N-CSRS 1 d670308dncsrs.htm BLACKROCK FUNDS BLACKROCK FUNDS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05742

 

Name of Fund:   BlackRock FundsSM
  iShares Russell Mid-Cap Index Fund
  iShares Russell Small/Mid-Cap Index Fund
  iShares Total U.S. Stock Market Index Fund

 

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 07/31/2024

Date of reporting period: 01/31/2024


Item 1 –

Report to Stockholders

(a) The Report to Shareholders is attached herewith.


 

LOGO

  JANUARY 31, 2024

 

  

2024 Semi-Annual Report

(Unaudited)

 

BlackRock FundsSM

 

·  

iShares Russell Mid-Cap Index Fund

·  

iShares Russell Small/Mid-Cap Index Fund

·  

iShares Total U.S. Stock Market Index Fund

 

 

 

Not FDIC Insured • May Lose Value • No Bank Guarantee


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

 

LOGO

 

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

 

Total Returns as of January 31, 2024
      6-Month     12-Month 

U.S. large cap equities
(S&P 500® Index)

  6.43%   20.82%

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

  (2.02)      2.40  

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

  3.15      10.01  

Emerging market equities
(MSCI Emerging Markets Index)

  (6.00)     (2.94) 

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

  2.73       5.13  

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

  1.74      (0.38) 

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

  3.15       2.10  

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index) 

  2.70       2.90  

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

  6.18       9.28  
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
 

 

 

2  

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


Table of Contents

 

     

Page

 

 

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     10  

Disclosure of Expenses

     10  

Derivative Financial Instruments

     10  

Financial Statements:

  

Schedules of Investments

     11  

Statements of Assets and Liabilities

     76  

Statements of Operations

     78  

Statements of Changes in Net Assets

     79  

Financial Highlights

     81  

Notes to Financial Statements

     90  

Statement Regarding Liquidity Risk Management Program

     101  

Additional Information

     102  

Glossary of Terms Used in this Report

     104  

 

LOGO

 

 

  3


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

 

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2024, the Fund’s Institutional Shares returned 1.92%, Investor A Shares returned 1.79%, and Class K Shares returned 1.94%. The benchmark Russell MidCap® Index (the “Index”) returned 1.96% for the same period.

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

Describe the market environment.

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

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

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

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

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

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

Performance

 

           Average Annual Total Returns(a)(b)  
     
6-Month
Total Returns
 
 
     1 Year       5 Years      
Since
Inception
 
(c) 

Institutional

    1.92      6.67     10.04     8.65

Investor A

    1.79        6.33       9.74       8.38  

Class K

    1.94        6.70       10.08       8.71  

 

        

Russell Midcap® Index(d)

    1.96        6.70       10.08       8.68  

 

  (a) 

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

 
  (b) 

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

 
  (c) 

The Fund commenced operations on May 13, 2015.

 
  (d) 

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

 

Past performance is not an indication of future results.

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

Expense Example

 

    Actual           Hypothetical 5% Return           
     

Beginning
Account Value
(08/01/23)
 
 
 
    

Ending
Account Value
(01/31/24)
 
 
 
    

Expenses
Paid During

the Period

 
 

(a) 

           

Beginning
Account Value
(08/01/23)
 
 
 
    

Ending
Account Value
(01/31/24)
 
 
 
    

Expenses
Paid During

the Period

 
 

(a) 

      

Annualized
Expense
Ratio
 
 
 

Institutional

  $ 1,000.00      $ 1,019.20      $ 0.48       $ 1,000.00      $ 1,024.66      $ 0.48          0.09

Investor A

    1,000.00        1,017.90        1.85         1,000.00        1,023.30        1.86          0.36  

 

 

4  

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

 

Expense Example (continued)

 

    Actual           Hypothetical 5% Return        
     

Beginning
Account Value
(08/01/23)
 
 
 
   

Ending
Account Value
(01/31/24)
 
 
 
   

Expenses
Paid During

the Period

 
 

(a) 

           

Beginning
Account Value
(08/01/23)
 
 
 
   

Ending
Account Value
(01/31/24)
 
 
 
   

Expenses
Paid During

the Period

 
 

(a) 

   

Annualized
Expense
Ratio
 
 
 

Class K

  $ 1,000.00     $ 1,019.40     $ 0.24             $ 1,000.00     $ 1,024.90     $ 0.24       0.05

 

  (a) 

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

 

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

Portfolio Information

 

SECTOR ALLOCATION

   
Sector(a)   Percent of
Net Assets
 

Industrials

    19.0

Financials

    15.5  

Information Technology

    13.4  

Consumer Discretionary

    10.2  

Health Care

    10.0  

Real Estate

    7.5  

Materials

    5.5  

Utilities

    4.9  

Energy

    4.6  

Communication Services

    3.5  

Consumer Staples

    3.4  

Investment Companies

    1.1  

Short-Term Securities

    4.1  

Liabilities in Excess of Other Assets

    (2.7

 

(a) 

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

 

 

 

 

 

F U N D   S U M M A R Y

  5


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

 

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2024, the Fund’s Institutional Shares returned (0.02)%, Investor A Shares returned (0.15)%, and Class K Shares returned 0.01%. The benchmark Russell 2500™ Index (the “Index”) returned 0.13% for the same period.

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

Describe the market environment.

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

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

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

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

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

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

Performance

 

           Average Annual Total Returns(a)(b)  
     
6-Month
Total Returns
 
 
     1 Year        5 Years      

Since

Inception

 

(c) 

Institutional

    (0.02 )%       3.83      8.64     8.31

Investor A

    (0.15      3.51        8.39       8.06  

Class K

    0.01        3.88        8.69       8.36  

 

         

Russell 2500™ Index(d)

    0.13        3.96        8.69       8.34  

 

  (a) 

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

 
  (b) 

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

 
  (c) 

The Fund commenced operations on August 13, 2015.

 
  (d) 

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

 

Past performance is not an indication of future results.

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

 

 

6  

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

 

Expense Example

 

    Actual           Hypothetical 5% Return        
     

Beginning
Account Value
(08/01/23)
 
 
 
   

Ending
Account Value
(01/31/24)
 
 
 
   

Expenses
Paid During

the Period

 
 

(a) 

           

Beginning
Account Value
(08/01/23)
 
 
 
   

Ending
Account Value
(01/31/24)
 
 
 
   

Expenses
Paid During

the Period

 
 

(a) 

   

Annualized
Expense
Ratio
 
 
 

Institutional

  $ 1,000.00     $ 999.80     $ 0.72       $ 1,000.00     $ 1,024.42     $ 0.73       0.14

Investor A

    1,000.00       998.50       1.98         1,000.00       1,023.15       2.01       0.40  

Class K

    1,000.00       1,000.10       0.46               1,000.00       1,024.68       0.46       0.09  

 

  (a) 

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

 

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

Portfolio Information

 

SECTOR ALLOCATION

   
Sector(a)  

Percent of
Net Assets

 

 

Industrials

    19.7

Financials

    16.4  

Information Technology

    12.8  

Consumer Discretionary

    12.5  

Health Care

    12.1  

Real Estate

    6.8  

Materials

    5.4  

Energy

    4.8  

Consumer Staples

    3.2  

Communication Services

    2.6  

Utilities

    2.5  

Investment Companies

    0.9  

Short-Term Securities

    10.2  

Liabilities in Excess of Other Assets

    (9.9

 

(a) 

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

 

 

 

 

F U N D   S U M M A R Y

  7


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

 

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

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

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

Describe the market environment.

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

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

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

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

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

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

Performance

 

           Average Annual Total Returns(a)(b)  
     
6-Month
Total Returns
 
 
     1 Year       5 Years      

Since

Inception

 

(c) 

Institutional

    5.85      19.13     13.51     11.89

Investor A

    5.72        18.87       13.24       11.63  

Class K

    5.87        19.19       13.57       11.94  

 

        

Russell 3000® Index(d)

    5.83        19.15       13.53       11.93  

 

  (a) 

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

 
  (b) 

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

 
  (c) 

The Fund commenced operations on August 13, 2015.

 
  (d) 

An index that measures the performance of the 3,000 largest U.S. companies representing approximately 96% of the investable U.S. equity market.

 

Past performance is not an indication of future results.

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

Expense Example

 

    Actual           Hypothetical 5% Return           
     

Beginning
Account Value
(08/01/23)
 
 
 
    

Ending
Account Value
(01/31/24)
 
 
 
    

Expenses
Paid During

the Period

 
 

(a) 

           

Beginning
Account Value
(08/01/23)
 
 
 
    

Ending
Account Value
(01/31/24)
 
 
 
    

Expenses
Paid During

the Period

 
 

(a) 

      

Annualized
Expense
Ratio
 
 
 

Institutional

  $ 1,000.00      $ 1,058.50      $ 0.39       $ 1,000.00      $ 1,024.76      $ 0.38          0.07

Investor A

    1,000.00        1,057.20        1.72         1,000.00        1,023.46        1.70          0.33  

 

 

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

 

Expense Example (continued)

 

    Actual           Hypothetical 5% Return           
     

Beginning
Account Value
(08/01/23)
 
 
 
    

Ending
Account Value
(01/31/24)
 
 
 
    

Expenses
Paid During

the Period

 
 

(a) 

           

Beginning
Account Value
(08/01/23)
 
 
 
    

Ending
Account Value
(01/31/24)
 
 
 
    

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 

Class K

  $ 1,000.00      $ 1,058.70      $ 0.15             $ 1,000.00      $ 1,024.99      $ 0.15          0.03

 

  (a) 

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

 

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

Portfolio Information

 

TEN LARGEST HOLDINGS

   
Security   Percent of
Net Assets
 

Microsoft Corp.

    6.3

Apple, Inc.

    5.8  

NVIDIA Corp.

    3.1  

Amazon.com, Inc.

    3.0  

Meta Platforms, Inc., Class A

    1.8  

Alphabet, Inc., Class A

    1.8  

Alphabet, Inc., Class C

    1.5  

Berkshire Hathaway, Inc., Class B

    1.5  

Eli Lilly & Co.

    1.2  

Tesla, Inc.

    1.1  

SECTOR ALLOCATION

   
Sector(a)   Percent of
Net Assets
 

Information Technology

    27.7

Financials

    13.7  

Health Care

    12.7  

Consumer Discretionary

    10.3  

Industrials

    9.7  

Communication Services

    8.2  

Consumer Staples

    5.7  

Energy

    3.9  

Real Estate

    2.8  

Materials

    2.6  

Utilities

    2.2  

Short-Term Securities

    1.4  

Liabilities in Excess of Other Assets

    (0.9

 

(a) 

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

 

 

 

F U N D   S U M M A R Y

  9


About Fund Performance

 

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

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

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

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

Disclosure of Expenses

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

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

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

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

Derivative Financial Instruments

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

 

 

10  

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


Schedule of Investments (unaudited)

January 31, 2024

  

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)

 

Security  

Shares

    Value  

Common Stocks

   
Aerospace & Defense — 1.7%            

Axon Enterprise, Inc.(a)

    11,617     $      2,893,330  

BWX Technologies, Inc.

    15,422       1,256,584  

Curtiss-Wright Corp.

    6,430       1,431,125  

HEICO Corp.

    7,608       1,366,321  

HEICO Corp., Class A

    13,668       1,933,612  

Hexcel Corp.

    14,056       933,178  

Howmet Aerospace, Inc.

    63,680       3,582,637  

Huntington Ingalls Industries, Inc.

    6,600       1,708,872  

Mercury Systems, Inc.(a)(b)

    9,044       268,245  

Spirit AeroSystems Holdings, Inc., Class A(a)

    17,408       478,024  

Textron, Inc.

    32,221       2,729,441  

TransDigm Group, Inc.

    8,793       9,607,935  

Woodward, Inc.

    9,977       1,374,531  
   

 

 

 
      29,563,835  
Air Freight & Logistics — 0.3%            

CH Robinson Worldwide, Inc.

    19,353       1,627,394  

Expeditors International of Washington, Inc.

    24,402       3,082,705  

GXO Logistics, Inc.(a)

    19,488       1,059,757  
   

 

 

 
      5,769,856  
Automobile Components — 0.5%            

Aptiv PLC(a)

    44,689       3,634,556  

BorgWarner, Inc.

    39,353       1,334,067  

Gentex Corp.

    39,029       1,293,031  

Lear Corp.

    9,273       1,232,382  

Phinia, Inc.

    8,194       247,786  

QuantumScape Corp., Class A(a)(b)

    56,999       388,163  
   

 

 

 
      8,129,985  
Automobiles — 0.2%            

Harley-Davidson, Inc.

    21,826       708,254  

Lucid Group, Inc.(a)(b)

    124,382       420,411  

Rivian Automotive, Inc., Class A(a)(b)

    111,391       1,705,396  

Thor Industries, Inc.

    8,589       970,729  
   

 

 

 
      3,804,790  
Banks — 2.4%            

Bank OZK

    18,204       821,182  

BOK Financial Corp.

    4,824       404,444  

Citizens Financial Group, Inc.

    74,843       2,447,366  

Columbia Banking System, Inc.

    35,022       706,044  

Comerica, Inc.

    21,914       1,152,238  

Commerce Bancshares, Inc.

    20,034       1,044,172  

Cullen/Frost Bankers, Inc.

    10,024       1,063,747  

East West Bancorp, Inc.

    23,648       1,721,811  

Fifth Third Bancorp

    113,972       3,902,401  

First Citizens BancShares, Inc., Class A

    1,822       2,751,220  

First Hawaiian, Inc.

    21,200       459,828  

First Horizon Corp.

    93,854       1,336,481  

FNB Corp.

    60,075       791,789  

Huntington Bancshares, Inc.

    241,491       3,074,180  

KeyCorp.

    156,484       2,273,713  

M&T Bank Corp.

    27,229       3,760,325  

New York Community Bancorp, Inc., Class A

    118,603       767,361  

NU Holdings Ltd./Cayman Islands, Class A(a)

    387,713       3,338,209  

Pinnacle Financial Partners, Inc.

    12,749       1,126,757  

Popular, Inc.

    11,820       1,010,019  

Prosperity Bancshares, Inc.

    14,504       926,951  

Regions Financial Corp.

    156,927       2,929,827  

Synovus Financial Corp.

    24,081       906,890  

TFS Financial Corp.

    9,007       119,973  
Security  

Shares

    Value  
Banks (continued)            

Webster Financial Corp.

    26,735     $      1,322,848  

Western Alliance Bancorp

    18,314       1,171,363  

Wintrust Financial Corp.

    10,173       986,578  

Zions Bancorp NA

    24,428       1,023,533  
   

 

 

 
      43,341,250  
Beverages — 0.3%            

Boston Beer Co., Inc., Class A(a)

    1,591       555,689  

Brown-Forman Corp., Class A

    8,220       463,361  

Brown-Forman Corp., Class B

    30,915       1,697,233  

Celsius Holdings, Inc.(a)(b)

    24,252       1,210,175  

Molson Coors Beverage Co., Class B

    29,391       1,816,070  
   

 

 

 
      5,742,528  
Biotechnology(a) — 1.6%            

Alnylam Pharmaceuticals, Inc.

    20,441       3,534,453  

Apellis Pharmaceuticals, Inc.

    17,043       1,078,652  

Biogen, Inc.

    23,958       5,909,480  

BioMarin Pharmaceutical, Inc.

    30,724       2,706,170  

Exact Sciences Corp.

    29,996       1,961,738  

Exelixis, Inc.

    53,413       1,162,267  

Incyte Corp.

    31,021       1,823,104  

Ionis Pharmaceuticals, Inc.

    23,714       1,218,663  

Karuna Therapeutics, Inc.

    5,928       1,857,954  

Natera, Inc.

    18,100       1,193,514  

Neurocrine Biosciences, Inc.

    16,242       2,270,144  

Roivant Sciences Ltd.

    58,267       582,670  

Sarepta Therapeutics, Inc.

    15,099       1,796,630  

Ultragenyx Pharmaceutical, Inc.

    13,242       584,105  

United Therapeutics Corp.

    7,590       1,630,180  
   

 

 

 
      29,309,724  
Broadline Retail — 0.6%            

Coupang, Inc., Class A(a)

    183,965       2,575,510  

eBay, Inc.

    88,829       3,648,207  

Etsy, Inc.(a)

    20,647       1,374,264  

Kohl’s Corp.

    18,477       475,967  

Macy’s, Inc.

    45,157       825,922  

Nordstrom, Inc.

    19,548       354,796  

Ollie’s Bargain Outlet Holdings, Inc.(a)

    10,431       750,302  
   

 

 

 
      10,004,968  
Building Products — 2.2%            

A O Smith Corp.

    19,446       1,509,204  

Advanced Drainage Systems, Inc.(b)

    11,493       1,498,917  

Allegion PLC

    14,617       1,810,900  

Armstrong World Industries, Inc.

    7,455       739,611  

AZEK Co., Inc., Class A(a)

    22,170       854,875  

Builders FirstSource, Inc.(a)

    20,410       3,545,829  

Carlisle Cos., Inc.

    8,020       2,520,365  

Carrier Global Corp.

    138,870       7,597,578  

Fortune Brands Innovations, Inc.

    21,293       1,652,124  

Hayward Holdings, Inc.(a)

    21,764       272,485  

Lennox International, Inc.

    5,365       2,297,078  

Masco Corp.

    37,747       2,539,996  

Owens Corning

    14,626       2,216,278  

Trane Technologies PLC

    37,966       9,569,330  

Trex Co., Inc.(a)

    18,343       1,494,588  
   

 

 

 
      40,119,158  
Capital Markets — 4.8%            

Affiliated Managers Group, Inc.

    5,712       850,174  

Ameriprise Financial, Inc.

    17,161       6,638,390  

Ares Management Corp., Class A

    27,022       3,282,633  

Bank of New York Mellon Corp.

    128,974       7,152,898  
 

 

 

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

  11


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)

 

Security  

Shares

    Value  
Capital Markets (continued)            

Blue Owl Capital, Inc., Class A

    75,668     $      1,175,881  

Carlyle Group, Inc.

    35,136       1,406,143  

Cboe Global Markets, Inc.

    17,657       3,246,240  

Coinbase Global, Inc., Class A(a)(b)

    28,191       3,614,086  

Evercore, Inc., Class A

    5,938       1,019,733  

FactSet Research Systems, Inc.

    6,332       3,013,525  

Franklin Resources, Inc.

    47,409       1,262,502  

Houlihan Lokey, Inc., Class A

    8,448       1,011,901  

Interactive Brokers Group, Inc., Class A

    17,464       1,549,930  

Invesco Ltd.

    61,550       974,337  

Janus Henderson Group PLC

    22,864       657,569  

Jefferies Financial Group, Inc.

    29,870       1,217,501  

KKR & Co., Inc., Class A

    110,882       9,600,164  

Lazard, Inc.

    18,243       711,112  

LPL Financial Holdings, Inc.

    12,470       2,982,699  

MarketAxess Holdings, Inc.

    6,242       1,407,633  

Morningstar, Inc.

    4,281       1,195,683  

MSCI, Inc., Class A

    12,766       7,641,983  

Nasdaq, Inc.

    57,347       3,312,936  

Northern Trust Corp.

    34,398       2,739,457  

Raymond James Financial, Inc.

    31,769       3,500,308  

Robinhood Markets, Inc., Class A(a)

    113,291       1,216,745  

SEI Investments Co.

    15,338       969,975  

State Street Corp.

    51,182       3,780,814  

Stifel Financial Corp.

    17,094       1,247,007  

T Rowe Price Group, Inc.

    37,036       4,016,554  

TPG, Inc., Class A

    10,851       451,727  

Tradeweb Markets, Inc., Class A

    19,294       1,840,455  

Virtu Financial, Inc., Class A

    15,018       252,152  

XP, Inc., Class A

    53,107       1,305,370  
   

 

 

 
      86,246,217  
Chemicals — 2.5%            

Albemarle Corp.

    19,658       2,255,559  

Ashland, Inc.

    8,214       768,995  

Axalta Coating Systems Ltd.(a)

    36,850       1,194,677  

Celanese Corp., Class A

    16,590       2,426,951  

CF Industries Holdings, Inc.

    31,964       2,413,602  

Chemours Co.

    24,991       753,978  

Corteva, Inc.

    118,259       5,378,419  

DuPont de Nemours, Inc.

    77,106       4,765,151  

Eastman Chemical Co.

    19,949       1,666,739  

Element Solutions, Inc.

    37,503       833,692  

FMC Corp.

    20,801       1,169,016  

Ginkgo Bioworks Holdings, Inc., Class A(a)(b)

    260,036       314,644  

Huntsman Corp.

    25,556       627,144  

International Flavors & Fragrances, Inc.

    42,142       3,400,016  

LyondellBasell Industries NV, Class A

    43,443       4,088,855  

Mosaic Co.

    55,589       1,707,138  

NewMarket Corp.

    1,044       582,354  

Olin Corp.

    19,875       1,034,891  

PPG Industries, Inc.

    38,966       5,495,765  

RPM International, Inc.

    21,347       2,276,871  

Scotts Miracle-Gro Co.

    6,836       384,593  

Westlake Corp.

    5,391       745,845  
   

 

 

 
      44,284,895  
Commercial Services & Supplies — 1.7%            

Cintas Corp.

    14,442       8,731,200  

Clean Harbors, Inc.(a)

    8,439       1,417,414  

Copart, Inc.(a)

    142,966       6,868,087  

Driven Brands Holdings, Inc.(a)

    10,994       144,131  

MSA Safety, Inc.

    6,137       1,012,789  
Security  

Shares

    Value         
Commercial Services & Supplies (continued)              

RB Global, Inc.

    30,511     $       1,951,789    

Republic Services, Inc.

    34,503       5,904,153    

Rollins, Inc.

    42,936       1,859,558    

Stericycle, Inc.(a)

    15,335       736,080    

Tetra Tech, Inc.

    8,931       1,412,706    

Vestis Corp.

    19,962       427,187    
   

 

 

   

 

 

 
      30,465,094    
Communications Equipment — 0.4%                  

Ciena Corp.(a)

    24,704       1,309,312    

F5, Inc.(a)

    9,497       1,744,599    

Juniper Networks, Inc.

    53,610       1,981,426    

Lumentum Holdings, Inc.(a)

    11,522       633,019    

Ubiquiti, Inc.

    660       82,988    

Viasat, Inc.(a)(b)

    19,822       440,643    
   

 

 

   

 

 

 
      6,191,987    
Construction & Engineering — 0.7%                  

AECOM

    21,995       1,939,739    

EMCOR Group, Inc.

    7,642       1,743,217    

MasTec, Inc.(a)

    10,421       684,347    

MDU Resources Group, Inc.

    33,649       656,492    

Quanta Services, Inc.(b)

    23,886       4,635,078    

Valmont Industries, Inc.

    3,474       784,117    

WillScot Mobile Mini Holdings Corp.(a)

    30,651       1,449,792    
   

 

 

   

 

 

 
      11,892,782    
Construction Materials — 0.6%                  

Eagle Materials, Inc.

    5,564       1,259,022    

Martin Marietta Materials, Inc.

    10,245       5,208,763    

Vulcan Materials Co.

    21,944       4,959,563    
   

 

 

   

 

 

 
      11,427,348    
Consumer Finance — 0.7%                  

Ally Financial, Inc.

    45,066       1,653,021    

Credit Acceptance Corp.(a)(b)

    1,068       577,863    

Discover Financial Services

    41,420       4,370,638    

OneMain Holdings, Inc.

    18,698       890,025    

SLM Corp.

    36,326       722,161    

SoFi Technologies, Inc.(a)(b)

    157,234       1,231,142    

Synchrony Financial

    68,427       2,659,757    
   

 

 

   

 

 

 
      12,104,607    
Consumer Staples Distribution & Retail — 1.2%        

Albertsons Cos., Inc., Class A

    70,153       1,488,647    

BJ’s Wholesale Club Holdings, Inc.(a)

    22,414       1,442,117    

Casey’s General Stores, Inc.

    6,265       1,700,070    

Dollar Tree, Inc.(a)

    34,592       4,518,407    

Grocery Outlet Holding Corp.(a)(b)

    15,995       396,356    

Kroger Co.

    108,686       5,014,772    

Maplebear, Inc.(a)

    3,530       86,379    

Performance Food Group Co.(a)

    25,780       1,873,691    

U.S. Foods Holding Corp.(a)

    38,128       1,754,269    

Walgreens Boots Alliance, Inc.

    117,447       2,650,779    
   

 

 

   

 

 

 
      20,925,487    
Containers & Packaging — 1.2%                  

Amcor PLC

    239,816       2,261,465    

AptarGroup, Inc.

    11,027       1,432,187    

Ardagh Group SA, Class A(a)

    2,789       19,816    

Ardagh Metal Packaging SA

    24,125       89,021    

Avery Dennison Corp.

    13,292       2,651,089    

Ball Corp.

    51,725       2,868,151    

Berry Global Group, Inc.

    19,933       1,304,814    

Crown Holdings, Inc.

    17,863       1,580,876    

Graphic Packaging Holding Co.

    50,785       1,295,525    
 

 

 

12  

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


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)

 

Security  

Shares

    Value  
Containers & Packaging (continued)            

International Paper Co.

    58,266     $      2,087,671  

Packaging Corp. of America

    14,853       2,463,816  

Sealed Air Corp.

    24,130       833,692  

Silgan Holdings, Inc.

    14,063       646,054  

Sonoco Products Co.

    16,323       928,779  

Westrock Co.

    42,720       1,719,907  
   

 

 

 
      22,182,863  
Distributors — 0.4%            

Genuine Parts Co.

    23,551       3,302,557  

LKQ Corp.

    44,751       2,088,529  

Pool Corp.

    6,378       2,367,832  
   

 

 

 
      7,758,918  
Diversified Consumer Services — 0.3%            

ADT, Inc.

    36,556       238,712  

Bright Horizons Family Solutions, Inc.(a)(b)

    9,564       939,663  

Grand Canyon Education, Inc.(a)

    5,032       657,129  

H&R Block, Inc.

    24,015       1,124,862  

Mister Car Wash, Inc.(a)(b)

    13,579       112,706  

Service Corp. International

    24,735       1,660,213  
   

 

 

 
      4,733,285  
Diversified REITs — 0.4%            

VICI Properties, Inc.

    169,607       5,108,563  

WP Carey, Inc.

    35,589       2,205,094  
   

 

 

 
      7,313,657  
Diversified Telecommunication Services — 0.1%  

ESC GCI Liberty, Inc. (c)

    15,053        

Frontier Communications Parent, Inc.(a)(b)

    41,531       1,022,908  

Iridium Communications, Inc.

    20,914       758,342  
   

 

 

 
      1,781,250  
Electric Utilities — 2.7%            

Alliant Energy Corp.

    40,211       1,956,667  

Avangrid, Inc.

    11,979       363,922  

CMS Energy Corp.

    48,835       2,791,409  

Constellation Energy Corp.

    53,711       6,552,742  

Edison International

    62,985       4,250,228  

Entergy Corp.

    35,186       3,510,155  

Evergy, Inc.

    37,426       1,900,118  

Eversource Energy

    56,668       3,072,539  

FirstEnergy Corp.

    89,996       3,301,053  

Hawaiian Electric Industries, Inc.(a)

    19,027       246,780  

IDACORP, Inc.

    8,483       785,356  

NRG Energy, Inc.

    37,766       2,003,109  

OGE Energy Corp.

    33,297       1,106,792  

PG&E Corp.

    340,504       5,744,303  

Pinnacle West Capital Corp.

    19,086       1,315,025  

PPL Corp.

    123,937       3,247,150  

Xcel Energy, Inc.

    92,047       5,510,854  
   

 

 

 
      47,658,202  
Electrical Equipment — 1.4%            

Acuity Brands, Inc.

    5,201       1,238,670  

AMETEK, Inc.

    37,992       6,156,604  

ChargePoint Holdings, Inc., Class A(a)(b)

    48,979       93,060  

Generac Holdings, Inc.(a)

    10,208       1,160,343  

Hubbell, Inc.

    8,833       2,964,090  

nVent Electric PLC

    27,712       1,663,829  

Plug Power, Inc.(a)(b)

    90,397       402,267  

Regal Rexnord Corp.

    11,153       1,488,479  

Rockwell Automation, Inc.

    19,018       4,816,879  
Security  

Shares

    Value  
Electrical Equipment (continued)            

Sensata Technologies Holding PLC

    25,308     $        915,390  

Sunrun, Inc.(a)

    35,600       515,488  

Vertiv Holdings Co., Class A

    56,858       3,202,811  
   

 

 

 
      24,617,910  
Electronic Equipment, Instruments & Components — 2.3%  

Amphenol Corp., Class A

    97,248       9,831,773  

Arrow Electronics, Inc.(a)

    9,108       1,012,354  

Avnet, Inc.

    15,161       686,793  

CDW Corp.

    22,505       5,102,334  

Cognex Corp.

    28,770       1,039,748  

Coherent Corp.(a)(b)

    21,882       1,040,270  

Corning, Inc.

    127,721       4,149,655  

Crane NXT Co.

    8,125       473,525  

IPG Photonics Corp.(a)

    4,582       448,532  

Jabil, Inc.

    20,774       2,602,774  

Keysight Technologies, Inc.(a)

    29,384       4,503,392  

Littelfuse, Inc.

    4,042       977,760  

TD SYNNEX Corp.

    9,779       977,704  

Teledyne Technologies, Inc.(a)

    7,823       3,273,691  

Trimble, Inc.(a)

    41,407       2,105,960  

Vontier Corp.

    26,213       906,708  

Zebra Technologies Corp., Class A(a)

    8,598       2,059,651  
   

 

 

 
      41,192,624  
Energy Equipment & Services — 0.7%            

Baker Hughes Co., Class A

    167,636       4,777,626  

Halliburton Co.

    150,869       5,378,480  

NOV, Inc.

    66,222       1,291,991  

TechnipFMC PLC

    73,112       1,413,986  
   

 

 

 
      12,862,083  
Entertainment — 1.7%            

AMC Entertainment Holdings, Inc., Class A(a)(b)

    33,405       135,290  

Electronic Arts, Inc.

    45,169       6,214,351  

Liberty Media Corp.-Liberty Formula One,
Class C(a)

    32,574       2,190,602  

Liberty Media Corp.-Liberty Formula One, Class A(a)

    3,900       238,251  

Liberty Media Corp.-Liberty Live, Class A(a)

    3,131       115,315  

Liberty Media Corp.-Liberty Live, Class C(a)

    7,637       284,631  

Live Nation Entertainment, Inc.(a)

    26,271       2,334,178  

Madison Square Garden Sports Corp., Class A(a)

    3,110       575,661  

Playtika Holding Corp.(a)

    3,804       27,465  

ROBLOX Corp., Class A(a)

    77,003       2,988,486  

Roku, Inc., Class A(a)

    20,691       1,822,049  

Spotify Technology SA(a)

    23,366       5,031,868  

Take-Two Interactive Software, Inc.(a)(b)

    27,359       4,512,320  

TKO Group Holdings, Inc., Class A

    10,230       856,149  

Warner Bros Discovery, Inc., Series A(a)

    363,635       3,643,623  
   

 

 

 
      30,970,239  
Financial Services — 2.4%            

Affirm Holdings, Inc., Class A(a)

    37,940       1,536,949  

Apollo Global Management, Inc.

    86,765       8,711,206  

Block, Inc., Class A(a)

    90,040       5,853,500  

Equitable Holdings, Inc.

    56,961       1,862,055  

Euronet Worldwide, Inc.(a)

    8,046       801,784  

Fidelity National Information Services, Inc.

    97,904       6,095,503  

FleetCor Technologies, Inc.(a)

    11,911       3,453,356  

Global Payments, Inc.

    42,850       5,708,906  

Jack Henry & Associates, Inc.

    11,889       1,971,553  

MGIC Investment Corp.

    47,014       932,758  

NCR Atleos Corp.(a)

    11,239       251,641  

Rocket Cos., Inc., Class A(a)

    18,964       233,447  
 

 

 

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

  13


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)

 

Security  

Shares

    Value  
Financial Services (continued)            

Shift4 Payments, Inc., Class A(a)

    9,122     $        655,051  

Toast, Inc., Class A(a)

    59,982       1,065,880  

UWM Holdings Corp., Class A

    16,771       112,366  

Voya Financial, Inc.

    16,636       1,203,947  

Western Union Co.

    46,889       589,395  

WEX, Inc.(a)

    7,121       1,455,461  
   

 

 

 
      42,494,758  
Food Products — 1.4%            

Bunge Global SA

    24,119       2,124,643  

Campbell Soup Co.

    32,278       1,440,567  

Conagra Brands, Inc.

    79,865       2,328,065  

Darling Ingredients, Inc.(a)

    26,395       1,142,904  

Flowers Foods, Inc.

    31,903       727,388  

Freshpet, Inc.(a)

    6,884       592,712  

Hormel Foods Corp.

    48,763       1,480,932  

Ingredion, Inc.

    10,984       1,181,549  

J M Smucker Co.

    16,635       2,188,334  

Kellanova

    42,231       2,312,570  

Lamb Weston Holdings, Inc.

    24,401       2,499,639  

McCormick & Co., Inc.

    42,194       2,875,943  

Pilgrim’s Pride Corp.(a)

    7,712       209,535  

Post Holdings, Inc.(a)

    8,910       827,472  

Seaboard Corp.

    45       162,135  

Tyson Foods, Inc., Class A

    46,649       2,554,499  

WK Kellogg Co.

    10,561       137,187  
   

 

 

 
      24,786,074  
Gas Utilities — 0.2%            

Atmos Energy Corp.

    24,398       2,779,908  

National Fuel Gas Co.

    14,872       701,364  

UGI Corp.

    34,796       770,383  
   

 

 

 
      4,251,655  
Ground Transportation — 1.1%            

Avis Budget Group, Inc.

    3,403       557,105  

Hertz Global Holdings, Inc.(a)(b)

    21,705       181,237  

JB Hunt Transport Services, Inc.

    13,818       2,777,142  

Knight-Swift Transportation Holdings, Inc.

    26,315       1,509,955  

Landstar System, Inc.

    5,705       1,093,762  

Lyft, Inc., Class A(a)

    56,355       703,874  

Old Dominion Freight Line, Inc.

    16,404       6,414,292  

Ryder System, Inc.

    7,184       815,887  

Saia, Inc.(a)

    4,464       2,011,389  

Schneider National, Inc., Class B

    9,405       230,611  

U-Haul Holding Co.(a)

    1,455       96,408  

U-Haul Holding Co., Series N

    16,707       1,067,076  

XPO, Inc.(a)(b)

    19,159       1,636,945  
   

 

 

 
      19,095,683  
Health Care Equipment & Supplies — 3.0%            

Align Technology, Inc.(a)

    12,819       3,426,775  

Baxter International, Inc.

    83,138       3,216,609  

Cooper Cos., Inc.(a)

    8,157       3,042,806  

DENTSPLY SIRONA, Inc.

    35,209       1,223,513  

Dexcom, Inc.(a)(b)

    64,323       7,805,596  

Enovis Corp.(a)

    8,849       519,436  

Envista Holdings Corp.(a)(b)

    27,518       646,673  

Globus Medical, Inc., Class A(a)

    19,737       1,041,916  

Hologic, Inc.(a)

    40,794       3,036,705  

ICU Medical, Inc.(a)

    3,469       317,518  

IDEXX Laboratories, Inc.(a)

    13,681       7,046,810  

Inspire Medical Systems, Inc.(a)(b)

    4,837       1,019,978  

Insulet Corp.(a)

    11,636       2,220,963  
Security  

Shares

    Value  
Health Care Equipment & Supplies (continued)            

Integra LifeSciences Holdings Corp.(a)

    9,948     $        399,412  

Masimo Corp.(a)

    6,957       897,036  

Novocure Ltd.(a)

    17,261       240,273  

Penumbra, Inc.(a)

    6,117       1,542,646  

QuidelOrtho Corp.(a)

    8,946       612,890  

ResMed, Inc.

    23,994       4,563,659  

Shockwave Medical, Inc.(a)

    6,043       1,367,229  

STERIS PLC

    16,424       3,596,035  

Tandem Diabetes Care, Inc.(a)

    11,225       255,930  

Teleflex, Inc.

    7,901       1,918,600  

Zimmer Biomet Holdings, Inc.

    34,594       4,345,006  
   

 

 

 
      54,304,014  
Health Care Providers & Services — 1.7%            

Acadia Healthcare Co., Inc.(a)

    14,937       1,226,925  

agilon health, Inc.(a)(b)

    49,020       288,728  

Amedisys, Inc.(a)

    5,435       512,357  

Cardinal Health, Inc.

    41,029       4,479,957  

Cencora, Inc.

    27,143       6,315,633  

Chemed Corp.

    2,474       1,466,562  

DaVita, Inc.(a)

    9,041       977,875  

Encompass Health Corp.

    16,444       1,168,182  

Henry Schein, Inc.(a)(b)

    21,953       1,642,963  

Laboratory Corp. of America Holdings

    13,746       3,055,736  

Molina Healthcare, Inc.(a)

    9,745       3,473,508  

Premier, Inc., Class A

    20,025       432,941  

Quest Diagnostics, Inc.

    18,802       2,414,741  

R1 RCM, Inc.(a)

    26,239       268,687  

Tenet Healthcare Corp.(a)

    17,175       1,421,059  

Universal Health Services, Inc., Class B

    9,688       1,538,551  
   

 

 

 
      30,684,405  
Health Care REITs — 0.8%            

Healthcare Realty Trust, Inc.

    64,339       1,036,501  

Healthpeak Properties, Inc.

    92,083       1,703,536  

Medical Properties Trust, Inc.

    100,072       310,223  

Omega Healthcare Investors, Inc.

    41,239       1,195,931  

Ventas, Inc.

    67,083       3,111,980  

Welltower, Inc.

    89,257       7,721,623  
   

 

 

 
      15,079,794  
Health Care Technology(a) — 0.4%            

Certara, Inc.(b)

    20,198       326,399  

Doximity, Inc., Class A

    20,338       548,109  

Teladoc Health, Inc.

    26,988       524,377  

Veeva Systems, Inc., Class A

    24,036       4,985,307  
   

 

 

 
      6,384,192  
Hotel & Resort REITs — 0.2%            

Host Hotels & Resorts, Inc.

    118,735       2,282,087  

Park Hotels & Resorts, Inc.

    36,053       543,679  
   

 

 

 
      2,825,766  
Hotels, Restaurants & Leisure — 3.3%            

Aramark

    39,004       1,134,236  

Boyd Gaming Corp.

    12,396       787,022  

Brunswick Corp.

    11,189       902,729  

Caesars Entertainment, Inc.(a)

    34,624       1,518,955  

Carnival Corp.(a)

    166,868       2,766,671  

Cava Group, Inc.(a)(b)

    2,625       122,850  

Choice Hotels International, Inc.

    4,786       579,680  

Churchill Downs, Inc.

    11,987       1,450,067  

Darden Restaurants, Inc.

    20,267       3,295,009  

Domino’s Pizza, Inc.

    5,801       2,472,502  

DoorDash, Inc., Class A(a)

    50,681       5,280,960  
 

 

 

14  

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


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)

 

Security  

Shares

    Value  
Hotels, Restaurants & Leisure (continued)            

DraftKings, Inc., Class A(a)

    70,181     $      2,740,568  

Expedia Group, Inc.(a)

    22,756       3,375,397  

Hilton Worldwide Holdings, Inc.

    41,715       7,965,896  

Hyatt Hotels Corp., Class A

    7,233       928,500  

Marriott Vacations Worldwide Corp.

    6,071       509,296  

MGM Resorts International(a)

    45,242       1,962,146  

Norwegian Cruise Line Holdings Ltd.(a)(b)

    70,406       1,253,227  

Penn Entertainment, Inc.(a)

    25,782       581,384  

Planet Fitness, Inc., Class A(a)

    14,196       961,921  

Royal Caribbean Cruises Ltd.(a)

    38,888       4,958,220  

Texas Roadhouse, Inc.

    10,476       1,317,043  

Travel & Leisure Co.

    10,973       443,529  

Vail Resorts, Inc.

    6,196       1,375,512  

Wendy’s Co.

    28,807       549,638  

Wingstop, Inc.

    4,996       1,404,426  

Wyndham Hotels & Resorts, Inc.

    13,389       1,043,405  

Wynn Resorts Ltd.

    17,502       1,652,714  

Yum! Brands, Inc.

    46,869       6,069,067  
   

 

 

 
      59,402,570  
Household Durables — 1.8%            

D.R. Horton, Inc.

    52,106       7,446,469  

Garmin Ltd.

    25,798       3,082,603  

Leggett & Platt, Inc.

    22,351       518,767  

Lennar Corp., Class A

    40,635       6,089,155  

Lennar Corp., Class B

    2,508       347,985  

Mohawk Industries, Inc.(a)

    8,908       928,659  

Newell Brands, Inc.

    63,644       529,518  

NVR, Inc.(a)

    488       3,452,742  

PulteGroup, Inc.

    35,670       3,729,655  

Tempur Sealy International, Inc.

    27,788       1,386,343  

Toll Brothers, Inc.

    17,440       1,732,664  

TopBuild Corp.(a)

    5,332       1,968,201  

Whirlpool Corp.

    9,066       992,908  
   

 

 

 
      32,205,669  
Household Products — 0.4%            

Church & Dwight Co., Inc.

    40,345       4,028,448  

Clorox Co.

    20,764       3,015,971  

Reynolds Consumer Products, Inc.

    9,241       251,078  

Spectrum Brands Holdings, Inc.

    5,500       432,410  
   

 

 

 
      7,727,907  
Independent Power and Renewable Electricity Producers — 0.3%  

AES Corp.

    112,209       1,871,646  

Brookfield Renewable Corp., Class A

    22,508       628,423  

Clearway Energy, Inc., Class A

    5,595       125,664  

Clearway Energy, Inc., Class C

    13,950       338,148  

Vistra Corp.

    60,434       2,479,607  
   

 

 

 
      5,443,488  
Industrial REITs — 0.4%            

Americold Realty Trust, Inc.

    45,567       1,253,093  

EastGroup Properties, Inc.

    7,709       1,367,808  

First Industrial Realty Trust, Inc.

    22,002       1,133,543  

Rexford Industrial Realty, Inc.

    33,490       1,761,239  

STAG Industrial, Inc.

    30,627       1,131,361  
   

 

 

 
      6,647,044  
Insurance — 4.9%            

Aflac, Inc.

    98,852       8,337,178  

Allstate Corp.

    43,655       6,777,439  

American Financial Group, Inc.

    12,263       1,476,465  
Security  

Shares

    Value  
Insurance (continued)            

Arch Capital Group Ltd.(a)

    59,582     $      4,911,344  

Arthur J Gallagher & Co.

    35,272       8,188,747  

Assurant, Inc.

    8,807       1,479,136  

Assured Guaranty Ltd.

    9,713       788,016  

Axis Capital Holdings Ltd.

    13,256       788,997  

Brighthouse Financial, Inc.(a)

    11,256       582,723  

Brown & Brown, Inc.

    39,806       3,087,353  

Cincinnati Financial Corp.

    25,776       2,855,981  

CNA Financial Corp.

    4,427       195,098  

Everest Group Ltd.

    7,193       2,769,089  

Fidelity National Financial, Inc., Class A

    41,930       2,097,758  

First American Financial Corp.

    16,688       1,007,121  

Globe Life, Inc.

    14,786       1,816,016  

Hanover Insurance Group, Inc.

    6,046       798,132  

Hartford Financial Services Group, Inc.

    49,774       4,328,347  

Kemper Corp.

    10,379       622,740  

Kinsale Capital Group, Inc.

    3,686       1,465,443  

Lincoln National Corp.

    27,746       761,628  

Loews Corp.

    31,045       2,261,939  

Markel Group, Inc.(a)

    2,206       3,303,331  

Old Republic International Corp.

    45,067       1,263,679  

Primerica, Inc.

    6,122       1,433,528  

Principal Financial Group, Inc.

    40,591       3,210,748  

Prudential Financial, Inc.

    61,129       6,414,266  

Reinsurance Group of America, Inc.

    11,178       1,943,742  

RenaissanceRe Holdings Ltd.

    8,444       1,932,240  

RLI Corp.

    6,722       916,679  

Ryan Specialty Holdings, Inc., Class A(a)(b)

    15,562       674,146  

Unum Group

    33,123       1,601,166  

W.R. Berkley Corp.

    33,986       2,782,774  

White Mountains Insurance Group Ltd.(b)

    421       663,483  

Willis Towers Watson PLC

    17,220       4,241,286  
   

 

 

 
      87,777,758  
Interactive Media & Services(a) — 0.4%            

IAC, Inc.

    12,503       627,776  

Match Group, Inc.

    46,943       1,801,672  

Pinterest, Inc., Class A

    97,152       3,640,285  

TripAdvisor, Inc.

    18,985       410,076  

ZoomInfo Technologies, Inc., CLass A

    48,917       784,629  
   

 

 

 
      7,264,438  
IT Services — 2.3%            

Akamai Technologies, Inc.(a)

    24,789       3,054,748  

Amdocs Ltd.

    19,322       1,771,441  

Cloudflare, Inc., Class A(a)

    48,171       3,807,917  

Cognizant Technology Solutions Corp., Class A

    85,311       6,579,184  

DXC Technology Co.(a)(b)

    33,387       727,836  

EPAM Systems, Inc.(a)

    9,334       2,595,879  

Gartner, Inc.(a)

    12,797       5,853,860  

Globant SA(a)

    6,701       1,580,163  

GoDaddy, Inc., Class A(a)

    24,744       2,639,195  

Kyndryl Holdings, Inc.(a)

    38,115       782,120  

MongoDB, Inc., Class A(a)

    11,107       4,448,576  

Okta, Inc., Class A(a)

    25,180       2,081,127  

Twilio, Inc., Class A(a)

    28,417       1,998,568  

VeriSign, Inc.(a)

    14,785       2,940,441  
   

 

 

 
      40,861,055  
Leisure Products — 0.2%            

Hasbro, Inc.

    21,817       1,067,942  

Mattel, Inc.(a)

    58,625       1,048,801  
 

 

 

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

  15


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)

 

Security  

Shares

    Value  
Leisure Products (continued)            

Peloton Interactive, Inc., Class A(a)

    56,576     $        314,563  

Polaris, Inc.

    9,100       818,636  

YETI Holdings, Inc.(a)

    14,585       641,302  
   

 

 

 
      3,891,244  
Life Sciences Tools & Services — 2.8%            

10X Genomics, Inc., Class A(a)(b)

    15,384       641,051  

Agilent Technologies, Inc.

    48,503       6,310,240  

Avantor, Inc.(a)

    113,272       2,604,123  

Azenta, Inc.(a)(b)

    9,990       651,348  

Bio-Rad Laboratories, Inc., Class A(a)

    3,276       1,051,236  

Bio-Techne Corp.

    26,184       1,841,259  

Bruker Corp.

    17,686       1,264,726  

Charles River Laboratories International,
Inc.(a)(b)

    8,539       1,846,815  

Fortrea Holdings, Inc.(a)

    14,851       459,787  

ICON PLC(a)

    13,530       3,529,571  

Illumina, Inc.(a)

    26,075       3,728,986  

IQVIA Holdings, Inc.(a)

    30,246       6,298,125  

Maravai LifeSciences Holdings, Inc., Class A(a)

    18,001       104,406  

Medpace Holdings, Inc.(a)

    3,882       1,131,913  

Mettler-Toledo International, Inc.(a)

    3,585       4,291,926  

QIAGEN NV

    37,227       1,625,331  

Repligen Corp.(a)

    9,350       1,770,890  

Revvity, Inc.

    20,317       2,177,576  

Sotera Health Co.(a)(b)

    17,065       251,197  

Waters Corp.(a)

    9,832       3,123,725  

West Pharmaceutical Services, Inc.

    12,275       4,578,943  
   

 

 

 
      49,283,174  
Machinery — 4.7%            

AGCO Corp.

    10,567       1,292,661  

Allison Transmission Holdings, Inc.

    15,325       927,776  

CNH Industrial NV

    162,819       1,953,828  

Crane Co.

    8,021       995,486  

Cummins, Inc.

    23,617       5,651,548  

Donaldson Co., Inc.

    20,443       1,320,413  

Dover Corp.

    22,872       3,425,768  

Esab Corp.

    9,489       815,959  

Flowserve Corp.

    22,037       879,937  

Fortive Corp.

    58,392       4,565,087  

Gates Industrial Corp. PLC(a)

    19,456       250,593  

Graco, Inc.

    28,049       2,392,580  

IDEX Corp.

    12,693       2,684,570  

Ingersoll Rand, Inc.

    66,615       5,319,874  

ITT, Inc.

    13,916       1,680,774  

Lincoln Electric Holdings, Inc.

    9,381       2,084,646  

Middleby Corp.(a)

    8,884       1,253,266  

Nordson Corp.

    9,600       2,416,512  

Oshkosh Corp.

    10,856       1,195,246  

Otis Worldwide Corp.

    69,039       6,105,809  

PACCAR, Inc.

    85,891       8,622,598  

Parker-Hannifin Corp.

    21,280       9,884,560  

Pentair PLC

    27,650       2,023,151  

RBC Bearings, Inc.(a)(b)

    4,773       1,281,741  

Snap-on, Inc.

    8,737       2,533,118  

Stanley Black & Decker, Inc.

    25,703       2,398,090  

Timken Co.

    9,498       777,981  

Toro Co.

    17,535       1,621,637  

Westinghouse Air Brake Technologies Corp.

    29,338       3,860,001  

Xylem, Inc./New York

    39,060       4,391,906  
   

 

 

 
      84,607,116  
Security  

Shares

    Value  
Marine Transportation — 0.0%            

Kirby Corp.(a)

    9,931     $        781,173  
   

 

 

 
Media — 1.2%            

Cable One, Inc.

    941       516,543  

Fox Corp., Class A

    38,750       1,251,625  

Fox Corp., Class B

    22,673       680,417  

Interpublic Group of Cos., Inc.

    64,765       2,136,597  

Liberty Broadband Corp., Class A(a)

    2,963       230,581  

Liberty Broadband Corp., Class C(a)

    19,436       1,524,754  

Liberty Media Corp.-Liberty SiriusXM(a)

    25,810       783,591  

Liberty Media Corp.-Liberty SiriusXM, Class A(a)

    12,571       382,033  

New York Times Co., Class A

    26,895       1,306,021  

News Corp., Class A

    64,181       1,581,420  

News Corp., Class B

    19,502       498,666  

Nexstar Media Group, Inc., Class A

    5,246       932,267  

Omnicom Group, Inc.

    33,127       2,994,018  

Paramount Global, Class A

    1,521       35,485  

Paramount Global, Class B

    97,159       1,417,550  

Sirius XM Holdings, Inc.(b)

    104,929       534,089  

Trade Desk, Inc., Class A(a)

    73,127       5,004,080  
   

 

 

 
      21,809,737  
Metals & Mining — 1.1%            

Alcoa Corp.

    29,783       886,044  

Cleveland-Cliffs, Inc.(a)

    81,485       1,633,774  

MP Materials Corp., Class A(a)(b)

    17,906       283,094  

Nucor Corp.

    41,518       7,760,960  

Reliance Steel & Aluminum Co.

    9,579       2,734,038  

Royal Gold, Inc.

    11,059       1,265,039  

SSR Mining, Inc.

    35,403       333,851  

Steel Dynamics, Inc.

    25,896       3,125,388  

U.S. Steel Corp.

    36,952       1,737,483  
   

 

 

 
      19,759,671  
Mortgage Real Estate Investment Trusts (REITs) — 0.3%  

AGNC Investment Corp.

    108,880       1,032,182  

Annaly Capital Management, Inc.

    83,150       1,595,648  

Rithm Capital Corp.

    80,234       858,504  

Starwood Property Trust, Inc.

    49,947       1,015,423  
   

 

 

 
          4,501,757  
Multi-Utilities — 1.4%            

Ameren Corp.

    43,293       3,011,894  

CenterPoint Energy, Inc.

    106,561       2,977,314  

Consolidated Edison, Inc.

    58,272       5,296,925  

DTE Energy Co.

    34,269       3,612,638  

NiSource, Inc.

    69,517       1,805,356  

Public Service Enterprise Group, Inc.

    83,515       4,843,035  

WEC Energy Group, Inc.

    52,138       4,210,665  
   

 

 

 
      25,757,827  
Office REITs — 0.4%            

Alexandria Real Estate Equities, Inc.

    28,798       3,481,678  

Boston Properties, Inc.

    26,395       1,755,268  

Cousins Properties, Inc.

    25,607       586,656  

Highwoods Properties, Inc.

    17,255       396,347  

Kilroy Realty Corp.

    19,540       698,751  

NET Lease Office Properties

    2,340       57,985  

Vornado Realty Trust

    29,590       804,552  
   

 

 

 
      7,781,237  
Oil, Gas & Consumable Fuels — 3.9%            

Antero Midstream Corp.

    56,462       691,095  

Antero Resources Corp.(a)

    47,097       1,052,147  

APA Corp.

    50,578       1,584,609  
 

 

 

16  

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


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)

 

Security  

Shares

    Value  
Oil, Gas & Consumable Fuels (continued)            

Cheniere Energy, Inc.

    40,070     $      6,571,079  

Chesapeake Energy Corp.

    20,653       1,592,553  

Coterra Energy, Inc.

    125,339       3,118,434  

Devon Energy Corp.

    105,890       4,449,498  

Diamondback Energy, Inc.

    29,602       4,551,011  

DT Midstream, Inc.(a)

    16,455       883,469  

EQT Corp.

    60,520       2,142,408  

Hess Corp.

    46,339       6,512,020  

HF Sinclair Corp.

    24,389       1,377,735  

Marathon Oil Corp.

    100,324       2,292,403  

New Fortress Energy, Inc., Class A

    10,999       365,497  

ONEOK, Inc.

    96,151       6,562,306  

Ovintiv, Inc.

    43,141       1,830,041  

Phillips 66

    74,506       10,751,961  

Range Resources Corp.

    39,507       1,147,283  

Southwestern Energy Co.(a)

    182,702       1,178,428  

Targa Resources Corp.

    36,068       3,064,337  

Texas Pacific Land Corp.

    1,039       1,518,322  

Williams Cos., Inc.

    202,556       7,020,591  
   

 

 

 
      70,257,227  
Paper & Forest Products — 0.0%            

Louisiana-Pacific Corp.

    10,701       712,152  
   

 

 

 
Passenger Airlines — 0.7%            

Alaska Air Group, Inc.(a)

    20,877       748,023  

American Airlines Group, Inc.(a)

    109,496       1,558,128  

Delta Air Lines, Inc.

    105,124       4,114,553  

Southwest Airlines Co.

    99,806       2,983,201  

United Airlines Holdings, Inc.(a)

    54,844       2,269,445  
   

 

 

 
      11,673,350  
Personal Care Products(a) — 0.1%            

Coty, Inc., Class A

    63,442       766,379  

Olaplex Holdings, Inc.

    20,106       45,239  
   

 

 

 
      811,618  
Pharmaceuticals — 0.5%            

Catalent, Inc.(a)(b)

    30,061       1,552,350  

Elanco Animal Health, Inc.(a)

    82,983       1,223,170  

Jazz Pharmaceuticals PLC(a)

    10,310       1,265,243  

Organon & Co.

    43,509       724,425  

Perrigo Co. PLC

    22,842       732,771  

Royalty Pharma PLC, Class A

    62,479       1,773,779  

Viatris, Inc.

    201,103       2,366,982  
   

 

 

 
      9,638,720  
Professional Services — 2.7%            

Booz Allen Hamilton Holding Corp., Class A

    21,400       3,012,478  

Broadridge Financial Solutions, Inc.

    19,420       3,965,564  

CACI International, Inc., Class A(a)

    3,628       1,247,052  

Ceridian HCM Holding, Inc.(a)(b)

    24,810       1,724,791  

Clarivate PLC(a)(b)

    79,200       708,048  

Concentrix Corp.

    7,325       650,973  

Dun & Bradstreet Holdings, Inc.

    45,933       532,363  

Equifax, Inc.

    20,227       4,942,265  

FTI Consulting, Inc.(a)

    5,619       1,076,657  

Genpact Ltd.

    30,367       1,090,175  

Jacobs Solutions, Inc.

    21,122       2,846,612  

KBR, Inc.

    22,526       1,173,830  

Leidos Holdings, Inc.

    22,916       2,531,531  

ManpowerGroup, Inc.

    8,408       623,369  

Paychex, Inc.

    53,724       6,539,822  

Paycom Software, Inc.

    8,696       1,654,327  

Paycor HCM, Inc.(a)(b)

    10,841       210,641  
Security  

Shares

    Value  
Professional Services (continued)            

Paylocity Holding Corp.(a)

    6,995     $      1,108,078  

Robert Half, Inc.

    16,868       1,341,681  

Science Applications International Corp.

    9,035       1,153,408  

SS&C Technologies Holdings, Inc.

    36,496       2,226,986  

TransUnion

    32,452       2,245,354  

Verisk Analytics, Inc.

    23,754       5,737,304  
   

 

 

 
      48,343,309  
Real Estate Management & Development(a) — 0.8%  

CBRE Group, Inc., Class A

    50,500       4,358,655  

CoStar Group, Inc.

    67,128       5,603,845  

Howard Hughes Holdings, Inc.(b)

    4,573       366,206  

Jones Lang LaSalle, Inc.

    7,892       1,397,358  

Zillow Group, Inc., Class A

    9,310       512,888  

Zillow Group, Inc., Class C

    25,928       1,473,747  
   

 

 

 
      13,712,699  
Residential REITs — 1.5%            

American Homes 4 Rent, Class A

    55,926       1,960,206  

Apartment Income REIT Corp.

    24,923       814,733  

AvalonBay Communities, Inc.

    23,374       4,184,180  

Camden Property Trust

    17,468       1,639,197  

Equity LifeStyle Properties, Inc.

    29,830       2,019,193  

Equity Residential

    61,396       3,695,425  

Essex Property Trust, Inc.

    10,718       2,500,188  

Invitation Homes, Inc.

    100,422       3,306,897  

Mid-America Apartment Communities, Inc.

    19,493       2,463,525  

Sun Communities, Inc.

    20,631       2,586,096  

UDR, Inc.

    55,152       1,986,575  
   

 

 

 
      27,156,215  
Retail REITs — 1.3%            

Agree Realty Corp.

    16,701       995,547  

Brixmor Property Group, Inc.

    49,855       1,118,746  

Federal Realty Investment Trust

    13,640       1,387,597  

Kimco Realty Corp.

    110,242       2,226,888  

NNN REIT, Inc.

    30,627       1,235,493  

Realty Income Corp.

    137,410       7,473,730  

Regency Centers Corp.

    30,362       1,902,787  

Simon Property Group, Inc.

    53,798       7,456,941  
   

 

 

 
      23,797,729  
Semiconductors & Semiconductor Equipment — 2.7%  

Allegro MicroSystems, Inc.(a)

    12,912       334,937  

Cirrus Logic, Inc.(a)

    9,298       717,806  

Enphase Energy, Inc.(a)

    22,344       2,326,681  

Entegris, Inc

    25,068       2,950,504  

First Solar, Inc.(a)

    17,867       2,613,942  

GLOBALFOUNDRIES, Inc.(a)(b)

    13,251       728,540  

Lattice Semiconductor Corp.(a)

    22,973       1,398,137  

Marvell Technology, Inc.

    142,051       9,616,853  

Microchip Technology, Inc.

    89,352       7,611,003  

MKS Instruments, Inc.

    11,115       1,183,192  

Monolithic Power Systems, Inc.

    7,614       4,589,110  

ON Semiconductor Corp.(a)

    71,703       5,100,234  

Qorvo, Inc.(a)

    16,481       1,643,815  

Skyworks Solutions, Inc.

    26,036       2,719,720  

Teradyne, Inc.

    25,025       2,417,165  

Universal Display Corp.

    7,877       1,337,278  

Wolfspeed, Inc.(a)(b)

    20,652       672,223  
   

 

 

 
      47,961,140  
Software — 4.9%            

Alteryx, Inc., Class A(a)(b)

    10,158       482,099  

ANSYS, Inc.(a)

    14,430       4,730,587  
 

 

 

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

  17


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)

 

Security  

Shares

    Value  
Software (continued)            

AppLovin Corp., Class A(a)

    35,431     $      1,457,277  

Aspen Technology, Inc.(a)

    4,647       892,178  

Bentley Systems, Inc., Class B

    32,780       1,652,112  

Bill Holdings, Inc.(a)(b)

    17,099       1,334,577  

CCC Intelligent Solutions Holdings, Inc.(a)

    34,057       374,286  

Confluent, Inc., Class A(a)(b)

    31,157       696,671  

Crowdstrike Holdings, Inc., Class A(a)

    35,480       10,377,900  

Datadog, Inc., Class A(a)

    45,359       5,644,474  

DocuSign, Inc.(a)

    34,063       2,075,118  

Dolby Laboratories, Inc., Class A

    9,894       822,983  

DoubleVerify Holdings, Inc.(a)

    23,076       923,271  

Dropbox, Inc., Class A(a)

    43,436       1,376,052  

Dynatrace, Inc.(a)

    40,362       2,300,634  

Elastic NV(a)

    13,366       1,564,624  

Fair Isaac Corp.(a)

    4,037       4,839,677  

Five9, Inc.(a)

    12,055       914,492  

Gen Digital, Inc.

    93,040       2,184,579  

Gitlab, Inc., Class A(a)

    14,607       1,038,704  

Guidewire Software, Inc.(a)

    13,759       1,536,605  

HashiCorp, Inc., Class A(a)

    16,651       363,991  

HubSpot, Inc.(a)(b)

    7,535       4,603,885  

Informatica, Inc., Class A(a)(b)

    6,910       207,300  

Klaviyo, Inc., Class A

           

Manhattan Associates, Inc.(a)

    10,344       2,509,041  

nCino, Inc.(a)

    11,902       374,675  

NCR Voyix Corp.(a)(b)

    21,146       310,846  

Nutanix, Inc., Class A(a)

    40,948       2,301,278  

Palantir Technologies, Inc., Class A(a)

    316,891       5,098,776  

Pegasystems, Inc.

    7,179       349,904  

Procore Technologies, Inc.(a)

    13,410       957,340  

PTC, Inc.(a)

    19,233       3,474,441  

RingCentral, Inc., Class A(a)

    14,542       492,828  

SentinelOne, Inc., Class A(a)

    39,372       1,055,170  

Smartsheet, Inc., Class A(a)

    21,556       969,373  

Splunk, Inc.(a)

    25,854       3,965,228  

Teradata Corp.(a)

    16,966       783,490  

Tyler Technologies, Inc.(a)

    6,866       2,902,601  

UiPath, Inc., Class A(a)(b)

    64,121       1,473,501  

Unity Software, Inc.(a)(b)

    49,069       1,589,836  

Zoom Video Communications, Inc., Class A(a)

    41,656       2,691,394  

Zscaler, Inc.(a)

    14,617       3,444,788  
   

 

 

 
      87,138,586  
Specialized REITs — 1.7%            

CubeSmart

    37,670       1,628,097  

Digital Realty Trust, Inc.

    50,247       7,057,694  

EPR Properties

    12,475       552,268  

Extra Space Storage, Inc.

    34,695       5,011,346  

Gaming and Leisure Properties, Inc.

    43,114       1,968,154  

Iron Mountain, Inc.

    48,096       3,247,442  

Lamar Advertising Co., Class A

    14,636       1,532,096  

National Storage Affiliates Trust

    13,514       504,748  

Rayonier, Inc.

    24,759       750,198  

SBA Communications Corp.

    17,790       3,982,469  

Weyerhaeuser Co.

    122,979       4,030,022  
   

 

 

 
      30,264,534  
Specialty Retail — 2.2%            

Advance Auto Parts, Inc.

    9,888       661,013  

AutoNation, Inc.(a)(b)

    4,917       686,708  

Bath & Body Works, Inc.

    38,663       1,649,364  

Best Buy Co., Inc.

    32,709       2,371,075  
Security  

Shares

    Value  
Specialty Retail (continued)            

Burlington Stores, Inc.(a)(b)

    10,861     $      2,076,080  

CarMax, Inc.(a)(b)

    26,564       1,890,826  

Dick’s Sporting Goods, Inc.

    10,134       1,510,675  

Five Below, Inc.(a)

    9,211       1,653,006  

Floor & Decor Holdings, Inc., Class A(a)(b)

    17,508       1,760,604  

GameStop Corp., Class A(a)(b)

    44,672       635,683  

Gap, Inc.

    33,035       617,424  

Lithia Motors, Inc., Class A

    4,569       1,347,170  

Murphy USA, Inc.

    3,291       1,160,143  

Penske Automotive Group, Inc.(b)

    3,346       496,446  

Petco Health & Wellness Co., Inc.(a)

    13,018       31,113  

RH(a)

    2,475       627,363  

Ross Stores, Inc.

    55,633       7,804,197  

Tractor Supply Co.

    17,920       4,024,832  

Ulta Beauty, Inc.(a)

    8,139       4,086,185  

Valvoline, Inc.(a)

    23,322       851,020  

Victoria’s Secret & Co.(a)

    12,913       336,384  

Wayfair, Inc., Class A(a)(b)

    13,731       689,983  

Williams-Sonoma, Inc.

    10,695       2,068,306  
   

 

 

 
      39,035,600  
Technology Hardware, Storage & Peripherals — 0.9%  

Hewlett Packard Enterprise Co.

    212,805       3,253,789  

HP, Inc.

    145,096       4,165,706  

NetApp, Inc.

    35,387       3,085,746  

Pure Storage, Inc., Class A(a)

    47,996       1,919,360  

Western Digital Corp.(a)

    53,308       3,051,883  
   

 

 

 
      15,476,484  
Textiles, Apparel & Luxury Goods — 0.7%            

Birkenstock Holding PLC(a)(b)

    5,013       232,553  

Capri Holdings Ltd.(a)

    18,581       905,638  

Carter’s, Inc.

    6,166       466,396  

Columbia Sportswear Co.

    5,952       471,756  

Crocs, Inc.(a)

    10,195       1,034,589  

Deckers Outdoor Corp.(a)

    4,399       3,315,658  

PVH Corp.

    9,792       1,177,586  

Ralph Lauren Corp., Class A

    6,712       964,313  

Skechers USA, Inc., Class A(a)

    22,331       1,394,348  

Tapestry, Inc.

    36,665       1,422,235  

Under Armour, Inc., Class A(a)

    32,202       245,379  

Under Armour, Inc., Class C(a)

    34,442       254,871  

VF Corp.

    58,413       961,478  
   

 

 

 
      12,846,800  
Trading Companies & Distributors — 1.9%            

Air Lease Corp., Class A

    17,349       725,362  

Core & Main, Inc., Class A(a)

    25,398       1,049,191  

Fastenal Co.

    95,064       6,486,217  

Ferguson PLC

    34,082       6,402,645  

MSC Industrial Direct Co., Inc., Class A

    7,697       759,540  

SiteOne Landscape Supply, Inc.(a)

    7,418       1,146,452  

United Rentals, Inc.

    11,250       7,035,750  

Watsco, Inc.

    5,573       2,178,932  

WESCO International, Inc.

    7,474       1,296,888  

WW Grainger, Inc.

    7,371       6,601,762  
   

 

 

 
      33,682,739  
 

 

 

18  

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Schedule of Investments (unaudited) (continued)

January 31, 2024

 

  

iShares Russell Mid-Cap Index Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Water Utilities — 0.3%            

American Water Works Co., Inc.

    32,015     $ 3,970,500  

Essential Utilities, Inc.

    40,909       1,466,997  
   

 

 

 
      5,437,497  
   

 

 

 

Total Common Stocks — 97.5%
(Cost: $1,211,537,512)

      1,743,751,147  
   

 

 

 

Investment Companies

 

Equity Funds — 1.1%

 

iShares Russell Mid-Cap ETF(d)

    251,878       19,301,411  
   

 

 

 

Total Investment Companies — 1.1%
(Cost: $19,229,809)

 

    19,301,411  
   

 

 

 

Total Long-Term Investments — 98.6%
(Cost: $1,230,767,321)

 

    1,763,052,558  
   

 

 

 
Short-Term Securities  
Money Market Funds — 4.1%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)

    49,371,747       49,401,369  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e)

    23,126,279       23,126,279  
   

 

 

 

Total Short-Term Securities — 4.1%
(Cost: $72,515,543)

 

    72,527,648  
   

 

 

 

Total Investments — 102.7%
(Cost: $1,303,282,864)

 

    1,835,580,206  

Liabilities in Excess of Other Assets — (2.7)%

 

    (47,887,576
   

 

 

 

Net Assets — 100.0%

    $ 1,787,692,630  
   

 

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

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

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

 

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

Affiliates

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

 

                   
Affiliated Issuer   Value at
07/31/23
    Purchases
at Cost
    Proceeds
from Sale
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
01/31/24
    Shares
Held at
01/31/24
    Income     Capital Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 43,582,836     $ 5,799,847 (a)    $     $ 6,890     $ 11,796     $ 49,401,369       49,371,747     $ 223,035 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    11,395,519       11,730,760 (a)                        23,126,279       23,126,279       344,137        

iShares Russell Mid-Cap ETF

    21,270,589       90,558,835       (92,337,845     1,092,944       (1,283,112     19,301,411       251,878       133,564        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 1,099,834     $ (1,271,316   $ 91,829,059       $ 700,736     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

  (b) 

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

 

 

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

  19


Schedule of Investments (unaudited) (continued)

January 31, 2024

 

  

iShares Russell Mid-Cap Index Fund

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts
     Expiration
Date
     Notional
Amount (000)
     Value/
Unrealized
Appreciation
(Depreciation)
 

Long Contracts

           

S&P 500 E-Mini Index

     26        03/15/24      $ 6,332      $ 157,879  

S&P Mid 400 E-Mini Index

     62        03/15/24        17,008        100,315  
           

 

 

 
            $ 258,194  
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

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

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized appreciation on futures contracts(a)

   $      $      $ 258,194      $      $      $      $ 258,194  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

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

Net Realized Gain (Loss) from:

                  

Futures contracts

  $      $      $ 1,300,834     $      $      $      $ 1,300,834  
 

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

                  

Futures contracts

  $      $      $ (499,391   $      $      $      $ (499,391)  
 

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

       

Average notional value of contracts — long

  $ 21,638,624  

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

        Level 1         Level 2          Level 3        Total  

 

Assets

                 

Investments

                 

Long-Term Investments

                 

Common Stocks

                 

Aerospace & Defense

   $  29,563,835        $        $        $  29,563,835  

Air Freight & Logistics

     5,769,856                            5,769,856  

Automobile Components

     8,129,985                            8,129,985  

Automobiles

     3,804,790                            3,804,790  

 

 

20  

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


Schedule of Investments (unaudited) (continued)

January 31, 2024

 

  

iShares Russell Mid-Cap Index Fund

 

Fair Value Hierarchy as of Period End (continued)

 

        Level 1          Level 2          Level 3        Total  

Common Stocks (continued)

                 

Banks

   $  43,341,250        $        $        $  43,341,250  

Beverages

     5,742,528                            5,742,528  

Biotechnology

     29,309,724                            29,309,724  

Broadline Retail

     10,004,968                            10,004,968  

Building Products

     40,119,158                            40,119,158  

Capital Markets

     86,246,217                            86,246,217  

Chemicals

     44,284,895                            44,284,895  

Commercial Services & Supplies

     30,465,094                            30,465,094  

Communications Equipment

     6,191,987                            6,191,987  

Construction & Engineering

     11,892,782                            11,892,782  

Construction Materials

     11,427,348                            11,427,348  

Consumer Finance

     12,104,607                            12,104,607  

Consumer Staples Distribution & Retail

     20,925,487                            20,925,487  

Containers & Packaging

     22,163,047          19,816                   22,182,863  

Distributors

     7,758,918                            7,758,918  

Diversified Consumer Services

     4,733,285                            4,733,285  

Diversified REITs

     7,313,657                            7,313,657  

Diversified Telecommunication Services

     1,781,250                            1,781,250  

Electric Utilities

     47,658,202                            47,658,202  

Electrical Equipment

     24,617,910                            24,617,910  

Electronic Equipment, Instruments & Components

     41,192,624                            41,192,624  

Energy Equipment & Services

     12,862,083                            12,862,083  

Entertainment

     30,970,239                            30,970,239  

Financial Services

     42,494,758                            42,494,758  

Food Products

     24,786,074                            24,786,074  

Gas Utilities

     4,251,655                            4,251,655  

Ground Transportation

     19,095,683                            19,095,683  

Health Care Equipment & Supplies

     54,304,014                            54,304,014  

Health Care Providers & Services

     30,684,405                            30,684,405  

Health Care REITs

     15,079,794                            15,079,794  

Health Care Technology

     6,384,192                            6,384,192  

Hotel & Resort REITs

     2,825,766                            2,825,766  

Hotels, Restaurants & Leisure

     59,402,570                            59,402,570  

Household Durables

     32,205,669                            32,205,669  

Household Products

     7,727,907                            7,727,907  

Independent Power and Renewable Electricity Producers

     5,443,488                            5,443,488  

Industrial REITs

     6,647,044                            6,647,044  

Insurance

     87,777,758                            87,777,758  

Interactive Media & Services

     7,264,438                            7,264,438  

IT Services

     40,861,055                            40,861,055  

Leisure Products

     3,891,244                            3,891,244  

Life Sciences Tools & Services

     49,283,174                            49,283,174  

Machinery

     84,607,116                            84,607,116  

Marine Transportation

     781,173                            781,173  

Media

     21,809,737                            21,809,737  

Metals & Mining

     19,759,671                            19,759,671  

Mortgage Real Estate Investment Trusts (REITs)

     4,501,757                            4,501,757  

Multi-Utilities

     25,757,827                            25,757,827  

Office REITs

     7,781,237                            7,781,237  

Oil, Gas & Consumable Fuels

     70,257,227                            70,257,227  

Paper & Forest Products

     712,152                            712,152  

Passenger Airlines

     11,673,350                            11,673,350  

Personal Care Products

     811,618                            811,618  

Pharmaceuticals

     9,638,720                            9,638,720  

Professional Services

     48,343,309                            48,343,309  

Real Estate Management & Development

     13,712,699                            13,712,699  

Residential REITs

     27,156,215                            27,156,215  

Retail REITs

     23,797,729                            23,797,729  

Semiconductors & Semiconductor Equipment

     47,961,140                            47,961,140  

Software

     87,138,586                            87,138,586  

Specialized REITs

     30,264,534                            30,264,534  

Specialty Retail

     39,035,600                            39,035,600  

Technology Hardware, Storage & Peripherals

     15,476,484                            15,476,484  

 

 

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

  21


Schedule of Investments (unaudited) (continued)

January 31, 2024

 

  

iShares Russell Mid-Cap Index Fund

 

Fair Value Hierarchy as of Period End (continued)

 

        Level 1          Level 2          Level 3        Total  

Common Stocks (continued)

                 

Textiles, Apparel & Luxury Goods

   $ 12,846,800        $     —        $     —        $ 12,846,800  

Trading Companies & Distributors

     33,682,739                            33,682,739  

Water Utilities

     5,437,497                            5,437,497  

Investment Companies

     19,301,411                            19,301,411  

Short-Term Securities

                 

Money Market Funds

     72,527,648                            72,527,648  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 1,835,560,390        $ 19,816        $        $ 1,835,580,206  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Assets

                 

Equity Contracts

   $ 258,194        $        $        $ 258,194  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

22  

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


Schedule of Investments (unaudited) 

January 31, 2024

  

iShares Russell Small/Mid-Cap Index Fund

(Percentages shown are based on Net Assets)

 

Security  

Shares

    Value  

Common Stocks

 

Aerospace & Defense — 1.7%  

AAR Corp.(a)

    2,864     $ 174,189  

AeroVironment, Inc.(a)

    2,197       265,046  

AerSale Corp.(a)(b)

    2,489       23,148  

Archer Aviation, Inc., Class A(a)(b)

    12,943       62,515  

Astronics Corp.(a)

    2,206       37,303  

Axon Enterprise, Inc.(a)

    6,103       1,520,013  

BWX Technologies, Inc.

    7,766       632,774  

Cadre Holdings, Inc.

    1,840       62,542  

Curtiss-Wright Corp.

    3,351       745,832  

Ducommun, Inc.(a)

    1,109       54,729  

Eve Holding, Inc., Class A

    1,499       9,294  

Hexcel Corp.

    7,183       476,879  

Huntington Ingalls Industries, Inc.

    3,462       896,381  

Kaman Corp.

    2,345       105,642  

Kratos Defense & Security Solutions, Inc.(a)

    10,791       182,692  

Leonardo DRS, Inc.(a)

    5,837       113,296  

Mercury Systems, Inc.(a)

    4,573       135,635  

Moog, Inc., Class A

    2,406       336,359  

National Presto Industries, Inc.

    529       41,881  

Park Aerospace Corp.

    1,544       22,774  

Redwire Corp.(a)(b)

    1,269       3,680  

Rocket Lab USA, Inc., Class A(a)(b)

    23,606       114,489  

Spirit AeroSystems Holdings, Inc., Class A(a)

    8,928       245,163  

Terran Orbital Corp., Class A(a)

    14,997       12,413  

Textron, Inc.

    17,090         1,447,694  

Triumph Group, Inc.(a)

    5,847       94,721  

V2X, Inc.(a)

    1,049       40,796  

Virgin Galactic Holdings, Inc., Class A(a)(b)

    27,030       48,113  

Woodward, Inc.

    5,222       719,435  
   

 

 

 
      8,625,428  
Air Freight & Logistics — 0.2%            

Air Transport Services Group, Inc.(a)(b)

    4,754       73,639  

Forward Air Corp.

    2,176       96,462  

GXO Logistics, Inc.(a)

    9,994       543,474  

Hub Group, Inc., Class A(a)

    5,338       241,705  

Radiant Logistics, Inc.(a)(b)

    4,349       26,703  
   

 

 

 
      981,983  
Automobile Components — 1.0%            

Adient PLC(a)

    8,408       291,842  

American Axle & Manufacturing Holdings, Inc.(a)

    9,666       78,198  

Atmus Filtration Technologies, Inc.(a)

    1,603       35,795  

BorgWarner, Inc.

    19,948       676,237  

Cooper-Standard Holdings, Inc.(a)

    1,653       29,076  

Dana, Inc.

    11,042       149,730  

Dorman Products, Inc.(a)

    2,405       195,791  

Fox Factory Holding Corp.(a)

    3,835       241,758  

Gentex Corp.

    19,944       660,745  

Gentherm, Inc.(a)(b)

    2,732       131,546  

Goodyear Tire & Rubber Co.(a)

    23,858       332,580  

Holley, Inc.(a)

    4,184       19,958  

LCI Industries

    2,096       233,243  

Lear Corp.

    5,088       676,195  

Luminar Technologies, Inc., Class A(a)(b)

    22,911       62,318  

Modine Manufacturing Co.(a)

    4,359       301,163  

Patrick Industries, Inc.

    1,856       186,324  

Phinia, Inc.

    3,970       120,053  

QuantumScape Corp., Class A(a)(b)

    28,865       196,571  

Solid Power, Inc., Class A(a)

    8,431       13,658  

Standard Motor Products, Inc.

    1,917       77,351  
Security  

Shares

    Value  
Automobile Components (continued)            

Stoneridge, Inc.(a)

    2,287     $ 40,686  

Visteon Corp.(a)

    2,446       281,999  

XPEL, Inc.(a)

    1,898       101,448  
   

 

 

 
      5,134,265  
Automobiles — 0.2%            

Fisker, Inc., Class A(a)(b)

    20,403       16,371  

Harley-Davidson, Inc.

    10,991       356,658  

Livewire Group, Inc.(b)

    1,368       13,571  

Thor Industries, Inc.

    4,520       510,850  

Winnebago Industries, Inc.

    2,459       161,606  

Workhorse Group, Inc.(a)(b)

    11,058       2,930  
   

 

 

 
        1,061,986  
Banks — 6.1%            

1st Source Corp.

    1,396       72,969  

ACNB Corp.

    623       24,316  

Amalgamated Financial Corp.

    1,508       40,052  

Amerant Bancorp, Inc., Class A

    2,093       47,323  

American National Bankshares, Inc.

    1,051       47,600  

Ameris Bancorp

    5,635       279,721  

Ames National Corp.

    787       16,637  

Arrow Financial Corp.

    1,522       38,339  

Associated Banc-Corp.

    13,721       288,278