, Inc.(a)		1,752		181,385
IBEX Holdings Ltd.(a)		872		15,713
ICF International, Inc.		1,702		236,646
Innodata, Inc.(a)		2,217		22,990
Insperity, Inc.		3,013		345,561
KBR, Inc.		11,475		597,962
Kelly Services, Inc., Class A		2,917		59,944
Kforce, Inc.		1,615		110,385
Korn Ferry		4,704		275,984
Legalzoom.com, Inc.(a)		10,954		112,936
ManpowerGroup, Inc.		4,270		316,578
Maximus, Inc.		5,336		432,856
Mistras Group, Inc.(a)		1,891		14,693
NV5 Global, Inc.(a)		1,173		123,036
Parsons Corp.(a)		3,484		226,983
Paycor HCM, Inc.(a)(b)		5,510		107,059
Paylocity Holding Corp.(a)		3,690		584,533
Planet Labs PBC, Class A(a)(b)		17,056		38,547
Resources Connection, Inc.		2,762		37,177
Robert Half, Inc.		8,847		703,690
Science Applications International Corp.		4,652		593,874
Skillsoft Corp., Class A		349		4,893
Sterling Check Corp.(a)(b)		3,088		42,120
TriNet Group, Inc.(a)		2,847		323,704
TrueBlue, Inc.(a)		2,952		40,679
TTEC Holdings, Inc.		1,571		32,017
Upwork, Inc.(a)		10,591		145,203
Verra Mobility Corp., Class A(a)		11,849		283,310
Willdan Group, Inc.(a)		1,011		19,351
				13,630,233
Real Estate Management & Development — 0.7%
American Realty Investors, Inc.(a)		667		14,681
Anywhere Real Estate, Inc.(a)		9,173		65,312
Compass, Inc., Class A(a)		24,132		83,014
Cushman & Wakefield PLC(a)		13,512		142,146
DigitalBridge Group, Inc., Class A		14,509		284,957
Douglas Elliman, Inc.		8,342		18,019
eXp World Holdings, Inc.		6,088		75,369
Forestar Group, Inc.(a)(b)		1,493		46,671
FRP Holdings, Inc.(a)		670		38,927
Howard Hughes Holdings, Inc.(a)(b)		3,041		243,523
Jones Lang LaSalle, Inc.(a)		4,153		735,330
Kennedy-Wilson Holdings, Inc.		10,174		106,318
Marcus & Millichap, Inc.		1,916		72,980
Maui Land & Pineapple Co., Inc.(a)		1,085		21,483
Newmark Group, Inc., Class A		11,785		119,618
Opendoor Technologies, Inc.(a)		47,187		161,380
RE/MAX Holdings, Inc., Class A		1,639		17,587
Redfin Corp.(a)		9,195		75,031
RMR Group, Inc., Class A		1,457		38,013
St. Joe Co.		2,905		160,356
Star Holdings(a)		1,012		11,729
Stratus Properties, Inc.(a)		583		13,409
Tejon Ranch Co.(a)		2,103		33,185

40 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
Zillow Group, Inc., Class A(a)		4,854	$	267,407
Zillow Group, Inc., Class C(a)		13,364		759,610
				3,606,055
Residential REITs — 0.8%
American Homes 4 Rent, Class A		29,160		1,022,058
Apartment Income REIT Corp.		12,853		420,165
Apartment Investment and Management Co., Class A(a)		11,797		87,652
BRT Apartments Corp.		862		14,482
Camden Property Trust		9,037		848,032
Centerspace		1,383		75,733
Clipper Realty, Inc.		722		3,653
Elme Communities		7,328		106,109
Equity LifeStyle Properties, Inc.		15,582		1,054,746
Independence Realty Trust, Inc.		19,029		279,536
NexPoint Residential Trust, Inc.		1,864		56,945
UMH Properties, Inc.		4,823		72,875
Veris Residential, Inc.		6,595		100,574
				4,142,560
Retail REITs — 1.4%
Acadia Realty Trust		7,636		130,270
Agree Realty Corp.		8,640		515,030
Alexander’s, Inc.		187		41,101
Brixmor Property Group, Inc.		25,684		576,349
CBL & Associates Properties, Inc.		2,282		53,353
Federal Realty Investment Trust		7,070		719,231
Getty Realty Corp.		3,969		109,782
InvenTrust Properties Corp.		5,730		142,276
Kimco Realty Corp.		57,063		1,152,673
Kite Realty Group Trust		18,405		393,867
Macerich Co.		18,393		290,425
NETSTREIT Corp.		5,689		103,369
NNN REIT, Inc.		15,849		639,349
Phillips Edison & Co., Inc.		10,362		359,665
Regency Centers Corp.		15,780		988,933
Retail Opportunity Investments Corp.		10,403		141,377
Saul Centers, Inc.		822		31,450
SITE Centers Corp.		16,230		216,184
Tanger, Inc.		8,640		232,416
Urban Edge Properties		9,764		168,624
Whitestone REIT		3,929		50,763
				7,056,487
Semiconductors & Semiconductor Equipment — 2.3%
ACM Research, Inc., Class A(a)		4,075		70,172
Aehr Test Systems(a)(b)		3,004		44,609
Allegro MicroSystems, Inc.(a)		6,381		165,523
Alpha & Omega Semiconductor Ltd.(a)		2,314		59,377
Ambarella, Inc.(a)		3,200		168,192
Amkor Technology, Inc.		10,052		318,246
Atomera, Inc.(a)		1,787		14,046
Axcelis Technologies, Inc.(a)		2,758		358,678
CEVA, Inc.(a)		1,900		36,480
Cirrus Logic, Inc.(a)		4,894		377,817
Cohu, Inc.(a)		3,963		126,261
Credo Technology Group Holding Ltd.(a)		9,713		199,214
Diodes, Inc.(a)		3,831		257,903
Entegris, Inc.		12,922		1,520,919
FormFactor, Inc.(a)(b)		6,885		266,931
Ichor Holdings Ltd.(a)		2,461		89,088
Impinj, Inc.(a)		2,130		206,567
indie Semiconductor, Inc., Class A(a)(b)		12,725		77,241

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
inTEST Corp.(a)		985	$	11,751
Kulicke & Soffa Industries, Inc.		4,984		250,795
Lattice Semiconductor Corp.(a)(b)		11,853		721,374
MACOM Technology Solutions Holdings, Inc., Class H(a)(b)		4,603		396,917
Maxeon Solar Technologies Ltd.(a)(b)		4,776		21,635
MaxLinear, Inc.(a)		6,453		134,351
MKS Instruments, Inc.		5,676		604,210
Navitas Semiconductor Corp.(a)		9,212		52,785
NVE Corp.		444		35,516
Onto Innovation, Inc.(a)		4,244		685,406
PDF Solutions, Inc.(a)		2,551		79,591
Photronics, Inc.(a)		5,191		151,681
Power Integrations, Inc.		4,953		371,277
Qorvo, Inc.(a)		8,388		836,619
Rambus, Inc.(a)		9,443		647,129
Semtech Corp.(a)		5,415		107,434
Silicon Laboratories, Inc.(a)		2,693		332,209
SiTime Corp.(a)(b)		1,469		156,551
SkyWater Technology, Inc.(a)(b)		2,656		22,948
SMART Global Holdings, Inc.(a)		4,463		87,698
Synaptics, Inc.(a)		3,345		357,279
Transphorm, Inc.(a)		1,700		8,228
Ultra Clean Holdings, Inc.(a)		3,793		144,893
Universal Display Corp.		3,990		677,382
Veeco Instruments, Inc.(a)(b)		4,296		136,956
Wolfspeed, Inc.(a)(b)		10,590		344,705
				11,734,584
Software — 6.0%
8x8, Inc.(a)		10,183		34,215
A10 Networks, Inc.		6,638		88,750
ACI Worldwide, Inc.(a)		9,726		292,461
Adeia, Inc.		9,076		110,183
Agilysys, Inc.(a)		1,879		157,291
Alarm.com Holdings, Inc.(a)		4,070		247,537
Alkami Technology, Inc.(a)		3,430		84,447
Altair Engineering, Inc., Class A(a)		4,617		392,537
Alteryx, Inc., Class A(a)(b)		5,231		248,263
American Software, Inc., Class A		2,858		32,381
Amplitude, Inc., Class A(a)		5,374		69,647
Appfolio, Inc., Class A(a)		1,631		357,613
Appian Corp., Class A(a)		3,488		113,813
AppLovin Corp., Class A(a)		18,328		753,831
Asana, Inc., Class A(a)(b)		6,884		119,919
Aspen Technology, Inc.(a)		2,352		451,560
Aurora Innovation, Inc., Class A(a)		28,752		85,968
AvePoint, Inc., Class A(a)		12,680		97,636
Bentley Systems, Inc., Class B		16,967		855,137
Bill Holdings, Inc.(a)(b)		8,975		700,499
Bit Digital, Inc.(a)		6,989		18,451
Blackbaud, Inc.(a)		3,704		299,728
Blackline, Inc.(a)		4,816		282,603
Box, Inc., Class A(a)		11,940		310,201
Braze, Inc., Class A(a)		4,450		240,522
C3.ai, Inc., Class A(a)(b)		7,496		185,751
CCC Intelligent Solutions Holdings, Inc.(a)(b)		17,256		189,643
Cerence, Inc.(a)		3,184		63,744
Cipher Mining, Inc.(a)(b)		3,274		9,953
Cleanspark, Inc.(a)(b)		12,718		102,380
Clear Secure, Inc., Class A		6,971		132,658
CommVault Systems, Inc.(a)		3,746		343,433

SCHEDULE OF INVESTMENTS 41

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Confluent, Inc., Class A(a)(b)		15,827	$	353,892
Consensus Cloud Solutions, Inc.(a)		1,563		33,980
CoreCard Corp.(a)		736		8,906
CS Disco, Inc.(a)		1,938		15,853
Digimarc Corp.(a)(b)		1,204		42,646
Digital Turbine, Inc.(a)		7,798		42,031
Dolby Laboratories, Inc., Class A		5,248		436,529
Domo, Inc., Class B(a)		2,863		31,121
DoubleVerify Holdings, Inc.(a)		12,139		485,681
Dropbox, Inc., Class A(a)(b)		22,649		717,520
Dynatrace, Inc.(a)		20,856		1,188,792
E2open Parent Holdings, Inc., Class A(a)		13,536		50,895
eGain Corp.(a)		1,349		10,118
Elastic NV(a)		6,906		808,416
Enfusion, Inc., Class A(a)		2,820		22,278
Envestnet, Inc.(a)(b)		4,233		216,306
Everbridge, Inc.(a)		3,441		76,941
EverCommerce, Inc.(a)		2,329		22,684
Expensify, Inc., Class A(a)		5,465		8,853
Five9, Inc.(a)		6,079		461,153
Freshworks, Inc., Class A(a)		14,461		321,034
Gen Digital, Inc.		48,310		1,134,319
Gitlab, Inc., Class A(a)		7,504		533,609
Guidewire Software, Inc.(a)(b)		7,116		794,715
HashiCorp, Inc., Class A(a)		8,312		181,700
Informatica, Inc., Class A(a)(b)		4,045		121,350
Instructure Holdings, Inc.(a)(b)		1,538		37,881
Intapp, Inc.(a)		2,514		108,303
InterDigital, Inc.		2,234		234,682
Jamf Holding Corp.(a)(b)		5,875		108,922
Kaltura, Inc.(a)		8,322		13,981
LivePerson, Inc.(a)		5,836		16,341
LiveRamp Holdings, Inc.(a)		5,586		220,535
Manhattan Associates, Inc.(a)		5,341		1,295,513
Marathon Digital Holdings, Inc.(a)(b)		18,044		319,920
Matterport, Inc., Class A(a)		24,608		55,368
MeridianLink, Inc.(a)(b)		2,528		57,512
MicroStrategy, Inc., Class A(a)(b)		1,066		534,290
Mitek Systems, Inc.(a)		3,619		45,599
Model N, Inc.(a)		3,214		86,617
N-able, Inc.(a)		5,701		73,999
nCino, Inc.(a)(b)		5,964		187,747
NCR Voyix Corp.(a)		11,092		163,052
NextNav, Inc.(a)		5,645		23,483
Nutanix, Inc., Class A(a)		21,094		1,185,483
Olo, Inc., Class A(a)		9,917		51,271
ON24, Inc.		1,990		15,224
OneSpan, Inc.(a)		3,402		34,905
PagerDuty, Inc.(a)		7,681		181,886
Pegasystems, Inc.		3,582		174,587
PowerSchool Holdings, Inc., Class A(a)(b)		4,761		112,074
Procore Technologies, Inc.(a)		7,028		501,729
Progress Software Corp.		3,807		216,276
PROS Holdings, Inc.(a)(b)		3,797		130,693
PTC, Inc.(a)		9,987		1,804,152
Q2 Holdings, Inc.(a)(b)		4,844		206,112
Qualys, Inc.(a)(b)		3,232		611,397
Rapid7, Inc.(a)		5,141		282,909
Red Violet, Inc.(a)		922		17,223
Rimini Street, Inc.(a)		5,015		16,449
RingCentral, Inc., Class A(a)		7,298		247,329
Riot Platforms, Inc.(a)(b)		16,123		175,741

Security	Shares		Value
Software (continued)
Sapiens International Corp. NV		2,657	$	72,536
SEMrush Holdings, Inc., Class A(a)		3,194		36,859
SentinelOne, Inc., Class A(a)		19,982		535,518
Smartsheet, Inc., Class A(a)		11,268		506,722
SolarWinds Corp.(a)		4,532		53,568
SoundHound AI, Inc., Class A(a)		13,148		21,826
SoundThinking, Inc.(a)		960		19,814
Sprinklr, Inc., Class A(a)		8,570		106,954
Sprout Social, Inc., Class A(a)(b)		4,056		248,754
SPS Commerce, Inc.(a)		3,118		573,088
Tenable Holdings, Inc.(a)		9,687		456,258
Teradata Corp.(a)		8,798		406,292
Terawulf, Inc.(a)(b)		14,053		23,469
UiPath, Inc., Class A(a)		33,235		763,740
Varonis Systems, Inc.(a)		9,559		429,008
Verint Systems, Inc.(a)		5,306		157,535
Veritone, Inc.(a)(b)		1,635		2,698
Viant Technology, Inc., Class A(a)		704		6,033
Weave Communications, Inc.(a)		3,690		46,273
Workiva, Inc., Class A(a)(b)		4,217		391,928
Xperi, Inc.(a)		3,506		37,444
Yext, Inc.(a)		9,760		57,877
Zeta Global Holdings Corp., Class A(a)		11,829		114,505
Zuora, Inc., Class A(a)		11,313		103,401
				30,315,362
Specialized REITs — 0.9%
CubeSmart		19,538		844,432
EPR Properties		6,336		280,495
Farmland Partners, Inc.		3,113		34,928
Four Corners Property Trust, Inc.		7,600		177,916
Gaming and Leisure Properties, Inc.		22,322		1,018,999
Gladstone Land Corp.		3,048		43,160
Lamar Advertising Co., Class A(b)		7,592		794,731
National Storage Affiliates Trust		6,890		257,341
Outfront Media, Inc.		12,564		163,583
PotlatchDeltic Corp.		7,037		314,765
Rayonier, Inc.		13,005		394,051
Safehold, Inc.		4,617		91,694
Uniti Group, Inc.		20,292		106,736
				4,522,831
Specialty Retail — 2.8%
1-800-Flowers.com, Inc., Class A(a)		2,137		22,225
Aaron’s Co., Inc.		2,417		24,871
Abercrombie & Fitch Co., Class A(a)		4,138		421,662
Academy Sports & Outdoors, Inc.		6,380		400,217
Advance Auto Parts, Inc.		5,080		339,598
American Eagle Outfitters, Inc.		16,226		321,599
America’s Car-Mart, Inc.(a)(b)		542		33,002
Arko Corp., Class A		8,099		63,172
Asbury Automotive Group, Inc.(a)(b)		1,832		382,998
AutoNation, Inc.(a)(b)		2,543		355,155
BARK, Inc.(a)(b)		11,542		11,888
Bath & Body Works, Inc.		19,949		851,024
Beyond, Inc.(a)(b)		3,841		84,464
Big 5 Sporting Goods Corp.(b)		1,833		9,220
Boot Barn Holdings, Inc.(a)(b)		2,508		179,924
Buckle, Inc.		2,577		95,839
Build-A-Bear Workshop, Inc.		1,166		26,270
Caleres, Inc.		2,884		90,471
Camping World Holdings, Inc., Class A		3,588		89,162
CarParts.com, Inc.(a)		4,235		11,392
Carvana Co., Class A(a)(b)		8,137		350,379

42 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Cato Corp., Class A		1,422	$	9,613
Children’s Place, Inc.(a)		1,106		24,642
Designer Brands, Inc., Class A(b)		3,750		32,138
Destination XL Group, Inc.(a)		5,308		22,665
Dick’s Sporting Goods, Inc.		5,143		766,667
Duluth Holdings, Inc., Class B(a)(b)		688		3,357
Envela Corp.(a)		2,768		12,041
EVgo, Inc., Class A(a)		10,220		23,404
Five Below, Inc.(a)(b)		4,758		853,871
Floor & Decor Holdings, Inc., Class A(a)(b)		9,035		908,560
Foot Locker, Inc.		7,545		212,467
GameStop Corp., Class A(a)(b)		22,888		325,696
Gap, Inc.		17,412		325,430
Genesco, Inc.(a)		1,083		30,086
Group 1 Automotive, Inc.		1,163		302,450
GrowGeneration Corp.(a)		4,901		11,321
Guess?, Inc.		2,384		53,259
Haverty Furniture Cos., Inc.		1,242		42,104
Hibbett, Inc.		1,191		79,380
J Jill, Inc.(a)		750		17,483
Lands’ End, Inc.(a)(b)		1,371		12,983
Lazydays Holdings, Inc.(a)		1,336		6,560
Leslie’s, Inc.(a)(b)		14,622		98,114
Lithia Motors, Inc., Class A		2,367		697,910
MarineMax, Inc.(a)		1,821		50,988
Monro, Inc.		2,581		82,231
Murphy USA, Inc.		1,703		600,342
National Vision Holdings, Inc.(a)		6,565		124,801
ODP Corp.(a)(b)		2,711		138,641
OneWater Marine, Inc., Class A(a)		945		23,842
Penske Automotive Group, Inc.(b)		1,683		249,707
Petco Health & Wellness Co., Inc.(a)(b)		7,307		17,464
PetMed Express, Inc.		1,754		10,892
Rent the Runway, Inc., Class A(a)		4,623		2,839
Revolve Group, Inc., Class A(a)(b)		3,606		51,962
RH(a)		1,326		336,114
Sally Beauty Holdings, Inc.(a)		9,137		112,568
Shoe Carnival, Inc.		1,550		39,525
Signet Jewelers Ltd.		3,936		391,553
Sleep Number Corp.(a)(b)		1,511		15,563
Sonic Automotive, Inc., Class A		1,248		63,099
Sportsman’s Warehouse Holdings, Inc.(a)		3,501		13,479
Stitch Fix, Inc., Class A(a)		7,148		22,874
ThredUp, Inc., Class A(a)		5,918		12,043
Tile Shop Holdings, Inc.(a)		1,889		12,260
Tilly’s, Inc., Class A(a)		1,735		12,735
Torrid Holdings, Inc.(a)(b)		1,152		5,944
Upbound Group, Inc.		4,675		155,210
Urban Outfitters, Inc.(a)		5,392		204,896
Valvoline, Inc.		12,190		444,813
Victoria’s Secret & Co.(a)		6,590		171,669
Warby Parker, Inc., Class A(a)		7,107		90,614
Wayfair, Inc., Class A(a)(b)		7,301		366,875
Williams-Sonoma, Inc.		5,523		1,068,093
Winmark Corp.		223		80,429
Zumiez, Inc.(a)		1,465		25,154
				14,035,952
Technology Hardware, Storage & Peripherals — 0.7%
CompoSecure, Inc., Class A(a)(b)		2,066		10,413
Corsair Gaming, Inc.(a)		3,296		41,958
CPI Card Group, Inc.(a)		570		10,403

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Eastman Kodak Co.(a)		5,301	$	18,288
Immersion Corp.		1,787		12,205
Intevac, Inc.(a)		3,753		15,500
IonQ, Inc.(a)(b)		13,633		140,011
Pure Storage, Inc., Class A(a)		24,721		988,593
Super Micro Computer, Inc.(a)(b)		3,995		2,115,792
Turtle Beach Corp.(a)		1,439		16,361
				3,369,524
Textiles, Apparel & Luxury Goods — 1.5%
Allbirds, Inc., Class A(a)		7,995		7,671
Birkenstock Holding PLC(a)(b)		2,777		128,825
Capri Holdings Ltd.(a)		9,953		485,109
Carter’s, Inc.		3,070		232,215
Columbia Sportswear Co.		2,954		234,134
Crocs, Inc.(a)(b)		5,341		542,005
Deckers Outdoor Corp.(a)		2,276		1,715,490
Figs, Inc., Class A(a)		10,661		61,407
Fossil Group, Inc.(a)		3,602		4,178
G-III Apparel Group Ltd.(a)(b)		3,492		105,074
Hanesbrands, Inc.		29,466		132,597
Kontoor Brands, Inc.		4,757		278,855
Movado Group, Inc.		1,443		39,798
Oxford Industries, Inc.		1,260		119,612
PVH Corp.		5,263		632,928
Ralph Lauren Corp., Class A		3,415		490,633
Rocky Brands, Inc.		519		14,522
Skechers USA, Inc., Class A(a)		11,612		725,053
Steven Madden Ltd.		6,338		265,435
Tapestry, Inc.		20,011		776,227
Under Armour, Inc., Class A(a)		15,668		119,390
Under Armour, Inc., Class C(a)		17,730		131,202
Vera Bradley, Inc.(a)		2,876		22,088
VF Corp.		29,897		492,105
Wolverine World Wide, Inc.		6,530		54,591
				7,811,144
Tobacco — 0.1%
Ispire Technology, Inc.		1,708		18,788
Turning Point Brands, Inc.		1,237		30,047
Universal Corp.		2,066		119,725
Vector Group Ltd.		12,456		130,414
				298,974
Trading Companies & Distributors — 1.6%
Air Lease Corp., Class A		9,103		380,596
Alta Equipment Group, Inc., Class A		1,616		17,291
Applied Industrial Technologies, Inc.		3,348		590,788
Beacon Roofing Supply, Inc.(a)		5,536		458,879
BlueLinx Holdings, Inc.(a)		726		83,737
Boise Cascade Co.		3,381		457,990
Core & Main, Inc., Class A(a)		13,977		577,390
Custom Truck One Source, Inc.(a)		5,253		34,355
Distribution Solutions Group, Inc.(a)		703		22,440
DXP Enterprises, Inc.(a)		1,267		40,823
EVI Industries, Inc.		632		14,593
FTAI Aviation Ltd.		8,426		454,583
GATX Corp.		3,096		379,724
Global Industrial Co.		1,096		46,613
GMS, Inc.(a)		3,499		294,476
H&E Equipment Services, Inc.		2,728		146,739
Herc Holdings, Inc.		2,396		353,386
Hudson Technologies, Inc.(a)		3,708		47,017
Karat Packaging, Inc.		226		5,451

SCHEDULE OF INVESTMENTS 43

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
McGrath RentCorp		2,073	$	260,472
MRC Global, Inc.(a)		7,082		75,494
MSC Industrial Direct Co., Inc., Class A		4,148		409,325
NOW, Inc.(a)		8,966		90,467
Rush Enterprises, Inc., Class A		5,583		250,733
Rush Enterprises, Inc., Class B		753		35,594
SiteOne Landscape Supply, Inc.(a)(b)		3,893		601,663
Textainer Group Holdings Ltd.		3,419		169,753
Titan Machinery, Inc.(a)		1,739		46,484
Transcat, Inc.(a)		787		86,602
Watsco, Inc.		2,890		1,129,932
WESCO International, Inc.		3,790		657,641
Willis Lease Finance Corp.(a)		327		16,026
Xometry, Inc., Class A(a)		2,883		92,775
				8,329,832
Water Utilities — 0.3%
American States Water Co.		3,265		243,569
Artesian Resources Corp., Class A		747		27,265
Cadiz, Inc.(a)		3,791		10,274
California Water Service Group		4,830		218,654
Consolidated Water Co. Ltd.		1,279		40,838
Essential Utilities, Inc.		21,152		758,511
Global Water Resources, Inc.		1,533		18,381
Middlesex Water Co.		1,444		80,821
Pure Cycle Corp.(a)		2,457		24,054
SJW Group		2,665		158,674
York Water Co.		1,248		44,778
				1,625,819
Wireless Telecommunication Services — 0.0%
Gogo, Inc.(a)		5,572		49,312
Spok Holdings, Inc.		1,706		28,251
Telephone and Data Systems, Inc.		8,408		161,518
				239,081
Total Common Stocks — 98.7% (Cost: $395,518,220)				498,867,743
Investment Companies
Equity Funds(e) — 1.0%
iShares Russell 2000 ETF(b)		14,008		2,701,863
iShares Russell Mid-Cap ETF		27,766		2,127,709
				4,829,572
Total Investment Companies — 1.0% (Cost: $4,683,591)				4,829,572

Security	Shares		Value
Rights
Biotechnology(c) — 0.0%
Aduro Biotech, Inc., CVR		658	$	1,671
Chinook Therapeutics, CVR		5,455		2,400
GTx, Inc., CVR(b)		23		24
				4,095
Total Rights — 0.0% (Cost: $2,175)				4,095
Total Long-Term Investments — 99.7% (Cost: $400,203,986)				503,701,410
Short-Term Securities
Money Market Funds — 10.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		49,863,058		49,892,976
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f)		1,648,403		1,648,403
Total Short-Term Securities — 10.2% (Cost: $51,524,415)				51,541,379
Total Investments — 109.9% (Cost: $451,728,401)				555,242,789
Liabilities in Excess of Other Assets — (9.9)%				(49,905,475	)
Net Assets — 100.0%			$	505,337,314

^(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 $7,713, representing less than 0.05% of its net assets as of period end, and an original cost of $50,126.

^(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.

44 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024   iShares Russell Small/Mid-Cap Index Fund  

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	51,526,703	$	—	$	(1,647,386	)(a)	$	522	$	13,137		$	49,892,976		49,863,058	$	210,050	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,953,744		—		(305,341	)(a)		—		—			1,648,403		1,648,403		83,433			—
iShares Russell 2000 ETF		5,618,128		23,392,343		(26,095,442	)		140,259		(353,425	)		2,701,863		14,008		28,363			—
iShares Russell Mid-Cap ETF		3,679,661		16,362,991		(17,846,500	)		126,332		(194,775	)		2,127,709		27,766		21,007			—
								$	267,113	$	(535,063	)	$	56,370,951			$	342,853		$	—

^(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
E-mini Russell 2000 Index		8		03/15/24	$	782	$	4,693
S&P Mid 400 E-Mini Index		3		03/15/24		823		4,143
							$	8,836

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)	$	—	$	—	$	8,836	$	—	$	—	$	—	$	8,836

^(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, 2024, 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	$	—	$	—	$	(294,510	)	$	—	$	—	$	—	$	(294,510	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(37,293	)	$	—	$	—	$	—	$	(37,293	)

SCHEDULE   OF  INVESTMENTS 45

Schedule of Investments (unaudited) (continued) January 31, 2024   iShares Russell Small/Mid-Cap Index Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,332,155

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	$	8,625,428	$	—	$	—	$	8,625,428
Air Freight & Logistics		981,983		—		—		981,983
Automobile Components		5,134,265		—		—		5,134,265
Automobiles		1,061,986		—		—		1,061,986
Banks		30,597,651		—		—		30,597,651
Beverages		1,763,498		—		—		1,763,498
Biotechnology		24,130,061		—		—		24,130,061
Broadline Retail		1,417,830		—		—		1,417,830
Building Products		14,847,455		—		—		14,847,455
Capital Markets		14,527,581		—		—		14,527,581
Chemicals		8,495,784		—		—		8,495,784
Commercial Services & Supplies		5,850,427		—		—		5,850,427
Communications Equipment		4,327,310		—		—		4,327,310
Construction & Engineering		7,328,759		—		—		7,328,759
Construction Materials		1,398,713		—		—		1,398,713
Consumer Finance		4,366,707		—		—		4,366,707
Consumer Staples Distribution & Retail		5,762,233		—		—		5,762,233
Containers & Packaging		8,357,354		8,938		—		8,366,292
Distributors		1,241,524		—		—		1,241,524
Diversified Consumer Services		4,932,300		—		—		4,932,300
Diversified REITs		1,254,548		—		—		1,254,548
Diversified Telecommunication Services		1,939,464		—		—		1,939,464
Electric Utilities		4,354,406		—		—		4,354,406
Electrical Equipment		10,032,205		—		—		10,032,205
Electronic Equipment, Instruments & Components		11,242,760		—		—		11,242,760
Energy Equipment & Services		6,489,296		—		—		6,489,296
Entertainment		2,794,719		—		—		2,794,719
Financial Services		11,576,354		—		—		11,576,354
Food Products		4,622,647		—		—		4,622,647
Gas Utilities		2,592,762		—		—		2,592,762
Ground Transportation		6,095,219		—		—		6,095,219
Health Care Equipment & Supplies		11,192,933		—		—		11,192,933
Health Care Providers & Services		10,957,598		—		—		10,957,598
Health Care REITs		2,484,887		—		—		2,484,887
Health Care Technology		1,650,684		—		—		1,650,684
Hotel & Resort REITs		3,339,924		—		—		3,339,924
Hotels, Restaurants & Leisure		13,514,438		—		—		13,514,438
Household Durables		11,145,913		—		—		11,145,913
Household Products		1,079,509		—		—		1,079,509
Independent Power and Renewable Electricity Producers		2,337,701		—		—		2,337,701
Industrial Conglomerates		52,831		—		—		52,831
Industrial REITs		4,422,413		—		—		4,422,413
Insurance		17,003,986		—		—		17,003,986
Interactive Media & Services		2,415,827		—		—		2,415,827
IT Services		3,739,427		—		—		3,739,427
Leisure Products		2,817,489		—		—		2,817,489

46 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024   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)
Life Sciences Tools & Services	$	6,384,098	$	—	$	—	$	6,384,098
Machinery		20,824,442		—		—		20,824,442
Marine Transportation		1,091,394		—		—		1,091,394
Media		5,642,614		—		—		5,642,614
Metals & Mining		8,459,160		—		—		8,459,160
Mortgage Real Estate Investment Trusts (REITs)		4,726,868		—		—		4,726,868
Multi-Utilities		1,770,504		—		—		1,770,504
Office REITs		3,729,671		—		—		3,729,671
Oil, Gas & Consumable Fuels		17,589,297		—		—		17,589,297
Paper & Forest Products		560,789		—		—		560,789
Passenger Airlines		1,951,806		—		—		1,951,806
Personal Care Products		2,493,735		—		—		2,493,735
Pharmaceuticals		6,609,487		7,713		—		6,617,200
Professional Services		13,630,233		—		—		13,630,233
Real Estate Management & Development		3,606,055		—		—		3,606,055
Residential REITs		4,142,560		—		—		4,142,560
Retail REITs		7,056,487		—		—		7,056,487
Semiconductors & Semiconductor Equipment		11,734,584		—		—		11,734,584
Software		30,315,362		—		—		30,315,362
Specialized REITs		4,522,831		—		—		4,522,831
Specialty Retail		14,035,952		—		—		14,035,952
Technology Hardware, Storage & Peripherals		3,369,524		—		—		3,369,524
Textiles, Apparel & Luxury Goods		7,811,144		—		—		7,811,144
Tobacco		298,974		—		—		298,974
Trading Companies & Distributors		8,329,832		—		—		8,329,832
Water Utilities		1,625,819		—		—		1,625,819
Wireless Telecommunication Services		239,081		—		—		239,081
Investment Companies		4,829,572		—		—		4,829,572
Rights		—		—		4,095		4,095
Short-Term Securities
Money Market Funds		51,541,379		—		—		51,541,379
	$	555,222,043	$	16,651	$	4,095	$	555,242,789
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	8,836	$	—	$	—	$	8,836

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

See notes to financial statements.

SCHEDULE   OF  INVESTMENTS 47

Schedule of Investments (unaudited) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
AAR Corp.(a)		2,487	$	151,259
AeroVironment, Inc.(a)		1,729		208,587
AerSale Corp.(a)		1,566		14,564
Archer Aviation, Inc., Class A(a)(b)		8,285		40,017
Astronics Corp.(a)		1,490		25,196
Axon Enterprise, Inc.(a)		4,499		1,120,521
Boeing Co.(a)		35,427		7,476,514
BWX Technologies, Inc.		5,869		478,206
Cadre Holdings, Inc.		1,180		40,108
Curtiss-Wright Corp.		2,464		548,412
Ducommun, Inc.(a)		926		45,698
General Dynamics Corp.		15,473		4,100,190
HEICO Corp.		3,098		556,370
HEICO Corp., Class A		5,010		708,765
Hexcel Corp.		5,166		342,971
Howmet Aerospace, Inc.		23,921		1,345,795
Huntington Ingalls Industries, Inc.		2,504		648,336
Kaman Corp.		1,670		75,233
Kratos Defense & Security Solutions, Inc.(a)(b)		8,184		138,555
L3Harris Technologies, Inc.		11,939		2,488,326
Leonardo DRS, Inc.(a)		2,880		55,901
Lockheed Martin Corp.		14,083		6,047,381
Mercury Systems, Inc.(a)		3,148		93,370
Moog, Inc., Class A		1,740		243,252
National Presto Industries, Inc.		368		29,135
Northrop Grumman Corp.		9,062		4,048,539
Park Aerospace Corp.		1,798		26,521
Rocket Lab USA, Inc., Class A(a)		18,254		88,532
RTX Corp.		91,425		8,330,646
Spirit AeroSystems Holdings, Inc., Class A(a)		6,835		187,689
Textron, Inc.		12,416		1,051,759
TransDigm Group, Inc.		3,358		3,669,219
Triumph Group, Inc.(a)		3,986		64,573
V2X, Inc.(a)		802		31,190
Virgin Galactic Holdings, Inc., Class A(a)(b)		14,613		26,011
Woodward, Inc.		3,870		533,170
				45,080,511
Air Freight & Logistics — 0.4%
Air Transport Services Group, Inc.(a)(b)		4,072		63,075
CH Robinson Worldwide, Inc.		7,245		609,232
Expeditors International of Washington, Inc.		9,351		1,181,312
FedEx Corp.		14,665		3,538,518
Forward Air Corp.		1,607		71,238
GXO Logistics, Inc.(a)(b)		7,459		405,621
Hub Group, Inc., Class A(a)		4,172		188,908
Radiant Logistics, Inc.(a)(b)		1,065		6,539
United Parcel Service, Inc., Class B		45,992		6,526,265
				12,590,708
Automobile Components — 0.2%
Adient PLC(a)		5,612		194,793
American Axle & Manufacturing Holdings, Inc.(a)		6,123		49,535
Aptiv PLC(a)		17,042		1,386,026
Atmus Filtration Technologies, Inc.(a)		1,164		25,992
BorgWarner, Inc.		14,630		495,957
Cooper-Standard Holdings, Inc.(a)(b)		2,470		43,447
Dana, Inc.		8,323		112,860
Dorman Products, Inc.(a)		1,596		129,930
Fox Factory Holding Corp.(a)		2,625		165,480
Gentex Corp.		15,053		498,706

Security	Shares		Value
Automobile Components (continued)
Gentherm, Inc.(a)		2,298	$	110,649
Goodyear Tire & Rubber Co.(a)		17,489		243,797
Holley, Inc.(a)		3,298		15,732
LCI Industries		1,481		164,806
Lear Corp.		3,657		486,015
Luminar Technologies, Inc., Class A(a)(b)		19,074		51,881
Modine Manufacturing Co.(a)(b)		3,006		207,685
Patrick Industries, Inc.		1,396		140,144
Phinia, Inc.(a)		2,926		88,482
QuantumScape Corp., Class A(a)(b)		19,247		131,072
Solid Power, Inc., Class A(a)(b)		8,899		14,416
Standard Motor Products, Inc.		1,696		68,434
Stoneridge, Inc.(a)		1,548		27,539
Visteon Corp.(a)		1,648		189,998
XPEL, Inc.(a)		1,523		81,404
				5,124,780
Automobiles — 1.4%
Fisker, Inc., Class A(a)(b)		13,305		10,676
Ford Motor Co.		249,308		2,921,890
General Motors Co.		87,154		3,381,575
Harley-Davidson, Inc.		8,019		260,216
Lucid Group, Inc.(a)(b)		48,306		163,274
Rivian Automotive, Inc., Class A(a)(b)		42,518		650,951
Tesla, Inc.(a)		175,142		32,802,345
Thor Industries, Inc.		3,278		370,480
Winnebago Industries, Inc.		2,035		133,740
Workhorse Group, Inc.(a)(b)		13,953		3,698
				40,698,845
Banks — 3.8%
1st Source Corp.		1,608		84,050
ACNB Corp.		658		25,682
Amalgamated Financial Corp.		666		17,689
Amerant Bancorp, Inc., Class A		1,476		33,372
American National Bankshares, Inc.		929		42,074
Ameris Bancorp		3,711		184,214
Arrow Financial Corp.		525		13,225
Associated Banc-Corp.		9,965		209,365
Atlantic Union Bankshares Corp.		5,090		173,874
Axos Financial, Inc.(a)		3,469		192,287
Banc of California, Inc.		11,046		152,214
BancFirst Corp.		1,304		115,417
Bancorp, Inc.(a)		2,694		117,566
Bank First Corp.		578		48,806
Bank of America Corp.		439,599		14,950,762
Bank of Hawaii Corp.		2,181		137,905
Bank of Marin Bancorp		1,301		25,474
Bank of NT Butterfield & Son Ltd.		3,623		109,886
Bank OZK		6,920		312,161
BankUnited, Inc.		2,969		83,904
Banner Corp.		981		45,695
Bar Harbor Bankshares		1,349		35,492
BayCom Corp.		1,314		26,819
BCB Bancorp, Inc.		1,342		16,668
Berkshire Hills Bancorp, Inc.		1,900		45,600
Blue Foundry Bancorp(a)(b)		1,829		17,449
Blue Ridge Bankshares, Inc.		1,301		3,253
BOK Financial Corp.		1,817		152,337
Bridgewater Bancshares, Inc.(a)		1,355		16,951
Brookline Bancorp, Inc.		3,524		38,130
Burke & Herbert Financial Services Corp.		504		29,434
Business First Bancshares, Inc.		1,155		26,045

48 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Byline Bancorp, Inc.		1,662	$	36,298
Cadence Bank		6,933		184,556
Cambridge Bancorp		547		37,519
Camden National Corp.		1,025		36,931
Capital Bancorp, Inc.		643		13,992
Capital City Bank Group, Inc.		1,111		31,752
Capitol Federal Financial, Inc.		5,759		36,512
Capstar Financial Holdings, Inc.		1,127		20,500
Carter Bankshares, Inc.(a)(b)		1,048		15,154
Cathay General Bancorp		5,173		212,972
Central Pacific Financial Corp.		427		8,228
Citigroup, Inc.		121,394		6,818,701
Citizens & Northern Corp.		1,802		36,527
Citizens Financial Group, Inc.		30,914		1,010,888
Citizens Financial Services, Inc.		359		21,019
City Holding Co.		442		45,177
Civista Bancshares, Inc.		808		13,809
CNB Financial Corp.		1,531		32,687
Coastal Financial Corp.(a)		714		28,489
Colony Bankcorp, Inc.		1,564		19,128
Columbia Banking System, Inc.		13,708		276,353
Columbia Financial, Inc.(a)		2,444		43,943
Comerica, Inc.		8,384		440,831
Commerce Bancshares, Inc.		7,743		403,565
Community Bank System, Inc.		1,925		88,107
Community Trust Bancorp, Inc.		1,932		80,178
ConnectOne Bancorp, Inc.		2,102		48,010
CrossFirst Bankshares, Inc.(a)		2,745		38,759
Cullen/Frost Bankers, Inc.		3,906		414,505
Customers Bancorp, Inc.(a)		1,668		89,138
CVB Financial Corp.		7,213		120,962
Dime Community Bancshares, Inc.		1,767		40,305
Eagle Bancorp, Inc.		1,044		25,881
East West Bancorp, Inc.		9,104		662,862
Eastern Bankshares, Inc.		10,087		140,815
Enterprise Bancorp, Inc.		214		6,082
Enterprise Financial Services Corp.		2,436		101,411
Equity Bancshares, Inc., Class A		1,265		41,555
Esquire Financial Holdings, Inc.		654		32,608
Farmers & Merchants Bancorp, Inc.		828		18,713
Farmers National Banc Corp.		1,865		25,588
FB Financial Corp.		3,630		135,217
Fifth Third Bancorp		42,996		1,472,183
Financial Institutions, Inc.		1,577		32,959
First Bancorp, Inc.		314		7,850
First BanCorp./Puerto Rico		4,614		76,962
First Bancorp/Southern Pines NC		1,949		67,357
First Bancshares, Inc.		3,335		84,809
First Bank/Hamilton		1,767		24,279
First Busey Corp.		4,173		98,232
First Business Financial Services, Inc.		758		27,872
First Citizens BancShares, Inc., Class A		687		1,037,370
First Commonwealth Financial Corp.		3,047		42,688
First Community Bankshares, Inc.		1,878		64,378
First Financial Bancorp		3,434		76,990
First Financial Bankshares, Inc.		8,460		264,206
First Financial Corp.		1,022		40,287
First Foundation, Inc.		3,066		29,188
First Hawaiian, Inc.		9,199		199,526
First Horizon Corp.		34,876		496,634
First Interstate BancSystem, Inc., Class A		5,159		141,976
First Merchants Corp.		5,056		170,943
First Mid Bancshares, Inc.		1,619		50,950

Security	Shares		Value
Banks (continued)
First of Long Island Corp.		1,705	$	20,494
Five Star Bancorp		948		22,591
Flushing Financial Corp.		1,802		28,886
FNB Corp.		23,738		312,867
Fulton Financial Corp.		11,311		176,338
German American Bancorp, Inc.		2,925		96,905
Glacier Bancorp, Inc.		7,414		286,625
Great Southern Bancorp, Inc.		1,489		77,562
Greene County Bancorp, Inc.		778		19,450
Guaranty Bancshares, Inc.		297		9,056
Hancock Whitney Corp.		5,243		236,512
Hanmi Financial Corp.		907		15,192
HarborOne Bancorp, Inc.		5,173		56,489
HBT Financial, Inc.		1,273		24,785
Heartland Financial USA, Inc.		2,831		100,416
Heritage Commerce Corp.		3,436		30,546
Heritage Financial Corp.		1,053		21,218
Hilltop Holdings, Inc.		3,539		111,443
Hingham Institution For Savings The(b)		79		14,604
Home Bancorp, Inc.		190		7,566
Home BancShares, Inc.		13,023		305,259
HomeStreet, Inc.		954		13,127
HomeTrust Bancshares, Inc.		642		17,430
Hope Bancorp, Inc.		3,638		40,309
Horizon Bancorp, Inc.		2,632		34,506
Huntington Bancshares, Inc.		91,110		1,159,830
Independent Bank Corp.		2,993		140,139
Independent Bank Group, Inc.		2,212		106,950
International Bancshares Corp.		3,841		203,035
John Marshall Bancorp, Inc.		759		14,421
JPMorgan Chase & Co.		183,245		31,950,598
Kearny Financial Corp.		5,495		39,729
KeyCorp		59,612		866,162
Lakeland Bancorp, Inc.		4,929		65,506
Lakeland Financial Corp.		1,478		98,967
Live Oak Bancshares, Inc.		2,391		86,961
Luther Burbank Corp.		1,915		18,384
M&T Bank Corp.		10,680		1,474,908
Macatawa Bank Corp.		816		8,699
Mercantile Bank Corp.		497		19,925
Metrocity Bankshares, Inc.		1,908		45,601
Metropolitan Bank Holding Corp.(a)		533		25,845
Mid Penn Bancorp, Inc.		806		17,232
Midland States Bancorp, Inc.		963		25,288
MidWestOne Financial Group, Inc.		1,021		26,036
Morgan Stanley		76,113		6,640,098
MVB Financial Corp.		865		18,537
National Bank Holdings Corp., Class A		2,275		79,625
NBT Bancorp, Inc.		1,281		45,565
New York Community Bancorp, Inc., Class A		44,825		290,018
Nicolet Bankshares, Inc.		940		73,104
Northeast Bank		629		34,488
Northfield Bancorp, Inc.		2,756		33,155
Northwest Bancshares, Inc.		4,246		52,523
NU Holdings Ltd./Cayman Islands, Class A(a)		146,887		1,264,697
OceanFirst Financial Corp.		4,668		80,430
OFG Bancorp		2,791		102,625
Old National Bancorp		19,289		317,690
Old Second Bancorp, Inc.		5,066		68,999
Orange County Bancorp, Inc.		634		30,774
Origin Bancorp, Inc.		1,892		57,706
Orrstown Financial Services, Inc.		348		9,633
Pacific Premier Bancorp, Inc.		3,852		97,725

SCHEDULE OF INVESTMENTS 49

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Park National Corp.		1,046	$	136,691
Pathward Financial, Inc.		1,236		64,000
PCB Bancorp		1,231		20,619
Peapack-Gladstone Financial Corp.		1,216		33,537
Peoples Bancorp, Inc.		3,439		100,763
Peoples Financial Services Corp.		546		23,866
Pinnacle Financial Partners, Inc.		4,868		430,234
PNC Financial Services Group, Inc.		25,545		3,862,659
Popular, Inc.		4,387		374,869
Preferred Bank/Los Angeles CA		305		21,911
Premier Financial Corp.		1,940		40,527
Primis Financial Corp.		1,942		25,634
Prosperity Bancshares, Inc.		5,982		382,310
Provident Financial Services, Inc.		3,731		61,748
QCR Holdings, Inc.		904		52,803
RBB Bancorp		350		6,192
Red River Bancshares, Inc.		282		14,441
Regions Financial Corp.		60,890		1,136,816
Renasant Corp.		1,899		60,065
Republic Bancorp, Inc., Class A		1,265		64,755
S&T Bancorp, Inc.		1,247		41,575
Sandy Spring Bancorp, Inc.		2,975		72,531
Seacoast Banking Corp. of Florida		3,711		91,142
ServisFirst Bancshares, Inc.		3,034		203,703
Shore Bancshares, Inc.		2,166		28,028
Sierra Bancorp		1,347		27,950
Simmons First National Corp., Class A		6,948		132,081
SmartFinancial, Inc.		1,272		29,587
South Plains Financial, Inc.		1,099		29,761
Southern First Bancshares, Inc.(a)		161		6,036
Southern Missouri Bancorp, Inc.		347		15,133
Southside Bancshares, Inc.		1,208		37,810
SouthState Corp.		4,925		409,267
Stellar Bancorp, Inc.		2,975		74,464
Stock Yards Bancorp, Inc.		2,417		120,173
Summit Financial Group, Inc.		488		13,806
Synovus Financial Corp.		9,052		340,898
Texas Capital Bancshares, Inc.(a)		3,412		208,132
TFS Financial Corp.		4,986		66,414
Third Coast Bancshares, Inc.(a)		1,211		23,009
Tompkins Financial Corp.		1,151		56,848
Towne Bank		6,068		170,571
TriCo Bancshares		2,838		103,161
Triumph Financial, Inc.(a)		1,335		94,318
Truist Financial Corp.		84,816		3,143,281
TrustCo Bank Corp./New York		719		20,779
Trustmark Corp.		3,530		95,275
U.S. Bancorp		99,573		4,136,262
UMB Financial Corp.		3,024		249,480
United Bankshares, Inc.		8,494		304,510
United Community Banks, Inc.		3,642		99,572
Univest Financial Corp.		4,249		90,249
USCB Financial Holdings, Inc., Class A(a)		1,758		21,325
Valley National Bancorp		28,846		277,499
Veritex Holdings, Inc.		2,661		55,908
WaFd, Inc.		4,414		128,183
Washington Trust Bancorp, Inc.		2,282		63,462
Webster Financial Corp.		10,916		540,124
Wells Fargo & Co.		233,377		11,710,858
WesBanco, Inc.		4,292		125,927
West BanCorp, Inc.		1,337		25,149
Westamerica BanCorp		1,572		75,016

Security	Shares		Value
Banks (continued)
Western Alliance Bancorp		6,952	$	444,650
Wintrust Financial Corp.		4,441		430,688
WSFS Financial Corp.		3,434		152,847
Zions Bancorp NA		9,720		407,268
				113,608,600
Beverages — 1.3%
Boston Beer Co., Inc., Class A(a)		590		206,069
Brown-Forman Corp., Class A		2,982		168,096
Brown-Forman Corp., Class B		11,725		643,703
Celsius Holdings, Inc.(a)(b)		8,949		446,555
Coca-Cola Co.		247,639		14,732,044
Coca-Cola Consolidated, Inc.		320		275,645
Constellation Brands, Inc., Class A		10,164		2,490,993
Duckhorn Portfolio, Inc.(a)		2,594		22,386
Keurig Dr. Pepper, Inc.		60,273		1,894,983
MGP Ingredients, Inc.		1,116		94,804
Molson Coors Beverage Co., Class B		11,058		683,274
Monster Beverage Corp.(a)		47,208		2,597,384
National Beverage Corp.(a)		1,540		71,210
PepsiCo, Inc.		87,357		14,722,275
Primo Water Corp.		10,816		157,697
Vita Coco Co., Inc.(a)		2,013		39,636
				39,246,754
Biotechnology — 2.4%
2seventy bio, Inc.(a)		3,031		15,579
4D Molecular Therapeutics, Inc.(a)(b)		2,112		36,432
89bio, Inc.(a)		4,301		42,580
Aadi Bioscience, Inc.(a)		1,787		3,287
AbbVie, Inc.		111,979		18,409,348
ACADIA Pharmaceuticals, Inc.(a)		7,957		206,166
ACELYRIN, Inc.(a)		2,120		16,154
Adicet Bio, Inc.(a)(b)		1,548		4,629
ADMA Biologics, Inc.(a)		12,578		65,280
Aerovate Therapeutics, Inc.(a)		433		8,361
Agenus, Inc.(a)(b)		23,370		15,592
Agios Pharmaceuticals, Inc.(a)		3,560		80,527
Akero Therapeutics, Inc.(a)(b)		2,931		63,339
Aldeyra Therapeutics, Inc.(a)		3,447		10,789
Alector, Inc.(a)		2,986		17,797
Alkermes PLC(a)		10,139		274,260
Allakos, Inc.(a)		6,302		8,004
Allogene Therapeutics, Inc.(a)(b)		5,719		20,131
Allovir, Inc.(a)		1,851		1,333
Alnylam Pharmaceuticals, Inc.(a)		7,826		1,353,194
Alpine Immune Sciences, Inc.(a)		2,578		68,601
Altimmune, Inc.(a)(b)		4,063		38,355
ALX Oncology Holdings, Inc.(a)		841		12,119
Amgen, Inc.		33,942		10,666,613
Amicus Therapeutics, Inc.(a)		17,257		214,505
AnaptysBio, Inc.(a)		865		20,414
Anavex Life Sciences Corp.(a)(b)		5,000		29,850
Anika Therapeutics, Inc.(a)(b)		1,304		30,670
Apellis Pharmaceuticals, Inc.(a)(b)		6,186		391,512
Apogee Therapeutics, Inc.(b)		1,233		41,306
Arbutus Biopharma Corp.(a)		7,498		17,770
Arcellx, Inc.(a)		2,235		138,212
Arcturus Therapeutics Holdings, Inc.(a)(b)		1,279		42,169
Arcus Biosciences, Inc.(a)		3,707		56,124
Arcutis Biotherapeutics, Inc.(a)(b)		2,914		17,105
Ardelyx, Inc.(a)		14,077		122,892
Arrowhead Pharmaceuticals, Inc.(a)		6,489		208,297
Astria Therapeutics, Inc.(a)(b)		2,797		36,445

50 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Atara Biotherapeutics, Inc.(a)		4,529	$	2,824
Aura Biosciences, Inc.(a)		1,601		12,328
Aurinia Pharmaceuticals, Inc.(a)(b)		8,475		63,901
Avid Bioservices, Inc.(a)		3,513		23,783
Avidity Biosciences, Inc.(a)(b)		3,751		45,875
Avita Medical, Inc.(a)		1,749		29,313
Beam Therapeutics, Inc.(a)(b)		4,047		98,747
BioCryst Pharmaceuticals, Inc.(a)(b)		11,882		62,975
Biogen, Inc.(a)		9,087		2,241,399
Biohaven Ltd.(a)		4,113		182,946
BioMarin Pharmaceutical, Inc.(a)		11,710		1,031,417
Biomea Fusion, Inc.(a)(b)		1,375		24,860
Bioxcel Therapeutics, Inc.(a)(b)		1,041		3,352
Bluebird Bio, Inc.(a)(b)		6,924		7,062
Blueprint Medicines Corp.(a)(b)		3,677		292,432
Bridgebio Pharma, Inc.(a)(b)		7,628		261,564
Cabaletta Bio, Inc.(a)		2,282		46,735
CareDx, Inc.(a)		2,931		25,089
Caribou Biosciences, Inc.(a)(b)		4,018		24,630
Catalyst Pharmaceuticals, Inc.(a)		6,801		97,934
Celcuity, Inc.(a)(b)		2,613		39,456
Celldex Therapeutics, Inc.(a)		3,354		118,128
Century Therapeutics, Inc.(a)		1,185		5,072
Cerevel Therapeutics Holdings, Inc.(a)		4,252		178,159
Cogent Biosciences, Inc.(a)		4,083		18,088
Coherus Biosciences, Inc.(a)		6,286		13,515
Compass Therapeutics, Inc.(a)		8,157		10,604
Crinetics Pharmaceuticals, Inc.(a)		4,490		163,795
Cullinan Oncology, Inc.(a)		2,878		43,573
Cytokinetics, Inc.(a)		5,660		442,216
Day One Biopharmaceuticals, Inc.(a)		3,982		59,929
Deciphera Pharmaceuticals, Inc.(a)		3,552		50,865
Denali Therapeutics, Inc.(a)		7,099		113,655
Design Therapeutics, Inc.(a)		2,613		6,193
Disc Medicine, Inc.(a)		618		40,634
Dynavax Technologies Corp.(a)(b)		8,014		103,541
Dyne Therapeutics, Inc.(a)		3,998		85,557
Eagle Pharmaceuticals, Inc.(a)(b)		611		3,580
Editas Medicine, Inc.(a)(b)		6,257		43,987
Emergent BioSolutions, Inc.(a)(b)		2,980		4,977
Enanta Pharmaceuticals, Inc.(a)(b)		1,355		16,463
Entrada Therapeutics, Inc.(a)(b)		1,826		26,605
Erasca, Inc.(a)(b)		3,958		6,610
Exact Sciences Corp.(a)		11,233		734,638
Exelixis, Inc.(a)		20,298		441,684
Fate Therapeutics, Inc.(a)		5,497		33,862
FibroGen, Inc.(a)		6,075		11,664
Foghorn Therapeutics, Inc.(a)		1,251		3,978
Genelux Corp.(a)(b)		1,197		12,664
Generation Bio Co.(a)		2,726		5,125
Geron Corp.(a)(b)		34,343		63,191
Gilead Sciences, Inc.		79,342		6,209,305
Halozyme Therapeutics, Inc.(a)		8,051		272,526
Heron Therapeutics, Inc.(a)(b)		5,088		12,262
HilleVax, Inc.(a)		1,399		19,824
Humacyte, Inc.(a)(b)		4,049		13,443
Icosavax, Inc.(a)		890		13,626
Ideaya Biosciences, Inc.(a)(b)		3,778		164,456
IGM Biosciences, Inc.(a)(b)		534		5,618
Immuneering Corp., Class A(a)		3,388		19,888
ImmunityBio, Inc.(a)(b)		7,947		26,702
ImmunoGen, Inc.(a)		15,645		458,711
Immunovant, Inc.(a)		3,713		135,190

Security	Shares		Value
Biotechnology (continued)
Incyte Corp.(a)		11,560	$	679,381
Inhibrx, Inc.(a)		2,243		86,423
Insmed, Inc.(a)		8,233		228,877
Intellia Therapeutics, Inc.(a)(b)		5,528		131,677
Ionis Pharmaceuticals, Inc.(a)(b)		8,793		451,872
Iovance Biotherapeutics, Inc.(a)(b)		14,438		111,606
Ironwood Pharmaceuticals, Inc., Class A(a)		8,803		124,915
iTeos Therapeutics, Inc.(a)		2,020		20,099
Janux Therapeutics, Inc.(a)		958		8,200
KalVista Pharmaceuticals, Inc.(a)		2,567		40,482
Karuna Therapeutics, Inc.(a)		2,309		723,687
Karyopharm Therapeutics, Inc.(a)		2,939		2,206
Keros Therapeutics, Inc.(a)		1,105		61,173
Kezar Life Sciences, Inc.(a)		2,971		2,940
Kiniksa Pharmaceuticals Ltd., Class A(a)		1,991		35,101
Kodiak Sciences, Inc.(a)(b)		1,928		7,731
Krystal Biotech, Inc.(a)		1,376		153,080
Kura Oncology, Inc.(a)		3,414		68,758
Kymera Therapeutics, Inc.(a)		2,658		87,129
Lexicon Pharmaceuticals, Inc.(a)(b)		1,529		2,859
Lyell Immunopharma, Inc.(a)(b)		11,179		20,458
MacroGenics, Inc.(a)(b)		3,347		47,862
Madrigal Pharmaceuticals, Inc.(a)		967		209,559
MannKind Corp.(a)(b)		15,218		50,828
MeiraGTx Holdings PLC(a)		2,029		12,316
Mersana Therapeutics, Inc.(a)		6,910		21,836
MiMedx Group, Inc.(a)		9,149		70,813
Mirum Pharmaceuticals, Inc.(a)		1,260		33,340
Moderna, Inc.(a)		21,027		2,124,778
Monte Rosa Therapeutics, Inc.(a)		998		5,284
Morphic Holding, Inc.(a)		2,051		64,996
Mural Oncology PLC(a)		1,013		4,447
Myriad Genetics, Inc.(a)		5,141		109,966
Natera, Inc.(a)		6,775		446,743
Neurocrine Biosciences, Inc.(a)		6,030		842,813
Nkarta, Inc.(a)		2,544		22,998
Novavax, Inc.(a)(b)		4,770		19,080
Nurix Therapeutics, Inc.(a)		3,236		25,564
Nuvalent, Inc., Class A(a)		1,542		115,912
Olema Pharmaceuticals, Inc.(a)		2,267		29,562
Organogenesis Holdings, Inc., Class A(a)		6,610		21,813
ORIC Pharmaceuticals, Inc.(a)		3,677		40,410
Outlook Therapeutics, Inc.(a)		10,081		3,891
Ovid therapeutics, Inc.(a)		7,396		28,623
PepGen, Inc.(a)		1,713		17,181
PMV Pharmaceuticals, Inc.(a)		2,919		5,137
Precigen, Inc.(a)(b)		5,740		7,921
Prime Medicine, Inc.(a)(b)		2,694		17,107
ProKidney Corp., Class A(a)(b)		3,973		5,205
Protagonist Therapeutics, Inc.(a)		3,310		82,783
Prothena Corp. PLC(a)		2,491		70,719
PTC Therapeutics, Inc.(a)		4,623		120,614
Rallybio Corp.(a)		1,815		2,450
RAPT Therapeutics, Inc.(a)(b)		2,050		50,738
RayzeBio, Inc.(a)		1,393		86,505
Recursion Pharmaceuticals, Inc., Class A(a)(b)		9,184		86,421
Regeneron Pharmaceuticals, Inc.(a)		6,540		6,165,781
REGENXBIO, Inc.(a)		2,116		26,069
Relay Therapeutics, Inc.(a)		5,448		50,394
Replimune Group, Inc.(a)(b)		3,154		24,475
REVOLUTION Medicines, Inc.(a)(b)		9,050		251,137
Rhythm Pharmaceuticals, Inc.(a)		3,753		165,545
Rigel Pharmaceuticals, Inc.(a)		11,055		12,934

SCHEDULE OF INVESTMENTS 51

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Rocket Pharmaceuticals, Inc.(a)		3,412	$	98,027
Roivant Sciences Ltd.(a)(b)		21,814		218,140
Sage Therapeutics, Inc.(a)		3,162		81,074
Sana Biotechnology, Inc.(a)(b)		5,009		27,499
Sangamo Therapeutics, Inc.(a)		6,311		2,884
Sarepta Therapeutics, Inc.(a)		5,540		659,205
Savara, Inc.(a)(b)		7,236		35,746
Scholar Rock Holding Corp.(a)		4,377		61,059
Seres Therapeutics, Inc.(a)		3,540		4,000
SpringWorks Therapeutics, Inc.(a)		4,138		182,610
Stoke Therapeutics, Inc.(a)		1,062		5,140
Summit Therapeutics, Inc.(a)(b)		11,141		43,673
Sutro Biopharma, Inc.(a)		2,510		10,893
Syndax Pharmaceuticals, Inc.(a)		3,759		77,022
Tango Therapeutics, Inc.(a)		1,668		19,599
Tenaya Therapeutics, Inc.(a)		1,213		5,101
TG Therapeutics, Inc.(a)		8,484		137,780
Travere Therapeutics, Inc.(a)		5,719		51,071
Twist Bioscience Corp.(a)(b)		3,793		122,893
Tyra Biosciences, Inc.(a)		1,832		24,549
Ultragenyx Pharmaceutical, Inc.(a)(b)		5,300		233,783
United Therapeutics Corp.(a)		2,835		608,901
UroGen Pharma Ltd.(a)		1,616		25,371
Vanda Pharmaceuticals, Inc.(a)		2,945		10,602
Vaxcyte, Inc.(a)(b)		5,906		421,807
Vera Therapeutics, Inc., Class A(a)		2,336		85,077
Veracyte, Inc.(a)		5,067		126,776
Vericel Corp.(a)		3,406		146,390
Vertex Pharmaceuticals, Inc.(a)		16,410		7,111,766
Verve Therapeutics, Inc.(a)		3,190		34,516
Viking Therapeutics, Inc.(a)(b)		6,423		155,051
Vir Biotechnology, Inc.(a)		5,579		52,443
Viridian Therapeutics, Inc.(a)(b)		2,902		55,863
Voyager Therapeutics, Inc.(a)		2,518		18,306
X4 Pharmaceuticals, Inc.(a)		13,369		10,447
Xencor, Inc.(a)		3,868		72,332
Y-mAbs Therapeutics, Inc.(a)		1,877		24,007
Zentalis Pharmaceuticals, Inc.(a)(b)		3,109		36,842
Zymeworks, Inc.(a)		3,388		36,726
				73,424,641
Broadline Retail — 3.1%
Amazon.com, Inc.(a)		571,802		88,743,670
Big Lots, Inc.		1,787		10,257
ContextLogic, Inc., Class A(a)(b)		1,206		5,270
Coupang, Inc., Class A(a)		68,818		963,452
Dillard’s, Inc., Class A(b)		252		97,592
eBay, Inc.		33,879		1,391,411
Etsy, Inc.(a)(b)		7,944		528,753
Kohl’s Corp.		6,451		166,178
Macy’s, Inc.		16,842		308,040
Nordstrom, Inc.		7,722		140,154
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		4,073		292,971
Savers Value Village, Inc.(a)(b)		1,377		25,736
				92,673,484
Building Products — 0.7%
A O Smith Corp.		7,494		581,609
AAON, Inc.		4,153		291,375
Advanced Drainage Systems, Inc.		4,239		552,850
Allegion PLC		5,516		683,377
American Woodmark Corp.(a)		907		82,791
Apogee Enterprises, Inc.		1,427		75,360

Security	Shares		Value
Building Products (continued)
Armstrong World Industries, Inc.		2,644	$	262,311
AZEK Co., Inc., Class A(a)		8,384		323,287
AZZ, Inc.		1,415		88,367
Builders FirstSource, Inc.(a)		7,762		1,348,492
Carlisle Cos., Inc.		3,113		978,291
Carrier Global Corp.		52,914		2,894,925
CSW Industrials, Inc.		1,003		212,205
Fortune Brands Innovations, Inc.		8,148		632,203
Gibraltar Industries, Inc.(a)		1,865		150,916
Griffon Corp.		2,530		147,398
Hayward Holdings, Inc.(a)		7,862		98,432
Insteel Industries, Inc.		1,232		42,664
Janus International Group, Inc.(a)		5,152		72,901
JELD-WEN Holding, Inc.(a)(b)		6,029		112,140
Johnson Controls International PLC		43,294		2,281,161
Lennox International, Inc.		2,025		867,024
Masco Corp.		14,252		959,017
Masonite International Corp.(a)		1,365		125,648
Masterbrand, Inc.(a)		8,295		116,711
Owens Corning		5,707		864,782
PGT Innovations, Inc.(a)		3,833		157,996
Quanex Building Products Corp.		1,892		59,068
Resideo Technologies, Inc.(a)		9,442		158,342
Simpson Manufacturing Co., Inc.		2,694		487,587
Trane Technologies PLC		14,400		3,629,520
Trex Co., Inc.(a)		7,001		570,442
UFP Industries, Inc.		3,637		412,618
Zurn Elkay Water Solutions Corp.		9,531		282,594
				20,604,404
Capital Markets — 2.8%
Affiliated Managers Group, Inc.		2,310		343,820
Ameriprise Financial, Inc.		6,494		2,512,074
Ares Management Corp., Class A		10,344		1,256,589
Artisan Partners Asset Management, Inc., Class A		3,613		151,385
AssetMark Financial Holdings, Inc.(a)		965		29,597
B. Riley Financial, Inc.(b)		1,480		34,662
Bank of New York Mellon Corp.		48,973		2,716,043
BGC Group, Inc., Class A		22,373		157,953
BlackRock, Inc.(c)		9,434		7,304,841
Blackstone, Inc., Class A		45,310		5,638,829
Blue Owl Capital, Inc., Class A		28,528		443,325
Brightsphere Investment Group, Inc.		3,261		72,133
Carlyle Group, Inc.		13,736		549,715
Cboe Global Markets, Inc.		6,675		1,227,199
Charles Schwab Corp.		94,137		5,923,100
CME Group, Inc., Class A		22,818		4,696,857
Cohen & Steers, Inc.		1,830		128,869
Coinbase Global, Inc., Class A(a)(b)		10,766		1,380,201
Diamond Hill Investment Group, Inc., Class A		101		16,113
Donnelley Financial Solutions, Inc.(a)		1,458		90,571
Evercore, Inc., Class A		2,297		394,464
FactSet Research Systems, Inc.		2,435		1,158,865
Forge Global Holdings, Inc.(a)		10,642		20,433
Franklin Resources, Inc.		17,524		466,664
GCM Grosvenor, Inc., Class A		2,165		18,814
Goldman Sachs Group, Inc.		20,213		7,761,994
Hamilton Lane, Inc., Class A		2,385		276,517
Houlihan Lokey, Inc., Class A		3,056		366,048
Interactive Brokers Group, Inc., Class A		6,683		593,116
Intercontinental Exchange, Inc.		35,968		4,579,805
Invesco Ltd.		23,471		371,546
Janus Henderson Group PLC		8,874		255,216

52 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Jefferies Financial Group, Inc.		12,104	$	493,359
KKR & Co., Inc., Class A		41,969		3,633,676
Lazard, Inc.		6,791		264,713
LPL Financial Holdings, Inc.		4,777		1,142,611
MarketAxess Holdings, Inc.		2,383		537,390
Moelis & Co., Class A		4,116		226,257
Moody’s Corp.		10,048		3,939,218
Morningstar, Inc.		1,635		456,656
MSCI, Inc., Class A		4,890		2,927,252
Nasdaq, Inc.		21,490		1,241,477
Northern Trust Corp.		12,944		1,030,860
Open Lending Corp.(a)(b)		5,715		41,948
P10, Inc., Class A		2,388		21,970
Patria Investments Ltd., Class A		4,257		60,747
Perella Weinberg Partners, Class A		3,888		45,684
Piper Sandler Cos		1,151		199,687
PJT Partners, Inc., Class A		1,652		158,873
Raymond James Financial, Inc.		12,029		1,325,355
Robinhood Markets, Inc., Class A(a)		42,902		460,767
S&P Global, Inc.		20,380		9,137,373
SEI Investments Co.		6,181		390,886
State Street Corp.		19,540		1,443,420
StepStone Group, Inc., Class A		3,324		111,188
Stifel Financial Corp.		6,594		481,032
StoneX Group, Inc.(a)		1,744		114,668
T Rowe Price Group, Inc.		13,870		1,504,201
TPG, Inc., Class A		4,082		169,934
Tradeweb Markets, Inc., Class A		7,343		700,449
Victory Capital Holdings, Inc., Class A		2,170		73,194
Virtu Financial, Inc., Class A		5,659		95,015
Virtus Investment Partners, Inc.		369		87,125
WisdomTree, Inc.		8,155		55,209
XP, Inc., Class A(a)		21,090		518,392
				84,027,944
Chemicals — 1.5%
AdvanSix, Inc.		1,773		44,999
Air Products and Chemicals, Inc.		14,128		3,612,671
Albemarle Corp.		7,495		859,976
American Vanguard Corp., Series 13A		1,236		13,497
Arcadium Lithium PLC(b)		64,495		315,381
Ashland, Inc.		3,046		285,166
Aspen Aerogels, Inc.(a)(b)		3,713		41,697
Avient Corp.		5,515		199,698
Axalta Coating Systems Ltd.(a)		13,507		437,897
Balchem Corp.		2,008		281,441
Cabot Corp.		3,476		250,620
Celanese Corp., Class A		6,194		906,120
CF Industries Holdings, Inc.		12,345		932,171
Chemours Co.		9,206		277,745
Corteva, Inc.		45,546		2,071,432
Danimer Scientific, Inc., Class A(a)(b)		6,007		3,832
Dow, Inc.		45,121		2,418,486
DuPont de Nemours, Inc.		29,174		1,802,953
Eastman Chemical Co.		7,442		621,779
Ecolab, Inc.		15,757		3,123,353
Ecovyst, Inc.(a)		5,243		48,550
Element Solutions, Inc.		14,301		317,911
FMC Corp.		8,136		457,243
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		100,397		121,480
Hawkins, Inc.		1,121		74,625
HB Fuller Co.		3,352		253,981
Huntsman Corp.		10,842		266,063

Security	Shares		Value
Chemicals (continued)
Ingevity Corp.(a)		2,428	$	105,764
Innospec, Inc.		1,590		184,615
International Flavors & Fragrances, Inc.		16,015		1,292,090
Intrepid Potash, Inc.(a)(b)		1,114		20,498
Koppers Holdings, Inc.		1,501		76,761
Kronos Worldwide, Inc.		777		7,234
Linde PLC		30,771		12,457,024
LSB Industries, Inc.(a)(b)		3,652		27,171
LyondellBasell Industries NV, Class A		16,198		1,524,556
Mativ Holdings, Inc.		4,082		49,106
Minerals Technologies, Inc.		2,032		132,791
Mosaic Co.		21,068		646,998
NewMarket Corp.		374		208,621
Olin Corp.		7,772		404,688
Origin Materials, Inc., Class A(a)(b)		7,098		4,188
Orion SA		3,373		75,555
Perimeter Solutions SA(a)		7,347		34,825
PPG Industries, Inc.		14,929		2,105,586
PureCycle Technologies, Inc.(a)(b)		6,987		27,389
Quaker Chemical Corp.		858		162,968
Rayonier Advanced Materials, Inc.(a)		5,464		23,714
RPM International, Inc.		7,968		849,867
Scotts Miracle-Gro Co.		2,518		141,663
Sensient Technologies Corp.		2,722		168,846
Sherwin-Williams Co.		15,052		4,581,528
Stepan Co.		1,403		125,246
Trinseo PLC		2,403		14,490
Tronox Holdings PLC		6,792		93,662
Westlake Corp.		2,070		286,384
				45,874,595
Commercial Services & Supplies — 0.7%
ABM Industries, Inc.		4,442		181,189
ACCO Brands Corp.		3,640		22,131
ACV Auctions, Inc., Class A(a)		7,474		96,938
Aris Water Solution, Inc., Class A		1,316		11,449
BrightView Holdings, Inc.(a)		2,533		22,620
Brink’s Co.		2,649		214,145
Casella Waste Systems, Inc., Class A(a)(b)		3,457		295,020
CECO Environmental Corp.(a)		2,391		46,218
Cimpress PLC(a)		966		72,663
Cintas Corp.		5,425		3,279,792
Clean Harbors, Inc.(a)		3,129		525,547
Copart, Inc.(a)		54,402		2,613,472
CoreCivic, Inc.(a)		8,030		114,187
Deluxe Corp.		2,249		42,529
Driven Brands Holdings, Inc.(a)		3,595		47,130
Ennis, Inc.		1,476		30,066
Enviri Corp.(a)		4,861		41,853
GEO Group, Inc.(a)		8,758		97,389
Healthcare Services Group, Inc.		5,673		53,553
HNI Corp.		3,184		129,652
Interface, Inc., Class A		3,303		40,990
Li-Cycle Holdings Corp.(a)(b)		8,180		3,518
Liquidity Services, Inc.(a)		1,769		30,869
Matthews International Corp., Class A		2,063		67,873
MillerKnoll, Inc.		5,129		136,380
Montrose Environmental Group, Inc.(a)		1,946		56,843
MSA Safety, Inc.		2,318		382,540
OPENLANE, Inc.(a)		7,187		101,193
Performant Financial Corp.(a)		12,291		34,661
Pitney Bowes, Inc.		4,309		17,710
Quad/Graphics, Inc., Class A(a)(b)		1,629		8,894

SCHEDULE OF INVESTMENTS 53

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
RB Global, Inc.		11,601	$	742,116
Republic Services, Inc.		12,967		2,218,913
Rollins, Inc.		15,995		692,743
SP Plus Corp.(a)		1,356		70,146
Steelcase, Inc., Class A		4,806		60,940
Stericycle, Inc.(a)		5,859		281,232
Tetra Tech, Inc.		3,414		540,027
UniFirst Corp.		954		161,627
Veralto Corp.		13,779		1,056,711
Vestis Corp.		7,109		152,133
Viad Corp.(a)		1,234		40,796
VSE Corp.		682		42,359
Waste Management, Inc.		25,675		4,766,050
				19,644,807
Communications Equipment — 0.8%
ADTRAN Holdings, Inc.		5,274		33,042
Arista Networks, Inc.(a)		15,872		4,105,769
Aviat Networks, Inc.(a)		336		10,023
Calix, Inc.(a)		4,004		132,853
Cambium Networks Corp.(a)		644		2,737
Ciena Corp.(a)		9,307		493,271
Cisco Systems, Inc.		257,594		12,926,067
Clearfield, Inc.(a)		817		20,580
CommScope Holding Co., Inc.(a)		13,802		32,021
Comtech Telecommunications Corp.		1,632		10,330
Digi International, Inc.(a)		2,062		50,127
DZS, Inc.(a)		990		1,544
Extreme Networks, Inc.(a)		7,642		103,243
F5, Inc.(a)		3,781		694,570
Harmonic, Inc.(a)(b)		6,424		75,161
Infinera Corp.(a)(b)		11,106		54,864
Juniper Networks, Inc.		20,402		754,058
Lumentum Holdings, Inc.(a)(b)		4,472		245,692
Motorola Solutions, Inc.		10,459		3,341,650
NETGEAR, Inc.(a)		1,767		25,091
NetScout Systems, Inc.(a)		4,617		99,312
Ribbon Communications, Inc.(a)(b)		4,557		13,853
Ubiquiti, Inc.		252		31,686
Viasat, Inc.(a)		7,239		160,923
Viavi Solutions, Inc.(a)		14,749		144,983
				23,563,450
Construction & Engineering — 0.2%
AECOM		8,279		730,125
Ameresco, Inc., Class A(a)(b)		1,722		35,180
API Group Corp.(a)		13,460		424,259
Arcosa, Inc.		3,111		243,529
Argan, Inc.		963		42,690
Bowman Consulting Group Ltd.(a)		812		25,505
Comfort Systems USA, Inc.		2,263		492,135
Concrete Pumping Holdings, Inc.(a)(b)		1,884		14,544
Construction Partners, Inc., Class A(a)		2,954		134,407
Dycom Industries, Inc.(a)		1,865		208,320
EMCOR Group, Inc.		2,933		669,047
Fluor Corp.(a)		9,203		347,045
Granite Construction, Inc.		2,789		125,812
Great Lakes Dredge & Dock Corp.(a)		4,898		37,421
IES Holdings, Inc.(a)		367		30,079
Limbach Holdings, Inc.(a)		850		36,550
MasTec, Inc.(a)		3,885		255,128
MDU Resources Group, Inc.		12,061		235,310
MYR Group, Inc.(a)		942		135,507

Security	Shares		Value
Construction & Engineering (continued)
Northwest Pipe Co.(a)		487	$	14,790
Primoris Services Corp.		3,014		98,859
Quanta Services, Inc.(b)		9,092		1,764,303
Sterling Infrastructure, Inc.(a)(b)		1,738		130,524
Tutor Perini Corp.(a)		1,983		17,768
Valmont Industries, Inc.		1,381		311,706
WillScot Mobile Mini Holdings Corp.(a)		12,097		572,188
				7,132,731
Construction Materials — 0.2%
Eagle Materials, Inc.		2,162		489,217
Knife River Corp.(a)		3,335		218,409
Martin Marietta Materials, Inc.		3,874		1,969,619
Summit Materials, Inc., Class A(a)		7,815		282,747
U.S. Lime & Minerals, Inc.		114		29,488
Vulcan Materials Co.		8,441		1,907,751
				4,897,231
Consumer Finance — 0.5%
Ally Financial, Inc.		16,497		605,110
American Express Co.		36,846		7,396,466
Atlanticus Holdings Corp.(a)		526		18,247
Bread Financial Holdings, Inc.		2,726		98,872
Capital One Financial Corp.		24,073		3,257,558
Consumer Portfolio Services, Inc.(a)		1,875		17,137
Credit Acceptance Corp.(a)(b)		441		238,612
Discover Financial Services		15,836		1,671,015
Encore Capital Group, Inc.(a)(b)		1,672		83,734
Enova International, Inc.(a)		2,095		114,031
FirstCash Holdings, Inc.		2,440		280,039
Green Dot Corp., Class A(a)		1,798		16,200
LendingClub Corp.(a)		7,657		69,066
LendingTree, Inc.(a)		601		19,436
Navient Corp.		6,130		105,559
Nelnet, Inc., Class A		903		78,678
NerdWallet, Inc., Class A(a)(b)		2,065		31,615
OneMain Holdings, Inc.		7,353		350,003
PRA Group, Inc.(a)		2,429		55,308
PROG Holdings, Inc.(a)		2,650		81,196
Regional Management Corp.		728		17,749
SLM Corp.		14,925		296,709
SoFi Technologies, Inc.(a)(b)		58,325		456,685
Synchrony Financial		26,229		1,019,521
Upstart Holdings, Inc.(a)(b)		4,483		142,380
World Acceptance Corp.(a)		213		27,969
				16,548,895
Consumer Staples Distribution & Retail — 1.7%
Albertsons Cos., Inc., Class A		26,815		569,014
Andersons, Inc.		2,210		116,489
BJ’s Wholesale Club Holdings, Inc.(a)		8,607		553,774
Casey’s General Stores, Inc.		2,273		616,801
Chefs’ Warehouse, Inc.(a)		2,601		82,764
Costco Wholesale Corp.		28,073		19,507,366
Dollar General Corp.		13,839		1,827,717
Dollar Tree, Inc.(a)		13,281		1,734,764
Grocery Outlet Holding Corp.(a)		6,304		156,213
HF Foods Group, Inc.(a)		1,854		9,270
Ingles Markets, Inc., Class A		1,069		90,063
Kroger Co.		41,131		1,897,784
Maplebear, Inc.(a)		1,477		36,142
Natural Grocers by Vitamin Cottage, Inc.		357		5,337
Performance Food Group Co.(a)		9,896		719,241
PriceSmart, Inc.		1,657		125,965

54 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Staples Distribution & Retail (continued)
SpartanNash Co.		2,523	$	56,591
Sprouts Farmers Market, Inc.(a)(b)		6,331		318,893
Sysco Corp.		32,299		2,613,958
Target Corp.		29,194		4,060,302
U.S. Foods Holding Corp.(a)		14,479		666,179
United Natural Foods, Inc.(a)		3,544		52,841
Village Super Market, Inc., Class A		1,208		30,720
Walgreens Boots Alliance, Inc.		44,825		1,011,700
Walmart, Inc.		90,507		14,956,282
Weis Markets, Inc.		1,178		71,564
				51,887,734
Containers & Packaging — 0.3%
Amcor PLC		92,090		868,409
AptarGroup, Inc.		4,131		536,534
Ardagh Group SA, Class A(a)		1,250		8,881
Ardagh Metal Packaging SA		8,206		30,280
Avery Dennison Corp.		5,115		1,020,187
Ball Corp.		19,528		1,082,828
Berry Global Group, Inc.		7,590		496,841
Crown Holdings, Inc.		6,719		594,631
Graphic Packaging Holding Co.		19,826		505,761
Greif, Inc., Class A		1,857		116,267
Greif, Inc., Class B		150		9,405
International Paper Co.		21,865		783,423
Myers Industries, Inc.		2,006		37,612
O-I Glass, Inc.(a)		9,817		142,936
Packaging Corp. of America		5,610		930,587
Pactiv Evergreen, Inc.		2,722		39,741
Ranpak Holdings Corp., Class A(a)		2,577		10,617
Sealed Air Corp.		9,053		312,781
Silgan Holdings, Inc.		5,685		261,169
Sonoco Products Co.		6,383		363,193
TriMas Corp.		2,253		55,604
Westrock Co.		16,195		652,011
				8,859,698
Distributors — 0.1%
Genuine Parts Co.		8,951		1,255,199
LKQ Corp.		16,613		775,328
Pool Corp.		2,387		886,174
Weyco Group, Inc.		929		29,830
				2,946,531
Diversified Consumer Services — 0.1%
2U, Inc.(a)(b)		3,716		3,161
ADT, Inc.		14,416		94,137
Adtalem Global Education, Inc.(a)		2,748		138,719
Bright Horizons Family Solutions, Inc.(a)		3,636		357,237
Carriage Services, Inc.		750		18,533
Chegg, Inc.(a)		7,981		78,613
Coursera, Inc.(a)		7,465		142,880
Duolingo, Inc., Class A(a)		1,833		327,905
European Wax Center, Inc., Class A(a)		2,320		34,429
Frontdoor, Inc.(a)		4,969		162,784
Graham Holdings Co., Class B		237		170,735
Grand Canyon Education, Inc.(a)		1,933		252,430
H&R Block, Inc.		9,248		433,176
Laureate Education, Inc., Class A		7,754		97,856
Lincoln Educational Services Corp.(a)		3,193		28,609
Mister Car Wash, Inc.(a)(b)		4,380		36,354
Nerdy, Inc., Class A(a)		3,456		10,610
OneSpaWorld Holdings Ltd.(a)		4,480		61,062
Perdoceo Education Corp.(a)		4,729		85,595

Security	Shares		Value
Diversified Consumer Services (continued)
Rover Group, Inc., Class A(a)		6,057	$	66,264
Service Corp. International		9,110		611,463
Strategic Education, Inc.		1,286		120,961
Stride, Inc.(a)		2,478		148,556
Udemy, Inc.(a)		6,592		89,585
Universal Technical Institute, Inc.(a)		3,497		49,378
WW International, Inc.(a)(b)		2,679		10,073
				3,631,105
Diversified REITs — 0.1%
Alexander & Baldwin, Inc.		4,091		70,856
American Assets Trust, Inc.		2,957		66,325
Armada Hoffler Properties, Inc.		4,860		58,126
Broadstone Net Lease, Inc.		11,612		186,605
CTO Realty Growth, Inc.		1,428		23,605
Empire State Realty Trust, Inc., Class A		7,712		73,418
Essential Properties Realty Trust, Inc.		9,144		227,777
Gladstone Commercial Corp.		2,038		26,127
Global Net Lease, Inc.		11,666		98,578
One Liberty Properties, Inc.		1,518		30,724
VICI Properties, Inc.		66,123		1,991,625
WP Carey, Inc.		13,272		822,333
				3,676,099
Diversified Telecommunication Services — 0.7%
Anterix, Inc.(a)		1,444		43,060
AST SpaceMobile, Inc., Class A(a)		4,773		13,698
AT&T, Inc.		454,124		8,033,453
ATN International, Inc.		370		13,653
Bandwidth, Inc., Class A(a)		1,206		16,691
Charge Enterprises, Inc.(a)(b)		6,537		899
Cogent Communications Holdings, Inc.		2,894		223,417
Consolidated Communications Holdings, Inc.(a)		4,659		20,220
EchoStar Corp., Class A(a)(b)		7,935		106,250
ESC GCI Liberty, Inc. (d)		3,941		—
Frontier Communications Parent, Inc.(a)(b)		16,190		398,760
Globalstar, Inc.(a)		47,986		76,298
IDT Corp., Class B(a)		1,059		36,620
Iridium Communications, Inc.		7,701		279,238
Liberty Latin America Ltd., Class A(a)		4,385		30,870
Liberty Latin America Ltd., Class C(a)(b)		7,372		52,489
Lumen Technologies, Inc.(a)		67,212		81,999
Ooma, Inc.(a)		719		7,780
Shenandoah Telecommunications Co.		3,990		81,755
Verizon Communications, Inc.		266,641		11,292,246
				20,809,396
Electric Utilities — 1.4%
ALLETE, Inc.		3,794		224,263
Alliant Energy Corp.		15,741		765,957
American Electric Power Co., Inc.		32,820		2,564,555
Avangrid, Inc.		4,309		130,907
CMS Energy Corp.		18,217		1,041,284
Constellation Energy Corp.		20,371		2,485,262
Duke Energy Corp.		48,771		4,673,725
Edison International		24,207		1,633,488
Entergy Corp.		13,557		1,352,446
Evergy, Inc.		14,082		714,943
Eversource Energy		22,630		1,226,999
Exelon Corp.		63,291		2,203,160
FirstEnergy Corp.		34,279		1,257,354
Genie Energy Ltd., Class B		1,945		36,197
Hawaiian Electric Industries, Inc.		7,119		92,333
IDACORP, Inc.		3,073		284,498

SCHEDULE OF INVESTMENTS 55

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
MGE Energy, Inc.		2,196	$	141,620
NextEra Energy, Inc.		128,706		7,546,033
NRG Energy, Inc.		14,732		781,385
OGE Energy Corp.		12,559		417,461
Otter Tail Corp.		2,546		230,209
PG&E Corp.(a)		129,164		2,178,997
Pinnacle West Capital Corp.		7,063		486,641
PNM Resources, Inc.		5,519		199,953
Portland General Electric Co.		6,057		247,913
PPL Corp.		46,301		1,213,086
Southern Co.		68,809		4,783,602
Xcel Energy, Inc.		34,788		2,082,758
				40,997,029
Electrical Equipment — 0.7%
Acuity Brands, Inc.		1,961		467,032
Allient, Inc.		976		27,191
AMETEK, Inc.		14,535		2,355,397
Array Technologies, Inc.(a)(b)		9,308		123,238
Atkore, Inc.(a)(b)		2,492		380,105
Babcock & Wilcox Enterprises, Inc.(a)		2,924		3,860
Blink Charging Co.(a)(b)		2,352		5,645
Bloom Energy Corp., Class A(a)(b)		12,009		135,942
ChargePoint Holdings, Inc., Class A(a)(b)		18,288		34,747
Eaton Corp. PLC		25,279		6,220,656
Emerson Electric Co.		36,260		3,326,130
Encore Wire Corp.		986		222,343
Energy Vault Holdings, Inc.(a)		6,389		9,711
EnerSys		2,662		254,407
Enovix Corp.(a)(b)		9,039		84,153
Eos Energy Enterprises, Inc., Class A(a)(b)		7,915		8,786
ESS Tech, Inc.(a)(b)		6,406		6,598
Fluence Energy, Inc., Class A(a)(b)		3,874		76,976
FuelCell Energy, Inc.(a)(b)		31,425		37,710
Generac Holdings, Inc.(a)		3,983		452,748
GrafTech International Ltd.		9,922		13,196
Hubbell, Inc.		3,364		1,128,857
LSI Industries, Inc.		2,248		30,708
NEXTracker, Inc., Class A(a)		7,912		358,176
NuScale Power Corp., Class A(a)(b)		1,721		4,974
nVent Electric PLC		10,325		619,913
Plug Power, Inc.(a)(b)		31,835		141,666
Powell Industries, Inc.		750		88,898
Preformed Line Products Co.		83		10,147
Regal Rexnord Corp.		4,279		571,075
Rockwell Automation, Inc.		7,271		1,841,599
Sensata Technologies Holding PLC		9,360		338,551
SES AI Corp., Class A(a)		9,902		12,972
Shoals Technologies Group, Inc., Class A(a)		10,860		143,026
Stem, Inc.(a)(b)		8,334		24,669
SunPower Corp.(a)(b)		5,371		16,274
Sunrun, Inc.(a)		13,791		199,694
Thermon Group Holdings, Inc.(a)		2,167		71,034
TPI Composites, Inc.(a)(b)		2,227		6,013
Vertiv Holdings Co., Class A		21,910		1,234,190
Vicor Corp.(a)		1,278		48,142
				21,137,149
Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.(a)(b)		1,976		13,990
Advanced Energy Industries, Inc.(b)		2,357		245,552
Aeva Technologies, Inc.(a)		4,909		4,183
Akoustis Technologies, Inc.(a)		1,380		791

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Amphenol Corp., Class A		36,876	$	3,728,164
Arlo Technologies, Inc.(a)		4,365		38,761
Arrow Electronics, Inc.(a)		3,600		400,140
Avnet, Inc.		6,112		276,874
Badger Meter, Inc.		1,788		257,454
Bel Fuse, Inc., Class B		688		46,000
Belden, Inc.		2,491		184,782
Benchmark Electronics, Inc.		2,953		80,085
CDW Corp.		8,505		1,928,254
Cognex Corp.		11,038		398,913
Coherent Corp.(a)		7,959		378,371
Corning, Inc.		47,800		1,553,022
Crane NXT Co.		3,098		180,551
CTS Corp.		1,973		81,011
Daktronics, Inc.(a)		4,121		31,237
ePlus, Inc.(a)		1,893		142,997
Evolv Technologies Holdings, Inc., Class A(a)		6,676		29,174
Fabrinet(a)		2,358		503,457
FARO Technologies, Inc.(a)		883		19,991
Insight Enterprises, Inc.(a)(b)		1,855		342,693
IPG Photonics Corp.(a)		1,805		176,691
Itron, Inc.(a)		2,707		195,283
Jabil, Inc.		7,794		976,510
Keysight Technologies, Inc.(a)(b)		11,318		1,734,597
Kimball Electronics, Inc.(a)		2,170		51,603
Knowles Corp.(a)		5,726		93,391
Lightwave Logic, Inc.(a)(b)		7,025		30,278
Littelfuse, Inc.		1,463		353,900
Luna Innovations, Inc.(a)(b)		2,595		18,606
Methode Electronics, Inc.		2,506		52,025
MicroVision, Inc.(a)(b)		9,988		23,771
Mirion Technologies, Inc., Class A(a)		13,907		131,421
Napco Security Technologies, Inc.		2,262		78,605
nLight, Inc.(a)		2,689		34,903
Novanta, Inc.(a)		2,219		342,947
OSI Systems, Inc.(a)		1,125		144,034
PAR Technology Corp.(a)(b)		1,911		87,027
PC Connection, Inc.		993		64,058
Plexus Corp.(a)		1,781		168,696
Rogers Corp.(a)		1,036		119,420
Sanmina Corp.(a)		3,539		211,703
ScanSource, Inc.(a)		1,707		67,017
SmartRent, Inc., Class A(a)		7,900		23,305
TD SYNNEX Corp.		3,392		339,132
Teledyne Technologies, Inc.(a)		2,965		1,240,764
Trimble, Inc.(a)		15,954		811,420
TTM Technologies, Inc.(a)		7,528		104,715
Vishay Intertechnology, Inc.		7,799		169,472
Vishay Precision Group, Inc.(a)		804		25,632
Vontier Corp.		9,338		323,001
Vuzix Corp.(a)(b)		2,953		4,932
Xerox Holdings Corp.		8,090		149,341
Zebra Technologies Corp., Class A(a)		3,215		770,153
				19,984,800
Energy Equipment & Services — 0.4%
Archrock, Inc.		7,846		128,204
Atlas Energy Solutions, Inc.		492		8,546
Baker Hughes Co., Class A		63,814		1,818,699
Borr Drilling Ltd.(a)		13,940		85,731
Bristow Group, Inc.(a)		1,094		28,860
Cactus, Inc., Class A		3,908		165,855
ChampionX Corp.		13,003		356,412

56 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
Core Laboratories, Inc.		3,218	$	50,748
Diamond Offshore Drilling, Inc.(a)		6,633		80,923
DMC Global, Inc.(a)		948		16,135
Dril-Quip, Inc.(a)(b)		2,080		41,746
Expro Group Holdings NV(a)(b)		5,586		98,314
Forum Energy Technologies, Inc.(a)		1,122		22,115
Halliburton Co.		57,407		2,046,559
Helix Energy Solutions Group, Inc.(a)		9,071		85,267
Helmerich & Payne, Inc.		6,046		243,412
Kodiak Gas Services, Inc.		1,599		37,449
Liberty Energy, Inc., Class A		11,212		233,097
Nabors Industries Ltd.(a)		626		52,947
Newpark Resources, Inc.(a)		2,693		17,478
Noble Corp. PLC(a)		7,347		324,223
NOV, Inc.		24,363		475,322
Oceaneering International, Inc.(a)		6,547		136,047
Oil States International, Inc.(a)		1,169		7,213
Patterson-UTI Energy, Inc.		21,515		238,601
ProFrac Holding Corp., Class A(a)(b)		1,185		9,373
ProPetro Holding Corp.(a)		6,951		58,805
Ranger Energy Services, Inc., Class A		2,773		28,174
RPC, Inc.		4,947		36,163
Schlumberger NV		90,307		4,397,951
SEACOR Marine Holdings, Inc.(a)		1,945		20,539
Seadrill Ltd.(a)		3,193		138,001
Select Water Solutions, Inc., Class A		4,294		33,364
Solaris Oilfield Infrastructure, Inc., Class A		2,770		20,775
TechnipFMC PLC(a)		27,985		541,230
TETRA Technologies, Inc.(a)		6,116		25,626
Tidewater, Inc.(a)		2,794		187,729
U.S. Silica Holdings, Inc.(a)		4,387		47,029
Valaris Ltd.(a)		3,807		235,539
Weatherford International PLC(a)		4,568		409,064
				12,989,265
Entertainment — 1.3%
AMC Entertainment Holdings, Inc., Class A(a)(b)		13,560		54,918
Atlanta Braves Holdings, Inc., Class C(a)		2,589		104,363
Atlanta Braves Holdings, Inc., Class A		602		25,928
Cinemark Holdings, Inc.(a)(b)		6,744		93,270
Electronic Arts, Inc.		17,135		2,357,433
IMAX Corp.(a)		2,341		32,704
Liberty Media Corp.-Liberty Formula One, Class C(a)		12,013		807,874
Liberty Media Corp.-Liberty Formula One, Class A		1,820		111,184
Liberty Media Corp.-Liberty Live, Class A		1,172		43,165
Liberty Media Corp.-Liberty Live, Class C(a)		2,963		110,431
Lions Gate Entertainment Corp., Class A(a)(b)		4,773		49,782
Lions Gate Entertainment Corp., Class B(a)		5,862		56,861
Live Nation Entertainment, Inc.(a)		9,866		876,594
Madison Square Garden Entertainment Corp.(a)		2,969		98,986
Madison Square Garden Sports Corp., Class A(a)		1,142		211,384
Marcus Corp.		914		12,412
Netflix, Inc.(a)		27,400		15,456,614
Playstudios, Inc., Class A(a)		4,630		10,186
Playtika Holding Corp.(a)(b)		2,080		15,018
ROBLOX Corp., Class A(a)		29,693		1,152,385
Roku, Inc., Class A(a)		7,922		697,611
Sphere Entertainment Co., Class A(a)(b)		1,765		62,446
Spotify Technology SA(a)		8,854		1,906,709
Take-Two Interactive Software, Inc.(a)		10,492		1,730,446
TKO Group Holdings, Inc., Class A		3,894		325,889

Security	Shares		Value
Entertainment (continued)
Vivid Seats, Inc., Class A(a)(b)		2,759	$	15,837
Walt Disney Co.(a)		116,182		11,159,281
Warner Bros Discovery, Inc., Series A(a)		138,746		1,390,235
				38,969,946
Financial Services — 4.2%
Affirm Holdings, Inc., Class A(a)(b)		14,581		590,676
Alerus Financial Corp.		1,174		26,661
A-Mark Precious Metals, Inc.		876		23,626
Apollo Global Management, Inc.		33,128		3,326,051
AvidXchange Holdings, Inc.(a)		9,286		101,775
Banco Latinoamericano de Comercio Exterior SA, Class E		1,539		37,013
Berkshire Hathaway, Inc., Class B(a)		116,075		44,542,620
Block, Inc., Class A(a)		34,555		2,246,421
Cannae Holdings, Inc.(a)		5,113		103,538
Cantaloupe, Inc.(a)		2,911		19,824
Cass Information Systems, Inc.		1,157		49,936
Compass Diversified Holdings		4,320		95,429
Enact Holdings, Inc.		1,946		55,441
Equitable Holdings, Inc.		21,720		710,027
Essent Group Ltd.		6,810		375,640
Euronet Worldwide, Inc.(a)		3,033		302,238
EVERTEC, Inc.		4,185		168,070
Federal Agricultural Mortgage Corp., Class C		582		108,421
Fidelity National Information Services, Inc.		37,603		2,341,163
Fiserv, Inc.(a)		37,990		5,389,641
FleetCor Technologies, Inc.(a)		4,595		1,332,228
Flywire Corp.(a)		6,181		132,088
Global Payments, Inc.		16,512		2,199,894
I3 Verticals, Inc., Class A(a)		1,114		20,876
International Money Express, Inc.(a)		2,474		50,964
Jack Henry & Associates, Inc.		4,643		769,949
Jackson Financial, Inc., Class A		5,109		255,808
Marqeta, Inc., Class A(a)		29,185		175,402
Mastercard, Inc., Class A		52,666		23,659,147
Merchants Bancorp		1,371		59,967
MGIC Investment Corp.		17,365		344,522
Mr. Cooper Group, Inc.(a)		3,887		261,828
NCR Atleos Corp.(a)		3,943		88,284
NewtekOne, Inc.		1,733		20,813
NMI Holdings, Inc., Class A(a)		5,784		184,625
Ocwen Financial Corp.(a)(b)		1,190		34,427
Pagseguro Digital Ltd., Class A(a)		12,586		161,982
Payoneer Global, Inc.(a)		16,041		75,072
PayPal Holdings, Inc.(a)		69,915		4,289,285
Paysafe Ltd.(a)(b)		1,495		22,246
PennyMac Financial Services, Inc., Class A		1,806		157,519
Radian Group, Inc.		9,590		277,918
Remitly Global, Inc.(a)		8,097		138,783
Repay Holdings Corp., Class A(a)		5,002		39,216
Rocket Cos., Inc., Class A(a)		8,299		102,161
Shift4 Payments, Inc., Class A(a)		3,291		236,327
StoneCo Ltd., Class A(a)		18,850		324,031
Toast, Inc., Class A(a)(b)		22,994		408,603
UWM Holdings Corp., Class A		6,038		40,455
Visa, Inc., Class A		101,193		27,651,999
Voya Financial, Inc.		5,930		429,154
Walker & Dunlop, Inc.		1,979		191,152

SCHEDULE OF INVESTMENTS 57

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Financial Services (continued)
Western Union Co.		19,708	$	247,730
WEX, Inc.(a)		2,646		540,816
				125,539,482
Food Products — 0.8%
Archer-Daniels-Midland Co.		34,002		1,889,831
B&G Foods, Inc.		4,306		43,318
Benson Hill, Inc.(a)(b)		11,400		1,963
Beyond Meat, Inc.(a)(b)		4,136		27,380
BRC, Inc., Class A(a)		2,764		10,448
Bunge Global SA		9,131		804,350
Calavo Growers, Inc.		1,112		29,012
Cal-Maine Foods, Inc.		2,254		124,917
Campbell Soup Co.		12,252		546,807
Conagra Brands, Inc.		29,768		867,737
Darling Ingredients, Inc.(a)		9,748		422,089
Dole PLC		5,443		61,452
Flowers Foods, Inc.		12,222		278,662
Fresh Del Monte Produce, Inc.		2,317		56,952
Freshpet, Inc.(a)		2,740		235,914
General Mills, Inc.		37,017		2,402,774
Hain Celestial Group, Inc.(a)(b)		6,528		69,915
Hershey Co.		9,613		1,860,500
Hormel Foods Corp.		18,748		569,377
Ingredion, Inc.		4,008		431,141
J & J Snack Foods Corp.		863		137,416
J M Smucker Co.		6,547		861,258
John B Sanfilippo & Son, Inc.		672		71,991
Kellanova		16,120		882,731
Kraft Heinz Co.		50,579		1,877,998
Lamb Weston Holdings, Inc.		9,063		928,414
Lancaster Colony Corp.		1,204		221,271
Limoneira Co.		1,461		26,503
McCormick & Co., Inc.		15,745		1,073,179
Mission Produce, Inc.(a)		1,882		18,801
Mondelez International, Inc., Class A		86,245		6,491,661
Pilgrim’s Pride Corp.(a)		2,884		78,358
Post Holdings, Inc.(a)		3,274		304,056
Seaboard Corp.		12		43,236
Seneca Foods Corp., Class A(a)		161		8,594
Simply Good Foods Co.(a)		5,858		221,432
Sovos Brands, Inc.(a)(b)		4,079		89,942
SunOpta, Inc.(a)		6,076		36,152
TreeHouse Foods, Inc.(a)(b)		3,444		144,992
Tyson Foods, Inc., Class A		17,636		965,747
Utz Brands, Inc., Class A		4,872		86,234
Vital Farms, Inc.(a)		3,080		44,290
Westrock Coffee Co.(a)(b)		2,383		24,688
WK Kellogg Co.		4,044		52,532
				25,426,015
Gas Utilities — 0.1%
Atmos Energy Corp.		9,513		1,083,911
Brookfield Infrastructure Corp., Class A		8,025		280,955
Chesapeake Utilities Corp.		1,503		152,224
National Fuel Gas Co.		5,623		265,181
New Jersey Resources Corp.		6,393		261,026
Northwest Natural Holding Co.		2,475		91,228
ONE Gas, Inc.		3,452		211,849
Southwest Gas Holdings, Inc.		3,757		220,461

Security	Shares		Value
Gas Utilities (continued)
Spire, Inc.		3,161	$	179,450
UGI Corp.		12,770		282,728
				3,029,013
Ground Transportation — 1.1%
ArcBest Corp.		1,534		182,745
Avis Budget Group, Inc.		1,311		214,624
Covenant Logistics Group, Inc., Class A		878		42,443
CSX Corp.		125,243		4,471,175
Daseke, Inc.(a)		1,895		15,425
FTAI Infrastructure, Inc.		7,753		33,028
Heartland Express, Inc.		3,436		44,496
Hertz Global Holdings, Inc.(a)(b)		8,951		74,741
JB Hunt Transport Services, Inc.		5,210		1,047,106
Knight-Swift Transportation Holdings, Inc.		9,826		563,816
Landstar System, Inc.		2,303		441,531
Lyft, Inc., Class A(a)		21,567		269,372
Marten Transport Ltd.		4,841		89,559
Norfolk Southern Corp.		14,439		3,396,630
Old Dominion Freight Line, Inc.		6,281		2,455,997
PAM Transportation Services, Inc.(a)		886		18,349
RXO, Inc.(a)		6,858		142,646
Ryder System, Inc.		2,910		330,489
Saia, Inc.(a)		1,692		762,381
Schneider National, Inc., Class B		3,106		76,159
Uber Technologies, Inc.(a)		124,907		8,152,680
U-Haul Holding Co.(a)		574		38,033
U-Haul Holding Co., Series N(b)		6,069		387,627
Union Pacific Corp.		38,644		9,426,431
Universal Logistics Holdings, Inc.		345		10,529
Werner Enterprises, Inc.		3,887		153,731
XPO, Inc.(a)		7,218		616,706
				33,458,449
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories		109,967		12,442,766
Accuray, Inc.(a)		6,907		17,889
Align Technology, Inc.(a)		4,908		1,312,007
Alphatec Holdings, Inc.(a)		5,618		90,394
AngioDynamics, Inc.(a)		2,055		12,124
Artivion, Inc.(a)		2,287		38,239
AtriCure, Inc.(a)		3,211		109,367
Atrion Corp.		93		31,620
Avanos Medical, Inc.(a)		2,746		52,696
Axogen, Inc.(a)(b)		2,915		28,188
Axonics, Inc.(a)		2,947		200,042
Baxter International, Inc.		31,751		1,228,446
Becton Dickinson & Co.		18,422		4,399,358
Boston Scientific Corp.(a)		92,851		5,873,754
Butterfly Network, Inc., Class A(a)		9,583		8,635
Cerus Corp.(a)		10,433		18,884
CONMED Corp.		1,948		186,229
Cooper Cos., Inc.		3,050		1,137,741
Cutera, Inc.(a)(b)		1,121		2,959
CVRx, Inc.(a)		1,241		31,174
DENTSPLY SIRONA, Inc.		13,056		453,696
Dexcom, Inc.(a)		24,591		2,984,118
Edwards Lifesciences Corp.(a)		38,114		2,990,806
Embecta Corp.		3,199		54,831
Enovis Corp.(a)		3,332		195,588
Envista Holdings Corp.(a)		10,236		240,546
GE HealthCare, Inc.(a)		24,700		1,811,992

58 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Glaukos Corp.(a)(b)		3,038	$	270,473
Globus Medical, Inc., Class A(a)		7,788		411,129
Haemonetics Corp.(a)		3,309		253,006
Hologic, Inc.(a)		15,300		1,138,932
ICU Medical, Inc.(a)		1,216		111,300
IDEXX Laboratories, Inc.(a)		5,217		2,687,172
Inari Medical, Inc.(a)(b)		3,207		182,639
Inmode Ltd.(a)(b)		4,808		113,902
Inogen, Inc.(a)		1,013		7,208
Inspire Medical Systems, Inc.(a)(b)		1,783		375,981
Insulet Corp.(a)		4,392		838,301
Integer Holdings Corp.(a)(b)		1,962		198,790
Integra LifeSciences Holdings Corp.(a)		4,290		172,243
Intuitive Surgical, Inc.(a)		22,186		8,391,189
iRadimed Corp.		665		27,538
iRhythm Technologies, Inc.(a)		1,872		224,228
Lantheus Holdings, Inc.(a)(b)		4,236		219,975
LeMaitre Vascular, Inc.		1,369		79,457
LivaNova PLC(a)		3,277		159,524
Masimo Corp.(a)(b)		2,883		371,734
Medtronic PLC		84,427		7,390,740
Merit Medical Systems, Inc.(a)		3,518		275,459
Nano-X Imaging Ltd.(a)(b)		2,926		15,917
Neogen Corp.(a)(b)		13,041		202,135
Nevro Corp.(a)		2,489		41,218
Novocure Ltd.(a)		6,754		94,016
Omnicell, Inc.(a)		2,769		89,079
OraSure Technologies, Inc.(a)		4,522		33,327
Orthofix Medical, Inc.(a)		1,626		22,585
OrthoPediatrics Corp.(a)		1,412		36,881
Outset Medical, Inc.(a)(b)		2,818		8,567
Paragon 28, Inc.(a)(b)		2,936		37,228
Penumbra, Inc.(a)		2,353		593,403
PROCEPT BioRobotics Corp.(a)(b)		2,503		115,889
Pulmonx Corp.(a)		2,572		34,156
QuidelOrtho Corp.(a)		3,388		232,112
ResMed, Inc.		9,278		1,764,676
RxSight, Inc.(a)		1,911		86,970
Semler Scientific, Inc.(a)(b)		657		29,099
Shockwave Medical, Inc.(a)		2,376		537,570
SI-BONE, Inc.(a)(b)		2,624		53,031
Silk Road Medical, Inc.(a)(b)		2,576		38,975
STAAR Surgical Co.(a)		3,016		84,478
STERIS PLC		6,215		1,360,774
Stryker Corp.		22,558		7,567,758
Surmodics, Inc.(a)		823		28,978
Tactile Systems Technology, Inc.(a)		1,111		16,854
Tandem Diabetes Care, Inc.(a)		4,223		96,284
Teleflex, Inc.		2,992		726,547
TransMedics Group, Inc.(a)(b)		1,883		161,505
Treace Medical Concepts, Inc.(a)		3,386		45,643
UFP Technologies, Inc.(a)		514		86,614
Utah Medical Products, Inc.		90		7,129
Varex Imaging Corp.(a)		2,011		38,752
Vicarious Surgical, Inc., Class A(a)		7,131		2,870
Zimmer Biomet Holdings, Inc.		13,348		1,676,509
Zimvie, Inc.(a)		1,143		19,980
Zynex, Inc.(a)		2,679		31,719
				75,874,237
Health Care Providers & Services — 2.6%
23andMe Holding Co., Class A(a)(b)		12,498		9,137

Security	Shares		Value
Health Care Providers & Services (continued)
Acadia Healthcare Co., Inc.(a)		5,801	$	476,494
Accolade, Inc.(a)(b)		4,551		51,517
AdaptHealth Corp.(a)(b)		6,768		48,865
Addus HomeCare Corp.(a)		862		74,649
Agiliti, Inc.(a)		1,187		8,416
agilon health, Inc.(a)(b)		17,802		104,854
Alignment Healthcare, Inc.(a)		5,964		39,959
Amedisys, Inc.(a)		1,965		185,240
AMN Healthcare Services, Inc.(a)		2,547		188,503
Apollo Medical Holdings, Inc.(a)		2,670		92,782
Aveanna Healthcare Holdings, Inc.(a)		1,972		4,536
Brookdale Senior Living, Inc.(a)		14,257		77,986
Cano Health, Inc., Class A(a)(b)		103		246
Cardinal Health, Inc.		15,563		1,699,324
CareMax, Inc., Class A(a)(b)		4,295		1,475
Castle Biosciences, Inc.(a)		1,921		44,337
Cencora, Inc.		10,195		2,372,173
Centene Corp.(a)		34,170		2,573,343
Chemed Corp.		916		542,996
Cigna Group		18,574		5,589,845
Community Health Systems, Inc.(a)		6,300		23,121
CorVel Corp.(a)		587		138,145
Cross Country Healthcare, Inc.(a)(b)		2,722		57,842
CVS Health Corp.		81,385		6,052,602
DaVita, Inc.(a)		3,318		358,875
DocGo, Inc.(a)		4,887		18,082
Elevance Health, Inc.		15,029		7,415,910
Encompass Health Corp.		6,145		436,541
Enhabit, Inc.(a)		3,056		30,835
Ensign Group, Inc.		3,257		368,757
Fulgent Genetics, Inc.(a)		1,533		37,696
Guardant Health, Inc.(a)(b)		7,188		157,633
HCA Healthcare, Inc.		12,651		3,857,290
HealthEquity, Inc.(a)		5,146		388,935
Henry Schein, Inc.(a)		8,036		601,414
Hims & Hers Health, Inc., Class A(a)		8,208		70,425
Humana, Inc.		7,932		2,998,772
Innovage Holding Corp.(a)		978		5,174
Invitae Corp.(a)(b)		19,431		7,578
Joint Corp.(a)		820		8,003
Laboratory Corp. of America Holdings		5,448		1,211,090
LifeStance Health Group, Inc.(a)(b)		6,871		41,089
McKesson Corp.		8,554		4,276,059
ModivCare, Inc.(a)		878		34,918
Molina Healthcare, Inc.(a)		3,681		1,312,056
National HealthCare Corp.		790		73,502
National Research Corp., Class A		1,109		43,695
NeoGenomics, Inc.(a)		8,616		127,948
OPKO Health, Inc.(a)(b)		22,404		22,852
Option Care Health, Inc.(a)		10,313		322,178
Owens & Minor, Inc.(a)		4,320		85,147
Patterson Cos., Inc.		5,305		158,407
Pediatrix Medical Group, Inc.(a)(b)		5,332		49,907
Pennant Group, Inc.(a)		1,158		17,382
PetIQ, Inc., Class A(a)		1,413		25,392
Premier, Inc., Class A		7,029		151,967
Privia Health Group, Inc.(a)		7,692		155,071
Progyny, Inc.(a)(b)		5,002		190,526
Quest Diagnostics, Inc.		7,072		908,257
R1 RCM, Inc.(a)		9,585		98,150
RadNet, Inc.(a)		3,480		128,656
Select Medical Holdings Corp.		6,381		165,842

SCHEDULE OF INVESTMENTS 59

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Surgery Partners, Inc.(a)(b)		4,295	$	131,813
Tenet Healthcare Corp.(a)		6,551		542,030
U.S. Physical Therapy, Inc.		849		78,329
UnitedHealth Group, Inc.		58,948		30,166,049
Universal Health Services, Inc., Class B		3,911		621,106
				78,359,725
Health Care REITs — 0.2%
CareTrust REIT, Inc.		6,801		142,277
Community Healthcare Trust, Inc.		1,398		35,775
Diversified Healthcare Trust		14,315		41,084
Global Medical REIT, Inc.		3,155		31,897
Healthcare Realty Trust, Inc.		25,554		411,675
Healthpeak Properties, Inc.		33,537		620,434
LTC Properties, Inc.		2,807		87,494
Medical Properties Trust, Inc.		37,105		115,026
National Health Investors, Inc.		2,865		152,361
Omega Healthcare Investors, Inc.		15,839		459,331
Physicians Realty Trust		14,761		180,675
Sabra Health Care REIT, Inc.		15,036		200,580
Universal Health Realty Income Trust		517		20,582
Ventas, Inc.		25,019		1,160,631
Welltower, Inc.		34,088		2,948,953
				6,608,775
Health Care Technology — 0.1%
American Well Corp., Class A(a)		14,687		15,421
Certara, Inc.(a)		7,090		114,574
Computer Programs and Systems, Inc.(a)		440		4,457
Definitive Healthcare Corp., Class A(a)(b)		2,101		17,859
Doximity, Inc., Class A(a)		7,959		214,495
Evolent Health, Inc., Class A(a)(b)		7,059		207,605
Health Catalyst, Inc.(a)		2,795		27,307
HealthStream, Inc.		1,619		43,098
Multiplan Corp., Class A(a)(b)		23,893		24,132
OptimizeRx Corp.(a)		814		11,494
Phreesia, Inc.(a)(b)		3,516		89,588
Schrodinger, Inc.(a)(b)		3,581		94,718
Sharecare, Inc., Class A(a)		16,795		18,978
Simulations Plus, Inc.		1,116		42,296
Teladoc Health, Inc.(a)(b)		10,028		194,844
Veeva Systems, Inc., Class A(a)		9,182		1,904,439
Veradigm, Inc.(a)		7,214		65,864
				3,091,169
Hotel & Resort REITs — 0.1%
Apple Hospitality REIT, Inc.		13,033		209,310
Braemar Hotels & Resorts, Inc.		3,646		8,313
Chatham Lodging Trust		2,016		21,168
DiamondRock Hospitality Co.		11,505		105,156
Host Hotels & Resorts, Inc.		45,004		864,977
Park Hotels & Resorts, Inc.		14,578		219,836
Pebblebrook Hotel Trust(b)		7,963		121,197
RLJ Lodging Trust		11,744		135,996
Ryman Hospitality Properties, Inc.		3,591		394,651
Service Properties Trust		8,692		67,189
Summit Hotel Properties, Inc.		5,580		36,158
Sunstone Hotel Investors, Inc.		14,339		152,997
Xenia Hotels & Resorts, Inc.		7,531		100,388
				2,437,336
Hotels, Restaurants & Leisure — 2.2%
Accel Entertainment, Inc., Class A(a)(b)		4,065		41,666
Airbnb, Inc., Class A(a)		25,732		3,709,011

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Aramark		14,219	$	413,489
Bally’s Corp.(a)		3,342		37,631
Biglari Holdings, Inc., Class B(a)		32		4,949
BJ’s Restaurants, Inc.(a)		1,084		37,517
Bloomin’ Brands, Inc.		5,912		157,377
Booking Holdings, Inc.(a)		2,263		7,937,405
Bowlero Corp., Class A(a)(b)		2,290		24,755
Boyd Gaming Corp.		4,500		285,705
Brinker International, Inc.(a)(b)		2,824		120,839
Brunswick Corp.		4,522		364,835
Caesars Entertainment, Inc.(a)		13,345		585,445
Carnival Corp.(a)		62,653		1,038,787
Carrols Restaurant Group, Inc.		4,866		45,740
Cava Group, Inc.(a)(b)		995		46,566
Century Casinos, Inc.(a)		1,395		4,841
Cheesecake Factory, Inc.		3,485		119,779
Chipotle Mexican Grill, Inc.(a)		1,737		4,184,034
Choice Hotels International, Inc.		2,057		249,144
Churchill Downs, Inc.(b)		4,425		535,292
Chuy’s Holdings, Inc.(a)		1,136		38,408
Cracker Barrel Old Country Store, Inc.		1,446		111,848
Darden Restaurants, Inc.		7,614		1,237,884
Dave & Buster’s Entertainment, Inc.(a)		2,569		137,519
Denny’s Corp.(a)(b)		3,384		35,972
Dine Brands Global, Inc.		887		41,379
Domino’s Pizza, Inc.		2,229		950,044
DoorDash, Inc., Class A(a)		19,500		2,031,900
DraftKings, Inc., Class A(a)		26,322		1,027,874
El Pollo Loco Holdings, Inc.(a)		399		3,695
Everi Holdings, Inc.(a)		5,012		52,175
Expedia Group, Inc.(a)		8,724		1,294,031
First Watch Restaurant Group, Inc.(a)(b)		1,553		33,327
Full House Resorts, Inc.(a)(b)		2,239		10,568
Global Business Travel Group I, Class A(a)(b)		4,930		28,545
Golden Entertainment, Inc.(a)		1,082		41,527
Hilton Grand Vacations, Inc.(a)		4,987		207,958
Hilton Worldwide Holdings, Inc.		15,728		3,003,419
Hyatt Hotels Corp., Class A(b)		2,928		375,867
Inspired Entertainment, Inc.(a)		902		8,280
International Game Technology PLC		7,143		185,432
Jack in the Box, Inc.		1,529		119,216
Krispy Kreme, Inc.		6,214		82,584
Kura Sushi USA, Inc., Class A(a)(b)		372		36,504
Las Vegas Sands Corp.(a)		23,314		1,140,521
Life Time Group Holdings, Inc.(a)(b)		2,249		29,912
Light & Wonder, Inc., Class A(a)		5,727		460,336
Lindblad Expeditions Holdings, Inc.(a)		2,077		19,192
Marriott International, Inc., Class A		15,407		3,693,520
Marriott Vacations Worldwide Corp.		2,247		188,501
McDonald’s Corp.		46,208		13,526,006
MGM Resorts International		18,293		793,367
Monarch Casino & Resort, Inc.		999		68,861
Mondee Holdings, Inc., Class A(a)(b)		3,139		7,330
Noodles & Co., Class A(a)		1,836		4,663
Norwegian Cruise Line Holdings Ltd.(a)(b)		26,269		467,588
ONE Group Hospitality, Inc.(a)		2,463		10,837
Papa John’s International, Inc.		2,240		164,595
Penn Entertainment, Inc.(a)		9,126		205,791
Planet Fitness, Inc., Class A(a)		5,262		356,553
PlayAGS, Inc.(a)		3,708		32,297
Portillo’s, Inc., Class A(a)(b)		3,505		48,159
Potbelly Corp.(a)		3,051		38,382

60 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
RCI Hospitality Holdings, Inc.(b)		626	$	38,662
Red Rock Resorts, Inc., Class A		2,668		145,886
Royal Caribbean Cruises Ltd.(a)		14,866		1,895,415
Rush Street Interactive, Inc., Class A(a)		2,591		13,499
Sabre Corp.(a)		21,234		87,059
SeaWorld Entertainment, Inc.(a)		2,064		101,962
Shake Shack, Inc., Class A(a)		2,297		173,561
Six Flags Entertainment Corp.(a)		4,559		114,932
Starbucks Corp.		71,611		6,661,971
Super Group SGHC Ltd.(a)		8,184		25,616
Sweetgreen, Inc., Class A(a)(b)		5,522		58,975
Target Hospitality Corp.(a)		2,076		20,075
Texas Roadhouse, Inc.		4,216		530,036
Travel & Leisure Co.		4,909		198,422
Vail Resorts, Inc.		2,437		541,014
Wendy’s Co.		10,460		199,577
Wingstop, Inc.		1,900		534,109
Wyndham Hotels & Resorts, Inc.		5,228		407,418
Wynn Resorts Ltd.		6,579		621,255
Xponential Fitness, Inc., Class A(a)		1,307		14,455
Yum! Brands, Inc.		17,585		2,277,082
				66,958,155
Household Durables — 0.5%
Beazer Homes USA, Inc.(a)		2,424		76,962
Cavco Industries, Inc.(a)		513		170,275
Century Communities, Inc.		1,627		141,061
Cricut, Inc., Class A(b)		2,865		15,013
D.R. Horton, Inc.		19,607		2,802,036
Dream Finders Homes, Inc., Class A(a)		1,622		53,315
Ethan Allen Interiors, Inc.		1,903		55,434
Garmin Ltd.		9,736		1,163,355
GoPro, Inc., Class A(a)		8,298		24,728
Green Brick Partners, Inc.(a)		1,939		101,158
Helen of Troy Ltd.(a)(b)		1,416		162,132
Hovnanian Enterprises, Inc., Class A(a)		259		43,763
Installed Building Products, Inc.		1,495		291,301
iRobot Corp.(a)		1,749		23,786
KB Home		4,712		280,788
La-Z-Boy, Inc.		2,410		83,892
Legacy Housing Corp.(a)		148		3,497
Leggett & Platt, Inc.		8,651		200,790
Lennar Corp., Class A		14,986		2,245,652
Lennar Corp., Class B		1,295		179,681
LGI Homes, Inc.(a)		1,213		143,146
Lovesac Co.(a)		653		15,123
M/I Homes, Inc.(a)		1,521		193,806
MDC Holdings, Inc.		3,675		229,981
Meritage Homes Corp.		2,304		381,565
Mohawk Industries, Inc.(a)		3,384		352,782
Newell Brands, Inc.		23,980		199,514
NVR, Inc.(a)		188		1,330,155
PulteGroup, Inc.		13,805		1,443,451
Purple Innovation, Inc.(b)		3,669		3,742
Skyline Champion Corp.(a)		3,500		239,680
Snap One Holdings Corp.(a)		1,999		15,792
Sonos, Inc.(a)		7,986		124,422
Taylor Morrison Home Corp., Class A(a)		6,652		346,835
Tempur Sealy International, Inc.		10,610		529,333
Toll Brothers, Inc.		6,886		684,124
TopBuild Corp.(a)		2,035		751,180
Traeger, Inc.(a)(b)		1,304		2,856

Security	Shares		Value
Household Durables (continued)
Tri Pointe Homes, Inc.(a)		6,084	$	210,081
Vizio Holding Corp., Class A(a)		4,238		29,666
Whirlpool Corp.		3,376		369,740
Worthington Enterprises, Inc.		1,931		110,144
				15,825,737
Household Products — 1.1%
Central Garden & Pet Co.(a)		682		31,986
Central Garden & Pet Co., Class A(a)		2,523		104,150
Church & Dwight Co., Inc.		15,407		1,538,389
Clorox Co.		7,771		1,128,738
Colgate-Palmolive Co.		52,087		4,385,725
Energizer Holdings, Inc.		4,687		148,203
Kimberly-Clark Corp.		21,228		2,567,951
Oil-Dri Corp. of America		477		30,986
Procter & Gamble Co.		149,403		23,477,187
Reynolds Consumer Products, Inc.		3,870		105,148
Spectrum Brands Holdings, Inc.		2,456		193,091
WD-40 Co.		832		215,471
				33,927,025
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		43,047		718,024
Altus Power, Inc., Class A(a)		6,825		36,787
Brookfield Renewable Corp., Class A		8,600		240,112
Clearway Energy, Inc., Class A		3,272		73,489
Clearway Energy, Inc., Class C		4,140		100,354
Montauk Renewables, Inc.(a)		3,696		25,539
Ormat Technologies, Inc.(b)		3,182		205,812
Sunnova Energy International, Inc.(a)(b)		6,377		67,086
Vistra Corp.		23,247		953,824
				2,421,027
Industrial Conglomerates — 0.7%
3M Co.		34,880		3,290,928
Brookfield Business Corp., Class A(b)		1,503		34,524
General Electric Co.		68,766		9,105,994
Honeywell International, Inc.		42,314		8,558,429
				20,989,875
Industrial REITs — 0.4%
Americold Realty Trust, Inc.		16,926		465,465
EastGroup Properties, Inc.		2,952		523,773
First Industrial Realty Trust, Inc.		7,974		410,821
Innovative Industrial Properties, Inc.		1,807		168,467
LXP Industrial Trust		18,394		167,201
Plymouth Industrial REIT, Inc.		4,122		91,261
Prologis, Inc.		58,662		7,431,889
Rexford Industrial Realty, Inc.		13,609		715,697
STAG Industrial, Inc.		11,547		426,546
Terreno Realty Corp.		5,012		299,367
				10,700,487
Insurance — 2.3%
Aflac, Inc.		37,928		3,198,848
Allstate Corp.		16,726		2,596,712
Ambac Financial Group, Inc.(a)		2,001		32,516
American Equity Investment Life Holding Co.(a)		4,993		275,664
American Financial Group, Inc.		4,881		587,672
American International Group, Inc.		45,333		3,151,097
AMERISAFE, Inc.		1,410		70,274
Aon PLC, Class A		12,637		3,771,260
Arch Capital Group Ltd.(a)		22,556		1,859,291
Arthur J Gallagher & Co.		13,468		3,126,731
Assurant, Inc.		3,194		536,432

SCHEDULE OF INVESTMENTS 61

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Assured Guaranty Ltd.		3,483	$	282,576
Axis Capital Holdings Ltd.		5,598		333,193
Brighthouse Financial, Inc.(a)		4,515		233,742
Brown & Brown, Inc.		14,909		1,156,342
BRP Group, Inc., Class A(a)(b)		4,318		96,896
Chubb Ltd.		25,816		6,324,920
Cincinnati Financial Corp.		9,817		1,087,724
CNA Financial Corp.		1,699		74,875
CNO Financial Group, Inc.		7,685		208,878
Crawford & Co., Class A		411		4,990
eHealth, Inc.(a)		1,290		8,772
Employers Holdings, Inc.		798		33,293
Enstar Group Ltd.(a)		780		208,174
Everest Group Ltd.		2,676		1,030,180
F&G Annuities & Life, Inc.		1,150		51,566
Fidelity National Financial, Inc., Class A		16,187		809,836
First American Financial Corp.		6,362		383,947
Genworth Financial, Inc., Class A(a)		14,765		91,100
Globe Life, Inc.		6,039		741,710
Goosehead Insurance, Inc., Class A(a)		1,246		96,191
Greenlight Capital Re Ltd., Class A(a)(b)		1,310		14,947
Hanover Insurance Group, Inc.		2,331		307,715
Hartford Financial Services Group, Inc.		19,393		1,686,415
HCI Group, Inc.		444		39,813
Hippo Holdings, Inc.(a)		930		8,603
Horace Mann Educators Corp.		1,576		58,044
Investors Title Co.		51		8,530
Kemper Corp.		4,044		242,640
Kinsale Capital Group, Inc.(b)		1,353		537,912
Lemonade, Inc.(a)(b)		3,392		53,661
Lincoln National Corp.		11,067		303,789
Loews Corp.		11,306		823,755
Markel Group, Inc.(a)		843		1,262,334
Marsh & McLennan Cos., Inc.		31,476		6,101,308
MBIA, Inc.(a)		2,769		16,836
Mercury General Corp.		2,282		91,394
MetLife, Inc.		40,742		2,824,235
National Western Life Group, Inc., Class A		166		80,344
Old Republic International Corp.		16,755		469,810
Oscar Health, Inc., Class A(a)		11,812		147,886
Palomar Holdings, Inc.(a)		1,645		98,486
Primerica, Inc.		2,370		554,959
Principal Financial Group, Inc.		15,564		1,231,112
ProAssurance Corp.		1,792		24,120
Progressive Corp.		37,087		6,610,758
Prudential Financial, Inc.		23,066		2,420,315
Reinsurance Group of America, Inc.		4,233		736,076
RenaissanceRe Holdings Ltd.		3,281		750,791
RLI Corp.		2,704		368,744
Ryan Specialty Holdings, Inc., Class A(a)(b)		5,967		258,490
Safety Insurance Group, Inc.		657		54,735
Selective Insurance Group, Inc.		3,832		401,824
Selectquote, Inc.(a)		8,469		9,401
SiriusPoint Ltd.(a)		6,850		80,830
Skyward Specialty Insurance Group, Inc.(a)		1,664		51,750
Stewart Information Services Corp.		1,098		67,703
Tiptree, Inc.		1,651		31,253
Travelers Cos., Inc.		14,492		3,063,029
Trupanion, Inc.(a)(b)		2,521		68,571
United Fire Group, Inc.		1,438		32,226
Universal Insurance Holdings, Inc.		1,090		18,116
Unum Group		12,431		600,915

Security	Shares		Value
Insurance (continued)
W.R. Berkley Corp.		12,977	$	1,062,557
White Mountains Insurance Group Ltd.(b)		161		253,731
Willis Towers Watson PLC		6,560		1,615,728
				68,011,593
Interactive Media & Services — 5.2%
Alphabet, Inc., Class A(a)		375,589		52,620,019
Alphabet, Inc., Class C(a)		319,994		45,375,149
Bumble, Inc., Class A(a)		6,338		86,957
Cargurus, Inc., Class A(a)		6,510		151,292
Cars.com, Inc.(a)		4,460		77,738
DHI Group, Inc.(a)(b)		4,676		10,708
Eventbrite, Inc., Class A(a)		4,028		33,714
EverQuote, Inc., Class A(a)		1,224		15,459
fuboTV, Inc.(a)(b)		21,357		53,179
Grindr, Inc.(a)		3,635		31,552
IAC, Inc.(a)		4,522		227,050
Match Group, Inc.(a)		17,999		690,802
MediaAlpha, Inc., Class A(a)(b)		1,139		14,522
Meta Platforms, Inc., Class A(a)		140,354		54,757,710
Nextdoor Holdings, Inc., Class A(a)		10,985		16,697
Outbrain, Inc.(a)(b)		4,466		17,551
Pinterest, Inc., Class A(a)		37,334		1,398,905
QuinStreet, Inc.(a)		3,046		38,593
Shutterstock, Inc.		1,408		66,134
TripAdvisor, Inc.(a)		7,461		161,158
TrueCar, Inc.(a)		5,805		20,550
Vimeo, Inc.(a)		7,862		31,212
Yelp, Inc.(a)(b)		4,499		196,741
Ziff Davis, Inc.(a)		3,041		204,963
ZipRecruiter, Inc., Class A(a)		5,115		71,201
ZoomInfo Technologies, Inc., CLass A(a)		20,001		320,816
				156,690,372
IT Services — 1.5%
Accenture PLC, Class A		40,070		14,580,672
Akamai Technologies, Inc.(a)		9,501		1,170,808
Amdocs Ltd.		7,348		673,665
Applied Digital Corp.(a)(b)		4,664		23,973
BigCommerce Holdings, Inc., Series 1(a)		4,449		36,393
Brightcove, Inc.(a)(b)		2,245		5,141
Cloudflare, Inc., Class A(a)(b)		18,495		1,462,030
Cognizant Technology Solutions Corp., Class A		32,133		2,478,097
Couchbase, Inc.(a)		2,430		60,750
DigitalOcean Holdings, Inc.(a)		3,889		131,137
DXC Technology Co.(a)		13,003		283,465
EPAM Systems, Inc.(a)		3,527		980,894
Fastly, Inc., Class A(a)(b)		7,006		140,961
Gartner, Inc.(a)		4,841		2,214,467
Globant SA(a)		2,641		622,774
GoDaddy, Inc., Class A(a)		9,302		992,151
Grid Dynamics Holdings, Inc., Class A(a)		3,516		45,884
Hackett Group, Inc.		1,720		39,766
Information Services Group, Inc.		4,090		18,078
International Business Machines Corp.		57,594		10,577,714
Kyndryl Holdings, Inc.(a)		14,774		303,162
MongoDB, Inc., Class A(a)		4,250		1,702,210
Okta, Inc., Class A(a)		9,856		814,598
Perficient, Inc.(a)		2,180		148,523
Rackspace Technology, Inc.(a)		2,884		4,845
Snowflake, Inc., Class A(a)		19,998		3,912,409
Squarespace, Inc., Class A(a)		2,925		90,675
Thoughtworks Holding, Inc.(a)		4,953		23,180
Tucows, Inc., Class A(a)		474		10,959

62 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Twilio, Inc., Class A(a)		10,717	$	753,727
Unisys Corp.(a)		3,469		23,381
VeriSign, Inc.(a)		5,612		1,116,115
				45,442,604
Leisure Products — 0.1%
Acushnet Holdings Corp.		1,776		112,492
AMMO, Inc.(a)(b)		3,293		7,146
Clarus Corp.(b)		1,492		8,833
Funko, Inc., Class A(a)(b)		2,563		18,121
Hasbro, Inc.		8,371		409,761
JAKKS Pacific, Inc.(a)		934		29,290
Johnson Outdoors, Inc., Class A		138		6,177
Latham Group, Inc.(a)		2,161		5,467
Malibu Boats, Inc., Class A(a)(b)		1,332		55,611
MasterCraft Boat Holdings, Inc.(a)		1,420		27,505
Mattel, Inc.(a)		22,752		407,033
Peloton Interactive, Inc., Class A(a)(b)		20,787		115,576
Polaris, Inc.		3,366		302,805
Smith & Wesson Brands, Inc.		2,956		38,605
Sturm Ruger & Co., Inc.		1,052		45,930
Topgolf Callaway Brands Corp.(a)(b)		9,369		123,390
Vista Outdoor, Inc.(a)		4,242		119,073
YETI Holdings, Inc.(a)(b)		5,240		230,403
				2,063,218
Life Sciences Tools & Services — 1.4%
10X Genomics, Inc., Class A(a)		5,680		236,686
Adaptive Biotechnologies Corp.(a)		6,063		22,251
Agilent Technologies, Inc.		18,637		2,424,674
Akoya Biosciences, Inc.(a)		2,119		10,765
Avantor, Inc.(a)(b)		43,158		992,202
Azenta, Inc.(a)(b)		3,837		250,172
BioLife Solutions, Inc.(a)(b)		2,281		38,777
Bio-Rad Laboratories, Inc., Class A(a)		1,303		418,120
Bio-Techne Corp.		9,675		680,346
Bruker Corp.		6,498		464,672
Charles River Laboratories International, Inc.(a)		3,141		679,335
Codexis, Inc.(a)		3,610		9,494
CryoPort, Inc.(a)		2,379		34,519
Cytek Biosciences, Inc.(a)		7,712		58,226
Danaher Corp.		41,808		10,030,157
Fortrea Holdings, Inc.(a)		5,591		173,097
Harvard Bioscience, Inc.(a)		6,160		27,104
ICON PLC(a)		5,201		1,356,785
Illumina, Inc.(a)		10,002		1,430,386
IQVIA Holdings, Inc.(a)		11,603		2,416,093
Maravai LifeSciences Holdings, Inc., Class A(a)(b)		6,620		38,396
MaxCyte, Inc.(a)		6,350		32,322
Medpace Holdings, Inc.(a)		1,504		438,536
Mesa Laboratories, Inc.		342		31,334
Mettler-Toledo International, Inc.(a)		1,384		1,656,911
NanoString Technologies, Inc.(a)		2,353		968
OmniAb, Inc.(a)(b)		3,929		22,788
OmniAb, Inc., 12.50 Earnout Shares(d)		304		—
OmniAb, Inc., 15.00 Earnout Shares(d)		304		—
Pacific Biosciences of California, Inc.(a)(b)		15,893		103,463
QIAGEN NV		13,822		603,469
Quanterix Corp.(a)		1,710		37,774
Quantum-Si, Inc., Class A(a)		7,468		11,650
Repligen Corp.(a)		3,529		668,393
Revvity, Inc.		7,905		847,258
Seer, Inc., Class A(a)		2,417		4,157

Security	Shares		Value
Life Sciences Tools & Services (continued)
Sotera Health Co.(a)(b)		6,415	$	94,429
Thermo Fisher Scientific, Inc.		24,514		13,212,556
Waters Corp.(a)		3,715		1,180,293
West Pharmaceutical Services, Inc.		4,703		1,754,360
				42,492,918
Machinery — 2.0%
3D Systems Corp.(a)(b)		7,065		33,841
AGCO Corp.		3,916		479,044
Alamo Group, Inc.		698		148,171
Albany International Corp., Class A		2,042		181,554
Allison Transmission Holdings, Inc.		5,535		335,089
Astec Industries, Inc.		1,337		47,597
Barnes Group, Inc.		3,332		110,323
Blue Bird Corp.(a)		2,001		58,289
Caterpillar, Inc.		32,391		9,727,341
Chart Industries, Inc.(a)		2,823		329,501
CNH Industrial NV		62,819		753,828
Columbus McKinnon Corp./New York		1,466		57,277
Commercial Vehicle Group, Inc.(a)		2,785		18,075
Crane Co.		3,098		384,493
Cummins, Inc.		8,944		2,140,299
Deere & Co.		16,852		6,632,610
Desktop Metal, Inc., Class A(a)(b)		18,582		12,054
Donaldson Co., Inc.		7,450		481,196
Douglas Dynamics, Inc.		1,306		32,846
Dover Corp.		8,866		1,327,949
Energy Recovery, Inc.(a)		3,940		61,109
Enerpac Tool Group Corp., Class A		3,599		112,397
Enpro, Inc.		1,210		180,750
Esab Corp.		3,466		298,041
ESCO Technologies, Inc.		1,757		178,986
Federal Signal Corp.		3,598		276,974
Flowserve Corp.		8,011		319,879
Fortive Corp.		22,515		1,760,223
Franklin Electric Co., Inc.		2,913		274,579
Gates Industrial Corp. PLC(a)		7,452		95,982
Gorman-Rupp Co.		1,213		40,502
Graco, Inc.		10,552		900,086
Greenbrier Cos., Inc.		2,191		99,603
Helios Technologies, Inc.		1,936		79,879
Hillenbrand, Inc.		4,517		210,357
Hillman Solutions Corp.(a)		12,662		111,299
Hyliion Holdings Corp., Class A(a)(b)		5,934		6,231
Hyster-Yale Materials Handling, Inc., Class A		682		44,821
IDEX Corp.		4,854		1,026,621
Illinois Tool Works, Inc.		19,026		4,963,883
Ingersoll Rand, Inc.		25,753		2,056,635
ITT, Inc.		5,072		612,596
John Bean Technologies Corp.		2,067		204,137
Kadant, Inc.(b)		797		227,942
Kennametal, Inc.		4,869		119,388
Lincoln Electric Holdings, Inc.		3,562		791,548
Lindsay Corp.		692		90,036
Luxfer Holdings PLC		2,208		18,172
Manitowoc Co., Inc.(a)		2,189		35,243
Microvast Holdings, Inc.(a)(b)		11,816		11,083
Middleby Corp.(a)		3,346		472,020
Miller Industries, Inc.		1,094		44,034
Mueller Industries, Inc.		7,084		340,032
Mueller Water Products, Inc., Class A		10,406		142,666
Nikola Corp.(a)(b)		42,909		32,066
Nordson Corp.		3,593		904,430

SCHEDULE OF INVESTMENTS 63

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Omega Flex, Inc.		130	$	9,069
Oshkosh Corp.		4,250		467,925
Otis Worldwide Corp.		26,292		2,325,265
PACCAR, Inc.		32,482		3,260,868
Parker-Hannifin Corp.		8,079		3,752,696
Park-Ohio Holdings Corp.		1,119		27,684
Pentair PLC		10,476		766,529
Proto Labs, Inc.(a)		1,922		69,365
RBC Bearings, Inc.(a)(b)		1,809		485,789
REV Group, Inc.		1,078		21,043
Shyft Group, Inc.		1,974		21,378
Snap-on, Inc.		3,281		951,260
SPX Technologies, Inc.(a)		2,663		268,004
Standex International Corp.		780		115,175
Stanley Black & Decker, Inc.		9,656		900,905
Tennant Co.		1,312		124,010
Terex Corp.		3,975		244,184
Timken Co.		3,727		305,279
Titan International, Inc.(a)		2,632		38,848
Toro Co.		6,729		622,298
Trinity Industries, Inc.		5,760		144,806
Velo3D, Inc.(a)(b)		5,709		1,790
Wabash National Corp.		3,518		89,005
Watts Water Technologies, Inc., Class A		1,626		321,964
Westinghouse Air Brake Technologies Corp.		11,167		1,469,242
Xylem, Inc./New York		14,935		1,679,291
				58,919,279
Marine Transportation — 0.0%
Costamare, Inc.		3,080		32,987
Eagle Bulk Shipping, Inc.		778		42,891
Genco Shipping & Trading Ltd.		2,396		42,026
Golden Ocean Group Ltd.		7,042		74,434
Kirby Corp.(a)		3,599		283,097
Matson, Inc.		2,163		242,321
Safe Bulkers, Inc.		7,287		29,439
				747,195
Media — 0.8%
Advantage Solutions, Inc., Class A(a)		3,751		15,116
AMC Networks, Inc., Class A(a)(b)		2,229		40,323
Boston Omaha Corp., Class A(a)		863		13,368
Cable One, Inc.		350		192,125
Cardlytics, Inc.(a)		1,891		14,447
Charter Communications, Inc., Class A(a)		6,400		2,372,544
Clear Channel Outdoor Holdings, Inc.(a)		18,038		31,025
Comcast Corp., Class A		253,401		11,793,283
Daily Journal Corp.(a)		60		19,279
Entravision Communications Corp., Class A		1,689		6,807
EW Scripps Co., Class A(a)		2,946		23,480
Fox Corp., Class A		15,463		499,455
Fox Corp., Class B		9,735		292,147
Gannett Co., Inc.(a)(b)		7,997		19,753
Gray Television, Inc.		6,043		57,711
iHeartMedia, Inc., Class A(a)		7,236		19,610
Integral Ad Science Holding Corp.(a)		2,841		41,337
Interpublic Group of Cos., Inc.		24,391		804,659
John Wiley & Sons, Inc., Class A		2,734		92,519
Liberty Broadband Corp., Class A(a)		1,719		133,773
Liberty Broadband Corp., Class C(a)		6,666		522,948
Liberty Media Corp.-Liberty SiriusXM(a)		9,734		295,524
Liberty Media Corp.-Liberty SiriusXM, Class A		5,447		165,534
Magnite, Inc.(a)		8,306		73,508

Security	Shares		Value
Media (continued)
New York Times Co., Class A		10,163	$	493,515
News Corp., Class A		22,224		547,599
News Corp., Class B		9,143		233,786
Nexstar Media Group, Inc., Class A		2,110		374,968
Omnicom Group, Inc.		12,416		1,122,158
Paramount Global, Class A(b)		4,511		105,242
Paramount Global, Class B		32,621		475,940
PubMatic, Inc., Class A(a)		2,634		39,984
Scholastic Corp.		1,648		63,349
Sinclair, Inc., Class A		2,203		34,587
Sirius XM Holdings, Inc.(b)		40,009		203,646
Stagwell, Inc., Class A(a)(b)		8,306		54,155
TechTarget, Inc.(a)		1,792		61,233
TEGNA, Inc.		13,709		213,723
Thryv Holdings, Inc.(a)(b)		1,791		36,608
Trade Desk, Inc., Class A(a)		27,790		1,901,670
WideOpenWest, Inc.(a)		3,478		12,903
				23,515,341
Metals & Mining — 0.6%
5E Advanced Materials, Inc.(a)(b)		2,185		3,103
Alcoa Corp.		10,879		323,650
Alpha Metallurgical Resources, Inc.		736		293,841
Arch Resources, Inc., Class A		1,196		211,644
ATI, Inc.(a)		8,222		336,033
Carpenter Technology Corp.		3,137		193,208
Century Aluminum Co.(a)		2,613		29,135
Cleveland-Cliffs, Inc.(a)		32,316		647,936
Coeur Mining, Inc.(a)(b)		16,736		45,020
Commercial Metals Co.		7,580		395,827
Compass Minerals International, Inc.		2,480		55,775
Constellium SE, Class A(a)		7,608		142,650
Dakota Gold Corp.(a)		6,771		14,219
Freeport-McMoRan, Inc.		91,072		3,614,648
Haynes International, Inc.		1,100		61,237
Hecla Mining Co.		37,284		142,052
i-80 Gold Corp.(a)		15,619		24,990
Ivanhoe Electric, Inc.(a)(b)		3,722		31,116
Kaiser Aluminum Corp.		1,048		68,015
Materion Corp.		1,172		137,089
MP Materials Corp., Class A(a)		6,271		99,144
Newmont Corp.		73,552		2,538,279
Novagold Resources, Inc.(a)		16,803		43,016
Nucor Corp.		15,645		2,924,520
Olympic Steel, Inc.		384		25,951
Perpetua Resources Corp.(a)		7,076		20,237
Piedmont Lithium, Inc.(a)(b)		1,121		17,129
Ramaco Resources, Inc., Class A		1,470		27,754
Ramaco Resources, Inc., Class B		294		3,710
Reliance Steel & Aluminum Co.		3,662		1,045,208
Royal Gold, Inc.		4,172		477,235
Ryerson Holding Corp.		2,155		73,960
Schnitzer Steel Industries, Inc., Class A		1,945		51,212
Southern Copper Corp.		5,637		462,798
SSR Mining, Inc.		12,355		116,508
Steel Dynamics, Inc.		9,766		1,178,658
SunCoke Energy, Inc.		5,143		52,716
TimkenSteel Corp.(a)		2,945		60,520
Tredegar Corp.		2,663		12,596
U.S. Steel Corp.		13,690		643,704

64 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Warrior Met Coal, Inc.		3,308	$	212,274
Worthington Steel, Inc.(a)		1,931		57,833
				16,916,150
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AFC Gamma, Inc.		1,378		16,067
AGNC Investment Corp.		41,497		393,391
Angel Oak Mortgage REIT, Inc., Series 13A(b)		1,604		17,115
Annaly Capital Management, Inc.		32,193		617,784
Apollo Commercial Real Estate Finance, Inc.		11,046		123,273
Arbor Realty Trust, Inc.(b)		10,209		135,780
Ares Commercial Real Estate Corp.		2,603		24,754
ARMOUR Residential REIT, Inc.		3,020		57,531
Blackstone Mortgage Trust, Inc., Class A(b)		11,316		223,378
BrightSpire Capital, Inc., Class A		5,031		35,972
Chimera Investment Corp.		13,492		64,762
Claros Mortgage Trust, Inc.		6,855		80,478
Dynex Capital, Inc.		2,599		31,812
Ellington Financial, Inc.		5,436		66,374
Franklin BSP Realty Trust, Inc.		5,397		69,189
Granite Point Mortgage Trust, Inc.		1,933		10,844
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		6,671		158,703
Invesco Mortgage Capital, Inc.		3,079		27,126
KKR Real Estate Finance Trust, Inc.		4,580		56,059
Ladder Capital Corp., Class A		6,531		71,384
MFA Financial, Inc.		6,287		69,597
New York Mortgage Trust, Inc.		4,414		34,606
Orchid Island Capital, Inc.		1,137		9,073
PennyMac Mortgage Investment Trust		5,334		76,489
Ready Capital Corp.		9,961		93,335
Redwood Trust, Inc.		6,308		42,327
Rithm Capital Corp.		29,696		317,747
Starwood Property Trust, Inc.		19,369		393,772
TPG RE Finance Trust, Inc.		3,418		20,816
Two Harbors Investment Corp.		7,086		88,291
				3,427,829
Multi-Utilities — 0.5%
Ameren Corp.		16,399		1,140,878
Avista Corp.		4,679		159,133
Black Hills Corp.		4,232		219,048
CenterPoint Energy, Inc.		40,665		1,136,180
Consolidated Edison, Inc.		22,180		2,016,162
Dominion Energy, Inc.		52,801		2,414,062
DTE Energy Co.		13,183		1,389,752
NiSource, Inc.		25,440		660,677
Northwestern Energy Group, Inc.		3,792		182,471
Public Service Enterprise Group, Inc.		31,715		1,839,153
Sempra		39,766		2,845,655
Unitil Corp.		767		36,448
WEC Energy Group, Inc.		20,240		1,634,582
				15,674,201
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		11,003		1,330,263
Boston Properties, Inc.		9,918		659,547
Brandywine Realty Trust		10,235		48,514
City Office REIT, Inc.		1,953		10,253
COPT Defense Properties		7,249		170,786
Cousins Properties, Inc.		9,941		227,748
Douglas Emmett, Inc.		11,576		156,855
Easterly Government Properties, Inc.		6,247		76,713

Security	Shares		Value
Office REITs (continued)
Equity Commonwealth		6,398	$	122,266
Highwoods Properties, Inc.		7,001		160,813
Hudson Pacific Properties, Inc.		8,553		70,049
JBG SMITH Properties		6,615		105,840
Kilroy Realty Corp.		7,474		267,270
NET Lease Office Properties		892		22,104
Office Properties Income Trust		3,092		11,348
Orion Office REIT, Inc.		3,175		16,320
Paramount Group, Inc.		10,176		48,336
Peakstone Realty Trust, Class E		1,886		27,309
Piedmont Office Realty Trust, Inc., Class A		6,483		44,084
Postal Realty Trust, Inc., Class A		1,151		16,229
SL Green Realty Corp.		4,077		183,261
Vornado Realty Trust		11,598		315,350
				4,091,258
Oil, Gas & Consumable Fuels — 3.5%
Amplify Energy Corp.(a)		3,056		18,703
Antero Midstream Corp.		23,105		282,805
Antero Resources Corp.(a)		17,830		398,322
APA Corp.		19,630		615,008
Ardmore Shipping Corp.		2,633		43,629
Berry Corp.		4,825		32,376
California Resources Corp.		4,705		224,334
Callon Petroleum Co.(a)		3,799		122,024
Centrus Energy Corp., Class A(a)(b)		731		36,711
Cheniere Energy, Inc.		15,263		2,502,979
Chesapeake Energy Corp.		8,009		617,574
Chevron Corp.		109,303		16,114,541
Chord Energy Corp.		2,688		413,307
Civitas Resources, Inc.		4,984		323,013
Clean Energy Fuels Corp.(a)		11,389		33,598
CNX Resources Corp.(a)		9,931		200,606
Comstock Resources, Inc.		5,948		46,454
ConocoPhillips		75,932		8,494,513
CONSOL Energy, Inc.		1,837		173,780
Coterra Energy, Inc.		47,855		1,190,632
Crescent Energy Co., Class A		4,923		54,399
CVR Energy, Inc.		1,859		62,704
Delek U.S. Holdings, Inc.		4,418		119,419
Devon Energy Corp.		40,480		1,700,970
DHT Holdings, Inc.		8,078		89,827
Diamondback Energy, Inc.		11,442		1,759,093
Dorian LPG Ltd.		2,259		84,577
DT Midstream, Inc.(a)		6,298		338,140
Empire Petroleum Corp.(a)(b)		1,692		11,303
Encore Energy Corp.		10,541		48,594
Energy Fuels, Inc./Canada(a)(b)		11,976		90,419
Enviva, Inc.		1,991		872
EOG Resources, Inc.		37,098		4,221,381
EQT Corp.		23,060		816,324
Equitrans Midstream Corp.		27,007		275,201
Excelerate Energy, Inc., Class A		1,997		30,594
Exxon Mobil Corp.		256,817		26,403,356
FLEX LNG Ltd.(a)		1,825		54,695
FutureFuel Corp.		1,697		9,673
Gevo, Inc.(a)(b)		9,834		9,183
Golar LNG Ltd.		6,652		145,080
Green Plains, Inc.(a)		1,196		24,793
Gulfport Energy Corp.(a)		713		90,480
Hallador Energy Co.(a)		1,749		14,919
Hess Corp.		17,673		2,483,587

SCHEDULE OF INVESTMENTS 65

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
HF Sinclair Corp.		9,612	$	542,982
HighPeak Energy, Inc.(b)		727		9,924
International Seaways, Inc.		2,882		154,590
Kinder Morgan, Inc.		123,412		2,088,131
Kinetik Holdings, Inc., Class A		1,633		53,105
Kosmos Energy Ltd.(a)		30,237		183,236
Magnolia Oil & Gas Corp., Class A		11,073		228,325
Marathon Oil Corp.		38,902		888,911
Marathon Petroleum Corp.		23,984		3,971,750
Matador Resources Co.		6,812		373,911
Murphy Oil Corp.		9,297		359,794
NACCO Industries, Inc., Class A		532		19,301
New Fortress Energy, Inc., Class A		4,142		137,639
NextDecade Corp.(a)(b)		3,045		15,499
Nordic American Tankers Ltd.		13,383		59,554
Northern Oil and Gas, Inc.		5,125		171,688
Occidental Petroleum Corp.		43,572		2,508,440
ONEOK, Inc.		37,104		2,532,348
Ovintiv, Inc.		15,978		677,787
Par Pacific Holdings, Inc.(a)		3,399		124,369
PBF Energy, Inc., Class A		7,066		356,904
Peabody Energy Corp.		6,675		178,222
Permian Resources Corp., Class A		23,136		311,873
Phillips 66		28,164		4,064,347
Pioneer Natural Resources Co.		14,710		3,380,799
Range Resources Corp.		15,307		444,515
REX American Resources Corp.(a)		1,091		45,156
Riley Exploration Permian, Inc.		425		9,444
Ring Energy, Inc.(a)(b)		6,295		8,750
SandRidge Energy, Inc.		1,890		27,594
Scorpio Tankers, Inc.		3,001		212,171
SFL Corp. Ltd.		6,904		84,022
SilverBow Resources, Inc.(a)		771		20,478
Sitio Royalties Corp., Class A		4,771		101,765
SM Energy Co.		7,077		262,415
Southwestern Energy Co.(a)		70,625		455,531
Talos Energy, Inc.(a)(b)		7,922		102,748
Targa Resources Corp.		13,851		1,176,781
Teekay Corp.(a)		4,449		39,997
Teekay Tankers Ltd., Class A		1,541		96,390
Tellurian, Inc.(a)(b)		31,729		15,896
Texas Pacific Land Corp.		394		575,764
Uranium Energy Corp.(a)		25,123		191,940
VAALCO Energy, Inc.		8,384		35,716
Valero Energy Corp.		21,500		2,986,350
Vertex Energy, Inc.(a)		3,651		5,330
Vital Energy, Inc.(a)		1,222		53,560
Vitesse Energy, Inc.		1,510		31,725
W&T Offshore, Inc.(a)		7,555		22,967
Williams Cos., Inc.		76,777		2,661,091
World Kinect Corp.		4,001		90,303
				103,976,320
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		1,051		34,651
Glatfelter Corp.(a)		2,862		4,150
Louisiana-Pacific Corp.		4,021		267,598
Sylvamo Corp.		2,521		117,050
				423,449
Passenger Airlines — 0.2%
Alaska Air Group, Inc.(a)		8,349		299,145
Allegiant Travel Co.(a)		932		73,069
American Airlines Group, Inc.(a)		41,689		593,234

Security	Shares		Value
Passenger Airlines (continued)
Blade Air Mobility, Inc., Class A(a)		4,235	$	12,620
Delta Air Lines, Inc.		40,510		1,585,561
Frontier Group Holdings, Inc.(a)(b)		2,715		13,222
Hawaiian Holdings, Inc.(a)(b)		2,898		41,297
JetBlue Airways Corp.(a)		21,282		113,007
Joby Aviation, Inc., Class A(a)(b)		16,267		88,818
SkyWest, Inc.(a)		2,859		152,270
Southwest Airlines Co.		37,484		1,120,397
Spirit Airlines, Inc.(b)		7,552		47,502
Sun Country Airlines Holdings, Inc.(a)		2,011		27,370
United Airlines Holdings, Inc.(a)		20,842		862,442
				5,029,954
Personal Care Products — 0.2%
Beauty Health Co., Class A(a)(b)		6,871		20,132
BellRing Brands, Inc.(a)		8,191		452,717
Coty, Inc., Class A(a)		22,417		270,797
Edgewell Personal Care Co.		3,579		132,602
elf Beauty, Inc.(a)		3,295		525,651
Estee Lauder Cos., Inc., Class A		14,528		1,917,551
Herbalife Ltd.(a)		6,918		83,362
Inter Parfums, Inc.		1,217		169,345
Kenvue, Inc.		109,427		2,271,704
Medifast, Inc.		711		38,856
Nature’s Sunshine Products, Inc.(a)		255		4,440
Nu Skin Enterprises, Inc., Class A		3,335		61,898
Olaplex Holdings, Inc.(a)		8,979		20,203
USANA Health Sciences, Inc.(a)		667		31,229
Waldencast PLC, Class A(b)		3,027		21,340
				6,021,827
Pharmaceuticals — 3.6%
Aclaris Therapeutics, Inc.(a)		5,218		6,053
Amneal Pharmaceuticals, Inc., Class A(a)(b)		6,362		34,037
Amphastar Pharmaceuticals, Inc.(a)(b)		2,313		123,422
Amylyx Pharmaceuticals, Inc.(a)(b)		3,280		52,480
ANI Pharmaceuticals, Inc.(a)		794		44,321
Arvinas, Inc.(a)		3,027		125,621
Assertio Holdings, Inc.(a)		4,435		3,914
Atea Pharmaceuticals, Inc.(a)		3,928		16,340
Axsome Therapeutics, Inc.(a)(b)		2,281		205,358
Bristol-Myers Squibb Co.		130,227		6,364,194
Cara Therapeutics, Inc.(a)		3,166		1,791
Cassava Sciences, Inc.(a)(b)		2,756		66,006
Catalent, Inc.(a)		11,827		610,746
Collegium Pharmaceutical, Inc.(a)(b)		2,761		91,003
Corcept Therapeutics, Inc.(a)		4,784		100,942
CorMedix, Inc.(a)(b)		4,992		14,726
Cymabay Therapeutics, Inc.(a)		7,197		169,201
Edgewise Therapeutics, Inc.(a)		2,551		45,484
Elanco Animal Health, Inc.(a)		31,802		468,762
Eli Lilly & Co.		53,687		34,660,864
Enliven Therapeutics, Inc.(a)(b)		1,499		23,534
Evolus, Inc.(a)		1,907		24,200
EyePoint Pharmaceuticals, Inc.(a)		2,397		64,551
Harmony Biosciences Holdings, Inc.(a)		2,403		75,791
Harrow, Inc.(a)(b)		1,688		16,087
Innoviva, Inc.(a)(b)		4,370		70,794
Intra-Cellular Therapies, Inc.(a)		6,007		404,511
Jazz Pharmaceuticals PLC(a)		3,786		464,618
Johnson & Johnson		152,914		24,298,035
Ligand Pharmaceuticals, Inc.(a)		1,120		81,872
Liquidia Corp.(a)		3,408		43,554
Marinus Pharmaceuticals, Inc.(a)		3,594		35,006

66 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Merck & Co., Inc.		161,233	$	19,473,722
NGM Biopharmaceuticals, Inc.(a)		3,162		4,838
Nuvation Bio, Inc., Class A(a)		9,777		15,839
Ocular Therapeutix, Inc.(a)		2,768		13,452
Omeros Corp.(a)(b)		4,825		15,633
Organon & Co.		15,700		261,405
Pacira BioSciences, Inc.(a)(b)		2,757		89,851
Perrigo Co. PLC		8,973		287,854
Pfizer, Inc.		359,213		9,727,488
Phathom Pharmaceuticals, Inc.(a)		1,212		8,120
Phibro Animal Health Corp., Class A		619		6,691
Pliant Therapeutics, Inc.(a)(b)		3,836		68,741
Prestige Consumer Healthcare, Inc.(a)		3,378		207,882
Revance Therapeutics, Inc.(a)		4,871		24,501
Royalty Pharma PLC, Class A		23,394		664,156
Scilex Holding Co., (Acquired 01/06/23, Cost:
$38,933)(e)		3,715		5,991
scPharmaceuticals, Inc.(a)(b)		2,501		12,255
SIGA Technologies, Inc.		2,502		12,210
Supernus Pharmaceuticals, Inc.(a)		3,326		92,064
Taro Pharmaceutical Industries Ltd.(a)		669		28,800
Tarsus Pharmaceuticals, Inc.(a)(b)		2,472		67,337
Terns Pharmaceuticals, Inc.(a)		3,157		16,353
Theravance Biopharma, Inc.(a)		5,256		49,827
Third Harmonic Bio, Inc.(a)		1,258		10,907
Ventyx Biosciences, Inc.(a)		3,238		6,832
Viatris, Inc.		74,184		873,146
WaVe Life Sciences Ltd.(a)		5,331		23,030
Xeris Biopharma Holdings, Inc.(a)(b)		12,064		29,677
Zoetis, Inc., Class A		29,417		5,524,807
				106,431,227
Professional Services — 1.0%
Alight, Inc., Class A(a)		25,410		226,657
ASGN, Inc.(a)		3,126		290,155
Asure Software, Inc.(a)(b)		833		7,364
Automatic Data Processing, Inc.		26,257		6,453,446
Barrett Business Services, Inc.		580		65,117
BlackSky Technology, Inc., Class A(a)		21,637		27,479
Booz Allen Hamilton Holding Corp., Class A		8,199		1,154,173
Broadridge Financial Solutions, Inc.		7,409		1,512,918
CACI International, Inc., Class A(a)		1,368		470,223
CBIZ, Inc.(a)		3,197		203,521
Ceridian HCM Holding, Inc.(a)(b)		9,404		653,766
Clarivate PLC(a)(b)		30,144		269,487
Concentrix Corp.		2,706		240,482
Conduent, Inc.(a)		11,206		40,342
CRA International, Inc.		456		48,901
CSG Systems International, Inc.		2,157		108,519
Dun & Bradstreet Holdings, Inc.		17,060		197,725
Equifax, Inc.		7,737		1,890,459
ExlService Holdings, Inc.(a)		9,785		306,075
Exponent, Inc.		3,131		276,123
First Advantage Corp.(a)		4,217		69,032
Forrester Research, Inc.(a)		474		12,078
Franklin Covey Co.(a)		875		35,385
FTI Consulting, Inc.(a)		2,044		391,651
Genpact Ltd.		11,559		414,968
Heidrick & Struggles International, Inc.		1,059		31,738
HireRight Holdings Corp.(a)		1,645		20,398
Huron Consulting Group, Inc.(a)		1,374		142,250
IBEX Holdings Ltd.(a)		997		17,966

Security	Shares		Value
Professional Services (continued)
ICF International, Inc.		1,207	$	167,821
Innodata, Inc.(a)(b)		2,252		23,353
Insperity, Inc.		2,314		265,393
Jacobs Solutions, Inc.		7,926		1,068,187
KBR, Inc.		8,627		449,553
Kelly Services, Inc., Class A		1,865		38,326
Kforce, Inc.		1,435		98,082
Korn Ferry		3,503		205,521
Legalzoom.com, Inc.(a)		6,145		63,355
Leidos Holdings, Inc.		8,720		963,298
ManpowerGroup, Inc.		2,953		218,935
Maximus, Inc.		3,937		319,370
NV5 Global, Inc.(a)(b)		890		93,352
Parsons Corp.(a)		2,481		161,637
Paychex, Inc.		20,362		2,478,666
Paycom Software, Inc.		3,253		618,851
Paycor HCM, Inc.(a)(b)		4,348		84,482
Paylocity Holding Corp.(a)(b)		2,696		427,073
Planet Labs PBC, Class A(a)		9,833		22,223
Resources Connection, Inc.		2,633		35,440
Robert Half, Inc.		6,732		535,463
Science Applications International Corp.		3,352		427,916
Skillsoft Corp., Class A(b)		293		4,108
SS&C Technologies Holdings, Inc.		13,792		841,588
Sterling Check Corp.(a)(b)		1,260		17,186
TransUnion		12,471		862,869
TriNet Group, Inc.(a)(b)		2,005		227,969
TrueBlue, Inc.(a)		1,967		27,105
TTEC Holdings, Inc.		1,040		21,195
Upwork, Inc.(a)		7,682		105,320
Verisk Analytics, Inc.		8,961		2,164,350
Verra Mobility Corp., Class A(a)		8,882		212,369
Willdan Group, Inc.(a)(b)		248		4,747
				28,833,501
Real Estate Management & Development — 0.2%
Anywhere Real Estate, Inc.(a)		6,333		45,091
CBRE Group, Inc., Class A(a)		19,318		1,667,337
Compass, Inc., Class A(a)(b)		16,508		56,788
CoStar Group, Inc.(a)		25,511		2,129,658
Cushman & Wakefield PLC(a)		10,268		108,019
DigitalBridge Group, Inc., Class A		9,341		183,457
Douglas Elliman, Inc.		4,163		8,992
eXp World Holdings, Inc.		4,087		50,597
Forestar Group, Inc.(a)(b)		1,192		37,262
FRP Holdings, Inc.(a)		186		10,807
Howard Hughes Holdings, Inc.(a)		2,191		175,455
Jones Lang LaSalle, Inc.(a)		2,992		529,764
Kennedy-Wilson Holdings, Inc.		8,538		89,222
Marcus & Millichap, Inc.		1,555		59,230
Newmark Group, Inc., Class A		9,252		93,908
Opendoor Technologies, Inc.(a)(b)		37,665		128,814
RE/MAX Holdings, Inc., Class A		632		6,781
Redfin Corp.(a)(b)		5,744		46,871
RMR Group, Inc., Class A		541		14,115
St. Joe Co.		2,076		114,595
Star Holdings(a)		701		8,125
Stratus Properties, Inc.(a)		955		21,965
Tejon Ranch Co.(a)(b)		507		8,000

SCHEDULE OF INVESTMENTS 67

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
Zillow Group, Inc., Class A(a)		3,560	$	196,120
Zillow Group, Inc., Class C(a)(b)		9,407		534,694
				6,325,667
Residential REITs — 0.4%
American Homes 4 Rent, Class A		21,269		745,478
Apartment Income REIT Corp.		10,154		331,934
Apartment Investment and Management Co., Class A(a)		8,722		64,805
AvalonBay Communities, Inc.		8,997		1,610,553
BRT Apartments Corp.		1,270		21,336
Camden Property Trust		6,555		615,121
Centerspace		916		50,160
Clipper Realty, Inc.		393		1,989
Elme Communities		5,837		84,520
Equity LifeStyle Properties, Inc.		11,185		757,113
Equity Residential		23,921		1,439,805
Essex Property Trust, Inc.		4,083		952,441
Independence Realty Trust, Inc.		14,480		212,711
Invitation Homes, Inc.		38,900		1,280,977
Mid-America Apartment Communities, Inc.		7,285		920,678
NexPoint Residential Trust, Inc.		1,405		42,923
Sun Communities, Inc.		7,887		988,635
UDR, Inc.		20,634		743,237
UMH Properties, Inc.		6,148		92,896
Veris Residential, Inc.(a)		4,759		72,575
				11,029,887
Retail REITs — 0.4%
Acadia Realty Trust		4,332		73,904
Agree Realty Corp.		6,620		394,618
Alexander’s, Inc.		94		20,660
Brixmor Property Group, Inc.		18,334		411,415
CBL & Associates Properties, Inc.		1,773		41,453
Federal Realty Investment Trust		5,145		523,401
Getty Realty Corp.		2,720		75,235
InvenTrust Properties Corp.		5,089		126,360
Kimco Realty Corp.		39,944		806,869
Kite Realty Group Trust		13,877		296,968
Macerich Co.		13,406		211,681
NETSTREIT Corp.		4,355		79,130
NNN REIT, Inc.		11,734		473,349
Phillips Edison & Co., Inc.		7,705		267,440
Realty Income Corp.		53,180		2,892,460
Regency Centers Corp.		11,707		733,678
Retail Opportunity Investments Corp.		7,052		95,837
Saul Centers, Inc.		796		30,455
Simon Property Group, Inc.		20,647		2,861,881
SITE Centers Corp.		12,815		170,696
Tanger, Inc.		7,151		192,362
Urban Edge Properties		6,477		111,858
Whitestone REIT		5,174		66,848
				10,958,558
Semiconductors & Semiconductor Equipment — 7.7%
ACM Research, Inc., Class A(a)		3,000		51,660
Advanced Micro Devices, Inc.(a)		101,793		17,069,668
Aehr Test Systems(a)(b)		1,691		25,111
Allegro MicroSystems, Inc.(a)		4,889		126,821
Alpha & Omega Semiconductor Ltd.(a)		1,720		44,135
Ambarella, Inc.(a)		2,259		118,733
Amkor Technology, Inc.		6,653		210,634
Analog Devices, Inc.		31,724		6,102,429

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Applied Materials, Inc.		53,102	$	8,724,659
Atomera, Inc.(a)(b)		815		6,406
Axcelis Technologies, Inc.(a)		2,048		266,342
Broadcom, Inc.		27,353		32,276,540
CEVA, Inc.(a)		1,470		28,224
Cirrus Logic, Inc.(a)		3,545		273,674
Cohu, Inc.(a)		3,237		103,131
Credo Technology Group Holding Ltd.(a)		7,689		157,701
Diodes, Inc.(a)		2,733		183,986
Enphase Energy, Inc.(a)		8,385		873,130
Entegris, Inc.		9,397		1,106,027
First Solar, Inc.(a)		6,698		979,917
FormFactor, Inc.(a)		4,805		186,290
GLOBALFOUNDRIES, Inc.(a)(b)		5,019		275,945
Ichor Holdings Ltd.(a)(b)		1,435		51,947
Impinj, Inc.(a)		1,444		140,039
indie Semiconductor, Inc., Class A(a)(b)		9,909		60,148
Intel Corp.		267,861		11,539,452
inTEST Corp.(a)		1,081		12,896
KLA Corp.		8,712		5,175,276
Kulicke & Soffa Industries, Inc.		3,436		172,900
Lam Research Corp.		8,360		6,898,421
Lattice Semiconductor Corp.(a)		8,605		523,700
MACOM Technology Solutions Holdings, Inc., Class H(a)		3,563		307,237
Marvell Technology, Inc.		54,312		3,676,922
Maxeon Solar Technologies Ltd.(a)(b)		1,638		7,420
MaxLinear, Inc.(a)		4,731		98,499
Microchip Technology, Inc.		33,943		2,891,265
Micron Technology, Inc.		69,489		5,958,682
MKS Instruments, Inc.		4,298		457,522
Monolithic Power Systems, Inc.		2,891		1,742,464
Navitas Semiconductor Corp.(a)		6,957		39,864
NVE Corp.		349		27,917
NVIDIA Corp.		150,799		92,782,101
ON Semiconductor Corp.(a)		27,529		1,958,138
Onto Innovation, Inc.(a)		2,989		482,723
PDF Solutions, Inc.(a)		1,754		54,725
Photronics, Inc.(a)		3,827		111,825
Power Integrations, Inc.		3,392		254,264
Qorvo, Inc.(a)		6,504		648,709
QUALCOMM, Inc.		70,852		10,522,231
Rambus, Inc.(a)		6,863		470,321
Semtech Corp.(a)		4,481		88,903
Silicon Laboratories, Inc.(a)		2,008		247,707
SiTime Corp.(a)(b)		1,041		110,939
SkyWater Technology, Inc.(a)(b)		811		7,007
Skyworks Solutions, Inc.		9,958		1,040,213
SMART Global Holdings, Inc.(a)		3,469		68,166
Synaptics, Inc.(a)		2,340		249,935
Teradyne, Inc.		9,778		944,457
Texas Instruments, Inc.		57,525		9,210,903
Transphorm, Inc.(a)		3,643		17,632
Ultra Clean Holdings, Inc.(a)		2,740		104,668
Universal Display Corp.		2,869		487,070
Veeco Instruments, Inc.(a)(b)		2,766		88,180
Wolfspeed, Inc.(a)(b)		8,227		267,789
				229,192,340
Software — 11.0%
8x8, Inc.(a)		6,460		21,706
A10 Networks, Inc.		4,857		64,938

68 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
ACI Worldwide, Inc.(a)		6,881	$	206,912
Adeia, Inc.		7,863		95,457
Adobe, Inc.(a)		29,073		17,960,718
Agilysys, Inc.(a)		1,390		116,357
Alarm.com Holdings, Inc.(a)		2,898		176,256
Alkami Technology, Inc.(a)		2,197		54,090
Altair Engineering, Inc., Class A(a)(b)		3,212		273,084
Alteryx, Inc., Class A(a)		3,791		179,921
American Software, Inc., Class A		1,641		18,593
Amplitude, Inc., Class A(a)		3,549		45,995
ANSYS, Inc.(a)		5,511		1,806,671
Appfolio, Inc., Class A(a)		1,200		263,112
Appian Corp., Class A(a)		2,774		90,516
AppLovin Corp., Class A(a)		13,786		567,018
Asana, Inc., Class A(a)(b)		4,988		86,891
Aspen Technology, Inc.(a)		1,731		332,335
Atlassian Corp., Class A(a)		9,856		2,461,733
Aurora Innovation, Inc., Class A(a)(b)		19,855		59,366
Autodesk, Inc.(a)		13,587		3,448,516
AvePoint, Inc., Class A(a)		8,422		64,849
Bentley Systems, Inc., Class B		12,079		608,782
Bill Holdings, Inc.(a)		6,444		502,954
Bit Digital, Inc.(a)(b)		7,119		18,794
Blackbaud, Inc.(a)		2,852		230,784
Blackline, Inc.(a)		3,699		217,057
Box, Inc., Class A(a)		9,468		245,979
Braze, Inc., Class A(a)		3,171		171,393
C3.ai, Inc., Class A(a)(b)		5,251		130,120
Cadence Design Systems, Inc.(a)		17,104		4,933,820
CCC Intelligent Solutions Holdings, Inc.(a)		11,864		130,385
Cerence, Inc.(a)		2,169		43,423
Cleanspark, Inc.(a)(b)		7,969		64,150
Clear Secure, Inc., Class A		5,361		102,020
CommVault Systems, Inc.(a)		2,940		269,539
Confluent, Inc., Class A(a)		11,882		265,682
Consensus Cloud Solutions, Inc.(a)		1,250		27,175
Crowdstrike Holdings, Inc., Class A(a)		13,544		3,961,620
CS Disco, Inc.(a)(b)		1,888		15,444
Datadog, Inc., Class A(a)		17,435		2,169,611
Digimarc Corp.(a)(b)		1,006		35,633
Digital Turbine, Inc.(a)(b)		5,723		30,847
DocuSign, Inc.(a)		12,831		781,665
Dolby Laboratories, Inc., Class A		3,880		322,738
Domo, Inc., Class B(a)(b)		1,416		15,392
DoubleVerify Holdings, Inc.(a)		8,688		347,607
Dropbox, Inc., Class A(a)		16,794		532,034
Dynatrace, Inc.(a)		14,971		853,347
E2open Parent Holdings, Inc., Class A(a)		12,000		45,120
eGain Corp.(a)		724		5,430
Elastic NV(a)		5,022		587,875
Enfusion, Inc., Class A(a)		1,551		12,253
Envestnet, Inc.(a)(b)		2,907		148,548
Everbridge, Inc.(a)		2,780		62,161
EverCommerce, Inc.(a)(b)		1,361		13,256
Expensify, Inc., Class A(a)		4,132		6,694
Fair Isaac Corp.(a)		1,528		1,831,812
Five9, Inc.(a)		4,365		331,129
Fortinet, Inc.(a)		41,467		2,674,207
Freshworks, Inc., Class A(a)		10,415		231,213
Gen Digital, Inc.		35,416		831,568
Gitlab, Inc., Class A(a)		5,425		385,772
Guidewire Software, Inc.(a)		5,228		583,863
HashiCorp, Inc., Class A(a)		6,042		132,078

Security	Shares		Value
Software (continued)
HubSpot, Inc.(a)		2,906	$	1,775,566
Informatica, Inc., Class A(a)		2,800		84,000
Instructure Holdings, Inc.(a)		1,199		29,531
Intapp, Inc.(a)(b)		1,713		73,796
InterDigital, Inc.		1,792		188,250
Intuit, Inc.		17,333		10,942,843
Jamf Holding Corp.(a)(b)		3,854		71,453
LivePerson, Inc.(a)(b)		4,799		13,437
LiveRamp Holdings, Inc.(a)		3,784		149,392
Manhattan Associates, Inc.(a)		3,897		945,256
Marathon Digital Holdings, Inc.(a)(b)		13,594		241,022
Matterport, Inc., Class A(a)		14,473		32,564
MeridianLink, Inc.(a)(b)		1,066		24,252
Microsoft Corp.		472,283		187,770,275
MicroStrategy, Inc., Class A(a)(b)		768		384,929
Mitek Systems, Inc.(a)		2,481		31,261
Model N, Inc.(a)		2,938		79,179
N-able, Inc.(a)		4,241		55,048
nCino, Inc.(a)		4,394		138,323
NCR Voyix Corp.(a)(b)		7,887		115,939
NextNav, Inc.(a)(b)		7,099		29,532
Nutanix, Inc., Class A(a)		15,487		870,369
Olo, Inc., Class A(a)		5,920		30,606
ON24, Inc.		1,991		15,231
OneSpan, Inc.(a)(b)		2,737		28,082
Oracle Corp.		97,878		10,932,973
PagerDuty, Inc.(a)		5,772		136,681
Palantir Technologies, Inc., Class A(a)		120,986		1,946,665
Palo Alto Networks, Inc.(a)		19,138		6,478,404
Pegasystems, Inc.		2,374		115,709
PowerSchool Holdings, Inc., Class A(a)(b)		3,899		91,782
Procore Technologies, Inc.(a)		5,278		376,796
Progress Software Corp.		2,817		160,034
PROS Holdings, Inc.(a)(b)		3,022		104,017
PTC, Inc.(a)		7,289		1,316,758
Q2 Holdings, Inc.(a)(b)		3,494		148,670
Qualys, Inc.(a)(b)		2,390		452,116
Rapid7, Inc.(a)		3,624		199,429
Red Violet, Inc.(a)		1,105		20,641
Rimini Street, Inc.(a)		3,501		11,483
RingCentral, Inc., Class A(a)		5,642		191,207
Riot Platforms, Inc.(a)(b)		12,130		132,217
Roper Technologies, Inc.		6,702		3,598,974
Salesforce, Inc.(a)		60,073		16,885,920
Sapiens International Corp. NV		2,240		61,152
SEMrush Holdings, Inc., Class A(a)		3,049		35,185
SentinelOne, Inc., Class A(a)(b)		15,299		410,013
ServiceNow, Inc.(a)		12,922		9,890,499
Smartsheet, Inc., Class A(a)		8,378		376,759
SolarWinds Corp.(a)		1,754		20,732
SoundHound AI, Inc., Class A(a)(b)		10,130		16,816
SoundThinking, Inc.(a)		707		14,592
Splunk, Inc.(a)		9,872		1,514,069
Sprinklr, Inc., Class A(a)		5,475		68,328
Sprout Social, Inc., Class A(a)(b)		2,948		180,801
SPS Commerce, Inc.(a)		2,242		412,080
Synopsys, Inc.(a)		9,597		5,118,560
Tenable Holdings, Inc.(a)		7,240		341,004
Teradata Corp.(a)		6,137		283,407
Tyler Technologies, Inc.(a)		2,608		1,102,532
UiPath, Inc., Class A(a)(b)		24,241		557,058
Unity Software, Inc.(a)(b)		18,445		597,618
Varonis Systems, Inc.(a)(b)		7,148		320,802

SCHEDULE OF INVESTMENTS 69

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Verint Systems, Inc.(a)		4,508	$	133,843
Veritone, Inc.(a)(b)		2,366		3,904
Viant Technology, Inc., Class A(a)		883		7,567
Weave Communications, Inc.(a)		4,005		50,223
Workday, Inc., Class A(a)		12,733		3,706,194
Workiva, Inc., Class A(a)(b)		3,224		299,639
Xperi, Inc.(a)		2,213		23,635
Yext, Inc.(a)		5,854		34,714
Zeta Global Holdings Corp., Class A(a)		9,961		96,422
Zoom Video Communications, Inc., Class A(a)		16,051		1,037,055
Zscaler, Inc.(a)		5,643		1,329,886
Zuora, Inc., Class A(a)		9,293		84,938
				328,856,647
Specialized REITs — 1.0%
American Tower Corp.		29,561		5,783,610
Crown Castle, Inc.		27,516		2,978,607
CubeSmart		14,309		618,435
Digital Realty Trust, Inc.		19,153		2,690,230
EPR Properties		4,513		199,791
Equinix, Inc.		5,905		4,899,792
Extra Space Storage, Inc.		13,234		1,911,519
Farmland Partners, Inc.		2,041		22,900
Four Corners Property Trust, Inc.		6,863		160,663
Gaming and Leisure Properties, Inc.		16,253		741,949
Gladstone Land Corp.		2,385		33,772
Iron Mountain, Inc.		18,081		1,220,829
Lamar Advertising Co., Class A		5,583		584,428
National Storage Affiliates Trust		4,998		186,675
Outfront Media, Inc.		8,901		115,891
PotlatchDeltic Corp.		4,938		220,877
Public Storage		9,914		2,807,546
Rayonier, Inc.		9,313		282,184
Safehold, Inc.		2,378		47,227
SBA Communications Corp.		6,800		1,522,248
Uniti Group, Inc.		14,285		75,139
Weyerhaeuser Co.		45,738		1,498,834
				28,603,146
Specialty Retail — 2.1%
1-800-Flowers.com, Inc., Class A(a)		1,280		13,312
Aaron’s Co., Inc.		1,983		20,405
Abercrombie & Fitch Co., Class A(a)		2,903		295,816
Academy Sports & Outdoors, Inc.		4,486		281,407
Advance Auto Parts, Inc.		3,773		252,225
American Eagle Outfitters, Inc.		11,875		235,362
America’s Car-Mart, Inc.(a)(b)		281		17,110
Arko Corp., Class A		6,136		47,861
Asbury Automotive Group, Inc.(a)		1,245		260,280
AutoNation, Inc.(a)(b)		1,891		264,097
AutoZone, Inc.(a)		1,114		3,077,013
BARK, Inc.(a)(b)		12,225		12,592
Bath & Body Works, Inc.		14,692		626,761
Best Buy Co., Inc.		12,278		890,032
Beyond, Inc.(a)(b)		2,560		56,294
Big 5 Sporting Goods Corp.		1,094		5,503
Boot Barn Holdings, Inc.(a)		1,850		132,719
Buckle, Inc.		1,687		62,740
Build-A-Bear Workshop, Inc.		1,239		27,915
Burlington Stores, Inc.(a)		4,155		794,228
Caleres, Inc.		2,081		65,281
Camping World Holdings, Inc., Class A		2,185		54,297
CarMax, Inc.(a)(b)		9,966		709,380

Security	Shares		Value
Specialty Retail (continued)
CarParts.com, Inc.(a)		2,466	$	6,634
Carvana Co., Class A(a)(b)		6,486		279,287
Cato Corp., Class A		2,025		13,689
Children’s Place, Inc.(a)		869		19,361
Designer Brands, Inc., Class A		3,326		28,504
Destination XL Group, Inc.(a)		6,269		26,769
Dick’s Sporting Goods, Inc.		3,874		577,497
Duluth Holdings, Inc., Class B(a)		1,416		6,910
EVgo, Inc., Class A(a)		4,566		10,456
Five Below, Inc.(a)		3,521		631,879
Floor & Decor Holdings, Inc., Class A(a)(b)		6,526		656,255
Foot Locker, Inc.		5,084		143,165
GameStop Corp., Class A(a)(b)		18,003		256,183
Gap, Inc.		12,170		227,457
Genesco, Inc.(a)		1,043		28,975
Group 1 Automotive, Inc.		843		219,231
GrowGeneration Corp.(a)		2,856		6,597
Guess?, Inc.		1,851		41,351
Haverty Furniture Cos., Inc.		1,048		35,527
Hibbett, Inc.		876		58,385
Home Depot, Inc.		63,428		22,387,547
Lands’ End, Inc.(a)		889		8,419
Leslie’s, Inc.(a)		12,789		85,814
Lithia Motors, Inc., Class A		1,684		496,527
Lowe’s Cos., Inc.		36,636		7,797,606
MarineMax, Inc.(a)		887		24,836
Monro, Inc.		2,222		70,793
Murphy USA, Inc.		1,265		445,938
National Vision Holdings, Inc.(a)		5,351		101,723
ODP Corp.(a)		2,145		109,695
OneWater Marine, Inc., Class A(a)		684		17,257
O’Reilly Automotive, Inc.(a)		3,734		3,820,069
Penske Automotive Group, Inc.(b)		1,260		186,946
Petco Health & Wellness Co., Inc.(a)(b)		5,201		12,430
PetMed Express, Inc.		1,061		6,589
Revolve Group, Inc., Class A(a)(b)		2,911		41,948
RH(a)		990		250,945
Ross Stores, Inc.		21,322		2,991,050
Sally Beauty Holdings, Inc.(a)		7,155		88,150
Shoe Carnival, Inc.		744		18,972
Signet Jewelers Ltd.		2,786		277,151
Sleep Number Corp.(a)(b)		1,237		12,741
Sonic Automotive, Inc., Class A		786		39,740
Sportsman’s Warehouse Holdings, Inc.(a)		1,930		7,431
Stitch Fix, Inc., Class A(a)		5,133		16,426
ThredUp, Inc., Class A(a)		9,059		18,435
Tilly’s, Inc., Class A(a)(b)		598		4,389
TJX Cos., Inc.		73,019		6,930,233
Tractor Supply Co.		6,954		1,561,868
Ulta Beauty, Inc.(a)		3,092		1,552,339
Upbound Group, Inc.		3,756		124,699
Urban Outfitters, Inc.(a)		4,306		163,628
Valvoline, Inc.		8,990		328,045
Victoria’s Secret & Co.(a)		5,589		145,593
Warby Parker, Inc., Class A(a)(b)		5,414		69,029
Wayfair, Inc., Class A(a)(b)		5,311		266,878
Williams-Sonoma, Inc.		4,037		780,715
Winmark Corp.		223		80,429
Zumiez, Inc.(a)		980		16,827
				62,836,592
Technology Hardware, Storage & Peripherals — 6.0%
Apple, Inc.		935,916		172,582,911

70 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Corsair Gaming, Inc.(a)		2,367	$	30,132
Eastman Kodak Co.(a)(b)		6,701		23,119
Hewlett Packard Enterprise Co.		80,891		1,236,823
HP, Inc.		54,549		1,566,102
Immersion Corp.		1,222		8,346
IonQ, Inc.(a)(b)		11,152		114,531
NetApp, Inc.		13,412		1,169,526
Pure Storage, Inc., Class A(a)		18,167		726,498
Super Micro Computer, Inc.(a)		2,915		1,543,813
Turtle Beach Corp.(a)		776		8,823
Western Digital Corp.(a)		20,820		1,191,945
				180,202,569
Textiles, Apparel & Luxury Goods — 0.6%
Allbirds, Inc., Class A(a)(b)		6,333		6,076
Birkenstock Holding PLC(a)(b)		1,864		86,471
Capri Holdings Ltd.(a)		7,359		358,678
Carter’s, Inc.		2,358		178,359
Columbia Sportswear Co.		2,057		163,038
Crocs, Inc.(a)(b)		3,742		379,738
Deckers Outdoor Corp.(a)		1,638		1,234,610
Figs, Inc., Class A(a)(b)		8,730		50,285
Fossil Group, Inc.(a)(b)		3,093		3,588
G-III Apparel Group Ltd.(a)		2,509		75,496
Hanesbrands, Inc.		21,010		94,545
Kontoor Brands, Inc.		3,741		219,297
Lululemon Athletica, Inc.(a)		7,052		3,200,339
Movado Group, Inc.		1,241		34,227
NIKE, Inc., Class B		75,465		7,661,961
Oxford Industries, Inc.		1,115		105,847
PVH Corp.		3,739		449,652
Ralph Lauren Corp., Class A		2,545		365,640
Rocky Brands, Inc.		309		8,646
Skechers USA, Inc., Class A(a)(b)		8,691		542,666
Steven Madden Ltd.		4,857		203,411
Tapestry, Inc.		14,748		572,075
Under Armour, Inc., Class A(a)		11,440		87,173
Under Armour, Inc., Class C(a)		12,665		93,721
VF Corp.		22,701		373,658
Wolverine World Wide, Inc.		4,311		36,040
				16,585,237
Tobacco — 0.5%
Altria Group, Inc.		113,007		4,533,841
Philip Morris International, Inc.		98,513		8,949,906
Turning Point Brands, Inc.		705		17,124
Universal Corp.		1,380		79,971
Vector Group Ltd.		9,936		104,030
				13,684,872
Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A		6,821		285,186
Alta Equipment Group, Inc., Class A		2,017		21,582
Applied Industrial Technologies, Inc.		2,341		413,093
Beacon Roofing Supply, Inc.(a)		3,755		311,252
BlueLinx Holdings, Inc.(a)		421		48,558
Boise Cascade Co.		2,398		324,833
Core & Main, Inc., Class A(a)		7,921		327,217

Security	Shares		Value
Trading Companies & Distributors (continued)
Custom Truck One Source, Inc.(a)		2,724	$	17,815
Distribution Solutions Group, Inc.(a)		564		18,003
DXP Enterprises, Inc.(a)		553		17,818
Fastenal Co.		36,007		2,456,758
Ferguson PLC		12,999		2,441,992
FTAI Aviation Ltd.		6,333		341,665
GATX Corp.		2,161		265,047
Global Industrial Co.		1,009		42,913
GMS, Inc.(a)		2,574		216,628
H&E Equipment Services, Inc.		1,772		95,316
Herc Holdings, Inc.		1,662		245,128
Hudson Technologies, Inc.(a)		2,482		31,472
McGrath RentCorp		1,530		192,244
MRC Global, Inc.(a)(b)		6,858		73,106
MSC Industrial Direct Co., Inc., Class A		2,842		280,449
NOW, Inc.(a)		6,770		68,309
Rush Enterprises, Inc., Class A		3,607		161,990
Rush Enterprises, Inc., Class B		598		28,267
SiteOne Landscape Supply, Inc.(a)(b)		2,820		435,831
Textainer Group Holdings Ltd.		2,312		114,791
Titan Machinery, Inc.(a)		1,169		31,247
Transcat, Inc.(a)		348		38,294
United Rentals, Inc.		4,320		2,701,728
Watsco, Inc.		2,113		826,141
WESCO International, Inc.		2,731		473,883
WW Grainger, Inc.		2,814		2,520,331
Xometry, Inc., Class A(a)(b)		2,323		74,754
				15,943,641
Water Utilities — 0.1%
American States Water Co.		2,476		184,710
American Water Works Co., Inc.		12,306		1,526,190
Artesian Resources Corp., Class A		493		17,995
California Water Service Group		3,450		156,181
Consolidated Water Co. Ltd.(b)		1,168		37,294
Essential Utilities, Inc.		15,431		553,356
Global Water Resources, Inc.		881		10,563
Middlesex Water Co.		1,348		75,448
Pure Cycle Corp.(a)		1,623		15,889
SJW Group		1,820		108,363
York Water Co.		673		24,147
				2,710,136
Wireless Telecommunication Services — 0.2%
Gogo, Inc.(a)		3,467		30,683
Spok Holdings, Inc.		1,840		30,470
Telephone and Data Systems, Inc.		6,742		129,514
T-Mobile U.S., Inc.(a)		33,192		5,351,546
				5,542,213
Total Common Stocks — 99.5% (Cost: $1,853,084,050)				2,976,457,380

SCHEDULE OF INVESTMENTS 71

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Equity Funds — 0.0%
iShares Russell 3000 ETF(c)		1,647	$	455,263
Total Investment Companies — 0.0% (Cost: $315,563)				455,263
Rights
Biotechnology(d) — 0.0%
Aduro Biotech, Inc., CVR		400		1,016
Chinook Therapeutics, CVR		3,836		1,688
				2,704
Total Rights — 0.0% (Cost: $1,496)				2,704
Total Long-Term Investments — 99.5% (Cost: $1,853,401,109)				2,976,915,347
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(c)(f)(g)		41,400,408		41,425,249
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(c)(f)		2,188,217		2,188,217
Total Short-Term Securities — 1.4% (Cost: $43,606,393)				43,613,466
Total Investments — 100.9% (Cost: $1,897,007,502)				3,020,528,813
Liabilities in Excess of Other Assets — (0.9)%				(27,742,702	)
Net Assets — 100.0%			$	2,992,786,111

^(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 $5,991, representing less than 0.05% of its net assets as of period end, and an original cost of $38,933.

^(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, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	63,968,701	$	—	$	(22,557,353	)(a)	$	6,771		$	7,130		$	41,425,249		41,400,408	$	187,373	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		66,592,875		—		(64,404,658	)(a)		—			—			2,188,217		2,188,217		427,113			—
BlackRock, Inc.		6,948,145		245,347		(209,199	)		(18,447	)		338,995			7,304,841		9,434		92,570			—
iShares Russell 3000 ETF		13,167,721		122,944,031		(137,300,449	)		2,466,578			(822,618	)		455,263		1,647		208,624			—
								$	2,454,902		$	(476,493	)	$	51,373,570			$	915,680		$	—

^(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.

72 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024   iShares Total U.S. Stock Market Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-mini Russell 2000 Index		18		03/15/24	$	1,760	$	(14,581	)
S&P 500 E-Mini Index		56		03/15/24		13,637		63,213
							$	48,632

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)	$	—	$	—	$	63,213	$	—	$	—	$	—	$	63,213
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	14,581	$	—	$	—	$	—	$	14,581

^(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, 2024, 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	$	—	$	—		$746,873	$	—	$	—	$	80,791	$	827,664
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$(401,563)	$	—	$	—	$	—		$(401,563)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	14,851,430

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	$	45,080,511	$	—	$	—	$	45,080,511

SCHEDULE   OF  INVESTMENTS 73

Schedule of Investments (unaudited) (continued) January 31, 2024   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)
Air Freight & Logistics	$	12,590,708	$	—	$	—	$	12,590,708
Automobile Components		5,124,780		—		—		5,124,780
Automobiles		40,698,845		—		—		40,698,845
Banks		113,608,600		—		—		113,608,600
Beverages		39,246,754		—		—		39,246,754
Biotechnology		73,424,641		—		—		73,424,641
Broadline Retail		92,673,484		—		—		92,673,484
Building Products		20,604,404		—		—		20,604,404
Capital Markets		84,027,944		—		—		84,027,944
Chemicals		45,874,595		—		—		45,874,595
Commercial Services & Supplies		19,644,807		—		—		19,644,807
Communications Equipment		23,563,450		—		—		23,563,450
Construction & Engineering		7,132,731		—		—		7,132,731
Construction Materials		4,897,231		—		—		4,897,231
Consumer Finance		16,548,895		—		—		16,548,895
Consumer Staples Distribution & Retail		51,887,734		—		—		51,887,734
Containers & Packaging		8,850,817		8,881		—		8,859,698
Distributors		2,946,531		—		—		2,946,531
Diversified Consumer Services		3,631,105		—		—		3,631,105
Diversified REITs		3,676,099		—		—		3,676,099
Diversified Telecommunication Services		20,809,396		—		—		20,809,396
Electric Utilities		40,997,029		—		—		40,997,029
Electrical Equipment		21,137,149		—		—		21,137,149
Electronic Equipment, Instruments & Components		19,984,800		—		—		19,984,800
Energy Equipment & Services		12,989,265		—		—		12,989,265
Entertainment		38,969,946		—		—		38,969,946
Financial Services		125,539,482		—		—		125,539,482
Food Products		25,426,015		—		—		25,426,015
Gas Utilities		3,029,013		—		—		3,029,013
Ground Transportation		33,458,449		—		—		33,458,449
Health Care Equipment & Supplies		75,874,237		—		—		75,874,237
Health Care Providers & Services		78,359,725		—		—		78,359,725
Health Care REITs		6,608,775		—		—		6,608,775
Health Care Technology		3,091,169		—		—		3,091,169
Hotel & Resort REITs		2,437,336		—		—		2,437,336
Hotels, Restaurants & Leisure		66,958,155		—		—		66,958,155
Household Durables		15,825,737		—		—		15,825,737
Household Products		33,927,025		—		—		33,927,025
Independent Power and Renewable Electricity Producers		2,421,027		—		—		2,421,027
Industrial Conglomerates		20,989,875		—		—		20,989,875
Industrial REITs		10,700,487		—		—		10,700,487
Insurance		68,011,593		—		—		68,011,593
Interactive Media & Services		156,690,372		—		—		156,690,372
IT Services		45,442,604		—		—		45,442,604
Leisure Products		2,063,218		—		—		2,063,218
Life Sciences Tools & Services		42,492,918		—		—		42,492,918
Machinery		58,919,279		—		—		58,919,279
Marine Transportation		747,195		—		—		747,195
Media		23,515,341		—		—		23,515,341
Metals & Mining		16,916,150		—		—		16,916,150
Mortgage Real Estate Investment Trusts (REITs)		3,427,829		—		—		3,427,829
Multi-Utilities		15,674,201		—		—		15,674,201
Office REITs		4,091,258		—		—		4,091,258
Oil, Gas & Consumable Fuels		103,976,320		—		—		103,976,320
Paper & Forest Products		423,449		—		—		423,449
Passenger Airlines		5,029,954		—		—		5,029,954
Personal Care Products		6,021,827		—		—		6,021,827
Pharmaceuticals		106,425,236		5,991		—		106,431,227
Professional Services		28,833,501		—		—		28,833,501
Real Estate Management & Development		6,325,667		—		—		6,325,667
Residential REITs		11,029,887		—		—		11,029,887
Retail REITs		10,958,558		—		—		10,958,558
Semiconductors & Semiconductor Equipment		229,192,340		—		—		229,192,340

74 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2024   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)
Software	$	328,856,647		$	—	$	—	$	328,856,647
Specialized REITs		28,603,146			—		—		28,603,146
Specialty Retail		62,836,592			—		—		62,836,592
Technology Hardware, Storage & Peripherals		180,202,569			—		—		180,202,569
Textiles, Apparel & Luxury Goods		16,585,237			—		—		16,585,237
Tobacco		13,684,872			—		—		13,684,872
Trading Companies & Distributors		15,943,641			—		—		15,943,641
Water Utilities		2,710,136			—		—		2,710,136
Wireless Telecommunication Services		5,542,213			—		—		5,542,213
Investment Companies		455,263			—		—		455,263
Rights		—			—		2,704		2,704
Short-Term Securities
Money Market Funds		43,613,466			—		—		43,613,466
	$	3,020,511,237		$	14,872	$	2,704	$	3,020,528,813
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	63,213		$	—	$	—	$	63,213
Liabilities
Equity Contracts		(14,581	)		—		—		(14,581	)
	$	48,632		$	—	$	—	$	48,632

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

See notes to financial statements.

SCHEDULE   OF  INVESTMENTS 75

Statements of Assets and Liabilities (unaudited) January 31, 2024  

	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)	$	1,743,751,147	$	498,871,838	$	2,969,155,243
Investments, at value — affiliated(c)		91,829,059		56,370,951		51,373,570
Cash		—		—		3,604
Cash pledged for futures contracts		1,381,000		99,000		200,000
Receivables:
Investments sold		—		2,940		12,137,496
Securities lending income — affiliated		32,731		28,069		29,746
Capital shares sold		2,971,248		530,926		1,089,724
Dividends — unaffiliated		714,039		159,237		1,922,282
Dividends — affiliated		83,175		12,996		75,761
Prepaid expenses		36,124		29,693		37,701
Total assets		1,840,798,523		556,105,650		3,036,025,127
LIABILITIES
Bank overdraft		—		1,096		—
Collateral on securities loaned		49,365,511		49,874,404		41,406,702
Payables:
Investments purchased		898,096		178,375		—
Accounting services fees		2,281		2,281		2,281
Capital shares redeemed		2,125,890		528,528		1,519,224
Custodian fees		8,713		7,256		11,217
Investment advisory fees		28,892		2,577		24,173
Trustees’ and Officer’s fees		3,658		2,780		4,523
Other accrued expenses		29,207		27,682		29,829
Professional fees		64,399		58,692		59,506
Service fees		30,778		20,504		45,552
Transfer agent fees		117,635		28,333		67,099
Variation margin on futures contracts		430,833		35,828		68,910
Total liabilities		53,105,893		50,768,336		43,239,016
Commitments and contingent liabilities
NET ASSETS	$	1,787,692,630	$	505,337,314	$	2,992,786,111
NET ASSETS CONSIST OF
Paid-in capital	$	1,278,536,060	$	431,190,798	$	1,925,245,999
Accumulated earnings		509,156,570		74,146,516		1,067,540,112
NET ASSETS	$	1,787,692,630	$	505,337,314	$	2,992,786,111
(a) Investments, at cost — unaffiliated	$	1,211,537,512	$	395,520,395	$	1,848,172,237
(b) Securities loaned, at value	$	47,568,833	$	47,521,196	$	39,309,164
(c)  Investments, at cost — affiliated	$	91,745,352	$	56,208,006	$	48,835,265

76 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued) January 31, 2024  

	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	$	214,734,977	$	151,118,699	$	125,999,170
Shares outstanding		15,950,771		10,122,417		5,675,228
Net asset value	$	13.46	$	14.93	$	22.20
Shares authorized		Unlimited		Unlimited		Unlimited
Par value	$	0.001	$	0.001	$	0.001
Investor A
Net assets	$	150,751,462	$	97,043,044	$	224,493,492
Shares outstanding		11,247,494		6,512,487		10,126,574
Net asset value	$	13.40	$	14.90	$	22.17
Shares authorized		Unlimited		Unlimited		Unlimited
Par value	$	0.001	$	0.001	$	0.001
Class K
Net assets	$	1,422,206,191	$	257,175,571	$	2,642,293,449
Shares outstanding		105,405,445		17,226,610		119,019,842
Net asset value	$	13.49	$	14.93	$	22.20
Shares authorized		Unlimited		Unlimited		Unlimited
Par value	$	0.001	$	0.001	$	0.001

See notes to financial statements.

FINANCIAL STATEMENTS 77

Statements of Operations (unaudited) Six Months Ended January 31, 2024    

	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		$14,838,883			$4,449,081			$21,831,071
Dividends — affiliated		477,701			132,803			728,307
Interest — unaffiliated		19,348			4,126			21,381
Securities lending income — affiliated — net		223,035			210,050			187,373
Foreign taxes withheld		(7,398	)		(5,189	)		(4,069	)
Total investment income		15,551,569			4,790,871			22,764,063
EXPENSES
Service — class specific		177,540			115,620			252,339
Investment advisory		167,602			79,635			140,510
Transfer agent — class specific		166,250			84,761			122,450
Professional		49,816			49,151			50,793
Registration		44,945			33,788			39,517
Printing and postage		23,426			21,494			22,109
Custodian		16,904			24,276			36,254
Trustees and Officer		8,430			4,842			12,386
Accounting services		4,537			4,537			4,537
Miscellaneous		13,793			8,047			17,775
Total expenses excluding interest expense		673,243			426,151			698,670
Interest expense		—			60,271			65,146
Total expenses		673,243			486,422			763,816
Less:
Fees waived and/or reimbursed by the Manager		(6,135	)		(39,921	)		(6,840	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(3,727	)		(26,935	)		(14,779	)
Total expenses after fees waived and/or reimbursed		663,381			419,566			742,197
Net investment income		14,888,188			4,371,305			22,021,866
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		6,439,394			(8,057,206	)		(509,990	)
Investments — affiliated		1,099,834			267,113			2,454,902
Futures contracts		1,300,834			(294,510	)		827,664
		8,840,062			(8,084,603	)		2,772,576
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		16,180,678			10,315,399			141,563,229
Investments — affiliated		(1,271,316	)		(535,063	)		(476,493	)
Futures contracts		(499,391	)		(37,293	)		(401,563	)
		14,409,971			9,743,043			140,685,173
Net realized and unrealized gain		23,250,033			1,658,440			143,457,749
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$ 38,138,221			$ 6,029,745			$ 165,479,615

See notes to financial statements.

78 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets  

	iShares Russell Mid-Cap Index Fund						iShares Russell Small/Mid-Cap Index Fund
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	14,888,188		$	25,401,071			$4,371,305		$	7,300,050
Net realized gain (loss)		8,840,062			49,468,960			(8,084,603	)		(2,319,179	)
Net change in unrealized appreciation (depreciation)		14,409,971			64,861,670			9,743,043			34,652,070
Net increase in net assets resulting from operations		38,138,221			139,731,701			6,029,745			39,632,941
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(4,953,783	)		(6,664,693	)		(1,481,422	)		(6,628,763	)
Investor A		(3,473,380	)		(4,341,765	)		(797,673	)		(4,192,802	)
Class K		(35,406,636	)		(44,478,201	)		(3,217,793	)		(11,082,304	)
Decrease in net assets resulting from distributions to shareholders		(43,833,799	)		(55,484,659	)		(5,496,888	)		(21,903,869	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		74,438,263			(52,938,687	)		(36,765,095	)		53,990,377
NET ASSETS
Total increase (decrease) in net assets		68,742,685			31,308,355			(36,232,238	)		71,719,449
Beginning of period		1,718,949,945			1,687,641,590			541,569,552			469,850,103
End of period	$	1,787,692,630		$	1,718,949,945			$ 505,337,314		$	541,569,552

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

See notes to financial statements.

FINANCIAL  STATEMENTS 79

Statements of Changes in Net Assets (continued)  

	iShares Total U.S. Stock Market Index Fund
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	22,021,866		$	41,736,526
Net realized gain (loss)		2,772,576			(22,342,005	)
Net change in unrealized appreciation (depreciation)		140,685,173			319,574,421
Net increase in net assets resulting from operations		165,479,615			338,968,942
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(963,316	)		(1,991,360	)
Investor A		(1,464,766	)		(2,235,702	)
Class K		(21,703,430	)		(36,916,521	)
Decrease in net assets resulting from distributions to shareholders		(24,131,512	)		(41,143,583	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(27,630,166	)		56,292,273
NET ASSETS
Total increase in net assets		113,717,937			354,117,632
Beginning of period		2,879,068,174			2,524,950,542
End of period	$	2,992,786,111		$	2,879,068,174

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

See notes to financial statements.

80 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights 

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Index Fund
	Institutional
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period			$	13.54		$	12.89		$	14.91		$	10.75		$	10.98		$	10.70
Net investment income(a)				0.11			0.20			0.18			0.15			0.19			0.17
Net realized and unrealized gain (loss)				0.15			0.88			(1.58	)		4.35			0.02			0.50
Net increase (decrease) from investment operations				0.26			1.08			(1.40	)		4.50			0.21			0.67
Distributions(b)
From net investment income				(0.13	)		(0.20	)		(0.17	)		(0.15	)		(0.17	)		(0.17	)
From net realized gain				(0.21	)		(0.23	)		(0.45	)		(0.19	)		(0.27	)		(0.22	)
Total distributions				(0.34	)		(0.43	)		(0.62	)		(0.34	)		(0.44	)		(0.39	)
Net asset value, end of period			$	13.46		$	13.54		$	12.89		$	14.91		$	10.75		$	10.98
Total Return(c)
Based on net asset value				1.92	%(d)		8.72	%		(9.76	)%		42.43	%		1.96	%		6.76	%
Ratios to Average Net Assets(e)
Total expenses(f)				0.09	%(g)		0.10	%		0.09	%		0.09	%		0.10	%		0.12	%
Total expenses after fees waived and/or reimbursed				0.09	%(g)		0.09	%		0.09	%		0.09	%		0.10	%		0.12	%
Net investment income				1.75	%(g)		1.59	%		1.28	%		1.18	%		1.77	%		1.66	%
Supplemental Data
Net assets, end of period (000)			$	214,735		$	178,582		$	216,281		$	195,340		$	170,550		$	244,272
Portfolio turnover rate				8	%		20	%		28	%		24	%		26	%		25	%

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

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

Six Months Ended 01/31/24 (unaudited)

Year Ended 07/31/23

Year Ended 07/31/22

Year Ended 07/31/21

Year Ended 07/31/20

Year Ended 07/31/19

Expense ratios

N/A

N/A

N/A

N/A

0.09

%

0.05

%

^(g)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 81

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Index Fund (continued)
	Investor A
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	13.48		$	12.84		$	14.85		$	10.71		$	10.93		$	10.66
Net investment income(a)			0.10			0.16			0.14			0.11			0.15			0.17
Net realized and unrealized gain (loss)			0.14			0.88			(1.56	)		4.34			0.04			0.47
Net increase (decrease) from investment operations			0.24			1.04			(1.42	)		4.45			0.19			0.64
Distributions(b)
From net investment income			(0.11	)		(0.17	)		(0.14	)		(0.12	)		(0.14	)		(0.15	)
From net realized gain			(0.21	)		(0.23	)		(0.45	)		(0.19	)		(0.27	)		(0.22	)
Total distributions			(0.32	)		(0.40	)		(0.59	)		(0.31	)		(0.41	)		(0.37	)
Net asset value, end of period		$	13.40		$	13.48		$	12.84		$	14.85		$	10.71		$	10.93
Total Return(c)
Based on net asset value			1.79	%(d)		8.39	%		(9.98	)%		42.05	%		1.80	%		6.43	%
Ratios to Average Net Assets(e)
Total expenses(f)			0.37	%(g)		0.37	%		0.36	%		0.36	%		0.36	%		0.34	%
Total expenses after fees waived and/or reimbursed			0.36	%(g)		0.37	%		0.36	%		0.36	%		0.35	%		0.33	%
Net investment income			1.49	%(g)		1.29	%		1.03	%		0.87	%		1.48	%		1.64	%
Supplemental Data
Net assets, end of period (000)		$	150,751		$	151,708		$	131,260		$	136,579		$	93,113		$	105,914
Portfolio turnover rate			8	%		20	%		28	%		24	%		26	%		25	%

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

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

	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23		Year Ended 07/31/22		Year Ended 07/31/21		Year Ended 07/31/20		Year Ended 07/31/19
Expense ratios		N/A		N/A		0.36	%	0.36	%	0.35	%	0.33	%

^(g)  Annualized.

See notes to financial statements.

82 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Index Fund (continued)
	Class K
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	13.57		$	12.92		$	14.94		$	10.77		$	11.00		$	10.72
Net investment income(a)			0.12			0.20			0.19			0.15			0.18			0.17
Net realized and unrealized gain (loss)			0.14			0.89			(1.58	)		4.37			0.03			0.51
Net increase (decrease) from investment operations			0.26			1.09			(1.39	)		4.52			0.21			0.68
Distributions(b)
From net investment income			(0.13	)		(0.21	)		(0.18	)		(0.16	)		(0.17	)		(0.18	)
From net realized gain			(0.21	)		(0.23	)		(0.45	)		(0.19	)		(0.27	)		(0.22	)
Total distributions			(0.34	)		(0.44	)		(0.63	)		(0.35	)		(0.44	)		(0.40	)
Net asset value, end of period		$	13.49		$	13.57		$	12.92		$	14.94		$	10.77		$	11.00
Total Return(c)
Based on net asset value			1.94	%(d)		8.75	%		(9.70	)%		42.50	%		2.00	%		6.81	%
Ratios to Average Net Assets(e)
Total expenses(f)			0.05	%(g)		0.05	%		0.05	%		0.06	%		0.08	%		0.07	%
Total expenses after fees waived and/or reimbursed			0.05	%(g)		0.05	%		0.05	%		0.06	%		0.07	%		0.07	%
Net investment income			1.81	%(g)		1.62	%		1.34	%		1.18	%		1.73	%		1.67	%
Supplemental Data
Net assets, end of period (000)		$	1,422,206		$	1,388,660		$	1,340,100		$	1,396,125		$	937,493		$	783,361
Portfolio turnover rate			8	%		20	%		28	%		24	%		26	%		25	%

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

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

	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23		Year Ended 07/31/22		Year Ended 07/31/21		Year Ended 07/31/20		Year Ended 07/31/19
Expense ratios		N/A		N/A		0.05	%	0.05	%	0.07	%	0.06	%

^(g)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 83

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Small/Mid-Cap Index Fund
	Institutional
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	15.08		$	14.63		$	17.32		$	12.17		$	12.72		$	13.20
Net investment income(a)			0.12			0.22			0.21			0.16			0.13			0.18
Net realized and unrealized gain (loss)			(0.13	)		0.88			(2.08	)		5.66			(0.35	)		(0.16	)
Net increase (decrease) from investment operations			(0.01	)		1.10			(1.87	)		5.82			(0.22	)		0.02
Distributions(b)
From net investment income			(0.14	)		(0.23	)		(0.19	)		(0.18	)		(0.16	)		(0.20	)
From net realized gain			—			(0.42	)		(0.63	)		(0.49	)		(0.17	)		(0.30	)
Total distributions			(0.14	)		(0.65	)		(0.82	)		(0.67	)		(0.33	)		(0.50	)
Net asset value, end of period		$	14.93		$	15.08		$	14.63		$	17.32		$	12.17		$	12.72
Total Return(c)
Based on net asset value			(0.02	)%(d)		8.02	%		(11.32	)%		48.81	%		(1.68	)%		0.58	%
Ratios to Average Net Assets(e)
Total expenses(f)			0.16	%(g)		0.13	%		0.14	%		0.16	%		0.21	%		0.24	%
Total expenses after fees waived and/or reimbursed			0.14	%(g)		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%
Total expenses after fees waived and/or reimbursed and excluding interest expense			0.12	%(g)		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%
Net investment income			1.64	%(g)		1.59	%		1.29	%		1.02	%		1.14	%		1.48	%
Supplemental Data
Net assets, end of period (000)		$	151,119		$	141,351		$	156,524		$	161,409		$	58,680		$	12,239
Portfolio turnover rate			21	%		30	%		38	%		43	%		29	%		27	%

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

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

Six Months Ended 01/31/24 (unaudited)

Year Ended 07/31/23

Year Ended 07/31/22

Year Ended 07/31/21

Year Ended 07/31/20

Year Ended 07/31/19

Expense ratios

N/A

N/A

0.14

%

N/A

0.21

%

0.24

%

^(g)  Annualized.

See notes to financial statements.

84 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Small/Mid-Cap Index Fund (continued)
	Investor A
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	15.05		$	14.60		$	17.29		$	12.15		$	12.70		$	13.18
Net investment income(a)			0.10			0.18			0.17			0.13			0.13			0.15
Net realized and unrealized gain (loss)			(0.13	)		0.89			(2.08	)		5.65			(0.37	)		(0.16	)
Net increase (decrease) from investment operations			(0.03	)		1.07			(1.91	)		5.78			(0.24	)		(0.01	)
Distributions(b)
From net investment income			(0.12	)		(0.20	)		(0.15	)		(0.15	)		(0.14	)		(0.17	)
From net realized gain			—			(0.42	)		(0.63	)		(0.49	)		(0.17	)		(0.30	)
Total distributions			(0.12	)		(0.62	)		(0.78	)		(0.64	)		(0.31	)		(0.47	)
Net asset value, end of period		$	14.90		$	15.05		$	14.60		$	17.29		$	12.15		$	12.70
Total Return(c)
Based on net asset value			(0.15	)%(d)		7.76	%		(11.56	)%		48.49	%		(1.90	)%		0.35	%
Ratios to Average Net Assets(e)
Total expenses(f)			0.43	%(g)		0.41	%		0.39	%		0.38	%		0.44	%		0.45	%
Total expenses after fees waived and/or reimbursed			0.40	%(g)		0.37	%		0.36	%		0.34	%		0.35	%		0.35	%
Total expenses after fees waived and/or reimbursed and excluding interest expense			0.37	%(g)		0.37	%		0.36	%		0.34	%		0.35	%		0.35	%
Net investment income			1.39	%(g)		1.33	%		1.06	%		0.83	%		1.13	%		1.25	%
Supplemental Data
Net assets, end of period (000)		$	97,043		$	100,293		$	100,734		$	101,139		$	55,522		$	30,250
Portfolio turnover rate			21	%		30	%		38	%		43	%		29	%		27	%

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

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

Six Months Ended 01/31/24 (unaudited)

Year Ended 07/31/23

Year Ended 07/31/22

Year Ended 07/31/21

Year Ended 07/31/20

Year Ended 07/31/19

Expense ratios

N/A

N/A

N/A

N/A

0.44

%

0.45

%

^(g)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 85

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Small/Mid-Cap Index Fund (continued)
	Class K
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	15.08		$	14.63		$	17.32		$	12.17		$	12.72		$	13.20
Net investment income(a)			0.12			0.22			0.21			0.18			0.19			0.19
Net realized and unrealized gain (loss)			(0.12	)		0.89			(2.07	)		5.65			(0.40	)		(0.16	)
Net increase (decrease) from investment operations			—			1.11			(1.86	)		5.83			(0.21	)		0.03
Distributions(b)
From net investment income			(0.15	)		(0.24	)		(0.20	)		(0.19	)		(0.17	)		(0.21	)
From net realized gain			—			(0.42	)		(0.63	)		(0.49	)		(0.17	)		(0.30	)
Total distributions			(0.15	)		(0.66	)		(0.83	)		(0.68	)		(0.34	)		(0.51	)
Net asset value, end of period		$	14.93		$	15.08		$	14.63		$	17.32		$	12.17		$	12.72
Total Return(c)
Based on net asset value			0.01	%(d)		8.07	%		(11.28	)%		48.88	%		(1.64	)%		0.63	%
Ratios to Average Net Assets(e)
Total expenses(f)			0.12	%(g)		0.09	%		0.10	%		0.11	%		0.16	%		0.17	%
Total expenses after fees waived and/or reimbursed			0.09	%(g)		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%
Total expenses after fees waived and/or reimbursed and excluding interest expense			0.07	%(g)		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%
Net investment income			1.73	%(g)		1.60	%		1.34	%		1.15	%		1.55	%		1.53	%
Supplemental Data
Net assets, end of period (000)		$	257,176		$	299,925		$	212,591		$	213,734		$	142,813		$	154,242
Portfolio turnover rate			21	%		30	%		38	%		43	%		29	%		27	%

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

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

Six Months Ended 01/31/24 (unaudited)

Year Ended 07/31/23

Year Ended 07/31/22

Year Ended 07/31/21

Year Ended 07/31/20

Year Ended 07/31/19

Expense ratios

N/A

N/A

N/A

N/A

0.18

%

0.17

%

^(g)  Annualized.

See notes to financial statements.

86 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Total U.S. Stock Market Index Fund
	Institutional
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	21.15		$	19.07		$	20.96		$	15.31		$	14.13		$	13.52
Net investment income(a)			0.16			0.30			0.27			0.24			0.25			0.25
Net realized and unrealized gain (loss)			1.07			2.07			(1.79	)		5.65			1.24			0.67
Net increase (decrease) from investment operations			1.23			2.37			(1.52	)		5.89			1.49			0.92
Distributions(b)
From net investment income			(0.18	)		(0.29	)		(0.27	)		(0.23	)		(0.27	)		(0.26	)
From net realized gain			—			—			(0.10	)		(0.01	)		(0.04	)		(0.05	)
Total distributions			(0.18	)		(0.29	)		(0.37	)		(0.24	)		(0.31	)		(0.31	)
Net asset value, end of period		$	22.20		$	21.15		$	19.07		$	20.96		$	15.31		$	14.13
Total Return(c)
Based on net asset value			5.85	%(d)		12.65	%		(7.37	)%		38.73	%		10.79	%		7.01	%
Ratios to Average Net Assets(e)
Total expenses(f)			0.08	%(g)		0.07	%		0.08	%		0.08	%		0.09	%		0.09	%
Total expenses after fees waived and/or reimbursed			0.07	%(g)		0.07	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income			1.54	%(g)		1.59	%		1.32	%		1.32	%		1.79	%		1.87	%
Supplemental Data
Net assets, end of period (000)		$	125,999		$	112,188		$	132,762		$	155,378		$	84,117		$	88,223
Portfolio turnover rate			8	%		20	%		16	%		16	%		15	%		19	%

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

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

	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23	Year Ended 07/31/22		Year Ended 07/31/21		Year Ended 07/31/20		Year Ended 07/31/19
Expense ratios		N/A		N/A	0.08	%	0.08	%	0.09	%	0.09	%

^(g)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 87

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Total U.S. Stock Market Index Fund (continued)
	Investor A
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23		Year Ended 07/31/22		Year Ended 07/31/21		Year Ended 07/31/20		Year Ended 07/31/19
Net asset value, beginning of period		$  21.12		$  19.05		$  20.93		$  15.29		$  14.11		$ 13.50
Net investment income(a)		0.13		0.25		0.22		0.20		0.22		0.22
Net realized and unrealized gain (loss)		1.07		2.06		(1.78	)	5.64		1.24		0.67
Net increase (decrease) from investment operations		1.20		2.31		(1.56	)	5.84		1.46		0.89
Distributions(b)
From net investment income		(0.15	)	(0.24	)	(0.22	)	(0.19	)	(0.24	)	(0.23	)
From net realized gain		—		—		(0.10	)	(0.01	)	(0.04	)	(0.05	)
Total distributions		(0.15	)	(0.24	)	(0.32	)	(0.20	)	(0.28	)	(0.28	)
Net asset value, end of period		$  22.17		$  21.12		$  19.05		$  20.93		$  15.29		$ 14.11
Total Return(c)
Based on net asset value		5.72	%(d)	12.32	%	(7.54	)%	38.42	%	10.56	%	6.77	%
Ratios to Average Net Assets(e)
Total expenses(f)		0.35	%(g)	0.35	%	0.32	%	0.30	%	0.31	%	0.32	%
Total expenses after fees waived and/or reimbursed		0.33	%(g)	0.33	%	0.31	%	0.30	%	0.30	%	0.31	%
Net investment income		1.28	%(g)	1.32	%	1.09	%	1.11	%	1.56	%	1.64	%
Supplemental Data
Net assets, end of period (000)		$224,493		$196,798		$176,683		$166,601		$114,362		$84,192
Portfolio turnover rate		8	%	20	%	16	%	16	%	15	%	19	%

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

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

	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23		Year Ended 07/31/22		Year Ended 07/31/21		Year Ended 07/31/20		Year Ended 07/31/19
Expense ratios		N/A		N/A		0.32	%	0.30	%	0.31	%	0.32	%

^(g)  Annualized.

See notes to financial statements.

88 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Total U.S. Stock Market Index Fund (continued)
	Class K
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	21.15		$	19.07		$	20.96		$	15.31		$	14.13		$	13.52
Net investment income(a)			0.17			0.31			0.28			0.25			0.26			0.26
Net realized and unrealized gain (loss)			1.06			2.07			(1.79	)		5.64			1.24			0.66
Net increase (decrease) from investment operations			1.23			2.38			(1.51	)		5.89			1.50			0.92
Distributions(b)
From net investment income			(0.18	)		(0.30	)		(0.28	)		(0.23	)		(0.28	)		(0.26	)
From net realized gain			—			—			(0.10	)		(0.01	)		(0.04	)		(0.05	)
Total distributions			(0.18	)		(0.30	)		(0.38	)		(0.24	)		(0.32	)		(0.31	)
Net asset value, end of period		$	22.20		$	21.15		$	19.07		$	20.96		$	15.31		$	14.13
Total Return(c)
Based on net asset value			5.87	%(d)		12.70	%		(7.32	)%		38.79	%		10.84	%		7.06	%
Ratios to Average Net Assets(e)
Total expenses(f)			0.03	%(g)		0.02	%		0.03	%		0.03	%		0.04	%		0.04	%
Total expenses after fees waived and/or reimbursed			0.03	%(g)		0.02	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income			1.59	%(g)		1.63	%		1.36	%		1.35	%		1.84	%		1.91	%
Supplemental Data
Net assets, end of period (000)		$	2,642,293		$	2,570,083		$	2,215,506		$	2,037,797		$	1,043,568		$	916,638
Portfolio turnover rate			8	%		20	%		16	%		16	%		15	%		19	%

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

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

	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Expense ratios		N/A			N/A			0.03	%		0.03	%		0.04	%		0.04	%

^(g)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 89

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

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

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

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, 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.

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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.

90 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 91

Notes to Financial Statements (unaudited) (continued)

under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

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

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

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

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

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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
Mid-Cap Index
Barclays Capital, Inc.	$	3,584,167	$	(3,584,167	)	$	—	$	—
BNP Paribas SA		4,988,849		(4,988,849	)		—		—
BofA Securities, Inc.		5,613,639		(5,613,639	)		—		—
Citigroup Global Markets, Inc.		1,486,652		(1,486,652	)		—		—
HSBC Bank PLC		3,389,856		(3,389,856	)		—		—

92 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

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
Mid-Cap Index (continued)
Jefferies LLC	$	229,185	$	(229,185	)	$	—	$	—
Morgan Stanley		9,280,898		(9,280,898	)		—		—
National Financial Services LLC		431,410		(431,410	)		—		—
RBC Capital Markets LLC		1,229,339		(1,229,339	)		—		—
Scotia Capital (USA), Inc.		3,472,176		(3,472,176	)		—		—
SG Americas Securities LLC		64,884		(64,884	)		—		—
State Street Bank & Trust Co.		1,961,958		(1,961,958	)		—		—
Toronto-Dominion Bank		1,965,613		(1,965,613	)		—		—
UBS AG		8,549,190		(8,549,190	)		—		—
Virtu Americas LLC		794,592		(794,592	)		—		—
Wells Fargo Bank N.A		509,931		(509,931	)		—		—
Wells Fargo Securities LLC		16,494		(16,494	)		—		—
	$	47,568,833	$	(47,568,833	)	$	—	$	—
Small/Mid-Cap Index
BMO Capital Markets Corp.	$	11,538	$	(11,538	)	$	—	$	—
BNP Paribas SA		5,432,790		(5,432,790	)		—		—
BofA Securities, Inc.		6,697,072		(6,697,072	)		—		—
Citadel Clearing LLC		779,343		(779,343	)		—		—
Citigroup Global Markets, Inc.		1,156,195		(1,156,195	)		—		—
Goldman Sachs & Co. LLC		7,728,804		(7,728,804	)		—		—
HSBC Bank PLC		1,537,315		(1,537,315	)		—		—
J.P. Morgan Securities LLC		7,520,402		(7,520,402	)		—		—
Jefferies LLC		265,512		(265,512	)		—		—
Morgan Stanley		6,777,942		(6,777,942	)		—		—
National Financial Services LLC		1,237,349		(1,237,349	)		—		—
Nomura Securities International, Inc.		22,055		(22,055	)		—		—
RBC Capital Markets LLC		2,514,068		(2,514,068	)		—		—
Scotia Capital (USA), Inc.		1,460,515		(1,460,515	)		—		—
SG Americas Securities LLC		303,730		(303,730	)		—		—
State Street Bank & Trust Co.		778,315		(778,315	)		—		—
Toronto-Dominion Bank		1,184,006		(1,184,006	)		—		—
UBS AG		1,557,702		(1,557,702	)		—		—
UBS Securities LLC		86,371		(86,371	)		—		—
Wells Fargo Bank N.A		452,246		(452,246	)		—		—
Wells Fargo Securities LLC		17,926		(17,926	)		—		—
	$	47,521,196	$	(47,521,196	)	$	—	$	—
Total U.S. Stock Market Index
BNP Paribas SA	$	3,572,518	$	(3,572,518	)	$	—	$	—
BofA Securities, Inc.		5,232,125		(5,232,125	)		—		—
Citigroup Global Markets, Inc.		869,104		(869,104	)		—		—
Goldman Sachs & Co. LLC		4,221,140		(4,221,140	)		—		—
HSBC Bank PLC		2,465,607		(2,465,607	)		—		—
J.P. Morgan Securities LLC		7,000,577		(7,000,577	)		—		—
Jefferies LLC		862,164		(862,164	)		—		—
Morgan Stanley		6,334,912		(6,334,912	)		—		—
National Financial Services LLC		574,420		(574,420	)		—		—
RBC Capital Markets LLC		712,205		(712,205	)		—		—
Scotia Capital (USA), Inc.		585,084		(585,084	)		—		—
SG Americas Securities LLC		10,604		(10,604	)		—		—
State Street Bank & Trust Co.		713,427		(713,427	)		—		—
Toronto-Dominion Bank		1,336,873		(1,336,873	)		—		—
UBS AG		4,058,751		(4,058,751	)		—		—
UBS Securities LLC		9,636		(9,636	)		—		—
Virtu Americas LLC		24,120		(24,120	)		—		—
Wells Fargo Bank N.A		553,169		(553,169	)		—		—
Wells Fargo Securities LLC		172,728		(172,728	)		—		—
	$	39,309,164	$	(39,309,164	)	$	—	$	—

^(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.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities

NOTES TO FINANCIAL STATEMENTS 93

Notes to Financial Statements (unaudited) (continued)

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

Service Fees: The Trust, on behalf of 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, 2024, 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		$ 177,540
Small/Mid-Cap Index		115,620
Total U.S. Stock Market Index		252,339

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, 2024, the Funds did not pay any amounts to affiliates in return for these services.

94 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

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, 2024, 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	$	422	$	4,432	$	3,223	$	8,077
Small/Mid-Cap Index		191		3,210		1,451		4,852
Total U.S. Stock Market Index		367		4,756		3,819		8,942

For the six months ended January 31, 2024, 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	$	52,037	$	57,846	$	56,367	$	166,250
Small/Mid-Cap Index		34,719		34,280		15,762		84,761
Total U.S. Stock Market Index		26,948		71,609		23,893		122,450

Expense Limitations, Waivers and Reimbursements: 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, 2025. 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, 2024, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Mid-Cap Index	$	4,498
Small/Mid-Cap Index		1,097
Total U.S. Stock Market Index		5,734

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, 2025. 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, 2024, 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	$	1,637
Small/Mid-Cap Index		891
Total U.S. Stock Market Index		1,106

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, 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, 2025, 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, 2024, amounts included in the Statements of Operations were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Small/Mid-Cap Index	$	37,933

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, 2024, class specific expense waivers and/or reimbursements were 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	$	—	$	3,727	$	—	$	3,727
Small/Mid-Cap Index		36		11,151		15,748		26,935

NOTES TO FINANCIAL STATEMENTS 95

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
Total U.S. Stock Market Index	$	—	$	14,779	$	—	$	14,779

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 impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.

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, 2024, each Fund paid BTC the following amounts for securities lending agent services:

Fund Name	Amounts
Mid-Cap Index		$ 63,457
Small/Mid-Cap Index		59,121
Total U.S. Stock Market Index		54,040

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, 2024, 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, 2024, 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	$	8,636,911	$	1,253,359	$	53,432
Small/Mid-Cap Index		3,256,061		4,334,881		(191,882	)
Total U.S. Stock Market Index		39,971,540		5,345,977		323,422

96 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities, were as follows:

Fund Name	Purchases		Sales
Mid-Cap Index	$	166,127,479	$	133,612,416
Small/Mid-Cap Index		110,306,300		147,665,390
Total U.S. Stock Market Index		234,030,569		262,464,692

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, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

Fund Name	Non-Expiring Capital Loss Carryforwards
Small/Mid-Cap Index	$	(1,216,197	)
Total U.S. Stock Market Index		(29,128,464	)

As of January 31, 2024, 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	$	1,332,800,263	$	639,581,414	$	(136,543,277	)	$	503,038,137
Small/Mid-Cap Index		471,900,153		151,486,817		(68,135,345	)		83,351,472
Total U.S. Stock Market Index		1,928,136,839		1,233,017,056		(140,576,450	)		1,092,440,606

9. BANK BORROWINGS

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2024 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, 2024, 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 an indexing approach to try to achieve each Fund’s investment objective. The Funds are not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.

NOTES TO FINANCIAL STATEMENTS 97

Notes to Financial Statements (unaudited) (continued)

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 discretionary liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. 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.

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

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

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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.

98 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 01/31/24						Year Ended 07/31/23
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Mid-Cap Index
Institutional
Shares sold		4,884,705		$	63,214,288			5,437,015		$	67,338,987
Shares issued in reinvestment of distributions		336,275			4,490,513			533,611			6,661,378
Shares redeemed		(2,458,449	)		(32,148,035	)		(9,559,981	)		(118,190,344	)
		2,762,531		$	35,556,766			(3,589,355	)	$	(44,189,979	)
Investor A
Shares sold		1,457,356		$	18,850,787			3,525,620		$	43,627,760
Shares issued in reinvestment of distributions		260,657			3,472,820			348,553			4,341,264
Shares redeemed		(1,723,017	)		(22,072,320	)		(2,846,492	)		(35,410,547	)
		(5,004	)	$	251,287			1,027,681		$	12,558,477
Class K
Shares sold		16,683,268		$	214,923,418			29,292,619		$	367,442,572
Shares issued in reinvestment of distributions		2,643,448			35,349,600			3,543,373			44,383,778
Shares redeemed		(16,251,532	)		(211,642,808	)		(34,243,119	)		(433,133,535	)
		3,075,184		$	38,630,210			(1,407,127	)	$	(21,307,185	)
		5,832,711		$	74,438,263			(3,968,801	)	$	(52,938,687	)

	Six Months Ended 01/31/24						Year Ended 07/31/23
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Small/Mid-Cap Index
Institutional
Shares sold		1,922,573		$	26,949,682			2,551,753		$	35,623,672
Shares issued in reinvestment of distributions		102,435			1,481,150			481,254			6,628,764
Shares redeemed		(1,278,372	)		(18,566,186	)		(4,354,894	)		(59,728,695	)
		746,636		$	9,864,646			(1,321,887	)	$	(17,476,259	)
Investor A
Shares sold		666,007		$	9,752,398			997,761		$	13,794,288
Shares issued in reinvestment of distributions		55,053			796,279			303,903			4,179,491
Shares redeemed		(873,371	)		(12,401,562	)		(1,534,187	)		(21,188,776	)
		(152,311	)	$	(1,852,885	)		(232,523	)	$	(3,214,997	)
Class K
Shares sold		5,073,776		$	72,026,974			7,537,625		$	105,309,794
Shares issued in reinvestment of distributions		221,202			3,195,539			799,862			11,029,628
Shares redeemed		(7,961,718	)		(119,999,369	)		(2,973,532	)		(41,657,789	)
		(2,666,740	)	$	(44,776,856	)		5,363,955		$	74,681,633
		(2,072,415	)	$	(36,765,095	)		3,809,545		$	53,990,377

	Six Months Ended 01/31/24						Year Ended 07/31/23
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Total U.S. Stock Market Index
Institutional
Shares sold		825,797		$	17,208,607			2,350,832		$	43,042,660
Shares issued in reinvestment of distributions		45,959			963,196			107,187			1,988,623
Shares redeemed		(500,174	)		(10,332,937	)		(4,115,643	)		(77,273,538	)
		371,582		$	7,838,866			(1,657,624	)	$	(32,242,255	)
Investor A
Shares sold		1,312,919		$	27,099,283			1,935,801		$	36,043,435
Shares issued in reinvestment of distributions		69,932			1,464,551			119,620			2,233,812
Shares redeemed		(573,120	)		(11,900,842	)		(2,015,209	)		(38,166,720	)
		809,731		$	16,662,992			40,212		$	110,527

NOTES TO FINANCIAL STATEMENTS 99

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/24						Year Ended 07/31/23
Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
Total U.S. Stock Market Index (continued)
Class K
Shares sold		10,293,627		$	212,833,342			27,549,116		$	514,476,382
Shares issued in reinvestment of distributions		1,033,360			21,610,543			1,970,437			36,783,003
Shares redeemed		(13,813,128	)		(286,575,909	)		(24,179,097	)		(462,835,384	)
		(2,486,141	)	$	(52,132,024	)		5,340,456		$	88,424,001
		(1,304,828	)	$	(27,630,166	)		3,723,044		$	56,292,273

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.

100 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

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 16-17, 2023 (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, 2022 through September 30, 2023 (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

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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.

102 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

BlackRock Privacy Principles (continued)

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

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

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Fund and Service Providers

Investment Adviser	Distributor
BlackRock Advisors, LLC	BlackRock Investments, LLC
Wilmington, DE 19809	New York, NY 10001
Sub-Adviser	Independent Registered Public Accounting Firm
BlackRock Fund Advisors	PricewaterhouseCoopers LLP
San Francisco, CA 94105	Philadelphia, PA 19103
Accounting Agent and Custodian	Legal Counsel
State Street Bank and Trust Company	Sidley Austin LLP
Boston, MA 02114	New York, NY 10019
Transfer Agent	Address of the Funds
BNY Mellon Investment Servicing (US) Inc.	100 Bellevue Parkway
Wilmington, DE 19809	Wilmington, DE 19809

ADDITIONAL INFORMATION 103

Glossary of Terms Used in this Report

Portfolio Abbreviation

CPI	Consumer Price Index
CVR	Contingent Value Right
ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

104 2 0 2 4  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

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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.

INDEX5-01/24-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 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

2

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

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

(b) Section 906 Certifications are attached

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 FundsSM

Date: March 22, 2024

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 22, 2024

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

Date: March 22, 2024

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