BlackRock Funds
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 FundsSM
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:
7/31/2025
Date of reporting period:
1/31/2025
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
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iShares Russell Mid-Cap Index Fund
Institutional Shares | BRMIX
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares Russell Mid-Cap Index Fund (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $5 0.10%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years Since Fund
Inception
Institutional Shares 9.33 % 21.89 % 10.98 % 9.94 %
Russell 3000® Index 10.42 26.32 14.60 12.95
Russell Midcap® Index 9.41 21.99 11.02 9.98
Key Fund statistics
Net Assets $2,109,449,555
Number of Portfolio Holdings 813
Portfolio Turnover Rate 5%
The Fund commenced operations on May 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Industrials 16.9 %
Financials 16.9 %
Information Technology 14.0 %
Consumer Discretionary 10.5 %
Health Care 9.5 %
Real Estate 7.3 %
Utilities 5.4 %
Materials 5.3 %
Energy 5.2 %
Consumer Staples 4.5 %
Other* 4.3 %
Short-Term Securities 2.7 %
Liabilities in Excess of Other Assets (2.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Palantir Technologies, Inc., Class A 1.3 %
AppLovin Corp., Class A 0.8 %
iShares Russell Mid-Cap ETF 0.7 %
Arthur J Gallagher & Co. 0.6 %
Williams Cos., Inc. 0.5 %
Bank of New York Mellon Corp. 0.5 %
Royal Caribbean Cruises Ltd. 0.5 %
Hilton Worldwide Holdings, Inc. 0.5 %
Aflac, Inc. 0.5 %
Coinbase Global, Inc., Class A 0.5 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Russell Mid-Cap Index Fund
Institutional Shares | BRMIX
Semi-Annual Shareholder Report — January 31, 2025
BRMIX-01/25-SAR
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iShares Russell Mid-Cap Index Fund
Investor A Shares | BRMAX
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares Russell Mid-Cap Index Fund (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $19 0.36%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years Since Fund
Inception
Investor A Shares 9.24 % 21.61 % 10.69 % 9.67 %
Russell 3000® Index 10.42 26.32 14.60 12.95
Russell Midcap® Index 9.41 21.99 11.02 9.98
Key Fund statistics
Net Assets $2,109,449,555
Number of Portfolio Holdings 813
Portfolio Turnover Rate 5%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on May 13, 2015.
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. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Industrials 16.9 %
Financials 16.9 %
Information Technology 14.0 %
Consumer Discretionary 10.5 %
Health Care 9.5 %
Real Estate 7.3 %
Utilities 5.4 %
Materials 5.3 %
Energy 5.2 %
Consumer Staples 4.5 %
Other* 4.3 %
Short-Term Securities 2.7 %
Liabilities in Excess of Other Assets (2.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Palantir Technologies, Inc., Class A 1.3 %
AppLovin Corp., Class A 0.8 %
iShares Russell Mid-Cap ETF 0.7 %
Arthur J Gallagher & Co. 0.6 %
Williams Cos., Inc. 0.5 %
Bank of New York Mellon Corp. 0.5 %
Royal Caribbean Cruises Ltd. 0.5 %
Hilton Worldwide Holdings, Inc. 0.5 %
Aflac, Inc. 0.5 %
Coinbase Global, Inc., Class A 0.5 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Russell Mid-Cap Index Fund
Investor A Shares | BRMAX
Semi-Annual Shareholder Report — January 31, 2025
BRMAX-01/25-SAR
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iShares Russell Mid-Cap Index Fund
Class K Shares | BRMKX
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares Russell Mid-Cap Index Fund (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $2 0.04%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years Since Fund
Inception
Class K Shares 9.41 % 21.98 % 11.04 % 10.00 %
Russell 3000® Index 10.42 26.32 14.60 12.95
Russell Midcap® Index 9.41 21.99 11.02 9.98
Key Fund statistics
Net Assets $2,109,449,555
Number of Portfolio Holdings 813
Portfolio Turnover Rate 5%
The Fund commenced operations on May 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Industrials 16.9 %
Financials 16.9 %
Information Technology 14.0 %
Consumer Discretionary 10.5 %
Health Care 9.5 %
Real Estate 7.3 %
Utilities 5.4 %
Materials 5.3 %
Energy 5.2 %
Consumer Staples 4.5 %
Other* 4.3 %
Short-Term Securities 2.7 %
Liabilities in Excess of Other Assets (2.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Palantir Technologies, Inc., Class A 1.3 %
AppLovin Corp., Class A 0.8 %
iShares Russell Mid-Cap ETF 0.7 %
Arthur J Gallagher & Co. 0.6 %
Williams Cos., Inc. 0.5 %
Bank of New York Mellon Corp. 0.5 %
Royal Caribbean Cruises Ltd. 0.5 %
Hilton Worldwide Holdings, Inc. 0.5 %
Aflac, Inc. 0.5 %
Coinbase Global, Inc., Class A 0.5 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Russell Mid-Cap Index Fund
Class K Shares | BRMKX
Semi-Annual Shareholder Report — January 31, 2025
BRMKX-01/25-SAR
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iShares Russell Small/Mid-Cap Index Fund
Institutional Shares | BSMIX
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares Russell Small/Mid-Cap Index Fund (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $6 0.11%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years Since Fund
Inception
Institutional Shares 5.40 % 19.01 % 9.94 % 9.40 %
Russell 3000® Index 10.42 26.32 14.60 13.37
Russell 2500™ Index 5.47 19.08 9.98 9.43
Key Fund statistics
Net Assets $850,892,565
Number of Portfolio Holdings 2,446
Portfolio Turnover Rate 12%
The Fund commenced operations on August 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Industrials 18.7 %
Financials 17.8 %
Information Technology 12.4 %
Consumer Discretionary 12.2 %
Health Care 11.9 %
Real Estate 6.5 %
Materials 5.5 %
Energy 5.0 %
Consumer Staples 3.4 %
Communication Services 2.9 %
Other* 3.2 %
Short-Term Securities 7.3 %
Liabilities in Excess of Other Assets (6.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Robinhood Markets, Inc., Class A 0.5 %
EQT Corp. 0.5 %
Smurfit WestRock PLC 0.4 %
Carvana Co., Class A 0.4 %
iShares Russell 2000 ETF 0.4 %
Texas Pacific Land Corp. 0.4 %
Chesapeake Energy Corp. 0.4 %
NRG Energy, Inc. 0.3 %
Pure Storage, Inc., Class A 0.3 %
EMCOR Group, Inc. 0.3 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Russell Small/Mid-Cap Index Fund
Institutional Shares | BSMIX
Semi-Annual Shareholder Report — January 31, 2025
BSMIX-01/25-SAR
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iShares Russell Small/Mid-Cap Index Fund
Investor A Shares | BSMAX
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares Russell Small/Mid-Cap Index Fund (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $19 0.37%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years Since Fund
Inception
Investor A Shares 5.28 % 18.69 % 9.67 % 9.14 %
Russell 3000® Index 10.42 26.32 14.60 13.37
Russell 2500™ Index 5.47 19.08 9.98 9.43
Key Fund statistics
Net Assets $850,892,565
Number of Portfolio Holdings 2,446
Portfolio Turnover Rate 12%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Industrials 18.7 %
Financials 17.8 %
Information Technology 12.4 %
Consumer Discretionary 12.2 %
Health Care 11.9 %
Real Estate 6.5 %
Materials 5.5 %
Energy 5.0 %
Consumer Staples 3.4 %
Communication Services 2.9 %
Other* 3.2 %
Short-Term Securities 7.3 %
Liabilities in Excess of Other Assets (6.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Robinhood Markets, Inc., Class A 0.5 %
EQT Corp. 0.5 %
Smurfit WestRock PLC 0.4 %
Carvana Co., Class A 0.4 %
iShares Russell 2000 ETF 0.4 %
Texas Pacific Land Corp. 0.4 %
Chesapeake Energy Corp. 0.4 %
NRG Energy, Inc. 0.3 %
Pure Storage, Inc., Class A 0.3 %
EMCOR Group, Inc. 0.3 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
iShares Russell Small/Mid-Cap Index Fund
Investor A Shares | BSMAX
Semi-Annual Shareholder Report — January 31, 2025
BSMAX-01/25-SAR
TSR - BLK Retail Logo
iShares Russell Small/Mid-Cap Index Fund
Class K Shares | BSMKX
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares Russell Small/Mid-Cap Index Fund (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $4 0.07%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years Since Fund
Inception
Class K Shares 5.42 % 19.07 % 9.99 % 9.44 %
Russell 3000® Index 10.42 26.32 14.60 13.37
Russell 2500™ Index 5.47 19.08 9.98 9.43
Key Fund statistics
Net Assets $850,892,565
Number of Portfolio Holdings 2,446
Portfolio Turnover Rate 12%
The Fund commenced operations on August 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Industrials 18.7 %
Financials 17.8 %
Information Technology 12.4 %
Consumer Discretionary 12.2 %
Health Care 11.9 %
Real Estate 6.5 %
Materials 5.5 %
Energy 5.0 %
Consumer Staples 3.4 %
Communication Services 2.9 %
Other* 3.2 %
Short-Term Securities 7.3 %
Liabilities in Excess of Other Assets (6.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Robinhood Markets, Inc., Class A 0.5 %
EQT Corp. 0.5 %
Smurfit WestRock PLC 0.4 %
Carvana Co., Class A 0.4 %
iShares Russell 2000 ETF 0.4 %
Texas Pacific Land Corp. 0.4 %
Chesapeake Energy Corp. 0.4 %
NRG Energy, Inc. 0.3 %
Pure Storage, Inc., Class A 0.3 %
EMCOR Group, Inc. 0.3 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
iShares Russell Small/Mid-Cap Index Fund
Class K Shares | BSMKX
Semi-Annual Shareholder Report — January 31, 2025
BSMKX-01/25-SAR
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iShares Total U.S. Stock Market Index Fund
Institutional Shares | BITSX
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares Total U.S. Stock Market Index Fund (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $3 0.06%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years Since Fund
Inception
Institutional Shares 10.40 % 26.34 % 14.58 % 13.34 %
Russell 3000® Index 10.42 26.32 14.60 13.37
Key Fund statistics
Net Assets $3,930,486,575
Number of Portfolio Holdings 2,738
Portfolio Turnover Rate 3%
The Fund commenced operations on August 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Information Technology 28.2 %
Financials 14.6 %
Consumer Discretionary 11.4 %
Health Care 10.6 %
Industrials 9.5 %
Communication Services 9.4 %
Consumer Staples 5.2 %
Energy 3.3 %
Real Estate 2.5 %
Materials 2.3 %
Other* 2.8 %
Short-Term Securities 1.2 %
Liabilities in Excess of Other Assets (1.0 )
Ten largest holdings
Security(b) Percent of
Net Assets
Apple, Inc. 5.7 %
Microsoft Corp. 5.3 %
NVIDIA Corp. 4.8 %
Amazon.com, Inc. 3.8 %
Meta Platforms, Inc., Class A 2.6 %
Alphabet, Inc., Class A 2.0 %
Tesla, Inc. 1.9 %
Broadcom, Inc. 1.7 %
Alphabet, Inc., Class C 1.7 %
Berkshire Hathaway, Inc., Class B 1.5 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Total U.S. Stock Market Index Fund
Institutional Shares | BITSX
Semi-Annual Shareholder Report — January 31, 2025
BITSX-01/25-SAR
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iShares Total U.S. Stock Market Index Fund
Investor A Shares | BASMX
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares Total U.S. Stock Market Index Fund (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $17 0.33%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years Since Fund
Inception
Investor A Shares 10.24 % 25.96 % 14.30 % 13.06 %
Russell 3000® Index 10.42 26.32 14.60 13.37
Key Fund statistics
Net Assets $3,930,486,575
Number of Portfolio Holdings 2,738
Portfolio Turnover Rate 3%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Information Technology 28.2 %
Financials 14.6 %
Consumer Discretionary 11.4 %
Health Care 10.6 %
Industrials 9.5 %
Communication Services 9.4 %
Consumer Staples 5.2 %
Energy 3.3 %
Real Estate 2.5 %
Materials 2.3 %
Other* 2.8 %
Short-Term Securities 1.2 %
Liabilities in Excess of Other Assets (1.0 )
Ten largest holdings
Security(b) Percent of
Net Assets
Apple, Inc. 5.7 %
Microsoft Corp. 5.3 %
NVIDIA Corp. 4.8 %
Amazon.com, Inc. 3.8 %
Meta Platforms, Inc., Class A 2.6 %
Alphabet, Inc., Class A 2.0 %
Tesla, Inc. 1.9 %
Broadcom, Inc. 1.7 %
Alphabet, Inc., Class C 1.7 %
Berkshire Hathaway, Inc., Class B 1.5 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
iShares Total U.S. Stock Market Index Fund
Investor A Shares | BASMX
Semi-Annual Shareholder Report — January 31, 2025
BASMX-01/25-SAR
TSR - BLK Retail Logo
iShares Total U.S. Stock Market Index Fund
Class K Shares | BKTSX
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares Total U.S. Stock Market Index Fund (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $1 0.02%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years Since Fund
Inception
Class K Shares 10.42 % 26.38 % 14.63 % 13.39 %
Russell 3000® Index 10.42 26.32 14.60 13.37
Key Fund statistics
Net Assets $3,930,486,575
Number of Portfolio Holdings 2,738
Portfolio Turnover Rate 3%
The Fund commenced operations on August 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Information Technology 28.2 %
Financials 14.6 %
Consumer Discretionary 11.4 %
Health Care 10.6 %
Industrials 9.5 %
Communication Services 9.4 %
Consumer Staples 5.2 %
Energy 3.3 %
Real Estate 2.5 %
Materials 2.3 %
Other* 2.8 %
Short-Term Securities 1.2 %
Liabilities in Excess of Other Assets (1.0 )
Ten largest holdings
Security(b) Percent of
Net Assets
Apple, Inc. 5.7 %
Microsoft Corp. 5.3 %
NVIDIA Corp. 4.8 %
Amazon.com, Inc. 3.8 %
Meta Platforms, Inc., Class A 2.6 %
Alphabet, Inc., Class A 2.0 %
Tesla, Inc. 1.9 %
Broadcom, Inc. 1.7 %
Alphabet, Inc., Class C 1.7 %
Berkshire Hathaway, Inc., Class B 1.5 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
iShares Total U.S. Stock Market Index Fund
Class K Shares | BKTSX
Semi-Annual Shareholder Report — January 31, 2025
BKTSX-01/25-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 Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

 

 
January 31, 2025 
2025 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
 
BlackRock FundsSM
• 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
Table of Contents 
Page
 
3
4
68
70
71
73
82
93
95
2
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.
 
3
Schedule of Investments (unaudited)
January 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 1.9%
Axon Enterprise, Inc.(a)
 
12,270
$ 8,002,249
BWX Technologies, Inc.
 
15,526
1,753,351
Curtiss-Wright Corp.
 
6,496
2,253,722
HEICO Corp.
 
7,506
1,793,484
HEICO Corp., Class A
 
13,932
2,651,678
Hexcel Corp.
 
13,843
902,564
Howmet Aerospace, Inc.
 
69,250
8,765,665
Huntington Ingalls Industries, Inc.
 
6,725
1,326,573
L3Harris Technologies, Inc.
 
32,366
6,861,916
Loar Holdings, Inc.(a)(b)
 
4,930
391,836
Spirit AeroSystems Holdings, Inc., Class A(a)(b)
 
20,167
685,880
Standardaero, Inc.(a)(b)
 
11,047
296,501
Textron, Inc.
 
32,047
2,451,916
Woodward, Inc.
 
10,093
1,869,728
 
 
40,007,063
Air Freight & Logistics — 0.3%
CH Robinson Worldwide, Inc.
 
19,843
1,974,180
Expeditors International of Washington, Inc.
 
23,936
2,718,651
GXO Logistics, Inc.(a)(b)
 
19,874
903,273
 
 
5,596,104
Automobile Components — 0.3%
Aptiv PLC(a)(b)
 
40,117
2,504,103
BorgWarner, Inc.
 
37,464
1,195,102
Gentex Corp.
 
38,916
1,008,703
Lear Corp.
 
9,345
879,271
QuantumScape Corp.(a)(b)
 
61,208
316,445
 
 
5,903,624
Automobiles — 0.2%
Harley-Davidson, Inc.
 
20,607
557,625
Lucid Group, Inc.(a)(b)
 
168,909
466,189
Rivian Automotive, Inc., Class A(a)(b)
 
142,550
1,790,428
Thor Industries, Inc.
 
8,787
903,655
 
 
3,717,897
Banks — 2.9%
Bank OZK
 
18,388
933,926
BOK Financial Corp.
 
3,964
437,705
Citizens Financial Group, Inc.
 
77,280
3,676,210
Columbia Banking System, Inc.
 
36,157
1,008,780
Comerica, Inc.
 
23,027
1,550,178
Commerce Bancshares, Inc.
 
21,302
1,422,974
Cullen/Frost Bankers, Inc.
 
10,145
1,414,213
East West Bancorp, Inc.
 
23,494
2,419,177
Fifth Third Bancorp
 
116,756
5,173,458
First Citizens BancShares, Inc., Class A
 
2,051
4,521,819
First Hawaiian, Inc.
 
22,038
608,690
First Horizon Corp.
 
92,955
2,034,785
FNB Corp.
 
60,569
950,328
Huntington Bancshares, Inc.
 
247,100
4,250,120
KeyCorp.
 
158,712
2,853,642
M&T Bank Corp.
 
28,400
5,715,216
NU Holdings Ltd./Cayman Islands, Class A(a)
 
543,837
7,200,402
Pinnacle Financial Partners, Inc.
 
13,072
1,630,993
Popular, Inc.
 
12,367
1,273,059
Prosperity Bancshares, Inc.
 
15,255
1,220,400
Regions Financial Corp.
 
157,263
3,874,960
Synovus Financial Corp.
 
24,815
1,400,062
TFS Financial Corp.
 
9,007
123,576
Webster Financial Corp.
 
29,413
1,771,839
Security
 
 
Shares
Value
Banks (continued)
Western Alliance Bancorp
 
18,518
$ 1,627,177
Wintrust Financial Corp.
 
11,127
1,455,523
Zions Bancorp NA
 
24,598
1,423,240
 
 
61,972,452
Beverages — 0.3%
Boston Beer Co., Inc., Class A(a)
 
1,510
378,512
Brown-Forman Corp., Class A
 
8,077
269,126
Brown-Forman Corp., Class B
 
29,812
984,094
Celsius Holdings, Inc.(a)
 
30,471
761,165
Coca-Cola Consolidated, Inc.
 
1,031
1,410,016
Molson Coors Beverage Co., Class B
 
29,228
1,600,233
 
 
5,403,146
Biotechnology(a) — 1.5%
Alnylam Pharmaceuticals, Inc.
 
22,019
5,973,975
Apellis Pharmaceuticals, Inc.
 
18,109
525,342
Biogen, Inc.
 
24,948
3,590,766
BioMarin Pharmaceutical, Inc.
 
32,158
2,037,531
Exact Sciences Corp.
 
31,067
1,741,305
Exelixis, Inc.
 
47,937
1,589,112
GRAIL, Inc.(b)
 
4,573
138,470
Incyte Corp.
 
27,054
2,006,325
Ionis Pharmaceuticals, Inc.
 
26,735
852,846
Natera, Inc.
 
19,573
3,462,855
Neurocrine Biosciences, Inc.
 
16,984
2,578,511
Roivant Sciences Ltd.
 
72,368
805,456
Sarepta Therapeutics, Inc.
 
15,611
1,775,283
Ultragenyx Pharmaceutical, Inc.
 
15,044
647,343
United Therapeutics Corp.
 
7,437
2,611,651
Viking Therapeutics, Inc.
 
17,909
586,520
 
 
30,923,291
Broadline Retail — 0.7%
Coupang, Inc.(a)
 
197,931
4,653,358
Dillard’s, Inc., Class A(b)
 
539
252,311
eBay, Inc.
 
81,906
5,527,017
Etsy, Inc.(a)(b)
 
19,023
1,044,553
Kohl’s Corp.
 
19,264
254,477
Macy’s, Inc.
 
46,545
725,171
Nordstrom, Inc.
 
17,246
417,353
Ollie’s Bargain Outlet Holdings, Inc.(a)
 
10,474
1,167,956
 
 
14,042,196
Building Products — 1.3%
A O Smith Corp.
 
19,968
1,343,846
AAON, Inc.
 
11,529
1,341,745
Advanced Drainage Systems, Inc.
 
11,979
1,448,381
Allegion PLC
 
14,894
1,976,881
Armstrong World Industries, Inc.
 
7,323
1,105,846
AZEK Co., Inc.(a)
 
24,447
1,252,420
Builders FirstSource, Inc.(a)(b)
 
19,643
3,285,881
Carlisle Cos., Inc.
 
7,709
3,002,347
Fortune Brands Innovations, Inc.
 
21,238
1,522,128
Hayward Holdings, Inc.(a)
 
24,686
371,771
Lennox International, Inc.
 
5,460
3,234,613
Masco Corp.
 
36,731
2,912,034
Owens Corning
 
14,798
2,730,971
Simpson Manufacturing Co., Inc.
 
7,217
1,212,456
Trex Co., Inc.(a)(b)
 
18,228
1,327,545
 
 
28,068,865
Capital Markets — 5.5%
Affiliated Managers Group, Inc.
 
5,040
947,218
Ameriprise Financial, Inc.
 
16,673
9,059,441
4
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Capital Markets (continued)
Ares Management Corp., Class A
 
31,666
$ 6,276,835
Bank of New York Mellon Corp.
 
126,306
10,853,475
Blue Owl Capital, Inc.
 
88,696
2,306,983
Carlyle Group, Inc.
 
37,285
2,093,926
Cboe Global Markets, Inc.
 
17,966
3,670,993
Coinbase Global, Inc., Class A(a)
 
34,647
10,093,710
Evercore, Inc., Class A
 
6,109
1,779,368
FactSet Research Systems, Inc.
 
6,521
3,093,628
Franklin Resources, Inc.
 
49,902
1,109,820
Houlihan Lokey, Inc.
 
8,957
1,627,666
Interactive Brokers Group, Inc., Class A
 
18,036
3,921,748
Invesco Ltd.
 
62,013
1,192,510
Janus Henderson Group PLC
 
22,009
988,864
Jefferies Financial Group, Inc.
 
29,967
2,304,163
Lazard, Inc.
 
18,639
1,013,402
LPL Financial Holdings, Inc.
 
12,745
4,676,013
MarketAxess Holdings, Inc.
 
6,285
1,386,660
Morningstar, Inc.
 
4,545
1,493,669
MSCI, Inc.
 
12,994
7,754,429
Nasdaq, Inc.
 
70,423
5,798,630
Northern Trust Corp.
 
33,847
3,800,680
Raymond James Financial, Inc.
 
31,615
5,326,495
Robinhood Markets, Inc., Class A(a)
 
114,952
5,971,756
SEI Investments Co.
 
17,200
1,489,176
State Street Corp.
 
50,526
5,134,452
Stifel Financial Corp.
 
16,905
1,958,444
T Rowe Price Group, Inc.
 
37,360
4,368,131
TPG, Inc.
 
14,537
977,613
Tradeweb Markets, Inc., Class A
 
19,768
2,508,559
Virtu Financial, Inc., Class A
 
14,276
571,897
XP, Inc., Class A
 
69,480
948,402
 
 
116,498,756
Chemicals — 2.3%
Albemarle Corp.
 
20,191
1,699,880
Ashland, Inc.
 
8,499
539,602
Axalta Coating Systems Ltd.(a)
 
37,506
1,347,966
Celanese Corp., Class A
 
18,544
1,317,366
CF Industries Holdings, Inc.
 
29,698
2,738,453
Chemours Co.
 
25,534
484,891
Corteva, Inc.
 
119,550
7,803,028
Dow, Inc.
 
120,284
4,697,090
DuPont de Nemours, Inc.
 
71,491
5,490,509
Eastman Chemical Co.
 
19,916
1,984,629
Element Solutions, Inc.
 
38,110
983,619
FMC Corp.
 
21,204
1,182,759
Huntsman Corp.
 
28,551
480,513
International Flavors & Fragrances, Inc.
 
43,789
3,813,584
LyondellBasell Industries NV, Class A
 
44,487
3,367,666
Mosaic Co.
 
54,482
1,519,503
NewMarket Corp.
 
1,153
574,217
Olin Corp.
 
19,951
584,365
PPG Industries, Inc.
 
39,396
4,545,510
RPM International, Inc.
 
21,803
2,760,260
Scotts Miracle-Gro Co.
 
7,339
520,775
Westlake Corp.
 
5,710
652,482
 
 
49,088,667
Commercial Services & Supplies — 0.7%
Clean Harbors, Inc.(a)
 
8,747
2,038,051
MSA Safety, Inc.
 
6,235
1,027,092
RB Global, Inc.
 
31,181
2,790,076
Rollins, Inc.
 
47,589
2,355,656
Security
 
 
Shares
Value
Commercial Services & Supplies (continued)
Tetra Tech, Inc.
 
45,903
$ 1,689,230
Veralto Corp.
 
42,065
4,349,100
Vestis Corp.
 
23,086
322,742
 
 
14,571,947
Communications Equipment — 0.4%
Ciena Corp.(a)
 
24,817
2,162,553
F5, Inc.(a)
 
9,947
2,956,845
Juniper Networks, Inc.
 
55,651
1,939,994
Lumentum Holdings, Inc.(a)
 
11,576
984,655
Ubiquiti, Inc.
 
720
290,549
 
 
8,334,596
Construction & Engineering — 1.0%
AECOM
 
23,114
2,437,140
API Group Corp.(a)
 
38,729
1,477,511
Comfort Systems USA, Inc.
 
6,029
2,633,166
EMCOR Group, Inc.
 
7,802
3,495,764
Everus Construction Group, Inc.(a)(b)
 
8,646
594,931
MasTec, Inc.(a)
 
10,670
1,548,110
Quanta Services, Inc.
 
24,824
7,636,111
Valmont Industries, Inc.
 
3,422
1,135,283
WillScot Holdings Corp.(a)
 
30,944
1,146,785
 
 
22,104,801
Construction Materials — 0.6%
Eagle Materials, Inc.
 
5,728
1,470,607
Martin Marietta Materials, Inc.
 
10,477
5,700,745
Vulcan Materials Co.
 
22,615
6,199,902
 
 
13,371,254
Consumer Finance — 1.0%
Ally Financial, Inc.
 
46,741
1,821,497
Credit Acceptance Corp.(a)
 
1,064
540,267
Discover Financial Services
 
42,735
8,593,581
OneMain Holdings, Inc.
 
19,528
1,084,585
SLM Corp.
 
37,747
1,053,519
SoFi Technologies, Inc.(a)
 
180,891
2,854,460
Synchrony Financial
 
66,812
4,608,692
 
 
20,556,601
Consumer Staples Distribution & Retail — 1.5%
Albertsons Cos., Inc., Class A
 
71,165
1,426,858
BJ’s Wholesale Club Holdings, Inc.(a)
 
22,463
2,224,960
Casey’s General Stores, Inc.
 
6,303
2,658,416
Dollar General Corp.
 
37,419
2,658,994
Dollar Tree, Inc.(a)
 
34,730
2,547,446
Grocery Outlet Holding Corp.(a)
 
16,905
273,692
Kroger Co.
 
113,389
6,989,298
Maplebear, Inc.(a)
 
28,629
1,382,208
Performance Food Group Co.(a)
 
26,023
2,350,137
Sysco Corp.
 
84,125
6,134,395
U.S. Foods Holding Corp.(a)
 
39,009
2,766,909
Walgreens Boots Alliance, Inc.
 
121,931
1,253,451
 
 
32,666,764
Containers & Packaging — 1.4%
Amcor PLC
 
244,951
2,380,924
AptarGroup, Inc.
 
11,241
1,766,523
Avery Dennison Corp.
 
13,537
2,514,227
Ball Corp.
 
50,439
2,809,452
Berry Global Group, Inc.
 
19,724
1,339,654
Crown Holdings, Inc.
 
20,143
1,769,764
Graphic Packaging Holding Co.
 
51,256
1,405,952
International Paper Co.
 
89,585
4,983,614
Packaging Corp. of America
 
15,186
3,229,455
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Containers & Packaging (continued)
Sealed Air Corp.
 
24,130
$ 840,448
Silgan Holdings, Inc.
 
14,457
795,424
Smurfit WestRock PLC
 
88,338
4,689,864
Sonoco Products Co.
 
16,675
794,397
 
 
29,319,698
Distributors — 0.3%
Genuine Parts Co.
 
23,858
2,773,492
LKQ Corp.
 
44,304
1,656,527
Pool Corp.
 
6,348
2,185,299
 
 
6,615,318
Diversified Consumer Services — 0.4%
ADT, Inc.
 
49,598
380,913
Bright Horizons Family Solutions, Inc.(a)
 
9,814
1,203,196
Duolingo, Inc., Class A(a)
 
6,347
2,310,245
Grand Canyon Education, Inc.(a)
 
4,892
859,231
H&R Block, Inc.
 
23,632
1,307,086
Service Corp. International
 
23,959
1,871,677
 
 
7,932,348
Diversified REITs — 0.1%
WP Carey, Inc.
 
36,901
2,063,135
Diversified Telecommunication Services — 0.1%
ESC GCI Liberty, Inc. (a)(c)
 
15,053
—
Frontier Communications Parent, Inc.(a)
 
41,806
1,494,983
Iridium Communications, Inc.
 
19,166
551,022
Liberty Global Ltd., Class A(a)
 
28,602
329,209
Liberty Global Ltd., Class C(a)
 
26,252
307,936
 
 
2,683,150
Electric Utilities — 2.5%
Alliant Energy Corp.
 
43,638
2,569,406
Edison International
 
65,044
3,512,376
Entergy Corp.
 
73,179
5,933,353
Evergy, Inc.
 
37,925
2,433,647
Eversource Energy
 
60,158
3,469,914
Exelon Corp.
 
171,005
6,840,200
FirstEnergy Corp.
 
98,574
3,923,245
IDACORP, Inc.
 
8,961
985,172
NRG Energy, Inc.
 
35,546
3,641,332
OGE Energy Corp.
 
34,040
1,437,509
PG&E Corp.
 
365,349
5,717,712
Pinnacle West Capital Corp.
 
19,565
1,701,372
PPL Corp.
 
126,410
4,247,376
Xcel Energy, Inc.
 
98,148
6,595,546
 
 
53,008,160
Electrical Equipment — 1.5%
Acuity Brands, Inc.
 
5,309
1,764,658
AMETEK, Inc.
 
39,455
7,281,815
Generac Holdings, Inc.(a)
 
10,026
1,497,183
Hubbell, Inc.
 
9,166
3,877,310
nVent Electric PLC
 
28,417
1,849,662
Regal Rexnord Corp.
 
11,304
1,794,284
Rockwell Automation, Inc.
 
19,595
5,455,836
Sensata Technologies Holding PLC
 
25,106
681,879
Vertiv Holdings Co., Class A
 
61,355
7,179,762
 
 
31,382,389
Electronic Equipment, Instruments & Components — 1.9%
Arrow Electronics, Inc.(a)
 
8,981
1,046,736
Avnet, Inc.
 
14,897
769,579
CDW Corp.
 
22,959
4,572,055
Security
 
 
Shares
Value
Electronic Equipment, Instruments & Components (continued)
Cognex Corp.
 
29,271
$ 1,167,913
Coherent Corp.(a)
 
21,366
1,933,409
Corning, Inc.
 
130,995
6,822,220
Crane NXT Co.
 
8,473
542,018
Ingram Micro Holding Corp.(a)
 
2,383
55,572
IPG Photonics Corp.(a)
 
4,541
332,992
Jabil, Inc.
 
18,962
3,079,618
Keysight Technologies, Inc.(a)
 
29,805
5,315,722
Littelfuse, Inc.
 
4,198
1,000,635
TD SYNNEX Corp.
 
12,834
1,828,973
Teledyne Technologies, Inc.(a)
 
7,921
4,050,245
Trimble, Inc.(a)
 
41,772
3,131,229
Vontier Corp.(b)
 
25,737
992,161
Zebra Technologies Corp., Class A(a)
 
8,765
3,435,354
 
 
40,076,431
Energy Equipment & Services — 0.7%
Baker Hughes Co., Class A
 
170,585
7,877,615
Halliburton Co.
 
150,829
3,924,570
NOV, Inc.
 
67,053
968,916
TechnipFMC PLC
 
73,038
2,194,792
Weatherford International PLC
 
12,485
785,931
 
 
15,751,824
Entertainment — 1.7%
Electronic Arts, Inc.
 
45,102
5,543,487
Liberty Media Corp.-Liberty Formula One, Class C(a)
 
35,080
3,357,156
Liberty Media Corp.-Liberty Formula One, Class A(a)
 
3,935
346,359
Liberty Media Corp.-Liberty Live, Class A(a)
 
3,808
274,062
Liberty Media Corp.-Liberty Live, Class C(a)(b)
 
7,933
583,789
Live Nation Entertainment, Inc.(a)
 
27,047
3,913,160
Madison Square Garden Sports Corp.(a)
 
3,213
706,442
Playtika Holding Corp.
 
12,721
91,210
ROBLOX Corp., Class A(a)(b)
 
89,807
6,382,583
Roku, Inc.(a)
 
21,520
1,780,995
Take-Two Interactive Software, Inc.(a)
 
29,465
5,466,052
TKO Group Holdings, Inc.(a)
 
13,594
2,109,925
Warner Bros Discovery, Inc.(a)
 
415,547
4,338,311
 
 
34,893,531
Financial Services — 2.0%
Affirm Holdings, Inc.(a)
 
44,340
2,707,844
Block, Inc.(a)
 
94,936
8,622,088
Corpay, Inc.(a)
 
11,582
4,406,835
Equitable Holdings, Inc.
 
55,254
3,006,923
Euronet Worldwide, Inc.(a)
 
7,275
716,587
Fidelity National Information Services, Inc.
 
93,610
7,626,407
Global Payments, Inc.
 
43,538
4,913,263
Jack Henry & Associates, Inc.
 
12,234
2,129,817
MGIC Investment Corp.
 
43,761
1,117,656
Rocket Cos., Inc., Class A(a)
 
23,570
296,982
Shift4 Payments, Inc., Class A(a)(b)
 
10,397
1,246,080
Toast, Inc., Class A(a)
 
77,581
3,174,615
UWM Holdings Corp.
 
16,771
101,129
Voya Financial, Inc.
 
16,951
1,203,351
Western Union Co.
 
44,858
462,935
WEX, Inc.(a)
 
6,853
1,260,198
 
 
42,992,710
Food Products — 1.8%
Archer-Daniels-Midland Co.
 
81,540
4,177,294
Bunge Global SA
 
23,986
1,826,054
Conagra Brands, Inc.
 
81,157
2,101,155
Darling Ingredients, Inc.(a)
 
27,230
1,020,036
6
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Food Products (continued)
Flowers Foods, Inc.
 
30,910
$ 604,290
Freshpet, Inc.(a)
 
7,926
1,267,764
General Mills, Inc.
 
95,033
5,715,285
Hershey Co.
 
24,756
3,694,833
Hormel Foods Corp.
 
49,378
1,480,352
Ingredion, Inc.
 
11,123
1,517,622
J.M. Smucker Co.
 
17,575
1,878,592
Kellanova
 
44,917
3,671,066
Lamb Weston Holdings, Inc.
 
24,503
1,468,710
McCormick & Co., Inc.
 
42,922
3,314,866
Pilgrim’s Pride Corp.(a)
 
7,217
335,879
Post Holdings, Inc.(a)
 
7,885
837,072
Seaboard Corp.
 
45
109,725
The Campbell’s Co.
 
32,698
1,267,701
Tyson Foods, Inc., Class A
 
47,893
2,705,476
 
 
38,993,772
Gas Utilities — 0.3%
Atmos Energy Corp.
 
26,212
3,735,472
MDU Resources Group, Inc.
 
34,586
616,322
National Fuel Gas Co.
 
15,662
1,096,810
UGI Corp.
 
36,304
1,115,622
 
 
6,564,226
Ground Transportation — 0.9%
Avis Budget Group, Inc.(a)
 
2,942
263,897
JB Hunt Transport Services, Inc.
 
13,927
2,384,581
Knight-Swift Transportation Holdings, Inc.
 
26,647
1,521,277
Landstar System, Inc.
 
5,997
987,466
Lyft, Inc., Class A(a)
 
62,999
853,007
Old Dominion Freight Line, Inc.
 
33,073
6,138,680
Ryder System, Inc.
 
7,208
1,149,027
Saia, Inc.(a)
 
4,510
2,165,296
Schneider National, Inc., Class B
 
7,892
234,787
U-Haul Holding Co.(a)(b)
 
1,346
98,083
U-Haul Holding Co.
 
17,077
1,105,565
XPO, Inc.(a)
 
19,468
2,602,288
 
 
19,503,954
Health Care Equipment & Supplies — 2.7%
Align Technology, Inc.(a)
 
12,763
2,796,501
Baxter International, Inc.
 
86,730
2,823,929
Cooper Cos., Inc.(a)
 
33,454
3,229,984
DENTSPLY SIRONA, Inc.
 
34,377
679,290
Dexcom, Inc.(a)(b)
 
66,758
5,796,597
Enovis Corp.(a)(b)
 
9,265
435,270
Envista Holdings Corp.(a)
 
29,692
609,280
GE HealthCare Technologies, Inc.(a)
 
77,708
6,861,616
Globus Medical, Inc., Class A(a)
 
19,066
1,767,800
Hologic, Inc.(a)(b)
 
39,178
2,826,301
IDEXX Laboratories, Inc.(a)
 
13,870
5,853,833
Inspire Medical Systems, Inc.(a)
 
5,068
980,658
Insulet Corp.(a)
 
11,898
3,312,165
Masimo Corp.(a)
 
7,401
1,289,476
Penumbra, Inc.(a)
 
6,279
1,676,305
QuidelOrtho Corp.(a)
 
10,624
461,719
ResMed, Inc.
 
24,853
5,869,782
Solventum Corp.(a)
 
23,608
1,748,408
STERIS PLC
 
16,788
3,704,272
Teleflex, Inc.
 
7,904
1,424,617
Zimmer Biomet Holdings, Inc.
 
33,942
3,715,970
 
 
57,863,773
Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc.(a)
 
15,492
698,844
Security
 
 
Shares
Value
Health Care Providers & Services (continued)
Amedisys, Inc.(a)
 
5,445
$ 503,662
Cardinal Health, Inc.
 
41,662
5,151,923
Cencora, Inc.
 
28,385
7,215,751
Centene Corp.(a)
 
86,357
5,529,439
Chemed Corp.
 
2,528
1,420,736
DaVita, Inc.(a)(b)
 
8,086
1,424,753
Encompass Health Corp.
 
17,066
1,694,142
Henry Schein, Inc.(a)(b)
 
21,527
1,722,160
Humana, Inc.
 
20,607
6,042,591
Labcorp Holdings, Inc.
 
14,406
3,598,619
Molina Healthcare, Inc.(a)
 
9,712
3,014,702
Premier, Inc., Class A
 
17,717
401,467
Quest Diagnostics, Inc.
 
19,037
3,104,935
Tenet Healthcare Corp.(a)
 
16,329
2,300,593
Universal Health Services, Inc., Class B
 
9,856
1,858,447
 
 
45,682,764
Health Care REITs — 0.6%
Alexandria Real Estate Equities, Inc.
 
29,700
2,891,295
Healthcare Realty Trust, Inc.
 
63,167
1,058,047
Healthpeak Properties, Inc.
 
119,850
2,476,101
Medical Properties Trust, Inc.(b)
 
103,371
484,810
Omega Healthcare Investors, Inc.
 
46,123
1,709,318
Ventas, Inc.
 
71,773
4,336,525
 
 
12,956,096
Health Care Technology(a) — 0.4%
Certara, Inc.
 
21,635
307,866
Doximity, Inc., Class A
 
21,144
1,249,610
Veeva Systems, Inc., Class A
 
25,222
5,883,284
 
 
7,440,760
Hotel & Resort REITs — 0.1%
Host Hotels & Resorts, Inc.
 
118,695
1,983,393
Park Hotels & Resorts, Inc.
 
36,285
489,485
 
 
2,472,878
Hotels, Restaurants & Leisure — 3.5%
Aramark
 
45,117
1,755,502
Boyd Gaming Corp.
 
11,040
846,216
Caesars Entertainment, Inc.(a)
 
36,627
1,320,403
Carnival Corp.(a)
 
175,374
4,852,599
Cava Group, Inc.(a)
 
13,016
1,757,811
Choice Hotels International, Inc.(b)
 
4,604
678,307
Churchill Downs, Inc.
 
11,860
1,465,659
Darden Restaurants, Inc.
 
20,173
3,938,577
Domino’s Pizza, Inc.
 
5,922
2,659,689
DraftKings, Inc., Class A(a)(b)
 
77,371
3,245,713
Dutch Bros, Inc., Class A(a)
 
18,588
1,162,122
Expedia Group, Inc.(a)
 
21,207
3,625,337
Hilton Worldwide Holdings, Inc.
 
40,988
10,495,797
Hyatt Hotels Corp., Class A(b)
 
7,110
1,125,015
Las Vegas Sands Corp.
 
59,570
2,730,093
Light & Wonder, Inc.(a)
 
15,137
1,330,694
Marriott Vacations Worldwide Corp.
 
6,067
526,434
MGM Resorts International(a)
 
39,452
1,360,305
Norwegian Cruise Line Holdings Ltd.(a)
 
75,053
2,127,753
Penn Entertainment, Inc.(a)
 
25,830
532,098
Planet Fitness, Inc., Class A(a)
 
14,452
1,563,128
Royal Caribbean Cruises Ltd.
 
40,516
10,801,566
Texas Roadhouse, Inc.
 
11,355
2,056,391
Travel & Leisure Co.
 
11,467
623,346
Vail Resorts, Inc.
 
6,466
1,099,996
Wendy’s Co.
 
29,374
435,616
Wingstop, Inc.
 
5,060
1,507,374
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Hotels, Restaurants & Leisure (continued)
Wyndham Hotels & Resorts, Inc.
 
12,973
$ 1,362,424
Wynn Resorts Ltd.
 
17,398
1,511,016
Yum! Brands, Inc.
 
47,867
6,246,643
 
 
74,743,624
Household Durables — 1.7%
D.R. Horton, Inc.
 
49,906
7,081,661
Garmin Ltd.
 
26,477
5,715,061
Leggett & Platt, Inc.
 
22,351
236,027
Lennar Corp., Class A
 
40,276
5,285,822
Lennar Corp., Class B
 
1,870
235,227
Millrose Properties, Inc., Class A(a)(d)
 
21,073—
233,067
Mohawk Industries, Inc.(a)
 
8,910
1,089,693
Newell Brands, Inc.
 
71,588
713,017
NVR, Inc.(a)
 
490
3,927,928
PulteGroup, Inc.
 
34,903
3,971,263
SharkNinja, Inc.(a)
 
11,444
1,279,554
Tempur Sealy International, Inc.
 
28,571
1,803,973
Toll Brothers, Inc.
 
17,305
2,350,192
TopBuild Corp.(a)(b)
 
5,171
1,771,998
Whirlpool Corp.
 
9,010
946,140
 
 
36,640,623
Household Products — 0.4%
Church & Dwight Co., Inc.
 
41,511
4,380,241
Clorox Co.
 
21,270
3,375,123
Reynolds Consumer Products, Inc.
 
8,498
234,630
Spectrum Brands Holdings, Inc.
 
4,616
390,329
 
 
8,380,323
Independent Power and Renewable Electricity Producers — 0.6%
AES Corp.
 
120,769
1,328,459
Brookfield Renewable Corp.(b)
 
23,194
619,048
Clearway Energy, Inc., Class A
 
5,751
141,072
Clearway Energy, Inc., Class C
 
13,950
361,723
Vistra Corp.
 
58,034
9,751,453
 
 
12,201,755
Industrial REITs — 0.3%
Americold Realty Trust, Inc.
 
48,388
1,057,278
EastGroup Properties, Inc.
 
8,261
1,401,231
First Industrial Realty Trust, Inc.
 
22,488
1,200,634
Lineage, Inc.
 
10,482
628,920
Rexford Industrial Realty, Inc.
 
37,376
1,519,708
STAG Industrial, Inc.
 
30,814
1,053,223
 
 
6,860,994
Insurance — 5.2%
Aflac, Inc.
 
96,267
10,337,150
Allstate Corp.
 
45,002
8,655,235
American Financial Group, Inc.
 
12,372
1,689,520
Arch Capital Group Ltd.
 
61,688
5,741,302
Arthur J Gallagher & Co.
 
42,014
12,680,666
Assurant, Inc.
 
9,164
1,972,001
Assured Guaranty Ltd.
 
8,842
836,453
Axis Capital Holdings Ltd.
 
14,173
1,290,026
Brighthouse Financial, Inc.(a)
 
11,224
692,633
Brown & Brown, Inc.
 
40,868
4,277,245
Cincinnati Financial Corp.
 
26,212
3,592,355
CNA Financial Corp.
 
3,835
188,145
Everest Group Ltd.
 
7,386
2,566,709
Fidelity National Financial, Inc.
 
43,986
2,558,666
First American Financial Corp.
 
16,991
1,074,171
Globe Life, Inc.
 
15,497
1,892,029
Security
 
 
Shares
Value
Insurance (continued)
Hanover Insurance Group, Inc.
 
6,174
$ 945,178
Hartford Financial Services Group, Inc.
 
50,431
5,625,578
Kemper Corp.
 
10,480
704,046
Kinsale Capital Group, Inc.(b)
 
3,750
1,657,275
Lincoln National Corp.
 
27,746
975,549
Loews Corp.
 
30,964
2,645,874
Markel Group, Inc.(a)
 
2,200
4,023,316
Old Republic International Corp.
 
42,187
1,543,200
Primerica, Inc.
 
6,055
1,756,979
Principal Financial Group, Inc.
 
39,074
3,221,651
Prudential Financial, Inc.
 
61,431
7,418,408
Reinsurance Group of America, Inc.
 
11,285
2,571,400
RenaissanceRe Holdings Ltd.
 
8,829
2,053,449
RLI Corp.
 
14,334
1,051,399
Ryan Specialty Holdings, Inc.(b)
 
17,703
1,178,666
Unum Group
 
28,826
2,197,983
W.R. Berkley Corp.
 
50,339
2,961,443
White Mountains Insurance Group Ltd.
 
432
834,823
Willis Towers Watson PLC
 
17,299
5,701,145
 
 
109,111,668
Interactive Media & Services — 0.3%
IAC, Inc.(a)
 
12,877
545,083
Match Group, Inc.
 
43,753
1,561,982
Pinterest, Inc., Class A(a)
 
102,764
3,387,101
TripAdvisor, Inc.(a)
 
18,985
333,377
Trump Media & Technology Group Corp., Class A(a)(b)
 
12,786
407,362
ZoomInfo Technologies, Inc.(a)
 
53,141
546,821
 
 
6,781,726
IT Services — 2.3%
Akamai Technologies, Inc.(a)
 
25,427
2,540,157
Amdocs Ltd.
 
19,170
1,690,602
Cloudflare, Inc., Class A(a)
 
51,281
7,097,290
Cognizant Technology Solutions Corp., Class A
 
84,786
7,004,172
DXC Technology Co.(a)
 
31,076
674,971
EPAM Systems, Inc.(a)
 
9,337
2,371,225
Gartner, Inc.(a)
 
12,839
6,969,394
Globant SA(a)(b)
 
7,162
1,527,798
GoDaddy, Inc., Class A(a)
 
23,888
5,079,783
Kyndryl Holdings, Inc.(a)(b)
 
38,715
1,469,621
MongoDB, Inc.(a)
 
12,254
3,349,263
Okta, Inc.(a)
 
27,694
2,609,329
Twilio, Inc., Class A(a)
 
26,225
3,844,061
VeriSign, Inc.(a)
 
14,069
3,024,835
 
 
49,252,501
Leisure Products — 0.2%
Brunswick Corp.
 
11,206
755,733
Hasbro, Inc.
 
23,683
1,369,825
Mattel, Inc.(a)
 
58,341
1,087,476
Polaris, Inc.
 
8,762
417,947
YETI Holdings, Inc.(a)(b)
 
14,554
542,282
 
 
4,173,263
Life Sciences Tools & Services — 2.3%
10X Genomics, Inc., Class A(a)(b)
 
18,238
273,570
Agilent Technologies, Inc.
 
49,066
7,434,480
Avantor, Inc.(a)
 
115,511
2,573,585
Azenta, Inc.(a)(b)
 
8,537
461,425
Bio-Rad Laboratories, Inc., Class A(a)
 
3,318
1,197,400
Bio-Techne Corp.
 
26,452
1,945,545
Bruker Corp.
 
18,655
1,084,788
Charles River Laboratories International, Inc.(a)
 
8,808
1,451,206
8
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Life Sciences Tools & Services (continued)
Fortrea Holdings, Inc.(a)
 
14,851
$ 249,645
Illumina, Inc.(a)
 
27,285
3,621,811
IQVIA Holdings, Inc.(a)
 
30,807
6,203,298
Medpace Holdings, Inc.(a)
 
4,327
1,510,772
Mettler-Toledo International, Inc.(a)
 
3,612
4,928,357
QIAGEN NV
 
36,540
1,631,146
Repligen Corp.(a)
 
9,487
1,576,834
Revvity, Inc.
 
20,953
2,642,802
Sotera Health Co.(a)
 
25,738
352,868
Waters Corp.(a)
 
10,096
4,194,686
West Pharmaceutical Services, Inc.
 
12,432
4,246,150
 
 
47,580,368
Machinery — 3.8%
AGCO Corp.
 
10,598
1,106,749
Allison Transmission Holdings, Inc.
 
14,848
1,745,234
CNH Industrial NV
 
150,433
1,937,577
Crane Co.
 
8,328
1,418,425
Cummins, Inc.
 
23,350
8,318,437
Donaldson Co., Inc.
 
20,447
1,455,622
Dover Corp.
 
23,460
4,778,333
Esab Corp.
 
9,629
1,192,455
Flowserve Corp.
 
22,361
1,400,246
Fortive Corp.
 
59,308
4,823,520
Gates Industrial Corp. PLC(a)
 
35,572
735,985
Graco, Inc.
 
28,043
2,360,379
IDEX Corp.
 
12,901
2,893,823
Ingersoll Rand, Inc.
 
68,972
6,469,574
ITT, Inc.
 
14,030
2,118,811
Lincoln Electric Holdings, Inc.
 
9,398
1,868,134
Middleby Corp.(a)
 
9,067
1,551,726
Nordson Corp.
 
9,663
2,127,986
Oshkosh Corp.
 
11,309
1,316,368
Otis Worldwide Corp.
 
68,077
6,495,907
Pentair PLC
 
28,318
2,936,010
RBC Bearings, Inc.(a)
 
4,904
1,710,270
Snap-on, Inc.
 
8,811
3,129,227
Stanley Black & Decker, Inc.
 
26,173
2,305,056
Timken Co.
 
10,935
877,752
Toro Co.
 
17,539
1,460,473
Westinghouse Air Brake Technologies Corp.
 
29,223
6,076,046
Xylem, Inc./New York
 
41,125
5,101,145
 
 
79,711,270
Marine Transportation — 0.1%
Kirby Corp.(a)
 
9,868
1,077,092
Media — 1.5%
Charter Communications, Inc., Class A(a)(b)
 
16,038
5,540,969
Fox Corp., Class A
 
37,775
1,933,325
Fox Corp., Class B
 
22,517
1,094,326
Interpublic Group of Cos., Inc.
 
64,159
1,839,439
Liberty Broadband Corp., Class A(a)
 
2,963
225,277
Liberty Broadband Corp., Class C(a)
 
18,534
1,420,816
New York Times Co., Class A
 
26,997
1,465,937
News Corp., Class A
 
64,807
1,822,373
News Corp., Class B
 
19,860
628,569
Nexstar Media Group, Inc.
 
5,305
812,832
Omnicom Group, Inc.
 
33,179
2,879,605
Paramount Global, Class A
 
1,521
34,694
Paramount Global, Class B
 
100,772
1,096,399
Security
 
 
Shares
Value
Media (continued)
Sirius XM Holdings, Inc.(b)
 
36,962
$ 887,458
Trade Desk, Inc., Class A(a)
 
76,316
9,057,183
 
 
30,739,202
Metals & Mining — 0.9%
Alcoa Corp.
 
42,669
1,507,069
ATI, Inc.(a)
 
21,012
1,199,575
Cleveland-Cliffs, Inc.(a)
 
82,333
843,090
MP Materials Corp.(a)(b)
 
22,837
501,500
Nucor Corp.
 
40,667
5,222,863
Reliance, Inc.
 
9,220
2,669,190
Royal Gold, Inc.
 
11,017
1,540,397
Steel Dynamics, Inc.
 
24,915
3,194,103
U.S. Steel Corp.
 
37,943
1,398,200
 
 
18,075,987
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.
 
132,283
1,318,862
Annaly Capital Management, Inc.
 
94,173
1,922,071
Rithm Capital Corp.
 
87,598
1,008,253
Starwood Property Trust, Inc.
 
53,463
1,034,509
 
 
5,283,695
Multi-Utilities — 1.7%
Ameren Corp.
 
45,546
4,290,433
CenterPoint Energy, Inc.
 
110,008
3,582,961
CMS Energy Corp.
 
50,999
3,365,934
Consolidated Edison, Inc.
 
59,210
5,550,345
DTE Energy Co.
 
35,384
4,241,834
NiSource, Inc.
 
77,662
2,896,793
Public Service Enterprise Group, Inc.
 
85,225
7,119,696
WEC Energy Group, Inc.
 
54,085
5,368,477
 
 
36,416,473
Office REITs — 0.3%
BXP, Inc.
 
27,010
1,975,511
Cousins Properties, Inc.
 
27,488
839,209
Highwoods Properties, Inc.
 
18,222
542,833
Kilroy Realty Corp.
 
20,420
796,788
Vornado Realty Trust(b)
 
30,306
1,311,038
 
 
5,465,379
Oil, Gas & Consumable Fuels — 4.5%
Antero Midstream Corp.
 
57,721
925,845
Antero Resources Corp.(a)
 
50,047
1,867,754
APA Corp.
 
61,623
1,351,392
Cheniere Energy, Inc.
 
38,188
8,540,746
Chesapeake Energy Corp.
 
39,380
4,001,008
Chord Energy Corp.
 
10,522
1,183,199
Civitas Resources, Inc.
 
16,830
854,291
Coterra Energy, Inc.
 
124,493
3,450,946
Devon Energy Corp.
 
106,951
3,647,029
Diamondback Energy, Inc.
 
32,240
5,298,966
DT Midstream, Inc.(a)
 
16,501
1,667,921
EQT Corp.
 
100,842
5,155,043
Hess Corp.
 
47,526
6,607,540
HF Sinclair Corp.
 
26,862
969,181
Kinder Morgan, Inc.
 
331,325
9,104,811
Matador Resources Co.
 
19,965
1,157,970
New Fortress Energy, Inc.
 
13,721
205,815
ONEOK, Inc.
 
99,729
9,690,667
Ovintiv, Inc.
 
44,798
1,891,372
Permian Resources Corp.
 
111,817
1,638,119
Range Resources Corp.
 
40,363
1,495,045
Targa Resources Corp.
 
37,107
7,302,658
Schedule of Investments
9
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Oil, Gas & Consumable Fuels (continued)
Texas Pacific Land Corp.
 
3,211
$ 4,165,213
Viper Energy, Inc.
 
17,310
811,839
Williams Cos., Inc.
 
208,002
11,529,551
 
 
94,513,921
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.
 
10,970
1,283,161
Passenger Airlines — 0.9%
Alaska Air Group, Inc.(a)
 
21,453
1,571,432
American Airlines Group, Inc.(a)
 
111,468
1,886,039
Delta Air Lines, Inc.
 
110,087
7,405,553
Southwest Airlines Co.
 
102,424
3,145,441
United Airlines Holdings, Inc.(a)
 
55,980
5,924,923
 
 
19,933,388
Personal Care Products — 0.5%
BellRing Brands, Inc.(a)
 
21,865
1,691,258
Coty, Inc., Class A(a)
 
64,883
475,593
elf Beauty, Inc.(a)
 
9,155
914,676
Kenvue, Inc.
 
327,284
6,967,876
 
 
10,049,403
Pharmaceuticals — 0.5%
Elanco Animal Health, Inc.(a)
 
83,834
1,008,523
Intra-Cellular Therapies, Inc.(a)
 
17,528
2,227,458
Jazz Pharmaceuticals PLC(a)(b)
 
10,312
1,282,503
Organon & Co.
 
43,810
681,684
Perrigo Co. PLC
 
23,527
586,058
Royalty Pharma PLC, Class A
 
66,634
2,104,302
Viatris, Inc.
 
202,129
2,280,015
 
 
10,170,543
Professional Services — 2.7%
Amentum Holdings, Inc.(a)(b)
 
22,195
465,429
Booz Allen Hamilton Holding Corp., Class A
 
21,581
2,783,949
Broadridge Financial Solutions, Inc.
 
20,038
4,773,452
CACI International, Inc., Class A(a)
 
3,759
1,451,951
Clarivate PLC(a)(b)
 
71,512
387,595
Concentrix Corp.
 
7,998
418,136
Dayforce, Inc.(a)
 
26,004
1,839,523
Dun & Bradstreet Holdings, Inc.
 
51,767
636,734
Equifax, Inc.
 
21,008
5,772,578
FTI Consulting, Inc.(a)
 
5,989
1,169,951
Genpact Ltd.
 
29,898
1,455,734
Jacobs Solutions, Inc.
 
21,103
2,957,164
KBR, Inc.
 
22,664
1,233,375
Leidos Holdings, Inc.
 
22,775
3,234,733
ManpowerGroup, Inc.
 
8,133
489,769
Parsons Corp.(a)
 
7,916
627,501
Paychex, Inc.
 
54,964
8,116,534
Paycom Software, Inc.
 
8,672
1,799,960
Paycor HCM, Inc.(a)
 
13,855
306,611
Paylocity Holding Corp.(a)
 
7,434
1,527,836
Robert Half, Inc.
 
17,403
1,127,541
Science Applications International Corp.
 
8,499
920,272
SS&C Technologies Holdings, Inc.
 
36,600
2,962,770
TransUnion
 
33,265
3,301,551
Verisk Analytics, Inc.
 
23,995
6,897,123
 
 
56,657,772
Real Estate Management & Development(a) — 0.9%
CBRE Group, Inc., Class A
 
52,277
7,566,573
CoStar Group, Inc.
 
69,401
5,316,117
Howard Hughes Holdings, Inc.
 
5,458
416,827
Security
 
 
Shares
Value
Real Estate Management & Development (continued)
Jones Lang LaSalle, Inc.
 
8,047
$ 2,275,692
Seaport Entertainment Group, Inc.(b)
 
1,371
36,482
Zillow Group, Inc., Class A
 
7,509
594,713
Zillow Group, Inc., Class C(b)
 
26,991
2,219,200
 
 
18,425,604
Residential REITs — 1.4%
American Homes 4 Rent, Class A
 
57,497
1,991,121
AvalonBay Communities, Inc.
 
24,254
5,372,504
Camden Property Trust
 
17,621
2,003,684
Equity LifeStyle Properties, Inc.
 
32,113
2,101,796
Equity Residential
 
64,617
4,563,899
Essex Property Trust, Inc.
 
10,943
3,114,049
Invitation Homes, Inc.
 
104,860
3,266,389
Mid-America Apartment Communities, Inc.
 
19,911
3,038,020
Sun Communities, Inc.
 
21,174
2,678,511
UDR, Inc.
 
56,373
2,353,009
 
 
30,482,982
Retail REITs — 1.3%
Agree Realty Corp.
 
17,793
1,291,238
Brixmor Property Group, Inc.
 
51,750
1,348,605
Federal Realty Investment Trust
 
14,445
1,569,160
Kimco Realty Corp.
 
112,186
2,518,576
NNN REIT, Inc.
 
31,481
1,240,037
Realty Income Corp.
 
148,961
8,139,229
Regency Centers Corp.
 
31,303
2,248,807
Simon Property Group, Inc.
 
55,443
9,639,320
 
 
27,994,972
Semiconductors & Semiconductor Equipment — 1.9%
Allegro MicroSystems, Inc.(a)
 
20,895
503,361
Amkor Technology, Inc.
 
19,684
484,423
Astera Labs, Inc.(a)
 
18,444
1,870,591
Cirrus Logic, Inc.(a)
 
9,156
919,629
Enphase Energy, Inc.(a)(b)
 
22,440
1,397,563
Entegris, Inc.
 
25,644
2,603,892
First Solar, Inc.(a)
 
18,275
3,061,428
GLOBALFOUNDRIES, Inc.(a)(b)
 
16,739
694,166
Lattice Semiconductor Corp.(a)
 
23,137
1,319,272
MACOM Technology Solutions Holdings, Inc.,
Class H(a)
 
9,623
1,272,642
Microchip Technology, Inc.
 
90,643
4,921,915
MKS Instruments, Inc.
 
11,385
1,289,693
Monolithic Power Systems, Inc.
 
8,036
5,121,905
ON Semiconductor Corp.(a)
 
72,559
3,797,738
Onto Innovation, Inc.(a)
 
8,340
1,707,698
Qorvo, Inc.(a)
 
16,393
1,360,291
Skyworks Solutions, Inc.
 
27,355
2,428,030
Teradyne, Inc.
 
26,527
3,071,561
Universal Display Corp.
 
7,944
1,190,964
Wolfspeed, Inc.(a)(b)
 
22,234
136,294
 
 
39,153,056
Software — 6.4%
ANSYS, Inc.(a)
 
14,921
5,229,810
Appfolio, Inc., Class A(a)
 
3,871
905,466
AppLovin Corp., Class A(a)
 
44,822
16,565,763
Aspen Technology, Inc.(a)
 
4,649
1,225,244
Bentley Systems, Inc., Class B
 
23,864
1,110,869
Bill Holdings, Inc.(a)
 
17,440
1,687,669
CCC Intelligent Solutions Holdings, Inc.(a)
 
77,255
858,303
Confluent, Inc., Class A(a)
 
42,303
1,255,553
Datadog, Inc., Class A(a)
 
51,086
7,290,483
10
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Software (continued)
DocuSign, Inc.(a)
 
34,600
$ 3,346,858
Dolby Laboratories, Inc., Class A
 
9,747
816,116
DoubleVerify Holdings, Inc.(a)
 
25,748
530,666
Dropbox, Inc., Class A(a)
 
40,311
1,295,999
Dynatrace, Inc.(a)
 
50,553
2,919,436
Elastic NV(a)
 
14,878
1,674,965
Fair Isaac Corp.(a)
 
4,054
7,595,412
Five9, Inc.(a)(b)
 
12,320
504,997
Gen Digital, Inc.
 
93,198
2,507,958
Gitlab, Inc., Class A(a)
 
20,964
1,525,341
Guidewire Software, Inc.(a)
 
13,938
2,944,681
HashiCorp, Inc., Class A(a)
 
24,939
852,914
HubSpot, Inc.(a)(b)
 
8,352
6,510,634
Informatica, Inc., Class A(a)
 
13,792
354,178
Manhattan Associates, Inc.(a)
 
10,431
2,175,802
MicroStrategy, Inc., Class A(a)
 
28,148
9,423,669
nCino, Inc.(a)(b)
 
14,182
482,330
Nutanix, Inc., Class A(a)(b)
 
42,789
2,942,386
Palantir Technologies, Inc., Class A(a)
 
343,863
28,365,259
Pegasystems, Inc.
 
7,683
831,992
Procore Technologies, Inc.(a)(b)
 
18,173
1,445,844
PTC, Inc.(a)
 
20,271
3,922,033
RingCentral, Inc., Class A(a)
 
14,013
487,933
SentinelOne, Inc., Class A(a)
 
47,505
1,137,745
Teradata Corp.(a)
 
16,301
520,165
Tyler Technologies, Inc.(a)(b)
 
7,256
4,365,500
UiPath, Inc., Class A(a)
 
73,681
1,047,744
Unity Software, Inc.(a)(b)
 
51,694
1,147,607
Zoom Communications, Inc.(a)
 
45,113
3,922,124
Zscaler, Inc.(a)
 
15,943
3,229,892
 
 
134,957,340
Specialized REITs — 2.2%
Crown Castle, Inc.
 
74,300
6,633,504
CubeSmart
 
38,102
1,588,853
Digital Realty Trust, Inc.
 
56,598
9,274,148
EPR Properties
 
13,326
614,329
Extra Space Storage, Inc.
 
35,742
5,504,268
Gaming & Leisure Properties, Inc.
 
44,780
2,166,904
Iron Mountain, Inc.
 
49,770
5,055,139
Lamar Advertising Co., Class A
 
14,829
1,874,682
National Storage Affiliates Trust
 
12,195
453,044
Rayonier, Inc.
 
26,522
693,285
SBA Communications Corp.
 
18,375
3,630,165
VICI Properties, Inc.
 
178,233
5,305,997
Weyerhaeuser Co.
 
124,842
3,822,662
 
 
46,616,980
Specialty Retail — 2.4%
Advance Auto Parts, Inc.
 
10,324
500,714
AutoNation, Inc.(a)
 
4,381
826,038
Bath & Body Works, Inc.
 
37,535
1,411,691
Best Buy Co., Inc.
 
36,951
3,172,613
Burlington Stores, Inc.(a)
 
10,874
3,087,455
CarMax, Inc.(a)
 
26,489
2,268,518
Carvana Co., Class A(a)
 
18,489
4,575,658
Dick’s Sporting Goods, Inc.
 
9,524
2,286,236
Five Below, Inc.(a)
 
9,257
868,121
Floor & Decor Holdings, Inc., Class A(a)(b)
 
17,877
1,789,488
GameStop Corp., Class A(a)
 
67,105
1,805,125
Gap, Inc.
 
35,007
842,618
Lithia Motors, Inc.
 
4,516
1,698,468
Murphy USA, Inc.
 
3,133
1,575,617
Security
 
 
Shares
Value
Specialty Retail (continued)
Penske Automotive Group, Inc.
 
3,088
$ 511,465
RH(a)
 
2,533
1,061,606
Ross Stores, Inc.
 
55,603
8,371,588
Tractor Supply Co.
 
92,245
5,014,438
Ulta Beauty, Inc.(a)
 
8,029
3,309,152
Valvoline, Inc.(a)
 
22,453
833,231
Wayfair, Inc., Class A(a)(b)
 
16,183
782,772
Williams-Sonoma, Inc.
 
21,385
4,520,147
 
 
51,112,759
Technology Hardware, Storage & Peripherals — 1.1%
Hewlett Packard Enterprise Co.
 
221,972
4,703,586
HP, Inc.
 
164,898
5,359,185
NetApp, Inc.
 
35,099
4,285,588
Pure Storage, Inc., Class A(a)
 
52,639
3,568,398
Super Micro Computer, Inc.(a)
 
84,390
2,406,803
Western Digital Corp.(a)
 
58,939
3,838,697
 
 
24,162,257
Textiles, Apparel & Luxury Goods — 0.8%
Amer Sports, Inc.(a)
 
9,899
316,471
Birkenstock Holding PLC(a)(b)
 
6,700
396,238
Capri Holdings Ltd.(a)
 
19,320
478,750
Carter’s, Inc.
 
6,166
332,471
Columbia Sportswear Co.
 
5,375
474,612
Crocs, Inc.(a)
 
9,760
996,203
Deckers Outdoor Corp.(a)
 
25,921
4,597,349
PVH Corp.
 
9,435
845,376
Ralph Lauren Corp.
 
6,763
1,688,721
Skechers USA, Inc., Class A(a)
 
22,386
1,686,561
Tapestry, Inc.
 
39,658
2,892,654
Under Armour, Inc., Class A(a)
 
32,202
268,887
Under Armour, Inc., Class C(a)
 
31,793
239,401
VF Corp.
 
60,238
1,564,381
 
 
16,778,075
Trading Companies & Distributors — 1.8%
Air Lease Corp.
 
17,746
819,865
Core & Main, Inc., Class A(a)
 
32,714
1,846,378
Fastenal Co.
 
97,561
7,145,368
Ferguson Enterprises, Inc.
 
34,574
6,262,043
MSC Industrial Direct Co., Inc., Class A
 
7,875
633,229
SiteOne Landscape Supply, Inc.(a)
 
7,650
1,088,595
United Rentals, Inc.
 
11,220
8,505,433
Watsco, Inc.
 
5,928
2,837,081
WESCO International, Inc.
 
7,240
1,339,400
WW Grainger, Inc.
 
7,437
7,903,077
 
 
38,380,469
Water Utilities — 0.3%
American Water Works Co., Inc.
 
33,377
4,160,109
Essential Utilities, Inc.
 
43,423
1,540,648
 
 
5,700,757
Total Common Stocks — 99.1%
(Cost: $1,295,738,868)
2,089,894,323
Schedule of Investments
11
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Investment Companies
Equity Funds — 0.7%
iShares Russell Mid-Cap ETF(b)(e)
 
155,099
$    14,279,965
Total Investment Companies — 0.7%
(Cost: $14,094,754)
14,279,965
Total Long-Term Investments — 99.8%
(Cost: $1,309,833,622)
2,104,174,288
Short-Term Securities
Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.54%(e)(f)(g)
 
51,533,404
51,559,171
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.35%(e)(f)
 
5,762,761
5,762,761
Total Short-Term Securities — 2.7%
(Cost: $57,323,191)
57,321,932
Total Investments — 102.5%
(Cost: $1,367,156,813)
2,161,496,220
Liabilities in Excess of Other Assets — (2.5)%
(52,046,665
)
Net Assets — 100.0%
$ 2,109,449,555
 
(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)
When-issued security.
(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 65,466,112
$ —
$ (13,909,245
)(a)
$ 7,688
$ (5,384
)
$ 51,559,171
51,533,404
$ 144,513
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency Shares
6,620,555
—
(857,794
)(a)
—
—
5,762,761
5,762,761
217,447
—
iShares Russell Mid-Cap ETF
17,697,759
65,148,867
(69,614,366
)
1,503,719
(456,014
)
14,279,965
155,099
129,242
—
 
$ 1,511,407
$ (461,398
)
$ 71,601,897
$ 491,202
$ —
 
(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 collateral investment fees, and other payments to and
from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
S&P 500 E-Mini Index
10
03/21/25
$ 3,034
$ 9,697
S&P Mid 400 E-Mini Index
33
03/21/25
10,725
110,124
 
$ 119,821
12
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Mid-Cap Index Fund
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 119,821
$ —
$ —
$ —
$ 119,821
 
(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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ 649,609
$ —
$ —
$ —
$ 649,609
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ (131,409
)
$ —
$ —
$ —
$ (131,409
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$9,489,220
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 at the measurement date. 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
$ 40,007,063
$ —
$ —
$ 40,007,063
Air Freight & Logistics
5,596,104
—
—
5,596,104
Automobile Components
5,903,624
—
—
5,903,624
Automobiles
3,717,897
—
—
3,717,897
Banks
61,972,452
—
—
61,972,452
Beverages
5,403,146
—
—
5,403,146
Biotechnology
30,923,291
—
—
30,923,291
Broadline Retail
14,042,196
—
—
14,042,196
Building Products
28,068,865
—
—
28,068,865
Capital Markets
116,498,756
—
—
116,498,756
Chemicals
49,088,667
—
—
49,088,667
Commercial Services & Supplies
14,571,947
—
—
14,571,947
Communications Equipment
8,334,596
—
—
8,334,596
Construction & Engineering
22,104,801
—
—
22,104,801
Construction Materials
13,371,254
—
—
13,371,254
Consumer Finance
20,556,601
—
—
20,556,601
Consumer Staples Distribution & Retail
32,666,764
—
—
32,666,764
Containers & Packaging
29,319,698
—
—
29,319,698
Schedule of Investments
13
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Mid-Cap Index Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Common Stocks (continued)
Distributors
$ 6,615,318
$ —
$ —
$ 6,615,318
Diversified Consumer Services
7,932,348
—
—
7,932,348
Diversified REITs
2,063,135
—
—
2,063,135
Diversified Telecommunication Services
2,683,150
—
—
2,683,150
Electric Utilities
53,008,160
—
—
53,008,160
Electrical Equipment
31,382,389
—
—
31,382,389
Electronic Equipment, Instruments & Components
40,076,431
—
—
40,076,431
Energy Equipment & Services
15,751,824
—
—
15,751,824
Entertainment
34,893,531
—
—
34,893,531
Financial Services
42,992,710
—
—
42,992,710
Food Products
38,993,772
—
—
38,993,772
Gas Utilities
6,564,226
—
—
6,564,226
Ground Transportation
19,503,954
—
—
19,503,954
Health Care Equipment & Supplies
57,863,773
—
—
57,863,773
Health Care Providers & Services
45,682,764
—
—
45,682,764
Health Care REITs
12,956,096
—
—
12,956,096
Health Care Technology
7,440,760
—
—
7,440,760
Hotel & Resort REITs
2,472,878
—
—
2,472,878
Hotels, Restaurants & Leisure
74,743,624
—
—
74,743,624
Household Durables
36,407,556
233,067
—
36,640,623
Household Products
8,380,323
—
—
8,380,323
Independent Power and Renewable Electricity Producers
12,201,755
—
—
12,201,755
Industrial REITs
6,860,994
—
—
6,860,994
Insurance
109,111,668
—
—
109,111,668
Interactive Media & Services
6,781,726
—
—
6,781,726
IT Services
49,252,501
—
—
49,252,501
Leisure Products
4,173,263
—
—
4,173,263
Life Sciences Tools & Services
47,580,368
—
—
47,580,368
Machinery
79,711,270
—
—
79,711,270
Marine Transportation
1,077,092
—
—
1,077,092
Media
30,739,202
—
—
30,739,202
Metals & Mining
18,075,987
—
—
18,075,987
Mortgage Real Estate Investment Trusts (REITs)
5,283,695
—
—
5,283,695
Multi-Utilities
36,416,473
—
—
36,416,473
Office REITs
5,465,379
—
—
5,465,379
Oil, Gas & Consumable Fuels
94,513,921
—
—
94,513,921
Paper & Forest Products
1,283,161
—
—
1,283,161
Passenger Airlines
19,933,388
—
—
19,933,388
Personal Care Products
10,049,403
—
—
10,049,403
Pharmaceuticals
10,170,543
—
—
10,170,543
Professional Services
56,657,772
—
—
56,657,772
Real Estate Management & Development
18,425,604
—
—
18,425,604
Residential REITs
30,482,982
—
—
30,482,982
Retail REITs
27,994,972
—
—
27,994,972
Semiconductors & Semiconductor Equipment
39,153,056
—
—
39,153,056
Software
134,957,340
—
—
134,957,340
Specialized REITs
46,616,980
—
—
46,616,980
Specialty Retail
51,112,759
—
—
51,112,759
Technology Hardware, Storage & Peripherals
24,162,257
—
—
24,162,257
Textiles, Apparel & Luxury Goods
16,778,075
—
—
16,778,075
Trading Companies & Distributors
38,380,469
—
—
38,380,469
Water Utilities
5,700,757
—
—
5,700,757
Investment Companies
14,279,965
—
—
14,279,965
Short-Term Securities 
Money Market Funds
57,321,932
—
—
57,321,932
 
$2,161,263,153
$233,067
$—
$2,161,496,220
14
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Mid-Cap Index Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a)
Assets 
Equity Contracts
$ 119,821
$ —
$ —
$ 119,821
 
(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
15
Schedule of Investments (unaudited)
January 31, 2025
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)
 
4,204
$ 284,863
AeroVironment, Inc.(a)(b)
 
3,482
627,282
AerSale Corp.(a)
 
6,397
43,308
Archer Aviation, Inc., Class A(a)
 
31,502
297,694
Astronics Corp.(a)
 
3,858
68,287
BWX Technologies, Inc.
 
11,519
1,300,841
Byrna Technologies, Inc.(a)(b)
 
2,556
69,114
Cadre Holdings, Inc.
 
3,214
123,900
Curtiss-Wright Corp.
 
4,895
1,698,271
Ducommun, Inc.(a)
 
1,732
118,434
Eve Holding, Inc.(a)
 
6,793
34,848
Hexcel Corp.
 
10,428
679,906
Huntington Ingalls Industries, Inc.
 
5,077
1,001,489
Intuitive Machines, Inc.(a)
 
4,652
100,855
Kratos Defense & Security Solutions, Inc.(a)
 
18,885
630,192
Leonardo DRS, Inc.(a)
 
9,628
338,424
Loar Holdings, Inc.(a)(b)
 
3,738
297,096
Mercury Systems, Inc.(a)
 
6,650
277,238
Moog, Inc., Class A
 
3,707
673,414
National Presto Industries, Inc.
 
790
75,974
Park Aerospace Corp.
 
1,544
22,373
Redwire Corp.(a)(b)
 
3,681
88,050
Rocket Lab USA, Inc.(a)(b)
 
45,016
1,307,715
Spirit AeroSystems Holdings, Inc., Class A(a)
 
15,060
512,191
Standardaero, Inc.(a)(b)
 
8,802
236,246
Textron, Inc.
 
24,130
1,846,186
Triumph Group, Inc.(a)
 
8,893
166,655
V2X, Inc.(a)
 
1,845
96,180
Virgin Galactic Holdings, Inc.(a)(b)
 
5,111
24,328
VirTra, Inc.(a)
 
2,371
15,103
Woodward, Inc.
 
7,464
1,382,706
 
 
14,439,163
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc.(a)
 
6,146
136,564
CH Robinson Worldwide, Inc.
 
14,981
1,490,460
Forward Air Corp.(a)
 
3,345
107,876
GXO Logistics, Inc.(a)
 
15,213
691,431
Hub Group, Inc., Class A
 
7,930
353,757
Radiant Logistics, Inc.(a)
 
4,349
30,530
 
 
2,810,618
Automobile Components — 0.8%
Adient PLC(a)(b)
 
10,732
187,059
American Axle & Manufacturing Holdings, Inc.(a)
 
15,194
79,465
BorgWarner, Inc.
 
27,919
890,616
Cooper-Standard Holdings, Inc.(a)
 
1,653
25,489
Dana, Inc.
 
16,777
267,425
Dorman Products, Inc.(a)
 
3,329
437,031
Fox Factory Holding Corp.(a)
 
5,200
142,064
Gentex Corp.
 
28,763
745,537
Gentherm, Inc.(a)
 
3,777
144,093
Goodyear Tire & Rubber Co.(a)
 
37,629
333,769
Holley, Inc.(a)
 
4,184
12,761
LCI Industries
 
3,297
345,493
Lear Corp.
 
7,142
671,991
Luminar Technologies, Inc.(a)(b)
 
2,099
12,069
Modine Manufacturing Co.(a)
 
6,681
677,787
Patrick Industries, Inc.
 
4,295
417,216
Phinia, Inc.
 
5,367
273,127
QuantumScape Corp.(a)(b)
 
48,338
249,907
Security
 
 
Shares
Value
Automobile Components (continued)
Solid Power, Inc.(a)(b)
 
18,505
$ 25,722
Standard Motor Products, Inc.
 
2,605
80,807
Stoneridge, Inc.(a)
 
2,287
11,824
Visteon Corp.(a)
 
3,271
274,960
XPEL, Inc.(a)
 
3,036
127,300
 
 
6,433,512
Automobiles — 0.4%
Harley-Davidson, Inc.
 
15,881
429,740
Livewire Group, Inc.(a)(b)
 
1,368
4,309
Lucid Group, Inc.(a)(b)
 
129,027
356,114
Rivian Automotive, Inc., Class A(a)(b)
 
106,118
1,332,842
Thor Industries, Inc.
 
6,483
666,712
Winnebago Industries, Inc.
 
3,551
169,738
 
 
2,959,455
Banks — 6.5%
1st Source Corp.
 
3,078
193,052
ACNB Corp.
 
1,086
44,635
Amalgamated Financial Corp.
 
2,934
102,514
Amerant Bancorp, Inc., Class A
 
5,448
126,394
Ameris Bancorp
 
8,380
550,147
Ames National Corp.
 
2,184
39,596
Arrow Financial Corp.
 
2,368
63,012
Associated Banc-Corp.
 
23,786
597,980
Atlantic Union Bankshares Corp.
 
7,743
292,453
Axos Financial, Inc.(a)
 
6,644
464,615
Banc of California, Inc.
 
16,735
268,095
BancFirst Corp.
 
2,937
349,738
Bancorp, Inc.(a)
 
5,633
343,951
Bank First Corp.
 
1,203
121,720
Bank of Hawaii Corp.
 
4,139
308,397
Bank of Marin Bancorp
 
2,644
66,814
Bank of NT Butterfield & Son Ltd.
 
6,818
250,152
Bank OZK
 
13,405
680,840
Bank7 Corp.
 
1,115
47,900
BankUnited, Inc.
 
7,693
316,259
Bankwell Financial Group, Inc.
 
1,238
38,601
Banner Corp.
 
3,468
245,084
Bar Harbor Bankshares
 
2,443
77,394
BayCom Corp.
 
1,959
54,832
BCB Bancorp, Inc.
 
3,294
35,674
Berkshire Hills Bancorp, Inc.
 
5,465
160,726
Blue Foundry Bancorp(a)
 
2,426
23,654
BOK Financial Corp.
 
3,589
396,297
Bridgewater Bancshares, Inc.(a)
 
3,937
55,590
Brookline Bancorp, Inc.
 
7,960
97,351
Burke & Herbert Financial Services Corp., Class C
 
1,864
119,874
Business First Bancshares, Inc.
 
3,510
94,735
Byline Bancorp, Inc.
 
5,033
147,668
Cadence Bank
 
10,311
362,947
California BanCorp(a)
 
2,563
42,546
Camden National Corp.
 
2,933
133,041
Capital Bancorp, Inc.
 
1,708
52,982
Capital City Bank Group, Inc.
 
2,262
83,445
Capitol Federal Financial, Inc.
 
14,735
87,673
Carter Bankshares, Inc.(a)
 
2,720
47,926
Cathay General Bancorp
 
6,006
285,225
Central Pacific Financial Corp.
 
1,814
54,220
Chemung Financial Corp.
 
924
46,708
ChoiceOne Financial Services, Inc.
 
1,215
40,715
Citizens & Northern Corp.
 
2,138
45,604
Citizens Financial Services, Inc.
 
685
41,949
16
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Banks (continued)
City Holding Co.
 
1,845
$ 217,950
Civista Bancshares, Inc.
 
2,942
64,901
CNB Financial Corp.
 
3,167
80,125
Coastal Financial Corp.(a)
 
1,453
129,579
Colony Bankcorp, Inc.
 
3,451
58,149
Columbia Banking System, Inc.
 
27,700
772,830
Columbia Financial, Inc.(a)
 
4,215
62,340
Comerica, Inc.
 
17,004
1,144,709
Commerce Bancshares, Inc.
 
16,095
1,075,146
Community Financial System, Inc.
 
6,038
395,670
Community Trust Bancorp, Inc.
 
2,646
141,587
Community West Bancshares
 
2,525
49,212
ConnectOne Bancorp, Inc.
 
5,242
132,832
CrossFirst Bankshares, Inc.(a)
 
6,344
103,027
Cullen/Frost Bankers, Inc.
 
7,765
1,082,441
Customers Bancorp, Inc.(a)
 
2,623
149,459
CVB Financial Corp.
 
15,847
330,251
Dime Community Bancshares, Inc.
 
4,923
153,745
Eagle Bancorp, Inc.
 
2,713
71,108
East West Bancorp, Inc.
 
17,970
1,850,371
Eastern Bankshares, Inc.
 
27,175
498,933
Enterprise Bancorp, Inc.
 
1,544
65,358
Enterprise Financial Services Corp.
 
5,492
328,641
Equity Bancshares, Inc., Class A
 
2,338
101,937
Esquire Financial Holdings, Inc.
 
1,047
93,570
ESSA Bancorp, Inc.
 
950
19,865
Farmers & Merchants Bancorp, Inc.
 
1,982
53,851
Farmers National Banc Corp.
 
6,315
86,894
FB Financial Corp.
 
4,276
225,816
Fidelity D&D Bancorp, Inc.
 
913
40,902
Financial Institutions, Inc.
 
1,783
47,018
First Bancorp, Inc.
 
2,127
54,962
First BanCorp./Puerto Rico
 
14,305
296,972
First Bancorp/Southern Pines NC
 
4,111
181,418
First Bancshares, Inc.
 
4,304
165,058
First Bank/Hamilton
 
3,490
53,083
First Busey Corp.
 
9,132
221,725
First Business Financial Services, Inc.
 
1,380
71,291
First Commonwealth Financial Corp.
 
8,601
143,465
First Community Bankshares, Inc.
 
2,467
106,994
First Financial Bancorp
 
10,711
300,122
First Financial Bankshares, Inc.
 
16,817
626,601
First Financial Corp.
 
1,873
90,260
First Financial Northwest, Inc.
 
808
17,081
First Foundation, Inc.
 
7,433
38,280
First Hawaiian, Inc.
 
20,705
571,872
First Horizon Corp.
 
70,087
1,534,204
First Internet Bancorp
 
1,365
44,458
First Interstate BancSystem, Inc., Class A
 
12,402
408,646
First Merchants Corp.
 
9,259
411,470
First Mid Bancshares, Inc.
 
3,478
131,921
First of Long Island Corp.
 
4,842
62,946
First Western Financial, Inc.(a)
 
903
19,053
Five Star Bancorp
 
2,808
85,391
Flagstar Financial, Inc.
 
33,520
396,542
Flushing Financial Corp.
 
2,690
37,525
FNB Corp.
 
51,792
812,616
FS Bancorp, Inc.
 
1,168
47,234
Fulton Financial Corp.
 
14,419
293,282
FVCBankcorp, Inc.(a)
 
1,981
23,911
German American Bancorp, Inc.
 
4,266
176,314
Glacier Bancorp, Inc.
 
15,123
751,159
Great Southern Bancorp, Inc.
 
1,318
77,485
Security
 
 
Shares
Value
Banks (continued)
Greene County Bancorp, Inc.
 
1,059
$ 28,064
Guaranty Bancshares, Inc.
 
1,469
60,391
Hancock Whitney Corp.
 
10,864
649,015
Hanmi Financial Corp.
 
1,558
37,423
HarborOne Bancorp, Inc.
 
6,107
66,383
HBT Financial, Inc.
 
2,313
56,252
Heartland Financial USA, Inc.
 
5,929
383,428
Heritage Commerce Corp.
 
12,498
121,106
Heritage Financial Corp.
 
2,711
69,673
Hilltop Holdings, Inc.
 
7,839
236,581
Hingham Institution For Savings(b)
 
237
60,494
Home Bancorp, Inc.
 
1,150
57,730
Home BancShares, Inc.
 
26,764
808,005
HomeStreet, Inc.(a)
 
2,373
23,896
HomeTrust Bancshares, Inc.
 
2,459
90,417
Hope Bancorp, Inc.
 
13,822
161,165
Horizon Bancorp, Inc.
 
5,451
91,522
Independent Bank Corp.
 
6,208
348,457
International Bancshares Corp.
 
7,824
515,523
Investar Holding Corp.
 
2,073
39,532
John Marshall Bancorp, Inc.
 
2,200
41,602
Kearny Financial Corp.
 
7,547
52,074
Lakeland Financial Corp.
 
3,122
212,421
LCNB Corp.
 
2,534
39,176
LINKBANCORP, Inc.
 
2,736
19,344
Live Oak Bancshares, Inc.
 
4,395
155,979
Mercantile Bank Corp.
 
2,374
115,875
Metrocity Bankshares, Inc.
 
3,148
97,147
Metropolitan Bank Holding Corp.(a)
 
1,384
88,756
Mid Penn Bancorp, Inc.
 
2,300
69,276
Middlefield Banc Corp.
 
1,535
39,772
Midland States Bancorp, Inc.
 
2,043
39,348
MidWestOne Financial Group, Inc.
 
3,124
98,812
MVB Financial Corp.
 
2,086
40,698
National Bank Holdings Corp., Class A
 
4,697
202,582
National Bankshares, Inc.
 
695
20,426
NB Bancorp, Inc.(a)
 
5,978
114,538
NBT Bancorp, Inc.
 
5,834
277,873
Nicolet Bankshares, Inc.
 
1,991
223,251
Northeast Bank
 
947
95,836
Northeast Community Bancorp, Inc.
 
2,015
49,972
Northfield Bancorp, Inc.
 
5,627
65,667
Northrim BanCorp, Inc.
 
791
67,338
Northwest Bancshares, Inc.
 
13,213
174,544
Norwood Financial Corp.
 
1,633
43,470
Oak Valley Bancorp
 
1,328
34,355
OceanFirst Financial Corp.
 
8,631
155,013
OFG Bancorp
 
3,760
160,590
Old National Bancorp
 
41,841
997,908
Old Second Bancorp, Inc.
 
6,083
114,300
Orange County Bancorp, Inc.
 
1,782
46,100
Origin Bancorp, Inc.
 
4,010
152,059
Orrstown Financial Services, Inc.
 
2,740
99,572
Pacific Premier Bancorp, Inc.
 
8,415
217,948
Park National Corp.
 
1,744
295,974
Parke Bancorp, Inc.
 
2,375
48,070
Pathward Financial, Inc.
 
2,119
168,948
PCB Bancorp
 
2,493
48,090
Peapack-Gladstone Financial Corp.
 
2,330
73,744
Peoples Bancorp of North Carolina, Inc.
 
565
16,097
Peoples Bancorp, Inc.
 
5,284
172,523
Peoples Financial Services Corp.
 
1,280
65,882
Pinnacle Financial Partners, Inc.
 
9,941
1,240,339
Schedule of Investments
17
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Banks (continued)
Pioneer Bancorp, Inc./New York(a)
 
2,062
$ 23,878
Plumas Bancorp
 
978
44,597
Ponce Financial Group, Inc.(a)
 
2,258
29,964
Popular, Inc.
 
9,499
977,827
Preferred Bank/Los Angeles CA
 
621
56,735
Premier Financial Corp.
 
5,601
155,876
Primis Financial Corp.
 
3,932
43,606
Princeton Bancorp, Inc.
 
1,181
36,044
Prosperity Bancshares, Inc.
 
12,620
1,009,600
Provident Bancorp, Inc.(a)
 
1,698
19,884
Provident Financial Services, Inc.
 
9,877
183,416
QCR Holdings, Inc.
 
2,635
204,898
RBB Bancorp
 
3,188
59,966
Red River Bancshares, Inc.
 
314
17,521
Renasant Corp.
 
5,368
208,708
Republic Bancorp, Inc., Class A
 
1,406
92,023
S&T Bancorp, Inc.
 
3,166
124,867
Sandy Spring Bancorp, Inc.
 
6,973
235,897
Seacoast Banking Corp. of Florida
 
7,877
224,101
ServisFirst Bancshares, Inc.
 
6,095
552,634
Shore Bancshares, Inc.
 
5,379
87,947
Sierra Bancorp
 
2,138
64,439
Simmons First National Corp., Class A
 
12,761
289,930
SmartFinancial, Inc.
 
2,232
78,700
South Plains Financial, Inc.
 
2,102
75,525
Southern First Bancshares, Inc.(a)
 
1,241
45,669
Southern Missouri Bancorp, Inc.
 
1,328
78,591
Southern States Bancshares, Inc.
 
1,303
42,843
Southside Bancshares, Inc.
 
2,682
84,295
SouthState Corp.
 
12,894
1,361,477
Stellar Bancorp, Inc.
 
5,946
168,866
Sterling Bancorp, Inc.(a)
 
2,210
10,409
Stock Yards Bancorp, Inc.
 
3,786
279,066
Synovus Financial Corp.
 
19,591
1,105,324
Texas Capital Bancshares, Inc.(a)
 
6,192
488,858
TFS Financial Corp.
 
8,591
117,869
Third Coast Bancshares, Inc.(a)
 
1,374
49,533
Timberland Bancorp, Inc.
 
1,278
38,366
Tompkins Financial Corp.
 
1,527
106,997
Towne Bank/Portsmouth VA
 
10,305
368,610
TriCo Bancshares
 
5,226
229,265
Triumph Financial, Inc.(a)
 
2,640
203,438
TrustCo Bank Corp./New York
 
1,633
52,517
Trustmark Corp.
 
5,201
195,037
UMB Financial Corp.
 
6,190
729,807
United Bankshares, Inc.
 
16,832
648,032
United Community Banks, Inc.
 
10,412
345,366
Unity Bancorp, Inc.
 
1,476
71,365
Univest Financial Corp.
 
4,395
133,564
USCB Financial Holdings, Inc.
 
1,092
20,726
Valley National Bancorp
 
60,440
621,323
Veritex Holdings, Inc.
 
5,506
147,561
Virginia National Bankshares Corp.
 
1,167
42,549
WaFd, Inc.
 
8,081
239,844
Washington Trust Bancorp, Inc.
 
3,466
113,581
Webster Financial Corp.
 
22,389
1,348,713
WesBanco, Inc.
 
9,580
335,683
West BanCorp, Inc.
 
2,424
53,158
Westamerica BanCorp
 
2,501
129,452
Western Alliance Bancorp
 
13,943
1,225,171
Security
 
 
Shares
Value
Banks (continued)
Wintrust Financial Corp.
 
9,104
$ 1,190,894
WSFS Financial Corp.
 
5,128
287,168
Zions Bancorp NA
 
18,080
1,046,109
 
 
55,096,308
Beverages — 0.3%
Boston Beer Co., Inc., Class A(a)
 
1,076
269,721
Celsius Holdings, Inc.(a)
 
22,331
557,828
Coca-Cola Consolidated, Inc.
 
771
1,054,435
MGP Ingredients, Inc.(b)
 
1,814
65,540
National Beverage Corp.
 
2,713
114,082
Primo Brands Corp.(b)
 
19,980
646,753
Vita Coco Co., Inc.(a)(b)
 
4,674
174,994
 
 
2,883,353
Biotechnology — 4.9%
2seventy bio, Inc.(a)(b)
 
4,921
13,090
4D Molecular Therapeutics, Inc.(a)
 
4,753
26,617
89bio, Inc.(a)
 
12,309
118,166
Absci Corp.(a)(b)
 
8,026
29,776
ACADIA Pharmaceuticals, Inc.(a)
 
14,532
271,167
ACELYRIN, Inc.(a)
 
12,058
23,754
Achieve Life Sciences, Inc.(a)
 
3,538
11,569
Acrivon Therapeutics, Inc.(a)
 
791
4,801
Actinium Pharmaceuticals, Inc.(a)
 
2,431
2,820
Acumen Pharmaceuticals, Inc.(a)
 
2,268
3,402
ADC Therapeutics SA(a)
 
15,186
25,512
ADMA Biologics, Inc.(a)
 
28,194
455,333
Adverum Biotechnologies, Inc.(a)
 
2,376
10,027
Aerovate Therapeutics, Inc.(a)(b)
 
826
2,164
Agenus, Inc.(a)(b)
 
1,810
6,878
Agios Pharmaceuticals, Inc.(a)
 
7,297
250,944
Akebia Therapeutics, Inc.(a)
 
34,364
76,975
Akero Therapeutics, Inc.(a)
 
8,728
472,010
Aldeyra Therapeutics, Inc.(a)(b)
 
8,994
47,129
Alector, Inc.(a)(b)
 
9,387
15,582
Alkermes PLC(a)
 
20,439
644,442
Allogene Therapeutics, Inc.(a)
 
13,639
24,550
Altimmune, Inc.(a)(b)
 
10,771
71,519
ALX Oncology Holdings, Inc.(a)
 
2,862
4,179
Amicus Therapeutics, Inc.(a)
 
35,689
341,901
AnaptysBio, Inc.(a)
 
2,887
51,764
Anavex Life Sciences Corp.(a)(b)
 
11,204
103,861
Anika Therapeutics, Inc.(a)
 
1,127
19,227
Annexon, Inc.(a)
 
12,220
46,925
Apellis Pharmaceuticals, Inc.(a)
 
13,627
395,319
Apogee Therapeutics, Inc.(a)(b)
 
4,650
192,324
Applied Therapeutics, Inc.(a)
 
11,980
7,026
Arbutus Biopharma Corp.(a)
 
15,170
50,516
Arcellx, Inc.(a)(b)
 
5,612
382,346
Arcturus Therapeutics Holdings, Inc.(a)(b)
 
3,681
62,467
Arcus Biosciences, Inc.(a)(b)
 
7,013
90,468
Arcutis Biotherapeutics, Inc.(a)
 
13,002
172,146
Ardelyx, Inc.(a)
 
28,548
153,017
ArriVent Biopharma, Inc.(a)(b)
 
3,507
100,090
Arrowhead Pharmaceuticals, Inc.(a)
 
14,803
294,284
ARS Pharmaceuticals, Inc.(a)(b)
 
6,373
82,976
Artiva Biotherapeutics, Inc.(a)(b)
 
1,635
8,306
Astria Therapeutics, Inc.(a)
 
7,000
55,020
Atossa Therapeutics, Inc.(a)
 
15,938
13,418
Aura Biosciences, Inc.(a)(b)
 
5,081
39,886
Aurinia Pharmaceuticals, Inc.(a)
 
17,096
135,913
18
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Biotechnology (continued)
Avid Bioservices, Inc.(a)
 
8,221
$ 102,598
Avidity Biosciences, Inc.(a)
 
14,444
475,641
Avita Medical, Inc.(a)
 
4,188
38,111
Beam Therapeutics, Inc.(a)(b)
 
9,332
241,885
Bicara Therapeutics, Inc.(a)
 
2,591
32,698
BioCryst Pharmaceuticals, Inc.(a)(b)
 
25,260
199,554
Biohaven Ltd.(a)
 
10,752
411,264
Biomea Fusion, Inc.(a)(b)
 
3,606
15,073
Black Diamond Therapeutics, Inc.(a)(b)
 
3,824
10,019
Bluebird Bio, Inc.(a)(b)
 
625
4,844
Blueprint Medicines Corp.(a)
 
8,115
913,181
Bridgebio Pharma, Inc.(a)
 
17,882
611,743
C4 Therapeutics, Inc.(a)
 
5,882
20,411
Cabaletta Bio, Inc.(a)(b)
 
3,420
8,174
Capricor Therapeutics, Inc.(a)(b)
 
5,410
81,366
Cardiff Oncology, Inc.(a)(b)
 
7,264
29,274
CareDx, Inc.(a)
 
6,286
146,464
Cargo Therapeutics, Inc.(a)
 
4,399
15,836
Caribou Biosciences, Inc.(a)(b)
 
7,630
10,911
Cartesian Therapeutics, Inc.(a)(b)
 
1,749
33,773
Catalyst Pharmaceuticals, Inc.(a)
 
14,451
326,015
Celcuity, Inc.(a)
 
4,484
53,584
Celldex Therapeutics, Inc.(a)(b)
 
7,864
192,589
Century Therapeutics, Inc.(a)(b)
 
2,020
1,658
CervoMed, Inc.(a)(b)
 
821
1,855
CG oncology, Inc.(a)
 
5,793
174,196
Cibus, Inc.(a)(b)
 
1,824
4,542
Climb Bio, Inc.(a)
 
2,249
4,273
Cogent Biosciences, Inc.(a)
 
12,710
118,330
Coherus Biosciences, Inc.(a)(b)
 
9,807
11,572
Compass Therapeutics, Inc.(a)
 
16,644
53,594
Corbus Pharmaceuticals Holdings, Inc.(a)(b)
 
986
9,653
Crinetics Pharmaceuticals, Inc.(a)
 
11,036
444,751
Cullinan Therapeutics, Inc.(a)(b)
 
6,455
68,165
Cytokinetics, Inc.(a)(b)
 
14,819
732,948
Day One Biopharmaceuticals, Inc.(a)
 
6,612
81,790
Denali Therapeutics, Inc.(a)
 
16,179
376,971
Design Therapeutics, Inc.(a)
 
3,449
16,728
Dianthus Therapeutics, Inc.(a)(b)
 
3,260
72,209
Disc Medicine, Inc.(a)
 
2,420
135,036
Dynavax Technologies Corp.(a)
 
16,173
211,058
Dyne Therapeutics, Inc.(a)
 
10,682
151,898
Editas Medicine, Inc.(a)
 
6,660
8,725
Elevation Oncology, Inc.(a)
 
6,812
4,722
Enanta Pharmaceuticals, Inc.(a)
 
1,765
9,019
Entrada Therapeutics, Inc.(a)(b)
 
3,141
42,215
Erasca, Inc.(a)(b)
 
19,210
36,307
Exact Sciences Corp.(a)
 
23,519
1,318,240
Exelixis, Inc.(a)
 
36,250
1,201,687
Fate Therapeutics, Inc.(a)
 
12,442
16,175
Fennec Pharmaceuticals, Inc.(a)
 
1,521
9,886
Fibrobiologics, Inc.(a)(b)
 
3,283
5,286
Foghorn Therapeutics, Inc.(a)
 
2,783
11,661
Generation Bio Co.(a)
 
3,492
2,710
Geron Corp.(a)
 
77,971
223,777
Greenwich Lifesciences, Inc.(a)(b)
 
1,301
16,835
Gyre Therapeutics, Inc.(a)(b)
 
1,694
19,498
Halozyme Therapeutics, Inc.(a)(b)
 
15,865
898,594
Heron Therapeutics, Inc.(a)(b)
 
9,203
15,645
HilleVax, Inc.(a)(b)
 
3,575
7,043
Humacyte, Inc.(a)(b)
 
14,451
66,186
Ideaya Biosciences, Inc.(a)
 
10,221
248,881
IGM Biosciences, Inc.(a)
 
3,573
5,395
Security
 
 
Shares
Value
Biotechnology (continued)
ImmunityBio, Inc.(a)(b)
 
17,871
$ 61,655
Immunome, Inc.(a)
 
7,267
80,155
Immunovant, Inc.(a)(b)
 
7,255
157,724
Inhibrx Biosciences, Inc.(a)
 
865
11,747
Inmune Bio, Inc.(a)
 
2,296
23,327
Inovio Pharmaceuticals, Inc.(a)(b)
 
2,610
5,455
Inozyme Pharma, Inc.(a)
 
6,179
8,898
Insmed, Inc.(a)
 
21,650
1,657,957
Intellia Therapeutics, Inc.(a)
 
12,021
124,057
Invivyd, Inc.(a)
 
13,567
4,853
Ionis Pharmaceuticals, Inc.(a)
 
19,747
629,929
Iovance Biotherapeutics, Inc.(a)
 
34,471
201,655
Ironwood Pharmaceuticals, Inc.(a)
 
18,530
43,360
iTeos Therapeutics, Inc.(a)
 
2,302
17,357
Janux Therapeutics, Inc.(a)
 
3,427
149,006
Jasper Therapeutics, Inc.(a)
 
2,208
13,380
KalVista Pharmaceuticals, Inc.(a)
 
6,156
54,850
Keros Therapeutics, Inc.(a)
 
3,630
41,382
Kiniksa Pharmaceuticals International PLC(a)
 
5,034
98,666
Kodiak Sciences, Inc.(a)
 
4,037
25,837
Korro Bio, Inc.(a)
 
609
20,779
Krystal Biotech, Inc.(a)(b)
 
3,134
500,625
Kura Oncology, Inc.(a)
 
9,250
73,167
Kymera Therapeutics, Inc.(a)(b)
 
6,047
239,401
Kyverna Therapeutics, Inc.(a)
 
2,121
6,872
Larimar Therapeutics, Inc.(a)
 
5,058
19,423
LENZ Therapeutics, Inc.(b)
 
1,490
38,040
Lexeo Therapeutics, Inc.(a)
 
2,923
15,872
Lexicon Pharmaceuticals, Inc.(a)(b)
 
8,558
6,472
Lineage Cell Therapeutics, Inc.(a)(b)
 
13,121
7,882
Lyell Immunopharma, Inc.(a)(b)
 
14,969
8,836
MacroGenics, Inc.(a)
 
5,789
17,367
Madrigal Pharmaceuticals, Inc.(a)
 
2,271
760,331
MannKind Corp.(a)
 
31,931
184,880
MeiraGTx Holdings PLC(a)
 
6,056
38,092
Mersana Therapeutics, Inc.(a)
 
12,214
7,437
Metagenomi, Inc.(a)
 
6,829
18,370
MiMedx Group, Inc.(a)(b)
 
14,066
122,374
Mineralys Therapeutics, Inc.(a)(b)
 
4,139
42,632
Mirum Pharmaceuticals, Inc.(a)
 
5,280
258,086
Monte Rosa Therapeutics, Inc.(a)(b)
 
5,824
38,788
Myriad Genetics, Inc.(a)
 
11,054
140,054
Natera, Inc.(a)
 
14,629
2,588,163
Neurocrine Biosciences, Inc.(a)
 
12,732
1,932,972
Neurogene, Inc.(a)(b)
 
1,000
15,850
Nkarta, Inc.(a)
 
5,860
13,712
Novavax, Inc.(a)(b)
 
20,269
176,138
Nurix Therapeutics, Inc.(a)
 
9,044
178,257
Nuvalent, Inc., Class A(a)
 
4,553
390,693
Ocugen, Inc.(a)(b)
 
25,320
18,418
Olema Pharmaceuticals, Inc.(a)
 
6,415
39,196
Organogenesis Holdings, Inc.(a)
 
10,612
39,052
ORIC Pharmaceuticals, Inc.(a)
 
8,999
93,770
Outlook Therapeutics, Inc.(a)(b)
 
639
1,316
Ovid therapeutics, Inc.(a)
 
5,290
3,509
PepGen, Inc.(a)
 
1,425
1,838
Perspective Therapeutics, Inc.(a)
 
7,773
27,594
Praxis Precision Medicines, Inc.(a)
 
2,100
160,755
Precigen, Inc.(a)
 
9,098
12,282
Prelude Therapeutics, Inc.(a)
 
945
1,039
Prime Medicine, Inc.(a)(b)
 
6,409
17,945
ProKidney Corp.(a)(b)
 
15,257
25,174
Protagonist Therapeutics, Inc.(a)
 
7,054
266,641
Schedule of Investments
19
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Biotechnology (continued)
Prothena Corp. PLC(a)(b)
 
5,972
$ 84,982
PTC Therapeutics, Inc.(a)
 
9,840
451,459
Puma Biotechnology, Inc.(a)
 
5,546
16,028
Pyxis Oncology, Inc.(a)
 
5,365
8,423
Q32 Bio, Inc.(a)(b)
 
514
1,557
RAPT Therapeutics, Inc.(a)
 
2,497
2,847
Recursion Pharmaceuticals, Inc., Class A(a)(b)
 
30,280
219,227
REGENXBIO, Inc.(a)
 
4,766
38,462
Regulus Therapeutics, Inc.(a)(b)
 
7,671
7,671
Relay Therapeutics, Inc.(a)
 
16,249
72,633
Renovaro, Inc.(a)(b)
 
14,883
11,162
Replimune Group, Inc.(a)
 
8,016
112,064
Revolution Medicines, Inc.(a)
 
21,036
903,496
Rhythm Pharmaceuticals, Inc.(a)
 
7,104
422,191
Rigel Pharmaceuticals, Inc.(a)
 
2,364
51,181
Rocket Pharmaceuticals, Inc.(a)
 
8,412
90,345
Roivant Sciences Ltd.(a)(b)
 
53,736
598,082
Sage Therapeutics, Inc.(a)
 
8,559
62,053
Sana Biotechnology, Inc.(a)(b)
 
22,442
72,263
Sarepta Therapeutics, Inc.(a)
 
11,543
1,312,670
Savara, Inc.(a)(b)
 
11,726
31,660
Scholar Rock Holding Corp.(a)
 
10,272
414,783
Sera Prognostics, Inc., Class A(a)
 
2,932
18,970
Shattuck Labs, Inc.(a)
 
4,618
5,357
Skye Bioscience, Inc.(a)
 
2,083
6,686
Soleno Therapeutics, Inc.(a)
 
3,396
170,581
Solid Biosciences, Inc.(a)
 
2,423
7,705
SpringWorks Therapeutics, Inc.(a)(b)
 
9,074
340,275
Spyre Therapeutics, Inc.(a)
 
4,291
98,650
Stoke Therapeutics, Inc.(a)(b)
 
4,743
54,450
Summit Therapeutics, Inc.(a)(b)
 
12,042
258,903
Sutro Biopharma, Inc.(a)
 
14,991
28,783
Syndax Pharmaceuticals, Inc.(a)
 
10,474
148,417
Tango Therapeutics, Inc.(a)
 
4,744
14,137
Taysha Gene Therapies, Inc.(a)
 
27,655
41,482
Tenaya Therapeutics, Inc.(a)
 
4,128
4,376
TG Therapeutics, Inc.(a)
 
17,628
558,808
Tourmaline Bio, Inc.(a)
 
3,182
51,103
Travere Therapeutics, Inc.(a)
 
9,017
184,488
TScan Therapeutics, Inc.(a)
 
3,709
9,532
Twist Bioscience Corp.(a)
 
7,584
397,174
Tyra Biosciences, Inc.(a)
 
3,517
50,856
Ultragenyx Pharmaceutical, Inc.(a)
 
11,112
478,149
United Therapeutics Corp.(a)
 
5,599
1,966,201
Upstream Bio, Inc.(a)(b)
 
2,349
25,299
UroGen Pharma Ltd.(a)
 
5,310
58,463
Vanda Pharmaceuticals, Inc.(a)
 
9,557
42,146
Vaxcyte, Inc.(a)(b)
 
15,719
1,388,302
Vera Therapeutics, Inc.(a)
 
5,572
207,724
Veracyte, Inc.(a)
 
9,922
451,253
Verastem, Inc.(a)
 
6,853
41,666
Vericel Corp.(a)
 
6,337
370,968
Verve Therapeutics, Inc.(a)(b)
 
10,500
79,905
Viking Therapeutics, Inc.(a)(b)
 
14,071
460,825
Vir Biotechnology, Inc.(a)
 
12,017
124,977
Viridian Therapeutics, Inc.(a)
 
9,220
178,684
Voyager Therapeutics, Inc.(a)
 
6,114
33,321
X4 Pharmaceuticals, Inc.(a)
 
11,714
8,201
XBiotech, Inc.(a)
 
2,709
9,373
Xencor, Inc.(a)
 
8,403
153,607
XOMA Royalty Corp.(a)
 
777
20,676
Y-mAbs Therapeutics, Inc.(a)(b)
 
6,196
36,990
Security
 
 
Shares
Value
Biotechnology (continued)
Zenas Biopharma, Inc.(a)
 
2,606
$ 20,900
Zentalis Pharmaceuticals, Inc.(a)(b)
 
5,730
9,970
Zura Bio Ltd.(a)(b)
 
5,749
10,808
Zymeworks, Inc.(a)
 
7,141
104,259
 
 
41,926,311
Broadline Retail — 0.3%
1stdibs.com, Inc.(a)(b)
 
3,714
14,447
Dillard’s, Inc., Class A(b)
 
374
175,073
Etsy, Inc.(a)
 
13,838
759,845
Groupon, Inc.(a)(b)
 
2,147
22,479
Kohl’s Corp.
 
13,998
184,914
Macy’s, Inc.
 
35,622
554,991
Nordstrom, Inc.
 
13,512
326,990
Ollie’s Bargain Outlet Holdings, Inc.(a)
 
7,673
855,616
Savers Value Village, Inc.(a)(b)
 
2,377
26,480
 
 
2,920,835
Building Products — 2.2%
A O Smith Corp.
 
15,111
1,016,970
AAON, Inc.
 
8,633
1,004,709
Advanced Drainage Systems, Inc.
 
8,923
1,078,880
Allegion PLC
 
11,236
1,491,354
American Woodmark Corp.(a)
 
1,869
145,520
Apogee Enterprises, Inc.
 
2,716
138,570
Armstrong World Industries, Inc.
 
5,565
840,371
AZEK Co., Inc.(a)
 
18,224
933,616
AZZ, Inc.
 
3,775
323,857
Caesarstone Ltd.(a)
 
3,643
16,029
CSW Industrials, Inc.
 
2,108
695,239
Fortune Brands Innovations, Inc.
 
15,876
1,137,833
Gibraltar Industries, Inc.(a)
 
3,680
225,842
Griffon Corp.
 
4,901
371,349
Hayward Holdings, Inc.(a)
 
19,267
290,161
Insteel Industries, Inc.
 
1,591
45,646
Janus International Group, Inc.(a)(b)
 
17,127
141,983
JELD-WEN Holding, Inc.(a)
 
10,639
94,900
Lennox International, Inc.
 
4,129
2,446,102
Masterbrand, Inc.(a)
 
16,693
289,123
Owens Corning
 
11,170
2,061,423
Quanex Building Products Corp.
 
5,367
112,707
Resideo Technologies, Inc.(a)
 
18,675
420,561
Simpson Manufacturing Co., Inc.
 
5,223
877,464
Tecnoglass, Inc.
 
2,736
207,936
Trex Co., Inc.(a)
 
13,462
980,437
UFP Industries, Inc.
 
7,764
897,907
Zurn Elkay Water Solutions Corp.
 
18,193
717,532
 
 
19,004,021
Capital Markets — 3.4%
Acadian Asset Management, Inc.
 
3,861
96,216
Affiliated Managers Group, Inc.
 
3,791
712,481
AlTi Global, Inc., Class A(a)(b)
 
7,870
30,614
Artisan Partners Asset Management, Inc., Class A
 
5,632
251,694
B Riley Financial, Inc.(b)
 
1,931
8,892
BGC Group, Inc., Class A
 
30,872
294,519
Carlyle Group, Inc.
 
28,517
1,601,515
Cohen & Steers, Inc.
 
3,510
311,091
Diamond Hill Investment Group, Inc.
 
428
64,217
DigitalBridge Group, Inc.
 
21,928
240,550
Donnelley Financial Solutions, Inc.(a)
 
3,149
208,999
Evercore, Inc., Class A
 
4,524
1,317,705
FactSet Research Systems, Inc.
 
4,918
2,333,148
Forge Global Holdings, Inc.(a)(b)
 
11,095
8,543
20
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Capital Markets (continued)
GCM Grosvenor, Inc., Class A
 
7,058
$ 95,424
Hamilton Lane, Inc., Class A
 
4,766
758,652
Houlihan Lokey, Inc.
 
6,946
1,262,227
Invesco Ltd.
 
46,926
902,387
Janus Henderson Group PLC
 
18,232
819,164
Jefferies Financial Group, Inc.
 
22,929
1,763,011
Lazard, Inc.
 
14,221
773,196
MarketAxess Holdings, Inc.
 
4,762
1,050,640
MarketWise, Inc.
 
1,653
918
Moelis & Co., Class A
 
5,617
439,755
Morningstar, Inc.
 
3,392
1,114,747
Open Lending Corp.(a)
 
11,201
67,766
P10, Inc., Class A
 
3,292
44,969
Patria Investments Ltd., Class A
 
8,437
100,316
Perella Weinberg Partners
 
6,979
180,198
Piper Sandler Cos.
 
2,251
713,882
PJT Partners, Inc., Class A
 
3,150
519,656
Robinhood Markets, Inc., Class A(a)
 
86,040
4,469,778
SEI Investments Co.
 
12,948
1,121,038
Silvercrest Asset Management Group, Inc., Class A
 
2,427
44,900
StepStone Group, Inc., Class A
 
8,590
550,447
Stifel Financial Corp.
 
13,372
1,549,146
StoneX Group, Inc.(a)
 
3,827
419,133
TPG, Inc.
 
10,922
734,504
Value Line, Inc.
 
72
2,830
Victory Capital Holdings, Inc., Class A
 
5,685
376,233
Virtu Financial, Inc., Class A
 
10,214
409,173
Virtus Investment Partners, Inc.
 
1,080
215,460
WisdomTree, Inc.
 
16,664
163,141
XP, Inc., Class A
 
52,350
714,577
 
 
28,857,452
Chemicals — 1.7%
AdvanSix, Inc.
 
3,189
99,752
American Vanguard Corp.
 
2,566
15,858
Arcadium Lithium PLC(a)
 
139,989
803,537
Arq, Inc.(a)
 
3,077
19,200
Ashland, Inc.
 
6,547
415,669
ASP Isotopes, Inc.(a)(b)
 
9,514
54,706
Aspen Aerogels, Inc.(a)
 
7,118
83,209
Avient Corp.
 
11,969
513,470
Axalta Coating Systems Ltd.(a)
 
28,026
1,007,254
Balchem Corp.
 
4,001
640,000
Cabot Corp.
 
6,854
592,665
Chemours Co.
 
20,025
380,275
Core Molding Technologies, Inc.(a)
 
749
11,063
Ecovyst, Inc.(a)
 
14,019
108,787
Element Solutions, Inc.
 
29,116
751,484
FMC Corp.
 
16,066
896,161
Hawkins, Inc.
 
2,518
269,199
HB Fuller Co.
 
7,033
443,993
Huntsman Corp.
 
22,578
379,988
Ingevity Corp.(a)
 
4,946
224,301
Innospec, Inc.
 
3,172
359,546
Intrepid Potash, Inc.(a)
 
1,016
26,711
Koppers Holdings, Inc.
 
1,896
56,425
Kronos Worldwide, Inc.
 
3,945
37,833
LSB Industries, Inc.(a)
 
7,532
63,570
Mativ Holdings, Inc.
 
6,628
63,297
Minerals Technologies, Inc.
 
3,937
301,929
Mosaic Co.
 
41,493
1,157,240
NewMarket Corp.
 
887
441,744
Security
 
 
Shares
Value
Chemicals (continued)
Northern Technologies International Corp.
 
1,046
$ 12,385
Olin Corp.
 
15,214
445,618
Orion SA
 
7,064
98,543
Perimeter Solutions, Inc.(a)
 
18,415
230,188
PureCycle Technologies, Inc.(a)(b)
 
15,208
141,586
Quaker Chemical Corp.
 
1,730
244,241
Rayonier Advanced Materials, Inc.(a)
 
7,558
60,464
RPM International, Inc.
 
16,593
2,100,674
Scotts Miracle-Gro Co.
 
5,245
372,185
Sensient Technologies Corp.
 
5,552
419,232
Stepan Co.
 
2,581
163,610
Tronox Holdings PLC
 
15,148
155,570
Valhi, Inc.
 
190
3,965
 
 
14,667,127
Commercial Services & Supplies — 1.2%
ABM Industries, Inc.
 
8,247
440,060
ACCO Brands Corp.
 
11,796
62,047
ACV Auctions, Inc., Class A(a)
 
19,288
408,134
Aris Water Solution, Inc., Class A
 
3,970
101,354
BrightView Holdings, Inc.(a)
 
7,447
117,365
Brink’s Co.
 
5,728
534,594
Casella Waste Systems, Inc., Class A(a)
 
7,508
807,410
CECO Environmental Corp.(a)
 
3,587
101,584
Cimpress PLC(a)
 
2,096
139,342
Clean Harbors, Inc.(a)(b)
 
6,624
1,543,392
CompX International, Inc.
 
59
1,446
CoreCivic, Inc.(a)
 
14,440
295,442
Deluxe Corp.
 
5,791
134,293
Driven Brands Holdings, Inc.(a)
 
7,173
118,426
Ennis, Inc.
 
2,654
55,071
Enviri Corp.(a)
 
10,177
97,496
GEO Group, Inc.(a)
 
15,921
501,671
Healthcare Services Group, Inc.(a)
 
8,751
97,049
HNI Corp.
 
6,334
315,750
Interface, Inc.
 
7,010
173,568
LanzaTech Global, Inc.(a)
 
13,278
12,507
Liquidity Services, Inc.(a)(b)
 
2,711
93,936
Matthews International Corp., Class A
 
3,785
105,942
MillerKnoll, Inc.
 
8,575
192,423
Montrose Environmental Group, Inc.(a)(b)
 
4,398
91,566
MSA Safety, Inc.
 
4,580
754,463
NL Industries, Inc.
 
244
1,879
OPENLANE, Inc.(a)(b)
 
13,026
264,558
Perma-Fix Environmental Services, Inc.(a)
 
1,537
15,724
Pitney Bowes, Inc.
 
8,042
71,654
Quad/Graphics, Inc.
 
5,703
38,324
Quest Resource Holding Corp.(a)
 
2,022
11,829
Steelcase, Inc., Class A
 
11,703
134,350
Tetra Tech, Inc.
 
33,639
1,237,915
UniFirst Corp.
 
1,936
414,924
Vestis Corp.
 
17,486
244,454
Viad Corp.(a)
 
2,378
93,931
Virco Mfg. Corp.
 
1,166
12,709
VSE Corp.
 
2,259
231,209
 
 
10,069,791
Communications Equipment — 1.0%
ADTRAN Holdings, Inc.(a)
 
9,587
99,417
Applied Optoelectronics, Inc.(a)
 
5,316
148,423
Aviat Networks, Inc.(a)
 
1,096
20,879
Calix, Inc.(a)
 
7,841
311,131
Ciena Corp.(a)
 
18,513
1,613,223
Schedule of Investments
21
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Communications Equipment (continued)
Clearfield, Inc.(a)
 
1,347
$ 49,152
CommScope Holding Co., Inc.(a)
 
27,606
139,410
Digi International, Inc.(a)
 
4,551
142,219
Extreme Networks, Inc.(a)
 
16,707
264,138
F5, Inc.(a)
 
7,491
2,226,775
Harmonic, Inc.(a)
 
15,382
173,509
Infinera Corp.(a)(b)
 
24,988
165,421
Juniper Networks, Inc.
 
42,069
1,466,525
Lumentum Holdings, Inc.(a)
 
8,655
736,194
NETGEAR, Inc.(a)
 
3,603
99,623
NetScout Systems, Inc.(a)
 
8,668
206,645
Ribbon Communications, Inc.(a)
 
11,763
48,228
Ubiquiti, Inc.
 
495
199,752
Viasat, Inc.(a)
 
15,176
145,993
Viavi Solutions, Inc.(a)(b)
 
28,876
347,667
 
 
8,604,324
Construction & Engineering — 2.0%
AECOM
 
17,127
1,805,871
Ameresco, Inc., Class A(a)
 
4,163
94,209
API Group Corp.(a)
 
29,622
1,130,079
Arcosa, Inc.
 
6,119
619,855
Argan, Inc.
 
1,684
230,371
Bowman Consulting Group Ltd.(a)(b)
 
1,373
34,915
Centuri Holdings, Inc.(a)
 
2,632
58,641
Comfort Systems USA, Inc.
 
4,492
1,961,881
Concrete Pumping Holdings, Inc.
 
4,872
41,217
Construction Partners, Inc., Class A(a)(b)
 
5,430
436,572
Dycom Industries, Inc.(a)
 
3,572
675,680
EMCOR Group, Inc.
 
5,850
2,621,151
Everus Construction Group, Inc.(a)
 
6,617
455,316
Fluor Corp.(a)
 
22,120
1,066,405
Granite Construction, Inc.
 
5,612
494,642
Great Lakes Dredge & Dock Corp.(a)
 
8,718
95,811
IES Holdings, Inc.(a)(b)
 
1,110
245,621
Limbach Holdings, Inc.(a)
 
1,328
122,813
MasTec, Inc.(a)
 
8,054
1,168,555
Matrix Service Co.(a)
 
2,575
34,917
MYR Group, Inc.(a)
 
1,993
282,149
Northwest Pipe Co.(a)
 
1,028
49,714
Orion Group Holdings, Inc.(a)
 
5,778
45,531
Primoris Services Corp.
 
6,807
522,573
Sterling Infrastructure, Inc.(a)
 
3,769
536,781
Tutor Perini Corp.(a)
 
5,484
132,110
Valmont Industries, Inc.
 
2,482
823,428
WillScot Holdings Corp.(a)(b)
 
22,922
849,489
 
 
16,636,297
Construction Materials — 0.3%
Eagle Materials, Inc.
 
4,255
1,092,429
Knife River Corp.(a)
 
7,173
742,979
Smith-Midland Corp.(a)(b)
 
588
23,538
Summit Materials, Inc., Class A(a)
 
15,167
793,386
U.S. Lime & Minerals, Inc.
 
1,254
138,667
 
 
2,790,999
Consumer Finance — 1.1%
Ally Financial, Inc.
 
35,127
1,368,899
Atlanticus Holdings Corp.(a)
 
789
46,922
Bread Financial Holdings, Inc.
 
3,807
241,097
Consumer Portfolio Services, Inc.(a)
 
679
8,053
Credit Acceptance Corp.(a)
 
777
394,537
Dave, Inc.(a)
 
990
94,862
Security
 
 
Shares
Value
Consumer Finance (continued)
Encore Capital Group, Inc.(a)
 
3,093
$ 153,104
Enova International, Inc.(a)
 
3,289
369,420
FirstCash Holdings, Inc.
 
4,930
538,109
Green Dot Corp., Class A(a)
 
3,218
28,544
LendingClub Corp.(a)
 
13,861
186,985
LendingTree, Inc.(a)
 
1,624
72,966
Medallion Financial Corp.
 
2,587
23,154
Moneylion, Inc.(a)(b)
 
1,076
93,590
Navient Corp.
 
12,160
166,227
Nelnet, Inc., Class A
 
1,917
211,196
NerdWallet, Inc., Class A(a)
 
5,312
75,855
OneMain Holdings, Inc.
 
15,186
843,430
OppFi, Inc.
 
4,132
56,650
PRA Group, Inc.(a)
 
4,960
109,666
PROG Holdings, Inc.
 
5,133
219,436
Regional Management Corp.
 
1,483
53,077
SLM Corp.
 
26,193
731,047
SoFi Technologies, Inc.(a)
 
135,434
2,137,149
Upstart Holdings, Inc.(a)
 
10,034
649,651
World Acceptance Corp.(a)
 
424
59,852
 
 
8,933,478
Consumer Staples Distribution & Retail — 1.6%
Albertsons Cos., Inc., Class A
 
54,481
1,092,344
Andersons, Inc.
 
4,194
170,905
BJ’s Wholesale Club Holdings, Inc.(a)
 
16,915
1,675,431
Casey’s General Stores, Inc.
 
4,737
1,997,924
Chefs’ Warehouse, Inc.(a)
 
4,317
232,514
Grocery Outlet Holding Corp.(a)
 
11,738
190,038
Guardian Pharmacy Services, Inc.(a)
 
1,096
25,000
HF Foods Group, Inc.(a)
 
2,550
6,783
Ingles Markets, Inc., Class A
 
1,778
117,739
Maplebear, Inc.(a)(b)
 
21,299
1,028,316
Natural Grocers by Vitamin Cottage, Inc.
 
1,357
59,084
Performance Food Group Co.(a)
 
19,671
1,776,488
PriceSmart, Inc.
 
3,273
297,745
SpartanNash Co.
 
5,174
94,322
Sprouts Farmers Market, Inc.(a)
 
12,785
2,024,377
U.S. Foods Holding Corp.(a)
 
29,589
2,098,748
United Natural Foods, Inc.(a)
 
7,193
213,920
Village Super Market, Inc., Class A
 
767
26,162
Weis Markets, Inc.
 
1,841
124,378
 
 
13,252,218
Containers & Packaging — 1.8%
AptarGroup, Inc.
 
8,535
1,341,275
Ardagh Metal Packaging SA
 
18,637
51,625
Avery Dennison Corp.
 
10,393
1,930,292
Berry Global Group, Inc.
 
14,754
1,002,092
Crown Holdings, Inc.
 
15,136
1,329,849
Graphic Packaging Holding Co.
 
38,282
1,050,075
Greif, Inc., Class A
 
3,620
221,616
Greif, Inc., Class B
 
651
41,254
Myers Industries, Inc.
 
4,354
52,422
O-I Glass, Inc.(a)
 
19,295
230,382
Packaging Corp. of America
 
11,512
2,448,142
Pactiv Evergreen, Inc.
 
5,457
96,807
Ranpak Holdings Corp.(a)
 
7,379
54,014
Sealed Air Corp.
 
12,284
427,852
Silgan Holdings, Inc.
 
10,575
581,837
Smurfit WestRock PLC
 
66,382
3,524,220
22
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Containers & Packaging (continued)
Sonoco Products Co.
 
12,520
$ 596,453
TriMas Corp.
 
4,849
117,831
 
 
15,098,038
Distributors — 0.2%
A-Mark Precious Metals, Inc.
 
2,474
69,693
GigaCloud Technology, Inc., Class A(a)(b)
 
2,200
46,904
Pool Corp.
 
4,714
1,622,794
Weyco Group, Inc.
 
661
23,624
 
 
1,763,015
Diversified Consumer Services — 1.2%
ADT, Inc.
 
41,545
319,066
Adtalem Global Education, Inc.(a)
 
4,807
514,974
American Public Education, Inc.(a)
 
2,577
57,132
Bright Horizons Family Solutions, Inc.(a)
 
7,447
913,002
Carriage Services, Inc.
 
1,857
76,044
Chegg, Inc.(a)
 
10,712
16,497
Coursera, Inc.(a)
 
17,707
136,521
Duolingo, Inc., Class A(a)
 
4,758
1,731,864
European Wax Center, Inc., Class A(a)
 
3,136
21,168
Frontdoor, Inc.(a)
 
9,791
586,285
Graham Holdings Co., Class B
 
422
391,962
Grand Canyon Education, Inc.(a)
 
3,604
633,007
H&R Block, Inc.
 
17,784
983,633
KinderCare Learning Cos., Inc.(a)
 
3,769
78,169
Laureate Education, Inc.(a)
 
16,367
306,390
Lincoln Educational Services Corp.(a)
 
3,747
61,151
Mister Car Wash, Inc.(a)
 
12,201
97,852
Nerdy, Inc.(a)
 
6,648
12,099
OneSpaWorld Holdings Ltd.
 
12,491
266,808
Perdoceo Education Corp.
 
5,506
158,463
Service Corp. International
 
17,703
1,382,958
Strategic Education, Inc.
 
2,695
264,730
Stride, Inc.(a)
 
5,349
721,580
Udemy, Inc.(a)
 
12,567
94,001
Universal Technical Institute, Inc.(a)
 
4,972
136,382
 
 
9,961,738
Diversified REITs — 0.2%
Alexander & Baldwin, Inc.
 
9,950
177,608
Alpine Income Property Trust, Inc.
 
860
14,500
American Assets Trust, Inc.
 
6,065
147,258
Armada Hoffler Properties, Inc.
 
8,106
79,277
Broadstone Net Lease, Inc.
 
24,810
390,509
CTO Realty Growth, Inc.
 
3,266
64,112
Empire State Realty Trust, Inc., Class A
 
15,963
152,606
Essential Properties Realty Trust, Inc.
 
21,875
702,187
Gladstone Commercial Corp.
 
5,040
81,698
Global Net Lease, Inc.
 
25,009
179,815
NexPoint Diversified Real Estate Trust
 
3,673
20,312
One Liberty Properties, Inc.
 
1,878
48,208
 
 
2,058,090
Diversified Telecommunication Services — 0.5%
Anterix, Inc.(a)
 
1,039
29,684
AST SpaceMobile, Inc.(a)(b)
 
16,065
325,156
ATN International, Inc.
 
2,113
32,857
Bandwidth, Inc., Class A(a)
 
3,402
60,454
Cogent Communications Holdings, Inc.
 
5,623
423,637
Frontier Communications Parent, Inc.(a)
 
31,478
1,125,653
Globalstar, Inc.(a)
 
89,103
136,328
IDT Corp., Class B
 
1,688
79,640
Iridium Communications, Inc.
 
14,192
408,020
Security
 
 
Shares
Value
Diversified Telecommunication Services (continued)
Liberty Global Ltd., Class A(a)
 
19,998
$ 230,177
Liberty Global Ltd., Class C(a)
 
21,591
253,262
Liberty Latin America Ltd., Class A(a)
 
6,235
38,532
Liberty Latin America Ltd., Class C(a)(b)
 
13,469
82,565
Lumen Technologies, Inc.(a)
 
129,700
640,718
Shenandoah Telecommunications Co.
 
5,310
57,348
 
 
3,924,031
Electric Utilities — 1.0%
ALLETE, Inc.
 
7,464
489,788
Genie Energy Ltd., Class B
 
1,759
25,207
Hawaiian Electric Industries, Inc.(a)
 
22,757
207,999
IDACORP, Inc.
 
6,927
761,554
MGE Energy, Inc.
 
4,612
414,388
NRG Energy, Inc.
 
26,476
2,712,201
OGE Energy Corp.
 
26,680
1,126,696
Otter Tail Corp.
 
5,276
406,463
Pinnacle West Capital Corp.
 
15,017
1,305,878
Portland General Electric Co.
 
13,754
565,840
TXNM Energy, Inc.
 
11,317
547,177
 
 
8,563,191
Electrical Equipment — 1.2%
Acuity Brands, Inc.
 
3,914
1,300,975
Allient, Inc.
 
2,002
50,471
American Superconductor Corp.(a)
 
4,464
117,269
Array Technologies, Inc.(a)
 
21,651
158,702
Atkore, Inc.
 
4,451
362,490
Blink Charging Co.(a)(b)
 
10,333
12,606
Bloom Energy Corp., Class A(a)(b)
 
26,014
613,410
ChargePoint Holdings, Inc.(a)(b)
 
41,379
39,815
Energy Vault Holdings, Inc.(a)
 
17,067
29,697
EnerSys
 
5,063
491,465
Enovix Corp.(a)(b)
 
21,556
259,965
Fluence Energy, Inc.(a)(b)
 
7,415
96,469
Freyr Battery, Inc.(a)(b)
 
10,772
20,251
FuelCell Energy, Inc.(a)(b)
 
1,178
9,047
Generac Holdings, Inc.(a)
 
7,601
1,135,057
GrafTech International Ltd.(a)
 
28,828
43,242
LSI Industries, Inc.
 
3,528
74,335
NANO Nuclear Energy, Inc.(a)(b)
 
852
32,904
Net Power, Inc.(a)(b)
 
4,000
34,360
NEXTracker, Inc., Class A(a)
 
18,480
931,762
NuScale Power Corp.(a)(b)
 
10,557
251,679
nVent Electric PLC
 
20,911
1,361,097
Plug Power, Inc.(a)(b)
 
100,860
187,600
Powell Industries, Inc.
 
1,227
294,210
Preformed Line Products Co.
 
205
30,840
Regal Rexnord Corp.
 
8,532
1,354,284
Sensata Technologies Holding PLC
 
19,084
518,322
SES AI Corp.(a)(b)
 
12,887
15,207
Shoals Technologies Group, Inc., Class A(a)
 
19,585
93,616
Stem, Inc.(a)(b)
 
12,417
7,533
Sunrun, Inc.(a)(b)
 
29,022
262,649
Thermon Group Holdings, Inc.(a)
 
3,855
106,706
TPI Composites, Inc.(a)(b)
 
3,470
5,656
Ultralife Corp.(a)
 
1,670
12,659
Vicor Corp.(a)
 
2,721
139,152
 
 
10,455,502
Electronic Equipment, Instruments & Components — 2.3%
908 Devices, Inc.(a)
 
1,646
4,115
Advanced Energy Industries, Inc.
 
4,745
546,055
Aeva Technologies, Inc.(a)(b)
 
1,602
6,792
Schedule of Investments
23
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Electronic Equipment, Instruments & Components (continued)
Arlo Technologies, Inc.(a)
 
11,696
$ 136,960
Arrow Electronics, Inc.(a)
 
6,965
811,771
Avnet, Inc.
 
11,846
611,964
Badger Meter, Inc.
 
3,732
798,312
Bel Fuse, Inc., Class A
 
212
17,513
Bel Fuse, Inc., Class B
 
1,269
102,916
Belden, Inc.
 
5,130
597,491
Benchmark Electronics, Inc.
 
4,482
191,202
Climb Global Solutions, Inc.
 
553
70,082
Cognex Corp.
 
21,514
858,409
Coherent Corp.(a)
 
15,909
1,439,605
Crane NXT Co.
 
6,452
412,734
CTS Corp.
 
3,542
180,961
Daktronics, Inc.(a)
 
4,969
81,541
ePlus, Inc.(a)(b)
 
3,517
281,008
Evolv Technologies Holdings, Inc.(a)
 
14,439
57,900
Fabrinet(a)
 
4,598
994,134
FARO Technologies, Inc.(a)
 
2,474
78,475
Ingram Micro Holding Corp.(a)
 
2,715
63,314
Insight Enterprises, Inc.(a)
 
3,535
610,671
IPG Photonics Corp.(a)
 
3,422
250,935
Itron, Inc.(a)
 
5,742
616,461
Jabil, Inc.
 
14,238
2,312,394
Kimball Electronics, Inc.(a)
 
3,175
57,721
Knowles Corp.(a)
 
10,605
200,753
Lightwave Logic, Inc.(a)(b)
 
12,360
22,248
Littelfuse, Inc.
 
3,058
728,905
Methode Electronics, Inc.
 
4,402
49,831
MicroVision, Inc.(a)(b)
 
42,237
67,157
Mirion Technologies, Inc.(a)
 
27,234
431,387
Napco Security Technologies, Inc.
 
4,339
159,241
nLight, Inc.(a)(b)
 
5,786
64,630
Novanta, Inc.(a)
 
4,472
669,280
OSI Systems, Inc.(a)
 
2,051
402,898
Ouster, Inc.(a)
 
6,886
68,585
PAR Technology Corp.(a)
 
4,438
322,154
PC Connection, Inc.
 
1,679
124,615
Plexus Corp.(a)
 
3,441
487,624
Powerfleet, Inc.(a)
 
12,048
71,204
Richardson Electronics Ltd.
 
1,153
15,220
Rogers Corp.(a)
 
2,398
223,134
Sanmina Corp.(a)(b)
 
6,817
570,787
ScanSource, Inc.(a)
 
3,181
133,125
SmartRent, Inc.(a)
 
31,790
46,731
TD SYNNEX Corp.
 
9,862
1,405,434
TTM Technologies, Inc.(a)
 
12,001
295,105
Vishay Intertechnology, Inc.
 
16,640
281,715
Vishay Precision Group, Inc.(a)
 
1,053
24,535
Vontier Corp.(b)
 
19,255
742,280
 
 
19,800,014
Energy Equipment & Services — 1.2%
Archrock, Inc.
 
21,902
615,227
Atlas Energy Solutions, Inc.(b)
 
9,222
211,737
Borr Drilling Ltd.(b)
 
28,325
98,288
Bristow Group, Inc.(a)
 
3,169
105,750
Cactus, Inc., Class A
 
8,144
486,278
ChampionX Corp.
 
24,207
693,289
Core Laboratories, Inc.
 
5,884
99,851
DMC Global, Inc.(a)
 
1,449
11,795
Expro Group Holdings NV(a)
 
11,474
144,917
Forum Energy Technologies, Inc.(a)
 
870
15,764
Security
 
 
Shares
Value
Energy Equipment & Services (continued)
Geospace Technologies Corp.(a)
 
1,878
$ 17,071
Helix Energy Solutions Group, Inc.(a)
 
17,261
138,433
Helmerich & Payne, Inc.
 
12,678
400,498
Innovex International, Inc.(a)
 
4,136
64,439
Kodiak Gas Services, Inc.
 
3,959
185,202
Liberty Energy, Inc.
 
20,982
384,180
Mammoth Energy Services, Inc.(a)
 
3,130
9,359
Nabors Industries Ltd.(a)
 
1,115
63,800
Natural Gas Services Group, Inc.(a)
 
971
25,411
Noble Corp. PLC
 
17,817
571,035
NOV, Inc.
 
49,974
722,124
NPK International, Inc.(a)
 
10,168
70,363
Oceaneering International, Inc.(a)
 
13,386
332,642
Oil States International, Inc.(a)
 
9,214
46,807
Patterson-UTI Energy, Inc.
 
49,031
395,680
ProFrac Holding Corp., Class A(a)(b)
 
1,901
13,820
ProPetro Holding Corp.(a)(b)
 
10,751
95,469
Ranger Energy Services, Inc., Class A
 
1,414
23,175
RPC, Inc.
 
12,084
74,075
SEACOR Marine Holdings, Inc.(a)
 
2,135
14,475
Seadrill Ltd.(a)
 
9,381
339,217
Select Water Solutions, Inc.
 
10,810
135,125
Solaris Energy Infrastructure, Inc.
 
3,187
86,973
TechnipFMC PLC
 
55,465
1,666,723
TETRA Technologies, Inc.(a)(b)
 
13,277
55,100
Tidewater, Inc.(a)
 
6,415
353,531
Transocean Ltd.(a)(b)
 
88,717
347,771
Valaris Ltd.(a)
 
7,902
378,822
Weatherford International PLC
 
9,323
586,883
 
 
10,081,099
Entertainment — 0.7%
AMC Entertainment Holdings, Inc., Class A(a)(b)
 
40,615
126,313
Atlanta Braves Holdings, Inc., Class A(a)
 
951
40,598
Atlanta Braves Holdings, Inc., Class C(a)
 
6,434
249,317
Cinemark Holdings, Inc.(a)
 
14,098
403,626
Eventbrite, Inc., Class A(a)
 
13,436
42,592
Golden Matrix Group, Inc.(a)
 
6,870
11,851
IMAX Corp.(a)
 
5,139
121,023
Liberty Media Corp.-Liberty Live, Class A(a)
 
2,827
203,459
Liberty Media Corp.-Liberty Live, Class C(a)
 
5,984
440,363
Lions Gate Entertainment Corp., Class A(a)(b)
 
6,970
54,715
Lions Gate Entertainment Corp., Class B(a)
 
15,626
109,695
LiveOne, Inc.(a)
 
10,872
15,764
Madison Square Garden Entertainment Corp.(a)
 
4,641
168,654
Madison Square Garden Sports Corp.(a)
 
2,238
492,069
Marcus Corp.
 
2,785
56,034
Playstudios, Inc.(a)
 
19,532
34,181
Playtika Holding Corp.
 
9,837
70,531
Reservoir Media, Inc.(a)
 
1,932
16,055
Roku, Inc.(a)
 
16,122
1,334,257
Sphere Entertainment Co., Class A(a)
 
3,355
156,343
TKO Group Holdings, Inc.(a)
 
10,123
1,571,191
Vivid Seats, Inc., Class A(a)(b)
 
12,725
54,717
 
 
5,773,348
Financial Services — 2.5%
Acacia Research Corp.(a)
 
3,963
17,279
Affirm Holdings, Inc.(a)
 
33,146
2,024,226
Alerus Financial Corp.
 
3,558
75,216
AvidXchange Holdings, Inc.(a)
 
23,717
251,400
Banco Latinoamericano de Comercio Exterior SA
 
3,931
148,513
Burford Capital Ltd.
 
26,048
365,714
24
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Financial Services (continued)
Cannae Holdings, Inc.
 
7,340
$ 145,038
Cantaloupe, Inc.(a)
 
7,387
60,130
Cass Information Systems, Inc.
 
1,964
80,897
Compass Diversified Holdings
 
8,418
178,882
Enact Holdings, Inc.
 
4,632
156,469
Equitable Holdings, Inc.
 
29,699
1,616,220
Essent Group Ltd.
 
13,714
798,840
Euronet Worldwide, Inc.(a)
 
5,540
545,690
EVERTEC, Inc.
 
8,046
261,254
Federal Agricultural Mortgage Corp., Class C
 
1,309
258,894
Flywire Corp.(a)
 
15,836
306,110
HA Sustainable Infrastructure Capital, Inc.
 
14,478
405,529
I3 Verticals, Inc., Class A(a)
 
2,900
72,181
International Money Express, Inc.(a)
 
3,934
74,392
Jack Henry & Associates, Inc.
 
9,485
1,651,244
Jackson Financial, Inc., Class A
 
7,048
664,203
Marqeta, Inc., Class A(a)
 
58,420
224,917
Merchants Bancorp
 
2,478
103,902
MGIC Investment Corp.
 
34,320
876,533
Mr. Cooper Group, Inc.(a)
 
8,224
853,733
NCR Atleos Corp.(a)
 
9,521
303,339
NewtekOne, Inc.
 
3,904
51,845
NMI Holdings, Inc.(a)
 
10,827
418,139
Onity Group, Inc.(a)
 
650
23,478
Pagseguro Digital Ltd., Class A(a)
 
23,150
172,467
Payoneer Global, Inc.(a)
 
29,100
308,460
Paysafe Ltd.(a)
 
4,324
83,886
Paysign, Inc.(a)
 
5,335
14,191
PennyMac Financial Services, Inc.
 
3,718
389,237
Priority Technology Holdings, Inc.(a)
 
4,372
41,534
Radian Group, Inc.
 
20,905
711,188
Remitly Global, Inc.(a)
 
19,108
449,038
Repay Holdings Corp.(a)(b)
 
11,424
85,337
Sezzle, Inc.(a)
 
285
66,693
Shift4 Payments, Inc., Class A(a)
 
7,909
947,894
StoneCo Ltd., Class A(a)
 
38,174
350,056
Toast, Inc., Class A(a)
 
57,943
2,371,028
UWM Holdings Corp.
 
15,468
93,272
Velocity Financial, Inc.(a)
 
1,622
30,072
Voya Financial, Inc.
 
12,917
916,978
Walker & Dunlop, Inc.
 
4,326
415,599
Waterstone Financial, Inc.
 
3,521
48,379
Western Union Co.
 
23,600
243,552
WEX, Inc.(a)
 
4,957
911,543
 
 
21,664,611
Food Products — 0.9%
Alico, Inc.(b)
 
665
20,542
B&G Foods, Inc.
 
11,206
72,615
Beyond Meat, Inc.(a)(b)
 
11,476
45,445
BRC, Inc.(a)(b)
 
5,907
16,008
Calavo Growers, Inc.
 
2,445
55,966
Cal-Maine Foods, Inc.
 
5,247
566,151
Darling Ingredients, Inc.(a)(b)
 
19,831
742,869
Dole PLC
 
9,347
127,306
Flowers Foods, Inc.
 
24,266
474,400
Fresh Del Monte Produce, Inc.
 
4,122
125,680
Freshpet, Inc.(a)
 
5,979
956,341
Hain Celestial Group, Inc.(a)
 
12,777
64,652
Ingredion, Inc.
 
8,366
1,141,457
J & J Snack Foods Corp.
 
1,818
249,484
John B Sanfilippo & Son, Inc.
 
1,012
73,208
Security
 
 
Shares
Value
Food Products (continued)
Lancaster Colony Corp.
 
2,310
$ 389,789
Lifeway Foods, Inc.(a)
 
950
21,888
Limoneira Co.
 
1,676
38,649
Mama’s Creations, Inc.(a)
 
2,694
20,744
Mission Produce, Inc.(a)
 
6,805
80,912
Pilgrim’s Pride Corp.(a)
 
5,622
261,648
Post Holdings, Inc.(a)
 
6,009
637,915
Seaboard Corp.
 
34
82,904
Seneca Foods Corp., Class A(a)
 
468
34,122
Simply Good Foods Co.(a)
 
11,549
438,862
SunOpta, Inc.(a)(b)
 
11,109
81,429
TreeHouse Foods, Inc.(a)(b)
 
5,771
199,215
Utz Brands, Inc.
 
7,976
106,559
Vital Farms, Inc.(a)
 
4,566
200,333
Westrock Coffee Co.(a)(b)
 
2,565
17,852
WK Kellogg Co.
 
8,010
132,886
 
 
7,477,831
Gas Utilities — 0.6%
Brookfield Infrastructure Corp.(b)
 
15,026
626,885
Chesapeake Utilities Corp.
 
2,469
301,835
MDU Resources Group, Inc.
 
26,592
473,869
National Fuel Gas Co.
 
11,777
824,743
New Jersey Resources Corp.
 
12,605
604,410
Northwest Natural Holding Co.
 
4,573
182,554
ONE Gas, Inc.
 
7,147
504,864
RGC Resources, Inc.
 
698
14,847
Southwest Gas Holdings, Inc.
 
7,654
571,601
Spire, Inc.
 
7,219
512,260
UGI Corp.
 
27,676
850,484
 
 
5,468,352
Ground Transportation — 1.1%
ArcBest Corp.
 
3,133
299,546
Avis Budget Group, Inc.(a)
 
2,435
218,420
Covenant Logistics Group, Inc.
 
1,554
43,061
FTAI Infrastructure, Inc.
 
13,923
97,739
Heartland Express, Inc.
 
5,677
64,945
Hertz Global Holdings, Inc.(a)(b)
 
18,416
76,058
Knight-Swift Transportation Holdings, Inc.
 
19,918
1,137,119
Landstar System, Inc.
 
4,322
711,661
Lyft, Inc., Class A(a)
 
47,371
641,403
Marten Transport Ltd.
 
6,493
99,992
PAMT Corp.(a)
 
732
11,719
Proficient Auto Logistics, Inc.(a)(b)
 
1,459
14,357
RXO, Inc.(a)(b)
 
19,762
506,895
Ryder System, Inc.
 
5,422
864,321
Saia, Inc.(a)
 
3,364
1,615,090
Schneider National, Inc., Class B
 
5,684
169,099
U-Haul Holding Co.(a)(b)
 
967
70,465
U-Haul Holding Co.
 
12,629
817,601
Universal Logistics Holdings, Inc.
 
1,167
51,605
Werner Enterprises, Inc.
 
7,936
286,490
XPO, Inc.(a)
 
14,644
1,957,464
 
 
9,755,050
Health Care Equipment & Supplies — 2.1%
Accuray, Inc.(a)
 
8,603
19,185
Alphatec Holdings, Inc.(a)
 
12,523
147,646
AngioDynamics, Inc.(a)
 
3,971
45,309
Artivion, Inc.(a)
 
4,890
151,394
AtriCure, Inc.(a)
 
6,391
254,809
Avanos Medical, Inc.(a)
 
5,529
95,209
Axogen, Inc.(a)
 
5,579
101,594
Schedule of Investments
25
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Health Care Equipment & Supplies (continued)
Bioventus, Inc., Class A(a)
 
5,741
$ 61,314
Ceribell, Inc.(a)
 
1,610
37,046
Cerus Corp.(a)
 
29,178
54,563
CONMED Corp.
 
3,733
267,955
CVRx, Inc.(a)(b)
 
2,551
40,765
DENTSPLY SIRONA, Inc.
 
26,140
516,526
Embecta Corp.
 
7,433
133,274
Enovis Corp.(a)(b)
 
6,785
318,759
Envista Holdings Corp.(a)
 
22,296
457,514
Fractyl Health, Inc.(a)
 
7,201
13,250
Glaukos Corp.(a)
 
6,271
981,035
Globus Medical, Inc., Class A(a)(b)
 
14,111
1,308,372
Haemonetics Corp.(a)(b)
 
6,313
435,913
ICU Medical, Inc.(a)(b)
 
2,749
451,826
Inari Medical, Inc.(a)
 
6,716
535,064
Inmode Ltd.(a)
 
9,475
163,065
Inogen, Inc.(a)
 
4,897
57,246
Inspire Medical Systems, Inc.(a)
 
3,803
735,880
Integer Holdings Corp.(a)(b)
 
4,179
594,337
Integra LifeSciences Holdings Corp.(a)
 
9,183
239,676
iRadimed Corp.
 
566
33,513
iRhythm Technologies, Inc.(a)
 
4,069
442,911
Lantheus Holdings, Inc.(a)
 
8,825
816,401
LeMaitre Vascular, Inc.
 
2,389
231,566
LivaNova PLC(a)
 
7,072
353,246
Masimo Corp.(a)
 
5,482
955,129
Merit Medical Systems, Inc.(a)
 
7,032
765,644
Neogen Corp.(a)
 
28,111
322,152
NeuroPace, Inc.(a)
 
2,497
34,359
Nevro Corp.(a)
 
2,986
15,139
Novocure Ltd.(a)
 
13,706
336,071
Omnicell, Inc.(a)
 
6,104
274,619
OraSure Technologies, Inc.(a)
 
6,323
25,418
Orchestra BioMed Holdings, Inc.(a)
 
1,935
10,139
Orthofix Medical, Inc.(a)
 
3,713
68,059
OrthoPediatrics Corp.(a)
 
2,598
62,352
Paragon 28, Inc.(a)
 
5,956
77,547
Penumbra, Inc.(a)
 
4,681
1,249,687
PROCEPT BioRobotics Corp.(a)(b)
 
5,650
409,625
Pulmonx Corp.(a)
 
7,020
39,874
Pulse Biosciences, Inc.(a)(b)
 
2,306
48,265
QuidelOrtho Corp.(a)
 
7,821
339,901
RxSight, Inc.(a)
 
4,401
149,062
Sanara Medtech, Inc.(a)(b)
 
346
12,570
Semler Scientific, Inc.(a)(b)
 
568
29,513
SI-BONE, Inc.(a)
 
5,415
90,755
Sight Sciences, Inc.(a)
 
4,854
13,591
STAAR Surgical Co.(a)(b)
 
5,977
144,584
Stereotaxis, Inc.(a)
 
9,381
22,702
Surmodics, Inc.(a)
 
1,551
52,796
Tactile Systems Technology, Inc.(a)
 
2,279
39,905
Tandem Diabetes Care, Inc.(a)(b)
 
8,591
318,382
Teleflex, Inc.
 
5,998
1,081,080
TransMedics Group, Inc.(a)
 
4,189
282,967
Treace Medical Concepts, Inc.(a)
 
6,856
68,903
UFP Technologies, Inc.(a)
 
873
239,778
Utah Medical Products, Inc.
 
250
15,308
Varex Imaging Corp.(a)
 
4,746
65,210
Zimvie, Inc.(a)
 
3,219
44,551
Zynex, Inc.(a)(b)
 
1,666
13,061
 
 
17,814,861
Security
 
 
Shares
Value
Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc.(a)
 
11,683
$ 527,020
Accolade, Inc.(a)
 
12,562
86,552
AdaptHealth Corp.(a)
 
12,206
132,069
Addus HomeCare Corp.(a)
 
2,065
258,455
agilon health, Inc.(a)(b)
 
43,588
145,584
AirSculpt Technologies, Inc.(a)(b)
 
1,598
7,654
Alignment Healthcare, Inc.(a)
 
12,759
196,361
Amedisys, Inc.(a)
 
3,883
359,177
AMN Healthcare Services, Inc.(a)
 
4,702
129,399
Ardent Health Partners, Inc.(a)(b)
 
1,111
16,665
Astrana Health, Inc.(a)
 
5,128
189,069
Aveanna Healthcare Holdings, Inc.(a)
 
8,740
40,204
BrightSpring Health Services, Inc.(a)(b)
 
6,413
151,347
Brookdale Senior Living, Inc.(a)
 
23,517
108,884
Castle Biosciences, Inc.(a)
 
3,479
98,351
Chemed Corp.
 
1,850
1,039,700
Community Health Systems, Inc.(a)
 
20,266
64,851
Concentra Group Holdings Parent, Inc.
 
13,509
314,895
CorVel Corp.(a)
 
3,334
386,244
Cross Country Healthcare, Inc.(a)
 
4,745
86,454
DaVita, Inc.(a)
 
6,116
1,077,639
DocGo, Inc.(a)(b)
 
11,752
57,467
Encompass Health Corp.
 
12,791
1,269,763
Enhabit, Inc.(a)
 
7,209
60,556
Ensign Group, Inc.
 
6,962
972,313
Fulgent Genetics, Inc.(a)
 
1,832
30,484
GeneDx Holdings Corp.(a)
 
1,886
141,167
Guardant Health, Inc.(a)
 
14,966
703,103
HealthEquity, Inc.(a)(b)
 
10,921
1,205,897
Henry Schein, Inc.(a)(b)
 
16,269
1,301,520
Hims & Hers Health, Inc.(a)
 
24,350
907,768
InfuSystem Holdings, Inc.(a)
 
1,767
14,295
Innovage Holding Corp.(a)
 
2,921
11,100
Joint Corp.(a)
 
1,125
12,431
LifeStance Health Group, Inc.(a)(b)
 
17,211
137,172
ModivCare, Inc.(a)
 
1,101
4,404
Nano-X Imaging Ltd.(a)(b)
 
8,828
64,268
National HealthCare Corp.
 
1,497
153,697
National Research Corp.
 
1,346
22,438
NeoGenomics, Inc.(a)
 
15,498
221,621
OPKO Health, Inc.(a)(b)
 
36,089
54,855
Option Care Health, Inc.(a)
 
21,753
672,603
Owens & Minor, Inc.(a)
 
9,262
131,891
PACS Group, Inc.(a)
 
4,917
71,444
Patterson Cos., Inc.
 
9,872
305,538
Pediatrix Medical Group, Inc.(a)
 
12,022
168,068
Pennant Group, Inc.(a)
 
4,433
117,341
Performant Healthcare, Inc.(a)
 
7,553
17,825
Premier, Inc., Class A
 
12,855
291,294
Privia Health Group, Inc.(a)
 
12,094
276,348
Progyny, Inc.(a)
 
10,362
240,088
Quipt Home Medical Corp.(a)(b)
 
3,438
11,105
RadNet, Inc.(a)
 
8,312
544,187
Select Medical Holdings Corp.
 
14,422
283,681
Surgery Partners, Inc.(a)(b)
 
9,424
240,218
Talkspace, Inc.(a)
 
19,042
59,030
Tenet Healthcare Corp.(a)
 
12,232
1,723,366
U.S. Physical Therapy, Inc.
 
1,796
159,323
Universal Health Services, Inc., Class B
 
7,359
1,387,613
Viemed Healthcare, Inc.(a)
 
2,808
22,998
 
 
19,486,854
26
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Health Care REITs — 0.6%
American Healthcare REIT, Inc.
 
19,979
$ 565,206
CareTrust REIT, Inc.
 
23,016
609,924
Community Healthcare Trust, Inc.
 
3,137
62,207
Diversified Healthcare Trust
 
29,919
74,199
Global Medical REIT, Inc.
 
7,593
59,529
Healthcare Realty Trust, Inc.
 
46,363
776,580
LTC Properties, Inc.
 
5,698
196,011
Medical Properties Trust, Inc.(b)
 
78,171
366,622
National Health Investors, Inc.
 
5,508
375,150
Omega Healthcare Investors, Inc.
 
34,643
1,283,870
Sabra Health Care REIT, Inc.
 
29,781
497,640
Universal Health Realty Income Trust
 
1,731
67,578
 
 
4,934,516
Health Care Technology — 0.3%
Certara, Inc.(a)
 
14,767
210,134
Definitive Healthcare Corp., Class A(a)
 
4,523
21,982
Doximity, Inc., Class A(a)
 
15,793
933,366
Evolent Health, Inc., Class A(a)
 
14,042
146,739
Health Catalyst, Inc.(a)
 
7,553
42,523
HealthStream, Inc.
 
2,730
89,135
LifeMD, Inc.(a)
 
3,292
18,337
OptimizeRx Corp.(a)
 
1,521
8,442
Phreesia, Inc.(a)
 
6,905
196,516
Schrodinger, Inc./United States(a)
 
6,907
173,193
Simulations Plus, Inc.
 
2,200
75,504
Teladoc Health, Inc.(a)
 
20,988
213,238
Waystar Holding Corp.(a)
 
5,312
213,489
 
 
2,342,598
Hotel & Resort REITs — 0.5%
Apple Hospitality REIT, Inc.
 
30,071
464,296
Braemar Hotels & Resorts, Inc.
 
12,593
32,112
Chatham Lodging Trust
 
4,196
36,673
DiamondRock Hospitality Co.
 
26,151
229,606
Host Hotels & Resorts, Inc.
 
90,298
1,508,880
Park Hotels & Resorts, Inc.
 
26,539
358,011
Pebblebrook Hotel Trust
 
14,295
187,693
RLJ Lodging Trust
 
18,865
183,934
Ryman Hospitality Properties, Inc.
 
7,320
767,429
Service Properties Trust
 
23,687
67,508
Summit Hotel Properties, Inc.
 
12,360
82,936
Sunstone Hotel Investors, Inc.
 
24,968
282,887
Xenia Hotels & Resorts, Inc.
 
12,514
187,209
 
 
4,389,174
Hotels, Restaurants & Leisure — 3.0%
Accel Entertainment, Inc.(a)
 
6,550
73,819
Aramark
 
33,951
1,321,033
Bally’s Corp.(a)
 
3,704
67,339
Biglari Holdings, Inc., Class B(a)
 
162
37,586
BJ’s Restaurants, Inc.(a)
 
2,552
92,357
Bloomin’ Brands, Inc.
 
10,125
127,170
Boyd Gaming Corp.
 
8,183
627,227
Brinker International, Inc.(a)
 
5,655
1,029,040
Caesars Entertainment, Inc.(a)
 
26,930
970,827
Cava Group, Inc.(a)
 
9,527
1,286,621
Cheesecake Factory, Inc.
 
6,322
354,980
Choice Hotels International, Inc.(b)
 
3,356
494,439
Churchill Downs, Inc.
 
8,798
1,087,257
Cracker Barrel Old Country Store, Inc.
 
2,831
183,958
Dave & Buster’s Entertainment, Inc.(a)(b)
 
4,001
106,267
Denny’s Corp.(a)
 
4,696
29,726
Security
 
 
Shares
Value
Hotels, Restaurants & Leisure (continued)
Despegar.com Corp.(a)
 
7,487
$ 143,900
Dine Brands Global, Inc.
 
2,030
61,671
Dutch Bros, Inc., Class A(a)
 
14,099
881,470
El Pollo Loco Holdings, Inc.(a)
 
2,705
32,108
Everi Holdings, Inc.(a)
 
10,085
137,559
First Watch Restaurant Group, Inc.(a)
 
3,964
83,165
Full House Resorts, Inc.(a)
 
3,313
17,791
Global Business Travel Group I(a)
 
15,495
136,666
Golden Entertainment, Inc.
 
3,059
100,152
Hilton Grand Vacations, Inc.(a)
 
9,370
386,044
Hyatt Hotels Corp., Class A(b)
 
5,261
832,448
Inspired Entertainment, Inc.(a)
 
2,141
21,560
International Game Technology PLC
 
15,427
262,568
Jack in the Box, Inc.
 
2,433
95,349
Krispy Kreme, Inc.
 
10,316
93,566
Kura Sushi USA, Inc., Class A(a)(b)
 
780
62,400
Life Time Group Holdings, Inc.(a)
 
8,156
236,442
Light & Wonder, Inc.(a)
 
11,226
986,878
Lindblad Expeditions Holdings, Inc.(a)
 
4,603
58,550
Marriott Vacations Worldwide Corp.
 
4,631
401,832
Monarch Casino & Resort, Inc.
 
1,495
127,583
Nathan’s Famous, Inc.
 
181
14,645
Norwegian Cruise Line Holdings Ltd.(a)
 
55,944
1,586,012
ONE Group Hospitality, Inc.(a)
 
2,056
7,710
Papa John’s International, Inc.
 
3,937
155,787
Penn Entertainment, Inc.(a)
 
19,677
405,346
Planet Fitness, Inc., Class A(a)
 
10,703
1,157,637
PlayAGS, Inc.(a)
 
5,662
68,170
Portillo’s, Inc., Class A(a)(b)
 
7,728
107,496
Potbelly Corp.(a)
 
4,301
53,375
RCI Hospitality Holdings, Inc.
 
737
40,933
Red Rock Resorts, Inc., Class A
 
6,018
295,183
Rush Street Interactive, Inc.(a)
 
9,999
145,785
Sabre Corp.(a)
 
52,434
175,654
Shake Shack, Inc., Class A(a)
 
4,751
561,236
Six Flags Entertainment Corp.(b)
 
11,705
516,073
Super Group SGHC Ltd.
 
17,919
144,965
Sweetgreen, Inc., Class A(a)
 
12,642
416,175
Target Hospitality Corp.(a)
 
3,620
34,861
Texas Roadhouse, Inc.
 
8,537
1,546,051
Travel & Leisure Co.
 
9,122
495,872
United Parks & Resorts, Inc.(a)
 
4,333
227,742
Vail Resorts, Inc.
 
4,768
811,132
Wendy’s Co.
 
22,741
337,249
Wingstop, Inc.
 
3,708
1,104,613
Wyndham Hotels & Resorts, Inc.
 
9,647
1,013,128
Wynn Resorts Ltd.
 
13,160
1,142,946
Xponential Fitness, Inc., Class A(a)
 
4,171
69,781
 
 
25,684,905
Household Durables — 1.7%
Beazer Homes USA, Inc.(a)
 
3,698
81,948
Cavco Industries, Inc.(a)(b)
 
1,030
523,899
Century Communities, Inc.
 
3,546
270,843
Champion Homes, Inc.(a)
 
6,915
638,462
Cricut, Inc., Class A
 
6,523
35,029
Dream Finders Homes, Inc., Class A(a)
 
3,497
80,676
Ethan Allen Interiors, Inc.
 
2,904
90,082
Flexsteel Industries, Inc.
 
544
26,836
GoPro, Inc., Class A(a)
 
11,108
10,798
Green Brick Partners, Inc.(a)
 
3,609
218,236
Hamilton Beach Brands Holding Co., Class A
 
1,059
18,120
Schedule of Investments
27
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Household Durables (continued)
Helen of Troy Ltd.(a)
 
3,146
$ 194,360
Hooker Furnishings Corp.
 
1,306
16,625
Hovnanian Enterprises, Inc., Class A(a)
 
666
88,172
Installed Building Products, Inc.
 
3,022
600,894
iRobot Corp.(a)
 
6,200
47,678
KB Home
 
8,490
569,679
Landsea Homes Corp.(a)
 
2,622
21,763
La-Z-Boy, Inc.
 
5,047
238,218
Legacy Housing Corp.(a)(b)
 
700
17,955
Leggett & Platt, Inc.
 
16,752
176,901
LGI Homes, Inc.(a)
 
2,462
219,807
Lifetime Brands, Inc.
 
2,361
15,299
Lovesac Co.(a)
 
1,862
47,593
M/I Homes, Inc.(a)
 
3,388
426,210
Meritage Homes Corp.
 
9,024
702,699
Mohawk Industries, Inc.(a)
 
6,764
827,237
Newell Brands, Inc.
 
52,831
526,197
Purple Innovation, Inc.(a)
 
4,336
4,813
SharkNinja, Inc.(a)
 
8,523
952,957
Sonos, Inc.(a)
 
15,199
209,594
Taylor Morrison Home Corp.(a)
 
12,957
835,208
Tempur Sealy International, Inc.
 
21,704
1,370,391
Toll Brothers, Inc.
 
12,979
1,762,678
TopBuild Corp.(a)
 
3,831
1,312,807
Traeger, Inc.(a)
 
3,244
7,915
Tri Pointe Homes, Inc.(a)
 
11,699
431,225
United Homes Group, Inc.(a)
 
1,384
5,744
Whirlpool Corp.
 
6,880
722,469
Worthington Enterprises, Inc.
 
4,096
171,622
 
 
14,519,639
Household Products — 0.2%
Central Garden & Pet Co.(a)
 
1,402
51,159
Central Garden & Pet Co., Class A(a)
 
6,803
212,185
Energizer Holdings, Inc.
 
9,418
320,118
Oil-Dri Corp. of America
 
1,390
58,408
Reynolds Consumer Products, Inc.
 
7,648
211,161
Spectrum Brands Holdings, Inc.
 
3,708
313,548
WD-40 Co.
 
1,688
396,596
 
 
1,563,175
Independent Power and Renewable Electricity Producers — 0.2%
Altus Power, Inc.(a)(b)
 
10,892
43,895
Brookfield Renewable Corp.(b)
 
17,410
464,673
Clearway Energy, Inc., Class A
 
5,152
126,378
Clearway Energy, Inc., Class C
 
10,014
259,663
Montauk Renewables, Inc.(a)
 
11,785
49,261
Ormat Technologies, Inc.
 
7,098
455,337
Sunnova Energy International, Inc.(a)(b)
 
15,794
40,591
 
 
1,439,798
Industrial Conglomerates — 0.0%
Brookfield Business Corp., Class A
 
3,876
92,520
Industrial REITs — 0.7%
Americold Realty Trust, Inc.
 
35,703
780,111
EastGroup Properties, Inc.
 
6,265
1,062,669
First Industrial Realty Trust, Inc.
 
17,196
918,094
Industrial Logistics Properties Trust
 
5,976
23,725
Innovative Industrial Properties, Inc.
 
3,672
263,209
LXP Industrial Trust
 
36,195
301,142
Plymouth Industrial REIT, Inc.
 
4,007
67,318
Security
 
 
Shares
Value
Industrial REITs (continued)
Rexford Industrial Realty, Inc.
 
27,562
$ 1,120,671
STAG Industrial, Inc.
 
23,625
807,503
Terreno Realty Corp.
 
11,653
762,339
 
 
6,106,781
Insurance — 3.5%
Ambac Financial Group, Inc.(a)
 
6,051
70,373
American Coastal Insurance Corp.
 
3,414
41,617
American Financial Group, Inc.
 
9,782
1,335,830
AMERISAFE, Inc.
 
2,531
126,601
Assurant, Inc.
 
7,127
1,533,659
Assured Guaranty Ltd.
 
6,856
648,578
Axis Capital Holdings Ltd.
 
11,186
1,018,150
Baldwin Insurance Group, Inc., Class A(a)(b)
 
8,801
360,401
Bowhead Specialty Holdings, Inc.(a)
 
1,605
51,890
Brighthouse Financial, Inc.(a)
 
9,813
605,560
CNO Financial Group, Inc.
 
13,378
534,317
Crawford & Co., Class A
 
12,296
147,675
Donegal Group, Inc., Class A
 
3,400
50,422
Employers Holdings, Inc.
 
2,882
141,679
Enstar Group Ltd.(a)
 
1,725
564,058
Everest Group Ltd.
 
5,686
1,975,942
F&G Annuities & Life, Inc.
 
2,362
108,439
Fidelis Insurance Holdings Ltd.
 
6,582
108,603
First American Financial Corp.
 
12,492
789,744
Genworth Financial, Inc.(a)
 
34,143
246,854
Globe Life, Inc.
 
12,082
1,475,091
GoHealth, Inc., Class A(a)
 
784
12,779
Goosehead Insurance, Inc., Class A
 
2,735
293,110
Greenlight Capital Re Ltd., Class A(a)
 
5,227
70,564
Hamilton Insurance Group Ltd., Class B(a)
 
5,386
103,034
Hanover Insurance Group, Inc.
 
4,992
764,225
HCI Group, Inc.
 
875
106,689
Heritage Insurance Holdings, Inc.(a)
 
4,391
48,345
Hippo Holdings, Inc.(a)
 
2,716
76,048
Horace Mann Educators Corp.
 
3,951
152,627
Investors Title Co.
 
225
50,704
James River Group Holdings Ltd.
 
3,600
17,208
Kemper Corp.
 
8,156
547,920
Kingsway Financial Services, Inc.(a)
 
4,638
37,568
Kinsale Capital Group, Inc.
 
2,837
1,253,784
Lemonade, Inc.(a)(b)
 
6,923
230,120
Lincoln National Corp.
 
14,766
519,173
Maiden Holdings Ltd.(a)
 
9,593
9,689
MBIA, Inc.
 
8,173
58,110
Mercury General Corp.
 
3,792
188,993
NI Holdings, Inc.(a)
 
788
11,899
Old Republic International Corp.
 
33,697
1,232,636
Oscar Health, Inc., Class A(a)(b)
 
30,427
505,088
Palomar Holdings, Inc.(a)
 
3,243
349,822
Primerica, Inc.
 
4,695
1,362,348
ProAssurance Corp.(a)
 
4,344
64,986
Reinsurance Group of America, Inc.
 
8,630
1,966,432
RenaissanceRe Holdings Ltd.
 
6,699
1,558,053
RLI Corp.
 
10,980
805,383
Root, Inc., Class A(a)(b)
 
1,084
105,690
Ryan Specialty Holdings, Inc.
 
13,339
888,111
Safety Insurance Group, Inc.
 
2,064
163,077
Selective Insurance Group, Inc.
 
8,116
682,799
Selectquote, Inc.(a)
 
37,826
163,030
SiriusPoint Ltd.(a)
 
11,873
172,871
28
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Insurance (continued)
Skyward Specialty Insurance Group, Inc.(a)
 
5,188
$ 229,725
Stewart Information Services Corp.
 
2,451
159,781
Tiptree, Inc.
 
4,249
85,150
Trupanion, Inc.(a)
 
6,345
301,007
United Fire Group, Inc.
 
1,943
48,206
Universal Insurance Holdings, Inc.
 
3,364
65,060
Unum Group
 
17,147
1,307,459
White Mountains Insurance Group Ltd.(b)
 
336
649,306
 
 
29,354,092
Interactive Media & Services — 0.6%
Bumble, Inc., Class A(a)
 
12,041
97,652
Cargurus, Inc.(a)
 
11,513
451,310
Cars.com, Inc.(a)
 
8,269
148,180
EverQuote, Inc., Class A(a)(b)
 
4,026
81,325
fuboTV, Inc.(a)(b)
 
41,702
168,476
Getty Images Holdings, Inc.(a)(b)
 
18,361
46,821
Grindr, Inc.(a)(b)
 
3,591
64,063
IAC, Inc.(a)
 
9,807
415,130
Match Group, Inc.
 
32,933
1,175,708
MediaAlpha, Inc., Class A(a)
 
5,186
59,069
Nextdoor Holdings, Inc.(a)
 
24,230
63,483
Outbrain, Inc.(a)
 
4,296
25,819
QuinStreet, Inc.(a)
 
6,757
159,871
Shutterstock, Inc.
 
3,206
94,641
System1, Inc.(a)
 
3,286
2,150
TripAdvisor, Inc.(a)
 
13,294
233,443
TrueCar, Inc.(a)
 
10,955
37,685
Trump Media & Technology Group Corp., Class A(a)(b)
 
9,265
295,183
Vimeo, Inc.(a)
 
17,762
119,183
Webtoon Entertainment, Inc.(a)
 
1,683
21,458
Yelp, Inc.(a)(b)
 
8,041
321,158
Ziff Davis, Inc.(a)
 
5,532
298,119
ZipRecruiter, Inc., Class A(a)
 
8,740
60,131
ZoomInfo Technologies, Inc.(a)
 
38,221
393,294
 
 
4,833,352
IT Services — 0.7%
Amdocs Ltd.
 
15,339
1,352,746
Applied Digital Corp.(a)(b)
 
24,051
171,243
ASGN, Inc.(a)
 
5,577
491,947
Backblaze, Inc., Class A(a)
 
4,168
25,216
BigBear.ai Holdings, Inc.(a)(b)
 
13,065
55,396
BigCommerce Holdings, Inc., Series 1(a)
 
7,669
46,704
Couchbase, Inc.(a)(b)
 
5,232
92,816
DigitalOcean Holdings, Inc.(a)
 
8,676
359,881
DXC Technology Co.(a)
 
23,117
502,101
Fastly, Inc., Class A(a)
 
15,962
167,122
Globant SA(a)(b)
 
5,338
1,138,702
Grid Dynamics Holdings, Inc.(a)
 
7,427
167,776
Hackett Group, Inc.
 
3,032
93,628
Information Services Group, Inc.
 
3,455
10,572
Kyndryl Holdings, Inc.(a)
 
29,300
1,112,228
Rackspace Technology, Inc.(a)
 
11,549
30,374
Tucows, Inc., Class A(a)
 
808
12,322
Unisys Corp.(a)
 
9,460
63,004
 
 
5,893,778
Leisure Products — 0.5%
Acushnet Holdings Corp.
 
3,781
246,975
AMMO, Inc.(a)
 
6,541
11,447
Brunswick Corp.
 
8,572
578,096
Clarus Corp.
 
1,641
7,975
Security
 
 
Shares
Value
Leisure Products (continued)
Escalade, Inc.
 
1,074
$ 15,917
Funko, Inc., Class A(a)
 
4,887
68,418
Hasbro, Inc.
 
17,856
1,032,791
JAKKS Pacific, Inc.(a)
 
1,565
47,075
Johnson Outdoors, Inc., Class A
 
523
16,945
Latham Group, Inc.(a)(b)
 
7,429
54,232
Malibu Boats, Inc., Class A(a)(b)
 
2,508
96,031
Marine Products Corp.
 
440
4,132
MasterCraft Boat Holdings, Inc.(a)
 
1,528
27,825
Mattel, Inc.(a)
 
42,018
783,215
Peloton Interactive, Inc., Class A(a)(b)
 
44,196
342,519
Polaris, Inc.
 
6,765
322,690
Smith & Wesson Brands, Inc.
 
5,240
54,968
Solo Brands, Inc., Class A(a)
 
1,709
1,675
Sturm Ruger & Co., Inc.
 
1,584
56,390
Topgolf Callaway Brands Corp.(a)
 
17,345
136,332
YETI Holdings, Inc.(a)(b)
 
10,861
404,681
 
 
4,310,329
Life Sciences Tools & Services — 1.1%
10X Genomics, Inc., Class A(a)
 
12,958
194,370
Adaptive Biotechnologies Corp.(a)
 
14,691
113,855
Akoya Biosciences, Inc.(a)(b)
 
1,301
3,799
Azenta, Inc.(a)(b)
 
6,170
333,488
BioLife Solutions, Inc.(a)
 
4,936
134,777
Bio-Rad Laboratories, Inc., Class A(a)
 
2,417
872,247
Bio-Techne Corp.
 
19,923
1,465,337
Bruker Corp.
 
14,146
822,590
Charles River Laboratories International, Inc.(a)
 
6,631
1,092,524
ChromaDex Corp.(a)
 
6,728
37,879
Codexis, Inc.(a)
 
12,035
50,427
CryoPort, Inc.(a)(b)
 
4,509
33,998
Cytek Biosciences, Inc.(a)
 
16,814
86,592
Fortrea Holdings, Inc.(a)
 
10,837
182,170
Harvard Bioscience, Inc.(a)
 
3,631
6,209
Lifecore Biomedical, Inc.(a)
 
3,493
20,748
Maravai LifeSciences Holdings, Inc., Class A(a)
 
17,523
86,388
MaxCyte, Inc.(a)
 
11,269
50,823
Medpace Holdings, Inc.(a)
 
3,212
1,121,470
Mesa Laboratories, Inc.
 
695
95,695
Nautilus Biotechnology, Inc.(a)
 
3,652
6,245
OmniAb, Inc.(a)(b)
 
9,383
30,213
OmniAb, Inc., 12.50 Earnout Shares(a)(c)
 
494
—
OmniAb, Inc., 15.00 Earnout Shares(a)(c)
 
494
—
Pacific Biosciences of California, Inc.(a)(b)
 
31,859
49,063
QIAGEN NV
 
27,477
1,226,573
Quanterix Corp.(a)
 
4,956
45,546
Quantum-Si, Inc.(a)(b)
 
15,945
31,571
Repligen Corp.(a)
 
7,079
1,176,601
Sotera Health Co.(a)
 
19,970
273,789
Standard BioTools, Inc.(a)
 
42,350
65,642
 
 
9,710,629
Machinery — 4.3%
374Water, Inc.(a)(b)
 
5,305
2,733
3D Systems Corp.(a)
 
18,309
65,912
AGCO Corp.
 
7,855
820,298
Alamo Group, Inc.
 
1,369
254,032
Albany International Corp., Class A
 
3,778
305,074
Allison Transmission Holdings, Inc.
 
10,999
1,292,822
Astec Industries, Inc.
 
2,888
100,820
Atmus Filtration Technologies, Inc.
 
10,645
445,174
Blue Bird Corp.(a)(b)
 
3,872
137,921
Schedule of Investments
29
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Machinery (continued)
Chart Industries, Inc.(a)(b)
 
5,437
$ 1,150,415
Columbus McKinnon Corp./New York
 
3,443
125,394
Commercial Vehicle Group, Inc.(a)
 
3,178
6,642
Crane Co.
 
6,261
1,066,374
Donaldson Co., Inc.
 
15,412
1,097,180
Douglas Dynamics, Inc.
 
2,537
65,581
Eastern Co.
 
695
18,779
Energy Recovery, Inc.(a)
 
7,101
101,828
Enerpac Tool Group Corp.
 
6,544
295,723
Enpro, Inc.
 
2,714
503,990
Esab Corp.
 
7,274
900,812
ESCO Technologies, Inc.
 
3,239
429,945
Federal Signal Corp.
 
7,688
755,807
Flowserve Corp.
 
16,978
1,063,162
Franklin Electric Co., Inc.
 
5,308
530,747
Gates Industrial Corp. PLC(a)
 
29,844
617,472
Gencor Industries, Inc.(a)
 
1,044
16,067
Gorman-Rupp Co.
 
2,605
99,980
Graco, Inc.
 
21,452
1,805,615
Graham Corp.(a)
 
1,442
65,496
Greenbrier Cos., Inc.
 
4,117
272,792
Helios Technologies, Inc.
 
4,021
179,377
Hillenbrand, Inc.
 
9,396
319,370
Hillman Solutions Corp.(a)
 
24,111
241,110
Hyliion Holdings Corp.(a)(b)
 
20,795
48,868
Hyster-Yale, Inc.
 
1,746
93,271
ITT, Inc.
 
10,474
1,581,783
JBT Marel Corp.
 
6,082
808,906
Kadant, Inc.(b)
 
1,465
546,298
Kennametal, Inc.
 
9,851
235,931
L B Foster Co., Class A(a)
 
855
23,795
Lincoln Electric Holdings, Inc.
 
7,064
1,404,182
Lindsay Corp.
 
1,260
169,079
Luxfer Holdings PLC
 
3,457
48,917
Manitowoc Co., Inc.(a)
 
2,941
29,381
Mayville Engineering Co., Inc.(a)
 
1,163
18,434
Middleby Corp.(a)
 
6,800
1,163,752
Miller Industries, Inc.
 
1,315
86,751
Mueller Industries, Inc.
 
14,038
1,105,492
Mueller Water Products, Inc., Class A
 
19,892
457,516
NN, Inc.(a)
 
5,472
16,635
Nordson Corp.
 
7,278
1,602,761
Omega Flex, Inc.
 
303
11,926
Oshkosh Corp.
 
8,469
985,792
Park-Ohio Holdings Corp.
 
887
22,069
Pentair PLC
 
21,442
2,223,107
Proto Labs, Inc.(a)
 
3,095
129,154
RBC Bearings, Inc.(a)
 
3,588
1,251,315
REV Group, Inc.
 
6,365
220,866
Shyft Group, Inc.
 
5,102
61,275
Snap-on, Inc.
 
6,679
2,372,047
SPX Technologies, Inc.(a)
 
5,597
831,266
Standex International Corp.
 
1,507
275,329
Taylor Devices, Inc.(a)
 
315
10,521
Tennant Co.
 
2,293
196,097
Terex Corp.
 
8,616
414,343
Timken Co.
 
8,256
662,709
Titan International, Inc.(a)
 
7,672
67,744
Toro Co.
 
13,017
1,083,926
Trinity Industries, Inc.
 
10,728
405,840
Security
 
 
Shares
Value
Machinery (continued)
Twin Disc, Inc.
 
1,454
$ 16,416
Wabash National Corp.
 
5,936
92,602
Watts Water Technologies, Inc., Class A
 
3,460
715,459
 
 
36,645,999
Marine Transportation — 0.2%
Costamare, Inc.
 
5,843
68,129
Genco Shipping & Trading Ltd.
 
5,552
80,282
Golden Ocean Group Ltd.(a)
 
15,101
139,684
Himalaya Shipping Ltd.
 
2,508
12,114
Kirby Corp.(a)
 
7,488
817,315
Matson, Inc.
 
4,250
602,862
Pangaea Logistics Solutions Ltd.
 
2,775
14,569
Safe Bulkers, Inc.
 
6,947
24,662
 
 
1,759,617
Media — 1.2%
Advantage Solutions, Inc.(a)
 
12,254
32,351
AMC Networks, Inc., Class A(a)
 
5,129
49,392
Boston Omaha Corp., Class A(a)
 
1,772
25,765
Cable One, Inc.
 
754
229,224
Cardlytics, Inc.(a)
 
3,678
11,255
Clear Channel Outdoor Holdings, Inc.(a)
 
46,063
62,646
EchoStar Corp., Class A(a)
 
15,576
430,832
Emerald Holding, Inc.
 
1,074
4,833
Entravision Communications Corp., Class A
 
15,033
32,321
EW Scripps Co., Class A(a)
 
5,145
9,673
Gambling.com Group Ltd.(a)
 
2,414
34,013
Gannett Co., Inc.(a)
 
17,707
80,036
Gray Television, Inc.
 
12,194
45,606
Ibotta, Inc., Class A(a)(b)
 
1,931
139,997
iHeartMedia, Inc., Class A(a)
 
10,087
22,393
Innovid Corp.(a)
 
18,088
56,254
Integral Ad Science Holding Corp.(a)
 
10,316
108,421
Interpublic Group of Cos., Inc.
 
48,895
1,401,820
John Wiley & Sons, Inc., Class A
 
5,244
214,637
Liberty Broadband Corp., Class A(a)
 
2,671
203,076
Liberty Broadband Corp., Class C(a)
 
13,618
1,043,956
Magnite, Inc.(a)
 
15,301
263,177
National CineMedia, Inc.(a)
 
10,342
68,154
New York Times Co., Class A
 
20,303
1,102,453
News Corp., Class A
 
48,067
1,351,644
News Corp., Class B
 
16,019
507,001
Nexstar Media Group, Inc.
 
3,966
607,670
Paramount Global, Class A
 
2,085
47,559
Paramount Global, Class B
 
75,325
819,536
PubMatic, Inc., Class A(a)
 
5,245
79,304
Scholastic Corp.
 
3,107
60,307
Sinclair, Inc.
 
4,809
70,452
Stagwell, Inc.(a)
 
10,521
65,651
TechTarget, Inc.(a)
 
3,502
59,639
TEGNA, Inc.
 
21,946
399,856
Thryv Holdings, Inc.(a)
 
4,990
87,375
Townsquare Media, Inc., Class A
 
1,221
10,842
WideOpenWest, Inc.(a)
 
5,083
21,704
 
 
9,860,825
Metals & Mining — 1.5%
Alcoa Corp.
 
31,788
1,122,752
Alpha Metallurgical Resources, Inc.(a)
 
1,417
259,552
ATI, Inc.(a)
 
15,812
902,707
Caledonia Mining Corp. PLC
 
3,988
37,447
30
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Metals & Mining (continued)
Carpenter Technology Corp.
 
6,009
$ 1,160,098
Century Aluminum Co.(a)
 
6,569
120,081
Cleveland-Cliffs, Inc.(a)
 
61,691
631,716
Coeur Mining, Inc.(a)
 
51,917
342,652
Commercial Metals Co.
 
14,289
692,874
Compass Minerals International, Inc.
 
4,338
50,581
Constellium SE(a)
 
16,077
159,645
Contango ORE, Inc.(a)
 
1,249
12,952
Critical Metals Corp.(a)
 
3,282
25,337
Dakota Gold Corp.(a)
 
5,742
12,747
Hecla Mining Co.
 
76,386
433,872
i-80 Gold Corp.(a)(b)
 
33,907
19,202
Ivanhoe Electric, Inc.(a)(b)
 
10,490
62,101
Kaiser Aluminum Corp.
 
1,912
133,840
Lifezone Metals Ltd.(a)(b)
 
3,600
21,060
MAC Copper Ltd.(a)
 
6,301
65,026
Materion Corp.
 
2,731
275,831
Metallus, Inc.(a)
 
5,268
78,704
MP Materials Corp.(a)(b)
 
17,425
382,653
Novagold Resources, Inc.(a)
 
30,447
95,299
Olympic Steel, Inc.
 
1,376
47,431
Perpetua Resources Corp.(a)(b)
 
6,631
78,246
Piedmont Lithium, Inc.(a)(b)
 
3,604
29,733
Radius Recycling, Inc.
 
3,522
42,299
Ramaco Resources, Inc., Class A
 
2,784
26,364
Ramaco Resources, Inc., Class B
 
413
3,639
Reliance, Inc.
 
6,897
1,996,681
Royal Gold, Inc.
 
8,285
1,158,409
Ryerson Holding Corp.
 
3,589
80,250
SSR Mining, Inc.(a)
 
24,977
200,565
SunCoke Energy, Inc.
 
10,592
99,459
Tredegar Corp.(a)
 
2,462
19,327
U.S. Steel Corp.
 
28,369
1,045,398
Warrior Met Coal, Inc.
 
6,543
345,274
Worthington Steel, Inc.
 
3,867
112,336
 
 
12,384,140
Mortgage Real Estate Investment Trusts (REITs) — 0.8%
Advanced Flower Capital, Inc.
 
1,189
9,678
AG Mortgage Investment Trust, Inc.
 
3,277
22,513
AGNC Investment Corp.
 
106,572
1,062,523
Angel Oak Mortgage REIT, Inc.
 
934
9,545
Annaly Capital Management, Inc.
 
76,351
1,558,324
Apollo Commercial Real Estate Finance, Inc.
 
17,747
157,238
Arbor Realty Trust, Inc.
 
15,209
203,649
Ares Commercial Real Estate Corp., Class C
 
7,519
42,558
ARMOUR Residential REIT, Inc.
 
5,467
102,889
Blackstone Mortgage Trust, Inc., Class A
 
22,915
412,470
BrightSpire Capital, Inc.
 
16,582
93,357
Chicago Atlantic Real Estate Finance, Inc.
 
2,048
31,478
Chimera Investment Corp.
 
9,822
146,250
Claros Mortgage Trust, Inc.
 
11,161
36,831
Dynex Capital, Inc.
 
8,491
112,676
Ellington Financial, Inc.
 
9,906
124,419
Franklin BSP Realty Trust, Inc.
 
8,594
109,402
Granite Point Mortgage Trust, Inc.
 
3,724
10,576
Invesco Mortgage Capital, Inc.
 
7,343
62,122
KKR Real Estate Finance Trust, Inc.
 
6,485
64,720
Ladder Capital Corp.
 
15,021
168,385
MFA Financial, Inc.
 
12,541
131,680
New York Mortgage Trust, Inc.
 
11,424
68,887
Nexpoint Real Estate Finance, Inc.
 
971
14,963
Security
 
 
Shares
Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Orchid Island Capital, Inc.
 
9,808
$ 81,897
PennyMac Mortgage Investment Trust
 
10,905
148,308
Ready Capital Corp.
 
22,030
146,499
Redwood Trust, Inc.
 
16,156
105,822
Rithm Capital Corp.
 
69,178
796,239
Seven Hills Realty Trust
 
3,105
40,675
Starwood Property Trust, Inc.
 
43,251
836,907
Sunrise Realty Trust, Inc.
 
396
4,752
TPG RE Finance Trust, Inc.
 
6,458
54,312
Two Harbors Investment Corp.
 
12,836
163,659
 
 
7,136,203
Multi-Utilities — 0.4%
Avista Corp.
 
9,404
344,374
Black Hills Corp.
 
9,194
539,964
NiSource, Inc.
 
62,459
2,329,721
Northwestern Energy Group, Inc.
 
8,264
445,512
Unitil Corp.
 
1,791
95,944
 
 
3,755,515
Office REITs — 0.7%
Brandywine Realty Trust
 
20,268
111,271
BXP, Inc.
 
20,381
1,490,666
City Office REIT, Inc.
 
3,573
18,973
COPT Defense Properties
 
14,535
427,910
Cousins Properties, Inc.
 
20,742
633,253
Douglas Emmett, Inc.
 
13,755
252,542
Easterly Government Properties, Inc.
 
11,723
133,173
Franklin Street Properties Corp.
 
10,872
19,678
Highwoods Properties, Inc.
 
13,980
416,464
Hudson Pacific Properties, Inc.
 
20,324
63,614
JBG SMITH Properties
 
10,703
166,004
Kilroy Realty Corp.
 
15,069
587,992
NET Lease Office Properties
 
2,126
67,862
Orion Office REIT, Inc.
 
4,549
18,424
Paramount Group, Inc.
 
22,855
111,761
Peakstone Realty Trust
 
3,681
39,571
Piedmont Office Realty Trust, Inc., Class A
 
16,826
147,059
Postal Realty Trust, Inc., Class A
 
1,528
20,109
SL Green Realty Corp.
 
9,013
607,386
Vornado Realty Trust(b)
 
22,608
978,022
 
 
6,311,734
Oil, Gas & Consumable Fuels — 3.8%
Aemetis, Inc.(a)
 
6,766
15,629
Amplify Energy Corp.(a)
 
3,118
16,650
Antero Midstream Corp.
 
42,109
675,428
Antero Resources Corp.(a)
 
37,387
1,395,283
APA Corp.
 
46,976
1,030,184
Ardmore Shipping Corp.
 
5,714
67,825
Berry Corp.
 
12,130
52,887
BKV Corp.(a)
 
1,912
46,844
California Resources Corp.
 
8,625
424,350
Centrus Energy Corp., Class A(a)
 
1,821
149,868
Chesapeake Energy Corp.
 
29,994
3,047,390
Chord Energy Corp.
 
7,734
869,688
Civitas Resources, Inc.
 
12,657
642,469
Clean Energy Fuels Corp.(a)
 
22,525
74,558
CNX Resources Corp.(a)
 
18,428
504,559
Comstock Resources, Inc.(a)
 
11,626
215,779
Core Natural Resources, Inc.
 
6,710
606,181
Crescent Energy Co., Class A
 
20,326
306,110
CVR Energy, Inc.
 
4,527
85,787
Delek U.S. Holdings, Inc.
 
7,874
140,630
Schedule of Investments
31
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Oil, Gas & Consumable Fuels (continued)
DHT Holdings, Inc.
 
15,857
$ 179,501
Diversified Energy Co. PLC
 
5,822
92,803
Dorian LPG Ltd.
 
4,191
100,752
DT Midstream, Inc.(a)
 
12,283
1,241,566
Empire Petroleum Corp.(a)(b)
 
1,329
7,775
Encore Energy Corp.(a)
 
21,702
71,834
Energy Fuels, Inc./Canada(a)(b)
 
22,364
118,753
EQT Corp.
 
75,707
3,870,142
Evolution Petroleum Corp.
 
2,595
13,779
Excelerate Energy, Inc., Class A
 
2,723
81,336
FLEX LNG Ltd.(a)
 
3,982
101,581
FutureFuel Corp.
 
3,064
16,729
Golar LNG Ltd.
 
12,485
508,764
Granite Ridge Resources, Inc.
 
4,976
30,801
Green Plains, Inc.(a)
 
5,399
48,213
Gulfport Energy Corp.(a)
 
1,762
314,535
Hallador Energy Co.(a)
 
3,600
38,628
HF Sinclair Corp.
 
20,411
736,429
HighPeak Energy, Inc.(b)
 
1,722
23,471
International Seaways, Inc.
 
5,268
205,189
Kinetik Holdings, Inc.
 
4,831
311,261
Kosmos Energy Ltd.(a)
 
57,202
181,902
Magnolia Oil & Gas Corp., Class A
 
21,946
520,120
Matador Resources Co.
 
14,989
869,362
Murphy Oil Corp.
 
18,186
484,293
NACCO Industries, Inc., Class A
 
484
15,309
New Fortress Energy, Inc.(b)
 
9,876
148,140
NextDecade Corp.(a)
 
13,843
117,389
Nordic American Tankers Ltd.
 
24,512
66,182
Northern Oil & Gas, Inc.
 
12,424
446,643
Ovintiv, Inc.
 
34,411
1,452,832
Par Pacific Holdings, Inc.(a)
 
6,861
114,716
PBF Energy, Inc., Class A
 
12,830
375,406
Peabody Energy Corp.
 
16,527
299,965
Permian Resources Corp.
 
84,456
1,237,280
PrimeEnergy Resources Corp.(a)
 
24
5,230
Range Resources Corp.
 
30,153
1,116,867
REX American Resources Corp.(a)
 
2,219
92,577
Riley Exploration Permian, Inc.
 
1,533
50,819
Ring Energy, Inc.(a)
 
17,969
23,360
Sable Offshore Corp.(a)(b)
 
6,257
155,987
SandRidge Energy, Inc.
 
3,317
39,306
Scorpio Tankers, Inc.
 
5,484
261,148
SFL Corp. Ltd.
 
16,353
172,524
Sitio Royalties Corp., Class A
 
9,358
188,470
SM Energy Co.
 
14,355
544,916
Talos Energy, Inc.(a)
 
17,637
174,959
Teekay Corp. Ltd.
 
5,790
41,341
Teekay Tankers Ltd., Class A
 
2,824
118,382
Texas Pacific Land Corp.(b)
 
2,401
3,114,505
Uranium Energy Corp.(a)(b)
 
51,540
363,872
Ur-Energy, Inc.(a)
 
40,079
42,083
VAALCO Energy, Inc.
 
13,163
53,968
Viper Energy, Inc.
 
13,309
624,192
Vital Energy, Inc.(a)
 
3,439
109,704
Vitesse Energy, Inc.
 
2,890
74,793
W&T Offshore, Inc.
 
9,251
14,432
World Kinect Corp.
 
7,149
202,102
 
 
32,397,017
Security
 
 
Shares
Value
Paper & Forest Products — 0.2%
Clearwater Paper Corp.(a)
 
2,463
$ 79,186
Louisiana-Pacific Corp.
 
7,737
904,997
Sylvamo Corp.
 
4,544
363,974
 
 
1,348,157
Passenger Airlines — 0.5%
Alaska Air Group, Inc.(a)
 
15,961
1,169,143
Allegiant Travel Co.
 
1,904
195,027
American Airlines Group, Inc.(a)
 
84,239
1,425,324
Blade Air Mobility, Inc., Class A(a)
 
10,430
40,155
Frontier Group Holdings, Inc.(a)(b)
 
7,360
62,045
JetBlue Airways Corp.(a)(b)
 
37,919
249,507
Joby Aviation, Inc.(a)(b)
 
53,466
441,629
SkyWest, Inc.(a)
 
5,085
614,878
Sun Country Airlines Holdings, Inc.(a)
 
5,156
87,446
Wheels Up Experience, Inc.(a)
 
9,489
14,803
 
 
4,299,957
Personal Care Products — 0.4%
Beauty Health Co.(a)
 
7,546
12,602
BellRing Brands, Inc.(a)
 
16,443
1,271,866
Coty, Inc., Class A(a)
 
48,259
353,738
Edgewell Personal Care Co.
 
6,025
200,632
elf Beauty, Inc.(a)
 
6,940
693,375
Herbalife Ltd.(a)
 
12,945
70,680
Honest Co., Inc.(a)
 
10,648
68,254
Interparfums, Inc.
 
2,181
307,565
Medifast, Inc.(a)
 
2,258
35,451
Nature’s Sunshine Products, Inc.(a)
 
822
11,434
Nu Skin Enterprises, Inc., Class A
 
7,141
46,774
Olaplex Holdings, Inc.(a)
 
24,722
38,566
USANA Health Sciences, Inc.(a)
 
1,062
34,589
Veru, Inc.(a)
 
20,660
11,481
Waldencast PLC, Class A(a)
 
4,217
14,591
 
 
3,171,598
Pharmaceuticals — 1.2%
Alto Neuroscience, Inc.(a)(b)
 
1,776
7,619
Alumis, Inc.(a)(b)
 
1,687
12,619
Amneal Pharmaceuticals, Inc.(a)
 
20,159
166,513
Amphastar Pharmaceuticals, Inc.(a)
 
4,657
162,390
ANI Pharmaceuticals, Inc.(a)
 
2,191
128,480
Aquestive Therapeutics, Inc.(a)
 
12,268
37,049
Arvinas, Inc.(a)
 
7,907
139,242
Atea Pharmaceuticals, Inc.(a)
 
6,727
20,585
Avadel Pharmaceuticals PLC(a)
 
11,510
90,929
Axsome Therapeutics, Inc.(a)
 
4,688
499,084
BioAge Labs, Inc.(a)
 
4,247
19,494
Biote Corp., Class A(a)
 
2,285
11,631
Cassava Sciences, Inc.(a)(b)
 
5,050
12,019
Collegium Pharmaceutical, Inc.(a)
 
4,092
131,435
Contineum Therapeutics, Inc., Class A(a)(b)
 
824
8,067
Corcept Therapeutics, Inc.(a)
 
10,130
677,900
CorMedix, Inc.(a)(b)
 
9,355
96,076
Edgewise Therapeutics, Inc.(a)(b)
 
9,723
272,438
Elanco Animal Health, Inc.(a)
 
64,059
770,630
Enliven Therapeutics, Inc.(a)
 
4,354
95,178
Esperion Therapeutics, Inc.(a)(b)
 
26,705
47,802
Evolus, Inc.(a)
 
6,950
97,091
EyePoint Pharmaceuticals, Inc.(a)(b)
 
8,250
63,112
Fulcrum Therapeutics, Inc.(a)(b)
 
6,071
24,041
Harmony Biosciences Holdings, Inc.(a)
 
4,731
183,421
Harrow, Inc.(a)
 
3,748
115,139
32
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Pharmaceuticals (continued)
Innoviva, Inc.(a)
 
6,965
$ 129,828
Intra-Cellular Therapies, Inc.(a)
 
13,146
1,670,594
Jazz Pharmaceuticals PLC(a)
 
7,744
963,121
Ligand Pharmaceuticals, Inc.(a)(b)
 
2,100
244,755
Liquidia Corp.(a)(b)
 
8,509
121,083
MBX Biosciences, Inc.(a)(b)
 
1,498
14,995
MediWound Ltd.(a)(b)
 
1,124
22,008
Mind Medicine MindMed, Inc.(a)(b)
 
10,083
68,464
Nektar Therapeutics(a)
 
16,930
14,006
Neumora Therapeutics, Inc.(a)
 
10,499
20,263
Nuvation Bio, Inc.(a)(b)
 
19,180
44,306
Ocular Therapeutix, Inc.(a)(b)
 
19,028
146,516
Omeros Corp.(a)(b)
 
7,678
66,184
Organon & Co.
 
33,565
522,271
Pacira BioSciences, Inc.(a)
 
5,535
145,736
Perrigo Co. PLC
 
17,667
440,085
Phathom Pharmaceuticals, Inc.(a)(b)
 
6,699
40,127
Phibro Animal Health Corp., Class A
 
2,916
63,598
Pliant Therapeutics, Inc.(a)(b)
 
6,252
67,209
Prestige Consumer Healthcare, Inc.(a)
 
6,235
478,661
Rapport Therapeutics, Inc.(a)
 
942
15,458
Revance Therapeutics, Inc.(a)
 
10,828
39,306
Scilex Holding Co., (Acquired 01/06/23, Cost:
$50,126)(a)(d)
 
4,783
1,930
scPharmaceuticals, Inc.(a)(b)
 
2,577
8,556
Septerna, Inc.(a)
 
2,366
40,009
SIGA Technologies, Inc.
 
8,448
50,519
Supernus Pharmaceuticals, Inc.(a)
 
6,008
230,527
Tarsus Pharmaceuticals, Inc.(a)
 
4,892
262,994
Telomir Pharmaceuticals, Inc.(a)(b)
 
5,180
25,175
Terns Pharmaceuticals, Inc.(a)
 
9,754
43,503
Theravance Biopharma, Inc.(a)
 
4,107
38,524
Third Harmonic Bio, Inc.(a)
 
1,922
10,110
Trevi Therapeutics, Inc.(a)
 
11,222
44,215
Ventyx Biosciences, Inc.(a)
 
4,644
9,334
Verrica Pharmaceuticals, Inc.(a)
 
2,416
1,565
WaVe Life Sciences Ltd.(a)
 
11,667
134,987
Xeris Biopharma Holdings, Inc.(a)(b)
 
20,920
74,475
Zevra Therapeutics, Inc.(a)
 
8,603
67,447
 
 
10,272,428
Professional Services — 2.1%
Alight, Inc., Class A
 
51,474
352,597
Asure Software, Inc.(a)
 
4,391
51,902
Barrett Business Services, Inc.
 
2,782
120,544
BlackSky Technology, Inc.(a)
 
3,546
53,155
CACI International, Inc., Class A(a)
 
2,807
1,084,232
CBIZ, Inc.(a)(b)
 
6,017
516,319
Clarivate PLC(a)(b)
 
50,485
273,629
Concentrix Corp.
 
6,365
332,762
Conduent, Inc.(a)
 
22,723
89,983
CRA International, Inc.
 
810
148,700
CSG Systems International, Inc.
 
4,078
239,746
Dayforce, Inc.(a)
 
19,323
1,366,909
Dun & Bradstreet Holdings, Inc.
 
39,596
487,031
ExlService Holdings, Inc.(a)
 
19,811
995,701
Exponent, Inc.
 
6,259
573,763
First Advantage Corp.(a)
 
7,201
135,955
FiscalNote Holdings, Inc.(a)
 
6,358
7,948
Forrester Research, Inc.(a)
 
977
14,899
Franklin Covey Co.(a)
 
1,083
41,057
FTI Consulting, Inc.(a)
 
4,350
849,772
Security
 
 
Shares
Value
Professional Services (continued)
Genpact Ltd.
 
22,399
$ 1,090,607
Heidrick & Struggles International, Inc.
 
2,666
123,942
HireQuest, Inc.
 
514
6,682
Huron Consulting Group, Inc.(a)
 
2,257
286,142
IBEX Holdings Ltd.(a)
 
872
19,193
ICF International, Inc.(b)
 
2,454
286,406
Innodata, Inc.(a)
 
3,813
141,386
Insperity, Inc.
 
4,712
353,447
KBR, Inc.
 
17,140
932,759
Kelly Services, Inc., Class A
 
4,472
62,966
Kforce, Inc.
 
2,140
119,262
Korn Ferry
 
6,794
480,540
Legalzoom.com, Inc.(a)
 
17,959
161,451
ManpowerGroup, Inc.
 
6,683
402,450
Maximus, Inc.
 
7,631
574,538
Mistras Group, Inc.(a)
 
1,891
18,759
NV5 Global, Inc.(a)
 
6,688
126,002
Parsons Corp.(a)
 
5,848
463,571
Paycor HCM, Inc.(a)
 
10,542
233,294
Paylocity Holding Corp.(a)
 
5,545
1,139,608
Planet Labs PBC(a)
 
25,501
155,556
Resources Connection, Inc.
 
5,413
45,469
Robert Half, Inc.
 
13,408
868,704
Science Applications International Corp.
 
6,433
696,565
Spire Global, Inc.(a)
 
3,556
60,985
TriNet Group, Inc.
 
4,086
381,592
TrueBlue, Inc.(a)
 
2,952
24,059
TTEC Holdings, Inc.
 
1,571
5,938
Upwork, Inc.(a)
 
16,401
258,480
Verra Mobility Corp.(a)
 
21,144
557,990
Willdan Group, Inc.(a)
 
1,462
51,674
WNS Holdings Ltd.(a)
 
5,432
332,710
 
 
18,199,331
Real Estate Management & Development — 0.7%
American Realty Investors, Inc.(a)
 
667
9,378
Anywhere Real Estate, Inc.(a)
 
14,468
52,229
Compass, Inc., Class A(a)
 
46,805
339,336
Cushman & Wakefield PLC(a)
 
13,512
186,331
eXp World Holdings, Inc.(b)
 
10,281
116,998
Forestar Group, Inc.(a)
 
2,887
68,884
FRP Holdings, Inc.(a)
 
1,340
40,924
Howard Hughes Holdings, Inc.(a)
 
4,043
308,764
Jones Lang LaSalle, Inc.(a)
 
6,119
1,730,453
Kennedy-Wilson Holdings, Inc.
 
14,159
128,139
Marcus & Millichap, Inc.
 
3,036
115,854
Maui Land & Pineapple Co., Inc.(a)
 
1,116
22,465
Newmark Group, Inc., Class A
 
16,819
237,652
Opendoor Technologies, Inc.(a)(b)
 
76,648
105,774
RE/MAX Holdings, Inc., Class A(a)
 
1,639
16,357
Real Brokerage, Inc.(a)(b)
 
13,471
68,972
Redfin Corp.(a)
 
17,481
139,848
RMR Group, Inc., Class A
 
1,457
27,202
Seaport Entertainment Group, Inc.(a)(b)
 
764
20,330
St. Joe Co.
 
4,293
206,493
Star Holdings(a)
 
1,012
8,997
Stratus Properties, Inc.(a)
 
583
11,246
Tejon Ranch Co.(a)(b)
 
2,103
34,111
Zillow Group, Inc., Class A(a)(b)
 
6,274
496,901
Zillow Group, Inc., Class C(a)
 
19,532
1,605,921
 
 
6,099,559
Schedule of Investments
33
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Residential REITs — 0.7%
American Homes 4 Rent, Class A
 
43,953
$ 1,522,092
Apartment Investment and Management Co., Class A
 
18,213
164,645
BRT Apartments Corp.
 
862
14,775
Camden Property Trust
 
13,631
1,549,981
Centerspace
 
2,211
134,318
Clipper Realty, Inc.
 
722
2,946
Elme Communities
 
10,518
160,505
Equity LifeStyle Properties, Inc.
 
24,835
1,625,451
Independence Realty Trust, Inc.
 
28,206
541,837
NexPoint Residential Trust, Inc.
 
2,807
110,820
UMH Properties, Inc.
 
8,882
159,787
Veris Residential, Inc.
 
9,473
151,000
 
 
6,138,157
Retail REITs — 1.4%
Acadia Realty Trust
 
16,021
369,124
Agree Realty Corp.
 
13,647
990,363
Alexander’s, Inc.
 
286
54,326
Brixmor Property Group, Inc.
 
39,674
1,033,904
CBL & Associates Properties, Inc.
 
3,118
95,442
Curbline Properties Corp.
 
11,547
282,555
Federal Realty Investment Trust
 
10,778
1,170,814
FrontView REIT, Inc.
 
2,070
35,687
Getty Realty Corp.
 
6,594
204,480
InvenTrust Properties Corp.
 
10,125
301,117
Kimco Realty Corp.
 
84,706
1,901,650
Kite Realty Group Trust
 
27,038
625,930
Macerich Co.
 
30,203
627,618
NETSTREIT Corp.
 
8,639
125,093
NNN REIT, Inc.
 
23,909
941,776
Phillips Edison & Co., Inc.
 
15,786
573,505
Regency Centers Corp.
 
23,799
1,709,720
Retail Opportunity Investments Corp.
 
15,158
264,810
Saul Centers, Inc.
 
822
30,019
SITE Centers Corp.
 
6,017
90,135
Tanger, Inc.
 
12,790
419,768
Urban Edge Properties
 
16,233
330,179
Whitestone REIT
 
5,182
69,439
 
 
12,247,454
Semiconductors & Semiconductor Equipment — 2.1%
ACM Research, Inc., Class A(a)
 
6,034
123,999
Aehr Test Systems(a)(b)
 
3,313
37,536
Allegro MicroSystems, Inc.(a)
 
14,796
356,436
Alpha & Omega Semiconductor Ltd.(a)(b)
 
2,995
115,068
Ambarella, Inc.(a)(b)
 
4,917
377,232
Amkor Technology, Inc.
 
14,687
361,447
Astera Labs, Inc.(a)
 
13,912
1,410,955
Axcelis Technologies, Inc.(a)
 
4,201
285,668
CEVA, Inc.(a)
 
3,407
109,740
Cirrus Logic, Inc.(a)
 
6,719
674,856
Cohu, Inc.(a)(b)
 
5,806
133,016
Credo Technology Group Holding Ltd.(a)
 
17,643
1,235,363
Diodes, Inc.(a)
 
5,883
346,979
Everspin Technologies, Inc.(a)
 
2,797
17,118
FormFactor, Inc.(a)
 
9,859
394,853
Ichor Holdings Ltd.(a)
 
4,003
109,922
Impinj, Inc.(a)
 
2,937
372,676
indie Semiconductor, Inc., Class A(a)(b)
 
20,090
82,369
Kulicke & Soffa Industries, Inc.
 
7,183
318,566
Lattice Semiconductor Corp.(a)
 
17,342
988,841
MACOM Technology Solutions Holdings, Inc., Class H(a)
 
7,056
933,156
MaxLinear, Inc.(a)
 
9,912
177,028
Security
 
 
Shares
Value
Semiconductors & Semiconductor Equipment (continued)
MKS Instruments, Inc.
 
8,527
$ 965,939
Navitas Semiconductor Corp.(a)
 
13,443
40,732
NVE Corp.
 
444
31,817
Onto Innovation, Inc.(a)
 
6,222
1,274,017
PDF Solutions, Inc.(a)
 
3,740
104,196
Penguin Solutions, Inc.(a)
 
6,851
138,938
Photronics, Inc.(a)
 
7,184
165,160
Power Integrations, Inc.
 
7,017
437,300
Qorvo, Inc.(a)
 
12,130
1,006,547
QuickLogic Corp.(a)(b)
 
1,597
13,111
Rambus, Inc.(a)
 
13,558
835,444
Rigetti Computing, Inc.(a)(b)
 
19,760
260,239
Semtech Corp.(a)
 
9,357
626,545
Silicon Laboratories, Inc.(a)(b)
 
4,028
546,157
SiTime Corp.(a)(b)
 
2,321
473,948
SkyWater Technology, Inc.(a)
 
2,656
27,437
Synaptics, Inc.(a)
 
5,109
433,754
Ultra Clean Holdings, Inc.(a)
 
5,355
197,439
Universal Display Corp.
 
5,933
889,475
Veeco Instruments, Inc.(a)
 
6,580
167,000
Wolfspeed, Inc.(a)
 
15,318
93,899
 
 
17,691,918
Software — 5.8%
8x8, Inc.(a)(b)
 
18,324
51,307
A10 Networks, Inc.
 
8,174
160,292
ACI Worldwide, Inc.(a)
 
13,323
713,447
Adeia, Inc.
 
13,654
175,454
Agilysys, Inc.(a)
 
2,677
241,519
Airship AI Holdings, Inc.(a)(b)
 
3,489
15,596
Alarm.com Holdings, Inc.(a)
 
5,726
347,396
Alkami Technology, Inc.(a)
 
7,178
249,723
Altair Engineering, Inc., Class A(a)
 
6,956
767,595
Amplitude, Inc., Class A(a)
 
10,182
124,017
Appfolio, Inc., Class A(a)
 
2,922
683,485
Appian Corp., Class A(a)
 
5,004
175,590
Arteris, Inc.(a)
 
4,912
52,165
Asana, Inc., Class A(a)
 
10,478
223,601
Aspen Technology, Inc.(a)(b)
 
3,475
915,836
AudioEye, Inc.(a)
 
694
13,144
Aurora Innovation, Inc., Class A(a)(b)
 
123,260
838,168
AvePoint, Inc., Class A(a)(b)
 
16,863
316,687
Bentley Systems, Inc., Class B
 
17,998
837,807
Bill Holdings, Inc.(a)
 
12,709
1,229,850
Bit Digital, Inc.(a)
 
17,258
54,363
Blackbaud, Inc.(a)
 
5,250
405,037
Blackline, Inc.(a)
 
7,316
467,127
Blend Labs, Inc., Class A(a)
 
34,984
134,688
Box, Inc., Class A(a)
 
18,225
608,533
Braze, Inc., Class A(a)
 
8,107
372,760
C3.ai, Inc., Class A(a)(b)
 
14,373
450,594
CCC Intelligent Solutions Holdings, Inc.(a)(b)
 
58,649
651,590
Cerence, Inc.(a)
 
6,034
75,184
Cipher Mining, Inc.(a)
 
25,853
148,138
Cleanspark, Inc.(a)(b)
 
31,248
326,229
Clear Secure, Inc., Class A
 
11,680
276,466
Clearwater Analytics Holdings, Inc., Class A(a)
 
22,967
646,751
CommVault Systems, Inc.(a)
 
5,526
880,071
Confluent, Inc., Class A(a)
 
31,825
944,566
Consensus Cloud Solutions, Inc.(a)(b)
 
2,196
62,191
Core Scientific, Inc.(a)
 
21,379
262,320
CS Disco, Inc.(a)
 
1,938
9,768
Daily Journal Corp.(a)(b)
 
175
71,768
34
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Software (continued)
Digimarc Corp.(a)
 
1,833
$ 67,216
Digital Turbine, Inc.(a)
 
17,931
46,979
Dolby Laboratories, Inc., Class A
 
7,312
612,234
Domo, Inc., Class B(a)
 
2,863
24,250
DoubleVerify Holdings, Inc.(a)
 
18,825
387,983
Dropbox, Inc., Class A(a)
 
30,183
970,383
D-Wave Quantum, Inc.(a)(b)
 
12,120
71,993
Dynatrace, Inc.(a)
 
37,820
2,184,105
E2open Parent Holdings, Inc.(a)
 
24,978
65,692
eGain Corp.(a)
 
1,349
8,229
Elastic NV(a)
 
11,306
1,272,829
Enfusion, Inc., Class A(a)
 
5,445
60,766
EverCommerce, Inc.(a)
 
2,329
23,616
Five9, Inc.(a)(b)
 
9,518
390,143
Freshworks, Inc., Class A(a)
 
25,149
467,771
Gen Digital, Inc.
 
70,135
1,887,333
Gitlab, Inc., Class A(a)
 
15,640
1,137,966
Guidewire Software, Inc.(a)(b)
 
10,486
2,215,377
HashiCorp, Inc., Class A(a)
 
18,183
621,859
Hut 8 Corp.(a)(b)
 
9,894
214,601
Informatica, Inc., Class A(a)
 
10,846
278,525
Intapp, Inc.(a)
 
6,618
471,797
InterDigital, Inc.
 
3,141
574,740
Jamf Holding Corp.(a)
 
10,092
152,490
Kaltura, Inc.(a)
 
19,248
48,505
Life360, Inc.(a)
 
1,341
61,311
LiveRamp Holdings, Inc.(a)
 
8,707
296,038
Logility Supply Chain Solutions, Inc., Class A
 
4,658
65,771
Manhattan Associates, Inc.(a)
 
7,832
1,633,677
MARA Holdings, Inc.(a)(b)
 
36,645
672,069
Matterport, Inc.(a)
 
32,528
169,471
Meridianlink, Inc.(a)
 
4,629
89,108
Mitek Systems, Inc.(a)
 
7,531
76,816
N-able, Inc.(a)
 
9,342
90,524
nCino, Inc.(a)(b)
 
10,685
363,397
NCR Voyix Corp.(a)
 
20,323
249,770
NextNav, Inc.(a)
 
10,552
131,161
Nutanix, Inc., Class A(a)(b)
 
32,052
2,204,056
Olo, Inc., Class A(a)
 
13,286
98,051
ON24, Inc.(a)
 
1,990
13,711
OneSpan, Inc.
 
4,693
90,293
Ooma, Inc.(a)(b)
 
3,448
49,548
Pagaya Technologies Ltd., Class A(a)(b)
 
5,271
48,915
PagerDuty, Inc.(a)
 
11,371
210,591
Pegasystems, Inc.
 
5,690
616,170
Porch Group, Inc.(a)(b)
 
11,810
52,555
Prairie Operating Co.(a)(b)
 
1,508
13,120
Procore Technologies, Inc.(a)(b)
 
13,524
1,075,969
Progress Software Corp.
 
5,425
311,015
PROS Holdings, Inc.(a)
 
5,743
135,650
Q2 Holdings, Inc.(a)
 
7,432
707,303
Qualys, Inc.(a)
 
4,581
638,637
Rapid7, Inc.(a)
 
8,151
313,977
Red Violet, Inc.
 
1,627
59,223
Rekor Systems, Inc.(a)
 
13,800
28,014
ReposiTrak, Inc.(b)
 
1,118
23,623
Rimini Street, Inc.(a)
 
5,015
14,443
RingCentral, Inc., Class A(a)
 
10,839
377,414
Riot Platforms, Inc.(a)(b)
 
36,506
433,691
Sapiens International Corp. NV
 
4,098
112,121
SEMrush Holdings, Inc., Class A(a)
 
4,746
82,770
SentinelOne, Inc., Class A(a)
 
35,533
851,015
Security
 
 
Shares
Value
Software (continued)
Silvaco Group, Inc.(a)
 
1,222
$ 10,570
SolarWinds Corp.
 
5,929
88,224
SoundHound AI, Inc., Class A(a)(b)
 
38,208
540,643
SoundThinking, Inc.(a)
 
960
12,816
Sprinklr, Inc., Class A(a)
 
15,836
141,099
Sprout Social, Inc., Class A(a)(b)
 
6,131
200,300
SPS Commerce, Inc.(a)
 
4,694
866,888
Telos Corp.(a)
 
5,484
17,055
Tenable Holdings, Inc.(a)
 
14,986
645,747
Teradata Corp.(a)
 
12,031
383,909
Terawulf, Inc.(a)(b)
 
33,764
161,054
UiPath, Inc., Class A(a)
 
53,492
760,656
Unity Software, Inc.(a)
 
38,530
855,366
Varonis Systems, Inc.(a)
 
13,878
629,506
Verint Systems, Inc.(a)
 
8,487
215,400
Vertex, Inc., Class A(a)
 
7,051
407,195
Viant Technology, Inc., Class A(a)
 
2,514
55,635
Weave Communications, Inc.(a)
 
5,285
86,251
WM Technology, Inc.(a)
 
16,413
22,650
Workiva, Inc.(a)
 
6,604
648,645
Xperi, Inc.(a)
 
6,098
55,004
Yext, Inc.(a)
 
12,906
84,921
Zeta Global Holdings Corp., Class A(a)
 
22,596
414,637
Zuora, Inc., Class A(a)
 
17,059
170,249
 
 
49,173,613
Specialized REITs — 0.8%
CubeSmart
 
28,387
1,183,738
EPR Properties
 
9,765
450,167
Farmland Partners, Inc.
 
4,527
52,830
Four Corners Property Trust, Inc.
 
12,742
349,513
Gaming & Leisure Properties, Inc.
 
34,667
1,677,536
Gladstone Land Corp.
 
3,048
33,101
Lamar Advertising Co., Class A
 
11,429
1,444,854
National Storage Affiliates Trust
 
9,054
336,356
Outfront Media, Inc.
 
19,549
359,702
PotlatchDeltic Corp.
 
10,413
465,773
Rayonier, Inc.
 
20,704
541,203
Safehold, Inc.
 
6,882
111,557
Uniti Group, Inc.
 
29,413
160,301
 
 
7,166,631
Specialty Retail — 2.9%
1-800-Flowers.com, Inc., Class A(a)
 
2,137
17,160
Abercrombie & Fitch Co., Class A(a)
 
6,433
767,972
Academy Sports & Outdoors, Inc.
 
8,636
451,749
Advance Auto Parts, Inc.
 
7,893
382,811
American Eagle Outfitters, Inc.
 
22,078
356,339
America’s Car-Mart, Inc.(a)
 
988
48,106
Arhaus, Inc.
 
7,232
88,809
Arko Corp., Class A
 
11,697
82,698
Asbury Automotive Group, Inc.(a)
 
2,521
747,930
AutoNation, Inc.(a)
 
3,367
634,848
BARK, Inc.(a)(b)
 
11,542
21,584
Bath & Body Works, Inc.
 
28,043
1,054,697
Beyond, Inc.(a)
 
8,366
69,354
Boot Barn Holdings, Inc.(a)
 
3,726
599,327
Buckle, Inc.
 
3,644
173,491
Build-A-Bear Workshop, Inc.
 
1,784
75,535
Caleres, Inc.
 
4,222
77,389
Camping World Holdings, Inc., Class A
 
7,292
168,372
Carvana Co., Class A(a)
 
13,854
3,428,588
Citi Trends, Inc.(a)(b)
 
847
21,937
Designer Brands, Inc., Class A
 
4,833
24,310
Schedule of Investments
35
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Specialty Retail (continued)
Destination XL Group, Inc.(a)(b)
 
5,308
$ 14,438
Dick’s Sporting Goods, Inc.
 
7,191
1,726,200
EVgo, Inc.(a)
 
13,976
48,497
Five Below, Inc.(a)
 
6,881
645,300
Floor & Decor Holdings, Inc., Class A(a)
 
13,493
1,350,649
Foot Locker, Inc.(a)
 
11,228
225,121
GameStop Corp., Class A(a)
 
50,109
1,347,932
Gap, Inc.
 
26,557
639,227
Genesco, Inc.(a)
 
1,083
45,107
Group 1 Automotive, Inc.
 
1,707
779,228
GrowGeneration Corp.(a)
 
4,901
6,861
Haverty Furniture Cos., Inc.
 
1,242
27,858
J Jill, Inc.
 
999
27,293
Lands’ End, Inc.(a)
 
1,371
17,069
Leslie’s, Inc.(a)
 
24,337
49,161
Lithia Motors, Inc.
 
3,410
1,282,501
MarineMax, Inc.(a)
 
2,567
77,934
Monro, Inc.
 
3,598
70,665
Murphy USA, Inc.
 
2,363
1,188,376
National Vision Holdings, Inc.(a)
 
9,628
109,759
ODP Corp.(a)
 
4,325
97,745
OneWater Marine, Inc., Class A(a)
 
945
17,076
Penske Automotive Group, Inc.
 
2,428
402,150
Petco Health & Wellness Co., Inc.(a)
 
13,444
45,979
RealReal, Inc.(a)
 
12,226
116,636
Revolve Group, Inc.(a)(b)
 
5,309
167,658
RH(a)
 
1,936
811,397
RumbleON, Inc., Class B(a)
 
4,083
17,761
Sally Beauty Holdings, Inc.(a)
 
12,590
136,853
Shoe Carnival, Inc.
 
2,200
59,532
Signet Jewelers Ltd.
 
5,470
323,988
Sleep Number Corp.(a)(b)
 
2,552
45,630
Sonic Automotive, Inc., Class A
 
1,903
141,298
Stitch Fix, Inc., Class A(a)
 
12,301
57,938
ThredUp, Inc., Class A(a)
 
5,918
12,960
Tile Shop Holdings, Inc.(a)(b)
 
1,889
14,243
Tilly’s, Inc., Class A(a)
 
1,735
7,513
Torrid Holdings, Inc.(a)
 
4,943
34,898
Upbound Group, Inc.
 
6,539
191,854
Urban Outfitters, Inc.(a)
 
8,238
456,550
Valvoline, Inc.(a)
 
17,122
635,397
Victoria’s Secret & Co.(a)
 
10,036
364,909
Warby Parker, Inc., Class A(a)
 
11,523
319,302
Wayfair, Inc., Class A(a)(b)
 
12,463
602,835
Winmark Corp.
 
334
130,123
Zumiez, Inc.(a)
 
2,748
43,858
 
 
24,228,265
Technology Hardware, Storage & Peripherals — 0.5%
CompoSecure, Inc., Class A
 
3,400
54,196
Corsair Gaming, Inc.(a)(b)
 
5,263
48,209
CPI Card Group, Inc.(a)
 
570
16,399
Diebold Nixdorf, Inc.(a)
 
3,169
137,186
Eastman Kodak Co.(a)(b)
 
9,465
69,946
Immersion Corp.
 
4,420
36,996
IonQ, Inc.(a)(b)
 
25,193
994,872
Pure Storage, Inc., Class A(a)
 
39,313
2,665,028
Turtle Beach Corp.(a)
 
3,044
54,031
Xerox Holdings Corp.
 
15,728
134,317
 
 
4,211,180
Security
 
 
Shares
Value
Textiles, Apparel & Luxury Goods — 1.3%
Amer Sports, Inc.(a)
 
8,025
$ 256,559
Birkenstock Holding PLC(a)(b)
 
4,751
280,974
Capri Holdings Ltd.(a)
 
15,203
376,730
Carter’s, Inc.
 
4,845
261,242
Columbia Sportswear Co.
 
4,054
357,968
Crocs, Inc.(a)
 
7,328
747,969
Figs, Inc., Class A(a)(b)
 
15,093
85,879
G-III Apparel Group Ltd.(a)
 
4,935
154,071
Hanesbrands, Inc.(a)
 
45,848
372,286
Kontoor Brands, Inc.
 
6,988
641,848
Movado Group, Inc.
 
1,443
27,590
Oxford Industries, Inc.
 
1,781
149,355
PVH Corp.
 
7,096
635,802
Ralph Lauren Corp.
 
5,116
1,277,465
Rocky Brands, Inc.
 
1,699
42,543
Skechers USA, Inc., Class A(a)
 
16,882
1,271,890
Steven Madden Ltd.
 
9,191
377,291
Superior Group of Cos., Inc.
 
1,290
19,466
Tapestry, Inc.
 
29,782
2,172,299
Under Armour, Inc., Class A(a)
 
24,007
200,458
Under Armour, Inc., Class C(a)
 
25,598
192,753
Vera Bradley, Inc.(a)
 
2,876
10,756
VF Corp.
 
44,982
1,168,183
Wolverine World Wide, Inc.
 
9,668
215,886
 
 
11,297,263
Tobacco — 0.0%
Ispire Technology, Inc.(a)
 
1,708
8,147
Turning Point Brands, Inc.
 
2,116
134,874
Universal Corp.
 
3,488
185,283
 
 
328,304
Trading Companies & Distributors — 1.8%
Air Lease Corp.
 
13,770
636,174
Alta Equipment Group, Inc.
 
4,586
33,478
Applied Industrial Technologies, Inc.
 
4,844
1,259,585
Beacon Roofing Supply, Inc.(a)
 
7,896
934,413
BlueLinx Holdings, Inc.(a)
 
1,040
112,091
Boise Cascade Co.
 
4,974
627,520
Core & Main, Inc., Class A(a)
 
24,582
1,387,408
Custom Truck One Source, Inc.(a)(b)
 
5,253
26,738
Distribution Solutions Group, Inc.(a)
 
1,168
37,668
DNOW, Inc.(a)
 
14,444
214,927
DXP Enterprises, Inc.(a)
 
1,587
160,747
EVI Industries, Inc.
 
632
10,959
FTAI Aviation Ltd.
 
13,142
1,321,165
GATX Corp.
 
4,518
747,593
Global Industrial Co.
 
1,988
49,123
GMS, Inc.(a)
 
5,161
435,279
H&E Equipment Services, Inc.
 
4,205
372,941
Herc Holdings, Inc.
 
3,504
714,676
Hudson Technologies, Inc.(a)
 
7,830
45,414
Karat Packaging, Inc.
 
819
25,315
McGrath RentCorp
 
3,062
375,616
MRC Global, Inc.(a)
 
10,473
153,744
MSC Industrial Direct Co., Inc., Class A
 
5,864
471,524
Rush Enterprises, Inc., Class A
 
7,932
481,869
Rush Enterprises, Inc., Class B
 
753
43,162
SiteOne Landscape Supply, Inc.(a)(b)
 
5,765
820,360
Titan Machinery, Inc.(a)
 
3,479
65,127
Transcat, Inc.(a)(b)
 
1,200
92,424
Watsco, Inc.
 
4,428
2,119,197
36
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Trading Companies & Distributors (continued)
WESCO International, Inc.
 
5,438
$ 1,006,030
Willis Lease Finance Corp.
 
444
86,100
Xometry, Inc., Class A(a)
 
5,723
190,061
 
 
15,058,428
Transportation Infrastructure — 0.0%
Sky Harbour Group Corp.(a)
 
1,842
19,765
Water Utilities — 0.3%
American States Water Co.
 
4,653
346,648
Cadiz, Inc.(a)
 
3,791
18,728
California Water Service Group
 
7,344
332,610
Consolidated Water Co. Ltd.
 
1,279
33,484
Essential Utilities, Inc.
 
32,459
1,151,645
Global Water Resources, Inc.
 
1,533
17,629
Middlesex Water Co.
 
2,030
102,799
Pure Cycle Corp.(a)
 
2,457
28,870
SJW Group
 
3,799
190,824
York Water Co.
 
1,248
38,601
 
 
2,261,838
Wireless Telecommunication Services — 0.1%
Gogo, Inc.(a)
 
8,344
70,423
Spok Holdings, Inc.
 
1,706
27,433
Telephone and Data Systems, Inc.
 
12,627
446,364
 
 
544,220
Total Common Stocks — 98.8%
(Cost: $667,132,135)
840,615,289
Investment Companies
Equity Funds(e) — 0.7%
iShares Russell 2000 ETF
 
14,641
3,315,894
iShares Russell Mid-Cap ETF
 
27,001
2,485,982
 
 
5,801,876
Total Investment Companies — 0.7%
(Cost: $5,509,684)
5,801,876
Rights
Biotechnology — 0.0%
AstraZeneca, CVR
 
2,854
885
Chinook Therapeutics, CVR(c)
 
5,455
4,582
Contra Aduro Biotech I, CVR(c)
 
658
309
GTX, Inc., CVR(b)(c)
 
23
24
Inhibrx, Inc., CVR(c)
 
3,315
3,713
 
 
9,513
Total Rights — 0.0%
(Cost: $5,214)
9,513
Security
 
 
Shares
Value
Warrants
Health Care Equipment & Supplies(b) — 0.0%
Pulse Biosciences, Inc., (Expires 06/26/29, Strike Price
USD 11.00)
 
127
$ 630
Pulse Biosciences, Inc., (Expires 06/27/29)
 
127
631
 
 
1,261
Total Warrants — 0.0%
(Cost: $ — )
1,261
Total Long-Term Investments — 99.5%
(Cost: $672,647,033)
846,427,939
Short-Term Securities
Money Market Funds — 7.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.54%(e)(f)(g)
 
58,213,393
58,242,499
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.35%(e)(f)
 
3,933,439
3,933,439
Total Short-Term Securities — 7.3%
(Cost: $62,178,216)
62,175,938
Total Investments — 106.8%
(Cost: $734,825,249)
908,603,877
Liabilities in Excess of Other Assets — (6.8)%
(57,711,312
)
Net Assets — 100.0%
$ 850,892,565
 
(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 $1,930, 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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Schedule of Investments
37
Schedule of Investments (unaudited)(continued)
January 31, 2025
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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 50,754,606
$ 7,484,472
(a)
$ —
$ 14,181
$ (10,760
)
$ 58,242,499
58,213,393
$ 182,011
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency Shares
625,861
3,307,578
(a)
—
—
—
3,933,439
3,933,439
75,168
—
iShares Russell 2000 ETF
4,593,607
38,884,768
(40,490,656
)
654,114
(325,939
)
3,315,894
14,641
22,394
—
iShares Russell Mid-Cap ETF
3,114,240
24,552,884
(25,570,006
)
410,488
(21,624
)
2,485,982
27,001
19,363
—
 
$ 1,078,783
$ (358,323
)
$ 67,977,814
$ 298,936
$ —
 
(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 collateral investment fees, 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
14
03/21/25
$ 1,607
$ 10,723
S&P Mid 400 E-Mini Index
6
03/21/25
1,950
26,444
 
$ 37,167
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)
$ —
$ —
$ 37,167
$ —
$ —
$ —
$ 37,167
 
(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, 2025, 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
$ —
$ —
$ 379,772
$ —
$ —
$ —
$ 379,772
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 26,495
$ —
$ —
$ —
$ 26,495
38
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Russell Small/Mid-Cap Index Fund
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$3,485,480
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 at the measurement date. 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
$ 14,439,163
$ —
$ —
$ 14,439,163
Air Freight & Logistics
2,810,618
—
—
2,810,618
Automobile Components
6,433,512
—
—
6,433,512
Automobiles
2,959,455
—
—
2,959,455
Banks
55,096,308
—
—
55,096,308
Beverages
2,883,353
—
—
2,883,353
Biotechnology
41,926,311
—
—
41,926,311
Broadline Retail
2,920,835
—
—
2,920,835
Building Products
19,004,021
—
—
19,004,021
Capital Markets
28,857,452
—
—
28,857,452
Chemicals
14,667,127
—
—
14,667,127
Commercial Services & Supplies
10,069,791
—
—
10,069,791
Communications Equipment
8,604,324
—
—
8,604,324
Construction & Engineering
16,636,297
—
—
16,636,297
Construction Materials
2,790,999
—
—
2,790,999
Consumer Finance
8,933,478
—
—
8,933,478
Consumer Staples Distribution & Retail
13,252,218
—
—
13,252,218
Containers & Packaging
15,098,038
—
—
15,098,038
Distributors
1,763,015
—
—
1,763,015
Diversified Consumer Services
9,961,738
—
—
9,961,738
Diversified REITs
2,058,090
—
—
2,058,090
Diversified Telecommunication Services
3,924,031
—
—
3,924,031
Electric Utilities
8,563,191
—
—
8,563,191
Electrical Equipment
10,455,502
—
—
10,455,502
Electronic Equipment, Instruments & Components
19,800,014
—
—
19,800,014
Energy Equipment & Services
10,081,099
—
—
10,081,099
Entertainment
5,773,348
—
—
5,773,348
Financial Services
21,664,611
—
—
21,664,611
Food Products
7,477,831
—
—
7,477,831
Gas Utilities
5,468,352
—
—
5,468,352
Ground Transportation
9,755,050
—
—
9,755,050
Health Care Equipment & Supplies
17,814,861
—
—
17,814,861
Health Care Providers & Services
19,486,854
—
—
19,486,854
Health Care REITs
4,934,516
—
—
4,934,516
Health Care Technology
2,342,598
—
—
2,342,598
Hotel & Resort REITs
4,389,174
—
—
4,389,174
Hotels, Restaurants & Leisure
25,684,905
—
—
25,684,905
Household Durables
14,519,639
—
—
14,519,639
Household Products
1,563,175
—
—
1,563,175
Independent Power and Renewable Electricity Producers
1,439,798
—
—
1,439,798
Industrial Conglomerates
92,520
—
—
92,520
Industrial REITs
6,106,781
—
—
6,106,781
Insurance
29,354,092
—
—
29,354,092
Interactive Media & Services
4,833,352
—
—
4,833,352
IT Services
5,893,778
—
—
5,893,778
Leisure Products
4,310,329
—
—
4,310,329
Schedule of Investments
39
Schedule of Investments (unaudited)(continued)
January 31, 2025
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
$ 9,710,629
$ —
$ —
$ 9,710,629
Machinery
36,645,999
—
—
36,645,999
Marine Transportation
1,759,617
—
—
1,759,617
Media
9,860,825
—
—
9,860,825
Metals & Mining
12,384,140
—
—
12,384,140
Mortgage Real Estate Investment Trusts (REITs)
7,136,203
—
—
7,136,203
Multi-Utilities
3,755,515
—
—
3,755,515
Office REITs
6,311,734
—
—
6,311,734
Oil, Gas & Consumable Fuels
32,397,017
—
—
32,397,017
Paper & Forest Products
1,348,157
—
—
1,348,157
Passenger Airlines
4,299,957
—
—
4,299,957
Personal Care Products
3,171,598
—
—
3,171,598
Pharmaceuticals
10,270,498
1,930
—
10,272,428
Professional Services
18,199,331
—
—
18,199,331
Real Estate Management & Development
6,099,559
—
—
6,099,559
Residential REITs
6,138,157
—
—
6,138,157
Retail REITs
12,247,454
—
—
12,247,454
Semiconductors & Semiconductor Equipment
17,691,918
—
—
17,691,918
Software
49,173,613
—
—
49,173,613
Specialized REITs
7,166,631
—
—
7,166,631
Specialty Retail
24,228,265
—
—
24,228,265
Technology Hardware, Storage & Peripherals
4,211,180
—
—
4,211,180
Textiles, Apparel & Luxury Goods
11,297,263
—
—
11,297,263
Tobacco
328,304
—
—
328,304
Trading Companies & Distributors
15,058,428
—
—
15,058,428
Transportation Infrastructure
19,765
—
—
19,765
Water Utilities
2,261,838
—
—
2,261,838
Wireless Telecommunication Services
544,220
—
—
544,220
Investment Companies
5,801,876
—
—
5,801,876
Rights
—
885
8,628
9,513
Warrants
—
1,261
—
1,261
Short-Term Securities 
Money Market Funds
62,175,938
—
—
62,175,938
 
$908,591,173
$4,076
$8,628
$908,603,877
Derivative Financial Instruments(a)
Assets 
Equity Contracts
$ 37,167
$ —
$ —
$ 37,167
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
40
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 1.9%
AAR Corp.(a)
 
2,039
$ 138,163
AeroVironment, Inc.(a)(b)
 
1,968
354,535
AerSale Corp.(a)
 
1,574
10,656
Archer Aviation, Inc., Class A(a)(b)
 
17,966
169,779
Astronics Corp.(a)
 
1,490
26,373
Axon Enterprise, Inc.(a)
 
4,832
3,151,334
Boeing Co.(a)
 
47,212
8,333,862
BWX Technologies, Inc.
 
6,067
685,146
Byrna Technologies, Inc.(a)
 
2,499
67,573
Cadre Holdings, Inc.
 
1,180
45,489
Curtiss-Wright Corp.
 
2,464
854,860
Ducommun, Inc.(a)
 
926
63,320
General Dynamics Corp.
 
18,353
4,716,354
General Electric Co.
 
71,763
14,608,794
HEICO Corp.
 
2,891
690,776
HEICO Corp., Class A
 
5,380
1,023,975
Hexcel Corp.
 
5,232
341,126
Howmet Aerospace, Inc.
 
27,198
3,442,723
Huntington Ingalls Industries, Inc.
 
2,636
519,977
Intuitive Machines, Inc.(a)(b)
 
2,006
43,490
Kratos Defense & Security Solutions, Inc.(a)(b)
 
10,628
354,656
L3Harris Technologies, Inc.
 
12,588
2,668,782
Leonardo DRS, Inc.(a)
 
4,533
159,335
Loar Holdings, Inc.(a)(b)
 
2,008
159,596
Lockheed Martin Corp.
 
14,140
6,546,113
Mercury Systems, Inc.(a)
 
3,148
131,240
Moog, Inc., Class A
 
1,996
362,593
National Presto Industries, Inc.
 
368
35,391
Northrop Grumman Corp.
 
9,253
4,508,709
Park Aerospace Corp.
 
1,798
26,053
Rocket Lab USA, Inc.(a)
 
23,249
675,383
RTX Corp.
 
88,664
11,433,223
Spirit AeroSystems Holdings, Inc., Class A(a)
 
7,857
267,217
Standardaero, Inc.(a)(b)
 
4,823
129,449
Textron, Inc.
 
12,522
958,058
TransDigm Group, Inc.
 
3,677
4,976,231
Triumph Group, Inc.(a)
 
3,986
74,698
V2X, Inc.(a)
 
802
41,808
Virgin Galactic Holdings, Inc.(a)(b)
 
730
3,475
Woodward, Inc.
 
4,002
741,371
 
 
73,541,686
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc.(a)
 
4,072
90,480
CH Robinson Worldwide, Inc.
 
7,627
758,810
Expeditors International of Washington, Inc.
 
9,445
1,072,763
FedEx Corp.
 
15,183
4,021,521
Forward Air Corp.(a)
 
1,607
51,826
GXO Logistics, Inc.(a)
 
7,459
339,012
Hub Group, Inc., Class A
 
4,172
186,113
Radiant Logistics, Inc.(a)
 
1,065
7,476
United Parcel Service, Inc., Class B
 
48,983
5,595,328
 
 
12,123,329
Automobile Components — 0.1%
Adient PLC(a)(b)
 
5,612
97,817
American Axle & Manufacturing Holdings, Inc.(a)
 
6,123
32,023
Aptiv PLC(a)
 
15,617
974,813
BorgWarner, Inc.
 
14,641
467,048
Cooper-Standard Holdings, Inc.(a)
 
698
10,763
Dana, Inc.
 
8,323
132,669
Security
 
 
Shares
Value
Automobile Components (continued)
Dorman Products, Inc.(a)
 
1,596
$ 209,523
Fox Factory Holding Corp.(a)
 
2,625
71,715
Gentex Corp.
 
16,255
421,330
Gentherm, Inc.(a)
 
2,298
87,669
Goodyear Tire & Rubber Co.(a)
 
17,489
155,127
Holley, Inc.(a)
 
3,298
10,059
LCI Industries
 
2,058
215,658
Lear Corp.
 
3,657
344,087
Luminar Technologies, Inc.(a)(b)
 
1,270
7,303
Modine Manufacturing Co.(a)(b)
 
3,491
354,162
Patrick Industries, Inc.
 
2,094
203,411
Phinia, Inc.
 
2,926
148,904
QuantumScape Corp.(a)(b)
 
24,550
126,923
Solid Power, Inc.(a)(b)
 
8,899
12,370
Standard Motor Products, Inc.
 
1,696
52,610
Stoneridge, Inc.(a)
 
1,548
8,003
Visteon Corp.(a)
 
1,648
138,531
XPEL, Inc.(a)
 
1,523
63,859
 
 
4,346,377
Automobiles — 2.1%
Ford Motor Co.
 
262,308
2,644,065
General Motors Co.
 
72,727
3,597,077
Harley-Davidson, Inc.
 
7,932
214,640
Lucid Group, Inc.(a)(b)
 
61,620
170,071
Rivian Automotive, Inc., Class A(a)(b)
 
54,603
685,814
Tesla, Inc.(a)
 
185,791
75,171,039
Thor Industries, Inc.
 
3,278
337,109
Winnebago Industries, Inc.
 
2,035
97,273
 
 
82,917,088
Banks — 4.0%
1st Source Corp.
 
997
62,532
ACNB Corp.
 
658
27,044
Amalgamated Financial Corp.
 
3,163
110,515
Amerant Bancorp, Inc., Class A
 
4,712
109,318
Ameris Bancorp
 
4,339
284,855
Arrow Financial Corp.
 
1,851
49,255
Associated Banc-Corp.
 
11,591
291,398
Atlantic Union Bankshares Corp.
 
6,344
239,613
Axos Financial, Inc.(a)
 
3,469
242,587
Banc of California, Inc.
 
8,676
138,989
BancFirst Corp.
 
1,868
222,441
Bancorp, Inc.(a)
 
2,594
158,390
Bank First Corp.
 
578
58,482
Bank of America Corp.
 
446,512
20,673,506
Bank of Hawaii Corp.
 
2,181
162,506
Bank of Marin Bancorp
 
1,301
32,876
Bank of NT Butterfield & Son Ltd.
 
3,623
132,928
Bank OZK
 
6,920
351,467
BankUnited, Inc.
 
2,969
122,056
Banner Corp.
 
981
69,327
Bar Harbor Bankshares
 
1,349
42,736
BayCom Corp.
 
1,314
36,779
BCB Bancorp, Inc.
 
1,342
14,534
Berkshire Hills Bancorp, Inc.
 
1,900
55,879
Blue Foundry Bancorp(a)
 
1,829
17,833
BOK Financial Corp.
 
1,817
200,633
Bridgewater Bancshares, Inc.(a)
 
1,355
19,133
Brookline Bancorp, Inc.
 
3,524
43,098
Burke & Herbert Financial Services Corp., Class C
 
750
48,232
Business First Bancshares, Inc.
 
2,631
71,011
Byline Bancorp, Inc.
 
1,662
48,763
Schedule of Investments
41
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Banks (continued)
Cadence Bank
 
6,933
$ 244,042
Camden National Corp.
 
1,025
46,494
Capital Bancorp, Inc.
 
643
19,946
Capital City Bank Group, Inc.
 
1,111
40,985
Capitol Federal Financial, Inc.
 
5,759
34,266
Carter Bankshares, Inc.(a)
 
1,048
18,466
Cathay General Bancorp
 
4,573
217,172
Central Pacific Financial Corp.
 
427
12,763
ChoiceOne Financial Services, Inc.
 
1,113
37,297
Citigroup, Inc.
 
126,218
10,277,932
Citizens & Northern Corp.
 
1,802
38,437
Citizens Financial Group, Inc.
 
31,173
1,482,900
Citizens Financial Services, Inc.
 
362
22,169
City Holding Co.
 
442
52,213
Civista Bancshares, Inc.
 
808
17,824
CNB Financial Corp.
 
1,531
38,734
Coastal Financial Corp.(a)
 
714
63,674
Colony Bankcorp, Inc.
 
1,564
26,353
Columbia Banking System, Inc.
 
13,708
382,453
Columbia Financial, Inc.(a)
 
2,444
36,147
Comerica, Inc.
 
8,443
568,383
Commerce Bancshares, Inc.
 
8,956
598,261
Community Financial System, Inc.
 
1,925
126,145
Community Trust Bancorp, Inc.
 
982
52,547
Community West Bancshares
 
3,575
69,677
ConnectOne Bancorp, Inc.
 
2,102
53,265
CrossFirst Bankshares, Inc.(a)
 
2,745
44,579
Cullen/Frost Bankers, Inc.
 
4,171
581,437
Customers Bancorp, Inc.(a)
 
1,668
95,043
CVB Financial Corp.
 
8,995
187,456
Dime Community Bancshares, Inc.
 
1,767
55,183
Eagle Bancorp, Inc.
 
1,044
27,363
East West Bancorp, Inc.
 
9,370
964,829
Eastern Bankshares, Inc.
 
12,797
234,953
Enterprise Bancorp, Inc.
 
214
9,059
Enterprise Financial Services Corp.
 
2,436
145,770
Equity Bancshares, Inc., Class A
 
1,265
55,154
Esquire Financial Holdings, Inc.
 
654
58,448
Farmers & Merchants Bancorp, Inc.
 
828
22,497
Farmers National Banc Corp.
 
1,865
25,662
FB Financial Corp.
 
2,244
118,506
Fifth Third Bancorp
 
47,380
2,099,408
Financial Institutions, Inc.
 
1,577
41,585
First Bancorp, Inc.
 
314
8,114
First BanCorp./Puerto Rico
 
4,434
92,050
First Bancorp/Southern Pines NC
 
1,949
86,009
First Bancshares, Inc.
 
1,940
74,399
First Bank/Hamilton
 
1,767
26,876
First Busey Corp.
 
4,173
101,320
First Business Financial Services, Inc.
 
758
39,158
First Citizens BancShares, Inc., Class A
 
800
1,763,752
First Commonwealth Financial Corp.
 
6,445
107,503
First Community Bankshares, Inc.
 
972
42,156
First Financial Bancorp
 
3,434
96,221
First Financial Bankshares, Inc.
 
8,460
315,220
First Financial Corp.
 
1,022
49,250
First Foundation, Inc.
 
8,534
43,950
First Hawaiian, Inc.
 
9,199
254,076
First Horizon Corp.
 
37,007
810,083
First Interstate BancSystem, Inc., Class A
 
6,284
207,058
First Merchants Corp.
 
7,134
317,035
First Mid Bancshares, Inc.
 
1,619
61,409
First of Long Island Corp.
 
1,705
22,165
Security
 
 
Shares
Value
Banks (continued)
Five Star Bancorp
 
948
$ 28,829
Flagstar Financial, Inc.(b)
 
17,998
212,916
Flushing Financial Corp.
 
1,802
25,138
FNB Corp.
 
29,508
462,980
Fulton Financial Corp.
 
11,311
230,066
German American Bancorp, Inc.
 
1,773
73,278
Glacier Bancorp, Inc.
 
7,414
368,253
Great Southern Bancorp, Inc.
 
559
32,864
Greene County Bancorp, Inc.
 
778
20,617
Guaranty Bancshares, Inc.
 
297
12,210
Hancock Whitney Corp.
 
5,823
347,866
Hanmi Financial Corp.
 
907
21,786
HarborOne Bancorp, Inc.
 
2,218
24,110
HBT Financial, Inc.
 
1,273
30,959
Heartland Financial USA, Inc.
 
2,831
183,081
Heritage Commerce Corp.
 
3,436
33,295
Heritage Financial Corp.
 
1,053
27,062
Hilltop Holdings, Inc.
 
3,539
106,807
Hingham Institution For Savings(b)
 
79
20,165
Home Bancorp, Inc.
 
190
9,538
Home BancShares, Inc.
 
13,490
407,263
HomeStreet, Inc.(a)
 
954
9,607
HomeTrust Bancshares, Inc.
 
642
23,606
Hope Bancorp, Inc.
 
7,383
86,086
Horizon Bancorp, Inc.
 
2,632
44,191
Huntington Bancshares, Inc.
 
98,152
1,688,214
Independent Bank Corp.
 
2,993
173,172
International Bancshares Corp.
 
4,389
289,191
John Marshall Bancorp, Inc.
 
759
14,353
JPMorgan Chase & Co.
 
188,088
50,275,922
Kearny Financial Corp.
 
5,495
37,915
KeyCorp.
 
64,084
1,152,230
Lakeland Financial Corp.
 
1,478
100,563
Live Oak Bancshares, Inc.
 
2,391
84,857
M&T Bank Corp.
 
11,322
2,278,439
Mercantile Bank Corp.
 
2,437
118,950
Metrocity Bankshares, Inc.
 
1,908
58,881
Metropolitan Bank Holding Corp.(a)
 
533
34,181
Mid Penn Bancorp, Inc.
 
806
24,277
Midland States Bancorp, Inc.
 
963
18,547
MidWestOne Financial Group, Inc.
 
1,021
32,294
MVB Financial Corp.
 
865
16,876
National Bank Holdings Corp., Class A
 
2,275
98,121
NB Bancorp, Inc.(a)
 
6,036
115,650
NBT Bancorp, Inc.
 
1,281
61,014
Nicolet Bankshares, Inc.
 
940
105,402
Northeast Bank
 
629
63,655
Northfield Bancorp, Inc.
 
2,756
32,163
Northwest Bancshares, Inc.
 
4,246
56,090
NU Holdings Ltd./Cayman Islands, Class A(a)
 
211,467
2,799,823
OceanFirst Financial Corp.
 
4,668
83,837
OFG Bancorp
 
2,791
119,204
Old National Bancorp
 
22,582
538,581
Old Second Bancorp, Inc.
 
2,744
51,560
Orange County Bancorp, Inc.
 
1,268
32,803
Origin Bancorp, Inc.
 
1,892
71,745
Orrstown Financial Services, Inc.
 
3,495
127,008
Pacific Premier Bancorp, Inc.
 
3,852
99,767
Park National Corp.
 
1,046
177,517
Pathward Financial, Inc.
 
1,236
98,546
PCB Bancorp
 
1,231
23,746
Peapack-Gladstone Financial Corp.
 
1,216
38,486
Peoples Bancorp, Inc.
 
2,207
72,059
42
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Banks (continued)
Peoples Financial Services Corp.
 
546
$ 28,103
Pinnacle Financial Partners, Inc.
 
5,340
666,272
PNC Financial Services Group, Inc.
 
26,673
5,359,939
Popular, Inc.
 
4,863
500,597
Preferred Bank/Los Angeles CA
 
305
27,865
Premier Financial Corp.
 
2,016
56,105
Primis Financial Corp.
 
1,942
21,537
Prosperity Bancshares, Inc.
 
7,341
587,280
Provident Financial Services, Inc.
 
7,831
145,422
QCR Holdings, Inc.
 
904
70,295
RBB Bancorp
 
350
6,583
Red River Bancshares, Inc.
 
282
15,736
Regions Financial Corp.
 
60,235
1,484,190
Renasant Corp.
 
1,899
73,833
Republic Bancorp, Inc., Class A
 
538
35,212
S&T Bancorp, Inc.
 
2,286
90,160
Sandy Spring Bancorp, Inc.
 
2,975
100,644
Seacoast Banking Corp. of Florida
 
3,711
105,578
ServisFirst Bancshares, Inc.
 
3,034
275,093
Shore Bancshares, Inc.
 
2,166
35,414
Sierra Bancorp
 
1,347
40,599
Simmons First National Corp., Class A
 
6,948
157,859
SmartFinancial, Inc.
 
1,272
44,851
South Plains Financial, Inc.
 
1,099
39,487
Southern First Bancshares, Inc.(a)
 
161
5,925
Southern Missouri Bancorp, Inc.
 
347
20,535
Southside Bancshares, Inc.
 
1,208
37,967
SouthState Corp.
 
6,444
680,422
Stellar Bancorp, Inc.
 
2,975
84,490
Stock Yards Bancorp, Inc.
 
1,716
126,486
Synovus Financial Corp.
 
10,795
609,054
Texas Capital Bancshares, Inc.(a)
 
3,968
313,274
TFS Financial Corp.
 
4,986
68,408
Third Coast Bancshares, Inc.(a)
 
1,211
43,657
Tompkins Financial Corp.
 
1,151
80,651
Towne Bank/Portsmouth VA
 
6,934
248,029
TriCo Bancshares
 
1,964
86,161
Triumph Financial, Inc.(a)
 
1,335
102,875
Truist Financial Corp.
 
90,620
4,315,324
TrustCo Bank Corp./New York
 
719
23,123
Trustmark Corp.
 
3,530
132,375
U.S. Bancorp
 
104,830
5,008,777
UMB Financial Corp.
 
3,024
356,524
United Bankshares, Inc.
 
8,494
327,019
United Community Banks, Inc.
 
3,642
120,805
Univest Financial Corp.
 
1,834
55,735
USCB Financial Holdings, Inc.
 
1,758
33,367
Valley National Bancorp
 
35,791
367,931
Veritex Holdings, Inc.
 
2,661
71,315
WaFd, Inc.
 
5,056
150,062
Washington Trust Bancorp, Inc.
 
1,069
35,031
Webster Financial Corp.
 
12,273
739,325
Wells Fargo & Co.
 
222,831
17,559,083
WesBanco, Inc.
 
4,292
150,392
West BanCorp, Inc.
 
1,337
29,320
Westamerica BanCorp
 
1,572
81,367
Western Alliance Bancorp
 
7,392
649,535
Wintrust Financial Corp.
 
4,624
604,865
Security
 
 
Shares
Value
Banks (continued)
WSFS Financial Corp.
 
3,434
$ 192,304
Zions Bancorp NA
 
9,529
551,348
 
 
156,141,724
Beverages — 1.0%
Boston Beer Co., Inc., Class A(a)
 
590
147,895
Brown-Forman Corp., Class A
 
2,982
99,360
Brown-Forman Corp., Class B
 
12,084
398,893
Celsius Holdings, Inc.(a)
 
11,224
280,376
Coca-Cola Co.
 
259,835
16,494,326
Coca-Cola Consolidated, Inc.
 
394
538,842
Constellation Brands, Inc., Class A
 
10,636
1,922,989
Keurig Dr. Pepper, Inc.
 
75,588
2,426,375
MGP Ingredients, Inc.
 
1,116
40,321
Molson Coors Beverage Co., Class B
 
11,722
641,779
Monster Beverage Corp.(a)
 
47,849
2,330,725
National Beverage Corp.
 
1,540
64,757
PepsiCo, Inc.
 
91,883
13,845,849
Primo Brands Corp.
 
10,816
350,114
Vita Coco Co., Inc.(a)
 
2,130
79,747
 
 
39,662,348
Biotechnology — 2.1%
2seventy bio, Inc.(a)(b)
 
3,031
8,062
4D Molecular Therapeutics, Inc.(a)
 
3,771
21,118
89bio, Inc.(a)
 
4,301
41,290
AbbVie, Inc.
 
118,365
21,767,324
Absci Corp.(a)(b)
 
12,031
44,635
ACADIA Pharmaceuticals, Inc.(a)(b)
 
7,957
148,478
ACELYRIN, Inc.(a)
 
6,068
11,954
ADC Therapeutics SA(a)(b)
 
12,438
20,896
ADMA Biologics, Inc.(a)
 
15,650
252,748
Aerovate Therapeutics, Inc.(a)(b)
 
433
1,134
Agenus, Inc.(a)(b)
 
1,168
4,438
Agios Pharmaceuticals, Inc.(a)
 
3,560
122,428
Akebia Therapeutics, Inc.(a)
 
20,965
46,962
Akero Therapeutics, Inc.(a)
 
4,338
234,599
Aldeyra Therapeutics, Inc.(a)(b)
 
3,447
18,062
Alector, Inc.(a)
 
2,986
4,957
Alkermes PLC(a)
 
10,139
319,683
Allogene Therapeutics, Inc.(a)
 
5,719
10,294
Alnylam Pharmaceuticals, Inc.(a)
 
8,663
2,350,359
Altimmune, Inc.(a)(b)
 
4,063
26,978
ALX Oncology Holdings, Inc.(a)
 
1,150
1,679
Amgen, Inc.
 
35,911
10,249,718
Amicus Therapeutics, Inc.(a)
 
21,889
209,697
AnaptysBio, Inc.(a)
 
865
15,509
Anavex Life Sciences Corp.(a)
 
5,000
46,350
Anika Therapeutics, Inc.(a)
 
1,304
22,246
Annexon, Inc.(a)(b)
 
6,182
23,739
Apellis Pharmaceuticals, Inc.(a)
 
6,746
195,701
Apogee Therapeutics, Inc.(a)(b)
 
2,661
110,059
Applied Therapeutics, Inc.(a)
 
8,335
4,888
Arbutus Biopharma Corp.(a)
 
7,498
24,968
Arcellx, Inc.(a)(b)
 
2,703
184,155
Arcturus Therapeutics Holdings, Inc.(a)
 
1,205
20,449
Arcus Biosciences, Inc.(a)
 
3,707
47,820
Arcutis Biotherapeutics, Inc.(a)
 
6,214
82,273
Ardelyx, Inc.(a)
 
19,637
105,254
ArriVent Biopharma, Inc.(a)(b)
 
2,616
74,661
Arrowhead Pharmaceuticals, Inc.(a)(b)
 
7,797
155,004
Schedule of Investments
43
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Biotechnology (continued)
ARS Pharmaceuticals, Inc.(a)(b)
 
4,460
$ 58,069
Astria Therapeutics, Inc.(a)
 
2,797
21,984
Aura Biosciences, Inc.(a)(b)
 
1,601
12,568
Aurinia Pharmaceuticals, Inc.(a)
 
8,475
67,376
Avid Bioservices, Inc.(a)(b)
 
3,513
43,842
Avidity Biosciences, Inc.(a)
 
7,362
242,431
Avita Medical, Inc.(a)(b)
 
1,749
15,916
Beam Therapeutics, Inc.(a)(b)
 
5,080
131,674
BioCryst Pharmaceuticals, Inc.(a)
 
11,882
93,868
Biogen, Inc.(a)
 
9,657
1,389,932
Biohaven Ltd.(a)
 
6,094
233,096
BioMarin Pharmaceutical, Inc.(a)
 
12,679
803,341
Biomea Fusion, Inc.(a)(b)
 
1,375
5,748
Bluebird Bio, Inc.(a)(b)
 
346
2,682
Blueprint Medicines Corp.(a)
 
4,078
458,897
Bridgebio Pharma, Inc.(a)(b)
 
9,189
314,356
C4 Therapeutics, Inc.(a)
 
8,775
30,449
Cabaletta Bio, Inc.(a)
 
2,282
5,454
Capricor Therapeutics, Inc.(a)(b)
 
1,887
28,380
CareDx, Inc.(a)(b)
 
2,931
68,292
Cargo Therapeutics, Inc.(a)
 
1,604
5,774
Caribou Biosciences, Inc.(a)
 
4,018
5,746
Catalyst Pharmaceuticals, Inc.(a)
 
6,463
145,805
Celcuity, Inc.(a)
 
799
9,548
Celldex Therapeutics, Inc.(a)
 
4,265
104,450
Century Therapeutics, Inc.(a)(b)
 
1,185
973
CG oncology, Inc.(a)
 
3,464
104,163
Cogent Biosciences, Inc.(a)
 
7,471
69,555
Coherus Biosciences, Inc.(a)(b)
 
6,286
7,417
Compass Therapeutics, Inc.(a)
 
8,157
26,266
Corbus Pharmaceuticals Holdings, Inc.(a)(b)
 
889
8,703
Crinetics Pharmaceuticals, Inc.(a)(b)
 
5,879
236,924
Cullinan Therapeutics, Inc.(a)(b)
 
4,093
43,222
Cytokinetics, Inc.(a)
 
7,503
371,098
Day One Biopharmaceuticals, Inc.(a)
 
3,982
49,257
Denali Therapeutics, Inc.(a)
 
8,773
204,411
Design Therapeutics, Inc.(a)
 
2,613
12,673
Dianthus Therapeutics, Inc.(a)(b)
 
1,902
42,129
Disc Medicine, Inc.(a)
 
1,366
76,223
Dynavax Technologies Corp.(a)
 
8,014
104,583
Dyne Therapeutics, Inc.(a)
 
5,380
76,504
Editas Medicine, Inc.(a)(b)
 
6,257
8,197
Enanta Pharmaceuticals, Inc.(a)(b)
 
1,355
6,924
Entrada Therapeutics, Inc.(a)
 
1,826
24,541
Erasca, Inc.(a)(b)
 
16,501
31,187
Exact Sciences Corp.(a)
 
12,015
673,441
Exelixis, Inc.(a)
 
18,803
623,319
Fate Therapeutics, Inc.(a)
 
5,497
7,146
Foghorn Therapeutics, Inc.(a)
 
1,251
5,242
Generation Bio Co.(a)
 
2,726
2,116
Geron Corp.(a)(b)
 
43,271
124,188
Gilead Sciences, Inc.
 
83,636
8,129,419
GRAIL, Inc.(a)(b)
 
1,680
50,870
Halozyme Therapeutics, Inc.(a)
 
8,051
456,009
Heron Therapeutics, Inc.(a)(b)
 
5,088
8,650
HilleVax, Inc.(a)(b)
 
1,399
2,756
Humacyte, Inc.(a)(b)
 
4,049
18,544
Ideaya Biosciences, Inc.(a)
 
6,581
160,247
IGM Biosciences, Inc.(a)(b)
 
534
806
ImmunityBio, Inc.(a)(b)
 
7,947
27,417
Immunome, Inc.(a)
 
4,279
47,197
Immunovant, Inc.(a)
 
3,713
80,721
Incyte Corp.(a)
 
10,303
764,071
Security
 
 
Shares
Value
Biotechnology (continued)
Inhibrx Biosciences, Inc.(a)
 
560
$ 7,605
Inozyme Pharma, Inc.(a)
 
4,463
6,427
Insmed, Inc.(a)(b)
 
11,564
885,571
Intellia Therapeutics, Inc.(a)
 
5,528
57,049
Ionis Pharmaceuticals, Inc.(a)
 
10,690
341,011
Iovance Biotherapeutics, Inc.(a)(b)
 
18,001
105,306
Ironwood Pharmaceuticals, Inc.(a)
 
8,803
20,599
iTeos Therapeutics, Inc.(a)
 
2,020
15,231
Janux Therapeutics, Inc.(a)
 
2,065
89,786
KalVista Pharmaceuticals, Inc.(a)
 
2,567
22,872
Keros Therapeutics, Inc.(a)
 
1,802
20,543
Kiniksa Pharmaceuticals International PLC(a)
 
1,991
39,024
Kodiak Sciences, Inc.(a)
 
1,928
12,339
Krystal Biotech, Inc.(a)(b)
 
1,586
253,348
Kura Oncology, Inc.(a)
 
4,970
39,313
Kymera Therapeutics, Inc.(a)
 
2,658
105,230
Larimar Therapeutics, Inc.(a)
 
4,731
18,167
LENZ Therapeutics, Inc.
 
1,314
33,546
Lexicon Pharmaceuticals, Inc.(a)(b)
 
16,590
12,545
Lyell Immunopharma, Inc.(a)
 
11,179
6,599
MacroGenics, Inc.(a)
 
3,347
10,041
Madrigal Pharmaceuticals, Inc.(a)
 
1,257
420,844
MannKind Corp.(a)
 
15,218
88,112
MeiraGTx Holdings PLC(a)
 
2,029
12,762
Mersana Therapeutics, Inc.(a)
 
6,910
4,208
MiMedx Group, Inc.(a)
 
9,149
79,596
Mineralys Therapeutics, Inc.(a)
 
2,581
26,584
Mirum Pharmaceuticals, Inc.(a)
 
2,999
146,591
Moderna, Inc.(a)
 
21,939
864,835
Monte Rosa Therapeutics, Inc.(a)(b)
 
998
6,647
Myriad Genetics, Inc.(a)
 
6,730
85,269
Natera, Inc.(a)
 
7,768
1,374,315
Neurocrine Biosciences, Inc.(a)
 
6,798
1,032,072
Neurogene, Inc.(a)
 
1,070
16,960
Nkarta, Inc.(a)(b)
 
2,544
5,953
Novavax, Inc.(a)(b)
 
8,300
72,127
Nurix Therapeutics, Inc.(a)
 
4,671
92,065
Nuvalent, Inc., Class A(a)(b)
 
2,547
218,558
Ocugen, Inc.(a)(b)
 
28,207
20,518
Olema Pharmaceuticals, Inc.(a)(b)
 
2,267
13,851
Organogenesis Holdings, Inc.(a)(b)
 
6,610
24,325
ORIC Pharmaceuticals, Inc.(a)(b)
 
3,677
38,314
Outlook Therapeutics, Inc.(a)(b)
 
504
1,038
Ovid therapeutics, Inc.(a)
 
7,396
4,907
PepGen, Inc.(a)
 
1,713
2,210
Perspective Therapeutics, Inc.(a)(b)
 
3,920
13,916
Praxis Precision Medicines, Inc.(a)
 
1,385
106,022
Precigen, Inc.(a)(b)
 
5,740
7,749
Prime Medicine, Inc.(a)(b)
 
2,694
7,543
ProKidney Corp.(a)(b)
 
3,973
6,555
Protagonist Therapeutics, Inc.(a)
 
4,290
162,162
Prothena Corp. PLC(a)(b)
 
2,491
35,447
PTC Therapeutics, Inc.(a)
 
5,457
250,367
Q32 Bio, Inc.(a)(b)
 
774
2,345
RAPT Therapeutics, Inc.(a)(b)
 
2,050
2,337
Recursion Pharmaceuticals, Inc., Class A(a)(b)
 
14,367
104,017
Regeneron Pharmaceuticals, Inc.(a)
 
7,028
4,729,703
REGENXBIO, Inc.(a)
 
3,603
29,076
Relay Therapeutics, Inc.(a)
 
5,448
24,353
Replimune Group, Inc.(a)
 
3,154
44,093
Revolution Medicines, Inc.(a)
 
11,350
487,483
Rhythm Pharmaceuticals, Inc.(a)(b)
 
3,862
229,519
Rigel Pharmaceuticals, Inc.(a)
 
1,105
23,923
44
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Biotechnology (continued)
Rocket Pharmaceuticals, Inc.(a)
 
4,600
$ 49,404
Roivant Sciences Ltd.(a)(b)
 
28,265
314,589
Sage Therapeutics, Inc.(a)
 
3,162
22,925
Sana Biotechnology, Inc.(a)(b)
 
11,242
36,199
Sarepta Therapeutics, Inc.(a)
 
6,111
694,943
Savara, Inc.(a)
 
7,236
19,537
Scholar Rock Holding Corp.(a)
 
5,414
218,617
Sera Prognostics, Inc., Class A(a)(b)
 
4,698
30,396
Soleno Therapeutics, Inc.(a)
 
1,690
84,889
SpringWorks Therapeutics, Inc.(a)(b)
 
4,138
155,175
Spyre Therapeutics, Inc.(a)
 
2,754
63,314
Stoke Therapeutics, Inc.(a)
 
3,419
39,250
Summit Therapeutics, Inc.(a)(b)
 
5,610
120,615
Sutro Biopharma, Inc.(a)
 
2,510
4,819
Syndax Pharmaceuticals, Inc.(a)
 
4,959
70,269
Tango Therapeutics, Inc.(a)
 
1,668
4,971
Taysha Gene Therapies, Inc.(a)
 
14,523
21,785
Tenaya Therapeutics, Inc.(a)(b)
 
1,213
1,286
TG Therapeutics, Inc.(a)(b)
 
9,652
305,968
Tourmaline Bio, Inc.(a)
 
2,342
37,613
Travere Therapeutics, Inc.(a)
 
5,719
117,011
TScan Therapeutics, Inc.(a)
 
7,413
19,051
Twist Bioscience Corp.(a)
 
3,793
198,639
Tyra Biosciences, Inc.(a)(b)
 
1,832
26,491
Ultragenyx Pharmaceutical, Inc.(a)
 
6,233
268,206
United Therapeutics Corp.(a)
 
2,878
1,010,667
UroGen Pharma Ltd.(a)
 
1,616
17,792
Vanda Pharmaceuticals, Inc.(a)
 
2,945
12,987
Vaxcyte, Inc.(a)
 
8,353
737,737
Vera Therapeutics, Inc.(a)(b)
 
3,229
120,377
Veracyte, Inc.(a)
 
5,067
230,447
Vericel Corp.(a)
 
3,406
199,387
Vertex Pharmaceuticals, Inc.(a)
 
17,248
7,963,057
Verve Therapeutics, Inc.(a)(b)
 
3,190
24,276
Viking Therapeutics, Inc.(a)(b)
 
7,100
232,525
Vir Biotechnology, Inc.(a)(b)
 
5,579
58,022
Viridian Therapeutics, Inc.(a)(b)
 
4,821
93,431
Voyager Therapeutics, Inc.(a)
 
2,518
13,723
X4 Pharmaceuticals, Inc.(a)
 
13,369
9,360
Xencor, Inc.(a)
 
3,868
70,707
Y-mAbs Therapeutics, Inc.(a)
 
1,877
11,206
Zentalis Pharmaceuticals, Inc.(a)
 
3,109
5,410
Zymeworks, Inc.(a)
 
3,388
49,465
 
 
80,825,317
Broadline Retail — 3.9%
Amazon.com, Inc.(a)
 
627,449
149,132,078
Coupang, Inc.(a)
 
77,728
1,827,385
Dillard’s, Inc., Class A(b)
 
175
81,919
eBay, Inc.
 
32,034
2,161,654
Etsy, Inc.(a)
 
7,501
411,880
Kohl’s Corp.
 
6,902
91,176
Macy’s, Inc.
 
18,985
295,786
Nordstrom, Inc.
 
6,144
148,685
Ollie’s Bargain Outlet Holdings, Inc.(a)
 
4,139
461,540
Savers Value Village, Inc.(a)
 
1,377
15,340
 
 
154,627,443
Building Products — 0.7%
A O Smith Corp.
 
7,902
531,805
AAON, Inc.
 
4,543
528,714
Advanced Drainage Systems, Inc.
 
4,719
570,574
Allegion PLC
 
5,855
777,134
Security
 
 
Shares
Value
Building Products (continued)
American Woodmark Corp.(a)
 
1,233
$ 96,001
Apogee Enterprises, Inc.
 
1,427
72,806
Armstrong World Industries, Inc.
 
3,001
453,181
AZEK Co., Inc.(a)
 
10,158
520,394
AZZ, Inc.
 
2,218
190,282
Builders FirstSource, Inc.(a)(b)
 
7,736
1,294,078
Carlisle Cos., Inc.
 
3,056
1,190,190
Carrier Global Corp.
 
55,580
3,633,820
CSW Industrials, Inc.
 
1,106
364,770
Fortune Brands Innovations, Inc.
 
8,362
599,305
Gibraltar Industries, Inc.(a)
 
1,865
114,455
Griffon Corp.
 
2,530
191,698
Hayward Holdings, Inc.(a)
 
11,880
178,913
Insteel Industries, Inc.
 
1,232
35,346
Janus International Group, Inc.(a)(b)
 
10,578
87,692
JELD-WEN Holding, Inc.(a)
 
6,029
53,779
Johnson Controls International PLC
 
44,916
3,503,448
Lennox International, Inc.
 
2,094
1,240,527
Masco Corp.
 
14,581
1,155,982
Masterbrand, Inc.(a)
 
8,295
143,669
Owens Corning
 
5,628
1,038,647
Quanex Building Products Corp.
 
4,271
89,691
Resideo Technologies, Inc.(a)
 
9,442
212,634
Simpson Manufacturing Co., Inc.
 
2,694
452,592
Tecnoglass, Inc.(b)
 
1,729
131,404
Trane Technologies PLC
 
14,951
5,423,475
Trex Co., Inc.(a)
 
7,520
547,682
UFP Industries, Inc.
 
3,867
447,219
Zurn Elkay Water Solutions Corp.
 
9,531
375,903
 
 
26,247,810
Capital Markets — 3.4%
Acadian Asset Management, Inc.
 
1,883
46,924
Affiliated Managers Group, Inc.
 
1,891
355,395
AlTi Global, Inc., Class A(a)(b)
 
6,212
24,165
Ameriprise Financial, Inc.
 
6,425
3,491,088
Ares Management Corp., Class A
 
12,474
2,472,596
Artisan Partners Asset Management, Inc., Class A
 
3,613
161,465
B Riley Financial, Inc.(b)
 
1,480
6,815
Bank of New York Mellon Corp.
 
49,586
4,260,925
BGC Group, Inc., Class A
 
22,373
213,438
Blackrock, Inc.(c)
 
9,890
10,636,695
Blackstone, Inc., Class A
 
48,102
8,519,345
Blue Owl Capital, Inc.
 
34,145
888,112
Carlyle Group, Inc.
 
15,170
851,947
Cboe Global Markets, Inc.
 
7,076
1,445,839
Charles Schwab Corp.
 
99,985
8,270,759
CME Group, Inc.
 
24,139
5,709,356
Cohen & Steers, Inc.
 
1,830
162,193
Coinbase Global, Inc., Class A(a)
 
13,602
3,962,671
Diamond Hill Investment Group, Inc.
 
101
15,154
DigitalBridge Group, Inc.(b)
 
11,708
128,437
Donnelley Financial Solutions, Inc.(a)
 
1,458
96,768
Evercore, Inc., Class A
 
2,297
669,047
FactSet Research Systems, Inc.
 
2,514
1,192,667
Forge Global Holdings, Inc.(a)
 
10,642
8,194
Franklin Resources, Inc.
 
18,450
410,328
GCM Grosvenor, Inc., Class A
 
2,165
29,271
Goldman Sachs Group, Inc.
 
20,443
13,091,697
Hamilton Lane, Inc., Class A
 
2,385
379,644
Houlihan Lokey, Inc.
 
3,220
585,138
Interactive Brokers Group, Inc., Class A
 
6,987
1,519,253
Intercontinental Exchange, Inc.
 
37,914
6,059,795
Schedule of Investments
45
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Capital Markets (continued)
Invesco Ltd.
 
23,471
$ 451,347
Janus Henderson Group PLC
 
8,874
398,709
Jefferies Financial Group, Inc.
 
11,367
874,009
KKR & Co., Inc.
 
44,687
7,465,857
Lazard, Inc.
 
7,479
406,633
LPL Financial Holdings, Inc.
 
5,007
1,837,018
MarketAxess Holdings, Inc.
 
2,511
554,002
Moelis & Co., Class A
 
4,116
322,242
Moody’s Corp.
 
10,636
5,312,044
Morgan Stanley
 
77,400
10,714,482
Morningstar, Inc.
 
1,816
596,810
MSCI, Inc.
 
5,132
3,062,624
Nasdaq, Inc.
 
27,537
2,267,397
Northern Trust Corp.
 
13,413
1,506,146
Open Lending Corp.(a)
 
5,715
34,576
P10, Inc., Class A
 
2,388
32,620
Patria Investments Ltd., Class A
 
4,257
50,616
Perella Weinberg Partners
 
3,888
100,388
Piper Sandler Cos.
 
1,151
365,028
PJT Partners, Inc., Class A
 
1,623
267,746
Raymond James Financial, Inc.
 
12,425
2,093,364
Robinhood Markets, Inc., Class A(a)
 
45,065
2,341,127
S&P Global, Inc.
 
20,932
10,914,154
SEI Investments Co.
 
6,704
580,432
State Street Corp.
 
20,038
2,036,262
StepStone Group, Inc., Class A
 
4,241
271,763
Stifel Financial Corp.
 
6,663
771,909
StoneX Group, Inc.(a)
 
1,744
191,003
T Rowe Price Group, Inc.
 
14,433
1,687,506
TPG, Inc.
 
5,625
378,281
Tradeweb Markets, Inc., Class A
 
7,699
977,003
Victory Capital Holdings, Inc., Class A
 
3,077
203,636
Virtu Financial, Inc., Class A
 
5,659
226,700
Virtus Investment Partners, Inc.
 
369
73,616
WisdomTree, Inc.
 
8,155
79,837
XP, Inc., Class A
 
26,257
358,408
 
 
135,470,416
Chemicals — 1.3%
AdvanSix, Inc.
 
1,773
55,459
Air Products and Chemicals, Inc.
 
14,884
4,990,010
Albemarle Corp.
 
7,911
666,027
American Vanguard Corp.
 
1,202
7,428
Arcadium Lithium PLC(a)
 
76,584
439,592
Ashland, Inc.
 
3,556
225,770
ASP Isotopes, Inc.(a)(b)
 
4,710
27,083
Aspen Aerogels, Inc.(a)
 
3,713
43,405
Avient Corp.
 
7,399
317,417
Axalta Coating Systems Ltd.(a)
 
14,722
529,109
Balchem Corp.
 
2,008
321,200
Cabot Corp.
 
3,476
300,570
Celanese Corp., Class A
 
7,270
516,461
CF Industries Holdings, Inc.
 
11,653
1,074,523
Chemours Co.
 
9,206
174,822
Corteva, Inc.
 
47,173
3,078,982
Dow, Inc.
 
45,851
1,790,482
DuPont de Nemours, Inc.
 
27,839
2,138,035
Eastman Chemical Co.
 
7,913
788,530
Ecolab, Inc.
 
16,724
4,184,178
Ecovyst, Inc.(a)(b)
 
8,228
63,849
Element Solutions, Inc.
 
14,301
369,109
FMC Corp.
 
8,136
453,826
Hawkins, Inc.
 
1,466
156,730
Security
 
 
Shares
Value
Chemicals (continued)
HB Fuller Co.
 
3,352
$ 211,612
Huntsman Corp.
 
10,842
182,471
Ingevity Corp.(a)
 
2,428
110,110
Innospec, Inc.
 
1,590
180,226
International Flavors & Fragrances, Inc.
 
16,977
1,478,527
Intrepid Potash, Inc.(a)
 
1,114
29,287
Koppers Holdings, Inc.
 
1,368
40,712
Kronos Worldwide, Inc.
 
777
7,451
Linde PLC
 
32,116
14,327,590
LSB Industries, Inc.(a)
 
3,652
30,823
LyondellBasell Industries NV, Class A
 
17,824
1,349,277
Minerals Technologies, Inc.
 
2,032
155,834
Mosaic Co.
 
21,159
590,125
NewMarket Corp.
 
439
218,631
Olin Corp.
 
7,772
227,642
Orion SA
 
3,373
47,053
Perimeter Solutions, Inc.(a)(b)
 
8,957
111,963
PPG Industries, Inc.
 
15,843
1,827,965
PureCycle Technologies, Inc.(a)(b)
 
9,838
91,592
Quaker Chemical Corp.
 
858
121,132
Rayonier Advanced Materials, Inc.(a)
 
5,464
43,712
RPM International, Inc.
 
8,329
1,054,451
Scotts Miracle-Gro Co.
 
3,291
233,529
Sensient Technologies Corp.
 
2,722
205,538
Sherwin-Williams Co.
 
15,688
5,618,814
Stepan Co.
 
1,403
88,936
Tronox Holdings PLC
 
6,792
69,754
Westlake Corp.
 
2,548
291,160
 
 
51,658,514
Commercial Services & Supplies — 0.7%
ABM Industries, Inc.
 
4,442
237,025
ACCO Brands Corp.
 
3,640
19,146
ACV Auctions, Inc., Class A(a)(b)
 
10,052
212,700
Aris Water Solution, Inc., Class A
 
1,316
33,597
BrightView Holdings, Inc.(a)
 
2,533
39,920
Brink’s Co.
 
2,944
274,764
Casella Waste Systems, Inc., Class A(a)(b)
 
3,988
428,870
CECO Environmental Corp.(a)
 
2,391
67,713
Cimpress PLC(a)(b)
 
1,338
88,950
Cintas Corp.
 
22,955
4,604,084
Clean Harbors, Inc.(a)
 
3,497
814,801
Copart, Inc.(a)
 
57,955
3,357,333
CoreCivic, Inc.(a)
 
8,030
164,294
Deluxe Corp.
 
2,249
52,154
Driven Brands Holdings, Inc.(a)
 
3,595
59,353
Ennis, Inc.
 
1,476
30,627
Enviri Corp.(a)
 
4,861
46,568
GEO Group, Inc.(a)
 
8,758
275,965
Healthcare Services Group, Inc.(a)
 
5,673
62,914
HNI Corp.
 
3,184
158,722
Interface, Inc.
 
3,303
81,782
LanzaTech Global, Inc.(a)
 
21,333
20,094
Liquidity Services, Inc.(a)(b)
 
1,769
61,296
Matthews International Corp., Class A
 
2,063
57,743
MillerKnoll, Inc.
 
5,129
115,095
Montrose Environmental Group, Inc.(a)(b)
 
1,946
40,516
MSA Safety, Inc.
 
2,542
418,744
OPENLANE, Inc.(a)
 
7,187
145,968
Pitney Bowes, Inc.
 
4,321
38,500
Quad/Graphics, Inc.
 
1,629
10,947
RB Global, Inc.
 
12,085
1,081,366
Republic Services, Inc.
 
13,455
2,917,986
46
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Commercial Services & Supplies (continued)
Rollins, Inc.
 
18,665
$ 923,918
Steelcase, Inc., Class A
 
4,806
55,173
Tetra Tech, Inc.
 
17,820
655,776
UniFirst Corp.
 
954
204,461
Veralto Corp.
 
16,676
1,724,132
Vestis Corp.
 
9,458
132,223
Viad Corp.(a)
 
1,234
48,743
VSE Corp.
 
1,409
144,211
Waste Management, Inc.
 
26,790
5,900,765
 
 
25,808,939
Communications Equipment — 0.9%
ADTRAN Holdings, Inc.(a)
 
5,274
54,691
Applied Optoelectronics, Inc.(a)(b)
 
2,654
74,100
Arista Networks, Inc.(a)
 
69,082
7,960,319
Aviat Networks, Inc.(a)
 
336
6,401
Calix, Inc.(a)
 
4,004
158,879
Ciena Corp.(a)
 
9,663
842,034
Cisco Systems, Inc.
 
266,834
16,170,140
Clearfield, Inc.(a)(b)
 
817
29,812
CommScope Holding Co., Inc.(a)
 
13,802
69,700
Digi International, Inc.(a)
 
2,062
64,437
Extreme Networks, Inc.(a)
 
7,642
120,820
F5, Inc.(a)
 
3,823
1,136,425
Harmonic, Inc.(a)
 
6,424
72,463
Infinera Corp.(a)(b)
 
17,092
113,149
Juniper Networks, Inc.
 
21,514
749,978
Lumentum Holdings, Inc.(a)
 
4,472
380,388
Motorola Solutions, Inc.
 
10,935
5,131,249
NETGEAR, Inc.(a)(b)
 
1,767
48,858
NetScout Systems, Inc.(a)
 
4,617
110,069
Ribbon Communications, Inc.(a)
 
4,557
18,684
Ubiquiti, Inc.
 
252
101,692
Viasat, Inc.(a)(b)
 
7,239
69,639
Viavi Solutions, Inc.(a)
 
14,749
177,578
 
 
33,661,505
Construction & Engineering — 0.3%
AECOM
 
8,985
947,378
Ameresco, Inc., Class A(a)
 
2,857
64,654
API Group Corp.(a)
 
15,635
596,475
Arcosa, Inc.
 
3,111
315,144
Argan, Inc.
 
963
131,738
Bowman Consulting Group Ltd.(a)(b)
 
812
20,649
Centuri Holdings, Inc.(a)
 
1,763
39,280
Comfort Systems USA, Inc.
 
2,357
1,029,420
Concrete Pumping Holdings, Inc.
 
1,884
15,939
Construction Partners, Inc., Class A(a)
 
2,954
237,502
Dycom Industries, Inc.(a)
 
1,865
352,783
EMCOR Group, Inc.
 
3,024
1,354,933
Everus Construction Group, Inc.(a)
 
3,345
230,169
Fluor Corp.(a)
 
11,338
546,605
Granite Construction, Inc.
 
2,789
245,822
Great Lakes Dredge & Dock Corp.(a)
 
4,898
53,829
IES Holdings, Inc.(a)(b)
 
582
128,785
Limbach Holdings, Inc.(a)
 
850
78,608
MasTec, Inc.(a)
 
4,196
608,798
Matrix Service Co.(a)
 
3,264
44,260
MYR Group, Inc.(a)
 
1,224
173,282
Northwest Pipe Co.(a)
 
487
23,551
Orion Group Holdings, Inc.(a)
 
4,006
31,567
Primoris Services Corp.
 
3,653
280,441
Quanta Services, Inc.
 
9,768
3,004,735
Security
 
 
Shares
Value
Construction & Engineering (continued)
Sterling Infrastructure, Inc.(a)
 
2,030
$ 289,113
Tutor Perini Corp.(a)
 
2,730
65,766
Valmont Industries, Inc.
 
1,368
453,848
WillScot Holdings Corp.(a)(b)
 
12,097
448,315
 
 
11,813,389
Construction Materials — 0.3%
CRH PLC
 
45,994
4,554,786
Eagle Materials, Inc.
 
2,174
558,153
Knife River Corp.(a)
 
3,754
388,839
Martin Marietta Materials, Inc.
 
4,052
2,204,774
Summit Materials, Inc., Class A(a)
 
7,815
408,803
U.S. Lime & Minerals, Inc.
 
570
63,031
Vulcan Materials Co.
 
8,701
2,385,379
 
 
10,563,765
Consumer Finance — 0.7%
Ally Financial, Inc.
 
17,488
681,507
American Express Co.
 
37,395
11,871,043
Atlanticus Holdings Corp.(a)
 
526
31,281
Bread Financial Holdings, Inc.
 
2,726
172,638
Capital One Financial Corp.
 
25,044
5,101,713
Consumer Portfolio Services, Inc.(a)
 
1,875
22,238
Credit Acceptance Corp.(a)(b)
 
459
233,066
Dave, Inc.(a)(b)
 
519
49,731
Discover Financial Services
 
16,902
3,398,823
Encore Capital Group, Inc.(a)
 
1,672
82,764
Enova International, Inc.(a)
 
1,795
201,614
FirstCash Holdings, Inc.
 
2,440
266,326
Green Dot Corp., Class A(a)
 
1,798
15,948
LendingClub Corp.(a)(b)
 
7,657
103,293
LendingTree, Inc.(a)(b)
 
601
27,003
Medallion Financial Corp.
 
3,822
34,207
Moneylion, Inc.(a)
 
626
54,449
Navient Corp.
 
6,130
83,797
Nelnet, Inc., Class A
 
903
99,484
NerdWallet, Inc., Class A(a)
 
2,065
29,488
OneMain Holdings, Inc.
 
7,353
408,386
PRA Group, Inc.(a)
 
2,429
53,705
PROG Holdings, Inc.
 
2,650
113,288
Regional Management Corp.
 
728
26,055
SLM Corp.
 
14,914
416,250
SoFi Technologies, Inc.(a)
 
71,778
1,132,657
Synchrony Financial
 
26,136
1,802,861
Upstart Holdings, Inc.(a)(b)
 
5,429
351,501
World Acceptance Corp.(a)
 
213
30,067
 
 
26,895,183
Consumer Staples Distribution & Retail — 1.9%
Albertsons Cos., Inc., Class A
 
28,760
576,638
Andersons, Inc.
 
2,210
90,057
BJ’s Wholesale Club Holdings, Inc.(a)
 
8,711
862,825
Casey’s General Stores, Inc.
 
2,436
1,027,432
Chefs’ Warehouse, Inc.(a)(b)
 
2,601
140,090
Costco Wholesale Corp.
 
29,608
29,012,287
Dollar General Corp.
 
14,912
1,059,647
Dollar Tree, Inc.(a)
 
13,595
997,193
Grocery Outlet Holding Corp.(a)
 
6,304
102,062
HF Foods Group, Inc.(a)
 
1,854
4,932
Ingles Markets, Inc., Class A(b)
 
1,069
70,789
Kroger Co.
 
43,935
2,708,153
Maplebear, Inc.(a)
 
10,978
530,018
Natural Grocers by Vitamin Cottage, Inc.
 
357
15,544
Performance Food Group Co.(a)
 
10,555
953,222
Schedule of Investments
47
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Consumer Staples Distribution & Retail (continued)
PriceSmart, Inc.
 
1,657
$ 150,737
SpartanNash Co.
 
2,523
45,994
Sprouts Farmers Market, Inc.(a)
 
6,613
1,047,102
Sysco Corp.
 
33,235
2,423,496
Target Corp.
 
31,120
4,291,759
U.S. Foods Holding Corp.(a)
 
15,438
1,095,017
United Natural Foods, Inc.(a)
 
3,544
105,399
Village Super Market, Inc., Class A
 
1,208
41,205
Walgreens Boots Alliance, Inc.
 
48,366
497,202
Walmart, Inc.
 
289,611
28,428,216
Weis Markets, Inc.
 
1,178
79,586
 
 
76,356,602
Containers & Packaging — 0.3%
Amcor PLC
 
95,578
929,018
AptarGroup, Inc.
 
4,527
711,418
Ardagh Metal Packaging SA
 
8,206
22,731
Avery Dennison Corp.
 
5,418
1,006,285
Ball Corp.
 
19,822
1,104,085
Berry Global Group, Inc.
 
7,963
540,847
Crown Holdings, Inc.
 
7,798
685,132
Graphic Packaging Holding Co.
 
19,612
537,957
Greif, Inc., Class A
 
1,857
113,686
Greif, Inc., Class B
 
150
9,506
International Paper Co.
 
35,151
1,955,450
Myers Industries, Inc.
 
2,006
24,152
O-I Glass, Inc.(a)
 
9,817
117,215
Packaging Corp. of America
 
5,967
1,268,942
Pactiv Evergreen, Inc.
 
2,722
48,288
Ranpak Holdings Corp.(a)
 
2,577
18,864
Sealed Air Corp.
 
9,053
315,316
Silgan Holdings, Inc.
 
5,781
318,071
Smurfit WestRock PLC
 
34,737
1,844,187
Sonoco Products Co.
 
6,383
304,086
TriMas Corp.
 
2,253
54,748
 
 
11,929,984
Distributors — 0.1%
A-Mark Precious Metals, Inc.
 
876
24,677
Genuine Parts Co.
 
9,443
1,097,749
GigaCloud Technology, Inc., Class A(a)(b)
 
1,590
33,899
LKQ Corp.
 
18,029
674,104
Pool Corp.
 
2,489
856,838
Weyco Group, Inc.
 
929
33,203
 
 
2,720,470
Diversified Consumer Services — 0.1%
ADT, Inc.
 
18,750
144,000
Adtalem Global Education, Inc.(a)
 
2,748
294,393
American Public Education, Inc.(a)
 
2,425
53,762
Bright Horizons Family Solutions, Inc.(a)
 
3,999
490,277
Carriage Services, Inc.
 
750
30,713
Chegg, Inc.(a)
 
7,981
12,291
Coursera, Inc.(a)
 
9,809
75,627
Duolingo, Inc., Class A(a)
 
2,468
898,327
European Wax Center, Inc., Class A(a)
 
2,320
15,660
Frontdoor, Inc.(a)
 
4,969
297,544
Graham Holdings Co., Class B
 
237
220,130
Grand Canyon Education, Inc.(a)
 
1,933
339,512
H&R Block, Inc.
 
9,281
513,332
KinderCare Learning Cos., Inc.(a)(b)
 
2,542
52,721
Laureate Education, Inc.(a)
 
7,913
148,131
Lincoln Educational Services Corp.(a)
 
3,193
52,110
Mister Car Wash, Inc.(a)
 
4,380
35,128
Security
 
 
Shares
Value
Diversified Consumer Services (continued)
Nerdy, Inc.(a)(b)
 
3,456
$ 6,290
OneSpaWorld Holdings Ltd.
 
7,448
159,089
Perdoceo Education Corp.
 
4,729
136,101
Service Corp. International
 
8,519
665,504
Strategic Education, Inc.
 
1,286
126,324
Stride, Inc.(a)
 
2,913
392,964
Udemy, Inc.(a)
 
6,592
49,308
Universal Technical Institute, Inc.(a)
 
3,497
95,923
 
 
5,305,161
Diversified REITs — 0.0%
Alexander & Baldwin, Inc.
 
4,091
73,024
American Assets Trust, Inc.
 
2,957
71,796
Armada Hoffler Properties, Inc.
 
4,860
47,531
Broadstone Net Lease, Inc.
 
11,612
182,773
CTO Realty Growth, Inc.
 
1,428
28,032
Empire State Realty Trust, Inc., Class A
 
7,712
73,727
Essential Properties Realty Trust, Inc.
 
11,803
378,876
Gladstone Commercial Corp.
 
2,038
33,036
Global Net Lease, Inc.
 
11,666
83,878
One Liberty Properties, Inc.
 
1,518
38,967
WP Carey, Inc.
 
14,779
826,294
 
 
1,837,934
Diversified Telecommunication Services — 0.6%
Anterix, Inc.(a)(b)
 
1,444
41,255
AST SpaceMobile, Inc.(a)(b)
 
8,950
181,148
AT&T, Inc.
 
479,773
11,385,013
ATN International, Inc.
 
370
5,754
Bandwidth, Inc., Class A(a)
 
1,171
20,809
Cogent Communications Holdings, Inc.
 
2,894
218,034
ESC GCI Liberty, Inc. (a)(d)
 
3,941
—
Frontier Communications Parent, Inc.(a)
 
16,413
586,929
Globalstar, Inc.(a)
 
47,986
73,419
IDT Corp., Class B
 
1,059
49,964
Iridium Communications, Inc.
 
7,701
221,404
Liberty Global Ltd., Class A(a)
 
8,798
101,265
Liberty Global Ltd., Class C(a)
 
12,002
140,783
Liberty Latin America Ltd., Class A(a)
 
4,385
27,099
Liberty Latin America Ltd., Class C(a)
 
7,372
45,190
Lumen Technologies, Inc.(a)
 
67,212
332,027
Shenandoah Telecommunications Co.
 
3,990
43,092
Verizon Communications, Inc.
 
282,132
11,113,179
 
 
24,586,364
Electric Utilities — 1.4%
ALLETE, Inc.
 
3,794
248,962
Alliant Energy Corp.
 
16,306
960,097
American Electric Power Co., Inc.
 
34,926
3,435,321
Constellation Energy Corp.
 
21,090
6,326,578
Duke Energy Corp.
 
51,490
5,766,365
Edison International
 
24,946
1,347,084
Entergy Corp.
 
28,316
2,295,861
Evergy, Inc.
 
15,012
963,320
Eversource Energy
 
23,637
1,363,382
Exelon Corp.
 
66,800
2,672,000
FirstEnergy Corp.
 
38,172
1,519,246
Genie Energy Ltd., Class B
 
1,945
27,872
Hawaiian Electric Industries, Inc.(a)
 
11,096
101,417
IDACORP, Inc.
 
3,536
388,748
MGE Energy, Inc.
 
2,196
197,311
NextEra Energy, Inc.
 
137,417
9,833,561
NRG Energy, Inc.
 
13,441
1,376,896
OGE Energy Corp.
 
13,878
586,068
48
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Electric Utilities (continued)
Otter Tail Corp.
 
2,546
$ 196,144
PG&E Corp.
 
141,641
2,216,682
Pinnacle West Capital Corp.
 
7,500
652,200
Portland General Electric Co.
 
7,308
300,651
PPL Corp.
 
48,043
1,614,245
Southern Co.
 
72,879
6,118,192
TXNM Energy, Inc.
 
6,569
317,611
Xcel Energy, Inc.
 
38,319
2,575,037
 
 
53,400,851
Electrical Equipment — 0.9%
Acuity Brands, Inc.
 
2,076
690,042
Allient, Inc.
 
976
24,605
American Superconductor Corp.(a)
 
2,381
62,549
AMETEK, Inc.
 
15,457
2,852,744
Array Technologies, Inc.(a)(b)
 
9,308
68,228
Atkore, Inc.
 
2,278
185,520
Blink Charging Co.(a)(b)
 
2,352
2,869
Bloom Energy Corp., Class A(a)(b)
 
13,749
324,201
ChargePoint Holdings, Inc.(a)(b)
 
18,288
17,597
Eaton Corp. PLC
 
26,164
8,540,976
Emerson Electric Co.
 
38,418
4,992,419
Energy Vault Holdings, Inc.(a)(b)
 
6,389
11,117
EnerSys
 
2,662
258,400
Enovix Corp.(a)
 
9,039
109,010
Fluence Energy, Inc.(a)(b)
 
3,874
50,401
FuelCell Energy, Inc.(a)(b)
 
1,047
8,041
GE Vernova, Inc.
 
18,199
6,786,043
Generac Holdings, Inc.(a)
 
3,967
592,392
GrafTech International Ltd.(a)
 
9,922
14,883
Hubbell, Inc.
 
3,532
1,494,071
LSI Industries, Inc.
 
2,248
47,365
NEXTracker, Inc., Class A(a)
 
9,549
481,461
NuScale Power Corp.(a)(b)
 
5,121
122,085
nVent Electric PLC
 
11,331
737,535
Plug Power, Inc.(a)(b)
 
45,938
85,445
Powell Industries, Inc.
 
657
157,535
Preformed Line Products Co.
 
83
12,487
Regal Rexnord Corp.
 
4,496
713,650
Rockwell Automation, Inc.
 
7,768
2,162,844
Sensata Technologies Holding PLC
 
9,360
254,218
SES AI Corp.(a)(b)
 
9,902
11,684
Shoals Technologies Group, Inc., Class A(a)
 
10,860
51,911
Stem, Inc.(a)(b)
 
8,334
5,056
Sunrun, Inc.(a)
 
13,791
124,809
Thermon Group Holdings, Inc.(a)
 
2,167
59,983
TPI Composites, Inc.(a)(b)
 
2,227
3,630
Vertiv Holdings Co., Class A
 
23,908
2,797,714
Vicor Corp.(a)
 
1,278
65,357
 
 
34,980,877
Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.(a)(b)
 
1,976
4,940
Advanced Energy Industries, Inc.
 
2,357
271,244
Aeva Technologies, Inc.(a)(b)
 
981
4,159
Amphenol Corp., Class A
 
78,037
5,523,459
Arlo Technologies, Inc.(a)(b)
 
6,948
81,361
Arrow Electronics, Inc.(a)
 
3,648
425,174
Avnet, Inc.
 
6,268
323,805
Badger Meter, Inc.
 
1,969
421,189
Bel Fuse, Inc., Class B
 
688
55,797
Belden, Inc.
 
2,821
328,562
Benchmark Electronics, Inc.
 
2,953
125,975
Security
 
 
Shares
Value
Electronic Equipment, Instruments & Components (continued)
CDW Corp.
 
8,888
$ 1,769,956
Climb Global Solutions, Inc.
 
377
47,777
Cognex Corp.
 
11,038
440,416
Coherent Corp.(a)
 
8,450
764,640
Corning, Inc.
 
51,907
2,703,317
Crane NXT Co.
 
3,098
198,179
CTS Corp.
 
1,973
100,801
Daktronics, Inc.(a)
 
1,753
28,767
ePlus, Inc.(a)(b)
 
1,893
151,251
Evolv Technologies Holdings, Inc.(a)(b)
 
6,676
26,771
Fabrinet(a)(b)
 
2,392
517,174
FARO Technologies, Inc.(a)
 
883
28,009
Insight Enterprises, Inc.(a)
 
1,886
325,806
IPG Photonics Corp.(a)
 
2,031
148,933
Itron, Inc.(a)
 
3,200
343,552
Jabil, Inc.
 
7,294
1,184,619
Keysight Technologies, Inc.(a)
 
11,478
2,047,101
Kimball Electronics, Inc.(a)
 
2,170
39,451
Knowles Corp.(a)
 
5,726
108,393
Lightwave Logic, Inc.(a)(b)
 
7,025
12,645
Littelfuse, Inc.
 
1,543
367,789
Methode Electronics, Inc.
 
2,506
28,368
MicroVision, Inc.(a)(b)
 
9,988
15,881
Mirion Technologies, Inc.(a)
 
13,907
220,287
Napco Security Technologies, Inc.
 
2,262
83,015
nLight, Inc.(a)
 
2,689
30,036
Novanta, Inc.(a)
 
2,557
382,681
OSI Systems, Inc.(a)
 
1,125
220,995
Ouster, Inc.(a)
 
3,812
37,968
PAR Technology Corp.(a)
 
2,535
184,016
PC Connection, Inc.
 
993
73,700
Plexus Corp.(a)
 
1,781
252,386
Powerfleet, Inc.(a)
 
7,944
46,949
Rogers Corp.(a)
 
1,634
152,044
Sanmina Corp.(a)(b)
 
3,539
296,320
ScanSource, Inc.(a)
 
1,707
71,438
SmartRent, Inc.(a)
 
7,900
11,613
TD SYNNEX Corp.
 
5,048
719,390
Teledyne Technologies, Inc.(a)
 
3,129
1,599,952
Trimble, Inc.(a)
 
16,321
1,223,422
TTM Technologies, Inc.(a)
 
7,528
185,114
Vishay Intertechnology, Inc.
 
7,799
132,037
Vishay Precision Group, Inc.(a)
 
804
18,733
Vontier Corp.
 
10,086
388,815
Zebra Technologies Corp., Class A(a)
 
3,430
1,344,354
 
 
26,640,526
Energy Equipment & Services — 0.3%
Archrock, Inc.
 
10,504
295,057
Atlas Energy Solutions, Inc.
 
5,027
115,420
Baker Hughes Co., Class A
 
67,224
3,104,404
Borr Drilling Ltd.(b)
 
13,940
48,372
Bristow Group, Inc.(a)
 
2,220
74,081
Cactus, Inc., Class A
 
4,818
287,683
ChampionX Corp.
 
12,007
343,881
Core Laboratories, Inc.
 
3,218
54,609
DMC Global, Inc.(a)
 
948
7,717
Expro Group Holdings NV(a)(b)
 
5,586
70,551
Forum Energy Technologies, Inc.(a)
 
1,122
20,331
Halliburton Co.
 
60,789
1,581,730
Helix Energy Solutions Group, Inc.(a)
 
9,071
72,749
Helmerich & Payne, Inc.
 
6,046
190,993
Innovex International, Inc.(a)
 
2,080
32,406
Schedule of Investments
49
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Energy Equipment & Services (continued)
Kodiak Gas Services, Inc.
 
2,552
$ 119,383
Liberty Energy, Inc.
 
11,212
205,292
Nabors Industries Ltd.(a)
 
626
35,820
Noble Corp. PLC
 
8,883
284,700
NOV, Inc.
 
25,361
366,466
NPK International, Inc.(a)(b)
 
2,693
18,636
Oceaneering International, Inc.(a)
 
6,547
162,693
Oil States International, Inc.(a)
 
1,169
5,939
Patterson-UTI Energy, Inc.
 
24,743
199,676
ProFrac Holding Corp., Class A(a)(b)
 
1,185
8,615
ProPetro Holding Corp.(a)
 
6,951
61,725
Ranger Energy Services, Inc., Class A
 
2,773
45,450
RPC, Inc.
 
4,947
30,325
Schlumberger NV
 
95,958
3,865,188
SEACOR Marine Holdings, Inc.(a)
 
1,945
13,187
Seadrill Ltd.(a)(b)
 
4,582
165,685
Select Water Solutions, Inc.
 
4,294
53,675
Solaris Energy Infrastructure, Inc.
 
1,398
38,151
TechnipFMC PLC
 
29,217
877,971
TETRA Technologies, Inc.(a)
 
6,116
25,381
Tidewater, Inc.(a)
 
3,185
175,525
Transocean Ltd.(a)(b)
 
45,925
180,026
Valaris Ltd.(a)
 
4,247
203,601
Weatherford International PLC
 
5,041
317,331
 
 
13,760,425
Entertainment — 1.6%
AMC Entertainment Holdings, Inc., Class A(a)(b)
 
22,790
70,877
Atlanta Braves Holdings, Inc., Class A(a)(b)
 
602
25,699
Atlanta Braves Holdings, Inc., Class C(a)
 
4,373
169,454
Cinemark Holdings, Inc.(a)
 
7,973
228,267
Electronic Arts, Inc.
 
17,649
2,169,239
Eventbrite, Inc., Class A(a)
 
4,028
12,769
IMAX Corp.(a)(b)
 
2,341
55,131
Liberty Media Corp.-Liberty Formula One, Class C(a)
 
14,122
1,351,475
Liberty Media Corp.-Liberty Formula One, Class A(a)
 
1,820
160,196
Liberty Media Corp.-Liberty Live, Class A(a)
 
1,172
84,349
Liberty Media Corp.-Liberty Live, Class C(a)
 
2,963
218,047
Lions Gate Entertainment Corp., Class A(a)(b)
 
4,516
35,451
Lions Gate Entertainment Corp., Class B(a)
 
5,862
41,151
Live Nation Entertainment, Inc.(a)
 
10,596
1,533,029
Madison Square Garden Entertainment Corp.(a)
 
2,969
107,893
Madison Square Garden Sports Corp.(a)
 
1,153
253,510
Marcus Corp.
 
914
18,390
Netflix, Inc.(a)
 
28,564
27,900,173
Playstudios, Inc.(a)
 
4,630
8,102
Playtika Holding Corp.
 
6,719
48,175
ROBLOX Corp., Class A(a)
 
35,327
2,510,690
Roku, Inc.(a)
 
8,558
708,260
Sphere Entertainment Co., Class A(a)
 
1,765
82,249
Spotify Technology SA(a)
 
9,844
5,399,926
Take-Two Interactive Software, Inc.(a)
 
11,601
2,152,102
TKO Group Holdings, Inc.(a)
 
5,288
820,750
Vivid Seats, Inc., Class A(a)(b)
 
2,759
11,864
Walt Disney Co.
 
121,267
13,710,447
Warner Bros Discovery, Inc.(a)
 
162,924
1,700,927
 
 
61,588,592
Financial Services — 4.2%
Affirm Holdings, Inc.(a)
 
17,445
1,065,366
Alerus Financial Corp.
 
1,174
24,818
Apollo Global Management, Inc.
 
34,987
5,982,077
AvidXchange Holdings, Inc.(a)
 
13,908
147,425
Security
 
 
Shares
Value
Financial Services (continued)
Banco Latinoamericano de Comercio Exterior SA
 
1,539
$ 58,143
Berkshire Hathaway, Inc., Class B(a)
 
122,424
57,376,456
Block, Inc.(a)
 
37,459
3,402,026
Burford Capital Ltd.
 
12,571
176,497
Cannae Holdings, Inc.
 
5,113
101,033
Cantaloupe, Inc.(a)
 
2,911
23,696
Cass Information Systems, Inc.
 
1,157
47,657
Compass Diversified Holdings
 
4,320
91,800
Corpay, Inc.(a)
 
4,541
1,727,805
Enact Holdings, Inc.
 
1,946
65,736
Equitable Holdings, Inc.
 
20,824
1,133,242
Essent Group Ltd.
 
7,255
422,604
Euronet Worldwide, Inc.(a)
 
2,667
262,700
EVERTEC, Inc.
 
4,185
135,887
Federal Agricultural Mortgage Corp., Class C
 
582
115,108
Fidelity National Information Services, Inc.
 
36,915
3,007,465
Fiserv, Inc.(a)
 
37,458
8,092,426
Flywire Corp.(a)
 
8,552
165,310
Global Payments, Inc.
 
17,090
1,928,607
HA Sustainable Infrastructure Capital, Inc.
 
7,807
218,674
I3 Verticals, Inc., Class A(a)
 
1,114
27,728
International Money Express, Inc.(a)
 
2,474
46,783
Jack Henry & Associates, Inc.
 
4,774
831,106
Jackson Financial, Inc., Class A
 
5,009
472,048
Marqeta, Inc., Class A(a)
 
29,185
112,362
Mastercard, Inc., Class A
 
54,567
30,308,149
Merchants Bancorp
 
1,371
57,486
MGIC Investment Corp.
 
17,441
445,443
Mr. Cooper Group, Inc.(a)
 
4,283
444,618
NCR Atleos Corp.(a)
 
4,883
155,572
NewtekOne, Inc.
 
1,733
23,014
NMI Holdings, Inc.(a)
 
6,695
258,561
Onity Group, Inc.(a)
 
1,190
42,983
Pagseguro Digital Ltd., Class A(a)
 
12,586
93,766
Payoneer Global, Inc.(a)
 
16,185
171,561
PayPal Holdings, Inc.(a)
 
66,711
5,909,260
Paysafe Ltd.(a)
 
1,495
29,003
Paysign, Inc.(a)
 
967
2,572
PennyMac Financial Services, Inc.
 
1,806
189,070
Radian Group, Inc.
 
10,749
365,681
Remitly Global, Inc.(a)(b)
 
9,674
227,339
Repay Holdings Corp.(a)(b)
 
5,002
37,365
Rocket Cos., Inc., Class A(a)(b)
 
10,635
134,001
Sezzle, Inc.(a)
 
240
56,162
Shift4 Payments, Inc., Class A(a)(b)
 
4,201
503,490
StoneCo Ltd., Class A(a)
 
18,850
172,855
Toast, Inc., Class A(a)
 
30,750
1,258,290
UWM Holdings Corp.
 
6,038
36,409
Visa, Inc., Class A
 
105,411
36,029,480
Voya Financial, Inc.
 
6,336
449,793
Walker & Dunlop, Inc.
 
2,542
244,210
Western Union Co.
 
18,854
194,573
WEX, Inc.(a)
 
2,798
514,524
 
 
165,617,815
Food Products — 0.6%
Archer-Daniels-Midland Co.
 
32,076
1,643,253
B&G Foods, Inc.
 
4,306
27,903
Beyond Meat, Inc.(a)(b)
 
4,136
16,379
BRC, Inc.(a)(b)
 
2,764
7,490
Bunge Global SA
 
9,519
724,681
Calavo Growers, Inc.
 
1,112
25,454
Cal-Maine Foods, Inc.
 
2,884
311,184
50
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Food Products (continued)
Conagra Brands, Inc.
 
31,757
$ 822,189
Darling Ingredients, Inc.(a)
 
10,957
410,449
Dole PLC
 
5,443
74,134
Flowers Foods, Inc.
 
12,222
238,940
Fresh Del Monte Produce, Inc.
 
2,317
70,645
Freshpet, Inc.(a)
 
3,000
479,850
General Mills, Inc.
 
36,967
2,223,195
Hain Celestial Group, Inc.(a)
 
6,528
33,032
Hershey Co.
 
9,812
1,464,441
Hormel Foods Corp.
 
19,935
597,651
Ingredion, Inc.
 
4,306
587,511
J & J Snack Foods Corp.
 
1,261
173,047
J.M. Smucker Co.
 
6,891
736,579
John B Sanfilippo & Son, Inc.
 
672
48,612
Kellanova
 
17,738
1,449,727
Kraft Heinz Co.
 
60,672
1,810,452
Lamb Weston Holdings, Inc.
 
9,510
570,029
Lancaster Colony Corp.
 
1,185
199,957
Limoneira Co.
 
1,461
33,691
McCormick & Co., Inc.
 
16,698
1,289,587
Mission Produce, Inc.(a)
 
1,882
22,377
Mondelez International, Inc., Class A
 
89,553
5,193,178
Pilgrim’s Pride Corp.(a)
 
2,884
134,221
Post Holdings, Inc.(a)
 
3,237
343,640
Seaboard Corp.
 
12
29,260
Seneca Foods Corp., Class A(a)
 
161
11,739
Simply Good Foods Co.(a)
 
5,858
222,604
SunOpta, Inc.(a)
 
6,076
44,537
The Campbell’s Co.
 
12,252
475,010
TreeHouse Foods, Inc.(a)(b)
 
3,444
118,887
Tyson Foods, Inc., Class A
 
18,983
1,072,350
Utz Brands, Inc.
 
4,872
65,090
Vital Farms, Inc.(a)
 
2,416
106,002
Westrock Coffee Co.(a)
 
2,383
16,586
WK Kellogg Co.
 
4,044
67,090
 
 
23,992,633
Gas Utilities — 0.1%
Atmos Energy Corp.
 
10,102
1,439,636
Brookfield Infrastructure Corp.(b)
 
8,025
334,803
Chesapeake Utilities Corp.
 
1,503
183,742
MDU Resources Group, Inc.
 
13,381
238,449
National Fuel Gas Co.
 
6,236
436,707
New Jersey Resources Corp.
 
6,393
306,544
Northwest Natural Holding Co.
 
2,475
98,802
ONE Gas, Inc.
 
4,358
307,849
Southwest Gas Holdings, Inc.
 
3,763
281,021
Spire, Inc.
 
4,264
302,574
UGI Corp.
 
14,920
458,492
 
 
4,388,619
Ground Transportation — 0.9%
ArcBest Corp.
 
1,534
146,666
Avis Budget Group, Inc.(a)
 
1,410
126,477
Covenant Logistics Group, Inc.
 
1,756
48,659
CSX Corp.
 
128,894
4,236,746
FTAI Infrastructure, Inc.
 
7,753
54,426
Heartland Express, Inc.
 
3,436
39,308
Hertz Global Holdings, Inc.(a)(b)
 
8,951
36,968
JB Hunt Transport Services, Inc.
 
5,443
931,950
Knight-Swift Transportation Holdings, Inc.
 
10,545
602,014
Landstar System, Inc.
 
2,293
377,565
Lyft, Inc., Class A(a)(b)
 
23,260
314,940
Security
 
 
Shares
Value
Ground Transportation (continued)
Marten Transport Ltd.
 
4,841
$ 74,551
Norfolk Southern Corp.
 
15,014
3,833,074
Old Dominion Freight Line, Inc.
 
12,855
2,386,017
PAMT Corp.(a)
 
886
14,185
RXO, Inc.(a)(b)
 
10,974
281,483
Ryder System, Inc.
 
2,907
463,405
Saia, Inc.(a)(b)
 
1,765
847,394
Schneider National, Inc., Class B
 
3,106
92,403
Uber Technologies, Inc.(a)
 
135,608
9,065,395
U-Haul Holding Co.(a)(b)
 
504
36,726
U-Haul Holding Co.
 
6,558
424,565
Union Pacific Corp.
 
40,835
10,118,505
Universal Logistics Holdings, Inc.
 
345
15,256
Werner Enterprises, Inc.
 
3,887
140,321
XPO, Inc.(a)
 
7,546
1,008,674
 
 
35,717,673
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories
 
115,665
14,797,023
Accuray, Inc.(a)(b)
 
6,907
15,403
Align Technology, Inc.(a)
 
4,942
1,082,842
Alphatec Holdings, Inc.(a)(b)
 
5,618
66,236
AngioDynamics, Inc.(a)
 
2,055
23,448
Artivion, Inc.(a)
 
2,287
70,806
AtriCure, Inc.(a)
 
3,211
128,023
Avanos Medical, Inc.(a)
 
2,746
47,286
Axogen, Inc.(a)
 
2,915
53,082
Baxter International, Inc.
 
34,552
1,125,013
Becton Dickinson & Co.
 
19,293
4,776,947
Bioventus, Inc., Class A(a)
 
3,134
33,471
Boston Scientific Corp.(a)
 
98,154
10,047,043
Cerus Corp.(a)
 
10,433
19,510
CONMED Corp.
 
1,948
139,827
Cooper Cos., Inc.(a)
 
12,909
1,246,364
CVRx, Inc.(a)(b)
 
1,241
19,831
DENTSPLY SIRONA, Inc.
 
13,255
261,919
Dexcom, Inc.(a)
 
25,931
2,251,589
Edwards Lifesciences Corp.(a)
 
39,790
2,882,786
Embecta Corp.
 
3,199
57,358
Enovis Corp.(a)(b)
 
3,332
156,537
Envista Holdings Corp.(a)
 
13,642
279,934
GE HealthCare Technologies, Inc.(a)(b)
 
30,072
2,655,358
Glaukos Corp.(a)
 
3,306
517,191
Globus Medical, Inc., Class A(a)
 
7,618
706,341
Haemonetics Corp.(a)
 
3,309
228,486
Hologic, Inc.(a)
 
15,031
1,084,336
ICU Medical, Inc.(a)
 
1,458
239,637
IDEXX Laboratories, Inc.(a)
 
5,507
2,324,229
Inari Medical, Inc.(a)
 
3,207
255,502
Inmode Ltd.(a)(b)
 
4,808
82,746
Inogen, Inc.(a)
 
1,013
11,842
Inspire Medical Systems, Inc.(a)(b)
 
1,997
386,420
Insulet Corp.(a)
 
4,631
1,289,178
Integer Holdings Corp.(a)
 
2,278
323,977
Integra LifeSciences Holdings Corp.(a)
 
4,179
109,072
Intuitive Surgical, Inc.(a)
 
23,503
13,440,896
iRadimed Corp.
 
665
39,375
iRhythm Technologies, Inc.(a)(b)
 
2,361
256,995
Lantheus Holdings, Inc.(a)
 
4,540
419,995
LeMaitre Vascular, Inc.
 
1,369
132,697
LivaNova PLC(a)
 
3,277
163,686
Masimo Corp.(a)
 
2,954
514,675
Medtronic PLC
 
85,516
7,766,563
Schedule of Investments
51
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Health Care Equipment & Supplies (continued)
Merit Medical Systems, Inc.(a)
 
3,518
$ 383,040
Neogen Corp.(a)
 
15,391
176,381
Nevro Corp.(a)
 
2,489
12,619
Novocure Ltd.(a)
 
6,754
165,608
Omnicell, Inc.(a)(b)
 
2,769
124,577
OraSure Technologies, Inc.(a)
 
4,522
18,178
Orthofix Medical, Inc.(a)
 
3,934
72,110
OrthoPediatrics Corp.(a)
 
1,412
33,888
Paragon 28, Inc.(a)(b)
 
2,936
38,227
Penumbra, Inc.(a)
 
2,511
670,362
PROCEPT BioRobotics Corp.(a)
 
2,950
213,875
Pulmonx Corp.(a)
 
2,572
14,609
Pulse Biosciences, Inc.(a)(b)
 
1,753
36,690
QuidelOrtho Corp.(a)
 
4,965
215,779
ResMed, Inc.
 
9,675
2,285,042
RxSight, Inc.(a)
 
2,600
88,062
Semler Scientific, Inc.(a)(b)
 
657
34,138
SI-BONE, Inc.(a)
 
2,624
43,978
Sight Sciences, Inc.(a)
 
7,043
19,720
Solventum Corp.(a)
 
9,379
694,609
STAAR Surgical Co.(a)(b)
 
4,301
104,041
STERIS PLC
 
6,505
1,435,328
Stryker Corp.
 
24,074
9,419,916
Surmodics, Inc.(a)
 
823
28,015
Tactile Systems Technology, Inc.(a)
 
1,111
19,454
Tandem Diabetes Care, Inc.(a)
 
4,223
156,504
Teleflex, Inc.
 
3,181
573,343
TransMedics Group, Inc.(a)(b)
 
2,113
142,733
Treace Medical Concepts, Inc.(a)
 
3,386
34,029
UFP Technologies, Inc.(a)
 
514
141,175
Utah Medical Products, Inc.
 
90
5,511
Varex Imaging Corp.(a)
 
2,011
27,631
Zimmer Biomet Holdings, Inc.
 
12,884
1,410,540
Zimvie, Inc.(a)
 
1,169
16,179
Zynex, Inc.(a)(b)
 
2,679
21,003
 
 
91,408,369
Health Care Providers & Services — 2.1%
Acadia Healthcare Co., Inc.(a)
 
5,801
261,683
Accolade, Inc.(a)
 
4,551
31,356
AdaptHealth Corp.(a)
 
6,768
73,230
Addus HomeCare Corp.(a)
 
1,408
176,225
agilon health, Inc.(a)(b)
 
17,802
59,459
Alignment Healthcare, Inc.(a)
 
5,964
91,786
Amedisys, Inc.(a)
 
1,965
181,762
AMN Healthcare Services, Inc.(a)
 
2,547
70,093
Astrana Health, Inc.(a)
 
2,670
98,443
Aveanna Healthcare Holdings, Inc.(a)(b)
 
1,972
9,071
BrightSpring Health Services, Inc.(a)(b)
 
3,408
80,429
Brookdale Senior Living, Inc.(a)
 
14,257
66,010
Cardinal Health, Inc.
 
16,389
2,026,664
Castle Biosciences, Inc.(a)
 
1,921
54,307
Cencora, Inc.
 
10,998
2,795,802
Centene Corp.(a)
 
33,683
2,156,722
Chemed Corp.
 
988
555,256
Cigna Group
 
18,248
5,368,744
Community Health Systems, Inc.(a)
 
5,422
17,350
Concentra Group Holdings Parent, Inc.
 
8,735
203,613
CorVel Corp.(a)
 
1,761
204,012
Cross Country Healthcare, Inc.(a)
 
2,722
49,595
CVS Health Corp.
 
84,814
4,790,295
DaVita, Inc.(a)
 
3,081
542,872
Security
 
 
Shares
Value
Health Care Providers & Services (continued)
DocGo, Inc.(a)
 
4,887
$ 23,897
Elevance Health, Inc.
 
15,577
6,163,819
Encompass Health Corp.
 
6,434
638,703
Enhabit, Inc.(a)
 
3,056
25,670
Ensign Group, Inc.
 
3,610
504,173
Fulgent Genetics, Inc.(a)
 
1,533
25,509
GeneDx Holdings Corp.(a)
 
1,221
91,392
Guardant Health, Inc.(a)
 
8,313
390,545
HCA Healthcare, Inc.
 
12,257
4,043,707
HealthEquity, Inc.(a)
 
5,638
622,548
Henry Schein, Inc.(a)
 
8,490
679,200
Hims & Hers Health, Inc.(a)
 
13,220
492,842
Humana, Inc.
 
8,090
2,372,231
Innovage Holding Corp.(a)
 
978
3,716
Joint Corp.(a)
 
820
9,061
Labcorp Holdings, Inc.
 
5,577
1,393,135
LifeStance Health Group, Inc.(a)(b)
 
6,871
54,762
McKesson Corp.
 
8,683
5,164,214
ModivCare, Inc.(a)
 
878
3,512
Molina Healthcare, Inc.(a)
 
3,830
1,188,870
Nano-X Imaging Ltd.(a)(b)
 
2,926
21,301
National HealthCare Corp.
 
790
81,109
National Research Corp.
 
1,109
18,487
NeoGenomics, Inc.(a)
 
8,616
123,209
OPKO Health, Inc.(a)(b)
 
22,404
34,054
Option Care Health, Inc.(a)(b)
 
12,250
378,770
Owens & Minor, Inc.(a)
 
5,500
78,320
PACS Group, Inc.(a)
 
2,598
37,749
Patterson Cos., Inc.
 
5,305
164,190
Pediatrix Medical Group, Inc.(a)
 
5,332
74,541
Pennant Group, Inc.(a)
 
2,548
67,446
Performant Healthcare, Inc.(a)
 
1,105
2,608
Premier, Inc., Class A
 
7,029
159,277
Privia Health Group, Inc.(a)
 
7,692
175,762
Progyny, Inc.(a)(b)
 
5,002
115,896
Quest Diagnostics, Inc.
 
7,278
1,187,042
RadNet, Inc.(a)
 
4,160
272,355
Select Medical Holdings Corp.
 
7,600
149,492
Surgery Partners, Inc.(a)(b)
 
5,815
148,224
Talkspace, Inc.(a)
 
11,686
36,227
Tenet Healthcare Corp.(a)
 
6,492
914,658
U.S. Physical Therapy, Inc.
 
849
75,315
UnitedHealth Group, Inc.
 
61,502
33,364,220
Universal Health Services, Inc., Class B
 
3,738
704,837
Viemed Healthcare, Inc.(a)
 
4,262
34,906
 
 
82,276,280
Health Care REITs — 0.3%
Alexandria Real Estate Equities, Inc.
 
11,717
1,140,650
American Healthcare REIT, Inc.
 
10,532
297,950
CareTrust REIT, Inc.
 
13,004
344,606
Community Healthcare Trust, Inc.
 
1,398
27,722
Diversified Healthcare Trust
 
14,315
35,501
Global Medical REIT, Inc.
 
3,155
24,735
Healthcare Realty Trust, Inc.
 
26,533
444,428
Healthpeak Properties, Inc.
 
47,098
973,045
LTC Properties, Inc.
 
2,807
96,561
Medical Properties Trust, Inc.(b)
 
45,241
212,180
National Health Investors, Inc.
 
2,865
195,135
Omega Healthcare Investors, Inc.
 
18,127
671,787
Sabra Health Care REIT, Inc.
 
15,036
251,251
Universal Health Realty Income Trust
 
517
20,184
52
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Health Care REITs (continued)
Ventas, Inc.
 
28,353
$ 1,713,088
Welltower, Inc.
 
40,718
5,557,193
 
 
12,006,016
Health Care Technology — 0.1%
Certara, Inc.(a)
 
7,090
100,891
Definitive Healthcare Corp., Class A(a)
 
2,101
10,211
Doximity, Inc., Class A(a)
 
8,044
475,400
Evolent Health, Inc., Class A(a)
 
7,059
73,767
Health Catalyst, Inc.(a)
 
2,795
15,736
HealthStream, Inc.
 
1,619
52,860
OptimizeRx Corp.(a)
 
814
4,518
Phreesia, Inc.(a)
 
3,516
100,065
Schrodinger, Inc./United States(a)
 
3,581
89,794
Simulations Plus, Inc.
 
1,116
38,301
Teladoc Health, Inc.(a)
 
10,028
101,884
Veeva Systems, Inc., Class A(a)
 
9,966
2,324,669
Waystar Holding Corp.(a)
 
3,069
123,343
 
 
3,511,439
Hotel & Resort REITs — 0.1%
Apple Hospitality REIT, Inc.
 
21,835
337,133
Braemar Hotels & Resorts, Inc.
 
3,646
9,297
Chatham Lodging Trust
 
2,016
17,620
DiamondRock Hospitality Co.
 
11,505
101,014
Host Hotels & Resorts, Inc.
 
47,121
787,392
Park Hotels & Resorts, Inc.
 
14,578
196,657
Pebblebrook Hotel Trust
 
7,963
104,554
RLJ Lodging Trust
 
11,744
114,504
Ryman Hospitality Properties, Inc.
 
4,030
422,505
Service Properties Trust
 
8,692
24,772
Summit Hotel Properties, Inc.
 
5,580
37,442
Sunstone Hotel Investors, Inc.
 
14,339
162,461
Xenia Hotels & Resorts, Inc.
 
7,531
112,664
 
 
2,428,015
Hotels, Restaurants & Leisure — 2.1%
Accel Entertainment, Inc.(a)
 
4,065
45,813
Airbnb, Inc., Class A(a)
 
29,105
3,817,703
Aramark
 
17,256
671,431
Bally’s Corp.(a)(b)
 
3,342
60,758
Biglari Holdings, Inc., Class B(a)
 
32
7,424
BJ’s Restaurants, Inc.(a)
 
1,084
39,230
Bloomin’ Brands, Inc.
 
5,912
74,255
Booking Holdings, Inc.
 
2,208
10,460,532
Boyd Gaming Corp.
 
4,023
308,363
Brinker International, Inc.(a)
 
2,824
513,883
Caesars Entertainment, Inc.(a)
 
14,584
525,753
Carnival Corp.(a)
 
69,039
1,910,309
Cava Group, Inc.(a)(b)
 
5,069
684,568
Cheesecake Factory, Inc.
 
3,485
195,683
Chipotle Mexican Grill, Inc.(a)
 
90,920
5,305,182
Choice Hotels International, Inc.(b)
 
1,823
268,583
Churchill Downs, Inc.
 
4,570
564,761
Cracker Barrel Old Country Store, Inc.
 
1,446
93,961
Darden Restaurants, Inc.
 
7,860
1,534,586
Dave & Buster’s Entertainment, Inc.(a)
 
2,569
68,233
Denny’s Corp.(a)
 
3,384
21,421
Despegar.com Corp.(a)
 
4,656
89,488
Dine Brands Global, Inc.
 
887
26,947
Domino’s Pizza, Inc.
 
2,338
1,050,043
DoorDash, Inc., Class A(a)
 
23,734
4,481,691
DraftKings, Inc., Class A(a)
 
30,651
1,285,809
Security
 
 
Shares
Value
Hotels, Restaurants & Leisure (continued)
Dutch Bros, Inc., Class A(a)
 
7,324
$ 457,896
El Pollo Loco Holdings, Inc.(a)
 
399
4,736
Everi Holdings, Inc.(a)
 
5,012
68,364
Expedia Group, Inc.(a)
 
8,342
1,426,065
First Watch Restaurant Group, Inc.(a)
 
1,553
32,582
Full House Resorts, Inc.(a)
 
2,239
12,023
Global Business Travel Group I(a)
 
9,219
81,312
Golden Entertainment, Inc.
 
1,082
35,425
Hilton Grand Vacations, Inc.(a)
 
4,987
205,464
Hilton Worldwide Holdings, Inc.
 
15,846
4,057,685
Hyatt Hotels Corp., Class A
 
2,755
435,924
Inspired Entertainment, Inc.(a)
 
902
9,083
International Game Technology PLC
 
7,143
121,574
Jack in the Box, Inc.
 
1,529
59,922
Krispy Kreme, Inc.
 
6,214
56,361
Kura Sushi USA, Inc., Class A(a)
 
372
29,760
Las Vegas Sands Corp.
 
23,500
1,077,005
Life Time Group Holdings, Inc.(a)(b)
 
4,048
117,352
Light & Wonder, Inc.(a)
 
6,045
531,416
Lindblad Expeditions Holdings, Inc.(a)(b)
 
2,077
26,419
Marriott International, Inc., Class A
 
15,175
4,409,703
Marriott Vacations Worldwide Corp.
 
2,247
194,972
McDonald’s Corp.
 
48,189
13,912,164
MGM Resorts International(a)
 
15,380
530,302
Monarch Casino & Resort, Inc.
 
999
85,255
Norwegian Cruise Line Holdings Ltd.(a)
 
29,887
847,296
ONE Group Hospitality, Inc.(a)
 
2,463
9,236
Papa John’s International, Inc.
 
2,240
88,637
Penn Entertainment, Inc.(a)
 
9,126
187,996
Planet Fitness, Inc., Class A(a)
 
5,744
621,271
PlayAGS, Inc.(a)
 
3,708
44,644
Portillo’s, Inc., Class A(a)(b)
 
3,505
48,755
Potbelly Corp.(a)
 
3,051
37,863
RCI Hospitality Holdings, Inc.
 
626
34,768
Red Rock Resorts, Inc., Class A
 
3,220
157,941
Royal Caribbean Cruises Ltd.
 
15,398
4,105,107
Rush Street Interactive, Inc.(a)
 
6,170
89,959
Sabre Corp.(a)
 
32,773
109,790
Shake Shack, Inc., Class A(a)
 
2,633
311,036
Six Flags Entertainment Corp.
 
6,268
276,356
Starbucks Corp.
 
75,528
8,132,855
Super Group SGHC Ltd.
 
8,184
66,209
Sweetgreen, Inc., Class A(a)(b)
 
6,926
228,004
Target Hospitality Corp.(a)
 
2,076
19,992
Texas Roadhouse, Inc.
 
4,431
802,454
Travel & Leisure Co.
 
4,909
266,853
United Parks & Resorts, Inc.(a)(b)
 
2,683
141,018
Vail Resorts, Inc.
 
2,623
446,225
Wendy’s Co.
 
10,460
155,122
Wingstop, Inc.
 
1,965
585,373
Wyndham Hotels & Resorts, Inc.
 
5,246
550,935
Wynn Resorts Ltd.
 
6,962
604,650
Xponential Fitness, Inc., Class A(a)(b)
 
1,307
21,866
Yum! Brands, Inc.
 
18,709
2,441,524
 
 
83,518,909
Household Durables — 0.4%
Beazer Homes USA, Inc.(a)
 
2,424
53,716
Cavco Industries, Inc.(a)
 
512
260,424
Century Communities, Inc.
 
1,627
124,270
Champion Homes, Inc.(a)(b)
 
3,500
323,155
Cricut, Inc., Class A
 
2,865
15,385
Schedule of Investments
53
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Household Durables (continued)
D.R. Horton, Inc.
 
19,278
$ 2,735,548
Dream Finders Homes, Inc., Class A(a)(b)
 
1,622
37,419
Ethan Allen Interiors, Inc.
 
1,903
59,031
Flexsteel Industries, Inc.
 
652
32,163
Garmin Ltd.
 
10,369
2,238,149
GoPro, Inc., Class A(a)
 
8,298
8,066
Green Brick Partners, Inc.(a)
 
1,939
117,251
Hamilton Beach Brands Holding Co., Class A
 
1,383
23,663
Helen of Troy Ltd.(a)
 
1,416
87,480
Hovnanian Enterprises, Inc., Class A(a)
 
259
34,289
Installed Building Products, Inc.
 
1,664
330,870
iRobot Corp.(a)
 
1,749
13,450
KB Home
 
4,241
284,571
La-Z-Boy, Inc.
 
2,410
113,752
Legacy Housing Corp.(a)(b)
 
148
3,796
Leggett & Platt, Inc.
 
8,651
91,355
Lennar Corp., Class A
 
15,898
2,086,453
Lennar Corp., Class B
 
827
104,028
LGI Homes, Inc.(a)
 
1,213
108,297
Lovesac Co.(a)(b)
 
653
16,691
M/I Homes, Inc.(a)
 
1,640
206,312
Meritage Homes Corp.
 
4,608
358,825
Millrose Properties, Inc., Class A(a)(e)
 
8,362—
92,484
Mohawk Industries, Inc.(a)
 
3,384
413,863
Newell Brands, Inc.
 
29,617
294,985
NVR, Inc.(a)
 
197
1,579,187
PulteGroup, Inc.
 
13,870
1,578,129
Purple Innovation, Inc.(a)
 
3,669
4,073
SharkNinja, Inc.(a)
 
4,265
476,870
Sonos, Inc.(a)
 
7,986
110,127
Taylor Morrison Home Corp.(a)
 
6,652
428,788
Tempur Sealy International, Inc.
 
11,377
718,344
Toll Brothers, Inc.
 
6,863
932,064
TopBuild Corp.(a)
 
1,957
670,625
Traeger, Inc.(a)
 
1,304
3,182
Tri Pointe Homes, Inc.(a)
 
6,084
224,256
Whirlpool Corp.
 
3,701
388,642
Worthington Enterprises, Inc.
 
1,931
80,909
 
 
17,864,937
Household Products — 1.0%
Central Garden & Pet Co.(a)
 
682
24,886
Central Garden & Pet Co., Class A(a)
 
3,323
103,644
Church & Dwight Co., Inc.
 
16,198
1,709,213
Clorox Co.
 
8,244
1,308,158
Colgate-Palmolive Co.
 
54,192
4,698,447
Energizer Holdings, Inc.
 
4,687
159,311
Kimberly-Clark Corp.
 
22,328
2,901,970
Oil-Dri Corp. of America
 
954
40,087
Procter & Gamble Co.
 
157,838
26,199,530
Reynolds Consumer Products, Inc.
 
3,870
106,851
Spectrum Brands Holdings, Inc.
 
2,078
175,716
WD-40 Co.
 
832
195,478
 
 
37,623,291
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.
 
48,596
534,556
Altus Power, Inc.(a)(b)
 
6,825
27,505
Brookfield Renewable Corp.(b)
 
8,600
229,534
Clearway Energy, Inc., Class A
 
1,844
45,233
Clearway Energy, Inc., Class C
 
6,100
158,173
Montauk Renewables, Inc.(a)
 
3,696
15,449
Security
 
 
Shares
Value
Independent Power and Renewable Electricity Producers (continued)
Ormat Technologies, Inc.
 
3,993
$ 256,151
Sunnova Energy International, Inc.(a)
 
6,377
16,389
Vistra Corp.
 
22,725
3,818,482
 
 
5,101,472
Industrial Conglomerates — 0.4%
3M Co.
 
36,542
5,561,692
Brookfield Business Corp., Class A(b)
 
1,503
35,877
Honeywell International, Inc.
 
43,638
9,762,693
 
 
15,360,262
Industrial REITs — 0.3%
Americold Realty Trust, Inc.
 
18,877
412,462
EastGroup Properties, Inc.
 
3,154
534,982
First Industrial Realty Trust, Inc.
 
8,452
451,252
Industrial Logistics Properties Trust
 
10,698
42,471
Innovative Industrial Properties, Inc.
 
1,807
129,526
Lineage, Inc.(b)
 
3,920
235,200
LXP Industrial Trust
 
18,394
153,038
Plymouth Industrial REIT, Inc.
 
2,651
44,537
Prologis, Inc.
 
61,632
7,349,616
Rexford Industrial Realty, Inc.
 
14,643
595,384
STAG Industrial, Inc.
 
11,547
394,677
Terreno Realty Corp.
 
6,100
399,062
 
 
10,742,207
Insurance — 2.2%
Aflac, Inc.
 
37,626
4,040,280
Allstate Corp.
 
17,502
3,366,160
Ambac Financial Group, Inc.(a)
 
2,001
23,272
American Coastal Insurance Corp.
 
2,983
36,363
American Financial Group, Inc.
 
5,116
698,641
American International Group, Inc.
 
43,056
3,171,505
AMERISAFE, Inc.
 
1,410
70,528
Aon PLC, Class A
 
13,082
4,851,067
Arch Capital Group Ltd.
 
23,814
2,216,369
Arthur J Gallagher & Co.
 
16,519
4,985,764
Assurant, Inc.
 
3,656
786,735
Assured Guaranty Ltd.
 
3,483
329,492
Axis Capital Holdings Ltd.
 
5,995
545,665
Baldwin Insurance Group, Inc., Class A(a)(b)
 
4,318
176,822
Bowhead Specialty Holdings, Inc.(a)
 
1,535
49,626
Brighthouse Financial, Inc.(a)
 
4,515
278,621
Brown & Brown, Inc.
 
16,033
1,678,014
Chubb Ltd.
 
27,046
7,353,266
Cincinnati Financial Corp.
 
10,286
1,409,696
CNA Financial Corp.
 
1,702
83,500
CNO Financial Group, Inc.
 
7,685
306,939
Crawford & Co., Class A
 
730
8,767
Employers Holdings, Inc.
 
798
39,230
Enstar Group Ltd.(a)
 
780
255,052
Everest Group Ltd.
 
2,888
1,003,609
F&G Annuities & Life, Inc.
 
1,150
52,796
Fidelis Insurance Holdings Ltd.
 
4,637
76,510
Fidelity National Financial, Inc.
 
16,187
941,598
First American Financial Corp.
 
6,362
402,206
Genworth Financial, Inc.(a)
 
14,565
105,305
Globe Life, Inc.
 
6,314
770,876
Goosehead Insurance, Inc., Class A
 
1,654
177,259
Greenlight Capital Re Ltd., Class A(a)
 
1,310
17,685
Hamilton Insurance Group Ltd., Class B(a)
 
3,783
72,369
Hanover Insurance Group, Inc.
 
2,331
356,853
Hartford Financial Services Group, Inc.
 
19,986
2,229,438
54
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Insurance (continued)
HCI Group, Inc.
 
444
$ 54,137
Heritage Insurance Holdings, Inc.(a)
 
2,283
25,136
Hippo Holdings, Inc.(a)
 
930
26,040
Horace Mann Educators Corp.
 
1,576
60,881
Investors Title Co.
 
51
11,493
James River Group Holdings Ltd.
 
3,570
17,065
Kemper Corp.
 
4,044
271,676
Kinsale Capital Group, Inc.(b)
 
1,495
660,700
Lemonade, Inc.(a)(b)
 
3,392
112,750
Lincoln National Corp.
 
11,067
389,116
Loews Corp.
 
12,138
1,037,192
Maiden Holdings Ltd.(a)
 
15,200
15,352
Markel Group, Inc.(a)
 
860
1,572,751
Marsh & McLennan Cos., Inc.
 
32,960
7,148,365
MBIA, Inc.
 
2,769
19,688
Mercury General Corp.
 
1,620
80,741
MetLife, Inc.
 
40,778
3,527,705
Old Republic International Corp.
 
16,811
614,946
Oscar Health, Inc., Class A(a)(b)
 
12,605
209,243
Palomar Holdings, Inc.(a)
 
1,645
177,446
Primerica, Inc.
 
2,266
657,525
Principal Financial Group, Inc.
 
15,425
1,271,791
ProAssurance Corp.(a)
 
1,792
26,808
Progressive Corp.
 
38,977
9,605,492
Prudential Financial, Inc.
 
24,287
2,932,898
Reinsurance Group of America, Inc.
 
4,378
997,571
RenaissanceRe Holdings Ltd.
 
3,458
804,262
RLI Corp.
 
5,332
391,102
Root, Inc., Class A(a)(b)
 
772
75,270
Ryan Specialty Holdings, Inc.
 
7,076
471,120
Safety Insurance Group, Inc.
 
1,725
136,292
Selective Insurance Group, Inc.
 
4,243
356,964
Selectquote, Inc.(a)
 
8,469
36,501
SiriusPoint Ltd.(a)
 
8,552
124,517
Skyward Specialty Insurance Group, Inc.(a)
 
2,846
126,021
Stewart Information Services Corp.
 
1,098
71,579
Tiptree, Inc.
 
1,651
33,086
Travelers Cos., Inc.
 
15,320
3,756,158
Trupanion, Inc.(a)(b)
 
2,521
119,596
United Fire Group, Inc.
 
1,438
35,677
Universal Insurance Holdings, Inc.
 
1,090
21,081
Unum Group
 
10,380
791,475
W.R. Berkley Corp.
 
19,315
1,136,301
White Mountains Insurance Group Ltd.(b)
 
161
311,126
Willis Towers Watson PLC
 
6,845
2,255,872
 
 
85,546,386
Interactive Media & Services — 6.4%
Alphabet, Inc., Class A
 
393,120
80,204,342
Alphabet, Inc., Class C
 
324,415
66,699,724
Bumble, Inc., Class A(a)
 
6,338
51,401
Cargurus, Inc.(a)
 
6,510
255,192
Cars.com, Inc.(a)
 
4,460
79,923
EverQuote, Inc., Class A(a)
 
1,224
24,725
fuboTV, Inc.(a)(b)
 
21,357
86,282
Getty Images Holdings, Inc.(a)(b)
 
12,015
30,638
Grindr, Inc.(a)(b)
 
2,746
48,989
IAC, Inc.(a)
 
5,244
221,979
Match Group, Inc.
 
17,006
607,114
MediaAlpha, Inc., Class A(a)
 
3,417
38,920
Meta Platforms, Inc., Class A
 
146,465
100,940,749
Nextdoor Holdings, Inc.(a)
 
10,985
28,781
Security
 
 
Shares
Value
Interactive Media & Services (continued)
Outbrain, Inc.(a)(b)
 
4,466
$ 26,841
Pinterest, Inc., Class A(a)
 
40,197
1,324,893
QuinStreet, Inc.(a)
 
3,026
71,595
Shutterstock, Inc.
 
1,395
41,180
TripAdvisor, Inc.(a)
 
7,461
131,015
TrueCar, Inc.(a)
 
5,805
19,969
Trump Media & Technology Group Corp., Class A(a)(b)
 
5,092
162,231
Vimeo, Inc.(a)
 
7,862
52,754
Yelp, Inc.(a)
 
4,499
179,690
Ziff Davis, Inc.(a)
 
3,041
163,880
ZipRecruiter, Inc., Class A(a)(b)
 
5,115
35,191
ZoomInfo Technologies, Inc.(a)
 
20,001
205,810
 
 
251,733,808
IT Services — 1.4%
Accenture PLC, Class A
 
41,977
16,159,046
Akamai Technologies, Inc.(a)
 
9,908
989,809
Amdocs Ltd.
 
7,795
687,441
Applied Digital Corp.(a)(b)
 
13,606
96,875
ASGN, Inc.(a)
 
3,190
281,390
Backblaze, Inc., Class A(a)
 
5,118
30,964
BigBear.ai Holdings, Inc.(a)(b)
 
11,531
48,891
BigCommerce Holdings, Inc., Series 1(a)
 
4,449
27,094
Cloudflare, Inc., Class A(a)
 
20,185
2,793,604
Cognizant Technology Solutions Corp., Class A
 
33,257
2,747,361
Couchbase, Inc.(a)
 
2,430
43,108
DigitalOcean Holdings, Inc.(a)
 
4,788
198,606
DXC Technology Co.(a)
 
13,047
283,381
EPAM Systems, Inc.(a)
 
3,704
940,668
Fastly, Inc., Class A(a)
 
7,006
73,353
Gartner, Inc.(a)
 
4,963
2,694,065
Globant SA(a)(b)
 
2,826
602,842
GoDaddy, Inc., Class A(a)
 
9,299
1,977,432
Grid Dynamics Holdings, Inc.(a)
 
3,516
79,426
Hackett Group, Inc.
 
1,720
53,114
Information Services Group, Inc.
 
4,090
12,515
International Business Machines Corp.
 
61,235
15,657,790
Kyndryl Holdings, Inc.(a)
 
14,774
560,821
MongoDB, Inc.(a)
 
4,838
1,322,322
Okta, Inc.(a)
 
10,758
1,013,619
Rackspace Technology, Inc.(a)
 
2,884
7,585
Snowflake, Inc., Class A(a)
 
21,260
3,858,903
Tucows, Inc., Class A(a)(b)
 
474
7,229
Twilio, Inc., Class A(a)
 
10,337
1,515,197
Unisys Corp.(a)
 
3,469
23,104
VeriSign, Inc.(a)
 
5,607
1,205,505
 
 
55,993,060
Leisure Products — 0.1%
Acushnet Holdings Corp.(b)
 
1,776
116,008
AMMO, Inc.(a)(b)
 
3,293
5,763
Brunswick Corp.
 
4,560
307,527
Clarus Corp.
 
1,492
7,251
Funko, Inc., Class A(a)
 
2,563
35,882
Hasbro, Inc.
 
9,488
548,786
JAKKS Pacific, Inc.(a)
 
934
28,095
Johnson Outdoors, Inc., Class A
 
138
4,471
Latham Group, Inc.(a)
 
2,161
15,775
Malibu Boats, Inc., Class A(a)
 
1,332
51,002
MasterCraft Boat Holdings, Inc.(a)
 
1,420
25,858
Mattel, Inc.(a)
 
22,495
419,307
Peloton Interactive, Inc., Class A(a)(b)
 
24,496
189,844
Polaris, Inc.
 
3,366
160,558
Schedule of Investments
55
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Leisure Products (continued)
Smith & Wesson Brands, Inc.
 
2,956
$ 31,009
Sturm Ruger & Co., Inc.
 
1,052
37,451
Topgolf Callaway Brands Corp.(a)
 
9,369
73,640
YETI Holdings, Inc.(a)
 
5,240
195,243
 
 
2,253,470
Life Sciences Tools & Services — 1.1%
10X Genomics, Inc., Class A(a)
 
8,120
121,800
Adaptive Biotechnologies Corp.(a)
 
6,063
46,988
Agilent Technologies, Inc.
 
19,437
2,945,094
Akoya Biosciences, Inc.(a)(b)
 
2,119
6,187
Avantor, Inc.(a)
 
44,960
1,001,709
Azenta, Inc.(a)(b)
 
3,837
207,390
BioLife Solutions, Inc.(a)
 
2,281
62,283
Bio-Rad Laboratories, Inc., Class A(a)
 
1,328
479,249
Bio-Techne Corp.
 
10,430
767,126
Bruker Corp.
 
7,063
410,713
Charles River Laboratories International, Inc.(a)
 
3,620
596,431
ChromaDex Corp.(a)(b)
 
6,262
35,255
Codexis, Inc.(a)
 
3,610
15,126
CryoPort, Inc.(a)
 
2,296
17,312
Cytek Biosciences, Inc.(a)
 
7,712
39,717
Danaher Corp.
 
43,107
9,601,653
Fortrea Holdings, Inc.(a)
 
5,591
93,985
Harvard Bioscience, Inc.(a)
 
6,160
10,534
Illumina, Inc.(a)
 
10,737
1,425,229
IQVIA Holdings, Inc.(a)
 
12,292
2,475,117
Maravai LifeSciences Holdings, Inc., Class A(a)
 
6,620
32,637
MaxCyte, Inc.(a)(b)
 
6,350
28,639
Medpace Holdings, Inc.(a)
 
1,760
614,504
Mesa Laboratories, Inc.
 
342
47,090
Mettler-Toledo International, Inc.(a)
 
1,433
1,955,243
OmniAb, Inc.(a)(b)
 
10,048
32,355
OmniAb, Inc., 12.50 Earnout Shares(a)(d)
 
304
—
OmniAb, Inc., 15.00 Earnout Shares(a)(d)
 
304
—
Pacific Biosciences of California, Inc.(a)(b)
 
15,893
24,475
QIAGEN NV
 
14,926
666,297
Quanterix Corp.(a)
 
3,148
28,930
Quantum-Si, Inc.(a)(b)
 
7,468
14,787
Repligen Corp.(a)
 
3,794
630,601
Revvity, Inc.
 
8,274
1,043,600
Sotera Health Co.(a)
 
8,719
119,537
Standard BioTools, Inc.(a)
 
23,888
37,026
Thermo Fisher Scientific, Inc.
 
25,510
15,248,602
Waters Corp.(a)
 
3,982
1,654,441
West Pharmaceutical Services, Inc.
 
4,879
1,666,422
 
 
44,204,084
Machinery — 1.9%
3D Systems Corp.(a)
 
7,065
25,434
AGCO Corp.
 
4,160
434,429
Alamo Group, Inc.
 
698
129,521
Albany International Corp., Class A
 
2,042
164,891
Allison Transmission Holdings, Inc.
 
5,893
692,663
Astec Industries, Inc.
 
1,273
44,440
Atmus Filtration Technologies, Inc.
 
5,919
247,533
Blue Bird Corp.(a)(b)
 
2,001
71,276
Caterpillar, Inc.
 
32,621
12,116,744
Chart Industries, Inc.(a)(b)
 
2,842
601,339
CNH Industrial NV
 
59,013
760,087
Columbus McKinnon Corp./New York
 
1,466
53,392
Commercial Vehicle Group, Inc.(a)
 
2,785
5,821
Crane Co.
 
3,344
569,550
Security
 
 
Shares
Value
Machinery (continued)
Cummins, Inc.
 
9,062
$ 3,228,337
Deere & Co.
 
16,896
8,051,958
Donaldson Co., Inc.
 
7,903
562,615
Douglas Dynamics, Inc.
 
1,306
33,760
Dover Corp.
 
9,197
1,873,245
Energy Recovery, Inc.(a)
 
3,940
56,500
Enerpac Tool Group Corp.
 
3,599
162,639
Enpro, Inc.
 
1,612
299,348
Esab Corp.
 
3,969
491,521
ESCO Technologies, Inc.
 
1,757
233,224
Federal Signal Corp.
 
4,147
407,692
Flowserve Corp.
 
9,048
566,586
Fortive Corp.
 
23,560
1,916,135
Franklin Electric Co., Inc.
 
2,913
291,271
Gates Industrial Corp. PLC(a)
 
12,619
261,087
Gorman-Rupp Co.
 
1,213
46,555
Graco, Inc.
 
11,538
971,153
Graham Corp.(a)
 
870
39,515
Greenbrier Cos., Inc.
 
2,191
145,176
Helios Technologies, Inc.
 
1,936
86,365
Hillenbrand, Inc.
 
4,517
153,533
Hillman Solutions Corp.(a)(b)
 
12,662
126,620
Hyliion Holdings Corp.(a)(b)
 
5,934
13,945
Hyster-Yale, Inc.
 
682
36,432
IDEX Corp.
 
4,977
1,116,391
Illinois Tool Works, Inc.
 
19,654
5,093,531
Ingersoll Rand, Inc.
 
27,131
2,544,888
ITT, Inc.
 
5,510
832,120
JBT Marel Corp.(b)
 
2,067
274,911
Kadant, Inc.(b)
 
797
297,201
Kennametal, Inc.
 
4,869
116,613
Lincoln Electric Holdings, Inc.
 
3,561
707,856
Lindsay Corp.
 
692
92,859
Luxfer Holdings PLC
 
2,208
31,243
Manitowoc Co., Inc.(a)
 
2,189
21,868
Mayville Engineering Co., Inc.(a)
 
1,707
27,056
Middleby Corp.(a)
 
3,646
623,976
Miller Industries, Inc.
 
1,094
72,171
Mueller Industries, Inc.
 
7,460
587,475
Mueller Water Products, Inc., Class A
 
10,406
239,338
Nordson Corp.
 
3,755
826,926
Omega Flex, Inc.
 
130
5,117
Oshkosh Corp.
 
4,238
493,303
Otis Worldwide Corp.
 
26,876
2,564,508
PACCAR, Inc.
 
34,186
3,790,544
Parker-Hannifin Corp.
 
8,448
5,973,158
Park-Ohio Holdings Corp.
 
1,119
27,841
Pentair PLC
 
10,896
1,129,697
Proto Labs, Inc.(a)
 
1,922
80,205
RBC Bearings, Inc.(a)
 
1,931
673,436
REV Group, Inc.
 
2,888
100,214
Shyft Group, Inc.
 
1,974
23,708
Snap-on, Inc.
 
3,510
1,246,576
SPX Technologies, Inc.(a)
 
2,895
429,965
Standex International Corp.
 
780
142,506
Stanley Black & Decker, Inc.
 
10,268
904,303
Tennant Co.
 
1,312
112,202
Terex Corp.
 
4,498
216,309
Timken Co.
 
4,100
329,107
Titan International, Inc.(a)
 
2,632
23,241
Toro Co.
 
6,851
570,483
Trinity Industries, Inc.
 
5,760
217,901
56
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Machinery (continued)
Wabash National Corp.
 
3,518
$ 54,881
Watts Water Technologies, Inc., Class A
 
1,707
352,973
Westinghouse Air Brake Technologies Corp.
 
11,396
2,369,456
Xylem, Inc./New York
 
16,325
2,024,953
 
 
73,335,342
Marine Transportation — 0.0%
Costamare, Inc.
 
3,080
35,913
Genco Shipping & Trading Ltd.
 
2,396
34,646
Golden Ocean Group Ltd.(a)
 
7,042
65,138
Himalaya Shipping Ltd.
 
5,534
26,729
Kirby Corp.(a)
 
3,877
423,175
Matson, Inc.
 
2,099
297,743
Safe Bulkers, Inc.
 
7,287
25,869
 
 
909,213
Media — 0.6%
Advantage Solutions, Inc.(a)(b)
 
3,751
9,903
AMC Networks, Inc., Class A(a)
 
2,229
21,465
Boston Omaha Corp., Class A(a)
 
863
12,548
Cable One, Inc.
 
350
106,404
Cardlytics, Inc.(a)
 
1,891
5,787
Charter Communications, Inc., Class A(a)(b)
 
6,333
2,187,988
Clear Channel Outdoor Holdings, Inc.(a)
 
18,038
24,532
Comcast Corp., Class A
 
253,589
8,535,806
EchoStar Corp., Class A(a)
 
7,935
219,482
Entravision Communications Corp., Class A
 
1,689
3,631
EW Scripps Co., Class A(a)
 
2,946
5,539
Fox Corp., Class A
 
14,858
760,432
Fox Corp., Class B
 
8,564
416,210
Gannett Co., Inc.(a)
 
7,997
36,146
Gray Television, Inc.
 
6,043
22,601
Ibotta, Inc., Class A(a)(b)
 
1,173
85,043
iHeartMedia, Inc., Class A(a)
 
7,236
16,064
Innovid Corp.(a)
 
12,812
39,845
Integral Ad Science Holding Corp.(a)(b)
 
6,266
65,856
Interpublic Group of Cos., Inc.
 
25,657
735,586
John Wiley & Sons, Inc., Class A
 
2,734
111,903
Liberty Broadband Corp., Class A(a)
 
1,051
79,908
Liberty Broadband Corp., Class C(a)
 
7,749
594,038
Magnite, Inc.(a)(b)
 
8,306
142,863
National CineMedia, Inc.(a)
 
7,897
52,041
New York Times Co., Class A
 
10,198
553,751
News Corp., Class A
 
24,095
677,551
News Corp., Class B
 
8,912
282,065
Nexstar Media Group, Inc.
 
2,156
330,342
Omnicom Group, Inc.
 
13,023
1,130,266
Paramount Global, Class A(b)
 
584
13,321
Paramount Global, Class B
 
40,107
436,364
PubMatic, Inc., Class A(a)
 
2,634
39,826
Scholastic Corp.
 
1,648
31,988
Sinclair, Inc.
 
2,203
32,274
Sirius XM Holdings, Inc.(b)
 
14,902
357,797
Stagwell, Inc.(a)
 
3,725
23,244
TechTarget, Inc.(a)
 
1,792
30,518
TEGNA, Inc.
 
13,709
249,778
Thryv Holdings, Inc.(a)
 
1,791
31,360
Trade Desk, Inc., Class A(a)
 
30,006
3,561,112
WideOpenWest, Inc.(a)
 
3,478
14,851
 
 
22,088,029
Metals & Mining — 0.4%
Alcoa Corp.
 
16,674
588,926
Security
 
 
Shares
Value
Metals & Mining (continued)
Alpha Metallurgical Resources, Inc.(a)
 
727
$ 133,165
ATI, Inc.(a)
 
8,327
475,388
Carpenter Technology Corp.
 
3,137
605,629
Century Aluminum Co.(a)
 
2,613
47,766
Cleveland-Cliffs, Inc.(a)
 
30,013
307,333
Coeur Mining, Inc.(a)(b)
 
26,440
174,504
Commercial Metals Co.
 
7,607
368,863
Compass Minerals International, Inc.
 
2,480
28,917
Constellium SE(a)
 
9,126
90,621
Dakota Gold Corp.(a)
 
6,771
15,032
Freeport-McMoRan, Inc.
 
96,212
3,449,200
Hecla Mining Co.
 
37,783
214,607
i-80 Gold Corp.(a)(b)
 
15,619
8,845
Ivanhoe Electric, Inc.(a)(b)
 
3,722
22,034
Kaiser Aluminum Corp.
 
1,048
73,360
Lifezone Metals Ltd.(a)(b)
 
5,680
33,228
MAC Copper Ltd.(a)
 
3,236
33,396
Materion Corp.
 
1,409
142,309
Metallus, Inc.(a)
 
2,945
43,998
MP Materials Corp.(a)(b)
 
9,877
216,899
Newmont Corp.
 
76,670
3,275,342
Novagold Resources, Inc.(a)
 
16,803
52,593
Nucor Corp.
 
15,959
2,049,614
Olympic Steel, Inc.
 
384
13,237
Perpetua Resources Corp.(a)
 
1,715
20,237
Piedmont Lithium, Inc.(a)(b)
 
1,121
9,248
Radius Recycling, Inc.
 
1,945
23,360
Ramaco Resources, Inc., Class A
 
1,470
13,921
Ramaco Resources, Inc., Class B
 
320
2,819
Reliance, Inc.
 
3,596
1,041,042
Royal Gold, Inc.
 
4,392
614,089
Ryerson Holding Corp.
 
2,155
48,186
Southern Copper Corp.
 
5,841
535,152
SSR Mining, Inc.(a)
 
12,355
99,211
Steel Dynamics, Inc.
 
9,754
1,250,463
SunCoke Energy, Inc.
 
5,143
48,293
Tredegar Corp.(a)
 
2,663
20,905
U.S. Steel Corp.
 
15,426
568,448
Warrior Met Coal, Inc.
 
3,308
174,563
Worthington Steel, Inc.
 
1,931
56,096
 
 
16,990,839
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Advanced Flower Capital, Inc.
 
1,378
11,217
AGNC Investment Corp.
 
54,045
538,829
Angel Oak Mortgage REIT, Inc.
 
1,604
16,393
Annaly Capital Management, Inc.
 
37,482
765,008
Apollo Commercial Real Estate Finance, Inc.
 
11,046
97,868
Arbor Realty Trust, Inc.(b)
 
10,209
136,699
Ares Commercial Real Estate Corp., Class C
 
2,603
14,733
ARMOUR Residential REIT, Inc.
 
3,020
56,836
Blackstone Mortgage Trust, Inc., Class A
 
11,316
203,688
BrightSpire Capital, Inc.
 
5,031
28,325
Chimera Investment Corp.
 
4,497
66,960
Claros Mortgage Trust, Inc.
 
6,855
22,622
Dynex Capital, Inc.
 
9,622
127,684
Ellington Financial, Inc.
 
5,436
68,276
Franklin BSP Realty Trust, Inc.
 
5,397
68,704
Granite Point Mortgage Trust, Inc.
 
1,933
5,490
Invesco Mortgage Capital, Inc.
 
3,079
26,048
KKR Real Estate Finance Trust, Inc.
 
4,580
45,708
Ladder Capital Corp.
 
6,531
73,213
Schedule of Investments
57
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
MFA Financial, Inc.
 
6,287
$ 66,013
New York Mortgage Trust, Inc.
 
4,414
26,616
Orchid Island Capital, Inc.
 
11,723
97,887
PennyMac Mortgage Investment Trust
 
5,334
72,542
Ready Capital Corp.
 
9,961
66,241
Redwood Trust, Inc.
 
6,308
41,317
Rithm Capital Corp.
 
33,875
389,901
Starwood Property Trust, Inc.
 
21,562
417,225
Sunrise Realty Trust, Inc.(b)
 
459
5,508
TPG RE Finance Trust, Inc.
 
3,418
28,745
Two Harbors Investment Corp.
 
7,086
90,346
 
 
3,676,642
Multi-Utilities — 0.5%
Ameren Corp.
 
17,442
1,643,037
Avista Corp.
 
4,679
171,345
Black Hills Corp.
 
5,780
339,459
CenterPoint Energy, Inc.
 
42,558
1,386,114
CMS Energy Corp.
 
19,385
1,279,410
Consolidated Edison, Inc.
 
22,891
2,145,802
Dominion Energy, Inc.
 
56,333
3,131,552
DTE Energy Co.
 
13,687
1,640,798
NiSource, Inc.
 
30,551
1,139,552
Northwestern Energy Group, Inc.
 
6,901
372,033
Public Service Enterprise Group, Inc.
 
33,221
2,775,282
Sempra
 
42,414
3,517,393
Unitil Corp.
 
767
41,088
WEC Energy Group, Inc.
 
21,047
2,089,125
 
 
21,671,990
Office REITs — 0.1%
Brandywine Realty Trust
 
10,235
56,190
BXP, Inc.
 
10,424
762,411
City Office REIT, Inc.
 
1,953
10,370
COPT Defense Properties
 
7,249
213,411
Cousins Properties, Inc.
 
12,093
369,199
Douglas Emmett, Inc.
 
11,576
212,535
Easterly Government Properties, Inc.
 
6,247
70,966
Highwoods Properties, Inc.
 
7,001
208,560
Hudson Pacific Properties, Inc.
 
8,569
26,821
JBG SMITH Properties
 
5,715
88,640
Kilroy Realty Corp.
 
7,474
291,635
NET Lease Office Properties
 
892
28,473
Orion Office REIT, Inc.
 
3,175
12,859
Paramount Group, Inc.
 
10,176
49,761
Peakstone Realty Trust
 
1,886
20,275
Piedmont Office Realty Trust, Inc., Class A
 
6,483
56,661
Postal Realty Trust, Inc., Class A
 
1,151
15,147
SL Green Realty Corp.
 
5,014
337,893
Vornado Realty Trust(b)
 
11,598
501,730
 
 
3,333,537
Oil, Gas & Consumable Fuels — 3.0%
Amplify Energy Corp.(a)
 
3,056
16,319
Antero Midstream Corp.
 
23,105
370,604
Antero Resources Corp.(a)
 
19,448
725,799
APA Corp.
 
23,662
518,908
Ardmore Shipping Corp.
 
2,633
31,254
Berry Corp.
 
4,825
21,037
California Resources Corp.
 
4,705
231,486
Centrus Energy Corp., Class A(a)(b)
 
1,066
87,732
Cheniere Energy, Inc.
 
14,904
3,333,280
Chesapeake Energy Corp.
 
15,454
1,570,126
Security
 
 
Shares
Value
Oil, Gas & Consumable Fuels (continued)
Chevron Corp.
 
115,151
$ 17,179,378
Chord Energy Corp.
 
3,710
417,189
Civitas Resources, Inc.
 
6,747
342,478
Clean Energy Fuels Corp.(a)(b)
 
11,389
37,698
CNX Resources Corp.(a)
 
9,931
271,911
Comstock Resources, Inc.(a)
 
5,948
110,395
ConocoPhillips
 
86,577
8,556,405
Core Natural Resources, Inc.(b)
 
3,440
310,770
Coterra Energy, Inc.
 
47,506
1,316,866
Crescent Energy Co., Class A
 
12,377
186,398
CVR Energy, Inc.
 
1,753
33,219
Delek U.S. Holdings, Inc.
 
4,418
78,905
Devon Energy Corp.
 
43,034
1,467,459
DHT Holdings, Inc.
 
8,078
91,443
Diamondback Energy, Inc.
 
12,554
2,063,375
Diversified Energy Co. PLC
 
3,413
54,403
Dorian LPG Ltd.
 
2,259
54,306
DT Midstream, Inc.(a)
 
6,298
636,602
Empire Petroleum Corp.(a)(b)
 
2,087
12,209
Encore Energy Corp.(a)(b)
 
10,541
34,891
Energy Fuels, Inc./Canada(a)(b)
 
11,976
63,593
EOG Resources, Inc.
 
38,219
4,807,568
EQT Corp.
 
39,845
2,036,876
Excelerate Energy, Inc., Class A
 
1,997
59,650
Exxon Mobil Corp.
 
300,031
32,052,312
FLEX LNG Ltd.(a)
 
1,825
46,556
FutureFuel Corp.
 
1,697
9,266
Golar LNG Ltd.
 
6,652
271,069
Granite Ridge Resources, Inc.
 
5,252
32,510
Green Plains, Inc.(a)
 
1,196
10,680
Gulfport Energy Corp.(a)
 
980
174,940
Hallador Energy Co.(a)
 
1,749
18,767
Hess Corp.
 
18,697
2,599,444
HF Sinclair Corp.
 
10,934
394,499
HighPeak Energy, Inc.(b)
 
727
9,909
International Seaways, Inc.
 
2,882
112,254
Kinder Morgan, Inc.
 
130,108
3,575,368
Kinetik Holdings, Inc.
 
2,472
159,271
Kosmos Energy Ltd.(a)
 
30,237
96,154
Magnolia Oil & Gas Corp., Class A
 
11,073
262,430
Marathon Petroleum Corp.
 
22,162
3,229,225
Matador Resources Co.
 
7,435
431,230
Murphy Oil Corp.
 
9,297
247,579
NACCO Industries, Inc., Class A
 
532
16,827
New Fortress Energy, Inc.(b)
 
4,142
62,130
NextDecade Corp.(a)
 
8,405
71,274
Nordic American Tankers Ltd.
 
13,383
36,134
Northern Oil & Gas, Inc.
 
5,970
214,621
Occidental Petroleum Corp.
 
46,006
2,146,180
ONEOK, Inc.
 
39,233
3,812,271
Ovintiv, Inc.
 
17,522
739,779
Par Pacific Holdings, Inc.(a)
 
3,399
56,831
PBF Energy, Inc., Class A
 
7,629
223,224
Peabody Energy Corp.
 
8,602
156,126
Permian Resources Corp.
 
43,334
634,843
Phillips 66
 
27,340
3,222,566
Range Resources Corp.
 
15,307
566,971
REX American Resources Corp.(a)
 
1,076
44,891
Riley Exploration Permian, Inc.
 
425
14,089
Ring Energy, Inc.(a)
 
6,295
8,183
Sable Offshore Corp.(a)(b)
 
3,606
89,898
SandRidge Energy, Inc.
 
1,890
22,396
58
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Oil, Gas & Consumable Fuels (continued)
Scorpio Tankers, Inc.
 
3,001
$ 142,908
SFL Corp. Ltd.
 
6,904
72,837
Sitio Royalties Corp., Class A
 
4,769
96,048
SM Energy Co.
 
7,077
268,643
Talos Energy, Inc.(a)(b)
 
7,922
78,586
Targa Resources Corp.
 
14,546
2,862,653
Teekay Corp. Ltd.
 
4,449
31,766
Teekay Tankers Ltd., Class A
 
1,541
64,599
Texas Pacific Land Corp.
 
1,271
1,648,703
Uranium Energy Corp.(a)(b)
 
25,123
177,368
Ur-Energy, Inc.(a)(b)
 
28,320
29,736
VAALCO Energy, Inc.
 
8,384
34,374
Valero Energy Corp.
 
20,849
2,772,917
Viper Energy, Inc.
 
6,630
310,947
Vital Energy, Inc.(a)(b)
 
2,426
77,389
Vitesse Energy, Inc.
 
1,510
39,079
W&T Offshore, Inc.
 
7,555
11,786
Williams Cos., Inc.
 
81,669
4,526,913
World Kinect Corp.
 
4,001
113,108
 
 
116,363,589
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)
 
1,051
33,790
Louisiana-Pacific Corp.
 
4,046
473,260
Sylvamo Corp.
 
2,521
201,932
 
 
708,982
Passenger Airlines — 0.2%
Alaska Air Group, Inc.(a)
 
8,181
599,258
Allegiant Travel Co.
 
932
95,465
American Airlines Group, Inc.(a)
 
44,102
746,206
Blade Air Mobility, Inc., Class A(a)(b)
 
4,235
16,305
Delta Air Lines, Inc.
 
42,382
2,851,037
Frontier Group Holdings, Inc.(a)
 
2,715
22,887
JetBlue Airways Corp.(a)
 
21,282
140,036
Joby Aviation, Inc.(a)(b)
 
28,302
233,774
SkyWest, Inc.(a)
 
2,892
349,701
Southwest Airlines Co.
 
39,436
1,211,079
Sun Country Airlines Holdings, Inc.(a)
 
2,011
34,107
United Airlines Holdings, Inc.(a)
 
21,983
2,326,681
Wheels Up Experience, Inc.(a)(b)
 
17,641
27,520
 
 
8,654,056
Personal Care Products — 0.1%
Beauty Health Co.(a)(b)
 
6,871
11,475
BellRing Brands, Inc.(a)
 
8,741
676,116
Coty, Inc., Class A(a)
 
25,648
188,000
Edgewell Personal Care Co.
 
3,579
119,181
elf Beauty, Inc.(a)
 
3,506
350,284
Estee Lauder Cos., Inc., Class A
 
15,229
1,270,556
Herbalife Ltd.(a)(b)
 
6,918
37,772
Honest Co., Inc.(a)
 
9,280
59,485
Interparfums, Inc.
 
1,217
171,621
Kenvue, Inc.
 
128,844
2,743,089
Medifast, Inc.(a)
 
711
11,163
Nature’s Sunshine Products, Inc.(a)
 
255
3,547
Nu Skin Enterprises, Inc., Class A
 
3,335
21,844
Olaplex Holdings, Inc.(a)(b)
 
8,979
14,007
USANA Health Sciences, Inc.(a)
 
667
21,724
Waldencast PLC, Class A(a)
 
3,027
10,473
 
 
5,710,337
Pharmaceuticals — 2.9%
Amneal Pharmaceuticals, Inc.(a)
 
11,827
97,691
Security
 
 
Shares
Value
Pharmaceuticals (continued)
Amphastar Pharmaceuticals, Inc.(a)(b)
 
2,313
$ 80,654
ANI Pharmaceuticals, Inc.(a)
 
1,440
84,442
Aquestive Therapeutics, Inc.(a)(b)
 
7,440
22,469
Arvinas, Inc.(a)
 
4,655
81,975
Atea Pharmaceuticals, Inc.(a)
 
3,928
12,020
Avadel Pharmaceuticals PLC(a)
 
6,470
51,113
Axsome Therapeutics, Inc.(a)
 
2,281
242,835
Bristol-Myers Squibb Co.
 
135,976
8,015,785
Cassava Sciences, Inc.(a)(b)
 
2,756
6,559
Collegium Pharmaceutical, Inc.(a)
 
1,943
62,409
Corcept Therapeutics, Inc.(a)
 
5,555
371,741
CorMedix, Inc.(a)(b)
 
4,992
51,268
Edgewise Therapeutics, Inc.(a)
 
4,396
123,176
Elanco Animal Health, Inc.(a)(b)
 
31,802
382,578
Eli Lilly & Co.
 
53,489
43,383,858
Enliven Therapeutics, Inc.(a)(b)
 
2,827
61,798
Esperion Therapeutics, Inc.(a)(b)
 
15,925
28,506
Evolus, Inc.(a)
 
4,724
65,994
EyePoint Pharmaceuticals, Inc.(a)(b)
 
2,397
18,337
Fulcrum Therapeutics, Inc.(a)(b)
 
5,883
23,297
Harmony Biosciences Holdings, Inc.(a)
 
2,403
93,164
Harrow, Inc.(a)(b)
 
1,688
51,855
Innoviva, Inc.(a)
 
4,370
81,457
Intra-Cellular Therapies, Inc.(a)
 
7,180
912,434
Jazz Pharmaceuticals PLC(a)
 
4,183
520,240
Johnson & Johnson
 
161,577
24,583,941
Ligand Pharmaceuticals, Inc.(a)
 
1,120
130,536
Liquidia Corp.(a)(b)
 
3,408
48,496
Merck & Co., Inc.
 
169,434
16,743,468
Mind Medicine MindMed, Inc.(a)(b)
 
5,931
40,271
Neumora Therapeutics, Inc.(a)(b)
 
6,470
12,487
Nuvation Bio, Inc.(a)
 
9,777
22,585
Ocular Therapeutix, Inc.(a)
 
12,098
93,155
Omeros Corp.(a)(b)
 
4,825
41,591
Organon & Co.
 
17,485
272,067
Pacira BioSciences, Inc.(a)
 
2,757
72,592
Perrigo Co. PLC
 
8,973
223,517
Pfizer, Inc.
 
378,642
10,041,586
Phathom Pharmaceuticals, Inc.(a)(b)
 
3,139
18,803
Phibro Animal Health Corp., Class A
 
619
13,500
Pliant Therapeutics, Inc.(a)(b)
 
3,836
41,237
Prestige Consumer Healthcare, Inc.(a)(b)
 
3,378
259,329
Revance Therapeutics, Inc.(a)
 
4,871
17,682
Royalty Pharma PLC, Class A
 
25,590
808,132
Scilex Holding Co., (Acquired 01/06/23, Cost:
$38,933)(a)(f)
 
3,715
1,499
scPharmaceuticals, Inc.(a)(b)
 
2,501
8,303
Septerna, Inc.(a)
 
1,749
29,576
SIGA Technologies, Inc.
 
2,502
14,962
Supernus Pharmaceuticals, Inc.(a)
 
3,326
127,619
Tarsus Pharmaceuticals, Inc.(a)
 
2,885
155,098
Terns Pharmaceuticals, Inc.(a)
 
3,157
14,080
Theravance Biopharma, Inc.(a)
 
5,256
49,301
Third Harmonic Bio, Inc.(a)(b)
 
1,258
6,617
Ventyx Biosciences, Inc.(a)
 
3,238
6,508
Viatris, Inc.
 
80,192
904,566
WaVe Life Sciences Ltd.(a)(b)
 
5,331
61,680
Xeris Biopharma Holdings, Inc.(a)
 
12,064
42,948
Zevra Therapeutics, Inc.(a)
 
5,553
43,535
Zoetis, Inc.
 
30,466
5,206,639
 
 
115,085,561
Schedule of Investments
59
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Professional Services — 0.9%
Alight, Inc., Class A
 
30,678
$ 210,144
Amentum Holdings, Inc.(a)
 
8,183
171,598
Asure Software, Inc.(a)
 
833
9,846
Automatic Data Processing, Inc.
 
27,470
8,323,685
Barrett Business Services, Inc.
 
1,308
56,676
BlackSky Technology, Inc.(a)
 
2,704
40,533
Booz Allen Hamilton Holding Corp., Class A
 
8,502
1,096,758
Broadridge Financial Solutions, Inc.
 
7,938
1,890,990
CACI International, Inc., Class A(a)
 
1,454
561,622
CBIZ, Inc.(a)(b)
 
3,197
274,335
Clarivate PLC(a)(b)
 
30,144
163,381
Concentrix Corp.
 
3,231
168,917
Conduent, Inc.(a)
 
11,206
44,376
CRA International, Inc.
 
456
83,712
CSG Systems International, Inc.
 
2,157
126,810
Dayforce, Inc.(a)(b)
 
10,318
729,895
Dun & Bradstreet Holdings, Inc.
 
21,971
270,243
Equifax, Inc.
 
8,249
2,266,660
ExlService Holdings, Inc.(a)
 
10,597
532,605
Exponent, Inc.
 
3,516
322,312
First Advantage Corp.(a)(b)
 
5,027
94,910
Forrester Research, Inc.(a)
 
474
7,229
Franklin Covey Co.(a)(b)
 
875
33,171
FTI Consulting, Inc.(a)
 
2,361
461,221
Genpact Ltd.
 
11,411
555,602
Heidrick & Struggles International, Inc.
 
1,059
49,233
Huron Consulting Group, Inc.(a)
 
1,374
174,196
IBEX Holdings Ltd.(a)
 
997
21,944
ICF International, Inc.
 
1,207
140,869
Innodata, Inc.(a)(b)
 
2,252
83,504
Insperity, Inc.
 
2,314
173,573
Jacobs Solutions, Inc.
 
8,117
1,137,435
KBR, Inc.
 
8,627
469,481
Kelly Services, Inc., Class A
 
1,865
26,259
Kforce, Inc.
 
1,435
79,973
Korn Ferry
 
3,503
247,767
Legalzoom.com, Inc.(a)
 
9,589
86,205
Leidos Holdings, Inc.
 
8,753
1,243,189
ManpowerGroup, Inc.
 
2,953
177,830
Maximus, Inc.
 
4,014
302,214
NV5 Global, Inc.(a)
 
3,560
67,070
Parsons Corp.(a)
 
2,890
229,090
Paychex, Inc.
 
21,317
3,147,881
Paycom Software, Inc.
 
3,453
716,705
Paycor HCM, Inc.(a)
 
6,640
146,943
Paylocity Holding Corp.(a)
 
2,941
604,434
Planet Labs PBC(a)(b)
 
9,833
59,981
Resources Connection, Inc.
 
2,633
22,117
Robert Half, Inc.
 
6,974
451,845
Science Applications International Corp.
 
3,352
362,955
Spire Global, Inc.(a)(b)
 
3,429
58,807
SS&C Technologies Holdings, Inc.
 
14,406
1,166,166
TransUnion
 
12,902
1,280,524
TriNet Group, Inc.
 
2,005
187,247
TrueBlue, Inc.(a)
 
1,967
16,031
TTEC Holdings, Inc.
 
1,040
3,931
Upwork, Inc.(a)
 
7,682
121,068
Verisk Analytics, Inc.
 
9,467
2,721,195
Verra Mobility Corp.(a)
 
10,289
271,527
Security
 
 
Shares
Value
Professional Services (continued)
Willdan Group, Inc.(a)
 
1,378
$ 48,705
WNS Holdings Ltd.(a)
 
3,098
189,753
 
 
34,784,878
Real Estate Management & Development — 0.2%
Anywhere Real Estate, Inc.(a)
 
6,333
22,862
CBRE Group, Inc., Class A(a)
 
20,524
2,970,644
Compass, Inc., Class A(a)
 
25,910
187,847
CoStar Group, Inc.(a)
 
27,392
2,098,227
Cushman & Wakefield PLC(a)
 
10,268
141,596
eXp World Holdings, Inc.
 
6,844
77,885
Forestar Group, Inc.(a)
 
1,192
28,441
FRP Holdings, Inc.(a)
 
372
11,361
Howard Hughes Holdings, Inc.(a)
 
2,191
167,327
Jones Lang LaSalle, Inc.(a)
 
3,141
888,275
Kennedy-Wilson Holdings, Inc.
 
8,538
77,269
Marcus & Millichap, Inc.
 
1,555
59,339
Newmark Group, Inc., Class A
 
9,252
130,731
Opendoor Technologies, Inc.(a)
 
37,665
51,978
RE/MAX Holdings, Inc., Class A(a)
 
632
6,307
Real Brokerage, Inc.(a)
 
8,923
45,686
Redfin Corp.(a)(b)
 
8,534
68,272
RMR Group, Inc., Class A
 
541
10,100
Seaport Entertainment Group, Inc.(a)
 
550
14,635
St. Joe Co.
 
2,076
99,856
Star Holdings(a)
 
701
6,232
Stratus Properties, Inc.(a)
 
955
18,422
Tejon Ranch Co.(a)(b)
 
507
8,223
Zillow Group, Inc., Class A(a)
 
3,560
281,952
Zillow Group, Inc., Class C(a)(b)
 
10,132
833,053
 
 
8,306,520
Residential REITs — 0.3%
American Homes 4 Rent, Class A
 
22,229
769,790
Apartment Investment and Management Co., Class A
 
8,722
78,847
AvalonBay Communities, Inc.
 
9,195
2,036,784
BRT Apartments Corp.
 
1,270
21,768
Camden Property Trust
 
6,867
780,847
Centerspace
 
916
55,647
Clipper Realty, Inc.
 
393
1,603
Elme Communities
 
5,837
89,073
Equity LifeStyle Properties, Inc.
 
12,732
833,309
Equity Residential
 
24,643
1,740,535
Essex Property Trust, Inc.
 
4,289
1,220,521
Independence Realty Trust, Inc.
 
14,480
278,161
Invitation Homes, Inc.
 
40,899
1,274,004
Mid-America Apartment Communities, Inc.
 
7,780
1,187,072
NexPoint Residential Trust, Inc.
 
1,405
55,469
Sun Communities, Inc.
 
8,175
1,034,138
UDR, Inc.
 
21,631
902,878
UMH Properties, Inc.
 
3,850
69,262
Veris Residential, Inc.
 
4,759
75,858
 
 
12,505,566
Retail REITs — 0.3%
Acadia Realty Trust
 
9,600
221,184
Agree Realty Corp.
 
7,136
517,860
Alexander’s, Inc.
 
94
17,855
Brixmor Property Group, Inc.
 
20,308
529,226
CBL & Associates Properties, Inc.
 
1,773
54,272
Curbline Properties Corp.
 
6,406
156,755
Federal Realty Investment Trust
 
5,622
610,718
Getty Realty Corp.
 
7,154
221,846
60
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Retail REITs (continued)
InvenTrust Properties Corp.
 
5,089
$ 151,347
Kimco Realty Corp.
 
43,774
982,726
Kite Realty Group Trust
 
13,877
321,253
Macerich Co.
 
17,207
357,561
NETSTREIT Corp.
 
4,355
63,060
NNN REIT, Inc.
 
12,807
504,468
Phillips Edison & Co., Inc.
 
7,705
279,923
Realty Income Corp.
 
57,215
3,126,228
Regency Centers Corp.
 
12,236
879,034
Retail Opportunity Investments Corp.
 
7,052
123,198
Saul Centers, Inc.
 
796
29,070
Simon Property Group, Inc.
 
21,682
3,769,632
SITE Centers Corp.
 
3,203
47,981
Tanger, Inc.
 
7,151
234,696
Urban Edge Properties
 
13,601
276,644
Whitestone REIT
 
2,512
33,661
 
 
13,510,198
Semiconductors & Semiconductor Equipment — 9.2%
ACM Research, Inc., Class A(a)
 
2,933
60,273
Advanced Micro Devices, Inc.(a)
 
107,504
12,465,089
Aehr Test Systems(a)(b)
 
1,691
19,159
Allegro MicroSystems, Inc.(a)
 
8,666
208,764
Alpha & Omega Semiconductor Ltd.(a)
 
1,720
66,082
Ambarella, Inc.(a)
 
2,259
173,311
Amkor Technology, Inc.
 
7,508
184,772
Analog Devices, Inc.
 
33,017
6,995,972
Applied Materials, Inc.
 
55,582
10,024,214
Astera Labs, Inc.(a)
 
7,281
738,439
Axcelis Technologies, Inc.(a)(b)
 
1,979
134,572
Broadcom, Inc.
 
303,989
67,263,646
CEVA, Inc.(a)
 
1,470
47,349
Cirrus Logic, Inc.(a)
 
3,540
355,558
Cohu, Inc.(a)
 
3,237
74,160
Credo Technology Group Holding Ltd.(a)
 
9,558
669,251
Diodes, Inc.(a)(b)
 
2,733
161,192
Enphase Energy, Inc.(a)(b)
 
8,750
544,950
Entegris, Inc.
 
9,901
1,005,348
First Solar, Inc.(a)
 
7,154
1,198,438
FormFactor, Inc.(a)
 
4,805
192,440
GLOBALFOUNDRIES, Inc.(a)(b)
 
6,396
265,242
Ichor Holdings Ltd.(a)
 
2,288
62,828
Impinj, Inc.(a)
 
1,444
183,229
indie Semiconductor, Inc., Class A(a)(b)
 
9,909
40,627
Intel Corp.
 
286,100
5,558,923
KLA Corp.
 
8,982
6,630,872
Kulicke & Soffa Industries, Inc.
 
3,436
152,387
Lam Research Corp.
 
85,853
6,958,386
Lattice Semiconductor Corp.(a)
 
9,208
525,040
MACOM Technology Solutions Holdings, Inc.,
Class H(a)
 
3,563
471,207
Marvell Technology, Inc.
 
57,448
6,483,581
MaxLinear, Inc.(a)
 
4,731
84,496
Microchip Technology, Inc.
 
35,471
1,926,075
Micron Technology, Inc.
 
73,510
6,707,052
MKS Instruments, Inc.
 
4,298
486,877
Monolithic Power Systems, Inc.
 
3,130
1,994,968
Navitas Semiconductor Corp.(a)(b)
 
6,957
21,080
NVE Corp.
 
349
25,009
NVIDIA Corp.
 
1,564,373
187,834,266
ON Semiconductor Corp.(a)(b)
 
28,674
1,500,797
Onto Innovation, Inc.(a)
 
3,247
664,856
PDF Solutions, Inc.(a)
 
1,754
48,866
Security
 
 
Shares
Value
Semiconductors & Semiconductor Equipment (continued)
Penguin Solutions, Inc.(a)
 
3,469
$ 70,351
Photronics, Inc.(a)
 
3,827
87,983
Power Integrations, Inc.
 
4,332
269,970
Qorvo, Inc.(a)
 
6,686
554,804
QUALCOMM, Inc.
 
74,583
12,897,638
Rambus, Inc.(a)
 
7,321
451,120
Rigetti Computing, Inc.(a)(b)
 
10,722
141,209
Semtech Corp.(a)(b)
 
5,077
339,956
Silicon Laboratories, Inc.(a)
 
2,008
272,265
SiTime Corp.(a)
 
1,330
271,586
SkyWater Technology, Inc.(a)(b)
 
811
8,378
Skyworks Solutions, Inc.
 
10,864
964,289
Synaptics, Inc.(a)
 
2,754
233,815
Teradyne, Inc.
 
10,589
1,226,100
Texas Instruments, Inc.
 
60,889
11,240,718
Ultra Clean Holdings, Inc.(a)
 
2,740
101,024
Universal Display Corp.
 
3,070
460,254
Veeco Instruments, Inc.(a)
 
4,264
108,220
Wolfspeed, Inc.(a)(b)
 
8,227
50,432
 
 
360,959,755
Software — 10.0%
8x8, Inc.(a)
 
6,460
18,088
A10 Networks, Inc.
 
4,857
95,246
ACI Worldwide, Inc.(a)
 
6,881
368,478
Adeia, Inc.
 
7,863
101,040
Adobe, Inc.(a)
 
29,630
12,961,643
Agilysys, Inc.(a)(b)
 
1,390
125,406
Alarm.com Holdings, Inc.(a)
 
2,898
175,822
Alkami Technology, Inc.(a)
 
3,958
137,699
Altair Engineering, Inc., Class A(a)
 
3,665
404,433
Amplitude, Inc., Class A(a)
 
3,549
43,227
ANSYS, Inc.(a)
 
5,835
2,045,168
Appfolio, Inc., Class A(a)
 
1,549
362,327
Appian Corp., Class A(a)
 
2,774
97,340
AppLovin Corp., Class A(a)
 
17,561
6,490,370
Asana, Inc., Class A(a)(b)
 
4,988
106,444
Aspen Technology, Inc.(a)
 
1,731
456,205
Atlassian Corp., Class A(a)
 
10,714
3,286,841
Aurora Innovation, Inc., Class A(a)(b)
 
62,426
424,497
Autodesk, Inc.(a)
 
14,215
4,425,698
AvePoint, Inc., Class A(a)(b)
 
8,422
158,165
Bentley Systems, Inc., Class B
 
9,702
451,628
Bill Holdings, Inc.(a)
 
6,567
635,489
Bit Digital, Inc.(a)(b)
 
7,119
22,425
Blackbaud, Inc.(a)
 
2,852
220,032
Blackline, Inc.(a)
 
3,699
236,181
Blend Labs, Inc., Class A(a)
 
18,420
70,917
Box, Inc., Class A(a)
 
9,468
316,137
Braze, Inc., Class A(a)(b)
 
4,951
227,647
C3.ai, Inc., Class A(a)(b)
 
7,563
237,100
Cadence Design Systems, Inc.(a)
 
18,145
5,400,315
CCC Intelligent Solutions Holdings, Inc.(a)
 
30,508
338,944
Cerence, Inc.(a)
 
2,169
27,026
Cipher Mining, Inc.(a)(b)
 
11,647
66,737
Cleanspark, Inc.(a)(b)
 
17,985
187,763
Clear Secure, Inc., Class A
 
6,357
150,470
Clearwater Analytics Holdings, Inc., Class A(a)
 
12,244
344,791
CommVault Systems, Inc.(a)
 
2,946
469,180
Confluent, Inc., Class A(a)
 
16,926
502,364
Consensus Cloud Solutions, Inc.(a)
 
1,250
35,400
Core Scientific, Inc.(a)(b)
 
11,580
142,087
Crowdstrike Holdings, Inc., Class A(a)
 
15,314
6,096,044
Schedule of Investments
61
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Software (continued)
CS Disco, Inc.(a)
 
1,888
$ 9,516
Daily Journal Corp.(a)
 
60
24,606
Datadog, Inc., Class A(a)
 
20,109
2,869,755
Digimarc Corp.(a)(b)
 
1,006
36,890
Digital Turbine, Inc.(a)
 
5,723
14,994
DocuSign, Inc.(a)
 
13,566
1,312,239
Dolby Laboratories, Inc., Class A
 
3,795
317,755
Domo, Inc., Class B(a)
 
1,416
11,994
DoubleVerify Holdings, Inc.(a)
 
10,846
223,536
Dropbox, Inc., Class A(a)
 
15,395
494,949
D-Wave Quantum, Inc.(a)(b)
 
7,662
45,512
Dynatrace, Inc.(a)
 
19,567
1,129,994
E2open Parent Holdings, Inc.(a)(b)
 
12,000
31,560
eGain Corp.(a)(b)
 
724
4,416
Elastic NV(a)
 
5,889
662,984
Enfusion, Inc., Class A(a)
 
1,551
17,309
EverCommerce, Inc.(a)
 
1,361
13,801
Fair Isaac Corp.(a)
 
1,561
2,924,627
Five9, Inc.(a)(b)
 
4,935
202,286
Fortinet, Inc.(a)
 
42,324
4,269,645
Freshworks, Inc., Class A(a)
 
13,713
255,062
Gen Digital, Inc.
 
35,572
957,243
Gitlab, Inc., Class A(a)(b)
 
8,392
610,602
Guidewire Software, Inc.(a)
 
5,434
1,148,041
HashiCorp, Inc., Class A(a)
 
9,676
330,919
HubSpot, Inc.(a)
 
3,283
2,559,197
Hut 8 Corp.(a)(b)
 
5,495
119,187
Informatica, Inc., Class A(a)(b)
 
6,189
158,934
Intapp, Inc.(a)
 
3,250
231,693
InterDigital, Inc.
 
1,792
327,900
Intuit, Inc.
 
18,231
10,966,129
Jamf Holding Corp.(a)
 
7,462
112,751
Life360, Inc.(a)
 
902
41,239
LiveRamp Holdings, Inc.(a)
 
3,784
128,656
Logility Supply Chain Solutions, Inc., Class A
 
1,416
19,994
Manhattan Associates, Inc.(a)
 
4,034
841,452
MARA Holdings, Inc.(a)
 
19,160
351,394
Matterport, Inc.(a)
 
14,473
75,404
Meridianlink, Inc.(a)
 
3,113
59,925
Microsoft Corp.
 
497,322
206,418,469
MicroStrategy, Inc., Class A(a)(b)
 
11,042
3,696,751
Mitek Systems, Inc.(a)
 
2,481
25,306
N-able, Inc.(a)
 
4,241
41,095
nCino, Inc.(a)(b)
 
5,607
190,694
NCR Voyix Corp.(a)
 
10,611
130,409
NextNav, Inc.(a)(b)
 
5,887
73,175
Nutanix, Inc., Class A(a)
 
16,791
1,154,633
Olo, Inc., Class A(a)
 
5,920
43,690
ON24, Inc.(a)
 
1,991
13,718
OneSpan, Inc.
 
2,737
52,660
Ooma, Inc.(a)
 
719
10,332
Oracle Corp.
 
104,838
17,828,750
Pagaya Technologies Ltd., Class A(a)(b)
 
3,119
28,944
PagerDuty, Inc.(a)
 
5,772
106,897
Palantir Technologies, Inc., Class A(a)
 
134,199
11,070,076
Palo Alto Networks, Inc.(a)
 
43,132
7,954,403
Pegasystems, Inc.(b)
 
2,883
312,200
Porch Group, Inc.(a)
 
8,650
38,493
Procore Technologies, Inc.(a)
 
7,336
583,652
Progress Software Corp.
 
2,817
161,499
PROS Holdings, Inc.(a)
 
3,022
71,380
PTC, Inc.(a)
 
7,992
1,546,292
Security
 
 
Shares
Value
Software (continued)
Q2 Holdings, Inc.(a)
 
3,948
$ 375,731
Qualys, Inc.(a)
 
2,390
333,190
Rapid7, Inc.(a)
 
4,301
165,675
Red Violet, Inc.
 
1,105
40,222
Rimini Street, Inc.(a)
 
3,501
10,083
RingCentral, Inc., Class A(a)
 
5,642
196,454
Riot Platforms, Inc.(a)(b)
 
17,715
210,454
Roper Technologies, Inc.
 
7,041
4,053,152
Salesforce, Inc.
 
61,701
21,083,232
Sapiens International Corp. NV
 
2,240
61,286
SEMrush Holdings, Inc., Class A(a)
 
3,049
53,175
SentinelOne, Inc., Class A(a)
 
18,460
442,117
ServiceNow, Inc.(a)
 
13,680
13,931,438
SolarWinds Corp.
 
6,182
91,988
SoundHound AI, Inc., Class A(a)(b)
 
20,415
288,872
SoundThinking, Inc.(a)
 
707
9,438
Sprinklr, Inc., Class A(a)
 
8,010
71,369
Sprout Social, Inc., Class A(a)
 
2,948
96,311
SPS Commerce, Inc.(a)
 
2,494
460,592
Synopsys, Inc.(a)
 
10,143
5,329,944
Telos Corp.(a)
 
10,336
32,145
Tenable Holdings, Inc.(a)
 
8,614
371,177
Teradata Corp.(a)
 
6,137
195,832
Terawulf, Inc.(a)(b)
 
18,134
86,499
Tyler Technologies, Inc.(a)
 
2,860
1,720,690
UiPath, Inc., Class A(a)
 
30,263
430,340
Unity Software, Inc.(a)
 
20,882
463,580
Varonis Systems, Inc.(a)
 
7,148
324,233
Verint Systems, Inc.(a)(b)
 
4,508
114,413
Vertex, Inc., Class A(a)(b)
 
3,435
198,371
Viant Technology, Inc., Class A(a)(b)
 
883
19,541
Weave Communications, Inc.(a)
 
1,600
26,112
Workday, Inc., Class A(a)
 
14,236
3,730,686
Workiva, Inc.(a)
 
3,224
316,661
Xperi, Inc.(a)
 
2,213
19,961
Yext, Inc.(a)
 
5,854
38,519
Zeta Global Holdings Corp., Class A(a)
 
11,604
212,933
Zoom Communications, Inc.(a)
 
17,508
1,522,146
Zscaler, Inc.(a)
 
6,326
1,281,584
Zuora, Inc., Class A(a)
 
9,293
92,744
 
 
392,433,312
Specialized REITs — 0.9%
American Tower Corp.
 
31,240
5,777,838
Crown Castle, Inc.
 
28,886
2,578,942
CubeSmart
 
14,934
622,748
Digital Realty Trust, Inc.
 
22,204
3,638,347
EPR Properties
 
5,848
269,593
Equinix, Inc.
 
6,422
5,867,525
Extra Space Storage, Inc.
 
13,916
2,143,064
Farmland Partners, Inc.
 
2,041
23,818
Four Corners Property Trust, Inc.
 
9,299
255,072
Gaming & Leisure Properties, Inc.
 
17,417
842,809
Gladstone Land Corp.
 
2,385
25,901
Iron Mountain, Inc.
 
19,353
1,965,684
Lamar Advertising Co., Class A
 
5,872
742,338
National Storage Affiliates Trust
 
4,998
185,676
Outfront Media, Inc.
 
8,862
163,061
PotlatchDeltic Corp.
 
4,938
220,877
Public Storage
 
10,446
3,117,922
Rayonier, Inc.
 
9,729
254,316
Safehold, Inc.
 
5,180
83,968
SBA Communications Corp.
 
7,184
1,419,271
62
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Specialized REITs (continued)
Uniti Group, Inc.
 
14,285
$ 77,853
VICI Properties, Inc.
 
69,294
2,062,882
Weyerhaeuser Co.
 
49,087
1,503,044
 
 
33,842,549
Specialty Retail — 2.0%
1-800-Flowers.com, Inc., Class A(a)(b)
 
1,280
10,278
Abercrombie & Fitch Co., Class A(a)
 
3,438
410,428
Academy Sports & Outdoors, Inc.(b)
 
4,486
234,663
Advance Auto Parts, Inc.
 
3,773
182,991
American Eagle Outfitters, Inc.
 
11,875
191,663
America’s Car-Mart, Inc.(a)
 
281
13,682
Arhaus, Inc.
 
3,604
44,257
Arko Corp., Class A
 
6,136
43,382
Asbury Automotive Group, Inc.(a)
 
1,245
369,367
AutoNation, Inc.(a)
 
1,565
295,081
AutoZone, Inc.(a)
 
1,130
3,785,737
BARK, Inc.(a)(b)
 
12,225
22,861
Bath & Body Works, Inc.
 
14,692
552,566
Best Buy Co., Inc.
 
14,541
1,248,490
Beyond, Inc.(a)(b)
 
2,560
21,222
Boot Barn Holdings, Inc.(a)
 
1,850
297,572
Buckle, Inc.
 
1,687
80,318
Build-A-Bear Workshop, Inc.
 
1,239
52,459
Burlington Stores, Inc.(a)
 
4,197
1,191,654
Caleres, Inc.
 
2,081
38,145
Camping World Holdings, Inc., Class A
 
5,362
123,809
CarMax, Inc.(a)
 
10,339
885,432
Carvana Co., Class A(a)
 
7,326
1,813,038
Designer Brands, Inc., Class A
 
3,326
16,730
Destination XL Group, Inc.(a)(b)
 
6,269
17,052
Dick’s Sporting Goods, Inc.
 
3,830
919,391
EVgo, Inc.(a)(b)
 
14,256
49,468
Five Below, Inc.(a)
 
3,521
330,199
Floor & Decor Holdings, Inc., Class A(a)
 
7,043
705,004
Foot Locker, Inc.(a)
 
6,615
132,631
GameStop Corp., Class A(a)
 
26,440
711,236
Gap, Inc.
 
13,320
320,612
Genesco, Inc.(a)(b)
 
1,043
43,441
Group 1 Automotive, Inc.
 
843
384,821
GrowGeneration Corp.(a)(b)
 
2,856
3,998
Haverty Furniture Cos., Inc.
 
1,048
23,507
Home Depot, Inc.
 
66,237
27,288,319
Lands’ End, Inc.(a)
 
889
11,068
Leslie’s, Inc.(a)
 
12,789
25,834
Lithia Motors, Inc.
 
1,802
677,732
Lowe’s Cos., Inc.
 
38,166
9,924,687
MarineMax, Inc.(a)(b)
 
887
26,929
Monro, Inc.
 
2,222
43,640
Murphy USA, Inc.
 
1,233
620,088
National Vision Holdings, Inc.(a)
 
5,351
61,001
ODP Corp.(a)
 
2,145
48,477
OneWater Marine, Inc., Class A(a)(b)
 
684
12,360
O’Reilly Automotive, Inc.(a)
 
3,872
5,011,994
Penske Automotive Group, Inc.
 
1,283
212,503
Petco Health & Wellness Co., Inc.(a)
 
5,201
17,787
RealReal, Inc.(a)
 
6,755
64,443
Revolve Group, Inc.(a)(b)
 
2,911
91,929
RH(a)
 
990
414,919
Ross Stores, Inc.
 
21,947
3,304,340
Sally Beauty Holdings, Inc.(a)
 
7,155
77,775
Shoe Carnival, Inc.
 
744
20,133
Security
 
 
Shares
Value
Specialty Retail (continued)
Signet Jewelers Ltd.
 
2,786
$ 165,015
Sleep Number Corp.(a)(b)
 
1,237
22,118
Sonic Automotive, Inc., Class A
 
786
58,361
Stitch Fix, Inc., Class A(a)
 
5,133
24,176
ThredUp, Inc., Class A(a)
 
9,059
19,839
Tilly’s, Inc., Class A(a)
 
598
2,589
TJX Cos., Inc.
 
75,337
9,401,304
Tractor Supply Co.
 
35,435
1,926,247
Ulta Beauty, Inc.(a)
 
3,145
1,296,212
Upbound Group, Inc.
 
3,756
110,201
Urban Outfitters, Inc.(a)
 
4,306
238,639
Valvoline, Inc.(a)
 
9,171
340,336
Victoria’s Secret & Co.(a)
 
5,589
203,216
Warby Parker, Inc., Class A(a)
 
5,414
150,022
Wayfair, Inc., Class A(a)(b)
 
6,753
326,643
Williams-Sonoma, Inc.
 
8,364
1,767,899
Winmark Corp.
 
223
86,879
Zumiez, Inc.(a)
 
980
15,641
 
 
79,678,480
Technology Hardware, Storage & Peripherals — 6.1%
Apple, Inc.
 
957,200
225,899,200
CompoSecure, Inc., Class A
 
2,890
46,067
Corsair Gaming, Inc.(a)(b)
 
2,367
21,682
Dell Technologies, Inc., Class C
 
18,123
1,877,543
Diebold Nixdorf, Inc.(a)
 
1,969
85,238
Eastman Kodak Co.(a)(b)
 
6,701
49,520
Hewlett Packard Enterprise Co.
 
87,729
1,858,977
HP, Inc.
 
63,585
2,066,512
Immersion Corp.
 
1,222
10,228
IonQ, Inc.(a)(b)
 
13,623
537,972
NetApp, Inc.
 
13,964
1,705,004
Pure Storage, Inc., Class A(a)
 
20,316
1,377,222
Super Micro Computer, Inc.(a)(b)
 
32,661
931,492
Turtle Beach Corp.(a)
 
776
13,774
Western Digital Corp.(a)
 
23,430
1,525,996
Xerox Holdings Corp.
 
8,090
69,089
 
 
238,075,516
Textiles, Apparel & Luxury Goods — 0.4%
Amer Sports, Inc.(a)(b)
 
3,435
109,817
Birkenstock Holding PLC(a)(b)
 
2,799
165,533
Capri Holdings Ltd.(a)
 
7,359
182,356
Carter’s, Inc.
 
2,358
127,143
Columbia Sportswear Co.
 
2,057
181,633
Crocs, Inc.(a)
 
3,987
406,953
Deckers Outdoor Corp.(a)
 
10,074
1,786,725
Figs, Inc., Class A(a)(b)
 
8,730
49,674
G-III Apparel Group Ltd.(a)
 
2,509
78,331
Hanesbrands, Inc.(a)
 
26,900
218,428
Kontoor Brands, Inc.
 
3,741
343,611
Lululemon Athletica, Inc.(a)
 
7,902
3,273,008
Movado Group, Inc.
 
1,241
23,728
NIKE, Inc., Class B
 
78,888
6,066,487
Oxford Industries, Inc.
 
1,115
93,504
PVH Corp.
 
3,815
341,824
Ralph Lauren Corp.
 
2,572
642,228
Rocky Brands, Inc.
 
309
7,737
Skechers USA, Inc., Class A(a)
 
8,886
669,471
Steven Madden Ltd.
 
4,857
199,380
Superior Group of Cos., Inc.
 
2,443
36,865
Tapestry, Inc.
 
15,538
1,133,342
Under Armour, Inc., Class A(a)(b)
 
11,440
95,524
Schedule of Investments
63
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Textiles, Apparel & Luxury Goods (continued)
Under Armour, Inc., Class C(a)
 
12,665
$ 95,368
VF Corp.
 
24,444
634,811
Wolverine World Wide, Inc.
 
6,004
134,069
 
 
17,097,550
Tobacco — 0.5%
Altria Group, Inc.
 
113,556
5,931,030
Philip Morris International, Inc.
 
103,746
13,507,729
Turning Point Brands, Inc.
 
1,352
86,177
Universal Corp.
 
1,429
75,908
 
 
19,600,844
Trading Companies & Distributors — 0.5%
Air Lease Corp.
 
6,821
315,130
Alta Equipment Group, Inc.
 
2,017
14,724
Applied Industrial Technologies, Inc.
 
2,577
670,097
Beacon Roofing Supply, Inc.(a)
 
3,952
467,680
BlueLinx Holdings, Inc.(a)
 
421
45,375
Boise Cascade Co.
 
2,660
335,586
Core & Main, Inc., Class A(a)
 
12,684
715,885
Custom Truck One Source, Inc.(a)(b)
 
2,724
13,865
Distribution Solutions Group, Inc.(a)(b)
 
564
18,189
DNOW, Inc.(a)
 
6,770
100,738
DXP Enterprises, Inc.(a)
 
1,165
118,003
Fastenal Co.
 
38,762
2,838,929
Ferguson Enterprises, Inc.
 
13,455
2,436,970
FTAI Aviation Ltd.
 
6,614
664,905
GATX Corp.
 
2,427
401,596
Global Industrial Co.
 
1,009
24,932
GMS, Inc.(a)
 
2,574
217,091
H&E Equipment Services, Inc.
 
2,282
202,391
Herc Holdings, Inc.
 
1,937
395,071
Hudson Technologies, Inc.(a)
 
2,482
14,396
McGrath RentCorp
 
1,530
187,685
MRC Global, Inc.(a)
 
6,858
100,675
MSC Industrial Direct Co., Inc., Class A
 
3,328
267,604
Rush Enterprises, Inc., Class A
 
4,246
257,944
Rush Enterprises, Inc., Class B
 
598
34,277
SiteOne Landscape Supply, Inc.(a)
 
3,012
428,608
Titan Machinery, Inc.(a)
 
1,169
21,884
Transcat, Inc.(a)
 
682
52,528
United Rentals, Inc.
 
4,413
3,345,319
Watsco, Inc.
 
2,282
1,092,142
WESCO International, Inc.
 
2,947
545,195
Willis Lease Finance Corp.
 
295
57,206
WW Grainger, Inc.
 
2,880
3,060,490
Xometry, Inc., Class A(a)
 
2,323
77,147
 
 
19,540,257
Water Utilities — 0.1%
American States Water Co.
 
2,476
184,462
American Water Works Co., Inc.
 
12,928
1,611,346
California Water Service Group
 
6,087
275,680
Consolidated Water Co. Ltd.
 
1,168
30,578
Essential Utilities, Inc.
 
16,955
601,563
Global Water Resources, Inc.
 
881
10,132
Middlesex Water Co.
 
1,348
68,263
Pure Cycle Corp.(a)
 
1,623
19,070
SJW Group
 
3,537
177,664
York Water Co.
 
673
20,816
 
 
2,999,574
Security
 
 
Shares
Value
Wireless Telecommunication Services — 0.2%
Gogo, Inc.(a)(b)
 
3,467
$ 29,261
Spok Holdings, Inc.
 
1,840
29,587
Telephone and Data Systems, Inc.
 
6,742
238,330
T-Mobile U.S., Inc.
 
31,735
7,393,303
 
 
7,690,481
Total Common Stocks — 99.2%
(Cost: $2,028,141,558)
3,900,254,961
Investment Companies
Equity Funds — 0.6%
iShares Russell 3000 ETF(c)
 
69,296
23,870,393
Total Investment Companies — 0.6%
(Cost: $21,692,874)
23,870,393
Rights
Biotechnology — 0.0%
AstraZeneca, CVR
 
890
276
Chinook Therapeutics, CVR(d)
 
3,836
3,222
Contra Aduro Biotech I, CVR(d)
 
400
188
Inhibrx, Inc., CVR(d)
 
2,243
2,512
 
 
6,198
Total Rights — 0.0%
(Cost: $3,230)
6,198
Total Long-Term Investments — 99.8%
(Cost: $2,049,837,662)
3,924,131,552
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.54%(c)(g)(h)
 
44,665,639
44,687,972
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.35%(c)(g)
 
2,924,249
2,924,249
Total Short-Term Securities — 1.2%
(Cost: $47,612,774)
47,612,221
Total Investments — 101.0%
(Cost: $2,097,450,436)
3,971,743,773
Liabilities in Excess of Other Assets — (1.0)%
(41,257,198
)
Net Assets — 100.0%
$ 3,930,486,575
 
(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)
When-issued security.
(f)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $1,499, representing less than 0.05% of its net assets as
of period end, and an original cost of $38,933.
(g)
Annualized 7-day yield as of period end.
(h)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
64
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 42,555,011
$ 2,131,909
(a)
$ —
$ 4,992
$ (3,940
)
$ 44,687,972
44,665,639
$ 139,566
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency
Shares
26,163,410
—
(23,239,161
)(a)
—
—
2,924,249
2,924,249
444,870
—
BlackRock, Inc.
8,474,879
—
221,455
—
1,940,361
10,636,695
9,890
99,338
—
iShares Russell 3000 ETF
14,946,598
72,155,573
(65,739,839
)
320,254
2,187,807
23,870,393
69,296
167,186
—
 
$ 325,246
$ 4,124,228
$ 82,119,309
$ 850,960
$ —
 
(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 collateral investment fees, 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
4
03/21/25
$ 459
$ 9,146
S&P 500 E-Mini Index
15
03/21/25
4,550
101,938
 
$ 111,084
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)
$ —
$ —
$ 111,084
$ —
$ —
$ —
$ 111,084
 
(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, 2025, 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
$ —
$ —
$ 289,463
$ —
$ —
$ —
$ 289,463
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 94,214
$ —
$ —
$ —
$ 94,214
Schedule of Investments
65
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Total U.S. Stock Market Index Fund
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$11,046,926
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 at the measurement date. 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
$ 73,541,686
$ —
$ —
$ 73,541,686
Air Freight & Logistics
12,123,329
—
—
12,123,329
Automobile Components
4,346,377
—
—
4,346,377
Automobiles
82,917,088
—
—
82,917,088
Banks
156,141,724
—
—
156,141,724
Beverages
39,662,348
—
—
39,662,348
Biotechnology
80,825,317
—
—
80,825,317
Broadline Retail
154,627,443
—
—
154,627,443
Building Products
26,247,810
—
—
26,247,810
Capital Markets
135,470,416
—
—
135,470,416
Chemicals
51,658,514
—
—
51,658,514
Commercial Services & Supplies
25,808,939
—
—
25,808,939
Communications Equipment
33,661,505
—
—
33,661,505
Construction & Engineering
11,813,389
—
—
11,813,389
Construction Materials
10,563,765
—
—
10,563,765
Consumer Finance
26,895,183
—
—
26,895,183
Consumer Staples Distribution & Retail
76,356,602
—
—
76,356,602
Containers & Packaging
11,929,984
—
—
11,929,984
Distributors
2,720,470
—
—
2,720,470
Diversified Consumer Services
5,305,161
—
—
5,305,161
Diversified REITs
1,837,934
—
—
1,837,934
Diversified Telecommunication Services
24,586,364
—
—
24,586,364
Electric Utilities
53,400,851
—
—
53,400,851
Electrical Equipment
34,980,877
—
—
34,980,877
Electronic Equipment, Instruments & Components
26,640,526
—
—
26,640,526
Energy Equipment & Services
13,760,425
—
—
13,760,425
Entertainment
61,588,592
—
—
61,588,592
Financial Services
165,617,815
—
—
165,617,815
Food Products
23,992,633
—
—
23,992,633
Gas Utilities
4,388,619
—
—
4,388,619
Ground Transportation
35,717,673
—
—
35,717,673
Health Care Equipment & Supplies
91,408,369
—
—
91,408,369
Health Care Providers & Services
82,276,280
—
—
82,276,280
Health Care REITs
12,006,016
—
—
12,006,016
Health Care Technology
3,511,439
—
—
3,511,439
Hotel & Resort REITs
2,428,015
—
—
2,428,015
Hotels, Restaurants & Leisure
83,518,909
—
—
83,518,909
Household Durables
17,772,453
92,484
—
17,864,937
Household Products
37,623,291
—
—
37,623,291
Independent Power and Renewable Electricity Producers
5,101,472
—
—
5,101,472
Industrial Conglomerates
15,360,262
—
—
15,360,262
Industrial REITs
10,742,207
—
—
10,742,207
Insurance
85,546,386
—
—
85,546,386
Interactive Media & Services
251,733,808
—
—
251,733,808
IT Services
55,993,060
—
—
55,993,060
Leisure Products
2,253,470
—
—
2,253,470
66
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
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)
Life Sciences Tools & Services
$ 44,204,084
$ —
$ —
$ 44,204,084
Machinery
73,335,342
—
—
73,335,342
Marine Transportation
909,213
—
—
909,213
Media
22,088,029
—
—
22,088,029
Metals & Mining
16,990,839
—
—
16,990,839
Mortgage Real Estate Investment Trusts (REITs)
3,676,642
—
—
3,676,642
Multi-Utilities
21,671,990
—
—
21,671,990
Office REITs
3,333,537
—
—
3,333,537
Oil, Gas & Consumable Fuels
116,363,589
—
—
116,363,589
Paper & Forest Products
708,982
—
—
708,982
Passenger Airlines
8,654,056
—
—
8,654,056
Personal Care Products
5,710,337
—
—
5,710,337
Pharmaceuticals
115,084,062
1,499
—
115,085,561
Professional Services
34,784,878
—
—
34,784,878
Real Estate Management & Development
8,306,520
—
—
8,306,520
Residential REITs
12,505,566
—
—
12,505,566
Retail REITs
13,510,198
—
—
13,510,198
Semiconductors & Semiconductor Equipment
360,959,755
—
—
360,959,755
Software
392,433,312
—
—
392,433,312
Specialized REITs
33,842,549
—
—
33,842,549
Specialty Retail
79,678,480
—
—
79,678,480
Technology Hardware, Storage & Peripherals
238,075,516
—
—
238,075,516
Textiles, Apparel & Luxury Goods
17,097,550
—
—
17,097,550
Tobacco
19,600,844
—
—
19,600,844
Trading Companies & Distributors
19,540,257
—
—
19,540,257
Water Utilities
2,999,574
—
—
2,999,574
Wireless Telecommunication Services
7,690,481
—
—
7,690,481
Investment Companies
23,870,393
—
—
23,870,393
Rights
—
276
5,922
6,198
Short-Term Securities 
Money Market Funds
47,612,221
—
—
47,612,221
 
$3,971,643,592
$94,259
$5,922
$3,971,743,773
Derivative Financial Instruments(a)
Assets 
Equity Contracts
$ 111,084
$ —
$ —
$ 111,084
 
(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
67
Statements of Assets and Liabilities (unaudited)
January 31, 2025
 
 
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)
$ 2,089,894,323
$ 840,626,063
$ 3,889,624,464
Investments, at value — affiliated(c)
71,601,897
67,977,814
82,119,309
Cash
51,255
26,870
14,934
Cash pledged for futures contracts
323,000
192,000
260,000
Receivables:
Investments sold
10,122,359
11,099,947
1,341,961
Securities lending income — affiliated
13,806
28,224
16,380
Capital shares sold
2,782,131
1,269,638
2,287,342
Dividends — unaffiliated
848,723
175,534
2,085,376
Dividends — affiliated
40,391
14,348
34,652
Prepaid expenses
59,038
34,978
51,364
Total assets
2,175,736,923
921,445,416
3,977,835,782
LIABILITIES
Collateral on securities loaned
51,530,145
58,230,361
44,673,657
Payables:
Investments purchased
2,611,703
11,574,616
750,513
Accounting services fees
4,550
4,550
4,550
Capital shares redeemed
11,796,326
514,992
1,565,541
Custodian fees
17,974
20,729
27,219
Investment advisory fees
34,371
20,719
32,208
Trustees’ and Officer’s fees
3,371
2,292
2,933
Other accrued expenses
17,302
24,841
25,774
Professional fees
59,190
54,630
59,423
Service fees
36,038
22,281
60,658
Transfer agent fees
133,146
54,548
118,549
Variation margin on futures contracts
43,252
28,292
28,182
Total liabilities
66,287,368
70,552,851
47,349,207
Commitments and contingent liabilities
NET ASSETS
$ 2,109,449,555
$ 850,892,565
$ 3,930,486,575
NET ASSETS CONSIST OF
Paid-in capital
$ 1,339,196,400
$ 689,777,466
$ 2,108,298,761
Accumulated earnings
770,253,155
161,115,099
1,822,187,814
NET ASSETS
$ 2,109,449,555
$ 850,892,565
$ 3,930,486,575
(a) Investments, at cost—unaffiliated
$1,295,738,868
$667,137,349
$2,022,800,376
(b) Securities loaned, at value
$50,119,155
$56,464,390
$43,268,988
(c) Investments, at cost—affiliated
$71,417,945
$67,687,900
$74,650,060
68
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited) (continued)
January 31, 2025
 
 
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
$ 196,215,832
$ 167,851,599
$ 180,120,497
Shares outstanding
12,700,723
9,637,160
6,505,603
Net asset value
$ 15.45
$ 17.42
$ 27.69
Shares authorized
Unlimited
Unlimited
Unlimited
Par value
$0.001
$0.001
$0.001
Investor A
Net assets
$ 175,815,786
$ 105,539,660
$ 290,248,517
Shares outstanding
11,433,571
6,071,400
10,500,223
Net asset value
$ 15.38
$ 17.38
$ 27.64
Shares authorized
Unlimited
Unlimited
Unlimited
Par value
$0.001
$0.001
$0.001
Class K
Net assets
$ 1,737,417,937
$ 577,501,306
$ 3,460,117,561
Shares outstanding
112,183,059
33,157,362
124,977,671
Net asset value
$ 15.49
$ 17.42
$ 27.69
Shares authorized
Unlimited
Unlimited
Unlimited
Par value
$0.001
$0.001
$0.001
See notes to financial statements.
Statements of Assets and Liabilities
69
Statements of Operations (unaudited)
Six Months Ended January 31, 2025
 
 
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
$16,685,098
$5,304,889
$24,747,257
Dividends — affiliated
346,689
116,925
711,394
Interest — unaffiliated
15,725
5,240
26,208
Securities lending income — affiliated — net
144,513
182,011
139,566
Other income — unaffiliated
8,021
—
3,158
Foreign taxes withheld
(6,907
)
(7,764
)
(5,768
)
Total investment income
17,193,139
5,601,301
25,621,815
EXPENSES
Service — class specific
218,621
132,048
357,987
Investment advisory
206,507
105,662
188,900
Transfer agent — class specific
183,111
97,198
161,332
Registration
33,637
31,169
35,297
Professional
32,716
38,730
36,905
Custodian
25,556
18,752
38,430
Printing and postage
20,516
19,044
19,780
Trustees and Officer
12,376
6,377
18,578
Accounting services
4,550
4,550
4,550
Miscellaneous
14,057
16,663
24,271
Total expenses excluding interest expense
751,647
470,193
886,030
Interest expense — unaffiliated
7,603
539
4,665
Total expenses
759,250
470,732
890,695
Less:
Fees waived and/or reimbursed by the Manager
(4,821
)
(11,994
)
(7,778
)
Transfer agent fees waived and/or reimbursed by the Manager — class specific
—
(20,144
)
(8,610
)
Total expenses after fees waived and/or reimbursed
754,429
438,594
874,307
Net investment income
16,438,710
5,162,707
24,747,508
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated
1,929,419
(454,338
)
57,245
Investments — affiliated
1,511,407
1,078,783
325,246
Futures contracts
649,609
379,772
289,463
 
4,090,435
1,004,217
671,954
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated
161,030,324
28,234,514
339,985,205
Investments — affiliated
(461,398
)
(358,323
)
4,124,228
Futures contracts
(131,409
)
26,495
94,214
 
160,437,517
27,902,686
344,203,647
Net realized and unrealized gain
164,527,952
28,906,903
344,875,601
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$180,966,662
$34,069,610
$369,623,109
See notes to financial statements.
70
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets
 
 
iShares Russell Mid-Cap
Index Fund
iShares Russell Small/Mid-Cap
Index Fund
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$16,438,710
$28,259,403
$5,162,707
$7,639,694
Net realized gain
4,090,435
98,914,797
1,004,217
13,876,830
Net change in unrealized appreciation (depreciation)
160,437,517
115,876,146
27,902,686
52,132,928
Net increase in net assets resulting from operations
180,966,662
243,050,346
34,069,610
73,649,452
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(10,460,762
)
(6,241,966
)
(2,642,540
)
(2,132,677
)
Investor A
(9,430,301
)
(4,204,302
)
(1,555,934
)
(1,087,710
)
Class K
(93,451,002
)
(44,827,668
)
(8,232,255
)
(4,566,506
)
Decrease in net assets resulting from distributions to shareholders
(113,342,065
)
(55,273,936
)
(12,430,729
)
(7,786,893
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
45,493,004
89,605,599
229,430,514
(7,608,941
)
NET ASSETS
Total increase in net assets
113,117,601
277,382,009
251,069,395
58,253,618
Beginning of period
1,996,331,954
1,718,949,945
599,823,170
541,569,552
End of period
$2,109,449,555
$1,996,331,954
$850,892,565
$599,823,170
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
71
Statements of Changes in Net Assets (continued)
 
 
iShares Total U.S. Stock Market
Index Fund
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$24,747,508
$43,296,124
Net realized gain
671,954
6,403,911
Net change in unrealized appreciation (depreciation)
344,203,647
547,316,004
Net increase in net assets resulting from operations
369,623,109
597,016,039
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(1,215,901
)
(1,781,258
)
Investor A
(1,720,967
)
(2,536,272
)
Class K
(24,404,830
)
(38,984,115
)
Decrease in net assets resulting from distributions to shareholders
(27,341,698
)
(43,301,645
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
49,937,960
105,484,636
NET ASSETS
Total increase in net assets
392,219,371
659,199,030
Beginning of period
3,538,267,204
2,879,068,174
End of period
$3,930,486,575
$3,538,267,204
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
72
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares Russell Mid-Cap Index Fund
 
Institutional
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Net asset value, beginning of period
$14.92
$13.54
$12.89
$14.91
$10.75
$10.98
Net investment income(a)
0.12
0.21
0.20
0.18
0.15
0.19
Net realized and unrealized gain (loss)
1.28
1.59
0.88
(1.58
)
4.35
0.02
Net increase (decrease) from investment operations
1.40
1.80
1.08
(1.40
)
4.50
0.21
Distributions(b)
From net investment income
(0.14
)
(0.21
)
(0.20
)
(0.17
)
(0.15
)
(0.17
)
From net realized gain
(0.73
)
(0.21
)
(0.23
)
(0.45
)
(0.19
)
(0.27
)
Total distributions
(0.87
)
(0.42
)
(0.43
)
(0.62
)
(0.34
)
(0.44
)
Net asset value, end of period
$15.45
$14.92
$13.54
$12.89
$14.91
$10.75
Total Return(c)
Based on net asset value
9.33
%(d)
13.63
%
8.72
%
(9.76
)%
42.43
%
1.96
%
Ratios to Average Net Assets(e)
Total expenses
0.10
%(f)
0.09
%
0.10
%
0.09
%
0.09
%
0.10
%(g)
Total expenses after fees waived and/or reimbursed
0.10
%(f)
0.09
%
0.09
%
0.09
%
0.09
%
0.10
%
Net investment income
1.58
%(f)
1.55
%
1.59
%
1.28
%
1.18
%
1.77
%
Supplemental Data
Net assets, end of period (000)
$196,216
$216,980
$178,582
$216,281
$195,340
$170,550
Portfolio turnover rate
5
%
26
%
20
%
28
%
24
%
26
%
 
(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)
Annualized.
(g)
Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the year ended July 31, 2020, the expense ratio would have
been 0.09%.
See notes to financial statements.
Financial Highlights
73
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Russell Mid-Cap Index Fund (continued)
 
Investor A
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Net asset value, beginning of period
$14.85
$13.48
$12.84
$14.85
$10.71
$10.93
Net investment income(a)
0.10
0.18
0.16
0.14
0.11
0.15
Net realized and unrealized gain (loss)
1.28
1.58
0.88
(1.56
)
4.34
0.04
Net increase (decrease) from investment operations
1.38
1.76
1.04
(1.42
)
4.45
0.19
Distributions(b)
From net investment income
(0.12
)
(0.18
)
(0.17
)
(0.14
)
(0.12
)
(0.14
)
From net realized gain
(0.73
)
(0.21
)
(0.23
)
(0.45
)
(0.19
)
(0.27
)
Total distributions
(0.85
)
(0.39
)
(0.40
)
(0.59
)
(0.31
)
(0.41
)
Net asset value, end of period
$15.38
$14.85
$13.48
$12.84
$14.85
$10.71
Total Return(c)
Based on net asset value
9.24
%(d)
13.31
%
8.39
%
(9.98
)%
42.05
%
1.80
%
Ratios to Average Net Assets(e)
Total expenses(f)
0.36
%(g)
0.36
%
0.37
%
0.36
%
0.36
%
0.36
%
Total expenses after fees waived and/or reimbursed
0.36
%(g)
0.36
%
0.37
%
0.36
%
0.36
%
0.35
%
Net investment income
1.31
%(g)
1.30
%
1.29
%
1.03
%
0.87
%
1.48
%
Supplemental Data
Net assets, end of period (000)
$175,816
$166,161
$151,708
$131,260
$136,579
$93,113
Portfolio turnover rate
5
%
26
%
20
%
28
%
24
%
26
%
 
(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
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Expense ratios
N/A
N/A
N/A
0.36
%
0.36
%
0.35
%
 
(g)
Annualized.
See notes to financial statements.
74
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Russell Mid-Cap Index Fund (continued)
 
Class K
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Net asset value, beginning of period
$14.95
$13.57
$12.92
$14.94
$10.77
$11.00
Net investment income(a)
0.13
0.22
0.20
0.19
0.15
0.18
Net realized and unrealized gain (loss)
1.28
1.59
0.89
(1.58
)
4.37
0.03
Net increase (decrease) from investment operations
1.41
1.81
1.09
(1.39
)
4.52
0.21
Distributions(b)
From net investment income
(0.14
)
(0.22
)
(0.21
)
(0.18
)
(0.16
)
(0.17
)
From net realized gain
(0.73
)
(0.21
)
(0.23
)
(0.45
)
(0.19
)
(0.27
)
Total distributions
(0.87
)
(0.43
)
(0.44
)
(0.63
)
(0.35
)
(0.44
)
Net asset value, end of period
$15.49
$14.95
$13.57
$12.92
$14.94
$10.77
Total Return(c)
Based on net asset value
9.41
%(d)
13.66
%
8.75
%
(9.70
)%
42.50
%
2.00
%
Ratios to Average Net Assets(e)
Total expenses(f)
0.04
%(g)
0.04
%
0.05
%
0.05
%
0.06
%
0.08
%
Total expenses after fees waived and/or reimbursed
0.04
%(g)
0.04
%
0.05
%
0.05
%
0.06
%
0.07
%
Net investment income
1.62
%(g)
1.61
%
1.62
%
1.34
%
1.18
%
1.73
%
Supplemental Data
Net assets, end of period (000)
$1,737,418
$1,613,191
$1,388,660
$1,340,100
$1,396,125
$937,493
Portfolio turnover rate
5
%
26
%
20
%
28
%
24
%
26
%
 
(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
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Expense ratios
N/A
N/A
N/A
0.05
%
0.05
%
0.07
%
 
(g)
Annualized.
See notes to financial statements.
Financial Highlights
75
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Russell Small/Mid-Cap Index Fund
 
Institutional
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Net asset value, beginning of period
$16.79
$15.08
$14.63
$17.32
$12.17
$12.72
Net investment income(a)
0.13
0.21
0.22
0.21
0.16
0.13
Net realized and unrealized gain (loss)
0.78
1.71
0.88
(2.08
)
5.66
(0.35
)
Net increase (decrease) from investment operations
0.91
1.92
1.10
(1.87
)
5.82
(0.22
)
Distributions(b)
From net investment income
(0.16
)
(0.21
)
(0.23
)
(0.19
)
(0.18
)
(0.16
)
From net realized gain
(0.12
)
—
(0.42
)
(0.63
)
(0.49
)
(0.17
)
Total distributions
(0.28
)
(0.21
)
(0.65
)
(0.82
)
(0.67
)
(0.33
)
Net asset value, end of period
$17.42
$16.79
$15.08
$14.63
$17.32
$12.17
Total Return(c)
Based on net asset value
5.40
%(d)
12.90
%
8.02
%
(11.32
)%
48.81
%
(1.68
)%
Ratios to Average Net Assets(e)
Total expenses(f)
0.12
%(g)
0.14
%
0.13
%
0.14
%
0.16
%
0.21
%
Total expenses after fees waived and/or reimbursed
0.11
%(g)
0.13
%
0.12
%
0.12
%
0.12
%
0.12
%
Net investment income
1.49
%(g)
1.42
%
1.59
%
1.29
%
1.02
%
1.14
%
Supplemental Data
Net assets, end of period (000)
$167,852
$165,272
$141,351
$156,524
$161,409
$58,680
Portfolio turnover rate
12
%
43
%
30
%
38
%
43
%
29
%
 
(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
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Expense ratios
N/A
N/A
N/A
0.14
%
N/A
0.21
%
 
(g)
Annualized.
See notes to financial statements.
76
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Russell Small/Mid-Cap Index Fund (continued)
 
Investor A
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Net asset value, beginning of period
$16.75
$15.05
$14.60
$17.29
$12.15
$12.70
Net investment income(a)
0.11
0.17
0.18
0.17
0.13
0.13
Net realized and unrealized gain (loss)
0.77
1.70
0.89
(2.08
)
5.65
(0.37
)
Net increase (decrease) from investment operations
0.88
1.87
1.07
(1.91
)
5.78
(0.24
)
Distributions(b)
From net investment income
(0.13
)
(0.17
)
(0.20
)
(0.15
)
(0.15
)
(0.14
)
From net realized gain
(0.12
)
—
(0.42
)
(0.63
)
(0.49
)
(0.17
)
Total distributions
(0.25
)
(0.17
)
(0.62
)
(0.78
)
(0.64
)
(0.31
)
Net asset value, end of period
$17.38
$16.75
$15.05
$14.60
$17.29
$12.15
Total Return(c)
Based on net asset value
5.28
%(d)
12.57
%
7.76
%
(11.56
)%
48.49
%
(1.90
)%
Ratios to Average Net Assets(e)
Total expenses
0.39
%(f)
0.41
%
0.41
%
0.39
%
0.38
%
0.44
%(g)
Total expenses after fees waived and/or reimbursed
0.37
%(f)
0.38
%
0.37
%
0.36
%
0.34
%
0.35
%
Net investment income
1.23
%(f)
1.16
%
1.33
%
1.06
%
0.83
%
1.13
%
Supplemental Data
Net assets, end of period (000)
$105,540
$104,303
$100,293
$100,734
$101,139
$55,522
Portfolio turnover rate
12
%
43
%
30
%
38
%
43
%
29
%
 
(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)
Annualized.
(g)
Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the year ended January 31, 2025, the expense ratio would
have been 0.44%.
See notes to financial statements.
Financial Highlights
77
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Russell Small/Mid-Cap Index Fund (continued)
 
Class K
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Net asset value, beginning of period
$16.79
$15.08
$14.63
$17.32
$12.17
$12.72
Net investment income(a)
0.13
0.22
0.22
0.21
0.18
0.19
Net realized and unrealized gain (loss)
0.78
1.71
0.89
(2.07
)
5.65
(0.40
)
Net increase (decrease) from investment operations
0.91
1.93
1.11
(1.86
)
5.83
(0.21
)
Distributions(b)
From net investment income
(0.16
)
(0.22
)
(0.24
)
(0.20
)
(0.19
)
(0.17
)
From net realized gain
(0.12
)
—
(0.42
)
(0.63
)
(0.49
)
(0.17
)
Total distributions
(0.28
)
(0.22
)
(0.66
)
(0.83
)
(0.68
)
(0.34
)
Net asset value, end of period
$17.42
$16.79
$15.08
$14.63
$17.32
$12.17
Total Return(c)
Based on net asset value
5.42
%(d)
12.95
%
8.07
%
(11.28
)%
48.88
%
(1.64
)%
Ratios to Average Net Assets(e)
Total expenses
0.08
%(f)
0.10
%
0.09
%
0.10
%
0.11
%
0.16
%(g)
Total expenses after fees waived and/or reimbursed
0.07
%(f)
0.08
%
0.07
%
0.07
%
0.07
%
0.07
%
Net investment income
1.51
%(f)
1.49
%
1.60
%
1.34
%
1.15
%
1.55
%
Supplemental Data
Net assets, end of period (000)
$577,501
$330,248
$299,925
$212,591
$213,734
$142,813
Portfolio turnover rate
12
%
43
%
30
%
38
%
43
%
29
%
 
(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)
Annualized.
(g)
Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the year ended January 31, 2025, the expense ratio would
have been 0.16%.
See notes to financial statements.
78
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Total U.S. Stock Market Index Fund
 
Institutional
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Net asset value, beginning of period
$25.26
$21.15
$19.07
$20.96
$15.31
$14.13
Net investment income(a)
0.17
0.32
0.30
0.27
0.24
0.25
Net realized and unrealized gain (loss)
2.45
4.11
2.07
(1.79
)
5.65
1.24
Net increase (decrease) from investment operations
2.62
4.43
2.37
(1.52
)
5.89
1.49
Distributions(b)
From net investment income
(0.19
)
(0.32
)
(0.29
)
(0.27
)
(0.23
)
(0.27
)
From net realized gain
—
—
—
(0.10
)
(0.01
)
(0.04
)
Total distributions
(0.19
)
(0.32
)
(0.29
)
(0.37
)
(0.24
)
(0.31
)
Net asset value, end of period
$27.69
$25.26
$21.15
$19.07
$20.96
$15.31
Total Return(c)
Based on net asset value
10.40
%(d)
21.13
%
12.65
%
(7.37
)%
38.73
%
10.79
%
Ratios to Average Net Assets(e)
Total expenses(f)
0.06
%(g)
0.07
%
0.07
%
0.08
%
0.08
%
0.09
%
Total expenses after fees waived and/or reimbursed
0.06
%(g)
0.07
%
0.07
%
0.08
%
0.08
%
0.08
%
Net investment income
1.29
%(g)
1.41
%
1.59
%
1.32
%
1.32
%
1.79
%
Supplemental Data
Net assets, end of period (000)
$180,120
$148,779
$112,188
$132,762
$155,378
$84,117
Portfolio turnover rate
3
%
19
%
20
%
16
%
16
%
15
%
 
(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
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Expense ratios
N/A
N/A
N/A
0.08
%
0.08
%
0.09
%
 
(g)
Annualized.
See notes to financial statements.
Financial Highlights
79
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Total U.S. Stock Market Index Fund (continued)
 
Investor A
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Net asset value, beginning of period
$25.22
$21.12
$19.05
$20.93
$15.29
$14.11
Net investment income(a)
0.14
0.26
0.25
0.22
0.20
0.22
Net realized and unrealized gain (loss)
2.44
4.10
2.06
(1.78
)
5.64
1.24
Net increase (decrease) from investment operations
2.58
4.36
2.31
(1.56
)
5.84
1.46
Distributions(b)
From net investment income
(0.16
)
(0.26
)
(0.24
)
(0.22
)
(0.19
)
(0.24
)
From net realized gain
—
—
—
(0.10
)
(0.01
)
(0.04
)
Total distributions
(0.16
)
(0.26
)
(0.24
)
(0.32
)
(0.20
)
(0.28
)
Net asset value, end of period
$27.64
$25.22
$21.12
$19.05
$20.93
$15.29
Total Return(c)
Based on net asset value
10.24
%(d)
20.80
%
12.32
%
(7.54
)%
38.42
%
10.56
%
Ratios to Average Net Assets(e)
Total expenses(f)
0.33
%(g)
0.34
%
0.35
%
0.32
%
0.30
%
0.31
%
Total expenses after fees waived and/or reimbursed
0.33
%(g)
0.33
%
0.33
%
0.31
%
0.30
%
0.30
%
Net investment income
1.03
%(g)
1.15
%
1.32
%
1.09
%
1.11
%
1.56
%
Supplemental Data
Net assets, end of period (000)
$290,249
$256,142
$196,798
$176,683
$166,601
$114,362
Portfolio turnover rate
3
%
19
%
20
%
16
%
16
%
15
%
 
(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
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Expense ratios
N/A
N/A
N/A
0.32
%
0.30
%
0.31
%
 
(g)
Annualized.
See notes to financial statements.
80
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Total U.S. Stock Market Index Fund (continued)
 
Class K
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Net asset value, beginning of period
$25.26
$21.15
$19.07
$20.96
$15.31
$14.13
Net investment income(a)
0.18
0.32
0.31
0.28
0.25
0.26
Net realized and unrealized gain (loss)
2.45
4.12
2.07
(1.79
)
5.64
1.24
Net increase (decrease) from investment operations
2.63
4.44
2.38
(1.51
)
5.89
1.50
Distributions(b)
From net investment income
(0.20
)
(0.33
)
(0.30
)
(0.28
)
(0.23
)
(0.28
)
From net realized gain
—
—
—
(0.10
)
(0.01
)
(0.04
)
Total distributions
(0.20
)
(0.33
)
(0.30
)
(0.38
)
(0.24
)
(0.32
)
Net asset value, end of period
$27.69
$25.26
$21.15
$19.07
$20.96
$15.31
Total Return(c)
Based on net asset value
10.42
%(d)
21.18
%
12.70
%
(7.32
)%
38.79
%
10.84
%
Ratios to Average Net Assets(e)
Total expenses(f)
0.02
%(g)
0.03
%
0.02
%
0.03
%
0.03
%
0.04
%
Total expenses after fees waived and/or reimbursed
0.02
%(g)
0.03
%
0.02
%
0.03
%
0.03
%
0.03
%
Net investment income
1.34
%(g)
1.45
%
1.63
%
1.36
%
1.35
%
1.84
%
Supplemental Data
Net assets, end of period (000)
$3,460,118
$3,133,346
$2,570,083
$2,215,506
$2,037,797
$1,043,568
Portfolio turnover rate
3
%
19
%
20
%
16
%
16
%
15
%
 
(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
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
 
Expense ratios
N/A
N/A
N/A
0.03
%
0.03
%
0.04
%
 
(g)
Annualized.
See notes to financial statements.
Financial Highlights
81
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 and distribution 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, 2025, 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.
Cash: The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed 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.
82
2025 BlackRock Semi-Annual Financial Statements and Additional Information
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.
Segment Reporting: The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Funds’ adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or results of operations.
The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM’) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since the Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.
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 the Trust (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 trade or 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 trade or 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 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 occurs after 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 as of the measurement date.  
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:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
Notes to Financial Statements
83
Notes to Financial Statements (unaudited) (continued)
 
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques 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.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available 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 at the measurement date. 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 that each Fund has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.
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
84
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
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.
$ 2,238,010
$ (2,238,010
)
$ —
$ —
BMO Capital Markets Corp.
15,591
(15,591
)
—
—
BNP Paribas SA
3,375,375
(3,375,375
)
—
—
BofA Securities, Inc.
7,827,164
(7,827,164
)
—
—
Citigroup Global Markets, Inc.
4,054,180
(4,054,180
)
—
—
HSBC Bank PLC
4,594,627
(4,594,627
)
—
—
Morgan Stanley
9,084,454
(9,084,454
)
—
—
National Financial Services LLC
5,869,497
(5,869,497
)
—
—
State Street Bank & Trust Co.
38,218
(38,218
)
—
—
UBS AG
8,020,252
(8,020,252
)
—
—
Virtu Americas LLC
4,210,725
(4,210,725
)
—
—
Wells Fargo Bank N.A.
599,080
(599,080
)
—
—
Wells Fargo Securities LLC
191,982
(191,982
)
—
—
 
$ 50,119,155
$ (50,119,155
)
$ —
$ —
Small/Mid-Cap Index
BNP Paribas SA
$ 4,251,158
$ (4,251,158
)
$ —
$ —
BofA Securities, Inc.
3,490,872
(3,490,872
)
—
—
Citadel Clearing LLC
8,008
(8,008
)
—
—
Citigroup Global Markets, Inc.
9,130,600
(9,130,600
)
—
—
Goldman Sachs & Co. LLC
6,672,884
(6,672,884
)
—
—
HSBC Bank PLC
306,861
(306,861
)
—
—
J.P. Morgan Securities LLC
4,513,515
(4,513,515
)
—
—
Jefferies LLC
179,927
(179,927
)
—
—
Morgan Stanley
15,563,510
(15,563,510
)
—
—
National Financial Services LLC
3,428,545
(3,428,545
)
—
—
Pershing LLC
8,067
(8,067
)
—
—
RBC Capital Markets LLC
360
(360
)
—
—
Scotia Capital (USA), Inc.
149,153
(149,153
)
—
—
SG Americas Securities LLC
63,113
(63,113
)
—
—
State Street Bank & Trust Co.
1,761,636
(1,761,636
)
—
—
Toronto-Dominion Bank
27,816
(27,816
)
—
—
UBS AG
1,774,624
(1,774,624
)
—
—
UBS Securities LLC
652,293
(652,293
)
—
—
Virtu Americas LLC
636,909
(636,909
)
—
—
Wells Fargo Bank N.A.
2,604,497
(2,604,497
)
—
—
Wells Fargo Securities LLC
1,240,042
(1,240,042
)
—
—
 
$ 56,464,390
$ (56,464,390
)
$ —
$ —
Total U.S. Stock Market Index
BNP Paribas SA
$ 4,790,152
$ (4,790,152
)
$ —
$ —
BofA Securities, Inc.
3,416,869
(3,416,869
)
—
—
Citadel Clearing LLC
106,414
(106,414
)
—
—
Citigroup Global Markets, Inc.
5,823,839
(5,823,839
)
—
—
Goldman Sachs & Co. LLC
5,369,685
(5,369,685
)
—
—
HSBC Bank PLC
851,769
(851,769
)
—
—
J.P. Morgan Securities LLC
6,692,497
(6,692,497
)
—
—
Jefferies LLC
1,632,044
(1,632,044
)
—
—
Notes to Financial Statements
85
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
Total U.S. Stock Market Index (continued)
Morgan Stanley
$ 7,627,701
$ (7,627,701
)
$ —
$ —
National Financial Services LLC
1,282,174
(1,282,174
)
—
—
RBC Capital Markets LLC
137,982
(137,982
)
—
—
Scotia Capital (USA), Inc.
78,146
(78,146
)
—
—
SG Americas Securities LLC
538,022
(538,022
)
—
—
State Street Bank & Trust Co.
837,377
(837,377
)
—
—
Toronto-Dominion Bank
2,142
(2,142
)
—
—
UBS AG
961,279
(961,279
)
—
—
UBS Securities LLC
432,925
(432,925
)
—
—
Virtu Americas LLC
436,381
(436,381
)
—
—
Wells Fargo Bank N.A.
1,761,858
(1,761,858
)
—
—
Wells Fargo Securities LLC
489,732
(489,732
)
—
—
 
$ 43,268,988
$ (43,268,988
)
$ —
$ —
 
(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, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the 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 each Fund.
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
86
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
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, 2025, 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
$ 218,621
Small/Mid-Cap Index
132,048
Total U.S. Stock Market Index
357,987
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, 2025, the Funds did not pay any amounts to affiliates in return for these services.
The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended January 31, 2025, 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
$ 487
$ 4,006
$ 4,116
$ 8,609
Small/Mid-Cap Index
215
3,443
2,087
5,745
Total U.S. Stock Market Index
381
7,033
4,434
11,848
For the six months ended January 31, 2025, 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
$ 59,854
$ 63,400
$ 59,857
$ 183,111
Small/Mid-Cap Index
39,177
36,176
21,845
97,198
Total U.S. Stock Market Index
32,471
90,032
38,829
161,332
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, 2026. 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, 2025, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Manager
Mid-Cap Index
$ 3,233
Small/Mid-Cap Index
1,120
Total U.S. Stock Market Index
6,458
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, 2026. 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, 2025, 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
$ 1,588
Small/Mid-Cap Index
1,187
Total U.S. Stock Market Index
1,320
Notes to Financial Statements
87
Notes to Financial Statements (unaudited) (continued)
 
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, 2026, 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, 2025, amounts included in the Statements of Operations were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Manager
Small/Mid-Cap Index
$ 9,687
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, 2025, 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
Small/Mid-Cap Index
$ 106
$ 7,482
$ 12,556
$ 20,144
Total U.S. Stock Market Index
—
8,610
—
8,610
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. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the 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 specified thresholds, 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 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, each Fund would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees ), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended January 31, 2025, each Fund paid BTC the following amounts for securities lending agent services: 
Fund Name
Amounts
Mid-Cap Index
$ 43,930
Small/Mid-Cap Index
53,176
Total U.S. Stock Market Index
42,220
88
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
During the period ended January 31, 2025, 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, 2025, 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
$4,105,161
$6,831,066
$172,859
Small/Mid-Cap Index
25,568,334
2,915,470
(204,216
)
Total U.S. Stock Market Index
36,123,878
14,883,736
(223,872
)
7.
 PURCHASES AND SALES
For the six months ended January 31, 2025, purchases and sales of investments, excluding short-term securities, were as follows: 
Fund Name
Purchases
Sales
Mid-Cap Index
$ 92,678,662
$ 143,714,144
Small/Mid-Cap Index
301,954,438
82,213,871
Total U.S. Stock Market Index
179,556,357
110,536,354
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, 2025, 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. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds’ NAV.
As of July 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows: 
Fund Name
Non-Expiring
Capital Loss
Carryforwards
Total U.S. Stock Market Index
$ (25,300,547
)
As of January 31, 2025, 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
$ 1,396,758,343
$ 897,933,461
$ (133,075,763
)
$ 764,857,698
Small/Mid-Cap Index
748,332,736
224,789,673
(64,481,365
)
160,308,308
Total U.S. Stock Market Index
2,127,879,543
1,978,571,847
(134,596,533
)
1,843,975,314
Notes to Financial Statements
89
Notes to Financial Statements (unaudited) (continued)
 
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, $2.40 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 2025 unless extended or renewed. Prior to April 11, 2024, the aggregate commitment amount was $2.50 billion. 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, 2025, 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.
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 mandatory and 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. 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.
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. 
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.
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2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
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.
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.
11.
 CAPITAL SHARE TRANSACTIONS 
Transactions in capital shares for each class were as follows: 
 
Six Months Ended
01/31/25
Year Ended
07/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
Mid-Cap Index 
Institutional
Shares sold
1,474,500
$ 22,647,174
6,984,603
$ 93,077,137
Shares issued in reinvestment of distributions
672,853
10,454,838
416,330
5,655,238
Shares redeemed
(3,991,311)
(60,056,530)
(6,044,492)
(83,079,550)
 
(1,843,958)
$ (26,954,518)
1,356,441
$ 15,652,825
Investor A
Shares sold
1,450,880
$ 22,235,151
3,154,485
$ 42,944,611
Shares issued in reinvestment of distributions
609,540
9,429,603
311,079
4,203,626
Shares redeemed
(1,814,539)
(27,732,957)
(3,530,372)
(47,856,859)
 
245,881
$ 3,931,797
(64,808)
$ (708,622)
Class K
Shares sold
14,201,091
$ 220,516,712
32,876,367
$ 447,160,830
Shares issued in reinvestment of distributions
5,995,396
93,395,142
3,286,800
44,735,942
Shares redeemed
(15,900,843)
(245,396,129)
(30,606,013)
(417,235,376)
 
4,295,644
$ 68,515,725
5,557,154
$ 74,661,396
 
2,697,567
$ 45,493,004
6,848,787
$ 89,605,599
 
 
Six Months Ended
01/31/25
Year Ended
07/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
Small/Mid-Cap Index 
Institutional
Shares sold
855,475
$ 14,617,147
2,572,052
$ 37,181,241
Shares issued in reinvestment of distributions
148,460
2,601,953
142,345
2,123,188
Shares redeemed
(1,212,464)
(20,564,585)
(2,244,489)
(33,667,757)
 
(208,529)
$ (3,345,485)
469,908
$ 5,636,672
Investor A
Shares sold
501,760
$ 8,497,921
1,212,692
$ 18,366,418
Shares issued in reinvestment of distributions
88,655
1,553,620
73,008
1,084,629
Shares redeemed
(744,474)
(12,805,414)
(1,725,039)
(25,729,085)
 
(154,059)
$ (2,753,873)
(439,339)
$ (6,278,038)
Notes to Financial Statements
91
Notes to Financial Statements (unaudited) (continued)
 
 
Six Months Ended
01/31/25
Year Ended
07/31/24
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
Small/Mid-Cap Index (continued)
Class K
Shares sold
16,127,979
$ 280,715,054
9,628,410
$ 143,143,158
Shares issued in reinvestment of distributions
464,590
8,168,607
304,095
4,529,350
Shares redeemed
(3,109,143)
(53,353,789)
(10,151,919)
(154,640,083)
 
13,483,426
$ 235,529,872
(219,414)
$ (6,967,575)
 
13,120,838
$ 229,430,514
(188,845)
$ (7,608,941)
 
 
Six Months Ended
01/31/25
Year Ended
07/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
Total U.S. Stock Market Index 
Institutional
Shares sold
1,029,924
$ 27,243,000
1,479,691
$ 32,743,856
Shares issued in reinvestment of distributions
44,836
1,215,533
79,382
1,780,952
Shares redeemed
(458,541)
(12,246,413)
(973,335)
(21,678,520)
 
616,219
$ 16,212,120
585,738
$ 12,846,288
Investor A
Shares sold
1,521,261
$ 39,423,759
2,574,897
$ 57,788,321
Shares issued in reinvestment of distributions
63,505
1,719,911
113,739
2,535,815
Shares redeemed
(1,239,439)
(33,354,925)
(1,850,583)
(42,086,831)
 
345,327
$ 7,788,745
838,053
$ 18,237,305
Class K
Shares sold
10,886,139
$ 288,947,850
31,508,191
$ 729,429,424
Shares issued in reinvestment of distributions
892,481
24,187,894
1,733,924
38,735,535
Shares redeemed
(10,838,735)
(287,198,649)
(30,710,312)
(693,763,916)
 
939,885
$ 25,937,095
2,531,803
$ 74,401,043
 
1,901,431
$ 49,937,960
3,955,594
$ 105,484,636
12.
SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’  financial statements was completed through the date the financial statements were issued and the following item was noted:
Effective March 3, 2025, the Interfund Lending Program was discontinued.
92
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Additional Information
 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Funds.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, 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.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
Additional Information
93
Additional Information (continued)
 
Fund and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock Fund Advisors
San Francisco, CA 94105
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10001
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
94
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Glossary of Terms Used in these Financial Statements
 
 
Portfolio Abbreviation 
CVR
 Contingent Value Right
ETF
 Exchange-Traded Fund
MSCI
 Morgan Stanley Capital International
REIT
 Real Estate Investment Trust
S&P
 Standard & Poor’s
Glossary of Terms Used in these Financial Statements
95
Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
 
 

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – 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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

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

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

 

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

 

BlackRock FundsSM
By:   /s/ John M. Perlowski 
  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock FundsSM
Date: March 24, 2025

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 24, 2025
By:   /s/ Trent Walker     
  Trent Walker
  Chief Financial Officer (principal financial officer) of
  BlackRock FundsSM
Date: March 24, 2025