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: 07/31/2023
Date of reporting period: 07/31/2023
Item 1 – Report to Stockholders
(a) The Report to Shareholders is attached herewith.
JULY 31, 2023 |
2023 Annual Report
|
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
|
Dear Shareholder,
Despite an uncertain economic landscape during the 12-month reporting period ended July 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.
Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities advanced, including large- and small-capitalization U.S. stocks and equities from developed and emerging markets.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period ended July 31, 2023. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for a pause, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.
While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near-term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near-term as growth trends for emerging markets appear brighter. We also believe that stocks with an A.I. tilt should benefit from an investment cycle that is set to support revenues and margins. We are neutral on credit overall amid tightening credit and financial conditions; however, there are selective opportunities in the near term. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC
Total Returns as of July 31, 2023 | ||||
6-Month | 12-Month | |||
U.S. large cap equities | 13.52% | 13.02% | ||
U.S. small cap equities | 4.51 | 7.91 | ||
International equities | 6.65 | 16.79 | ||
Emerging market equities | 3.26 | 8.35 | ||
3-month Treasury bills | 2.34 | 3.96 | ||
U.S. Treasury securities | (2.08) | (7.56) | ||
U.S. investment grade bonds | (1.02) | (3.37) | ||
Tax-exempt municipal bonds | 0.20 | 0.93 | ||
U.S. high yield bonds | 2.92 | 4.42 | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
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2 | THIS PAGE IS NOT PART OF YOUR FUND REPORT |
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Annual Report: | ||||
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Financial Statements: | ||||
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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement | 106 | |||
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3 |
Fund Summary as of July 31, 2023
| iShares Russell Mid-Cap Index Fund |
Investment Objective
iShares Russell Mid-Cap Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of mid-capitalization U.S. equities.
Portfolio Management Commentary
How did the Fund perform?
For the 12-month period ended July 31, 2023, the Fund’s Institutional Shares returned 8.72%, Investor A Shares returned 8.39%, and Class K Shares returned 8.75%. The benchmark Russell MidCap® Index (the “Index”) returned 8.75% for the same period.
Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.
Describe the market environment.
In the third quarter of 2022, the U.S. equity market rallied on the back of softened tone from the Fed signaling slower rate rise in 2023. However, the Fed’s hawkish tone later in the quarter at the Jackson Hole conference reaffirmed its commitment to fighting inflation. In their battle against a high inflation rate, the U.S. congress passed a new bill which aimed to reduce inflation by curbing the deficit.
U.S. economic data showed a decline in growth over the first two quarters of the year, but other economic data released over the third quarter highlighted the resilience of the U.S. economy. The labor market added 315,000 payroll jobs across the economy generating considerable household income gains.
The U.S. equity market rallied over the fourth quarter, despite tighter monetary policy. It posted positive returns in October and November 2022 while contractionary monetary policy targeted a higher inflation rate. The Fed reiterated their plan in December 2022 to continue tightening monetary policy as inflation remained well above target. Market performance dampened in December 2022.
After consecutive 75 basis point interest rate hikes, the Fed raised the federal funds rate by an additional 50 basis points in December 2022, bringing it to a range of 4.25% to 4.50%. Economic data released later in the quarter showed economic activities slowed down. Concerns regarding an economic recession, and its magnitude remained elevated.
In the first quarter of 2023, the U.S. equity market rallied due to cooling inflation and resilient economic data. In combination with a stronger-than-expected Gross Domestic Product (“GDP”), inflation data led investors to position for slower rate rises from the Fed. The Fed reiterated their commitment to raise the interest rate to bring the inflation rate down in February 2023, especially if macro data continued to come in stronger than expected. Later in the quarter, investors’ attention quickly switched to headline news about the banking sector which led to major sell off in the financial sectors. The overall market calmed after the central banks set out reassuring plans.
The Fed raised the interest rate by 25 basis points in February and March 2023, bringing it to the range of 4.75% and 5.00%. This represented the 9th consecutive interest rate hike. A slight shift in rhetoric was interpreted that the rate hiking cycle is nearing a pause, although Fed Chair Jerome Powell was clear that additional “policy firming” may be required.
In the second quarter of 2023, the U.S. equity market rallied despite concerns over the debt ceiling. Robust gains were supported by resilient economic data and strong performance by large-cap growth stocks. Concerns regarding the U.S. debt ceiling dampened market sentiment in May 2023 before Congress reached an agreement to suspend it. Later in the quarter, markets rallied boosted by the technology sector on the back of enthusiasm over artificial intelligence, and chipmakers.
The Fed raised the interest rate by 25 basis points over the quarter, bringing rates to the range of 5.00% and 5.25%. The Fed signaled that hike pauses will come later in the quarter but expressed the need to retain flexibility to bring inflation down.
Describe recent portfolio activity.
During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.
Describe portfolio positioning at period end.
The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
4 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of July 31, 2023 (continued)
| iShares Russell Mid-Cap Index Fund |
GROWTH OF $10,000 INVESTMENT
The Fund commenced operations on May 13, 2015.
(a) | Assuming transaction costs and other operating expenses, including investment advisory fees, if any. |
(b) | The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Russell Midcap® Index. |
(c) | An index that measures the performance of approximately 800 of the smallest companies in the Russell 1000® Index, which represent approximately 27% of the total market capitalization of the Russell 1000® Index. |
Performance
Average Annual Total Returns(a) | ||||||||||||
1 Year | 5 Years | | Since Inception | (b) | ||||||||
Institutional | 8.72 | % | 8.75 | % | 8.95 | % | ||||||
Investor A | 8.39 | 8.47 | 8.68 | |||||||||
Class K | 8.75 | 8.80 | 9.01 | |||||||||
Russell Midcap® Index | 8.75 | 8.77 | 8.97 |
(a) | See “About Fund Performance” for a detailed description of share classes, including any related fees, and how performance was calculated for certain share classes. |
(b) | The Fund commenced operations on May 13, 2015. |
Past performance is not an indication of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
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|
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| |||||||||||||||||||||||||||||
| Beginning Account Value (02/01/23) | | | Ending Account Value (07/31/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (02/01/23) | | | Ending Account Value (07/31/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||
Institutional | $ 1,000.00 | $ 1,046.60 | $ 0.46 | $ 1,000.00 | $ 1,024.35 | $ 0.45 | 0.09 | % | ||||||||||||||||||||||||
Investor A | 1,000.00 | 1,044.60 | 1.88 | 1,000.00 | 1,022.96 | 1.86 | 0.37 | |||||||||||||||||||||||||
Class K | 1,000.00 | 1,046.70 | 0.25 | 1,000.00 | 1,024.55 | 0.25 | 0.05 |
(a) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). |
See “Disclosure of Expenses” for further information on how expenses were calculated.
FUND SUMMARY | 5 |
Fund Summary as of July 31, 2023 (continued)
| iShares Russell Mid-Cap Index Fund |
Portfolio Information
SECTOR ALLOCATION |
| |||
Sector(a) | Percent of Net Assets | |||
Industrials | 18.4 | % | ||
Financials | 14.3 | |||
Information Technology | 13.1 | |||
Health Care | 11.1 | |||
Consumer Discretionary | 10.4 | |||
Real Estate | 7.6 | |||
Materials | 5.9 | |||
Utilities | 5.3 | |||
Energy | 4.8 | |||
Consumer Staples | 3.7 | |||
Communication Services | 3.6 | |||
Investment Companies | 1.2 | |||
Short-Term Securities | 3.2 | |||
Liabilities in Excess of Other Assets | (2.6 | ) |
(a) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
6 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund |
Investment Objective
iShares Russell Small/Mid-Cap Index Fund’s (the “Fund”) investment objective is to seek to track the performance of the small to mid-cap segment of the U.S. equity universe.
Portfolio Management Commentary
How did the Fund perform?
For the 12-month period ended July 31, 2023, the Fund’s Institutional Shares returned 8.02%, Investor A Shares returned 7.76%, and Class K Shares returned 8.07%. The benchmark Russell 2500TM Index (the “Index”) returned 8.05% for the same period.
Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.
Describe the market environment.
In the third quarter of 2022, the U.S. equity market rallied on the back of softened tone from the Fed signaling slower rate rise in 2023. However, the Fed’s hawkish tone later in the quarter at the Jackson Hole conference reaffirmed its commitment to fighting inflation. In their battle against a high inflation rate, the U.S. congress passed a new bill which aimed to reduce inflation by curbing the deficit.
U.S. economic data showed a decline in growth over the first two quarters of the year, but other economic data released over the third quarter highlighted the resilience of the U.S. economy. The labor market added 315,000 payroll jobs across the economy generating considerable household income gains.
The U.S. equity market rallied over the fourth quarter, despite tighter monetary policy. It posted positive returns in October and November 2022 while contractionary monetary policy targeted a higher inflation rate. The Fed reiterated their plan in December 2022 to continue tightening monetary policy as inflation remained well above target. Market performance dampened in December 2022.
After consecutive 75 basis point interest rate hikes, the Fed raised the federal funds rate by an additional 50 basis points in December 2022, bringing it to a range of 4.25% to 4.50%. Economic data released later in the quarter showed economic activities slowed down. Concerns regarding an economic recession, and its magnitude remained elevated.
In the first quarter of 2023, the U.S. equity market rallied due to cooling inflation and resilient economic data. In combination with a stronger-than-expected Gross Domestic Product (“GDP”), inflation data led investors to position for slower rate rises from the Fed. The Fed reiterated their commitment to raise the interest rate to bring the inflation rate down in February 2023, especially if macro data continued to come in stronger than expected. Later in the quarter, investors’ attention quickly switched to headline news about the banking sector which led to major sell off in the financial sectors. The overall market calmed after the central banks set out reassuring plans.
The Fed raised the interest rate by 25 basis points in February and March 2023, bringing it to the range of 4.75% and 5.00%. This represented the 9th consecutive interest rate hike. A slight shift in rhetoric was interpreted that the rate hiking cycle is nearing a pause, although Fed Chair Jerome Powell was clear that additional “policy firming” may be required.
In the second quarter of 2023, the U.S. equity market rallied despite concerns over the debt ceiling. Robust gains were supported by resilient economic data and strong performance by large-cap growth stocks. Concerns regarding the U.S. debt ceiling dampened market sentiment in May 2023 before Congress reached an agreement to suspend it. Later in the quarter, markets rallied boosted by the technology sector on the back of enthusiasm over artificial intelligence, and chipmakers.
The Fed raised the interest rate by 25 basis points over the quarter, bringing rates to the range of 5.00% and 5.25%. The Fed signaled that hike pauses will come later in the quarter but expressed the need to retain flexibility to bring inflation down.
Describe recent portfolio activity.
During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.
Describe portfolio positioning at period end.
The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
FUND SUMMARY | 7 |
Fund Summary as of July 31, 2023 (continued)
| iShares Russell Small/Mid-Cap Index Fund |
GROWTH OF $10,000 INVESTMENT
The Fund commenced operations on August 13, 2015. |
(a) | Assuming transaction costs and other operating expenses, including investment advisory fees, if any. |
(b) | The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Russell 2500™ Index. |
(c) | An index that measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500™ Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. |
Performance
Average Annual Total Returns(a) | ||||||||||||
1 Year | 5 Years | | Since Inception | (b) | ||||||||
Institutional | 8.02 | % | 7.11 | % | 8.86 | % | ||||||
Investor A | 7.76 | 6.86 | 8.61 | |||||||||
Class K | 8.07 | 7.16 | 8.91 | |||||||||
Russell 2500™ Index | 8.05 | 7.18 | 8.87 |
(a) | See “About Fund Performance” for a detailed description of share classes, including any related fees. |
(b) | The Fund commenced operations on August 13, 2015. |
Past performance is not an indication of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
| Beginning Account Value (02/01/23) | | | Ending Account Value (07/31/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (02/01/23) | | | Ending Account Value (07/31/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||
Institutional | $ 1,000.00 | $ 1,038.50 | $ 0.56 | $ 1,000.00 | $ 1,024.25 | $ 0.55 | 0.11 | % | ||||||||||||||||||||
Investor A | 1,000.00 | 1,036.60 | 1.87 | 1,000.00 | 1,022.96 | 1.86 | 0.37 | |||||||||||||||||||||
Class K | 1,000.00 | 1,038.70 | 0.35 | 1,000.00 | 1,024.45 | 0.35 | 0.07 |
(a) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). |
See “Disclosure of Expenses” for further information on how expenses were calculated.
8 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of July 31, 2023 (continued)
| iShares Russell Small/Mid-Cap Index Fund |
Portfolio Information
SECTOR ALLOCATION |
| |||
Sector(a) | Percent of Net Assets | |||
Industrials | 18.9 | % | ||
Financials | 15.4 | |||
Information Technology | 12.6 | |||
Consumer Discretionary | 12.5 | |||
Health Care | 12.5 | |||
Real Estate | 7.0 | |||
Materials | 5.4 | |||
Energy | 5.1 | |||
Consumer Staples | 3.1 | |||
Communication Services | 2.7 | |||
Utilities | 2.6 | |||
Investment Companies | 1.7 | |||
Short-Term Securities | 9.9 | |||
Liabilities in Excess of Other Assets | (9.4 | ) |
(a) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
FUND SUMMARY | 9 |
Fund Summary as of July 31, 2023
| iShares Total U.S. Stock Market Index Fund |
Investment Objective
iShares Total U.S. Stock Market Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of a broad-based index composed of U.S. equities.
Portfolio Management Commentary
How did the Fund perform?
For the 12-month period ended July 31, 2023, the Fund’s Institutional Shares returned 12.65%, Investor A Shares returned 12.32%, and Class K Shares returned 12.70%. The benchmark Russell 3000® Index (the “Index”) returned 12.65% for the same period.
Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.
Describe the market environment.
In the third quarter of 2022, the U.S. equity market rallied on the back of softened tone from the Fed signaling slower rate rise in 2023. However, the Fed’s hawkish tone later in the quarter at the Jackson Hole conference reaffirmed its commitment to fighting inflation. In their battle against a high inflation rate, the U.S. congress passed a new bill which aimed to reduce inflation by curbing the deficit.
U.S. economic data showed a decline in growth over the first two quarters of the year, but other economic data released over the third quarter highlighted the resilience of the U.S. economy. The labor market added 315,000 payroll jobs across the economy generating considerable household income gains.
The U.S. equity market rallied over the fourth quarter, despite tighter monetary policy. It posted positive returns in October and November 2022 while contractionary monetary policy targeted a higher inflation rate. The Fed reiterated their plan in December 2022 to continue tightening monetary policy as inflation remained well above target. Market performance dampened in December 2022.
After consecutive 75 basis point interest rate hikes, the Fed raised the federal funds rate by an additional 50 basis points in December 2022, bringing it to a range of 4.25% to 4.50%. Economic data released later in the quarter showed economic activities slowed down. Concerns regarding an economic recession, and its magnitude remained elevated.
In the first quarter of 2023, the U.S. equity market rallied due to cooling inflation and resilient economic data. In combination with a stronger-than-expected Gross Domestic Product (“GDP”), inflation data led investors to position for slower rate rises from the Fed. The Fed reiterated their commitment to raise the interest rate to bring the inflation rate down in February 2023, especially if macro data continued to come in stronger than expected. Later in the quarter, investors’ attention quickly switched to headline news about the banking sector which led to major sell off in the financial sectors. The overall market calmed after the central banks set out reassuring plans.
The Fed raised the interest rate by 25 basis points in February and March 2023, bringing it to the range of 4.75% and 5.00%. This represented the 9th consecutive interest rate hike. A slight shift in rhetoric was interpreted that the rate hiking cycle is nearing a pause, although Fed Chair Jerome Powell was clear that additional “policy firming” may be required.
In the second quarter of 2023, the U.S. equity market rallied despite concerns over the debt ceiling. Robust gains were supported by resilient economic data and strong performance by large-cap growth stocks. Concerns regarding the U.S. debt ceiling dampened market sentiment in May 2023 before Congress reached an agreement to suspend it. Later in the quarter, markets rallied boosted by the technology sector on the back of enthusiasm over artificial intelligence, and chipmakers.
The Fed raised the interest rate by 25 basis points over the quarter, bringing rates to the range of 5.00% and 5.25%. The Fed signaled that hike pauses will come later in the quarter but expressed the need to retain flexibility to bring inflation down.
Describe recent portfolio activity.
During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.
Describe portfolio positioning at period end.
The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
10 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of July 31, 2023 (continued)
| iShares Total U.S. Stock Market Index Fund |
GROWTH OF $10,000 INVESTMENT
The Fund commenced operations on August 13, 2015.
(a) | Assuming transaction costs and other operating expenses, including investment advisory fees, if any. |
(b) | The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Russell 3000® Index. |
(c) | An index that measures the performance of the 3,000 largest U.S. companies representing approximately 96% of the investable U.S. equity market. |
Performance
Average Annual Total Returns(a) | ||||||||||||
1 Year | 5 Years | | Since Inception | (b) | ||||||||
Institutional | 12.65 | % | 11.41 | % | 11.89 | % | ||||||
Investor A | 12.32 | 11.16 | 11.62 | |||||||||
Class K | 12.70 | 11.46 | 11.93 | |||||||||
Russell 3000® Index | 12.65 | 11.45 | 11.92 |
(a) | See “About Fund Performance” for a detailed description of share classes, including any related fees. |
(b) | The Fund commenced operations on August 13, 2015. |
Past performance is not an indication of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
| Beginning Account Value (02/01/23) | | | Ending Account Value (07/31/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (02/01/23) | | | Ending Account Value (07/31/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||
Institutional | $ 1,000.00 | $ 1,125.50 | $ 0.37 | $ 1,000.00 | $ 1,024.45 | $ 0.35 | 0.07 | % | ||||||||||||||||||||||||
Investor A | 1,000.00 | 1,124.40 | 1.74 | 1,000.00 | 1,023.16 | 1.66 | 0.33 | |||||||||||||||||||||||||
Class K | 1,000.00 | 1,125.80 | 0.11 | 1,000.00 | 1,024.70 | 0.10 | 0.02 |
(a) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). |
See “Disclosure of Expenses” for further information on how expenses were calculated.
FUND SUMMARY | 11 |
Fund Summary as of July 31, 2023 (continued)
| iShares Total U.S. Stock Market Index Fund |
Portfolio Information
TEN LARGEST HOLDINGS |
| |||
Security | Percent of Net Assets | |||
Apple, Inc. | 6.5 | % | ||
Microsoft Corp. | 5.5 | |||
Amazon.com, Inc. | 2.7 | |||
NVIDIA Corp. | 2.5 | |||
Alphabet, Inc., Class A | 1.7 | |||
Tesla, Inc. | 1.6 | |||
Meta Platforms, Inc., Class A | 1.6 | |||
Alphabet, Inc., Class C | 1.5 | |||
Berkshire Hathaway, Inc., Class B | 1.4 | |||
UnitedHealth Group, Inc. | 1.1 |
SECTOR ALLOCATION |
| |||
Sector(a) | Percent of Net Assets | |||
Information Technology | 26.0 | % | ||
Financials | 13.1 | |||
Health Care | 13.0 | |||
Consumer Discretionary | 10.7 | |||
Industrials | 9.8 | |||
Communication Services | 7.9 | |||
Consumer Staples | 6.0 | |||
Energy | 4.3 | |||
Real Estate | 2.9 | |||
Materials | 2.8 | |||
Utilities | 2.4 | |||
Investment Companies | 0.5 | |||
Short-Term Securities | 4.6 | |||
Liabilities in Excess of Other Assets | (4.0 | ) |
(a) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
12 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors.
Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. These shares are subject to an ongoing service fee of 0.25% per year. These shares are generally available through financial intermediaries. Investor A Shares of iShares Russell Mid-Cap Index Fund performance shown prior to the Investor A Shares inception date of November 30, 2015 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor A Shares fees.
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.
BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver(s) and/or reimbursement(s), each Fund’s performance would have been lower. With respect to each Fund’s voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund’s contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.
Shareholders of each Fund may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
ABOUT FUND PERFORMANCE / DISCLOSURE OF EXPENSES / DERIVATIVE FINANCIAL INSTRUMENTS | 13 |
July 31, 2023
| iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 1.4% | ||||||||
Axon Enterprise, Inc. | 10,904 | $ | 2,027,381 | |||||
BWX Technologies, Inc. | 14,780 | 1,019,820 | ||||||
Curtiss-Wright Corp. | 6,184 | 1,183,370 | ||||||
HEICO Corp. | 7,257 | 1,277,087 | ||||||
HEICO Corp., Class A | 12,743 | 1,788,480 | ||||||
Hexcel Corp. | 13,570 | 959,128 | ||||||
Howmet Aerospace, Inc. | 59,911 | 3,063,849 | ||||||
Huntington Ingalls Industries, Inc. | 6,353 | 1,459,093 | ||||||
Mercury Systems, Inc.(a) | 7,831 | 297,421 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 16,612 | 528,594 | ||||||
Textron, Inc. | 32,515 | 2,528,692 | ||||||
TransDigm Group, Inc. | 8,468 | 7,618,829 | ||||||
Woodward, Inc. | 9,369 | 1,127,840 | ||||||
|
| |||||||
24,879,584 | ||||||||
Air Freight & Logistics — 0.4% | ||||||||
CH Robinson Worldwide, Inc.(b) | 18,791 | 1,882,482 | ||||||
Expeditors International of Washington, Inc. | 24,832 | 3,161,114 | ||||||
GXO Logistics, Inc.(a) | 18,890 | 1,266,952 | ||||||
|
| |||||||
6,310,548 | ||||||||
Automobile Components — 0.6% | ||||||||
Aptiv PLC(a) | 43,652 | 4,779,457 | ||||||
BorgWarner, Inc. | 37,795 | 1,757,467 | ||||||
Gentex Corp. | 37,969 | 1,274,999 | ||||||
Lear Corp. | 9,497 | 1,469,756 | ||||||
Phinia, Inc.(a) | 7,559 | 214,449 | ||||||
QuantumScape Corp.(a)(b) | 41,935 | 558,155 | ||||||
|
| |||||||
10,054,283 | ||||||||
Automobiles — 0.3% | ||||||||
Harley-Davidson, Inc. | 21,826 | 842,702 | ||||||
Lucid Group, Inc.(a)(b) | 120,270 | 915,255 | ||||||
Rivian Automotive, Inc., Class A(a)(b) | 83,893 | 2,318,802 | ||||||
Thor Industries, Inc. | 8,417 | 972,079 | ||||||
|
| |||||||
5,048,838 | ||||||||
Banks — 2.4% | ||||||||
Bank OZK | 18,204 | 796,061 | ||||||
BOK Financial Corp. | 4,599 | 409,679 | ||||||
Citizens Financial Group, Inc. | 78,830 | 2,543,056 | ||||||
Columbia Banking System, Inc. | 34,312 | 766,873 | ||||||
Comerica, Inc. | 21,158 | 1,141,686 | ||||||
Commerce Bancshares, Inc. | 18,372 | 977,023 | ||||||
Cullen/Frost Bankers, Inc. | 9,434 | 1,024,344 | ||||||
East West Bancorp, Inc. | 22,774 | 1,416,770 | ||||||
Fifth Third Bancorp | 110,604 | 3,218,576 | ||||||
First Citizens BancShares, Inc., Class A | 1,773 | 2,537,695 | ||||||
First Hawaiian, Inc. | 20,332 | 420,669 | ||||||
First Horizon Corp. | 85,421 | 1,164,288 | ||||||
FNB Corp. | 57,224 | 731,895 | ||||||
Huntington Bancshares, Inc. | 231,699 | 2,835,996 | ||||||
KeyCorp. | 150,686 | 1,854,945 | ||||||
M&T Bank Corp. | 26,713 | 3,736,080 | ||||||
New York Community Bancorp, Inc. | 114,568 | 1,589,058 | ||||||
NU Holdings Ltd., Class A(a) | 372,531 | 2,965,347 | ||||||
Pinnacle Financial Partners, Inc. | 12,217 | 927,270 | ||||||
Popular, Inc. | 11,339 | 822,644 | ||||||
Prosperity Bancshares, Inc. | 14,190 | 898,511 | ||||||
Regions Financial Corp. | 150,905 | 3,073,935 | ||||||
Synovus Financial Corp. | 23,441 | 794,650 | ||||||
Webster Financial Corp. | 27,924 | 1,321,364 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Western Alliance Bancorp | 17,241 | $ | 895,670 | |||||
Wintrust Financial Corp. | 9,754 | 822,847 | ||||||
Zions Bancorp NA | 23,953 | 916,202 | ||||||
|
| |||||||
40,603,134 | ||||||||
Beverages — 0.4% | ||||||||
Boston Beer Co., Inc., Class A(a) | 1,503 | 558,274 | ||||||
Brown-Forman Corp., Class A | 7,357 | 529,042 | ||||||
Brown-Forman Corp., Class B | 29,630 | 2,091,878 | ||||||
Celsius Holdings, Inc.(a)(b) | 8,778 | 1,270,177 | ||||||
Molson Coors Beverage Co., Class B | 28,256 | 1,971,421 | ||||||
|
| |||||||
6,420,792 | ||||||||
Biotechnology(a) — 2.1% | ||||||||
Alnylam Pharmaceuticals, Inc. | 19,926 | 3,893,540 | ||||||
Apellis Pharmaceuticals, Inc. | 16,098 | 414,523 | ||||||
Biogen, Inc. | 23,198 | 6,267,868 | ||||||
BioMarin Pharmaceutical, Inc. | 29,792 | 2,619,611 | ||||||
Exact Sciences Corp.(b) | 28,272 | 2,757,651 | ||||||
Exelixis, Inc. | 51,968 | 1,024,289 | ||||||
Horizon Therapeutics PLC | 35,895 | 3,599,192 | ||||||
Incyte Corp. | 29,467 | 1,877,637 | ||||||
Ionis Pharmaceuticals, Inc. | 22,901 | 948,788 | ||||||
Karuna Therapeutics, Inc. | 5,740 | 1,146,680 | ||||||
Mirati Therapeutics, Inc.(b) | 7,298 | 220,910 | ||||||
Natera, Inc. | 15,848 | 716,647 | ||||||
Neurocrine Biosciences, Inc. | 15,465 | 1,575,729 | ||||||
Roivant Sciences Ltd. | 39,385 | 471,832 | ||||||
Sarepta Therapeutics, Inc. | 14,440 | 1,565,152 | ||||||
Seagen, Inc. | 22,635 | 4,340,940 | ||||||
Ultragenyx Pharmaceutical, Inc. | 10,630 | 458,366 | ||||||
United Therapeutics Corp. | 7,200 | 1,747,584 | ||||||
|
| |||||||
35,646,939 | ||||||||
Broadline Retail — 0.7% | ||||||||
Coupang, Inc.(a) | 176,945 | 3,211,552 | ||||||
eBay, Inc. | 86,319 | 3,842,059 | ||||||
Etsy, Inc.(a) | 20,184 | 2,051,703 | ||||||
Kohl’s Corp. | 18,477 | 525,671 | ||||||
Macy’s, Inc. | 43,732 | 725,514 | ||||||
Nordstrom, Inc. | 18,392 | 425,039 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(a) | 10,204 | 743,667 | ||||||
|
| |||||||
11,525,205 | ||||||||
Building Products — 2.0% | ||||||||
A O Smith Corp. | 20,194 | 1,466,690 | ||||||
Advanced Drainage Systems, Inc.(b) | 10,199 | 1,244,176 | ||||||
Allegion PLC | 14,145 | 1,652,985 | ||||||
Armstrong World Industries, Inc. | 7,211 | 557,843 | ||||||
AZEK Co., Inc.(a) | 20,061 | 625,903 | ||||||
Builders FirstSource, Inc.(a) | 20,559 | 2,969,336 | ||||||
Carlisle Cos., Inc. | 8,301 | 2,301,037 | ||||||
Carrier Global Corp. | 135,313 | 8,057,889 | ||||||
Fortune Brands Innovations, Inc. | 20,551 | 1,460,560 | ||||||
Hayward Holdings, Inc.(a) | 11,430 | 152,705 | ||||||
Lennox International, Inc. | 5,157 | 1,894,888 | ||||||
Masco Corp. | 36,370 | 2,206,932 | ||||||
Owens Corning | 14,497 | 2,029,435 | ||||||
Trane Technologies PLC | 36,782 | 7,335,802 | ||||||
Trex Co., Inc.(a) | 17,852 | 1,234,287 | ||||||
|
| |||||||
35,190,468 | ||||||||
Capital Markets — 4.4% | ||||||||
Affiliated Managers Group, Inc. | 6,063 | 840,574 | ||||||
Ameriprise Financial, Inc. | 17,033 | 5,935,149 |
14 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023 | iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) | |
|
Security | Shares | Value | ||||||
Capital Markets (continued) | ||||||||
Ares Management Corp., Class A | 25,879 | $ | 2,567,714 | |||||
Bank of New York Mellon Corp. | 127,640 | 5,789,751 | ||||||
Blue Owl Capital, Inc. | 67,633 | 833,239 | ||||||
Carlyle Group, Inc. | 33,479 | 1,193,526 | ||||||
Cboe Global Markets, Inc. | 17,090 | 2,387,131 | ||||||
Coinbase Global, Inc., Class A(a) | 25,777 | 2,541,870 | ||||||
Evercore, Inc., Class A | 5,938 | 801,986 | ||||||
FactSet Research Systems, Inc. | 6,127 | 2,665,490 | ||||||
Franklin Resources, Inc. | 45,974 | 1,344,280 | ||||||
Houlihan Lokey, Inc. | 8,025 | 801,296 | ||||||
Interactive Brokers Group, Inc., Class A | 16,109 | 1,406,799 | ||||||
Invesco Ltd. | 60,408 | 1,014,855 | ||||||
Janus Henderson Group PLC | 22,221 | 652,186 | ||||||
Jefferies Financial Group, Inc. | 31,889 | 1,173,196 | ||||||
KKR & Co., Inc. | 104,325 | 6,194,819 | ||||||
Lazard Ltd., Class A | 17,665 | 620,042 | ||||||
LPL Financial Holdings, Inc. | 12,851 | 2,947,505 | ||||||
MarketAxess Holdings, Inc. | 5,954 | 1,602,936 | ||||||
Morningstar, Inc. | 4,034 | 929,756 | ||||||
MSCI, Inc. | 12,578 | 6,893,750 | ||||||
Nasdaq, Inc. | 55,788 | 2,816,736 | ||||||
Northern Trust Corp. | 33,185 | 2,658,782 | ||||||
Raymond James Financial, Inc. | 31,594 | 3,477,552 | ||||||
Robinhood Markets, Inc., Class A(a) | 107,173 | 1,378,245 | ||||||
SEI Investments Co. | 16,642 | 1,048,280 | ||||||
State Street Corp. | 53,903 | 3,904,733 | ||||||
Stifel Financial Corp. | 16,446 | 1,044,979 | ||||||
T Rowe Price Group, Inc. | 35,525 | 4,378,812 | ||||||
TPG, Inc. | 10,358 | 304,836 | ||||||
Tradeweb Markets, Inc., Class A | 18,528 | 1,515,405 | ||||||
Virtu Financial, Inc., Class A | 15,018 | 278,734 | ||||||
XP, Inc., Class A(a) | 53,625 | 1,448,411 | ||||||
|
| |||||||
75,393,355 | ||||||||
Chemicals — 2.9% | ||||||||
Albemarle Corp. | 18,897 | 4,011,455 | ||||||
Ashland, Inc. | 8,214 | 750,431 | ||||||
Axalta Coating Systems Ltd.(a) | 35,664 | 1,141,248 | ||||||
Celanese Corp. | 15,957 | 2,000,848 | ||||||
CF Industries Holdings, Inc. | 31,609 | 2,594,467 | ||||||
Chemours Co. | 23,852 | 882,047 | ||||||
Corteva, Inc. | 115,800 | 6,534,594 | ||||||
DuPont de Nemours, Inc. | 74,276 | 5,766,046 | ||||||
Eastman Chemical Co. | 19,306 | 1,652,207 | ||||||
Element Solutions, Inc. | 36,704 | 769,316 | ||||||
FMC Corp. | 20,334 | 1,956,741 | ||||||
Ginkgo Bioworks Holdings, Inc.(a) | 247,829 | 622,051 | ||||||
Huntsman Corp. | 29,596 | 881,073 | ||||||
International Flavors & Fragrances, Inc. | 41,150 | 3,481,701 | ||||||
LyondellBasell Industries NV, Class A | 41,492 | 4,101,899 | ||||||
Mosaic Co. | 53,435 | 2,178,011 | ||||||
NewMarket Corp. | 928 | 419,178 | ||||||
Olin Corp. | 20,092 | 1,158,907 | ||||||
PPG Industries, Inc. | 38,161 | 5,491,368 | ||||||
RPM International, Inc. | 20,677 | 2,136,141 | ||||||
Scotts Miracle-Gro Co. | 6,513 | 456,170 | ||||||
Westlake Corp. | 5,391 | 741,262 | ||||||
|
| |||||||
49,727,161 | ||||||||
Commercial Services & Supplies — 1.5% | ||||||||
Cintas Corp. | 14,012 | 7,034,585 | ||||||
Clean Harbors, Inc.(a) | 8,228 | 1,367,987 | ||||||
Copart, Inc.(a) | 68,999 | 6,098,822 |
Security | Shares | Value | ||||||
Commercial Services & Supplies (continued) | ||||||||
Driven Brands Holdings, Inc.(a) | 9,755 | $ | 252,362 | |||||
MSA Safety, Inc. | 5,994 | 995,004 | ||||||
RB Global, Inc. | 29,326 | 1,890,940 | ||||||
Republic Services, Inc. | 33,407 | 5,048,132 | ||||||
Rollins, Inc. | 35,692 | 1,457,304 | ||||||
Stericycle, Inc.(a) | 14,947 | 635,098 | ||||||
Tetra Tech, Inc. | 8,488 | 1,436,254 | ||||||
|
| |||||||
26,216,488 | ||||||||
Communications Equipment — 0.3% | ||||||||
Ciena Corp.(a) | 23,784 | 1,003,685 | ||||||
F5, Inc.(a) | 9,611 | 1,520,845 | ||||||
Juniper Networks, Inc. | 51,588 | 1,434,146 | ||||||
Lumentum Holdings, Inc.(a) | 11,136 | 583,081 | ||||||
Ubiquiti, Inc. | 660 | 117,249 | ||||||
Viasat, Inc.(a) | 11,687 | 361,596 | ||||||
|
| |||||||
5,020,602 | ||||||||
Construction & Engineering — 0.7% | ||||||||
AECOM | 21,332 | 1,855,884 | ||||||
EMCOR Group, Inc. | 7,569 | 1,627,638 | ||||||
MasTec, Inc.(a) | 9,876 | 1,162,899 | ||||||
MDU Resources Group, Inc. | 32,674 | 722,749 | ||||||
Quanta Services, Inc.(b) | 22,973 | 4,631,816 | ||||||
Valmont Industries, Inc. | 3,396 | 899,091 | ||||||
WillScot Mobile Mini Holdings Corp.(a) | 31,750 | 1,522,412 | ||||||
|
| |||||||
12,422,489 | ||||||||
Construction Materials — 0.6% | ||||||||
Eagle Materials, Inc. | 5,818 | 1,072,665 | ||||||
Martin Marietta Materials, Inc. | 10,041 | 4,482,905 | ||||||
Vulcan Materials Co. | 21,452 | 4,730,166 | ||||||
|
| |||||||
10,285,736 | ||||||||
Consumer Finance — 0.7% | ||||||||
Ally Financial, Inc. | 43,682 | 1,334,048 | ||||||
Credit Acceptance Corp.(a)(b) | 1,068 | 594,449 | ||||||
Discover Financial Services | 40,938 | 4,321,006 | ||||||
OneMain Holdings, Inc. | 18,698 | 850,385 | ||||||
SLM Corp. | 39,810 | 644,126 | ||||||
SoFi Technologies, Inc.(a) | 148,086 | 1,695,585 | ||||||
Synchrony Financial | 68,900 | 2,379,806 | ||||||
|
| |||||||
11,819,405 | ||||||||
Consumer Staples Distribution & Retail — 1.3% | ||||||||
Albertsons Cos., Inc., Class A | 67,249 | 1,461,321 | ||||||
BJ’s Wholesale Club Holdings, Inc.(a) | 21,629 | 1,434,219 | ||||||
Casey’s General Stores, Inc. | 5,983 | 1,511,665 | ||||||
Dollar Tree, Inc.(a) | 33,835 | 5,221,756 | ||||||
Grocery Outlet Holding Corp.(a) | 14,478 | 484,289 | ||||||
Kroger Co. | 106,219 | 5,166,492 | ||||||
Performance Food Group Co.(a) | 24,548 | 1,466,988 | ||||||
U.S. Foods Holding Corp.(a) | 34,884 | 1,490,593 | ||||||
Walgreens Boots Alliance, Inc. | 115,700 | 3,467,529 | ||||||
|
| |||||||
21,704,852 | ||||||||
Containers & Packaging — 1.3% | ||||||||
Amcor PLC | 240,382 | 2,466,319 | ||||||
AptarGroup, Inc. | 10,569 | 1,283,711 | ||||||
Ardagh Group SA(a) | 2,789 | 16,539 | ||||||
Ardagh Metal Packaging SA | 24,125 | 91,192 | ||||||
Avery Dennison Corp. | 13,144 | 2,418,627 | ||||||
Ball Corp. | 49,788 | 2,922,058 | ||||||
Berry Global Group, Inc. | 19,933 | 1,307,007 | ||||||
Crown Holdings, Inc. | 17,127 | 1,588,701 | ||||||
Graphic Packaging Holding Co. | 49,366 | 1,194,657 |
SCHEDULE OF INVESTMENTS | 15 |
Schedule of Investments (continued) July 31, 2023 | iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) | |
|
Security | Shares | Value | ||||||
Containers & Packaging (continued) | ||||||||
International Paper Co. | 57,337 | $ | 2,067,572 | |||||
Packaging Corp. of America | 14,286 | 2,190,758 | ||||||
Sealed Air Corp. | 23,535 | 1,073,667 | ||||||
Silgan Holdings, Inc. | 13,681 | 599,912 | ||||||
Sonoco Products Co. | 15,748 | 923,463 | ||||||
Westrock Co. | 40,912 | 1,361,960 | ||||||
|
| |||||||
21,506,143 | ||||||||
Distributors — 0.5% | ||||||||
Genuine Parts Co. | 22,517 | 3,506,347 | ||||||
LKQ Corp. | 43,014 | 2,356,737 | ||||||
Pool Corp. | 6,142 | 2,363,073 | ||||||
|
| |||||||
8,226,157 | ||||||||
Diversified Consumer Services — 0.2% | ||||||||
ADT, Inc. | 33,811 | 215,714 | ||||||
Bright Horizons Family Solutions, Inc.(a)(b) | 9,357 | 907,910 | ||||||
Grand Canyon Education, Inc.(a) | 4,879 | 529,615 | ||||||
H&R Block, Inc. | 24,727 | 831,075 | ||||||
Mister Car Wash, Inc.(a) | 13,579 | 134,839 | ||||||
Service Corp. International | 24,144 | 1,609,198 | ||||||
|
| |||||||
4,228,351 | ||||||||
Diversified REITs — 0.1% | ||||||||
WP Carey, Inc. | 33,923 | 2,290,820 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.1% | ||||||||
ESC GCI Liberty, Inc. (c) | 15,053 | — | ||||||
Frontier Communications Parent, Inc.(a) | 39,683 | 722,627 | ||||||
Iridium Communications, Inc. | 20,130 | 1,057,832 | ||||||
|
| |||||||
1,780,459 | ||||||||
Electric Utilities — 2.6% | ||||||||
Alliant Energy Corp. | 40,479 | 2,175,342 | ||||||
Avangrid, Inc. | 11,464 | 425,085 | ||||||
Constellation Energy Corp. | 52,728 | 5,096,161 | ||||||
Edison International | 60,943 | 4,385,458 | ||||||
Entergy Corp. | 34,186 | 3,510,902 | ||||||
Evergy, Inc. | 35,891 | 2,152,383 | ||||||
Eversource Energy | 55,645 | 4,024,803 | ||||||
FirstEnergy Corp. | 87,680 | 3,453,715 | ||||||
Hawaiian Electric Industries, Inc. | 17,713 | 680,002 | ||||||
IDACORP, Inc. | 8,150 | 837,983 | ||||||
NRG Energy, Inc. | 37,261 | 1,415,546 | ||||||
OGE Energy Corp. | 32,234 | 1,165,259 | ||||||
PG&E Corp.(a) | 290,992 | 5,124,369 | ||||||
Pinnacle West Capital Corp. | 18,223 | 1,509,229 | ||||||
PPL Corp. | 118,994 | 3,275,905 | ||||||
Xcel Energy, Inc. | 88,312 | 5,539,812 | ||||||
|
| |||||||
44,771,954 | ||||||||
Electrical Equipment — 1.4% | ||||||||
Acuity Brands, Inc. | 5,201 | 859,413 | ||||||
AMETEK, Inc. | 37,308 | 5,917,049 | ||||||
ChargePoint Holdings, Inc.(a)(b) | 40,775 | 353,111 | ||||||
Generac Holdings, Inc.(a) | 10,068 | 1,547,452 | ||||||
Hubbell, Inc. | 8,644 | 2,696,928 | ||||||
nVent Electric PLC | 26,665 | 1,410,045 | ||||||
Plug Power, Inc.(a)(b) | 84,332 | 1,106,436 | ||||||
Regal Rexnord Corp. | 10,532 | 1,644,888 | ||||||
Rockwell Automation, Inc. | 18,600 | 6,254,994 | ||||||
Sensata Technologies Holding PLC | 24,407 | 1,031,196 |
Security | Shares | Value | ||||||
Electrical Equipment (continued) | ||||||||
Sunrun, Inc.(a)(b) | 33,944 | $ | 644,257 | |||||
Vertiv Holdings Co. | 49,553 | 1,288,873 | ||||||
|
| |||||||
24,754,642 | ||||||||
Electronic Equipment, Instruments & Components — 2.3% | ||||||||
Amphenol Corp., Class A | 94,769 | 8,369,050 | ||||||
Arrow Electronics, Inc.(a) | 9,249 | 1,318,352 | ||||||
Avnet, Inc. | 14,825 | 719,013 | ||||||
CDW Corp. | 21,920 | 4,100,574 | ||||||
Cognex Corp. | 28,048 | 1,531,982 | ||||||
Coherent Corp.(a) | 19,333 | 915,611 | ||||||
Corning, Inc. | 122,848 | 4,169,461 | ||||||
IPG Photonics Corp.(a) | 5,329 | 700,497 | ||||||
Jabil, Inc. | 21,093 | 2,334,362 | ||||||
Keysight Technologies, Inc.(a) | 28,659 | 4,616,392 | ||||||
Littelfuse, Inc. | 3,909 | 1,190,681 | ||||||
National Instruments Corp. | 21,111 | 1,245,549 | ||||||
TD SYNNEX Corp. | 6,709 | 662,245 | ||||||
Teledyne Technologies, Inc.(a) | 7,516 | 2,890,128 | ||||||
Trimble, Inc.(a) | 39,745 | 2,138,281 | ||||||
Vontier Corp. | 25,719 | 795,489 | ||||||
Zebra Technologies Corp., Class A(a) | 8,330 | 2,565,307 | ||||||
|
| |||||||
40,262,974 | ||||||||
Energy Equipment & Services — 0.8% | ||||||||
Baker Hughes Co. | 163,633 | 5,856,425 | ||||||
Halliburton Co. | 145,075 | 5,669,531 | ||||||
NOV, Inc. | 63,179 | 1,268,634 | ||||||
TechnipFMC PLC | 70,866 | 1,299,683 | ||||||
|
| |||||||
14,094,273 | ||||||||
Entertainment — 1.7% | ||||||||
AMC Entertainment Holdings, Inc., | 82,273 | 408,897 | ||||||
Electronic Arts, Inc. | 44,252 | 6,033,760 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A(a) | 3,400 | 218,552 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C(a) | 31,314 | 2,273,396 | ||||||
Live Nation Entertainment, Inc.(a) | 25,174 | 2,209,019 | ||||||
Madison Square Garden Sports Corp. | 3,018 | 642,080 | ||||||
Playtika Holding Corp.(a) | 3,804 | 45,420 | ||||||
ROBLOX Corp., Class A(a) | 74,141 | 2,910,034 | ||||||
Roku, Inc.(a) | 19,656 | 1,892,283 | ||||||
Spotify Technology SA(a) | 22,600 | 3,376,666 | ||||||
Take-Two Interactive Software, Inc.(a) | 26,683 | 4,080,898 | ||||||
Warner Bros Discovery, Inc., Class A(a) | 355,878 | 4,651,325 | ||||||
World Wrestling Entertainment, Inc., Class A | 7,002 | 735,210 | ||||||
|
| |||||||
29,477,540 | ||||||||
Financial Services — 2.2% | ||||||||
Affirm Holdings, Inc.(a) | 36,128 | 700,522 | ||||||
Apollo Global Management, Inc. | 84,271 | 6,885,783 | ||||||
Block, Inc.(a) | 87,575 | 7,052,415 | ||||||
Equitable Holdings, Inc. | 59,500 | 1,707,055 | ||||||
Euronet Worldwide, Inc.(a) | 7,661 | 673,172 | ||||||
Fidelity National Information Services, Inc. | 95,625 | 5,773,837 | ||||||
FleetCor Technologies, Inc.(a) | 11,591 | 2,885,116 | ||||||
Global Payments, Inc. | 42,158 | 4,647,920 | ||||||
Jack Henry & Associates, Inc. | 11,716 | 1,963,250 | ||||||
MGIC Investment Corp. | 47,014 | 787,014 | ||||||
Rocket Cos., Inc., Class A(a) | 19,111 | 208,883 | ||||||
Shift4 Payments, Inc., Class A(a) | 8,164 | 563,234 | ||||||
TFS Financial Corp. | 7,886 | 114,426 | ||||||
Toast, Inc., Class A(a) | 57,193 | 1,262,250 | ||||||
UWM Holdings Corp.(b) | 14,183 | 93,040 |
16 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Financial Services (continued) | ||||||||
Voya Financial, Inc. | 15,710 | $ | 1,166,625 | |||||
Western Union Co. | 48,164 | 586,638 | ||||||
WEX, Inc.(a) | 7,024 | 1,329,994 | ||||||
|
| |||||||
38,401,174 | ||||||||
Food Products — 1.6% | ||||||||
Bunge Ltd. | 24,113 | 2,620,360 | ||||||
Campbell Soup Co. | 31,294 | 1,433,891 | ||||||
Conagra Brands, Inc. | 75,996 | 2,493,429 | ||||||
Darling Ingredients, Inc.(a) | 25,828 | 1,788,589 | ||||||
Flowers Foods, Inc. | 30,403 | 751,258 | ||||||
Freshpet, Inc.(a)(b) | 7,429 | 546,329 | ||||||
Hormel Foods Corp. | 46,409 | 1,897,200 | ||||||
Ingredion, Inc. | 10,586 | 1,177,798 | ||||||
J M Smucker Co. | 16,642 | 2,507,117 | ||||||
Kellogg Co. | 41,163 | 2,753,393 | ||||||
Lamb Weston Holdings, Inc. | 23,267 | 2,411,159 | ||||||
McCormick & Co., Inc. | 40,473 | 3,621,524 | ||||||
Pilgrim’s Pride Corp.(a) | 7,712 | 191,026 | ||||||
Post Holdings, Inc.(a) | 8,707 | 742,707 | ||||||
Seaboard Corp. | 40 | 144,200 | ||||||
Tyson Foods, Inc., Class A | 45,359 | 2,527,404 | ||||||
|
| |||||||
27,607,384 | ||||||||
Gas Utilities — 0.3% | ||||||||
Atmos Energy Corp. | 22,943 | 2,792,393 | ||||||
National Fuel Gas Co. | 14,221 | 755,277 | ||||||
UGI Corp. | 33,794 | 912,100 | ||||||
|
| |||||||
4,459,770 | ||||||||
Ground Transportation — 1.1% | ||||||||
Avis Budget Group, Inc.(a) | 3,299 | 726,737 | ||||||
Hertz Global Holdings, Inc.(a) | 21,705 | 365,729 | ||||||
JB Hunt Transport Services, Inc. | 13,305 | 2,713,422 | ||||||
Knight-Swift Transportation Holdings, Inc. | 25,182 | 1,529,807 | ||||||
Landstar System, Inc. | 5,765 | 1,173,696 | ||||||
Lyft, Inc., Class A(a)(b) | 52,387 | 665,839 | ||||||
Old Dominion Freight Line, Inc. | 15,933 | 6,683,734 | ||||||
Ryder System, Inc. | 7,914 | 808,415 | ||||||
Saia, Inc.(a) | 4,287 | 1,814,001 | ||||||
Schneider National, Inc., Class B | 8,698 | 267,985 | ||||||
U-Haul Holding Co. | 14,643 | 843,037 | ||||||
XPO, Inc.(a) | 18,388 | 1,273,185 | ||||||
|
| |||||||
18,865,587 | ||||||||
Health Care Equipment & Supplies — 3.5% | ||||||||
Align Technology, Inc.(a) | 12,330 | 4,659,384 | ||||||
Baxter International, Inc. | 81,646 | 3,692,849 | ||||||
Cooper Cos., Inc. | 7,843 | 3,068,652 | ||||||
DENTSPLY SIRONA, Inc. | 34,504 | 1,432,606 | ||||||
Dexcom, Inc.(a)(b) | 62,362 | 7,767,811 | ||||||
Enovis Corp.(a) | 8,059 | 514,970 | ||||||
Envista Holdings Corp.(a) | 26,307 | 905,224 | ||||||
Globus Medical, Inc., Class A(a) | 12,442 | 749,879 | ||||||
Hologic, Inc.(a) | 39,363 | 3,126,210 | ||||||
ICU Medical, Inc.(a)(b) | 3,283 | 584,965 | ||||||
IDEXX Laboratories, Inc.(a) | 13,306 | 7,381,237 | ||||||
Inspire Medical Systems, Inc.(a) | 4,641 | 1,335,726 | ||||||
Insulet Corp.(a)(b) | 11,114 | 3,075,800 | ||||||
Integra LifeSciences Holdings Corp.(a) | 11,797 | 536,410 | ||||||
Masimo Corp.(a)(b) | 7,658 | 936,573 | ||||||
Novocure Ltd.(a) | 16,689 | 544,729 | ||||||
Penumbra, Inc.(a) | 5,756 | 1,746,140 | ||||||
QuidelOrtho Corp.(a) | 7,931 | 692,852 |
Security | Shares | Value | ||||||
Health Care Equipment & Supplies (continued) | ||||||||
ResMed, Inc. | 23,400 | $ | 5,202,990 | |||||
Shockwave Medical, Inc.(a) | 5,854 | 1,525,552 | ||||||
STERIS PLC | 16,111 | 3,633,836 | ||||||
Tandem Diabetes Care, Inc.(a) | 10,424 | 364,006 | ||||||
Teleflex, Inc. | 7,602 | 1,909,394 | ||||||
Zimmer Biomet Holdings, Inc. | 33,994 | 4,696,271 | ||||||
|
| |||||||
60,084,066 | ||||||||
Health Care Providers & Services — 1.6% | ||||||||
Acadia Healthcare Co., Inc.(a) | 14,387 | 1,137,005 | ||||||
agilon health, Inc.(a) | 42,162 | 807,402 | ||||||
Amedisys, Inc.(a) | 5,090 | 462,376 | ||||||
AmerisourceBergen Corp. | 26,324 | 4,919,956 | ||||||
Cardinal Health, Inc. | 41,722 | 3,816,311 | ||||||
Chemed Corp. | 2,358 | 1,228,730 | ||||||
DaVita, Inc.(a) | 9,041 | 922,092 | ||||||
Encompass Health Corp. | 15,839 | 1,045,849 | ||||||
Henry Schein, Inc.(a)(b) | 21,042 | 1,657,899 | ||||||
Laboratory Corp. of America Holdings | 14,297 | 3,058,557 | ||||||
Molina Healthcare, Inc.(a) | 9,247 | 2,815,619 | ||||||
Premier, Inc., Class A | 19,211 | 533,105 | ||||||
Quest Diagnostics, Inc. | 18,072 | 2,443,515 | ||||||
R1 RCM, Inc.(a)(b) | 24,678 | 426,436 | ||||||
Tenet Healthcare Corp.(a) | 17,175 | 1,283,488 | ||||||
Universal Health Services, Inc., Class B | 10,015 | 1,391,684 | ||||||
|
| |||||||
27,950,024 | ||||||||
Health Care REITs — 0.9% | ||||||||
Healthcare Realty Trust, Inc. | 61,202 | 1,195,275 | ||||||
Healthpeak Properties, Inc. | 88,220 | 1,925,843 | ||||||
Medical Properties Trust, Inc. | 96,386 | 972,535 | ||||||
Omega Healthcare Investors, Inc. | 37,972 | 1,211,307 | ||||||
Ventas, Inc. | 64,801 | 3,144,144 | ||||||
Welltower, Inc. | 80,269 | 6,594,098 | ||||||
|
| |||||||
15,043,202 | ||||||||
Health Care Technology — 0.4% | ||||||||
Certara, Inc.(a)(b) | 19,040 | 370,709 | ||||||
Doximity, Inc., Class A(a)(b) | 18,265 | 652,609 | ||||||
Teladoc Health, Inc.(a) | 26,164 | 778,902 | ||||||
Veeva Systems, Inc., Class A(b) | 23,391 | 4,776,910 | ||||||
|
| |||||||
6,579,130 | ||||||||
Hotel & Resort REITs — 0.2% | ||||||||
Host Hotels & Resorts, Inc. | 114,526 | 2,107,279 | ||||||
Park Hotels & Resorts, Inc. | 36,053 | 491,402 | ||||||
|
| |||||||
2,598,681 | ||||||||
Hotels, Restaurants & Leisure — 3.3% | ||||||||
Aramark | 38,045 | 1,535,877 | ||||||
Boyd Gaming Corp. | 12,396 | 846,895 | ||||||
Caesars Entertainment, Inc.(a) | 33,118 | 1,954,624 | ||||||
Carnival Corp.(a) | 157,485 | 2,967,018 | ||||||
Choice Hotels International, Inc. | 5,255 | 687,091 | ||||||
Churchill Downs, Inc. | 11,516 | 1,334,129 | ||||||
Darden Restaurants, Inc. | 19,764 | 3,338,535 | ||||||
Domino’s Pizza, Inc. | 5,695 | 2,259,434 | ||||||
DoorDash, Inc., Class A(a) | 48,726 | 4,423,834 | ||||||
DraftKings, Inc., Class A(a) | 67,503 | 2,145,245 | ||||||
Expedia Group, Inc.(a) | 23,191 | 2,841,593 | ||||||
Hilton Worldwide Holdings, Inc. | 41,527 | 6,457,033 | ||||||
Hyatt Hotels Corp., Class A(b) | 7,678 | 970,115 | ||||||
Marriott Vacations Worldwide Corp. | 6,071 | 780,184 | ||||||
MGM Resorts International | 48,427 | 2,458,639 | ||||||
Norwegian Cruise Line Holdings Ltd.(a)(b) | 67,732 | 1,494,845 |
SCHEDULE OF INVESTMENTS | 17 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
Penn Entertainment, Inc.(a)(b) | 25,119 | $ | 660,379 | |||||
Planet Fitness, Inc., Class A(a) | 13,484 | 910,709 | ||||||
Royal Caribbean Cruises Ltd.(a) | 37,798 | 4,124,140 | ||||||
Texas Roadhouse, Inc. | 10,792 | 1,203,848 | ||||||
Travel & Leisure Co. | 12,695 | 517,067 | ||||||
Vail Resorts, Inc. | 6,493 | 1,529,037 | ||||||
Wendy’s Co. | 27,831 | 598,088 | ||||||
Wingstop, Inc. | 4,835 | 815,084 | ||||||
Wyndham Hotels & Resorts, Inc. | 14,049 | 1,094,698 | ||||||
Wynn Resorts Ltd. | 16,887 | 1,840,345 | ||||||
Yum! Brands, Inc. | 45,289 | 6,234,937 | ||||||
|
| |||||||
56,023,423 | ||||||||
Household Durables — 1.6% | ||||||||
D.R. Horton, Inc. | 50,262 | 6,384,279 | ||||||
Garmin Ltd. | 24,889 | 2,635,496 | ||||||
Leggett & Platt, Inc. | 21,672 | 634,123 | ||||||
Lennar Corp., B Shares | 2,508 | 288,194 | ||||||
Lennar Corp., Class A | 40,349 | 5,117,464 | ||||||
Mohawk Industries, Inc.(a) | 8,536 | 907,718 | ||||||
Newell Brands, Inc. | 61,359 | 684,766 | ||||||
NVR, Inc.(a) | 475 | 2,995,559 | ||||||
PulteGroup, Inc. | 36,591 | 3,087,914 | ||||||
Tempur Sealy International, Inc. | 26,750 | 1,193,853 | ||||||
Toll Brothers, Inc. | 17,845 | 1,433,489 | ||||||
TopBuild Corp.(a) | 5,158 | 1,412,931 | ||||||
Whirlpool Corp. | 8,610 | 1,242,079 | ||||||
|
| |||||||
28,017,865 | ||||||||
Household Products — 0.4% | ||||||||
Church & Dwight Co., Inc. | 39,369 | 3,766,432 | ||||||
Clorox Co. | 19,895 | 3,013,695 | ||||||
Reynolds Consumer Products, Inc. | 8,665 | 239,847 | ||||||
Spectrum Brands Holdings, Inc. | 6,343 | 497,355 | ||||||
|
| |||||||
7,517,329 | ||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
AES Corp. | 107,710 | 2,329,767 | ||||||
Brookfield Renewable Corp., Class A | 20,800 | 648,336 | ||||||
Clearway Energy, Inc., Class A | 5,595 | 138,029 | ||||||
Clearway Energy, Inc., Class C | 13,222 | 349,193 | ||||||
Vistra Corp. | 60,608 | 1,700,660 | ||||||
|
| |||||||
5,165,985 | ||||||||
Industrial REITs — 0.4% | ||||||||
Americold Realty Trust, Inc. | 43,386 | 1,406,574 | ||||||
EastGroup Properties, Inc. | 6,642 | 1,176,830 | ||||||
First Industrial Realty Trust, Inc. | 21,267 | 1,099,504 | ||||||
Rexford Industrial Realty, Inc. | 31,561 | 1,738,695 | ||||||
STAG Industrial, Inc. | 28,986 | 1,052,192 | ||||||
|
| |||||||
6,473,795 | ||||||||
Insurance — 4.4% | ||||||||
Aflac, Inc. | 97,225 | 7,033,257 | ||||||
Allstate Corp. | 42,681 | 4,809,295 | ||||||
American Financial Group, Inc. | 11,745 | 1,428,309 | ||||||
Arch Capital Group Ltd.(a) | 57,402 | 4,459,561 | ||||||
Arthur J Gallagher & Co. | 34,204 | 7,347,019 | ||||||
Assurant, Inc. | 8,470 | 1,139,300 | ||||||
Assured Guaranty Ltd. | 9,169 | 548,123 | ||||||
Axis Capital Holdings Ltd. | 12,668 | 698,260 | ||||||
Brighthouse Financial, Inc.(a) | 10,923 | 569,416 | ||||||
Brown & Brown, Inc. | 38,408 | 2,705,844 | ||||||
Cincinnati Financial Corp. | 24,750 | 2,662,605 |
Security | Shares | Value | ||||||
Insurance (continued) | ||||||||
CNA Financial Corp. | 4,427 | $ | 173,361 | |||||
Everest Group Ltd. | 6,855 | 2,471,296 | ||||||
Fidelity National Financial, Inc. | 41,930 | 1,642,398 | ||||||
First American Financial Corp. | 16,314 | 1,033,981 | ||||||
Globe Life, Inc. | 14,514 | 1,628,035 | ||||||
Hanover Insurance Group, Inc. | 5,753 | 652,850 | ||||||
Hartford Financial Services Group, Inc. | 49,184 | 3,535,346 | ||||||
Kemper Corp. | 10,379 | 529,018 | ||||||
Kinsale Capital Group, Inc. | 3,523 | 1,312,776 | ||||||
Lincoln National Corp. | 27,746 | 777,998 | ||||||
Loews Corp. | 30,564 | 1,914,835 | ||||||
Markel Group, Inc.(a) | 2,139 | 3,100,930 | ||||||
Old Republic International Corp. | 45,067 | 1,242,497 | ||||||
Primerica, Inc. | 5,926 | 1,260,460 | ||||||
Principal Financial Group, Inc. | 39,318 | 3,140,329 | ||||||
Prudential Financial, Inc. | 59,463 | 5,737,585 | ||||||
Reinsurance Group of America, Inc. | 10,786 | 1,513,815 | ||||||
RenaissanceRe Holdings Ltd. | 7,950 | 1,484,742 | ||||||
RLI Corp. | 6,492 | 866,098 | ||||||
Ryan Specialty Holdings, Inc.(a) | 14,758 | 639,612 | ||||||
Unum Group | 32,266 | 1,568,450 | ||||||
W.R. Berkley Corp. | 33,266 | 2,052,180 | ||||||
White Mountains Insurance Group Ltd.(b) | 409 | 632,731 | ||||||
Willis Towers Watson PLC | 17,380 | 3,672,915 | ||||||
|
| |||||||
75,985,227 | ||||||||
Interactive Media & Services(a) — 0.4% | ||||||||
IAC, Inc.(b) | 12,503 | 870,209 | ||||||
Match Group, Inc. | 44,994 | 2,092,671 | ||||||
Pinterest, Inc., Class A | 95,891 | 2,779,880 | ||||||
TripAdvisor, Inc. | 16,518 | 308,060 | ||||||
ZoomInfo Technologies, Inc., CLass A | 50,361 | 1,287,731 | ||||||
|
| |||||||
7,338,551 | ||||||||
IT Services — 2.0% | ||||||||
Akamai Technologies, Inc.(a) | 25,007 | 2,363,162 | ||||||
Amdocs Ltd. | 19,230 | 1,800,697 | ||||||
Cloudflare, Inc., Class A(a) | 45,658 | 3,139,901 | ||||||
Cognizant Technology Solutions Corp., Class A | 82,056 | 5,418,158 | ||||||
DXC Technology Co.(a) | 37,234 | 1,029,520 | ||||||
EPAM Systems, Inc.(a) | 8,861 | 2,098,373 | ||||||
Gartner, Inc.(a) | 12,392 | 4,381,687 | ||||||
Globant SA(a) | 6,582 | 1,150,073 | ||||||
GoDaddy, Inc., Class A(a) | 25,261 | 1,947,370 | ||||||
Kyndryl Holdings, Inc.(a) | 32,978 | 450,479 | ||||||
MongoDB, Inc.(a) | 10,706 | 4,532,920 | ||||||
Okta, Inc.(a) | 24,632 | 1,893,216 | ||||||
Twilio, Inc., Class A(a)(b) | 28,120 | 1,856,764 | ||||||
VeriSign, Inc.(a) | 14,617 | 3,083,456 | ||||||
|
| |||||||
35,145,776 | ||||||||
Leisure Products — 0.3% | ||||||||
Brunswick Corp. | 11,697 | 1,009,568 | ||||||
Hasbro, Inc. | 21,212 | 1,369,447 | ||||||
Mattel, Inc.(a) | 56,829 | 1,210,458 | ||||||
Peloton Interactive, Inc., Class A(a)(b) | 49,669 | 482,286 | ||||||
Polaris, Inc. | 8,905 | 1,209,655 | ||||||
YETI Holdings, Inc.(a) | 13,729 | 584,855 | ||||||
|
| |||||||
5,866,269 | ||||||||
Life Sciences Tools & Services — 3.0% | ||||||||
10X Genomics, Inc., Class A(a) | 14,943 | 941,110 | ||||||
Agilent Technologies, Inc. | 47,898 | 5,832,540 | ||||||
Avantor, Inc.(a) | 108,950 | 2,241,102 |
18 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Life Sciences Tools & Services (continued) | ||||||||
Azenta, Inc.(a) | 11,789 | $ | 553,847 | |||||
Bio-Rad Laboratories, Inc., Class A(a) | 3,451 | 1,398,897 | ||||||
Bio-Techne Corp. | 25,116 | 2,094,674 | ||||||
Bruker Corp. | 17,267 | 1,186,588 | ||||||
Charles River Laboratories International, | 8,139 | 1,705,446 | ||||||
Fortrea Holdings, Inc.(a) | 14,297 | 456,932 | ||||||
ICON PLC(a) | 13,161 | 3,308,807 | ||||||
Illumina, Inc.(a) | 25,537 | 4,906,935 | ||||||
IQVIA Holdings, Inc.(a)(b) | 29,779 | 6,663,349 | ||||||
Maravai LifeSciences Holdings, Inc., | 18,001 | 203,591 | ||||||
Medpace Holdings, Inc.(a) | 3,761 | 952,172 | ||||||
Mettler-Toledo International, Inc.(a) | 3,518 | 4,423,780 | ||||||
QIAGEN NV(a) | 36,770 | 1,721,571 | ||||||
Repligen Corp.(a) | 8,927 | 1,531,516 | ||||||
Revvity, Inc. | 20,363 | 2,503,631 | ||||||
Sotera Health Co.(a) | 15,853 | 300,890 | ||||||
Syneos Health, Inc.(a) | 16,701 | 708,290 | ||||||
Waters Corp.(a) | 9,536 | 2,633,939 | ||||||
West Pharmaceutical Services, Inc. | 11,955 | 4,399,918 | ||||||
|
| |||||||
50,669,525 | ||||||||
Machinery — 4.6% | ||||||||
AGCO Corp. | 10,019 | 1,333,529 | ||||||
Allison Transmission Holdings, Inc. | 15,013 | 881,113 | ||||||
CNH Industrial NV | 157,817 | 2,266,252 | ||||||
Crane Co. | 7,691 | 720,570 | ||||||
Crane NXT Co. | 7,488 | 442,915 | ||||||
Cummins, Inc. | 22,829 | 5,953,803 | ||||||
Donaldson Co., Inc. | 19,635 | 1,233,667 | ||||||
Dover Corp. | 22,615 | 3,301,112 | ||||||
Esab Corp. | 9,062 | 622,559 | ||||||
Flowserve Corp. | 21,201 | 800,550 | ||||||
Fortive Corp. | 57,403 | 4,497,525 | ||||||
Gates Industrial Corp. PLC(a) | 19,456 | 264,991 | ||||||
Graco, Inc. | 27,093 | 2,149,288 | ||||||
IDEX Corp. | 12,264 | 2,769,334 | ||||||
Ingersoll Rand, Inc. | 65,839 | 4,297,311 | ||||||
ITT, Inc. | 13,478 | 1,342,409 | ||||||
Lincoln Electric Holdings, Inc. | 9,043 | 1,815,021 | ||||||
Middleby Corp.(a) | 8,631 | 1,310,617 | ||||||
Nordson Corp. | 9,233 | 2,323,115 | ||||||
Oshkosh Corp. | 10,651 | 980,638 | ||||||
Otis Worldwide Corp. | 66,775 | 6,073,854 | ||||||
PACCAR, Inc. | 82,849 | 7,135,784 | ||||||
Parker-Hannifin Corp. | 20,712 | 8,492,127 | ||||||
Pentair PLC | 26,560 | 1,845,920 | ||||||
RBC Bearings, Inc.(a) | 4,563 | 1,031,466 | ||||||
Snap-on, Inc. | 8,488 | 2,312,471 | ||||||
Stanley Black & Decker, Inc. | 23,839 | 2,366,498 | ||||||
Timken Co. | 9,938 | 922,843 | ||||||
Toro Co. | 16,845 | 1,712,294 | ||||||
Westinghouse Air Brake Technologies Corp. | 29,225 | 3,461,409 | ||||||
Xylem, Inc. | 38,122 | 4,298,255 | ||||||
|
| |||||||
78,959,240 | ||||||||
Marine Transportation — 0.0% | ||||||||
Kirby Corp.(a) | 9,726 | 792,475 | ||||||
|
| |||||||
Media — 1.4% | ||||||||
Cable One, Inc. | 941 | 681,227 | ||||||
DISH Network Corp., Class A(a)(b) | 39,886 | 316,296 | ||||||
Fox Corp., Class A | 47,309 | 1,582,486 | ||||||
Fox Corp., Class B | 22,673 | 712,159 |
Security | Shares | Value | ||||||
Media (continued) | ||||||||
Interpublic Group of Cos., Inc. | 62,642 | $ | 2,144,236 | |||||
Liberty Broadband Corp., Class A(a) | 2,963 | 263,203 | ||||||
Liberty Broadband Corp., Class C(a) | 19,247 | 1,715,485 | ||||||
Liberty Media Corp.-Liberty SiriusXM, | 11,947 | 378,720 | ||||||
Liberty Media Corp.-Liberty SiriusXM, | 25,189 | 801,766 | ||||||
New York Times Co., Class A | 26,242 | 1,069,624 | ||||||
News Corp., Class A | 61,358 | 1,216,116 | ||||||
News Corp., Class B | 19,502 | 392,185 | ||||||
Nexstar Media Group, Inc., Class A | 5,858 | 1,093,806 | ||||||
Omnicom Group, Inc. | 32,395 | 2,741,265 | ||||||
Paramount Global, Class A(b) | 1,521 | 29,294 | ||||||
Paramount Global, Class B(b) | 93,103 | 1,492,441 | ||||||
Sirius XM Holdings, Inc.(b) | 114,638 | 584,654 | ||||||
Trade Desk, Inc., Class A(a) | 71,063 | 6,485,209 | ||||||
|
| |||||||
23,700,172 | ||||||||
Metals & Mining — 1.1% | ||||||||
Alcoa Corp. | 28,537 | 1,032,754 | ||||||
Cleveland-Cliffs, Inc.(a) | 82,488 | 1,455,913 | ||||||
MP Materials Corp.(a) | 14,443 | 344,466 | ||||||
Nucor Corp. | 40,665 | 6,998,040 | ||||||
Reliance Steel & Aluminum Co. | 9,427 | 2,760,791 | ||||||
Royal Gold, Inc. | 10,578 | 1,270,841 | ||||||
SSR Mining, Inc. | 32,792 | 477,451 | ||||||
Steel Dynamics, Inc. | 25,941 | 2,764,792 | ||||||
U.S. Steel Corp. | 36,952 | 942,276 | ||||||
|
| |||||||
18,047,324 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.2% | ||||||||
AGNC Investment Corp. | 92,359 | 941,138 | ||||||
Annaly Capital Management, Inc. | 79,706 | 1,601,294 | ||||||
Rithm Capital Corp. | 70,724 | 712,898 | ||||||
Starwood Property Trust, Inc. | 47,341 | 981,852 | ||||||
|
| |||||||
4,237,182 | ||||||||
Multi-Utilities — 1.8% | ||||||||
Ameren Corp. | 41,557 | 3,560,188 | ||||||
CenterPoint Energy, Inc. | 102,278 | 3,077,545 | ||||||
CMS Energy Corp. | 46,745 | 2,854,717 | ||||||
Consolidated Edison, Inc. | 56,049 | 5,316,808 | ||||||
DTE Energy Co. | 33,275 | 3,803,333 | ||||||
NiSource, Inc. | 65,769 | 1,831,009 | ||||||
Public Service Enterprise Group, Inc. | 80,658 | 5,091,133 | ||||||
WEC Energy Group, Inc. | 51,137 | 4,595,171 | ||||||
|
| |||||||
30,129,904 | ||||||||
Office REITs — 0.4% | ||||||||
Alexandria Real Estate Equities, Inc. | 27,737 | 3,485,986 | ||||||
Boston Properties, Inc. | 25,300 | 1,685,739 | ||||||
Cousins Properties, Inc. | 24,765 | 605,009 | ||||||
Highwoods Properties, Inc. | 16,462 | 415,995 | ||||||
Kilroy Realty Corp. | 18,992 | 678,014 | ||||||
Vornado Realty Trust | 28,087 | 631,396 | ||||||
|
| |||||||
7,502,139 | ||||||||
Oil, Gas & Consumable Fuels — 4.0% | ||||||||
Antero Midstream Corp. | 54,977 | 656,425 | ||||||
Antero Resources Corp.(a) | 45,786 | 1,224,776 | ||||||
APA Corp. | 51,718 | 2,094,062 | ||||||
Cheniere Energy, Inc. | 39,169 | 6,339,894 | ||||||
Chesapeake Energy Corp. | 19,549 | 1,648,763 | ||||||
Coterra Energy, Inc. | 122,277 | 3,367,509 | ||||||
Devon Energy Corp. | 103,528 | 5,590,512 | ||||||
Diamondback Energy, Inc. | 29,026 | 4,276,110 | ||||||
DT Midstream, Inc.(a) | 15,740 | 842,405 |
SCHEDULE OF INVESTMENTS | 19 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
EQT Corp. | 59,603 | $ | 2,514,055 | |||||
Hess Corp. | 44,891 | 6,811,311 | ||||||
HF Sinclair Corp. | 21,805 | 1,135,822 | ||||||
Marathon Oil Corp. | 102,205 | 2,684,925 | ||||||
New Fortress Energy, Inc. | 8,810 | 251,526 | ||||||
ONEOK, Inc. | 72,039 | 4,829,495 | ||||||
Ovintiv, Inc. | 39,627 | 1,826,408 | ||||||
PDC Energy, Inc. | 14,208 | 1,078,245 | ||||||
Phillips 66 | 74,444 | 8,304,228 | ||||||
Range Resources Corp. | 38,057 | 1,196,132 | ||||||
Southwestern Energy Co.(a) | 178,085 | 1,153,991 | ||||||
Targa Resources Corp. | 36,477 | 2,990,749 | ||||||
Texas Pacific Land Corp. | 924 | 1,391,821 | ||||||
Williams Cos., Inc. | 197,200 | 6,793,540 | ||||||
|
| |||||||
69,002,704 | ||||||||
Paper & Forest Products — 0.0% | ||||||||
Louisiana-Pacific Corp. | 10,372 | 789,620 | ||||||
|
| |||||||
Passenger Airlines — 0.8% | ||||||||
Alaska Air Group, Inc.(a) | 20,048 | 974,934 | ||||||
American Airlines Group, Inc.(a) | 104,261 | 1,746,372 | ||||||
Delta Air Lines, Inc. | 103,772 | 4,800,493 | ||||||
Southwest Airlines Co. | 96,133 | 3,283,903 | ||||||
United Airlines Holdings, Inc.(a) | 52,658 | 2,859,856 | ||||||
|
| |||||||
13,665,558 | ||||||||
Personal Care Products(a) — 0.0% | ||||||||
Coty, Inc., Class A | 57,197 | 688,652 | ||||||
Olaplex Holdings, Inc.(b) | 20,106 | 72,382 | ||||||
|
| |||||||
761,034 | ||||||||
Pharmaceuticals — 0.5% | ||||||||
Catalent, Inc.(a) | 28,887 | 1,401,597 | ||||||
Elanco Animal Health, Inc.(a)(b) | 72,573 | 875,956 | ||||||
Jazz Pharmaceuticals PLC(a) | 9,938 | 1,296,114 | ||||||
Organon & Co. | 41,100 | 903,378 | ||||||
Perrigo Co. PLC | 21,799 | 798,715 | ||||||
Royalty Pharma PLC, Class A | 60,044 | 1,884,181 | ||||||
Viatris, Inc. | 195,622 | 2,059,900 | ||||||
|
| |||||||
9,219,841 | ||||||||
Professional Services — 3.0% | ||||||||
Booz Allen Hamilton Holding Corp., Class A | 21,192 | 2,565,927 | ||||||
Broadridge Financial Solutions, Inc. | 18,838 | 3,163,277 | ||||||
CACI International, Inc., Class A(a)(b) | 3,739 | 1,310,295 | ||||||
Ceridian HCM Holding, Inc.(a) | 23,813 | 1,686,199 | ||||||
Clarivate PLC(a)(b) | 77,088 | 733,107 | ||||||
Concentrix Corp. | 6,906 | 574,855 | ||||||
CoStar Group, Inc.(a)(b) | 65,313 | 5,484,333 | ||||||
Dun & Bradstreet Holdings, Inc. | 40,022 | 473,060 | ||||||
Equifax, Inc. | 19,624 | 4,004,866 | ||||||
FTI Consulting, Inc.(a) | 5,441 | 953,046 | ||||||
Genpact Ltd. | 28,739 | 1,037,190 | ||||||
Jacobs Solutions, Inc. | 20,349 | 2,551,968 | ||||||
KBR, Inc. | 21,997 | 1,352,596 | ||||||
Leidos Holdings, Inc. | 21,990 | 2,056,725 | ||||||
ManpowerGroup, Inc. | 8,196 | 646,500 | ||||||
Paychex, Inc. | 52,228 | 6,553,047 | ||||||
Paycom Software, Inc. | 8,265 | 3,047,801 | ||||||
Paycor HCM, Inc.(a) | 9,717 | 260,999 | ||||||
Paylocity Holding Corp.(a) | 6,508 | 1,476,340 | ||||||
Robert Half, Inc. | 17,020 | 1,262,033 | ||||||
Science Applications International Corp. | 8,893 | 1,079,077 | ||||||
SS&C Technologies Holdings, Inc. | 35,618 | 2,074,748 |
Security | Shares | Value | ||||||
Professional Services (continued) | ||||||||
TransUnion | 31,068 | $ | 2,475,809 | |||||
Verisk Analytics, Inc. | 23,047 | 5,276,380 | ||||||
|
| |||||||
52,100,178 | ||||||||
Real Estate Management & Development — 0.5% | ||||||||
CBRE Group, Inc., Class A(a) | 50,035 | 4,168,416 | ||||||
Howard Hughes Corp.(a) | 5,925 | 500,248 | ||||||
Jones Lang LaSalle, Inc.(a) | 7,713 | 1,284,600 | ||||||
Zillow Group, Inc., Class A(a) | 9,310 | 495,478 | ||||||
Zillow Group, Inc., Class C | 25,480 | 1,379,997 | ||||||
|
| |||||||
7,828,739 | ||||||||
Residential REITs — 1.7% | ||||||||
American Homes 4 Rent, Class A | 53,763 | 2,015,037 | ||||||
Apartment Income REIT Corp. | 23,831 | 823,123 | ||||||
AvalonBay Communities, Inc. | 22,638 | 4,270,659 | ||||||
Camden Property Trust | 16,788 | 1,831,403 | ||||||
Equity LifeStyle Properties, Inc. | 28,670 | 2,040,730 | ||||||
Equity Residential | 60,039 | 3,958,972 | ||||||
Essex Property Trust, Inc. | 10,416 | 2,536,817 | ||||||
Invitation Homes, Inc. | 98,526 | 3,497,673 | ||||||
Mid-America Apartment Communities, Inc. | 18,535 | 2,773,948 | ||||||
Sun Communities, Inc. | 19,640 | 2,559,092 | ||||||
UDR, Inc. | 52,922 | 2,163,451 | ||||||
|
| |||||||
28,470,905 | ||||||||
Retail REITs — 1.3% | ||||||||
Agree Realty Corp. | 14,366 | 930,629 | ||||||
Brixmor Property Group, Inc. | 48,221 | 1,096,546 | ||||||
Federal Realty Investment Trust | 12,956 | 1,315,293 | ||||||
Kimco Realty Corp. | 97,503 | 1,975,411 | ||||||
NNN REIT, Inc. | 29,293 | 1,250,225 | ||||||
Realty Income Corp. | 106,776 | 6,510,133 | ||||||
Regency Centers Corp. | 27,797 | 1,821,537 | ||||||
Simon Property Group, Inc. | 52,820 | 6,581,372 | ||||||
Spirit Realty Capital, Inc. | 22,549 | 909,401 | ||||||
|
| |||||||
22,390,547 | ||||||||
Semiconductors & Semiconductor Equipment — 3.1% | ||||||||
Allegro MicroSystems, Inc.(a)(b) | 10,802 | 557,491 | ||||||
Cirrus Logic, Inc.(a) | 8,872 | 716,858 | ||||||
Enphase Energy, Inc.(a) | 21,218 | 3,221,529 | ||||||
Entegris, Inc. | 23,958 | 2,628,432 | ||||||
First Solar, Inc.(a) | 17,149 | 3,556,703 | ||||||
GLOBALFOUNDRIES, Inc.(a)(b) | 12,662 | 806,443 | ||||||
Lattice Semiconductor Corp.(a) | 21,905 | 1,992,041 | ||||||
Marvell Technology, Inc. | 138,050 | 8,991,196 | ||||||
Microchip Technology, Inc. | 86,152 | 8,093,119 | ||||||
MKS Instruments, Inc. | 10,714 | 1,169,647 | ||||||
Monolithic Power Systems, Inc. | 7,401 | 4,140,785 | ||||||
ON Semiconductor Corp.(a) | 70,232 | 7,567,498 | ||||||
Qorvo, Inc.(a) | 16,098 | 1,771,102 | ||||||
Skyworks Solutions, Inc. | 25,753 | 2,945,371 | ||||||
Teradyne, Inc. | 25,283 | 2,855,462 | ||||||
Universal Display Corp. | 7,017 | 1,023,640 | ||||||
Wolfspeed, Inc.(a) | 19,877 | 1,309,894 | ||||||
|
| |||||||
53,347,211 | ||||||||
Software — 4.4% | ||||||||
Alteryx, Inc., Class A(a) | 9,736 | 403,655 | ||||||
ANSYS, Inc.(a) | 14,091 | 4,820,531 | ||||||
AppLovin Corp., Class A(a)(b) | 35,465 | 1,113,601 | ||||||
Aspen Technology, Inc.(a) | 4,358 | 777,903 | ||||||
Bentley Systems, Inc., Class B(b) | 31,023 | 1,671,519 | ||||||
Bills Holdings, Inc.(a) | 15,963 | 2,000,803 |
20 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
Black Knight, Inc.(a) | 24,947 | $ | 1,754,273 | |||||
CCC Intelligent Solutions Holdings, Inc.(a) | 27,356 | 301,463 | ||||||
Confluent, Inc., Class A(a)(b) | 29,876 | 1,031,917 | ||||||
Crowdstrike Holdings, Inc., Class A(a) | 34,002 | 5,496,763 | ||||||
Datadog, Inc., Class A(a) | 44,106 | 5,148,052 | ||||||
DocuSign, Inc.(a) | 31,892 | 1,716,428 | ||||||
Dolby Laboratories, Inc., Class A | 9,714 | 860,758 | ||||||
DoubleVerify Holdings, Inc.(a) | 18,150 | 764,115 | ||||||
Dropbox, Inc., Class A(a) | 43,436 | 1,170,600 | ||||||
Dynatrace, Inc.(a) | 34,973 | 1,912,673 | ||||||
Elastic NV(a) | 12,534 | 832,884 | ||||||
Fair Isaac Corp.(a) | 3,920 | 3,284,843 | ||||||
Five9, Inc.(a) | 11,359 | 996,752 | ||||||
Gen Digital, Inc. | 89,052 | 1,732,061 | ||||||
Gitlab, Inc., Class A(a) | 7,889 | 391,531 | ||||||
Guidewire Software, Inc.(a) | 13,245 | 1,123,441 | ||||||
HashiCorp, Inc., Class A(a) | 14,988 | 443,795 | ||||||
HubSpot, Inc.(a) | 7,475 | 4,339,611 | ||||||
Informatica, Inc., Class A(a) | 6,035 | 114,906 | ||||||
Manhattan Associates, Inc.(a) | 10,015 | 1,909,059 | ||||||
nCino, Inc.(a) | 11,350 | 367,173 | ||||||
NCR Corp.(a) | 20,560 | 552,653 | ||||||
New Relic, Inc.(a)(b) | 8,605 | 722,648 | ||||||
Nutanix, Inc., Class A(a) | 37,167 | 1,122,443 | ||||||
Palantir Technologies, Inc., Class A(a) | 298,076 | 5,913,828 | ||||||
Pegasystems, Inc. | 6,517 | 343,772 | ||||||
Procore Technologies, Inc.(a) | 11,598 | 879,708 | ||||||
PTC, Inc.(a) | 17,190 | 2,506,474 | ||||||
RingCentral, Inc., Class A(a) | 13,990 | 578,626 | ||||||
SentinelOne, Inc., Class A(a)(b) | 31,071 | 517,954 | ||||||
Smartsheet, Inc., Class A(a) | 20,576 | 913,574 | ||||||
Splunk, Inc.(a)(b) | 26,269 | 2,845,721 | ||||||
Teradata Corp.(a) | 16,610 | 944,279 | ||||||
Tyler Technologies, Inc.(a) | 6,643 | 2,634,813 | ||||||
UiPath, Inc., Class A(a)(b) | 60,941 | 1,101,813 | ||||||
Unity Software, Inc.(a)(b) | 46,403 | 2,127,114 | ||||||
Zoom Video Communications, Inc., | 40,211 | 2,949,477 | ||||||
Zscaler, Inc.(a) | 13,624 | 2,185,017 | ||||||
|
| |||||||
75,321,024 | ||||||||
Specialized REITs — 1.9% | ||||||||
CubeSmart | 36,248 | 1,571,713 | ||||||
Digital Realty Trust, Inc. | 46,958 | 5,851,906 | ||||||
EPR Properties | 12,128 | 541,394 | ||||||
Extra Space Storage, Inc. | 33,545 | 4,681,876 | ||||||
Gaming and Leisure Properties, Inc. | 39,414 | 1,870,588 | ||||||
Iron Mountain, Inc. | 46,601 | 2,861,301 | ||||||
Lamar Advertising Co., Class A | 13,957 | 1,377,556 | ||||||
National Storage Affiliates Trust | 13,514 | 456,638 | ||||||
Rayonier, Inc. | 23,661 | 783,652 | ||||||
SBA Communications Corp. | 17,219 | 3,770,100 | ||||||
VICI Properties, Inc. | 162,374 | 5,111,534 | ||||||
Weyerhaeuser Co. | 118,813 | 4,046,771 | ||||||
|
| |||||||
32,925,029 | ||||||||
Specialty Retail — 2.2% | ||||||||
Advance Auto Parts, Inc. | 9,567 | 711,689 | ||||||
AutoNation, Inc.(a) | 4,917 | 791,539 | ||||||
Bath & Body Works, Inc. | 36,933 | 1,368,737 | ||||||
Best Buy Co., Inc. | 32,004 | 2,657,932 | ||||||
Burlington Stores, Inc.(a) | 10,482 | 1,861,813 |
Security | Shares | Value | ||||||
Specialty Retail (continued) | ||||||||
CarMax, Inc.(a)(b) | 25,487 | $ | 2,105,481 | |||||
Dick’s Sporting Goods, Inc. | 9,703 | 1,368,123 | ||||||
Five Below, Inc.(a) | 8,810 | 1,835,475 | ||||||
Floor & Decor Holdings, Inc., Class A(a)(b) | 16,661 | 1,913,516 | ||||||
GameStop Corp., Class A(a)(b) | 43,426 | 964,057 | ||||||
Gap, Inc. | 30,743 | 316,653 | ||||||
Lithia Motors, Inc. | 4,389 | 1,362,916 | ||||||
Murphy USA, Inc. | 3,190 | 979,426 | ||||||
Penske Automotive Group, Inc.(b) | 3,241 | 523,162 | ||||||
Petco Health & Wellness Co., Inc.(a) | 13,018 | 106,227 | ||||||
RH(a) | 2,626 | 1,019,334 | ||||||
Ross Stores, Inc. | 54,247 | 6,218,876 | ||||||
Tractor Supply Co. | 17,903 | 4,010,093 | ||||||
Ulta Beauty, Inc.(a) | 8,137 | 3,619,338 | ||||||
Valvoline, Inc. | 28,147 | 1,068,742 | ||||||
Victoria’s Secret & Co.(a) | 12,913 | 264,587 | ||||||
Wayfair, Inc., Class A(a)(b) | 12,908 | 1,005,146 | ||||||
Williams-Sonoma, Inc. | 10,695 | 1,482,755 | ||||||
|
| |||||||
37,555,617 | ||||||||
Technology Hardware, Storage & Peripherals — 0.9% | ||||||||
Hewlett Packard Enterprise Co. | 207,532 | 3,606,906 | ||||||
HP, Inc. | 139,560 | 4,581,755 | ||||||
NetApp, Inc. | 35,082 | 2,736,747 | ||||||
Pure Storage, Inc., Class A(a) | 46,121 | 1,706,016 | ||||||
Western Digital Corp.(a) | 51,419 | 2,188,392 | ||||||
|
| |||||||
14,819,816 | ||||||||
Textiles, Apparel & Luxury Goods — 0.7% | ||||||||
Capri Holdings Ltd.(a)(b) | 19,990 | 737,831 | ||||||
Carter’s, Inc. | 5,938 | 445,409 | ||||||
Columbia Sportswear Co. | 5,709 | 448,785 | ||||||
Crocs, Inc.(a) | 9,821 | 1,064,105 | ||||||
Deckers Outdoor Corp.(a) | 4,251 | 2,311,226 | ||||||
PVH Corp. | 10,327 | 925,712 | ||||||
Ralph Lauren Corp. | 6,585 | 864,808 | ||||||
Skechers USA, Inc., Class A(a) | 21,624 | 1,201,862 | ||||||
Tapestry, Inc. | 38,547 | 1,663,303 | ||||||
Under Armour, Inc., Class A(a) | 30,230 | 243,654 | ||||||
Under Armour, Inc., Class C(a) | 32,337 | 239,941 | ||||||
VF Corp. | 56,436 | 1,117,997 | ||||||
|
| |||||||
11,264,633 | ||||||||
Trading Companies & Distributors — 1.7% | ||||||||
Air Lease Corp. | 16,930 | 716,816 | ||||||
Core & Main, Inc., Class A(a)(b) | 11,615 | 367,150 | ||||||
Fastenal Co. | 92,228 | 5,405,483 | ||||||
Ferguson PLC | 33,327 | 5,386,310 | ||||||
MSC Industrial Direct Co., Inc., Class A | 7,537 | 760,634 | ||||||
SiteOne Landscape Supply, Inc.(a) | 7,198 | 1,223,660 | ||||||
United Rentals, Inc. | 11,081 | 5,149,119 | ||||||
Univar Solutions, Inc.(a) | 26,034 | 940,869 | ||||||
W.W.Grainger, Inc. | 7,210 | 5,324,513 | ||||||
Watsco, Inc. | 5,341 | 2,019,913 | ||||||
WESCO International, Inc. | 7,205 | 1,264,982 | ||||||
|
| |||||||
28,559,449 |
SCHEDULE OF INVESTMENTS | 21 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Water Utilities — 0.4% | ||||||||
American Water Works Co., Inc. | 31,262 | $ | 4,608,957 | |||||
Essential Utilities, Inc. | 37,355 | 1,579,743 | ||||||
|
| |||||||
6,188,700 | ||||||||
|
| |||||||
Total Common Stocks — 98.2% | 1,687,034,996 | |||||||
|
| |||||||
Investment Companies | ||||||||
Equity Funds — 1.2% | ||||||||
iShares Russell Mid-Cap ETF(d) | 280,208 | 21,270,589 | ||||||
|
| |||||||
Total Investment Companies — 1.2% | 21,270,589 | |||||||
|
| |||||||
Total Long-Term Investments — 99.4% | 1,708,305,585 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 3.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(d)(e)(f) | 43,569,765 | 43,582,836 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(d)(e) | 11,395,519 | 11,395,519 | ||||||
|
| |||||||
Total Short-Term Securities — 3.2% | 54,978,355 | |||||||
|
| |||||||
Total Investments — 102.6% | 1,763,283,940 | |||||||
Liabilities in Excess of Other Assets — (2.6)% |
| (44,333,995 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $1,718,949,945 | |||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 07/31/23 | Shares Held at 07/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 74,908,758 | $ | — | $ | (31,347,925 | )(a) | $ | 22,195 | $ | (192 | ) | $ | 43,582,836 | 43,569,765 | $ | 832,687 | (b) | $ | — | ||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 9,934,737 | 1,460,782 | (a) | — | — | — | 11,395,519 | 11,395,519 | 342,618 | — | ||||||||||||||||||||||||||||||||
iShares Russell Mid-Cap ETF | 17,487,894 | 145,841,853 | (143,267,462 | ) | 992,482 | 215,822 | 21,270,589 | 280,208 | 250,303 | — | ||||||||||||||||||||||||||||||||
|
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|
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| |||||||||||||||||||||||||||||||||
$ | 1,014,677 | $ | 215,630 | $ | 76,248,944 | $ | 1,425,608 | $ | — | |||||||||||||||||||||||||||||||||
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|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
22 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Mid-Cap Index Fund |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
S&P 500 E-Mini Index | 15 | 09/15/23 | $ | 3,461 | $ | 168,884 | ||||||||||
S&P Mid 400 E-Mini Index | 30 | 09/15/23 | 8,230 | 588,701 | ||||||||||||
|
| |||||||||||||||
$ | 757,585 | |||||||||||||||
|
|
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) | $ | — | $ | — | $ | 757,585 | $ | — | $ | — | $ | — | $ | 757,585 | ||||||||||||||
|
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|
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 1,248,937 | $ | — | $ | — | $ | — | $ | 1,248,937 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 68,306 | $ | — | $ | — | $ | — | $ | 68,306 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 11,091,075 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | $ | 24,879,584 | $ | — | $ | — | $ | 24,879,584 | ||||||||
Air Freight & Logistics | 6,310,548 | — | �� | — | 6,310,548 | |||||||||||
Automobile Components | 10,054,283 | — | — | 10,054,283 | ||||||||||||
Automobiles | 5,048,838 | — | — | 5,048,838 |
SCHEDULE OF INVESTMENTS | 23 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Mid-Cap Index Fund |
Fair Value Hierarchy as of Period End (continued)
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Common Stocks (continued) | ||||||||||||||||
Banks | $ | 40,603,134 | $ | — | $ | — | $ | 40,603,134 | ||||||||
Beverages | 6,420,792 | — | — | 6,420,792 | ||||||||||||
Biotechnology | 35,646,939 | — | — | 35,646,939 | ||||||||||||
Broadline Retail | 11,525,205 | — | — | 11,525,205 | ||||||||||||
Building Products | 35,190,468 | — | — | 35,190,468 | ||||||||||||
Capital Markets | 75,393,355 | — | — | 75,393,355 | ||||||||||||
Chemicals | 49,727,161 | — | — | 49,727,161 | ||||||||||||
Commercial Services & Supplies | 26,216,488 | — | — | 26,216,488 | ||||||||||||
Communications Equipment | 5,020,602 | — | — | 5,020,602 | ||||||||||||
Construction & Engineering | 12,422,489 | — | — | 12,422,489 | ||||||||||||
Construction Materials | 10,285,736 | — | — | 10,285,736 | ||||||||||||
Consumer Finance | 11,819,405 | — | — | 11,819,405 | ||||||||||||
Consumer Staples Distribution & Retail | 21,704,852 | — | — | 21,704,852 | ||||||||||||
Containers & Packaging | 21,489,604 | 16,539 | — | 21,506,143 | ||||||||||||
Distributors | 8,226,157 | — | — | 8,226,157 | ||||||||||||
Diversified Consumer Services | 4,228,351 | — | — | 4,228,351 | ||||||||||||
Diversified REITs | 2,290,820 | — | — | 2,290,820 | ||||||||||||
Diversified Telecommunication Services | 1,780,459 | — | — | 1,780,459 | ||||||||||||
Electric Utilities | 44,771,954 | — | — | 44,771,954 | ||||||||||||
Electrical Equipment | 24,754,642 | — | — | 24,754,642 | ||||||||||||
Electronic Equipment, Instruments & Components | 40,262,974 | — | — | 40,262,974 | ||||||||||||
Energy Equipment & Services | 14,094,273 | — | — | 14,094,273 | ||||||||||||
Entertainment | 29,477,540 | — | — | 29,477,540 | ||||||||||||
Financial Services | 38,401,174 | — | — | 38,401,174 | ||||||||||||
Food Products | 27,607,384 | — | — | 27,607,384 | ||||||||||||
Gas Utilities | 4,459,770 | — | — | 4,459,770 | ||||||||||||
Ground Transportation | 18,865,587 | — | — | 18,865,587 | ||||||||||||
Health Care Equipment & Supplies | 60,084,066 | — | — | 60,084,066 | ||||||||||||
Health Care Providers & Services | 27,950,024 | — | — | 27,950,024 | ||||||||||||
Health Care REITs | 15,043,202 | — | — | 15,043,202 | ||||||||||||
Health Care Technology | 6,579,130 | — | — | 6,579,130 | ||||||||||||
Hotel & Resort REITs | 2,598,681 | — | — | 2,598,681 | ||||||||||||
Hotels, Restaurants & Leisure | 56,023,423 | — | — | 56,023,423 | ||||||||||||
Household Durables | 28,017,865 | — | — | 28,017,865 | ||||||||||||
Household Products | 7,517,329 | — | — | 7,517,329 | ||||||||||||
Independent Power and Renewable Electricity Producers | 5,165,985 | — | — | 5,165,985 | ||||||||||||
Industrial REITs | 6,473,795 | — | — | 6,473,795 | ||||||||||||
Insurance | 75,985,227 | — | — | 75,985,227 | ||||||||||||
Interactive Media & Services | 7,338,551 | — | — | 7,338,551 | ||||||||||||
IT Services | 35,145,776 | — | — | 35,145,776 | ||||||||||||
Leisure Products | 5,866,269 | — | — | 5,866,269 | ||||||||||||
Life Sciences Tools & Services | 50,669,525 | — | — | 50,669,525 | ||||||||||||
Machinery | 78,959,240 | — | — | 78,959,240 | ||||||||||||
Marine Transportation | 792,475 | — | — | 792,475 | ||||||||||||
Media | 23,700,172 | — | — | 23,700,172 | ||||||||||||
Metals & Mining | 18,047,324 | — | — | 18,047,324 | ||||||||||||
Mortgage Real Estate Investment Trusts (REITs) | 4,237,182 | — | — | 4,237,182 | ||||||||||||
Multi-Utilities | 30,129,904 | — | — | 30,129,904 | ||||||||||||
Office REITs | 7,502,139 | — | — | 7,502,139 | ||||||||||||
Oil, Gas & Consumable Fuels | 69,002,704 | — | — | 69,002,704 | ||||||||||||
Paper & Forest Products | 789,620 | — | — | 789,620 | ||||||||||||
Passenger Airlines | 13,665,558 | — | — | 13,665,558 | ||||||||||||
Personal Care Products | 761,034 | — | — | 761,034 | ||||||||||||
Pharmaceuticals | 9,219,841 | — | — | 9,219,841 | ||||||||||||
Professional Services | 52,100,178 | — | — | 52,100,178 | ||||||||||||
Real Estate Management & Development | 7,828,739 | — | — | 7,828,739 | ||||||||||||
Residential REITs | 28,470,905 | — | — | 28,470,905 | ||||||||||||
Retail REITs | 22,390,547 | — | — | 22,390,547 | ||||||||||||
Semiconductors & Semiconductor Equipment | 53,347,211 | — | — | 53,347,211 | ||||||||||||
Software | 75,321,024 | — | — | 75,321,024 | ||||||||||||
Specialized REITs | 32,925,029 | — | — | 32,925,029 | ||||||||||||
Specialty Retail | 37,555,617 | — | — | 37,555,617 | ||||||||||||
Technology Hardware, Storage & Peripherals | 14,819,816 | — | — | 14,819,816 |
24 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Mid-Cap Index Fund |
Fair Value Hierarchy as of Period End (continued)
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Common Stocks (continued) | ||||||||||||||||
Textiles, Apparel & Luxury Goods | $ | 11,264,633 | $ | — | $ | — | $ | 11,264,633 | ||||||||
Trading Companies & Distributors | 28,559,449 | — | — | 28,559,449 | ||||||||||||
Water Utilities | 6,188,700 | — | — | 6,188,700 | ||||||||||||
Investment Companies | 21,270,589 | — | — | 21,270,589 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 54,978,355 | — | — | 54,978,355 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,763,267,401 | $ | 16,539 | $ | — | $ | 1,763,283,940 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | 757,585 | $ | — | $ | — | $ | 757,585 | ||||||||
|
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|
|
(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 | 25 |
Schedule of Investments July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 1.5% | ||||||||
AAR Corp.(a) | 3,412 | $ | 204,038 | |||||
AeroVironment, Inc.(a) | 2,322 | 221,194 | ||||||
AerSale Corp.(a) | 2,489 | 37,360 | ||||||
Archer Aviation, Inc., Class A(a) | 15,930 | 107,209 | ||||||
Astronics Corp.(a) | 2,147 | 45,044 | ||||||
Axon Enterprise, Inc.(a) | 6,284 | 1,168,384 | ||||||
BWX Technologies, Inc. | 8,158 | 562,902 | ||||||
Cadre Holdings, Inc. | 1,840 | 42,817 | ||||||
Curtiss-Wright Corp. | 3,433 | 656,939 | ||||||
Ducommun, Inc.(a) | 1,058 | 53,048 | ||||||
Eve Holding, Inc.(b) | 1,499 | 13,716 | ||||||
Hexcel Corp. | 7,642 | 540,137 | ||||||
Huntington Ingalls Industries, Inc. | 3,597 | 826,123 | ||||||
Kaman Corp. | 2,423 | 55,462 | ||||||
Kratos Defense & Security Solutions, Inc.(a) | 11,841 | 178,681 | ||||||
Leonardo DRS, Inc.(a) | 4,274 | 71,333 | ||||||
Mercury Systems, Inc.(a) | 4,366 | 165,821 | ||||||
Moog, Inc., Class A | 2,517 | 265,392 | ||||||
National Presto Industries, Inc. | 538 | 42,131 | ||||||
Park Aerospace Corp. | 1,544 | 22,434 | ||||||
Parsons Corp.(a) | 3,576 | 176,726 | ||||||
Redwire Corp.(a)(b) | 1,269 | 4,619 | ||||||
Rocket Lab USA, Inc.(a) | 24,516 | 180,683 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 9,694 | 308,463 | ||||||
Terran Orbital Corp.(a)(b) | 3,193 | 4,789 | ||||||
Textron, Inc. | 18,489 | 1,437,889 | ||||||
Triumph Group, Inc.(a) | 5,890 | 74,508 | ||||||
V2X, Inc.(a) | 1,049 | 53,982 | ||||||
Virgin Galactic Holdings, Inc.(a)(b) | 21,597 | 92,435 | ||||||
Woodward, Inc. | 5,340 | 642,829 | ||||||
|
| |||||||
8,257,088 | ||||||||
Air Freight & Logistics — 0.3% | ||||||||
Air Transport Services Group, Inc.(a) | 5,154 | 103,904 | ||||||
Forward Air Corp. | 2,314 | 274,996 | ||||||
GXO Logistics, Inc.(a) | 10,541 | 706,985 | ||||||
Hub Group, Inc., Class A(a) | 3,022 | 272,373 | ||||||
Radiant Logistics, Inc.(a) | 4,349 | 33,487 | ||||||
|
| |||||||
1,391,745 | ||||||||
Automobile Components — 1.2% | ||||||||
Adient PLC(a) | 8,898 | 378,699 | ||||||
American Axle & Manufacturing Holdings, Inc.(a) | 11,604 | 109,658 | ||||||
BorgWarner, Inc. | 20,809 | 967,618 | ||||||
Cooper-Standard Holdings, Inc.(a) | 238 | 4,384 | ||||||
Dana, Inc. | 11,272 | 213,942 | ||||||
Dorman Products, Inc.(a) | 2,300 | 194,787 | ||||||
Fox Factory Holding Corp.(a)(b) | 3,909 | 437,417 | ||||||
Gentex Corp. | 21,696 | 728,552 | ||||||
Gentherm, Inc.(a) | 3,137 | 187,498 | ||||||
Goodyear Tire & Rubber Co.(a) | 25,873 | 416,038 | ||||||
Holley, Inc.(a) | 4,184 | 26,485 | ||||||
LCI Industries | 2,293 | 312,467 | ||||||
Lear Corp. | 5,479 | 847,930 | ||||||
Luminar Technologies, Inc.(a)(b) | 24,480 | 181,152 | ||||||
Modine Manufacturing Co.(a) | 4,769 | 179,124 | ||||||
Patrick Industries, Inc. | 1,892 | 163,753 | ||||||
Phinia, Inc.(a) | 4,088 | 115,976 | ||||||
QuantumScape Corp.(a)(b) | 27,191 | 361,912 | ||||||
Solid Power, Inc.(a) | 11,108 | 31,769 | ||||||
Standard Motor Products, Inc. | 1,917 | 73,172 |
Security | Shares | Value | ||||||
Automobile Components (continued) | ||||||||
Stoneridge, Inc.(a) | 2,287 | $ | 46,746 | |||||
Visteon Corp.(a) | 2,607 | 401,713 | ||||||
XPEL, Inc.(a) | 2,034 | 165,222 | ||||||
|
| |||||||
6,546,014 | ||||||||
Automobiles — 0.2% | ||||||||
Fisker, Inc.(a)(b) | 17,919 | 110,560 | ||||||
Harley-Davidson, Inc. | 12,197 | 470,926 | ||||||
Livewire Group, Inc.(b) | 1,368 | 16,580 | ||||||
Thor Industries, Inc. | 4,721 | 545,228 | ||||||
Winnebago Industries, Inc. | 2,598 | 178,743 | ||||||
Workhorse Group, Inc.(a)(b) | 11,058 | 14,707 | ||||||
|
| |||||||
1,336,744 | ||||||||
Banks — 5.8% | ||||||||
1st Source Corp. | 1,728 | 81,043 | ||||||
ACNB Corp. | 955 | 33,139 | ||||||
Amalgamated Financial Corp. | 1,709 | 34,112 | ||||||
Amerant Bancorp, Inc. | 2,697 | 53,455 | ||||||
American National Bankshares, Inc. | 1,039 | 42,890 | ||||||
Ameris Bancorp | 5,859 | 255,745 | ||||||
Ames National Corp. | 1,487 | 28,640 | ||||||
Arrow Financial Corp. | 1,478 | 29,737 | ||||||
Associated Banc-Corp. | 14,766 | 279,816 | ||||||
Atlantic Union Bankshares Corp. | 6,737 | 215,449 | ||||||
Axos Financial, Inc.(a) | 4,982 | 234,154 | ||||||
Banc of California, Inc.(b) | 5,143 | 73,082 | ||||||
BancFirst Corp. | 1,962 | 196,004 | ||||||
Bancorp, Inc.(a)(b) | 3,411 | 129,277 | ||||||
Bank First Corp. | 852 | 75,283 | ||||||
Bank of Hawaii Corp. | 3,434 | 196,184 | ||||||
Bank of Marin Bancorp | 1,800 | 37,764 | ||||||
Bank of NT Butterfield & Son Ltd. | 4,528 | 145,485 | ||||||
Bank OZK | 10,067 | 440,230 | ||||||
Bank7 Corp. | 597 | 15,797 | ||||||
BankUnited, Inc. | 4,384 | 130,819 | ||||||
Bankwell Financial Group, Inc. | 1,060 | 28,991 | ||||||
Banner Corp. | 2,097 | 99,838 | ||||||
Bar Harbor Bankshares | 1,403 | 38,316 | ||||||
BayCom Corp. | 1,153 | 23,244 | ||||||
BCB Bancorp, Inc. | 1,620 | 20,817 | ||||||
Berkshire Hills Bancorp, Inc. | 2,657 | 60,606 | ||||||
Blue Foundry Bancorp(a) | 2,426 | 24,769 | ||||||
Blue Ridge Bankshares, Inc. | 1,856 | 15,646 | ||||||
BOK Financial Corp. | 2,643 | 235,438 | ||||||
Bridgewater Bancshares, Inc.(a) | 2,254 | 24,140 | ||||||
Brookline Bancorp, Inc. | 5,839 | 62,361 | ||||||
Burke & Herbert Financial Services Corp.(b) | 605 | 32,664 | ||||||
Business First Bancshares, Inc. | 3,594 | 73,497 | ||||||
Byline Bancorp, Inc. | 2,508 | 55,051 | ||||||
C&F Financial Corp. | 302 | 16,981 | ||||||
Cadence Bank | 10,103 | 253,080 | ||||||
Cambridge Bancorp | 732 | 45,047 | ||||||
Camden National Corp. | 1,436 | 49,657 | ||||||
Capital Bancorp, Inc. | 1,651 | 33,268 | ||||||
Capital City Bank Group, Inc. | 1,231 | 39,921 | ||||||
Capitol Federal Financial, Inc. | 10,269 | 68,083 | ||||||
Capstar Financial Holdings, Inc. | 2,308 | 34,343 | ||||||
Carter Bankshares, Inc.(a) | 2,657 | 39,031 | ||||||
Cathay General Bancorp | 7,157 | 272,252 | ||||||
Central Pacific Financial Corp. | 715 | 13,042 | ||||||
Central Valley Community Bancorp | 1,115 | 19,067 | ||||||
Chemung Financial Corp. | 491 | 20,946 |
26 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
ChoiceOne Financial Services, Inc. | 665 | $ | 16,126 | |||||
Citizens & Northern Corp. | 1,893 | 40,132 | ||||||
Citizens Financial Services, Inc. | 369 | 26,005 | ||||||
City Holding Co. | 956 | 94,558 | ||||||
Civista Bancshares, Inc. | 1,960 | 35,750 | ||||||
CNB Financial Corp. | 2,965 | 57,699 | ||||||
Coastal Financial Corp.(a) | 973 | 43,950 | ||||||
Codorus Valley Bancorp, Inc. | 1,095 | 24,079 | ||||||
Colony Bankcorp, Inc. | 2,154 | 23,091 | ||||||
Columbia Banking System, Inc. | 19,019 | 425,075 | ||||||
Columbia Financial, Inc.(a) | 2,657 | 46,444 | ||||||
Comerica, Inc. | 11,977 | 646,279 | ||||||
Commerce Bancshares, Inc. | 10,567 | 561,953 | ||||||
Community Bank System, Inc. | 3,796 | 204,339 | ||||||
Community Trust Bancorp, Inc. | 1,841 | 70,658 | ||||||
ConnectOne Bancorp, Inc. | 4,092 | 83,763 | ||||||
CrossFirst Bankshares, Inc.(a) | 5,434 | 63,415 | ||||||
Cullen/Frost Bankers, Inc. | 5,444 | 591,110 | ||||||
Customers Bancorp, Inc.(a) | 2,158 | 90,593 | ||||||
CVB Financial Corp. | 10,864 | 205,004 | ||||||
Dime Community Bancshares, Inc. | 3,519 | 78,826 | ||||||
Eagle Bancorp, Inc. | 1,944 | 53,849 | ||||||
East West Bancorp, Inc. | 12,857 | 799,834 | ||||||
Eastern Bankshares, Inc. | 14,053 | 198,428 | ||||||
Enterprise Bancorp, Inc. | 816 | 25,981 | ||||||
Enterprise Financial Services Corp. | 4,009 | 164,369 | ||||||
Equity Bancshares, Inc., Class A | 1,507 | 40,930 | ||||||
Esquire Financial Holdings, Inc. | 759 | 37,908 | ||||||
ESSA Bancorp, Inc. | 950 | 15,789 | ||||||
Evans Bancorp, Inc. | 816 | 24,252 | ||||||
Farmers & Merchants Bancorp, Inc. | 1,124 | 23,964 | ||||||
Farmers National Banc Corp. | 3,382 | 46,503 | ||||||
FB Financial Corp. | 4,160 | 147,347 | ||||||
Fidelity D&D Bancorp, Inc. | 438 | 22,224 | ||||||
Financial Institutions, Inc. | 1,783 | 34,198 | ||||||
First Bancorp, Inc. | 1,358 | 35,838 | ||||||
First BanCorp./Puerto Rico | 11,069 | 164,375 | ||||||
First Bancorp/Southern Pines NC | 2,657 | 87,894 | ||||||
First Bancshares, Inc. | 2,845 | 89,077 | ||||||
First Bank | 1,651 | 20,638 | ||||||
First Busey Corp. | 5,368 | 116,271 | ||||||
First Business Financial Services, Inc. | 942 | 32,019 | ||||||
First Citizens BancShares, Inc., Class A | 992 | 1,419,850 | ||||||
First Commonwealth Financial Corp. | 5,802 | 83,781 | ||||||
First Community Bankshares, Inc. | 1,863 | 62,653 | ||||||
First Community Corp. | 806 | 15,919 | ||||||
First Financial Bancorp | 7,311 | 168,811 | ||||||
First Financial Bankshares, Inc. | 12,173 | 396,718 | ||||||
First Financial Corp. | 1,301 | 49,711 | ||||||
First Foundation, Inc. | 4,769 | 34,861 | ||||||
First Hawaiian, Inc. | 12,173 | 251,859 | ||||||
First Horizon Corp. | 48,108 | 655,712 | ||||||
First Interstate BancSystem, Inc., Class A | 7,813 | 224,467 | ||||||
First Merchants Corp. | 5,659 | 181,767 | ||||||
First Mid Bancshares, Inc. | 2,879 | 88,126 | ||||||
First of Long Island Corp. | 2,146 | 29,915 | ||||||
First Western Financial, Inc.(a) | 903 | 18,728 | ||||||
Five Star Bancorp | 1,103 | 27,222 | ||||||
Flushing Financial Corp. | 2,690 | 42,448 | ||||||
FNB Corp. | 34,336 | 439,157 | ||||||
FS Bancorp, Inc. | 686 | 21,266 | ||||||
Fulton Financial Corp. | 14,719 | 210,482 | ||||||
FVCBankcorp, Inc.(a) | 1,981 | 25,476 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
German American Bancorp, Inc. | 4,243 | $ | 124,999 | |||||
Glacier Bancorp, Inc. | 10,350 | 338,445 | ||||||
Great Southern Bancorp, Inc. | 1,134 | 62,744 | ||||||
Greene County Bancorp, Inc. | 954 | 32,875 | ||||||
Guaranty Bancshares, Inc. | 871 | 27,689 | ||||||
Hancock Whitney Corp. | 7,930 | 348,999 | ||||||
Hanmi Financial Corp. | 1,558 | 29,602 | ||||||
HarborOne Bancorp, Inc. | 4,624 | 48,506 | ||||||
HBT Financial, Inc. | 2,164 | 42,934 | ||||||
Heartland Financial USA, Inc. | 4,396 | 150,959 | ||||||
Heritage Commerce Corp. | 5,586 | 53,626 | ||||||
Heritage Financial Corp. | 2,200 | 41,272 | ||||||
Hilltop Holdings, Inc. | 4,710 | 145,680 | ||||||
Hingham Institution for Savings | 156 | 34,702 | ||||||
Home Bancorp, Inc. | 574 | 20,446 | ||||||
Home BancShares, Inc. | 17,433 | 423,796 | ||||||
HomeStreet, Inc. | 1,426 | 13,119 | ||||||
HomeTrust Bancshares, Inc. | 1,784 | 43,369 | ||||||
Hope Bancorp, Inc. | 6,886 | 74,782 | ||||||
Horizon Bancorp, Inc. | 3,931 | 48,705 | ||||||
Independent Bank Corp. | 5,076 | 207,091 | ||||||
Independent Bank Group, Inc. | 3,222 | 144,571 | ||||||
International Bancshares Corp. | 4,875 | 241,995 | ||||||
John Marshall Bancorp, Inc. | 1,078 | 20,482 | ||||||
Kearny Financial Corp. | 7,424 | 63,772 | ||||||
Lakeland Bancorp, Inc. | 7,912 | 119,550 | ||||||
Lakeland Financial Corp. | 2,148 | 119,085 | ||||||
LCNB Corp. | 1,249 | 21,895 | ||||||
Live Oak Bancshares, Inc. | 3,089 | 116,980 | ||||||
Luther Burbank Corp. | 2,864 | 29,499 | ||||||
Macatawa Bank Corp. | 2,754 | 27,127 | ||||||
MainStreet Bancshares, Inc. | 726 | 17,330 | ||||||
Mercantile Bank Corp. | 1,611 | 56,578 | ||||||
Metrocity Bankshares, Inc. | 1,892 | 40,564 | ||||||
Metropolitan Bank Holding Corp.(a) | 972 | 44,022 | ||||||
Mid Penn Bancorp, Inc. | 1,482 | 34,827 | ||||||
Middlefield Banc Corp. | 713 | 20,862 | ||||||
Midland States Bancorp, Inc. | 2,183 | 51,148 | ||||||
MidWestOne Financial Group, Inc. | 1,385 | 33,974 | ||||||
MVB Financial Corp. | 1,052 | 26,921 | ||||||
National Bank Holdings Corp., Class A | 2,537 | 87,171 | ||||||
National Bankshares, Inc. | 695 | 20,690 | ||||||
NBT Bancorp, Inc. | 2,632 | 97,910 | ||||||
New York Community Bancorp, Inc. | 65,662 | 910,732 | ||||||
Nicolet Bankshares, Inc. | 1,337 | 111,840 | ||||||
Northeast Bank | 725 | 34,539 | ||||||
Northeast Community Bancorp, Inc. | 1,276 | 20,658 | ||||||
Northfield Bancorp, Inc. | 3,761 | 45,809 | ||||||
Northrim BanCorp, Inc. | 771 | 36,854 | ||||||
Northwest Bancshares, Inc. | 7,141 | 88,263 | ||||||
Norwood Financial Corp. | 738 | 23,505 | ||||||
Oak Valley Bancorp | 584 | 15,996 | ||||||
OceanFirst Financial Corp. | 5,889 | 109,712 | ||||||
OFG Bancorp | 2,986 | 100,001 | ||||||
Old National Bancorp | 26,618 | 453,305 | ||||||
Old Second Bancorp, Inc. | 3,811 | 60,938 | ||||||
Orange County Bancorp, Inc. | 525 | 23,646 | ||||||
Origin Bancorp, Inc. | 3,351 | 109,243 | ||||||
Orrstown Financial Services, Inc. | 845 | 19,773 | ||||||
Pacific Premier Bancorp, Inc. | 6,813 | 174,004 | ||||||
PacWest Bancorp(b) | 10,529 | 97,920 | ||||||
Park National Corp. | 1,470 | 163,934 | ||||||
Parke Bancorp, Inc. | 1,420 | 28,173 |
SCHEDULE OF INVESTMENTS | 27 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Pathward Financial, Inc. | 1,800 | $ | 93,528 | |||||
PCB Bancorp | 1,439 | 23,484 | ||||||
Peapack-Gladstone Financial Corp. | 1,734 | 50,685 | ||||||
Penns Woods Bancorp, Inc. | 620 | 16,721 | ||||||
Peoples Bancorp, Inc. | 3,549 | 99,975 | ||||||
Peoples Financial Services Corp. | 808 | 37,322 | ||||||
Pinnacle Financial Partners, Inc. | 6,936 | 526,442 | ||||||
Pioneer Bancorp, Inc.(a) | 2,062 | 20,269 | ||||||
Plumas Bancorp | 513 | 18,560 | ||||||
Ponce Financial Group, Inc.(a) | 2,258 | 20,841 | ||||||
Popular, Inc. | 6,813 | 494,283 | ||||||
Preferred Bank/Los Angeles CA | 621 | 41,036 | ||||||
Premier Financial Corp. | 3,656 | 79,189 | ||||||
Primis Financial Corp. | 2,009 | 19,106 | ||||||
Princeton Bancorp, Inc. | 518 | 15,493 | ||||||
Prosperity Bancshares, Inc. | 8,356 | 529,102 | ||||||
Provident Financial Services, Inc. | 5,360 | 99,374 | ||||||
QCR Holdings, Inc.(b) | 1,564 | 80,124 | ||||||
RBB Bancorp | 2,141 | 31,408 | ||||||
Red River Bancshares, Inc. | 601 | 29,455 | ||||||
Renasant Corp. | 3,359 | 103,927 | ||||||
Republic Bancorp, Inc., Class A | 985 | 45,143 | ||||||
S&T Bancorp, Inc. | 2,242 | 70,802 | ||||||
Sandy Spring Bancorp, Inc. | 4,283 | 104,805 | ||||||
Seacoast Banking Corp. of Florida | 6,671 | 164,840 | ||||||
ServisFirst Bancshares, Inc. | 4,596 | 274,289 | ||||||
Shore Bancshares, Inc. | 4,072 | 48,457 | ||||||
Sierra Bancorp | 2,217 | 46,690 | ||||||
Simmons First National Corp., Class A | 8,885 | 179,388 | ||||||
SmartFinancial, Inc. | 2,588 | 65,011 | ||||||
South Plains Financial, Inc. | 1,906 | 51,176 | ||||||
Southern First Bancshares, Inc.(a) | 1,306 | 39,415 | ||||||
Southern Missouri Bancorp, Inc. | 811 | 38,985 | ||||||
Southern States Bancshares, Inc. | 697 | 17,530 | ||||||
Southside Bancshares, Inc. | 1,938 | 64,361 | ||||||
SouthState Corp. | 6,969 | 541,282 | ||||||
Stellar Bancorp, Inc. | 4,774 | 118,682 | ||||||
Sterling Bancorp, Inc.(a) | 2,210 | 13,127 | ||||||
Stock Yards Bancorp, Inc. | 2,596 | 124,115 | ||||||
Summit Financial Group, Inc. | 1,259 | 28,403 | ||||||
Synovus Financial Corp. | 13,339 | 452,192 | ||||||
Texas Capital Bancshares, Inc.(a) | 4,410 | 281,578 | ||||||
Third Coast Bancshares, Inc.(a) | 1,374 | 28,414 | ||||||
Timberland Bancorp, Inc. | 1,140 | 35,671 | ||||||
Tompkins Financial Corp. | 1,201 | 72,252 | ||||||
Towne Bank | 7,194 | 181,864 | ||||||
TriCo Bancshares | 2,972 | 111,093 | ||||||
Triumph Financial, Inc.(a) | 1,905 | 135,084 | ||||||
TrustCo Bank Corp./New York | 1,068 | 32,457 | ||||||
Trustmark Corp. | 4,312 | 113,233 | ||||||
UMB Financial Corp. | 4,065 | 288,615 | ||||||
United Bankshares, Inc. | 11,349 | 379,511 | ||||||
United Community Banks, Inc. | 8,966 | 260,642 | ||||||
Unity Bancorp, Inc. | 988 | 26,202 | ||||||
Univest Financial Corp. | 3,671 | 71,585 | ||||||
USCB Financial Holdings, Inc.(a) | 1,092 | 11,968 | ||||||
Valley National Bancorp | 38,879 | 398,899 | ||||||
Veritex Holdings, Inc. | 3,592 | 77,264 | ||||||
Virginia National Bankshares Corp. | 559 | 20,253 | ||||||
Washington Federal, Inc. | 5,614 | 174,259 | ||||||
Washington Trust Bancorp, Inc. | 1,765 | 56,586 | ||||||
Webster Financial Corp. | 15,999 | 757,073 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
WesBanco, Inc. | 5,372 | $ | 150,470 | |||||
West BanCorp, Inc. | 2,203 | 44,192 | ||||||
Westamerica BanCorp | 1,623 | 79,835 | ||||||
Western Alliance Bancorp | 10,007 | 519,864 | ||||||
Wintrust Financial Corp. | 5,801 | 489,372 | ||||||
WSFS Financial Corp. | 4,259 | 186,331 | ||||||
Zions Bancorp NA | 13,713 | 524,522 | ||||||
|
| |||||||
31,295,911 | ||||||||
Beverages — 0.3% | ||||||||
Boston Beer Co., Inc., Class A(a) | 872 | 323,896 | ||||||
Celsius Holdings, Inc.(a) | 4,900 | 709,030 | ||||||
Coca-Cola Consolidated, Inc. | 436 | 276,167 | ||||||
Duckhorn Portfolio, Inc.(a) | 3,577 | 44,999 | ||||||
MGP Ingredients, Inc.(b) | 1,415 | 161,324 | ||||||
National Beverage Corp.(a) | 2,190 | 115,741 | ||||||
Primo Water Corp. | 13,875 | 196,609 | ||||||
Vita Coco Co., Inc.(a) | 2,341 | 61,849 | ||||||
Zevia PBC, Class A(a) | 3,090 | 8,590 | ||||||
|
| |||||||
1,898,205 | ||||||||
Biotechnology — 4.3% | ||||||||
2seventy bio, Inc.(a) | 4,921 | 37,350 | ||||||
4D Molecular Therapeutics, Inc.(a) | 2,541 | 46,500 | ||||||
89bio, Inc.(a) | 5,421 | 85,869 | ||||||
Aadi Bioscience, Inc.(a) | 1,176 | 6,268 | ||||||
ACADIA Pharmaceuticals, Inc.(a) | 11,095 | 324,418 | ||||||
Acrivon Therapeutics, Inc.(a) | 791 | 9,840 | ||||||
Actinium Pharmaceuticals, Inc.(a) | 2,431 | 17,309 | ||||||
Adicet Bio, Inc.(a)(b) | 2,792 | 7,455 | ||||||
ADMA Biologics, Inc.(a) | 19,869 | 82,456 | ||||||
Aerovate Therapeutics, Inc.(a)(b) | 826 | 14,414 | ||||||
Agenus, Inc.(a) | 36,200 | 55,024 | ||||||
Agios Pharmaceuticals, Inc.(a) | 4,787 | 126,951 | ||||||
Akero Therapeutics, Inc.(a) | 4,246 | 184,276 | ||||||
Aldeyra Therapeutics, Inc.(a) | 4,115 | 33,393 | ||||||
Alector, Inc.(a) | 5,540 | 38,004 | ||||||
Alkermes PLC(a) | 15,110 | 442,421 | ||||||
Allakos, Inc.(a) | 6,281 | 33,792 | ||||||
Allogene Therapeutics, Inc.(a)(b) | 7,422 | 36,813 | ||||||
Allovir, Inc.(a)(b) | 3,368 | 11,081 | ||||||
Alpine Immune Sciences, Inc.(a) | 2,344 | 29,394 | ||||||
Altimmune, Inc.(a) | 5,231 | 17,315 | ||||||
ALX Oncology Holdings, Inc.(a) | 1,738 | 10,619 | ||||||
Amicus Therapeutics, Inc.(a) | 24,808 | 337,885 | ||||||
AnaptysBio, Inc.(a) | 1,790 | 35,281 | ||||||
Anavex Life Sciences Corp.(a)(b) | 5,929 | 48,914 | ||||||
Anika Therapeutics, Inc.(a) | 1,127 | 26,293 | ||||||
Annexon, Inc.(a) | 4,619 | 15,936 | ||||||
Apellis Pharmaceuticals, Inc.(a) | 8,997 | 231,673 | ||||||
Arbutus Biopharma Corp.(a) | 9,788 | 21,240 | ||||||
Arcellx, Inc.(a) | 3,339 | 114,361 | ||||||
Arcturus Therapeutics Holdings, Inc.(a)(b) | 1,943 | 67,927 | ||||||
Arcus Biosciences, Inc.(a) | 5,246 | 104,395 | ||||||
Arcutis Biotherapeutics, Inc.(a) | 5,373 | 58,619 | ||||||
Ardelyx, Inc.(a) | 18,720 | 73,757 | �� | |||||
Arrowhead Pharmaceuticals, Inc.(a)(b) | 9,367 | 323,349 | ||||||
ARS Pharmaceuticals, Inc.(a) | 2,393 | 17,589 | ||||||
Astria Therapeutics, Inc.(a) | 2,352 | 21,074 | ||||||
Atara Biotherapeutics, Inc.(a) | 7,980 | 17,636 | ||||||
Aura Biosciences, Inc.(a) | 3,223 | 38,354 | ||||||
Aurinia Pharmaceuticals, Inc.(a) | 12,733 | 147,448 | ||||||
Avid Bioservices, Inc.(a) | 5,201 | 65,845 | ||||||
Avidity Biosciences, Inc.(a)(b) | 5,816 | 55,310 |
28 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Biotechnology (continued) | ||||||||
Avita Medical, Inc.(a) | 2,241 | $ | 45,380 | |||||
Beam Therapeutics, Inc.(a) | 6,168 | 190,406 | ||||||
BioAtla, Inc.(a) | 4,713 | 14,092 | ||||||
BioCryst Pharmaceuticals, Inc.(a)(b) | 18,161 | 134,210 | ||||||
Biohaven Ltd.(a) | 5,484 | 109,022 | ||||||
Biomea Fusion, Inc.(a)(b) | 1,744 | 38,804 | ||||||
Bioxcel Therapeutics, Inc.(a)(b) | 1,512 | 13,820 | ||||||
Bluebird Bio, Inc.(a)(b) | 12,503 | 49,137 | ||||||
Blueprint Medicines Corp.(a) | 5,411 | 357,126 | ||||||
Bridgebio Pharma, Inc.(a)(b) | 10,467 | 366,450 | ||||||
Cabaletta Bio, Inc.(a)(b) | 2,274 | 30,972 | ||||||
CareDx, Inc.(a) | 4,326 | 47,197 | ||||||
Caribou Biosciences, Inc.(a) | 5,166 | 37,143 | ||||||
Carisma Therapeutics, Inc.(b) | 2,521 | 13,992 | ||||||
Catalyst Pharmaceuticals, Inc.(a) | 9,442 | 130,583 | ||||||
Celcuity, Inc.(a)(b) | 1,519 | 15,008 | ||||||
Celldex Therapeutics, Inc.(a)(b) | 4,381 | 154,912 | ||||||
Century Therapeutics, Inc.(a) | 2,020 | 6,161 | ||||||
Cerevel Therapeutics Holdings, Inc.(a) | 5,447 | 166,624 | ||||||
Chinook Therapeutics, Inc.(a) | 5,455 | 213,727 | ||||||
Cogent Biosciences, Inc.(a) | 6,832 | 88,748 | ||||||
Coherus Biosciences, Inc.(a) | 6,048 | 29,151 | ||||||
Compass Therapeutics, Inc.(a) | 8,222 | 23,597 | ||||||
Crinetics Pharmaceuticals, Inc.(a) | 4,702 | 89,338 | ||||||
Cue Biopharma, Inc.(a)(b) | 3,595 | 13,733 | ||||||
Cullinan Oncology, Inc.(a) | 2,395 | 25,363 | ||||||
Cytokinetics, Inc.(a) | 8,633 | 287,911 | ||||||
Day One Biopharmaceuticals, Inc.(a) | 4,497 | 59,540 | ||||||
Deciphera Pharmaceuticals, Inc.(a) | 4,705 | 63,612 | ||||||
Denali Therapeutics, Inc.(a) | 10,886 | 309,489 | ||||||
Design Therapeutics, Inc.(a) | 2,956 | 24,062 | ||||||
Disc Medicine, Inc.(a)(b) | 678 | 33,629 | ||||||
Dynavax Technologies Corp.(a)(b) | 11,622 | 162,592 | ||||||
Dyne Therapeutics, Inc.(a) | 4,164 | 50,717 | ||||||
Eagle Pharmaceuticals, Inc.(a) | 868 | 18,020 | ||||||
Editas Medicine, Inc.(a)(b) | 6,346 | 55,718 | ||||||
Emergent BioSolutions, Inc.(a) | 4,266 | 29,350 | ||||||
Enanta Pharmaceuticals, Inc.(a) | 1,765 | 33,482 | ||||||
Entrada Therapeutics, Inc.(a) | 1,908 | 33,142 | ||||||
EQRx, Inc.(a) | 29,759 | 50,888 | ||||||
Erasca, Inc.(a) | 5,011 | 13,229 | ||||||
Exact Sciences Corp.(a)(b) | 16,115 | 1,571,857 | ||||||
Exelixis, Inc.(a) | 28,788 | 567,411 | ||||||
Fate Therapeutics, Inc.(a)(b) | 7,272 | 30,033 | ||||||
Fennec Pharmaceuticals, Inc.(a) | 1,521 | 13,552 | ||||||
FibroGen, Inc.(a) | 7,626 | 15,710 | ||||||
Foghorn Therapeutics, Inc.(a) | 1,192 | 10,919 | ||||||
Genelux Corp.(a)(b) | 395 | 8,323 | ||||||
Generation Bio Co.(a)(b) | 3,492 | 17,739 | ||||||
Geron Corp.(a)(b) | 43,633 | 141,371 | ||||||
Graphite Bio, Inc.(a) | 5,778 | 14,618 | ||||||
Gritstone bio, Inc.(a) | 8,838 | 17,411 | ||||||
Halozyme Therapeutics, Inc.(a) | 12,170 | 522,823 | ||||||
Heron Therapeutics, Inc.(a) | 7,502 | 12,453 | ||||||
HilleVax, Inc.(a) | 2,319 | 35,295 | ||||||
Humacyte, Inc.(a)(b) | 5,597 | 18,358 | ||||||
Icosavax, Inc.(a) | 1,924 | 16,989 | ||||||
Ideaya Biosciences, Inc.(a) | 4,795 | 107,216 | ||||||
IGM Biosciences, Inc.(a)(b) | 1,078 | 11,470 | ||||||
Immuneering Corp., Class A(a)(b) | 1,961 | 19,924 | ||||||
ImmunityBio, Inc.(a)(b) | 8,039 | 17,686 | ||||||
ImmunoGen, Inc.(a) | 21,334 | 380,172 | ||||||
Immunovant, Inc.(a) | 4,690 | 107,073 |
Security | Shares | Value | ||||||
Biotechnology (continued) | ||||||||
Inhibrx, Inc.(a)(b) | 2,854 | $ | 57,223 | |||||
Inozyme Pharma, Inc.(a) | 3,298 | 16,820 | ||||||
Insmed, Inc.(a)(b) | 12,203 | 269,564 | ||||||
Intellia Therapeutics, Inc.(a) | 8,165 | 345,624 | ||||||
Intercept Pharmaceuticals, Inc.(a)(b) | 2,190 | 23,652 | ||||||
Ionis Pharmaceuticals, Inc.(a) | 12,750 | 528,232 | ||||||
Iovance Biotherapeutics, Inc.(a) | 18,526 | 134,499 | ||||||
Ironwood Pharmaceuticals, Inc.(a) | 11,711 | 129,875 | ||||||
iTeos Therapeutics, Inc.(a) | 2,302 | 32,366 | ||||||
Janux Therapeutics, Inc.(a) | 1,375 | 19,250 | ||||||
KalVista Pharmaceuticals, Inc.(a) | 2,079 | 20,998 | ||||||
Karuna Therapeutics, Inc.(a)(b) | 3,207 | 640,662 | ||||||
Karyopharm Therapeutics, Inc.(a) | 7,158 | 12,884 | ||||||
Keros Therapeutics, Inc.(a) | 2,032 | 85,100 | ||||||
Kezar Life Sciences, Inc.(a) | 4,775 | 10,696 | ||||||
Kiniksa Pharmaceuticals Ltd., Class A(a) | 3,183 | 59,968 | ||||||
Kodiak Sciences, Inc.(a) | 2,614 | 7,816 | ||||||
Krystal Biotech, Inc.(a) | 1,980 | 255,618 | ||||||
Kura Oncology, Inc.(a) | 6,957 | 72,631 | ||||||
Kymera Therapeutics, Inc.(a) | 3,185 | 69,688 | ||||||
Larimar Therapeutics, Inc.(a) | 4,173 | 17,860 | ||||||
Lexicon Pharmaceuticals, Inc.(a) | 8,558 | 17,202 | ||||||
Lineage Cell Therapeutics, Inc.(a)(b) | 13,121 | 20,075 | ||||||
Lyell Immunopharma, Inc.(a) | 14,969 | 43,260 | ||||||
MacroGenics, Inc.(a) | 4,926 | 23,497 | ||||||
Madrigal Pharmaceuticals, Inc.(a) | 1,247 | 256,009 | ||||||
MannKind Corp.(a) | 24,311 | 111,101 | ||||||
MeiraGTx Holdings PLC(a) | 2,394 | 15,082 | ||||||
Merrimack Pharmaceuticals, Inc.(a) | 1,167 | 14,016 | ||||||
Mersana Therapeutics, Inc.(a)(b) | 7,892 | 9,668 | ||||||
MiMedx Group, Inc.(a) | 9,806 | 79,134 | ||||||
Mineralys Therapeutics, Inc.(a) | 1,154 | 16,306 | ||||||
Mirati Therapeutics, Inc.(a) | 4,338 | 131,311 | ||||||
Mirum Pharmaceuticals, Inc.(a)(b) | 2,416 | 62,236 | ||||||
Monte Rosa Therapeutics, Inc.(a) | 2,258 | 15,964 | ||||||
Morphic Holding, Inc.(a)(b) | 2,663 | 151,072 | ||||||
Myriad Genetics, Inc.(a) | 7,357 | 164,429 | ||||||
Natera, Inc.(a) | 9,550 | 431,851 | ||||||
Neurocrine Biosciences, Inc.(a) | 8,701 | 886,545 | ||||||
Nkarta, Inc.(a) | 3,182 | 7,287 | ||||||
Novavax, Inc.(a)(b) | 7,070 | 65,610 | ||||||
Nurix Therapeutics, Inc.(a) | 3,690 | 35,830 | ||||||
Nuvalent, Inc., Class A(a)(b) | 2,082 | 103,788 | ||||||
Nuvectis Pharma, Inc.(b) | 807 | 11,338 | ||||||
Olema Pharmaceuticals, Inc.(a) | 2,578 | 22,300 | ||||||
Omega Therapeutics, Inc.(a)(b) | 2,235 | 12,494 | ||||||
Organogenesis Holdings, Inc.(a) | 5,244 | 22,392 | ||||||
ORIC Pharmaceuticals, Inc.(a) | 3,775 | 31,559 | ||||||
Outlook Therapeutics, Inc.(a)(b) | 12,799 | 22,142 | ||||||
Ovid therapeutics, Inc.(a) | 5,290 | 18,991 | ||||||
PDS Biotechnology Corp.(a) | 2,744 | 15,682 | ||||||
PepGen, Inc.(a) | 1,425 | 8,536 | ||||||
PMV Pharmaceuticals, Inc.(a) | 3,164 | 20,693 | ||||||
Point Biopharma Global, Inc.(a) | 9,003 | 80,487 | ||||||
Poseida Therapeutics, Inc.(a) | 7,253 | 12,548 | ||||||
Precigen, Inc.(a) | 8,014 | 11,139 | ||||||
Prime Medicine, Inc.(a) | 3,622 | 54,583 | ||||||
ProKidney Corp.(a)(b) | 5,346 | 68,536 | ||||||
Protagonist Therapeutics, Inc.(a) | 4,773 | 92,596 | ||||||
Protalix BioTherapeutics, Inc.(a) | 6,426 | 10,282 | ||||||
Prothena Corp. PLC(a) | 3,564 | 245,453 | ||||||
PTC Therapeutics, Inc.(a) | 6,325 | 255,150 | ||||||
Rallybio Corp.(a)(b) | 1,911 | 11,428 |
SCHEDULE OF INVESTMENTS | 29 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Biotechnology (continued) | ||||||||
RAPT Therapeutics, Inc.(a) | 2,468 | $ | 58,985 | |||||
Recursion Pharmaceuticals, Inc., Class A(a)(b) | 11,650 | 164,498 | ||||||
REGENXBIO, Inc.(a) | 3,492 | 66,348 | ||||||
Relay Therapeutics, Inc.(a)(b) | 8,693 | 109,532 | ||||||
Reneo Pharmaceuticals, Inc.(a) | 2,355 | 18,911 | ||||||
Replimune Group, Inc.(a) | 3,631 | 76,505 | ||||||
REVOLUTION Medicines, Inc.(a)(b) | 8,987 | 235,909 | ||||||
Rhythm Pharmaceuticals, Inc.(a)(b) | 4,582 | 81,743 | ||||||
Rigel Pharmaceuticals, Inc.(a) | 14,485 | 19,989 | ||||||
Rocket Pharmaceuticals, Inc.(a) | 4,854 | 87,615 | ||||||
Roivant Sciences Ltd.(a) | 22,793 | 273,060 | ||||||
Sage Therapeutics, Inc.(a) | 4,753 | 164,834 | ||||||
Sana Biotechnology, Inc.(a)(b) | 9,335 | 54,703 | ||||||
Sangamo Therapeutics, Inc.(a) | 9,836 | 12,934 | ||||||
Sarepta Therapeutics, Inc.(a)(b) | 8,072 | 874,924 | ||||||
Savara, Inc.(a) | 6,760 | 24,201 | ||||||
Scholar Rock Holding Corp.(a) | 2,731 | 19,390 | ||||||
Selecta Biosciences, Inc.(a) | 12,002 | 13,082 | ||||||
Seres Therapeutics, Inc.(a) | 7,933 | 38,158 | ||||||
SpringWorks Therapeutics, Inc.(a) | 5,189 | 162,831 | ||||||
Stoke Therapeutics, Inc.(a)(b) | 2,856 | 18,964 | ||||||
Summit Therapeutics, Inc.(a)(b) | 10,694 | 22,457 | ||||||
Sutro Biopharma, Inc.(a) | 4,750 | 21,232 | ||||||
Syndax Pharmaceuticals, Inc.(a) | 5,494 | 117,132 | ||||||
Tango Therapeutics, Inc.(a) | 3,485 | 11,779 | ||||||
Tenaya Therapeutics, Inc.(a) | 4,128 | 19,979 | ||||||
TG Therapeutics, Inc.(a) | 12,538 | 259,411 | ||||||
Travere Therapeutics, Inc.(a) | 6,778 | 116,514 | ||||||
Twist Bioscience Corp.(a)(b) | 4,817 | 117,246 | ||||||
Tyra Biosciences, Inc.(a) | 1,014 | 15,027 | ||||||
Ultragenyx Pharmaceutical, Inc.(a) | 6,079 | 262,126 | ||||||
United Therapeutics Corp.(a) | 4,132 | 1,002,919 | ||||||
UroGen Pharma Ltd.(a) | 1,783 | 38,620 | ||||||
Vanda Pharmaceuticals, Inc.(a) | 4,585 | 26,501 | ||||||
Vaxcyte, Inc.(a) | 8,406 | 403,992 | ||||||
Vaxxinity, Inc., Class A(a)(b) | 6,803 | 18,300 | ||||||
Vera Therapeutics, Inc.(a) | 3,397 | 63,762 | ||||||
Veracyte, Inc.(a) | 6,775 | 185,974 | ||||||
Vericel Corp.(a) | 4,429 | 159,090 | ||||||
Verve Therapeutics, Inc.(a)(b) | 4,612 | 94,500 | ||||||
Vigil Neuroscience, Inc.(a) | 1,473 | 11,990 | ||||||
Viking Therapeutics, Inc.(a)(b) | 8,403 | 121,843 | ||||||
Vir Biotechnology, Inc.(a) | 7,369 | 103,755 | ||||||
Viridian Therapeutics, Inc.(a) | 3,975 | 74,571 | ||||||
Vor BioPharma, Inc.(a) | 3,613 | 10,911 | ||||||
Voyager Therapeutics, Inc.(a) | 2,822 | 26,301 | ||||||
X4 Pharmaceuticals, Inc.(a) | 11,714 | 20,968 | ||||||
Xencor, Inc.(a)(b) | 4,999 | 121,426 | ||||||
XOMA Corp.(a) | 777 | 12,238 | ||||||
Y-mAbs Therapeutics, Inc.(a) | 2,861 | 17,423 | ||||||
Zentalis Pharmaceuticals, Inc.(a) | 4,468 | 119,340 | ||||||
Zura Bio Ltd. | 1,135 | 7,809 | ||||||
Zymeworks, Inc.(a)(b) | 4,863 | 36,278 | ||||||
|
| |||||||
23,481,486 | ||||||||
Broadline Retail — 0.3% | ||||||||
Big Lots, Inc.(b) | 2,245 | 23,011 | ||||||
ContextLogic, Inc., Class A(a)(b) | 1,574 | 14,953 | ||||||
Dillard’s, Inc., Class A | 312 | 107,029 | ||||||
Kohl’s Corp. | 9,758 | 277,615 |
Security | Shares | Value | ||||||
Broadline Retail (continued) | ||||||||
Macy’s, Inc. | 24,352 | $ | 404,000 | |||||
Nordstrom, Inc. | 10,585 | 244,619 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(a) | 5,690 | 414,687 | ||||||
|
| |||||||
1,485,914 | ||||||||
Building Products — 2.6% | ||||||||
A O Smith Corp. | 11,343 | 823,842 | ||||||
AAON, Inc. | 3,957 | 416,514 | ||||||
Advanced Drainage Systems, Inc. | 5,603 | 683,510 | ||||||
Allegion PLC | 8,051 | 940,840 | ||||||
American Woodmark Corp.(a) | 1,582 | 121,244 | ||||||
Apogee Enterprises, Inc. | 2,112 | 104,607 | ||||||
Armstrong World Industries, Inc. | 3,952 | 305,727 | ||||||
AZEK Co., Inc.(a) | 11,267 | 351,530 | ||||||
AZZ, Inc. | 2,075 | 91,985 | ||||||
Builders FirstSource, Inc.(a) | 11,492 | 1,659,790 | ||||||
Carlisle Cos., Inc. | 4,566 | 1,265,695 | ||||||
CSW Industrials, Inc. | 1,353 | 244,284 | ||||||
Fortune Brands Innovations, Inc. | 11,666 | 829,103 | ||||||
Gibraltar Industries, Inc.(a) | 2,823 | 182,563 | ||||||
Griffon Corp. | 4,051 | 169,008 | ||||||
Hayward Holdings, Inc.(a)(b) | 10,602 | 141,643 | ||||||
Insteel Industries, Inc.(b) | 1,608 | 51,858 | ||||||
Janus International Group, Inc.(a) | 8,280 | 94,558 | ||||||
JELD-WEN Holding, Inc.(a) | 7,985 | 142,213 | ||||||
Lennox International, Inc. | 2,917 | 1,071,822 | ||||||
Masonite International Corp.(a) | 2,085 | 217,987 | ||||||
Masterbrand, Inc.(a)(b) | 11,364 | 140,345 | ||||||
Owens Corning | 8,217 | 1,150,298 | ||||||
PGT Innovations, Inc.(a) | 4,919 | 140,733 | ||||||
Quanex Building Products Corp. | 2,875 | 80,903 | ||||||
Resideo Technologies, Inc.(a) | 13,622 | 255,004 | ||||||
Simpson Manufacturing Co., Inc. | 3,791 | 598,978 | ||||||
Trex Co., Inc.(a) | 9,753 | 674,322 | ||||||
UFP Industries, Inc. | 5,319 | 546,580 | ||||||
Zurn Elkay Water Solutions Corp. | 13,160 | 400,590 | ||||||
|
| |||||||
13,898,076 | ||||||||
Capital Markets — 2.7% | ||||||||
Affiliated Managers Group, Inc. | 3,336 | 462,503 | ||||||
AlTi Global, Inc. | 1,928 | 15,077 | ||||||
Artisan Partners Asset Management, Inc., Class A | 5,209 | 216,121 | ||||||
AssetMark Financial Holdings, Inc.(a) | 2,195 | 65,631 | ||||||
Avantax, Inc.(a) | 3,588 | 92,857 | ||||||
B. Riley Financial, Inc.(b) | 1,838 | 102,064 | ||||||
Bakkt Holdings, Inc.(a)(b) | 8,801 | 14,522 | ||||||
BGC Group, Inc., Class A | 27,707 | 131,885 | ||||||
Brightsphere Investment Group, Inc. | 2,752 | 58,563 | ||||||
Carlyle Group, Inc. | 19,094 | 680,701 | ||||||
Cboe Global Markets, Inc. | 9,523 | 1,330,173 | ||||||
Cohen & Steers, Inc. | 2,509 | 161,354 | ||||||
Diamond Hill Investment Group, Inc. | 260 | 47,193 | ||||||
Donnelley Financial Solutions, Inc.(a) | 2,225 | 105,243 | ||||||
Evercore, Inc., Class A | 3,315 | 447,724 | ||||||
FactSet Research Systems, Inc. | 3,471 | 1,510,024 | ||||||
Focus Financial Partners, Inc., Class A(a) | 5,508 | 288,234 | ||||||
Forge Global Holdings, Inc.(a) | 11,095 | 32,286 | ||||||
GCM Grosvenor, Inc., Class A | 3,389 | 26,604 | ||||||
Hamilton Lane, Inc., Class A | 3,282 | 290,227 | ||||||
Houlihan Lokey, Inc. | 4,572 | 456,514 | ||||||
Invesco Ltd. | 33,558 | 563,774 |
30 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Capital Markets (continued) | ||||||||
Janus Henderson Group PLC | 12,566 | $ | 368,812 | |||||
Jefferies Financial Group, Inc. | 18,689 | 687,568 | ||||||
Lazard Ltd., Class A | 9,850 | 345,735 | ||||||
MarketAxess Holdings, Inc. | 3,351 | 902,156 | ||||||
MarketWise, Inc. | 7,723 | 14,828 | ||||||
Moelis & Co., Class A | 5,617 | 274,278 | ||||||
Morningstar, Inc. | 2,385 | 549,695 | ||||||
Open Lending Corp., Class A(a) | 9,781 | 110,428 | ||||||
P10, Inc., Class A | 3,292 | 39,010 | ||||||
Patria Investments Ltd., Class A | 4,906 | 74,669 | ||||||
Perella Weinberg Partners | 3,120 | 30,826 | ||||||
Piper Sandler Cos | 1,654 | 242,079 | ||||||
PJT Partners, Inc., Class A | 2,291 | 181,699 | ||||||
Robinhood Markets, Inc., Class A(a) | 59,855 | 769,735 | ||||||
Sculptor Capital Management, Inc. | 2,155 | 23,597 | ||||||
SEI Investments Co. | 9,219 | 580,705 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 1,124 | 23,424 | ||||||
StepStone Group, Inc., Class A | 5,150 | 144,561 | ||||||
Stifel Financial Corp. | 9,340 | 593,464 | ||||||
StoneX Group, Inc.(a) | 1,631 | 150,068 | ||||||
TPG, Inc. | 5,816 | 171,165 | ||||||
Value Line, Inc. | 72 | 3,857 | ||||||
Victory Capital Holdings, Inc., Class A | 2,603 | 86,315 | ||||||
Virtu Financial, Inc., Class A | 8,234 | 152,823 | ||||||
Virtus Investment Partners, Inc. | 685 | 140,925 | ||||||
WisdomTree, Inc. | 11,166 | 77,715 | ||||||
XP, Inc., Class A(a) | 29,973 | 809,571 | ||||||
|
| |||||||
14,648,982 | ||||||||
Chemicals — 1.8% | ||||||||
AdvanSix, Inc. | 2,242 | 89,927 | ||||||
American Vanguard Corp. | 2,566 | 46,342 | ||||||
Amyris, Inc.(a)(b) | 17,937 | 15,907 | ||||||
Ashland, Inc. | 4,416 | 403,446 | ||||||
Aspen Aerogels, Inc.(a) | 4,601 | 38,372 | ||||||
Avient Corp. | 7,950 | 322,213 | ||||||
Axalta Coating Systems Ltd.(a) | 19,886 | 636,352 | ||||||
Balchem Corp. | 2,776 | 374,038 | ||||||
Cabot Corp. | 4,885 | 346,835 | ||||||
Chase Corp. | 662 | 83,339 | ||||||
Chemours Co. | 13,286 | 491,316 | ||||||
Core Molding Technologies, Inc.(a) | 749 | 18,066 | ||||||
Danimer Scientific, Inc.(a)(b) | 6,876 | 19,322 | ||||||
Ecovyst, Inc.(a) | 9,308 | 114,395 | ||||||
Element Solutions, Inc. | 20,658 | 432,992 | ||||||
FutureFuel Corp. | 3,064 | 29,782 | ||||||
Ginkgo Bioworks Holdings, Inc.(a) | 136,133 | 341,694 | ||||||
Hawkins, Inc. | 1,729 | 80,831 | ||||||
HB Fuller Co. | 4,815 | 356,454 | ||||||
Huntsman Corp. | 16,229 | 483,137 | ||||||
Ingevity Corp.(a)(b) | 3,248 | 207,937 | ||||||
Innospec, Inc. | 2,202 | 235,922 | ||||||
Intrepid Potash, Inc.(a)(b) | 1,016 | 27,940 | ||||||
Koppers Holdings, Inc. | 1,889 | 72,273 | ||||||
Kronos Worldwide, Inc. | 1,582 | 14,792 | ||||||
Livent Corp.(a) | 15,953 | 392,763 | ||||||
LSB Industries, Inc.(a) | 4,928 | 55,046 | ||||||
Mativ Holdings, Inc. | 5,433 | 85,515 | ||||||
Minerals Technologies, Inc. | 3,241 | 198,835 | ||||||
NewMarket Corp. | 554 | 250,242 | ||||||
Olin Corp. | 11,691 | 674,337 | ||||||
Origin Materials, Inc.(a)(b) | 9,174 | 41,100 |
Security | Shares | Value | ||||||
Chemicals (continued) | ||||||||
Orion SA | 5,146 | $ | 112,800 | |||||
Perimeter Solutions SA(a) | 14,650 | 81,454 | ||||||
PureCycle Technologies, Inc.(a) | 10,641 | 125,989 | ||||||
Quaker Chemical Corp. | 1,238 | 248,070 | ||||||
Rayonier Advanced Materials, Inc.(a) | 5,389 | 25,490 | ||||||
RPM International, Inc. | 11,723 | 1,211,103 | ||||||
Scotts Miracle-Gro Co. | 3,838 | 268,814 | ||||||
Sensient Technologies Corp. | 3,689 | 236,244 | ||||||
Stepan Co. | 2,074 | 198,731 | ||||||
Trinseo PLC | 2,993 | 52,737 | ||||||
Tronox Holdings PLC, Class A | 11,452 | 152,197 | ||||||
Valhi, Inc. | 183 | 2,807 | ||||||
|
| |||||||
9,697,898 | ||||||||
Commercial Services & Supplies — 1.1% | ||||||||
ABM Industries, Inc. | 5,945 | 275,135 | ||||||
ACCO Brands Corp. | 7,945 | 48,385 | ||||||
ACV Auctions, Inc., Class A(a) | 11,828 | 206,872 | ||||||
Aris Water Solution, Inc., Class A | 3,357 | 36,692 | ||||||
BrightView Holdings, Inc.(a) | 3,342 | 25,767 | ||||||
Brink’s Co. | 4,075 | 297,312 | ||||||
Casella Waste Systems, Inc., Class A(a) | 4,932 | 397,963 | ||||||
CECO Environmental Corp.(a)(b) | 2,849 | 34,302 | ||||||
Cimpress PLC(a) | 1,510 | 104,945 | ||||||
Clean Harbors, Inc.(a) | 4,638 | 771,114 | ||||||
CompX International, Inc. | 59 | 1,336 | ||||||
CoreCivic, Inc.(a) | 10,544 | 102,277 | ||||||
Deluxe Corp. | 4,027 | 76,473 | ||||||
Driven Brands Holdings, Inc.(a)(b) | 5,832 | 150,874 | ||||||
Ennis, Inc. | 2,575 | 55,465 | ||||||
Enviri Corp.(a) | 6,957 | 65,604 | ||||||
GEO Group, Inc.(a) | 10,282 | 76,807 | ||||||
Healthcare Services Group, Inc. | 6,404 | 80,754 | ||||||
Heritage-Crystal Clean, Inc.(a) | 1,231 | 56,712 | ||||||
HNI Corp. | 4,719 | 137,276 | ||||||
Interface, Inc. | 4,863 | 47,511 | ||||||
LanzaTech Global, Inc.(a)(b) | 2,548 | 16,511 | ||||||
Li-Cycle Holdings Corp.(a)(b) | 11,653 | 70,268 | ||||||
Liquidity Services, Inc.(a) | 1,902 | 31,916 | ||||||
Matthews International Corp., Class A | 2,571 | 118,009 | ||||||
MillerKnoll, Inc. | 7,590 | 148,536 | ||||||
Montrose Environmental Group, Inc.(a)(b) | 2,690 | 108,864 | ||||||
MSA Safety, Inc. | 3,290 | 546,140 | ||||||
NL Industries, Inc. | 244 | 1,415 | ||||||
OPENLANE, Inc.(a)(b) | 9,801 | 153,876 | ||||||
Performant Financial Corp.(a) | 6,150 | 18,880 | ||||||
Pitney Bowes, Inc. | 8,032 | 31,646 | ||||||
Quad/Graphics, Inc.(a) | 4,469 | 26,456 | ||||||
SP Plus Corp.(a) | 1,641 | 63,096 | ||||||
Steelcase, Inc., Class A | 8,759 | 75,065 | ||||||
Stericycle, Inc.(a) | 8,212 | 348,928 | ||||||
Tetra Tech, Inc. | 4,766 | 806,455 | ||||||
UniFirst Corp. | 1,407 | 228,356 | ||||||
Viad Corp.(a) | 1,714 | 48,352 | ||||||
VSE Corp. | 901 | 48,429 | ||||||
|
| |||||||
5,940,774 | ||||||||
Communications Equipment — 0.8% | ||||||||
ADTRAN Holdings, Inc. | 6,850 | 66,651 | ||||||
Aviat Networks, Inc.(a) | 439 | 13,420 | ||||||
Calix, Inc.(a) | 5,287 | 238,497 | ||||||
Cambium Networks Corp.(a) | 986 | 15,973 | ||||||
Ciena Corp.(a) | 13,400 | 565,480 |
SCHEDULE OF INVESTMENTS | 31 |
Schedule of Investments (continued) July 31, 2023
| 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 | $ | 62,959 | |||||
CommScope Holding Co., Inc.(a) | 18,195 | 81,877 | ||||||
Comtech Telecommunications Corp. | 2,159 | 21,935 | ||||||
Digi International, Inc.(a) | 3,036 | 127,299 | ||||||
DZS, Inc.(a)(b) | 3,069 | 11,570 | ||||||
Extreme Networks, Inc.(a) | 11,081 | 294,644 | ||||||
F5, Inc.(a) | 5,473 | 866,048 | ||||||
Harmonic, Inc.(a) | 9,692 | 144,605 | ||||||
Infinera Corp.(a)(b) | 19,781 | 89,014 | ||||||
Juniper Networks, Inc. | 28,880 | 802,864 | ||||||
KVH Industries, Inc.(a) | 1,802 | 15,425 | ||||||
Lumentum Holdings, Inc.(a)(b) | 6,322 | 331,020 | ||||||
NETGEAR, Inc.(a) | 2,697 | 36,787 | ||||||
NetScout Systems, Inc.(a) | 6,049 | 169,070 | ||||||
Ribbon Communications, Inc.(a) | 5,976 | 19,004 | ||||||
Viasat, Inc.(a) | 6,666 | 206,246 | ||||||
Viavi Solutions, Inc.(a) | 19,908 | 216,400 | ||||||
|
| |||||||
4,396,788 | ||||||||
Construction & Engineering — 1.4% | ||||||||
AECOM | 11,840 | 1,030,080 | ||||||
Ameresco, Inc., Class A(a)(b) | 3,075 | 178,996 | ||||||
APi Group Corp.(a) | 19,004 | 546,555 | ||||||
Arcosa, Inc. | 4,424 | 341,444 | ||||||
Argan, Inc. | 1,277 | 48,577 | ||||||
Bowman Consulting Group Ltd.(a) | 853 | 29,556 | ||||||
Comfort Systems USA, Inc. | 3,138 | 545,918 | ||||||
Concrete Pumping Holdings, Inc.(a) | 1,782 | 14,381 | ||||||
Construction Partners, Inc., Class A(a) | 3,499 | 102,871 | ||||||
Dycom Industries, Inc.(a)(b) | 2,526 | 251,539 | ||||||
EMCOR Group, Inc. | 4,234 | 910,479 | ||||||
Fluor Corp.(a) | 13,126 | 406,643 | ||||||
Granite Construction, Inc. | 4,338 | 177,554 | ||||||
Great Lakes Dredge & Dock Corp.(a) | 5,100 | 42,840 | ||||||
IES Holdings, Inc.(a) | 696 | 39,895 | ||||||
Innovate Corp.(a)(b) | 488 | 805 | ||||||
Limbach Holdings, Inc.(a) | 823 | 21,744 | ||||||
MasTec, Inc.(a)(b) | 5,594 | 658,694 | ||||||
MDU Resources Group, Inc. | 18,066 | 399,620 | ||||||
MYR Group, Inc.(a) | 1,530 | 218,117 | ||||||
Northwest Pipe Co.(a) | 1,028 | 33,492 | ||||||
Primoris Services Corp. | 5,105 | 162,135 | ||||||
Sterling Infrastructure, Inc.(a) | 2,723 | 163,353 | ||||||
Tutor Perini Corp.(a) | 3,489 | 29,482 | ||||||
Valmont Industries, Inc. | 1,859 | 492,170 | ||||||
WillScot Mobile Mini Holdings Corp.(a) | 18,109 | 868,327 | ||||||
|
| |||||||
7,715,267 | ||||||||
Construction Materials — 0.2% | ||||||||
Eagle Materials, Inc. | 3,195 | 589,062 | ||||||
Knife River Corp.(a) | 4,516 | 196,311 | ||||||
Summit Materials, Inc., Class A(a) | 10,496 | 379,745 | ||||||
U.S. Lime & Minerals, Inc. | 137 | 28,169 | ||||||
|
| |||||||
1,193,287 | ||||||||
Consumer Finance — 0.9% | ||||||||
Ally Financial, Inc. | 24,601 | 751,314 | ||||||
Atlanticus Holdings Corp.(a) | 357 | 14,530 | ||||||
Bread Financial Holdings, Inc. | 3,807 | 158,257 | ||||||
Consumer Portfolio Services, Inc.(a)(b) | 679 | 8,698 | ||||||
Credit Acceptance Corp.(a)(b) | 589 | 327,837 | ||||||
Encore Capital Group, Inc.(a)(b) | 2,138 | 114,383 | ||||||
Enova International, Inc.(a) | 2,964 | 163,287 |
Security | Shares | Value | ||||||
Consumer Finance (continued) | ||||||||
FirstCash Holdings, Inc. | 3,460 | $ | 329,669 | |||||
Green Dot Corp., Class A(a) | 3,218 | 62,912 | ||||||
LendingClub Corp.(a) | 10,465 | 87,801 | ||||||
LendingTree, Inc.(a) | 1,057 | �� | 25,791 | |||||
Navient Corp. | 8,295 | 157,937 | ||||||
Nelnet, Inc., Class A | 1,256 | 123,942 | ||||||
NerdWallet, Inc., Class A(a) | 3,624 | 40,625 | ||||||
OneMain Holdings, Inc. | 10,412 | 473,538 | ||||||
PRA Group, Inc.(a) | 3,905 | 93,173 | ||||||
PROG Holdings, Inc.(a) | 4,033 | 163,659 | ||||||
Regional Management Corp. | 751 | 24,400 | ||||||
SLM Corp. | 21,743 | 351,802 | ||||||
SoFi Technologies, Inc.(a)(b) | 82,706 | 946,984 | ||||||
Upstart Holdings, Inc.(a)(b) | 6,343 | 435,701 | ||||||
World Acceptance Corp.(a) | 315 | 49,735 | ||||||
|
| |||||||
4,905,975 | ||||||||
Consumer Staples Distribution & Retail — 1.0% | ||||||||
Albertsons Cos., Inc., Class A | 37,513 | 815,157 | ||||||
Andersons, Inc. | 2,791 | 136,257 | ||||||
BJ’s Wholesale Club Holdings, Inc.(a) | 11,994 | 795,322 | ||||||
Casey’s General Stores, Inc. | 3,347 | 845,653 | ||||||
Chefs’ Warehouse, Inc.(a) | 3,385 | 123,011 | ||||||
Grocery Outlet Holding Corp.(a)(b) | 8,538 | 285,596 | ||||||
HF Foods Group, Inc.(a) | 5,359 | 28,028 | ||||||
Ingles Markets, Inc., Class A | 1,261 | 106,933 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 452 | 5,627 | ||||||
Performance Food Group Co.(a) | 13,877 | 829,290 | ||||||
PriceSmart, Inc. | 2,495 | 193,936 | ||||||
SpartanNash Co. | 3,030 | 67,993 | ||||||
Sprouts Farmers Market, Inc.(a)(b) | 9,081 | 356,429 | ||||||
U.S. Foods Holding Corp.(a) | 20,550 | 878,102 | ||||||
United Natural Foods, Inc.(a) | 5,551 | 115,461 | ||||||
Village Super Market, Inc., Class A | 548 | 12,757 | ||||||
Weis Markets, Inc. | 1,489 | 98,780 | ||||||
|
| |||||||
5,694,332 | ||||||||
Containers & Packaging — 1.6% | ||||||||
AptarGroup, Inc. | 5,900 | 716,614 | ||||||
Ardagh Group SA(a) | 1,258 | 7,460 | ||||||
Ardagh Metal Packaging SA | 12,024 | 45,451 | ||||||
Avery Dennison Corp. | 7,394 | 1,360,570 | ||||||
Berry Global Group, Inc. | 10,949 | 717,926 | ||||||
Crown Holdings, Inc. | 9,572 | 887,899 | ||||||
Graphic Packaging Holding Co. | 27,495 | 665,379 | ||||||
Greif, Inc., Class A | 2,052 | 151,786 | ||||||
Greif, Inc., Class B | 651 | 51,475 | ||||||
Myers Industries, Inc. | 3,021 | 59,242 | ||||||
O-I Glass, Inc.(a) | 14,304 | 328,420 | ||||||
Packaging Corp. of America | 8,155 | 1,250,569 | ||||||
Pactiv Evergreen, Inc. | 5,470 | 47,097 | ||||||
Ranpak Holdings Corp.(a) | 3,933 | 25,210 | ||||||
Sealed Air Corp. | 12,868 | 587,038 | ||||||
Silgan Holdings, Inc. | 7,727 | 338,829 | ||||||
Sonoco Products Co. | 9,081 | 532,510 | ||||||
TriMas Corp. | 3,978 | 102,473 | ||||||
Westrock Co. | 23,187 | 771,895 | ||||||
|
| |||||||
8,647,843 | ||||||||
Distributors — 0.2% | ||||||||
Funko, Inc., Class A(a) | 3,070 | 25,051 |
32 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Distributors (continued) | ||||||||
Pool Corp. | 3,422 | $ | 1,316,580 | |||||
Weyco Group, Inc. | 661 | 18,046 | ||||||
|
| |||||||
1,359,677 | ||||||||
Diversified Consumer Services — 0.9% | ||||||||
2U, Inc.(a) | 6,437 | 30,769 | ||||||
ADT, Inc. | 18,066 | 115,261 | ||||||
Adtalem Global Education, Inc.(a) | 3,907 | 168,939 | ||||||
Bright Horizons Family Solutions, Inc.(a)(b) | 5,107 | 495,532 | ||||||
Carriage Services, Inc. | 1,293 | 41,854 | ||||||
Chegg, Inc.(a) | 10,781 | 109,211 | ||||||
Coursera, Inc.(a) | 11,993 | 188,170 | ||||||
Duolingo, Inc.(a) | 2,526 | 392,010 | ||||||
European Wax Center, Inc., Class A(a) | 3,136 | 60,744 | ||||||
Frontdoor, Inc.(a) | 7,527 | 262,843 | ||||||
Graham Holdings Co., Class B | 332 | 194,801 | ||||||
Grand Canyon Education, Inc.(a) | 2,691 | 292,108 | ||||||
H&R Block, Inc. | 13,982 | 469,935 | ||||||
Laureate Education, Inc., Class A | 11,541 | 147,956 | ||||||
Lincoln Educational Services Corp.(a) | 2,207 | 15,692 | ||||||
Mister Car Wash, Inc.(a) | 6,992 | 69,431 | ||||||
Nerdy, Inc.(a) | 6,648 | 32,841 | ||||||
OneSpaWorld Holdings Ltd.(a) | 6,724 | 86,370 | ||||||
Perdoceo Education Corp.(a) | 5,709 | 76,215 | ||||||
Rover Group, Inc.(a) | 7,950 | 43,566 | ||||||
Service Corp. International | 13,334 | 888,711 | ||||||
Strategic Education, Inc. | 1,929 | 144,868 | ||||||
Stride, Inc.(a) | 3,955 | 151,120 | ||||||
Udemy, Inc.(a) | 7,949 | 93,878 | ||||||
Universal Technical Institute, Inc.(a) | 2,735 | 19,911 | ||||||
WW International, Inc.(a)(b) | 4,188 | 48,790 | ||||||
|
| |||||||
4,641,526 | ||||||||
Diversified REITs — 0.2% | ||||||||
Alexander & Baldwin, Inc. | 6,421 | 123,283 | ||||||
Alpine Income Property Trust, Inc. | 1,746 | 29,665 | ||||||
American Assets Trust, Inc. | 4,268 | 96,030 | ||||||
Armada Hoffler Properties, Inc. | 6,122 | 76,035 | ||||||
Broadstone Net Lease, Inc. | 17,473 | 284,810 | ||||||
CTO Realty Growth, Inc. | 2,063 | 36,103 | ||||||
Empire State Realty Trust, Inc., Class A | 10,861 | 97,206 | ||||||
Essential Properties Realty Trust, Inc. | 13,773 | 338,127 | ||||||
Gladstone Commercial Corp. | 3,405 | 45,287 | ||||||
Global Net Lease, Inc. | 9,163 | 97,952 | ||||||
NexPoint Diversified Real Estate Trust | 3,334 | 38,974 | ||||||
One Liberty Properties, Inc. | 1,851 | 37,816 | ||||||
Star Holdings(a) | 1,012 | 15,777 | ||||||
|
| |||||||
1,317,065 | ||||||||
Diversified Telecommunication Services — 0.4% | ||||||||
Anterix, Inc.(a) | 1,497 | 42,021 | ||||||
AST SpaceMobile, Inc.(a)(b) | 5,804 | 24,899 | ||||||
ATN International, Inc. | 895 | 32,524 | ||||||
Bandwidth, Inc., Class A(a) | 2,869 | 43,465 | ||||||
Charge Enterprises, Inc.(a) | 8,933 | 8,494 | ||||||
Cogent Communications Holdings, Inc. | 3,801 | 232,773 | ||||||
Consolidated Communications Holdings, Inc.(a) | 6,031 | 21,591 | ||||||
EchoStar Corp., Class A(a) | 2,906 | 56,464 | ||||||
ESC GCI Liberty, Inc. (c) | 6,184 | — | ||||||
Frontier Communications Parent, Inc.(a) | 21,921 | 399,181 | ||||||
Globalstar, Inc.(a) | 59,742 | 64,521 | ||||||
IDT Corp., Class B(a) | 1,333 | 31,619 | ||||||
Iridium Communications, Inc. | 11,259 | 591,660 | ||||||
Liberty Latin America Ltd., Class A(a) | 4,237 | 35,591 |
Security | Shares | Value | ||||||
Diversified Telecommunication Services (continued) | ||||||||
Liberty Latin America Ltd., Class C(a) | 11,347 | $ | 94,407 | |||||
Lumen Technologies, Inc. | 90,568 | 162,117 | ||||||
Ooma, Inc.(a)(b) | 1,841 | 27,615 | ||||||
Radius Global Infrastructure, Inc., Class A(a) | 7,648 | 114,032 | ||||||
|
| |||||||
1,982,974 | ||||||||
Electric Utilities — 0.9% | ||||||||
ALLETE, Inc. | 5,124 | 294,271 | ||||||
Genie Energy Ltd., Class B | 1,682 | 22,556 | ||||||
Hawaiian Electric Industries, Inc. | 10,281 | 394,688 | ||||||
IDACORP, Inc. | 4,686 | 481,814 | ||||||
MGE Energy, Inc. | 3,178 | 255,003 | ||||||
NRG Energy, Inc. | 20,861 | 792,509 | ||||||
OGE Energy Corp. | 18,281 | 660,858 | ||||||
Otter Tail Corp. | 3,777 | 305,975 | ||||||
Pinnacle West Capital Corp. | 10,280 | 851,390 | ||||||
PNM Resources, Inc. | 7,844 | 351,568 | ||||||
Portland General Electric Co. | 8,985 | 428,315 | ||||||
|
| |||||||
4,838,947 | ||||||||
Electrical Equipment — 2.0% | ||||||||
Acuity Brands, Inc.(b) | 2,858 | 472,256 | ||||||
Allied Motion Technologies, Inc. | 1,123 | 43,685 | ||||||
Array Technologies, Inc.(a) | 13,874 | 264,300 | ||||||
Atkore, Inc.(a)(b) | 3,517 | 558,042 | ||||||
Babcock & Wilcox Enterprises, Inc.(a) | 4,750 | 26,030 | ||||||
Blink Charging Co.(a)(b) | 4,428 | 28,339 | ||||||
Bloom Energy Corp., Class A(a) | 17,171 | 306,674 | ||||||
ChargePoint Holdings, Inc.(a)(b) | 25,227 | 218,466 | ||||||
Encore Wire Corp.(b) | 1,477 | 252,109 | ||||||
Energy Vault Holdings, Inc.(a)(b) | 7,336 | 24,576 | ||||||
EnerSys | 3,642 | 394,501 | ||||||
Enovix Corp.(a) | 12,141 | 261,274 | ||||||
Eos Energy Enterprises, Inc.(a)(b) | 10,433 | 25,665 | ||||||
ESS Tech, Inc.(a)(b) | 7,607 | 14,682 | ||||||
Fluence Energy, Inc.(a) | 3,786 | 110,703 | ||||||
FTC Solar, Inc.(a) | 3,742 | 14,220 | ||||||
FuelCell Energy, Inc.(a) | 35,341 | 77,397 | ||||||
Generac Holdings, Inc.(a) | 5,492 | 844,120 | ||||||
GrafTech International Ltd. | 19,752 | 104,291 | ||||||
Hubbell, Inc. | 4,833 | 1,507,896 | ||||||
LSI Industries, Inc. | 2,447 | 30,832 | ||||||
NEXTracker, Inc., Class A(a) | 4,044 | 171,263 | ||||||
NuScale Power Corp.(a) | 5,028 | 38,112 | ||||||
nVent Electric PLC | 14,832 | 784,316 | ||||||
Plug Power, Inc.(a) | 46,475 | 609,752 | ||||||
Powell Industries, Inc. | 745 | 45,281 | ||||||
Preformed Line Products Co. | 205 | 35,570 | ||||||
Regal Rexnord Corp. | 5,964 | 931,458 | ||||||
Sensata Technologies Holding PLC | 13,592 | 574,262 | ||||||
SES AI Corp.(a) | 12,887 | 40,465 | ||||||
Shoals Technologies Group, Inc., Class A(a)(b) | 15,725 | 408,221 | ||||||
SKYX Platforms Corp.(a) | 5,493 | 11,645 | ||||||
Stem, Inc.(a)(b) | 12,417 | 87,788 | ||||||
SunPower Corp.(a)(b) | 8,783 | 86,688 | ||||||
Sunrun, Inc.(a)(b) | 18,917 | 359,045 | ||||||
Thermon Group Holdings, Inc.(a) | 2,845 | 78,550 | ||||||
TPI Composites, Inc.(a)(b) | 3,470 | 20,612 | ||||||
Vertiv Holdings Co. | 29,157 | 758,374 | ||||||
Vicor Corp.(a) | 2,120 | 195,612 | ||||||
|
| |||||||
10,817,072 | ||||||||
Electronic Equipment, Instruments & Components — 2.3% | ||||||||
908 Devices, Inc.(a) | 1,646 | 11,456 |
SCHEDULE OF INVESTMENTS | 33 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
Advanced Energy Industries, Inc. | 3,292 | $ | 412,093 | |||||
Aeva Technologies, Inc.(a) | 8,010 | 10,012 | ||||||
Akoustis Technologies, Inc.(a)(b) | 4,542 | 10,855 | ||||||
Arlo Technologies, Inc.(a) | 7,377 | 83,803 | ||||||
Arrow Electronics, Inc.(a) | 5,183 | 738,785 | ||||||
Avnet, Inc. | 8,169 | 396,196 | ||||||
Badger Meter, Inc. | 2,682 | 441,564 | ||||||
Bel Fuse, Inc., Class B | 933 | 50,055 | ||||||
Belden, Inc. | 3,899 | 376,799 | ||||||
Benchmark Electronics, Inc. | 3,639 | 96,470 | ||||||
Climb Global Solutions, Inc. | 389 | 18,820 | ||||||
Cognex Corp. | 15,597 | 851,908 | ||||||
Coherent Corp.(a) | 10,987 | 520,344 | ||||||
CTS Corp. | 2,851 | 127,240 | ||||||
Daktronics, Inc.(a) | 3,526 | 25,352 | ||||||
ePlus, Inc.(a) | 2,584 | 145,608 | ||||||
Evolv Technologies Holdings, Inc.(a) | 10,114 | 66,550 | ||||||
Fabrinet(a) | 3,245 | 401,212 | ||||||
FARO Technologies, Inc.(a)(b) | 1,527 | 25,333 | ||||||
Insight Enterprises, Inc.(a)(b) | 2,637 | 386,822 | ||||||
IPG Photonics Corp.(a) | 2,688 | 353,338 | ||||||
Iteris, Inc.(a)(b) | 4,146 | 17,247 | ||||||
Itron, Inc.(a) | 4,210 | 331,201 | ||||||
Jabil, Inc. | 11,695 | 1,294,286 | ||||||
Kimball Electronics, Inc.(a) | 2,023 | 59,031 | ||||||
Knowles Corp.(a)(b) | 8,766 | 160,155 | ||||||
Lightwave Logic, Inc.(a)(b) | 11,666 | 78,395 | ||||||
Littelfuse, Inc. | 2,178 | 663,419 | ||||||
Luna Innovations, Inc.(a)(b) | 2,954 | 26,704 | ||||||
Methode Electronics, Inc. | 3,134 | 105,428 | ||||||
MicroVision, Inc.(a)(b) | 15,033 | 60,132 | ||||||
Mirion Technologies, Inc.(a)(b) | 18,067 | 136,406 | ||||||
Napco Security Technologies, Inc. | 2,900 | 108,692 | ||||||
National Instruments Corp. | 11,821 | 697,439 | ||||||
nLight, Inc.(a) | 3,525 | 50,760 | ||||||
Novanta, Inc.(a) | 3,179 | 562,365 | ||||||
OSI Systems, Inc.(a) | 1,395 | 166,326 | ||||||
PAR Technology Corp.(a)(b) | 2,396 | 82,878 | ||||||
PC Connection, Inc. | 1,027 | 49,717 | ||||||
Plexus Corp.(a) | 2,361 | 232,535 | ||||||
Richardson Electronics Ltd. | 1,153 | 15,911 | ||||||
Rogers Corp.(a) | 1,619 | 272,980 | ||||||
Sanmina Corp.(a) | 5,041 | 309,820 | ||||||
ScanSource, Inc.(a) | 2,893 | 87,050 | ||||||
SmartRent, Inc.(a) | 17,310 | 68,894 | ||||||
TD SYNNEX Corp. | 3,776 | 372,729 | ||||||
TTM Technologies, Inc.(a) | 8,814 | 126,569 | ||||||
Vishay Intertechnology, Inc. | 11,266 | 317,138 | ||||||
Vishay Precision Group, Inc.(a) | 1,053 | 39,393 | ||||||
Vontier Corp. | 13,858 | 428,628 | ||||||
|
| |||||||
12,472,843 | ||||||||
Energy Equipment & Services — 1.4% | ||||||||
Archrock, Inc. | 13,488 | 157,270 | ||||||
Atlas Energy Solutions, Inc., Class A | 1,665 | 32,884 | ||||||
Borr Drilling Ltd.(a) | 19,971 | 175,345 | ||||||
Bristow Group, Inc.(a) | 2,083 | 64,094 | ||||||
Cactus, Inc., Class A | 5,666 | 287,720 | ||||||
ChampionX Corp. | 17,774 | 632,754 | ||||||
Core Laboratories, Inc. | 4,237 | 110,120 | ||||||
Diamond Offshore Drilling, Inc.(a) | 8,757 | 138,623 | ||||||
DMC Global, Inc.(a) | 1,549 | 29,214 |
Security | Shares | Value | ||||||
Energy Equipment & Services (continued) | ||||||||
Dril-Quip, Inc.(a) | 2,900 | $ | 75,081 | |||||
Expro Group Holdings NV(a) | 8,443 | 187,350 | ||||||
Forum Energy Technologies, Inc.(a) | 870 | 23,673 | ||||||
Helix Energy Solutions Group, Inc.(a) | 12,508 | 120,077 | ||||||
Helmerich & Payne, Inc. | 9,505 | 425,539 | ||||||
KLX Energy Services Holdings, Inc.(a) | 1,764 | 20,692 | ||||||
Liberty Energy, Inc., Class A | 14,958 | 246,358 | ||||||
Mammoth Energy Services, Inc.(a) | 3,130 | 15,306 | ||||||
Nabors Industries Ltd.(a) | 774 | 94,807 | ||||||
Newpark Resources, Inc.(a) | 7,114 | 39,269 | ||||||
NexTier Oilfield Solutions, Inc.(a) | 17,262 | 205,763 | ||||||
Noble Corp. PLC(a) | 9,549 | 499,126 | ||||||
NOV, Inc. | 35,854 | 719,948 | ||||||
Oceaneering International, Inc.(a) | 9,537 | 214,106 | ||||||
Oil States International, Inc.(a) | 5,105 | 41,044 | ||||||
Patterson-UTI Energy, Inc. | 18,457 | 292,359 | ||||||
ProFrac Holding Corp., Class A(a) | 2,052 | 26,409 | ||||||
ProPetro Holding Corp.(a) | 8,069 | 84,240 | ||||||
Ranger Energy Services, Inc.(a) | 1,414 | 14,847 | ||||||
RPC, Inc. | 8,334 | 69,339 | ||||||
SEACOR Marine Holdings, Inc.(a) | 2,135 | 24,531 | ||||||
Seadrill Ltd.(a) | 4,767 | 233,154 | ||||||
Select Water Solutions, Inc., Class A | 8,144 | 68,491 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 3,187 | 34,834 | ||||||
TechnipFMC PLC(a) | 39,592 | 726,117 | ||||||
TETRA Technologies, Inc.(a) | 10,502 | 47,154 | ||||||
Tidewater, Inc.(a) | 4,279 | 270,048 | ||||||
U.S. Silica Holdings, Inc.(a) | 6,759 | 87,935 | ||||||
Valaris Ltd.(a) | 5,487 | 421,402 | ||||||
Weatherford International PLC(a) | 6,517 | 541,563 | ||||||
|
| |||||||
7,498,586 | ||||||||
Entertainment — 0.6% | ||||||||
AMC Entertainment Holdings, Inc., Class A(a)(b) | 48,356 | 240,329 | ||||||
Atlanta Braves Holdings, Inc.(b) | 890 | 42,133 | ||||||
Atlanta Braves Holdings, Inc., Class C(a) | 3,287 | 133,847 | ||||||
Cinemark Holdings, Inc.(a) | 9,514 | 158,789 | ||||||
IMAX Corp.(a) | 3,856 | 70,989 | ||||||
Lions Gate Entertainment Corp., Class A(a)(b) | 2,891 | 22,203 | ||||||
Lions Gate Entertainment Corp., Class B(a) | 12,858 | 94,120 | ||||||
Loop Media, Inc.(a)(b) | 4,685 | 10,775 | ||||||
Madison Square Garden Entertainment Corp.(a) | 3,875 | 135,005 | ||||||
Madison Square Garden Sports Corp. | 1,659 | 352,952 | ||||||
Marcus Corp. | 2,987 | 46,597 | ||||||
Playstudios, Inc.(a) | 6,469 | 31,892 | ||||||
Playtika Holding Corp.(a) | 2,538 | 30,304 | ||||||
Reservoir Media, Inc.(a)(b) | 1,932 | 10,549 | ||||||
Roku, Inc.(a) | 11,156 | 1,073,988 | ||||||
Sphere Entertainment Co.(a)(b) | 2,294 | 97,380 | ||||||
Vivid Seats, Inc., Class A(a) | 2,502 | 20,842 | ||||||
World Wrestling Entertainment, Inc., Class A | 3,969 | 416,745 | ||||||
|
| |||||||
2,989,439 | ||||||||
Financial Services — 2.1% | ||||||||
Acacia Research Corp.(a)(b) | 3,963 | 15,812 | ||||||
Affirm Holdings, Inc.(a)(b) | 19,427 | 376,689 | ||||||
Alerus Financial Corp. | 2,255 | 44,604 | ||||||
A-Mark Precious Metals, Inc. | 1,576 | 64,285 | ||||||
AvidXchange Holdings, Inc.(a) | 14,194 | 176,148 | ||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 2,413 | 56,271 | ||||||
Cannae Holdings, Inc.(a) | 6,186 | 126,071 | ||||||
Cantaloupe, Inc.(a) | 4,940 | 38,087 |
34 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Financial Services (continued) | ||||||||
Cass Information Systems, Inc. | 1,394 | $ | 52,902 | |||||
Compass Diversified Holdings | 5,535 | 124,704 | ||||||
Enact Holdings, Inc. | 2,775 | 75,480 | ||||||
Equitable Holdings, Inc. | 33,181 | 951,963 | ||||||
Essent Group Ltd. | 9,858 | 488,957 | ||||||
Euronet Worldwide, Inc.(a) | 4,267 | 374,941 | ||||||
EVERTEC, Inc. | 5,861 | 230,513 | ||||||
Federal Agricultural Mortgage Corp., Class C | 850 | 136,637 | ||||||
Finance of America Cos., Inc., Class A(a) | 1,542 | 3,069 | ||||||
Flywire Corp.(a) | 8,911 | 304,222 | ||||||
Home Point Capital, Inc.(a) | 696 | 1,615 | ||||||
I3 Verticals, Inc., Class A(a) | 1,955 | 48,895 | ||||||
International Money Express, Inc.(a) | 2,814 | 68,183 | ||||||
Jack Henry & Associates, Inc. | 6,663 | 1,116,519 | ||||||
Jackson Financial, Inc., Class A | 7,611 | 251,315 | ||||||
Marqeta, Inc., Class A(a) | 44,032 | 245,699 | ||||||
Merchants Bancorp | 1,499 | 47,383 | ||||||
MGIC Investment Corp. | 25,574 | 428,109 | ||||||
Mr. Cooper Group, Inc.(a)(b) | 6,113 | 354,371 | ||||||
NewtekOne, Inc.(b) | 2,325 | 41,385 | ||||||
NMI Holdings, Inc., Class A(a) | 7,922 | 211,597 | ||||||
Ocwen Financial Corp.(a) | 650 | 21,944 | ||||||
Pagseguro Digital Ltd., Class A(a) | 17,538 | 199,232 | ||||||
Payoneer Global, Inc.(a) | 21,351 | 113,587 | ||||||
Paysafe Ltd.(a) | 3,921 | 47,170 | ||||||
Paysign, Inc.(a) | 6,533 | 12,543 | ||||||
PennyMac Financial Services, Inc. | 2,383 | 179,273 | ||||||
Priority Technology Holdings, Inc.(a) | 789 | 3,550 | ||||||
Radian Group, Inc. | 13,594 | 366,086 | ||||||
Remitly Global, Inc.(a) | 7,466 | 143,944 | ||||||
Repay Holdings Corp.(a) | 8,242 | 68,821 | ||||||
Security National Financial Corp., Class A(a) | 1,775 | 15,158 | ||||||
Shift4 Payments, Inc., Class A(a)(b) | 4,811 | 331,911 | ||||||
StoneCo Ltd., Class A(a) | 26,664 | 386,361 | ||||||
TFS Financial Corp. | 5,043 | 73,174 | ||||||
Toast, Inc., Class A(a)(b) | 32,061 | 707,586 | ||||||
UWM Holdings Corp.(b) | 8,390 | 55,038 | ||||||
Velocity Financial, Inc.(a) | 531 | 6,574 | ||||||
Voya Financial, Inc. | 8,491 | 630,542 | ||||||
Walker & Dunlop, Inc. | 2,808 | 255,472 | ||||||
Waterstone Financial, Inc. | 2,085 | 29,086 | ||||||
Western Union Co. | 25,339 | 308,629 | ||||||
WEX, Inc.(a) | 3,856 | 730,134 | ||||||
|
| |||||||
11,142,241 | ||||||||
Food Products — 1.0% | ||||||||
Alico, Inc. | 665 | 17,223 | ||||||
B&G Foods, Inc. | 6,401 | 84,877 | ||||||
Benson Hill, Inc.(a) | 15,385 | 21,385 | ||||||
Beyond Meat, Inc.(a)(b) | 5,249 | 90,283 | ||||||
BRC, Inc.(a) | 2,634 | 12,064 | ||||||
Calavo Growers, Inc. | 1,546 | 58,331 | ||||||
Cal-Maine Foods, Inc. | 3,579 | 165,314 | ||||||
Darling Ingredients, Inc.(a) | 14,285 | 989,236 | ||||||
Dole PLC | 6,354 | 83,936 | ||||||
Flowers Foods, Inc. | 17,204 | 425,111 | ||||||
Fresh Del Monte Produce, Inc. | 3,235 | 85,986 | ||||||
Freshpet, Inc.(a)(b) | 4,222 | 310,486 | ||||||
Hain Celestial Group, Inc.(a) | 7,856 | 99,536 | ||||||
Hostess Brands, Inc.(a) | 11,993 | 288,312 | ||||||
Ingredion, Inc. | 6,027 | 670,564 | ||||||
J & J Snack Foods Corp. | 1,294 | 207,454 |
Security | Shares | Value | ||||||
Food Products (continued) | ||||||||
John B Sanfilippo & Son, Inc. | 770 | $ | 83,861 | |||||
Lancaster Colony Corp. | 1,781 | 343,074 | ||||||
Limoneira Co. | 1,676 | 26,012 | ||||||
Mission Produce, Inc.(a) | 4,680 | 54,382 | ||||||
Pilgrim’s Pride Corp.(a) | 4,149 | 102,771 | ||||||
Post Holdings, Inc.(a) | 4,876 | 415,923 | ||||||
Seaboard Corp. | 22 | 79,310 | ||||||
Seneca Foods Corp., Class A(a) | 468 | 18,048 | ||||||
Simply Good Foods Co.(a) | 8,281 | 320,557 | ||||||
Sovos Brands, Inc.(a) | 3,563 | 63,421 | ||||||
SunOpta, Inc.(a) | 8,146 | 54,008 | ||||||
TreeHouse Foods, Inc.(a) | 4,742 | 244,735 | ||||||
Utz Brands, Inc. | 6,479 | 108,523 | ||||||
Vital Farms, Inc.(a) | 2,735 | 31,999 | ||||||
Westrock Coffee Co.(a)(b) | 2,565 | 28,459 | ||||||
|
| |||||||
5,585,181 | ||||||||
Gas Utilities — 0.6% | ||||||||
Brookfield Infrastructure Corp., Class A | 9,029 | 421,835 | ||||||
Chesapeake Utilities Corp. | 1,524 | 180,198 | ||||||
National Fuel Gas Co. | 8,001 | 424,933 | ||||||
New Jersey Resources Corp. | 8,668 | 387,460 | ||||||
Northwest Natural Holding Co. | 3,316 | 142,489 | ||||||
ONE Gas, Inc. | 5,108 | 404,196 | ||||||
RGC Resources, Inc. | 698 | 14,044 | ||||||
Southwest Gas Holdings, Inc. | 5,492 | 362,142 | ||||||
Spire, Inc. | 4,553 | 289,434 | ||||||
UGI Corp. | 18,984 | 512,378 | ||||||
|
| |||||||
3,139,109 | ||||||||
Ground Transportation — 1.2% | ||||||||
ArcBest Corp. | 2,262 | 263,116 | ||||||
Avis Budget Group, Inc.(a)(b) | 1,881 | 414,365 | ||||||
Covenant Logistics Group, Inc. | 777 | 42,548 | ||||||
Daseke, Inc.(a) | 3,249 | 25,277 | ||||||
FTAI Infrastructure, Inc. | 9,147 | 32,472 | ||||||
Heartland Express, Inc.(b) | 3,946 | 64,517 | ||||||
Hertz Global Holdings, Inc.(a)(b) | 11,978 | 201,829 | ||||||
Knight-Swift Transportation Holdings, Inc. | 14,137 | 858,823 | ||||||
Landstar System, Inc. | 3,235 | 658,614 | ||||||
Lyft, Inc., Class A(a)(b) | 27,484 | 349,322 | ||||||
Marten Transport Ltd. | 5,059 | 114,637 | ||||||
PAM Transportation Services, Inc.(a) | 732 | 18,930 | ||||||
RXO, Inc.(a) | 10,347 | 228,151 | ||||||
Ryder System, Inc. | 4,246 | 433,729 | ||||||
Saia, Inc.(a) | 2,393 | 1,012,574 | ||||||
Schneider National, Inc., Class B | 5,233 | 161,229 | ||||||
TuSimple Holdings, Inc., Class A(a) | 13,022 | 30,471 | ||||||
U-Haul Holding Co.(b) | 7,143 | 408,651 | ||||||
U-Haul Holding Co. | 915 | 55,687 | ||||||
Universal Logistics Holdings, Inc. | 635 | 19,742 | ||||||
Werner Enterprises, Inc. | 5,557 | 261,290 | ||||||
XPO, Inc.(a) | 10,233 | 708,533 | ||||||
|
| |||||||
6,364,507 | ||||||||
Health Care Equipment & Supplies — 2.6% | ||||||||
Accuray, Inc.(a)(b) | 8,603 | 36,649 | ||||||
Alphatec Holdings, Inc.(a) | 7,340 | 129,698 | ||||||
AngioDynamics, Inc.(a) | 3,024 | 26,279 | ||||||
Artivion, Inc.(a) | 3,333 | 58,061 | ||||||
AtriCure, Inc.(a) | 4,293 | 237,617 | ||||||
Atrion Corp. | 113 | 63,349 | ||||||
Avanos Medical, Inc.(a) | 4,030 | 98,614 | ||||||
Axogen, Inc.(a) | 3,861 | 33,359 |
SCHEDULE OF INVESTMENTS | 35 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Health Care Equipment & Supplies (continued) | ||||||||
Axonics, Inc.(a)(b) | 4,532 | $ | 273,597 | |||||
Beyond Air, Inc.(a) | 2,919 | 10,538 | ||||||
Butterfly Network, Inc.(a)(b) | 12,367 | 31,783 | ||||||
Cerus Corp.(a) | 14,502 | 44,521 | ||||||
ClearPoint Neuro, Inc.(a) | 2,678 | 18,398 | ||||||
CONMED Corp. | 2,784 | 337,003 | ||||||
Cutera, Inc.(a) | 1,662 | 33,257 | ||||||
CVRx, Inc.(a) | 1,038 | 18,611 | ||||||
DENTSPLY SIRONA, Inc. | 19,004 | 789,046 | ||||||
Embecta Corp. | 5,066 | 108,108 | ||||||
Enovis Corp.(a) | 4,838 | 309,148 | ||||||
Envista Holdings Corp.(a) | 15,105 | 519,763 | ||||||
Glaukos Corp.(a) | 4,254 | 328,153 | ||||||
Globus Medical, Inc., Class A(a) | 7,292 | 439,489 | ||||||
Haemonetics Corp.(a) | 4,572 | 421,721 | ||||||
ICU Medical, Inc.(a)(b) | 1,771 | 315,557 | ||||||
Inari Medical, Inc.(a) | 4,594 | 262,180 | ||||||
Inmode Ltd.(a)(b) | 6,859 | 294,320 | ||||||
Inogen, Inc.(a) | 2,259 | 18,456 | ||||||
Inspire Medical Systems, Inc.(a) | 2,594 | 746,579 | ||||||
Integer Holdings Corp.(a)(b) | 2,872 | 265,602 | ||||||
Integra LifeSciences Holdings Corp.(a) | 6,589 | 299,602 | ||||||
iRadimed Corp. | 566 | 24,864 | ||||||
iRhythm Technologies, Inc.(a)(b) | 2,710 | 284,713 | ||||||
KORU Medical Systems, Inc.(a) | 3,733 | 9,706 | ||||||
Lantheus Holdings, Inc.(a) | 6,033 | 521,794 | ||||||
LeMaitre Vascular, Inc. | 1,873 | 118,430 | ||||||
LivaNova PLC(a) | 4,970 | 290,496 | ||||||
Masimo Corp.(a) | 4,273 | 522,588 | ||||||
Merit Medical Systems, Inc.(a) | 4,988 | 372,454 | ||||||
Mesa Laboratories, Inc. | 475 | 61,113 | ||||||
Nano-X Imaging Ltd.(a)(b) | 4,692 | 58,181 | ||||||
Neogen Corp.(a) | 19,834 | 459,950 | ||||||
Nevro Corp.(a) | 3,029 | 75,695 | ||||||
Novocure Ltd.(a) | 9,327 | 304,433 | ||||||
NuVasive, Inc.(a) | 4,942 | 203,660 | ||||||
Omnicell, Inc.(a) | 4,213 | 266,051 | ||||||
OraSure Technologies, Inc.(a) | 6,064 | 28,622 | ||||||
Orthofix Medical, Inc.(a) | 2,865 | 56,412 | ||||||
OrthoPediatrics Corp.(a) | 1,544 | 64,462 | ||||||
Outset Medical, Inc.(a)(b) | 4,223 | 86,909 | ||||||
Paragon 28, Inc.(a) | 3,871 | 68,401 | ||||||
Penumbra, Inc.(a) | 3,273 | 992,897 | ||||||
PROCEPT BioRobotics Corp.(a) | 3,252 | 111,999 | ||||||
Pulmonx Corp.(a) | 2,921 | 40,894 | ||||||
Pulse Biosciences, Inc.(a)(b) | 2,389 | 18,873 | ||||||
QuidelOrtho Corp.(a) | 4,746 | 414,610 | ||||||
RxSight, Inc.(a) | 2,526 | 84,293 | ||||||
Sanara Medtech, Inc.(a)(b) | 346 | 14,484 | ||||||
Semler Scientific, Inc.(a) | 563 | 13,822 | ||||||
Shockwave Medical, Inc.(a)(b) | 3,321 | 865,453 | ||||||
SI-BONE, Inc.(a) | 2,903 | 74,781 | ||||||
Sight Sciences, Inc.(a) | 1,934 | 17,019 | ||||||
Silk Road Medical, Inc.(a) | 3,232 | 73,819 | ||||||
STAAR Surgical Co.(a)(b) | 4,354 | 238,469 | ||||||
Surmodics, Inc.(a) | 1,069 | 34,283 | ||||||
Tactile Systems Technology, Inc.(a)(b) | 2,279 | 52,212 | ||||||
Tandem Diabetes Care, Inc.(a)(b) | 6,173 | 215,561 | ||||||
Tela Bio, Inc.(a) | 1,497 | 14,656 | ||||||
TransMedics Group, Inc.(a) | 2,806 | 261,463 | ||||||
Treace Medical Concepts, Inc.(a) | 4,034 | 91,935 | ||||||
UFP Technologies, Inc.(a) | 660 | 128,479 |
Security | Shares | Value | ||||||
Health Care Equipment & Supplies (continued) | ||||||||
Utah Medical Products, Inc. | 250 | $ | 24,582 | |||||
Varex Imaging Corp.(a)(b) | 3,308 | 77,043 | ||||||
Vicarious Surgical, Inc.(a) | 5,566 | 9,128 | ||||||
Zimvie, Inc.(a) | 1,812 | 24,861 | ||||||
Zynex, Inc.(a) | 1,666 | 16,260 | ||||||
|
| |||||||
14,359,868 | ||||||||
Health Care Providers & Services — 2.2% | ||||||||
23andMe Holding Co., Class A(a) | 22,960 | 44,083 | ||||||
Acadia Healthcare Co., Inc.(a) | 8,060 | 636,982 | ||||||
Accolade, Inc.(a)(b) | 5,919 | 88,903 | ||||||
AdaptHealth Corp.(a)(b) | 6,288 | 86,397 | ||||||
Addus HomeCare Corp.(a) | 1,435 | 131,403 | ||||||
Agiliti, Inc.(a) | 2,280 | 39,148 | ||||||
agilon health, Inc.(a)(b) | 25,475 | 487,846 | ||||||
AirSculpt Technologies, Inc.(b) | 1,598 | 14,494 | ||||||
Alignment Healthcare, Inc.(a) | 6,496 | 40,340 | ||||||
Amedisys, Inc.(a) | 2,965 | 269,341 | ||||||
AMN Healthcare Services, Inc.(a) | 3,709 | 397,419 | ||||||
Apollo Medical Holdings, Inc.(a) | 3,866 | 141,612 | ||||||
Aveanna Healthcare Holdings, Inc.(a) | 2,434 | 4,211 | ||||||
Brookdale Senior Living, Inc.(a)(b) | 16,156 | 56,869 | ||||||
Cano Health, Inc.(a) | 24,047 | 35,349 | ||||||
CareMax, Inc.(a) | 5,496 | 13,135 | ||||||
Castle Biosciences, Inc.(a) | 2,129 | 35,874 | ||||||
Chemed Corp. | 1,332 | 694,092 | ||||||
Community Health Systems, Inc.(a) | 10,482 | 46,016 | ||||||
CorVel Corp.(a) | 765 | 156,488 | ||||||
Cross Country Healthcare, Inc.(a) | 3,381 | 87,230 | ||||||
DaVita, Inc.(a)(b) | 4,979 | 507,808 | ||||||
DocGo, Inc.(a) | 6,893 | 57,832 | ||||||
Encompass Health Corp. | 9,052 | 597,704 | ||||||
Enhabit, Inc.(a)(b) | 4,308 | 59,149 | ||||||
Ensign Group, Inc. | 4,814 | 466,332 | ||||||
Fulgent Genetics, Inc.(a) | 1,832 | 71,137 | ||||||
Guardant Health, Inc.(a) | 9,799 | 382,357 | ||||||
HealthEquity, Inc.(a) | 7,673 | 521,304 | ||||||
Henry Schein, Inc.(a) | 11,687 | 920,819 | ||||||
Hims & Hers Health, Inc.(a) | 10,833 | 97,172 | ||||||
InfuSystem Holdings, Inc.(a) | 1,767 | 18,235 | ||||||
Innovage Holding Corp.(a) | 2,921 | 21,031 | ||||||
Invitae Corp.(a)(b) | 21,028 | 29,860 | ||||||
Joint Corp.(a) | 1,125 | 15,187 | ||||||
LifeStance Health Group, Inc.(a) | 9,298 | 87,308 | ||||||
ModivCare, Inc.(a) | 1,111 | 48,595 | ||||||
National HealthCare Corp. | 1,076 | 63,505 | ||||||
National Research Corp. | 1,346 | 57,757 | ||||||
NeoGenomics, Inc.(a) | 11,782 | 204,182 | ||||||
OPKO Health, Inc.(a) | 41,274 | 76,770 | ||||||
Option Care Health, Inc.(a) | 15,546 | 525,144 | ||||||
Owens & Minor, Inc.(a) | 7,087 | 136,354 | ||||||
P3 Health Partners, Inc.(a) | 3,386 | 7,517 | ||||||
Patterson Cos., Inc. | 8,002 | 263,186 | ||||||
Pediatrix Medical Group, Inc.(a) | 8,309 | 114,083 | ||||||
Pennant Group, Inc.(a) | 2,217 | 25,451 | ||||||
PetIQ, Inc.(a) | 2,381 | 39,858 | ||||||
Premier, Inc., Class A | 10,465 | 290,404 | ||||||
Privia Health Group, Inc.(a) | 6,021 | 168,106 | ||||||
Progyny, Inc.(a) | 6,910 | 288,562 | ||||||
Quipt Home Medical Corp.(a) | 3,438 | 18,256 | ||||||
R1 RCM, Inc.(a)(b) | 13,684 | 236,459 | ||||||
RadNet, Inc.(a) | 4,656 | 154,020 | ||||||
Select Medical Holdings Corp. | 8,987 | 269,700 |
36 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Health Care Providers & Services (continued) | ||||||||
Surgery Partners, Inc.(a) | 5,961 | $ | 230,273 | |||||
Tenet Healthcare Corp.(a) | 9,106 | 680,491 | ||||||
U.S. Physical Therapy, Inc. | 1,177 | 136,850 | ||||||
Universal Health Services, Inc., Class B | 5,458 | 758,444 | ||||||
Viemed Healthcare, Inc.(a) | 2,808 | 23,728 | ||||||
|
| |||||||
12,178,162 | ||||||||
Health Care REITs — 0.6% | ||||||||
CareTrust REIT, Inc. | 9,042 | 187,983 | ||||||
Community Healthcare Trust, Inc. | 2,048 | 72,171 | ||||||
Diversified Healthcare Trust | 21,017 | 43,926 | ||||||
Global Medical REIT, Inc. | 5,068 | 50,173 | ||||||
Healthcare Realty Trust, Inc. | 34,221 | 668,336 | ||||||
LTC Properties, Inc. | 3,659 | 122,796 | ||||||
Medical Properties Trust, Inc. | 54,900 | 553,941 | ||||||
National Health Investors, Inc. | 3,735 | 205,089 | ||||||
Omega Healthcare Investors, Inc. | 21,604 | 689,168 | ||||||
Physicians Realty Trust | 20,956 | 308,891 | ||||||
Sabra Health Care REIT, Inc. | 20,401 | 265,009 | ||||||
Universal Health Realty Income Trust | 1,190 | 56,799 | ||||||
|
| |||||||
3,224,282 | ||||||||
Health Care Technology — 0.4% | ||||||||
American Well Corp., Class A(a) | 26,639 | 65,266 | ||||||
Babylon Holdings Ltd./Jersey, Class A(a) | 515 | 15 | ||||||
Certara, Inc.(a) | 11,094 | 216,000 | ||||||
Computer Programs and Systems, Inc.(a) | 1,293 | 33,902 | ||||||
Definitive Healthcare Corp.(a)(b) | 4,523 | 53,507 | ||||||
Doximity, Inc., Class A(a)(b) | 9,643 | 344,544 | ||||||
Evolent Health, Inc., Class A(a) | 9,700 | 294,783 | ||||||
Health Catalyst, Inc.(a) | 4,693 | 65,843 | ||||||
HealthStream, Inc. | 2,051 | 46,107 | ||||||
Multiplan Corp.(a) | 38,302 | 82,349 | ||||||
NextGen Healthcare, Inc.(a) | 5,101 | 84,830 | ||||||
OptimizeRx Corp.(a) | 1,521 | 21,218 | ||||||
Phreesia, Inc.(a) | 4,840 | 153,525 | ||||||
Schrodinger, Inc.(a) | 5,056 | 264,479 | ||||||
Sharecare, Inc.(a) | 27,303 | 37,951 | ||||||
Simulations Plus, Inc. | 1,652 | 82,270 | ||||||
Teladoc Health, Inc.(a)(b) | 15,074 | 448,753 | ||||||
Veradigm, Inc.(a) | 9,506 | 128,521 | ||||||
|
| |||||||
2,423,863 | ||||||||
Hotel & Resort REITs — 0.6% | ||||||||
Apple Hospitality REIT, Inc. | 20,016 | 310,248 | ||||||
Braemar Hotels & Resorts, Inc. | 5,143 | 19,029 | ||||||
Chatham Lodging Trust | 4,196 | 40,282 | ||||||
DiamondRock Hospitality Co. | 18,011 | 153,093 | ||||||
Hersha Hospitality Trust, Class A | 2,849 | 17,835 | ||||||
Host Hotels & Resorts, Inc. | 64,817 | 1,192,633 | ||||||
Park Hotels & Resorts, Inc. | 20,642 | 281,350 | ||||||
Pebblebrook Hotel Trust(b) | 11,160 | 172,422 | ||||||
RLJ Lodging Trust | 14,583 | 150,205 | ||||||
Ryman Hospitality Properties, Inc. | 5,136 | 489,409 | ||||||
Service Properties Trust | 13,687 | 116,203 | ||||||
Summit Hotel Properties, Inc. | 8,770 | 56,479 | ||||||
Sunstone Hotel Investors, Inc. | 18,529 | 188,810 | ||||||
Xenia Hotels & Resorts, Inc. | 9,654 | 122,606 | ||||||
|
| |||||||
3,310,604 | ||||||||
Hotels, Restaurants & Leisure — 2.7% | ||||||||
Accel Entertainment, Inc.(a) | 4,658 | 53,101 | ||||||
Aramark | 21,114 | 852,372 | ||||||
Bally’s Corp.(a) | 2,337 | 38,046 |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
Biglari Holdings, Inc., Class B(a) | 53 | $ | 10,767 | |||||
BJ’s Restaurants, Inc.(a) | 1,894 | 71,328 | ||||||
Bloomin’ Brands, Inc. | 7,684 | 206,469 | ||||||
Bluegreen Vacations Holding Corp. | 1,141 | 44,602 | ||||||
Bowlero Corp.(a) | 2,427 | 29,440 | ||||||
Boyd Gaming Corp. | 6,908 | 471,955 | ||||||
Brinker International, Inc.(a) | 3,927 | 154,253 | ||||||
Carrols Restaurant Group, Inc.(a) | 3,247 | 19,125 | ||||||
Century Casinos, Inc.(a) | 1,954 | 15,534 | ||||||
Cheesecake Factory, Inc. | 4,273 | 157,161 | ||||||
Choice Hotels International, Inc. | 2,771 | 362,308 | ||||||
Churchill Downs, Inc. | 6,378 | 738,891 | ||||||
Chuy’s Holdings, Inc.(a)(b) | 1,543 | 64,173 | ||||||
Cracker Barrel Old Country Store, Inc. | 2,003 | 186,680 | ||||||
Dave & Buster’s Entertainment, Inc.(a) | 4,077 | 186,727 | ||||||
Denny’s Corp.(a) | 4,696 | 55,225 | ||||||
Dine Brands Global, Inc. | 1,667 | 100,553 | ||||||
El Pollo Loco Holdings, Inc. | 2,705 | 28,808 | ||||||
Everi Holdings, Inc.(a) | 7,371 | 109,386 | ||||||
Fiesta Restaurant Group, Inc.(a) | 1,673 | 12,882 | ||||||
First Watch Restaurant Group, Inc.(a)(b) | 1,718 | 32,024 | ||||||
Full House Resorts, Inc.(a) | 3,313 | 21,269 | ||||||
Global Business Travel Group I(a)(b) | 2,686 | 18,909 | ||||||
Golden Entertainment, Inc.(a) | 1,736 | 73,502 | ||||||
Hilton Grand Vacations, Inc.(a) | 7,130 | 331,545 | ||||||
Hyatt Hotels Corp., Class A | 4,313 | 544,948 | ||||||
Inspired Entertainment, Inc.(a) | 2,141 | 26,955 | ||||||
International Game Technology PLC | 9,957 | 336,845 | ||||||
Jack in the Box, Inc. | 1,881 | 186,990 | ||||||
Krispy Kreme, Inc. | 7,638 | 117,625 | ||||||
Kura Sushi USA, Inc., Class A(a) | 525 | 52,243 | ||||||
Life Time Group Holdings, Inc.(a)(b) | 4,361 | 78,891 | ||||||
Light & Wonder, Inc., Class A(a) | 8,304 | 583,771 | ||||||
Lindblad Expeditions Holdings, Inc.(a)(b) | 2,950 | 34,869 | ||||||
Marriott Vacations Worldwide Corp. | 3,303 | 424,469 | ||||||
Monarch Casino & Resort, Inc. | 1,230 | 85,264 | ||||||
Mondee Holdings, Inc. | 4,008 | 34,309 | ||||||
Nathan’s Famous, Inc. | 181 | 14,498 | ||||||
Noodles & Co.(a) | 3,368 | 12,293 | ||||||
Norwegian Cruise Line Holdings Ltd.(a)(b) | 38,146 | 841,882 | ||||||
ONE Group Hospitality, Inc.(a)(b) | 2,056 | 15,153 | ||||||
Papa John’s International, Inc. | 3,119 | 257,941 | ||||||
Penn Entertainment, Inc.(a)(b) | 14,323 | 376,552 | ||||||
Planet Fitness, Inc., Class A(a) | 7,632 | 515,465 | ||||||
PlayAGS, Inc.(a) | 3,517 | 23,283 | ||||||
Portillo’s, Inc., Class A(a) | 3,869 | 89,180 | ||||||
Potbelly Corp.(a) | 2,295 | 21,917 | ||||||
RCI Hospitality Holdings, Inc. | 737 | 51,406 | ||||||
Red Robin Gourmet Burgers, Inc.(a) | 1,528 | 22,232 | ||||||
Red Rock Resorts, Inc., Class A | 4,214 | 204,379 | ||||||
Rush Street Interactive, Inc.(a) | 6,429 | 24,623 | ||||||
Sabre Corp.(a) | 29,112 | 119,359 | ||||||
SeaWorld Entertainment, Inc.(a) | 3,443 | 190,639 | ||||||
Shake Shack, Inc., Class A(a)(b) | 3,371 | 261,792 | ||||||
Six Flags Entertainment Corp.(a) | 6,700 | 160,130 | ||||||
Super Group SGHC Ltd.(a) | 12,370 | 37,481 | ||||||
Sweetgreen, Inc., Class A(a) | 8,936 | 134,666 | ||||||
Target Hospitality Corp.(a) | 2,521 | 32,193 | ||||||
Texas Roadhouse, Inc. | 5,967 | 665,619 | ||||||
Travel & Leisure Co. | 7,041 | 286,780 | ||||||
Vail Resorts, Inc. | 3,656 | 860,951 | ||||||
Wendy’s Co. | 16,054 | 345,000 |
SCHEDULE OF INVESTMENTS | 37 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
Wingstop, Inc. | 2,677 | $ | 451,289 | |||||
Wyndham Hotels & Resorts, Inc. | 7,564 | 589,387 | ||||||
Wynn Resorts Ltd. | 9,372 | 1,021,361 | ||||||
Xponential Fitness, Inc., Class A(a) | 2,323 | 49,062 | ||||||
|
| |||||||
14,630,727 | ||||||||
Household Durables — 2.0% | ||||||||
Beazer Homes USA, Inc.(a) | 2,976 | 100,083 | ||||||
Cavco Industries, Inc.(a) | 765 | 226,172 | ||||||
Century Communities, Inc. | 2,749 | 212,278 | ||||||
Cricut, Inc., Class A, Class A(b) | 4,189 | 49,682 | ||||||
Dream Finders Homes, Inc., Class A(a)(b) | 2,017 | 51,434 | ||||||
Ethan Allen Interiors, Inc. | 2,152 | 67,723 | ||||||
GoPro, Inc., Class A(a) | 11,108 | 45,432 | ||||||
Green Brick Partners, Inc.(a) | 2,304 | 130,222 | ||||||
Helen of Troy Ltd.(a) | 2,210 | 312,273 | ||||||
Hooker Furnishings Corp. | 1,245 | 24,987 | ||||||
Hovnanian Enterprises, Inc., Class A(a) | 450 | 47,979 | ||||||
Installed Building Products, Inc. | 2,077 | 307,438 | ||||||
iRobot Corp.(a) | 2,647 | 105,880 | ||||||
KB Home | 6,493 | 350,427 | ||||||
Landsea Homes Corp.(a) | 110 | 1,086 | ||||||
La-Z-Boy, Inc. | 4,252 | 133,385 | ||||||
Legacy Housing Corp.(a) | 600 | 14,232 | ||||||
Leggett & Platt, Inc. | 11,768 | 344,332 | ||||||
LGI Homes, Inc.(a) | 1,769 | 245,449 | ||||||
Lovesac Co.(a) | 1,199 | 35,107 | ||||||
M/I Homes, Inc.(a) | 2,578 | 257,800 | ||||||
MDC Holdings, Inc. | 5,100 | 261,528 | ||||||
Meritage Homes Corp. | 3,180 | 473,661 | ||||||
Mohawk Industries, Inc.(a) | 4,886 | 519,577 | ||||||
Newell Brands, Inc. | 34,117 | 380,746 | ||||||
PulteGroup, Inc. | 19,893 | 1,678,770 | ||||||
Purple Innovation, Inc. | 4,336 | 13,528 | ||||||
Skyline Champion Corp.(a) | 4,901 | 341,404 | ||||||
Snap One Holdings Corp.(a) | 2,384 | 23,220 | ||||||
Sonos, Inc.(a) | 11,180 | 191,625 | ||||||
Taylor Morrison Home Corp.(a) | 9,384 | 454,373 | ||||||
Tempur Sealy International, Inc. | 15,335 | 684,401 | ||||||
Toll Brothers, Inc. | 10,186 | 818,241 | ||||||
TopBuild Corp.(a) | 2,854 | 781,796 | ||||||
Traeger, Inc.(a)(b) | 3,244 | 14,468 | ||||||
Tri Pointe Homes, Inc.(a) | 9,114 | 290,554 | ||||||
United Homes Group, Inc.(a)(b) | 1,384 | 15,736 | ||||||
Vizio Holding Corp., Class A(a) | 7,948 | 59,213 | ||||||
VOXX International Corp.(a) | 1,266 | 11,698 | ||||||
Vuzix Corp.(a)(b) | 4,194 | 22,144 | ||||||
Whirlpool Corp. | 4,815 | 694,612 | ||||||
|
| |||||||
10,794,696 | ||||||||
Household Products — 0.2% | ||||||||
Central Garden & Pet Co.(a)(b) | 915 | 37,039 | ||||||
Central Garden & Pet Co., Class A(a) | 3,396 | 129,795 | ||||||
Energizer Holdings, Inc. | 6,486 | 231,550 | ||||||
Oil-Dri Corp. of America | 420 | 26,363 | ||||||
Reynolds Consumer Products, Inc. | 4,936 | 136,629 | ||||||
Spectrum Brands Holdings, Inc. | 3,714 | 291,215 | ||||||
WD-40 Co.(b) | 1,174 | 269,433 | ||||||
|
| |||||||
1,122,024 | ||||||||
Independent Power and Renewable Electricity Producers — 0.4% | ||||||||
Altus Power, Inc.(a) | 5,233 | 35,637 | ||||||
Brookfield Renewable Corp., Class A | 11,991 | 373,760 | ||||||
Clearway Energy, Inc., Class A | 2,933 | 72,357 |
Security | Shares | Value | ||||||
Independent Power and Renewable Electricity Producers (continued) | ||||||||
Clearway Energy, Inc., Class C | 7,540 | $ | 199,131 | |||||
Montauk Renewables, Inc.(a) | 5,882 | 51,468 | ||||||
Ormat Technologies, Inc.(b) | 4,914 | 399,508 | ||||||
Sunnova Energy International, Inc.(a)(b) | 9,502 | 167,805 | ||||||
Vistra Corp. | 33,932 | 952,132 | ||||||
|
| |||||||
2,251,798 | ||||||||
Industrial Conglomerates — 0.0% | ||||||||
Brookfield Business Corp., Class A | 2,209 | 45,329 | ||||||
|
| |||||||
Industrial REITs — 0.9% | ||||||||
Americold Realty Trust, Inc. | 24,317 | 788,357 | ||||||
EastGroup Properties, Inc. | 3,965 | 702,519 | ||||||
First Industrial Realty Trust, Inc. | 11,655 | 602,563 | ||||||
Innovative Industrial Properties, Inc. | 2,417 | 191,499 | ||||||
LXP Industrial Trust | 26,693 | 268,799 | ||||||
Plymouth Industrial REIT, Inc. | 4,007 | 91,239 | ||||||
Rexford Industrial Realty, Inc. | 18,041 | 993,879 | ||||||
STAG Industrial, Inc. | 16,050 | 582,615 | ||||||
Terreno Realty Corp. | 7,173 | 425,646 | ||||||
|
| |||||||
4,647,116 | ||||||||
Insurance — 3.0% | ||||||||
Ambac Financial Group, Inc.(a) | 3,758 | 53,138 | ||||||
American Equity Investment Life Holding Co.(a) | 7,105 | 381,325 | ||||||
American Financial Group, Inc. | 7,000 | 851,270 | ||||||
AMERISAFE, Inc. | 1,764 | 91,940 | ||||||
Argo Group International Holdings Ltd. | 2,813 | 83,546 | ||||||
Assurant, Inc. | 4,596 | 618,208 | ||||||
Assured Guaranty Ltd. | 5,251 | 313,905 | ||||||
Axis Capital Holdings Ltd. | 7,423 | 409,156 | ||||||
Brighthouse Financial, Inc.(a) | 6,351 | 331,078 | ||||||
BRP Group, Inc., Class A(a)(b) | 5,321 | 132,546 | ||||||
CNO Financial Group, Inc. | 11,514 | 296,140 | ||||||
Crawford & Co., Class A | 1,507 | 14,482 | ||||||
Donegal Group, Inc., Class A | 2,178 | 31,733 | ||||||
eHealth, Inc.(a) | 1,827 | 13,812 | ||||||
Employers Holdings, Inc. | 1,304 | 50,374 | ||||||
Enstar Group Ltd.(a) | 1,127 | 288,377 | ||||||
Everest Group Ltd. | 3,861 | 1,391,929 | ||||||
F&G Annuities & Life, Inc. | 1,633 | 42,785 | ||||||
First American Financial Corp. | 9,231 | 585,061 | ||||||
Genworth Financial, Inc., Class A(a) | 32,819 | 192,319 | ||||||
Globe Life, Inc. | 8,585 | 962,979 | ||||||
GoHealth, Inc., Class A(a) | 784 | 14,520 | ||||||
Goosehead Insurance, Inc., Class A(a) | 1,932 | 129,193 | ||||||
Greenlight Capital Re Ltd., Class A(a)(b) | 2,446 | 25,145 | ||||||
Hanover Insurance Group, Inc. | 3,411 | 387,080 | ||||||
HCI Group, Inc. | 656 | 41,203 | ||||||
Hippo Holdings, Inc.(a)(b) | 588 | 10,114 | ||||||
Horace Mann Educators Corp. | 2,534 | 76,349 | ||||||
Investors Title Co. | 146 | 22,856 | ||||||
James River Group Holdings Ltd. | 2,003 | 37,035 | ||||||
Kemper Corp. | 5,609 | 285,891 | ||||||
Kingsway Financial Services, Inc.(a) | 1,645 | 13,769 | ||||||
Kinsale Capital Group, Inc. | 1,968 | 733,336 | ||||||
Lemonade, Inc.(a)(b) | 4,817 | 111,995 | ||||||
Lincoln National Corp. | 15,292 | 428,788 | ||||||
Maiden Holdings Ltd.(a) | 9,593 | 18,706 | ||||||
MBIA, Inc.(a)(b) | 4,394 | 38,404 | ||||||
Mercury General Corp. | 2,379 | 76,556 | ||||||
National Western Life Group, Inc., Class A | 203 | 85,599 | ||||||
NI Holdings, Inc.(a) | 788 | 10,977 | ||||||
Old Republic International Corp. | 25,808 | 711,527 |
38 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Insurance (continued) | ||||||||
Oscar Health, Inc., Class A(a) | 13,922 | $ | 104,693 | |||||
Palomar Holdings, Inc.(a) | 2,349 | 142,255 | ||||||
Primerica, Inc. | 3,405 | 724,243 | ||||||
ProAssurance Corp. | 2,856 | 47,981 | ||||||
Reinsurance Group of America, Inc. | 6,132 | 860,626 | ||||||
RenaissanceRe Holdings Ltd. | 4,461 | 833,136 | ||||||
RLI Corp. | 3,616 | 482,411 | ||||||
Ryan Specialty Holdings, Inc.(a) | 8,561 | 371,034 | ||||||
Safety Insurance Group, Inc. | 854 | 61,488 | ||||||
Selective Insurance Group, Inc. | 5,447 | 562,076 | ||||||
Selectquote, Inc.(a) | 12,310 | 23,266 | ||||||
SiriusPoint Ltd.(a) | 7,962 | 74,365 | ||||||
Skyward Specialty Insurance Group, Inc.(a) | 1,132 | 26,817 | ||||||
Stewart Information Services Corp. | 1,624 | 76,539 | ||||||
Tiptree, Inc. | 2,041 | 30,146 | ||||||
Trupanion, Inc.(a) | 4,019 | 123,986 | ||||||
United Fire Group, Inc. | 1,943 | 46,710 | ||||||
Universal Insurance Holdings, Inc. | 1,866 | 28,979 | ||||||
Unum Group | 18,199 | 884,653 | ||||||
White Mountains Insurance Group Ltd.(b) | 229 | 354,268 | ||||||
|
| |||||||
16,254,818 | ||||||||
Interactive Media & Services — 0.6% | ||||||||
Bumble, Inc., Class A(a) | 9,581 | 177,440 | ||||||
Cargurus, Inc.(a) | 9,016 | 204,303 | ||||||
Cars.com, Inc.(a) | 5,810 | 132,526 | ||||||
DHI Group, Inc.(a) | 3,723 | 14,036 | ||||||
Eventbrite, Inc., Class A(a)(b) | 6,684 | 76,933 | ||||||
EverQuote, Inc., Class A(a) | 1,762 | 12,475 | ||||||
fuboTV, Inc.(a) | 18,041 | 60,798 | ||||||
Grindr, Inc.(a)(b) | 3,721 | 21,954 | ||||||
IAC, Inc.(a) | 7,160 | 498,336 | ||||||
MediaAlpha, Inc., Class A(a) | 2,009 | 20,371 | ||||||
Nextdoor Holdings, Inc.(a) | 14,622 | 45,474 | ||||||
Outbrain, Inc.(a) | 4,296 | 22,812 | ||||||
QuinStreet, Inc.(a) | 4,519 | 40,129 | ||||||
Shutterstock, Inc. | 2,368 | 121,834 | ||||||
System1, Inc.(a) | 3,286 | 9,398 | ||||||
TripAdvisor, Inc.(a) | 9,787 | 182,528 | ||||||
TrueCar, Inc.(a) | 6,796 | 16,650 | ||||||
Vimeo, Inc.(a) | 10,895 | 44,887 | ||||||
Yelp, Inc.(a) | 6,008 | 270,660 | ||||||
Ziff Davis, Inc.(a) | 4,194 | 304,149 | ||||||
ZipRecruiter, Inc., Class A(a) | 6,039 | 111,842 | ||||||
ZoomInfo Technologies, Inc., CLass A(a) | 28,196 | 720,972 | ||||||
|
| |||||||
3,110,507 | ||||||||
IT Services — 0.7% | ||||||||
Amdocs Ltd. | 10,887 | 1,019,459 | ||||||
BigBear.ai Holdings, Inc.(a)(b) | 224 | 450 | ||||||
BigCommerce Holdings, Inc., Series-1(a) | 7,011 | 75,789 | ||||||
Brightcove, Inc.(a) | 2,788 | 12,518 | ||||||
DigitalOcean Holdings, Inc.(a)(b) | 5,613 | 277,956 | ||||||
DXC Technology Co.(a) | 20,600 | 569,590 | ||||||
Fastly, Inc., Class A(a)(b) | 10,594 | 194,612 | ||||||
Globant SA(a)(b) | 3,808 | 665,372 | ||||||
Grid Dynamics Holdings, Inc.(a) | 4,733 | 49,318 | ||||||
Hackett Group, Inc. | 2,311 | 53,731 | ||||||
Information Services Group, Inc. | 3,455 | 17,793 | ||||||
Kyndryl Holdings, Inc.(a) | 17,954 | 245,252 | ||||||
Perficient, Inc.(a) | 3,165 | 201,895 | ||||||
Rackspace Technology, Inc.(a) | 4,794 | 11,122 | ||||||
Squarespace, Inc., Class A(a) | 3,940 | 130,571 |
Security | Shares | Value | ||||||
IT Services (continued) | ||||||||
Thoughtworks Holding, Inc.(a)(b) | 8,984 | $ | 63,696 | |||||
Tucows, Inc., Class A(a)(b) | 720 | 22,241 | ||||||
Unisys Corp.(a) | 6,488 | 35,295 | ||||||
|
| |||||||
3,646,660 | ||||||||
Leisure Products — 0.8% | ||||||||
Acushnet Holdings Corp. | 2,897 | 172,748 | ||||||
AMMO, Inc.(a)(b) | 6,541 | 13,605 | ||||||
Brunswick Corp. | 6,324 | 545,824 | ||||||
Clarus Corp. | 1,641 | 14,605 | ||||||
Escalade, Inc. | 1,074 | 15,680 | ||||||
Hasbro, Inc. | 11,784 | 760,775 | ||||||
JAKKS Pacific, Inc.(a) | 654 | 13,629 | ||||||
Johnson Outdoors, Inc., Class A | 523 | 30,920 | ||||||
Latham Group, Inc.(a) | 3,286 | 12,947 | ||||||
Malibu Boats, Inc., Class A(a) | 1,737 | 104,133 | ||||||
Marine Products Corp. | 440 | 7,058 | ||||||
MasterCraft Boat Holdings, Inc.(a) | 1,528 | 46,833 | ||||||
Mattel, Inc.(a) | 31,579 | 672,633 | ||||||
Peloton Interactive, Inc., Class A(a) | 28,475 | 276,492 | ||||||
Polaris, Inc. | 4,942 | 671,321 | ||||||
Smith & Wesson Brands, Inc. | 3,961 | 50,424 | ||||||
Solo Brands, Inc., Class A(a) | 1,709 | 10,015 | ||||||
Sturm Ruger & Co., Inc. | 1,584 | 83,873 | ||||||
Topgolf Callaway Brands Corp.(a) | 12,808 | 255,776 | ||||||
Vista Outdoor, Inc.(a) | 5,405 | 163,771 | ||||||
YETI Holdings, Inc.(a) | 7,978 | 339,863 | ||||||
|
| |||||||
4,262,925 | ||||||||
Life Sciences Tools & Services — 1.4% | ||||||||
10X Genomics, Inc., Class A(a) | 8,480 | 534,070 | ||||||
Adaptive Biotechnologies Corp.(a) | 9,586 | 80,906 | ||||||
Akoya Biosciences, Inc.(a) | 1,301 | 8,977 | ||||||
Azenta, Inc.(a) | 6,327 | 297,242 | ||||||
BioLife Solutions, Inc.(a) | 2,972 | 59,083 | ||||||
Bio-Techne Corp. | 14,037 | 1,170,686 | ||||||
Bruker Corp. | 9,545 | 655,932 | ||||||
Charles River Laboratories International, Inc.(a) | 4,576 | 958,855 | ||||||
Codexis, Inc.(a) | 4,539 | 16,340 | ||||||
CryoPort, Inc.(a)(b) | 3,836 | 61,645 | ||||||
Cytek Biosciences, Inc.(a) | 11,649 | 104,375 | ||||||
Harvard Bioscience, Inc.(a) | 3,631 | 16,884 | ||||||
Maravai LifeSciences Holdings, Inc., Class A(a) | 9,647 | 109,108 | ||||||
MaxCyte, Inc.(a) | 7,255 | 32,430 | ||||||
Medpace Holdings, Inc.(a) | 2,081 | 526,847 | ||||||
NanoString Technologies, Inc.(a) | 4,005 | 19,064 | ||||||
Nautilus Biotechnology, Inc.(a) | 3,652 | 12,015 | ||||||
OmniAb, Inc.(a) | 9,388 | 51,634 | ||||||
OmniAb, Inc., 12.50 Earnout Shares(c) | 494 | — | ||||||
OmniAb, Inc., 15.00 Earnout Shares(c) | 494 | — | ||||||
Pacific Biosciences of California, Inc.(a) | 23,016 | 304,041 | ||||||
QIAGEN NV(a) | 20,751 | 971,562 | ||||||
Quanterix Corp.(a) | 2,920 | 72,533 | ||||||
Quantum-Si, Inc.(a) | 8,727 | 33,948 | ||||||
Repligen Corp.(a)(b) | 5,009 | 859,344 | ||||||
Seer, Inc., Class A(a) | 4,339 | 21,955 | ||||||
SomaLogic, Inc.(a)(b) | 14,520 | 35,574 | ||||||
Sotera Health Co.(a)(b) | 8,559 | 162,450 | ||||||
Syneos Health, Inc.(a) | 9,229 | 391,402 | ||||||
|
| |||||||
7,568,902 | ||||||||
Machinery — 4.0% | ||||||||
374Water, Inc.(a) | 5,305 | 10,557 | ||||||
3D Systems Corp.(a) | 10,669 | 92,927 |
SCHEDULE OF INVESTMENTS | 39 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
AGCO Corp. | 5,646 | $ | 751,483 | |||||
Alamo Group, Inc. | 956 | 185,235 | ||||||
Albany International Corp., Class A | 2,898 | 279,019 | ||||||
Allison Transmission Holdings, Inc. | 8,282 | 486,071 | ||||||
Astec Industries, Inc. | 1,953 | 96,478 | ||||||
Barnes Group, Inc. | 4,454 | 175,042 | ||||||
Blue Bird Corp.(a) | 1,719 | 35,996 | ||||||
Chart Industries, Inc.(a)(b) | 3,857 | 702,591 | ||||||
CIRCOR International, Inc.(a) | 1,593 | 88,730 | ||||||
Columbus McKinnon Corp. | 2,396 | 101,447 | ||||||
Commercial Vehicle Group, Inc.(a) | 3,178 | 33,369 | ||||||
Crane Co. | 4,424 | 414,485 | ||||||
Crane NXT Co. | 4,340 | 256,711 | ||||||
Desktop Metal, Inc., Class A(a)(b) | 23,107 | 42,055 | ||||||
Donaldson Co., Inc. | 10,893 | 684,407 | ||||||
Douglas Dynamics, Inc. | 1,889 | 58,653 | ||||||
Energy Recovery, Inc.(a) | 4,872 | 148,499 | ||||||
Enerpac Tool Group Corp. | 5,515 | 151,552 | ||||||
EnPro Industries, Inc. | 1,821 | 252,718 | ||||||
Esab Corp. | 5,179 | 355,797 | ||||||
ESCO Technologies, Inc. | 2,376 | 238,907 | ||||||
Federal Signal Corp. | 5,386 | 329,031 | ||||||
Flowserve Corp. | 11,687 | 441,301 | ||||||
Franklin Electric Co., Inc. | 4,040 | 399,233 | ||||||
Gates Industrial Corp. PLC(a) | 10,866 | 147,995 | ||||||
Gencor Industries, Inc.(a) | 1,044 | 15,921 | ||||||
Gorman-Rupp Co. | 2,064 | 65,429 | ||||||
Graco, Inc.(b) | 15,217 | 1,207,165 | ||||||
Greenbrier Cos., Inc. | 3,038 | 140,325 | ||||||
Helios Technologies, Inc.(b) | 3,026 | 191,243 | ||||||
Hillenbrand, Inc. | 6,317 | 328,105 | ||||||
Hillman Solutions Corp.(a) | 15,652 | 154,016 | ||||||
Hyliion Holdings Corp.(a)(b) | 11,844 | 23,333 | ||||||
Hyster-Yale Materials Handling, Inc. | 957 | 45,706 | ||||||
ITT, Inc. | 7,429 | 739,928 | ||||||
John Bean Technologies Corp. | 2,903 | 358,840 | ||||||
Kadant, Inc.(b) | 1,007 | 224,410 | ||||||
Kennametal, Inc. | 7,897 | 240,701 | ||||||
Lincoln Electric Holdings, Inc. | 5,008 | 1,005,156 | ||||||
Lindsay Corp. | 1,084 | 143,662 | ||||||
Luxfer Holdings PLC | 2,124 | 26,890 | ||||||
Manitowoc Co., Inc.(a) | 2,941 | 53,291 | ||||||
Mayville Engineering Co., Inc.(a) | 1,163 | 14,061 | ||||||
Microvast Holdings, Inc.(a)(b) | 6,177 | 17,728 | ||||||
Middleby Corp.(a) | 4,756 | 722,199 | ||||||
Miller Industries, Inc. | 863 | 32,742 | ||||||
Mueller Industries, Inc. | 4,927 | 399,383 | ||||||
Mueller Water Products, Inc., Class A | 14,411 | 231,873 | ||||||
Nikola Corp.(a)(b) | 56,210 | 150,081 | ||||||
Nordson Corp. | 5,240 | 1,318,436 | ||||||
Omega Flex, Inc. | 303 | 27,125 | ||||||
Oshkosh Corp. | 6,040 | 556,103 | ||||||
Park-Ohio Holdings Corp. | 887 | 17,092 | ||||||
Pentair PLC | 15,115 | 1,050,492 | ||||||
Proterra, Inc.(a)(b) | 18,350 | 31,011 | ||||||
Proto Labs, Inc.(a) | 2,487 | 82,444 | ||||||
RBC Bearings, Inc.(a) | 2,537 | 573,489 | ||||||
REV Group, Inc. | 2,927 | 37,846 | ||||||
Shyft Group, Inc. | 3,287 | 47,431 | ||||||
Snap-on, Inc. | 4,750 | 1,294,090 | ||||||
SPX Technologies, Inc.(a) | 4,023 | 340,386 | ||||||
Standex International Corp. | 1,049 | 155,850 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Tennant Co. | 1,621 | $ | 130,069 | |||||
Terex Corp. | 6,126 | 359,167 | ||||||
Timken Co. | 5,579 | 518,066 | ||||||
Titan International, Inc.(a) | 4,554 | 56,879 | ||||||
Toro Co. | 9,529 | 968,623 | ||||||
Trinity Industries, Inc. | 7,213 | 189,125 | ||||||
Velo3D, Inc.(a)(b) | 11,124 | 25,474 | ||||||
Wabash National Corp. | 4,105 | 97,206 | ||||||
Watts Water Technologies, Inc., Class A | 2,401 | 447,858 | ||||||
|
| |||||||
21,816,739 | ||||||||
Marine Transportation — 0.2% | ||||||||
Costamare, Inc. | 4,332 | 48,388 | ||||||
Eagle Bulk Shipping, Inc. | 1,169 | 53,996 | ||||||
Eneti, Inc. | 2,040 | 25,867 | ||||||
Genco Shipping & Trading Ltd. | 4,343 | 62,973 | ||||||
Golden Ocean Group Ltd. | 11,014 | 86,350 | ||||||
Himalaya Shipping Ltd.(b) | 2,508 | 15,123 | ||||||
Kirby Corp.(a) | 5,483 | 446,755 | ||||||
Matson, Inc. | 3,322 | 310,474 | ||||||
Pangaea Logistics Solutions Ltd. | 2,775 | 19,342 | ||||||
Safe Bulkers, Inc. | 6,947 | 23,134 | ||||||
|
| |||||||
1,092,402 | ||||||||
Media — 1.1% | ||||||||
Advantage Solutions, Inc.(a) | 7,451 | 19,298 | ||||||
AMC Networks, Inc., Class A(a) | 2,693 | 33,986 | ||||||
Boston Omaha Corp., Class A(a) | 1,772 | 34,589 | ||||||
Cable One, Inc. | 528 | 382,240 | ||||||
Cardlytics, Inc.(a) | 2,516 | 29,362 | ||||||
Clear Channel Outdoor Holdings, Inc.(a) | 32,054 | 57,697 | ||||||
Daily Journal Corp.(a) | 101 | 29,241 | ||||||
DISH Network Corp., Class A(a)(b) | 22,834 | 181,074 | ||||||
Entravision Communications Corp., Class A | 4,697 | 22,452 | ||||||
EW Scripps Co., Class A(a) | 5,145 | 50,730 | ||||||
Gambling.com Group Ltd.(a) | 698 | 8,550 | ||||||
Gannett Co., Inc.(a)(b) | 11,852 | 33,423 | ||||||
Gray Television, Inc. | 6,876 | 65,116 | ||||||
iHeartMedia, Inc., Class A(a) | 10,087 | 47,711 | ||||||
Integral Ad Science Holding Corp.(a) | 3,147 | 65,615 | ||||||
Interpublic Group of Cos., Inc. | 35,257 | 1,206,847 | ||||||
John Wiley & Sons, Inc., Class A | 4,174 | 142,876 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(a) | 6,842 | 216,891 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C(a) | 13,790 | 438,936 | ||||||
Magnite, Inc.(a) | 12,691 | 192,015 | ||||||
New York Times Co., Class A | 14,518 | 591,754 | ||||||
News Corp., Class A | 35,670 | 706,979 | ||||||
News Corp., Class B | 9,344 | 187,908 | ||||||
Nexstar Media Group, Inc., Class A | 3,078 | 574,724 | ||||||
PubMatic, Inc., Class A(a) | 3,747 | 74,903 | ||||||
Quotient Technology, Inc.(a) | 7,726 | 30,440 | ||||||
Scholastic Corp. | 2,611 | 112,769 | ||||||
Sinclair, Inc.(b) | 3,646 | 50,716 | ||||||
Stagwell, Inc.(a)(b) | 9,642 | 64,698 | ||||||
TechTarget, Inc.(a) | 2,353 | 76,425 | ||||||
TEGNA, Inc. | 19,988 | 337,797 | ||||||
Thryv Holdings, Inc.(a) | 2,534 | 60,056 | ||||||
Townsquare Media, Inc., Class A | 1,221 | 14,628 | ||||||
Urban One, Inc.(a) | 2,941 | 16,833 | ||||||
WideOpenWest, Inc.(a) | 5,083 | 41,884 | ||||||
|
| |||||||
6,201,163 | ||||||||
Metals & Mining — 1.7% | ||||||||
5E Advanced Materials, Inc.(a) | 2,976 | 10,446 |
40 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Metals & Mining (continued) | ||||||||
Alcoa Corp. | 16,061 | $ | 581,248 | |||||
Alpha Metallurgical Resources, Inc. | 1,228 | 212,714 | ||||||
Arconic Corp.(a) | 9,062 | 270,863 | ||||||
ATI, Inc.(a)(b) | 11,424 | 544,696 | ||||||
Caledonia Mining Corp. PLC | 1,412 | 16,633 | ||||||
Carpenter Technology Corp. | 4,437 | 265,599 | ||||||
Century Aluminum Co.(a) | 4,172 | 38,800 | ||||||
Cleveland-Cliffs, Inc.(a) | 45,988 | 811,688 | ||||||
Coeur Mining, Inc.(a) | 29,077 | 89,557 | ||||||
Commercial Metals Co. | 10,700 | 612,254 | ||||||
Compass Minerals International, Inc. | 2,977 | 112,739 | ||||||
Constellium SE(a) | 11,730 | 223,926 | ||||||
Contango ORE, Inc.(a)(b) | 488 | 9,077 | ||||||
Dakota Gold Corp.(a) | 5,742 | 16,881 | ||||||
Haynes International, Inc. | 1,262 | 63,302 | ||||||
Hecla Mining Co.(b) | 53,038 | 305,499 | ||||||
i-80 Gold Corp.(a) | 17,174 | 35,035 | ||||||
Ivanhoe Electric, Inc.(a)(b) | 4,960 | 80,650 | ||||||
Kaiser Aluminum Corp. | 1,403 | 113,924 | ||||||
Materion Corp. | 1,898 | 226,128 | ||||||
MP Materials Corp.(a)(b) | 9,327 | 222,449 | ||||||
Novagold Resources, Inc.(a) | 20,882 | 94,178 | ||||||
Olympic Steel, Inc. | 817 | 45,580 | ||||||
Perpetua Resources Corp.(a) | 3,812 | 14,409 | ||||||
Piedmont Lithium, Inc.(a) | 1,784 | 97,870 | ||||||
PolyMet Mining Corp.(a) | 3,101 | 6,450 | ||||||
Ramaco Resources, Inc. | 367 | 5,222 | ||||||
Ramaco Resources, Inc., Class A | 1,835 | 16,882 | ||||||
Reliance Steel & Aluminum Co. | 5,325 | 1,559,479 | ||||||
Royal Gold, Inc. | 5,869 | 705,102 | ||||||
Ryerson Holding Corp. | 2,094 | 88,974 | ||||||
Schnitzer Steel Industries, Inc., Class A | 2,242 | 81,183 | ||||||
SSR Mining, Inc. | 19,219 | 279,829 | ||||||
SunCoke Energy, Inc. | 7,151 | 63,501 | ||||||
TimkenSteel Corp.(a) | 3,741 | 87,165 | ||||||
Tredegar Corp. | 2,462 | 17,037 | ||||||
U.S. Steel Corp. | 20,257 | 516,553 | ||||||
Warrior Met Coal, Inc. | 4,860 | 215,055 | ||||||
Worthington Industries, Inc. | 2,775 | 207,071 | ||||||
|
| |||||||
8,965,648 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 1.0% | ||||||||
AFC Gamma, Inc. | 1,189 | 16,432 | ||||||
AGNC Investment Corp. | 53,023 | 540,304 | ||||||
Angel Oak Mortgage REIT, Inc. | 836 | 7,925 | ||||||
Annaly Capital Management, Inc. | 45,546 | 915,019 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 12,477 | 147,229 | ||||||
Arbor Realty Trust, Inc.(b) | 15,209 | 257,184 | ||||||
Ares Commercial Real Estate Corp. | 4,447 | 47,405 | ||||||
ARMOUR Residential REIT, Inc. | 20,248 | 103,467 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 15,158 | 348,482 | ||||||
BrightSpire Capital, Inc. | 13,451 | 98,999 | ||||||
Chicago Atlantic Real Estate Finance, Inc. | 924 | 14,082 | ||||||
Chimera Investment Corp. | 20,121 | 126,360 | ||||||
Claros Mortgage Trust, Inc. | 8,019 | 98,794 | ||||||
Dynex Capital, Inc. | 5,088 | 66,398 | ||||||
Ellington Financial, Inc. | 5,619 | 75,969 | ||||||
Franklin BSP Realty Trust, Inc. | 7,126 | 101,902 | ||||||
Granite Point Mortgage Trust, Inc. | 3,724 | 21,339 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 9,588 | 250,343 | ||||||
Invesco Mortgage Capital, Inc. | 3,464 | 41,603 |
Security | Shares | Value | ||||||
Mortgage Real Estate Investment Trusts (REITs) (continued) | ||||||||
KKR Real Estate Finance Trust, Inc. | 4,907 | $ | 61,141 | |||||
Ladder Capital Corp. | 10,059 | 110,548 | ||||||
MFA Financial, Inc. | 10,442 | 117,577 | ||||||
New York Mortgage Trust, Inc. | 7,849 | 79,667 | ||||||
Nexpoint Real Estate Finance, Inc. | 971 | 16,614 | ||||||
Orchid Island Capital, Inc. | 3,741 | 38,981 | ||||||
PennyMac Mortgage Investment Trust | 7,548 | 96,464 | ||||||
Ready Capital Corp. | 14,178 | 164,040 | ||||||
Redwood Trust, Inc. | 10,354 | 77,966 | ||||||
Rithm Capital Corp. | 43,313 | 436,595 | ||||||
Starwood Property Trust, Inc. | 26,461 | 548,801 | ||||||
TPG RE Finance Trust, Inc. | 6,458 | 50,372 | ||||||
Two Harbors Investment Corp. | 8,368 | 112,215 | ||||||
|
| |||||||
5,190,217 | ||||||||
Multi-Utilities — 0.4% | ||||||||
Avista Corp. | 5,781 | 223,378 | ||||||
Black Hills Corp. | 5,970 | 360,170 | ||||||
NiSource, Inc. | 37,806 | 1,052,519 | ||||||
NorthWestern Corp. | 5,536 | 312,618 | ||||||
Unitil Corp. | 1,373 | 71,451 | ||||||
|
| |||||||
2,020,136 | ||||||||
Office REITs — 0.7% | ||||||||
Boston Properties, Inc. | 14,164 | 943,747 | ||||||
Brandywine Realty Trust | 13,623 | 68,796 | ||||||
City Office REIT, Inc. | 3,573 | 19,544 | ||||||
Corporate Office Properties Trust | 9,837 | 255,762 | ||||||
Cousins Properties, Inc. | 14,056 | 343,388 | ||||||
Douglas Emmett, Inc. | 14,995 | 220,427 | ||||||
Easterly Government Properties, Inc. | 8,719 | 128,692 | ||||||
Equity Commonwealth | 9,300 | 182,187 | ||||||
Highwoods Properties, Inc. | 9,976 | 252,094 | ||||||
Hudson Pacific Properties, Inc. | 12,119 | 71,139 | ||||||
JBG SMITH Properties | 9,721 | 162,632 | ||||||
Kilroy Realty Corp. | 10,415 | 371,816 | ||||||
Office Properties Income Trust | 5,013 | 38,600 | ||||||
Orion Office REIT, Inc. | 4,549 | 29,569 | ||||||
Paramount Group, Inc. | 16,731 | 87,670 | ||||||
Peakstone Realty Trust | 2,485 | 62,970 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 11,137 | 82,859 | ||||||
Postal Realty Trust, Inc., Class A | 1,528 | 23,027 | ||||||
SL Green Realty Corp. | 5,710 | 215,324 | ||||||
Vornado Realty Trust | 16,437 | 369,504 | ||||||
|
| |||||||
3,929,747 | ||||||||
Oil, Gas & Consumable Fuels — 3.7% | ||||||||
Amplify Energy Corp.(a) | 3,118 | 22,886 | ||||||
Antero Midstream Corp. | 31,514 | 376,277 | ||||||
Antero Resources Corp.(a) | 25,581 | 684,292 | ||||||
APA Corp. | 27,973 | 1,132,627 | ||||||
Arch Resources, Inc. | 1,603 | 205,889 | ||||||
Ardmore Shipping Corp. | 3,942 | 55,503 | ||||||
Berry Corp. | 6,916 | 53,945 | ||||||
California Resources Corp. | 6,598 | 352,003 | ||||||
Callon Petroleum Co.(a)(b) | 5,670 | 212,965 | ||||||
Centrus Energy Corp., Class A(a)(b) | 592 | 22,259 | ||||||
Chesapeake Energy Corp. | 11,587 | 977,248 | ||||||
Chord Energy Corp. | 3,718 | 583,131 | ||||||
Civitas Resources, Inc. | 6,175 | 462,261 | ||||||
Clean Energy Fuels Corp.(a)(b) | 14,369 | 70,839 | ||||||
CNX Resources Corp.(a)(b) | 14,549 | 296,800 | ||||||
Comstock Resources, Inc. | 7,996 | 101,949 | ||||||
CONSOL Energy, Inc. | 2,968 | 221,175 |
SCHEDULE OF INVESTMENTS | 41 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Crescent Energy Co., Class A | 4,553 | $ | 54,044 | |||||
CVR Energy, Inc. | 3,248 | 119,332 | ||||||
Delek U.S. Holdings, Inc. | 6,322 | 174,424 | ||||||
Denbury, Inc.(a) | 4,627 | 406,760 | ||||||
DHT Holdings, Inc. | 11,752 | 115,757 | ||||||
Dorian LPG Ltd. | 2,691 | 80,030 | ||||||
DT Midstream, Inc.(a) | 8,535 | 456,793 | ||||||
Earthstone Energy, Inc., Class A(a) | 5,298 | 84,662 | ||||||
Empire Petroleum Corp.(a) | 1,078 | 9,702 | ||||||
Encore Energy Corp. | 12,424 | 31,433 | ||||||
Energy Fuels, Inc.(a)(b) | 14,345 | 91,521 | ||||||
Enviva, Inc. | 2,638 | 35,534 | ||||||
EQT Corp. | 32,890 | 1,387,300 | ||||||
Equitrans Midstream Corp. | 39,909 | 413,856 | ||||||
Evolution Petroleum Corp. | 2,595 | 24,237 | ||||||
Excelerate Energy, Inc., Class A | 1,901 | 40,339 | ||||||
FLEX LNG Ltd.(a) | 2,946 | 93,742 | ||||||
Gevo, Inc.(a)(b) | 19,154 | 32,945 | ||||||
Golar LNG Ltd.(b) | 8,719 | 210,302 | ||||||
Granite Ridge Resources, Inc. | 2,155 | 15,710 | ||||||
Green Plains, Inc.(a) | 2,103 | 74,678 | ||||||
Gulfport Energy Corp.(a)(b) | 941 | 96,406 | ||||||
Hallador Energy Co.(a) | 1,901 | 17,527 | ||||||
HF Sinclair Corp. | 13,577 | 707,226 | ||||||
HighPeak Energy, Inc.(b) | 723 | 10,953 | ||||||
International Seaways, Inc. | 3,559 | 152,646 | ||||||
Kinetik Holdings, Inc., Class A | 1,497 | 53,892 | ||||||
Kosmos Energy Ltd.(a) | 40,786 | 289,581 | ||||||
Magnolia Oil & Gas Corp., Class A | 16,085 | 356,283 | ||||||
Matador Resources Co. | 10,423 | 579,832 | ||||||
Murphy Oil Corp. | 13,313 | 576,054 | ||||||
NACCO Industries, Inc., Class A | 484 | 17,903 | ||||||
New Fortress Energy, Inc. | 5,800 | 165,590 | ||||||
NextDecade Corp.(a) | 3,676 | 20,475 | ||||||
Nordic American Tankers Ltd. | 17,834 | 78,291 | ||||||
Northern Oil and Gas, Inc. | 6,932 | 272,913 | ||||||
Overseas Shipholding Group, Inc., Class A(a) | 4,318 | 17,661 | ||||||
Ovintiv, Inc. | 21,911 | 1,009,878 | ||||||
Par Pacific Holdings, Inc.(a) | 5,277 | 166,120 | ||||||
PBF Energy, Inc., Class A | 10,669 | 506,137 | ||||||
PDC Energy, Inc. | 8,063 | 611,901 | ||||||
Peabody Energy Corp. | 11,003 | 246,907 | ||||||
Permian Resources Corp. | 23,445 | 274,072 | ||||||
PrimeEnergy Resources Corp.(a) | 168 | 16,155 | ||||||
Range Resources Corp. | 21,103 | 663,267 | ||||||
REX American Resources Corp.(a) | 1,512 | 55,974 | ||||||
Riley Exploration Permian, Inc. | 901 | 33,742 | ||||||
Ring Energy, Inc.(a)(b) | 7,446 | 18,019 | ||||||
SandRidge Energy, Inc. | 1,535 | 26,218 | ||||||
Scorpio Tankers, Inc. | 4,915 | 231,202 | ||||||
SFL Corp. Ltd. | 9,365 | 92,339 | ||||||
SilverBow Resources, Inc.(a) | 1,671 | 59,839 | ||||||
Sitio Royalties Corp., Class A | 7,559 | 206,663 | ||||||
SM Energy Co. | 11,121 | 403,581 | ||||||
Southwestern Energy Co.(a) | 98,670 | 639,382 | ||||||
Talos Energy, Inc.(a) | 10,124 | 161,984 | ||||||
Teekay Corp.(a) | 5,790 | 38,561 | ||||||
Teekay Tankers Ltd., Class A | 2,361 | 102,963 | ||||||
Tellurian, Inc.(a)(b) | 45,722 | 78,642 | ||||||
Texas Pacific Land Corp. | 520 | 783,276 | ||||||
Uranium Energy Corp.(a)(b) | 32,042 | 115,351 | ||||||
VAALCO Energy, Inc. | 8,995 | 40,028 |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Vertex Energy, Inc.(a) | 7,152 | $ | 37,691 | |||||
Vital Energy, Inc.(a) | 1,439 | 75,950 | ||||||
Vitesse Energy, Inc. | 2,022 | 50,934 | ||||||
W&T Offshore, Inc.(a) | 9,251 | 40,519 | ||||||
World Kinect Corp. | 5,396 | 121,626 | ||||||
|
| |||||||
20,107,304 | ||||||||
Paper & Forest Products — 0.1% | ||||||||
Clearwater Paper Corp.(a) | 1,527 | 49,215 | ||||||
Glatfelter Corp. | 3,535 | 12,019 | ||||||
Louisiana-Pacific Corp. | 5,740 | 436,986 | ||||||
Sylvamo Corp. | 3,222 | 158,104 | ||||||
|
| |||||||
656,324 | ||||||||
Passenger Airlines — 0.5% | ||||||||
Alaska Air Group, Inc.(a) | 11,258 | 547,477 | ||||||
Allegiant Travel Co.(a) | 1,499 | 185,426 | ||||||
American Airlines Group, Inc.(a) | 59,079 | 989,573 | ||||||
Blade Air Mobility, Inc.(a) | 4,942 | 20,608 | ||||||
Frontier Group Holdings, Inc.(a) | 3,328 | 30,950 | ||||||
Hawaiian Holdings, Inc.(a) | 4,347 | 50,382 | ||||||
JetBlue Airways Corp.(a) | 30,705 | 238,578 | ||||||
Joby Aviation, Inc.(a) | 24,451 | 218,836 | ||||||
SkyWest, Inc.(a) | 4,465 | 196,415 | ||||||
Spirit Airlines, Inc. | 10,355 | 189,497 | ||||||
Sun Country Airlines Holdings, Inc.(a) | 3,548 | 76,495 | ||||||
|
| |||||||
2,744,237 | ||||||||
Personal Care Products — 0.4% | ||||||||
Beauty Health Co.(a) | 7,546 | 62,556 | ||||||
BellRing Brands, Inc.(a) | 12,182 | 437,943 | ||||||
Coty, Inc., Class A(a)(b) | 33,225 | 400,029 | ||||||
Edgewell Personal Care Co. | 4,523 | 178,252 | ||||||
elf Beauty, Inc.(a) | 4,585 | 535,161 | ||||||
Herbalife Ltd.(a) | 8,526 | 138,462 | ||||||
Inter Parfums, Inc. | 1,625 | 243,035 | ||||||
Medifast, Inc. | 951 | 96,897 | ||||||
Nature’s Sunshine Products, Inc.(a) | 822 | 11,467 | ||||||
Nu Skin Enterprises, Inc., Class A | 5,054 | 148,537 | ||||||
Olaplex Holdings, Inc.(a) | 11,336 | 40,810 | ||||||
Thorne HealthTech, Inc.(a) | 3,015 | 18,000 | ||||||
USANA Health Sciences, Inc.(a) | 1,062 | 68,934 | ||||||
Waldencast PLC(b) | 1,684 | 9,346 | ||||||
|
| |||||||
2,389,429 | ||||||||
Pharmaceuticals — 1.4% | ||||||||
Aclaris Therapeutics, Inc.(a) | 7,259 | 71,646 | ||||||
Amneal Pharmaceuticals, Inc.(a) | 8,878 | 28,410 | ||||||
Amphastar Pharmaceuticals, Inc.(a) | 3,338 | 202,583 | ||||||
Amylyx Pharmaceuticals, Inc.(a) | 4,442 | 104,165 | ||||||
ANI Pharmaceuticals, Inc.(a) | 1,069 | 56,176 | ||||||
Arvinas, Inc.(a) | 4,095 | 101,228 | ||||||
Assertio Holdings, Inc.(a) | 5,000 | 28,450 | ||||||
Atea Pharmaceuticals, Inc.(a) | 6,727 | 23,074 | ||||||
Axsome Therapeutics, Inc.(a) | 3,019 | 236,901 | ||||||
Biote Corp., Class A(a) | 2,285 | 15,584 | ||||||
Cara Therapeutics, Inc.(a) | 4,328 | 14,412 | ||||||
Cassava Sciences, Inc.(a)(b) | 3,393 | 74,578 | ||||||
Catalent, Inc.(a) | 16,564 | 803,685 | ||||||
Citius Pharmaceuticals, Inc.(a)(b) | 11,887 | 11,767 | ||||||
Collegium Pharmaceutical, Inc.(a) | 2,815 | 64,069 | ||||||
Corcept Therapeutics, Inc.(a) | 7,543 | 192,196 | ||||||
CorMedix, Inc.(a) | 4,098 | 18,113 | ||||||
Cymabay Therapeutics, Inc.(a) | 8,555 | 111,643 | ||||||
DICE Therapeutics, Inc.(a) | 3,502 | 164,594 |
42 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Edgewise Therapeutics, Inc.(a) | 2,935 | $ | 21,396 | |||||
Elanco Animal Health, Inc.(a) | 44,208 | 533,591 | ||||||
Enliven Therapeutics, Inc.(a)(b) | 2,085 | 39,490 | ||||||
Evolus, Inc.(a)(b) | 3,407 | 34,138 | ||||||
EyePoint Pharmaceuticals, Inc.(a) | 2,424 | 30,300 | ||||||
Harmony Biosciences Holdings, Inc.(a) | 2,978 | 105,332 | ||||||
Harrow Health, Inc.(a) | 2,244 | 49,548 | ||||||
Ikena Oncology, Inc.(a) | 2,181 | 11,232 | ||||||
Innoviva, Inc.(a) | 5,483 | 74,295 | ||||||
Intra-Cellular Therapies, Inc.(a) | 8,313 | 514,076 | ||||||
Jazz Pharmaceuticals PLC(a) | 5,478 | 714,441 | ||||||
Ligand Pharmaceuticals, Inc.(a) | 1,499 | 100,328 | ||||||
Liquidia Corp.(a) | 4,969 | 38,361 | ||||||
Longboard Pharmaceuticals, Inc.(a) | 1,665 | 11,988 | ||||||
Marinus Pharmaceuticals, Inc.(a) | 4,463 | 47,486 | ||||||
NGM Biopharmaceuticals, Inc.(a) | 3,413 | 8,089 | ||||||
Nuvation Bio, Inc.(a) | 11,978 | 22,159 | ||||||
Ocular Therapeutix, Inc.(a)(b) | 8,299 | 37,678 | ||||||
Omeros Corp.(a)(b) | 5,484 | 23,855 | ||||||
Optinose, Inc.(a) | 12,558 | 15,132 | ||||||
Organon & Co. | 22,976 | 505,013 | ||||||
Pacira BioSciences, Inc.(a) | 4,285 | 155,760 | ||||||
Perrigo Co. PLC | 12,494 | 457,780 | ||||||
Phathom Pharmaceuticals, Inc.(a) | 2,441 | 37,128 | ||||||
Phibro Animal Health Corp., Class A | 1,994 | 28,873 | ||||||
Pliant Therapeutics, Inc.(a) | 5,017 | 89,503 | ||||||
Prestige Consumer Healthcare, Inc.(a) | 4,466 | 291,228 | ||||||
Reata Pharmaceuticals, Inc., Class A(a) | 2,666 | 441,436 | ||||||
Revance Therapeutics, Inc.(a) | 7,424 | 175,429 | ||||||
Scilex Holding Lock Up, (Acquired 01/06/23, Cost: $50,126)(d) | 4,783 | 25,930 | ||||||
scPharmaceuticals, Inc.(a) | 2,577 | 21,724 | ||||||
SIGA Technologies, Inc. | 4,478 | 25,704 | ||||||
Supernus Pharmaceuticals, Inc.(a) | 4,300 | 131,967 | ||||||
Taro Pharmaceutical Industries Ltd.(a) | 732 | 26,755 | ||||||
Tarsus Pharmaceuticals, Inc.(a) | 2,120 | 46,661 | ||||||
Terns Pharmaceuticals, Inc.(a) | 3,857 | 27,848 | ||||||
Theravance Biopharma, Inc.(a) | 5,461 | 54,009 | ||||||
Theseus Pharmaceuticals, Inc.(a)(b) | 2,332 | 7,859 | ||||||
Third Harmonic Bio, Inc.(a) | 1,194 | 8,465 | ||||||
Trevi Therapeutics, Inc.(a)(b) | 5,359 | 12,754 | ||||||
Ventyx Biosciences, Inc.(a)(b) | 4,132 | 153,091 | ||||||
Verrica Pharmaceuticals, Inc.(a)(b) | 2,416 | 14,109 | ||||||
WaVe Life Sciences Ltd.(a) | 5,473 | 23,917 | ||||||
Xeris Biopharma Holdings, Inc.(a) | 13,971 | 36,464 | ||||||
Zevra Therapeutics, Inc.(a) | 3,233 | 15,777 | ||||||
|
| |||||||
7,571,373 | ||||||||
Professional Services — 2.6% | ||||||||
Alight, Inc., Class A(a) | 36,497 | 356,941 | ||||||
ASGN, Inc.(a) | 4,275 | 326,268 | ||||||
Asure Software, Inc.(a) | 1,149 | 15,672 | ||||||
Barrett Business Services, Inc. | 555 | 50,355 | ||||||
BlackSky Technology, Inc.(a) | 12,150 | 24,179 | ||||||
Booz Allen Hamilton Holding Corp., Class A | 11,838 | 1,433,345 | ||||||
CACI International, Inc., Class A(a) | 2,030 | 711,393 | ||||||
CBIZ, Inc.(a) | 4,205 | 222,402 | ||||||
Ceridian HCM Holding, Inc.(a)(b) | 13,334 | 944,181 | ||||||
Clarivate PLC(a)(b) | 43,537 | 414,037 | ||||||
Concentrix Corp. | 3,903 | 324,886 | ||||||
Conduent, Inc.(a) | 14,456 | 50,018 | ||||||
CRA International, Inc. | 643 | 64,358 | ||||||
CSG Systems International, Inc. | 2,831 | 146,051 |
Security | Shares | Value | ||||||
Professional Services (continued) | ||||||||
Dun & Bradstreet Holdings, Inc. | 24,817 | $ | 293,337 | |||||
ExlService Holdings, Inc.(a) | 2,868 | 404,245 | ||||||
Exponent, Inc. | 4,632 | 414,935 | ||||||
First Advantage Corp.(a)(b) | 5,203 | 78,045 | ||||||
FiscalNote Holdings, Inc.(a) | 6,358 | 20,854 | ||||||
Forrester Research, Inc.(a) | 977 | 31,137 | ||||||
Franklin Covey Co.(a) | 1,083 | 51,605 | ||||||
FTI Consulting, Inc.(a) | 3,067 | 537,216 | ||||||
Genpact Ltd. | 16,188 | 584,225 | ||||||
Heidrick & Struggles International, Inc. | 1,687 | 46,004 | ||||||
HireQuest, Inc. | 514 | 12,855 | ||||||
HireRight Holdings Corp.(a) | 1,067 | 11,428 | ||||||
Huron Consulting Group, Inc.(a) | 1,649 | 155,946 | ||||||
IBEX Holdings Ltd.(a) | 872 | 17,309 | ||||||
ICF International, Inc. | 1,754 | 206,253 | ||||||
Innodata, Inc.(a) | 2,217 | 28,444 | ||||||
Insperity, Inc. | 3,224 | 379,304 | ||||||
KBR, Inc. | 12,208 | 750,670 | ||||||
Kelly Services, Inc., Class A | 2,917 | 53,439 | ||||||
Kforce, Inc. | 1,763 | 111,845 | ||||||
Korn Ferry | 4,673 | 246,174 | ||||||
Legalzoom.com, Inc.(a) | 9,454 | 144,457 | ||||||
ManpowerGroup, Inc. | 4,567 | 360,245 | ||||||
Maximus, Inc. | 5,398 | 452,136 | ||||||
Mistras Group, Inc.(a) | 1,891 | 14,636 | ||||||
NV5 Global, Inc.(a) | 1,310 | 143,510 | ||||||
Paycor HCM, Inc.(a)(b) | 5,510 | 147,999 | ||||||
Paylocity Holding Corp.(a)(b) | 3,790 | 859,761 | ||||||
Planet Labs PBC(a)(b) | 17,056 | 63,448 | ||||||
Red Violet, Inc.(a) | 922 | 19,095 | ||||||
Resources Connection, Inc. | 2,762 | 44,137 | ||||||
Robert Half, Inc. | 9,465 | 701,830 | ||||||
Science Applications International Corp. | 4,956 | 601,361 | ||||||
Skillsoft Corp.(a) | 6,984 | 9,219 | ||||||
Sterling Check Corp.(a) | 1,746 | 20,969 | ||||||
TriNet Group, Inc.(a) | 3,457 | 363,780 | ||||||
TrueBlue, Inc.(a) | 2,952 | 44,132 | ||||||
TTEC Holdings, Inc. | 1,703 | 58,651 | ||||||
Upwork, Inc.(a) | 10,595 | 110,506 | ||||||
Verra Mobility Corp.(a) | 12,404 | 260,360 | ||||||
Willdan Group, Inc.(a) | 1,011 | 20,402 | ||||||
|
| |||||||
13,959,990 | ||||||||
Real Estate Management & Development — 0.7% | ||||||||
American Realty Investors, Inc.(a) | 667 | 12,606 | ||||||
Anywhere Real Estate, Inc.(a) | 9,661 | 80,959 | ||||||
Compass, Inc., Class A(a) | 28,098 | 117,731 | ||||||
Cushman & Wakefield PLC(a) | 13,512 | 132,823 | ||||||
DigitalBridge Group, Inc. | 15,055 | 241,181 | ||||||
Douglas Elliman, Inc. | 8,342 | 18,436 | ||||||
eXp World Holdings, Inc.(b) | 5,840 | 145,650 | ||||||
Forestar Group, Inc.(a) | 1,439 | 42,422 | ||||||
FRP Holdings, Inc.(a) | 397 | 22,776 | ||||||
Howard Hughes Corp.(a) | 2,989 | 252,361 | ||||||
Jones Lang LaSalle, Inc.(a)(b) | 4,300 | 716,165 | ||||||
Kennedy-Wilson Holdings, Inc. | 11,254 | 185,691 | ||||||
Marcus & Millichap, Inc. | 2,265 | 83,080 | ||||||
Maui Land & Pineapple Co., Inc.(a) | 1,085 | 16,177 | ||||||
Newmark Group, Inc., Class A | 12,314 | 85,213 | ||||||
Opendoor Technologies, Inc.(a) | 48,850 | 249,623 | ||||||
RE/MAX Holdings, Inc., Class A | 1,639 | 32,305 | ||||||
Redfin Corp.(a) | 9,154 | 137,127 | ||||||
RMR Group, Inc., Class A | 1,281 | 30,206 |
SCHEDULE OF INVESTMENTS | 43 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Real Estate Management & Development (continued) | ||||||||
St. Joe Co. | 2,958 | $ | 187,774 | |||||
Stratus Properties, Inc. | 583 | 16,546 | ||||||
Tejon Ranch Co.(a) | 2,103 | 37,034 | ||||||
Zillow Group, Inc., Class A(a) | 4,938 | 262,800 | ||||||
Zillow Group, Inc., Class C(a)(b) | 14,031 | 759,919 | ||||||
|
| |||||||
3,866,605 | ||||||||
Residential REITs — 0.9% | ||||||||
American Homes 4 Rent, Class A | 30,400 | 1,139,392 | ||||||
Apartment Income REIT Corp. | 13,290 | 459,037 | ||||||
Apartment Investment and Management Co., Class A | 13,716 | 114,254 | ||||||
BRT Apartments Corp. | 862 | 16,783 | ||||||
Camden Property Trust | 9,542 | 1,040,937 | ||||||
Centerspace | 1,383 | 85,926 | ||||||
Clipper Realty, Inc. | 722 | 4,621 | ||||||
Elme Communities | 7,345 | 119,356 | ||||||
Equity LifeStyle Properties, Inc. | 16,119 | 1,147,350 | ||||||
Independence Realty Trust, Inc. | 20,420 | 347,957 | ||||||
NexPoint Residential Trust, Inc. | 1,966 | 81,707 | ||||||
UMH Properties, Inc. | 4,823 | 80,303 | ||||||
Veris Residential, Inc.(a) | 7,557 | 141,165 | ||||||
|
| |||||||
4,778,788 | ||||||||
Retail REITs — 1.5% | ||||||||
Acadia Realty Trust | 7,051 | 110,771 | ||||||
Agree Realty Corp. | 8,144 | 527,568 | ||||||
Alexander’s, Inc. | 191 | 36,934 | ||||||
Brixmor Property Group, Inc. | 26,874 | 611,115 | ||||||
CBL & Associates Properties, Inc. | 2,282 | 49,679 | ||||||
Federal Realty Investment Trust | 7,262 | 737,238 | ||||||
Getty Realty Corp. | 4,495 | 145,278 | ||||||
InvenTrust Properties Corp. | 6,004 | 146,137 | ||||||
Kimco Realty Corp. | 54,790 | 1,110,045 | ||||||
Kite Realty Group Trust | 19,777 | 452,498 | ||||||
Macerich Co. | 20,233 | 257,971 | ||||||
Necessity Retail REIT, Inc. | 12,262 | 87,060 | ||||||
NETSTREIT Corp. | 5,734 | 102,581 | ||||||
NNN REIT, Inc. | 16,323 | 696,666 | ||||||
Phillips Edison & Co., Inc. | 10,629 | 375,310 | ||||||
Regency Centers Corp. | 15,361 | 1,006,606 | ||||||
Retail Opportunity Investments Corp. | 11,995 | 176,686 | ||||||
RPT Realty | 7,049 | 76,623 | ||||||
Saul Centers, Inc. | 1,202 | 46,337 | ||||||
SITE Centers Corp. | 16,752 | 235,366 | ||||||
Spirit Realty Capital, Inc. | 12,699 | 512,151 | ||||||
Tanger Factory Outlet Centers, Inc. | 9,304 | 217,807 | ||||||
Urban Edge Properties | 10,244 | 174,251 | ||||||
Urstadt Biddle Properties, Inc., Class A | 2,298 | 52,119 | ||||||
Whitestone REIT | 3,929 | 40,547 | ||||||
|
| |||||||
7,985,344 | ||||||||
Semiconductors & Semiconductor Equipment — 2.5% | ||||||||
ACM Research, Inc., Class A(a) | 4,029 | 52,780 | ||||||
Aehr Test Systems(a) | 2,280 | 118,925 | ||||||
Allegro MicroSystems, Inc.(a) | 6,159 | 317,866 | ||||||
Alpha & Omega Semiconductor Ltd.(a) | 2,348 | 77,202 | ||||||
Ambarella, Inc.(a) | 3,350 | 279,457 | ||||||
Amkor Technology, Inc. | 9,374 | 272,690 | ||||||
Atomera, Inc.(a)(b) | 1,787 | 15,422 | ||||||
Axcelis Technologies, Inc.(a) | 2,891 | 579,588 | ||||||
CEVA, Inc.(a) | 1,900 | 51,604 | ||||||
Cirrus Logic, Inc.(a) | 4,949 | 399,879 | ||||||
Cohu, Inc.(a) | 4,250 | 185,513 |
Security | Shares | Value | ||||||
Semiconductors & Semiconductor Equipment (continued) | ||||||||
Credo Technology Group Holding Ltd.(a) | 8,484 | $ | 143,973 | |||||
Diodes, Inc.(a) | 3,999 | 377,866 | ||||||
Entegris, Inc. | 13,620 | 1,494,250 | ||||||
FormFactor, Inc.(a) | 7,126 | 264,802 | ||||||
Ichor Holdings Ltd.(a)(b) | 2,461 | 95,290 | ||||||
Impinj, Inc.(a) | 2,020 | 134,572 | ||||||
indie Semiconductor, Inc., Class A(a) | 12,385 | 117,410 | ||||||
inTEST Corp.(a) | 985 | 20,843 | ||||||
Kulicke & Soffa Industries, Inc. | 4,796 | 287,184 | ||||||
Lattice Semiconductor Corp.(a)(b) | 12,297 | 1,118,289 | ||||||
MACOM Technology Solutions Holdings, Inc., | 4,826 | 337,434 | ||||||
Maxeon Solar Technologies Ltd.(a) | 2,297 | 56,713 | ||||||
MaxLinear, Inc.(a) | 6,939 | 171,185 | ||||||
MKS Instruments, Inc. | 5,977 | 652,509 | ||||||
Navitas Semiconductor Corp.(a) | 9,116 | 96,447 | ||||||
NVE Corp. | 444 | 35,169 | ||||||
Onto Innovation, Inc.(a) | 4,471 | 555,835 | ||||||
PDF Solutions, Inc.(a) | 2,572 | 118,286 | ||||||
Photronics, Inc.(a) | 5,761 | 152,378 | ||||||
Power Integrations, Inc. | 5,029 | 488,517 | ||||||
Qorvo, Inc.(a) | 9,035 | 994,031 | ||||||
Rambus, Inc.(a) | 9,747 | 610,260 | ||||||
Semtech Corp.(a) | 5,565 | 162,498 | ||||||
Silicon Laboratories, Inc.(a) | 2,820 | 420,575 | ||||||
SiTime Corp.(a)(b) | 1,550 | 199,965 | ||||||
SkyWater Technology, Inc.(a) | 2,527 | 24,714 | ||||||
SMART Global Holdings, Inc.(a) | 4,451 | 118,397 | ||||||
Synaptics, Inc.(a) | 3,659 | 330,444 | ||||||
Transphorm, Inc.(a) | 1,700 | 5,304 | ||||||
Ultra Clean Holdings, Inc.(a) | 3,915 | 149,162 | ||||||
Universal Display Corp. | 4,221 | 615,759 | ||||||
Veeco Instruments, Inc.(a) | 4,421 | 124,495 | ||||||
Wolfspeed, Inc.(a)(b) | 11,173 | 736,301 | ||||||
|
| |||||||
13,561,783 | ||||||||
Software — 5.7% | ||||||||
8x8, Inc.(a) | 10,183 | 48,267 | ||||||
A10 Networks, Inc. | 6,687 | 103,782 | ||||||
ACI Worldwide, Inc.(a) | 9,657 | 223,946 | ||||||
Adeia, Inc. | 10,511 | 126,342 | ||||||
Agilysys, Inc.(a) | 1,927 | 141,885 | ||||||
Alarm.com Holdings, Inc.(a) | 4,194 | 231,551 | ||||||
Alkami Technology, Inc.(a)(b) | 3,086 | 52,092 | ||||||
Altair Engineering, Inc., Class A(a)(b) | 4,934 | 369,754 | ||||||
Alteryx, Inc., Class A(a) | 5,515 | 228,652 | ||||||
American Software, Inc., Class A | 2,858 | 32,953 | ||||||
Amplitude, Inc., Class A(a) | 6,540 | 75,733 | ||||||
Appfolio, Inc., Class A(a) | 1,676 | 302,669 | ||||||
Appian Corp., Class A(a) | 3,484 | 179,496 | ||||||
Applied Digital Corp.(a) | 6,189 | 59,291 | ||||||
AppLovin Corp., Class A(a)(b) | 21,027 | 660,248 | ||||||
Asana, Inc., Class A(a) | 7,020 | 170,446 | ||||||
Aspen Technology, Inc.(a) | 2,576 | 459,816 | ||||||
Aurora Innovation, Inc.(a) | 27,580 | 90,462 | ||||||
AvePoint, Inc.(a) | 13,759 | 85,306 | ||||||
Bentley Systems, Inc., Class B(b) | 17,302 | 932,232 | ||||||
Bills Holdings, Inc.(a) | 9,260 | 1,160,648 | ||||||
Bit Digital, Inc.(a)(b) | 6,989 | 30,961 | ||||||
Black Knight, Inc.(a) | 14,227 | 1,000,443 | ||||||
Blackbaud, Inc.(a) | 4,035 | 304,441 | ||||||
Blackline, Inc.(a) | 5,183 | 301,029 |
44 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
Box, Inc., Class A(a)(b) | 12,926 | $ | 403,938 | |||||
Braze, Inc., Class A(a) | 3,087 | 140,335 | ||||||
C3.ai, Inc., Class A(a)(b) | 5,183 | 217,686 | ||||||
CCC Intelligent Solutions Holdings, Inc.(a)(b) | 17,486 | 192,696 | ||||||
Cerence, Inc.(a) | 3,942 | 109,627 | ||||||
Cipher Mining, Inc.(a)(b) | 6,457 | 24,537 | ||||||
Cleanspark, Inc.(a) | 5,973 | 35,898 | ||||||
Clear Secure, Inc., Class A | 7,404 | 175,549 | ||||||
CommVault Systems, Inc.(a) | 3,914 | 305,018 | ||||||
Confluent, Inc., Class A(a)(b) | 16,616 | 573,917 | ||||||
Consensus Cloud Solutions, Inc.(a) | 2,134 | 69,163 | ||||||
CoreCard Corp.(a) | 736 | 17,686 | ||||||
Couchbase, Inc.(a) | 3,209 | 53,558 | ||||||
CS Disco, Inc.(a) | 1,938 | 18,876 | ||||||
Digimarc Corp.(a)(b) | 1,146 | 33,922 | ||||||
Digital Turbine, Inc.(a) | 8,227 | 89,181 | ||||||
Dolby Laboratories, Inc., Class A | 5,530 | 490,013 | ||||||
Domo, Inc., Class B(a) | 2,863 | 51,162 | ||||||
DoubleVerify Holdings, Inc.(a) | 9,975 | 419,948 | ||||||
Dropbox, Inc., Class A(a) | 23,399 | 630,603 | ||||||
Dynatrace, Inc.(a) | 19,750 | 1,080,127 | ||||||
E2open Parent Holdings, Inc.(a)(b) | 17,189 | 88,523 | ||||||
Ebix, Inc. | 2,248 | 69,598 | ||||||
eGain Corp.(a) | 1,349 | 9,942 | ||||||
Elastic NV(a) | 7,244 | 481,364 | ||||||
Enfusion, Inc., Class A(a) | 2,593 | 28,134 | ||||||
EngageSmart, Inc.(a)(b) | 4,428 | 83,955 | ||||||
Envestnet, Inc.(a) | 3,481 | 215,752 | ||||||
Everbridge, Inc.(a) | 3,474 | 107,138 | ||||||
EverCommerce, Inc.(a) | 2,329 | 27,203 | ||||||
Expensify, Inc., Class A(a)(b) | 5,465 | 44,048 | ||||||
Five9, Inc.(a) | 6,370 | 558,967 | ||||||
ForgeRock, Inc., Class A(a) | 4,192 | 86,565 | ||||||
Freshworks, Inc., Class A(a)(b) | 14,320 | 267,211 | ||||||
Gen Digital, Inc. | 49,847 | 969,524 | ||||||
Gitlab, Inc., Class A(a) | 4,352 | 215,990 | ||||||
Guidewire Software, Inc.(a) | 7,375 | 625,547 | ||||||
HashiCorp, Inc., Class A(a)(b) | 8,307 | 245,970 | ||||||
Informatica, Inc., Class A(a)(b) | 4,085 | 77,778 | ||||||
Instructure Holdings, Inc.(a)(b) | 1,483 | 40,293 | ||||||
Intapp, Inc.(a) | 1,383 | 56,786 | ||||||
InterDigital, Inc. | 2,545 | 235,896 | ||||||
Jamf Holding Corp.(a)(b) | 6,712 | 145,785 | ||||||
Kaltura, Inc.(a) | 8,322 | 16,810 | ||||||
LivePerson, Inc.(a) | 5,836 | 27,721 | ||||||
LiveRamp Holdings, Inc.(a) | 5,773 | 164,761 | ||||||
LiveVox Holdings, Inc.(a) | 4,247 | 12,359 | ||||||
Manhattan Associates, Inc.(a) | 5,636 | 1,074,334 | ||||||
Marathon Digital Holdings, Inc.(a)(b) | 14,977 | 260,150 | ||||||
Matterport, Inc.(a) | 24,608 | 83,421 | ||||||
MeridianLink, Inc.(a) | 2,528 | 56,476 | ||||||
MicroStrategy, Inc., Class A(a)(b) | 975 | 426,933 | ||||||
Mitek Systems, Inc.(a) | 3,619 | 36,950 | ||||||
Model N, Inc.(a) | 3,216 | 107,157 | ||||||
N-able, Inc.(a) | 5,685 | 79,988 | ||||||
nCino, Inc.(a)(b) | 6,593 | 213,284 | ||||||
NCR Corp.(a) | 11,899 | 319,845 | ||||||
New Relic, Inc.(a) | 4,843 | 406,715 | ||||||
NextNav, Inc.(a)(b) | 2,193 | 7,040 | ||||||
Nutanix, Inc., Class A(a) | 20,697 | 625,049 | ||||||
Olo, Inc., Class A(a) | 9,917 | 77,948 | ||||||
ON24, Inc. | 3,909 | 34,595 |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
OneSpan, Inc.(a) | 3,402 | $ | 46,743 | |||||
PagerDuty, Inc.(a)(b) | 8,117 | 210,393 | ||||||
Pegasystems, Inc. | 3,898 | 205,620 | ||||||
PowerSchool Holdings, Inc., Class A(a) | 4,915 | 118,796 | ||||||
Procore Technologies, Inc.(a)(b) | 7,020 | 532,467 | ||||||
Progress Software Corp. | 3,923 | 235,615 | ||||||
PROS Holdings, Inc.(a) | 4,223 | 160,474 | ||||||
PTC, Inc.(a) | 9,951 | 1,450,955 | ||||||
Q2 Holdings, Inc.(a) | 5,356 | 189,977 | ||||||
Qualys, Inc.(a)(b) | 3,434 | 476,639 | ||||||
Rapid7, Inc.(a) | 5,521 | 253,469 | ||||||
Rimini Street, Inc.(a) | 5,015 | 13,641 | ||||||
RingCentral, Inc., Class A(a) | 8,060 | 333,362 | ||||||
Riot Platforms, Inc.(a)(b) | 13,972 | 258,761 | ||||||
Sapiens International Corp. NV | 2,809 | 75,674 | ||||||
SEMrush Holdings, Inc., Class A(a) | 3,194 | 33,888 | ||||||
SentinelOne, Inc., Class A(a)(b) | 17,517 | 292,008 | ||||||
Smartsheet, Inc., Class A(a) | 11,221 | 498,212 | ||||||
SolarWinds Corp.(a) | 4,532 | 47,767 | ||||||
SoundHound AI, Inc., Class A(a)(b) | 13,148 | 30,635 | ||||||
SoundThinking, Inc.(a) | 960 | 21,811 | ||||||
Sprinklr, Inc., Class A(a) | 7,639 | 107,252 | ||||||
Sprout Social, Inc., Class A(a)(b) | 4,417 | 252,387 | ||||||
SPS Commerce, Inc.(a) | 3,264 | 588,793 | ||||||
Tenable Holdings, Inc.(a) | 10,112 | 492,050 | ||||||
Teradata Corp.(a) | 9,099 | 517,278 | ||||||
Terawulf, Inc.(a) | 4,847 | 14,153 | ||||||
UiPath, Inc., Class A(a) | 33,853 | 612,062 | ||||||
Varonis Systems, Inc.(a) | 10,071 | 289,038 | ||||||
Verint Systems, Inc.(a) | 6,043 | 225,827 | ||||||
Veritone, Inc.(a) | 1,635 | 7,546 | ||||||
Viant Technology, Inc., Class A(a) | 704 | 3,407 | ||||||
Weave Communications, Inc.(a) | 3,631 | 43,572 | ||||||
Workiva, Inc.(a) | 4,326 | 455,485 | ||||||
Xperi, Inc.(a) | 3,506 | 45,999 | ||||||
Yext, Inc.(a) | 9,760 | 94,867 | ||||||
Zeta Global Holdings Corp., Class A(a) | 12,041 | 111,018 | ||||||
Zuora, Inc., Class A(a) | 11,892 | 139,493 | ||||||
|
| |||||||
30,706,524 | ||||||||
Specialized REITs — 0.9% | ||||||||
CubeSmart | 20,449 | 886,669 | ||||||
EPR Properties | 6,909 | 308,418 | ||||||
Extra Space Storage, Inc. | 1 | 140 | ||||||
Farmland Partners, Inc. | 4,302 | 49,430 | ||||||
Four Corners Property Trust, Inc. | 7,965 | 209,479 | ||||||
Gaming and Leisure Properties, Inc. | 23,095 | 1,096,089 | ||||||
Gladstone Land Corp. | 3,048 | 51,024 | ||||||
Lamar Advertising Co., Class A(b) | 7,975 | 787,132 | ||||||
National Storage Affiliates Trust | 7,213 | 243,727 | ||||||
Outfront Media, Inc. | 13,951 | 215,682 | ||||||
PotlatchDeltic Corp. | 7,164 | 384,205 | ||||||
Rayonier, Inc. | 13,067 | 432,779 | ||||||
Safehold, Inc.(b) | 3,071 | 75,946 | ||||||
Uniti Group, Inc. | 20,962 | 116,968 | ||||||
|
| |||||||
4,857,688 | ||||||||
Specialty Retail — 2.8% | ||||||||
1-800-Flowers.com, Inc., Class A(a)(b) | 2,137 | 18,549 | ||||||
Aaron’s Co., Inc. | 2,311 | 36,560 | ||||||
Abercrombie & Fitch Co., Class A(a) | 4,347 | 172,185 | ||||||
Academy Sports & Outdoors, Inc. | 6,842 | 409,083 | ||||||
Advance Auto Parts, Inc. | 5,496 | 408,847 | ||||||
American Eagle Outfitters, Inc. | 16,599 | 233,216 |
SCHEDULE OF INVESTMENTS | 45 |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Specialty Retail (continued) | ||||||||
America’s Car-Mart, Inc.(a) | 542 | $ | 64,563 | |||||
Arko Corp. | 8,041 | 67,062 | ||||||
Asbury Automotive Group, Inc.(a)(b) | 1,983 | 447,365 | ||||||
AutoNation, Inc.(a)(b) | 2,805 | 451,549 | ||||||
BARK, Inc.(a) | 11,542 | 16,621 | ||||||
Bath & Body Works, Inc. | 20,697 | 767,031 | ||||||
Big 5 Sporting Goods Corp. | 1,833 | 17,542 | ||||||
Boot Barn Holdings, Inc.(a) | 2,760 | 259,164 | ||||||
Buckle, Inc. | 2,622 | 95,860 | ||||||
Build-A-Bear Workshop, Inc. | 1,166 | 28,625 | ||||||
Caleres, Inc. | 3,064 | 82,851 | ||||||
Camping World Holdings, Inc., Class A | 3,704 | 118,639 | ||||||
CarParts.com, Inc.(a) | 4,235 | 21,260 | ||||||
Carvana Co.(a)(b) | 8,242 | 378,720 | ||||||
Cato Corp., Class A | 1,422 | 12,087 | ||||||
Chico’s FAS, Inc.(a) | 10,071 | 61,433 | ||||||
Children’s Place, Inc.(a) | 1,106 | 34,773 | ||||||
Designer Brands, Inc., Class A(b) | 4,442 | 44,198 | ||||||
Destination XL Group, Inc.(a) | 5,308 | 27,389 | ||||||
Dick’s Sporting Goods, Inc. | 5,435 | 766,335 | ||||||
Duluth Holdings, Inc., Class B(a) | 688 | 4,995 | ||||||
EVgo, Inc.(a) | 5,827 | 25,464 | ||||||
Five Below, Inc.(a)(b) | 4,951 | 1,031,491 | ||||||
Floor & Decor Holdings, Inc., Class A(a)(b) | 9,398 | 1,079,360 | ||||||
Foot Locker, Inc. | 7,303 | 196,232 | ||||||
Franchise Group, Inc. | 2,248 | 66,901 | ||||||
GameStop Corp., Class A(a)(b) | 24,767 | 549,827 | ||||||
Gap, Inc. | 17,309 | 178,283 | ||||||
Genesco, Inc.(a) | 1,083 | 30,551 | ||||||
Group 1 Automotive, Inc. | 1,222 | 315,924 | ||||||
GrowGeneration Corp.(a)(b) | 4,901 | 19,506 | ||||||
Guess?, Inc. | 2,312 | 48,529 | ||||||
Haverty Furniture Cos., Inc. | 1,178 | 41,937 | ||||||
Hibbett, Inc. | 1,169 | 54,242 | ||||||
J Jill, Inc.(a) | 721 | 16,367 | ||||||
Lands’ End, Inc.(a)(b) | 1,371 | 12,860 | ||||||
Lazydays Holdings, Inc.(a) | 1,336 | 17,515 | ||||||
Leslie’s, Inc.(a)(b) | 16,794 | 106,978 | ||||||
Lithia Motors, Inc. | 2,441 | 758,004 | ||||||
MarineMax, Inc.(a) | 1,817 | 73,280 | ||||||
Monro, Inc. | 2,771 | 101,557 | ||||||
Murphy USA, Inc. | 1,819 | 558,488 | ||||||
National Vision Holdings, Inc.(a) | 6,849 | 148,144 | ||||||
ODP Corp.(a) | 3,135 | 156,374 | ||||||
OneWater Marine, Inc., Class A(a) | 945 | 35,579 | ||||||
Overstock.com, Inc.(a)(b) | 4,218 | 153,830 | ||||||
Penske Automotive Group, Inc.(b) | 1,853 | 299,111 | ||||||
Petco Health & Wellness Co., Inc.(a)(b) | 7,307 | 59,625 | ||||||
PetMed Express, Inc. | 1,754 | 25,696 | ||||||
Rent the Runway, Inc., Class A(a)(b) | 4,623 | 8,553 | ||||||
Revolve Group, Inc.(a)(b) | 3,606 | 71,110 | ||||||
RH(a)(b) | 1,454 | 564,399 | ||||||
Sally Beauty Holdings, Inc.(a) | 9,384 | 112,327 | ||||||
Shoe Carnival, Inc. | 1,497 | 39,835 | ||||||
Signet Jewelers Ltd. | 3,968 | 319,384 | ||||||
Sleep Number Corp.(a) | 1,883 | 52,140 | ||||||
Sonic Automotive, Inc., Class A | 1,540 | 73,751 | ||||||
Sportsman’s Warehouse Holdings, Inc.(a) | 3,501 | 22,056 | ||||||
Stitch Fix, Inc., Class A(a)(b) | 7,148 | 36,526 | ||||||
ThredUp, Inc., Class A(a) | 5,918 | 20,831 | ||||||
Tile Shop Holdings, Inc.(a) | 1,369 | 8,707 | ||||||
Tilly’s, Inc., Class A(a) | 1,735 | 15,042 |
Security | Shares | Value | ||||||
Specialty Retail (continued) | ||||||||
Torrid Holdings, Inc.(a) | 1,152 | $ | 3,133 | |||||
Upbound Group, Inc., Class A | 5,010 | 173,496 | ||||||
Urban Outfitters, Inc.(a) | 5,992 | 217,929 | ||||||
Valvoline, Inc.(b) | 15,869 | 602,546 | ||||||
Victoria’s Secret & Co.(a)(b) | 7,528 | 154,249 | ||||||
Warby Parker, Inc., Class A(a) | 7,027 | 104,983 | ||||||
Wayfair, Inc., Class A(a)(b) | 7,366 | 573,590 | ||||||
Williams-Sonoma, Inc. | 5,889 | 816,451 | ||||||
Winmark Corp. | 259 | 94,136 | ||||||
Zumiez, Inc.(a) | 1,465 | 27,630 | ||||||
|
| |||||||
15,320,961 | ||||||||
Technology Hardware, Storage & Peripherals — 0.6% | ||||||||
Avid Technology, Inc.(a) | 3,013 | 71,830 | ||||||
CompoSecure, Inc.(a) | 2,066 | 15,330 | ||||||
Corsair Gaming, Inc.(a)(b) | 3,296 | 60,910 | ||||||
CPI Card Group, Inc.(a) | 570 | 13,914 | ||||||
Eastman Kodak Co.(a) | 5,301 | 29,102 | ||||||
Immersion Corp. | 1,684 | 11,889 | ||||||
Intevac, Inc.(a) | 3,753 | 13,436 | ||||||
IonQ, Inc.(a) | 14,237 | 274,062 | ||||||
Pure Storage, Inc., Class A(a) | 25,769 | 953,195 | ||||||
Super Micro Computer, Inc.(a) | 4,211 | 1,390,767 | ||||||
Turtle Beach Corp.(a) | 1,439 | 16,189 | ||||||
Xerox Holdings Corp. | 10,195 | 162,916 | ||||||
|
| |||||||
3,013,540 | ||||||||
Textiles, Apparel & Luxury Goods — 1.4% | ||||||||
Allbirds, Inc., Class A(a)(b) | 7,995 | 11,992 | ||||||
Capri Holdings Ltd.(a) | 10,962 | 404,607 | ||||||
Carter’s, Inc. | 3,276 | 245,733 | ||||||
Columbia Sportswear Co. | 3,146 | 247,307 | ||||||
Crocs, Inc.(a) | 5,471 | 592,783 | ||||||
Deckers Outdoor Corp.(a) | 2,361 | 1,283,652 | ||||||
Figs, Inc., Class A(a) | 12,738 | 93,752 | ||||||
Fossil Group, Inc.(a) | 3,602 | 10,014 | ||||||
G-III Apparel Group Ltd.(a) | 3,721 | 77,062 | ||||||
Hanesbrands, Inc. | 33,948 | 178,906 | ||||||
Kontoor Brands, Inc. | 5,170 | 219,001 | ||||||
Movado Group, Inc. | 1,443 | 41,414 | ||||||
Oxford Industries, Inc. | 1,449 | 156,275 | ||||||
PVH Corp. | 5,598 | 501,805 | ||||||
Ralph Lauren Corp. | 3,606 | 473,576 | ||||||
Rocky Brands, Inc. | 446 | 8,973 | ||||||
Skechers USA, Inc., Class A(a) | 12,352 | 686,524 | ||||||
Steven Madden Ltd. | 7,064 | 235,796 | ||||||
Tapestry, Inc. | 21,384 | 922,720 | ||||||
Under Armour, Inc., Class A(a) | 16,859 | 135,883 | ||||||
Under Armour, Inc., Class C(a) | 16,742 | 124,226 | ||||||
Vera Bradley, Inc.(a) | 2,876 | 19,384 | ||||||
VF Corp. | 31,588 | 625,758 | ||||||
Wolverine World Wide, Inc. | 6,804 | 86,207 | ||||||
|
| |||||||
7,383,350 | ||||||||
Tobacco — 0.1% | ||||||||
Turning Point Brands, Inc. | 1,818 | 43,359 | ||||||
Universal Corp. | 2,187 | 110,597 | ||||||
Vector Group Ltd. | 12,720 | 166,886 | ||||||
|
| |||||||
320,842 | ||||||||
Trading Companies & Distributors — 1.6% | ||||||||
Air Lease Corp. | 9,618 | 407,226 | ||||||
Alta Equipment Group, Inc. | 1,616 | 26,098 | ||||||
Applied Industrial Technologies, Inc. | 3,529 | 511,670 | ||||||
Beacon Roofing Supply, Inc.(a) | 4,299 | 368,295 |
46 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Trading Companies & Distributors (continued) | ||||||||
BlueLinx Holdings, Inc.(a) | 776 | $ | 73,130 | |||||
Boise Cascade Co. | 3,625 | 375,151 | ||||||
Core & Main, Inc., Class A(a)(b) | 7,537 | 238,245 | ||||||
Custom Truck One Source, Inc.(a) | 5,253 | 36,351 | ||||||
Distribution Solutions Group, Inc.(a) | 278 | 15,412 | ||||||
DXP Enterprises, Inc.(a) | 1,267 | 48,121 | ||||||
EVI Industries, Inc.(a) | 632 | 16,078 | ||||||
FTAI Aviation Ltd. | 9,196 | 296,203 | ||||||
GATX Corp. | 3,116 | 390,622 | ||||||
Global Industrial Co. | 1,047 | 29,840 | ||||||
GMS, Inc.(a) | 3,645 | 268,600 | ||||||
H&E Equipment Services, Inc. | 3,083 | 149,772 | ||||||
Herc Holdings, Inc. | 2,545 | 340,597 | ||||||
Hudson Technologies, Inc.(a) | 3,844 | 34,942 | ||||||
Karat Packaging, Inc. | 226 | 4,595 | ||||||
McGrath RentCorp | 2,330 | 224,565 | ||||||
MRC Global, Inc.(a) | 7,335 | 82,812 | ||||||
MSC Industrial Direct Co., Inc., Class A | 4,243 | 428,204 | ||||||
NOW, Inc.(a) | 10,893 | 124,071 | ||||||
Rush Enterprises, Inc., Class A | 3,849 | 248,953 | ||||||
Rush Enterprises, Inc., Class B | 502 | 34,493 | ||||||
SiteOne Landscape Supply, Inc.(a)(b) | 3,989 | 678,130 | ||||||
Textainer Group Holdings Ltd. | 3,741 | 153,755 | ||||||
Titan Machinery, Inc.(a) | 1,776 | 56,690 | ||||||
Transcat, Inc.(a) | 774 | 64,923 | ||||||
Triton International Ltd. | 4,990 | 420,707 | ||||||
Univar Solutions, Inc.(a) | 13,948 | 504,081 | ||||||
Veritiv Corp. | 1,140 | 159,748 | ||||||
Watsco, Inc. | 2,991 | 1,131,166 | ||||||
WESCO International, Inc. | 3,993 | 701,051 | ||||||
Willis Lease Finance Corp.(a) | 327 | 13,829 | ||||||
Xometry, Inc., Class A(a)(b) | 3,013 | 62,550 | ||||||
|
| |||||||
8,720,676 | ||||||||
Water Utilities — 0.4% | ||||||||
American States Water Co. | 3,397 | 300,329 | ||||||
Artesian Resources Corp., Class A | 747 | 34,033 | ||||||
Cadiz, Inc.(a) | 3,791 | 15,695 | ||||||
California Water Service Group | 5,248 | 278,249 | ||||||
Consolidated Water Co. Ltd. | 1,279 | 25,017 | ||||||
Essential Utilities, Inc. | 22,066 | 933,171 | ||||||
Global Water Resources, Inc. | 1,533 | 19,469 | ||||||
Middlesex Water Co. | 1,541 | 123,927 | ||||||
Pure Cycle Corp.(a) | 1,157 | 14,254 | ||||||
SJW Group | 2,758 | 194,329 | ||||||
York Water Co. | 1,248 | 51,580 | ||||||
|
| |||||||
1,990,053 | ||||||||
Wireless Telecommunication Services — 0.0% | ||||||||
Gogo, Inc.(a) | 6,068 | 91,445 | ||||||
Shenandoah Telecommunications Co. | 4,339 | 81,009 | ||||||
Spok Holdings, Inc. | 1,706 | 25,010 | ||||||
Telephone and Data Systems, Inc. | 8,841 | 70,905 | ||||||
|
| |||||||
268,369 | ||||||||
|
| |||||||
Total Common Stocks — 97.8% | 529,833,009 | |||||||
|
|
Security | Shares | Value | ||||||
Investment Companies | ||||||||
Equity Funds(e) — 1.7% | ||||||||
iShares Russell 2000 ETF(b) | 28,273 | $ | 5,618,128 | |||||
iShares Russell Mid-Cap ETF | 48,474 | 3,679,661 | ||||||
|
| |||||||
9,297,789 | ||||||||
|
| |||||||
Total Investment Companies — 1.7% | 9,297,789 | |||||||
|
| |||||||
Rights | ||||||||
Biotechnology(c) — 0.0% | ||||||||
Aduro Biotech, Inc. | 658 | 1,671 | ||||||
Gtx, Inc.(b) | 23 | 23 | ||||||
|
| |||||||
1,694 | ||||||||
|
| |||||||
Total Rights — 0.0% | 1,694 | |||||||
|
| |||||||
Total Long-Term Investments — 99.5% | 539,132,492 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 9.9% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(e)(f)(g) | 51,511,250 | 51,526,703 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(e)(f) | 1,953,744 | 1,953,744 | ||||||
|
| |||||||
Total Short-Term Securities — 9.9% | 53,480,447 | |||||||
|
| |||||||
Total Investments — 109.4% | 592,612,939 | |||||||
Liabilities in Excess of Other Assets — (9.4)% |
| (51,043,387 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 541,569,552 | ||||||
|
|
(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 $25,930, 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 Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
SCHEDULE OF INVESTMENTS | 47 |
Schedule of Investments (continued) July 31, 2023 | iShares Russell Small/Mid-Cap Index Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 07/31/23 | Shares Held at 07/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 54,333,029 | $ | — | $ | (2,828,577 | )(a) | $ | 15,939 | $ | 6,312 | $ | 51,526,703 | 51,511,250 | $ | 673,273 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,668,772 | 284,972 | (a) | — | — | — | 1,953,744 | 1,953,744 | 88,066 | — | ||||||||||||||||||||||||||
iShares Russell 2000 ETF | 4,705,593 | 37,755,981 | (36,941,131 | ) | (43,438 | ) | 141,123 | 5,618,128 | 28,273 | 41,472 | — | |||||||||||||||||||||||||
iShares Russell Mid-Cap ETF | 2,872,901 | 24,062,761 | (23,336,295 | ) | 27,168 | 53,126 | 3,679,661 | 48,474 | 29,519 | — | ||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
$ | (331 | ) | $ | 200,561 | $ | 62,778,236 | $ | 832,330 | $ | — | ||||||||||||||||||||||||||
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|
|
|
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|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
Russell 2000 E-Mini Index | 11 | 09/15/23 | $ | 1,107 | $ | 30,946 | ||||||||||
S&P Mid 400 E-Mini Index | 4 | 09/15/23 | 1,097 | 15,183 | ||||||||||||
|
| |||||||||||||||
$ | 46,129 | |||||||||||||||
|
|
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) | $ | — | $ | — | $ | 46,129 | $ | — | $ | — | $ | — | $ | 46,129 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (26,581 | ) | $ | — | $ | — | $ | (86,135 | ) | $ | (112,716 | ) | |||||||||||
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|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (54,428 | ) | $ | — | $ | — | $ | — | $ | (54,428 | ) | ||||||||||||
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|
48 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023 | iShares Russell Small/Mid-Cap Index Fund |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,709,378 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | $ | 8,257,088 | $ | — | $ | — | $ | 8,257,088 | ||||||||
Air Freight & Logistics | 1,391,745 | — | — | 1,391,745 | ||||||||||||
Automobile Components | 6,546,014 | — | — | 6,546,014 | ||||||||||||
Automobiles | 1,336,744 | — | — | 1,336,744 | ||||||||||||
Banks | 31,295,911 | — | — | 31,295,911 | ||||||||||||
Beverages | 1,898,205 | — | — | 1,898,205 | ||||||||||||
Biotechnology | 23,481,486 | — | — | 23,481,486 | ||||||||||||
Broadline Retail | 1,485,914 | — | — | 1,485,914 | ||||||||||||
Building Products | 13,898,076 | — | — | 13,898,076 | ||||||||||||
Capital Markets | 14,648,982 | — | — | 14,648,982 | ||||||||||||
Chemicals | 9,697,898 | — | — | 9,697,898 | ||||||||||||
Commercial Services & Supplies | 5,940,774 | — | — | 5,940,774 | ||||||||||||
Communications Equipment | 4,396,788 | — | — | 4,396,788 | ||||||||||||
Construction & Engineering | 7,715,267 | — | — | 7,715,267 | ||||||||||||
Construction Materials | 1,193,287 | — | — | 1,193,287 | ||||||||||||
Consumer Finance | 4,905,975 | — | — | 4,905,975 | ||||||||||||
Consumer Staples Distribution & Retail | 5,694,332 | — | — | 5,694,332 | ||||||||||||
Containers & Packaging | 8,640,383 | 7,460 | — | 8,647,843 | ||||||||||||
Distributors | 1,359,677 | — | — | 1,359,677 | ||||||||||||
Diversified Consumer Services | 4,641,526 | — | — | 4,641,526 | ||||||||||||
Diversified REITs | 1,317,065 | — | — | 1,317,065 | ||||||||||||
Diversified Telecommunication Services | 1,982,974 | — | — | 1,982,974 | ||||||||||||
Electric Utilities | 4,838,947 | — | — | 4,838,947 | ||||||||||||
Electrical Equipment | 10,817,072 | — | — | 10,817,072 | ||||||||||||
Electronic Equipment, Instruments & Components | 12,472,843 | — | — | 12,472,843 | ||||||||||||
Energy Equipment & Services | 7,498,586 | — | — | 7,498,586 | ||||||||||||
Entertainment | 2,989,439 | — | — | 2,989,439 | ||||||||||||
Financial Services | 11,142,241 | — | — | 11,142,241 | ||||||||||||
Food Products | 5,585,181 | — | — | 5,585,181 | ||||||||||||
Gas Utilities | 3,139,109 | — | — | 3,139,109 | ||||||||||||
Ground Transportation | 6,364,507 | — | — | 6,364,507 | ||||||||||||
Health Care Equipment & Supplies | 14,359,868 | — | — | 14,359,868 | ||||||||||||
Health Care Providers & Services | 12,178,162 | — | — | 12,178,162 | ||||||||||||
Health Care REITs | 3,224,282 | — | — | 3,224,282 | ||||||||||||
Health Care Technology | 2,423,863 | — | — | 2,423,863 | ||||||||||||
Hotel & Resort REITs | 3,310,604 | — | — | 3,310,604 | ||||||||||||
Hotels, Restaurants & Leisure | 14,630,727 | — | — | 14,630,727 | ||||||||||||
Household Durables | 10,794,696 | — | — | 10,794,696 | ||||||||||||
Household Products | 1,122,024 | — | — | 1,122,024 | ||||||||||||
Independent Power and Renewable Electricity Producers | 2,251,798 | — | — | 2,251,798 | ||||||||||||
Industrial Conglomerates | 45,329 | — | — | 45,329 | ||||||||||||
Industrial REITs | 4,647,116 | — | — | 4,647,116 | ||||||||||||
Insurance | 16,254,818 | — | — | 16,254,818 | ||||||||||||
Interactive Media & Services | 3,110,507 | — | — | 3,110,507 | ||||||||||||
IT Services | 3,646,660 | — | — | 3,646,660 | ||||||||||||
Leisure Products | 4,262,925 | — | — | 4,262,925 |
SCHEDULE OF INVESTMENTS | 49 |
Schedule of Investments (continued) July 31, 2023 | iShares Russell Small/Mid-Cap Index Fund |
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks (continued) | ||||||||||||||||
Life Sciences Tools & Services | $ | 7,568,902 | $ | — | $ | — | $ | 7,568,902 | ||||||||
Machinery | 21,816,739 | — | — | 21,816,739 | ||||||||||||
Marine Transportation | 1,092,402 | — | — | 1,092,402 | ||||||||||||
Media | 6,201,163 | — | — | 6,201,163 | ||||||||||||
Metals & Mining | 8,965,648 | — | — | 8,965,648 | ||||||||||||
Mortgage Real Estate Investment Trusts (REITs) | 5,190,217 | — | — | 5,190,217 | ||||||||||||
Multi-Utilities | 2,020,136 | — | — | 2,020,136 | ||||||||||||
Office REITs | 3,929,747 | — | — | 3,929,747 | ||||||||||||
Oil, Gas & Consumable Fuels | 20,107,304 | — | — | 20,107,304 | ||||||||||||
Paper & Forest Products | 656,324 | — | — | 656,324 | ||||||||||||
Passenger Airlines | 2,744,237 | — | — | 2,744,237 | ||||||||||||
Personal Care Products | 2,389,429 | — | — | 2,389,429 | ||||||||||||
Pharmaceuticals | 7,545,443 | 25,930 | — | 7,571,373 | ||||||||||||
Professional Services | 13,959,990 | — | — | 13,959,990 | ||||||||||||
Real Estate Management & Development | 3,866,605 | — | — | 3,866,605 | ||||||||||||
Residential REITs | 4,778,788 | — | — | 4,778,788 | ||||||||||||
Retail REITs | 7,985,344 | — | — | 7,985,344 | ||||||||||||
Semiconductors & Semiconductor Equipment | 13,561,783 | — | — | 13,561,783 | ||||||||||||
Software | 30,706,524 | — | — | 30,706,524 | ||||||||||||
Specialized REITs | 4,857,688 | — | — | 4,857,688 | ||||||||||||
Specialty Retail | 15,320,961 | — | — | 15,320,961 | ||||||||||||
Technology Hardware, Storage & Peripherals | 3,013,540 | — | — | 3,013,540 | ||||||||||||
Textiles, Apparel & Luxury Goods | 7,383,350 | — | — | 7,383,350 | ||||||||||||
Tobacco | 320,842 | — | — | 320,842 | ||||||||||||
Trading Companies & Distributors | 8,720,676 | — | — | 8,720,676 | ||||||||||||
Water Utilities | 1,990,053 | — | — | 1,990,053 | ||||||||||||
Wireless Telecommunication Services | 268,369 | — | — | 268,369 | ||||||||||||
Investment Companies | 9,297,789 | — | — | 9,297,789 | ||||||||||||
Rights | — | — | 1,694 | 1,694 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 53,480,447 | — | — | 53,480,447 | ||||||||||||
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| |||||||||
$ | 592,577,855 | $ | 33,390 | $ | 1,694 | $ | 592,612,939 | |||||||||
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| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | 46,129 | $ | — | $ | — | $ | 46,129 | ||||||||
|
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(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
50 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 1.5% | ||||||||
AAR Corp.(a) | 2,943 | $ | 175,991 | |||||
AeroVironment, Inc.(a) | 1,729 | 164,704 | ||||||
AerSale Corp.(a) | 1,566 | 23,506 | ||||||
Archer Aviation, Inc., Class A(a)(b) | 8,285 | 55,758 | ||||||
Astronics Corp.(a) | 1,490 | 31,260 | ||||||
Axon Enterprise, Inc.(a) | 4,453 | 827,946 | ||||||
Boeing Co.(a) | 35,334 | 8,439,526 | ||||||
BWX Technologies, Inc. | 5,896 | 406,824 | ||||||
Cadre Holdings, Inc. | 1,180 | 27,459 | ||||||
Curtiss-Wright Corp. | 2,464 | 471,511 | ||||||
Ducommun, Inc.(a) | 926 | 46,430 | ||||||
General Dynamics Corp. | 15,418 | 3,447,156 | ||||||
HEICO Corp.(b) | 2,991 | 526,356 | ||||||
HEICO Corp., Class A | 5,010 | 703,153 | ||||||
Hexcel Corp. | 5,166 | 365,133 | ||||||
Howmet Aerospace, Inc. | 23,750 | 1,214,575 | ||||||
Huntington Ingalls Industries, Inc. | 2,508 | 576,012 | ||||||
Kaman Corp. | 1,670 | 38,226 | ||||||
Kratos Defense & Security Solutions, Inc.(a) | 8,184 | 123,497 | ||||||
L3Harris Technologies, Inc. | 12,005 | 2,274,827 | ||||||
Leonardo DRS, Inc.(a) | 2,880 | 48,067 | ||||||
Lockheed Martin Corp. | 14,264 | 6,367,022 | ||||||
Mercury Systems, Inc.(a) | 3,148 | 119,561 | ||||||
Moog, Inc., Class A | 1,740 | 183,466 | ||||||
Northrop Grumman Corp. | 9,037 | 4,021,465 | ||||||
Parsons Corp.(a) | 2,481 | 122,611 | ||||||
Rocket Lab USA, Inc.(a) | 18,254 | 134,532 | ||||||
RTX Corp. | 92,714 | 8,152,342 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 6,835 | 217,490 | ||||||
Textron, Inc. | 13,247 | 1,030,219 | ||||||
TransDigm Group, Inc. | 3,330 | 2,996,068 | ||||||
Triumph Group, Inc.(a) | 3,986 | 50,423 | ||||||
V2X, Inc.(a) | 802 | 41,271 | ||||||
Virgin Galactic Holdings, Inc.(a)(b) | 14,613 | 62,544 | ||||||
Woodward, Inc. | 3,660 | 440,591 | ||||||
|
| |||||||
43,927,522 | ||||||||
Air Freight & Logistics — 0.5% | ||||||||
Air Transport Services Group, Inc.(a) | 4,072 | 82,092 | ||||||
CH Robinson Worldwide, Inc. | 7,216 | 722,899 | ||||||
Expeditors International of Washington, Inc. | 9,627 | 1,225,517 | ||||||
FedEx Corp. | 14,678 | 3,962,326 | ||||||
Forward Air Corp. | 1,607 | 190,976 | ||||||
GXO Logistics, Inc.(a)(b) | 7,589 | 508,994 | ||||||
Hub Group, Inc., Class A(a) | 2,086 | 188,011 | ||||||
Radiant Logistics, Inc.(a) | 1,065 | 8,201 | ||||||
United Parcel Service, Inc., Class B | 45,771 | 8,565,127 | ||||||
|
| |||||||
15,454,143 | ||||||||
Automobile Components — 0.2% | ||||||||
Adient PLC(a) | 5,612 | 238,847 | ||||||
American Axle & Manufacturing Holdings, Inc.(a) | 6,123 | 57,862 | ||||||
Aptiv PLC(a) | 17,220 | 1,885,418 | ||||||
BorgWarner, Inc. | 14,630 | 680,295 | ||||||
Cooper-Standard Holdings, Inc.(a)(b) | 173 | 3,187 | ||||||
Dana, Inc. | 8,323 | 157,971 | ||||||
Dorman Products, Inc.(a) | 1,596 | 135,165 | ||||||
Fox Factory Holding Corp.(a)(b) | 2,625 | 293,738 | ||||||
Gentex Corp. | 15,232 | 511,491 | ||||||
Gentherm, Inc.(a) | 2,298 | 137,351 | ||||||
Goodyear Tire & Rubber Co.(a) | 17,489 | 281,223 |
Security | Shares | Value | ||||||
Automobile Components (continued) | �� | |||||||
Holley, Inc.(a)(b) | 3,298 | $ | 20,876 | |||||
LCI Industries | 1,481 | 201,816 | ||||||
Lear Corp. | 3,670 | 567,969 | ||||||
Luminar Technologies, Inc.(a)(b) | 19,074 | 141,148 | ||||||
Modine Manufacturing Co.(a) | 3,006 | 112,905 | ||||||
Patrick Industries, Inc. | 1,396 | 120,824 | ||||||
Phinia, Inc.(a) | 2,926 | 83,011 | ||||||
QuantumScape Corp.(a)(b) | 19,247 | 256,178 | ||||||
Solid Power, Inc.(a)(b) | 8,899 | 25,451 | ||||||
Standard Motor Products, Inc. | 1,696 | 64,736 | ||||||
Stoneridge, Inc.(a) | 1,548 | 31,641 | ||||||
Visteon Corp.(a) | 1,648 | 253,940 | ||||||
XPEL, Inc.(a) | 1,523 | 123,713 | ||||||
|
| |||||||
6,386,756 | ||||||||
Automobiles — 1.9% | ||||||||
Fisker, Inc.(a)(b) | 13,305 | 82,092 | ||||||
Ford Motor Co. | 248,876 | 3,287,652 | ||||||
General Motors Co. | 88,060 | 3,378,862 | ||||||
Harley-Davidson, Inc. | 8,019 | 309,614 | ||||||
Lucid Group, Inc.(a)(b) | 48,306 | 367,609 | ||||||
Rivian Automotive, Inc., Class A(a)(b) | 32,221 | 890,588 | ||||||
Tesla, Inc.(a) | 174,759 | 46,735,799 | ||||||
Thor Industries, Inc. | 3,278 | 378,576 | ||||||
Winnebago Industries, Inc. | 2,035 | 140,008 | ||||||
Workhorse Group, Inc.(a)(b) | 13,953 | 18,558 | ||||||
|
| |||||||
55,589,358 | ||||||||
Banks — 3.5% | ||||||||
1st Source Corp. | 1,608 | 75,415 | ||||||
ACNB Corp. | 658 | 22,833 | ||||||
Amalgamated Financial Corp. | 666 | 13,293 | ||||||
Amerant Bancorp, Inc. | 1,476 | 29,254 | ||||||
American National Bankshares, Inc. | 234 | 9,660 | ||||||
Ameris Bancorp | 3,711 | 161,985 | ||||||
Arrow Financial Corp. | 510 | 10,261 | ||||||
Associated Banc-Corp. | 9,965 | 188,837 | ||||||
Atlantic Union Bankshares Corp. | 5,090 | 162,778 | ||||||
Axos Financial, Inc.(a) | 3,469 | 163,043 | ||||||
Banc of California, Inc. | 6,112 | 86,852 | ||||||
BancFirst Corp. | 1,304 | 130,270 | ||||||
Bancorp, Inc.(a)(b) | 1,904 | 72,162 | ||||||
Bank First Corp. | 578 | 51,072 | ||||||
Bank of America Corp. | 442,059 | 14,145,888 | ||||||
Bank of Hawaii Corp. | 3,114 | 177,903 | ||||||
Bank of Marin Bancorp | 1,301 | 27,295 | ||||||
Bank of NT Butterfield & Son Ltd. | 3,623 | 116,407 | ||||||
Bank OZK | 6,920 | 302,612 | ||||||
BankUnited, Inc. | 2,969 | 88,595 | ||||||
Banner Corp. | 981 | 46,705 | ||||||
Bar Harbor Bankshares | 1,349 | 36,841 | ||||||
BayCom Corp. | 1,314 | 26,490 | ||||||
BCB Bancorp, Inc. | 1,342 | 17,245 | ||||||
Berkshire Hills Bancorp, Inc. | 1,900 | 43,339 | ||||||
Blue Foundry Bancorp(a) | 1,829 | 18,674 | ||||||
Blue Ridge Bankshares, Inc. | 1,301 | 10,967 | ||||||
BOK Financial Corp. | 2,215 | 197,312 | ||||||
Bridgewater Bancshares, Inc.(a) | 1,355 | 14,512 | ||||||
Brookline Bancorp, Inc. | 3,524 | 37,636 | ||||||
Burke & Herbert Financial Services Corp. | 504 | 27,211 | ||||||
Business First Bancshares, Inc. | 1,155 | 23,620 | ||||||
Byline Bancorp, Inc. | 1,662 | 36,481 | ||||||
Cadence Bank | 6,933 | 173,672 |
SCHEDULE OF INVESTMENTS | 51 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Cambridge Bancorp | 547 | $ | 33,662 | |||||
Camden National Corp. | 1,025 | 35,445 | ||||||
Capital Bancorp, Inc. | 643 | 12,956 | ||||||
Capital City Bank Group, Inc. | 1,111 | 36,030 | ||||||
Capitol Federal Financial, Inc. | 5,759 | 38,182 | ||||||
Capstar Financial Holdings, Inc. | 1,127 | 16,770 | ||||||
Carter Bankshares, Inc.(a) | 1,048 | 15,395 | ||||||
Cathay General Bancorp | 5,920 | 225,197 | ||||||
Central Pacific Financial Corp. | 427 | 7,788 | ||||||
Citigroup, Inc. | 123,075 | 5,865,754 | ||||||
Citizens & Northern Corp. | 1,802 | 38,202 | ||||||
Citizens Financial Group, Inc. | 31,783 | 1,025,320 | ||||||
Citizens Financial Services, Inc. | 359 | 25,301 | ||||||
City Holding Co. | 442 | 43,718 | ||||||
Civista Bancshares, Inc. | 808 | 14,738 | ||||||
CNB Financial Corp. | 1,531 | 29,793 | ||||||
Coastal Financial Corp.(a) | 714 | 32,251 | ||||||
Colony Bankcorp, Inc. | 1,564 | 16,766 | ||||||
Columbia Banking System, Inc. | 13,708 | 306,374 | ||||||
Columbia Financial, Inc.(a) | 2,444 | 42,721 | ||||||
Comerica, Inc. | 8,384 | 452,401 | ||||||
Commerce Bancshares, Inc. | 7,375 | 392,202 | ||||||
Community Bank System, Inc. | 1,925 | 103,623 | ||||||
Community Trust Bancorp, Inc. | 1,932 | 74,150 | ||||||
ConnectOne Bancorp, Inc. | 2,102 | 43,028 | ||||||
CrossFirst Bankshares, Inc.(a) | 2,745 | 32,034 | ||||||
Cullen/Frost Bankers, Inc. | 4,094 | 444,527 | ||||||
Customers Bancorp, Inc.(a) | 1,668 | 70,023 | ||||||
CVB Financial Corp. | 7,213 | 136,109 | ||||||
Dime Community Bancshares, Inc. | 1,767 | 39,581 | ||||||
Eagle Bancorp, Inc. | 1,044 | 28,919 | ||||||
East West Bancorp, Inc. | 9,257 | 575,878 | ||||||
Eastern Bankshares, Inc. | 10,087 | 142,428 | ||||||
Enterprise Bancorp, Inc. | 214 | 6,814 | ||||||
Enterprise Financial Services Corp. | 2,436 | 99,876 | ||||||
Equity Bancshares, Inc., Class A | 1,265 | 34,357 | ||||||
Esquire Financial Holdings, Inc. | 654 | 32,664 | ||||||
Farmers & Merchants Bancorp, Inc. | 828 | 17,653 | ||||||
Farmers National Banc Corp. | 1,865 | 25,644 | ||||||
FB Financial Corp. | 3,630 | 128,575 | ||||||
Fifth Third Bancorp | 44,299 | 1,289,101 | ||||||
Financial Institutions, Inc. | 1,577 | 30,247 | ||||||
First Bancorp, Inc. | 314 | 8,286 | ||||||
First BanCorp./Puerto Rico | 4,714 | 70,003 | ||||||
First Bancorp/Southern Pines NC | 1,011 | 33,444 | ||||||
First Bancshares, Inc. | 3,335 | 104,419 | ||||||
First Bank | 1,767 | 22,088 | ||||||
First Busey Corp. | 4,173 | 90,387 | ||||||
First Business Financial Services, Inc. | 758 | 25,764 | ||||||
First Citizens BancShares, Inc., Class A | 688 | 984,734 | ||||||
First Commonwealth Financial Corp. | 3,047 | 43,999 | ||||||
First Community Bankshares, Inc. | 1,878 | 63,157 | ||||||
First Financial Bancorp | 3,434 | 79,291 | ||||||
First Financial Bankshares, Inc. | 8,460 | 275,711 | ||||||
First Financial Corp. | 1,022 | 39,051 | ||||||
First Foundation, Inc. | 3,066 | 22,412 | ||||||
First Hawaiian, Inc. | 9,199 | 190,327 | ||||||
First Horizon Corp. | 34,433 | 469,322 | ||||||
First Interstate BancSystem, Inc., Class A | 5,159 | 148,218 | ||||||
First Merchants Corp. | 5,056 | 162,399 | ||||||
First Mid Bancshares, Inc. | 1,619 | 49,558 | ||||||
First of Long Island Corp. | 1,705 | 23,768 | ||||||
Five Star Bancorp | 948 | 23,397 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Flushing Financial Corp. | 1,802 | $ | 28,436 | |||||
FNB Corp. | 23,738 | 303,609 | ||||||
Fulton Financial Corp. | 11,311 | 161,747 | ||||||
German American Bancorp, Inc. | 2,925 | 86,170 | ||||||
Glacier Bancorp, Inc. | 7,503 | 245,348 | ||||||
Great Southern Bancorp, Inc. | 1,489 | 82,386 | ||||||
Greene County Bancorp, Inc. | 778 | 26,810 | ||||||
Guaranty Bancshares, Inc. | 297 | 9,442 | ||||||
Hancock Whitney Corp. | 5,243 | 230,744 | ||||||
Hanmi Financial Corp. | 907 | 17,233 | ||||||
HarborOne Bancorp, Inc. | 5,173 | 54,265 | ||||||
HBT Financial, Inc. | 1,273 | 25,256 | ||||||
Heartland Financial USA, Inc. | 2,831 | 97,217 | ||||||
Heritage Commerce Corp. | 3,436 | 32,986 | ||||||
Heritage Financial Corp. | 1,053 | 19,754 | ||||||
Hilltop Holdings, Inc. | 3,539 | 109,461 | ||||||
Hingham Institution for Savings(b) | 79 | 17,574 | ||||||
Home Bancorp, Inc. | 190 | 6,768 | ||||||
Home BancShares, Inc. | 13,023 | 316,589 | ||||||
HomeStreet, Inc. | 954 | 8,777 | ||||||
HomeTrust Bancshares, Inc. | 642 | 15,607 | ||||||
Hope Bancorp, Inc. | 3,638 | 39,509 | ||||||
Horizon Bancorp, Inc. | 2,632 | 32,610 | ||||||
Huntington Bancshares, Inc. | 93,907 | 1,149,422 | ||||||
Independent Bank Corp. | 2,993 | 144,499 | ||||||
Independent Bank Group, Inc. | 2,212 | 99,252 | ||||||
International Bancshares Corp. | 3,841 | 190,667 | ||||||
John Marshall Bancorp, Inc. | 759 | 14,421 | ||||||
JPMorgan Chase & Co. | 185,210 | 29,255,772 | ||||||
Kearny Financial Corp. | 5,495 | 47,202 | ||||||
KeyCorp. | 59,970 | 738,231 | ||||||
Lakeland Bancorp, Inc. | 4,929 | 74,477 | ||||||
Lakeland Financial Corp. | 1,478 | 81,940 | ||||||
Live Oak Bancshares, Inc. | 2,391 | 90,547 | ||||||
Luther Burbank Corp. | 1,915 | 19,725 | ||||||
M&T Bank Corp. | 10,647 | 1,489,089 | ||||||
Macatawa Bank Corp. | 816 | 8,038 | ||||||
Mercantile Bank Corp. | 497 | 17,455 | ||||||
Metrocity Bankshares, Inc. | 1,908 | 40,908 | ||||||
Metropolitan Bank Holding Corp.(a) | 533 | 24,140 | ||||||
Mid Penn Bancorp, Inc. | 806 | 18,941 | ||||||
Midland States Bancorp, Inc. | 963 | 22,563 | ||||||
MidWestOne Financial Group, Inc. | 1,021 | 25,045 | ||||||
MVB Financial Corp. | 865 | 22,135 | ||||||
National Bank Holdings Corp., Class A | 2,275 | 78,169 | ||||||
NBT Bancorp, Inc. | 1,281 | 47,653 | ||||||
New York Community Bancorp, Inc. | 44,825 | 621,723 | ||||||
Nicolet Bankshares, Inc. | 940 | 78,631 | ||||||
Northeast Bank | 629 | 29,966 | ||||||
Northfield Bancorp, Inc. | 2,756 | 33,568 | ||||||
Northwest Bancshares, Inc. | 4,246 | 52,481 | ||||||
NU Holdings Ltd., Class A(a) | 146,849 | 1,168,918 | ||||||
OceanFirst Financial Corp. | 4,668 | 86,965 | ||||||
OFG Bancorp | 1,912 | 64,033 | ||||||
Old National Bancorp | 19,289 | 328,492 | ||||||
Old Second Bancorp, Inc. | 5,066 | 81,005 | ||||||
Origin Bancorp, Inc. | 1,892 | 61,679 | ||||||
Orrstown Financial Services, Inc. | 348 | 8,143 | ||||||
Pacific Premier Bancorp, Inc. | 3,852 | 98,380 | ||||||
PacWest Bancorp(b) | 7,512 | 69,862 | ||||||
Park National Corp. | 1,046 | 116,650 | ||||||
Pathward Financial, Inc. | 1,236 | 64,223 | ||||||
PCB Bancorp | 1,231 | 20,090 |
52 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Peapack-Gladstone Financial Corp. | 1,216 | $ | 35,544 | |||||
Peoples Bancorp, Inc. | 3,439 | 96,877 | ||||||
Peoples Financial Services Corp. | 546 | 25,220 | ||||||
Pinnacle Financial Partners, Inc. | 4,868 | 369,481 | ||||||
PNC Financial Services Group, Inc. | 25,582 | 3,501,920 | ||||||
Popular, Inc. | 4,790 | 347,514 | ||||||
Preferred Bank/Los Angeles CA | 305 | 20,154 | ||||||
Premier Financial Corp. | 1,940 | 42,020 | ||||||
Primis Financial Corp. | 1,942 | 18,468 | ||||||
Prosperity Bancshares, Inc. | 6,254 | 396,003 | ||||||
Provident Financial Services, Inc. | 3,731 | 69,173 | ||||||
QCR Holdings, Inc. | 904 | 46,312 | ||||||
RBB Bancorp | 350 | 5,135 | ||||||
Red River Bancshares, Inc. | 282 | 13,821 | ||||||
Regions Financial Corp. | 61,689 | 1,256,605 | ||||||
Renasant Corp. | 1,899 | 58,755 | ||||||
Republic Bancorp, Inc., Class A | 1,265 | 57,975 | ||||||
S&T Bancorp, Inc. | 1,247 | 39,380 | ||||||
Sandy Spring Bancorp, Inc. | 2,975 | 72,798 | ||||||
Seacoast Banking Corp. of Florida | 3,711 | 91,699 | ||||||
ServisFirst Bancshares, Inc. | 3,496 | 208,641 | ||||||
Shore Bancshares, Inc. | 2,166 | 25,775 | ||||||
Sierra Bancorp | 1,347 | 28,368 | ||||||
Simmons First National Corp., Class A | 6,948 | 140,280 | ||||||
SmartFinancial, Inc. | 1,272 | 31,953 | ||||||
South Plains Financial, Inc. | 1,099 | 29,508 | ||||||
Southern First Bancshares, Inc.(a) | 161 | 4,859 | ||||||
Southern Missouri Bancorp, Inc. | 347 | 16,680 | ||||||
Southside Bancshares, Inc. | 1,208 | 40,118 | ||||||
SouthState Corp. | 4,925 | 382,525 | ||||||
Stellar Bancorp, Inc. | 2,975 | 73,958 | ||||||
Stock Yards Bancorp, Inc. | 2,417 | 115,557 | ||||||
Summit Financial Group, Inc. | 488 | 11,009 | ||||||
Synovus Financial Corp. | 9,052 | 306,863 | ||||||
Texas Capital Bancshares, Inc.(a) | 3,412 | 217,856 | ||||||
Third Coast Bancshares, Inc.(a) | 1,211 | 25,043 | ||||||
Tompkins Financial Corp. | 1,151 | 69,244 | ||||||
Towne Bank | 6,068 | 153,399 | ||||||
TriCo Bancshares | 2,838 | 106,084 | ||||||
Triumph Financial, Inc.(a) | 1,335 | 94,665 | ||||||
Truist Financial Corp. | 84,476 | 2,806,293 | ||||||
TrustCo Bank Corp./New York | 719 | 21,850 | ||||||
Trustmark Corp. | 3,530 | 92,698 | ||||||
U.S. Bancorp | 97,525 | 3,869,792 | ||||||
UMB Financial Corp. | 3,024 | 214,704 | ||||||
United Bankshares, Inc. | 8,494 | 284,039 | ||||||
United Community Banks, Inc. | 3,642 | 105,873 | ||||||
Univest Financial Corp. | 4,249 | 82,855 | ||||||
USCB Financial Holdings, Inc.(a) | 1,758 | 19,268 | ||||||
Valley National Bancorp | 28,846 | 295,960 | ||||||
Veritex Holdings, Inc. | 2,661 | 57,238 | ||||||
Washington Federal, Inc. | 4,414 | 137,011 | ||||||
Washington Trust Bancorp, Inc. | 2,282 | 73,161 | ||||||
Webster Financial Corp. | 10,916 | 516,545 | ||||||
Wells Fargo & Co. | 240,109 | 11,083,431 | ||||||
WesBanco, Inc. | 4,292 | 120,219 | ||||||
West BanCorp, Inc. | 1,337 | 26,820 | ||||||
Westamerica BanCorp. | 987 | 48,551 | ||||||
Western Alliance Bancorp | 6,952 | 361,156 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Wintrust Financial Corp. | 4,914 | $ | 414,545 | |||||
WSFS Financial Corp. | 3,434 | 150,237 | ||||||
Zions Bancorp NA | 8,968 | 343,026 | ||||||
|
| |||||||
100,164,961 | ||||||||
Beverages — 1.5% | ||||||||
Boston Beer Co., Inc., Class A(a) | 590 | 219,150 | ||||||
Brown-Forman Corp., Class A | 2,982 | 214,436 | ||||||
Brown-Forman Corp., Class B | 12,157 | 858,284 | ||||||
Celsius Holdings, Inc.(a)(b) | 3,490 | 505,003 | ||||||
Coca-Cola Co. | 245,904 | 15,228,835 | ||||||
Coca-Cola Consolidated, Inc. | 278 | 176,088 | ||||||
Constellation Brands, Inc., Class A | 9,691 | 2,643,705 | ||||||
Duckhorn Portfolio, Inc.(a) | 2,594 | 32,632 | ||||||
Keurig Dr. Pepper, Inc. | 60,899 | 2,071,175 | ||||||
MGP Ingredients, Inc.(b) | 1,116 | 127,235 | ||||||
Molson Coors Beverage Co., Class B | 11,203 | 781,633 | ||||||
Monster Beverage Corp.(a) | 47,159 | 2,711,171 | ||||||
National Beverage Corp.(a) | 1,540 | 81,389 | ||||||
PepsiCo, Inc. | 86,726 | 16,257,656 | ||||||
Primo Water Corp. | 10,816 | 153,263 | ||||||
Vita Coco Co., Inc.(a) | 2,013 | 53,183 | ||||||
|
| |||||||
42,114,838 | ||||||||
Biotechnology — 2.4% | ||||||||
2seventy bio, Inc.(a) | 3,031 | 23,005 | ||||||
4D Molecular Therapeutics, Inc.(a) | 2,112 | 38,650 | ||||||
89bio, Inc.(a) | 4,301 | 68,128 | ||||||
Aadi Bioscience, Inc.(a) | 1,787 | 9,525 | ||||||
AbbVie, Inc. | 111,735 | 16,713,321 | ||||||
ACADIA Pharmaceuticals, Inc.(a) | 7,957 | 232,663 | ||||||
Adicet Bio, Inc.(a)(b) | 1,548 | 4,133 | ||||||
ADMA Biologics, Inc.(a) | 12,578 | 52,199 | ||||||
Aerovate Therapeutics, Inc.(a) | 433 | 7,556 | ||||||
Agenus, Inc.(a) | 23,370 | 35,522 | ||||||
Agios Pharmaceuticals, Inc.(a) | 3,560 | 94,411 | ||||||
Akero Therapeutics, Inc.(a) | 2,931 | 127,205 | ||||||
Aldeyra Therapeutics, Inc.(a) | 3,447 | 27,972 | ||||||
Alector, Inc.(a) | 2,986 | 20,484 | ||||||
Alkermes PLC(a) | 10,139 | 296,870 | ||||||
Allakos, Inc.(a) | 6,302 | 33,905 | ||||||
Allogene Therapeutics, Inc.(a) | 5,719 | 28,366 | ||||||
Allovir, Inc.(a)(b) | 1,851 | 6,090 | ||||||
Alnylam Pharmaceuticals, Inc.(a) | 7,892 | 1,542,097 | ||||||
Alpine Immune Sciences, Inc.(a) | 2,578 | 32,328 | ||||||
ALX Oncology Holdings, Inc.(a) | 841 | 5,138 | ||||||
Amgen, Inc. | 33,849 | 7,925,743 | ||||||
Amicus Therapeutics, Inc.(a) | 17,257 | 235,040 | ||||||
AnaptysBio, Inc.(a) | 865 | 17,049 | ||||||
Anavex Life Sciences Corp.(a)(b) | 5,000 | 41,250 | ||||||
Anika Therapeutics, Inc.(a) | 1,304 | 30,422 | ||||||
Apellis Pharmaceuticals, Inc.(a) | 6,186 | 159,289 | ||||||
Arbutus Biopharma Corp.(a) | 7,498 | 16,271 | ||||||
Arcellx, Inc.(a) | 2,807 | 96,140 | ||||||
Arcturus Therapeutics Holdings, Inc.(a)(b) | 1,279 | 44,714 | ||||||
Arcus Biosciences, Inc.(a) | 3,707 | 73,769 | ||||||
Arcutis Biotherapeutics, Inc.(a) | 2,914 | 31,792 | ||||||
Ardelyx, Inc.(a) | 14,077 | 55,463 | ||||||
Arrowhead Pharmaceuticals, Inc.(a) | 6,489 | 224,000 | ||||||
Astria Therapeutics, Inc.(a)(b) | 2,797 | 25,061 | ||||||
Atara Biotherapeutics, Inc.(a) | 4,529 | 10,009 |
SCHEDULE OF INVESTMENTS | 53 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Biotechnology (continued) | ||||||||
Aura Biosciences, Inc.(a) | 1,601 | $ | 19,052 | |||||
Aurinia Pharmaceuticals, Inc.(a) | 8,475 | 98,140 | ||||||
Avid Bioservices, Inc.(a) | 3,513 | 44,475 | ||||||
Avidity Biosciences, Inc.(a)(b) | 3,751 | 35,672 | ||||||
Avita Medical, Inc.(a) | 1,749 | 35,417 | ||||||
Beam Therapeutics, Inc.(a) | 4,047 | 124,931 | ||||||
BioCryst Pharmaceuticals, Inc.(a)(b) | 11,882 | 87,808 | ||||||
Biogen, Inc.(a) | 9,168 | 2,477,102 | ||||||
Biohaven Ltd.(a) | 4,113 | 81,766 | ||||||
BioMarin Pharmaceutical, Inc.(a) | 12,084 | 1,062,546 | ||||||
Biomea Fusion, Inc.(a)(b) | 1,375 | 30,594 | ||||||
Bioxcel Therapeutics, Inc.(a)(b) | 1,041 | 9,515 | ||||||
Bluebird Bio, Inc.(a)(b) | 6,924 | 27,211 | ||||||
Blueprint Medicines Corp.(a) | 3,677 | 242,682 | ||||||
Bridgebio Pharma, Inc.(a)(b) | 7,623 | 266,881 | ||||||
Cabaletta Bio, Inc.(a) | 2,282 | 31,081 | ||||||
CareDx, Inc.(a) | 2,931 | 31,977 | ||||||
Caribou Biosciences, Inc.(a)(b) | 4,018 | 28,889 | ||||||
Catalyst Pharmaceuticals, Inc.(a) | 6,801 | 94,058 | ||||||
Celldex Therapeutics, Inc.(a)(b) | 3,354 | 118,597 | ||||||
Century Therapeutics, Inc.(a)(b) | 1,185 | 3,614 | ||||||
Cerevel Therapeutics Holdings, Inc.(a)(b) | 4,252 | 130,069 | ||||||
Chinook Therapeutics, Inc.(a) | 3,836 | 150,294 | ||||||
Cogent Biosciences, Inc.(a) | 4,083 | 53,038 | ||||||
Coherus Biosciences, Inc.(a) | 6,286 | 30,299 | ||||||
Compass Therapeutics, Inc.(a) | 8,157 | 23,411 | ||||||
Crinetics Pharmaceuticals, Inc.(a) | 3,550 | 67,450 | ||||||
Cullinan Oncology, Inc.(a) | 2,878 | 30,478 | ||||||
Cytokinetics, Inc.(a) | 5,660 | 188,761 | ||||||
Day One Biopharmaceuticals, Inc.(a)(b) | 2,141 | 28,347 | ||||||
Deciphera Pharmaceuticals, Inc.(a) | 3,552 | 48,023 | ||||||
Denali Therapeutics, Inc.(a) | 7,099 | 201,825 | ||||||
Design Therapeutics, Inc.(a) | 2,613 | 21,270 | ||||||
Disc Medicine, Inc.(a) | 618 | 30,653 | ||||||
Dynavax Technologies Corp.(a)(b) | 8,014 | 112,116 | ||||||
Dyne Therapeutics, Inc.(a) | 1,550 | 18,879 | ||||||
Eagle Pharmaceuticals, Inc.(a) | 611 | 12,684 | ||||||
Editas Medicine, Inc.(a) | 3,741 | 32,846 | ||||||
Emergent BioSolutions, Inc.(a) | 2,980 | 20,502 | ||||||
Enanta Pharmaceuticals, Inc.(a) | 1,355 | 25,704 | ||||||
Entrada Therapeutics, Inc.(a) | 1,826 | 31,718 | ||||||
EQRx, Inc.(a) | 13,686 | 23,403 | ||||||
Erasca, Inc.(a) | 3,958 | 10,449 | ||||||
Exact Sciences Corp.(a)(b) | 11,418 | 1,113,712 | ||||||
Exelixis, Inc.(a) | 20,298 | 400,074 | ||||||
Fate Therapeutics, Inc.(a) | 5,497 | 22,703 | ||||||
FibroGen, Inc.(a) | 6,075 | 12,514 | ||||||
Foghorn Therapeutics, Inc.(a) | 1,251 | 11,459 | ||||||
Generation Bio Co.(a) | 2,726 | 13,848 | ||||||
Geron Corp.(a) | 34,343 | 111,271 | ||||||
Gilead Sciences, Inc. | 79,251 | 6,034,171 | ||||||
Halozyme Therapeutics, Inc.(a) | 8,051 | 345,871 | ||||||
Heron Therapeutics, Inc.(a) | 5,088 | 8,446 | ||||||
HilleVax, Inc.(a)(b) | 1,399 | 21,293 | ||||||
Horizon Therapeutics PLC(a) | 14,277 | 1,431,555 | ||||||
Humacyte, Inc.(a) | 4,049 | 13,281 | ||||||
Icosavax, Inc.(a) | 890 | 7,859 | ||||||
Ideaya Biosciences, Inc.(a) | 3,778 | 84,476 | ||||||
IGM Biosciences, Inc.(a)(b) | 534 | 5,682 | ||||||
ImmunityBio, Inc.(a)(b) | 7,947 | 17,483 | ||||||
ImmunoGen, Inc.(a) | 15,645 | 278,794 | ||||||
Immunovant, Inc.(a) | 3,713 | 84,768 | ||||||
Incyte Corp.(a) | 11,560 | 736,603 |
Security | Shares | Value | ||||||
Biotechnology (continued) | ||||||||
Inhibrx, Inc.(a)(b) | 2,243 | $ | 44,972 | |||||
Insmed, Inc.(a)(b) | 9,212 | 203,493 | ||||||
Intellia Therapeutics, Inc.(a)(b) | 5,528 | 234,000 | ||||||
Intercept Pharmaceuticals, Inc.(a)(b) | 1,312 | 14,170 | ||||||
Ionis Pharmaceuticals, Inc.(a) | 8,793 | 364,294 | ||||||
Iovance Biotherapeutics, Inc.(a) | 14,438 | 104,820 | ||||||
Ironwood Pharmaceuticals, Inc.(a) | 8,803 | 97,625 | ||||||
iTeos Therapeutics, Inc.(a) | 2,020 | 28,401 | ||||||
Janux Therapeutics, Inc.(a) | 958 | 13,412 | ||||||
KalVista Pharmaceuticals, Inc.(a)(b) | 2,567 | 25,927 | ||||||
Karuna Therapeutics, Inc.(a) | 2,175 | 434,500 | ||||||
Karyopharm Therapeutics, Inc.(a) | 2,939 | 5,290 | ||||||
Keros Therapeutics, Inc.(a) | 1,105 | 46,277 | ||||||
Kezar Life Sciences, Inc.(a) | 2,971 | 6,655 | ||||||
Kiniksa Pharmaceuticals Ltd., Class A(a) | 1,991 | 37,510 | ||||||
Kodiak Sciences, Inc.(a)(b) | 1,928 | 5,765 | ||||||
Krystal Biotech, Inc.(a) | 1,376 | 177,642 | ||||||
Kura Oncology, Inc.(a) | 3,414 | 35,642 | ||||||
Kymera Therapeutics, Inc.(a) | 2,658 | 58,157 | ||||||
Lexicon Pharmaceuticals, Inc.(a) | 1,529 | 3,073 | ||||||
Lyell Immunopharma, Inc.(a)(b) | 11,179 | 32,307 | ||||||
MacroGenics, Inc.(a) | 3,347 | 15,965 | ||||||
Madrigal Pharmaceuticals, Inc.(a) | 838 | 172,041 | ||||||
MannKind Corp.(a)(b) | 15,218 | 69,546 | ||||||
MeiraGTx Holdings PLC(a) | 2,029 | 12,783 | ||||||
Mersana Therapeutics, Inc.(a)(b) | 6,910 | 8,465 | ||||||
MiMedx Group, Inc.(a) | 5,597 | 45,168 | ||||||
Mirati Therapeutics, Inc.(a) | 2,788 | 84,393 | ||||||
Mirum Pharmaceuticals, Inc.(a)(b) | 1,260 | 32,458 | ||||||
Moderna, Inc.(a) | 21,350 | 2,512,041 | ||||||
Monte Rosa Therapeutics, Inc.(a)(b) | 998 | 7,056 | ||||||
Morphic Holding, Inc.(a) | 2,051 | 116,353 | ||||||
Myriad Genetics, Inc.(a) | 5,141 | 114,901 | ||||||
Natera, Inc.(a) | 6,287 | 284,298 | ||||||
Neurocrine Biosciences, Inc.(a) | 6,030 | 614,397 | ||||||
Nkarta, Inc.(a) | 2,544 | 5,826 | ||||||
Novavax, Inc.(a)(b) | 4,770 | 44,266 | ||||||
Nurix Therapeutics, Inc.(a) | 3,236 | 31,422 | ||||||
Nuvalent, Inc., Class A(a)(b) | 1,542 | 76,869 | ||||||
Organogenesis Holdings, Inc.(a) | 6,610 | 28,225 | ||||||
ORIC Pharmaceuticals, Inc.(a) | 3,677 | 30,740 | ||||||
Outlook Therapeutics, Inc.(a) | 10,081 | 17,440 | ||||||
PepGen, Inc.(a) | 1,713 | 10,261 | ||||||
PMV Pharmaceuticals, Inc.(a) | 2,919 | 19,090 | ||||||
Point Biopharma Global, Inc.(a) | 4,612 | 41,231 | ||||||
Precigen, Inc.(a)(b) | 5,740 | 7,979 | ||||||
Prime Medicine, Inc.(a)(b) | 2,694 | 40,599 | ||||||
ProKidney Corp.(a)(b) | 3,973 | 50,934 | ||||||
Protagonist Therapeutics, Inc.(a) | 3,310 | 64,214 | ||||||
Prothena Corp. PLC(a) | 2,491 | 171,555 | ||||||
PTC Therapeutics, Inc.(a) | 4,623 | 186,492 | ||||||
Rallybio Corp.(a) | 1,815 | 10,854 | ||||||
RAPT Therapeutics, Inc.(a) | 2,050 | 48,995 | ||||||
Recursion Pharmaceuticals, Inc., Class A(a)(b) | 9,184 | 129,678 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 6,576 | 4,878,800 | ||||||
REGENXBIO, Inc.(a) | 2,116 | 40,204 | ||||||
Relay Therapeutics, Inc.(a) | 5,448 | 68,645 | ||||||
Replimune Group, Inc.(a)(b) | 3,154 | 66,455 | ||||||
REVOLUTION Medicines, Inc.(a)(b) | 6,263 | 164,404 | ||||||
Rhythm Pharmaceuticals, Inc.(a)(b) | 3,753 | 66,954 | ||||||
Rigel Pharmaceuticals, Inc.(a) | 11,055 | 15,256 | ||||||
Rocket Pharmaceuticals, Inc.(a) | 3,412 | 61,587 | ||||||
Roivant Sciences Ltd.(a) | 15,751 | 188,697 |
54 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023 | iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) | |
|
Security | Shares | Value | ||||||
Biotechnology (continued) | ||||||||
Sage Therapeutics, Inc.(a) | 3,162 | $ | 109,658 | |||||
Sana Biotechnology, Inc.(a) | 5,009 | 29,353 | ||||||
Sangamo Therapeutics, Inc.(a) | 6,311 | 8,299 | ||||||
Sarepta Therapeutics, Inc.(a) | 5,540 | 600,481 | ||||||
Seagen, Inc.(a) | 8,943 | 1,715,089 | ||||||
Seres Therapeutics, Inc.(a) | 3,540 | 17,027 | ||||||
SpringWorks Therapeutics, Inc.(a) | 4,138 | 129,850 | ||||||
Stoke Therapeutics, Inc.(a)(b) | 1,062 | 7,052 | ||||||
Summit Therapeutics, Inc.(a)(b) | 11,141 | 23,396 | ||||||
Sutro Biopharma, Inc.(a) | 2,510 | 11,220 | ||||||
Syndax Pharmaceuticals, Inc.(a) | 3,759 | 80,142 | ||||||
Tango Therapeutics, Inc.(a) | 5,222 | 17,650 | ||||||
Tenaya Therapeutics, Inc.(a) | 1,213 | 5,871 | ||||||
TG Therapeutics, Inc.(a)(b) | 8,484 | 175,534 | ||||||
Travere Therapeutics, Inc.(a) | 5,719 | 98,310 | ||||||
Twist Bioscience Corp.(a)(b) | 3,793 | 92,322 | ||||||
Ultragenyx Pharmaceutical, Inc.(a) | 4,121 | 177,697 | ||||||
United Therapeutics Corp.(a) | 2,835 | 688,111 | ||||||
UroGen Pharma Ltd.(a) | 1,616 | 35,003 | ||||||
Vanda Pharmaceuticals, Inc.(a) | 2,945 | 17,022 | ||||||
Vaxcyte, Inc.(a) | 5,906 | 283,842 | ||||||
Vera Therapeutics, Inc.(a) | 2,336 | 43,847 | ||||||
Veracyte, Inc.(a) | 5,067 | 139,089 | ||||||
Vericel Corp.(a) | 3,406 | 122,343 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 16,385 | 5,773,091 | ||||||
Verve Therapeutics, Inc.(a)(b) | 3,190 | 65,363 | ||||||
Viking Therapeutics, Inc.(a)(b) | 6,423 | 93,133 | ||||||
Vir Biotechnology, Inc.(a) | 5,579 | 78,552 | ||||||
Viridian Therapeutics, Inc.(a)(b) | 2,902 | 54,442 | ||||||
Voyager Therapeutics, Inc.(a) | 2,518 | 23,468 | ||||||
X4 Pharmaceuticals, Inc.(a) | 13,369 | 23,930 | ||||||
Xencor, Inc.(a) | 3,868 | 93,954 | ||||||
Y-mAbs Therapeutics, Inc.(a) | 1,877 | 11,431 | ||||||
Zentalis Pharmaceuticals, Inc.(a) | 3,109 | 83,041 | ||||||
Zymeworks, Inc.(a)(b) | 3,388 | 25,274 | ||||||
|
| |||||||
68,971,026 | ||||||||
Broadline Retail — 2.8% | ||||||||
Amazon.com, Inc.(a) | 570,603 | 76,278,209 | ||||||
Big Lots, Inc. | 1,787 | 18,317 | ||||||
ContextLogic, Inc., Class A(a) | 1,206 | 11,457 | ||||||
Coupang, Inc.(a) | 69,601 | 1,263,258 | ||||||
Dillard’s, Inc., Class A(b) | 252 | 86,446 | ||||||
eBay, Inc. | 34,021 | 1,514,275 | ||||||
Etsy, Inc.(a) | 7,611 | 773,658 | ||||||
Kohl’s Corp. | 7,436 | 211,554 | ||||||
Macy’s, Inc. | 16,842 | 279,409 | ||||||
Nordstrom, Inc. | 7,722 | 178,455 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(a) | 4,045 | 294,800 | ||||||
|
| |||||||
80,909,838 | ||||||||
Building Products — 0.7% | ||||||||
A O Smith Corp. | 7,494 | 544,289 | ||||||
AAON, Inc. | 2,769 | 291,465 | ||||||
Advanced Drainage Systems, Inc.(b) | 3,872 | 472,345 | ||||||
Allegion PLC | 5,645 | 659,675 | ||||||
American Woodmark Corp.(a) | 907 | 69,512 | ||||||
Apogee Enterprises, Inc. | 1,427 | 70,679 | ||||||
Armstrong World Industries, Inc. | 2,644 | 204,540 | ||||||
AZEK Co., Inc.(a) | 7,549 | 235,529 | ||||||
AZZ, Inc. | 1,415 | 62,727 | ||||||
Builders FirstSource, Inc.(a) | 8,071 | 1,165,695 | ||||||
Carlisle Cos., Inc. | 3,215 | 891,198 |
Security | Shares | Value | ||||||
Building Products (continued) | ||||||||
Carrier Global Corp. | 52,884 | $ | 3,149,242 | |||||
CSW Industrials, Inc. | 854 | 154,190 | ||||||
Fortune Brands Innovations, Inc. | 8,097 | 575,454 | ||||||
Gibraltar Industries, Inc.(a) | 2,248 | 145,378 | ||||||
Griffon Corp. | 2,530 | 105,552 | ||||||
Hayward Holdings, Inc.(a)(b) | 7,862 | 105,036 | ||||||
Insteel Industries, Inc. | 1,232 | 39,732 | ||||||
Janus International Group, Inc.(a) | 5,152 | 58,836 | ||||||
JELD-WEN Holding, Inc.(a) | 6,029 | 107,377 | ||||||
Johnson Controls International PLC | 43,576 | 3,030,711 | ||||||
Lennox International, Inc. | 2,025 | 744,066 | ||||||
Masco Corp. | 14,184 | 860,685 | ||||||
Masonite International Corp.(a) | 1,365 | 142,711 | ||||||
Masterbrand, Inc.(a)(b) | 8,295 | 102,443 | ||||||
Owens Corning | 5,762 | 806,622 | ||||||
PGT Innovations, Inc.(a) | 3,833 | 109,662 | ||||||
Quanex Building Products Corp. | 1,892 | 53,241 | ||||||
Resideo Technologies, Inc.(a) | 9,442 | 176,754 | ||||||
Simpson Manufacturing Co., Inc. | 2,694 | 425,652 | ||||||
Trane Technologies PLC | 14,428 | 2,877,520 | ||||||
Trex Co., Inc.(a) | 7,010 | 484,671 | ||||||
UFP Industries, Inc. | 3,637 | 373,738 | ||||||
Zurn Elkay Water Solutions Corp. | 9,531 | 290,124 | ||||||
|
| |||||||
19,587,051 | ||||||||
Capital Markets — 2.9% | ||||||||
Affiliated Managers Group, Inc. | 2,310 | 320,258 | ||||||
Ameriprise Financial, Inc. | 6,626 | 2,308,830 | ||||||
Ares Management Corp., Class A | 10,186 | 1,010,655 | ||||||
Artisan Partners Asset Management, Inc., Class A | 3,613 | 149,903 | ||||||
AssetMark Financial Holdings, Inc.(a) | 965 | 28,854 | ||||||
Avantax, Inc.(a) | 2,865 | 74,146 | ||||||
B. Riley Financial, Inc. | 1,480 | 82,184 | ||||||
Bank of New York Mellon Corp. | 50,126 | 2,273,715 | ||||||
BGC Group, Inc., Class A(b) | 17,841 | 84,923 | ||||||
BlackRock, Inc.(c) | 9,404 | 6,948,145 | ||||||
Blackstone, Inc., Class A | 44,627 | 4,676,463 | ||||||
Blue Owl Capital, Inc. | 28,528 | 351,465 | ||||||
Brightsphere Investment Group, Inc. | 3,261 | 69,394 | ||||||
Carlyle Group, Inc. | 12,785 | 455,785 | ||||||
Cboe Global Markets, Inc. | 6,711 | 937,393 | ||||||
Charles Schwab Corp. | 93,841 | 6,202,890 | ||||||
CME Group, Inc., Class A | 22,726 | 4,521,565 | ||||||
Cohen & Steers, Inc. | 1,830 | 117,687 | ||||||
Coinbase Global, Inc., Class A(a)(b) | 10,586 | 1,043,886 | ||||||
Diamond Hill Investment Group, Inc. | 101 | 18,333 | ||||||
Donnelley Financial Solutions, Inc.(a) | 2,020 | 95,546 | ||||||
Evercore, Inc., Class A | 2,312 | 312,259 | ||||||
FactSet Research Systems, Inc. | 2,431 | 1,057,582 | ||||||
Focus Financial Partners, Inc., Class A(a) | 3,910 | 204,610 | ||||||
Franklin Resources, Inc. | 17,524 | 512,402 | ||||||
GCM Grosvenor, Inc., Class A | 2,165 | 16,995 | ||||||
Goldman Sachs Group, Inc. | 20,384 | 7,254,054 | ||||||
Hamilton Lane, Inc., Class A | 2,385 | 210,906 | ||||||
Houlihan Lokey, Inc. | 3,056 | 305,142 | ||||||
Interactive Brokers Group, Inc., Class A | 6,345 | 554,109 | ||||||
Intercontinental Exchange, Inc. | 35,167 | 4,037,172 | ||||||
Invesco Ltd. | 23,471 | 394,313 | ||||||
Janus Henderson Group PLC | 8,874 | 260,452 | ||||||
Jefferies Financial Group, Inc. | 12,836 | 472,236 | ||||||
KKR & Co., Inc. | 40,792 | 2,422,229 | ||||||
Lazard Ltd., Class A | 6,791 | 238,364 | ||||||
LPL Financial Holdings, Inc. | 4,936 | 1,132,121 |
SCHEDULE OF INVESTMENTS | 55 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Capital Markets (continued) | ||||||||
MarketAxess Holdings, Inc. | 2,273 | $ | 611,937 | |||||
Moelis & Co., Class A | 4,116 | 200,984 | ||||||
Moody’s Corp. | 10,053 | 3,546,196 | ||||||
Morgan Stanley | 75,944 | 6,953,433 | ||||||
Morningstar, Inc. | 1,635 | 376,835 | ||||||
MSCI, Inc. | 4,917 | 2,694,909 | ||||||
Nasdaq, Inc. | 21,809 | 1,101,136 | ||||||
Northern Trust Corp. | 13,016 | 1,042,842 | ||||||
Open Lending Corp., Class A(a) | 5,715 | 64,522 | ||||||
P10, Inc., Class A | 2,388 | 28,298 | ||||||
Patria Investments Ltd., Class A | 4,257 | 64,792 | ||||||
Perella Weinberg Partners | 3,888 | 38,413 | ||||||
Piper Sandler Cos | 1,151 | 168,460 | ||||||
PJT Partners, Inc., Class A | 1,652 | 131,020 | ||||||
Raymond James Financial, Inc. | 12,372 | 1,361,786 | ||||||
Robinhood Markets, Inc., Class A(a) | 42,880 | 551,437 | ||||||
S&P Global, Inc. | 20,304 | 8,010,131 | ||||||
Sculptor Capital Management, Inc. | 904 | 9,899 | ||||||
SEI Investments Co. | 6,621 | 417,057 | ||||||
State Street Corp. | 21,209 | 1,536,380 | ||||||
StepStone Group, Inc., Class A | 3,324 | 93,305 | ||||||
Stifel Financial Corp. | 6,908 | 438,934 | ||||||
StoneX Group, Inc.(a) | 1,163 | 107,008 | ||||||
T Rowe Price Group, Inc. | 13,943 | 1,718,614 | ||||||
TPG, Inc. | 4,082 | 120,133 | ||||||
Tradeweb Markets, Inc., Class A | 7,368 | 602,629 | ||||||
Victory Capital Holdings, Inc., Class A | 2,170 | 71,957 | ||||||
Virtu Financial, Inc., Class A | 5,659 | 105,031 | ||||||
Virtus Investment Partners, Inc. | 369 | 75,914 | ||||||
WisdomTree, Inc. | 8,155 | 56,759 | ||||||
XP, Inc., Class A(a) | 21,090 | 569,641 | ||||||
|
| |||||||
84,027,358 | ||||||||
Chemicals — 1.7% | ||||||||
AdvanSix, Inc. | 1,773 | 71,115 | ||||||
Air Products and Chemicals, Inc. | 14,042 | 4,287,444 | ||||||
Albemarle Corp. | 7,455 | 1,582,547 | ||||||
American Vanguard Corp. | 1,236 | 22,322 | ||||||
Amyris, Inc.(a)(b) | 10,201 | 9,046 | ||||||
Ashland, Inc. | 3,046 | 278,282 | ||||||
Aspen Aerogels, Inc.(a) | 3,713 | 30,966 | ||||||
Avient Corp. | 5,515 | 223,523 | ||||||
Axalta Coating Systems Ltd.(a) | 13,507 | 432,224 | ||||||
Balchem Corp. | 2,008 | 270,558 | ||||||
Cabot Corp. | 3,476 | 246,796 | ||||||
Celanese Corp. | 6,272 | 786,446 | ||||||
CF Industries Holdings, Inc. | 12,383 | 1,016,397 | ||||||
Chase Corp. | 398 | 50,104 | ||||||
Chemours Co. | 9,206 | 340,438 | ||||||
Corteva, Inc. | 45,342 | 2,558,649 | ||||||
Danimer Scientific, Inc.(a)(b) | 6,007 | 16,880 | ||||||
Dow, Inc. | 45,021 | 2,542,336 | ||||||
DuPont de Nemours, Inc. | 29,147 | 2,262,682 | ||||||
Eastman Chemical Co. | 7,617 | 651,863 | ||||||
Ecolab, Inc. | 15,751 | 2,884,638 | ||||||
Ecovyst, Inc.(a) | 5,243 | 64,436 | ||||||
Element Solutions, Inc. | 14,301 | 299,749 | ||||||
FMC Corp. | 8,028 | 772,534 | ||||||
FutureFuel Corp. | 1,697 | 16,495 | ||||||
Ginkgo Bioworks Holdings, Inc.(a)(b) | 100,397 | 251,996 | ||||||
Hawkins, Inc. | 1,121 | 52,407 | ||||||
HB Fuller Co. | 3,352 | 248,149 | ||||||
Huntsman Corp. | 10,842 | 322,766 |
Security | Shares | Value | ||||||
Chemicals (continued) | ||||||||
Ingevity Corp.(a) | 2,428 | $ | 155,441 | |||||
Innospec, Inc. | 1,590 | 170,353 | ||||||
International Flavors & Fragrances, Inc. | 16,260 | 1,375,759 | ||||||
Intrepid Potash, Inc.(a)(b) | 1,114 | 30,635 | ||||||
Koppers Holdings, Inc. | 1,501 | 57,428 | ||||||
Kronos Worldwide, Inc. | 777 | 7,265 | ||||||
Linde PLC | 31,026 | 12,120,927 | ||||||
Livent Corp.(a)(b) | 11,419 | 281,136 | ||||||
LSB Industries, Inc.(a) | 3,652 | 40,793 | ||||||
LyondellBasell Industries NV, Class A | 16,404 | 1,621,699 | ||||||
Mativ Holdings, Inc. | 4,082 | 64,251 | ||||||
Minerals Technologies, Inc. | 2,032 | 124,663 | ||||||
Mosaic Co. | 20,968 | 854,656 | ||||||
NewMarket Corp. | 374 | 168,936 | ||||||
Olin Corp. | 8,297 | 478,571 | ||||||
Origin Materials, Inc.(a)(b) | 7,098 | 31,799 | ||||||
Orion SA | 3,373 | 73,936 | ||||||
Perimeter Solutions SA(a) | 7,347 | 40,849 | ||||||
PPG Industries, Inc. | 14,894 | 2,143,247 | ||||||
PureCycle Technologies, Inc.(a) | 6,987 | 82,726 | ||||||
Quaker Chemical Corp. | 858 | 171,926 | ||||||
Rayonier Advanced Materials, Inc.(a)(b) | 5,464 | 25,845 | ||||||
RPM International, Inc. | 7,968 | 823,174 | ||||||
Scotts Miracle-Gro Co. | 2,518 | 176,361 | ||||||
Sensient Technologies Corp. | 2,722 | 174,317 | ||||||
Sherwin-Williams Co. | 15,026 | 4,154,689 | ||||||
Stepan Co. | 1,403 | 134,435 | ||||||
Trinseo PLC | 2,403 | 42,341 | ||||||
Tronox Holdings PLC, Class A | 6,792 | 90,266 | ||||||
Westlake Corp. | 2,070 | 284,625 | ||||||
|
| |||||||
48,596,837 | ||||||||
Commercial Services & Supplies — 0.6% | ||||||||
ABM Industries, Inc. | 3,812 | 176,419 | ||||||
ACCO Brands Corp. | 3,640 | 22,168 | ||||||
ACV Auctions, Inc., Class A(a) | 7,474 | 130,720 | ||||||
Aris Water Solution, Inc., Class A | 1,316 | 14,384 | ||||||
BrightView Holdings, Inc.(a) | 2,533 | 19,529 | ||||||
Brink’s Co. | 2,649 | 193,271 | ||||||
Casella Waste Systems, Inc., Class A(a) | 3,457 | 278,945 | ||||||
CECO Environmental Corp.(a)(b) | 2,391 | 28,788 | ||||||
Cimpress PLC(a) | 966 | 67,137 | ||||||
Cintas Corp. | 5,453 | 2,737,624 | ||||||
Clean Harbors, Inc.(a)(b) | 3,129 | 520,228 | ||||||
Copart, Inc.(a) | 27,387 | 2,420,737 | ||||||
CoreCivic, Inc.(a) | 8,030 | 77,891 | ||||||
Deluxe Corp. | 2,249 | 42,709 | ||||||
Driven Brands Holdings, Inc.(a) | 3,595 | 93,003 | ||||||
Ennis, Inc. | 1,476 | 31,793 | ||||||
Enviri Corp.(a) | 4,861 | 45,839 | ||||||
GEO Group, Inc.(a) | 8,758 | 65,422 | ||||||
Healthcare Services Group, Inc. | 5,673 | 71,537 | ||||||
Heritage-Crystal Clean, Inc.(a) | 1,201 | 55,330 | ||||||
HNI Corp. | 2,472 | 71,911 | ||||||
Interface, Inc. | 3,303 | 32,270 | ||||||
Li-Cycle Holdings Corp.(a) | 8,180 | 49,325 | ||||||
Liquidity Services, Inc.(a) | 1,769 | 29,684 | ||||||
Matthews International Corp., Class A | 2,063 | 94,692 | ||||||
MillerKnoll, Inc. | 5,129 | 100,375 | ||||||
Montrose Environmental Group, Inc.(a) | 1,946 | 78,755 | ||||||
MSA Safety, Inc. | 2,318 | 384,788 | ||||||
OPENLANE, Inc.(a)(b) | 7,187 | 112,836 | ||||||
Pitney Bowes, Inc. | 4,309 | 16,977 |
56 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Commercial Services & Supplies (continued) | ||||||||
Quad/Graphics, Inc.(a) | 7,294 | $ | 43,180 | |||||
RB Global, Inc. | 11,523 | 743,003 | ||||||
Republic Services, Inc. | 13,031 | 1,969,114 | ||||||
Rollins, Inc. | 14,246 | 581,664 | ||||||
SP Plus Corp.(a) | 1,356 | 52,138 | ||||||
Steelcase, Inc., Class A | 4,806 | 41,187 | ||||||
Stericycle, Inc.(a) | 5,859 | 248,949 | ||||||
Tetra Tech, Inc. | 3,242 | 548,579 | ||||||
UniFirst Corp. | 954 | 154,834 | ||||||
Viad Corp.(a) | 1,234 | 34,811 | ||||||
VSE Corp. | 682 | 36,658 | ||||||
Waste Management, Inc. | 25,646 | 4,200,558 | ||||||
|
| |||||||
16,719,762 | ||||||||
Communications Equipment — 0.8% | ||||||||
ADTRAN Holdings, Inc. | 5,274 | 51,316 | ||||||
Arista Networks, Inc.(a) | 15,930 | 2,470,584 | ||||||
Aviat Networks, Inc.(a) | 336 | 10,271 | ||||||
Calix, Inc.(a) | 3,408 | 153,735 | ||||||
Cambium Networks Corp.(a) | 644 | 10,433 | ||||||
Ciena Corp.(a) | 9,307 | 392,755 | ||||||
Cisco Systems, Inc. | 259,887 | 13,524,519 | ||||||
Clearfield, Inc.(a) | 817 | 38,187 | ||||||
CommScope Holding Co., Inc.(a) | 13,802 | 62,109 | ||||||
Comtech Telecommunications Corp. | 1,632 | 16,581 | ||||||
Digi International, Inc.(a) | 2,062 | 86,460 | ||||||
DZS, Inc.(a) | 990 | 3,732 | ||||||
Extreme Networks, Inc.(a) | 7,642 | 203,201 | ||||||
F5, Inc.(a) | 4,066 | 643,404 | ||||||
Harmonic, Inc.(a)(b) | 6,424 | 95,846 | ||||||
Infinera Corp.(a) | 11,106 | 49,977 | ||||||
Juniper Networks, Inc. | 20,024 | 556,667 | ||||||
Lumentum Holdings, Inc.(a) | 4,472 | 234,154 | ||||||
Motorola Solutions, Inc. | 10,514 | 3,013,628 | ||||||
NETGEAR, Inc.(a) | 1,767 | 24,102 | ||||||
NetScout Systems, Inc.(a) | 4,617 | 129,045 | ||||||
Ribbon Communications, Inc.(a)(b) | 4,557 | 14,491 | ||||||
Ubiquiti, Inc. | 252 | 44,768 | ||||||
Viasat, Inc.(a) | 4,544 | 140,591 | ||||||
Viavi Solutions, Inc.(a) | 14,749 | 160,322 | ||||||
|
| |||||||
22,130,878 | ||||||||
Construction & Engineering — 0.3% | ||||||||
AECOM | 8,550 | 743,850 | ||||||
Ameresco, Inc., Class A(a)(b) | 1,722 | 100,238 | ||||||
APi Group Corp.(a) | 13,460 | 387,110 | ||||||
Arcosa, Inc. | 3,111 | 240,107 | ||||||
Argan, Inc. | 963 | 36,632 | ||||||
Bowman Consulting Group Ltd.(a) | 812 | 28,136 | ||||||
Comfort Systems USA, Inc. | 2,143 | 372,818 | ||||||
Concrete Pumping Holdings, Inc.(a)(b) | 1,884 | 15,204 | ||||||
Construction Partners, Inc., Class A(a) | 2,954 | 86,848 | ||||||
Dycom Industries, Inc.(a) | 1,865 | 185,717 | ||||||
EMCOR Group, Inc. | 2,933 | 630,712 | ||||||
Fluor Corp.(a) | 9,240 | 286,255 | ||||||
Granite Construction, Inc. | 3,545 | 145,097 | ||||||
Great Lakes Dredge & Dock Corp.(a) | 4,898 | 41,143 | ||||||
IES Holdings, Inc.(a) | 991 | 56,804 | ||||||
MasTec, Inc.(a) | 3,885 | 457,459 | ||||||
MDU Resources Group, Inc. | 12,061 | 266,789 | ||||||
MYR Group, Inc.(a) | 942 | 134,291 | ||||||
Northwest Pipe Co.(a) | 487 | 15,866 | ||||||
Primoris Services Corp. | 3,014 | 95,725 |
Security | Shares | Value | ||||||
Construction & Engineering (continued) | ||||||||
Quanta Services, Inc. | 9,141 | $ | 1,843,008 | |||||
Sterling Infrastructure, Inc.(a) | 1,738 | 104,263 | ||||||
Tutor Perini Corp.(a) | 1,983 | 16,756 | ||||||
Valmont Industries, Inc. | 1,253 | 331,732 | ||||||
WillScot Mobile Mini Holdings Corp.(a) | 12,097 | 580,051 | ||||||
|
| |||||||
7,202,611 | ||||||||
Construction Materials — 0.2% | ||||||||
Eagle Materials, Inc. | 2,307 | 425,342 | ||||||
Knife River Corp.(a) | 3,335 | 144,972 | ||||||
Martin Marietta Materials, Inc. | 3,928 | 1,753,695 | ||||||
Summit Materials, Inc., Class A(a)(b) | 7,815 | 282,747 | ||||||
U.S. Lime & Minerals, Inc. | 114 | 23,439 | ||||||
Vulcan Materials Co. | 8,398 | 1,851,759 | ||||||
|
| |||||||
4,481,954 | ||||||||
Consumer Finance — 0.5% | ||||||||
Ally Financial, Inc. | 17,475 | 533,686 | ||||||
American Express Co. | 37,465 | 6,327,089 | ||||||
Atlanticus Holdings Corp.(a) | 526 | 21,408 | ||||||
Bread Financial Holdings, Inc. | 2,726 | 113,320 | ||||||
Capital One Financial Corp. | 24,051 | 2,814,448 | ||||||
Consumer Portfolio Services, Inc.(a) | 1,875 | 24,019 | ||||||
Credit Acceptance Corp.(a)(b) | 378 | 210,395 | ||||||
Discover Financial Services | 16,085 | 1,697,772 | ||||||
Encore Capital Group, Inc.(a)(b) | 1,672 | 89,452 | ||||||
Enova International, Inc.(a) | 2,095 | 115,414 | ||||||
FirstCash Holdings, Inc. | 2,474 | 235,723 | ||||||
Green Dot Corp., Class A(a) | 1,798 | 35,151 | ||||||
LendingClub Corp.(a) | 7,657 | 64,242 | ||||||
LendingTree, Inc.(a) | 601 | 14,664 | ||||||
Navient Corp. | 6,130 | 116,715 | ||||||
Nelnet, Inc., Class A | 903 | 89,108 | ||||||
NerdWallet, Inc., Class A(a) | 2,065 | 23,149 | ||||||
OneMain Holdings, Inc. | 6,710 | 305,171 | ||||||
PRA Group, Inc.(a) | 2,429 | 57,956 | ||||||
PROG Holdings, Inc.(a) | 3,501 | 142,071 | ||||||
Regional Management Corp. | 728 | 23,653 | ||||||
SLM Corp. | 14,925 | 241,486 | ||||||
SoFi Technologies, Inc.(a)(b) | 58,325 | 667,821 | ||||||
Synchrony Financial | 27,191 | 939,177 | ||||||
Upstart Holdings, Inc.(a)(b) | 4,483 | 307,937 | ||||||
World Acceptance Corp.(a) | 213 | 33,631 | ||||||
|
| |||||||
15,244,658 | ||||||||
Consumer Staples Distribution & Retail — 1.7% | ||||||||
Albertsons Cos., Inc., Class A | 25,643 | 557,222 | ||||||
Andersons, Inc. | 2,210 | 107,892 | ||||||
BJ’s Wholesale Club Holdings, Inc.(a)(b) | 8,171 | 541,819 | ||||||
Casey’s General Stores, Inc. | 2,373 | 599,562 | ||||||
Chefs’ Warehouse, Inc.(a) | 2,601 | 94,520 | ||||||
Costco Wholesale Corp. | 28,043 | 15,722,869 | ||||||
Dollar General Corp. | 13,873 | 2,342,595 | ||||||
Dollar Tree, Inc.(a) | 13,215 | 2,039,471 | ||||||
Grocery Outlet Holding Corp.(a) | 6,304 | 210,869 | ||||||
HF Foods Group, Inc.(a) | 1,854 | 9,696 | ||||||
Ingles Markets, Inc., Class A | 1,069 | 90,651 | ||||||
Kroger Co. | 41,341 | 2,010,826 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 357 | 4,445 | ||||||
Performance Food Group Co.(a) | 9,464 | 565,569 | ||||||
PriceSmart, Inc. | 1,657 | 128,799 | ||||||
SpartanNash Co. | 2,523 | 56,616 | ||||||
Sprouts Farmers Market, Inc.(a)(b) | 6,331 | 248,492 | ||||||
Sysco Corp. | 32,235 | 2,459,853 |
SCHEDULE OF INVESTMENTS | 57 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Consumer Staples Distribution & Retail (continued) | ||||||||
Target Corp. | 29,128 | $ | 3,975,098 | |||||
U.S. Foods Holding Corp.(a) | 13,836 | 591,212 | ||||||
United Natural Foods, Inc.(a) | 3,544 | 73,715 | ||||||
Village Super Market, Inc., Class A | 1,208 | 28,122 | ||||||
Walgreens Boots Alliance, Inc. | 45,596 | 1,366,512 | ||||||
Walmart, Inc. | 90,196 | 14,418,733 | ||||||
Weis Markets, Inc. | 1,178 | 78,149 | ||||||
|
| |||||||
48,323,307 | ||||||||
Containers & Packaging — 0.3% | ||||||||
Amcor PLC | 92,090 | 944,843 | ||||||
AptarGroup, Inc. | 4,202 | 510,375 | ||||||
Ardagh Group SA(a) | 1,250 | 7,413 | ||||||
Ardagh Metal Packaging SA | 8,206 | 31,019 | ||||||
Avery Dennison Corp. | 5,121 | 942,315 | ||||||
Ball Corp. | 19,511 | 1,145,101 | ||||||
Berry Global Group, Inc. | 7,590 | 497,676 | ||||||
Crown Holdings, Inc. | 6,719 | 623,254 | ||||||
Graphic Packaging Holding Co. | 19,776 | 478,579 | ||||||
Greif, Inc., Class A | 1,857 | 137,362 | ||||||
Greif, Inc., Class B | 150 | 11,861 | ||||||
International Paper Co. | 21,865 | 788,452 | ||||||
Myers Industries, Inc. | 2,006 | 39,338 | ||||||
O-I Glass, Inc.(a) | 9,817 | 225,398 | ||||||
Packaging Corp. of America | 5,619 | 861,674 | ||||||
Pactiv Evergreen, Inc. | 2,722 | 23,436 | ||||||
Ranpak Holdings Corp.(a) | 2,577 | 16,519 | ||||||
Sealed Air Corp. | 9,053 | 412,998 | ||||||
Silgan Holdings, Inc. | 5,129 | 224,907 | ||||||
Sonoco Products Co. | 5,883 | 344,979 | ||||||
TriMas Corp. | 2,253 | 58,037 | ||||||
Westrock Co. | 16,273 | 541,728 | ||||||
|
| |||||||
8,867,264 | ||||||||
Distributors — 0.1% | ||||||||
Funko, Inc., Class A(a) | 2,563 | 20,914 | ||||||
Genuine Parts Co. | 8,907 | 1,386,998 | ||||||
LKQ Corp. | 17,093 | 936,525 | ||||||
Pool Corp. | 2,409 | 926,839 | ||||||
Weyco Group, Inc. | 929 | 25,362 | ||||||
|
| |||||||
3,296,638 | ||||||||
Diversified Consumer Services — 0.1% | ||||||||
2U, Inc.(a) | 3,716 | 17,762 | ||||||
ADT, Inc. | 14,416 | 91,974 | ||||||
Adtalem Global Education, Inc.(a)(b) | 2,748 | 118,824 | ||||||
Bright Horizons Family Solutions, Inc.(a)(b) | 3,636 | 352,801 | ||||||
Carriage Services, Inc. | 750 | 24,278 | ||||||
Chegg, Inc.(a) | 7,981 | 80,848 | ||||||
Coursera, Inc.(a) | 7,465 | 117,126 | ||||||
Duolingo, Inc.(a) | 1,833 | 284,463 | ||||||
European Wax Center, Inc., Class A(a) | 2,320 | 44,938 | ||||||
Frontdoor, Inc.(a) | 4,969 | 173,518 | ||||||
Graham Holdings Co., Class B | 237 | 139,060 | ||||||
Grand Canyon Education, Inc.(a) | 1,933 | 209,827 | ||||||
H&R Block, Inc. | 9,236 | 310,422 | ||||||
Laureate Education, Inc., Class A | 9,584 | 122,867 | ||||||
Mister Car Wash, Inc.(a) | 4,380 | 43,493 | ||||||
Nerdy, Inc.(a) | 3,456 | 17,073 | ||||||
OneSpaWorld Holdings Ltd.(a) | 4,480 | 57,546 | ||||||
Perdoceo Education Corp.(a) | 4,729 | 63,132 | ||||||
Rover Group, Inc.(a) | 6,057 | 33,192 | ||||||
Service Corp. International | 9,540 | 635,841 | ||||||
Strategic Education, Inc. | 1,286 | 96,579 |
Security | Shares | Value | ||||||
Diversified Consumer Services (continued) | ||||||||
Stride, Inc.(a) | 2,478 | $ | 94,684 | |||||
Udemy, Inc.(a)(b) | 4,678 | 55,247 | ||||||
Universal Technical Institute, Inc.(a) | 3,497 | 25,458 | ||||||
WW International, Inc.(a) | 2,679 | 31,210 | ||||||
|
| |||||||
3,242,163 | ||||||||
Diversified REITs — 0.1% | ||||||||
Alexander & Baldwin, Inc. | 4,091 | 78,547 | ||||||
American Assets Trust, Inc. | 2,957 | 66,533 | ||||||
Armada Hoffler Properties, Inc. | 4,860 | 60,361 | ||||||
Broadstone Net Lease, Inc. | 11,612 | 189,276 | ||||||
CTO Realty Growth, Inc. | 1,428 | 24,990 | ||||||
Empire State Realty Trust, Inc., Class A | 7,712 | 69,022 | ||||||
Essential Properties Realty Trust, Inc. | 9,144 | 224,485 | ||||||
Gladstone Commercial Corp. | 2,038 | 27,105 | ||||||
Global Net Lease, Inc. | 5,657 | 60,473 | ||||||
One Liberty Properties, Inc. | 1,518 | 31,013 | ||||||
Star Holdings(a) | 701 | 10,929 | ||||||
WP Carey, Inc. | 13,255 | 895,110 | ||||||
|
| |||||||
1,737,844 | ||||||||
Diversified Telecommunication Services — 0.6% | ||||||||
Anterix, Inc.(a) | 1,444 | 40,533 | ||||||
AST SpaceMobile, Inc.(a)(b) | 4,773 | 20,476 | ||||||
AT&T, Inc. | 454,635 | 6,601,300 | ||||||
ATN International, Inc. | 370 | 13,446 | ||||||
Bandwidth, Inc., Class A(a) | 1,206 | 18,271 | ||||||
Charge Enterprises, Inc.(a) | 6,537 | 6,215 | ||||||
Cogent Communications Holdings, Inc. | 2,894 | 177,229 | ||||||
Consolidated Communications Holdings, Inc.(a) | 4,659 | 16,679 | ||||||
EchoStar Corp., Class A(a) | 2,032 | 39,482 | ||||||
ESC GCI Liberty, Inc. (d) | 3,941 | — | ||||||
Frontier Communications Parent, Inc.(a)(b) | 14,934 | 271,948 | ||||||
Globalstar, Inc.(a) | 47,986 | 51,825 | ||||||
IDT Corp., Class B(a) | 1,059 | 25,119 | ||||||
Iridium Communications, Inc. | 7,701 | 404,688 | ||||||
Liberty Latin America Ltd., Class A(a) | 4,385 | 36,834 | ||||||
Liberty Latin America Ltd., Class C(a) | 7,372 | 61,335 | ||||||
Lumen Technologies, Inc. | 67,212 | 120,310 | ||||||
Ooma, Inc.(a) | 719 | 10,785 | ||||||
Radius Global Infrastructure, Inc., Class A(a) | 5,304 | 79,083 | ||||||
Verizon Communications, Inc. | 266,953 | 9,097,758 | ||||||
|
| |||||||
17,093,316 | ||||||||
Electric Utilities ��� 1.5% | ||||||||
ALLETE, Inc. | 3,794 | 217,889 | ||||||
Alliant Energy Corp. | 16,068 | 863,494 | ||||||
American Electric Power Co., Inc. | 32,313 | 2,738,204 | ||||||
Avangrid, Inc. | 4,309 | 159,778 | ||||||
Constellation Energy Corp. | 20,796 | 2,009,933 | ||||||
Duke Energy Corp. | 48,333 | 4,524,935 | ||||||
Edison International | 24,155 | 1,738,194 | ||||||
Entergy Corp. | 13,465 | 1,382,856 | ||||||
Evergy, Inc. | 14,379 | 862,309 | ||||||
Eversource Energy | 22,334 | 1,615,418 | ||||||
Exelon Corp. | 62,813 | 2,629,352 | ||||||
FirstEnergy Corp. | 35,015 | 1,379,241 | ||||||
Genie Energy Ltd., Class B | 1,945 | 26,082 | ||||||
Hawaiian Electric Industries, Inc. | 7,119 | 273,298 | ||||||
IDACORP, Inc. | 3,073 | 315,966 | ||||||
MGE Energy, Inc. | 2,196 | 176,207 | ||||||
NextEra Energy, Inc. | 128,263 | 9,401,678 | ||||||
NRG Energy, Inc. | 14,747 | 560,239 | ||||||
OGE Energy Corp. | 12,559 | 454,008 |
58 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| 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 | $ | 206,251 | |||||
PG&E Corp.(a) | 114,467 | 2,015,764 | ||||||
Pinnacle West Capital Corp. | 7,063 | 584,958 | ||||||
PNM Resources, Inc. | 5,519 | 247,362 | ||||||
Portland General Electric Co. | 6,057 | 288,737 | ||||||
PPL Corp. | 47,009 | 1,294,158 | ||||||
Southern Co. | 68,618 | 4,963,826 | ||||||
Xcel Energy, Inc. | 34,992 | 2,195,048 | ||||||
|
| |||||||
43,125,185 | ||||||||
Electrical Equipment — 0.7% | ||||||||
Acuity Brands, Inc. | 1,961 | 324,036 | ||||||
Allied Motion Technologies, Inc. | 976 | 37,966 | ||||||
AMETEK, Inc. | 14,918 | 2,365,995 | ||||||
Array Technologies, Inc.(a) | 9,308 | 177,317 | ||||||
Atkore, Inc.(a)(b) | 2,492 | 395,406 | ||||||
Babcock & Wilcox Enterprises, Inc.(a) | 2,924 | 16,024 | ||||||
Blink Charging Co.(a)(b) | 2,352 | 15,053 | ||||||
Bloom Energy Corp., Class A(a)(b) | 12,009 | 214,481 | ||||||
ChargePoint Holdings, Inc.(a)(b) | 18,288 | 158,374 | ||||||
Eaton Corp. PLC | 25,328 | 5,200,345 | ||||||
Emerson Electric Co. | 36,213 | 3,308,058 | ||||||
Encore Wire Corp. | 986 | 168,300 | ||||||
Energy Vault Holdings, Inc.(a)(b) | 6,389 | 21,403 | ||||||
EnerSys | 2,662 | 288,348 | ||||||
Enovix Corp.(a) | 9,039 | 194,519 | ||||||
Eos Energy Enterprises, Inc.(a) | 7,915 | 19,471 | ||||||
ESS Tech, Inc.(a)(b) | 6,406 | 12,364 | ||||||
Fluence Energy, Inc.(a)(b) | 2,273 | �� | 66,463 | |||||
FuelCell Energy, Inc.(a) | 31,425 | 68,821 | ||||||
Generac Holdings, Inc.(a)(b) | 3,756 | 577,297 | ||||||
GrafTech International Ltd. | 9,922 | 52,388 | ||||||
Hubbell, Inc. | 3,427 | 1,069,224 | ||||||
LSI Industries, Inc. | 2,248 | 28,325 | ||||||
NEXTracker, Inc., Class A(a) | 2,995 | 126,838 | ||||||
NuScale Power Corp.(a)(b) | 1,721 | 13,045 | ||||||
nVent Electric PLC | 10,325 | 545,986 | ||||||
Plug Power, Inc.(a) | 31,835 | 417,675 | ||||||
Powell Industries, Inc. | 401 | 24,373 | ||||||
Preformed Line Products Co. | 83 | 14,401 | ||||||
Regal Rexnord Corp. | 4,086 | 638,151 | ||||||
Rockwell Automation, Inc. | 7,328 | 2,464,333 | ||||||
Sensata Technologies Holding PLC | 9,360 | 395,460 | ||||||
SES AI Corp.(a) | 9,902 | 31,092 | ||||||
Shoals Technologies Group, Inc., Class A(a)(b) | 10,860 | 281,926 | ||||||
Stem, Inc.(a)(b) | 8,334 | 58,921 | ||||||
SunPower Corp.(a)(b) | 5,371 | 53,012 | ||||||
Sunrun, Inc.(a)(b) | 13,791 | 261,753 | ||||||
Thermon Group Holdings, Inc.(a) | 2,167 | 59,831 | ||||||
TPI Composites, Inc.(a)(b) | 2,227 | 13,228 | ||||||
Vertiv Holdings Co. | 20,661 | 537,393 | ||||||
Vicor Corp.(a) | 1,638 | 151,138 | ||||||
|
| |||||||
20,868,534 | ||||||||
Electronic Equipment, Instruments & Components — 0.7% | ||||||||
908 Devices, Inc.(a) | 1,976 | 13,753 | ||||||
Advanced Energy Industries, Inc. | 2,357 | 295,049 | ||||||
Aeva Technologies, Inc.(a) | 4,909 | 6,136 | ||||||
Akoustis Technologies, Inc.(a)(b) | 1,380 | 3,298 | ||||||
Amphenol Corp., Class A | 36,995 | 3,267,028 | ||||||
Arlo Technologies, Inc.(a) | 4,365 | 49,586 | ||||||
Arrow Electronics, Inc.(a) | 3,600 | 513,144 | ||||||
Avnet, Inc. | 5,505 | 266,993 |
Security | Shares | Value | ||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
Badger Meter, Inc. | 1,788 | $ | 294,376 | |||||
Bel Fuse, Inc., Class B | 688 | 36,911 | ||||||
Belden, Inc. | 2,549 | 246,335 | ||||||
Benchmark Electronics, Inc. | 2,953 | 78,284 | ||||||
CDW Corp. | 8,597 | 1,608,241 | ||||||
Cognex Corp. | 11,137 | 608,303 | ||||||
Coherent Corp.(a) | 7,242 | 342,981 | ||||||
Corning, Inc. | 48,579 | 1,648,771 | ||||||
CTS Corp. | 1,973 | 88,055 | ||||||
Daktronics, Inc.(a) | 4,121 | 29,630 | ||||||
ePlus, Inc.(a) | 1,893 | 106,671 | ||||||
Evolv Technologies Holdings, Inc.(a) | 6,676 | 43,928 | ||||||
Fabrinet(a) | 2,435 | 301,063 | ||||||
FARO Technologies, Inc.(a) | 883 | 14,649 | ||||||
Insight Enterprises, Inc.(a) | 1,855 | 272,110 | ||||||
IPG Photonics Corp.(a) | 1,805 | 237,267 | ||||||
Itron, Inc.(a) | 2,707 | 212,960 | ||||||
Jabil, Inc. | 8,287 | 917,122 | ||||||
Keysight Technologies, Inc.(a) | 11,287 | 1,818,110 | ||||||
Kimball Electronics, Inc.(a) | 2,170 | 63,321 | ||||||
Knowles Corp.(a) | 5,726 | 104,614 | ||||||
Lightwave Logic, Inc.(a)(b) | 7,025 | 47,208 | ||||||
Littelfuse, Inc. | 1,463 | 445,630 | ||||||
Luna Innovations, Inc.(a)(b) | 2,595 | 23,459 | ||||||
Methode Electronics, Inc. | 2,506 | 84,302 | ||||||
MicroVision, Inc.(a) | 9,988 | 39,952 | ||||||
Mirion Technologies, Inc.(a)(b) | 13,907 | 104,998 | ||||||
Napco Security Technologies, Inc. | 2,262 | 84,780 | ||||||
National Instruments Corp. | 8,306 | 490,054 | ||||||
nLight, Inc.(a) | 2,689 | 38,722 | ||||||
Novanta, Inc.(a) | 2,219 | 392,541 | ||||||
OSI Systems, Inc.(a) | 1,125 | 134,134 | ||||||
PAR Technology Corp.(a)(b) | 1,911 | 66,101 | ||||||
PC Connection, Inc. | 993 | 48,071 | ||||||
Plexus Corp.(a) | 1,781 | 175,411 | ||||||
Rogers Corp.(a) | 1,036 | 174,680 | ||||||
Sanmina Corp.(a) | 3,539 | 217,507 | ||||||
ScanSource, Inc.(a) | 945 | 28,435 | ||||||
SmartRent, Inc.(a)(b) | 7,900 | 31,442 | ||||||
TD SYNNEX Corp. | 2,536 | 250,329 | ||||||
Teledyne Technologies, Inc.(a) | 3,003 | 1,154,744 | ||||||
Trimble, Inc.(a) | 15,299 | 823,086 | ||||||
TTM Technologies, Inc.(a) | 7,528 | 108,102 | ||||||
Vishay Intertechnology, Inc. | 7,799 | 219,542 | ||||||
Vontier Corp. | 9,338 | 288,824 | ||||||
Zebra Technologies Corp., Class A(a) | 3,269 | 1,006,721 | ||||||
|
| |||||||
19,967,464 | ||||||||
Energy Equipment & Services — 0.5% | ||||||||
Archrock, Inc. | 10,294 | 120,028 | ||||||
Atlas Energy Solutions, Inc., Class A | 1,769 | 34,938 | ||||||
Baker Hughes Co. | 64,417 | 2,305,485 | ||||||
Borr Drilling Ltd.(a) | 13,940 | 122,393 | ||||||
Bristow Group, Inc.(a) | 1,094 | 33,662 | ||||||
Cactus, Inc., Class A | 3,908 | 198,448 | ||||||
ChampionX Corp. | 12,014 | 427,698 | ||||||
Core Laboratories, Inc.(b) | 3,218 | 83,636 | ||||||
Diamond Offshore Drilling, Inc.(a) | 6,633 | 105,000 | ||||||
DMC Global, Inc.(a) | 948 | 17,879 | ||||||
Dril-Quip, Inc.(a)(b) | 2,080 | 53,851 | ||||||
Expro Group Holdings NV(a) | 5,586 | 123,953 | ||||||
Halliburton Co. | 57,215 | 2,235,962 | ||||||
Helix Energy Solutions Group, Inc.(a) | 9,071 | 87,082 |
SCHEDULE OF INVESTMENTS | 59 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Energy Equipment & Services (continued) | ||||||||
Helmerich & Payne, Inc. | 6,046 | $ | 270,679 | |||||
Liberty Energy, Inc., Class A | 11,212 | 184,662 | ||||||
Nabors Industries Ltd.(a) | 626 | 76,679 | ||||||
Newpark Resources, Inc.(a) | 8,375 | 46,230 | ||||||
NexTier Oilfield Solutions, Inc.(a) | 11,391 | 135,781 | ||||||
Noble Corp. PLC(a) | 6,668 | 348,536 | ||||||
NOV, Inc. | 24,363 | 489,209 | ||||||
Oceaneering International, Inc.(a) | 6,547 | 146,980 | ||||||
Oil States International, Inc.(a) | 5,562 | 44,719 | ||||||
Patterson-UTI Energy, Inc. | 12,949 | 205,112 | ||||||
ProFrac Holding Corp., Class A(a) | 1,185 | 15,251 | ||||||
ProPetro Holding Corp.(a) | 6,951 | 72,569 | ||||||
RPC, Inc. | 4,947 | 41,159 | ||||||
Schlumberger NV | 90,330 | 5,269,852 | ||||||
Seadrill Ltd.(a) | 3,193 | 156,170 | ||||||
Select Water Solutions, Inc., Class A | 4,294 | 36,113 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 2,770 | 30,276 | ||||||
TechnipFMC PLC(a) | 27,985 | 513,245 | ||||||
TETRA Technologies, Inc.(a) | 6,116 | 27,461 | ||||||
Tidewater, Inc.(a) | 3,312 | 209,020 | ||||||
U.S. Silica Holdings, Inc.(a) | 4,387 | 57,075 | ||||||
Valaris Ltd.(a) | 3,989 | 306,355 | ||||||
Weatherford International PLC(a) | 4,602 | 382,426 | ||||||
|
| |||||||
15,015,574 | ||||||||
Entertainment — 1.4% | ||||||||
Activision Blizzard, Inc.(a) | 49,270 | 4,570,285 | ||||||
AMC Entertainment Holdings, Inc., | 33,553 | 166,758 | ||||||
Atlanta Braves Holdings, Inc.(b) | 602 | 28,499 | ||||||
Atlanta Braves Holdings, Inc., Class C(a) | 2,589 | 105,424 | ||||||
Cinemark Holdings, Inc.(a) | 6,744 | 112,557 | ||||||
Electronic Arts, Inc. | 17,328 | 2,362,673 | ||||||
IMAX Corp.(a) | 2,341 | 43,098 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A(a) | 1,820 | 116,990 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C(a) | 12,406 | 900,676 | ||||||
Lions Gate Entertainment Corp., Class A(a) | 4,773 | 36,657 | ||||||
Lions Gate Entertainment Corp., Class B(a) | 5,862 | 42,910 | ||||||
Live Nation Entertainment, Inc.(a) | 10,009 | 878,290 | ||||||
Madison Square Garden Entertainment | 2,969 | 103,440 | ||||||
Madison Square Garden Sports Corp. | 1,142 | 242,961 | ||||||
Marcus Corp. | 914 | 14,258 | ||||||
Netflix, Inc.(a) | 27,780 | 12,194,587 | ||||||
Playstudios, Inc.(a) | 4,630 | 22,826 | ||||||
Playtika Holding Corp.(a) | 2,080 | 24,835 | ||||||
ROBLOX Corp., Class A(a)(b) | 29,178 | 1,145,236 | ||||||
Roku, Inc.(a) | 7,930 | 763,421 | ||||||
Sphere Entertainment Co.(a) | 1,765 | 74,924 | ||||||
Spotify Technology SA(a) | 8,963 | 1,339,162 | ||||||
Take-Two Interactive Software, Inc.(a) | 10,471 | 1,601,435 | ||||||
Vivid Seats, Inc., Class A(a) | 2,759 | 22,982 | ||||||
Walt Disney Co.(a) | 116,060 | 10,316,573 | ||||||
Warner Bros Discovery, Inc., Class A(a) | 140,087 | 1,830,937 | ||||||
World Wrestling Entertainment, Inc., Class A | 2,716 | 285,180 | ||||||
|
| |||||||
39,347,574 | ||||||||
Financial Services — 4.0% | ||||||||
Affirm Holdings, Inc.(a)(b) | 14,237 | 276,055 | ||||||
Alerus Financial Corp. | 1,174 | 23,222 | ||||||
A-Mark Precious Metals, Inc. | 876 | 35,732 | ||||||
Apollo Global Management, Inc. | 33,146 | 2,708,360 | ||||||
AvidXchange Holdings, Inc.(a) | 9,286 | 115,239 | ||||||
Banco Latinoamericano de Comercio Exterior SA, | ||||||||
Class E | 1,539 | 35,890 |
Security | Shares | Value | ||||||
Financial Services (continued) | ||||||||
Berkshire Hathaway, Inc., Class B(a) | 115,679 | $ | 40,714,381 | |||||
Block, Inc.(a) | 34,361 | 2,767,091 | ||||||
Cannae Holdings, Inc.(a) | 5,113 | 104,203 | ||||||
Cantaloupe, Inc.(a) | 2,911 | 22,444 | ||||||
Cass Information Systems, Inc. | 1,157 | 43,908 | ||||||
Compass Diversified Holdings | 4,320 | 97,330 | ||||||
Enact Holdings, Inc. | 1,946 | 52,931 | ||||||
Equitable Holdings, Inc. | 22,590 | 648,107 | ||||||
Essent Group Ltd. | 6,810 | 337,776 | ||||||
Euronet Worldwide, Inc.(a) | 3,033 | 266,510 | ||||||
EVERTEC, Inc. | 4,185 | 164,596 | ||||||
Federal Agricultural Mortgage Corp., Class C | 776 | 124,742 | ||||||
Fidelity National Information Services, Inc. | 37,524 | 2,265,699 | ||||||
Fiserv, Inc.(a) | 39,006 | 4,922,947 | ||||||
FleetCor Technologies, Inc.(a) | 4,590 | 1,142,497 | ||||||
Flywire Corp.(a) | 6,181 | 211,019 | ||||||
Global Payments, Inc. | 16,594 | 1,829,489 | ||||||
I3 Verticals, Inc., Class A(a) | 1,114 | 27,861 | ||||||
International Money Express, Inc.(a) | 2,474 | 59,945 | ||||||
Jack Henry & Associates, Inc. | 4,633 | 776,352 | ||||||
Jackson Financial, Inc., Class A | 5,409 | 178,605 | ||||||
Marqeta, Inc., Class A(a) | 29,185 | 162,852 | ||||||
Mastercard, Inc., Class A | 53,064 | 20,922,074 | ||||||
Merchants Bancorp | 607 | 19,187 | ||||||
MGIC Investment Corp. | 17,365 | 290,690 | ||||||
Mr. Cooper Group, Inc.(a) | 4,356 | 252,517 | ||||||
NewtekOne, Inc.(b) | 1,733 | 30,847 | ||||||
NMI Holdings, Inc., Class A(a) | 5,784 | 154,491 | ||||||
Pagseguro Digital Ltd., Class A(a) | 12,586 | 142,977 | ||||||
Payoneer Global, Inc.(a) | 16,041 | 85,338 | ||||||
PayPal Holdings, Inc.(a) | 71,115 | 5,391,939 | ||||||
Paysafe Ltd.(a) | 1,495 | 17,985 | ||||||
PennyMac Financial Services, Inc. | 1,461 | 109,911 | ||||||
Radian Group, Inc. | 9,790 | 263,645 | ||||||
Remitly Global, Inc.(a) | 6,039 | 116,432 | ||||||
Repay Holdings Corp.(a) | 5,002 | 41,767 | ||||||
Rocket Cos., Inc., Class A(a)(b) | 8,299 | 90,708 | ||||||
Shift4 Payments, Inc., Class A(a)(b) | 3,291 | 227,046 | ||||||
StoneCo Ltd., Class A(a) | 18,850 | 273,137 | ||||||
TFS Financial Corp. | 4,986 | 72,347 | ||||||
Toast, Inc., Class A(a)(b) | 22,821 | 503,660 | ||||||
UWM Holdings Corp.(b) | 6,038 | 39,609 | ||||||
Visa, Inc., Class A | 102,441 | 24,353,299 | ||||||
Voya Financial, Inc. | 6,293 | 467,318 | ||||||
Walker & Dunlop, Inc. | 1,979 | 180,049 | ||||||
Western Union Co. | 20,244 | 246,572 | ||||||
WEX, Inc.(a) | 2,646 | 501,020 | ||||||
|
| |||||||
114,910,348 | ||||||||
Food Products — 1.0% | ||||||||
Archer-Daniels-Midland Co. | 34,235 | 2,908,606 | ||||||
B&G Foods, Inc. | 4,306 | 57,098 | ||||||
Benson Hill, Inc.(a) | 11,400 | 15,846 | ||||||
Beyond Meat, Inc.(a)(b) | 4,136 | 71,139 | ||||||
BRC, Inc.(a) | 2,764 | 12,659 | ||||||
Bunge Ltd. | 9,326 | 1,013,456 | ||||||
Calavo Growers, Inc. | 1,112 | 41,956 | ||||||
Cal-Maine Foods, Inc. | 2,254 | 104,112 | ||||||
Campbell Soup Co. | 12,267 | 562,074 | ||||||
Conagra Brands, Inc. | 30,430 | 998,408 | ||||||
Darling Ingredients, Inc.(a)(b) | 9,748 | 675,049 | ||||||
Dole PLC | 5,443 | 71,902 | ||||||
Flowers Foods, Inc. | 12,222 | 302,006 |
60 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Food Products (continued) | ||||||||
Fresh Del Monte Produce, Inc. | 2,317 | $ | 61,586 | |||||
Freshpet, Inc.(a)(b) | 3,087 | 227,018 | ||||||
General Mills, Inc. | 37,350 | 2,791,539 | ||||||
Hain Celestial Group, Inc.(a) | 6,528 | 82,710 | ||||||
Hershey Co. | 9,324 | 2,156,734 | ||||||
Hormel Foods Corp. | 18,554 | 758,487 | ||||||
Hostess Brands, Inc.(a) | 9,038 | 217,274 | ||||||
Ingredion, Inc. | 4,008 | 445,930 | ||||||
J & J Snack Foods Corp. | 1,069 | 171,382 | ||||||
J M Smucker Co. | 6,581 | 991,428 | ||||||
John B Sanfilippo & Son, Inc. | 672 | 73,188 | ||||||
Kellogg Co. | 16,145 | 1,079,939 | ||||||
Kraft Heinz Co. | 51,160 | 1,850,969 | ||||||
Lamb Weston Holdings, Inc. | 9,272 | 960,857 | ||||||
Lancaster Colony Corp. | 1,204 | 231,927 | ||||||
McCormick & Co., Inc. | 15,961 | 1,428,190 | ||||||
Mission Produce, Inc.(a) | 1,882 | 21,869 | ||||||
Mondelez International, Inc., Class A | 86,057 | 6,379,405 | ||||||
Pilgrim’s Pride Corp.(a) | 2,884 | 71,437 | ||||||
Post Holdings, Inc.(a) | 3,274 | 279,272 | ||||||
Seaboard Corp. | 12 | 43,260 | ||||||
Seneca Foods Corp., Class A(a) | 699 | 26,957 | ||||||
Simply Good Foods Co.(a) | 5,858 | 226,763 | ||||||
Sovos Brands, Inc.(a) | 2,778 | 49,448 | ||||||
SunOpta, Inc.(a) | 6,076 | 40,284 | ||||||
TreeHouse Foods, Inc.(a) | 3,444 | 177,745 | ||||||
Tyson Foods, Inc., Class A | 17,599 | 980,616 | ||||||
Utz Brands, Inc. | 4,872 | 81,606 | ||||||
Vital Farms, Inc.(a) | 3,080 | 36,036 | ||||||
Westrock Coffee Co.(a)(b) | 2,383 | 26,439 | ||||||
|
| |||||||
28,804,606 | ||||||||
Gas Utilities — 0.1% | ||||||||
Atmos Energy Corp. | 9,167 | 1,115,715 | ||||||
Brookfield Infrastructure Corp., Class A | 6,222 | 290,692 | ||||||
Chesapeake Utilities Corp. | 1,026 | 121,314 | ||||||
National Fuel Gas Co. | 5,623 | 298,637 | ||||||
New Jersey Resources Corp. | 6,393 | 285,767 | ||||||
Northwest Natural Holding Co. | 2,475 | 106,351 | ||||||
ONE Gas, Inc. | 3,452 | 273,157 | ||||||
Southwest Gas Holdings, Inc. | 3,757 | 247,737 | ||||||
Spire, Inc. | 3,161 | 200,945 | ||||||
UGI Corp. | 12,770 | 344,662 | ||||||
|
| |||||||
3,284,977 | ||||||||
Ground Transportation — 1.1% | ||||||||
ArcBest Corp. | 1,534 | 178,435 | ||||||
Avis Budget Group, Inc.(a) | 1,311 | 288,800 | ||||||
Covenant Logistics Group, Inc. | 878 | 48,079 | ||||||
CSX Corp. | 128,312 | 4,275,356 | ||||||
Daseke, Inc.(a) | 1,895 | 14,743 | ||||||
Heartland Express, Inc.(b) | 3,436 | 56,179 | ||||||
Hertz Global Holdings, Inc.(a)(b) | 8,951 | 150,824 | ||||||
JB Hunt Transport Services, Inc. | 5,237 | 1,068,034 | ||||||
Knight-Swift Transportation Holdings, Inc. | 9,826 | 596,929 | ||||||
Landstar System, Inc. | 2,285 | 465,203 | ||||||
Lyft, Inc., Class A(a) | 19,191 | 243,918 | ||||||
Marten Transport Ltd. | 4,841 | 109,697 | ||||||
Norfolk Southern Corp. | 14,380 | 3,359,024 | ||||||
Old Dominion Freight Line, Inc.(b) | 6,233 | 2,614,681 | ||||||
PAM Transportation Services, Inc.(a) | 886 | 22,912 | ||||||
RXO, Inc.(a) | 6,858 | 151,219 | ||||||
Ryder System, Inc. | 2,987 | 305,122 |
Security | Shares | Value | ||||||
Ground Transportation (continued) | ||||||||
Saia, Inc.(a) | 1,687 | $ | 713,837 | |||||
Schneider National, Inc., Class B | 3,106 | 95,696 | ||||||
TuSimple Holdings, Inc., Class A(a) | 10,700 | 25,038 | ||||||
Uber Technologies, Inc.(a) | 123,039 | 6,085,509 | ||||||
U-Haul Holding Co.(b) | 5,166 | 295,547 | ||||||
U-Haul Holding Co. | 574 | 34,934 | ||||||
Union Pacific Corp. | 38,551 | 8,944,603 | ||||||
Universal Logistics Holdings, Inc. | 345 | 10,726 | ||||||
Werner Enterprises, Inc. | 3,887 | 182,767 | ||||||
XPO, Inc.(a) | 7,218 | 499,774 | ||||||
|
| |||||||
30,837,586 | ||||||||
Health Care Equipment & Supplies — 2.7% | ||||||||
Abbott Laboratories | 109,506 | 12,191,303 | ||||||
Accuray, Inc.(a)(b) | 6,907 | 29,424 | ||||||
Align Technology, Inc.(a) | 4,844 | 1,830,499 | ||||||
Alphatec Holdings, Inc.(a) | 5,618 | 99,270 | ||||||
AngioDynamics, Inc.(a) | 2,055 | 17,858 | ||||||
Artivion, Inc.(a) | 2,287 | 39,840 | ||||||
AtriCure, Inc.(a) | 3,211 | 177,729 | ||||||
Atrion Corp. | 93 | 52,137 | ||||||
Avanos Medical, Inc.(a)(b) | 2,746 | 67,195 | ||||||
Axogen, Inc.(a) | 2,915 | 25,186 | ||||||
Axonics, Inc.(a) | 2,947 | 177,910 | ||||||
Baxter International, Inc. | 32,073 | 1,450,662 | ||||||
Becton Dickinson & Co. | 17,926 | 4,994,542 | ||||||
Boston Scientific Corp.(a) | 91,383 | 4,738,209 | ||||||
Butterfly Network, Inc.(a)(b) | 9,583 | 24,628 | ||||||
Cerus Corp.(a) | 10,433 | 32,029 | ||||||
CONMED Corp. | 1,948 | 235,805 | ||||||
Cooper Cos., Inc. | 3,117 | 1,219,557 | ||||||
Cutera, Inc.(a) | 1,121 | 22,431 | ||||||
DENTSPLY SIRONA, Inc. | 13,056 | 542,085 | ||||||
Dexcom, Inc.(a)(b) | 24,514 | 3,053,464 | ||||||
Edwards Lifesciences Corp.(a) | 38,169 | 3,132,530 | ||||||
Embecta Corp. | 3,199 | 68,267 | ||||||
Enovis Corp.(a) | 3,332 | 212,915 | ||||||
Envista Holdings Corp.(a) | 10,236 | 352,221 | ||||||
GE HealthCare Technologies, Inc.(a) | 24,741 | 1,929,798 | ||||||
Glaukos Corp.(a) | 3,038 | 234,351 | ||||||
Globus Medical, Inc., Class A(a) | 5,189 | 312,741 | ||||||
Haemonetics Corp.(a) | 3,257 | 300,426 | ||||||
Hologic, Inc.(a) | 15,333 | 1,217,747 | ||||||
ICU Medical, Inc.(a)(b) | 1,216 | 216,667 | ||||||
IDEXX Laboratories, Inc.(a)(b) | 5,213 | 2,891,807 | ||||||
Inari Medical, Inc.(a) | 3,207 | 183,023 | ||||||
Inmode Ltd.(a) | 4,808 | 206,311 | ||||||
Inogen, Inc.(a) | 1,013 | 8,276 | ||||||
Inspire Medical Systems, Inc.(a) | 1,783 | 513,165 | ||||||
Insulet Corp.(a) | 4,414 | 1,221,575 | ||||||
Integer Holdings Corp.(a)(b) | 1,962 | 181,446 | ||||||
Integra LifeSciences Holdings Corp.(a) | 4,290 | 195,066 | ||||||
Intuitive Surgical, Inc.(a) | 22,128 | 7,178,323 | ||||||
iRhythm Technologies, Inc.(a) | 1,872 | 196,672 | ||||||
Lantheus Holdings, Inc.(a)(b) | 4,236 | 366,372 | ||||||
LeMaitre Vascular, Inc. | 1,369 | 86,562 | ||||||
LivaNova PLC(a) | 3,277 | 191,541 | ||||||
Masimo Corp.(a)(b) | 2,889 | 353,325 | ||||||
Medtronic PLC | 84,122 | 7,382,547 | ||||||
Merit Medical Systems, Inc.(a) | 3,518 | 262,689 | ||||||
Mesa Laboratories, Inc. | 342 | 44,002 | ||||||
Nano-X Imaging Ltd.(a)(b) | 2,926 | 36,282 | ||||||
Neogen Corp.(a) | 14,114 | 327,304 |
SCHEDULE OF INVESTMENTS | 61 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Health Care Equipment & Supplies (continued) | ||||||||
Nevro Corp.(a)(b) | 2,489 | $ | 62,200 | |||||
Novocure Ltd.(a)(b) | 6,754 | 220,451 | ||||||
NuVasive, Inc.(a) | 3,253 | 134,056 | ||||||
Omnicell, Inc.(a) | 2,769 | 174,862 | ||||||
OraSure Technologies, Inc.(a) | 4,522 | 21,344 | ||||||
Orthofix Medical, Inc.(a) | 1,626 | 32,016 | ||||||
OrthoPediatrics Corp.(a)(b) | 1,412 | 58,951 | ||||||
Outset Medical, Inc.(a) | 2,818 | 57,994 | ||||||
Paragon 28, Inc.(a) | 2,936 | 51,879 | ||||||
Penumbra, Inc.(a) | 2,240 | 679,526 | ||||||
PROCEPT BioRobotics Corp.(a)(b) | 2,503 | 86,203 | ||||||
Pulmonx Corp.(a) | 2,572 | 36,008 | ||||||
QuidelOrtho Corp.(a) | 3,388 | 295,976 | ||||||
ResMed, Inc. | 9,223 | 2,050,734 | ||||||
RxSight, Inc.(a) | 1,911 | 63,770 | ||||||
Shockwave Medical, Inc.(a) | 2,336 | 608,762 | ||||||
SI-BONE, Inc.(a) | 2,624 | 67,594 | ||||||
Sight Sciences, Inc.(a) | 33 | 290 | ||||||
Silk Road Medical, Inc.(a)(b) | 2,576 | 58,836 | ||||||
STAAR Surgical Co.(a) | 3,016 | 165,186 | ||||||
STERIS PLC | 6,304 | 1,421,867 | ||||||
Stryker Corp. | 22,517 | 6,381,543 | ||||||
Surmodics, Inc.(a) | 823 | 26,394 | ||||||
Tactile Systems Technology, Inc.(a) | 1,111 | 25,453 | ||||||
Tandem Diabetes Care, Inc.(a) | 4,223 | 147,467 | ||||||
Teleflex, Inc. | 3,011 | 756,273 | ||||||
TransMedics Group, Inc.(a) | 1,883 | 175,458 | ||||||
Treace Medical Concepts, Inc.(a) | 3,386 | 77,167 | ||||||
UFP Technologies, Inc.(a) | 514 | 100,058 | ||||||
Utah Medical Products, Inc. | 90 | 8,850 | ||||||
Varex Imaging Corp.(a) | 2,011 | 46,836 | ||||||
Vicarious Surgical, Inc.(a)(b) | 7,131 | 11,695 | ||||||
Zimmer Biomet Holdings, Inc. | 13,196 | 1,823,027 | ||||||
Zimvie, Inc.(a) | 1,143 | 15,682 | ||||||
Zynex, Inc.(a) | 2,679 | 26,147 | ||||||
|
| |||||||
76,796,269 | ||||||||
Health Care Providers & Services — 2.7% | ||||||||
23andMe Holding Co., Class A(a) | 12,498 | 23,996 | ||||||
Acadia Healthcare Co., Inc.(a) | 5,959 | 470,940 | ||||||
Accolade, Inc.(a) | 4,551 | 68,356 | ||||||
AdaptHealth Corp.(a) | 4,211 | 57,859 | ||||||
Addus HomeCare Corp.(a) | 862 | 78,933 | ||||||
Agiliti, Inc.(a) | 1,187 | 20,381 | ||||||
agilon health, Inc.(a)(b) | 17,802 | 340,908 | ||||||
Alignment Healthcare, Inc.(a) | 5,964 | 37,036 | ||||||
Amedisys, Inc.(a) | 1,965 | 178,501 | ||||||
AmerisourceBergen Corp. | 10,194 | 1,905,259 | ||||||
AMN Healthcare Services, Inc.(a) | 2,547 | 272,911 | ||||||
Apollo Medical Holdings, Inc.(a) | 2,670 | 97,802 | ||||||
Aveanna Healthcare Holdings, Inc.(a) | 1,972 | 3,412 | ||||||
Brookdale Senior Living, Inc.(a)(b) | 14,257 | 50,185 | ||||||
Cano Health, Inc.(a) | 10,355 | 15,222 | ||||||
Cardinal Health, Inc. | 16,501 | 1,509,346 | ||||||
CareMax, Inc.(a) | 4,295 | 10,265 | ||||||
Castle Biosciences, Inc.(a) | 1,921 | 32,369 | ||||||
Centene Corp.(a) | 35,120 | 2,391,321 | ||||||
Chemed Corp. | 916 | 477,318 | ||||||
Cigna Group | 18,512 | 5,462,891 | ||||||
Community Health Systems, Inc.(a) | 6,300 | 27,657 | ||||||
CorVel Corp.(a) | 587 | 120,077 | ||||||
Cross Country Healthcare, Inc.(a) | 2,722 | 70,228 |
Security | Shares | Value | ||||||
Health Care Providers & Services (continued) | ||||||||
CVS Health Corp. | 81,149 | $ | 6,061,019 | |||||
DaVita, Inc.(a) | 3,313 | 337,893 | ||||||
DocGo, Inc.(a) | 4,887 | 41,002 | ||||||
Elevance Health, Inc. | 15,031 | 7,089,070 | ||||||
Encompass Health Corp. | 6,145 | 405,754 | ||||||
Enhabit, Inc.(a)(b) | 3,056 | 41,959 | ||||||
Ensign Group, Inc. | 3,257 | 315,506 | ||||||
Fulgent Genetics, Inc.(a) | 1,533 | 59,526 | ||||||
Guardant Health, Inc.(a) | 7,188 | 280,476 | ||||||
HCA Healthcare, Inc. | 13,006 | 3,548,167 | ||||||
HealthEquity, Inc.(a) | 5,146 | 349,619 | ||||||
Henry Schein, Inc.(a) | 8,394 | 661,363 | ||||||
Hims & Hers Health, Inc.(a) | 8,208 | 73,626 | ||||||
Humana, Inc. | 7,931 | 3,623,119 | ||||||
Innovage Holding Corp.(a) | 978 | 7,042 | ||||||
Invitae Corp.(a)(b) | 19,431 | 27,592 | ||||||
Joint Corp.(a) | 820 | 11,070 | ||||||
Laboratory Corp. of America Holdings | 5,591 | 1,196,083 | ||||||
LifeStance Health Group, Inc.(a) | 6,871 | 64,519 | ||||||
McKesson Corp. | 8,675 | 3,490,820 | ||||||
ModivCare, Inc.(a) | 878 | 38,404 | ||||||
Molina Healthcare, Inc.(a) | 3,694 | 1,124,786 | ||||||
National HealthCare Corp. | 1,106 | 65,276 | ||||||
National Research Corp. | 1,109 | 47,587 | ||||||
NeoGenomics, Inc.(a) | 8,616 | 149,315 | ||||||
OPKO Health, Inc.(a) | 22,404 | 41,671 | ||||||
Option Care Health, Inc.(a) | 10,313 | 348,373 | ||||||
Owens & Minor, Inc.(a) | 4,320 | 83,117 | ||||||
Patterson Cos., Inc. | 5,305 | 174,481 | ||||||
Pediatrix Medical Group, Inc.(a) | 5,332 | 73,208 | ||||||
Pennant Group, Inc.(a) | 1,158 | 13,294 | ||||||
PetIQ, Inc.(a) | 1,413 | 23,654 | ||||||
Premier, Inc., Class A | 7,029 | 195,055 | ||||||
Privia Health Group, Inc.(a) | 4,419 | 123,378 | ||||||
Progyny, Inc.(a)(b) | 5,002 | 208,883 | ||||||
Quest Diagnostics, Inc. | 7,249 | 980,137 | ||||||
R1 RCM, Inc.(a)(b) | 9,585 | 165,629 | ||||||
RadNet, Inc.(a) | 3,480 | 115,118 | ||||||
Select Medical Holdings Corp. | 6,381 | 191,494 | ||||||
Surgery Partners, Inc.(a)(b) | 4,295 | 165,916 | ||||||
Tenet Healthcare Corp.(a) | 6,549 | 489,407 | ||||||
U.S. Physical Therapy, Inc. | 849 | 98,713 | ||||||
UnitedHealth Group, Inc. | 58,772 | 29,760,378 | ||||||
Universal Health Services, Inc., Class B | 3,933 | 546,530 | ||||||
|
| |||||||
76,632,202 | ||||||||
Health Care REITs — 0.2% | ||||||||
CareTrust REIT, Inc. | 6,801 | 141,393 | ||||||
Community Healthcare Trust, Inc. | 1,398 | 49,266 | ||||||
Diversified Healthcare Trust | 14,315 | 29,918 | ||||||
Global Medical REIT, Inc. | 3,155 | 31,234 | ||||||
Healthcare Realty Trust, Inc. | 24,203 | 472,685 | ||||||
Healthpeak Properties, Inc. | 34,853 | 760,841 | ||||||
LTC Properties, Inc. | 2,807 | 94,203 | ||||||
Medical Properties Trust, Inc. | 37,105 | 374,389 | ||||||
National Health Investors, Inc. | 2,865 | 157,317 | ||||||
Omega Healthcare Investors, Inc. | 14,949 | 476,873 | ||||||
Physicians Realty Trust | 14,761 | 217,577 | ||||||
Sabra Health Care REIT, Inc. | 15,945 | 207,126 | ||||||
Universal Health Realty Income Trust | 517 | 24,676 |
62 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Health Care REITs (continued) | ||||||||
Ventas, Inc. | 25,360 | $ | 1,230,467 | |||||
Welltower, Inc. | 31,532 | 2,590,354 | ||||||
|
| |||||||
6,858,319 | ||||||||
Health Care Technology — 0.1% | ||||||||
American Well Corp., Class A(a) | 14,687 | 35,983 | ||||||
Certara, Inc.(a) | 7,090 | 138,042 | ||||||
Computer Programs and Systems, Inc.(a) | 440 | 11,537 | ||||||
Definitive Healthcare Corp.(a)(b) | 2,101 | 24,855 | ||||||
Doximity, Inc., Class A(a)(b) | 6,727 | 240,356 | ||||||
Evolent Health, Inc., Class A(a) | 7,059 | 214,523 | ||||||
Health Catalyst, Inc.(a) | 2,795 | 39,214 | ||||||
HealthStream, Inc. | 1,619 | 36,395 | ||||||
Multiplan Corp.(a) | 23,893 | 51,370 | ||||||
NextGen Healthcare, Inc.(a) | 3,477 | 57,822 | ||||||
OptimizeRx Corp.(a) | 814 | 11,355 | ||||||
Phreesia, Inc.(a) | 3,516 | 111,528 | ||||||
Schrodinger, Inc.(a) | 3,581 | 187,322 | ||||||
Sharecare, Inc.(a) | 16,795 | 23,345 | ||||||
Simulations Plus, Inc. | 1,116 | 55,577 | ||||||
Teladoc Health, Inc.(a)(b) | 10,028 | 298,534 | ||||||
Veeva Systems, Inc., Class A(a) | 9,193 | 1,877,394 | ||||||
Veradigm, Inc.(a) | 7,214 | 97,533 | ||||||
|
| |||||||
3,512,685 | ||||||||
Hotel & Resort REITs — 0.1% | ||||||||
Apple Hospitality REIT, Inc. | 13,033 | 202,012 | ||||||
Braemar Hotels & Resorts, Inc. | 3,646 | 13,490 | ||||||
Chatham Lodging Trust | 2,016 | 19,354 | ||||||
DiamondRock Hospitality Co. | 11,505 | 97,793 | ||||||
Hersha Hospitality Trust, Class A | 1,059 | 6,629 | ||||||
Host Hotels & Resorts, Inc. | 45,012 | 828,221 | ||||||
Park Hotels & Resorts, Inc. | 14,578 | 198,698 | ||||||
Pebblebrook Hotel Trust(b) | 7,963 | 123,028 | ||||||
RLJ Lodging Trust | 11,744 | 120,963 | ||||||
Ryman Hospitality Properties, Inc. | 3,591 | 342,186 | ||||||
Service Properties Trust | 8,692 | 73,795 | ||||||
Summit Hotel Properties, Inc. | 5,580 | 35,935 | ||||||
Sunstone Hotel Investors, Inc. | 14,339 | 146,114 | ||||||
Xenia Hotels & Resorts, Inc. | 7,531 | 95,644 | ||||||
|
| |||||||
2,303,862 | ||||||||
Hotels, Restaurants & Leisure — 2.3% | ||||||||
Accel Entertainment, Inc.(a)(b) | 4,065 | 46,341 | ||||||
Airbnb, Inc., Class A(a)(b) | 25,680 | 3,908,239 | ||||||
Aramark | 15,135 | 611,000 | ||||||
Bally’s Corp.(a) | 3,342 | 54,408 | ||||||
Biglari Holdings, Inc., Class B(a) | 32 | 6,501 | ||||||
BJ’s Restaurants, Inc.(a) | 1,084 | 40,823 | ||||||
Bloomin’ Brands, Inc. | 5,912 | 158,855 | ||||||
Bluegreen Vacations Holding Corp. | 764 | 29,865 | ||||||
Booking Holdings, Inc.(a) | 2,349 | 6,978,409 | ||||||
Bowlero Corp.(a)(b) | 2,290 | 27,778 | ||||||
Boyd Gaming Corp. | 4,500 | 307,440 | ||||||
Brinker International, Inc.(a) | 2,824 | 110,927 | ||||||
Caesars Entertainment, Inc.(a) | 12,701 | 749,613 | ||||||
Carnival Corp.(a) | 63,070 | 1,188,239 | ||||||
Century Casinos, Inc.(a) | 1,395 | 11,090 | ||||||
Cheesecake Factory, Inc. | 3,485 | 128,178 | ||||||
Chipotle Mexican Grill, Inc.(a) | 1,742 | 3,418,292 | ||||||
Choice Hotels International, Inc. | 2,003 | 261,892 | ||||||
Churchill Downs, Inc. | 4,425 | 512,636 |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
Chuy’s Holdings, Inc.(a) | 1,136 | $ | 47,246 | |||||
Cracker Barrel Old Country Store, Inc. | 1,446 | 134,767 | ||||||
Darden Restaurants, Inc. | 7,773 | 1,313,015 | ||||||
Dave & Buster’s Entertainment, Inc.(a) | 2,569 | 117,660 | ||||||
Denny’s Corp.(a) | 3,384 | 39,796 | ||||||
Dine Brands Global, Inc. | 887 | 53,504 | ||||||
Domino’s Pizza, Inc. | 2,228 | 883,937 | ||||||
DoorDash, Inc., Class A(a) | 19,238 | 1,746,618 | ||||||
DraftKings, Inc., Class A(a) | 26,649 | 846,905 | ||||||
El Pollo Loco Holdings, Inc. | 399 | 4,249 | ||||||
Everi Holdings, Inc.(a) | 5,012 | 74,378 | ||||||
Expedia Group, Inc.(a) | 9,186 | 1,125,561 | ||||||
First Watch Restaurant Group, Inc.(a)(b) | 1,553 | 28,948 | ||||||
Full House Resorts, Inc.(a) | 2,239 | 14,374 | ||||||
Golden Entertainment, Inc.(a) | 1,082 | 45,812 | ||||||
Hilton Grand Vacations, Inc.(a) | 4,987 | 231,896 | ||||||
Hilton Worldwide Holdings, Inc. | 16,245 | 2,525,935 | ||||||
Hyatt Hotels Corp., Class A(b) | 2,928 | 369,953 | ||||||
Inspired Entertainment, Inc.(a) | 902 | 11,356 | ||||||
International Game Technology PLC | 6,271 | 212,148 | ||||||
Jack in the Box, Inc. | 1,529 | 151,998 | ||||||
Krispy Kreme, Inc. | 6,214 | 95,696 | ||||||
Kura Sushi USA, Inc., Class A(a) | 372 | 37,018 | ||||||
Las Vegas Sands Corp.(a) | 21,017 | 1,257,027 | ||||||
Life Time Group Holdings, Inc.(a) | 2,249 | 40,684 | ||||||
Light & Wonder, Inc., Class A(a)(b) | 5,727 | 402,608 | ||||||
Lindblad Expeditions Holdings, Inc.(a) | 2,077 | 24,550 | ||||||
Marriott International, Inc., Class A | 15,977 | 3,224,318 | ||||||
Marriott Vacations Worldwide Corp. | 2,247 | 288,762 | ||||||
McDonald’s Corp. | 46,065 | 13,506,258 | ||||||
MGM Resorts International | 19,168 | 973,159 | ||||||
Monarch Casino & Resort, Inc. | 999 | 69,251 | ||||||
Mondee Holdings, Inc. | 3,139 | 26,870 | ||||||
Noodles & Co.(a) | 1,836 | 6,701 | ||||||
Norwegian Cruise Line Holdings Ltd.(a) | 26,269 | 579,757 | ||||||
ONE Group Hospitality, Inc.(a) | 2,463 | 18,152 | ||||||
Papa John’s International, Inc. | 2,240 | 185,248 | ||||||
Penn Entertainment, Inc.(a) | 10,233 | 269,026 | ||||||
Planet Fitness, Inc., Class A(a) | 5,262 | 355,395 | ||||||
Portillo’s, Inc., Class A(a) | 3,505 | 80,790 | ||||||
RCI Hospitality Holdings, Inc. | 626 | 43,664 | ||||||
Red Rock Resorts, Inc., Class A | 3,336 | 161,796 | ||||||
Royal Caribbean Cruises Ltd.(a)(b) | 14,882 | 1,623,775 | ||||||
Rush Street Interactive, Inc.(a) | 2,591 | 9,924 | ||||||
Sabre Corp.(a) | 21,234 | 87,059 | ||||||
SeaWorld Entertainment, Inc.(a)(b) | 2,631 | 145,678 | ||||||
Shake Shack, Inc., Class A(a) | 2,297 | 178,385 | ||||||
Six Flags Entertainment Corp.(a) | 4,559 | 108,960 | ||||||
Starbucks Corp. | 71,348 | 7,246,816 | ||||||
Super Group SGHC Ltd.(a) | 8,184 | 24,798 | ||||||
Sweetgreen, Inc., Class A(a) | 5,522 | 83,217 | ||||||
Target Hospitality Corp.(a) | 2,076 | 26,511 | ||||||
Texas Roadhouse, Inc. | 4,216 | 470,295 | ||||||
Travel & Leisure Co. | 4,909 | 199,944 | ||||||
Vail Resorts, Inc. | 2,567 | 604,503 | ||||||
Wendy’s Co. | 10,460 | 224,785 | ||||||
Wingstop, Inc. | 1,900 | 320,302 | ||||||
Wyndham Hotels & Resorts, Inc. | 5,228 | 407,366 | ||||||
Wynn Resorts Ltd. | 6,680 | 727,986 |
SCHEDULE OF INVESTMENTS | 63 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
Xponential Fitness, Inc., Class A(a)(b) | 1,307 | $ | 27,604 | |||||
Yum! Brands, Inc. | 17,597 | 2,422,579 | ||||||
|
| |||||||
65,117,799 | ||||||||
Household Durables — 0.5% | ||||||||
Beazer Homes USA, Inc.(a) | 2,424 | 81,519 | ||||||
Cavco Industries, Inc.(a) | 513 | 151,668 | ||||||
Century Communities, Inc. | 1,627 | 125,637 | ||||||
Cricut, Inc., Class A, Class A(b) | 2,865 | 33,979 | ||||||
D.R. Horton, Inc. | 19,545 | 2,482,606 | ||||||
Dream Finders Homes, Inc., Class A(a) | 1,622 | 41,361 | ||||||
Ethan Allen Interiors, Inc. | 1,903 | 59,887 | ||||||
Garmin Ltd. | 9,747 | 1,032,110 | ||||||
GoPro, Inc., Class A(a) | 8,298 | 33,939 | ||||||
Green Brick Partners, Inc.(a) | 1,939 | 109,592 | ||||||
Helen of Troy Ltd.(a) | 1,416 | 200,081 | ||||||
Hovnanian Enterprises, Inc., Class A(a) | 259 | 27,615 | ||||||
Installed Building Products, Inc. | 1,495 | 221,290 | ||||||
iRobot Corp.(a) | 1,749 | 69,960 | ||||||
KB Home | 4,712 | 254,307 | ||||||
La-Z-Boy, Inc. | 2,410 | 75,602 | ||||||
Legacy Housing Corp.(a) | 148 | 3,511 | ||||||
Leggett & Platt, Inc. | 8,651 | 253,128 | ||||||
Lennar Corp., B Shares | 1,295 | 148,808 | ||||||
Lennar Corp., Class A | 15,443 | 1,958,636 | ||||||
LGI Homes, Inc.(a) | 1,213 | 168,304 | ||||||
Lovesac Co.(a) | 653 | 19,120 | ||||||
M/I Homes, Inc.(a) | 1,521 | 152,100 | ||||||
MDC Holdings, Inc. | 3,675 | 188,454 | ||||||
Meritage Homes Corp. | 2,432 | 362,246 | ||||||
Mohawk Industries, Inc.(a) | 3,384 | 359,854 | ||||||
Newell Brands, Inc. | 23,980 | 267,617 | ||||||
NVR, Inc.(a) | 187 | 1,179,304 | ||||||
PulteGroup, Inc. | 14,110 | 1,190,743 | ||||||
Purple Innovation, Inc. | 3,669 | 11,447 | ||||||
Skyline Champion Corp.(a) | 3,500 | 243,810 | ||||||
Snap One Holdings Corp.(a) | 1,999 | 19,470 | ||||||
Sonos, Inc.(a) | 7,986 | 136,880 | ||||||
Taylor Morrison Home Corp.(a) | 6,652 | 322,090 | ||||||
Tempur Sealy International, Inc. | 10,610 | 473,524 | ||||||
Toll Brothers, Inc. | 6,886 | 553,152 | ||||||
TopBuild Corp.(a) | 1,946 | 533,068 | ||||||
Traeger, Inc.(a)(b) | 1,304 | 5,816 | ||||||
Tri Pointe Homes, Inc.(a) | 6,084 | 193,958 | ||||||
Vizio Holding Corp., Class A(a) | 4,238 | 31,573 | ||||||
Vuzix Corp.(a)(b) | 2,953 | 15,592 | ||||||
Whirlpool Corp. | 3,376 | 487,022 | ||||||
|
| |||||||
14,280,380 | ||||||||
Household Products — 1.2% | ||||||||
Central Garden & Pet Co.(a) | 682 | 27,607 | ||||||
Central Garden & Pet Co., Class A(a) | 2,523 | 96,429 | ||||||
Church & Dwight Co., Inc. | 15,535 | 1,486,233 | ||||||
Clorox Co. | 7,860 | 1,190,633 | ||||||
Colgate-Palmolive Co. | 51,479 | 3,925,789 | ||||||
Energizer Holdings, Inc. | 4,687 | 167,326 | ||||||
Kimberly-Clark Corp. | 21,213 | 2,738,598 | ||||||
Oil-Dri Corp. of America | 477 | 29,941 | ||||||
Procter & Gamble Co. | 148,639 | 23,232,276 | ||||||
Reynolds Consumer Products, Inc. | 3,870 | 107,122 |
Security | Shares | Value | ||||||
Household Products (continued) | ||||||||
Spectrum Brands Holdings, Inc. | 2,456 | $ | 192,575 | |||||
WD-40 Co. | 832 | 190,944 | ||||||
|
| |||||||
33,385,473 | ||||||||
Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
AES Corp. | 41,479 | 897,191 | ||||||
Altus Power, Inc.(a) | 6,825 | 46,478 | ||||||
Brookfield Renewable Corp., Class A | 7,595 | 236,736 | ||||||
Clearway Energy, Inc., Class A | 3,272 | 80,720 | ||||||
Clearway Energy, Inc., Class C | 4,140 | 109,337 | ||||||
Montauk Renewables, Inc.(a)(b) | 3,696 | 32,340 | ||||||
Ormat Technologies, Inc.(b) | 3,182 | 258,697 | ||||||
Sunnova Energy International, Inc.(a)(b) | 6,377 | 112,618 | ||||||
Vistra Corp. | 23,247 | 652,311 | ||||||
|
| |||||||
2,426,428 | ||||||||
Industrial Conglomerates — 0.7% | ||||||||
3M Co. | 34,773 | 3,877,189 | ||||||
Brookfield Business Corp., Class A | 1,503 | 30,841 | ||||||
General Electric Co. | 68,711 | 7,849,545 | ||||||
Honeywell International, Inc. | 42,120 | 8,176,756 | ||||||
|
| |||||||
19,934,331 | ||||||||
Industrial REITs — 0.4% | ||||||||
Americold Realty Trust, Inc. | 16,926 | 548,741 | ||||||
EastGroup Properties, Inc. | 2,704 | 479,095 | ||||||
First Industrial Realty Trust, Inc. | 8,643 | 446,843 | ||||||
Innovative Industrial Properties, Inc. | 1,807 | 143,169 | ||||||
LXP Industrial Trust | 18,394 | 185,227 | ||||||
Plymouth Industrial REIT, Inc. | 4,122 | 93,858 | ||||||
Prologis, Inc. | 58,283 | 7,270,804 | ||||||
Rexford Industrial Realty, Inc. | 12,691 | 699,147 | ||||||
STAG Industrial, Inc. | 10,769 | 390,915 | ||||||
Terreno Realty Corp. | 5,012 | 297,412 | ||||||
|
| |||||||
10,555,211 | ||||||||
Insurance — 2.1% | ||||||||
Aflac, Inc. | 38,357 | 2,774,745 | ||||||
Allstate Corp. | 16,662 | 1,877,474 | ||||||
Ambac Financial Group, Inc.(a) | 2,001 | 28,294 | ||||||
American Equity Investment Life Holding Co.(a) | 4,993 | 267,974 | ||||||
American Financial Group, Inc. | 4,814 | 585,431 | ||||||
American International Group, Inc. | 46,391 | 2,796,450 | ||||||
AMERISAFE, Inc. | 1,410 | 73,489 | ||||||
Aon PLC, Class A | 12,788 | 4,072,978 | ||||||
Arch Capital Group Ltd.(a) | 22,663 | 1,760,689 | ||||||
Argo Group International Holdings Ltd. | 2,322 | 68,963 | ||||||
Arthur J Gallagher & Co. | 13,458 | 2,890,778 | ||||||
Assurant, Inc. | 3,194 | 429,625 | ||||||
Assured Guaranty Ltd. | 3,483 | 208,214 | ||||||
Axis Capital Holdings Ltd. | 5,100 | 281,112 | ||||||
Brighthouse Financial, Inc.(a) | 4,515 | 235,367 | ||||||
Brown & Brown, Inc. | 15,213 | 1,071,756 | ||||||
BRP Group, Inc., Class A(a)(b) | 4,318 | 107,561 | ||||||
Chubb Ltd. | 26,014 | 5,317,522 | ||||||
Cincinnati Financial Corp. | 9,854 | 1,060,093 | ||||||
CNA Financial Corp. | 1,699 | 66,533 | ||||||
CNO Financial Group, Inc. | 7,685 | 197,658 | ||||||
Crawford & Co., Class A | 347 | 3,335 | ||||||
eHealth, Inc.(a) | 1,290 | 9,752 | ||||||
Employers Holdings, Inc. | 798 | 30,827 | ||||||
Enstar Group Ltd.(a) | 780 | 199,586 | ||||||
Everest Group Ltd. | 2,691 | 970,132 |
64 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Insurance (continued) | ||||||||
F&G Annuities & Life, Inc. | 1,150 | $ | 30,130 | |||||
Fidelity National Financial, Inc. | 16,187 | 634,045 | ||||||
First American Financial Corp. | 6,362 | 403,224 | ||||||
Genworth Financial, Inc., Class A(a) | 15,365 | 90,039 | ||||||
Globe Life, Inc. | 6,023 | 675,600 | ||||||
Goosehead Insurance, Inc., Class A(a) | 1,246 | 83,320 | ||||||
Greenlight Capital Re Ltd., Class A(a)(b) | 1,310 | 13,467 | ||||||
Hanover Insurance Group, Inc. | 2,331 | 264,522 | ||||||
Hartford Financial Services Group, Inc. | 19,833 | 1,425,596 | ||||||
HCI Group, Inc. | 444 | 27,888 | ||||||
Hippo Holdings, Inc.(a)(b) | 930 | 15,996 | ||||||
Horace Mann Educators Corp. | 1,576 | 47,485 | ||||||
Investors Title Co. | 51 | 7,984 | ||||||
James River Group Holdings Ltd. | 2,673 | 49,424 | ||||||
Kemper Corp. | 4,044 | 206,123 | ||||||
Kinsale Capital Group, Inc. | 1,353 | 504,168 | ||||||
Lemonade, Inc.(a)(b) | 3,392 | 78,864 | ||||||
Lincoln National Corp. | 11,067 | 310,319 | ||||||
Loews Corp. | 12,471 | 781,308 | ||||||
Markel Group, Inc.(a) | 823 | 1,193,111 | ||||||
Marsh & McLennan Cos., Inc. | 31,242 | 5,886,618 | ||||||
MBIA, Inc.(a) | 2,769 | 24,201 | ||||||
Mercury General Corp. | 2,282 | 73,435 | ||||||
MetLife, Inc. | 41,145 | 2,590,901 | ||||||
National Western Life Group, Inc., Class A | 106 | 44,697 | ||||||
Old Republic International Corp. | 16,755 | 461,935 | ||||||
Oscar Health, Inc., Class A(a) | 8,387 | 63,070 | ||||||
Palomar Holdings, Inc.(a) | 1,645 | 99,621 | ||||||
Primerica, Inc. | 2,370 | 504,099 | ||||||
Principal Financial Group, Inc. | 15,182 | 1,212,586 | ||||||
ProAssurance Corp. | 1,892 | 31,786 | ||||||
Progressive Corp. | 37,005 | 4,661,890 | ||||||
Prudential Financial, Inc. | 23,558 | 2,273,111 | ||||||
Reinsurance Group of America, Inc. | 4,301 | 603,645 | ||||||
RenaissanceRe Holdings Ltd. | 3,161 | 590,348 | ||||||
RLI Corp. | 2,496 | 332,991 | ||||||
Ryan Specialty Holdings, Inc.(a) | 5,967 | 258,610 | ||||||
Safety Insurance Group, Inc. | 657 | 47,304 | ||||||
Selective Insurance Group, Inc. | 3,832 | 395,424 | ||||||
Selectquote, Inc.(a) | 8,469 | 16,006 | ||||||
SiriusPoint Ltd.(a) | 6,850 | 63,979 | ||||||
Stewart Information Services Corp. | 1,098 | 51,749 | ||||||
Travelers Cos., Inc. | 14,643 | 2,527,528 | ||||||
Trupanion, Inc.(a) | 2,521 | 77,773 | ||||||
United Fire Group, Inc. | 1,438 | 34,570 | ||||||
Universal Insurance Holdings, Inc. | 1,090 | 16,928 | ||||||
Unum Group | 12,749 | 619,729 | ||||||
W.R. Berkley Corp. | 13,798 | 851,199 | ||||||
White Mountains Insurance Group Ltd.(b) | 161 | 249,070 | ||||||
Willis Towers Watson PLC | 6,759 | 1,428,379 | ||||||
|
| |||||||
60,322,133 | ||||||||
Interactive Media & Services — 4.9% | ||||||||
Alphabet, Inc., Class A(a) | 376,140 | 49,921,301 | ||||||
Alphabet, Inc., Class C(a) | 326,209 | 43,421,680 | ||||||
Bumble, Inc., Class A(a) | 6,338 | 117,380 | ||||||
Cargurus, Inc.(a) | 6,510 | 147,517 | ||||||
Cars.com, Inc.(a) | 4,460 | 101,733 | ||||||
DHI Group, Inc.(a) | 4,676 | 17,629 | ||||||
Eventbrite, Inc., Class A(a) | 4,028 | 46,362 | ||||||
EverQuote, Inc., Class A(a) | 1,224 | 8,666 | ||||||
fuboTV, Inc.(a)(b) | 12,757 | 42,991 |
Security | Shares | Value | ||||||
Interactive Media & Services (continued) | ||||||||
IAC, Inc.(a)(b) | 5,073 | $ | 353,081 | |||||
Match Group, Inc.(a) | 17,794 | 827,599 | ||||||
MediaAlpha, Inc., Class A(a)(b) | 1,139 | 11,549 | ||||||
Meta Platforms, Inc., Class A(a) | 140,095 | 44,634,267 | ||||||
Nextdoor Holdings, Inc.(a) | 10,985 | 34,163 | ||||||
Outbrain, Inc.(a) | 4,466 | 23,714 | ||||||
Pinterest, Inc., Class A(a) | 37,748 | 1,094,314 | ||||||
QuinStreet, Inc.(a) | 3,046 | 27,048 | ||||||
Shutterstock, Inc. | 1,408 | 72,442 | ||||||
TripAdvisor, Inc.(a) | 7,461 | 139,148 | ||||||
TrueCar, Inc.(a) | 5,805 | 14,222 | ||||||
Vimeo, Inc.(a) | 7,862 | 32,391 | ||||||
Yelp, Inc.(a) | 4,499 | 202,680 | ||||||
Ziff Davis, Inc.(a) | 3,041 | 220,533 | ||||||
ZipRecruiter, Inc., Class A(a) | 5,115 | 94,730 | ||||||
ZoomInfo Technologies, Inc., CLass A(a) | 20,001 | 511,426 | ||||||
|
| |||||||
142,118,566 | ||||||||
IT Services — 1.4% | ||||||||
Accenture PLC, Class A | 39,968 | 12,643,877 | ||||||
Akamai Technologies, Inc.(a) | 9,782 | 924,399 | ||||||
Amdocs Ltd. | 7,645 | 715,878 | ||||||
BigCommerce Holdings, Inc., Series-1(a)(b) | 4,449 | 48,094 | ||||||
Brightcove, Inc.(a) | 2,245 | 10,080 | ||||||
Cloudflare, Inc., Class A(a)(b) | 18,268 | 1,256,290 | ||||||
Cognizant Technology Solutions Corp., Class A | 32,176 | 2,124,581 | ||||||
DigitalOcean Holdings, Inc.(a)(b) | 3,889 | 192,583 | ||||||
DXC Technology Co.(a) | 14,332 | 396,280 | ||||||
EPAM Systems, Inc.(a) | 3,537 | 837,597 | ||||||
Fastly, Inc., Class A(a) | 7,006 | 128,700 | ||||||
Gartner, Inc.(a) | 4,872 | 1,722,690 | ||||||
Globant SA(a)(b) | 2,515 | 439,446 | ||||||
GoDaddy, Inc., Class A(a) | 9,859 | 760,030 | ||||||
Grid Dynamics Holdings, Inc.(a)(b) | 3,516 | 36,637 | ||||||
Hackett Group, Inc. | 1,720 | 39,990 | ||||||
Information Services Group, Inc. | 4,090 | 21,064 | ||||||
International Business Machines Corp. | 57,424 | 8,279,392 | ||||||
Kyndryl Holdings, Inc.(a) | 13,127 | 179,315 | ||||||
MongoDB, Inc.(a) | 4,165 | 1,763,461 | ||||||
Okta, Inc.(a) | 9,653 | 741,930 | ||||||
Perficient, Inc.(a) | 2,180 | 139,062 | ||||||
Rackspace Technology, Inc.(a) | 2,884 | 6,691 | ||||||
Snowflake, Inc., Class A(a) | 19,663 | 3,494,312 | ||||||
Squarespace, Inc., Class A(a) | 2,925 | 96,934 | ||||||
Thoughtworks Holding, Inc.(a) | 4,953 | 35,117 | ||||||
Tucows, Inc., Class A(a) | 474 | 14,642 | ||||||
Twilio, Inc., Class A(a) | 10,812 | 713,916 | ||||||
Unisys Corp.(a) | 3,469 | 18,871 | ||||||
VeriSign, Inc.(a) | 5,763 | 1,215,705 | ||||||
|
| |||||||
38,997,564 | ||||||||
Leisure Products — 0.1% | ||||||||
Acushnet Holdings Corp. | 2,268 | 135,241 | ||||||
AMMO, Inc.(a) | 3,293 | 6,849 | ||||||
Brunswick Corp. | 4,522 | 390,294 | ||||||
Clarus Corp.(b) | 1,492 | 13,279 | ||||||
Hasbro, Inc. | 8,369 | 540,303 | ||||||
Johnson Outdoors, Inc., Class A | 138 | 8,159 | ||||||
Latham Group, Inc.(a) | 2,161 | 8,514 | ||||||
Malibu Boats, Inc., Class A(a)(b) | 1,332 | 79,853 | ||||||
MasterCraft Boat Holdings, Inc.(a) | 1,420 | 43,523 | ||||||
Mattel, Inc.(a) | 22,748 | 484,532 | ||||||
Peloton Interactive, Inc., Class A(a) | 20,787 | 201,842 |
SCHEDULE OF INVESTMENTS | 65 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Leisure Products (continued) | ||||||||
Polaris, Inc. | 3,366 | $ | 457,238 | |||||
Smith & Wesson Brands, Inc. | 2,956 | 37,630 | ||||||
Sturm Ruger & Co., Inc. | 1,052 | 55,703 | ||||||
Topgolf Callaway Brands Corp.(a) | 9,369 | 187,099 | ||||||
Vista Outdoor, Inc.(a) | 3,171 | 96,081 | ||||||
YETI Holdings, Inc.(a) | 5,240 | 223,224 | ||||||
|
| |||||||
2,969,364 | ||||||||
Life Sciences Tools & Services — 1.5% | ||||||||
10X Genomics, Inc., Class A(a) | 5,680 | 357,726 | ||||||
Adaptive Biotechnologies Corp.(a) | 6,063 | 51,172 | ||||||
Agilent Technologies, Inc. | 18,861 | 2,296,704 | ||||||
Akoya Biosciences, Inc.(a) | 2,119 | 14,621 | ||||||
Avantor, Inc.(a) | 43,006 | 884,633 | ||||||
Azenta, Inc.(a) | 4,337 | 203,752 | ||||||
BioLife Solutions, Inc.(a) | 2,281 | 45,346 | ||||||
Bio-Rad Laboratories, Inc., Class A(a) | 1,303 | 528,184 | ||||||
Bio-Techne Corp. | 9,675 | 806,895 | ||||||
Bruker Corp. | 6,498 | 446,543 | ||||||
Charles River Laboratories International, | 3,141 | 658,165 | ||||||
Codexis, Inc.(a) | 3,610 | 12,996 | ||||||
CryoPort, Inc.(a) | 2,379 | 38,231 | ||||||
Cytek Biosciences, Inc.(a) | 7,712 | 69,100 | ||||||
Danaher Corp. | 41,659 | 10,625,545 | ||||||
Fortrea Holdings, Inc.(a) | 5,591 | 178,688 | ||||||
ICON PLC(a) | 5,194 | 1,305,824 | ||||||
Illumina, Inc.(a) | 10,089 | 1,938,601 | ||||||
IQVIA Holdings, Inc.(a) | 11,737 | 2,626,271 | ||||||
Maravai LifeSciences Holdings, Inc., Class A(a) | 6,620 | 74,872 | ||||||
MaxCyte, Inc.(a) | 6,350 | 28,384 | ||||||
Medpace Holdings, Inc.(a) | 1,404 | 355,451 | ||||||
Mettler-Toledo International, Inc.(a) | 1,386 | 1,742,853 | ||||||
NanoString Technologies, Inc.(a)(b) | 2,353 | 11,200 | ||||||
OmniAb, Inc.(a) | 3,929 | 21,609 | ||||||
OmniAb, Inc., 12.50 Earnout Shares(d) | 304 | — | ||||||
OmniAb, Inc., 15.00 Earnout Shares(d) | 304 | — | ||||||
Pacific Biosciences of California, Inc.(a) | 15,893 | 209,947 | ||||||
QIAGEN NV(a) | 14,250 | 667,185 | ||||||
Quanterix Corp.(a) | 1,710 | 42,476 | ||||||
Quantum-Si, Inc.(a)(b) | 7,468 | 29,051 | ||||||
Repligen Corp.(a) | 3,512 | 602,519 | ||||||
Revvity, Inc. | 8,132 | 999,829 | ||||||
Seer, Inc., Class A(a) | 2,417 | 12,230 | ||||||
SomaLogic, Inc.(a) | 10,906 | 26,720 | ||||||
Sotera Health Co.(a)(b) | 6,415 | 121,757 | ||||||
Syneos Health, Inc.(a) | 6,304 | 267,353 | ||||||
Thermo Fisher Scientific, Inc. | 24,419 | 13,397,729 | ||||||
Waters Corp.(a)(b) | 3,695 | 1,020,596 | ||||||
West Pharmaceutical Services, Inc. | 4,698 | 1,729,052 | ||||||
|
| |||||||
44,449,810 | ||||||||
Machinery — 2.0% | ||||||||
3D Systems Corp.(a) | 7,065 | 61,536 | ||||||
AGCO Corp. | 3,916 | 521,220 | ||||||
Alamo Group, Inc. | 698 | 135,245 | ||||||
Albany International Corp., Class A | 2,042 | 196,604 | ||||||
Allison Transmission Holdings, Inc. | 5,535 | 324,849 | ||||||
Astec Industries, Inc. | 1,337 | 66,048 | ||||||
Barnes Group, Inc. | 3,332 | 130,948 | ||||||
Blue Bird Corp.(a) | 816 | 17,087 | ||||||
Caterpillar, Inc. | 32,685 | 8,667,081 | ||||||
Chart Industries, Inc.(a)(b) | 2,594 | 472,523 | ||||||
CIRCOR International, Inc.(a) | 1,320 | 73,524 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
CNH Industrial NV | 62,371 | $ | 895,648 | |||||
Columbus McKinnon Corp. | 1,466 | 62,070 | ||||||
Commercial Vehicle Group, Inc.(a) | 2,785 | 29,243 | ||||||
Crane Co. | 3,098 | 290,252 | ||||||
Crane NXT Co. | 3,098 | 183,247 | ||||||
Cummins, Inc. | 8,983 | 2,342,766 | ||||||
Deere & Co. | 17,256 | 7,413,178 | ||||||
Desktop Metal, Inc., Class A(a) | 18,582 | 33,819 | ||||||
Donaldson Co., Inc. | 7,450 | 468,084 | ||||||
Douglas Dynamics, Inc. | 1,306 | 40,551 | ||||||
Dover Corp. | 8,982 | 1,311,103 | ||||||
Energy Recovery, Inc.(a) | 3,940 | 120,091 | ||||||
Enerpac Tool Group Corp. | 4,294 | 117,999 | ||||||
EnPro Industries, Inc. | 1,210 | 167,924 | ||||||
Esab Corp. | 3,466 | 238,114 | ||||||
ESCO Technologies, Inc. | 1,757 | 176,666 | ||||||
Federal Signal Corp. | 3,598 | 219,802 | ||||||
Flowserve Corp. | 8,011 | 302,495 | ||||||
Fortive Corp. | 22,621 | 1,772,355 | ||||||
Franklin Electric Co., Inc. | 2,913 | 287,863 | ||||||
Gates Industrial Corp. PLC(a) | 7,452 | 101,496 | ||||||
Gorman-Rupp Co. | 1,213 | 38,452 | ||||||
Graco, Inc. | 10,540 | 836,138 | ||||||
Greenbrier Cos., Inc. | 2,191 | 101,202 | ||||||
Helios Technologies, Inc. | 1,936 | 122,355 | ||||||
Hillenbrand, Inc. | 4,517 | 234,613 | ||||||
Hillman Solutions Corp.(a) | 12,662 | 124,594 | ||||||
Hyliion Holdings Corp.(a)(b) | 5,934 | 11,690 | ||||||
Hyster-Yale Materials Handling, Inc. | 682 | 32,572 | ||||||
IDEX Corp. | 4,856 | 1,096,533 | ||||||
Illinois Tool Works, Inc. | 19,103 | 5,030,202 | ||||||
Ingersoll Rand, Inc. | 26,062 | 1,701,067 | ||||||
ITT, Inc. | 5,072 | 505,171 | ||||||
John Bean Technologies Corp. | 2,067 | 255,502 | ||||||
Kadant, Inc.(b) | 797 | 177,611 | ||||||
Kennametal, Inc. | 4,869 | 148,407 | ||||||
Lincoln Electric Holdings, Inc. | 3,424 | 687,231 | ||||||
Lindsay Corp. | 692 | 91,711 | ||||||
Manitowoc Co., Inc.(a) | 2,189 | 39,665 | ||||||
Microvast Holdings, Inc.(a)(b) | 11,816 | 33,912 | ||||||
Middleby Corp.(a) | 3,432 | 521,149 | ||||||
Miller Industries, Inc. | 1,094 | 41,506 | ||||||
Mueller Industries, Inc. | 3,542 | 287,115 | ||||||
Mueller Water Products, Inc., Class A | 10,406 | 167,433 | ||||||
Nikola Corp.(a)(b) | 42,909 | 114,567 | ||||||
Nordson Corp. | 3,701 | 931,209 | ||||||
Omega Flex, Inc. | 130 | 11,638 | ||||||
Oshkosh Corp. | 3,959 | 364,505 | ||||||
Otis Worldwide Corp. | 26,268 | 2,389,337 | ||||||
PACCAR, Inc. | 32,420 | 2,792,335 | ||||||
Parker-Hannifin Corp. | 8,115 | 3,327,231 | ||||||
Pentair PLC | 10,052 | 698,614 | ||||||
Proterra, Inc.(a) | 13,816 | 23,349 | ||||||
Proto Labs, Inc.(a) | 1,922 | 63,714 | ||||||
RBC Bearings, Inc.(a)(b) | 1,809 | 408,924 | ||||||
REV Group, Inc. | 1,078 | 13,939 | ||||||
Shyft Group, Inc. | 1,974 | 28,485 | ||||||
Snap-on, Inc. | 3,344 | 911,039 | ||||||
SPX Technologies, Inc.(a) | 2,663 | 225,316 | ||||||
Standex International Corp. | 974 | 144,707 | ||||||
Stanley Black & Decker, Inc. | 9,770 | 969,868 | ||||||
Tennant Co. | 1,312 | 105,275 |
66 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Terex Corp. | 3,975 | $ | 233,054 | |||||
Timken Co. | 3,727 | 346,089 | ||||||
Titan International, Inc.(a) | 2,632 | 32,874 | ||||||
Toro Co. | 6,673 | 678,310 | ||||||
Trinity Industries, Inc. | 5,760 | 151,027 | ||||||
Velo3D, Inc.(a)(b) | 5,709 | 13,074 | ||||||
Wabash National Corp. | 3,518 | 83,306 | ||||||
Watts Water Technologies, Inc., Class A | 1,626 | 303,298 | ||||||
Westinghouse Air Brake Technologies Corp. | 11,491 | 1,360,994 | ||||||
Xylem, Inc. | 15,090 | 1,701,398 | ||||||
|
| |||||||
57,954,738 | ||||||||
Marine Transportation — 0.0% | ||||||||
Costamare, Inc. | 3,080 | 34,404 | ||||||
Eagle Bulk Shipping, Inc. | 778 | 35,936 | ||||||
Eneti, Inc. | 663 | 8,407 | ||||||
Genco Shipping & Trading Ltd. | 2,396 | 34,742 | ||||||
Golden Ocean Group Ltd. | 7,042 | 55,209 | ||||||
Kirby Corp.(a) | 3,599 | 293,246 | ||||||
Matson, Inc. | 2,163 | 202,154 | ||||||
Safe Bulkers, Inc. | 7,287 | 24,266 | ||||||
|
| |||||||
688,364 | ||||||||
Media — 0.9% | ||||||||
Advantage Solutions, Inc.(a) | 3,751 | 9,715 | ||||||
AMC Networks, Inc., Class A(a) | 2,229 | 28,130 | ||||||
Boston Omaha Corp., Class A(a) | 863 | 16,846 | ||||||
Cable One, Inc. | 350 | 253,379 | ||||||
Cardlytics, Inc.(a) | 1,891 | 22,068 | ||||||
Charter Communications, Inc., Class A(a) | 6,510 | 2,637,787 | ||||||
Clear Channel Outdoor Holdings, Inc.(a) | 18,038 | 32,468 | ||||||
Comcast Corp., Class A | 262,023 | 11,859,161 | ||||||
Daily Journal Corp.(a) | 60 | 17,371 | ||||||
DISH Network Corp., Class A(a) | 16,826 | 133,430 | ||||||
Entravision Communications Corp., Class A | 1,689 | 8,073 | ||||||
EW Scripps Co., Class A(a) | 2,946 | 29,048 | ||||||
Fox Corp., Class A | 17,031 | 569,687 | ||||||
Fox Corp., Class B | 9,735 | 305,776 | ||||||
Gannett Co., Inc.(a)(b) | 7,997 | 22,552 | ||||||
Gray Television, Inc. | 6,043 | 57,227 | ||||||
iHeartMedia, Inc., Class A(a) | 7,236 | 34,226 | ||||||
Integral Ad Science Holding Corp.(a) | 2,841 | 59,235 | ||||||
Interpublic Group of Cos., Inc. | 24,744 | 846,987 | ||||||
John Wiley & Sons, Inc., Class A | 2,734 | 93,585 | ||||||
Liberty Broadband Corp., Class A(a) | 1,719 | 152,699 | ||||||
Liberty Broadband Corp., Class C(a) | 6,880 | 613,214 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b) | 4,383 | 138,941 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C(a) | 9,734 | 309,833 | ||||||
Magnite, Inc.(a) | 8,306 | 125,670 | ||||||
New York Times Co., Class A | 10,163 | 414,244 | ||||||
News Corp., Class A | 22,224 | 440,480 | ||||||
News Corp., Class B | 9,143 | 183,866 | ||||||
Nexstar Media Group, Inc., Class A | 2,110 | 393,979 | ||||||
Omnicom Group, Inc. | 12,656 | 1,070,951 | ||||||
Paramount Global, Class A(b) | 2,738 | 52,734 | ||||||
Paramount Global, Class B | 34,868 | 558,934 | ||||||
PubMatic, Inc., Class A(a)(b) | 2,634 | 52,654 | ||||||
Quotient Technology, Inc.(a) | 4,746 | 18,699 | ||||||
Scholastic Corp. | 1,648 | 71,177 | ||||||
Sinclair, Inc.(b) | 2,203 | 30,644 | ||||||
Sirius XM Holdings, Inc.(b) | 40,009 | 204,046 | ||||||
Stagwell, Inc.(a) | 8,306 | 55,733 | ||||||
TechTarget, Inc.(a) | 1,792 | 58,204 | ||||||
TEGNA, Inc. | 13,709 | 231,682 |
Security | Shares | Value | ||||||
Media (continued) | ||||||||
Thryv Holdings, Inc.(a) | 1,791 | $ | 42,447 | |||||
Trade Desk, Inc., Class A(a) | 27,925 | 2,548,435 | ||||||
WideOpenWest, Inc.(a) | 3,478 | 28,659 | ||||||
|
| |||||||
24,834,676 | ||||||||
Metals & Mining — 0.6% | ||||||||
5E Advanced Materials, Inc.(a)(b) | 2,185 | 7,669 | ||||||
Alcoa Corp. | 10,879 | 393,711 | ||||||
Alpha Metallurgical Resources, Inc. | 859 | 148,796 | ||||||
Arconic Corp.(a) | 6,429 | 192,163 | ||||||
ATI, Inc.(a)(b) | 8,222 | 392,025 | ||||||
Carpenter Technology Corp. | 3,397 | 203,344 | ||||||
Century Aluminum Co.(a) | 2,613 | 24,301 | ||||||
Cleveland-Cliffs, Inc.(a) | 32,469 | 573,078 | ||||||
Coeur Mining, Inc.(a)(b) | 16,736 | 51,547 | ||||||
Commercial Metals Co. | 7,432 | 425,259 | ||||||
Compass Minerals International, Inc. | 2,480 | 93,918 | ||||||
Constellium SE(a) | 7,608 | 145,237 | ||||||
Dakota Gold Corp.(a) | 6,771 | 19,907 | ||||||
Freeport-McMoRan, Inc. | 90,718 | 4,050,559 | ||||||
Haynes International, Inc. | 1,100 | 55,176 | ||||||
Hecla Mining Co.(b) | 37,284 | 214,756 | ||||||
i-80 Gold Corp.(a)(b) | 15,619 | 31,863 | ||||||
Ivanhoe Electric, Inc.(a)(b) | 3,722 | 60,520 | ||||||
Kaiser Aluminum Corp. | 1,048 | 85,098 | ||||||
Materion Corp. | 1,172 | 139,632 | ||||||
MP Materials Corp.(a)(b) | 6,271 | 149,563 | ||||||
Newmont Corp. | 50,526 | 2,168,576 | ||||||
Novagold Resources, Inc.(a) | 16,803 | 75,781 | ||||||
Nucor Corp. | 15,852 | 2,727,971 | ||||||
Olympic Steel, Inc. | 384 | 21,423 | ||||||
Piedmont Lithium, Inc.(a) | 1,121 | 61,498 | ||||||
Ramaco Resources, Inc. | 294 | 4,184 | ||||||
Ramaco Resources, Inc., Class A | 1,470 | 13,524 | ||||||
Reliance Steel & Aluminum Co. | 3,662 | 1,072,453 | ||||||
Royal Gold, Inc. | 4,172 | 501,224 | ||||||
Ryerson Holding Corp. | 1,198 | 50,903 | ||||||
Schnitzer Steel Industries, Inc., Class A | 1,945 | 70,428 | ||||||
Southern Copper Corp. | 5,574 | 487,390 | ||||||
SSR Mining, Inc. | 12,355 | 179,889 | ||||||
Steel Dynamics, Inc. | 10,133 | 1,079,975 | ||||||
SunCoke Energy, Inc. | 5,143 | 45,670 | ||||||
TimkenSteel Corp.(a) | 2,945 | 68,618 | ||||||
Tredegar Corp. | 2,663 | 18,428 | ||||||
U.S. Steel Corp. | 13,694 | 349,197 | ||||||
Warrior Met Coal, Inc. | 3,308 | 146,379 | ||||||
Worthington Industries, Inc. | 1,931 | 144,091 | ||||||
|
| |||||||
16,745,724 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.1% | ||||||||
AFC Gamma, Inc. | 1,378 | 19,044 | ||||||
AGNC Investment Corp. | 35,271 | 359,411 | ||||||
Angel Oak Mortgage REIT, Inc. | 1,604 | 15,206 | ||||||
Annaly Capital Management, Inc. | 31,975 | 642,378 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 11,046 | 130,343 | ||||||
Arbor Realty Trust, Inc. | 10,209 | 172,634 | ||||||
Ares Commercial Real Estate Corp. | 2,603 | 27,748 | ||||||
ARMOUR Residential REIT, Inc. | 15,101 | 77,166 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 11,710 | 269,213 | ||||||
BrightSpire Capital, Inc. | 5,031 | 37,028 | ||||||
Chimera Investment Corp. | 13,492 | 84,730 | ||||||
Claros Mortgage Trust, Inc. | 6,855 | 84,454 | ||||||
Dynex Capital, Inc. | 2,599 | 33,917 | ||||||
Ellington Financial, Inc. | 5,436 | 73,495 |
SCHEDULE OF INVESTMENTS | 67 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Mortgage Real Estate Investment Trusts (REITs) (continued) | ||||||||
Franklin BSP Realty Trust, Inc. | 5,397 | $ | 77,177 | |||||
Granite Point Mortgage Trust, Inc. | 1,933 | 11,076 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 6,614 | 172,691 | ||||||
Invesco Mortgage Capital, Inc. | 3,079 | 36,979 | ||||||
KKR Real Estate Finance Trust, Inc. | 4,580 | 57,067 | ||||||
Ladder Capital Corp. | 6,531 | 71,776 | ||||||
MFA Financial, Inc. | 6,287 | 70,792 | ||||||
New York Mortgage Trust, Inc. | 4,414 | 44,802 | ||||||
Orchid Island Capital, Inc. | 1,137 | 11,847 | ||||||
PennyMac Mortgage Investment Trust | 5,334 | 68,168 | ||||||
Ready Capital Corp. | 9,961 | 115,249 | ||||||
Redwood Trust, Inc. | 6,308 | 47,499 | ||||||
Rithm Capital Corp. | 29,696 | 299,336 | ||||||
Starwood Property Trust, Inc. | 17,939 | 372,055 | ||||||
TPG RE Finance Trust, Inc. | 3,418 | 26,660 | ||||||
Two Harbors Investment Corp. | 7,086 | 95,023 | ||||||
|
| |||||||
3,604,964 | ||||||||
Multi-Utilities — 0.6% | ||||||||
Ameren Corp. | 16,525 | 1,415,697 | ||||||
Avista Corp. | 3,862 | 149,228 | ||||||
Black Hills Corp. | 4,232 | 255,317 | ||||||
CenterPoint Energy, Inc. | 40,239 | 1,210,791 | ||||||
CMS Energy Corp. | 18,893 | 1,153,796 | ||||||
Consolidated Edison, Inc. | 22,043 | 2,090,999 | ||||||
Dominion Energy, Inc. | 53,068 | 2,841,791 | ||||||
DTE Energy Co. | 12,913 | 1,475,956 | ||||||
NiSource, Inc. | 26,881 | 748,367 | ||||||
NorthWestern Corp. | 3,792 | 214,134 | ||||||
Public Service Enterprise Group, Inc. | 31,422 | 1,983,357 | ||||||
Sempra | 19,921 | 2,968,627 | ||||||
Unitil Corp. | 767 | 39,915 | ||||||
WEC Energy Group, Inc. | 20,141 | 1,809,870 | ||||||
|
| |||||||
18,357,845 | ||||||||
Office REITs — 0.1% | ||||||||
Alexandria Real Estate Equities, Inc. | 10,876 | 1,366,896 | ||||||
Boston Properties, Inc. | 9,922 | 661,103 | ||||||
Brandywine Realty Trust | 10,235 | 51,687 | ||||||
City Office REIT, Inc. | 1,953 | 10,683 | ||||||
Corporate Office Properties Trust | 7,249 | 188,474 | ||||||
Cousins Properties, Inc. | 9,941 | 242,859 | ||||||
Douglas Emmett, Inc. | 11,576 | 170,167 | ||||||
Easterly Government Properties, Inc. | 6,247 | 92,206 | ||||||
Equity Commonwealth | 6,398 | 125,337 | ||||||
Highwoods Properties, Inc. | 7,001 | 176,915 | ||||||
Hudson Pacific Properties, Inc. | 8,553 | 50,206 | ||||||
JBG SMITH Properties | 7,715 | 129,072 | ||||||
Kilroy Realty Corp. | 7,474 | 266,822 | ||||||
Office Properties Income Trust | 3,092 | 23,808 | ||||||
Orion Office REIT, Inc. | 3,175 | 20,637 | ||||||
Paramount Group, Inc. | 10,176 | 53,322 | ||||||
Peakstone Realty Trust(b) | 1,886 | 47,791 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 6,483 | 48,233 | ||||||
Postal Realty Trust, Inc., Class A | 1,151 | 17,346 | ||||||
SL Green Realty Corp. | 4,077 | 153,744 | ||||||
Vornado Realty Trust | 11,598 | 260,723 | ||||||
|
| |||||||
4,158,031 | ||||||||
Oil, Gas & Consumable Fuels — 3.8% | ||||||||
Amplify Energy Corp.(a)(b) | 3,056 | 22,431 | ||||||
Antero Midstream Corp. | 23,105 | 275,874 |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Antero Resources Corp.(a) | 17,830 | $ | 476,952 | |||||
APA Corp. | 19,632 | 794,900 | ||||||
Arch Resources, Inc. | 1,196 | 153,614 | ||||||
Ardmore Shipping Corp. | 2,633 | 37,073 | ||||||
Berry Corp. | 4,825 | 37,635 | ||||||
California Resources Corp. | 4,719 | 251,759 | ||||||
Callon Petroleum Co.(a)(b) | 4,444 | 166,917 | ||||||
Cheniere Energy, Inc. | 15,431 | 2,497,662 | ||||||
Chesapeake Energy Corp. | 8,026 | 676,913 | ||||||
Chevron Corp. | 109,506 | 17,921,752 | ||||||
Chord Energy Corp. | 2,658 | 416,881 | ||||||
Civitas Resources, Inc. | 4,275 | 320,026 | ||||||
Clean Energy Fuels Corp.(a) | 11,389 | 56,148 | ||||||
CNX Resources Corp.(a)(b) | 9,931 | 202,592 | ||||||
Comstock Resources, Inc. | 5,948 | 75,837 | ||||||
ConocoPhillips | 76,666 | 9,025,122 | ||||||
CONSOL Energy, Inc. | 2,144 | 159,771 | ||||||
Coterra Energy, Inc. | 48,273 | 1,329,438 | ||||||
Crescent Energy Co., Class A | 1,874 | 22,244 | ||||||
CVR Energy, Inc. | 1,859 | 68,300 | ||||||
Delek U.S. Holdings, Inc. | 4,418 | 121,893 | ||||||
Denbury, Inc.(a) | 3,239 | 284,740 | ||||||
Devon Energy Corp. | 40,622 | 2,193,588 | ||||||
DHT Holdings, Inc. | 8,078 | 79,568 | ||||||
Diamondback Energy, Inc. | 11,515 | 1,696,390 | ||||||
Dorian LPG Ltd. | 1,508 | 44,848 | ||||||
DT Midstream, Inc.(a) | 6,298 | 337,069 | ||||||
Earthstone Energy, Inc., Class A(a)(b) | 3,803 | 60,772 | ||||||
Empire Petroleum Corp.(a)(b) | 1,692 | 15,228 | ||||||
Encore Energy Corp. | 10,541 | 26,669 | ||||||
Energy Fuels, Inc.(a)(b) | 11,976 | 76,407 | ||||||
Enviva, Inc. | 1,991 | 26,819 | ||||||
EOG Resources, Inc. | 37,158 | 4,924,550 | ||||||
EQT Corp. | 22,990 | 969,718 | ||||||
Equitrans Midstream Corp. | 27,007 | 280,063 | ||||||
Excelerate Energy, Inc., Class A | 1,997 | 42,376 | ||||||
Exxon Mobil Corp. | 257,210 | 27,583,200 | ||||||
FLEX LNG Ltd.(a) | 1,825 | 58,071 | ||||||
Gevo, Inc.(a)(b) | 9,834 | 16,914 | ||||||
Golar LNG Ltd.(b) | 6,652 | 160,446 | ||||||
Green Plains, Inc.(a) | 1,196 | 42,470 | ||||||
Gulfport Energy Corp.(a)(b) | 713 | 73,047 | ||||||
Hess Corp. | 17,664 | 2,680,159 | ||||||
HF Sinclair Corp. | 9,125 | 475,321 | ||||||
HighPeak Energy, Inc.(b) | 727 | 11,014 | ||||||
International Seaways, Inc. | 2,882 | 123,609 | ||||||
Kinder Morgan, Inc. | 123,012 | 2,178,543 | ||||||
Kinetik Holdings, Inc., Class A | 1,633 | 58,788 | ||||||
Kosmos Energy Ltd.(a)(b) | 30,237 | 214,683 | ||||||
Magnolia Oil & Gas Corp., Class A | 11,073 | 245,267 | ||||||
Marathon Oil Corp. | 39,701 | 1,042,945 | ||||||
Marathon Petroleum Corp. | 27,979 | 3,721,767 | ||||||
Matador Resources Co. | 6,812 | 378,952 | ||||||
Murphy Oil Corp. | 9,297 | 402,281 | ||||||
NACCO Industries, Inc., Class A | 532 | 19,679 | ||||||
New Fortress Energy, Inc. | 4,142 | 118,254 | ||||||
NextDecade Corp.(a) | 3,045 | 16,961 | ||||||
Nordic American Tankers Ltd. | 13,383 | 58,751 | ||||||
Northern Oil and Gas, Inc. | 4,278 | 168,425 | ||||||
Occidental Petroleum Corp. | 44,219 | 2,791,545 | ||||||
ONEOK, Inc. | 28,707 | 1,924,517 | ||||||
Ovintiv, Inc. | 15,417 | 710,570 |
68 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Par Pacific Holdings, Inc.(a) | 4,150 | $ | 130,642 | |||||
PBF Energy, Inc., Class A | 7,066 | 335,211 | ||||||
PDC Energy, Inc. | 5,395 | 409,427 | ||||||
Peabody Energy Corp. | 7,909 | 177,478 | ||||||
Permian Resources Corp. | 15,944 | 186,385 | ||||||
Phillips 66 | 29,187 | 3,255,810 | ||||||
Pioneer Natural Resources Co. | 14,741 | 3,326,601 | ||||||
Range Resources Corp. | 14,362 | 451,398 | ||||||
REX American Resources Corp.(a) | 1,091 | 40,389 | ||||||
Riley Exploration Permian, Inc. | 425 | 15,916 | ||||||
Ring Energy, Inc.(a) | 6,295 | 15,234 | ||||||
SandRidge Energy, Inc. | 1,890 | 32,281 | ||||||
Scorpio Tankers, Inc. | 3,530 | 166,051 | ||||||
SFL Corp. Ltd. | 6,904 | 68,073 | ||||||
SilverBow Resources, Inc.(a) | 771 | 27,609 | ||||||
Sitio Royalties Corp., Class A | 4,771 | 130,439 | ||||||
SM Energy Co. | 7,906 | 286,909 | ||||||
Southwestern Energy Co.(a) | 70,625 | 457,650 | ||||||
Talos Energy, Inc.(a) | 7,922 | 126,752 | ||||||
Targa Resources Corp. | 13,851 | 1,135,643 | ||||||
Teekay Corp.(a) | 4,449 | 29,630 | ||||||
Teekay Tankers Ltd., Class A | 1,541 | 67,203 | ||||||
Tellurian, Inc.(a)(b) | 31,729 | 54,574 | ||||||
Texas Pacific Land Corp. | 355 | 534,736 | ||||||
Uranium Energy Corp.(a) | 26,349 | 94,856 | ||||||
VAALCO Energy, Inc. | 8,384 | 37,309 | ||||||
Valero Energy Corp. | 22,855 | 2,946,238 | ||||||
Vertex Energy, Inc.(a) | 3,651 | 19,241 | ||||||
Vital Energy, Inc.(a) | 1,222 | 64,497 | ||||||
Vitesse Energy, Inc. | 1,510 | 38,037 | ||||||
W&T Offshore, Inc.(a) | 7,555 | 33,091 | ||||||
Williams Cos., Inc. | 77,661 | 2,675,421 | ||||||
World Kinect Corp. | 4,001 | 90,183 | ||||||
|
| |||||||
108,907,632 | ||||||||
Paper & Forest Products — 0.0% | ||||||||
Clearwater Paper Corp.(a) | 1,051 | 33,874 | ||||||
Glatfelter Corp. | 2,862 | 9,731 | ||||||
Louisiana-Pacific Corp. | 4,021 | 306,119 | ||||||
Sylvamo Corp. | 2,521 | 123,705 | ||||||
|
| |||||||
473,429 | ||||||||
Passenger Airlines — 0.2% | ||||||||
Alaska Air Group, Inc.(a) | 8,273 | 402,316 | ||||||
Allegiant Travel Co.(a) | 932 | 115,288 | ||||||
American Airlines Group, Inc.(a)(b) | 41,376 | 693,048 | ||||||
Blade Air Mobility, Inc.(a) | 4,235 | 17,660 | ||||||
Delta Air Lines, Inc. | 40,278 | 1,863,260 | ||||||
Frontier Group Holdings, Inc.(a) | 2,715 | 25,250 | ||||||
Hawaiian Holdings, Inc.(a)(b) | 2,898 | 33,588 | ||||||
JetBlue Airways Corp.(a) | 21,282 | 165,361 | ||||||
Joby Aviation, Inc.(a)(b) | 16,267 | 145,590 | ||||||
SkyWest, Inc.(a) | 2,859 | 125,768 | ||||||
Southwest Airlines Co. | 37,327 | 1,275,090 | ||||||
Spirit Airlines, Inc. | 7,552 | 138,202 | ||||||
Sun Country Airlines Holdings, Inc.(a) | 2,011 | 43,357 | ||||||
United Airlines Holdings, Inc.(a) | 20,827 | 1,131,114 | ||||||
|
| |||||||
6,174,892 | ||||||||
Personal Care Products — 0.1% | ||||||||
Beauty Health Co.(a) | 6,871 | 56,961 | ||||||
BellRing Brands, Inc.(a) | 8,191 | 294,466 | ||||||
Coty, Inc., Class A(a) | 22,417 | 269,901 |
Security | Shares | Value | ||||||
Personal Care Products (continued) | ||||||||
Edgewell Personal Care Co. | 3,579 | $ | 141,048 | |||||
elf Beauty, Inc.(a) | 3,059 | 357,046 | ||||||
Estee Lauder Cos., Inc., Class A | 14,569 | 2,622,420 | ||||||
Herbalife Ltd.(a) | 6,918 | 112,348 | ||||||
Inter Parfums, Inc. | 1,217 | 182,015 | ||||||
Medifast, Inc. | 711 | 72,444 | ||||||
Nature’s Sunshine Products, Inc.(a) | 255 | 3,557 | ||||||
Nu Skin Enterprises, Inc., Class A | 3,335 | 98,016 | ||||||
Olaplex Holdings, Inc.(a) | 8,979 | 32,324 | ||||||
USANA Health Sciences, Inc.(a) | 667 | 43,295 | ||||||
|
| |||||||
4,285,841 | ||||||||
Pharmaceuticals — 3.6% | ||||||||
Aclaris Therapeutics, Inc.(a) | 5,218 | 51,502 | ||||||
Amneal Pharmaceuticals, Inc.(a) | 5,098 | 16,314 | ||||||
Amphastar Pharmaceuticals, Inc.(a) | 2,313 | 140,376 | ||||||
Amylyx Pharmaceuticals, Inc.(a) | 3,280 | 76,916 | ||||||
ANI Pharmaceuticals, Inc.(a) | 794 | 41,725 | ||||||
Arvinas, Inc.(a) | 3,027 | 74,827 | ||||||
Assertio Holdings, Inc.(a)(b) | 4,435 | 25,235 | ||||||
Atea Pharmaceuticals, Inc.(a) | 3,928 | 13,473 | ||||||
Axsome Therapeutics, Inc.(a) | 1,951 | 153,095 | ||||||
Bristol-Myers Squibb Co. | 133,620 | 8,309,828 | ||||||
Cara Therapeutics, Inc.(a)(b) | 3,166 | 10,543 | ||||||
Cassava Sciences, Inc.(a)(b) | 2,756 | 60,577 | ||||||
Catalent, Inc.(a) | 11,089 | 538,038 | ||||||
Collegium Pharmaceutical, Inc.(a) | 2,761 | 62,840 | ||||||
Corcept Therapeutics, Inc.(a) | 6,078 | 154,867 | ||||||
CorMedix, Inc.(a)(b) | 4,992 | 22,065 | ||||||
Cymabay Therapeutics, Inc.(a) | 7,301 | 95,278 | ||||||
DICE Therapeutics, Inc.(a) | 2,283 | 107,301 | ||||||
Edgewise Therapeutics, Inc.(a)(b) | 2,551 | 18,597 | ||||||
Elanco Animal Health, Inc.(a) | 31,802 | 383,850 | ||||||
Eli Lilly & Co. | 53,608 | 24,367,516 | ||||||
Enliven Therapeutics, Inc.(a)(b) | 1,499 | 28,391 | ||||||
Evolus, Inc.(a) | 1,907 | 19,108 | ||||||
EyePoint Pharmaceuticals, Inc.(a)(b) | 2,397 | 29,963 | ||||||
Harmony Biosciences Holdings, Inc.(a) | 2,403 | 84,994 | ||||||
Harrow Health, Inc.(a) | 1,688 | 37,271 | ||||||
Innoviva, Inc.(a)(b) | 4,370 | 59,213 | ||||||
Intra-Cellular Therapies, Inc.(a) | 6,007 | 371,473 | ||||||
Jazz Pharmaceuticals PLC(a) | 3,786 | 493,770 | ||||||
Johnson & Johnson | 164,666 | 27,586,495 | ||||||
Ligand Pharmaceuticals, Inc.(a) | 1,120 | 74,962 | ||||||
Liquidia Corp.(a) | 3,408 | 26,310 | ||||||
Marinus Pharmaceuticals, Inc.(a) | 3,594 | 38,240 | ||||||
Merck & Co., Inc. | 161,028 | 17,173,636 | ||||||
NGM Biopharmaceuticals, Inc.(a) | 3,162 | 7,494 | ||||||
Nuvation Bio, Inc.(a) | 9,777 | 18,087 | ||||||
Ocular Therapeutix, Inc.(a) | 2,768 | 12,567 | ||||||
Omeros Corp.(a)(b) | 4,825 | 20,989 | ||||||
Organon & Co. | 15,700 | 345,086 | ||||||
Pacira BioSciences, Inc.(a) | 2,757 | 100,217 | ||||||
Perrigo Co. PLC | 8,808 | 322,725 | ||||||
Pfizer, Inc. | 358,014 | 12,909,985 | ||||||
Phathom Pharmaceuticals, Inc.(a) | 1,212 | 18,435 | ||||||
Phibro Animal Health Corp., Class A | 619 | 8,963 | ||||||
Pliant Therapeutics, Inc.(a) | 3,836 | 68,434 | ||||||
Prestige Consumer Healthcare, Inc.(a) | 3,378 | 220,279 | ||||||
Reata Pharmaceuticals, Inc., Class A(a) | 1,836 | 304,005 | ||||||
Revance Therapeutics, Inc.(a) | 4,871 | 115,102 |
SCHEDULE OF INVESTMENTS | 69 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Royalty Pharma PLC, Class A | 23,394 | $ | 734,104 | |||||
Scilex Holding Lock Up, (Acquired 01/06/23, Cost: $38,933)(e) | 3,715 | 20,140 | ||||||
scPharmaceuticals, Inc.(a) | 2,501 | 21,083 | ||||||
SIGA Technologies, Inc. | 2,502 | 14,361 | ||||||
Supernus Pharmaceuticals, Inc.(a)(b) | 3,326 | 102,075 | ||||||
Taro Pharmaceutical Industries Ltd.(a) | 669 | 24,452 | ||||||
Tarsus Pharmaceuticals, Inc.(a)(b) | 888 | 19,545 | ||||||
Terns Pharmaceuticals, Inc.(a) | 3,157 | 22,794 | ||||||
Theravance Biopharma, Inc.(a) | 5,256 | 51,982 | ||||||
Third Harmonic Bio, Inc.(a) | 1,258 | 8,919 | ||||||
Ventyx Biosciences, Inc.(a)(b) | 3,238 | 119,968 | ||||||
Viatris, Inc. | 74,184 | 781,158 | ||||||
Xeris Biopharma Holdings, Inc.(a) | 12,064 | 31,487 | ||||||
Zoetis, Inc. | 29,336 | 5,517,808 | ||||||
|
| |||||||
102,690,833 | ||||||||
Professional Services — 1.1% | ||||||||
Alight, Inc., Class A(a)(b) | 25,410 | 248,510 | ||||||
ASGN, Inc.(a) | 3,126 | 238,576 | ||||||
Asure Software, Inc.(a) | 833 | 11,362 | ||||||
Automatic Data Processing, Inc. | 26,151 | 6,466,096 | ||||||
Barrett Business Services, Inc. | 580 | 52,623 | ||||||
Booz Allen Hamilton Holding Corp., Class A | 8,179 | 990,313 | ||||||
Broadridge Financial Solutions, Inc. | 7,427 | 1,247,142 | ||||||
CACI International, Inc., Class A(a) | 1,456 | 510,241 | ||||||
CBIZ, Inc.(a) | 3,197 | 169,089 | ||||||
Ceridian HCM Holding, Inc.(a)(b) | 9,532 | 674,961 | ||||||
Clarivate PLC(a)(b) | 30,144 | 286,669 | ||||||
Concentrix Corp. | 2,706 | 225,247 | ||||||
Conduent, Inc.(a) | 11,206 | 38,773 | ||||||
CoStar Group, Inc.(a) | 25,727 | 2,160,296 | ||||||
CRA International, Inc. | 456 | 45,641 | ||||||
CSG Systems International, Inc. | 2,157 | 111,280 | ||||||
Dun & Bradstreet Holdings, Inc. | 17,060 | 201,649 | ||||||
Equifax, Inc. | 7,750 | 1,581,620 | ||||||
ExlService Holdings, Inc.(a) | 1,957 | 275,839 | ||||||
Exponent, Inc. | 3,131 | 280,475 | ||||||
First Advantage Corp.(a) | 4,217 | 63,255 | ||||||
Forrester Research, Inc.(a) | 474 | 15,106 | ||||||
Franklin Covey Co.(a) | 875 | 41,694 | ||||||
FTI Consulting, Inc.(a) | 2,044 | 358,027 | ||||||
Genpact Ltd. | 11,611 | 419,041 | ||||||
Heidrick & Struggles International, Inc. | 1,059 | 28,879 | ||||||
HireRight Holdings Corp.(a) | 1,645 | 17,618 | ||||||
Huron Consulting Group, Inc.(a) | 1,374 | 129,939 | ||||||
IBEX Holdings Ltd.(a) | 997 | 19,790 | ||||||
ICF International, Inc. | 1,207 | 141,931 | ||||||
Innodata, Inc.(a) | 2,252 | 28,893 | ||||||
Insperity, Inc. | 2,314 | 272,242 | ||||||
Jacobs Solutions, Inc. | 8,040 | 1,008,296 | ||||||
KBR, Inc. | 8,714 | 535,824 | ||||||
Kelly Services, Inc., Class A | 1,865 | 34,167 | ||||||
Kforce, Inc. | 1,435 | 91,036 | ||||||
Korn Ferry | 3,503 | 184,538 | ||||||
Legalzoom.com, Inc.(a) | 6,145 | 93,896 | ||||||
Leidos Holdings, Inc. | 8,655 | 809,502 | ||||||
ManpowerGroup, Inc. | 3,319 | 261,803 | ||||||
Maximus, Inc. | 3,600 | 301,536 | ||||||
NV5 Global, Inc.(a) | 890 | 97,500 | ||||||
Paychex, Inc. | 20,364 | 2,555,071 | ||||||
Paycom Software, Inc. | 3,279 | 1,209,164 |
Security | Shares | Value | ||||||
Professional Services (continued) | ||||||||
Paycor HCM, Inc.(a)(b) | 4,348 | $ | 116,787 | |||||
Paylocity Holding Corp.(a)(b) | 2,705 | 613,629 | ||||||
Planet Labs PBC(a)(b) | 9,833 | 36,579 | ||||||
Red Violet, Inc.(a) | 1,105 | 22,885 | ||||||
Resources Connection, Inc. | 2,633 | 42,075 | ||||||
Robert Half, Inc. | 6,745 | 500,142 | ||||||
Science Applications International Corp. | 3,352 | 406,732 | ||||||
Skillsoft Corp.(a)(b) | 5,867 | 7,744 | ||||||
SS&C Technologies Holdings, Inc. | 14,078 | 820,044 | ||||||
Sterling Check Corp.(a) | 1,260 | 15,133 | ||||||
TransUnion | 12,381 | 986,642 | ||||||
TriNet Group, Inc.(a) | 2,363 | 248,659 | ||||||
TrueBlue, Inc.(a) | 1,967 | 29,407 | ||||||
TTEC Holdings, Inc. | 1,040 | 35,818 | ||||||
Upwork, Inc.(a) | 7,682 | 80,123 | ||||||
Verisk Analytics, Inc. | 9,025 | 2,066,184 | ||||||
Verra Mobility Corp.(a) | 8,882 | 186,433 | ||||||
Willdan Group, Inc.(a) | 248 | 5,005 | ||||||
|
| |||||||
30,755,171 | ||||||||
Real Estate Management & Development — 0.1% | ||||||||
Anywhere Real Estate, Inc.(a) | 6,333 | 53,071 | ||||||
CBRE Group, Inc., Class A(a) | 19,345 | 1,611,632 | ||||||
Compass, Inc., Class A(a) | 16,508 | 69,169 | ||||||
Cushman & Wakefield PLC(a) | 10,268 | 100,934 | ||||||
DigitalBridge Group, Inc. | 11,121 | 178,158 | ||||||
Douglas Elliman, Inc. | 4,163 | 9,200 | ||||||
eXp World Holdings, Inc.(b) | 4,087 | 101,930 | ||||||
Forestar Group, Inc.(a) | 1,192 | 35,140 | ||||||
FRP Holdings, Inc.(a) | 186 | 10,671 | ||||||
Howard Hughes Corp.(a)(b) | 2,191 | 184,986 | ||||||
Jones Lang LaSalle, Inc.(a) | 2,991 | 498,151 | ||||||
Kennedy-Wilson Holdings, Inc. | 8,538 | 140,877 | ||||||
Marcus & Millichap, Inc. | 1,555 | 57,037 | ||||||
Newmark Group, Inc., Class A | 9,252 | 64,024 | ||||||
Opendoor Technologies, Inc.(a)(b) | 37,665 | 192,468 | ||||||
RE/MAX Holdings, Inc., Class A | 632 | 12,457 | ||||||
Redfin Corp.(a) | 5,744 | 86,045 | ||||||
RMR Group, Inc., Class A | 541 | 12,757 | ||||||
St. Joe Co. | 2,076 | 131,785 | ||||||
Stratus Properties, Inc. | 955 | 27,103 | ||||||
Tejon Ranch Co.(a) | 507 | 8,928 | ||||||
Zillow Group, Inc., Class A(a)(b) | 3,560 | 189,463 | ||||||
Zillow Group, Inc., Class C(a) | 9,407 | 509,483 | ||||||
|
| |||||||
4,285,469 | ||||||||
Residential REITs — 0.4% | ||||||||
American Homes 4 Rent, Class A | 21,521 | 806,607 | ||||||
Apartment Income REIT Corp. | 9,483 | 327,543 | ||||||
Apartment Investment and Management Co., Class A | 8,722 | 72,654 | ||||||
AvalonBay Communities, Inc. | 8,873 | 1,673,891 | ||||||
BRT Apartments Corp. | 1,270 | 24,727 | ||||||
Camden Property Trust | 6,658 | 726,321 | ||||||
Centerspace | 916 | 56,911 | ||||||
Clipper Realty, Inc. | 393 | 2,515 | ||||||
Elme Communities | 5,837 | 94,851 | ||||||
Equity LifeStyle Properties, Inc. | 11,170 | 795,081 | ||||||
Equity Residential | 23,826 | 1,571,086 | ||||||
Essex Property Trust, Inc. | 4,046 | 985,403 | ||||||
Independence Realty Trust, Inc. | 14,480 | 246,739 | ||||||
Invitation Homes, Inc. | 38,555 | 1,368,703 | ||||||
Mid-America Apartment Communities, Inc. | 7,278 | 1,089,226 | ||||||
NexPoint Residential Trust, Inc. | 1,405 | 58,392 |
70 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Residential REITs (continued) | ||||||||
Sun Communities, Inc. | 7,759 | $ | 1,010,998 | |||||
UDR, Inc. | 20,818 | 851,040 | ||||||
UMH Properties, Inc. | 6,148 | 102,364 | ||||||
Veris Residential, Inc.(a) | 6,270 | 117,124 | ||||||
|
| |||||||
11,982,176 | ||||||||
Retail REITs — 0.4% | ||||||||
Acadia Realty Trust | 4,332 | 68,056 | ||||||
Agree Realty Corp. | 5,773 | 373,975 | ||||||
Alexander’s, Inc. | 94 | 18,177 | ||||||
Brixmor Property Group, Inc. | 18,334 | 416,915 | ||||||
CBL & Associates Properties, Inc. | 1,773 | 38,598 | ||||||
Federal Realty Investment Trust | 5,190 | 526,889 | ||||||
Getty Realty Corp. | 3,890 | 125,725 | ||||||
InvenTrust Properties Corp. | 5,089 | 123,866 | ||||||
Kimco Realty Corp. | 37,337 | 756,448 | ||||||
Kite Realty Group Trust | 13,877 | 317,506 | ||||||
Macerich Co. | 13,406 | 170,926 | ||||||
Necessity Retail REIT, Inc. | 8,970 | 63,687 | ||||||
NETSTREIT Corp. | 4,355 | 77,911 | ||||||
NNN REIT, Inc. | 12,220 | 521,550 | ||||||
Phillips Edison & Co., Inc. | 6,922 | 244,416 | ||||||
Realty Income Corp. | 41,749 | 2,545,436 | ||||||
Regency Centers Corp. | 11,155 | 730,987 | ||||||
Retail Opportunity Investments Corp. | 7,052 | 103,876 | ||||||
RPT Realty | 4,311 | 46,860 | ||||||
Saul Centers, Inc. | 796 | 30,686 | ||||||
Simon Property Group, Inc. | 20,532 | 2,558,287 | ||||||
SITE Centers Corp. | 12,815 | 180,051 | ||||||
Spirit Realty Capital, Inc. | 9,268 | 373,778 | ||||||
Tanger Factory Outlet Centers, Inc. | 7,151 | 167,405 | ||||||
Urban Edge Properties | 6,477 | 110,174 | ||||||
Urstadt Biddle Properties, Inc., Class A | 1,775 | 40,257 | ||||||
Whitestone REIT | 5,174 | 53,396 | ||||||
|
| |||||||
10,785,838 | ||||||||
Semiconductors & Semiconductor Equipment — 6.6% | ||||||||
ACM Research, Inc., Class A(a) | 3,000 | 39,300 | ||||||
Advanced Micro Devices, Inc.(a)(b) | 101,557 | 11,618,121 | ||||||
Aehr Test Systems(a) | 1,691 | 88,203 | ||||||
Allegro MicroSystems, Inc.(a)(b) | 4,091 | 211,137 | ||||||
Alpha & Omega Semiconductor Ltd.(a) | 1,720 | 56,554 | ||||||
Ambarella, Inc.(a) | 2,259 | 188,446 | ||||||
Amkor Technology, Inc. | 6,653 | 193,536 | ||||||
Analog Devices, Inc. | 32,020 | 6,388,951 | ||||||
Applied Materials, Inc. | 53,448 | 8,102,182 | ||||||
Atomera, Inc.(a) | 815 | 7,033 | ||||||
Axcelis Technologies, Inc.(a) | 2,048 | 410,583 | ||||||
Broadcom, Inc. | 25,837 | 23,218,420 | ||||||
CEVA, Inc.(a) | 1,470 | 39,925 | ||||||
Cirrus Logic, Inc.(a) | 3,545 | 286,436 | ||||||
Cohu, Inc.(a) | 3,237 | 141,295 | ||||||
Credo Technology Group Holding Ltd.(a)(b) | 6,153 | 104,416 | ||||||
Diodes, Inc.(a) | 2,733 | 258,241 | ||||||
Enphase Energy, Inc.(a)(b) | 8,442 | 1,281,749 | ||||||
Entegris, Inc. | 9,494 | 1,041,587 | ||||||
First Solar, Inc.(a) | 6,750 | 1,399,950 | ||||||
FormFactor, Inc.(a) | 4,805 | 178,554 | ||||||
GLOBALFOUNDRIES, Inc.(a)(b) | 5,019 | 319,660 | ||||||
Ichor Holdings Ltd.(a) | 1,435 | 55,563 | ||||||
Impinj, Inc.(a) | 1,444 | 96,199 | ||||||
indie Semiconductor, Inc., Class A(a) | 9,909 | 93,937 | ||||||
Intel Corp. | 264,365 | 9,456,336 |
Security | Shares | Value | ||||||
Semiconductors & Semiconductor Equipment (continued) | ||||||||
inTEST Corp.(a) | 1,081 | $ | 22,874 | |||||
KLA Corp. | 8,678 | 4,460,058 | ||||||
Kulicke & Soffa Industries, Inc. | 3,436 | 205,748 | ||||||
Lam Research Corp. | 8,492 | 6,101,417 | ||||||
Lattice Semiconductor Corp.(a) | 8,720 | 792,997 | ||||||
MACOM Technology Solutions Holdings, Inc., Class H(a) | 3,571 | 249,684 | ||||||
Marvell Technology, Inc. | 54,150 | 3,526,790 | ||||||
Maxeon Solar Technologies Ltd.(a) | 1,638 | 40,442 | ||||||
MaxLinear, Inc.(a) | 4,731 | 116,714 | ||||||
Microchip Technology, Inc. | 34,096 | 3,202,978 | ||||||
Micron Technology, Inc. | 69,270 | 4,945,185 | ||||||
MKS Instruments, Inc. | 4,263 | 465,392 | ||||||
Monolithic Power Systems, Inc. | 2,877 | 1,609,653 | ||||||
Navitas Semiconductor Corp.(a) | 6,957 | 73,605 | ||||||
NVE Corp. | 349 | 27,644 | ||||||
NVIDIA Corp. | 150,491 | 70,322,939 | ||||||
ON Semiconductor Corp.(a)(b) | 27,318 | 2,943,515 | ||||||
Onto Innovation, Inc.(a) | 2,989 | 371,593 | ||||||
PDF Solutions, Inc.(a) | 1,754 | 80,666 | ||||||
Photronics, Inc.(a) | 3,827 | 101,224 | ||||||
Power Integrations, Inc. | 3,392 | 329,499 | ||||||
Qorvo, Inc.(a) | 6,446 | 709,189 | ||||||
QUALCOMM, Inc. | 70,597 | 9,330,806 | ||||||
Rambus, Inc.(a) | 6,863 | 429,692 | ||||||
Semtech Corp.(a) | 4,481 | 130,845 | ||||||
Silicon Laboratories, Inc.(a) | 2,008 | 299,473 | ||||||
SiTime Corp.(a)(b) | 1,041 | 134,299 | ||||||
SkyWater Technology, Inc.(a) | 811 | 7,932 | ||||||
Skyworks Solutions, Inc. | 10,042 | 1,148,504 | ||||||
SMART Global Holdings, Inc.(a) | 3,469 | 92,275 | ||||||
Synaptics, Inc.(a) | 2,340 | 211,325 | ||||||
Teradyne, Inc. | 9,976 | 1,126,689 | ||||||
Texas Instruments, Inc. | 57,308 | 10,315,440 | ||||||
Transphorm, Inc.(a)(b) | 3,643 | 11,366 | ||||||
Ultra Clean Holdings, Inc.(a) | 2,740 | 104,394 | ||||||
Universal Display Corp. | 2,869 | 418,530 | ||||||
Veeco Instruments, Inc.(a) | 2,766 | 77,891 | ||||||
Wolfspeed, Inc.(a)(b) | 8,020 | 528,518 | ||||||
|
| |||||||
190,344,099 | ||||||||
Software — 9.8% | ||||||||
8x8, Inc.(a)(b) | 6,460 | 30,620 | ||||||
A10 Networks, Inc. | 4,857 | 75,381 | ||||||
ACI Worldwide, Inc.(a) | 6,881 | 159,570 | ||||||
Adeia, Inc. | 7,863 | 94,513 | ||||||
Adobe, Inc.(a) | 29,011 | 15,844,938 | ||||||
Agilysys, Inc.(a) | 1,390 | 102,346 | ||||||
Alarm.com Holdings, Inc.(a) | 2,898 | 159,999 | ||||||
Alkami Technology, Inc.(a) | 2,197 | 37,085 | ||||||
Altair Engineering, Inc., Class A(a)(b) | 3,212 | 240,707 | ||||||
Alteryx, Inc., Class A(a) | 3,791 | 157,175 | ||||||
American Software, Inc., Class A | 1,641 | 18,921 | ||||||
Amplitude, Inc., Class A(a) | 3,549 | 41,097 | ||||||
ANSYS, Inc.(a) | 5,505 | 1,883,261 | ||||||
Appfolio, Inc., Class A(a) | 1,200 | 216,708 | ||||||
Appian Corp., Class A(a) | 2,774 | 142,916 | ||||||
Applied Digital Corp.(a) | 4,664 | 44,681 | ||||||
AppLovin Corp., Class A(a)(b) | 14,647 | 459,916 | ||||||
Asana, Inc., Class A(a) | 4,988 | 121,109 | ||||||
Aspen Technology, Inc.(a) | 1,731 | 308,984 | ||||||
Atlassian Corp., Class A(a) | 9,185 | 1,671,119 | ||||||
Aurora Innovation, Inc.(a) | 19,855 | 65,124 |
SCHEDULE OF INVESTMENTS | 71 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
Autodesk, Inc.(a) | 13,598 | $ | 2,882,640 | |||||
AvePoint, Inc.(a) | 8,422 | 52,216 | ||||||
Bentley Systems, Inc., Class B(b) | 12,079 | 650,817 | ||||||
Bills Holdings, Inc.(a)(b) | 6,543 | 820,100 | ||||||
Bit Digital, Inc.(a)(b) | 7,119 | 31,537 | ||||||
Black Knight, Inc.(a) | 9,647 | 678,377 | ||||||
Blackbaud, Inc.(a) | 2,852 | 215,183 | ||||||
Blackline, Inc.(a)(b) | 3,699 | 214,838 | ||||||
Box, Inc., Class A(a) | 8,302 | 259,438 | ||||||
Braze, Inc., Class A(a) | 2,201 | 100,057 | ||||||
C3.ai, Inc., Class A(a) | 3,809 | 159,978 | ||||||
Cadence Design Systems, Inc.(a) | 17,095 | 4,000,401 | ||||||
CCC Intelligent Solutions Holdings, Inc.(a)(b) | 11,864 | 130,741 | ||||||
Cerence, Inc.(a) | 2,169 | 60,320 | ||||||
Cleanspark, Inc.(a) | 1,688 | 10,145 | ||||||
Clear Secure, Inc., Class A | 5,361 | 127,109 | ||||||
CommVault Systems, Inc.(a) | 2,940 | 229,114 | ||||||
Confluent, Inc., Class A(a)(b) | 11,882 | 410,404 | ||||||
Consensus Cloud Solutions, Inc.(a) | 1,250 | 40,513 | ||||||
Couchbase, Inc.(a)(b) | 2,430 | 40,557 | ||||||
Crowdstrike Holdings, Inc., Class A(a) | 13,382 | 2,163,334 | ||||||
CS Disco, Inc.(a)(b) | 1,888 | 18,389 | ||||||
Datadog, Inc., Class A(a) | 17,320 | 2,021,590 | ||||||
Digimarc Corp.(a) | 1,006 | 29,778 | ||||||
Digital Turbine, Inc.(a)(b) | 5,723 | 62,037 | ||||||
DocuSign, Inc.(a) | 12,995 | 699,391 | ||||||
Dolby Laboratories, Inc., Class A | 3,902 | 345,756 | ||||||
Domo, Inc., Class B(a) | 1,416 | 25,304 | ||||||
DoubleVerify Holdings, Inc.(a) | 6,949 | 292,553 | ||||||
Dropbox, Inc., Class A(a) | 16,741 | 451,170 | ||||||
Dynatrace, Inc.(a) | 13,518 | 739,299 | ||||||
E2open Parent Holdings, Inc.(a) | 12,000 | 61,800 | ||||||
Ebix, Inc. | 1,492 | 46,192 | ||||||
eGain Corp.(a) | 724 | 5,336 | ||||||
Elastic NV(a) | 5,022 | 333,712 | ||||||
Enfusion, Inc., Class A(a) | 1,551 | 16,828 | ||||||
EngageSmart, Inc.(a) | 2,476 | 46,945 | ||||||
Envestnet, Inc.(a) | 2,907 | 180,176 | ||||||
Everbridge, Inc.(a) | 2,780 | 85,735 | ||||||
EverCommerce, Inc.(a) | 1,361 | 15,896 | ||||||
Expensify, Inc., Class A(a) | 4,132 | 33,304 | ||||||
Fair Isaac Corp.(a) | 1,532 | 1,283,770 | ||||||
Five9, Inc.(a) | 4,365 | 383,029 | ||||||
ForgeRock, Inc., Class A(a) | 3,204 | 66,163 | ||||||
Fortinet, Inc.(a) | 41,546 | 3,228,955 | ||||||
Freshworks, Inc., Class A(a) | 10,415 | 194,344 | ||||||
Gen Digital, Inc. | 35,118 | 683,045 | ||||||
Gitlab, Inc., Class A(a) | 3,131 | 155,392 | ||||||
Guidewire Software, Inc.(a) | 5,285 | 448,274 | ||||||
HashiCorp, Inc., Class A(a)(b) | 6,042 | 178,904 | ||||||
HubSpot, Inc.(a) | 2,912 | 1,690,562 | ||||||
Informatica, Inc., Class A(a)(b) | 2,800 | 53,312 | ||||||
Instructure Holdings, Inc.(a) | 1,199 | 32,577 | ||||||
Intapp, Inc.(a) | 938 | 38,514 | ||||||
InterDigital, Inc. | 1,792 | 166,101 | ||||||
Intuit, Inc. | 17,291 | 8,847,805 | ||||||
Jamf Holding Corp.(a)(b) | 3,854 | 83,709 | ||||||
LivePerson, Inc.(a) | 4,799 | 22,795 | ||||||
LiveRamp Holdings, Inc.(a) | 3,784 | 107,995 | ||||||
Manhattan Associates, Inc.(a) | 3,939 | 750,852 | ||||||
Marathon Digital Holdings, Inc.(a)(b) | 11,287 | 196,055 | ||||||
Matterport, Inc.(a)(b) | 14,473 | 49,063 |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
MeridianLink, Inc.(a) | 1,066 | $ | 23,814 | |||||
Microsoft Corp. | 471,232 | 158,296,253 | ||||||
MicroStrategy, Inc., Class A(a)(b) | 705 | 308,705 | ||||||
Mitek Systems, Inc.(a) | 2,481 | 25,331 | ||||||
Model N, Inc.(a)(b) | 2,938 | 97,894 | ||||||
N-able, Inc.(a) | 4,241 | 59,671 | ||||||
nCino, Inc.(a) | 4,394 | 142,146 | ||||||
NCR Corp.(a) | 7,887 | 212,003 | ||||||
New Relic, Inc.(a) | 3,399 | 285,448 | ||||||
NextNav, Inc.(a) | 7,099 | 22,788 | ||||||
Nutanix, Inc., Class A(a) | 14,075 | 425,065 | ||||||
Olo, Inc., Class A(a) | 5,920 | 46,531 | ||||||
ON24, Inc. | 1,991 | 17,620 | ||||||
OneSpan, Inc.(a)(b) | 2,737 | 37,606 | ||||||
Oracle Corp. | 96,211 | 11,278,816 | ||||||
PagerDuty, Inc.(a) | 5,772 | 149,610 | ||||||
Palantir Technologies, Inc., Class A(a) | 118,822 | 2,357,429 | ||||||
Palo Alto Networks, Inc.(a) | 18,887 | 4,720,995 | ||||||
Pegasystems, Inc. | 2,374 | 125,229 | ||||||
PowerSchool Holdings, Inc., Class A(a)(b) | 3,899 | 94,239 | ||||||
Procore Technologies, Inc.(a)(b) | 4,791 | 363,397 | ||||||
Progress Software Corp. | 2,817 | 169,189 | ||||||
PROS Holdings, Inc.(a) | 3,022 | 114,836 | ||||||
PTC, Inc.(a) | 6,883 | 1,003,610 | ||||||
Q2 Holdings, Inc.(a) | 3,494 | 123,932 | ||||||
Qualys, Inc.(a) | 2,241 | 311,051 | ||||||
Rapid7, Inc.(a) | 3,624 | 166,378 | ||||||
Rimini Street, Inc.(a) | 3,501 | 9,523 | ||||||
RingCentral, Inc., Class A(a) | 5,642 | 233,353 | ||||||
Riot Platforms, Inc.(a) | 10,100 | 187,052 | ||||||
Roper Technologies, Inc. | 6,669 | 3,288,150 | ||||||
Salesforce, Inc.(a) | 59,940 | 13,487,099 | ||||||
Sapiens International Corp. NV | 2,240 | 60,346 | ||||||
SEMrush Holdings, Inc., Class A(a) | 3,049 | 32,350 | ||||||
SentinelOne, Inc., Class A(a) | 11,487 | 191,488 | ||||||
ServiceNow, Inc.(a) | 12,896 | 7,518,368 | ||||||
Smartsheet, Inc., Class A(a) | 7,729 | 343,168 | ||||||
SolarWinds Corp.(a) | 1,754 | 18,487 | ||||||
SoundHound AI, Inc., Class A(a)(b) | 10,130 | 23,603 | ||||||
SoundThinking, Inc.(a)(b) | 707 | 16,063 | ||||||
Splunk, Inc.(a) | 10,262 | 1,111,682 | ||||||
Sprinklr, Inc., Class A(a) | 5,475 | 76,869 | ||||||
Sprout Social, Inc., Class A(a) | 2,948 | 168,449 | ||||||
SPS Commerce, Inc.(a) | 2,242 | 404,434 | ||||||
Synopsys, Inc.(a) | 9,610 | 4,341,798 | ||||||
Tenable Holdings, Inc.(a) | 7,240 | 352,298 | ||||||
Teradata Corp.(a) | 6,137 | 348,888 | ||||||
Tyler Technologies, Inc.(a) | 2,652 | 1,051,863 | ||||||
UiPath, Inc., Class A(a)(b) | 24,241 | 438,277 | ||||||
Unity Software, Inc.(a) | 18,340 | 840,706 | ||||||
Varonis Systems, Inc.(a) | 7,148 | 205,148 | ||||||
Verint Systems, Inc.(a) | 4,508 | 168,464 | ||||||
Veritone, Inc.(a) | 2,366 | 10,919 | ||||||
Viant Technology, Inc., Class A(a) | 883 | 4,274 | ||||||
VMware, Inc., Class A(a) | 13,607 | 2,144,871 | ||||||
Weave Communications, Inc.(a) | 404 | 4,848 | ||||||
Workday, Inc., Class A(a) | 12,548 | 2,975,507 | ||||||
Workiva, Inc.(a)(b) | 2,926 | 308,079 | ||||||
Xperi, Inc.(a) | 2,213 | 29,035 | ||||||
Yext, Inc.(a)(b) | 5,854 | 56,901 | ||||||
Zeta Global Holdings Corp., Class A(a)(b) | 9,961 | 91,840 | ||||||
Zoom Video Communications, Inc., Class A(a) | 15,788 | 1,158,050 |
72 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
Zscaler, Inc.(a) | 5,565 | $ | 892,515 | |||||
Zuora, Inc., Class A(a) | 9,890 | 116,010 | ||||||
|
| |||||||
283,016,757 | ||||||||
Specialized REITs — 1.0% | ||||||||
American Tower Corp. | 29,447 | 5,604,059 | ||||||
Crown Castle, Inc. | 27,385 | 2,965,522 | ||||||
CubeSmart | 14,275 | 618,964 | ||||||
Digital Realty Trust, Inc. | 18,361 | 2,288,148 | ||||||
EPR Properties | 4,513 | 201,460 | ||||||
Equinix, Inc. | 5,900 | 4,778,528 | ||||||
Extra Space Storage, Inc. | 13,210 | 1,843,720 | ||||||
Farmland Partners, Inc. | 2,041 | 23,451 | ||||||
Four Corners Property Trust, Inc. | 6,863 | 180,497 | ||||||
Gaming and Leisure Properties, Inc. | 16,049 | 761,685 | ||||||
Gladstone Land Corp. | 2,385 | 39,925 | ||||||
Iron Mountain, Inc. | 18,081 | 1,110,173 | ||||||
Lamar Advertising Co., Class A | 5,537 | 546,502 | ||||||
National Storage Affiliates Trust | 4,998 | 168,882 | ||||||
Outfront Media, Inc. | 8,901 | 137,609 | ||||||
PotlatchDeltic Corp. | 4,938 | 264,825 | ||||||
Public Storage | 9,832 | 2,770,166 | ||||||
Rayonier, Inc. | 9,313 | 308,447 | ||||||
Safehold, Inc. | 2,378 | 58,808 | ||||||
SBA Communications Corp. | 6,841 | 1,497,837 | ||||||
Uniti Group, Inc. | 14,285 | 79,710 | ||||||
VICI Properties, Inc. | 63,572 | 2,001,247 | ||||||
Weyerhaeuser Co. | 46,702 | 1,590,670 | ||||||
|
| |||||||
29,840,835 | ||||||||
Specialty Retail — 2.1% | ||||||||
1-800-Flowers.com, Inc., Class A(a) | 1,280 | 11,110 | ||||||
Aaron’s Co., Inc. | 1,983 | 31,371 | ||||||
Abercrombie & Fitch Co., Class A(a) | 3,245 | 128,534 | ||||||
Academy Sports & Outdoors, Inc. | 4,486 | 268,218 | ||||||
Advance Auto Parts, Inc. | 3,773 | 280,673 | ||||||
American Eagle Outfitters, Inc. | 10,398 | 146,092 | ||||||
America’s Car-Mart, Inc.(a)(b) | 281 | 33,473 | ||||||
Arko Corp. | 6,136 | 51,174 | ||||||
Asbury Automotive Group, Inc.(a)(b) | 1,367 | 308,395 | ||||||
AutoNation, Inc.(a)(b) | 1,891 | 304,413 | ||||||
AutoZone, Inc.(a) | 1,160 | 2,878,795 | ||||||
BARK, Inc.(a) | 12,225 | 17,604 | ||||||
Bath & Body Works, Inc. | 14,668 | 543,596 | ||||||
Best Buy Co., Inc. | 12,348 | 1,025,501 | ||||||
Big 5 Sporting Goods Corp. | 1,094 | 10,470 | ||||||
Boot Barn Holdings, Inc.(a) | 1,850 | 173,715 | ||||||
Buckle, Inc. | 1,687 | 61,677 | ||||||
Build-A-Bear Workshop, Inc. | 1,239 | 30,417 | ||||||
Burlington Stores, Inc.(a) | 4,134 | 734,281 | ||||||
Caleres, Inc. | 2,081 | 56,270 | ||||||
Camping World Holdings, Inc., Class A | 2,185 | 69,986 | ||||||
CarMax, Inc.(a)(b) | 10,057 | 830,809 | ||||||
CarParts.com, Inc.(a) | 2,466 | 12,379 | ||||||
Carvana Co.(a)(b) | 6,450 | 296,377 | ||||||
Cato Corp., Class A | 2,025 | 17,213 | ||||||
Chico’s FAS, Inc.(a) | 7,580 | 46,238 | ||||||
Children’s Place, Inc.(a) | 869 | 27,321 | ||||||
Designer Brands, Inc., Class A | 3,326 | 33,094 | ||||||
Destination XL Group, Inc.(a) | 6,269 | 32,348 | ||||||
Dick’s Sporting Goods, Inc. | 3,843 | 541,863 | ||||||
Duluth Holdings, Inc., Class B(a) | 1,416 | 10,280 | ||||||
EVgo, Inc.(a)(b) | 4,566 | 19,953 |
Security | Shares | Value | ||||||
Specialty Retail (continued) | ||||||||
Five Below, Inc.(a)(b) | 3,376 | $ | 703,356 | |||||
Floor & Decor Holdings, Inc., Class A(a)(b) | 6,526 | 749,511 | ||||||
Foot Locker, Inc. | 5,084 | 136,607 | ||||||
Franchise Group, Inc. | 1,453 | 43,241 | ||||||
GameStop Corp., Class A(a)(b) | 17,417 | 386,657 | ||||||
Gap, Inc. | 13,510 | 139,153 | ||||||
Genesco, Inc.(a) | 1,043 | 29,423 | ||||||
Group 1 Automotive, Inc.(b) | 843 | 217,941 | ||||||
GrowGeneration Corp.(a) | 2,856 | 11,367 | ||||||
Guess?, Inc. | 3,020 | 63,390 | ||||||
Haverty Furniture Cos., Inc. | 1,048 | 37,309 | ||||||
Hibbett, Inc. | 876 | 40,646 | ||||||
Home Depot, Inc. | 64,040 | 21,379,114 | ||||||
Lands’ End, Inc.(a) | 889 | 8,339 | ||||||
Leslie’s, Inc.(a)(b) | 12,789 | 81,466 | ||||||
Lithia Motors, Inc. | 1,684 | 522,933 | ||||||
Lowe’s Cos., Inc. | 37,738 | 8,840,881 | ||||||
MarineMax, Inc.(a) | 887 | 35,773 | ||||||
Monro, Inc. | 2,222 | 81,436 | ||||||
Murphy USA, Inc.(b) | 1,270 | 389,928 | ||||||
National Vision Holdings, Inc.(a) | 5,351 | 115,742 | ||||||
ODP Corp.(a) | 2,695 | 134,427 | ||||||
OneWater Marine, Inc., Class A(a) | 684 | 25,753 | ||||||
O’Reilly Automotive, Inc.(a) | 3,851 | 3,565,217 | ||||||
Overstock.com, Inc.(a)(b) | 2,560 | 93,363 | ||||||
Penske Automotive Group, Inc.(b) | 1,260 | 203,389 | ||||||
Petco Health & Wellness Co., Inc.(a)(b) | 5,201 | 42,440 | ||||||
PetMed Express, Inc. | 1,061 | 15,544 | ||||||
Revolve Group, Inc.(a) | 2,911 | 57,405 | ||||||
RH(a)(b) | 1,015 | 393,993 | ||||||
Ross Stores, Inc. | 21,311 | 2,443,093 | ||||||
Sally Beauty Holdings, Inc.(a) | 7,155 | 85,645 | ||||||
Shoe Carnival, Inc. | 744 | 19,798 | ||||||
Signet Jewelers Ltd. | 2,786 | 224,245 | ||||||
Sleep Number Corp.(a) | 1,237 | 34,253 | ||||||
Sonic Automotive, Inc., Class A | 1,309 | 62,688 | ||||||
Sportsman’s Warehouse Holdings, Inc.(a)(b) | 1,930 | 12,159 | ||||||
Stitch Fix, Inc., Class A(a) | 5,133 | 26,230 | ||||||
Tilly’s, Inc., Class A(a) | 598 | 5,185 | ||||||
TJX Cos., Inc. | 72,811 | 6,300,336 | ||||||
Tractor Supply Co. | 6,946 | 1,555,835 | ||||||
Ulta Beauty, Inc.(a) | 3,172 | 1,410,906 | ||||||
Upbound Group, Inc., Class A | 3,756 | 130,070 | ||||||
Urban Outfitters, Inc.(a) | 3,529 | 128,350 | ||||||
Valvoline, Inc. | 10,723 | 407,152 | ||||||
Victoria’s Secret & Co.(a)(b) | 5,589 | 114,519 | ||||||
Warby Parker, Inc., Class A(a) | 5,414 | 80,885 | ||||||
Wayfair, Inc., Class A(a) | 5,281 | 411,231 | ||||||
Williams-Sonoma, Inc. | 4,131 | 572,722 | ||||||
Winmark Corp. | 223 | 81,052 | ||||||
Zumiez, Inc.(a) | 980 | 18,483 | ||||||
|
| |||||||
61,704,221 | ||||||||
Technology Hardware, Storage & Peripherals — 6.7% | ||||||||
Apple, Inc. | 945,148 | 185,674,325 | ||||||
Avid Technology, Inc.(a) | 1,603 | 38,216 | ||||||
Corsair Gaming, Inc.(a) | 2,367 | 43,742 | ||||||
Eastman Kodak Co.(a) | 6,701 | 36,789 | ||||||
Hewlett Packard Enterprise Co. | 82,800 | 1,439,064 | ||||||
HP, Inc. | 54,980 | 1,804,993 | ||||||
Immersion Corp. | 1,222 | 8,627 | ||||||
IonQ, Inc.(a)(b) | 10,927 | 210,345 | ||||||
NetApp, Inc. | 13,826 | 1,078,566 |
SCHEDULE OF INVESTMENTS | 73 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Technology Hardware, Storage & Peripherals (continued) | ||||||||
Pure Storage, Inc., Class A(a) | 18,009 | $ | 666,153 | |||||
Super Micro Computer, Inc.(a) | 2,919 | 964,058 | ||||||
Turtle Beach Corp.(a) | 776 | 8,730 | ||||||
Western Digital Corp.(a) | 19,886 | 846,348 | ||||||
Xerox Holdings Corp. | 8,090 | 129,278 | ||||||
|
| |||||||
192,949,234 | ||||||||
Textiles, Apparel & Luxury Goods — 0.6% | ||||||||
Allbirds, Inc., Class A(a)(b) | 6,333 | 9,499 | ||||||
Capri Holdings Ltd.(a) | 7,903 | 291,700 | ||||||
Carter’s, Inc. | 2,358 | 176,874 | ||||||
Columbia Sportswear Co. | 2,414 | 189,765 | ||||||
Crocs, Inc.(a) | 3,744 | 405,662 | ||||||
Deckers Outdoor Corp.(a) | 1,657 | 900,894 | ||||||
Figs, Inc., Class A(a)(b) | 8,730 | 64,253 | ||||||
Fossil Group, Inc.(a) | 3,093 | 8,599 | ||||||
G-III Apparel Group Ltd.(a) | 2,509 | 51,961 | ||||||
Hanesbrands, Inc. | 21,010 | 110,723 | ||||||
Kontoor Brands, Inc. | 3,741 | 158,469 | ||||||
Lululemon Athletica, Inc.(a) | 7,039 | 2,664,473 | ||||||
Movado Group, Inc. | 1,241 | 35,617 | ||||||
NIKE, Inc., Class B | 75,244 | 8,306,185 | ||||||
Oxford Industries, Inc. | 1,115 | 120,253 | ||||||
PVH Corp. | 4,077 | 365,462 | ||||||
Ralph Lauren Corp. | 2,545 | 334,235 | ||||||
Rocky Brands, Inc. | 309 | 6,217 | ||||||
Skechers USA, Inc., Class A(a) | 8,691 | 483,046 | ||||||
Steven Madden Ltd. | 4,857 | 162,127 | ||||||
Tapestry, Inc. | 14,748 | 636,376 | ||||||
Under Armour, Inc., Class A(a) | 11,440 | 92,206 | ||||||
Under Armour, Inc., Class C(a) | 12,665 | 93,974 | ||||||
VF Corp. | 21,226 | 420,487 | ||||||
Wolverine World Wide, Inc. | 4,311 | 54,620 | ||||||
|
| |||||||
16,143,677 | ||||||||
Tobacco — 0.5% | ||||||||
Altria Group, Inc. | 113,100 | 5,137,002 | ||||||
Philip Morris International, Inc. | 98,165 | 9,789,014 | ||||||
Turning Point Brands, Inc. | 705 | 16,814 | ||||||
Universal Corp. | 1,853 | 93,706 | ||||||
Vector Group Ltd. | 9,936 | 130,361 | ||||||
|
| |||||||
15,166,897 | ||||||||
Trading Companies & Distributors — 0.5% | ||||||||
Air Lease Corp. | 6,821 | 288,801 | ||||||
Applied Industrial Technologies, Inc. | 2,341 | 339,422 | ||||||
Beacon Roofing Supply, Inc.(a) | 3,038 | 260,265 | ||||||
BlueLinx Holdings, Inc.(a) | 421 | 39,675 | ||||||
Boise Cascade Co. | 2,398 | 248,169 | ||||||
Core & Main, Inc., Class A(a) | 5,402 | 170,757 | ||||||
Custom Truck One Source, Inc.(a) | 2,724 | 18,850 | ||||||
Distribution Solutions Group, Inc.(a) | 282 | 15,634 | ||||||
DXP Enterprises, Inc.(a) | 553 | 21,003 | ||||||
Fastenal Co. | 36,306 | 2,127,895 | ||||||
Ferguson PLC | 13,077 | 2,113,505 | ||||||
FTAI Aviation Ltd. | 6,333 | 203,986 | ||||||
GATX Corp. | 2,161 | 270,903 | ||||||
Global Industrial Co. | 1,009 | 28,757 | ||||||
GMS, Inc.(a) | 2,574 | 189,678 | ||||||
H&E Equipment Services, Inc. | 1,772 | 86,084 | ||||||
Herc Holdings, Inc. | 1,662 | 222,425 |
Security | Shares | Value | ||||||
Trading Companies & Distributors (continued) | ||||||||
Hudson Technologies, Inc.(a) | 2,482 | $ | 22,561 | |||||
McGrath RentCorp | 1,530 | 147,461 | ||||||
MRC Global, Inc.(a) | 6,858 | 77,427 | ||||||
MSC Industrial Direct Co., Inc., Class A | 2,842 | 286,815 | ||||||
NOW, Inc.(a) | 6,770 | 77,110 | ||||||
Rush Enterprises, Inc., Class A | 2,405 | 155,555 | ||||||
Rush Enterprises, Inc., Class B | 399 | 27,415 | ||||||
SiteOne Landscape Supply, Inc.(a)(b) | 2,820 | 479,400 | ||||||
Textainer Group Holdings Ltd. | 2,893 | 118,902 | ||||||
Titan Machinery, Inc.(a) | 1,169 | 37,314 | ||||||
Transcat, Inc.(a) | 348 | 29,190 | ||||||
Triton International Ltd. | 3,451 | 290,954 | ||||||
United Rentals, Inc. | 4,363 | 2,027,399 | ||||||
Univar Solutions, Inc.(a) | 9,582 | 346,294 | ||||||
Veritiv Corp. | 975 | 136,627 | ||||||
W.W.Grainger, Inc. | 2,835 | 2,093,619 | ||||||
Watsco, Inc. | 2,123 | 802,897 | ||||||
WESCO International, Inc. | 2,731 | 479,482 | ||||||
Xometry, Inc., Class A(a) | 2,323 | 48,226 | ||||||
|
| |||||||
14,330,457 | ||||||||
Water Utilities — 0.1% | ||||||||
American States Water Co. | 2,476 | 218,903 | ||||||
American Water Works Co., Inc. | 12,385 | 1,825,921 | ||||||
Artesian Resources Corp., Class A | 493 | 22,461 | ||||||
California Water Service Group | 3,450 | 182,919 | ||||||
Consolidated Water Co. Ltd. | 1,168 | 22,846 | ||||||
Essential Utilities, Inc. | 15,431 | 652,577 | ||||||
Global Water Resources, Inc. | 881 | 11,189 | ||||||
Middlesex Water Co. | 1,348 | 108,406 | ||||||
Pure Cycle Corp.(a) | 1,623 | 19,995 | ||||||
SJW Group | 1,820 | 128,237 | ||||||
York Water Co. | 673 | 27,815 | ||||||
|
| |||||||
3,221,269 | ||||||||
Wireless Telecommunication Services — 0.2% | ||||||||
Gogo, Inc.(a) | 3,467 | 52,248 | ||||||
Shenandoah Telecommunications Co. | 3,990 | 74,493 | ||||||
Telephone and Data Systems, Inc. | 6,742 | 54,071 | ||||||
T-Mobile U.S., Inc.(a) | 34,526 | 4,756,647 | ||||||
|
| |||||||
4,937,459 | ||||||||
|
| |||||||
Total Common Stocks — 99.0% | 2,849,232,855 | |||||||
|
| |||||||
Investment Companies | ||||||||
Equity Funds — 0.4% | ||||||||
iShares Russell 3000 ETF(c) | 49,961 | 13,167,721 | ||||||
|
| |||||||
Total Investment Companies — 0.4% | 13,167,721 | |||||||
|
|
74 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Rights | ||||||||
Biotechnology — 0.0% | ||||||||
Aduro Biotech, Inc.(d) | 400 | $ | 1,016 | |||||
|
| |||||||
Total Rights — 0.0% | 1,016 | |||||||
|
| |||||||
Total Long-Term Investments — 99.4% | 2,862,401,592 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 4.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(c)(f)(g) | 63,949,516 | 63,968,701 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(c)(f) | 66,592,875 | 66,592,875 | ||||||
|
| |||||||
Total Short-Term Securities — 4.6% | 130,561,576 | |||||||
|
| |||||||
Total Investments — 104.0% | 2,992,963,168 | |||||||
Liabilities in Excess of Other Assets — (4.0)% |
| (113,894,994 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 2,879,068,174 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $20,140, representing less than 0.05% of its net assets as of period end, and an original cost of $38,933. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 07/31/23 | Shares Held at 07/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 60,632,938 | $ | 3,315,633 | (a) | $ | — | $ | 20,876 | $ | (746 | ) | $ | 63,968,701 | 63,949,516 | $ | 626,323 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 12,829,647 | 53,763,228 | (a) | — | — | — | 66,592,875 | 66,592,875 | 522,365 | — | ||||||||||||||||||||||||||
BlackRock, Inc. | 6,091,545 | 760,307 | (581,616 | ) | (132,630 | ) | 810,539 | 6,948,145 | 9,404 | 189,405 | — | |||||||||||||||||||||||||
iShares Russell 3000 ETF | 21,228,350 | 241,464,098 | (251,073,084 | ) | 2,347,455 | (799,098 | ) | 13,167,721 | 49,961 | 299,939 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 2,235,701 | $ | 10,695 | $ | 150,677,442 | $ | 1,638,032 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
SCHEDULE OF INVESTMENTS | 75 |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
Russell 2000 E-Mini Index | 19 | 09/15/23 | $ | 1,913 | $ | 104,003 | ||||||||||
S&P 500 E-Mini Index | 60 | 09/15/23 | 13,844 | 346,192 | ||||||||||||
|
| |||||||||||||||
$ | 450,195 | |||||||||||||||
|
|
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) | $ | — | $ | — | $ | 450,195 | $ | — | $ | — | $ | — | $ | 450,195 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 1,433,791 | $ | — | $ | — | $ | — | $ | 1,433,791 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (464,505 | ) | $ | — | $ | — | $ | — | $ | (464,505 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 14,963,265 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | $ | 43,927,522 | $ | — | $ | — | $ | 43,927,522 | ||||||||
Air Freight & Logistics | 15,454,143 | — | — | 15,454,143 | ||||||||||||
Automobile Components | 6,386,756 | — | — | 6,386,756 | ||||||||||||
Automobiles | 55,589,358 | — | — | 55,589,358 |
76 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) July 31, 2023
| iShares Total U.S. Stock Market Index Fund |
Fair Value Hierarchy as of Period End (continued)
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Common Stocks (continued) | ||||||||||||||||
Banks | $ | 100,164,961 | $ | — | $ | — | $ | 100,164,961 | ||||||||
Beverages | 42,114,838 | — | — | 42,114,838 | ||||||||||||
Biotechnology | 68,971,026 | — | — | 68,971,026 | ||||||||||||
Broadline Retail | 80,909,838 | — | — | 80,909,838 | ||||||||||||
Building Products | 19,587,051 | — | — | 19,587,051 | ||||||||||||
Capital Markets | 84,027,358 | — | — | 84,027,358 | ||||||||||||
Chemicals | 48,596,837 | — | — | 48,596,837 | ||||||||||||
Commercial Services & Supplies | 16,719,762 | — | — | 16,719,762 | ||||||||||||
Communications Equipment | 22,130,878 | — | — | 22,130,878 | ||||||||||||
Construction & Engineering | 7,202,611 | — | — | 7,202,611 | ||||||||||||
Construction Materials | 4,481,954 | — | — | 4,481,954 | ||||||||||||
Consumer Finance | 15,244,658 | — | — | 15,244,658 | ||||||||||||
Consumer Staples Distribution & Retail | 48,323,307 | — | — | 48,323,307 | ||||||||||||
Containers & Packaging | 8,859,851 | 7,413 | — | 8,867,264 | ||||||||||||
Distributors | 3,296,638 | — | — | 3,296,638 | ||||||||||||
Diversified Consumer Services | 3,242,163 | — | — | 3,242,163 | ||||||||||||
Diversified REITs | 1,737,844 | — | — | 1,737,844 | ||||||||||||
Diversified Telecommunication Services | 17,093,316 | — | — | 17,093,316 | ||||||||||||
Electric Utilities | 43,125,185 | — | — | 43,125,185 | ||||||||||||
Electrical Equipment | 20,868,534 | — | — | 20,868,534 | ||||||||||||
Electronic Equipment, Instruments & Components | 19,967,464 | — | — | 19,967,464 | ||||||||||||
Energy Equipment & Services | 15,015,574 | — | — | 15,015,574 | ||||||||||||
Entertainment | 39,347,574 | — | — | 39,347,574 | ||||||||||||
Financial Services | 114,910,348 | — | — | 114,910,348 | ||||||||||||
Food Products | 28,804,606 | — | — | 28,804,606 | ||||||||||||
Gas Utilities | 3,284,977 | — | — | 3,284,977 | ||||||||||||
Ground Transportation | 30,837,586 | — | — | 30,837,586 | ||||||||||||
Health Care Equipment & Supplies | 76,796,269 | — | — | 76,796,269 | ||||||||||||
Health Care Providers & Services | 76,632,202 | — | — | 76,632,202 | ||||||||||||
Health Care REITs | 6,858,319 | — | — | 6,858,319 | ||||||||||||
Health Care Technology | 3,512,685 | — | — | 3,512,685 | ||||||||||||
Hotel & Resort REITs | 2,303,862 | — | — | 2,303,862 | ||||||||||||
Hotels, Restaurants & Leisure | 65,117,799 | — | — | 65,117,799 | ||||||||||||
Household Durables | 14,280,380 | — | — | 14,280,380 | ||||||||||||
Household Products | 33,385,473 | — | — | 33,385,473 | ||||||||||||
Independent Power and Renewable Electricity Producers | 2,426,428 | — | — | 2,426,428 | ||||||||||||
Industrial Conglomerates | 19,934,331 | — | — | 19,934,331 | ||||||||||||
Industrial REITs | 10,555,211 | — | — | 10,555,211 | ||||||||||||
Insurance | 60,322,133 | — | — | 60,322,133 | ||||||||||||
Interactive Media & Services | 142,118,566 | — | — | 142,118,566 | ||||||||||||
IT Services | 38,997,564 | — | — | 38,997,564 | ||||||||||||
Leisure Products | 2,969,364 | — | — | 2,969,364 | ||||||||||||
Life Sciences Tools & Services | 44,449,810 | — | — | 44,449,810 | ||||||||||||
Machinery | 57,954,738 | — | — | 57,954,738 | ||||||||||||
Marine Transportation | 688,364 | — | — | 688,364 | ||||||||||||
Media | 24,834,676 | — | — | 24,834,676 | ||||||||||||
Metals & Mining | 16,745,724 | — | — | 16,745,724 | ||||||||||||
Mortgage Real Estate Investment Trusts (REITs) | 3,604,964 | — | — | 3,604,964 | ||||||||||||
Multi-Utilities | 18,357,845 | — | — | 18,357,845 | ||||||||||||
Office REITs | 4,158,031 | — | — | 4,158,031 | ||||||||||||
Oil, Gas & Consumable Fuels | 108,907,632 | — | — | 108,907,632 | ||||||||||||
Paper & Forest Products | 473,429 | — | — | 473,429 | ||||||||||||
Passenger Airlines | 6,174,892 | — | — | 6,174,892 | ||||||||||||
Personal Care Products | 4,285,841 | — | — | 4,285,841 | ||||||||||||
Pharmaceuticals | 102,670,693 | 20,140 | — | 102,690,833 | ||||||||||||
Professional Services | 30,755,171 | — | — | 30,755,171 | ||||||||||||
Real Estate Management & Development | 4,285,469 | — | — | 4,285,469 | ||||||||||||
Residential REITs | 11,982,176 | — | — | 11,982,176 | ||||||||||||
Retail REITs | 10,785,838 | — | — | 10,785,838 | ||||||||||||
Semiconductors & Semiconductor Equipment | 190,344,099 | — | — | 190,344,099 | ||||||||||||
Software | 283,016,757 | — | — | 283,016,757 | ||||||||||||
Specialized REITs | 29,840,835 | — | — | 29,840,835 | ||||||||||||
Specialty Retail | 61,704,221 | — | — | 61,704,221 |
SCHEDULE OF INVESTMENTS | 77 |
Schedule of Investments (continued) July 31, 2023 | iShares Total U.S. Stock Market Index Fund |
Fair Value Hierarchy as of Period End (continued)
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Common Stocks (continued) | ||||||||||||||||
Technology Hardware, Storage & Peripherals | $ | 192,949,234 | $ | — | $ | — | $ | 192,949,234 | ||||||||
Textiles, Apparel & Luxury Goods | 16,143,677 | — | — | 16,143,677 | ||||||||||||
Tobacco | 15,166,897 | — | — | 15,166,897 | ||||||||||||
Trading Companies & Distributors | 14,330,457 | — | — | 14,330,457 | ||||||||||||
Water Utilities | 3,221,269 | — | — | 3,221,269 | ||||||||||||
Wireless Telecommunication Services | 4,937,459 | — | — | 4,937,459 | ||||||||||||
Investment Companies | 13,167,721 | — | — | 13,167,721 | ||||||||||||
Rights | — | — | 1,016 | 1,016 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 130,561,576 | — | — | 130,561,576 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,992,934,599 | $ | 27,553 | $ | 1,016 | $ | 2,992,963,168 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | 450,195 | $ | — | $ | — | $ | 450,195 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
78 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities
July 31, 2023
iShares Russell Mid-Cap Index Fund | iShares Russell Small/Mid-Cap Index Fund | iShares Total U.S. Stock Market Index Fund | ||||||||||
ASSETS | ||||||||||||
Investments, at value — unaffiliated(a)(b) | $ | 1,687,034,996 | $ | 529,834,703 | $ | 2,842,285,726 | ||||||
Investments, at value — affiliated(c) | 76,248,944 | 62,778,236 | 150,677,442 | |||||||||
Cash | 96,788 | — | — | |||||||||
Cash pledged for futures contracts | 667,000 | 128,000 | 673,000 | |||||||||
Receivables: | ||||||||||||
Investments sold | — | 416,849 | 293,296 | |||||||||
Securities lending income — affiliated | 85,293 | 80,496 | 62,490 | |||||||||
Capital shares sold | 2,117,188 | 276,923 | 53,092,118 | |||||||||
Dividends — unaffiliated | — | 194,372 | 1,836,520 | |||||||||
Dividends — affiliated | 734,982 | 17,342 | 74,048 | |||||||||
Variation margin on futures contracts | 41,055 | 17,063 | 85,299 | |||||||||
Prepaid expenses | 43,402 | 46,204 | 52,845 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 1,767,069,648 | 593,790,188 | 3,049,132,784 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Collateral on securities loaned | 43,565,665 | 51,521,789 | 63,964,056 | |||||||||
Payables: | ||||||||||||
Investments purchased | 506,232 | 306,065 | 52,781,599 | |||||||||
Accounting services fees | 2,256 | 2,256 | 2,256 | |||||||||
Capital shares redeemed | 3,782,539 | 212,067 | 53,071,416 | |||||||||
Custodian fees | 7,961 | 8,836 | 10,128 | |||||||||
Investment advisory fees | 27,591 | 12,976 | 22,499 | |||||||||
Trustees’ and Officer’s fees | 3,804 | 2,281 | 4,688 | |||||||||
Other accrued expenses | 9,728 | 42,192 | 44,101 | |||||||||
Professional fees | 66,643 | 62,427 | 63,216 | |||||||||
Service fees | 30,921 | 20,933 | 40,616 | |||||||||
Transfer agent fees | 116,363 | 28,814 | 60,035 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 48,119,703 | 52,220,636 | 170,064,610 | |||||||||
|
|
|
|
|
| |||||||
Commitments and contingent liabilities | ||||||||||||
NET ASSETS | $ | 1,718,949,945 | $ | 541,569,552 | $ | 2,879,068,174 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF | ||||||||||||
Paid-in capital | $ | 1,204,097,797 | $ | 467,955,893 | $ | 1,952,876,165 | ||||||
Accumulated earnings | 514,852,148 | 73,613,659 | 926,192,009 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 1,718,949,945 | $ | 541,569,552 | $ | 2,879,068,174 | ||||||
|
|
|
|
|
| |||||||
(a) Investments, at cost — unaffiliated | $ | 1,171,002,039 | $ | 436,798,659 | $ | 1,862,865,949 | ||||||
(b) Securities loaned, at value | $ | 43,408,862 | $ | 50,892,960 | $ | 62,989,820 | ||||||
(c) Investments, at cost — affiliated | $ | 74,893,921 | $ | 62,080,228 | $ | 147,662,644 |
FINANCIAL STATEMENTS | 79 |
Statements of Assets and Liabilities (continued)
July 31, 2023
iShares Russell Index Fund | iShares Russell Small/Mid-Cap Index Fund | iShares Total U.S. Stock Market Index Fund | ||||||||||
NET ASSET VALUE | ||||||||||||
Institutional | ||||||||||||
Net assets | $ | 178,582,284 | $ | 141,351,469 | $ | 112,188,035 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding | 13,188,240 | 9,375,781 | 5,303,646 | |||||||||
|
|
|
|
|
| |||||||
Net asset value | $ | 13.54 | $ | 15.08 | $ | 21.15 | ||||||
|
|
|
|
|
| |||||||
Shares authorized | Unlimited | Unlimited | Unlimited | |||||||||
|
|
|
|
|
| |||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||
|
|
|
|
|
| |||||||
Investor A | ||||||||||||
Net assets | $ | 151,707,805 | $ | 100,293,250 | $ | 196,797,547 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding | 11,252,498 | 6,664,798 | 9,316,843 | |||||||||
|
|
|
|
|
| |||||||
Net asset value | $ | 13.48 | $ | 15.05 | $ | 21.12 | ||||||
|
|
|
|
|
| |||||||
Shares authorized | Unlimited | Unlimited | Unlimited | |||||||||
|
|
|
|
|
| |||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||
|
|
|
|
|
| |||||||
Class K | ||||||||||||
Net assets | $ | 1,388,659,856 | $ | 299,924,833 | $ | 2,570,082,592 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding | 102,330,261 | 19,893,350 | 121,505,983 | |||||||||
|
|
|
|
|
| |||||||
Net asset value | $ | 13.57 | $ | 15.08 | $ | 21.15 | ||||||
|
|
|
|
|
| |||||||
Shares authorized | Unlimited | Unlimited | Unlimited | |||||||||
|
|
|
|
|
| |||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||
|
|
|
|
|
|
See notes to financial statements.
80 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Year Ended July 31, 2023
iShares Russell Mid-Cap Index Fund | iShares Russell Small/Mid-Cap Index Fund | iShares Total U.S. Stock Market Index Fund | ||||||||||
| ||||||||||||
INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliated | $ | 25,304,194 | $ | 7,158,243 | $ | 41,292,518 | ||||||
Dividends — affiliated | 592,921 | 159,057 | 1,011,709 | |||||||||
Securities lending income — affiliated — net | 832,687 | 673,273 | 626,323 | |||||||||
Foreign taxes withheld | (10,303 | ) | (9,385 | ) | (6,846 | ) | ||||||
|
|
|
|
|
| |||||||
Total investment income | 26,719,499 | 7,981,188 | 42,923,704 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Transfer agent — class specific | 352,619 | 173,822 | 243,256 | |||||||||
Service — class specific | 337,954 | 237,757 | 432,669 | |||||||||
Investment advisory | 320,129 | 141,902 | 259,484 | |||||||||
Registration | 79,633 | 46,603 | 46,260 | |||||||||
Custodian | 68,649 | 42,229 | 56,991 | |||||||||
Professional | 64,472 | 64,523 | 66,628 | |||||||||
Printing and postage | 53,482 | 50,540 | 52,121 | |||||||||
Trustees and Officer | 18,787 | 9,811 | 26,684 | |||||||||
Accounting services | 9,025 | 9,025 | 9,025 | |||||||||
Miscellaneous | 30,454 | 17,450 | 40,356 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 1,335,204 | 793,662 | 1,233,474 | |||||||||
Less: | ||||||||||||
Fees waived and/or reimbursed by the Manager | (9,003 | ) | (66,420 | ) | (11,803 | ) | ||||||
Transfer agent fees waived and/or reimbursed by the Manager — class specific | (7,773 | ) | (46,104 | ) | (34,493 | ) | ||||||
|
|
|
|
|
| |||||||
Total expenses after fees waived and/or reimbursed | 1,318,428 | 681,138 | 1,187,178 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 25,401,071 | 7,300,050 | 41,736,526 | |||||||||
|
|
|
|
|
| |||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | 47,205,346 | (2,206,132 | ) | (26,011,497 | ) | |||||||
Investments — affiliated | 1,014,677 | (331 | ) | 2,235,701 | ||||||||
Futures contracts | 1,248,937 | (112,716 | ) | 1,433,791 | ||||||||
|
|
|
|
|
| |||||||
49,468,960 | (2,319,179 | ) | (22,342,005 | ) | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments — unaffiliated | 64,577,734 | 34,505,937 | 320,028,231 | |||||||||
Investments — affiliated | 215,630 | 200,561 | 10,695 | |||||||||
Futures contracts | 68,306 | (54,428 | ) | (464,505 | ) | |||||||
|
|
|
|
|
| |||||||
64,861,670 | 34,652,070 | 319,574,421 | ||||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain | 114,330,630 | 32,332,891 | 297,232,416 | |||||||||
|
|
|
|
|
| |||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 139,731,701 | $ | 39,632,941 | $ | 338,968,942 | ||||||
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 81 |
Statements of Changes in Net Assets
iShares Russell Mid-Cap Index Fund | iShares Russell Small/Mid-Cap Index Fund | |||||||||||||||
|
|
|
| |||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/23 | Year Ended 07/31/22 | |||||||||||||
| ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 25,401,071 | $ | 22,738,535 | $ | 7,300,050 | $ | 6,096,458 | ||||||||
Net realized gain (loss) | 49,468,960 | 19,254,928 | (2,319,179 | ) | 10,668,493 | |||||||||||
Net change in unrealized appreciation (depreciation) | 64,861,670 | (219,471,769 | ) | 34,652,070 | (74,774,665 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 139,731,701 | (177,478,306 | ) | 39,632,941 | (58,009,714 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Institutional | (6,664,693 | ) | (8,785,993 | ) | (6,628,763 | ) | (8,672,227 | ) | ||||||||
Investor A | (4,341,765 | ) | (5,772,125 | ) | (4,192,802 | ) | (4,813,065 | ) | ||||||||
Class K | (44,478,201 | ) | (61,713,572 | ) | (11,082,304 | ) | (10,514,041 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Decrease in net assets resulting from distributions to shareholders | (55,484,659 | ) | (76,271,690 | ) | (21,903,869 | ) | (23,999,333 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (52,938,687 | ) | 213,346,962 | 53,990,377 | 75,578,108 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 31,308,355 | (40,403,034 | ) | 71,719,449 | (6,430,939 | ) | ||||||||||
Beginning of year | 1,687,641,590 | 1,728,044,624 | 469,850,103 | 476,281,042 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 1,718,949,945 | $ | 1,687,641,590 | $ | 541,569,552 | $ | 469,850,103 | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
82 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
iShares Total U.S. Stock Market Index Fund | ||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 41,736,526 | $ | 33,595,161 | ||||
Net realized loss | (22,342,005 | ) | (12,024,302 | ) | ||||
Net change in unrealized appreciation (depreciation) | 319,574,421 | (194,323,130 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 338,968,942 | (172,752,271 | ) | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Institutional | (1,991,360 | ) | (2,629,466 | ) | ||||
Investor A | (2,235,702 | ) | (2,686,529 | ) | ||||
Class K | (36,916,521 | ) | (41,362,211 | ) | ||||
|
|
|
| |||||
Decrease in net assets resulting from distributions to shareholders | (41,143,583 | ) | (46,678,206 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 56,292,273 | 384,606,062 | ||||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total increase in net assets | 354,117,632 | 165,175,585 | ||||||
Beginning of year | 2,524,950,542 | 2,359,774,957 | ||||||
|
|
|
| |||||
End of year | $ | 2,879,068,174 | $ | 2,524,950,542 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 83 |
(For a share outstanding throughout each period)
iShares Russell Mid-Cap Index Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Net asset value, beginning of year | $ | 12.89 | $ | 14.91 | $ | 10.75 | $ | 10.98 | $ | 10.70 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 0.20 | 0.18 | 0.15 | 0.19 | 0.17 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.88 | (1.58 | ) | 4.35 | 0.02 | 0.50 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 1.08 | (1.40 | ) | 4.50 | 0.21 | 0.67 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions(b) | ||||||||||||||||||||
From net investment income | (0.20 | ) | (0.17 | ) | (0.15 | ) | (0.17 | ) | (0.17 | ) | ||||||||||
From net realized gain | (0.23 | ) | (0.45 | ) | (0.19 | ) | (0.27 | ) | (0.22 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.43 | ) | (0.62 | ) | (0.34 | ) | (0.44 | ) | (0.39 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 13.54 | $ | 12.89 | $ | 14.91 | $ | 10.75 | $ | 10.98 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) | ||||||||||||||||||||
Based on net asset value | 8.72 | % | (9.76 | )% | 42.43 | % | 1.96 | % | 6.76 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets(d) | ||||||||||||||||||||
Total expenses(e) | 0.10 | % | 0.09 | % | 0.09 | % | 0.10 | % | 0.12 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed | 0.09 | % | 0.09 | % | 0.09 | % | 0.10 | % | 0.12 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 1.59 | % | 1.28 | % | 1.18 | % | 1.77 | % | 1.66 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 178,582 | $ | 216,281 | $ | 195,340 | $ | 170,550 | $ | 244,272 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 20 | % | 28 | % | 24 | % | 26 | % | 25 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows: |
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Expense ratios | N/A | N/A | N/A | 0.09 | % | 0.05 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
84 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Russell Mid-Cap Index Fund (continued) | ||||||||||||||||||||
Investor A | ||||||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Net asset value, beginning of year | $ | 12.84 | $ | 14.85 | $ | 10.71 | $ | 10.93 | $ | 10.66 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 0.16 | 0.14 | 0.11 | 0.15 | 0.17 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.88 | (1.56 | ) | 4.34 | 0.04 | 0.47 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 1.04 | (1.42 | ) | 4.45 | 0.19 | 0.64 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions(b) | ||||||||||||||||||||
From net investment income | (0.17 | ) | (0.14 | ) | (0.12 | ) | (0.14 | ) | (0.15 | ) | ||||||||||
From net realized gain | (0.23 | ) | (0.45 | ) | (0.19 | ) | (0.27 | ) | (0.22 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.40 | ) | (0.59 | ) | (0.31 | ) | (0.41 | ) | (0.37 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 13.48 | $ | 12.84 | $ | 14.85 | $ | 10.71 | $ | 10.93 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) | ||||||||||||||||||||
Based on net asset value | 8.39 | % | (9.98 | )% | 42.05 | % | 1.80 | % | 6.43 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets(d) | ||||||||||||||||||||
Total expenses(e) | 0.37 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.34 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed | 0.37 | % | 0.36 | % | 0.36 | % | 0.35 | % | 0.33 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 1.29 | % | 1.03 | % | 0.87 | % | 1.48 | % | 1.64 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 151,708 | $ | 131,260 | $ | 136,579 | $ | 93,113 | $ | 105,914 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 20 | % | 28 | % | 24 | % | 26 | % | 25 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows: |
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Expense ratios | N/A | 0.36 | % | 0.36 | % | 0.35 | % | 0.33 | % | |||||||||||
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 85 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Russell Mid-Cap Index Fund (continued) | ||||||||||||||||||||
Class K | ||||||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Net asset value, beginning of year | $ | 12.92 | $ | 14.94 | $ | 10.77 | $ | 11.00 | $ | 10.72 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 0.20 | 0.19 | 0.15 | 0.18 | 0.17 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.89 | (1.58 | ) | 4.37 | 0.03 | 0.51 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 1.09 | (1.39 | ) | 4.52 | 0.21 | 0.68 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions(b) | ||||||||||||||||||||
From net investment income | (0.21 | ) | (0.18 | ) | (0.16 | ) | (0.17 | ) | (0.18 | ) | ||||||||||
From net realized gain | (0.23 | ) | (0.45 | ) | (0.19 | ) | (0.27 | ) | (0.22 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.44 | ) | (0.63 | ) | (0.35 | ) | (0.44 | ) | (0.40 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 13.57 | $ | 12.92 | $ | 14.94 | $ | 10.77 | $ | 11.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) | ||||||||||||||||||||
Based on net asset value | 8.75 | % | (9.70 | )% | 42.50 | % | 2.00 | % | 6.81 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets(d) | ||||||||||||||||||||
Total expenses(e) | 0.05 | % | 0.05 | % | 0.06 | % | 0.08 | % | 0.07 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed | 0.05 | % | 0.05 | % | 0.06 | % | 0.07 | % | 0.07 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 1.62 | % | 1.34 | % | 1.18 | % | 1.73 | % | 1.67 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 1,388,660 | $ | 1,340,100 | $ | 1,396,125 | $ | 937,493 | $ | 783,361 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 20 | % | 28 | % | 24 | % | 26 | % | 25 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows: |
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Expense ratios | N/A | 0.05 | % | 0.05 | % | 0.07 | % | 0.06 | % | |||||||||||
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
86 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Russell Small/Mid-Cap Index Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Net asset value, beginning of year | $ | 14.63 | $ | 17.32 | $ | 12.17 | $ | 12.72 | $ | 13.20 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 0.22 | 0.21 | 0.16 | 0.13 | 0.18 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.88 | (2.08 | ) | 5.66 | (0.35 | ) | (0.16 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 1.10 | (1.87 | ) | 5.82 | (0.22 | ) | 0.02 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions(b) | ||||||||||||||||||||
From net investment income | (0.23 | ) | (0.19 | ) | (0.18 | ) | (0.16 | ) | (0.20 | ) | ||||||||||
From net realized gain | (0.42 | ) | (0.63 | ) | (0.49 | ) | (0.17 | ) | (0.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.65 | ) | (0.82 | ) | (0.67 | ) | (0.33 | ) | (0.50 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 15.08 | $ | 14.63 | $ | 17.32 | $ | 12.17 | $ | 12.72 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) | ||||||||||||||||||||
Based on net asset value | 8.02 | % | (11.32 | )% | 48.81 | % | (1.68 | )% | 0.58 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets(d) | ||||||||||||||||||||
Total expenses(e) | 0.13 | % | 0.14 | % | 0.16 | % | 0.21 | % | 0.24 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 1.59 | % | 1.29 | % | 1.02 | % | 1.14 | % | 1.48 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 141,351 | $ | 156,524 | $ | 161,409 | $ | 58,680 | $ | 12,239 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 30 | % | 38 | % | 43 | % | 29 | % | 27 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows: |
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Expense ratios | N/A | 0.14 | % | N/A | 0.21 | % | 0.24 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 87 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Russell Small/Mid-Cap Index Fund (continued) | ||||||||||||||||||||
Investor A | ||||||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Net asset value, beginning of year | $ | 14.60 | $ | 17.29 | $ | 12.15 | $ | 12.70 | $ | 13.18 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 0.18 | 0.17 | 0.13 | 0.13 | 0.15 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.89 | (2.08 | ) | 5.65 | (0.37 | ) | (0.16 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 1.07 | (1.91 | ) | 5.78 | (0.24 | ) | (0.01 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions(b) | ||||||||||||||||||||
From net investment income | (0.20 | ) | (0.15 | ) | (0.15 | ) | (0.14 | ) | (0.17 | ) | ||||||||||
From net realized gain | (0.42 | ) | (0.63 | ) | (0.49 | ) | (0.17 | ) | (0.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.62 | ) | (0.78 | ) | (0.64 | ) | (0.31 | ) | (0.47 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 15.05 | $ | 14.60 | $ | 17.29 | $ | 12.15 | $ | 12.70 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) | ||||||||||||||||||||
Based on net asset value | 7.76 | % | (11.56 | )% | 48.49 | % | (1.90 | )% | 0.35 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets(d) | ||||||||||||||||||||
Total expenses(e) | 0.41 | % | 0.39 | % | 0.38 | % | 0.44 | % | 0.45 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed | 0.37 | % | 0.36 | % | 0.34 | % | 0.35 | % | 0.35 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 1.33 | % | 1.06 | % | 0.83 | % | 1.13 | % | 1.25 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 100,293 | $ | 100,734 | $ | 101,139 | $ | 55,522 | $ | 30,250 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 30 | % | 38 | % | 43 | % | 29 | % | 27 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows: |
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Expense ratios | N/A | N/A | N/A | 0.44 | % | 0.45 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
88 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Russell Small/Mid-Cap Index Fund (continued) | ||||||||||||||||||||
Class K | ||||||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Net asset value, beginning of year | $ | 14.63 | $ | 17.32 | $ | 12.17 | $ | 12.72 | $ | 13.20 | ||||||||||
|
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|
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|
| |||||||||||
Net investment income(a) | 0.22 | 0.21 | 0.18 | 0.19 | 0.19 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.89 | (2.07 | ) | 5.65 | (0.40 | ) | (0.16 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 1.11 | (1.86 | ) | 5.83 | (0.21 | ) | 0.03 | |||||||||||||
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|
|
|
|
|
|
|
| |||||||||||
Distributions(b) | ||||||||||||||||||||
From net investment income | (0.24 | ) | (0.20 | ) | (0.19 | ) | (0.17 | ) | (0.21 | ) | ||||||||||
From net realized gain | (0.42 | ) | (0.63 | ) | (0.49 | ) | (0.17 | ) | (0.30 | ) | ||||||||||
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|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.66 | ) | (0.83 | ) | (0.68 | ) | (0.34 | ) | (0.51 | ) | ||||||||||
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| |||||||||||
Net asset value, end of year | $ | 15.08 | $ | 14.63 | $ | 17.32 | $ | 12.17 | $ | 12.72 | ||||||||||
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|
|
| |||||||||||
Total Return(c) | ||||||||||||||||||||
Based on net asset value | 8.07 | % | (11.28 | )% | 48.88 | % | (1.64 | )% | 0.63 | % | ||||||||||
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|
|
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|
|
| |||||||||||
Ratios to Average Net Assets(d) | ||||||||||||||||||||
Total expenses(e) | 0.09 | % | 0.10 | % | 0.11 | % | 0.16 | % | 0.17 | % | ||||||||||
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|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | ||||||||||
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|
|
|
|
|
|
| |||||||||||
Net investment income | 1.60 | % | 1.34 | % | 1.15 | % | 1.55 | % | 1.53 | % | ||||||||||
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| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 299,925 | $ | 212,591 | $ | 213,734 | $ | 142,813 | $ | 154,242 | ||||||||||
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| |||||||||||
Portfolio turnover rate | 30 | % | 38 | % | 43 | % | 29 | % | 27 | % | ||||||||||
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|
|
|
|
|
|
|
(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) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows: |
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Expense ratios | N/A | N/A | N/A | 0.16 | % | 0.17 | % | |||||||||||||
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|
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|
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 89 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Total U.S. Stock Market Index Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Net asset value, beginning of year | $ | 19.07 | $ | 20.96 | $ | 15.31 | $ | 14.13 | $ | 13.52 | ||||||||||
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|
|
|
|
| |||||||||||
Net investment income(a) | 0.30 | 0.27 | 0.24 | 0.25 | 0.25 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.07 | (1.79 | ) | 5.65 | 1.24 | 0.67 | ||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 2.37 | (1.52 | ) | 5.89 | 1.49 | 0.92 | ||||||||||||||
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|
|
| |||||||||||
Distributions(b) | ||||||||||||||||||||
From net investment income | (0.29 | ) | (0.27 | ) | (0.23 | ) | (0.27 | ) | (0.26 | ) | ||||||||||
From net realized gain | — | (0.10 | ) | (0.01 | ) | (0.04 | ) | (0.05 | ) | |||||||||||
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|
|
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| |||||||||||
Total distributions | (0.29 | ) | (0.37 | ) | (0.24 | ) | (0.31 | ) | (0.31 | ) | ||||||||||
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|
|
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|
| |||||||||||
Net asset value, end of year | $ | 21.15 | $ | 19.07 | $ | 20.96 | $ | 15.31 | $ | 14.13 | ||||||||||
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|
|
|
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|
| |||||||||||
Total Return(c) | ||||||||||||||||||||
Based on net asset value | 12.65 | % | (7.37 | )% | 38.73 | % | 10.79 | % | 7.01 | % | ||||||||||
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| |||||||||||
Ratios to Average Net Assets(d) | ||||||||||||||||||||
Total expenses(e) | 0.07 | % | 0.08 | % | 0.08 | % | 0.09 | % | 0.09 | % | ||||||||||
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|
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| |||||||||||
Total expenses after fees waived and/or reimbursed | 0.07 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | ||||||||||
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| |||||||||||
Net investment income | 1.59 | % | 1.32 | % | 1.32 | % | 1.79 | % | 1.87 | % | ||||||||||
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| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 112,188 | $ | 132,762 | $ | 155,378 | $ | 84,117 | $ | 88,223 | ||||||||||
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| |||||||||||
Portfolio turnover rate | 20 | % | 16 | % | 16 | % | 15 | % | 19 | % | ||||||||||
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|
(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) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows: |
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Expense ratios | N/A | 0.08 | % | 0.08 | % | 0.09 | % | 0.09 | % | |||||||||||
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|
See notes to financial statements.
90 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Total U.S. Stock Market Index Fund (continued) | ||||||||||||||||||||
Investor A | ||||||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Net asset value, beginning of year | $ | 19.05 | $ | 20.93 | $ | 15.29 | $ | 14.11 | $ | 13.50 | ||||||||||
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| |||||||||||
Net investment income(a) | 0.25 | 0.22 | 0.20 | 0.22 | 0.22 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.06 | (1.78 | ) | 5.64 | 1.24 | 0.67 | ||||||||||||||
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|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 2.31 | (1.56 | ) | 5.84 | 1.46 | 0.89 | ||||||||||||||
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| |||||||||||
Distributions(b) | ||||||||||||||||||||
From net investment income | (0.24 | ) | (0.22 | ) | (0.19 | ) | (0.24 | ) | (0.23 | ) | ||||||||||
From net realized gain | — | (0.10 | ) | (0.01 | ) | (0.04 | ) | (0.05 | ) | |||||||||||
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| |||||||||||
Total distributions | (0.24 | ) | (0.32 | ) | (0.20 | ) | (0.28 | ) | (0.28 | ) | ||||||||||
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| |||||||||||
Net asset value, end of year | $ | 21.12 | $ | 19.05 | $ | 20.93 | $ | 15.29 | $ | 14.11 | ||||||||||
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| |||||||||||
Total Return(c) | ||||||||||||||||||||
Based on net asset value | 12.32 | % | (7.54 | )% | 38.42 | % | 10.56 | % | 6.77 | % | ||||||||||
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|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets(d) | ||||||||||||||||||||
Total expenses(e) | 0.35 | % | 0.32 | % | 0.30 | % | 0.31 | % | 0.32 | % | ||||||||||
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|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed | 0.33 | % | 0.31 | % | 0.30 | % | 0.30 | % | 0.31 | % | ||||||||||
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|
|
|
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|
| |||||||||||
Net investment income | 1.32 | % | 1.09 | % | 1.11 | % | 1.56 | % | 1.64 | % | ||||||||||
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|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 196,798 | $ | 176,683 | $ | 166,601 | $ | 114,362 | $ | 84,192 | ||||||||||
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|
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|
|
|
|
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| |||||||||||
Portfolio turnover rate | 20 | % | 16 | % | 16 | % | 15 | % | 19 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows: |
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Expense ratios | N/A | 0.32 | % | 0.30 | % | 0.31 | % | 0.32 | % | |||||||||||
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 91 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Total U.S. Stock Market Index Fund (continued) | ||||||||||||||||||||
Class K | ||||||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Net asset value, beginning of year | $ | 19.07 | $ | 20.96 | $ | 15.31 | $ | 14.13 | $ | 13.52 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 0.31 | 0.28 | 0.25 | 0.26 | 0.26 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.07 | (1.79 | ) | 5.64 | 1.24 | 0.66 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 2.38 | (1.51 | ) | 5.89 | 1.50 | 0.92 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions(b) | ||||||||||||||||||||
From net investment income | (0.30 | ) | (0.28 | ) | (0.23 | ) | (0.28 | ) | (0.26 | ) | ||||||||||
From net realized gain | — | (0.10 | ) | (0.01 | ) | (0.04 | ) | (0.05 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.30 | ) | (0.38 | ) | (0.24 | ) | (0.32 | ) | (0.31 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 21.15 | $ | 19.07 | $ | 20.96 | $ | 15.31 | $ | 14.13 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(c) | ||||||||||||||||||||
Based on net asset value | 12.70 | % | (7.32 | )% | 38.79 | % | 10.84 | % | 7.06 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets(d) | ||||||||||||||||||||
Total expenses(e) | 0.02 | % | 0.03 | % | 0.03 | % | 0.04 | % | 0.04 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed | 0.02 | % | 0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 1.63 | % | 1.36 | % | 1.35 | % | 1.84 | % | 1.91 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 2,570,083 | $ | 2,215,506 | $ | 2,037,797 | $ | 1,043,568 | $ | 916,638 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate | 20 | % | 16 | % | 16 | % | 15 | % | 19 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows: |
Year Ended 07/31/23 | Year Ended 07/31/22 | Year Ended 07/31/21 | Year Ended 07/31/20 | Year Ended 07/31/19 | ||||||||||||||||
Expense ratios | N/A | 0.03 | % | 0.03 | % | 0.04 | % | 0.04 | % | |||||||||||
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|
|
|
|
|
|
|
See notes to financial statements.
92 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
1. | ORGANIZATION |
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:
Fund Name | Herein Referred To As | Diversification Classification | ||
iShares Russell Mid-Cap Index Fund | Mid-Cap Index | Diversified | ||
iShares Russell Small/Mid-Cap Index Fund | Small/Mid-Cap Index | Diversified | ||
iShares Total U.S. Stock Market Index Fund | Total U.S. Stock Market Index | Diversified |
Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.
Share Class | Initial Sales Charge | CDSC | Conversion Privilege | |||
Institutional, Investor A and Class K Shares | No | No | None |
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
NOTES TO FINANCIAL STATEMENTS | 93 |
Notes to Financial Statements (continued)
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of each Fund (the “Board”) has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price. |
• | Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.
Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services | ||||
Market approach | (i) | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; | ||
(ii) | recapitalizations and other transactions across the capital structure; and | |||
(iii) | market multiples of comparable issuers. | |||
Income approach | (i) | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; | ||
(ii) | quoted prices for similar investments or assets in active markets; and | |||
(iii) | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. | |||
Cost approach | (i) | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; | ||
(ii) | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; | |||
(iii) | relevant news and other public sources; and | |||
(iv) | known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company. |
Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
94 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. SECURITIES AND OTHER INVESTMENTS
Securities Lending: The Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Funds’ securities on loan by counterparty which are subject to offset under an MSLA:
| ||||||||||||||||||||
Fund Name/Counterparty | | Securities Loaned at Value |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | | Net Amount(b) |
| ||||||||
| ||||||||||||||||||||
Mid-Cap Index | ||||||||||||||||||||
Barclays Capital, Inc. | $ | 3,623,138 | $ | (3,563,630 | ) | $ | — | $ | 59,508 | |||||||||||
BMO Capital Markets Corp. | 394,008 | (385,974 | ) | — | 8,034 | |||||||||||||||
BNP Paribas SA | 11,733,339 | (11,733,339 | ) | — | — | |||||||||||||||
BofA Securities, Inc. | 1,477,272 | (1,477,272 | ) | — | — | |||||||||||||||
Citadel Clearing LLC | 4,727,033 | (4,679,108 | ) | — | 47,925 | |||||||||||||||
Citigroup Global Markets, Inc. | 1,424,847 | (1,424,847 | ) | — | — | |||||||||||||||
HSBC Bank PLC | 1,531,698 | (1,531,698 | ) | — | — | |||||||||||||||
Jefferies LLC | 1,499,056 | (1,488,752 | ) | — | 10,304 | |||||||||||||||
Morgan Stanley | 7,309,057 | (7,309,057 | ) | — | — | |||||||||||||||
National Financial Services LLC | 61,582 | (61,582 | ) | — | — | |||||||||||||||
Nomura Securities International, Inc. | 16,796 | (15,202 | ) | — | 1,594 | |||||||||||||||
Scotia Capital (USA), Inc. | 1,317,968 | (1,317,968 | ) | — | — | |||||||||||||||
State Street Bank & Trust Co. | 1,294,367 | (1,293,014 | ) | — | 1,353 | |||||||||||||||
Toronto-Dominion Bank | 3,323,814 | (3,323,814 | ) | — | — | |||||||||||||||
UBS AG | 2,813,301 | (2,639,397 | ) | — | 173,904 |
NOTES TO FINANCIAL STATEMENTS | 95 |
Notes to Financial Statements (continued)
| ||||||||||||||||||
Fund Name/Counterparty | | Securities Loaned at Value |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | | Net Amount(b) | |||||||
| ||||||||||||||||||
Mid-Cap Index (continued) | ||||||||||||||||||
UBS Securities LLC | $ | 555,000 | $ | (555,000 | ) | $ | — | $ | — | |||||||||
Wells Fargo Bank N.A. | 220,910 | (220,798 | ) | — | 112 | |||||||||||||
Wells Fargo Securities LLC | 85,676 | (85,676 | ) | — | — | |||||||||||||
|
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| |||||||||||
$ | 43,408,862 | $ | (43,106,128 | ) | $ | — | $ | 302,734 | ||||||||||
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|
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|
| |||||||||||
Small/Mid-Cap Index | ||||||||||||||||||
BNP Paribas SA | $ | 5,727,849 | $ | (5,727,849 | ) | $ | — | $ | — | |||||||||
BofA Securities, Inc. | 2,172,875 | (2,172,875 | ) | — | — | |||||||||||||
Citadel Clearing LLC | 1,274,141 | (1,274,141 | ) | — | — | |||||||||||||
Citigroup Global Markets, Inc. | 1,093,993 | (1,093,993 | ) | — | — | |||||||||||||
Goldman Sachs & Co. LLC | 13,325,912 | (13,325,912 | ) | — | — | |||||||||||||
HSBC Bank PLC | 2,362,227 | (2,362,227 | ) | — | — | |||||||||||||
J.P. Morgan Securities LLC | 8,653,507 | (8,653,507 | ) | — | — | |||||||||||||
Jefferies LLC | 1,275,109 | (1,265,513 | ) | — | 9,596 | |||||||||||||
Morgan Stanley | 5,502,869 | (5,502,869 | ) | — | — | |||||||||||||
National Financial Services LLC | 3,779,268 | (3,779,268 | ) | — | — | |||||||||||||
Nomura Securities International, Inc. | 82,601 | (82,601 | ) | — | — | |||||||||||||
Scotia Capital (USA), Inc. | 353,166 | (353,166 | ) | — | — | |||||||||||||
SG Americas Securities LLC | 450 | (448 | ) | — | 2 | |||||||||||||
State Street Bank & Trust Co. | 1,095,568 | (1,084,769 | ) | — | 10,799 | |||||||||||||
Toronto-Dominion Bank | 1,052,776 | (1,045,199 | ) | — | 7,577 | |||||||||||||
UBS AG | 808,093 | (808,093 | ) | — | — | |||||||||||||
UBS Securities LLC | 1,081,691 | (1,081,691 | ) | — | — | |||||||||||||
Virtu Americas LLC | 444,248 | (444,248 | ) | — | — | |||||||||||||
Wells Fargo Bank N.A. | 504,116 | (504,116 | ) | — | — | |||||||||||||
Wells Fargo Securities LLC | 302,501 | (289,797 | ) | — | 12,704 | |||||||||||||
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| |||||||||||
$ | 50,892,960 | $ | (50,852,282 | ) | $ | — | $ | 40,678 | ||||||||||
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Total U.S. Stock Market Index | ||||||||||||||||||
BMO Capital Markets Corp. | $ | 276,055 | $ | (252,944 | ) | $ | — | $ | 23,111 | |||||||||
BNP Paribas SA | 7,910,794 | (7,910,794 | ) | — | — | |||||||||||||
BofA Securities, Inc. | 5,204,465 | (5,204,465 | ) | — | — | |||||||||||||
Citadel Clearing LLC | 955,504 | (955,504 | ) | — | — | |||||||||||||
Citigroup Global Markets, Inc. | 2,825,216 | (2,825,216 | ) | — | — | |||||||||||||
Goldman Sachs & Co. LLC | 8,165,706 | (8,112,053 | ) | — | 53,653 | |||||||||||||
HSBC Bank PLC | 6,138,978 | (6,138,978 | ) | — | — | |||||||||||||
J.P. Morgan Securities LLC | 15,746,747 | (15,746,747 | ) | — | — | |||||||||||||
Jefferies LLC | 1,781,587 | (1,781,587 | ) | — | — | |||||||||||||
Morgan Stanley | 5,360,083 | (5,360,083 | ) | — | — | |||||||||||||
National Financial Services LLC | 1,274,353 | (1,274,353 | ) | — | — | |||||||||||||
RBC Capital Markets LLC | 1,375 | (1,371 | ) | — | 4 | |||||||||||||
Scotia Capital (USA), Inc. | 744,138 | (744,138 | ) | — | — | |||||||||||||
SG Americas Securities LLC | 62,000 | (62,000 | ) | — | — | |||||||||||||
State Street Bank & Trust Co. | 1,179,052 | (1,173,198 | ) | — | 5,854 | |||||||||||||
Toronto-Dominion Bank | 1,133,900 | (1,133,900 | ) | — | — | |||||||||||||
UBS AG | 978,584 | (973,733 | ) | — | 4,851 | |||||||||||||
UBS Securities LLC | 2,072,994 | (2,072,994 | ) | — | — | |||||||||||||
Virtu Americas LLC | 23,688 | (23,688 | ) | — | — | |||||||||||||
Wells Fargo Bank N.A. | 897,628 | (897,628 | ) | — | — | |||||||||||||
Wells Fargo Securities LLC | 256,973 | (256,973 | ) | — | — | |||||||||||||
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| |||||||||||
$ | 62,989,820 | $ | (62,902,347 | ) | $ | — | $ | 87,473 | ||||||||||
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(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
(b) | The market value of the loaned securities is determined as of July 31, 2023. Additional collateral is delivered to each Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.
96 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:
Fund Name | Investment Advisory Fees | |
Mid-Cap Index | 0.02% | |
Small/Mid-Cap Index | 0.03 | |
Total U.S. Stock Market Index | 0.01 |
With respect to each Fund, the Manager entered into separate sub-advisory agreements with BlackRock Fund Advisors (“BFA”), an affiliate of the Manager. The Manager pays BFA for services it provides for that portion of each Fund for which BFA acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.
Service Fees: The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”),an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:
Share Class | Service Fees | |
Investor A | 0.25% |
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Funds. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.
For the year ended July 31, 2023, the following table shows the class specific service fees borne directly by each share class of each Fund:
Fund Name | Investor A | |
Mid-Cap Index | $ 337,954 | |
Small/Mid-Cap Index | 237,757 | |
Total U.S. Stock Market Index | 432,669 |
Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended July 31, 2023, the Funds did not pay any amounts to affiliates in return for these services.
NOTES TO FINANCIAL STATEMENTS | 97 |
Notes to Financial Statements (continued)
The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended July 31, 2023, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:
Fund Name | Institutional | Investor A | Class K | Total | ||||||||||
Mid-Cap Index | $ | 1,036 | $ | 10,269 | $ | 5,902 | $ 17,207 | |||||||
Small/Mid-Cap Index | 428 | 8,789 | 3,366 | 12,583 | ||||||||||
Total U.S. Stock Market Index | 812 | 13,374 | 7,583 | 21,769 |
For the year ended July 31, 2023, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:
Fund Name | Institutional | Investor A | Class K | Total | ||||||||||
Mid-Cap Index | $ | 102,154 | $ | 112,073 | $ | 138,392 | $ 352,619 | |||||||
Small/Mid-Cap Index | 69,577 | 74,612 | 29,633 | 173,822 | ||||||||||
Total U.S. Stock Market Index | 62,212 | 136,503 | 44,541 | 243,256 |
Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2023, the amounts waived were as follows:
Fund Name | Fees Waived and/or Reimbursed by the Manager | |
Mid-Cap Index | $ 6,027 | |
Small/Mid-Cap Index | 1,526 | |
Total U.S. Stock Market Index | 9,441 |
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:
Fund Name | Fees Waived and/or Reimbursed by the Manager | |
Mid-Cap Index | $ 2,976 | |
Small/Mid-Cap Index | 1,571 | |
Total U.S. Stock Market Index | 1,886 |
With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:
Fund Name | Institutional | Investor A | Class K | |||||||
Mid-Cap Index | 0.12 | % | 0.37 | % | 0.07% | |||||
Small/Mid-Cap Index | 0.12 | 0.37 | 0.07 | |||||||
Total U.S. Stock Market Index | 0.08 | 0.33 | 0.03 |
The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2024, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended July 31, 2023, amounts included in the Statements of Operations were as follows:
Fund Name | Fees Waived and/or Reimbursed by the Manager | |
Small/Mid-Cap Index | $ 63,323 | |
Total U.S. Stock Market Index | 476 |
In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager — class specific in the Statements of Operations. For the year ended July 31, 2023, class specific expense waivers and/or reimbursements were as follows:
Transfer Agent Fees Waived and/or | ||||||||||||||
Reimbursed by the Manager - Class Specific | ||||||||||||||
Fund Name | Institutional | Investor A | Class K | Total | ||||||||||
Mid-Cap Index | $ | — | $ | 7,773 | $ | — | $ 7,773 |
98 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
Transfer Agent Fees Waived and/or | ||||||||||||||
Reimbursed by the Manager - Class Specific | ||||||||||||||
Fund Name | Institutional | Investor A | Class K | Total | ||||||||||
Small/Mid-Cap Index | $ | 693 | $ | 24,048 | $ | 21,363 | $ 46,104 | |||||||
Total U.S. Stock Market Index | 13 | 34,305 | 175 | 34,493 |
With respect to the contractual expense limitation, if during a Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:
(1) each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and
(2) the Manager or an affiliate continues to serve as a Fund’s investment adviser or administrator.
This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective August 13, 2022 for Small/Mid-Cap Index and Total U.S. Stock Market Index, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under each Fund’s contractual caps on net expenses was terminated.
The following fund level and class specific waivers and/or reimbursements previously recorded by the Funds, which were subject to recoupment by the Manager, expired on August 13, 2022:
Fund Name/Fund Level/Share Class | Expired 08/13/22 | |
Small/Mid-Cap Index | ||
Fund Level | $ 253,330 | |
Institutional | 6,515 | |
Investor A | 13,439 | |
Class K | 24,314 | |
Total U.S. Stock Market Index | ||
Fund Level | 41,847 | |
Institutional | 2,849 | |
Investor A | 13,691 | |
Class K | 25,363 |
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended July 31, 2023, each Fund paid BTC the following amounts for securities lending agent services:
Fund Name | Amounts | |
Mid-Cap Index | $ 220,061 | |
Small/Mid-Cap Index | 177,165 | |
Total U.S. Stock Market Index | 171,740 |
NOTES TO FINANCIAL STATEMENTS | 99 |
Notes to Financial Statements (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 year ended July 31, 2023, the Funds did not participate in the Interfund Lending Program.
Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.
Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended July 31, 2023, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:
| ||||||||||||
Fund Name | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
| ||||||||||||
Mid-Cap Index | $ | 36,127,072 | $ | 13,774,765 | $ | (1,858,409 | ) | |||||
Small/Mid-Cap Index | 5,481,206 | 7,503,711 | (514,280 | ) | ||||||||
Total U.S. Stock Market Index | 68,079,431 | 11,002,370 | (1,742,948 | ) | ||||||||
|
7. | PURCHASES AND SALES |
For the year ended July 31, 2023, purchases and sales of investments, excluding short-term securities, were as follows:
Fund Name | Purchases | Sales | ||
Mid-Cap Index | $ 317,725,165 | $ 394,894,596 | ||
Small/Mid-Cap Index | 179,274,304 | 139,580,120 | ||
Total U.S. Stock Market Index | 584,833,658 | 528,108,901 |
8. | INCOME TAX INFORMATION |
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
The tax character of distributions paid was as follows:
Fund Name | Year Ended 07/31/23 | Year Ended 07/31/22 | ||
Mid-Cap Index | ||||
Ordinary income | $ 25,975,338 | $ 35,245,458 | ||
Long-term capital gains | 29,509,321 | 41,026,232 | ||
|
| |||
$ 55,484,659 | $ 76,271,690 | |||
|
| |||
Small/Mid-Cap Index | ||||
Ordinary income | $7,719,443 | $ 11,539,341 | ||
Long-term capital gains | 14,184,426 | 12,459,992 | ||
|
| |||
$ 21,903,869 | $ 23,999,333 | |||
|
| |||
Total U.S. Stock Market Index | ||||
Ordinary income | $ 41,143,583 | $ 41,734,895 | ||
Long-term capital gains | — | 4,943,311 | ||
|
| |||
$ 41,143,583 | $ 46,678,206 | |||
|
|
100 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
As of July 31, 2023, the tax components of accumulated earnings (loss) were as follows:
Fund Name | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Non-Expiring Capital Loss Carryforwards(a) | Net Unrealized Gains (Losses)(b) | Total | |||||||||||||||||
Mid-Cap Index | $ | 2,970,084 | $ | 24,019,504 | $ | — | $ | 487,862,560 | $ 514,852,148 | |||||||||||||
Small/Mid-Cap Index | 1,271,798 | — | (1,216,197 | ) | 73,558,058 | 73,613,659 | ||||||||||||||||
Total U.S. Stock Market Index | 4,018,393 | — | (29,128,464 | ) | 951,302,080 | 926,192,009 |
(a) | Amounts available to offset future realized capital gains. |
(b) | The difference between book-basis and tax-basis tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, timing and recognition of partnership income, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and characterization of corporate actions. |
As of July 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
Fund Name | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||
Mid-Cap Index | $ | 1,275,413,359 | $ | 583,164,106 | $ | (95,293,525 | ) | $ 487,870,581 | ||||||
Small/Mid-Cap Index | 519,050,639 | 129,547,122 | (55,984,822 | ) | 73,562,300 | |||||||||
Total U.S. Stock Market Index | 2,041,657,930 | 1,055,373,772 | (104,068,534 | ) | 951,305,238 |
9. | BANK BORROWINGS |
The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2024 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended July 31, 2023, the Funds did not borrow under the credit agreement.
10. | PRINCIPAL RISKS |
In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.
The Manager uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. The Manager does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by the Manager.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests.
NOTES TO FINANCIAL STATEMENTS | 101 |
Notes to Financial Statements (continued)
The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
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:
| ||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | |||||||||||||||
|
|
|
| |||||||||||||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts | ||||||||||||
| ||||||||||||||||
Mid-Cap Index | ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 5,437,015 | $ | 67,338,987 | 10,136,195 | $ | 138,061,649 | ||||||||||
Shares issued in reinvestment of distributions | 533,611 | 6,661,378 | 611,922 | 8,781,145 | ||||||||||||
Shares redeemed | (9,559,981 | ) | (118,190,344 | ) | (7,069,017 | ) | (96,301,703 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(3,589,355 | ) | $ | (44,189,979 | ) | 3,679,100 | $ | 50,541,091 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Investor A | ||||||||||||||||
Shares sold | 3,525,620 | $ | 43,627,760 | 4,020,640 | $ | 57,230,526 | ||||||||||
Shares issued in reinvestment of distributions | 348,553 | 4,341,264 | 401,033 | 5,769,439 | ||||||||||||
Shares redeemed | (2,846,492 | ) | (35,410,547 | ) | (3,392,446 | ) | (47,647,436 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
1,027,681 | $ | 12,558,477 | 1,029,227 | $ | 15,352,529 | |||||||||||
|
|
|
|
|
|
|
|
102 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
| ||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | |||||||||||||||
|
|
|
| |||||||||||||
Fund Name / Share Class (continued) | Shares | Amounts | Shares | Amounts | ||||||||||||
| ||||||||||||||||
Mid-Cap Index (continued) | ||||||||||||||||
Class K | ||||||||||||||||
Shares sold | 29,292,619 | $ | 367,442,572 | 36,446,587 | $ | 509,941,926 | ||||||||||
Shares issued in reinvestment of distributions | 3,543,373 | 44,383,778 | 2,742,767 | 39,523,235 | ||||||||||||
Shares redeemed | (34,243,119 | ) | (433,133,535 | ) | (28,881,798 | ) | (402,011,819 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,407,127 | ) | $ | (21,307,185 | ) | 10,307,556 | $ | 147,453,342 | |||||||||
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|
|
|
|
|
|
| |||||||||
(3,968,801 | ) | $ | (52,938,687 | ) | 15,015,883 | $ | 213,346,962 | |||||||||
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|
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|
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| ||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | |||||||||||||||
|
|
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| |||||||||||||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts | ||||||||||||
| ||||||||||||||||
Small/Mid-Cap Index | ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 2,551,753 | $ | 35,623,672 | 4,859,117 | $ | 77,910,823 | ||||||||||
Shares issued in reinvestment of distributions | 481,254 | 6,628,764 | 526,516 | 8,672,226 | ||||||||||||
Shares redeemed | (4,354,894 | ) | (59,728,695 | ) | (4,005,051 | ) | (62,039,986 | ) | ||||||||
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|
|
|
| |||||||||
(1,321,887 | ) | $ | (17,476,259 | ) | 1,380,582 | $ | 24,543,063 | |||||||||
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| |||||||||
Investor A | ||||||||||||||||
Shares sold | 997,761 | $ | 13,794,288 | 2,122,107 | $ | 34,182,646 | ||||||||||
Shares issued in reinvestment of distributions | 303,903 | 4,179,491 | 291,973 | 4,807,538 | ||||||||||||
Shares redeemed | (1,534,187 | ) | (21,188,776 | ) | (1,365,444 | ) | (21,610,480 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(232,523 | ) | $ | (3,214,997 | ) | 1,048,636 | $ | 17,379,704 | |||||||||
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|
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|
|
| |||||||||
Class K | ||||||||||||||||
Shares sold | 7,537,625 | $ | 105,309,794 | 4,080,177 | $ | 63,044,676 | ||||||||||
Shares issued in reinvestment of distributions | 799,862 | 11,029,628 | 638,113 | 10,481,664 | ||||||||||||
Shares redeemed | (2,973,532 | ) | (41,657,789 | ) | (2,526,480 | ) | (39,870,999 | ) | ||||||||
|
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|
| |||||||||
5,363,955 | $ | 74,681,633 | 2,191,810 | $ | 33,655,341 | |||||||||||
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|
|
|
|
|
|
| |||||||||
3,809,545 | $ | 53,990,377 | 4,621,028 | $ | 75,578,108 | |||||||||||
|
|
|
|
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|
|
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| ||||||||||||||||
Year Ended 07/31/23 | Year Ended 07/31/22 | |||||||||||||||
|
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|
| |||||||||||||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts | ||||||||||||
| ||||||||||||||||
Total U.S. Stock Market Index | ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 2,350,832 | $ | 43,042,660 | 2,411,832 | $ | 48,741,326 | ||||||||||
Shares issued in reinvestment of distributions | 107,187 | 1,988,623 | 127,569 | 2,622,426 | ||||||||||||
Shares redeemed | (4,115,643 | ) | (77,273,538 | ) | (2,992,270 | ) | (61,665,770 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,657,624 | ) | $ | (32,242,255 | ) | (452,869 | ) | $ | (10,302,018 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Investor A | ||||||||||||||||
Shares sold | 1,935,801 | $ | 36,043,435 | 2,708,211 | $ | 54,806,911 | ||||||||||
Shares issued in reinvestment of distributions | 119,620 | 2,233,812 | 130,982 | 2,682,514 | ||||||||||||
Shares redeemed | (2,015,209 | ) | (38,166,720 | ) | (1,522,527 | ) | (31,475,398 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
40,212 | $ | 110,527 | 1,316,666 | $ | 26,014,027 | |||||||||||
|
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|
| |||||||||
Class K | ||||||||||||||||
Shares sold | 27,549,116 | $ | 514,476,382 | 36,883,545 | $ | 740,647,199 | ||||||||||
Shares issued in reinvestment of distributions | 1,970,437 | 36,783,003 | 2,012,631 | 41,212,633 | ||||||||||||
Shares redeemed | (24,179,097 | ) | (462,835,384 | ) | (19,965,405 | ) | (412,965,779 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
5,340,456 | $ | 88,424,001 | 18,930,771 | $ | 368,894,053 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
3,723,044 | $ | 56,292,273 | 19,794,568 | $ | 384,606,062 | |||||||||||
|
|
|
|
|
|
|
|
12. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
NOTES TO FINANCIAL STATEMENTS | 103 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of
BlackRock FundsSM and Shareholders of each of the three funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting BlackRock FundsSM, hereafter collectively referred to as the “Funds”) as of July 31, 2023, the related statements of operations for the year ended July 31, 2023, the statements of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2023 and each of the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
iShares Russell Mid-Cap Index Fund
iShares Russell Small/Mid-Cap Index Fund
iShares Total U.S. Stock Market Index Fund
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 26, 2023
We have served as the auditor of one or more BlackRock investment companies since 2000.
104 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2023:
Fund Name | Qualified Dividend Income | |
Mid-Cap Index | $ 21,961,654 | |
Small/Mid-Cap Index | 5,437,174 | |
Total U.S. Stock Market Index | 39,172,711 |
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2023:
Fund Name | Qualified Business Income | |
Mid-Cap Index | $3,346,244 | |
Small/Mid-Cap Index | 1,150,245 | |
Total U.S. Stock Market Index | 2,137,801 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended July 31, 2023:
Fund Name | 20% Rate Long-Term Capital Gain Dividends | |
Mid-Cap Index | $ 29,509,321 | |
Small/Mid-Cap Index | 14,184,426 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended July 31, 2023:
Fund Name | Federal Obligation Interest | |
Mid-Cap Index | $ 54,421 | |
Small/Mid-Cap Index | 13,472 | |
Total U.S. Stock Market Index | 84,874 |
The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2023 qualified for the dividends-received deduction for corporate shareholders:
Fund Name | Dividends-Received Deduction | |||
Mid-Cap Index | 82.70 | % | ||
Small/Mid-Cap Index | 68.23 | |||
Total U.S. Stock Market Index | 90.31 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended July 31, 2023:
Fund Name | Interest Dividends | |
Mid-Cap Index | $ 325,678 | |
Small/Mid-Cap Index | 80,620 | |
Total U.S. Stock Market Index | 507,927 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2023:
Fund Name | Interest Related Dividends | |
Mid-Cap Index | $ 325,678 | |
Small/Mid-Cap Index | 80,620 | |
Total U.S. Stock Market Index | 507,927 |
IMPORTANT TAX INFORMATION | 105 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement
The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Funds (the “Trust”) met on April 18, 2023 (the “April Meeting”) and May 23-24, 2023 (the “May Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of iShares Russell Mid-Cap Index Fund (“Mid-Cap Index Fund”), iShares Russell Small/Mid-Cap Index Fund (“Small/Mid-Cap Index Fund”) and iShares Total U.S. Stock Market Index Fund (“Total U.S. Stock Market Index Fund” and, together with Mid-Cap Index Fund and Small/Mid-Cap Index Fund, the “Funds”), and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and BlackRock Fund Advisors (the “Sub-Advisor”) with respect to each Fund. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not “interested persons” of the Trust, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each of which extended over a two-day period, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, an applicable benchmark, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and the Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.
Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and the Funds’ operations.
At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.
At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Funds; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide
106 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared each Fund’s performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing the Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third-parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans.
B. The Investment Performance of the Funds and BlackRock
The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund’s performance as of December 31, 2022, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of the Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board noted that for the one-year period reported, Mid-Cap Index Fund’s net performance was above the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s above tolerance performance relative to its benchmark over the period.
The Board noted that for the one-year period reported, Small/Mid-Cap Index Fund’s net performance was within the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board.
The Board noted that for the one-year period reported, Total U.S. Stock Market Index Fund’s net performance was above the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s above tolerance performance relative to its benchmark over the period.
C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual
DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB - ADVISORY AGREEMENT | 107 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2022 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.
The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that each of Mid-Cap Index Fund’s, Small/Mid-Cap Index Fund’s and Total U.S. Stock Market Index Fund’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund’s Expense Peers. The Board also noted that BlackRock and the Board have contractually agreed to a cap one each Fund’s total expenses as a percentage of the pertinent Fund’s average daily net assets on a class-by-class basis.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Funds increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which the Funds benefit from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Funds to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate.
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.
In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2024, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to each Fund, for a one-year term ending June 30, 2024. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.
108 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Trustee and Officer Information
Independent Trustees(a) | ||||||||
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
Mark Stalnecker 1951 | Chair of the Board (Since 2019) and Trustee (Since 2015) | Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014. | 28 RICs consisting of 169 Portfolios | None | ||||
Susan J. Carter 1956 | Trustee (Since 2016) | Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022; Advisory Board Member, Bridges Fund Management since 2016; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021; Member of the President’s Counsel, Commonfund since 2023. | 28 RICs consisting of 169 Portfolios | None | ||||
Collette Chilton 1958 | Trustee (Since 2015) | Chief Investment Officer, Williams College from 2006 to 2023; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020. | 28 RICs consisting of 169 Portfolios | None | ||||
Neil A. Cotty 1954 | Trustee (Since 2016) | Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002. | 28 RICs consisting of 169 Portfolios | None | ||||
Lena G. Goldberg 1949 | Trustee (Since 2019) | Director, Pioneer Legal Institute since 2023; Director, Charles Stark Draper Laboratory, Inc. from 2013 to 2021; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President - Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985. | 28 RICs consisting of 169 Portfolios | None |
TRUSTEE AND OFFICER INFORMATION | 109 |
Trustee and Officer Information (continued)
Independent Trustees(a) (continued) | ||||||||
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
Henry R. Keizer 1956 | Trustee (Since 2019) | Director, Park Indemnity Ltd. (captive insurer) from 2010 to 2022. | 28 RICs consisting of 169 Portfolios | GrafTech International Ltd. (materials manufacturing); Sealed Air Corp. (packaging); WABCO (commercial vehicle safety systems) from 2015 to 2020; Hertz Global Holdings (car rental) from 2015 to 2021 | ||||
Cynthia A. Montgomery 1952 | Trustee (Since 2007) | Professor, Harvard Business School since 1989. | 28 RICs consisting of 169 Portfolios | None | ||||
Donald C. Opatrny 1952 | Trustee (Since 2019) | Chair of the Board of Phoenix Art Museum since 2022 and Trustee thereof since 2018; Chair of the Investment Committee of The Arizona Community Foundation since 2022 and Trustee thereof since 2020; Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Member of the Board and Investment Committee, University School from 2007 to 2018; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2017; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014. | 28 RICs consisting of 169 Portfolios | None | ||||
Kenneth L. Urish 1951 | Trustee (Since 2007) | Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001, Emeritus since 2022; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020. | 28 RICs consisting of 169 Portfolios | None |
110 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Trustee and Officer Information (continued)
Independent Trustees(a) (continued) | ||||||||
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
Claire A. Walton 1957 | Trustee (Since 2016) | Advisory Board Member, Grossman School of Business at the University of Vermont since 2023; Advisory Board Member, Scientific Financial Systems since 2022; General Partner of Neon Liberty Capital Management, LLC since 2003; Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Massachusetts Council on Economic Education from 2013 to 2015; Director, Woodstock Ski Runners from 2013 to 2022. | 28 RICs consisting of 169 Portfolios | None | ||||
Interested Trustees(a)(d) | ||||||||
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company Held During Past 5 Years | ||||
Robert Fairbairn 1965 | Trustee (Since 2018) | Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. | 98 RICs consisting of 273 Portfolios | None | ||||
John M. Perlowski(e) 1964 | Trustee (Since 2015) President and Chief Executive Officer (Since 2010) | Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 100 RICs consisting of 275 Portfolios | None |
(a) | The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
(b) | Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. |
(c) | Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds, legacy MLIM funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015. |
(d) | Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex. |
(e) | Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund. |
TRUSTEE AND OFFICER INFORMATION | 111 |
Trustee and Officer Information (continued)
Officers Who Are Not Trustees(a) | ||||
Name Year of Birth(b) | Position(s) Held (Length of Service) | Principal Occupation(s) During Past 5 Years | ||
Roland Villacorta 1971 | Vice President (Since 2022) | Managing Director of BlackRock, Inc. since 2022; Head of Global Cash Management and Head of Securities Lending within BlackRock’s Portfolio Management Group since 2022; Member of BlackRock’s Global Operating Committee since 2022; Head of Portfolio Management in BlackRock’s Financial Markets Advisory Group within BlackRock Solutions from 2008 to 2015; Co-Head of BlackRock Solutions’ Portfolio Analytics Group; previously Mr. Villacorta was Co-Head of Fixed Income within BlackRock’s Risk & Quantitative Analysis Group. | ||
Jennifer McGovern 1977 | Vice President (Since 2014) | Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019. | ||
Trent Walker 1974 | Chief Financial Officer (Since 2021) | Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
Jay M. Fife 1970 | Treasurer (Since 2009) | Managing Director of BlackRock, Inc. since 2007. | ||
Aaron Wasserman 1974 | Chief Compliance Officer (Since 2023) | Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex from 2014 to 2023. | ||
Lisa Belle 1968 | Anti-Money Laundering Compliance Officer (Since 2019) | Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012. | ||
Janey Ahn 1975 | Secretary (Since 2019) | Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017. |
(a) | The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
(b) | Officers of the Trust serve at the pleasure of the Board. |
Further information about the Trust’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.
Effective December 31, 2022, Joseph P. Platt retired as a Trustee of the Trust.
Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer of the Trust.
112 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
General Information
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Householding
The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
ADDITIONAL INFORMATION | 113 |
Additional Information (continued)
BlackRock Privacy Principles (continued)
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
Fund and Service Providers
Investment Adviser | Distributor | |
BlackRock Advisors, LLC | BlackRock Investments, LLC | |
Wilmington, DE 19809 | New York, NY 10001 | |
Sub-Adviser | Independent Registered Public Accounting Firm | |
BlackRock Fund Advisors | PricewaterhouseCoopers LLP | |
San Francisco, CA 94105 | Philadelphia, PA 19103 | |
Accounting Agent and Custodian | Legal Counsel | |
State Street Bank and Trust Company | Sidley Austin LLP | |
Boston, MA 02114 | New York, NY 10019 | |
Transfer Agent | Address of the Funds | |
BNY Mellon Investment Servicing (US) Inc. | 100 Bellevue Parkway | |
Wilmington, DE 19809 | Wilmington, DE 19809 |
114 | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Glossary of Terms Used in this Report
Portfolio Abbreviation
CPI | Consumer Price Index | |
ETF | Exchange-Traded Fund | |
MSCI | Morgan Stanley Capital International | |
RB | Revenue Bond | |
REIT | Real Estate Investment Trust | |
S&P | Standard & Poor’s |
GLOSSARY OF TERMS USED IN THIS REPORT | 115 |
Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
INDEX5-07/23-AR
(b) Not Applicable
Item 3 – | Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Neil A. Cotty
Henry R. Keizer
Kenneth L. Urish
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
Item 4 – | Principal Accountant Fees and Services |
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees | |||||||||||||
Entity Name | Current Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | ||||||||
iShares Russell Mid-Cap Index Fund | $23,129 | $22,000 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
iShares Russell Small/Mid-Cap Index Fund | $23,129 | $22,000 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
iShares Total U.S. Stock Market Index Fund | $23,129 | $22,000 | $0 | $0 | $0 | $0 | $0 | $0 |
The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC ( the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or
2
overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
Current Fiscal Year End | Previous Fiscal Year End | |||
(b) Audit-Related Fees1 | $0 | $0 | ||
(c) Tax Fees2 | $0 | $0 | ||
(d) All Other Fees3 | $0 | $0 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
3
Entity Name | Current Fiscal Year End | Previous Fiscal Year End | ||
iShares Russell Mid-Cap Index Fund | $0 | $0 | ||
iShares Russell Small/Mid-Cap Index Fund | $0 | $0 | ||
iShares Total U.S. Stock Market Index Fund | $0 | $0 |
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) – Not Applicable
(j) – Not Applicable
Item 5 – | Audit Committee of Listed Registrant – Not Applicable |
Item 6 – | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies – Not Applicable |
Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable |
Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
Item 11 – | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially
4
affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable |
Item 13 – | Exhibits attached hereto |
(a)(1) Code of Ethics – See Item 2
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
5
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: September 26, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock FundsSM |
Date: September 26, 2023
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock FundsSM |
Date: September 26, 2023
6