UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-05742
Name of Fund:
BlackRock FundsSM
iShares Russell Mid-Cap Index Fund
iShares Russell Small/Mid-Cap Index Fund
iShares Total U.S. Stock Market Index Fund
Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock FundsSM, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
7/31/2025
Date of reporting period:
7/31/2025
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
TSR - BLK Retail Logo
iShares Russell Mid-Cap Index Fund
Institutional Shares | BRMIX
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Russell Mid-Cap Index Fund (the “Fund”) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $10 0.09%
How did the Fund perform last year ?
  • For the reporting period ended July 31, 2025, the Fund’s Institutional Shares returned 11.85%.
  • For the same period, the Russell 3000® Index returned 15.68% and the Russell Midcap® Index returned 12.06%.
In the third quarter of 2024, a mix of optimism and caution characterized the U.S. equity markets. A weaker than expected Consumer Price Index (“CPI”) print in July 2024 led to a confident first month of the quarter, extending the bull market of the first two quarters. However, a lower-than-expected jobs report in August increased concerns about an economic slowdown in the United States. This led to a temporary sell-off in the second month of the quarter, as anxiety emerged that The Federal Reserve’s (“the Fed”) rate hiking cycle was weighing on the economy more than intended. In their September 2024 meeting, the Federal Reserve Open Market Committee (“FOMC”) lowered the Federal Funds rate by 50 basis-points, emphasizing their commitment to their dual mandate, which led to a rebound in U.S. equity markets, leading several indices to new all-time highs.
Domestic U.S. equities finished the fourth quarter 2024 in positive territory, despite a slight sell off in October and December. A strong November rally following Donald Trump’s decisive reelection sent equity prices higher, especially presumed ‘Trump Trades,’ or sectors/companies that would benefit from the President’s domestic economic agenda. The Fed cut rates by a combined 50 basis points across its November and December meetings, signaling continued progress in bringing inflation down to the 2% target. The FOMC revised its anticipated rate cut projections for 2025, from four to only two cuts, prompting a selloff in December 2024 as investors processed expectations for stickier inflation. Chairman Powell highlighted that labor market conditions had generally eased, with the unemployment rate moving up but still low at 4.2% in November.
In the first quarter of 2025, domestic U.S. equities finished in negative territory as the U.S. administration pursued significant changes in global trade dynamics. A series of tariffs were announced and partially implemented, including reciprocal tariffs that mirrored those imposed on U.S. products by other countries. The economic uncertainty stemming from these tariffs led to a significant sell-off, causing the S&P 500 to briefly fall into correction territory in mid-March 2025. In January, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%. However, policymakers signaled that they still anticipated two rate cuts in 2025.
Domestic U.S. equities finished the second quarter 2025 in positive territory as the U.S administration pursued significant changes in global trade dynamics. Market volatility peaked in April 2025, with the CBOE Volatility Index (“VIX”) reaching multi-year highs amid tariff uncertainty. This volatility receded as the quarter progressed, and many risks appeared to be contained. Also in April, the U.S. administration announced a 90-day pause on most of the previously proposed tariffs that were set to take place later in April, eventually suspending additional tariffs above a 10% base rate for most countries, with this pause set to expire in early July. In May and June 2025, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%, each signaling a cautious stance as inflation fought towards 2%. However, the market was still signaling an anticipated two rate cuts in the second half of 2025.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2015 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Institutional Shares 11.85 % 12.17 % 9.94 %
Russell 3000® Index 15.68 15.19 13.02
Russell Midcap® Index 12.06 12.24 10.01
Key Fund statistics
Net Assets $2,161,064,013
Number of Portfolio Holdings 821
Net Investment Advisory Fees $398,633
Portfolio Turnover Rate 17%
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Industrials 18.1 %
Financials 15.3 %
Consumer Discretionary 11.9 %
Information Technology 11.2 %
Health Care 8.8 %
Real Estate 7.2 %
Utilities 6.2 %
Energy 5.6 %
Consumer Staples 5.2 %
Materials 5.0 %
Other* 4.8 %
Short-Term Securities 3.5 %
Liabilities in Excess of Other Assets (2.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
iShares Russell Mid-Cap ETF 0.7 %
Royal Caribbean Cruises Ltd. 0.7 %
Coinbase Global, Inc., Class A 0.6 %
ROBLOX Corp., Class A 0.6 %
Robinhood Markets, Inc., Class A 0.6 %
Bank of New York Mellon Corp. 0.6 %
Howmet Aerospace, Inc. 0.6 %
Vistra Corp. 0.6 %
Cloudflare, Inc., Class A 0.5 %
Hilton Worldwide Holdings, Inc. 0.5 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
iShares Russell Mid-Cap Index Fund
Institutional Shares | BRMIX
Annual Shareholder Report — July 31, 2025
BRMIX-07/25-AR
TSR - BLK Retail Logo
iShares Russell Mid-Cap Index Fund
Investor A Shares | BRMAX
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Russell Mid-Cap Index Fund (the “Fund”) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $38 0.36%
How did the Fund perform last year ?
  • For the reporting period ended July 31, 2025, the Fund’s Investor A Shares returned 11.62%.
  • For the same period, the Russell 3000® Index returned 15.68% and the Russell Midcap® Index returned 12.06%.
In the third quarter of 2024, a mix of optimism and caution characterized the U.S. equity markets. A weaker than expected Consumer Price Index (“CPI”) print in July 2024 led to a confident first month of the quarter, extending the bull market of the first two quarters. However, a lower-than-expected jobs report in August increased concerns about an economic slowdown in the United States. This led to a temporary sell-off in the second month of the quarter, as anxiety emerged that The Federal Reserve’s (“the Fed”) rate hiking cycle was weighing on the economy more than intended. In their September 2024 meeting, the Federal Reserve Open Market Committee (“FOMC”) lowered the Federal Funds rate by 50 basis-points, emphasizing their commitment to their dual mandate, which led to a rebound in U.S. equity markets, leading several indices to new all-time highs.
Domestic U.S. equities finished the fourth quarter 2024 in positive territory, despite a slight sell off in October and December. A strong November rally following Donald Trump’s decisive reelection sent equity prices higher, especially presumed ‘Trump Trades,’ or sectors/companies that would benefit from the President’s domestic economic agenda. The Fed cut rates by a combined 50 basis points across its November and December meetings, signaling continued progress in bringing inflation down to the 2% target. The FOMC revised its anticipated rate cut projections for 2025, from four to only two cuts, prompting a selloff in December 2024 as investors processed expectations for stickier inflation. Chairman Powell highlighted that labor market conditions had generally eased, with the unemployment rate moving up but still low at 4.2% in November.
In the first quarter of 2025, domestic U.S. equities finished in negative territory as the U.S. administration pursued significant changes in global trade dynamics. A series of tariffs were announced and partially implemented, including reciprocal tariffs that mirrored those imposed on U.S. products by other countries. The economic uncertainty stemming from these tariffs led to a significant sell-off, causing the S&P 500 to briefly fall into correction territory in mid-March 2025. In January, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%. However, policymakers signaled that they still anticipated two rate cuts in 2025.
Domestic U.S. equities finished the second quarter 2025 in positive territory as the U.S administration pursued significant changes in global trade dynamics. Market volatility peaked in April 2025, with the CBOE Volatility Index (“VIX”) reaching multi-year highs amid tariff uncertainty. This volatility receded as the quarter progressed, and many risks appeared to be contained. Also in April, the U.S. administration announced a 90-day pause on most of the previously proposed tariffs that were set to take place later in April, eventually suspending additional tariffs above a 10% base rate for most countries, with this pause set to expire in early July. In May and June 2025, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%, each signaling a cautious stance as inflation fought towards 2%. However, the market was still signaling an anticipated two rate cuts in the second half of 2025.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2015 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor A Shares 11.62 % 11.88 % 9.67 %
Russell 3000® Index 15.68 15.19 13.02
Russell Midcap® Index 12.06 12.24 10.01
Key Fund statistics
Net Assets $2,161,064,013
Number of Portfolio Holdings 821
Net Investment Advisory Fees $398,633
Portfolio Turnover Rate 17%
Average annual total returns reflect reductions for service fees.
Performance shown prior to the Investor A Shares inception date of November 30, 2015 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor A Shares fees.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Industrials 18.1 %
Financials 15.3 %
Consumer Discretionary 11.9 %
Information Technology 11.2 %
Health Care 8.8 %
Real Estate 7.2 %
Utilities 6.2 %
Energy 5.6 %
Consumer Staples 5.2 %
Materials 5.0 %
Other* 4.8 %
Short-Term Securities 3.5 %
Liabilities in Excess of Other Assets (2.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
iShares Russell Mid-Cap ETF 0.7 %
Royal Caribbean Cruises Ltd. 0.7 %
Coinbase Global, Inc., Class A 0.6 %
ROBLOX Corp., Class A 0.6 %
Robinhood Markets, Inc., Class A 0.6 %
Bank of New York Mellon Corp. 0.6 %
Howmet Aerospace, Inc. 0.6 %
Vistra Corp. 0.6 %
Cloudflare, Inc., Class A 0.5 %
Hilton Worldwide Holdings, Inc. 0.5 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
iShares Russell Mid-Cap Index Fund
Investor A Shares | BRMAX
Annual Shareholder Report — July 31, 2025
BRMAX-07/25-AR
TSR - BLK Retail Logo
iShares Russell Mid-Cap Index Fund
Class K Shares | BRMKX
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Russell Mid-Cap Index Fund (the “Fund”) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $4 0.04%
How did the Fund perform last year ?
  • For the reporting period ended July 31, 2025, the Fund’s Class K Shares returned 11.95%.
  • For the same period, the Russell 3000® Index returned 15.68% and the Russell Midcap® Index returned 12.06%.
In the third quarter of 2024, a mix of optimism and caution characterized the U.S. equity markets. A weaker than expected Consumer Price Index (“CPI”) print in July 2024 led to a confident first month of the quarter, extending the bull market of the first two quarters. However, a lower-than-expected jobs report in August increased concerns about an economic slowdown in the United States. This led to a temporary sell-off in the second month of the quarter, as anxiety emerged that The Federal Reserve’s (“the Fed”) rate hiking cycle was weighing on the economy more than intended. In their September 2024 meeting, the Federal Reserve Open Market Committee (“FOMC”) lowered the Federal Funds rate by 50 basis-points, emphasizing their commitment to their dual mandate, which led to a rebound in U.S. equity markets, leading several indices to new all-time highs.
Domestic U.S. equities finished the fourth quarter 2024 in positive territory, despite a slight sell off in October and December. A strong November rally following Donald Trump’s decisive reelection sent equity prices higher, especially presumed ‘Trump Trades,’ or sectors/companies that would benefit from the President’s domestic economic agenda. The Fed cut rates by a combined 50 basis points across its November and December meetings, signaling continued progress in bringing inflation down to the 2% target. The FOMC revised its anticipated rate cut projections for 2025, from four to only two cuts, prompting a selloff in December 2024 as investors processed expectations for stickier inflation. Chairman Powell highlighted that labor market conditions had generally eased, with the unemployment rate moving up but still low at 4.2% in November.
In the first quarter of 2025, domestic U.S. equities finished in negative territory as the U.S. administration pursued significant changes in global trade dynamics. A series of tariffs were announced and partially implemented, including reciprocal tariffs that mirrored those imposed on U.S. products by other countries. The economic uncertainty stemming from these tariffs led to a significant sell-off, causing the S&P 500 to briefly fall into correction territory in mid-March 2025. In January, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%. However, policymakers signaled that they still anticipated two rate cuts in 2025.
Domestic U.S. equities finished the second quarter 2025 in positive territory as the U.S administration pursued significant changes in global trade dynamics. Market volatility peaked in April 2025, with the CBOE Volatility Index (“VIX”) reaching multi-year highs amid tariff uncertainty. This volatility receded as the quarter progressed, and many risks appeared to be contained. Also in April, the U.S. administration announced a 90-day pause on most of the previously proposed tariffs that were set to take place later in April, eventually suspending additional tariffs above a 10% base rate for most countries, with this pause set to expire in early July. In May and June 2025, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%, each signaling a cautious stance as inflation fought towards 2%. However, the market was still signaling an anticipated two rate cuts in the second half of 2025.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2015 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class K Shares 11.95 % 12.23 % 10.00 %
Russell 3000® Index 15.68 15.19 13.02
Russell Midcap® Index 12.06 12.24 10.01
Key Fund statistics
Net Assets $2,161,064,013
Number of Portfolio Holdings 821
Net Investment Advisory Fees $398,633
Portfolio Turnover Rate 17%
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Industrials 18.1 %
Financials 15.3 %
Consumer Discretionary 11.9 %
Information Technology 11.2 %
Health Care 8.8 %
Real Estate 7.2 %
Utilities 6.2 %
Energy 5.6 %
Consumer Staples 5.2 %
Materials 5.0 %
Other* 4.8 %
Short-Term Securities 3.5 %
Liabilities in Excess of Other Assets (2.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
iShares Russell Mid-Cap ETF 0.7 %
Royal Caribbean Cruises Ltd. 0.7 %
Coinbase Global, Inc., Class A 0.6 %
ROBLOX Corp., Class A 0.6 %
Robinhood Markets, Inc., Class A 0.6 %
Bank of New York Mellon Corp. 0.6 %
Howmet Aerospace, Inc. 0.6 %
Vistra Corp. 0.6 %
Cloudflare, Inc., Class A 0.5 %
Hilton Worldwide Holdings, Inc. 0.5 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
iShares Russell Mid-Cap Index Fund
Class K Shares | BRMKX
Annual Shareholder Report — July 31, 2025
BRMKX-07/25-AR
TSR - BLK Retail Logo
iShares Russell Small/Mid-Cap Index Fund
Institutional Shares | BSMIX
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Russell Small/Mid-Cap Index Fund (the “Fund”) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $11 0.11%
How did the Fund perform last year ?
  • For the reporting period ended July 31, 2025, the Fund’s Institutional Shares returned 4.19%.
  • For the same period, the Russell 3000® Index returned 15.68% and the Russell 2500™ Index returned 4.28%.
In the third quarter of 2024, a mix of optimism and caution characterized the U.S. equity markets. A weaker than expected Consumer Price Index (“CPI”) print in July 2024 led to a confident first month of the quarter, extending the bull market of the first two quarters. However, a lower-than-expected jobs report in August increased concerns about an economic slowdown in the United States. This led to a temporary sell-off in the second month of the quarter, as anxiety emerged that The Federal Reserve’s (“the Fed”) rate hiking cycle was weighing on the economy more than intended. In their September 2024 meeting, the Federal Reserve Open Market Committee (“FOMC”) lowered the Federal Funds rate by 50 basis-points, emphasizing their commitment to their dual mandate, which led to a rebound in U.S. equity markets, leading several indices to new all-time highs.
Domestic U.S. equities finished the fourth quarter 2024 in positive territory, despite a slight sell off in October and December. A strong November rally following Donald Trump’s decisive reelection sent equity prices higher, especially presumed ‘Trump Trades,’ or sectors/companies that would benefit from the President’s domestic economic agenda. The Fed cut rates by a combined 50 basis points across its November and December meetings, signaling continued progress in bringing inflation down to the 2% target. The FOMC revised its anticipated rate cut projections for 2025, from four to only two cuts, prompting a selloff in December 2024 as investors processed expectations for stickier inflation. Chairman Powell highlighted that labor market conditions had generally eased, with the unemployment rate moving up but still low at 4.2% in November.
In the first quarter of 2025, domestic U.S. equities finished in negative territory as the U.S. administration pursued significant changes in global trade dynamics. A series of tariffs were announced and partially implemented, including reciprocal tariffs that mirrored those imposed on U.S. products by other countries. The economic uncertainty stemming from these tariffs led to a significant sell-off, causing the S&P 500 to briefly fall into correction territory in mid-March 2025. In January, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%. However, policymakers signaled that they still anticipated two rate cuts in 2025.
Domestic U.S. equities finished the second quarter 2025 in positive territory as the U.S administration pursued significant changes in global trade dynamics. Market volatility peaked in April 2025, with the CBOE Volatility Index (“VIX”) reaching multi-year highs amid tariff uncertainty. This volatility receded as the quarter progressed, and many risks appeared to be contained. Also in April, the U.S. administration announced a 90-day pause on most of the previously proposed tariffs that were set to take place later in April, eventually suspending additional tariffs above a 10% base rate for most countries, with this pause set to expire in early July. In May and June 2025, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%, each signaling a cautious stance as inflation fought towards 2%. However, the market was still signaling an anticipated two rate cuts in the second half of 2025.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 13, 2015 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Institutional Shares 4.19 % 10.89 % 8.78 %
Russell 3000® Index 15.68 15.19 13.18
Russell 2500™ Index 4.28 11.00 8.81
Key Fund statistics
Net Assets $994,272,756
Number of Portfolio Holdings 2,469
Net Investment Advisory Fees $200,102
Portfolio Turnover Rate 36%
The Fund commenced operations on August 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Industrials 20.3 %
Financials 17.4 %
Information Technology 13.3 %
Consumer Discretionary 11.9 %
Health Care 10.9 %
Real Estate 6.5 %
Materials 5.0 %
Consumer Staples 3.7 %
Energy 3.7 %
Utilities 3.0 %
Other* 3.8 %
Short-Term Securities 8.8 %
Liabilities in Excess of Other Assets (8.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
EMCOR Group, Inc. 0.4 %
iShares Russell 2000 ETF 0.4 %
Comfort Systems USA, Inc. 0.4 %
SoFi Technologies, Inc. 0.4 %
Jabil, Inc. 0.4 %
Tapestry, Inc. 0.3 %
NiSource, Inc. 0.3 %
Astera Labs, Inc. 0.3 %
Casey's General Stores, Inc. 0.3 %
Nutanix, Inc., Class A 0.3 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
iShares Russell Small/Mid-Cap Index Fund
Institutional Shares | BSMIX
Annual Shareholder Report — July 31, 2025
BSMIX-07/25-AR
TSR - BLK Retail Logo
iShares Russell Small/Mid-Cap Index Fund
Investor A Shares | BSMAX
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Russell Small/Mid-Cap Index Fund (the “Fund”) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $38 0.37%
How did the Fund perform last year ?
  • For the reporting period ended July 31, 2025, the Fund’s Investor A Shares returned 3.99%.
  • For the same period, the Russell 3000® Index returned 15.68% and the Russell 2500™ Index returned 4.28%.
In the third quarter of 2024, a mix of optimism and caution characterized the U.S. equity markets. A weaker than expected Consumer Price Index (“CPI”) print in July 2024 led to a confident first month of the quarter, extending the bull market of the first two quarters. However, a lower-than-expected jobs report in August increased concerns about an economic slowdown in the United States. This led to a temporary sell-off in the second month of the quarter, as anxiety emerged that The Federal Reserve’s (“the Fed”) rate hiking cycle was weighing on the economy more than intended. In their September 2024 meeting, the Federal Reserve Open Market Committee (“FOMC”) lowered the Federal Funds rate by 50 basis-points, emphasizing their commitment to their dual mandate, which led to a rebound in U.S. equity markets, leading several indices to new all-time highs.
Domestic U.S. equities finished the fourth quarter 2024 in positive territory, despite a slight sell off in October and December. A strong November rally following Donald Trump’s decisive reelection sent equity prices higher, especially presumed ‘Trump Trades,’ or sectors/companies that would benefit from the President’s domestic economic agenda. The Fed cut rates by a combined 50 basis points across its November and December meetings, signaling continued progress in bringing inflation down to the 2% target. The FOMC revised its anticipated rate cut projections for 2025, from four to only two cuts, prompting a selloff in December 2024 as investors processed expectations for stickier inflation. Chairman Powell highlighted that labor market conditions had generally eased, with the unemployment rate moving up but still low at 4.2% in November.
In the first quarter of 2025, domestic U.S. equities finished in negative territory as the U.S. administration pursued significant changes in global trade dynamics. A series of tariffs were announced and partially implemented, including reciprocal tariffs that mirrored those imposed on U.S. products by other countries. The economic uncertainty stemming from these tariffs led to a significant sell-off, causing the S&P 500 to briefly fall into correction territory in mid-March 2025. In January, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%. However, policymakers signaled that they still anticipated two rate cuts in 2025.
Domestic U.S. equities finished the second quarter 2025 in positive territory as the U.S administration pursued significant changes in global trade dynamics. Market volatility peaked in April 2025, with the CBOE Volatility Index (“VIX”) reaching multi-year highs amid tariff uncertainty. This volatility receded as the quarter progressed, and many risks appeared to be contained. Also in April, the U.S. administration announced a 90-day pause on most of the previously proposed tariffs that were set to take place later in April, eventually suspending additional tariffs above a 10% base rate for most countries, with this pause set to expire in early July. In May and June 2025, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%, each signaling a cautious stance as inflation fought towards 2%. However, the market was still signaling an anticipated two rate cuts in the second half of 2025.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 13, 2015 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Investor A Shares 3.99 % 10.63 % 8.53 %
Russell 3000® Index 15.68 15.19 13.18
Russell 2500™ Index 4.28 11.00 8.81
Key Fund statistics
Net Assets $994,272,756
Number of Portfolio Holdings 2,469
Net Investment Advisory Fees $200,102
Portfolio Turnover Rate 36%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Industrials 20.3 %
Financials 17.4 %
Information Technology 13.3 %
Consumer Discretionary 11.9 %
Health Care 10.9 %
Real Estate 6.5 %
Materials 5.0 %
Consumer Staples 3.7 %
Energy 3.7 %
Utilities 3.0 %
Other* 3.8 %
Short-Term Securities 8.8 %
Liabilities in Excess of Other Assets (8.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
EMCOR Group, Inc. 0.4 %
iShares Russell 2000 ETF 0.4 %
Comfort Systems USA, Inc. 0.4 %
SoFi Technologies, Inc. 0.4 %
Jabil, Inc. 0.4 %
Tapestry, Inc. 0.3 %
NiSource, Inc. 0.3 %
Astera Labs, Inc. 0.3 %
Casey's General Stores, Inc. 0.3 %
Nutanix, Inc., Class A 0.3 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Russell Small/Mid-Cap Index Fund
Investor A Shares | BSMAX
Annual Shareholder Report — July 31, 2025
BSMAX-07/25-AR
TSR - BLK Retail Logo
iShares Russell Small/Mid-Cap Index Fund
Class K Shares | BSMKX
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Russell Small/Mid-Cap Index Fund (the “Fund”) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $7 0.07%
How did the Fund perform last year ?
  • For the reporting period ended July 31, 2025, the Fund’s Class K Shares returned 4.24%.
  • For the same period, the Russell 3000® Index returned 15.68% and the Russell 2500™ Index returned 4.28%.
In the third quarter of 2024, a mix of optimism and caution characterized the U.S. equity markets. A weaker than expected Consumer Price Index (“CPI”) print in July 2024 led to a confident first month of the quarter, extending the bull market of the first two quarters. However, a lower-than-expected jobs report in August increased concerns about an economic slowdown in the United States. This led to a temporary sell-off in the second month of the quarter, as anxiety emerged that The Federal Reserve’s (“the Fed”) rate hiking cycle was weighing on the economy more than intended. In their September 2024 meeting, the Federal Reserve Open Market Committee (“FOMC”) lowered the Federal Funds rate by 50 basis-points, emphasizing their commitment to their dual mandate, which led to a rebound in U.S. equity markets, leading several indices to new all-time highs.
Domestic U.S. equities finished the fourth quarter 2024 in positive territory, despite a slight sell off in October and December. A strong November rally following Donald Trump’s decisive reelection sent equity prices higher, especially presumed ‘Trump Trades,’ or sectors/companies that would benefit from the President’s domestic economic agenda. The Fed cut rates by a combined 50 basis points across its November and December meetings, signaling continued progress in bringing inflation down to the 2% target. The FOMC revised its anticipated rate cut projections for 2025, from four to only two cuts, prompting a selloff in December 2024 as investors processed expectations for stickier inflation. Chairman Powell highlighted that labor market conditions had generally eased, with the unemployment rate moving up but still low at 4.2% in November.
In the first quarter of 2025, domestic U.S. equities finished in negative territory as the U.S. administration pursued significant changes in global trade dynamics. A series of tariffs were announced and partially implemented, including reciprocal tariffs that mirrored those imposed on U.S. products by other countries. The economic uncertainty stemming from these tariffs led to a significant sell-off, causing the S&P 500 to briefly fall into correction territory in mid-March 2025. In January, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%. However, policymakers signaled that they still anticipated two rate cuts in 2025.
Domestic U.S. equities finished the second quarter 2025 in positive territory as the U.S administration pursued significant changes in global trade dynamics. Market volatility peaked in April 2025, with the CBOE Volatility Index (“VIX”) reaching multi-year highs amid tariff uncertainty. This volatility receded as the quarter progressed, and many risks appeared to be contained. Also in April, the U.S. administration announced a 90-day pause on most of the previously proposed tariffs that were set to take place later in April, eventually suspending additional tariffs above a 10% base rate for most countries, with this pause set to expire in early July. In May and June 2025, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%, each signaling a cautious stance as inflation fought towards 2%. However, the market was still signaling an anticipated two rate cuts in the second half of 2025.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 13, 2015 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Class K Shares 4.24 % 10.94 % 8.83 %
Russell 3000® Index 15.68 15.19 13.18
Russell 2500™ Index 4.28 11.00 8.81
Key Fund statistics
Net Assets $994,272,756
Number of Portfolio Holdings 2,469
Net Investment Advisory Fees $200,102
Portfolio Turnover Rate 36%
The Fund commenced operations on August 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Industrials 20.3 %
Financials 17.4 %
Information Technology 13.3 %
Consumer Discretionary 11.9 %
Health Care 10.9 %
Real Estate 6.5 %
Materials 5.0 %
Consumer Staples 3.7 %
Energy 3.7 %
Utilities 3.0 %
Other* 3.8 %
Short-Term Securities 8.8 %
Liabilities in Excess of Other Assets (8.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
EMCOR Group, Inc. 0.4 %
iShares Russell 2000 ETF 0.4 %
Comfort Systems USA, Inc. 0.4 %
SoFi Technologies, Inc. 0.4 %
Jabil, Inc. 0.4 %
Tapestry, Inc. 0.3 %
NiSource, Inc. 0.3 %
Astera Labs, Inc. 0.3 %
Casey's General Stores, Inc. 0.3 %
Nutanix, Inc., Class A 0.3 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Russell Small/Mid-Cap Index Fund
Class K Shares | BSMKX
Annual Shareholder Report — July 31, 2025
BSMKX-07/25-AR
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iShares Total U.S. Stock Market Index Fund
Institutional Shares | BITSX
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Total U.S. Stock Market Index Fund (the “Fund”) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $6 0.06%
How did the Fund perform last year ?
  • For the reporting period ended July 31, 2025, the Fund’s Institutional Shares returned 15.64%.
  • For the same period, the Russell 3000® Index returned 15.68%.
In the third quarter of 2024, a mix of optimism and caution characterized the U.S. equity markets. A weaker than expected Consumer Price Index (“CPI”) print in July 2024 led to a confident first month of the quarter, extending the bull market of the first two quarters. However, a lower-than-expected jobs report in August increased concerns about an economic slowdown in the United States. This led to a temporary sell-off in the second month of the quarter, as anxiety emerged that The Federal Reserve’s (“the Fed”) rate hiking cycle was weighing on the economy more than intended. In their September 2024 meeting, the Federal Reserve Open Market Committee (“FOMC”) lowered the Federal Funds rate by 50 basis-points, emphasizing their commitment to their dual mandate, which led to a rebound in U.S. equity markets, leading several indices to new all-time highs.
Domestic U.S. equities finished the fourth quarter 2024 in positive territory, despite a slight sell off in October and December. A strong November rally following Donald Trump’s decisive reelection sent equity prices higher, especially presumed ‘Trump Trades,’ or sectors/companies that would benefit from the President’s domestic economic agenda. The Fed cut rates by a combined 50 basis points across its November and December meetings, signaling continued progress in bringing inflation down to the 2% target. The FOMC revised its anticipated rate cut projections for 2025, from four to only two cuts, prompting a selloff in December 2024 as investors processed expectations for stickier inflation. Chairman Powell highlighted that labor market conditions had generally eased, with the unemployment rate moving up but still low at 4.2% in November.
In the first quarter of 2025, domestic U.S. equities finished in negative territory as the U.S. administration pursued significant changes in global trade dynamics. A series of tariffs were announced and partially implemented, including reciprocal tariffs that mirrored those imposed on U.S. products by other countries. The economic uncertainty stemming from these tariffs led to a significant sell-off, causing the S&P 500 to briefly fall into correction territory in mid-March 2025. In January, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%. However, policymakers signaled that they still anticipated two rate cuts in 2025.
Domestic U.S. equities finished the second quarter 2025 in positive territory as the U.S administration pursued significant changes in global trade dynamics. Market volatility peaked in April 2025, with the CBOE Volatility Index (“VIX”) reaching multi-year highs amid tariff uncertainty. This volatility receded as the quarter progressed, and many risks appeared to be contained. Also in April, the U.S. administration announced a 90-day pause on most of the previously proposed tariffs that were set to take place later in April, eventually suspending additional tariffs above a 10% base rate for most countries, with this pause set to expire in early July. In May and June 2025, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%, each signaling a cautious stance as inflation fought towards 2%. However, the market was still signaling an anticipated two rate cuts in the second half of 2025.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 13, 2015 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Institutional Shares 15.64 % 15.19 % 13.16 %
Russell 3000® Index 15.68 15.19 13.18
Key Fund statistics
Net Assets $4,143,611,817
Number of Portfolio Holdings 2,685
Net Investment Advisory Fees $366,423
Portfolio Turnover Rate 8%
The Fund commenced operations on August 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Information Technology 31.3 %
Financials 14.2 %
Consumer Discretionary 10.6 %
Industrials 9.8 %
Communication Services 9.2 %
Health Care 9.0 %
Consumer Staples 4.9 %
Energy 3.1 %
Utilities 2.4 %
Real Estate 2.4 %
Other* 2.7 %
Short-Term Securities 1.6 %
Liabilities in Excess of Other Assets (1.2 )
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 6.8 %
Microsoft Corp. 6.4 %
Apple, Inc. 5.0 %
Amazon.com, Inc. 3.7 %
Meta Platforms, Inc., Class A 2.7 %
Broadcom, Inc. 2.2 %
Alphabet, Inc., Class A 1.8 %
Alphabet, Inc., Class C 1.5 %
Berkshire Hathaway, Inc., Class B 1.4 %
Tesla, Inc. 1.4 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Total U.S. Stock Market Index Fund
Institutional Shares | BITSX
Annual Shareholder Report — July 31, 2025
BITSX-07/25-AR
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iShares Total U.S. Stock Market Index Fund
Investor A Shares | BASMX
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Total U.S. Stock Market Index Fund (the “Fund”) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $36 0.33%
How did the Fund perform last year ?
  • For the reporting period ended July 31, 2025, the Fund’s Investor A Shares returned 15.32%.
  • For the same period, the Russell 3000® Index returned 15.68%.
In the third quarter of 2024, a mix of optimism and caution characterized the U.S. equity markets. A weaker than expected Consumer Price Index (“CPI”) print in July 2024 led to a confident first month of the quarter, extending the bull market of the first two quarters. However, a lower-than-expected jobs report in August increased concerns about an economic slowdown in the United States. This led to a temporary sell-off in the second month of the quarter, as anxiety emerged that The Federal Reserve’s (“the Fed”) rate hiking cycle was weighing on the economy more than intended. In their September 2024 meeting, the Federal Reserve Open Market Committee (“FOMC”) lowered the Federal Funds rate by 50 basis-points, emphasizing their commitment to their dual mandate, which led to a rebound in U.S. equity markets, leading several indices to new all-time highs.
Domestic U.S. equities finished the fourth quarter 2024 in positive territory, despite a slight sell off in October and December. A strong November rally following Donald Trump’s decisive reelection sent equity prices higher, especially presumed ‘Trump Trades,’ or sectors/companies that would benefit from the President’s domestic economic agenda. The Fed cut rates by a combined 50 basis points across its November and December meetings, signaling continued progress in bringing inflation down to the 2% target. The FOMC revised its anticipated rate cut projections for 2025, from four to only two cuts, prompting a selloff in December 2024 as investors processed expectations for stickier inflation. Chairman Powell highlighted that labor market conditions had generally eased, with the unemployment rate moving up but still low at 4.2% in November.
In the first quarter of 2025, domestic U.S. equities finished in negative territory as the U.S. administration pursued significant changes in global trade dynamics. A series of tariffs were announced and partially implemented, including reciprocal tariffs that mirrored those imposed on U.S. products by other countries. The economic uncertainty stemming from these tariffs led to a significant sell-off, causing the S&P 500 to briefly fall into correction territory in mid-March 2025. In January, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%. However, policymakers signaled that they still anticipated two rate cuts in 2025.
Domestic U.S. equities finished the second quarter 2025 in positive territory as the U.S administration pursued significant changes in global trade dynamics. Market volatility peaked in April 2025, with the CBOE Volatility Index (“VIX”) reaching multi-year highs amid tariff uncertainty. This volatility receded as the quarter progressed, and many risks appeared to be contained. Also in April, the U.S. administration announced a 90-day pause on most of the previously proposed tariffs that were set to take place later in April, eventually suspending additional tariffs above a 10% base rate for most countries, with this pause set to expire in early July. In May and June 2025, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%, each signaling a cautious stance as inflation fought towards 2%. However, the market was still signaling an anticipated two rate cuts in the second half of 2025.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 13, 2015 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Investor A Shares 15.32 % 14.90 % 12.88 %
Russell 3000® Index 15.68 15.19 13.18
Key Fund statistics
Net Assets $4,143,611,817
Number of Portfolio Holdings 2,685
Net Investment Advisory Fees $366,423
Portfolio Turnover Rate 8%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Information Technology 31.3 %
Financials 14.2 %
Consumer Discretionary 10.6 %
Industrials 9.8 %
Communication Services 9.2 %
Health Care 9.0 %
Consumer Staples 4.9 %
Energy 3.1 %
Utilities 2.4 %
Real Estate 2.4 %
Other* 2.7 %
Short-Term Securities 1.6 %
Liabilities in Excess of Other Assets (1.2 )
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 6.8 %
Microsoft Corp. 6.4 %
Apple, Inc. 5.0 %
Amazon.com, Inc. 3.7 %
Meta Platforms, Inc., Class A 2.7 %
Broadcom, Inc. 2.2 %
Alphabet, Inc., Class A 1.8 %
Alphabet, Inc., Class C 1.5 %
Berkshire Hathaway, Inc., Class B 1.4 %
Tesla, Inc. 1.4 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Total U.S. Stock Market Index Fund
Investor A Shares | BASMX
Annual Shareholder Report — July 31, 2025
BASMX-07/25-AR
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iShares Total U.S. Stock Market Index Fund
Class K Shares | BKTSX
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Total U.S. Stock Market Index Fund (the “Fund”) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $2 0.02%
How did the Fund perform last year ?
  • For the reporting period ended July 31, 2025, the Fund’s Class K Shares returned 15.63%.
  • For the same period, the Russell 3000® Index returned 15.68%.
In the third quarter of 2024, a mix of optimism and caution characterized the U.S. equity markets. A weaker than expected Consumer Price Index (“CPI”) print in July 2024 led to a confident first month of the quarter, extending the bull market of the first two quarters. However, a lower-than-expected jobs report in August increased concerns about an economic slowdown in the United States. This led to a temporary sell-off in the second month of the quarter, as anxiety emerged that The Federal Reserve’s (“the Fed”) rate hiking cycle was weighing on the economy more than intended. In their September 2024 meeting, the Federal Reserve Open Market Committee (“FOMC”) lowered the Federal Funds rate by 50 basis-points, emphasizing their commitment to their dual mandate, which led to a rebound in U.S. equity markets, leading several indices to new all-time highs.
Domestic U.S. equities finished the fourth quarter 2024 in positive territory, despite a slight sell off in October and December. A strong November rally following Donald Trump’s decisive reelection sent equity prices higher, especially presumed ‘Trump Trades,’ or sectors/companies that would benefit from the President’s domestic economic agenda. The Fed cut rates by a combined 50 basis points across its November and December meetings, signaling continued progress in bringing inflation down to the 2% target. The FOMC revised its anticipated rate cut projections for 2025, from four to only two cuts, prompting a selloff in December 2024 as investors processed expectations for stickier inflation. Chairman Powell highlighted that labor market conditions had generally eased, with the unemployment rate moving up but still low at 4.2% in November.
In the first quarter of 2025, domestic U.S. equities finished in negative territory as the U.S. administration pursued significant changes in global trade dynamics. A series of tariffs were announced and partially implemented, including reciprocal tariffs that mirrored those imposed on U.S. products by other countries. The economic uncertainty stemming from these tariffs led to a significant sell-off, causing the S&P 500 to briefly fall into correction territory in mid-March 2025. In January, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%. However, policymakers signaled that they still anticipated two rate cuts in 2025.
Domestic U.S. equities finished the second quarter 2025 in positive territory as the U.S administration pursued significant changes in global trade dynamics. Market volatility peaked in April 2025, with the CBOE Volatility Index (“VIX”) reaching multi-year highs amid tariff uncertainty. This volatility receded as the quarter progressed, and many risks appeared to be contained. Also in April, the U.S. administration announced a 90-day pause on most of the previously proposed tariffs that were set to take place later in April, eventually suspending additional tariffs above a 10% base rate for most countries, with this pause set to expire in early July. In May and June 2025, the FOMC decided to maintain the interest rates within the target range of 4.25% to 4.5%, each signaling a cautious stance as inflation fought towards 2%. However, the market was still signaling an anticipated two rate cuts in the second half of 2025.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 13, 2015 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Class K Shares 15.63 % 15.23 % 13.20 %
Russell 3000® Index 15.68 15.19 13.18
Key Fund statistics
Net Assets $4,143,611,817
Number of Portfolio Holdings 2,685
Net Investment Advisory Fees $366,423
Portfolio Turnover Rate 8%
The Fund commenced operations on August 13, 2015.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2025)
Sector allocation
Sector(a) Percent of
Net Assets
Information Technology 31.3 %
Financials 14.2 %
Consumer Discretionary 10.6 %
Industrials 9.8 %
Communication Services 9.2 %
Health Care 9.0 %
Consumer Staples 4.9 %
Energy 3.1 %
Utilities 2.4 %
Real Estate 2.4 %
Other* 2.7 %
Short-Term Securities 1.6 %
Liabilities in Excess of Other Assets (1.2 )
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 6.8 %
Microsoft Corp. 6.4 %
Apple, Inc. 5.0 %
Amazon.com, Inc. 3.7 %
Meta Platforms, Inc., Class A 2.7 %
Broadcom, Inc. 2.2 %
Alphabet, Inc., Class A 1.8 %
Alphabet, Inc., Class C 1.5 %
Berkshire Hathaway, Inc., Class B 1.4 %
Tesla, Inc. 1.4 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​*
Ten largest sectors are presented. Additional sectors are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
iShares Total U.S. Stock Market Index Fund
Class K Shares | BKTSX
Annual Shareholder Report — July 31, 2025
BKTSX-07/25-AR

(b) Not Applicable

 

Item 2 –

Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

 

Item 3 –

Audit Committee Financial Expert – The registrant’s board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

 

Item 4 –

Principal Accountant Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:

 

      (a) Audit Fees     

(b) Audit-Related

Fees1

    (c) Tax Fees2    (d) All Other Fees
           
Entity Name   

Current 

Fiscal

Year

End

     

Previous 

Fiscal

Year

End

     

Current 

Fiscal

Year

End

   

Previous 

Fiscal

Year

End

   

Current 

Fiscal

Year

End

   

Previous 

Fiscal

Year

End

   

Current 

Fiscal

Year

End

   

Previous 

Fiscal

Year

End

           

iShares Russell Mid-Cap Index Fund

      $23,129        $23,129      $0    $0    $15,300    $15,288    $0    $0
           

iShares Russell Small/Mid-Cap Index Fund

      $23,129        $23,129      $0    $0    $15,300    $15,288    $0    $0
           

iShares Total U.S. Stock Market Index Fund

      $23,129        $23,129      $0    $0    $15,300    $15,288    $0    $0

The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC

( the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

 

          Current Fiscal Year End              Previous Fiscal Year End     

(b) Audit-Related Fees1

      $0        $0  

(c) Tax Fees2

      $0        $0  

(d) All Other Fees3

      $0        $0  

1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3 Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

 

Entity Name  

Current Fiscal Year

End

  

Previous Fiscal

Year End

iShares Russell Mid-Cap Index Fund

   $15,300   $15,288

iShares Russell Small/Mid-Cap Index Fund

   $15,300   $15,288

iShares Total U.S. Stock Market Index Fund

   $15,300   $15,288

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

 

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

 

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

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

 

Item 7 –

Financial Statements and Financial Highlights for Open-End Management Investment Companies

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

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

 

 
July 31, 2025 
2025 Annual Financial Statements
and Additional Information
 
BlackRock FundsSM
• iShares Russell Mid-Cap Index Fund
• iShares Russell Small/Mid-Cap Index Fund
• iShares Total U.S. Stock Market Index Fund
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Table of Contents 
Page
 
3
4
64
66
67
69
78
89
90
91
93
96
2
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
 
3
Schedule of Investments
July 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 2.7%
ATI, Inc.(a)
 
24,427
$ 1,879,413
Axon Enterprise, Inc.(a)
 
13,028
9,842,524
BWX Technologies, Inc.
 
15,723
2,388,795
Curtiss-Wright Corp.
 
6,587
3,229,079
HEICO Corp.
 
7,612
2,487,602
HEICO Corp., Class A(b)
 
13,097
3,380,205
Hexcel Corp.
 
13,843
829,334
Howmet Aerospace, Inc.
 
69,987
12,581,563
Huntington Ingalls Industries, Inc.
 
6,819
1,901,546
Karman Holdings, Inc.(a)
 
8,303
429,265
L3Harris Technologies, Inc.
 
32,710
8,989,362
Leonardo DRS, Inc.
 
13,206
549,370
Loar Holdings, Inc.(a)
 
7,259
536,513
Rocket Lab Corp.(a)(b)
 
68,368
3,139,459
Spirit AeroSystems Holdings, Inc., Class A(a)
 
20,167
794,580
StandardAero, Inc.(a)
 
23,230
663,216
Textron, Inc.
 
32,327
2,514,071
Woodward, Inc.
 
10,353
2,661,549
 
 
58,797,446
Air Freight & Logistics — 0.3%
CH Robinson Worldwide, Inc.
 
20,054
2,312,627
Expeditors International of Washington, Inc.
 
23,936
2,782,321
GXO Logistics, Inc.(a)
 
20,399
1,014,034
 
 
6,108,982
Automobile Components — 0.3%
Aptiv PLC(a)
 
40,117
2,753,631
BorgWarner, Inc.
 
38,089
1,401,675
Gentex Corp.
 
38,916
1,028,161
Lear Corp.
 
9,345
881,140
QuantumScape Corp., Class A(a)(b)
 
61,208
526,389
 
 
6,590,996
Automobiles — 0.5%
Ford Motor Co.
 
681,815
7,547,692
Harley-Davidson, Inc.
 
20,607
501,368
Lucid Group, Inc.(a)(b)
 
216,959
533,719
Rivian Automotive, Inc., Class A(a)(b)
 
135,359
1,742,071
Thor Industries, Inc.
 
8,787
799,529
 
 
11,124,379
Banks — 2.5%
Bank OZK
 
18,388
906,528
BOK Financial Corp.
 
3,964
402,465
Citizens Financial Group, Inc.
 
77,280
3,687,802
Columbia Banking System, Inc.
 
36,157
860,537
Comerica, Inc.
 
23,027
1,555,934
Commerce Bancshares, Inc.
 
21,302
1,303,682
Cullen/Frost Bankers, Inc.
 
10,383
1,322,898
East West Bancorp, Inc.
 
23,824
2,388,356
Fifth Third Bancorp
 
116,756
4,853,547
First Citizens BancShares, Inc., Class A
 
1,722
3,434,977
First Hawaiian, Inc.
 
22,038
534,422
First Horizon Corp.
 
87,801
1,914,940
FNB Corp.
 
60,569
927,917
Huntington Bancshares, Inc.
 
252,584
4,149,955
KeyCorp.
 
165,150
2,959,488
M&T Bank Corp.
 
28,702
5,416,067
Pinnacle Financial Partners, Inc.
 
13,333
1,171,837
Popular, Inc.
 
12,367
1,417,011
Prosperity Bancshares, Inc.
 
15,532
1,034,742
Security
 
 
Shares
Value
Banks (continued)
Regions Financial Corp.
 
157,263
$ 3,983,472
SouthState Corp.
 
17,515
1,649,388
Synovus Financial Corp.
 
24,815
1,172,261
TFS Financial Corp.
 
9,007
118,082
Webster Financial Corp.
 
29,413
1,695,659
Western Alliance Bancorp
 
18,518
1,436,256
Wintrust Financial Corp.
 
11,526
1,475,097
Zions Bancorp N.A.
 
25,326
1,357,980
 
 
53,131,300
Beverages — 0.5%
Boston Beer Co., Inc., Class A(a)
 
1,510
312,691
Brown-Forman Corp., Class A
 
8,634
247,278
Brown-Forman Corp., Class B
 
25,793
744,128
Celsius Holdings, Inc.(a)
 
30,471
1,381,555
Coca-Cola Consolidated, Inc.
 
9,041
1,010,331
Constellation Brands, Inc., Class A
 
22,820
3,811,853
Molson Coors Beverage Co., Class B
 
29,536
1,438,994
Primo Brands Corp.
 
44,839
1,238,005
 
 
10,184,835
Biotechnology(a) — 1.8%
Alnylam Pharmaceuticals, Inc.
 
21,799
8,550,440
Apellis Pharmaceuticals, Inc.
 
18,109
404,555
Biogen, Inc.
 
25,161
3,220,608
BioMarin Pharmaceutical, Inc.
 
33,203
1,920,794
Exact Sciences Corp.
 
32,532
1,527,377
Exelixis, Inc.
 
48,465
1,755,402
Halozyme Therapeutics, Inc.
 
21,400
1,283,358
Incyte Corp.
 
27,695
2,074,079
Insmed, Inc.
 
31,178
3,344,776
Ionis Pharmaceuticals, Inc.(b)
 
26,735
1,149,070
Moderna, Inc.
 
61,948
1,831,183
Natera, Inc.
 
22,676
3,030,874
Neurocrine Biosciences, Inc.
 
17,223
2,208,505
Revolution Medicines, Inc.(b)
 
30,268
1,128,088
Roivant Sciences Ltd.
 
72,368
822,101
Sarepta Therapeutics, Inc.
 
15,611
256,333
Summit Therapeutics, Inc.(b)
 
20,400
537,948
Ultragenyx Pharmaceutical, Inc.
 
15,044
411,002
United Therapeutics Corp.
 
7,759
2,131,397
Viking Therapeutics, Inc.(b)
 
17,909
583,296
 
 
38,171,186
Broadline Retail — 0.8%
Coupang, Inc., Class A(a)
 
216,844
6,381,719
Dillard’s, Inc., Class A(b)
 
539
251,675
eBay, Inc.
 
80,442
7,380,554
Etsy, Inc.(a)
 
19,023
1,108,470
Macy’s, Inc.
 
46,545
587,863
Ollie’s Bargain Outlet Holdings, Inc.(a)
 
10,644
1,454,290
 
 
17,164,571
Building Products — 1.2%
A O Smith Corp.
 
20,620
1,459,690
AAON, Inc.
 
11,529
962,671
Advanced Drainage Systems, Inc.
 
12,338
1,415,785
Allegion PLC
 
15,103
2,505,890
Armstrong World Industries, Inc.
 
7,502
1,411,651
Builders FirstSource, Inc.(a)
 
19,643
2,497,215
Carlisle Cos., Inc.
 
7,488
2,656,068
Fortune Brands Innovations, Inc.
 
21,238
1,158,320
Hayward Holdings, Inc.(a)
 
34,657
533,025
Lennox International, Inc.
 
5,535
3,370,815
4
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Building Products (continued)
Masco Corp.
 
37,229
$ 2,536,412
Owens Corning
 
14,798
2,063,285
Simpson Manufacturing Co., Inc.
 
7,341
1,317,196
Trex Co., Inc.(a)
 
18,228
1,170,967
 
 
25,058,990
Capital Markets — 6.0%
Affiliated Managers Group, Inc.
 
5,157
1,082,300
Ameriprise Financial, Inc.
 
16,673
8,639,782
Ares Management Corp., Class A
 
32,863
6,097,072
Bank of New York Mellon Corp.
 
125,022
12,683,482
Blue Owl Capital, Inc., Class A
 
106,541
2,061,568
Carlyle Group, Inc.
 
45,675
2,770,646
Cboe Global Markets, Inc.
 
18,218
4,391,267
Coinbase Global, Inc., Class A(a)
 
36,028
13,609,937
Evercore, Inc., Class A
 
6,437
1,938,438
FactSet Research Systems, Inc.
 
6,568
2,646,247
Franklin Resources, Inc.
 
53,075
1,273,800
Freedom Holding Corp.(a)(b)
 
3,081
572,496
Hamilton Lane, Inc., Class A
 
6,978
1,062,749
Houlihan Lokey, Inc., Class A
 
9,445
1,800,784
Invesco Ltd.
 
62,013
1,302,893
Janus Henderson Group PLC
 
22,009
952,990
Jefferies Financial Group, Inc.
 
26,740
1,541,828
Lazard, Inc.
 
18,639
968,855
LPL Financial Holdings, Inc.
 
13,917
5,507,374
MarketAxess Holdings, Inc.
 
6,375
1,310,063
Morningstar, Inc.
 
4,106
1,135,145
MSCI, Inc., Class A
 
13,128
7,369,534
Nasdaq, Inc.
 
72,025
6,930,245
Northern Trust Corp.
 
33,847
4,400,110
Raymond James Financial, Inc.
 
31,931
5,336,628
Robinhood Markets, Inc., Class A(a)
 
129,258
13,320,037
SEI Investments Co.
 
18,166
1,600,788
State Street Corp.
 
50,526
5,646,281
Stifel Financial Corp.
 
17,323
1,976,901
T Rowe Price Group, Inc.
 
37,883
3,843,230
TPG, Inc., Class A
 
22,612
1,290,467
Tradeweb Markets, Inc., Class A
 
20,046
2,777,373
Virtu Financial, Inc., Class A
 
14,276
630,143
XP, Inc., Class A
 
70,784
1,142,454
 
 
129,613,907
Chemicals — 2.0%
Albemarle Corp.
 
20,500
1,390,925
Ashland, Inc.
 
8,499
438,208
Axalta Coating Systems Ltd.(a)
 
38,094
1,078,822
Celanese Corp., Class A
 
18,969
990,751
CF Industries Holdings, Inc.
 
29,969
2,782,022
Corteva, Inc.
 
118,819
8,570,415
Dow, Inc.
 
123,579
2,878,155
DuPont de Nemours, Inc.
 
73,106
5,256,321
Eastman Chemical Co.
 
19,916
1,446,101
Element Solutions, Inc.
 
38,110
899,396
FMC Corp.
 
21,204
827,804
Huntsman Corp.
 
28,551
276,945
International Flavors & Fragrances, Inc.
 
44,163
3,136,898
LyondellBasell Industries NV, Class A
 
44,487
2,577,132
Mosaic Co.
 
55,238
1,989,120
NewMarket Corp.
 
1,153
792,111
Olin Corp.
 
19,951
377,872
PPG Industries, Inc.
 
39,934
4,213,037
Security
 
 
Shares
Value
Chemicals (continued)
RPM International, Inc.
 
21,980
$ 2,580,672
Scotts Miracle-Gro Co.
 
7,339
459,862
Westlake Corp.
 
5,710
452,803
 
 
43,415,372
Commercial Services & Supplies — 0.7%
Clean Harbors, Inc.(a)
 
8,747
2,062,630
MSA Safety, Inc.
 
6,390
1,136,589
RB Global, Inc.
 
32,374
3,504,809
Rollins, Inc.
 
48,258
2,763,736
Tetra Tech, Inc.
 
46,528
1,709,439
Veralto Corp.
 
42,655
4,471,524
 
 
15,648,727
Communications Equipment — 0.3%
Ciena Corp.(a)
 
24,817
2,304,010
F5, Inc.(a)
 
9,947
3,117,589
Lumentum Holdings, Inc.(a)
 
11,576
1,274,286
Ubiquiti, Inc.
 
720
313,539
 
 
7,009,424
Construction & Engineering — 1.4%
AECOM
 
23,114
2,605,872
API Group Corp.(a)
 
64,345
2,320,924
Comfort Systems USA, Inc.
 
6,029
4,240,196
EMCOR Group, Inc.
 
7,859
4,931,444
Everus Construction Group, Inc.(a)(b)
 
8,646
642,052
MasTec, Inc.(a)
 
10,824
2,048,009
Quanta Services, Inc.
 
25,721
10,446,070
Valmont Industries, Inc.
 
3,422
1,245,437
WillScot Holdings Corp., Class A
 
30,944
908,206
 
 
29,388,210
Construction Materials — 0.7%
Eagle Materials, Inc.
 
5,811
1,303,349
James Hardie Industries PLC(a)
 
25,278
655,711
Martin Marietta Materials, Inc.
 
10,588
6,086,830
Vulcan Materials Co.
 
23,089
6,341,856
 
 
14,387,746
Consumer Finance — 0.6%
Ally Financial, Inc.
 
48,192
1,824,067
Credit Acceptance Corp.(a)(b)
 
1,200
588,336
OneMain Holdings, Inc.
 
20,800
1,202,032
SLM Corp.
 
37,747
1,200,355
SoFi Technologies, Inc.(a)
 
184,800
4,172,784
Synchrony Financial
 
67,182
4,680,570
 
 
13,668,144
Consumer Staples Distribution & Retail — 1.9%
Albertsons Cos., Inc., Class A
 
72,923
1,401,580
BJ’s Wholesale Club Holdings, Inc.(a)
 
22,779
2,412,296
Casey’s General Stores, Inc.
 
6,391
3,324,151
Dollar General Corp.
 
37,944
3,980,326
Dollar Tree, Inc.(a)
 
35,477
4,028,413
Kroger Co.
 
105,912
7,424,431
Maplebear, Inc.(a)
 
30,093
1,443,561
Performance Food Group Co.(a)
 
26,389
2,649,456
Sprouts Farmers Market, Inc.(a)
 
17,096
2,590,728
Sysco Corp.
 
84,893
6,757,483
U.S. Foods Holding Corp.(a)
 
40,103
3,341,783
Walgreens Boots Alliance, Inc.
 
123,669
1,439,507
 
 
40,793,715
Schedule of Investments
5
Schedule of Investments (continued)
July 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Containers & Packaging — 1.3%
Amcor PLC
 
393,469
$ 3,678,935
AptarGroup, Inc.
 
11,504
1,807,739
Avery Dennison Corp.
 
13,849
2,323,447
Ball Corp.
 
50,974
2,918,771
Crown Holdings, Inc.
 
20,143
2,001,408
Graphic Packaging Holding Co.
 
51,256
1,146,084
International Paper Co.
 
91,537
4,278,439
Packaging Corp. of America
 
15,310
2,966,313
Sealed Air Corp.
 
24,130
706,285
Silgan Holdings, Inc.
 
15,430
717,958
Smurfit WestRock PLC
 
90,989
4,038,092
Sonoco Products Co.
 
16,675
751,542
 
 
27,335,013
Distributors — 0.3%
Genuine Parts Co.
 
24,022
3,095,955
LKQ Corp.
 
44,780
1,319,667
Pool Corp.
 
6,437
1,983,497
 
 
6,399,119
Diversified Consumer Services — 0.4%
ADT, Inc.
 
63,638
531,377
Bright Horizons Family Solutions, Inc.(a)
 
9,967
1,127,268
Duolingo, Inc., Class A(a)
 
6,508
2,255,347
Grand Canyon Education, Inc.(a)
 
4,892
824,938
H&R Block, Inc.
 
23,632
1,284,163
Service Corp. International
 
24,277
1,852,578
 
 
7,875,671
Diversified REITs — 0.1%
WP Carey, Inc.
 
37,419
2,400,803
Diversified Telecommunication Services — 0.2%
AST SpaceMobile, Inc., Class A(a)(b)
 
30,103
1,600,577
ESC GCI Liberty, Inc. (a)(c)
 
15,053
—
Frontier Communications Parent, Inc.(a)
 
42,349
1,555,902
GCI Liberty, Inc., Class A, Class A(a)
 
592
19,560
GCI Liberty, Inc., Class C, Class C(a)
 
3,910
130,007
Iridium Communications, Inc.
 
19,166
468,800
Liberty Global Ltd., Class A(a)(b)
 
28,602
286,592
Liberty Global Ltd., Class C(a)
 
26,252
268,558
 
 
4,329,996
Electric Utilities — 2.8%
Alliant Energy Corp.
 
44,251
2,876,757
Edison International
 
65,705
3,424,545
Entergy Corp.
 
75,264
6,806,123
Evergy, Inc.
 
40,199
2,846,089
Eversource Energy
 
64,166
4,241,373
Exelon Corp.
 
176,538
7,933,618
FirstEnergy Corp.
 
95,836
4,093,155
IDACORP, Inc.
 
9,175
1,149,903
NRG Energy, Inc.
 
34,612
5,787,126
OGE Energy Corp.
 
35,083
1,593,470
PG&E Corp.
 
382,908
5,368,370
Pinnacle West Capital Corp.
 
20,806
1,885,440
PPL Corp.
 
129,262
4,613,361
Xcel Energy, Inc.
 
100,802
7,402,899
 
 
60,022,229
Electrical Equipment — 1.7%
Acuity, Inc.
 
5,391
1,678,488
AMETEK, Inc.
 
40,236
7,437,624
Generac Holdings, Inc.(a)(b)
 
10,198
1,985,449
Hubbell, Inc.
 
9,247
4,045,377
Security
 
 
Shares
Value
Electrical Equipment (continued)
nVent Electric PLC
 
28,777
$ 2,256,692
Regal Rexnord Corp.
 
11,478
1,754,757
Rockwell Automation, Inc.
 
19,763
6,950,845
Sensata Technologies Holding PLC
 
26,000
799,760
Vertiv Holdings Co., Class A
 
66,445
9,674,392
 
 
36,583,384
Electronic Equipment, Instruments & Components — 2.2%
Arrow Electronics, Inc.(a)
 
8,981
1,041,796
Avnet, Inc.
 
14,897
788,647
CDW Corp./DE
 
23,204
4,046,314
Cognex Corp.
 
29,271
1,193,379
Coherent Corp.(a)
 
26,792
2,882,819
Corning, Inc.
 
136,360
8,623,406
Crane NXT Co.
 
8,473
502,788
Flex Ltd.(a)
 
66,571
3,319,896
Ingram Micro Holding Corp.
 
2,383
46,993
IPG Photonics Corp.(a)
 
4,541
340,075
Jabil, Inc.
 
18,423
4,111,461
Keysight Technologies, Inc.(a)
 
30,096
4,933,035
Littelfuse, Inc.
 
4,198
1,080,271
Ralliant Corp.(a)
 
19,965
912,800
TD SYNNEX Corp.
 
13,741
1,984,063
Teledyne Technologies, Inc.(a)
 
8,119
4,473,731
Trimble, Inc.(a)
 
42,076
3,529,756
Vontier Corp.
 
25,737
1,067,313
Zebra Technologies Corp., Class A(a)
 
8,842
2,997,615
 
 
47,876,158
Energy Equipment & Services — 0.7%
Baker Hughes Co., Class A
 
172,400
7,766,620
Halliburton Co.
 
152,265
3,410,736
NOV, Inc.
 
67,053
843,527
TechnipFMC PLC
 
73,038
2,656,392
Weatherford International PLC
 
12,485
706,027
 
 
15,383,302
Entertainment — 2.1%
Electronic Arts, Inc.
 
45,645
6,960,406
Liberty Media Corp.-Liberty Formula One, Class C(a)
 
36,217
3,634,376
Liberty Media Corp.-Liberty Formula One, Class A(a)
 
3,935
354,622
Liberty Media Corp.-Liberty Live, Class A(a)
 
3,808
311,494
Liberty Media Corp.-Liberty Live, Class C(a)
 
7,933
668,197
Live Nation Entertainment, Inc.(a)
 
27,640
4,082,428
Madison Square Garden Sports Corp., Class A(a)
 
3,213
649,347
ROBLOX Corp., Class A(a)
 
98,410
13,559,914
Roku, Inc., Class A(a)(b)
 
22,509
2,119,448
Take-Two Interactive Software, Inc.(a)
 
31,261
6,962,763
TKO Group Holdings, Inc., Class A
 
12,005
2,016,960
Warner Bros Discovery, Inc., Class A(a)(b)
 
389,583
5,130,808
 
 
46,450,763
Financial Services — 2.0%
Affirm Holdings, Inc., Class A(a)
 
46,861
3,212,790
Block, Inc., Class A(a)(b)
 
95,947
7,412,865
Corpay, Inc.(a)
 
11,869
3,834,281
Equitable Holdings, Inc.
 
55,254
2,837,293
Euronet Worldwide, Inc.(a)
 
7,275
706,985
Fidelity National Information Services, Inc.
 
91,966
7,303,020
Global Payments, Inc.
 
43,963
3,514,842
Jack Henry & Associates, Inc.
 
12,679
2,153,084
MGIC Investment Corp.
 
43,761
1,133,410
Mr. Cooper Group, Inc.(a)
 
10,960
1,706,691
Rocket Cos., Inc., Class A(b)
 
40,364
596,176
6
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
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)(b)
 
11,591
$ 1,193,873
Toast, Inc., Class A(a)(b)
 
79,937
3,904,123
UWM Holdings Corp., Class A
 
27,401
110,152
Voya Financial, Inc.
 
16,951
1,186,570
Western Union Co.
 
46,987
378,245
WEX, Inc.(a)(b)
 
5,928
1,005,863
 
 
42,190,263
Food Products — 1.9%
Archer-Daniels-Midland Co.
 
83,479
4,522,892
Bunge Global SA
 
23,986
1,913,123
Conagra Brands, Inc.
 
82,296
1,502,725
Darling Ingredients, Inc.(a)
 
27,230
881,707
Flowers Foods, Inc.
 
32,130
509,261
Freshpet, Inc.(a)
 
7,926
541,504
General Mills, Inc.
 
95,033
4,654,716
Hershey Co.
 
25,155
4,682,100
Hormel Foods Corp.
 
50,027
1,405,259
Ingredion, Inc.
 
11,416
1,501,661
J.M. Smucker Co.
 
18,099
1,942,747
Kellanova
 
48,522
3,873,511
Kraft Heinz Co.
 
149,117
4,094,753
Lamb Weston Holdings, Inc.
 
24,503
1,398,386
McCormick & Co., Inc.
 
44,220
3,123,259
Pilgrim’s Pride Corp.
 
7,217
342,014
Post Holdings, Inc.(a)
 
8,940
945,941
Seaboard Corp.
 
45
142,523
Smithfield Foods, Inc.
 
4,392
105,935
The Campbell’s Co.
 
33,186
1,059,297
Tyson Foods, Inc., Class A
 
48,578
2,540,630
 
 
41,683,944
Gas Utilities — 0.4%
Atmos Energy Corp.
 
27,638
4,309,317
MDU Resources Group, Inc.
 
34,586
596,609
National Fuel Gas Co.
 
15,662
1,359,305
UGI Corp.
 
37,491
1,356,424
 
 
7,621,655
Ground Transportation — 0.8%
Avis Budget Group, Inc.(a)
 
2,942
500,846
JB Hunt Transport Services, Inc.
 
13,927
2,006,184
Knight-Swift Transportation Holdings, Inc.
 
27,066
1,150,305
Landstar System, Inc.
 
5,997
799,820
Lyft, Inc., Class A(a)
 
69,509
977,296
Old Dominion Freight Line, Inc.
 
32,547
4,857,640
Ryder System, Inc.
 
7,208
1,280,934
Saia, Inc.(a)
 
4,654
1,406,625
Schneider National, Inc., Class B
 
7,892
192,959
U-Haul Holding Co.(a)
 
1,346
77,880
U-Haul Holding Co., Series N
 
17,403
904,956
XPO, Inc.(a)
 
19,741
2,374,645
 
 
16,530,090
Health Care Equipment & Supplies — 2.4%
Align Technology, Inc.(a)
 
11,971
1,544,379
Baxter International, Inc.
 
89,464
1,946,736
Cooper Cos., Inc.(a)(b)
 
34,788
2,459,164
DENTSPLY SIRONA, Inc.
 
34,377
491,935
Dexcom, Inc.(a)
 
68,288
5,515,622
Envista Holdings Corp.(a)(b)
 
29,692
560,882
GE HealthCare Technologies, Inc.(a)(b)
 
79,940
5,701,321
Globus Medical, Inc., Class A(a)
 
19,338
1,017,759
Hologic, Inc.(a)
 
39,178
2,617,874
Security
 
 
Shares
Value
Health Care Equipment & Supplies (continued)
IDEXX Laboratories, Inc.(a)
 
14,038
$ 7,500,644
Inspire Medical Systems, Inc.(a)(b)
 
5,068
631,169
Insulet Corp.(a)
 
12,246
3,531,746
Masimo Corp.(a)
 
7,871
1,210,481
Penumbra, Inc.(a)
 
6,532
1,647,827
ResMed, Inc.
 
25,498
6,933,926
Solventum Corp.(a)
 
24,244
1,730,052
STERIS PLC
 
16,788
3,802,314
Teleflex, Inc.
 
8,042
961,019
Zimmer Biomet Holdings, Inc.
 
34,214
3,135,713
 
 
52,940,563
Health Care Providers & Services — 1.9%
Acadia Healthcare Co., Inc.(a)
 
15,492
337,261
Amedisys, Inc.(a)
 
5,445
536,877
Cardinal Health, Inc.
 
42,068
6,529,795
Cencora, Inc.
 
31,979
9,148,552
Centene Corp.(a)
 
87,171
2,272,548
Chemed Corp.
 
2,560
1,055,488
DaVita, Inc.(a)(b)
 
6,679
937,531
Encompass Health Corp.
 
17,066
1,879,137
Henry Schein, Inc.(a)
 
19,132
1,294,280
Humana, Inc.
 
21,082
5,267,759
Labcorp Holdings, Inc.
 
14,517
3,775,582
Molina Healthcare, Inc.(a)
 
9,366
1,478,611
Quest Diagnostics, Inc.
 
19,469
3,259,305
Tenet Healthcare Corp.(a)
 
16,329
2,633,541
Universal Health Services, Inc., Class B
 
9,856
1,640,531
 
 
42,046,798
Health Care REITs — 0.6%
Alexandria Real Estate Equities, Inc.
 
29,700
2,269,971
Healthcare Realty Trust, Inc.
 
63,167
970,245
Healthpeak Properties, Inc.
 
119,850
2,030,259
Medical Properties Trust, Inc.
 
103,371
425,888
Omega Healthcare Investors, Inc.
 
50,152
1,950,913
Ventas, Inc.
 
76,199
5,119,049
 
 
12,766,325
Health Care Technology(a) — 0.4%
Certara, Inc.
 
21,635
212,888
Doximity, Inc., Class A
 
22,804
1,339,735
Veeva Systems, Inc., Class A
 
25,780
7,326,676
 
 
8,879,299
Hotel & Resort REITs — 0.1%
Host Hotels & Resorts, Inc.
 
120,361
1,892,075
Park Hotels & Resorts, Inc.
 
36,285
386,798
 
 
2,278,873
Hotels, Restaurants & Leisure — 4.4%
Aramark
 
45,666
1,943,545
Boyd Gaming Corp.
 
11,040
937,296
Caesars Entertainment, Inc.(a)
 
36,627
977,208
Carnival Corp.(a)
 
188,771
5,619,713
Cava Group, Inc.(a)
 
17,427
1,533,750
Choice Hotels International, Inc.(b)
 
4,749
606,495
Churchill Downs, Inc.
 
12,036
1,288,333
Darden Restaurants, Inc.
 
20,173
4,068,289
Domino’s Pizza, Inc.
 
5,552
2,571,742
DraftKings, Inc., Class A(a)
 
83,935
3,780,432
Dutch Bros, Inc., Class A(a)
 
20,198
1,197,135
Expedia Group, Inc.
 
21,207
3,821,926
Flutter Entertainment PLC(a)
 
30,600
9,249,156
Hilton Worldwide Holdings, Inc.
 
40,736
10,920,507
Schedule of Investments
7
Schedule of Investments (continued)
July 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Hotels, Restaurants & Leisure (continued)
Hyatt Hotels Corp., Class A
 
7,110
$ 1,002,297
Las Vegas Sands Corp.
 
55,939
2,931,204
Light & Wonder, Inc., Class A(a)
 
15,360
1,479,475
MGM Resorts International(a)
 
35,782
1,304,254
Norwegian Cruise Line Holdings Ltd.(a)(b)
 
76,067
1,944,273
Penn Entertainment, Inc.(a)
 
25,830
466,490
Planet Fitness, Inc., Class A(a)
 
14,650
1,599,633
Restaurant Brands International, Inc.
 
56,507
3,834,565
Royal Caribbean Cruises Ltd.
 
44,250
14,065,747
Texas Roadhouse, Inc.
 
11,514
2,131,587
Travel & Leisure Co.
 
11,467
679,420
Vail Resorts, Inc.
 
6,466
971,581
Viking Holdings Ltd.(a)
 
35,499
2,084,501
Wendy’s Co.
 
29,374
289,334
Wingstop, Inc.
 
5,060
1,909,340
Wyndham Hotels & Resorts, Inc.
 
12,973
1,115,678
Wynn Resorts Ltd.
 
14,586
1,590,312
Yum! Brands, Inc.
 
48,667
7,015,348
 
 
94,930,566
Household Durables — 1.6%
D.R. Horton, Inc.
 
47,919
6,844,750
Garmin Ltd.
 
28,464
6,226,785
Lennar Corp., B Shares
 
1,870
200,426
Lennar Corp., Class A
 
39,722
4,456,014
Mohawk Industries, Inc.(a)
 
9,082
1,039,980
Newell Brands, Inc.
 
71,588
401,609
NVR, Inc.(a)
 
490
3,699,250
PulteGroup, Inc.
 
35,221
3,977,155
SharkNinja, Inc.(a)
 
12,289
1,426,753
Somnigroup International, Inc.
 
35,307
2,555,521
Toll Brothers, Inc.
 
17,305
2,048,220
TopBuild Corp.(a)
 
5,171
1,915,493
Whirlpool Corp.
 
9,010
748,190
 
 
35,540,146
Household Products — 0.3%
Church & Dwight Co., Inc.
 
43,015
4,033,517
Clorox Co.
 
21,440
2,692,006
Reynolds Consumer Products, Inc.
 
9,388
211,136
 
 
6,936,659
Independent Power and Renewable Electricity Producers — 0.9%
AES Corp.
 
123,945
1,629,877
Brookfield Renewable Corp.
 
23,194
849,596
Clearway Energy, Inc., Class A
 
5,751
177,016
Clearway Energy, Inc., Class C
 
13,950
455,188
Talen Energy Corp.(a)
 
7,922
2,991,110
Vistra Corp.
 
59,087
12,322,003
 
 
18,424,790
Industrial REITs — 0.3%
Americold Realty Trust, Inc.
 
48,388
778,079
EastGroup Properties, Inc.
 
9,104
1,486,137
First Industrial Realty Trust, Inc.
 
22,840
1,112,765
Lineage, Inc.
 
12,335
532,255
Rexford Industrial Realty, Inc.
 
41,389
1,511,940
STAG Industrial, Inc.
 
31,394
1,077,756
 
 
6,498,932
Insurance — 4.0%
Allstate Corp.
 
46,087
9,367,183
American Financial Group, Inc.
 
12,372
1,545,263
Arch Capital Group Ltd.
 
63,723
5,484,001
Security
 
 
Shares
Value
Insurance (continued)
Assurant, Inc.
 
9,164
$ 1,716,417
Assured Guaranty Ltd.
 
8,842
747,856
Axis Capital Holdings Ltd.
 
13,349
1,252,670
Brighthouse Financial, Inc.(a)
 
11,224
537,068
Brown & Brown, Inc.
 
48,132
4,397,821
Cincinnati Financial Corp.
 
26,903
3,968,461
CNA Financial Corp.
 
3,835
170,006
Everest Group Ltd.
 
7,386
2,480,219
Fidelity National Financial, Inc., Class A
 
44,814
2,528,854
First American Financial Corp.
 
16,991
1,020,310
Globe Life, Inc.
 
14,194
1,993,831
Hanover Insurance Group, Inc.
 
6,174
1,059,644
Hartford Insurance Group, Inc.
 
49,572
6,166,261
Kemper Corp.
 
10,480
645,463
Kinsale Capital Group, Inc.(b)
 
3,803
1,675,944
Lincoln National Corp.
 
27,746
1,057,400
Loews Corp.
 
30,964
2,803,481
Markel Group, Inc.(a)(b)
 
2,200
4,418,238
Old Republic International Corp.
 
42,187
1,525,904
Primerica, Inc.
 
5,770
1,532,685
Principal Financial Group, Inc.
 
39,074
3,041,129
Prudential Financial, Inc.
 
62,085
6,430,764
Reinsurance Group of America, Inc.
 
11,285
2,171,798
RenaissanceRe Holdings Ltd.
 
8,343
2,033,523
RLI Corp.
 
14,334
945,901
Ryan Specialty Holdings, Inc., Class A
 
18,335
1,121,919
Unum Group
 
31,439
2,257,635
W.R. Berkley Corp.
 
53,034
3,649,269
White Mountains Insurance Group Ltd.(b)
 
432
772,330
Willis Towers Watson PLC
 
17,392
5,492,567
 
 
86,011,815
Interactive Media & Services — 0.5%
IAC, Inc.(a)
 
12,877
506,066
Match Group, Inc.
 
43,753
1,499,415
Pinterest, Inc., Class A(a)
 
102,764
3,966,690
Reddit, Inc., Class A(a)
 
20,361
3,269,773
Trump Media & Technology Group Corp., Class A(a)
 
18,101
318,397
ZoomInfo Technologies, Inc., Class A(a)
 
53,141
575,517
 
 
10,135,858
IT Services — 2.2%
Akamai Technologies, Inc.(a)
 
25,714
1,962,235
Amdocs Ltd.
 
19,170
1,636,351
Cloudflare, Inc., Class A(a)
 
53,896
11,193,121
Cognizant Technology Solutions Corp., Class A
 
85,970
6,169,207
DXC Technology Co.(a)
 
31,076
422,944
EPAM Systems, Inc.(a)
 
9,455
1,491,148
Gartner, Inc.(a)
 
13,018
4,408,546
Globant SA(a)(b)
 
7,162
603,470
GoDaddy, Inc., Class A(a)
 
24,146
3,901,511
Kyndryl Holdings, Inc.(a)
 
40,394
1,525,682
MongoDB, Inc., Class A(a)
 
13,774
3,276,697
Okta, Inc., Class A(a)
 
28,771
2,813,804
Twilio, Inc., Class A(a)
 
24,694
3,185,526
VeriSign, Inc.
 
14,723
3,958,573
 
 
46,548,815
Leisure Products — 0.2%
Brunswick Corp./DE
 
11,206
653,198
Hasbro, Inc.
 
24,007
1,804,366
8
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Leisure Products (continued)
Mattel, Inc.(a)
 
58,341
$ 992,380
YETI Holdings, Inc.(a)
 
14,554
534,714
 
 
3,984,658
Life Sciences Tools & Services — 1.8%
Agilent Technologies, Inc.
 
49,602
5,694,805
Avantor, Inc.(a)(b)
 
117,132
1,574,254
Bio-Rad Laboratories, Inc., Class A(a)
 
3,318
802,790
Bio-Techne Corp.
 
27,265
1,492,213
Bruker Corp.
 
18,655
716,912
Charles River Laboratories International, Inc.(a)
 
8,808
1,494,189
Illumina, Inc.(a)
 
27,530
2,827,606
IQVIA Holdings, Inc.(a)
 
31,131
5,786,008
Medpace Holdings, Inc.(a)
 
3,989
1,704,101
Mettler-Toledo International, Inc.(a)
 
3,612
4,456,052
QIAGEN NV(b)
 
37,698
1,860,019
Repligen Corp.(a)
 
9,638
1,128,321
Revvity, Inc.
 
20,953
1,841,769
Sotera Health Co.(a)(b)
 
25,738
295,730
Tempus AI, Inc., Class A(a)(b)
 
14,375
813,481
Waters Corp.(a)
 
10,401
3,003,393
West Pharmaceutical Services, Inc.
 
12,538
2,999,842
 
 
38,491,485
Machinery — 3.6%
AGCO Corp.
 
10,598
1,250,246
Allison Transmission Holdings, Inc.
 
15,051
1,355,643
CNH Industrial NV
 
150,433
1,949,612
Crane Co.
 
8,592
1,682,056
Cummins, Inc.
 
24,036
8,836,114
Donaldson Co., Inc.
 
20,732
1,492,082
Dover Corp.
 
23,683
4,289,939
Esab Corp.
 
9,788
1,313,256
Flowserve Corp.
 
22,779
1,276,535
Fortive Corp.
 
59,897
2,870,863
Gates Industrial Corp. PLC(a)
 
44,283
1,098,218
Graco, Inc.
 
28,916
2,428,366
IDEX Corp.
 
13,082
2,139,038
Ingersoll Rand, Inc.
 
70,486
5,965,230
ITT, Inc.
 
14,227
2,418,021
Lincoln Electric Holdings, Inc.
 
9,530
2,320,555
Middleby Corp.(a)
 
9,194
1,334,969
Mueller Industries, Inc.
 
18,938
1,616,737
Nordson Corp.
 
9,799
2,099,044
Oshkosh Corp.
 
11,309
1,430,928
Otis Worldwide Corp.
 
68,940
5,907,469
Pentair PLC
 
28,318
2,894,100
RBC Bearings, Inc.(a)
 
5,413
2,096,671
Snap-on, Inc.
 
8,935
2,869,833
Stanley Black & Decker, Inc.
 
26,993
1,826,076
Timken Co.
 
11,229
854,415
Toro Co.
 
17,539
1,302,271
Westinghouse Air Brake Technologies Corp.
 
29,443
5,654,528
Xylem, Inc./New York
 
42,499
6,146,205
 
 
78,719,020
Marine Transportation — 0.0%
Kirby Corp.(a)
 
9,868
940,519
Media — 1.3%
Charter Communications, Inc., Class A(a)
 
16,038
4,319,996
DoubleVerify Holdings, Inc.(a)
 
25,748
394,459
Fox Corp., Class A
 
38,194
2,129,698
Fox Corp., Class B
 
22,517
1,151,519
Security
 
 
Shares
Value
Media (continued)
Interpublic Group of Cos., Inc.
 
64,159
$ 1,578,311
Liberty Broadband Corp., Class A(a)
 
2,963
181,128
Liberty Broadband Corp., Class C(a)
 
19,551
1,198,867
New York Times Co., Class A
 
27,564
1,430,296
News Corp., Class A
 
65,717
1,926,823
News Corp., Class B
 
19,860
663,721
Nexstar Media Group, Inc., Class A
 
5,305
992,619
Omnicom Group, Inc.
 
33,432
2,408,776
Paramount Global, Class A(b)
 
1,521
29,036
Paramount Global, Class B(b)
 
102,446
1,287,746
Sirius XM Holdings, Inc.
 
36,962
780,637
Trade Desk, Inc., Class A(a)(b)
 
77,936
6,777,315
 
 
27,250,947
Metals & Mining — 1.1%
Alcoa Corp.
 
45,127
1,352,456
Anglogold Ashanti PLC
 
87,969
4,068,566
Carpenter Technology Corp.
 
8,404
2,095,874
Cleveland-Cliffs, Inc.(a)
 
82,333
866,143
MP Materials Corp., Class A(a)
 
22,837
1,404,476
Nucor Corp.
 
40,667
5,818,228
Reliance, Inc.
 
9,294
2,696,468
Royal Gold, Inc.
 
11,260
1,704,989
Steel Dynamics, Inc.
 
24,915
3,178,157
 
 
23,185,357
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.
 
165,475
1,560,429
Annaly Capital Management, Inc.
 
104,427
2,123,001
Rithm Capital Corp.
 
89,542
1,077,190
Starwood Property Trust, Inc.
 
54,975
1,069,814
 
 
5,830,434
Multi-Utilities — 1.9%
Ameren Corp.
 
47,131
4,766,358
CenterPoint Energy, Inc.
 
113,800
4,417,716
CMS Energy Corp.
 
51,401
3,793,394
Consolidated Edison, Inc.
 
62,954
6,515,739
DTE Energy Co.
 
36,188
5,008,781
NiSource, Inc.
 
82,178
3,488,456
Public Service Enterprise Group, Inc.
 
87,214
7,830,945
WEC Energy Group, Inc.
 
55,782
6,084,701
 
 
41,906,090
Office REITs — 0.2%
BXP, Inc.
 
27,313
1,787,090
Cousins Properties, Inc.
 
28,629
775,846
Highwoods Properties, Inc.
 
18,222
528,620
Kilroy Realty Corp.
 
20,420
752,681
Vornado Realty Trust
 
30,306
1,164,356
 
 
5,008,593
Oil, Gas & Consumable Fuels — 4.8%
Antero Midstream Corp.
 
57,721
1,059,180
Antero Resources Corp.(a)
 
50,047
1,748,142
APA Corp.
 
62,585
1,207,265
Cheniere Energy, Inc.
 
38,584
9,101,194
Chord Energy Corp.
 
10,522
1,160,892
Civitas Resources, Inc.
 
16,830
510,959
Coterra Energy, Inc.
 
131,751
3,213,407
Devon Energy Corp.
 
107,582
3,573,874
Diamondback Energy, Inc.
 
33,302
4,950,675
DT Midstream, Inc.(a)
 
17,480
1,795,720
EQT Corp.
 
104,121
5,596,504
Expand Energy Corp.
 
38,377
4,021,142
Schedule of Investments
9
Schedule of Investments (continued)
July 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Oil, Gas & Consumable Fuels (continued)
HF Sinclair Corp.
 
26,862
$ 1,180,316
Kinder Morgan, Inc.
 
339,636
9,530,186
Marathon Petroleum Corp.
 
54,426
9,262,761
Matador Resources Co.
 
20,404
1,017,752
Occidental Petroleum Corp.
 
117,623
5,168,355
ONEOK, Inc.
 
109,140
8,961,485
Ovintiv, Inc.
 
45,341
1,867,142
Permian Resources Corp., Class A
 
113,387
1,605,560
Phillips 66
 
71,197
8,798,525
Range Resources Corp.
 
41,393
1,519,951
Targa Resources Corp.
 
37,363
6,217,577
Texas Pacific Land Corp.
 
3,358
3,250,981
Valero Energy Corp.
 
54,516
7,485,592
Viper Energy, Inc., Class A
 
21,774
820,009
 
 
104,625,146
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.
 
10,970
991,798
Passenger Airlines — 0.8%
Alaska Air Group, Inc.(a)
 
21,453
1,136,151
American Airlines Group, Inc.(a)
 
113,221
1,300,909
Delta Air Lines, Inc.
 
113,903
6,060,779
Southwest Airlines Co.
 
89,281
2,761,461
United Airlines Holdings, Inc.(a)
 
56,537
4,992,783
 
 
16,252,083
Personal Care Products — 0.6%
BellRing Brands, Inc.(a)
 
22,399
1,222,537
Coty, Inc., Class A(a)
 
64,883
314,683
elf Beauty, Inc.(a)
 
9,155
1,109,494
Estee Lauder Cos., Inc., Class A
 
40,819
3,810,045
Kenvue, Inc.
 
330,767
7,091,645
 
 
13,548,404
Pharmaceuticals — 0.4%
Corcept Therapeutics, Inc.(a)
 
16,414
1,102,528
Elanco Animal Health, Inc.(a)(b)
 
83,834
1,146,849
Jazz Pharmaceuticals PLC(a)
 
10,312
1,182,065
Organon & Co.
 
43,810
424,957
Perrigo Co. PLC
 
23,527
627,465
Royalty Pharma PLC, Class A
 
68,116
2,506,669
Viatris, Inc.
 
204,966
1,791,403
 
 
8,781,936
Professional Services — 2.6%
Amentum Holdings, Inc.(a)
 
26,694
666,549
Booz Allen Hamilton Holding Corp., Class A
 
21,777
2,337,325
Broadridge Financial Solutions, Inc.
 
20,224
5,005,642
CACI International, Inc., Class A(a)(b)
 
3,809
1,754,311
Clarivate PLC(a)
 
71,512
275,321
Concentrix Corp.
 
7,998
415,656
Dayforce, Inc.(a)(b)
 
26,659
1,537,425
Dun & Bradstreet Holdings, Inc.
 
51,767
471,080
Equifax, Inc.
 
21,622
5,194,253
ExlService Holdings, Inc.(a)
 
27,635
1,200,188
FTI Consulting, Inc.(a)
 
5,989
996,270
Genpact Ltd.
 
29,898
1,317,007
Jacobs Solutions, Inc.
 
21,289
3,020,270
KBR, Inc.
 
23,034
1,076,609
Leidos Holdings, Inc.
 
22,270
3,555,406
ManpowerGroup, Inc.
 
8,133
335,486
Parsons Corp.(a)
 
9,214
683,679
Paychex, Inc.
 
56,357
8,134,006
Security
 
 
Shares
Value
Professional Services (continued)
Paycom Software, Inc.
 
8,793
$ 2,035,931
Paylocity Holding Corp.(a)
 
7,871
1,455,191
Robert Half, Inc.
 
17,403
642,345
Science Applications International Corp.
 
8,499
947,469
SS&C Technologies Holdings, Inc.
 
37,113
3,172,419
TransUnion
 
33,512
3,190,007
Verisk Analytics, Inc.
 
24,338
6,783,244
 
 
56,203,089
Real Estate Management & Development(a) — 1.0%
CBRE Group, Inc., Class A
 
51,931
8,087,734
CoStar Group, Inc.
 
72,932
6,942,397
Howard Hughes Holdings, Inc.(b)
 
5,458
375,128
Jones Lang LaSalle, Inc.
 
8,160
2,206,138
Zillow Group, Inc., Class A
 
8,713
668,723
Zillow Group, Inc., Class C(b)
 
28,398
2,259,061
 
 
20,539,181
Residential REITs — 1.3%
American Homes 4 Rent, Class A
 
58,304
2,022,566
AvalonBay Communities, Inc.
 
24,837
4,626,636
Camden Property Trust
 
18,770
2,049,684
Equity LifeStyle Properties, Inc.
 
32,599
1,953,332
Equity Residential
 
66,147
4,180,491
Essex Property Trust, Inc.
 
11,025
2,868,485
Invitation Homes, Inc.
 
106,859
3,275,228
Mid-America Apartment Communities, Inc.
 
20,054
2,856,291
Sun Communities, Inc.
 
21,769
2,700,009
UDR, Inc.
 
57,696
2,266,876
 
 
28,799,598
Retail REITs — 1.3%
Agree Realty Corp.
 
18,906
1,355,560
Brixmor Property Group, Inc.
 
53,169
1,389,306
Federal Realty Investment Trust
 
14,652
1,350,328
Kimco Realty Corp.
 
116,702
2,477,583
NNN REIT, Inc.
 
32,460
1,339,300
Realty Income Corp.
 
155,983
8,755,326
Regency Centers Corp.
 
31,303
2,235,034
Simon Property Group, Inc.
 
56,586
9,268,221
 
 
28,170,658
Semiconductors & Semiconductor Equipment — 1.9%
Allegro MicroSystems, Inc.(a)
 
20,895
656,312
Amkor Technology, Inc.
 
19,684
444,071
Astera Labs, Inc.(a)(b)
 
25,009
3,419,481
Cirrus Logic, Inc.(a)
 
9,156
922,101
Enphase Energy, Inc.(a)
 
22,757
736,416
Entegris, Inc.
 
26,004
2,040,274
First Solar, Inc.(a)
 
17,728
3,097,613
GLOBALFOUNDRIES, Inc.(a)
 
16,739
625,871
Lattice Semiconductor Corp.(a)
 
23,449
1,168,464
MACOM Technology Solutions Holdings, Inc.,
Class H(a)
 
11,050
1,515,397
Microchip Technology, Inc.
 
91,589
6,190,500
MKS, Inc.
 
11,385
1,083,624
Monolithic Power Systems, Inc.
 
8,112
5,769,579
ON Semiconductor Corp.(a)
 
73,385
4,135,979
Onto Innovation, Inc.(a)
 
8,480
803,480
Qorvo, Inc.(a)
 
16,393
1,370,455
Skyworks Solutions, Inc.
 
27,739
1,901,231
10
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Semiconductors & Semiconductor Equipment (continued)
Teradyne, Inc.
 
28,087
$ 3,017,386
Universal Display Corp.
 
8,069
1,165,164
 
 
40,063,398
Software — 3.4%
Appfolio, Inc., Class A(a)
 
3,871
1,035,028
Aurora Innovation, Inc., Class A(a)(b)
 
172,033
999,512
Bentley Systems, Inc., Class B
 
27,491
1,593,928
Bill Holdings, Inc.(a)
 
17,440
747,304
CCC Intelligent Solutions Holdings, Inc.(a)
 
90,423
874,390
Confluent, Inc., Class A(a)
 
48,344
856,897
Datadog, Inc., Class A(a)
 
53,879
7,541,982
Docusign, Inc.(a)
 
34,600
2,617,144
Dolby Laboratories, Inc., Class A
 
10,309
776,680
Dropbox, Inc., Class A(a)
 
35,347
960,378
Dynatrace, Inc.(a)
 
51,546
2,711,835
Elastic NV(a)
 
15,834
1,325,306
Fair Isaac Corp.(a)
 
4,150
5,962,388
Gen Digital, Inc.
 
95,949
2,829,536
Gitlab, Inc., Class A(a)
 
22,954
1,005,615
Guidewire Software, Inc.(a)
 
14,624
3,308,241
HubSpot, Inc.(a)
 
8,881
4,615,012
Informatica, Inc., Class A(a)
 
18,306
452,158
Manhattan Associates, Inc.(a)
 
10,431
2,291,273
nCino, Inc.(a)
 
18,619
519,936
Nutanix, Inc., Class A(a)
 
44,552
3,348,974
Pegasystems, Inc.
 
15,366
902,138
Procore Technologies, Inc.(a)(b)
 
20,012
1,433,460
PTC, Inc.(a)
 
20,826
4,473,633
RingCentral, Inc., Class A(a)
 
14,013
357,191
Rubrik, Inc., Class A(a)
 
16,955
1,609,877
SailPoint, Inc.(a)(b)
 
10,500
234,570
Samsara, Inc., Class A(a)(b)
 
46,854
1,781,858
SentinelOne, Inc., Class A(a)
 
48,852
895,946
Teradata Corp.(a)
 
16,301
341,180
Tyler Technologies, Inc.(a)
 
7,517
4,394,138
UiPath, Inc., Class A(a)(b)
 
73,681
865,752
Unity Software, Inc.(a)(b)
 
55,312
1,845,208
Zoom Communications, Inc., Class A(a)
 
45,540
3,372,237
Zscaler, Inc.(a)
 
17,052
4,869,369
 
 
73,750,074
Specialized REITs — 2.3%
Crown Castle, Inc.
 
75,776
7,963,300
CubeSmart
 
39,536
1,538,346
Digital Realty Trust, Inc.
 
58,910
10,394,080
EPR Properties
 
13,326
733,463
Extra Space Storage, Inc.
 
36,793
4,943,508
Gaming and Leisure Properties, Inc.
 
46,090
2,100,782
Iron Mountain, Inc.
 
51,239
4,988,629
Lamar Advertising Co., Class A
 
15,037
1,838,273
Millrose Properties, Inc., Class A
 
21,073
631,979
National Storage Affiliates Trust
 
12,195
359,265
Rayonier, Inc.
 
26,522
618,228
SBA Communications Corp.
 
18,754
4,214,399
VICI Properties, Inc.
 
184,450
6,013,070
Weyerhaeuser Co.
 
125,898
3,153,745
 
 
49,491,067
Specialty Retail — 2.4%
AutoNation, Inc.(a)
 
4,798
924,287
Bath & Body Works, Inc.
 
37,535
1,087,014
Best Buy Co., Inc.
 
33,756
2,196,165
Security
 
 
Shares
Value
Specialty Retail (continued)
Burlington Stores, Inc.(a)
 
10,951
$ 2,989,185
CarMax, Inc.(a)
 
26,723
1,512,789
Carvana Co., Class A(a)(b)
 
22,428
8,750,733
Chewy, Inc., Class A(a)
 
36,526
1,340,504
Dick’s Sporting Goods, Inc.
 
9,668
2,044,879
Five Below, Inc.(a)
 
9,257
1,263,766
Floor & Decor Holdings, Inc., Class A(a)(b)
 
18,588
1,424,584
GameStop Corp., Class A(a)(b)
 
71,563
1,606,589
Gap, Inc.
 
40,176
781,825
Lithia Motors, Inc., Class A
 
4,578
1,318,464
Murphy USA, Inc.
 
3,173
1,150,149
Penske Automotive Group, Inc.
 
3,210
537,386
RH(a)
 
2,631
540,986
Ross Stores, Inc.
 
56,226
7,677,098
Tractor Supply Co.
 
92,245
5,253,353
Ulta Beauty, Inc.(a)
 
8,029
4,135,015
Valvoline, Inc.(a)
 
22,453
791,468
Wayfair, Inc., Class A(a)
 
16,812
1,103,540
Williams-Sonoma, Inc.
 
20,683
3,868,755
 
 
52,298,534
Technology Hardware, Storage & Peripherals — 1.2%
Hewlett Packard Enterprise Co.
 
226,747
4,691,395
HP, Inc.
 
164,726
4,085,205
NetApp, Inc.
 
35,099
3,654,859
Pure Storage, Inc., Class A(a)
 
54,241
3,228,424
Sandisk Corp.(a)
 
22,853
980,851
Super Micro Computer, Inc.(a)
 
89,674
5,288,076
Western Digital Corp.
 
60,451
4,756,889
 
 
26,685,699
Textiles, Apparel & Luxury Goods — 0.9%
Amer Sports, Inc.(a)
 
26,054
978,067
Birkenstock Holding PLC(a)
 
8,930
447,304
Columbia Sportswear Co.
 
5,375
304,064
Crocs, Inc.(a)(b)
 
9,760
973,365
Deckers Outdoor Corp.(a)
 
26,197
2,781,335
Lululemon Athletica, Inc.(a)
 
18,382
3,686,142
On Holding AG, Class A(a)(b)
 
38,471
1,868,536
PVH Corp.
 
9,435
692,718
Ralph Lauren Corp., Class A
 
6,853
2,047,334
Skechers USA, Inc., Class A(a)
 
22,726
1,437,420
Tapestry, Inc.
 
36,118
3,901,828
Under Armour, Inc., Class A(a)
 
32,202
213,821
Under Armour, Inc., Class C(a)
 
31,793
200,296
VF Corp.
 
60,238
705,989
 
 
20,238,219
Trading Companies & Distributors — 2.3%
Air Lease Corp., Class A
 
17,746
983,128
Applied Industrial Technologies, Inc.
 
6,654
1,806,561
Core & Main, Inc., Class A(a)
 
33,094
2,106,102
Fastenal Co.
 
200,489
9,248,558
Ferguson Enterprises, Inc.
 
33,826
7,554,361
FTAI Aviation Ltd.
 
17,790
2,448,082
MSC Industrial Direct Co., Inc., Class A
 
7,875
682,133
QXO, Inc.(a)(b)
 
103,828
2,082,790
SiteOne Landscape Supply, Inc.(a)(b)
 
7,650
1,054,400
United Rentals, Inc.
 
11,309
9,985,168
Watsco, Inc.
 
5,972
2,692,655
Schedule of Investments
11
Schedule of Investments (continued)
July 31, 2025
iShares Russell Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Trading Companies & Distributors (continued)
WESCO International, Inc.
 
8,368
$ 1,731,841
WW Grainger, Inc.
 
7,736
8,041,881
 
 
50,417,660
Water Utilities — 0.3%
American Water Works Co., Inc.
 
33,687
4,724,265
Essential Utilities, Inc.
 
48,137
1,771,441
 
 
6,495,706
Wireless Telecommunication Services — 0.0%
Millicom International Cellular SA
 
17,941
720,331
Total Common Stocks — 98.6%
(Cost: $1,393,265,108)
2,130,269,443
Investment Companies
Equity Funds — 0.7%
iShares Russell Mid-Cap ETF(d)
 
159,610
14,957,053
Total Investment Companies — 0.7%
(Cost: $14,210,285)
14,957,053
Total Long-Term Investments — 99.3%
(Cost: $1,407,475,393)
2,145,226,496
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.44%(d)(e)(f)
 
60,731,183
$ 60,755,475
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(d)(e)
 
14,522,945
14,522,945
Total Short-Term Securities — 3.5%
(Cost: $75,278,420)
75,278,420
Total Investments — 102.8%
(Cost: $1,482,753,813)
2,220,504,916
Liabilities in Excess of Other Assets — (2.8)%
(59,440,903
)
Net Assets — 100.0%
$ 2,161,064,013
 
(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/25
Shares
Held at
07/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 65,466,112
$ —
$ (4,707,447
)(a)
$ 935
$ (4,125
)
$ 60,755,475
60,731,183
$ 227,347
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency
Shares
6,620,555
7,902,390
(a)
—
—
—
14,522,945
14,522,945
469,796
—
iShares Russell Mid-Cap ETF
17,697,759
135,279,962
(138,260,089
)
133,878
105,543
14,957,053
159,610
254,580
—
 
$ 134,813
$ 101,418
$ 90,235,473
$ 951,723
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
S&P 500 E-Mini Index
10
09/19/25
$ 3,187
$ 21,624
S&P Mid 400 E-Mini Index
39
09/19/25
12,344
(139,177
)
 
$ (117,553
)
12
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Mid-Cap Index Fund
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 21,624
$ —
$ —
$ —
$ 21,624
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 139,177
$ —
$ —
$ —
$ 139,177
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ (178,041
)
$ —
$ —
$ —
$ (178,041
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ (368,783
)
$ —
$ —
$ —
$ (368,783
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$11,611,979
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks
$ 2,130,269,443
$ —
$ —
$ 2,130,269,443
Investment Companies
14,957,053
—
—
14,957,053
Short-Term Securities 
Money Market Funds
75,278,420
—
—
75,278,420
 
$2,220,504,916
$—
$—
$2,220,504,916
Derivative Financial Instruments(a)
Assets 
Equity Contracts
$ 21,624
$ —
$ —
$ 21,624
Liabilities 
Equity Contracts
(139,177
)
—
—
(139,177
)
 
$(117,553
)
$—
$—
$(117,553
)
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
13
Schedule of Investments
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 2.6%
AAR Corp.(a)
 
5,366
$ 400,895
AeroVironment, Inc.(a)
 
4,890
1,308,760
AerSale Corp.(a)
 
3,553
21,460
Archer Aviation, Inc., Class A(a)
 
83,656
839,070
Astronics Corp.(a)
 
4,519
163,226
ATI, Inc.(a)
 
21,680
1,668,059
BWX Technologies, Inc.
 
14,135
2,147,531
Byrna Technologies, Inc.(a)(b)
 
2,556
56,769
Cadre Holdings, Inc.
 
4,252
140,614
Curtiss-Wright Corp.
 
5,838
2,861,904
Ducommun, Inc.(a)
 
2,079
189,147
Eve Holding, Inc., Class A(a)(b)
 
8,309
54,009
Hexcel Corp.
 
12,451
745,939
Huntington Ingalls Industries, Inc.
 
6,075
1,694,075
Intuitive Machines, Inc., Class A(a)(b)
 
17,078
190,591
Karman Holdings, Inc.(a)
 
7,392
382,166
Kratos Defense & Security Solutions, Inc.(a)
 
25,264
1,482,997
Leonardo DRS, Inc.
 
11,717
487,427
Loar Holdings, Inc.(a)
 
6,558
484,702
Mercury Systems, Inc.(a)
 
8,070
424,401
Moog, Inc., Class A
 
4,323
836,846
National Presto Industries, Inc.
 
790
76,196
Park Aerospace Corp.
 
3,248
58,529
Redwire Corp.(a)(b)
 
5,436
77,680
Rocket Lab Corp.(a)
 
60,688
2,786,793
Satellogic, Inc., Class A(a)(b)
 
11,023
36,155
Spirit AeroSystems Holdings, Inc., Class A(a)
 
18,176
716,134
StandardAero, Inc.(a)
 
22,311
636,979
Textron, Inc.
 
28,187
2,192,103
V2X, Inc.(a)
 
2,519
119,350
Woodward, Inc.
 
9,196
2,364,108
 
 
25,644,615
Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.
 
18,231
2,102,399
Forward Air Corp.(a)(b)
 
3,450
104,846
GXO Logistics, Inc.(a)(b)
 
17,765
883,098
Hub Group, Inc., Class A
 
9,274
324,775
Radiant Logistics, Inc.(a)
 
4,349
25,703
 
 
3,440,821
Automobile Components — 0.9%
Adient PLC(a)
 
13,158
282,108
American Axle & Manufacturing Holdings, Inc.(a)
 
19,143
85,186
BorgWarner, Inc.
 
33,951
1,249,397
Cooper-Standard Holdings, Inc.(a)
 
2,603
62,732
Dana, Inc.
 
20,169
321,090
Dorman Products, Inc.(a)
 
4,222
509,258
Fox Factory Holding Corp.(a)
 
6,411
194,702
Garrett Motion, Inc.
 
19,479
254,006
Gentex Corp.
 
34,755
918,227
Gentherm, Inc.(a)
 
4,650
148,986
Goodyear Tire & Rubber Co.(a)
 
40,361
414,911
Holley, Inc.(a)
 
4,184
8,703
LCI Industries
 
3,872
367,840
Lear Corp.
 
8,355
787,793
Luminar Technologies, Inc., Class A(a)(b)
 
4,182
12,421
Modine Manufacturing Co.(a)(b)
 
8,052
1,083,477
Motorcar Parts of America, Inc.(a)
 
2,875
29,814
Patrick Industries, Inc.
 
5,059
491,937
Phinia, Inc.
 
6,145
311,552
Security
 
 
Shares
Value
Automobile Components (continued)
QuantumScape Corp., Class A(a)(b)
 
64,158
$ 551,759
Solid Power, Inc., Class A(a)(b)
 
21,901
69,864
Standard Motor Products, Inc.
 
3,197
97,061
Strattec Security Corp.(a)(b)
 
570
36,172
Visteon Corp.(a)
 
4,261
473,610
XPEL, Inc.(a)
 
3,558
116,311
 
 
8,878,917
Automobiles — 0.3%
Faraday Future Intelligent Electric, Inc.(a)
 
14,673
31,253
Harley-Davidson, Inc.
 
17,585
427,843
Livewire Group, Inc.(a)(b)
 
6,820
25,575
Lucid Group, Inc.(a)(b)
 
192,999
474,778
Rivian Automotive, Inc., Class A(a)(b)
 
120,176
1,546,665
Thor Industries, Inc.
 
8,017
729,467
Winnebago Industries, Inc.
 
4,318
128,331
 
 
3,363,912
Banks — 6.4%
1st Source Corp.
 
3,078
184,126
ACNB Corp.
 
1,301
54,772
Amalgamated Financial Corp.
 
3,871
112,220
Amerant Bancorp, Inc., Class A
 
5,448
105,146
Ameris Bancorp
 
10,121
691,770
Ames National Corp.
 
1,638
29,566
Arrow Financial Corp.
 
3,238
86,778
Associated Banc-Corp.
 
26,053
644,551
Atlantic Union Bankshares Corp.
 
21,827
691,916
Axos Financial, Inc.(a)
 
8,144
703,234
Banc of California, Inc.
 
20,847
302,698
BancFirst Corp.
 
3,222
401,203
Bancorp, Inc.(a)
 
7,020
443,383
Bank First Corp.
 
1,366
162,308
Bank of Hawaii Corp.
 
6,022
372,641
Bank of Marin Bancorp
 
2,644
59,887
Bank of NT Butterfield & Son Ltd.
 
6,909
314,429
Bank OZK
 
16,536
815,225
Bank7 Corp.
 
902
39,950
BankUnited, Inc.
 
11,465
418,129
Bankwell Financial Group, Inc.
 
1,238
49,396
Banner Corp.
 
5,277
327,570
Bar Harbor Bankshares
 
2,443
70,945
BayCom Corp.
 
1,959
52,913
BCB Bancorp, Inc.
 
3,294
27,538
Berkshire Hills Bancorp, Inc.
 
5,465
134,658
Blue Foundry Bancorp(a)
 
2,426
20,742
Blue Ridge Bankshares, Inc.(a)(b)
 
8,816
32,355
BOK Financial Corp.
 
3,701
375,763
Bridgewater Bancshares, Inc.(a)
 
3,937
61,260
Brookline Bancorp, Inc.
 
13,563
139,970
Burke & Herbert Financial Services Corp., Class C
 
1,864
108,093
Business First Bancshares, Inc.
 
3,889
92,364
BV Financial, Inc.(a)
 
1,325
20,723
Byline Bancorp, Inc.
 
5,017
131,947
C&F Financial Corp.
 
494
31,542
Cadence Bank
 
16,623
579,312
California BanCorp(a)
 
2,563
38,419
Camden National Corp.
 
2,933
110,603
Capital Bancorp, Inc.
 
1,708
53,768
Capital City Bank Group, Inc.
 
2,262
89,553
Capitol Federal Financial, Inc.
 
18,425
110,918
Carter Bankshares, Inc.(a)(b)
 
3,597
62,516
Cathay General Bancorp
 
9,388
424,525
14
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Banks (continued)
CB Financial Services, Inc.
 
694
$ 21,969
Central Pacific Financial Corp.
 
3,688
98,322
CF Bankshares, Inc.
 
423
9,983
Chemung Financial Corp.
 
924
46,754
ChoiceOne Financial Services, Inc.
 
2,523
74,176
Citizens & Northern Corp.
 
2,788
53,028
Citizens Community Bancorp, Inc.
 
2,165
31,912
Citizens Financial Services, Inc.
 
691
37,100
City Holding Co.
 
2,147
262,149
Civista Bancshares, Inc.
 
2,942
57,281
CNB Financial Corp.
 
5,023
115,278
Coastal Financial Corp.(a)
 
1,892
182,010
Colony Bankcorp, Inc.
 
3,451
56,562
Columbia Banking System, Inc.
 
33,039
786,328
Columbia Financial, Inc.(a)
 
4,215
60,654
Comerica, Inc.
 
20,578
1,390,455
Commerce Bancshares, Inc.
 
19,353
1,184,404
Community Financial System, Inc.
 
8,043
423,866
Community Trust Bancorp, Inc.
 
2,646
142,831
Community West Bancshares
 
2,525
48,606
ConnectOne Bancorp, Inc.
 
7,617
175,420
Cullen/Frost Bankers, Inc.
 
9,320
1,187,461
Customers Bancorp, Inc.(a)
 
4,501
286,939
CVB Financial Corp.
 
20,369
380,697
Dime Community Bancshares, Inc.
 
6,363
176,319
Eagle Bancorp Montana, Inc.
 
619
9,978
Eagle Bancorp, Inc.
 
4,339
69,815
Eagle Financial Services, Inc.
 
376
12,412
East West Bancorp, Inc.
 
21,426
2,147,956
Eastern Bankshares, Inc.
 
31,394
485,037
Enterprise Financial Services Corp.
 
5,771
318,501
Equity Bancshares, Inc., Class A
 
3,069
115,333
Esquire Financial Holdings, Inc.
 
1,047
100,386
Farmers & Merchants Bancorp, Inc.
 
1,982
47,588
Farmers National Banc Corp.
 
6,315
85,505
FB Bancorp, Inc.(a)
 
2,613
30,494
FB Financial Corp.
 
6,770
330,105
Fidelity D&D Bancorp, Inc.
 
913
36,922
Financial Institutions, Inc.
 
3,016
76,878
Finwise Bancorp(a)(b)
 
1,426
25,483
First Bancorp, Inc.
 
2,127
53,622
First BanCorp./Puerto Rico
 
24,791
516,397
First Bancorp/Southern Pines NC
 
6,156
308,354
First Bank/Hamilton
 
3,490
52,001
First Busey Corp.
 
13,321
297,325
First Business Financial Services, Inc.
 
1,197
57,001
First Capital, Inc.
 
426
15,132
First Commonwealth Financial Corp.
 
17,364
286,680
First Community Bankshares, Inc.
 
2,467
90,046
First Community Corp.
 
1,222
30,275
First Financial Bancorp
 
14,517
351,892
First Financial Bankshares, Inc.
 
20,528
710,679
First Financial Corp.
 
1,873
100,299
First Foundation, Inc.(a)
 
9,264
45,116
First Hawaiian, Inc.
 
20,223
490,408
First Horizon Corp.
 
79,802
1,740,482
First Internet Bancorp
 
1,365
29,934
First Interstate BancSystem, Inc., Class A
 
14,055
404,643
First Merchants Corp.
 
9,237
352,114
First Mid Bancshares, Inc.
 
3,731
141,666
First National Corp.
 
1,530
33,048
First Savings Financial Group, Inc.
 
597
15,271
First United Corp.
 
991
32,574
Security
 
 
Shares
Value
Banks (continued)
First Western Financial, Inc.(a)
 
903
$ 19,545
Firstsun Capital Bancorp(a)(b)
 
1,792
63,706
Five Star Bancorp
 
2,808
84,493
Flagstar Financial, Inc.
 
46,552
525,572
Flushing Financial Corp.
 
4,857
58,235
FNB Corp.
 
56,771
869,732
Franklin Financial Services Corp.
 
839
33,728
FS Bancorp, Inc.
 
1,168
45,657
Fulton Financial Corp.
 
26,955
483,842
FVCBankcorp, Inc.
 
1,981
25,377
GBank Financial Holdings, Inc.(a)
 
1,439
54,013
German American Bancorp, Inc.
 
5,662
217,534
Glacier Bancorp, Inc.
 
17,610
771,846
Great Southern Bancorp, Inc.
 
1,318
75,047
Greene County Bancorp, Inc.
 
1,059
25,088
Guaranty Bancshares, Inc.
 
1,469
64,063
Hancock Whitney Corp.
 
13,876
828,675
Hanmi Financial Corp.
 
4,620
105,382
Hanover Bancorp, Inc.
 
466
9,697
HarborOne Bancorp, Inc.
 
6,107
72,246
Hawthorn Bancshares, Inc.
 
1,035
29,518
HBT Financial, Inc.
 
1,928
47,949
Heritage Commerce Corp.
 
10,774
99,659
Heritage Financial Corp.
 
5,193
117,050
Hilltop Holdings, Inc.
 
7,366
218,034
Hingham Institution For Savings(b)
 
237
58,037
Home Bancorp, Inc.
 
975
50,983
Home BancShares, Inc.
 
29,673
835,592
HomeStreet, Inc.(a)
 
2,373
31,039
HomeTrust Bancshares, Inc.
 
2,459
95,557
Hope Bancorp, Inc.
 
20,772
207,512
Horizon Bancorp, Inc.
 
7,073
109,561
Independent Bank Corp.
 
9,679
541,642
International Bancshares Corp.
 
8,599
586,280
Investar Holding Corp.
 
1,625
35,263
John Marshall Bancorp, Inc.
 
2,200
40,502
Kearny Financial Corp.
 
7,547
44,754
Lakeland Financial Corp.
 
3,825
242,390
Landmark Bancorp, Inc./Manhattan KS
 
406
9,862
LCNB Corp.
 
2,534
37,402
LINKBANCORP, Inc.
 
2,736
18,824
Live Oak Bancshares, Inc.
 
5,460
172,591
MainStreet Bancshares, Inc.
 
550
11,110
Mercantile Bank Corp.
 
2,590
118,337
Meridian Corp.
 
1,142
16,822
Metrocity Bankshares, Inc.
 
3,148
86,885
Metropolitan Bank Holding Corp.
 
1,693
119,424
Mid Penn Bancorp, Inc.
 
2,906
79,770
Middlefield Banc Corp.
 
1,202
33,476
Midland States Bancorp, Inc.
 
3,020
51,219
MidWestOne Financial Group, Inc.
 
3,124
86,035
MVB Financial Corp.
 
2,086
47,436
National Bank Holdings Corp., Class A
 
5,673
210,241
National Bankshares, Inc.
 
695
19,293
NB Bancorp, Inc.(a)
 
5,442
93,766
NBT Bancorp, Inc.
 
7,817
323,467
Nicolet Bankshares, Inc.
 
2,142
276,318
Northeast Bank
 
1,055
104,624
Northeast Community Bancorp, Inc.
 
2,015
41,630
Northfield Bancorp, Inc.
 
6,432
68,501
Northpointe Bancshares, Inc.
 
2,122
31,151
Northrim BanCorp, Inc.
 
900
75,177
Northwest Bancshares, Inc.
 
22,134
258,968
Schedule of Investments
15
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Banks (continued)
Norwood Financial Corp.
 
1,633
$ 39,584
Oak Valley Bancorp
 
1,328
35,391
OceanFirst Financial Corp.
 
10,075
169,058
OFG Bancorp
 
6,947
296,081
Ohio Valley Banc Corp.
 
388
12,509
Old National Bancorp
 
49,548
1,045,958
Old Point Financial Corp.
 
474
19,031
Old Second Bancorp, Inc.
 
7,376
125,171
OP Bancorp
 
2,368
30,310
Orange County Bancorp, Inc.
 
1,782
44,532
Origin Bancorp, Inc.
 
4,429
161,880
Orrstown Financial Services, Inc.
 
2,740
90,036
Pacific Premier Bancorp, Inc.
 
14,731
319,221
Park National Corp.
 
2,342
379,100
Parke Bancorp, Inc.
 
2,375
49,044
Pathward Financial, Inc.
 
3,210
242,756
Patriot National Bancorp, Inc.(a)(b)
 
6,510
10,156
PCB Bancorp
 
2,493
50,957
Peapack-Gladstone Financial Corp.
 
2,651
67,547
Peoples Bancorp of North Carolina, Inc.
 
565
16,221
Peoples Bancorp, Inc.
 
6,100
174,704
Peoples Financial Services Corp.
 
1,280
62,349
Pinnacle Financial Partners, Inc.
 
11,882
1,044,309
Pioneer Bancorp, Inc.(a)
 
2,062
25,301
Plumas Bancorp
 
978
40,352
Ponce Financial Group, Inc.(a)
 
2,258
31,725
Popular, Inc.
 
10,667
1,222,225
Preferred Bank/Los Angeles CA
 
621
56,399
Primis Financial Corp.
 
3,932
43,999
Princeton Bancorp, Inc.
 
1,181
35,654
Prosperity Bancshares, Inc.
 
14,417
960,461
Provident Bancorp, Inc.(a)
 
1,698
20,733
Provident Financial Services, Inc.
 
11,727
213,666
QCR Holdings, Inc.
 
2,635
187,085
RBB Bancorp
 
3,188
57,735
Red River Bancshares, Inc.
 
743
44,706
Renasant Corp.
 
14,281
523,256
Republic Bancorp, Inc., Class A
 
1,406
96,817
Richmond Mutual BanCorp, Inc.
 
699
9,674
Riverview Bancorp, Inc.
 
1,844
9,091
S&T Bancorp, Inc.
 
5,859
214,674
SB Financial Group, Inc.
 
640
12,038
Seacoast Banking Corp. of Florida
 
12,987
366,104
ServisFirst Bancshares, Inc.
 
7,800
613,470
Shore Bancshares, Inc.
 
5,379
83,428
Sierra Bancorp
 
2,138
62,686
Simmons First National Corp., Class A
 
21,414
410,506
SmartFinancial, Inc.
 
2,255
77,256
Sound Financial Bancorp, Inc.
 
212
9,763
South Plains Financial, Inc.
 
2,102
78,005
Southern First Bancshares, Inc.(a)
 
1,241
51,576
Southern Missouri Bancorp, Inc.
 
1,499
81,081
Southside Bancshares, Inc.
 
4,415
129,978
SouthState Corp.
 
15,644
1,473,195
Stellar Bancorp, Inc.
 
7,574
223,660
Sterling Bancorp, Inc.(a)(c)
 
2,210
—
Stock Yards Bancorp, Inc.
 
4,049
302,703
Synovus Financial Corp.
 
22,176
1,047,594
Texas Capital Bancshares, Inc.(a)
 
7,014
588,966
TFS Financial Corp.
 
8,591
112,628
Third Coast Bancshares, Inc.(a)
 
1,731
65,172
Timberland Bancorp, Inc.
 
1,278
39,989
Security
 
 
Shares
Value
Banks (continued)
Tompkins Financial Corp.
 
2,122
$ 137,251
Towne Bank/Portsmouth VA
 
11,448
401,023
TriCo Bancshares
 
5,461
224,556
Triumph Financial, Inc.(a)
 
3,409
193,358
TrustCo Bank Corp./New York
 
2,733
91,719
Trustmark Corp.
 
8,606
320,573
UMB Financial Corp.
 
11,192
1,231,008
Union Bankshares, Inc.
 
368
10,013
United Bankshares, Inc.
 
21,791
774,016
United Community Banks, Inc.
 
18,536
565,348
United Security Bancshares
 
1,124
9,610
Unity Bancorp, Inc.
 
1,288
63,254
Univest Financial Corp.
 
4,696
135,433
USCB Financial Holdings, Inc., Class A
 
1,779
29,603
Valley National Bancorp
 
75,649
701,266
Veritex Holdings, Inc.
 
8,074
256,107
Virginia National Bankshares Corp.
 
903
33,294
WaFd, Inc.
 
12,335
359,010
Washington Trust Bancorp, Inc.
 
3,466
93,374
Webster Financial Corp.
 
26,339
1,518,443
WesBanco, Inc.
 
14,653
441,495
West BanCorp, Inc.
 
2,424
43,608
Westamerica BanCorp
 
3,948
189,109
Western Alliance Bancorp
 
16,947
1,314,409
Western New England Bancorp, Inc.
 
3,226
34,357
Wintrust Financial Corp.
 
10,515
1,345,710
WSFS Financial Corp.
 
8,894
487,747
Zions Bancorp N.A.
 
22,400
1,201,088
 
 
63,651,348
Beverages — 0.4%
Boston Beer Co., Inc., Class A(a)
 
1,259
260,714
Celsius Holdings, Inc.(a)
 
25,380
1,150,729
Coca-Cola Consolidated, Inc.
 
8,094
904,504
MGP Ingredients, Inc.
 
2,152
60,859
National Beverage Corp.(a)
 
3,491
159,958
Primo Brands Corp.
 
39,709
1,096,365
Vita Coco Co., Inc.(a)
 
5,929
209,057
Zevia PBC, Class A(a)(b)
 
5,455
16,910
 
 
3,859,096
Biotechnology — 4.4%
4D Molecular Therapeutics, Inc.(a)
 
5,630
25,335
89bio, Inc.(a)(b)
 
19,277
183,131
Abeona Therapeutics, Inc.(a)
 
7,346
46,794
Absci Corp.(a)(b)
 
16,986
48,070
ACADIA Pharmaceuticals, Inc.(a)
 
19,087
454,843
ADC Therapeutics SA(a)(b)
 
12,004
33,251
ADMA Biologics, Inc.(a)
 
35,273
659,605
Agios Pharmaceuticals, Inc.(a)
 
8,554
318,380
Akebia Therapeutics, Inc.(a)(b)
 
39,452
145,381
Akero Therapeutics, Inc.(a)
 
10,629
519,227
Aldeyra Therapeutics, Inc.(a)
 
9,821
49,007
Alector, Inc.(a)(b)
 
9,387
13,987
Alkermes PLC(a)
 
24,852
658,329
Allogene Therapeutics, Inc.(a)(b)
 
21,990
27,048
Altimmune, Inc.(a)(b)
 
10,771
39,745
Amicus Therapeutics, Inc.(a)
 
41,674
249,627
AnaptysBio, Inc.(a)(b)
 
2,976
73,061
Anavex Life Sciences Corp.(a)(b)
 
13,159
148,697
Anika Therapeutics, Inc.(a)
 
1,887
15,577
Annexon, Inc.(a)
 
12,220
29,328
Apellis Pharmaceuticals, Inc.(a)
 
16,746
374,106
Apogee Therapeutics, Inc.(a)(b)
 
4,974
190,305
16
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Biotechnology (continued)
Arbutus Biopharma Corp.(a)(b)
 
22,306
$ 73,164
Arcellx, Inc.(a)
 
5,721
408,422
Arcturus Therapeutics Holdings, Inc.(a)
 
3,681
44,945
Arcus Biosciences, Inc.(a)
 
11,691
106,739
Arcutis Biotherapeutics, Inc.(a)(b)
 
16,575
241,663
Ardelyx, Inc.(a)
 
36,350
154,124
ArriVent Biopharma, Inc.(a)
 
3,171
61,866
Arrowhead Pharmaceuticals, Inc.(a)
 
18,502
292,332
ARS Pharmaceuticals, Inc.(a)(b)
 
8,342
147,487
Astria Therapeutics, Inc.(a)
 
7,000
48,440
aTyr Pharma, Inc.(a)(b)
 
13,663
64,489
Aura Biosciences, Inc.(a)(b)
 
6,875
47,369
Aurinia Pharmaceuticals, Inc.(a)(b)
 
18,815
173,945
Avidity Biosciences, Inc.(a)(b)
 
17,475
641,507
Avita Medical, Inc.(a)(b)
 
4,188
22,196
Beam Therapeutics, Inc.(a)(b)
 
14,614
288,042
Benitec Biopharma, Inc.(a)
 
2,312
25,270
Bicara Therapeutics, Inc.(a)(b)
 
5,641
62,672
BioCryst Pharmaceuticals, Inc.(a)
 
32,030
260,724
Biohaven Ltd.(a)
 
13,324
201,192
Bridgebio Pharma, Inc.(a)(b)
 
24,147
1,141,429
Bright Minds Biosciences, Inc.(a)
 
1,036
34,986
Candel Therapeutics, Inc.(a)(b)
 
6,583
42,427
Capricor Therapeutics, Inc.(a)(b)
 
5,410
44,254
Cardiff Oncology, Inc.(a)(b)
 
7,264
17,216
CareDx, Inc.(a)
 
8,164
100,295
Cargo Therapeutics, Inc.(a)
 
4,399
19,664
Cartesian Therapeutics, Inc.(a)(b)
 
1,749
22,405
Catalyst Pharmaceuticals, Inc.(a)
 
17,268
368,326
Celcuity, Inc.(a)
 
4,484
175,616
Celldex Therapeutics, Inc.(a)
 
9,923
218,108
CG oncology, Inc.(a)(b)
 
8,369
223,369
Cidara Therapeutics, Inc.(a)
 
2,559
162,010
Cogent Biosciences, Inc.(a)
 
16,213
185,152
Coherus Oncology, Inc.(a)
 
22,239
20,909
Compass Therapeutics, Inc.(a)
 
16,644
49,433
Corvus Pharmaceuticals, Inc.(a)(b)
 
8,512
35,495
Crinetics Pharmaceuticals, Inc.(a)
 
14,097
403,033
CRISPR Therapeutics AG(a)(b)
 
12,749
717,259
Cullinan Therapeutics, Inc.(a)
 
7,949
61,764
Cytokinetics, Inc.(a)
 
17,874
672,777
Day One Biopharmaceuticals, Inc.(a)(b)
 
12,598
84,533
Denali Therapeutics, Inc.(a)
 
20,516
283,736
Design Therapeutics, Inc.(a)
 
3,449
13,348
DiaMedica Therapeutics, Inc.(a)
 
3,522
14,863
Dianthus Therapeutics, Inc.(a)(b)
 
3,140
64,904
Disc Medicine, Inc.(a)(b)
 
3,739
223,443
Dynavax Technologies Corp.(a)
 
16,979
186,429
Dyne Therapeutics, Inc.(a)
 
14,530
143,120
Editas Medicine, Inc.(a)
 
12,174
30,557
Eledon Pharmaceuticals, Inc.(a)
 
10,548
33,226
Emergent BioSolutions, Inc.(a)(b)
 
8,380
49,274
Enanta Pharmaceuticals, Inc.(a)
 
3,569
27,053
Entrada Therapeutics, Inc.(a)(b)
 
4,226
24,849
Erasca, Inc.(a)(b)
 
25,319
35,826
Exact Sciences Corp.(a)
 
28,811
1,352,676
Exelixis, Inc.(a)
 
41,720
1,511,098
Fate Therapeutics, Inc.(a)
 
12,442
13,686
Fennec Pharmaceuticals, Inc.(a)
 
2,977
24,352
Foghorn Therapeutics, Inc.(a)
 
4,633
24,323
Geron Corp.(a)
 
89,946
103,438
Gossamer Bio, Inc.(a)(b)
 
29,510
60,200
GRAIL, Inc.(a)
 
4,707
161,026
Security
 
 
Shares
Value
Biotechnology (continued)
Greenwich Lifesciences, Inc.(a)(b)
 
1,301
$ 14,233
Gyre Therapeutics, Inc.(a)(b)
 
1,694
11,943
Halozyme Therapeutics, Inc.(a)
 
18,915
1,134,333
Heron Therapeutics, Inc.(a)(b)
 
20,897
36,152
Humacyte, Inc.(a)(b)
 
18,654
44,770
Ideaya Biosciences, Inc.(a)(b)
 
13,276
323,271
ImmunityBio, Inc.(a)(b)
 
36,245
89,163
Immunome, Inc.(a)(b)
 
11,049
116,235
Immunovant, Inc.(a)
 
11,290
181,543
Inhibikase Therapeutics, Inc.(a)
 
6,891
10,888
Inhibrx Biosciences, Inc.(a)
 
1,426
31,258
Inmune Bio, Inc.(a)(b)
 
2,296
6,268
Insmed, Inc.(a)
 
27,653
2,966,614
Intellia Therapeutics, Inc.(a)(b)
 
15,631
181,945
Ionis Pharmaceuticals, Inc.(a)
 
24,302
1,044,500
Iovance Biotherapeutics, Inc.(a)(b)
 
38,501
98,948
Ironwood Pharmaceuticals, Inc., Class A(a)
 
18,530
14,157
iTeos Therapeutics, Inc.(a)
 
4,573
46,370
Jade Biosciences, Inc.(b)
 
4,960
35,662
Janux Therapeutics, Inc.(a)
 
6,093
146,323
KalVista Pharmaceuticals, Inc.(a)(b)
 
6,156
83,906
Keros Therapeutics, Inc.(a)(b)
 
5,078
72,717
Kodiak Sciences, Inc.(a)
 
5,314
34,940
Korro Bio, Inc.(a)
 
609
9,111
Krystal Biotech, Inc.(a)(b)
 
3,794
583,783
Kura Oncology, Inc.(a)
 
11,320
68,486
Kymera Therapeutics, Inc.(a)
 
7,266
317,887
Larimar Therapeutics, Inc.(a)
 
5,058
17,501
Lexeo Therapeutics, Inc.(a)
 
2,923
13,826
Madrigal Pharmaceuticals, Inc.(a)(b)
 
2,606
788,341
MannKind Corp.(a)
 
48,288
182,529
MeiraGTx Holdings PLC(a)(b)
 
7,888
60,343
Metsera, Inc.(a)(b)
 
2,703
89,172
MiMedx Group, Inc.(a)
 
18,447
132,634
Mineralys Therapeutics, Inc.(a)
 
6,190
87,588
Mirum Pharmaceuticals, Inc.(a)
 
6,813
352,096
Monopar Therapeutics, Inc.(a)(b)
 
871
35,868
Monte Rosa Therapeutics, Inc.(a)(b)
 
5,824
28,829
Myriad Genetics, Inc.(a)
 
14,428
55,404
Neurocrine Biosciences, Inc.(a)
 
14,993
1,922,552
Neurogene, Inc.(a)
 
1,645
35,812
Nkarta, Inc.(a)
 
5,860
12,716
Novavax, Inc.(a)(b)
 
22,582
150,170
Nurix Therapeutics, Inc.(a)
 
11,904
134,039
Nuvalent, Inc., Class A(a)
 
6,559
513,898
Nuvectis Pharma, Inc.(a)(b)
 
2,341
16,293
Olema Pharmaceuticals, Inc.(a)(b)
 
8,639
44,404
Organogenesis Holdings, Inc., Class A(a)(b)
 
10,612
49,027
ORIC Pharmaceuticals, Inc.(a)
 
6,234
62,153
Oruka Therapeutics, Inc.(b)
 
4,102
55,746
Palvella Therapeutics, Inc.(a)(b)
 
1,315
48,103
Perspective Therapeutics, Inc.(a)
 
7,773
29,848
Praxis Precision Medicines, Inc.(a)(b)
 
2,654
143,900
Precigen, Inc.(a)
 
21,923
37,488
Prime Medicine, Inc.(a)(b)
 
9,010
33,697
Protagonist Therapeutics, Inc.(a)
 
8,917
480,270
Protalix BioTherapeutics, Inc.(a)
 
12,426
18,142
Protara Therapeutics, Inc.(a)
 
4,023
12,471
Prothena Corp. PLC(a)
 
5,972
41,028
PTC Therapeutics, Inc.(a)
 
11,756
612,605
Puma Biotechnology, Inc.(a)
 
5,546
17,248
Recursion Pharmaceuticals, Inc., Class A(a)(b)
 
52,392
311,732
REGENXBIO, Inc.(a)
 
7,263
61,808
Schedule of Investments
17
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Biotechnology (continued)
Relay Therapeutics, Inc.(a)
 
19,702
$ 69,351
Replimune Group, Inc.(a)(b)
 
10,286
72,311
Revolution Medicines, Inc.(a)(b)
 
26,753
997,084
Rezolute, Inc.(a)(b)
 
10,301
61,291
Rhythm Pharmaceuticals, Inc.(a)
 
8,333
710,222
Rigel Pharmaceuticals, Inc.(a)(b)
 
2,880
60,653
Rocket Pharmaceuticals, Inc.(a)
 
12,490
38,094
Roivant Sciences Ltd.(a)
 
59,289
673,523
Sana Biotechnology, Inc.(a)(b)
 
22,442
91,115
Sarepta Therapeutics, Inc.(a)
 
14,189
232,983
Savara, Inc.(a)(b)
 
20,260
52,473
Scholar Rock Holding Corp.(a)(b)
 
12,434
460,680
SELLAS Life Sciences Group, Inc.(a)(b)
 
16,387
26,055
Sionna Therapeutics, Inc.(a)(b)
 
1,924
32,246
Soleno Therapeutics, Inc.(a)
 
6,104
527,813
Solid Biosciences, Inc.(a)
 
10,233
69,994
Spyre Therapeutics, Inc.(a)
 
8,076
137,050
Stoke Therapeutics, Inc.(a)(b)
 
5,800
74,530
Summit Therapeutics, Inc.(a)(b)
 
17,967
473,790
Syndax Pharmaceuticals, Inc.(a)
 
12,622
125,210
Tango Therapeutics, Inc.(a)(b)
 
11,836
71,489
Taysha Gene Therapies, Inc.(a)(b)
 
27,655
75,498
Tectonic Therapeutic, Inc.(a)
 
1,775
39,387
TG Therapeutics, Inc.(a)
 
22,139
785,934
Tonix Pharmaceuticals Holding Corp.(a)(b)
 
1,194
44,990
Tourmaline Bio, Inc.(a)
 
3,182
70,418
Travere Therapeutics, Inc.(a)
 
13,709
211,804
TuHURA Biosciences, Inc.(a)(b)
 
3,716
9,216
Twist Bioscience Corp.(a)
 
9,180
308,173
Tyra Biosciences, Inc.(a)(b)
 
3,517
38,441
Ultragenyx Pharmaceutical, Inc.(a)
 
13,919
380,267
United Therapeutics Corp.(a)
 
6,882
1,890,485
Upstream Bio, Inc.(a)(b)
 
5,366
82,153
UroGen Pharma Ltd.(a)
 
5,310
101,209
Vanda Pharmaceuticals, Inc.(a)
 
9,557
40,713
Vaxcyte, Inc.(a)(b)
 
19,118
649,056
Vera Therapeutics, Inc., Class A(a)
 
7,910
164,449
Veracyte, Inc.(a)(b)
 
12,004
282,214
Verastem, Inc.(a)(b)
 
6,853
42,283
Vericel Corp.(a)
 
7,556
264,007
Viking Therapeutics, Inc.(a)(b)
 
16,874
549,586
Vir Biotechnology, Inc.(a)
 
14,121
71,593
Viridian Therapeutics, Inc.(a)(b)
 
11,135
195,085
Voyager Therapeutics, Inc.(a)(b)
 
6,114
19,504
Xencor, Inc.(a)
 
10,315
85,821
Xenon Pharmaceuticals, Inc.(a)
 
11,680
356,707
XOMA Royalty Corp.(a)(b)
 
1,120
27,866
Y-mAbs Therapeutics, Inc.(a)
 
6,196
27,696
Zenas Biopharma, Inc.(a)(b)
 
2,606
40,940
Zymeworks, Inc.(a)(b)
 
8,635
108,456
 
 
43,267,904
Broadline Retail — 0.3%
Dillard’s, Inc., Class A(b)
 
470
219,457
Etsy, Inc.(a)
 
16,028
933,952
Groupon, Inc.(a)(b)
 
3,702
114,170
Kohl’s Corp.(b)
 
15,879
172,128
Macy’s, Inc.
 
43,811
553,333
Ollie’s Bargain Outlet Holdings, Inc.(a)
 
9,476
1,294,706
Savers Value Village, Inc.(a)
 
3,166
32,958
 
 
3,320,704
Security
 
 
Shares
Value
Building Products — 1.8%
A O Smith Corp.
 
17,888
$ 1,266,292
AAON, Inc.
 
10,404
868,733
Advanced Drainage Systems, Inc.
 
10,971
1,258,922
Allegion PLC
 
13,364
2,217,355
American Woodmark Corp.(a)
 
2,309
121,476
Apogee Enterprises, Inc.
 
3,339
140,205
Armstrong World Industries, Inc.
 
6,610
1,243,804
AZZ, Inc.
 
4,491
491,764
CSW Industrials, Inc.
 
2,481
643,770
Fortune Brands Innovations, Inc.
 
18,986
1,035,496
Gibraltar Industries, Inc.(a)
 
4,506
297,531
Griffon Corp.
 
6,147
499,567
Hayward Holdings, Inc.(a)
 
31,149
479,072
Insteel Industries, Inc.
 
2,821
101,838
Janus International Group, Inc.(a)
 
21,117
180,973
JELD-WEN Holding, Inc.(a)
 
12,764
57,438
Masterbrand, Inc.(a)
 
19,399
213,971
Owens Corning
 
13,216
1,842,707
Quanex Building Products Corp.
 
7,094
138,191
Resideo Technologies, Inc.(a)(b)
 
22,716
620,147
Simpson Manufacturing Co., Inc.
 
6,430
1,153,735
Tecnoglass, Inc.
 
3,717
290,037
Trex Co., Inc.(a)
 
16,468
1,057,904
UFP Industries, Inc.
 
9,335
914,830
Zurn Elkay Water Solutions Corp.
 
22,924
1,014,387
 
 
18,150,145
Capital Markets — 3.2%
Acadian Asset Management, Inc.
 
4,657
194,616
Affiliated Managers Group, Inc.
 
4,424
928,465
AlTi Global, Inc., Class A(a)(b)
 
7,870
32,188
Artisan Partners Asset Management, Inc., Class A
 
10,453
472,998
Bakkt Holdings, Inc., Class A(a)
 
996
9,860
BGC Group, Inc., Class A
 
56,550
524,219
Carlyle Group, Inc.
 
40,937
2,483,238
Cohen & Steers, Inc.
 
4,595
338,008
Diamond Hill Investment Group, Inc., Class A
 
659
89,341
DigitalBridge Group, Inc.(b)
 
26,824
288,090
Donnelley Financial Solutions, Inc.(a)
 
4,096
216,924
Evercore, Inc., Class A
 
5,711
1,719,811
FactSet Research Systems, Inc.
 
5,935
2,391,211
Forge Global Holdings, Inc.(a)
 
1,269
27,816
Franklin Resources, Inc.
 
48,956
1,174,944
Freedom Holding Corp.(a)(b)
 
2,779
516,380
GCM Grosvenor, Inc., Class A
 
8,783
103,552
Hamilton Lane, Inc., Class A
 
6,240
950,352
Houlihan Lokey, Inc., Class A
 
8,723
1,663,127
Invesco Ltd.
 
56,598
1,189,124
Janus Henderson Group PLC
 
20,605
892,197
Jefferies Financial Group, Inc.
 
24,132
1,391,451
Lazard, Inc.
 
17,523
910,846
Marex Group PLC
 
5,205
200,809
MarketAxess Holdings, Inc.
 
5,671
1,165,391
MarketWise, Inc., Class A
 
640
11,776
Moelis & Co., Class A
 
5,617
393,976
Morningstar, Inc.
 
3,628
1,002,997
Open Lending Corp.(a)
 
15,919
34,863
P10, Inc., Class A
 
3,292
40,492
Patria Investments Ltd., Class A
 
10,041
140,072
Perella Weinberg Partners, Class A
 
10,192
203,228
Piper Sandler Cos.
 
2,795
881,319
PJT Partners, Inc., Class A
 
3,665
654,642
SEI Investments Co.
 
16,538
1,457,329
18
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Capital Markets (continued)
Siebert Financial Corp.(a)
 
2,509
$ 10,212
Silvercrest Asset Management Group, Inc., Class A
 
2,576
42,143
StepStone Group, Inc., Class A
 
10,058
597,043
Stifel Financial Corp.
 
16,207
1,849,543
StoneX Group, Inc.(a)
 
7,150
695,266
TPG, Inc., Class A
 
20,650
1,178,495
Value Line, Inc.
 
72
2,674
Victory Capital Holdings, Inc., Class A
 
7,278
501,527
Virtu Financial, Inc., Class A
 
12,985
573,158
Virtus Investment Partners, Inc.
 
1,217
235,258
Westwood Holdings Group, Inc.
 
1,819
31,796
WisdomTree, Inc.
 
20,111
266,873
XP, Inc., Class A
 
63,105
1,018,515
 
 
31,698,155
Chemicals — 1.9%
AdvanSix, Inc.
 
4,085
82,190
Albemarle Corp.
 
18,239
1,237,516
American Vanguard Corp.
 
4,706
18,165
Arq, Inc.(a)
 
4,881
26,113
Ashland, Inc.
 
7,360
379,482
ASP Isotopes, Inc.(a)
 
8,489
76,995
Aspen Aerogels, Inc.(a)
 
9,731
74,540
Avient Corp.
 
14,339
452,682
Axalta Coating Systems Ltd.(a)
 
33,942
961,237
Balchem Corp.
 
4,880
744,054
Cabot Corp.
 
8,435
608,838
Celanese Corp., Class A
 
17,347
906,034
Chemours Co.
 
23,687
283,770
Core Molding Technologies, Inc.(a)(b)
 
749
12,463
Eastman Chemical Co.
 
18,000
1,306,980
Ecovyst, Inc.(a)
 
16,648
143,339
Element Solutions, Inc.
 
34,879
823,144
Flotek Industries, Inc.(a)(b)
 
2,355
28,378
FMC Corp.
 
19,164
748,163
Ginkgo Bioworks Holdings, Inc.(a)(b)
 
5,984
78,630
Hawkins, Inc.
 
2,957
482,819
HB Fuller Co.
 
8,347
469,101
Huntsman Corp.
 
25,432
246,690
Ingevity Corp.(a)
 
5,567
232,645
Innospec, Inc.
 
3,756
300,104
Intrepid Potash, Inc.(a)
 
1,632
54,313
Koppers Holdings, Inc.
 
3,134
102,983
Kronos Worldwide, Inc.
 
3,945
21,106
LSB Industries, Inc.(a)
 
8,794
67,978
Mativ Holdings, Inc.
 
8,107
53,668
Minerals Technologies, Inc.
 
4,961
288,482
Mosaic Co.
 
49,080
1,767,371
NewMarket Corp.
 
915
628,605
Olin Corp.
 
18,839
356,811
Orion SA
 
8,810
85,457
Perimeter Solutions, Inc.(a)
 
21,267
343,037
PureCycle Technologies, Inc.(a)(b)
 
20,078
269,246
Quaker Chemical Corp.
 
2,194
251,038
Rayonier Advanced Materials, Inc.(a)
 
9,905
38,035
RPM International, Inc.
 
19,731
2,316,617
Scotts Miracle-Gro Co.
 
6,783
425,023
Sensient Technologies Corp.
 
6,475
727,078
Solesence, Inc.(a)
 
2,587
8,873
Stepan Co.
 
3,292
167,135
Security
 
 
Shares
Value
Chemicals (continued)
Trinseo PLC
 
5,586
$ 14,915
Tronox Holdings PLC
 
18,292
58,352
Valhi, Inc.
 
773
12,136
 
 
18,782,331
Commercial Services & Supplies — 1.2%
ABM Industries, Inc.
 
9,679
446,492
ACCO Brands Corp.
 
11,796
44,235
Acme United Corp.
 
726
29,171
ACV Auctions, Inc., Class A(a)(b)
 
26,208
372,416
BrightView Holdings, Inc.(a)(b)
 
9,176
146,357
Brink’s Co.
 
6,691
584,392
Casella Waste Systems, Inc., Class A(a)
 
9,518
1,034,892
CECO Environmental Corp.(a)(b)
 
4,434
199,308
Cimpress PLC(a)(b)
 
2,369
131,029
Clean Harbors, Inc.(a)
 
7,905
1,864,078
CompX International, Inc.
 
59
1,375
CoreCivic, Inc.(a)
 
16,378
328,215
Deluxe Corp.
 
7,116
114,568
Driven Brands Holdings, Inc.(a)(b)
 
9,043
152,827
Ennis, Inc.
 
3,613
64,311
Enviri Corp.(a)
 
12,023
108,207
GEO Group, Inc.(a)
 
21,126
547,586
Healthcare Services Group, Inc.(a)
 
11,309
147,130
HNI Corp.
 
7,251
372,991
Interface, Inc., Class A
 
8,942
184,384
Liquidity Services, Inc.(a)
 
3,621
86,470
MillerKnoll, Inc.
 
10,718
203,428
Montrose Environmental Group, Inc.(a)(b)
 
4,905
111,294
MSA Safety, Inc.
 
5,721
1,017,594
NL Industries, Inc.
 
1,499
9,249
OPENLANE, Inc.(a)
 
16,365
403,234
Perma-Fix Environmental Services, Inc.(a)(b)
 
2,512
28,938
Pitney Bowes, Inc.
 
8,042
91,357
Quad/Graphics, Inc., Class A
 
5,703
30,397
Steelcase, Inc., Class A
 
14,114
145,798
Tetra Tech, Inc.
 
41,549
1,526,510
UniFirst Corp.
 
2,307
394,566
Vestis Corp.
 
17,647
106,941
Virco Mfg. Corp.
 
1,166
9,025
VSE Corp.
 
3,154
493,727
 
 
11,532,492
Communications Equipment(a) — 0.9%
ADTRAN Holdings, Inc.
 
12,027
111,731
Applied Optoelectronics, Inc.(b)
 
8,342
190,782
Aviat Networks, Inc.(b)
 
1,545
33,372
BK Technologies Corp.
 
292
11,341
Calix, Inc.
 
9,104
516,106
Ciena Corp.
 
21,906
2,033,753
Clearfield, Inc.
 
1,869
81,881
CommScope Holding Co., Inc.
 
32,175
263,835
Digi International, Inc.
 
5,473
178,474
Extreme Networks, Inc.
 
19,953
352,370
F5, Inc.
 
8,944
2,803,228
Harmonic, Inc.
 
16,762
142,645
Inseego Corp.
 
1,724
11,413
Lumentum Holdings, Inc.
 
10,677
1,175,324
NETGEAR, Inc.
 
4,366
101,509
NetScout Systems, Inc.
 
10,278
220,155
Schedule of Investments
19
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Communications Equipment (continued)
Ribbon Communications, Inc.
 
14,429
$ 54,253
Viasat, Inc.
 
17,367
285,340
Viavi Solutions, Inc.
 
33,799
339,680
 
 
8,907,192
Construction & Engineering — 2.6%
AECOM
 
20,613
2,323,910
Ameresco, Inc., Class A(a)
 
4,984
84,329
API Group Corp.(a)
 
57,222
2,063,997
Arcosa, Inc.
 
7,459
640,579
Argan, Inc.
 
2,031
497,554
Bowman Consulting Group Ltd.(a)
 
2,091
72,516
Centuri Holdings, Inc.(a)(b)
 
2,632
57,378
Comfort Systems USA, Inc.
 
5,393
3,792,897
Concrete Pumping Holdings, Inc.
 
4,872
33,276
Construction Partners, Inc., Class A(a)(b)
 
7,190
725,111
Dycom Industries, Inc.(a)
 
4,306
1,157,496
EMCOR Group, Inc.
 
6,860
4,304,581
Everus Construction Group, Inc.(a)
 
7,878
585,020
Fluor Corp.(a)
 
25,819
1,465,745
Granite Construction, Inc.
 
6,757
638,334
Great Lakes Dredge & Dock Corp.(a)
 
10,072
111,598
IES Holdings, Inc.(a)
 
1,392
491,473
Limbach Holdings, Inc.(a)(b)
 
1,576
215,912
MasTec, Inc.(a)
 
9,677
1,830,985
Matrix Service Co.(a)
 
3,991
60,982
MYR Group, Inc.(a)
 
2,379
460,336
NWPX Infrastructure, Inc.(a)
 
1,333
55,693
Orion Group Holdings, Inc.(a)(b)
 
5,778
42,815
Primoris Services Corp.
 
8,307
782,270
Sterling Infrastructure, Inc.(a)
 
4,591
1,228,506
Tutor Perini Corp.(a)(b)
 
6,878
331,176
Valmont Industries, Inc.
 
3,088
1,123,878
WillScot Holdings Corp., Class A
 
28,268
829,666
 
 
26,008,013
Construction Materials — 0.3%
Eagle Materials, Inc.
 
5,079
1,139,169
James Hardie Industries PLC(a)
 
22,667
587,982
Knife River Corp.(a)
 
8,724
719,555
Smith-Midland Corp.(a)
 
588
20,445
Titan America SA
 
3,597
51,617
United States Lime & Minerals Inc
 
1,607
160,025
 
 
2,678,793
Consumer Finance — 1.3%
Ally Financial, Inc.
 
43,604
1,650,411
Atlanticus Holdings Corp.(a)(b)
 
1,005
49,878
Bread Financial Holdings, Inc.
 
3,607
221,109
Consumer Portfolio Services, Inc.(a)
 
1,657
13,090
Credit Acceptance Corp.(a)(b)
 
1,089
533,915
Dave, Inc., Class A(a)
 
1,437
338,845
Encore Capital Group, Inc.(a)
 
3,656
134,833
Enova International, Inc.(a)
 
3,919
409,771
FirstCash Holdings, Inc.
 
6,189
824,932
Green Dot Corp., Class A(a)
 
8,647
87,508
LendingClub Corp.(a)
 
17,974
280,215
LendingTree, Inc.(a)
 
1,624
75,808
Medallion Financial Corp.
 
3,591
36,664
Navient Corp.
 
13,954
180,565
Nelnet, Inc., Class A
 
2,362
294,707
NerdWallet, Inc., Class A(a)
 
6,125
64,864
OneMain Holdings, Inc.
 
19,352
1,118,352
Security
 
 
Shares
Value
Consumer Finance (continued)
Oportun Financial Corp.(a)
 
5,406
$ 33,139
OppFi, Inc., Class A
 
3,713
39,506
PRA Group, Inc.(a)
 
6,204
94,301
PROG Holdings, Inc.
 
6,186
196,962
Regional Management Corp.
 
1,483
49,295
SLM Corp.
 
32,657
1,038,492
SoFi Technologies, Inc.(a)
 
165,221
3,730,690
Upstart Holdings, Inc.(a)(b)
 
12,955
1,058,942
World Acceptance Corp.(a)
 
614
96,594
 
 
12,653,388
Consumer Staples Distribution & Retail — 1.9%
Albertsons Cos., Inc., Class A
 
64,857
1,246,552
Andersons, Inc.
 
5,149
184,952
BJ’s Wholesale Club Holdings, Inc.(a)
 
20,269
2,146,487
Casey’s General Stores, Inc.
 
5,730
2,980,345
Chefs’ Warehouse, Inc.(a)
 
5,434
372,555
Grocery Outlet Holding Corp.(a)
 
14,582
192,045
Guardian Pharmacy Services, Inc., Class A(a)(b)
 
2,050
42,845
HF Foods Group, Inc.(a)
 
4,561
12,360
Ingles Markets, Inc., Class A
 
2,056
129,384
Maplebear, Inc.(a)
 
26,601
1,276,050
Natural Grocers by Vitamin Cottage, Inc.
 
1,981
75,060
Performance Food Group Co.(a)
 
23,700
2,379,480
PriceSmart, Inc.
 
3,799
408,393
SpartanNash Co.
 
5,147
136,601
Sprouts Farmers Market, Inc.(a)
 
15,168
2,298,559
U.S. Foods Holding Corp.(a)
 
35,670
2,972,381
United Natural Foods, Inc.(a)
 
9,055
250,280
Village Super Market, Inc., Class A
 
1,242
42,725
Walgreens Boots Alliance, Inc.
 
110,324
1,284,171
Weis Markets, Inc.
 
2,437
176,463
 
 
18,607,688
Containers & Packaging — 1.2%
AptarGroup, Inc.
 
10,043
1,578,157
Ardagh Metal Packaging SA
 
22,303
88,320
Avery Dennison Corp.
 
12,073
2,025,487
Crown Holdings, Inc.
 
18,011
1,789,573
Graphic Packaging Holding Co.
 
46,356
1,036,520
Greif, Inc., Class A
 
3,975
252,134
Greif, Inc., Class B
 
651
42,738
Myers Industries, Inc.
 
5,877
86,098
O-I Glass, Inc.(a)
 
23,779
309,365
Packaging Corp. of America
 
13,721
2,658,444
Ranpak Holdings Corp., Class A(a)
 
7,379
26,933
Sealed Air Corp.
 
22,594
661,327
Silgan Holdings, Inc.
 
13,600
632,808
Sonoco Products Co.
 
14,997
675,915
TriMas Corp.
 
5,058
180,722
 
 
12,044,541
Distributors — 0.3%
A-Mark Precious Metals, Inc.
 
2,892
61,542
GigaCloud Technology, Inc., Class A(a)(b)
 
4,044
90,060
LKQ Corp.
 
40,337
1,188,731
Pool Corp.
 
5,536
1,705,863
Weyco Group, Inc.
 
661
19,222
 
 
3,065,418
Diversified Consumer Services — 1.2%
ADT, Inc.
 
63,552
530,659
Adtalem Global Education, Inc.(a)
 
5,652
645,854
American Public Education, Inc.(a)
 
2,577
76,073
20
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Diversified Consumer Services (continued)
Bright Horizons Family Solutions, Inc.(a)
 
8,773
$ 992,226
Carriage Services, Inc.
 
1,857
83,416
Coursera, Inc.(a)
 
21,039
265,933
Duolingo, Inc., Class A(a)
 
5,822
2,017,614
European Wax Center, Inc., Class A(a)
 
3,470
16,240
Frontdoor, Inc.(a)
 
11,351
664,034
Graham Holdings Co., Class B
 
497
474,227
Grand Canyon Education, Inc.(a)
 
4,220
711,619
H&R Block, Inc.
 
20,469
1,112,285
KinderCare Learning Cos., Inc.(a)
 
4,770
45,840
Laureate Education, Inc., Class A(a)
 
19,869
449,039
Lincoln Educational Services Corp.(a)
 
5,005
114,464
Matthews International Corp., Class A
 
4,451
104,554
Mister Car Wash, Inc.(a)
 
14,384
83,068
Nerdy, Inc., Class A(a)
 
12,166
18,371
OneSpaWorld Holdings Ltd.
 
14,279
315,852
Perdoceo Education Corp.
 
9,433
271,482
Service Corp. International
 
21,596
1,647,991
Strategic Education, Inc.
 
3,640
269,888
Stride, Inc.(a)
 
6,547
839,522
Udemy, Inc.(a)
 
14,004
106,570
Universal Technical Institute, Inc.(a)
 
7,110
229,084
 
 
12,085,905
Diversified REITs — 0.2%
Alexander & Baldwin, Inc.
 
11,190
201,196
Alpine Income Property Trust, Inc.
 
860
12,083
American Assets Trust, Inc.
 
8,134
154,790
Armada Hoffler Properties, Inc.
 
11,261
76,913
Broadstone Net Lease, Inc.
 
29,451
478,284
CTO Realty Growth, Inc.
 
4,002
66,073
Essential Properties Realty Trust, Inc.
 
30,090
917,444
Gladstone Commercial Corp.
 
6,470
85,081
Global Net Lease, Inc.
 
29,955
209,385
Modiv Industrial, Inc.
 
2,033
29,174
NexPoint Diversified Real Estate Trust
 
3,872
16,998
One Liberty Properties, Inc.
 
2,324
52,011
 
 
2,299,432
Diversified Telecommunication Services — 0.5%
Anterix, Inc.(a)
 
1,888
41,932
AST SpaceMobile, Inc., Class A(a)(b)
 
26,707
1,420,011
ATN International, Inc.
 
1,101
18,882
Bandwidth, Inc., Class A(a)
 
4,060
56,475
Cogent Communications Holdings, Inc.
 
6,852
312,383
Frontier Communications Parent, Inc.(a)
 
36,359
1,335,830
GCI Liberty, Inc., Class A, Class A(a)
 
663
21,906
GCI Liberty, Inc., Class C, Class C(a)
 
3,312
110,124
Globalstar, Inc.(a)(b)
 
7,492
175,987
IDT Corp., Class B
 
2,503
147,452
Iridium Communications, Inc.
 
14,921
364,968
Liberty Global Ltd., Class A(a)
 
26,105
261,572
Liberty Global Ltd., Class C(a)
 
21,161
216,477
Liberty Latin America Ltd., Class A(a)
 
7,788
54,905
Liberty Latin America Ltd., Class C(a)
 
16,067
114,718
Lumen Technologies, Inc.(a)
 
147,761
657,536
Shenandoah Telecommunications Co.
 
7,743
113,667
 
 
5,424,825
Electric Utilities — 0.9%
ALLETE, Inc.
 
9,106
600,359
Genie Energy Ltd., Class B
 
3,246
65,959
Hawaiian Electric Industries, Inc.(a)
 
26,566
284,787
Security
 
 
Shares
Value
Electric Utilities (continued)
IDACORP, Inc.
 
8,341
$ 1,045,378
MGE Energy, Inc.
 
5,543
470,822
OGE Energy Corp.
 
31,789
1,443,856
Oklo, Inc., Class A(a)(b)
 
15,820
1,211,654
Otter Tail Corp.
 
6,046
466,630
Pinnacle West Capital Corp.
 
18,763
1,700,303
Portland General Electric Co.
 
16,847
692,749
TXNM Energy, Inc.
 
14,311
812,722
 
 
8,795,219
Electrical Equipment — 1.5%
Acuity, Inc.
 
4,792
1,491,989
Allient, Inc.
 
2,251
90,738
American Superconductor Corp.(a)
 
5,887
334,676
Amprius Technologies, Inc.(a)
 
14,629
101,379
Array Technologies, Inc.(a)(b)
 
23,242
151,073
Atkore, Inc.
 
5,311
409,053
Bloom Energy Corp., Class A(a)(b)
 
31,405
1,174,233
Complete Solaria, Inc.(a)
 
7,432
11,668
EnerSys
 
5,960
550,525
Enovix Corp.(a)(b)
 
25,122
336,635
Eos Energy Enterprises, Inc., Class A(a)(b)
 
34,669
197,613
Fluence Energy, Inc., Class A(a)(b)
 
11,792
95,751
Generac Holdings, Inc.(a)(b)
 
9,073
1,766,422
Hyliion Holdings Corp.(a)(b)
 
20,795
31,193
KULR Technology Group, Inc.(a)(b)
 
5,324
29,229
LSI Industries, Inc.
 
4,093
74,902
NANO Nuclear Energy, Inc.(a)(b)
 
4,100
145,263
Net Power, Inc., Class A(a)(b)
 
4,000
11,520
NEXTracker, Inc., Class A(a)
 
21,796
1,269,835
NuScale Power Corp., Class A(a)(b)
 
19,297
968,902
nVent Electric PLC
 
25,251
1,980,183
Plug Power, Inc.(a)(b)
 
144,529
216,794
Powell Industries, Inc.
 
1,477
350,197
Power Solutions International, Inc.(a)
 
999
93,656
Preformed Line Products Co.
 
368
56,794
Regal Rexnord Corp.
 
10,248
1,566,714
Sensata Technologies Holding PLC
 
22,507
692,315
Shoals Technologies Group, Inc., Class A(a)(b)
 
25,632
138,157
SKYX Platforms Corp.(a)
 
9,577
9,577
Sunrun, Inc.(a)(b)
 
31,962
327,930
T1 Energy, Inc.(a)(b)
 
16,980
20,206
Thermon Group Holdings, Inc.(a)
 
4,968
140,495
Vicor Corp.(a)
 
3,461
153,807
 
 
14,989,424
Electronic Equipment, Instruments & Components — 3.0%
908 Devices, Inc.(a)
 
3,169
20,757
Advanced Energy Industries, Inc.
 
5,760
800,179
Aeva Technologies, Inc.(a)(b)
 
4,700
87,608
Arlo Technologies, Inc.(a)
 
14,970
242,514
Arrow Electronics, Inc.(a)
 
8,101
939,716
Avnet, Inc.
 
13,658
723,055
Badger Meter, Inc.
 
4,531
855,272
Bel Fuse, Inc., Class A
 
212
24,280
Bel Fuse, Inc., Class B(b)
 
1,576
204,943
Belden, Inc.
 
6,186
764,899
Benchmark Electronics, Inc.
 
5,535
213,098
Climb Global Solutions, Inc.
 
653
77,054
Cognex Corp.
 
25,928
1,057,085
Coherent Corp.(a)
 
23,841
2,565,292
Crane NXT Co.
 
7,621
452,230
CTS Corp.
 
4,419
173,181
Schedule of Investments
21
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Electronic Equipment, Instruments & Components (continued)
Daktronics, Inc.(a)
 
6,272
$ 101,732
ePlus, Inc.(a)
 
4,109
266,181
Evolv Technologies Holdings, Inc., Class A(a)(b)
 
18,174
119,131
Fabrinet(a)
 
5,544
1,794,759
Flex Ltd.(a)
 
59,511
2,967,814
Frequency Electronics, Inc.
 
869
23,115
Ingram Micro Holding Corp.
 
4,017
79,215
Insight Enterprises, Inc.(a)
 
4,296
509,420
IPG Photonics Corp.(a)
 
3,879
290,498
Itron, Inc.(a)
 
6,976
868,791
Jabil, Inc.
 
16,402
3,660,434
Kimball Electronics, Inc.(a)
 
3,684
69,112
Knowles Corp.(a)
 
13,021
264,457
Littelfuse, Inc.
 
3,800
977,854
Methode Electronics, Inc.
 
5,604
36,762
MicroVision, Inc.(a)(b)
 
33,188
36,839
Mirion Technologies, Inc., Class A(a)(b)
 
32,395
724,028
M-Tron Industries, Inc.(a)
 
329
14,469
Napco Security Technologies, Inc.
 
5,284
161,321
Neonode, Inc.(a)(b)
 
1,683
33,946
nLight, Inc.(a)
 
7,336
154,129
Novanta, Inc.(a)
 
5,443
669,598
OSI Systems, Inc.(a)
 
2,441
539,485
Ouster, Inc.(a)
 
7,751
181,218
PAR Technology Corp.(a)(b)
 
6,260
380,483
PC Connection, Inc.
 
1,916
118,006
Plexus Corp.(a)
 
4,132
526,830
Powerfleet, Inc.(a)
 
19,363
78,614
Red Cat Holdings, Inc.(a)(b)
 
11,987
99,252
Richardson Electronics Ltd.
 
1,153
11,622
Rogers Corp.(a)
 
2,783
182,509
Sanmina Corp.(a)
 
8,029
931,685
ScanSource, Inc.(a)
 
3,584
139,203
TD SYNNEX Corp.
 
12,358
1,784,372
TTM Technologies, Inc.(a)
 
15,530
733,792
Vishay Intertechnology, Inc.
 
18,473
302,772
Vishay Precision Group, Inc.(a)
 
1,793
47,550
Vontier Corp.
 
23,130
959,201
Vuzix Corp.(a)
 
10,266
20,635
 
 
30,061,997
Energy Equipment & Services — 1.0%
Archrock, Inc.
 
25,509
595,890
Aris Water Solutions, Inc., Class A
 
4,743
100,884
Atlas Energy Solutions, Inc.
 
11,351
147,563
Borr Drilling Ltd.
 
37,648
76,425
Bristow Group, Inc.(a)
 
4,279
147,925
Cactus, Inc., Class A
 
10,362
438,416
Core Laboratories, Inc.
 
7,274
79,578
DMC Global, Inc.(a)
 
2,787
22,547
Energy Services of America Corp.(b)
 
2,047
22,374
Expro Group Holdings NV(a)(b)
 
15,503
167,122
Flowco Holdings, Inc., Class A
 
3,219
60,195
Forum Energy Technologies, Inc.(a)
 
1,352
26,648
Helix Energy Solutions Group, Inc.(a)
 
21,945
130,134
Helmerich & Payne, Inc.
 
14,973
242,712
Innovex International, Inc.(a)
 
5,605
92,034
Kodiak Gas Services, Inc.
 
8,125
262,681
Liberty Energy, Inc., Class A
 
24,817
306,242
Mammoth Energy Services, Inc.(a)
 
3,130
8,138
Nabors Industries Ltd.(a)(b)
 
2,045
71,125
National Energy Services Reunited Corp.(a)(b)
 
8,702
58,042
Security
 
 
Shares
Value
Energy Equipment & Services (continued)
Natural Gas Services Group, Inc.(a)
 
1,340
$ 32,281
Noble Corp. PLC
 
19,331
518,264
NOV, Inc.(b)
 
58,848
740,308
Oceaneering International, Inc.(a)
 
15,152
328,798
Oil States International, Inc.(a)
 
9,214
45,978
Patterson-UTI Energy, Inc.
 
55,111
325,706
ProFrac Holding Corp., Class A(a)(b)
 
1,901
13,345
ProPetro Holding Corp.(a)
 
12,372
66,314
Ranger Energy Services, Inc., Class A
 
2,196
29,404
RPC, Inc.
 
13,983
65,021
SEACOR Marine Holdings, Inc.(a)
 
2,135
10,675
Seadrill Ltd.(a)(b)
 
10,073
293,729
Select Water Solutions, Inc., Class A
 
14,290
137,613
Solaris Energy Infrastructure, Inc., Class A
 
5,638
184,194
TechnipFMC PLC
 
64,435
2,343,501
TETRA Technologies, Inc.(a)
 
20,168
82,689
Tidewater, Inc.(a)(b)
 
7,740
387,077
Transocean Ltd.(a)(b)
 
112,003
327,049
Valaris Ltd.(a)
 
9,876
480,270
Weatherford International PLC
 
11,159
631,041
 
 
10,099,932
Entertainment — 0.5%
AMC Entertainment Holdings, Inc., Class A(a)
 
66,724
193,500
Atlanta Braves Holdings, Inc., Class A(a)
 
1,302
61,324
Atlanta Braves Holdings, Inc., Class C(a)
 
6,945
309,469
Cinemark Holdings, Inc.
 
16,524
444,000
CuriosityStream, Inc., Class A
 
5,521
26,777
Eventbrite, Inc., Class A(a)
 
13,436
32,784
Gaia, Inc., Class A(a)
 
2,447
10,277
Golden Matrix Group, Inc.(a)(b)
 
1,150
1,708
IMAX Corp.(a)
 
6,525
168,280
Liberty Media Corp.-Liberty Live, Class A(a)
 
3,162
258,652
Liberty Media Corp.-Liberty Live, Class C(a)
 
7,056
594,327
Lionsgate Studios Corp.(a)(b)
 
29,123
172,408
Madison Square Garden Entertainment Corp.,
Class A(a)
 
5,964
225,379
Madison Square Garden Sports Corp., Class A(a)
 
2,443
493,730
Marcus Corp.
 
3,510
57,459
Playstudios, Inc., Class A(a)
 
19,532
22,462
Playtika Holding Corp.
 
9,711
43,262
Reservoir Media, Inc.(a)
 
1,932
15,340
Roku, Inc., Class A(a)
 
20,023
1,885,366
Sphere Entertainment Co., Class A(a)(b)
 
4,264
183,565
Starz Entertainment Corp.(a)(b)
 
1,749
25,448
Vivid Seats, Inc., Class A(a)
 
12,725
19,724
 
 
5,245,241
Financial Services — 2.2%
Acacia Research Corp.(a)(b)
 
3,963
14,029
Affirm Holdings, Inc., Class A(a)
 
41,610
2,852,782
Alerus Financial Corp.
 
3,558
75,216
AvidXchange Holdings, Inc.(a)
 
27,094
267,147
Banco Latinoamericano de Comercio Exterior SA
 
4,894
195,564
Better Home & Finance Holding Co.(a)
 
746
9,653
Burford Capital Ltd.
 
29,755
382,352
Cannae Holdings, Inc.
 
8,599
183,847
Cantaloupe, Inc.(a)
 
8,091
89,567
Cass Information Systems, Inc.
 
2,181
87,262
Compass Diversified Holdings
 
10,951
69,977
Enact Holdings, Inc.
 
5,240
182,142
Equitable Holdings, Inc.
 
29,699
1,525,044
Essent Group Ltd.
 
15,262
854,519
22
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Financial Services (continued)
Euronet Worldwide, Inc.(a)
 
6,330
$ 615,149
EVERTEC, Inc.
 
9,894
357,668
Federal Agricultural Mortgage Corp., Class C
 
1,526
262,884
Finance Of America Cos., Inc., Class A(a)(b)
 
892
19,205
Flywire Corp.(a)
 
18,659
203,197
HA Sustainable Infrastructure Capital, Inc.
 
19,063
495,066
International Money Express, Inc.(a)
 
4,799
43,143
Jack Henry & Associates, Inc.
 
11,263
1,912,626
Jackson Financial, Inc., Class A
 
6,948
608,367
loanDepot, Inc., Class A(a)
 
14,986
23,828
Marqeta, Inc., Class A(a)
 
59,868
341,248
Merchants Bancorp
 
4,065
119,105
MGIC Investment Corp.
 
36,347
941,387
Mr. Cooper Group, Inc.(a)
 
9,790
1,524,499
NCR Atleos Corp.(a)
 
11,382
348,289
NewtekOne, Inc.
 
5,558
63,584
NMI Holdings, Inc., Class A(a)
 
12,284
458,439
Onity Group, Inc.(a)
 
962
36,287
Pagseguro Digital Ltd., Class A
 
27,593
216,053
Payoneer Global, Inc.(a)
 
42,860
281,590
Paysafe Ltd.(a)(b)
 
5,129
62,317
Paysign, Inc.(a)
 
5,335
39,692
PennyMac Financial Services, Inc., Class A
 
4,532
422,111
Priority Technology Holdings, Inc.(a)
 
4,372
29,948
Radian Group, Inc.
 
21,997
717,322
Remitly Global, Inc.(a)
 
24,009
396,149
Repay Holdings Corp., Class A(a)(b)
 
11,807
58,090
Security National Financial Corp., Class A(a)
 
2,058
17,452
Sezzle, Inc.(a)(b)
 
2,270
351,487
Shift4 Payments, Inc., Class A(a)(b)
 
10,280
1,058,840
StoneCo Ltd., Class A(a)
 
37,198
475,390
SWK Holdings Corp.
 
726
10,810
Triller Group, Inc.(a)(b)
 
16,328
8,802
UWM Holdings Corp., Class A
 
26,367
105,995
Velocity Financial, Inc.(a)
 
1,622
26,925
Voya Financial, Inc.
 
15,307
1,071,490
Walker & Dunlop, Inc.
 
5,046
378,501
Waterstone Financial, Inc.
 
2,790
37,135
Western Union Co.
 
45,994
370,252
WEX, Inc.(a)
 
5,318
902,358
 
 
22,201,781
Food Products — 1.0%
Alico, Inc.(b)
 
665
21,466
B&G Foods, Inc.
 
11,206
45,945
Beyond Meat, Inc.(a)(b)
 
11,476
34,887
BRC, Inc., Class A(a)(b)
 
5,907
10,042
Calavo Growers, Inc.
 
2,445
64,303
Cal-Maine Foods, Inc.
 
7,071
785,871
Darling Ingredients, Inc.(a)
 
24,284
786,316
Dole PLC
 
10,432
148,552
Flowers Foods, Inc.
 
29,660
470,111
Fresh Del Monte Produce, Inc.
 
5,111
192,122
Freshpet, Inc.(a)
 
7,371
503,587
Hain Celestial Group, Inc.(a)
 
12,777
20,060
Ingredion, Inc.
 
10,004
1,315,926
J & J Snack Foods Corp.
 
2,271
256,373
John B Sanfilippo & Son, Inc.
 
1,127
71,350
Lamb Weston Holdings, Inc.
 
21,136
1,206,231
Lifeway Foods, Inc.(a)
 
950
23,959
Limoneira Co.
 
2,273
33,368
Mama’s Creations, Inc.(a)
 
5,224
43,150
Security
 
 
Shares
Value
Food Products (continued)
Marzetti Co.
 
3,052
$ 542,524
Mission Produce, Inc.(a)
 
6,805
83,974
Pilgrim’s Pride Corp.
 
6,467
306,471
Post Holdings, Inc.(a)
 
7,838
829,339
Seaboard Corp.
 
41
129,854
Seneca Foods Corp., Class A(a)
 
662
69,331
Simply Good Foods Co.(a)
 
13,980
425,831
Smithfield Foods, Inc.
 
4,131
99,640
SunOpta, Inc.(a)(b)
 
14,147
82,477
Tootsie Roll Industries, Inc.
 
2,503
94,939
TreeHouse Foods, Inc.(a)
 
7,629
146,629
Utz Brands, Inc., Class A
 
10,819
140,972
Vital Farms, Inc.(a)
 
5,102
189,794
Westrock Coffee Co.(a)(b)
 
5,837
38,816
WK Kellogg Co.
 
9,456
217,961
 
 
9,432,171
Gas Utilities — 0.7%
Brookfield Infrastructure Corp., Class A(b)
 
18,391
717,985
Chesapeake Utilities Corp.
 
3,384
405,674
MDU Resources Group, Inc.
 
31,831
549,085
National Fuel Gas Co.
 
13,958
1,211,415
New Jersey Resources Corp.
 
15,584
715,461
Northwest Natural Holding Co.
 
5,855
233,732
ONE Gas, Inc.
 
9,185
667,749
RGC Resources, Inc.
 
698
14,058
Southwest Gas Holdings, Inc.
 
9,969
778,978
Spire, Inc.
 
8,904
663,081
UGI Corp.
 
33,620
1,216,371
 
 
7,173,589
Ground Transportation — 1.0%
ArcBest Corp.
 
3,701
270,654
Avis Budget Group, Inc.(a)
 
2,633
448,242
Covenant Logistics Group, Inc., Class A
 
2,300
55,545
FTAI Infrastructure, Inc.
 
15,759
98,809
Heartland Express, Inc.
 
5,677
44,394
Hertz Global Holdings, Inc.(a)(b)
 
18,416
118,047
Knight-Swift Transportation Holdings, Inc.
 
24,433
1,038,402
Landstar System, Inc.
 
5,222
696,458
Lyft, Inc., Class A(a)
 
61,804
868,964
Marten Transport Ltd.
 
8,099
98,484
PAMT Corp.(a)
 
732
8,294
Proficient Auto Logistics, Inc.(a)(b)
 
4,257
29,416
RXO, Inc.(a)(b)
 
24,413
377,181
Ryder System, Inc.
 
6,289
1,117,618
Saia, Inc.(a)
 
4,128
1,247,647
Schneider National, Inc., Class B
 
7,977
195,038
U-Haul Holding Co.(a)
 
1,113
64,398
U-Haul Holding Co., Series N
 
15,736
818,272
Universal Logistics Holdings, Inc.
 
1,167
27,926
Werner Enterprises, Inc.
 
9,236
256,022
XPO, Inc.(a)
 
17,795
2,140,560
 
 
10,020,371
Health Care Equipment & Supplies — 1.6%
Accuray, Inc.(a)(b)
 
14,288
18,717
Alphatec Holdings, Inc.(a)(b)
 
17,734
187,626
AngioDynamics, Inc.(a)
 
6,128
54,294
Anteris Technologies Global Corp.(a)
 
3,483
11,180
Artivion, Inc.(a)
 
6,068
187,562
AtriCure, Inc.(a)
 
7,308
256,511
Avanos Medical, Inc.(a)
 
6,271
70,047
Axogen, Inc.(a)(b)
 
6,625
86,721
Schedule of Investments
23
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Health Care Equipment & Supplies (continued)
Beta Bionics, Inc.(a)(b)
 
1,792
$ 30,088
Bioventus, Inc., Class A(a)
 
7,264
47,361
Butterfly Network, Inc., Class A(a)(b)
 
29,550
50,530
Ceribell, Inc.(a)(b)
 
3,799
54,706
Cerus Corp.(a)
 
29,178
37,348
ClearPoint Neuro, Inc.(a)(b)
 
4,160
43,264
CONMED Corp.
 
4,773
244,139
CVRx, Inc.(a)(b)
 
2,551
20,306
Delcath Systems, Inc.(a)
 
4,778
51,363
DENTSPLY SIRONA, Inc.
 
31,016
443,839
Electromed, Inc.(a)
 
1,340
24,401
Embecta Corp.
 
9,025
91,694
Enovis Corp.(a)
 
8,608
230,694
Envista Holdings Corp.(a)
 
25,928
489,780
Glaukos Corp.(a)
 
8,647
744,420
Globus Medical, Inc., Class A(a)
 
17,322
911,657
Haemonetics Corp.(a)
 
7,767
575,069
ICU Medical, Inc.(a)
 
3,743
480,639
Inogen, Inc.(a)
 
3,522
22,224
Inspire Medical Systems, Inc.(a)
 
4,418
550,218
Integer Holdings Corp.(a)
 
5,283
573,258
Integra LifeSciences Holdings Corp.(a)
 
10,351
136,012
iRadimed Corp.
 
1,223
71,350
iRhythm Technologies, Inc.(a)(b)
 
4,896
686,321
Kestra Medical Technologies Ltd.(a)
 
2,080
34,320
KORU Medical Systems, Inc.(a)(b)
 
8,148
28,192
Lantheus Holdings, Inc.(a)(b)
 
10,353
737,030
LeMaitre Vascular, Inc.
 
3,033
246,401
LENSAR, Inc.(a)(b)
 
1,588
20,469
LivaNova PLC(a)
 
8,449
356,463
Lucid Diagnostics, Inc.(a)
 
9,222
9,025
Masimo Corp.(a)
 
6,983
1,073,916
Merit Medical Systems, Inc.(a)
 
8,936
758,309
Myomo, Inc.(a)
 
5,030
9,708
Neogen Corp.(a)
 
32,610
151,636
Neuronetics, Inc.(a)
 
5,610
24,628
NeuroPace, Inc.(a)(b)
 
3,631
30,900
Novocure Ltd.(a)
 
15,675
181,360
Omnicell, Inc.(a)
 
7,016
217,566
OraSure Technologies, Inc.(a)
 
10,337
32,872
Orthofix Medical, Inc.(a)
 
4,601
50,795
OrthoPediatrics Corp.(a)
 
2,598
53,831
Outset Medical, Inc.(a)(b)
 
2,707
43,474
Penumbra, Inc.(a)
 
5,799
1,462,914
PROCEPT BioRobotics Corp.(a)(b)
 
8,121
393,950
Pro-Dex, Inc.(a)
 
307
15,365
Pulmonx Corp.(a)
 
5,546
10,205
Pulse Biosciences, Inc.(a)(b)
 
2,866
43,047
QuidelOrtho Corp.(a)
 
10,141
233,446
RxSight, Inc.(a)(b)
 
5,857
45,567
Sanara Medtech, Inc.(a)
 
615
14,864
SANUWAVE Health, Inc.(a)(b)
 
1,123
43,202
Semler Scientific, Inc.(a)
 
1,210
43,378
SI-BONE, Inc.(a)
 
6,289
107,102
Sight Sciences, Inc.(a)(b)
 
4,854
16,164
STAAR Surgical Co.(a)
 
7,425
133,019
Stereotaxis, Inc.(a)
 
9,381
21,295
Surmodics, Inc.(a)
 
2,009
72,123
Tactile Systems Technology, Inc.(a)
 
3,156
31,497
Tandem Diabetes Care, Inc.(a)
 
10,129
157,810
Teleflex, Inc.
 
6,967
832,556
TransMedics Group, Inc.(a)
 
5,043
599,966
Security
 
 
Shares
Value
Health Care Equipment & Supplies (continued)
Treace Medical Concepts, Inc.(a)
 
6,856
$ 36,817
UFP Technologies, Inc.(a)
 
1,146
259,443
Utah Medical Products, Inc.
 
250
13,900
Varex Imaging Corp.(a)
 
6,004
43,709
Zimvie, Inc.(a)
 
4,278
80,384
 
 
16,255,957
Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc.(a)
 
14,137
307,762
AdaptHealth Corp.(a)
 
14,398
129,150
Addus HomeCare Corp.(a)
 
2,733
291,830
agilon health, Inc.(a)
 
47,126
84,356
AirSculpt Technologies, Inc.(a)(b)
 
1,598
10,563
Alignment Healthcare, Inc.(a)
 
20,253
279,086
Amedisys, Inc.(a)
 
4,903
483,436
AMN Healthcare Services, Inc.(a)
 
5,756
105,565
Ardent Health, Inc.(a)(b)
 
3,906
41,404
Astrana Health, Inc.(a)(b)
 
6,214
148,266
Aveanna Healthcare Holdings, Inc.(a)
 
6,279
24,928
BrightSpring Health Services, Inc.(a)
 
13,174
272,043
Brookdale Senior Living, Inc.(a)
 
35,359
274,032
Castle Biosciences, Inc.(a)
 
4,033
61,100
Chemed Corp.
 
2,202
907,885
Clover Health Investments Corp.(a)(b)
 
62,118
179,521
Community Health Systems, Inc.(a)
 
20,266
52,692
Concentra Group Holdings Parent, Inc.
 
17,771
354,887
CorVel Corp.(a)
 
4,405
390,283
Cross Country Healthcare, Inc.(a)
 
4,745
63,820
DaVita, Inc.(a)
 
6,001
842,360
DocGo, Inc.(a)
 
11,752
15,983
Encompass Health Corp.
 
15,442
1,700,319
Enhabit, Inc.(a)
 
7,209
48,444
Ensign Group, Inc.
 
8,583
1,287,450
Fulgent Genetics, Inc.(a)(b)
 
3,240
55,663
GeneDx Holdings Corp., Class A(a)
 
2,917
297,388
Guardant Health, Inc.(a)
 
18,233
747,188
HealthEquity, Inc.(a)
 
13,066
1,267,402
Henry Schein, Inc.(a)
 
17,118
1,158,033
Hims & Hers Health, Inc., Class A(a)(b)
 
29,232
1,934,574
Innovage Holding Corp.(a)
 
2,921
9,698
Joint Corp.(a)(b)
 
1,976
21,815
LifeStance Health Group, Inc.(a)(b)
 
21,340
84,933
Nano-X Imaging Ltd.(a)(b)
 
8,828
41,580
National HealthCare Corp.
 
1,889
181,401
National Research Corp., Class A
 
2,065
25,813
NeoGenomics, Inc.(a)
 
19,556
94,651
Nutex Health, Inc.(a)(b)
 
546
46,306
Oncology Institute, Inc.(a)
 
9,632
35,349
OPKO Health, Inc.(a)(b)
 
49,357
63,177
Option Care Health, Inc.(a)
 
25,115
737,125
Owens & Minor, Inc.(a)
 
12,293
85,190
PACS Group, Inc.(a)
 
6,751
74,666
Pediatrix Medical Group, Inc.(a)
 
13,162
161,235
Pennant Group, Inc.(a)
 
4,838
107,258
Performant Healthcare, Inc.(a)
 
11,211
39,799
Premier, Inc., Class A
 
14,012
300,978
Privia Health Group, Inc.(a)
 
17,819
347,827
Progyny, Inc.(a)
 
10,741
252,521
RadNet, Inc.(a)(b)
 
10,502
574,774
Select Medical Holdings Corp.
 
16,966
250,927
Sonida Senior Living, Inc.(a)
 
961
23,468
Surgery Partners, Inc.(a)(b)
 
11,769
258,330
Talkspace, Inc.(a)
 
19,042
46,272
24
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Health Care Providers & Services (continued)
Tenet Healthcare Corp.(a)
 
14,262
$ 2,300,175
U.S. Physical Therapy, Inc.
 
2,176
159,174
Universal Health Services, Inc., Class B
 
8,581
1,428,307
Viemed Healthcare, Inc.(a)
 
4,178
25,444
 
 
21,595,606
Health Care REITs — 0.7%
American Healthcare REIT, Inc.
 
24,838
959,740
CareTrust REIT, Inc.
 
28,759
914,536
Community Healthcare Trust, Inc.
 
4,203
64,600
Diversified Healthcare Trust
 
33,329
108,986
Global Medical REIT, Inc.
 
8,983
60,006
Healthcare Realty Trust, Inc.
 
51,227
786,847
LTC Properties, Inc.
 
6,717
228,647
Medical Properties Trust, Inc.
 
78,332
322,728
National Health Investors, Inc.
 
7,229
505,018
Omega Healthcare Investors, Inc.
 
44,955
1,748,750
Sabra Health Care REIT, Inc.
 
36,750
662,603
Sila Realty Trust, Inc.
 
8,471
207,031
Strawberry Fields REIT, Inc.
 
1,874
19,227
Universal Health Realty Income Trust
 
1,974
76,571
 
 
6,665,290
Health Care Technology — 0.3%
Certara, Inc.(a)
 
18,642
183,437
Claritev Corp.(a)
 
1,178
46,967
Definitive Healthcare Corp., Class A(a)
 
6,895
26,891
Doximity, Inc., Class A(a)
 
20,237
1,188,924
Evolent Health, Inc., Class A(a)(b)
 
17,670
177,584
Health Catalyst, Inc.(a)
 
7,553
27,568
HealthStream, Inc.
 
3,505
91,691
LifeMD, Inc.(a)
 
5,464
56,880
OptimizeRx Corp.(a)
 
2,430
30,667
Phreesia, Inc.(a)
 
8,666
233,635
Schrodinger, Inc./United States(a)
 
8,566
174,147
Simulations Plus, Inc.
 
2,503
32,589
Teladoc Health, Inc.(a)
 
26,350
189,983
TruBridge, Inc.(a)(b)
 
1,614
33,603
Waystar Holding Corp.(a)
 
13,909
514,355
 
 
3,008,921
Hotel & Resort REITs — 0.5%
Apple Hospitality REIT, Inc.
 
36,928
433,904
Braemar Hotels & Resorts, Inc.
 
8,647
19,023
Chatham Lodging Trust
 
7,197
49,084
DiamondRock Hospitality Co.
 
32,232
248,831
Host Hotels & Resorts, Inc.
 
107,642
1,692,132
Park Hotels & Resorts, Inc.
 
33,375
355,777
Pebblebrook Hotel Trust
 
17,856
179,096
RLJ Lodging Trust
 
23,947
177,208
Ryman Hospitality Properties, Inc.
 
9,148
869,609
Service Properties Trust
 
23,687
62,297
Summit Hotel Properties, Inc.
 
16,388
85,545
Sunstone Hotel Investors, Inc.
 
31,267
273,586
Xenia Hotels & Resorts, Inc.
 
16,452
209,105
 
 
4,655,197
Hotels, Restaurants & Leisure — 3.1%
Accel Entertainment, Inc., Class A(a)
 
7,662
98,533
Aramark
 
41,037
1,746,535
Bally’s Corp.(a)
 
1,071
9,939
Biglari Holdings, Inc., Class B(a)
 
92
28,365
BJ’s Restaurants, Inc.(a)
 
3,419
121,135
Bloomin’ Brands, Inc.
 
13,261
120,808
Security
 
 
Shares
Value
Hotels, Restaurants & Leisure (continued)
Boyd Gaming Corp.
 
9,051
$ 768,430
Brightstar Lottery PLC
 
17,785
263,929
Brinker International, Inc.(a)
 
6,781
1,068,686
Caesars Entertainment, Inc.(a)
 
31,789
848,131
Cava Group, Inc.(a)
 
15,488
1,363,099
Cheesecake Factory, Inc.
 
7,092
453,250
Choice Hotels International, Inc.(b)
 
4,061
518,630
Churchill Downs, Inc.
 
10,033
1,073,932
Cracker Barrel Old Country Store, Inc.
 
3,430
212,660
Dave & Buster’s Entertainment, Inc.(a)
 
4,034
117,954
Denny’s Corp.(a)(b)
 
6,838
25,437
Dine Brands Global, Inc.
 
2,352
53,179
Dutch Bros, Inc., Class A(a)(b)
 
17,917
1,061,941
El Pollo Loco Holdings, Inc.(a)
 
3,705
38,162
First Watch Restaurant Group, Inc.(a)
 
5,962
103,083
Genius Sports Ltd.(a)
 
34,471
387,799
Global Business Travel Group I, Class A(a)(b)
 
15,566
100,089
Golden Entertainment, Inc.
 
3,059
86,019
Hilton Grand Vacations, Inc.(a)
 
9,398
421,218
Hyatt Hotels Corp., Class A
 
6,346
894,596
Inspired Entertainment, Inc.(a)
 
4,819
43,419
Jack in the Box, Inc.
 
2,812
55,396
Krispy Kreme, Inc.
 
13,256
47,987
Kura Sushi USA, Inc., Class A(a)(b)
 
917
80,458
Life Time Group Holdings, Inc.(a)(b)
 
20,839
598,496
Light & Wonder, Inc., Class A(a)(b)
 
12,849
1,237,616
Lindblad Expeditions Holdings, Inc.(a)
 
5,497
65,689
Marriott Vacations Worldwide Corp.
 
5,014
373,393
MGM Resorts International(a)
 
32,077
1,169,207
Monarch Casino & Resort, Inc.
 
1,932
198,919
Nathan’s Famous, Inc.
 
343
32,585
Norwegian Cruise Line Holdings Ltd.(a)
 
68,965
1,762,745
Papa John’s International, Inc.
 
5,103
216,418
Penn Entertainment, Inc.(a)
 
23,091
417,023
Planet Fitness, Inc., Class A(a)
 
13,016
1,421,217
Portillo’s, Inc., Class A(a)(b)
 
8,495
84,610
Potbelly Corp.(a)
 
4,301
51,741
Pursuit Attractions and Hospitality, Inc.(a)
 
2,939
88,875
RCI Hospitality Holdings, Inc.
 
930
33,322
Red Rock Resorts, Inc., Class A
 
7,425
455,524
Rush Street Interactive, Inc., Class A(a)
 
13,639
274,962
Sabre Corp.(a)
 
55,584
168,420
Serve Robotics, Inc.(a)(b)
 
7,368
75,080
Shake Shack, Inc., Class A(a)
 
5,936
714,338
Six Flags Entertainment Corp.
 
14,626
438,195
Super Group SGHC Ltd.
 
24,515
263,536
Sweetgreen, Inc., Class A(a)(b)
 
15,656
201,649
Target Hospitality Corp.(a)
 
4,842
36,751
Texas Roadhouse, Inc.
 
10,225
1,892,954
Travel & Leisure Co.
 
10,014
593,330
United Parks & Resorts, Inc.(a)(b)
 
4,267
201,957
Vail Resorts, Inc.
 
5,571
837,098
Wendy’s Co.
 
25,844
254,563
Wingstop, Inc.
 
4,293
1,619,921
Wyndham Hotels & Resorts, Inc.
 
11,847
1,018,842
Wynn Resorts Ltd.
 
12,968
1,413,901
Xponential Fitness, Inc., Class A(a)(b)
 
4,171
43,629
 
 
30,469,305
Household Durables — 1.6%
Bassett Furniture Industries, Inc.
 
904
14,301
Beazer Homes USA, Inc.(a)
 
4,457
104,739
Cavco Industries, Inc.(a)
 
1,151
464,624
Schedule of Investments
25
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Household Durables (continued)
Century Communities, Inc.
 
4,248
$ 239,120
Champion Homes, Inc.(a)
 
8,175
497,857
Cricut, Inc., Class A
 
8,033
39,362
Dream Finders Homes, Inc., Class A(a)(b)
 
4,603
116,548
Ethan Allen Interiors, Inc.
 
3,453
102,796
Flexsteel Industries, Inc.
 
557
18,944
Green Brick Partners, Inc.(a)
 
4,689
290,437
Hamilton Beach Brands Holding Co., Class A
 
1,059
16,489
Helen of Troy Ltd.(a)
 
3,504
77,018
Hovnanian Enterprises, Inc., Class A(a)
 
765
91,395
Installed Building Products, Inc.
 
3,599
728,042
KB Home
 
10,785
595,979
La-Z-Boy, Inc.
 
6,155
221,395
Legacy Housing Corp.(a)
 
1,162
26,006
Leggett & Platt, Inc.
 
20,500
195,775
LGI Homes, Inc.(a)(b)
 
3,097
164,977
Lovesac Co.(a)(b)
 
2,304
41,495
M/I Homes, Inc.(a)
 
4,069
489,053
Meritage Homes Corp.
 
10,622
715,285
Mohawk Industries, Inc.(a)
 
7,992
915,164
Newell Brands, Inc.
 
64,289
360,661
SharkNinja, Inc.(a)
 
10,941
1,270,250
Somnigroup International, Inc.
 
31,384
2,271,574
Sonos, Inc.(a)
 
18,755
202,742
Taylor Morrison Home Corp., Class A(a)
 
15,081
894,002
Toll Brothers, Inc.
 
15,422
1,825,348
TopBuild Corp.(a)(b)
 
4,517
1,673,232
Traeger, Inc.(a)
 
3,244
5,255
Tri Pointe Homes, Inc.(a)
 
14,185
436,898
Whirlpool Corp.
 
8,337
692,304
 
 
15,799,067
Household Products — 0.2%
Central Garden & Pet Co.(a)
 
1,661
64,812
Central Garden & Pet Co., Class A(a)
 
7,697
273,398
Energizer Holdings, Inc.
 
10,184
229,344
Oil-Dri Corp. of America
 
1,390
78,396
Reynolds Consumer Products, Inc.
 
8,882
199,756
Spectrum Brands Holdings, Inc.
 
4,028
215,538
WD-40 Co.
 
2,018
432,659
 
 
1,493,903
Independent Power and Renewable Electricity Producers — 0.6%
AES Corp.
 
110,628
1,454,758
Brookfield Renewable Corp.
 
21,125
773,809
Clearway Energy, Inc., Class A
 
5,964
183,572
Clearway Energy, Inc., Class C
 
12,112
395,215
Hallador Energy Co.(a)(b)
 
4,756
83,896
Montauk Renewables, Inc.(a)(b)
 
11,785
25,573
Ormat Technologies, Inc.
 
9,413
841,616
Talen Energy Corp.(a)(b)
 
7,044
2,659,603
 
 
6,418,042
Industrial Conglomerates — 0.0%
Brookfield Business Corp., Class A
 
3,876
119,226
Industrial REITs — 0.7%
Americold Realty Trust, Inc.
 
44,204
710,800
EastGroup Properties, Inc.
 
8,057
1,315,225
First Industrial Realty Trust, Inc.
 
19,898
969,431
Industrial Logistics Properties Trust
 
7,884
41,943
Innovative Industrial Properties, Inc.
 
4,409
227,945
LXP Industrial Trust
 
46,012
357,053
Plymouth Industrial REIT, Inc.
 
7,547
109,582
Security
 
 
Shares
Value
Industrial REITs (continued)
Rexford Industrial Realty, Inc.
 
37,082
$ 1,354,605
STAG Industrial, Inc.
 
29,148
1,000,651
Terreno Realty Corp.
 
15,591
865,145
 
 
6,952,380
Insurance — 3.4%
Ambac Financial Group, Inc.(a)
 
7,651
64,268
American Coastal Insurance Corp.
 
4,541
47,272
American Financial Group, Inc.
 
10,584
1,321,942
AMERISAFE, Inc.
 
3,254
145,714
Assurant, Inc.
 
8,659
1,621,831
Assured Guaranty Ltd.
 
7,490
633,504
Axis Capital Holdings Ltd.
 
13,014
1,221,234
Baldwin Insurance Group, Inc.(a)(b)
 
10,950
403,398
Bowhead Specialty Holdings, Inc.(a)
 
2,673
86,873
Brighthouse Financial, Inc.(a)
 
10,135
484,960
Citizens, Inc., Class A(a)(b)
 
11,809
45,110
CNO Financial Group, Inc.
 
19,250
709,170
Crawford & Co., Class A
 
9,953
95,250
Donegal Group, Inc., Class A
 
3,400
58,310
eHealth, Inc.(a)
 
4,461
15,167
Employers Holdings, Inc.
 
3,701
152,777
Everest Group Ltd.
 
6,684
2,244,487
F&G Annuities & Life, Inc.
 
4,951
157,986
Fidelis Insurance Holdings Ltd.
 
10,594
160,075
First American Financial Corp.
 
15,236
914,922
Genworth Financial, Inc., Class A(a)
 
63,157
496,414
Globe Life, Inc.
 
13,766
1,933,710
GoHealth, Inc., Class A(a)
 
784
4,806
Goosehead Insurance, Inc., Class A
 
3,674
334,003
Greenlight Capital Re Ltd., Class A(a)
 
5,937
77,181
Hamilton Insurance Group Ltd., Class B(a)
 
7,273
156,297
Hanover Insurance Group, Inc.
 
5,825
999,745
HCI Group, Inc.
 
1,321
184,993
Heritage Insurance Holdings, Inc.(a)
 
3,683
77,675
Hippo Holdings, Inc.(a)
 
2,786
71,990
Horace Mann Educators Corp.
 
6,321
268,832
Investors Title Co.
 
264
55,762
James River Group Holdings Ltd.
 
5,452
31,076
Kemper Corp.
 
9,987
615,099
Kestrel Group Ltd.(a)(b)
 
872
23,701
Kingstone Cos., Inc.(a)(b)
 
1,891
30,994
Kingsway Financial Services, Inc.(a)
 
2,524
35,286
Kinsale Capital Group, Inc.(b)
 
3,438
1,515,092
Lemonade, Inc.(a)(b)
 
8,568
322,842
Lincoln National Corp.
 
14,766
562,732
MBIA, Inc.(a)
 
8,173
43,562
Mercury General Corp.
 
4,247
294,105
NI Holdings, Inc.(a)
 
788
10,039
Old Republic International Corp.
 
38,908
1,407,302
Oscar Health, Inc., Class A(a)(b)
 
29,036
407,956
Palomar Holdings, Inc.(a)
 
4,016
532,080
Primerica, Inc.
 
5,668
1,505,591
ProAssurance Corp.(a)
 
7,830
186,041
Reinsurance Group of America, Inc.
 
10,341
1,990,125
RenaissanceRe Holdings Ltd.
 
7,554
1,841,212
RLI Corp.
 
12,906
851,667
Root, Inc., Class A(a)
 
1,664
201,394
Ryan Specialty Holdings, Inc., Class A
 
16,481
1,008,472
Safety Insurance Group, Inc.
 
2,374
167,011
Selective Insurance Group, Inc.
 
9,547
744,380
Selectquote, Inc.(a)
 
27,817
48,958
SiriusPoint Ltd.(a)
 
8,673
170,078
26
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Insurance (continued)
Skyward Specialty Insurance Group, Inc.(a)(b)
 
5,887
$ 297,764
Stewart Information Services Corp.
 
4,559
296,016
Tiptree, Inc.
 
3,599
74,787
Trupanion, Inc.(a)
 
6,229
295,317
United Fire Group, Inc.
 
3,225
85,624
Universal Insurance Holdings, Inc.
 
4,243
100,305
Unum Group
 
28,127
2,019,800
White Mountains Insurance Group Ltd.
 
388
693,666
 
 
33,655,732
Interactive Media & Services — 0.5%
Angi, Inc., Class A(a)
 
6,868
111,399
Arena Group Holdings, Inc.(a)
 
1,697
10,369
Bumble, Inc., Class A(a)
 
12,041
93,679
Cargurus, Inc., Class A(a)
 
12,616
414,057
Cars.com, Inc.(a)
 
9,358
120,437
EverQuote, Inc., Class A(a)
 
3,907
96,073
fuboTV, Inc.(a)(b)
 
52,646
209,531
Getty Images Holdings, Inc., Class A(a)(b)
 
18,361
32,499
Grindr, Inc.(a)
 
5,450
95,266
IAC, Inc.(a)
 
10,269
403,572
Match Group, Inc.
 
38,089
1,305,310
MediaAlpha, Inc., Class A(a)
 
5,186
51,964
Nextdoor Holdings, Inc., Class A(a)
 
30,468
53,319
QuinStreet, Inc.(a)
 
8,327
136,646
Rumble, Inc., Class A(a)
 
12,408
104,723
Shutterstock, Inc.
 
3,961
75,893
Teads Holding Co.(a)(b)
 
7,340
18,570
Travelzoo(a)
 
978
9,770
TripAdvisor, Inc.(a)
 
17,896
313,001
TrueCar, Inc.(a)
 
10,955
20,048
Trump Media & Technology Group Corp., Class A(a)(b)
 
16,180
284,606
Vimeo, Inc.(a)
 
24,771
93,882
VTEX, Class A(a)
 
8,738
52,166
Webtoon Entertainment, Inc.(a)(b)
 
2,641
26,516
Yelp, Inc.(a)
 
9,464
325,845
Ziff Davis, Inc.(a)
 
6,498
202,218
ZipRecruiter, Inc., Class A(a)
 
10,670
44,814
ZoomInfo Technologies, Inc., Class A(a)
 
46,083
499,079
 
 
5,205,252
IT Services — 0.7%
Amdocs Ltd.
 
17,361
1,481,935
Applied Digital Corp.(a)(b)
 
27,462
360,851
ASGN, Inc.(a)
 
6,612
331,526
Backblaze, Inc., Class A(a)
 
7,790
38,872
BigBear.ai Holdings, Inc.(a)(b)
 
44,827
284,651
BigCommerce Holdings, Inc., Series 1(a)
 
11,610
55,496
Couchbase, Inc.(a)(b)
 
6,650
161,329
Crexendo, Inc.(a)
 
1,785
9,942
CSP, Inc.
 
907
9,306
DigitalOcean Holdings, Inc.(a)
 
9,957
277,402
DXC Technology Co.(a)
 
28,840
392,512
EPAM Systems, Inc.(a)
 
8,470
1,335,804
Fastly, Inc., Class A(a)
 
20,372
138,326
Globant SA(a)
 
6,705
564,963
Grid Dynamics Holdings, Inc., Class A(a)
 
9,652
91,598
Hackett Group, Inc.
 
3,558
83,222
Information Services Group, Inc.
 
5,510
23,748
Kyndryl Holdings, Inc.(a)
 
36,051
1,361,646
Security
 
 
Shares
Value
IT Services (continued)
Rackspace Technology, Inc.(a)
 
11,549
$ 13,974
TSS, Inc.(a)(b)
 
2,812
76,486
Tucows, Inc., Class A(a)(b)
 
808
13,922
Unisys Corp.(a)
 
11,107
45,872
 
 
7,153,383
Leisure Products — 0.5%
Acushnet Holdings Corp.
 
4,271
340,057
American Outdoor Brands, Inc.(a)
 
1,592
14,981
Brunswick Corp./DE
 
10,197
594,383
Clarus Corp.
 
1,641
5,908
Escalade, Inc.
 
1,074
13,199
Funko, Inc., Class A(a)
 
4,887
18,766
Hasbro, Inc.
 
20,596
1,547,995
JAKKS Pacific, Inc.
 
1,565
27,716
Johnson Outdoors, Inc., Class A
 
523
17,364
Latham Group, Inc.(a)
 
6,823
46,260
Malibu Boats, Inc., Class A(a)
 
2,835
94,434
Marine Products Corp.
 
440
3,780
MasterCraft Boat Holdings, Inc.(a)
 
2,589
50,071
Mattel, Inc.(a)
 
50,128
852,677
Outdoor Holding Co.(a)
 
10,672
12,593
Peloton Interactive, Inc., Class A(a)
 
56,731
405,059
Polaris, Inc.
 
8,313
439,841
Smith & Wesson Brands, Inc.
 
6,728
53,487
Sturm Ruger & Co., Inc.
 
2,155
73,615
Topgolf Callaway Brands Corp.(a)
 
19,992
184,926
YETI Holdings, Inc.(a)
 
12,620
463,659
 
 
5,260,771
Life Sciences Tools & Services — 1.2%
10X Genomics, Inc., Class A(a)(b)
 
16,457
221,347
Adaptive Biotechnologies Corp.(a)
 
23,365
239,258
Alpha Teknova, Inc.(a)(b)
 
2,079
9,397
Avantor, Inc.(a)
 
102,783
1,381,404
Azenta, Inc.(a)(b)
 
6,291
205,716
BioLife Solutions, Inc.(a)
 
5,597
118,992
Bio-Rad Laboratories, Inc., Class A(a)
 
2,986
722,463
Bio-Techne Corp.
 
24,368
1,333,661
Bruker Corp.
 
16,162
621,106
Charles River Laboratories International, Inc.(a)
 
7,541
1,279,255
Codexis, Inc.(a)
 
12,035
32,254
CryoPort, Inc.(a)(b)
 
7,193
52,725
Cytek Biosciences, Inc.(a)
 
16,814
60,530
Fortrea Holdings, Inc.(a)
 
14,237
81,720
Lifecore Biomedical, Inc.(a)
 
3,493
24,451
Maravai LifeSciences Holdings, Inc., Class A(a)
 
17,523
41,004
MaxCyte, Inc.(a)
 
15,558
32,049
Medpace Holdings, Inc.(a)
 
3,535
1,510,152
Mesa Laboratories, Inc.
 
769
58,813
Niagen Bioscience, Inc.(a)
 
7,698
71,976
OmniAb, Inc.(a)(b)
 
14,465
27,628
OmniAb, Inc., 12.50 Earnout Shares(a)(c)
 
494
—
OmniAb, Inc., 15.00 Earnout Shares(a)(c)
 
494
—
Pacific Biosciences of California, Inc.(a)(b)
 
40,448
55,818
Personalis, Inc.(a)(b)
 
7,883
43,199
QIAGEN NV
 
32,843
1,620,474
Quanterix Corp.(a)
 
6,594
39,168
Quantum-Si, Inc., Class A(a)
 
22,037
32,615
Repligen Corp.(a)
 
8,162
955,525
Schedule of Investments
27
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Life Sciences Tools & Services (continued)
Sotera Health Co.(a)
 
23,284
$ 267,533
Standard BioTools, Inc.(a)(b)
 
42,350
56,325
Tempus AI, Inc., Class A(a)(b)
 
12,685
717,844
 
 
11,914,402
Machinery — 4.7%
3D Systems Corp.(a)(b)
 
18,309
29,844
Aebi Schmidt Holding AG(a)
 
5,306
54,652
AGCO Corp.
 
9,664
1,140,062
AirJoule Technologies Corp., Class A(a)
 
2,814
11,594
Alamo Group, Inc.
 
1,568
349,005
Albany International Corp., Class A
 
4,660
252,525
Allison Transmission Holdings, Inc.
 
13,195
1,188,474
Astec Industries, Inc.
 
3,442
136,510
Atmus Filtration Technologies, Inc.
 
12,777
497,153
Blue Bird Corp.(a)
 
4,909
219,874
Chart Industries, Inc.(a)
 
6,938
1,379,483
Columbus McKinnon Corp./New York
 
4,516
66,159
Crane Co.
 
7,634
1,494,508
Donaldson Co., Inc.
 
18,194
1,309,422
Douglas Dynamics, Inc.
 
3,465
99,099
Eastern Co.
 
695
16,020
Energy Recovery, Inc.(a)
 
8,520
114,594
Enerpac Tool Group Corp., Class A
 
8,231
316,976
Enpro, Inc.
 
3,241
688,421
Esab Corp.
 
8,855
1,188,075
ESCO Technologies, Inc.
 
3,976
770,151
Federal Signal Corp.
 
9,221
1,167,102
Flowserve Corp.
 
20,238
1,134,138
Franklin Electric Co., Inc.
 
5,971
560,975
Gates Industrial Corp. PLC(a)
 
39,653
983,394
Gencor Industries, Inc.(a)
 
1,044
15,222
Gorman-Rupp Co.
 
2,882
118,623
Graco, Inc.
 
25,384
2,131,748
Graham Corp.(a)
 
1,442
82,410
Greenbrier Cos., Inc.
 
4,848
220,584
Helios Technologies, Inc.
 
5,108
187,413
Hillenbrand, Inc.
 
10,701
221,618
Hillman Solutions Corp.(a)(b)
 
29,618
233,686
Hyster-Yale, Inc., Class A
 
1,964
82,508
ITT, Inc.
 
12,505
2,125,350
JBT Marel Corp.
 
7,990
1,101,022
Kadant, Inc.(b)
 
1,798
598,320
Kennametal, Inc.
 
11,992
296,922
L B Foster Co., Class A(a)
 
1,345
31,608
Lincoln Electric Holdings, Inc.
 
8,406
2,046,861
Lindsay Corp.
 
1,596
217,870
Luxfer Holdings PLC
 
3,457
41,553
Manitowoc Co., Inc.(a)
 
6,065
77,329
Mayville Engineering Co., Inc.(a)
 
1,787
29,968
Microvast Holdings, Inc.(a)(b)
 
30,712
97,357
Middleby Corp.(a)(b)
 
7,794
1,131,689
Miller Industries, Inc.
 
1,617
65,893
Mueller Industries, Inc.
 
16,803
1,434,472
Mueller Water Products, Inc., Class A
 
23,813
589,610
Nordson Corp.
 
8,349
1,788,439
Omega Flex, Inc.
 
303
9,666
Oshkosh Corp.
 
9,955
1,259,606
Palladyne AI Corp(a)(b)
 
4,048
33,113
Park-Ohio Holdings Corp.
 
1,948
31,947
Pentair PLC
 
25,430
2,598,946
Proto Labs, Inc.(a)
 
3,761
162,174
Security
 
 
Shares
Value
Machinery (continued)
RBC Bearings, Inc.(a)
 
4,795
$ 1,857,295
REV Group, Inc.
 
7,871
390,008
Richtech Robotics, Inc., Class B, Class B(a)(b)
 
10,028
19,053
Snap-on, Inc.
 
7,957
2,555,709
SPX Technologies, Inc.(a)
 
6,980
1,273,082
Standex International Corp.
 
1,749
288,130
Stanley Black & Decker, Inc.
 
24,105
1,630,703
Tennant Co.
 
2,884
238,045
Terex Corp.
 
10,232
520,400
Timken Co.
 
9,761
742,714
Titan International, Inc.(a)
 
7,672
64,905
Toro Co.
 
15,416
1,144,638
Trinity Industries, Inc.
 
12,776
297,681
Wabash National Corp.
 
5,936
59,123
Watts Water Technologies, Inc., Class A
 
4,172
1,094,399
Worthington Enterprises, Inc.
 
4,898
303,529
 
 
46,711,151
Marine Transportation — 0.2%
Costamare Bulkers Holdings Ltd.(a)
 
1,168
10,512
Costamare, Inc.
 
7,189
72,537
Genco Shipping & Trading Ltd.
 
6,147
97,922
Golden Ocean Group Ltd.(a)(b)
 
15,386
125,550
Himalaya Shipping Ltd.
 
3,990
27,212
Kirby Corp.(a)
 
8,759
834,820
Matson, Inc.
 
4,969
530,590
Pangaea Logistics Solutions Ltd.
 
5,589
27,218
Safe Bulkers, Inc.
 
10,766
42,310
 
 
1,768,671
Media — 1.3%
Advantage Solutions, Inc., Class A(a)(b)
 
12,254
16,788
Altice USA, Inc., Class A(a)(b)
 
40,661
105,719
AMC Networks, Inc., Class A(a)
 
5,129
30,723
Boston Omaha Corp., Class A(a)
 
3,222
43,336
Cable One, Inc.
 
792
101,360
DoubleVerify Holdings, Inc.(a)
 
21,053
322,532
EchoStar Corp., Class A(a)
 
20,785
677,383
Emerald Holding, Inc.
 
3,103
15,422
Entravision Communications Corp., Class A
 
10,666
23,572
EW Scripps Co., Class A(a)
 
9,280
27,747
Gambling.com Group Ltd(a)
 
2,414
25,516
Gannett Co., Inc.(a)
 
22,677
86,399
Gray Media, Inc.
 
14,268
64,349
Ibotta, Inc., Class A(a)
 
2,002
72,773
iHeartMedia, Inc., Class A(a)(b)
 
18,544
34,677
Integral Ad Science Holding Corp.(a)
 
11,474
94,087
Interpublic Group of Cos., Inc.
 
57,888
1,424,045
John Wiley & Sons, Inc., Class A
 
6,147
237,274
Liberty Broadband Corp., Class A(a)
 
3,144
192,193
Liberty Broadband Corp., Class C(a)
 
16,784
1,029,195
Magnite, Inc.(a)
 
21,642
497,982
National CineMedia, Inc.
 
10,342
49,745
New York Times Co., Class A
 
24,815
1,287,650
News Corp., Class A
 
59,979
1,758,584
News Corp., Class B
 
16,925
565,633
Newsmax, Inc., Class B(a)(b)
 
1,545
20,533
Nexstar Media Group, Inc., Class A
 
4,434
829,646
Nexxen International Ltd.(a)
 
5,907
60,724
Paramount Global, Class A(b)
 
1,052
20,083
Paramount Global, Class B(b)
 
91,994
1,156,365
PubMatic, Inc., Class A(a)
 
6,261
75,195
Scholastic Corp.
 
3,624
89,404
28
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Media (continued)
Sinclair, Inc.
 
6,349
$ 91,807
Sirius XM Holdings, Inc.
 
29,383
620,569
Stagwell, Inc., Class A(a)
 
19,928
114,187
TechTarget, Inc.(a)
 
3,502
25,354
TEGNA, Inc.
 
25,472
425,382
Thryv Holdings, Inc.(a)
 
5,707
75,104
WideOpenWest, Inc.(a)
 
7,208
24,291
 
 
12,413,328
Metals & Mining — 1.5%
Alcoa Corp.
 
40,194
1,204,614
Alpha Metallurgical Resources, Inc.(a)
 
1,802
212,762
American Battery Technology Co.(a)
 
11,493
24,940
Caledonia Mining Corp. PLC
 
2,519
49,599
Carpenter Technology Corp.
 
7,460
1,860,449
Century Aluminum Co.(a)
 
8,360
177,065
Cleveland-Cliffs, Inc.(a)
 
75,378
792,977
Coeur Mining, Inc.(a)
 
98,137
852,811
Commercial Metals Co.
 
17,274
895,830
Compass Minerals International, Inc.(a)
 
5,252
104,672
Constellium SE, Class A(a)
 
22,284
305,514
Contango ORE, Inc.(a)
 
1,249
23,281
Critical Metals Corp.(a)
 
3,282
12,373
Dakota Gold Corp.(a)
 
14,232
51,235
Ferroglobe PLC
 
20,595
87,117
Friedman Industries, Inc.
 
640
9,702
Hecla Mining Co.
 
91,800
526,932
Idaho Strategic Resources, Inc.(a)
 
1,622
26,601
Ivanhoe Electric, Inc.(a)(b)
 
12,618
120,628
Kaiser Aluminum Corp.
 
2,446
189,100
Lifezone Metals Ltd.(a)
 
3,964
17,481
MAC Copper Ltd.(a)
 
11,095
133,473
Materion Corp.
 
3,132
329,800
Metallus, Inc.(a)
 
6,117
96,649
MP Materials Corp., Class A(a)(b)
 
19,993
1,229,569
NioCorp Developments Ltd.(a)
 
7,895
22,264
Novagold Resources, Inc.(a)
 
37,577
195,025
Olympic Steel, Inc.
 
1,376
42,794
Perpetua Resources Corp.(a)
 
7,275
109,853
Piedmont Lithium, Inc.(a)(b)
 
3,604
26,309
Ramaco Resources, Inc., Class A
 
5,419
110,277
Reliance, Inc.
 
8,188
2,375,584
Royal Gold, Inc.
 
10,123
1,532,825
Ryerson Holding Corp.
 
4,159
85,675
SSR Mining, Inc.(a)
 
31,013
370,605
SunCoke Energy, Inc.
 
12,941
95,634
Tredegar Corp.(a)
 
3,473
30,250
U.S. Gold Corp.(a)
 
2,263
23,128
United States Antimony Corp.(a)(b)
 
14,870
45,502
Vox Royalty Corp.
 
5,389
17,083
Warrior Met Coal, Inc.
 
7,963
409,139
Worthington Steel, Inc.
 
5,097
155,560
 
 
14,982,681
Mortgage Real Estate Investment Trusts (REITs) — 0.9%
ACRES Commercial Realty Corp.(a)
 
755
14,858
Advanced Flower Capital, Inc.
 
4,961
21,878
AG Mortgage Investment Trust, Inc.
 
4,616
34,897
AGNC Investment Corp.
 
151,138
1,425,231
Angel Oak Mortgage REIT, Inc.
 
1,862
17,242
Annaly Capital Management, Inc.
 
96,274
1,957,250
Apollo Commercial Real Estate Finance, Inc.
 
20,104
193,401
Arbor Realty Trust, Inc.
 
15,209
169,732
Security
 
 
Shares
Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Ares Commercial Real Estate Corp., Class C
 
7,519
$ 33,610
ARMOUR Residential REIT, Inc.
 
12,900
210,399
Blackstone Mortgage Trust, Inc., Class A
 
25,428
469,909
BrightSpire Capital, Inc., Class A
 
18,869
97,741
Chicago Atlantic Real Estate Finance, Inc.
 
2,675
34,748
Chimera Investment Corp.
 
12,157
162,539
Claros Mortgage Trust, Inc.
 
14,303
40,764
Dynex Capital, Inc.
 
17,214
214,142
Ellington Financial, Inc.
 
13,032
165,376
Franklin BSP Realty Trust, Inc.
 
10,225
103,273
Invesco Mortgage Capital, Inc.
 
9,880
74,594
KKR Real Estate Finance Trust, Inc.
 
7,691
69,527
Ladder Capital Corp., Class A
 
18,781
205,089
Lument Finance Trust, Inc.
 
4,388
9,478
MFA Financial, Inc.
 
15,473
140,650
New York Mortgage Trust, Inc.
 
12,804
81,049
Nexpoint Real Estate Finance, Inc.
 
971
13,400
Orchid Island Capital, Inc.
 
15,896
110,636
PennyMac Mortgage Investment Trust
 
13,270
156,453
Ready Capital Corp.
 
24,250
102,093
Redwood Trust, Inc.
 
22,713
124,013
Rithm Capital Corp.
 
86,829
1,044,553
Rithm Property Trust, Inc.
 
3,759
9,773
Seven Hills Realty Trust
 
3,105
31,950
Starwood Property Trust, Inc.
 
54,902
1,068,393
Sunrise Realty Trust, Inc.
 
1,165
11,662
TPG RE Finance Trust, Inc.
 
9,161
79,701
Two Harbors Investment Corp.
 
16,220
158,145
 
 
8,858,149
Multi-Utilities — 0.5%
Avista Corp.
 
12,409
462,856
Black Hills Corp.
 
11,177
645,807
NiSource, Inc.
 
74,080
3,144,696
Northwestern Energy Group, Inc.
 
9,470
508,539
Unitil Corp.
 
2,060
106,255
 
 
4,868,153
Office REITs — 0.7%
Brandywine Realty Trust
 
25,479
101,916
BXP, Inc.
 
24,749
1,619,327
City Office REIT, Inc.
 
5,152
35,755
COPT Defense Properties
 
17,657
481,683
Cousins Properties, Inc.
 
26,026
705,304
Douglas Emmett, Inc.
 
13,755
208,526
Easterly Government Properties, Inc.
 
5,957
131,054
Empire State Realty Trust, Inc., Class A
 
20,316
147,088
Franklin Street Properties Corp.
 
10,872
17,939
Highwoods Properties, Inc.
 
16,880
489,689
Hudson Pacific Properties, Inc.
 
48,298
118,330
JBG SMITH Properties
 
11,257
238,423
Kilroy Realty Corp.
 
18,471
680,841
NET Lease Office Properties(a)
 
2,126
70,562
Paramount Group, Inc.
 
29,130
178,275
Peakstone Realty Trust
 
5,556
75,562
Piedmont Realty Trust, Inc., Class A
 
18,423
139,278
Postal Realty Trust, Inc., Class A
 
3,425
46,957
SL Green Realty Corp.
 
11,137
637,593
Vornado Realty Trust
 
27,454
1,054,783
 
 
7,178,885
Oil, Gas & Consumable Fuels — 2.7%
Antero Midstream Corp.
 
51,215
939,795
Antero Resources Corp.(a)
 
45,050
1,573,597
Schedule of Investments
29
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Oil, Gas & Consumable Fuels (continued)
APA Corp.
 
55,520
$ 1,070,981
Ardmore Shipping Corp.
 
5,582
60,732
Berry Corp.
 
12,130
36,633
BKV Corp.(a)
 
2,388
49,288
California Resources Corp.
 
10,094
486,329
Calumet, Inc.(a)
 
10,440
166,414
Centrus Energy Corp., Class A(a)(b)
 
2,265
487,881
Chord Energy Corp.
 
9,214
1,016,581
Civitas Resources, Inc.
 
14,511
440,554
Clean Energy Fuels Corp.(a)
 
27,291
55,401
CNX Resources Corp.(a)
 
21,806
660,940
Comstock Resources, Inc.(a)
 
11,619
207,632
Core Natural Resources, Inc.
 
8,112
598,747
Crescent Energy Co., Class A
 
28,183
260,411
CVR Energy, Inc.
 
4,770
127,741
Delek U.S. Holdings, Inc.
 
9,474
211,933
DHT Holdings, Inc.
 
19,671
218,151
Diversified Energy Co. PLC
 
8,443
127,152
Dorian LPG Ltd.
 
5,647
162,577
DT Midstream, Inc.(a)
 
15,585
1,601,047
Empire Petroleum Corp.(a)(b)
 
1,329
6,007
Encore Energy Corp.(a)
 
27,220
71,861
Energy Fuels, Inc./Canada(a)(b)
 
31,545
286,744
Epsilon Energy Ltd.
 
1,559
9,744
Evolution Petroleum Corp.
 
2,595
12,534
Excelerate Energy, Inc., Class A
 
3,726
95,609
FLEX LNG Ltd.(a)(b)
 
4,550
114,069
FutureFuel Corp.
 
3,064
12,409
Gevo, Inc.(a)(b)
 
32,786
42,622
Golar LNG Ltd.
 
15,281
628,966
Granite Ridge Resources, Inc.
 
6,632
34,420
Green Plains, Inc.(a)
 
9,260
76,580
Gulfport Energy Corp.(a)
 
2,341
407,638
HF Sinclair Corp.
 
24,941
1,095,908
HighPeak Energy, Inc.(b)
 
2,690
26,819
Infinity Natural Resources, Inc., Class A(a)
 
2,230
33,249
International Seaways, Inc.
 
6,266
250,013
Kinetik Holdings, Inc., Class A
 
6,779
294,073
Kolibri Global Energy, Inc.(a)(b)
 
5,451
33,469
Kosmos Energy Ltd.(a)
 
72,453
155,774
Lightbridge Corp.(a)(b)
 
3,020
40,710
Magnolia Oil & Gas Corp., Class A
 
28,304
674,201
Matador Resources Co.
 
18,189
907,267
Murphy Oil Corp.
 
20,950
519,770
NACCO Industries, Inc., Class A
 
484
18,353
Navigator Holdings Ltd.
 
4,482
70,681
New Fortress Energy, Inc., Class A(b)
 
26,317
71,714
NextDecade Corp.(a)
 
20,965
238,162
Nordic American Tankers Ltd.
 
29,857
83,301
Northern Oil & Gas, Inc.
 
14,606
411,305
Ovintiv, Inc.
 
40,732
1,677,344
Par Pacific Holdings, Inc.(a)
 
8,188
256,939
PBF Energy, Inc., Class A
 
13,077
295,540
Peabody Energy Corp.
 
19,139
309,095
Permian Resources Corp., Class A
 
99,863
1,414,060
Prairie Operating Co.(a)(b)
 
1,508
4,660
PrimeEnergy Resources Corp.(a)
 
67
11,294
Range Resources Corp.
 
36,680
1,346,890
REX American Resources Corp.(a)
 
2,219
116,009
Riley Exploration Permian, Inc.
 
1,889
49,567
Sable Offshore Corp., Class A(a)
 
10,469
321,084
SandRidge Energy, Inc.
 
4,314
44,822
Security
 
 
Shares
Value
Oil, Gas & Consumable Fuels (continued)
Scorpio Tankers, Inc.
 
6,673
$ 301,686
SFL Corp. Ltd.
 
18,682
171,501
Sitio Royalties Corp., Class A
 
11,304
205,394
SM Energy Co.
 
17,684
487,902
Summit Midstream Corp.(a)
 
1,157
29,480
Talos Energy, Inc.(a)
 
18,379
157,140
Teekay Corp. Ltd.
 
8,272
59,558
Teekay Tankers Ltd., Class A
 
3,696
156,526
Uranium Energy Corp.(a)(b)
 
65,476
567,677
VAALCO Energy, Inc.
 
15,627
58,132
Viper Energy, Inc., Class A
 
20,170
759,602
Vital Energy, Inc.(a)(b)
 
4,456
83,283
Vitesse Energy, Inc.
 
4,653
111,346
W&T Offshore, Inc.(b)
 
15,149
26,814
World Kinect Corp.
 
8,247
224,896
 
 
26,532,730
Paper & Forest Products — 0.1%
Clearwater Paper Corp.(a)(b)
 
2,405
54,257
Louisiana-Pacific Corp.
 
9,731
879,780
Magnera Corp.(a)
 
4,999
62,237
Sylvamo Corp.
 
5,387
248,179
 
 
1,244,453
Passenger Airlines(a) — 0.5%
Alaska Air Group, Inc.
 
19,036
1,008,147
Allegiant Travel Co.
 
2,296
118,565
American Airlines Group, Inc.
 
101,969
1,171,624
Blade Air Mobility, Inc., Class A(b)
 
10,430
41,616
Frontier Group Holdings, Inc.
 
12,692
55,591
JetBlue Airways Corp.(b)
 
47,552
211,131
Joby Aviation, Inc., Class A(b)
 
70,600
1,176,196
SkyWest, Inc.
 
6,211
720,228
Spirit Aviation Holdings, Inc.
 
2,248
9,194
Sun Country Airlines Holdings, Inc.
 
7,670
88,895
 
 
4,601,187
Personal Care Products — 0.3%
Beauty Health Co., Class A(a)
 
17,592
27,092
BellRing Brands, Inc.(a)
 
19,500
1,064,310
Coty, Inc., Class A(a)
 
53,298
258,495
Edgewell Personal Care Co.
 
7,298
184,128
elf Beauty, Inc.(a)
 
8,478
1,027,449
Herbalife Ltd.(a)
 
15,869
145,995
Honest Co., Inc.(a)(b)
 
14,597
67,292
Interparfums, Inc.
 
2,781
335,389
Lifevantage Corp.(b)
 
1,631
20,469
Medifast, Inc.(a)
 
1,522
20,958
Nature’s Sunshine Products, Inc.(a)
 
2,161
30,276
Nu Skin Enterprises, Inc., Class A
 
7,141
59,841
Olaplex Holdings, Inc.(a)(b)
 
24,722
34,364
USANA Health Sciences, Inc.(a)
 
1,759
51,697
Waldencast PLC, Class A(a)(b)
 
4,217
7,506
 
 
3,335,261
Pharmaceuticals — 1.2%
Aardvark Therapeutics, Inc.(a)(b)
 
767
9,212
Aclaris Therapeutics, Inc.(a)
 
19,083
29,197
Alumis, Inc.(a)
 
9,607
39,773
Amneal Pharmaceuticals, Inc., Class A(a)
 
24,779
193,772
Amphastar Pharmaceuticals, Inc.(a)
 
5,915
123,919
Amylyx Pharmaceuticals, Inc.(a)(b)
 
10,940
87,848
ANI Pharmaceuticals, Inc.(a)
 
2,753
174,402
Aquestive Therapeutics, Inc.(a)
 
12,268
47,109
Arvinas, Inc.(a)
 
10,250
76,260
30
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Pharmaceuticals (continued)
Atea Pharmaceuticals, Inc.(a)
 
9,408
$ 34,245
Avadel Pharmaceuticals PLC(a)(b)
 
14,295
150,240
Axsome Therapeutics, Inc.(a)
 
6,176
626,123
BioAge Labs, Inc.(a)
 
4,247
18,687
Biote Corp., Class A(a)
 
2,285
9,300
Collegium Pharmaceutical, Inc.(a)
 
4,842
144,582
Corcept Therapeutics, Inc.(a)(b)
 
14,542
976,786
CorMedix, Inc.(a)
 
9,355
109,173
Edgewise Therapeutics, Inc.(a)(b)
 
11,391
162,436
Elanco Animal Health, Inc.(a)(b)
 
76,397
1,045,111
Enliven Therapeutics, Inc.(a)(b)
 
5,033
94,671
Esperion Therapeutics, Inc.(a)(b)
 
26,705
37,921
Eton Pharmaceuticals, Inc.(a)(b)
 
4,155
58,835
Evolus, Inc.(a)
 
8,590
76,623
EyePoint Pharmaceuticals, Inc.(a)
 
9,884
97,061
Fulcrum Therapeutics, Inc.(a)(b)
 
7,566
50,919
Harmony Biosciences Holdings, Inc.(a)
 
6,839
240,596
Harrow, Inc.(a)(b)
 
4,887
155,211
Indivior PLC(a)
 
18,627
376,265
Innoviva, Inc.(a)
 
9,746
177,085
Jazz Pharmaceuticals PLC(a)
 
9,164
1,050,469
Journey Medical Corp.(a)
 
1,587
11,664
LENZ Therapeutics, Inc.(a)(b)
 
2,749
81,838
Ligand Pharmaceuticals, Inc.(a)
 
2,911
383,029
Liquidia Corp.(a)(b)
 
9,742
182,078
Maze Therapeutics, Inc.(a)(b)
 
1,249
18,423
MBX Biosciences, Inc.(a)(b)
 
2,399
31,787
MediWound Ltd.(a)(b)
 
1,124
20,951
Mind Medicine MindMed, Inc.(a)
 
11,564
105,117
Nuvation Bio, Inc., Class A(a)(b)
 
37,350
88,146
Ocular Therapeutix, Inc.(a)(b)
 
21,048
243,736
Omeros Corp.(a)(b)
 
9,808
37,957
Organon & Co.
 
40,897
396,701
Pacira BioSciences, Inc.(a)
 
6,997
147,567
Perrigo Co. PLC
 
21,174
564,711
Phathom Pharmaceuticals, Inc.(a)(b)
 
6,699
57,209
Phibro Animal Health Corp., Class A
 
3,300
87,450
Prestige Consumer Healthcare, Inc.(a)
 
7,528
556,696
Rapport Therapeutics, Inc.(a)
 
2,508
36,015
scPharmaceuticals, Inc.(a)
 
4,847
24,623
Septerna, Inc.(a)
 
3,147
39,054
SIGA Technologies, Inc.
 
6,704
44,313
Supernus Pharmaceuticals, Inc.(a)
 
8,340
292,734
Tarsus Pharmaceuticals, Inc.(a)
 
5,749
223,176
Terns Pharmaceuticals, Inc.(a)
 
9,754
56,866
Theravance Biopharma, Inc.(a)(b)
 
6,365
71,033
Third Harmonic Bio, Inc.(a)(b)
 
3,754
20,159
Trevi Therapeutics, Inc.(a)
 
11,222
83,099
Tvardi Therapeutics, Inc.(a)(b)
 
603
15,654
Viatris, Inc.
 
184,063
1,608,711
WaVe Life Sciences Ltd.(a)
 
17,027
137,919
Xeris Biopharma Holdings, Inc.(a)(b)
 
22,912
116,622
Zevra Therapeutics, Inc.(a)
 
8,603
95,579
 
 
12,354,448
Professional Services — 2.0%
Acuren Corp.(a)(b)
 
15,430
171,119
Alight, Inc., Class A
 
64,881
347,762
Amentum Holdings, Inc.(a)
 
24,765
618,382
Asure Software, Inc.(a)
 
4,391
42,593
Barrett Business Services, Inc.
 
3,356
154,275
BlackSky Technology, Inc., Class A(a)(b)
 
4,292
82,578
CACI International, Inc., Class A(a)
 
3,369
1,551,660
Security
 
 
Shares
Value
Professional Services (continued)
CBIZ, Inc.(a)(b)
 
7,976
$ 487,493
Clarivate PLC(a)
 
55,902
215,223
Concentrix Corp.
 
7,042
365,973
Conduent, Inc.(a)
 
27,236
72,448
CRA International, Inc.
 
984
173,833
CSG Systems International, Inc.
 
4,408
275,324
Dayforce, Inc.(a)(b)
 
23,705
1,367,067
Dun & Bradstreet Holdings, Inc.
 
48,061
437,355
ExlService Holdings, Inc.(a)
 
24,522
1,064,990
Exponent, Inc.
 
7,578
522,579
First Advantage Corp.(a)
 
12,216
211,215
Forrester Research, Inc.(a)
 
977
9,516
Franklin Covey Co.(a)
 
1,459
28,757
FTI Consulting, Inc.(a)
 
5,138
854,706
Genpact Ltd.
 
25,056
1,103,717
Heidrick & Struggles International, Inc.
 
3,056
136,084
HireQuest, Inc.
 
514
5,258
Huron Consulting Group, Inc.(a)
 
2,607
344,332
IBEX Holdings Ltd.(a)
 
1,537
45,449
ICF International, Inc.
 
2,804
235,228
Innodata, Inc.(a)(b)
 
4,580
251,442
Insperity, Inc.
 
5,531
329,537
KBR, Inc.
 
19,848
927,695
Kelly Services, Inc., Class A
 
4,472
54,782
Kforce, Inc.
 
2,683
93,502
Korn Ferry
 
8,007
567,456
Legalzoom.com, Inc.(a)
 
17,116
153,873
ManpowerGroup, Inc.
 
7,193
296,711
Maximus, Inc.
 
8,665
639,997
Mistras Group, Inc.(a)
 
2,658
21,104
NV5 Global, Inc.(a)
 
8,566
192,307
Parsons Corp.(a)
 
8,124
602,801
Paylocity Holding Corp.(a)
 
7,004
1,294,899
Planet Labs PBC, Class A(a)
 
33,915
211,969
RCM Technologies, Inc.(a)(b)
 
627
15,117
Resolute Holdings Management, Inc.(a)
 
576
23,345
Resources Connection, Inc.
 
5,413
27,390
Robert Half, Inc.
 
15,526
573,065
Science Applications International Corp.
 
7,331
817,260
Skillsoft Corp., Class A(a)
 
695
9,911
Spire Global, Inc.(a)(b)
 
3,556
35,667
TriNet Group, Inc.
 
4,556
308,942
TrueBlue, Inc.(a)
 
4,668
33,703
TTEC Holdings, Inc.(a)
 
2,564
12,769
Upwork, Inc.(a)
 
19,211
229,764
Verra Mobility Corp., Class A(a)
 
24,504
618,971
Willdan Group, Inc.(a)
 
2,127
181,433
WNS Holdings Ltd.(a)
 
6,144
459,510
 
 
19,909,838
Real Estate Management & Development — 0.7%
American Realty Investors, Inc.(a)
 
667
8,371
Anywhere Real Estate, Inc.(a)
 
16,383
75,689
Compass, Inc., Class A(a)
 
70,058
556,261
Cushman & Wakefield PLC(a)
 
13,512
164,711
Douglas Elliman, Inc.(a)
 
11,602
31,906
eXp World Holdings, Inc.
 
12,598
135,806
Forestar Group, Inc.(a)
 
2,887
71,598
FRP Holdings, Inc.(a)
 
1,340
35,376
Howard Hughes Holdings, Inc.(a)
 
4,813
330,798
Jones Lang LaSalle, Inc.(a)
 
7,364
1,990,931
Kennedy-Wilson Holdings, Inc.
 
17,413
127,463
Marcus & Millichap, Inc.
 
3,741
116,570
Schedule of Investments
31
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Real Estate Management & Development (continued)
Maui Land & Pineapple Co., Inc.(a)
 
1,116
$ 18,983
Newmark Group, Inc., Class A
 
20,830
315,991
RE/MAX Holdings, Inc., Class A(a)
 
1,639
12,604
Real Brokerage, Inc.(a)
 
15,621
61,703
RMR Group, Inc., Class A
 
2,232
35,846
Seaport Entertainment Group, Inc.(a)(b)
 
764
17,625
St. Joe Co.
 
6,130
309,565
Stratus Properties, Inc.(a)
 
583
9,290
Tejon Ranch Co.(a)(b)
 
2,682
48,169
Transcontinental Realty Investors, Inc.(a)
 
239
9,799
Zillow Group, Inc., Class A(a)
 
7,680
589,440
Zillow Group, Inc., Class C(a)
 
25,348
2,016,433
 
 
7,090,928
Residential REITs — 0.7%
American Homes 4 Rent, Class A
 
53,274
1,848,075
Apartment Investment and Management Co., Class A
 
20,226
170,101
BRT Apartments Corp.
 
862
12,542
Camden Property Trust
 
16,833
1,838,164
Centerspace
 
2,506
136,402
Clipper Realty, Inc.
 
722
2,513
Elme Communities
 
13,536
204,123
Equity LifeStyle Properties, Inc.
 
29,521
1,768,898
Independence Realty Trust, Inc.
 
35,472
594,865
NexPoint Residential Trust, Inc.
 
3,341
104,172
UMH Properties, Inc.
 
12,604
205,193
Veris Residential, Inc.
 
11,929
167,960
 
 
7,053,008
Retail REITs — 1.4%
Acadia Realty Trust
 
20,427
382,393
Agree Realty Corp.
 
16,668
1,195,096
Alexander’s, Inc.
 
330
82,893
Brixmor Property Group, Inc.
 
48,105
1,256,984
CBL & Associates Properties, Inc.
 
3,270
88,486
Curbline Properties Corp.
 
14,122
312,096
Federal Realty Investment Trust
 
13,349
1,230,244
FrontView REIT, Inc.
 
2,070
24,364
Getty Realty Corp.
 
7,444
206,869
InvenTrust Properties Corp.
 
11,868
327,201
Kimco Realty Corp.
 
105,125
2,231,804
Kite Realty Group Trust
 
34,226
752,287
Macerich Co.
 
39,334
657,271
NETSTREIT Corp.
 
11,924
217,374
NNN REIT, Inc.
 
29,315
1,209,537
Phillips Edison & Co., Inc.
 
19,372
654,580
Regency Centers Corp.
 
28,464
2,032,330
Saul Centers, Inc.
 
1,470
47,363
SITE Centers Corp.
 
7,701
82,940
Tanger, Inc.
 
17,413
522,738
Urban Edge Properties
 
19,363
381,838
Whitestone REIT
 
7,567
92,242
 
 
13,988,930
Semiconductors & Semiconductor Equipment — 2.5%
ACM Research, Inc., Class A(a)(b)
 
7,889
239,510
Aehr Test Systems(a)(b)
 
4,333
73,228
Aeluma, Inc.(a)(b)
 
1,482
32,782
Allegro MicroSystems, Inc.(a)
 
19,152
601,564
Alpha & Omega Semiconductor Ltd.(a)
 
3,814
97,143
Ambarella, Inc.(a)
 
6,235
412,071
Amkor Technology, Inc.
 
17,999
406,057
Astera Labs, Inc.(a)(b)
 
22,196
3,034,859
Security
 
 
Shares
Value
Semiconductors & Semiconductor Equipment (continued)
Atomera, Inc.(a)(b)
 
5,643
$ 28,215
Axcelis Technologies, Inc.(a)(b)
 
5,048
341,699
CEVA, Inc.(a)
 
3,407
72,808
Cirrus Logic, Inc.(a)
 
8,173
823,103
Cohu, Inc.(a)
 
6,882
122,912
Credo Technology Group Holding Ltd.(a)
 
22,469
2,506,417
Diodes, Inc.(a)
 
7,035
347,318
Enphase Energy, Inc.(a)
 
19,841
642,055
FormFactor, Inc.(a)
 
11,817
335,721
Ichor Holdings Ltd.(a)
 
5,084
100,612
Impinj, Inc.(a)
 
4,022
621,721
indie Semiconductor, Inc., Class A(a)(b)
 
29,407
114,981
Kopin Corp.(a)(b)
 
23,406
41,897
Kulicke & Soffa Industries, Inc.
 
8,279
271,220
Lattice Semiconductor Corp.(a)
 
21,020
1,047,427
MACOM Technology Solutions Holdings, Inc.,
Class H(a)
 
9,759
1,338,349
MaxLinear, Inc.(a)
 
12,249
193,779
MKS, Inc.
 
10,342
984,352
Navitas Semiconductor Corp.(a)(b)
 
20,364
149,268
NVE Corp.
 
665
42,114
Onto Innovation, Inc.(a)
 
7,547
715,078
PDF Solutions, Inc.(a)
 
4,226
93,944
Penguin Solutions, Inc.(a)
 
8,249
194,429
Photronics, Inc.(a)
 
9,385
191,079
Power Integrations, Inc.
 
8,563
415,477
Qorvo, Inc.(a)
 
14,439
1,207,100
Rambus, Inc.(a)
 
16,655
1,231,304
Rigetti Computing, Inc.(a)(b)
 
43,552
631,504
Semtech Corp.(a)
 
13,436
686,580
Silicon Laboratories, Inc.(a)
 
4,956
653,052
SiTime Corp.(a)(b)
 
3,261
661,494
SkyWater Technology, Inc.(a)(b)
 
3,773
33,768
Skyworks Solutions, Inc.
 
23,785
1,630,224
Synaptics, Inc.(a)
 
5,997
376,012
Ultra Clean Holdings, Inc.(a)
 
6,751
152,032
Universal Display Corp.
 
6,742
973,545
Veeco Instruments, Inc.(a)
 
8,255
171,539
 
 
25,041,343
Software — 5.6%
8x8, Inc.(a)(b)
 
18,324
35,549
A10 Networks, Inc.
 
11,051
203,559
ACI Worldwide, Inc.(a)
 
16,224
690,493
Adeia, Inc.
 
16,940
219,373
Agilysys, Inc.(a)
 
3,976
453,582
Airship AI Holdings, Inc., Class A(a)(b)
 
3,489
18,108
Alarm.com Holdings, Inc.(a)
 
7,227
394,811
Alkami Technology, Inc.(a)
 
10,685
238,169
Amplitude, Inc., Class A(a)
 
14,259
174,388
Appfolio, Inc., Class A(a)
 
3,386
905,349
Appian Corp., Class A(a)(b)
 
6,348
175,268
Arteris, Inc.(a)
 
4,912
48,432
Asana, Inc., Class A(a)(b)
 
14,094
206,900
AudioEye, Inc.(a)(b)
 
694
8,890
Aurora Innovation, Inc., Class A(a)
 
151,972
882,957
AvePoint, Inc., Class A(a)
 
19,935
380,360
Bentley Systems, Inc., Class B
 
24,435
1,416,741
Bill Holdings, Inc.(a)
 
14,178
607,527
Bit Digital, Inc.(a)(b)
 
28,945
84,230
Bitdeer Technologies Group, Class A(a)(b)
 
13,961
179,957
Blackbaud, Inc.(a)
 
5,820
392,384
32
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Software (continued)
BlackLine, Inc.(a)
 
8,076
$ 434,327
Blend Labs, Inc., Class A(a)(b)
 
33,140
109,693
Box, Inc., Class A(a)
 
21,481
689,540
Braze, Inc., Class A(a)
 
11,848
330,204
C3.ai, Inc., Class A(a)(b)
 
18,724
441,137
CCC Intelligent Solutions Holdings, Inc.(a)
 
79,906
772,691
Cerence, Inc.(a)
 
6,962
59,873
Cipher Mining, Inc.(a)
 
41,092
224,362
Cleanspark, Inc.(a)(b)
 
42,632
484,726
Clear Secure, Inc., Class A
 
12,876
378,683
Clearwater Analytics Holdings, Inc., Class A(a)
 
37,807
765,970
Commvault Systems, Inc.(a)
 
6,778
1,287,481
Confluent, Inc., Class A(a)
 
43,128
764,444
Consensus Cloud Solutions, Inc.(a)
 
3,229
65,161
Core Scientific, Inc.(a)(b)
 
42,489
575,301
CoreCard Corp.(a)
 
1,008
29,182
CS Disco, Inc.(a)
 
1,938
7,694
Daily Journal Corp.(a)(b)
 
186
74,322
Digimarc Corp.(a)
 
2,533
30,244
Digital Turbine, Inc.(a)(b)
 
15,897
86,639
Dolby Laboratories, Inc., Class A
 
9,294
700,210
Domo, Inc., Class B(a)
 
5,582
91,880
Dropbox, Inc., Class A(a)
 
31,650
859,931
D-Wave Quantum, Inc.(a)(b)
 
44,175
759,368
Dynatrace, Inc.(a)
 
45,561
2,396,964
E2open Parent Holdings, Inc., Class A(a)
 
29,790
98,307
eGain Corp.(a)
 
1,349
8,337
Elastic NV(a)
 
14,025
1,173,893
EverCommerce, Inc.(a)(b)
 
3,177
34,089
Expensify, Inc., Class A(a)
 
11,649
23,647
Five9, Inc.(a)
 
11,579
299,086
Freshworks, Inc., Class A(a)(b)
 
31,919
414,628
Gen Digital, Inc.
 
85,580
2,523,754
Gitlab, Inc., Class A(a)
 
20,415
894,381
Guidewire Software, Inc.(a)
 
12,983
2,937,014
Hut 8 Corp.(a)(b)
 
14,689
311,847
I3 Verticals, Inc., Class A(a)(b)
 
3,281
91,802
Informatica, Inc., Class A(a)
 
16,244
401,227
Intapp, Inc.(a)
 
8,581
343,669
InterDigital, Inc.
 
3,971
1,025,312
Jamf Holding Corp.(a)
 
10,788
85,657
Kaltura, Inc.(a)
 
14,439
25,846
Life360, Inc.(a)(b)
 
2,530
193,773
LiveRamp Holdings, Inc.(a)
 
9,738
319,601
Manhattan Associates, Inc.(a)
 
9,279
2,038,225
MARA Holdings, Inc.(a)(b)
 
53,284
856,807
Meridianlink, Inc.(a)
 
5,170
82,617
Mitek Systems, Inc.(a)
 
6,892
62,166
N-able, Inc.(a)
 
10,992
88,815
nCino, Inc.(a)
 
16,695
466,208
NCR Voyix Corp.(a)
 
22,345
304,339
NextNav, Inc.(a)
 
13,547
200,360
Nutanix, Inc., Class A(a)
 
39,577
2,975,003
Olo, Inc., Class A(a)
 
17,785
186,387
ON24, Inc.(a)
 
1,990
9,870
OneSpan, Inc.
 
5,596
82,541
Ooma, Inc.(a)
 
3,448
39,238
Pagaya Technologies Ltd., Class A(a)(b)
 
6,389
191,989
PagerDuty, Inc.(a)(b)
 
13,367
215,476
Pegasystems, Inc.
 
13,500
792,585
Porch Group, Inc.(a)
 
12,709
160,388
Procore Technologies, Inc.(a)(b)
 
17,763
1,272,364
Security
 
 
Shares
Value
Software (continued)
Progress Software Corp.
 
6,387
$ 307,087
PROS Holdings, Inc.(a)
 
7,175
112,576
Q2 Holdings, Inc.(a)
 
9,653
783,824
Qualys, Inc.(a)
 
5,523
734,946
Rapid7, Inc.(a)
 
9,619
203,153
Red Violet, Inc.
 
1,627
72,125
ReposiTrak, Inc.(b)
 
1,533
25,264
Rezolve AI PLC(a)(b)
 
14,124
41,383
Rimini Street, Inc.(a)
 
8,507
40,834
RingCentral, Inc., Class A(a)
 
12,491
318,396
Riot Platforms, Inc.(a)(b)
 
51,149
685,908
Rubrik, Inc., Class A(a)
 
15,019
1,426,054
SailPoint, Inc.(a)
 
9,401
210,018
Sapiens International Corp. NV
 
4,701
128,854
SEMrush Holdings, Inc., Class A(a)
 
6,911
61,923
SentinelOne, Inc., Class A(a)
 
45,194
828,858
Silvaco Group, Inc.(a)
 
1,222
5,438
SoundHound AI, Inc., Class A(a)(b)
 
55,833
576,755
SoundThinking, Inc.(a)
 
1,458
16,636
Sprinklr, Inc., Class A(a)
 
16,429
148,025
Sprout Social, Inc., Class A(a)
 
7,741
132,758
SPS Commerce, Inc.(a)
 
5,827
634,356
Synchronoss Technologies, Inc.(a)
 
1,475
10,797
Telos Corp.(a)
 
8,840
22,719
Tenable Holdings, Inc.(a)
 
18,331
573,944
Teradata Corp.(a)
 
15,170
317,508
Terawulf, Inc.(a)
 
41,142
212,293
UiPath, Inc., Class A(a)
 
67,683
795,275
Unity Software, Inc.(a)
 
49,107
1,638,210
Varonis Systems, Inc.(a)
 
16,972
947,547
Verint Systems, Inc.(a)(b)
 
9,530
202,798
Vertex, Inc., Class A(a)(b)
 
9,997
331,601
Viant Technology, Inc., Class A(a)
 
2,514
36,453
Weave Communications, Inc.(a)
 
9,780
71,394
WM Technology, Inc., Class A(a)
 
16,413
14,654
Workiva, Inc., Class A(a)
 
7,741
494,108
Xperi, Inc.(a)(b)
 
7,229
43,519
Yext, Inc.(a)
 
16,512
134,077
Zeta Global Holdings Corp., Class A(a)(b)
 
28,733
449,671
 
 
55,160,041
Specialized REITs — 0.9%
CubeSmart
 
35,398
1,377,336
EPR Properties
 
11,821
650,628
Farmland Partners, Inc.
 
6,592
69,018
Four Corners Property Trust, Inc.
 
15,030
379,357
Gaming and Leisure Properties, Inc.
 
41,691
1,900,276
Gladstone Land Corp.
 
4,000
36,800
Lamar Advertising Co., Class A
 
13,791
1,685,950
Millrose Properties, Inc., Class A
 
18,951
568,341
National Storage Affiliates Trust
 
11,292
332,662
Outfront Media, Inc.
 
22,085
387,150
PotlatchDeltic Corp.
 
12,280
502,129
Rayonier, Inc.
 
24,477
570,559
Safehold, Inc.
 
9,001
125,924
Smartstop Self Storage REIT, Inc.
 
4,411
149,445
Uniti Group, Inc.
 
38,413
204,357
 
 
8,939,932
Specialty Retail — 2.4%
1-800-Flowers.com, Inc., Class A(a)(b)
 
2,137
12,630
Abercrombie & Fitch Co., Class A(a)
 
7,247
695,857
Academy Sports & Outdoors, Inc.
 
10,250
520,598
Advance Auto Parts, Inc.
 
9,193
487,873
Schedule of Investments
33
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Specialty Retail (continued)
American Eagle Outfitters, Inc.
 
24,883
$ 268,736
America’s Car-Mart, Inc.(a)
 
988
44,500
Arhaus, Inc., Class A(a)
 
7,232
63,352
Arko Corp., Class A
 
11,697
48,777
Asbury Automotive Group, Inc.(a)
 
3,028
672,579
AutoNation, Inc.(a)
 
4,335
835,094
BARK, Inc., Class A(a)(b)
 
18,801
16,195
Barnes & Noble Education, Inc.(a)
 
2,381
21,024
Bath & Body Works, Inc.
 
33,110
958,866
Beyond, Inc.(a)(b)
 
8,366
74,876
Boot Barn Holdings, Inc.(a)
 
4,727
812,571
Buckle, Inc.
 
4,648
229,472
Build-A-Bear Workshop, Inc.
 
1,784
90,467
Caleres, Inc.
 
5,269
72,343
Camping World Holdings, Inc., Class A
 
9,221
127,619
CarMax, Inc.(a)
 
23,729
1,343,299
Citi Trends, Inc.(a)
 
847
25,850
Designer Brands, Inc., Class A
 
4,833
13,629
Dick’s Sporting Goods, Inc.
 
8,421
1,781,126
EVgo, Inc., Class A(a)
 
20,047
67,558
Five Below, Inc.(a)
 
8,344
1,139,123
Floor & Decor Holdings, Inc., Class A(a)(b)
 
16,491
1,263,870
Foot Locker, Inc.(a)
 
13,273
332,356
GameStop Corp., Class A(a)(b)
 
63,490
1,425,351
Gap, Inc.
 
35,908
698,770
Genesco, Inc.(a)(b)
 
1,470
35,368
Group 1 Automotive, Inc.
 
1,945
801,632
Haverty Furniture Cos., Inc.
 
2,296
47,366
J Jill, Inc.
 
999
15,664
Lands’ End, Inc.(a)(b)
 
1,371
16,082
Lithia Motors, Inc., Class A
 
3,988
1,148,544
MarineMax, Inc.(a)
 
2,992
67,859
Monro, Inc.
 
4,406
62,103
Murphy USA, Inc.
 
2,783
1,008,782
National Vision Holdings, Inc.(a)
 
11,928
289,373
ODP Corp.(a)(b)
 
4,294
76,605
OneWater Marine, Inc., Class A(a)(b)
 
1,616
24,789
Penske Automotive Group, Inc.
 
2,925
489,674
Petco Health & Wellness Co., Inc.(a)
 
11,638
35,030
RealReal, Inc.(a)(b)
 
15,567
81,882
Revolve Group, Inc., Class A(a)(b)
 
6,252
129,729
RH(a)(b)
 
2,347
482,590
Sally Beauty Holdings, Inc.(a)
 
15,994
155,782
Shoe Carnival, Inc.
 
2,792
57,124
Signet Jewelers Ltd.
 
6,470
511,777
Sleep Number Corp.(a)(b)
 
3,622
26,549
Sonic Automotive, Inc., Class A
 
2,372
171,614
Stitch Fix, Inc., Class A(a)
 
16,786
79,398
ThredUp, Inc., Class A(a)
 
14,705
121,463
Tile Shop Holdings, Inc.(a)(b)
 
3,396
21,429
Torrid Holdings, Inc.(a)
 
4,943
12,308
Upbound Group, Inc.
 
8,292
171,105
Urban Outfitters, Inc.(a)(b)
 
9,726
732,173
Valvoline, Inc.(a)
 
19,745
696,011
Victoria’s Secret & Co.(a)
 
10,642
200,070
Warby Parker, Inc., Class A(a)(b)
 
15,366
368,016
Wayfair, Inc., Class A(a)
 
14,537
954,209
Winmark Corp.
 
432
163,045
Zumiez, Inc.(a)(b)
 
2,748
37,675
 
 
23,437,181
Security
 
 
Shares
Value
Technology Hardware, Storage & Peripherals — 0.6%
CompoSecure, Inc., Class A(a)
 
6,991
$ 99,342
Corsair Gaming, Inc.(a)
 
7,716
69,907
CPI Card Group, Inc.(a)
 
979
19,002
Diebold Nixdorf, Inc.(a)
 
4,176
235,067
Eastman Kodak Co.(a)(b)
 
10,980
73,566
Immersion Corp.
 
4,420
30,807
IonQ, Inc.(a)(b)
 
36,400
1,451,268
Pure Storage, Inc., Class A(a)
 
48,347
2,877,614
Quantum Computing, Inc.(a)(b)
 
17,739
263,247
Sandisk Corp.(a)
 
21,149
907,715
Turtle Beach Corp.(a)(b)
 
3,044
44,260
Xerox Holdings Corp.
 
18,801
76,144
 
 
6,147,939
Textiles, Apparel & Luxury Goods — 1.3%
Amer Sports, Inc.(a)
 
23,050
865,297
Birkenstock Holding PLC(a)(b)
 
8,278
414,645
Capri Holdings Ltd.(a)
 
17,706
322,072
Carter’s, Inc.
 
5,646
136,859
Columbia Sportswear Co.
 
3,919
221,698
Crocs, Inc.(a)
 
8,462
843,915
Ermenegildo Zegna NV
 
9,440
75,898
Figs, Inc., Class A(a)(b)
 
13,878
90,207
G-III Apparel Group Ltd.(a)
 
6,156
145,282
Hanesbrands, Inc.(a)
 
54,298
222,079
Kontoor Brands, Inc.
 
8,526
474,557
Lakeland Industries, Inc.
 
1,222
16,998
Movado Group, Inc.
 
2,667
41,365
Oxford Industries, Inc.
 
2,312
88,272
PVH Corp.
 
8,150
598,373
Ralph Lauren Corp., Class A
 
6,103
1,823,271
Rocky Brands, Inc.
 
1,136
29,718
Skechers USA, Inc., Class A(a)
 
20,339
1,286,442
Steven Madden Ltd.
 
11,002
264,103
Superior Group of Cos., Inc.
 
2,190
21,133
Tapestry, Inc.
 
32,122
3,470,140
Under Armour, Inc., Class A(a)
 
29,982
199,080
Under Armour, Inc., Class C(a)
 
28,861
181,824
VF Corp.
 
54,382
637,357
Wolverine World Wide, Inc.
 
12,336
278,547
 
 
12,749,132
Tobacco — 0.0%
Ispire Technology, Inc.(a)
 
1,708
4,680
Turning Point Brands, Inc.(b)
 
2,647
219,542
Universal Corp.
 
3,810
207,531
 
 
431,753
Trading Companies & Distributors — 1.9%
Air Lease Corp., Class A
 
16,337
905,070
Alta Equipment Group, Inc., Class A
 
3,056
23,715
Applied Industrial Technologies, Inc.
 
5,898
1,601,307
BlueLinx Holdings, Inc.(a)
 
1,298
95,104
Boise Cascade Co.
 
6,000
502,860
Core & Main, Inc., Class A(a)
 
29,459
1,874,771
Custom Truck One Source, Inc.(a)
 
9,045
55,989
Distribution Solutions Group, Inc.(a)
 
1,168
35,005
DNOW, Inc.(a)
 
16,158
251,419
DXP Enterprises, Inc.(a)
 
1,987
225,048
EVI Industries, Inc.
 
632
14,087
FTAI Aviation Ltd.
 
15,785
2,172,174
GATX Corp.
 
5,496
839,184
Global Industrial Co.
 
1,988
67,711
GMS, Inc.(a)
 
5,934
650,604
34
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Trading Companies & Distributors (continued)
Herc Holdings, Inc.
 
4,989
$ 582,765
Hudson Technologies, Inc.(a)(b)
 
6,427
60,350
Karat Packaging, Inc.
 
819
22,301
McGrath RentCorp
 
3,670
457,979
MRC Global, Inc.(a)
 
13,279
194,936
MSC Industrial Direct Co., Inc., Class A
 
6,768
586,244
NPK International, Inc.(a)
 
13,212
119,172
QXO, Inc.(a)
 
92,259
1,850,716
Rush Enterprises, Inc., Class A
 
9,703
525,320
Rush Enterprises, Inc., Class B
 
1,327
72,069
SiteOne Landscape Supply, Inc.(a)(b)
 
6,867
946,479
Titan Machinery, Inc.(a)
 
3,479
67,214
Transcat, Inc.(a)
 
1,372
104,862
Watsco, Inc.
 
5,388
2,429,341
WESCO International, Inc.
 
7,499
1,551,993
Willis Lease Finance Corp.
 
556
78,718
Xometry, Inc., Class A(a)
 
6,804
220,041
 
 
19,184,548
Transportation Infrastructure — 0.0%
Sky Harbour Group Corp., Class A(a)(b)
 
2,830
27,649
Water Utilities — 0.3%
American States Water Co.
 
5,657
416,299
Cadiz, Inc.(a)
 
6,768
21,522
California Water Service Group
 
8,960
407,411
Consolidated Water Co. Ltd.
 
2,091
60,827
Essential Utilities, Inc.
 
42,816
1,575,629
Global Water Resources, Inc.
 
1,533
14,640
H2O America
 
4,826
233,048
Middlesex Water Co.
 
2,627
135,553
Pure Cycle Corp.(a)
 
2,457
24,079
York Water Co.
 
1,540
46,600
 
 
2,935,608
Wireless Telecommunication Services — 0.1%
Gogo, Inc.(a)(b)
 
10,679
169,369
Millicom International Cellular SA
 
15,996
642,239
Spok Holdings, Inc.
 
2,335
42,824
Telephone and Data Systems, Inc.
 
15,179
592,588
 
 
1,447,020
Total Common Stocks — 98.8%
(Cost: $825,740,093)
982,401,741
Investment Companies
Equity Funds(d) — 0.7%
iShares Russell 2000 ETF
 
17,626
3,866,968
iShares Russell Mid-Cap ETF
 
31,101
2,914,474
 
 
6,781,442
Total Investment Companies — 0.7%
(Cost: $6,692,270)
6,781,442
Security
 
 
Shares
Value
Rights
Biotechnology — 0.0%
AstraZeneca, CVR
 
2,854
$ 885
Chinook Therapeutics, CVR(c)
 
5,455
873
Contra Aduro Biotech I, CVR(c)
 
658
316
GTX, Inc., CVR(b)(c)
 
23
23
Inhibrx, Inc., CVR(c)
 
3,315
3,812
 
 
5,909
Oil, Gas & Consumable Fuels — 0.0%
Empire Petroleum Corp., (Expires 08/20/25, Strike
Price USD 5.30)(b)(c)
 
1,329
—
Total Rights — 0.0%
(Cost: $3,087)
5,909
Warrants
Electrical Equipment — 0.0%
Enovix Corp., (Expires 10/01/26, Strike Price USD
10.50)(a)(b)
 
3,588
16,756
Health Care Equipment & Supplies — 0.0%
Pulse Biosciences, Inc., (Expires 06/27/29)(b)
 
127
255
Total Warrants — 0.0%
(Cost: $9,360)
17,011
Total Long-Term Investments — 99.5%
(Cost: $832,444,810)
989,206,103
Short-Term Securities
Money Market Funds — 8.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.44%(d)(e)(f)
 
83,409,138
83,442,502
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(d)(e)
 
4,484,385
4,484,385
Total Short-Term Securities — 8.8%
(Cost: $87,926,886)
87,926,887
Total Investments — 108.3%
(Cost: $920,371,696)
1,077,132,990
Liabilities in Excess of Other Assets — (8.3)%
(82,860,234
)
Net Assets — 100.0%
$ 994,272,756
 
(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Schedule of Investments
35
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/25
Shares
Held at
07/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 50,754,606
$ 32,688,571
(a)
$ —
$ 7,809
$ (8,484
)
$ 83,442,502
83,409,138
$ 426,105
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency
Shares
625,861
3,858,524
(a)
—
—
—
4,484,385
4,484,385
172,215
—
iShares Russell 2000 ETF
4,593,607
99,429,392
(100,583,668
)
848,259
(420,622
)
3,866,968
17,626
53,794
—
iShares Russell Mid-Cap ETF
3,114,240
63,831,069
(64,575,403
)
674,526
(129,958
)
2,914,474
31,101
41,870
—
 
$ 1,530,594
$ (559,064
)
$ 94,708,329
$ 693,984
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
E-mini Russell 2000 Index
18
09/19/25
$ 1,998
$ (32,527
)
S&P Mid 400 E-Mini Index
7
09/19/25
2,216
(25,589
)
 
$ (58,116
)
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
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 58,116
$ —
$ —
$ —
$ 58,116
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ 128,818
$ —
$ —
$ 126,099
$ 254,917
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ (68,788
)
$ —
$ —
$ —
$ (68,788
)
36
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Russell Small/Mid-Cap Index Fund
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$3,618,808
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks
$ 982,401,741
$ —
$ —
$ 982,401,741
Investment Companies
6,781,442
—
—
6,781,442
Rights
—
885
5,024
5,909
Warrants 
Electrical Equipment
16,756
—
—
16,756
Health Care Equipment & Supplies
—
255
—
255
Short-Term Securities 
Money Market Funds
87,926,887
—
—
87,926,887
 
$1,077,126,826
$1,140
$5,024
$1,077,132,990
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (58,116
)
$ —
$ —
$ (58,116
)
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
37
Schedule of Investments
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 2.2%
AAR Corp.(a)
 
2,580
$ 192,752
AeroVironment, Inc.(a)
 
1,968
526,716
AerSale Corp.(a)
 
1,574
9,507
Archer Aviation, Inc., Class A(a)(b)
 
36,713
368,231
Astronics Corp.(a)(b)
 
1,757
63,463
ATI, Inc.(a)
 
9,449
727,006
Axon Enterprise, Inc.(a)
 
5,046
3,812,203
Boeing Co.(a)
 
48,736
10,811,594
BWX Technologies, Inc.
 
6,067
921,759
Byrna Technologies, Inc.(a)(b)
 
1,282
28,473
Cadre Holdings, Inc.
 
2,386
78,905
Curtiss-Wright Corp.
 
2,590
1,269,670
Ducommun, Inc.(a)
 
926
84,247
General Dynamics Corp.
 
17,027
5,305,783
General Electric Co.
 
70,765
19,182,976
HEICO Corp.
 
2,764
903,275
HEICO Corp., Class A
 
5,221
1,347,488
Hexcel Corp.
 
5,868
351,552
Howmet Aerospace, Inc.
 
26,812
4,819,993
Huntington Ingalls Industries, Inc.
 
2,636
735,075
Intuitive Machines, Inc., Class A(a)(b)
 
7,937
88,577
Karman Holdings, Inc.(a)(b)
 
1,709
88,355
Kratos Defense & Security Solutions, Inc.(a)
 
10,628
623,864
L3Harris Technologies, Inc.
 
12,572
3,455,037
Leonardo DRS, Inc.
 
4,533
188,573
Loar Holdings, Inc.(a)
 
3,050
225,426
Lockheed Martin Corp.
 
14,100
5,935,818
Mercury Systems, Inc.(a)(b)
 
3,148
165,553
Moog, Inc., Class A
 
1,996
386,386
National Presto Industries, Inc.
 
368
35,494
Northrop Grumman Corp.
 
9,147
5,274,252
Park Aerospace Corp.
 
1,798
32,400
Redwire Corp.(a)(b)
 
2,462
35,182
Rocket Lab Corp.(a)(b)
 
26,521
1,217,844
RTX Corp.
 
90,013
14,183,348
Spirit AeroSystems Holdings, Inc., Class A(a)
 
7,857
309,566
StandardAero, Inc.(a)
 
9,452
269,855
Textron, Inc.
 
12,017
934,562
TransDigm Group, Inc.
 
3,720
5,983,471
V2X, Inc.(a)
 
802
37,999
Woodward, Inc.
 
4,002
1,028,834
 
 
92,041,064
Air Freight & Logistics — 0.2%
CH Robinson Worldwide, Inc.
 
8,049
928,211
Expeditors International of Washington, Inc.
 
9,097
1,057,435
FedEx Corp.
 
14,699
3,285,080
Forward Air Corp.(a)
 
1,607
48,837
GXO Logistics, Inc.(a)
 
7,459
370,787
Hub Group, Inc., Class A
 
4,172
146,103
Radiant Logistics, Inc.(a)
 
1,065
6,294
United Parcel Service, Inc., Class B
 
49,352
4,252,168
 
 
10,094,915
Automobile Components — 0.1%
Adient PLC(a)
 
5,612
120,321
American Axle & Manufacturing Holdings, Inc.(a)
 
6,123
27,247
Aptiv PLC(a)
 
15,617
1,071,951
BorgWarner, Inc.
 
14,641
538,789
Cooper-Standard Holdings, Inc.(a)
 
698
16,822
Dana, Inc.
 
8,323
132,502
Security
 
 
Shares
Value
Automobile Components (continued)
Dorman Products, Inc.(a)
 
1,914
$ 230,867
Fox Factory Holding Corp.(a)
 
2,625
79,721
Garrett Motion, Inc.
 
8,897
116,017
Gentex Corp.
 
16,255
429,457
Gentherm, Inc.(a)
 
2,298
73,628
Goodyear Tire & Rubber Co.(a)
 
17,489
179,787
Holley, Inc.(a)
 
3,298
6,860
LCI Industries
 
1,621
153,995
Lear Corp.
 
3,657
344,818
Luminar Technologies, Inc., Class A(a)(b)
 
1,270
3,772
Modine Manufacturing Co.(a)
 
3,491
469,749
Patrick Industries, Inc.
 
2,094
203,620
Phinia, Inc.
 
2,926
148,348
QuantumScape Corp., Class A(a)(b)
 
24,550
211,130
Solid Power, Inc., Class A(a)(b)
 
8,899
28,388
Standard Motor Products, Inc.
 
1,696
51,491
Visteon Corp.(a)
 
1,648
183,175
XPEL, Inc.(a)
 
1,523
49,787
 
 
4,872,242
Automobiles — 1.6%
Ford Motor Co.
 
266,042
2,945,085
General Motors Co.
 
65,270
3,481,502
Harley-Davidson, Inc.
 
7,932
192,986
Lucid Group, Inc.(a)(b)
 
76,894
189,159
Rivian Automotive, Inc., Class A(a)(b)
 
53,218
684,916
Tesla, Inc.(a)
 
189,386
58,382,022
Thor Industries, Inc.
 
3,278
298,265
Winnebago Industries, Inc.
 
2,035
60,480
 
 
66,234,415
Banks — 3.9%
1st Source Corp.
 
997
59,641
ACNB Corp.
 
658
27,702
Amalgamated Financial Corp.
 
3,163
91,695
Amerant Bancorp, Inc., Class A
 
4,712
90,942
Ameris Bancorp
 
4,339
296,571
Arrow Financial Corp.
 
1,851
49,607
Associated Banc-Corp.
 
11,591
286,761
Atlantic Union Bankshares Corp.
 
9,021
285,966
Axos Financial, Inc.(a)
 
3,469
299,548
Banc of California, Inc.
 
8,476
123,072
BancFirst Corp.
 
1,868
232,603
Bancorp, Inc.(a)
 
2,594
163,837
Bank First Corp.
 
578
68,678
Bank of America Corp.
 
462,438
21,859,444
Bank of Hawaii Corp.
 
2,181
134,960
Bank of Marin Bancorp
 
1,301
29,468
Bank of NT Butterfield & Son Ltd.
 
3,623
164,883
Bank OZK
 
6,920
341,156
BankUnited, Inc.
 
2,969
108,279
Banner Corp.
 
2,344
145,504
Bar Harbor Bankshares
 
1,349
39,175
BayCom Corp.
 
1,314
35,491
BCB Bancorp, Inc.
 
1,342
11,219
Berkshire Hills Bancorp, Inc.
 
1,900
46,816
Blue Foundry Bancorp(a)
 
1,829
15,638
BOK Financial Corp.
 
1,817
184,480
Bridgewater Bancshares, Inc.(a)
 
1,355
21,084
Brookline Bancorp, Inc.
 
3,524
36,368
Burke & Herbert Financial Services Corp., Class C
 
750
43,492
Business First Bancshares, Inc.
 
2,631
62,486
Byline Bancorp, Inc.
 
1,662
43,711
38
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Banks (continued)
Cadence Bank
 
6,933
$ 241,615
Camden National Corp.
 
1,025
38,653
Capital Bancorp, Inc.
 
643
20,242
Capital City Bank Group, Inc.
 
1,111
43,984
Capitol Federal Financial, Inc.
 
5,759
34,669
Carter Bankshares, Inc.(a)
 
3,260
56,659
Cathay General Bancorp
 
4,573
206,791
Central Pacific Financial Corp.
 
427
11,384
ChoiceOne Financial Services, Inc.
 
1,113
32,722
Citigroup, Inc.
 
124,442
11,660,215
Citizens & Northern Corp.
 
1,802
34,274
Citizens Financial Group, Inc.
 
30,075
1,435,179
Citizens Financial Services, Inc.
 
365
19,597
City Holding Co.
 
990
120,879
Civista Bancshares, Inc.
 
808
15,732
CNB Financial Corp.
 
1,531
35,136
Coastal Financial Corp.(a)(b)
 
714
68,687
Colony Bankcorp, Inc.
 
1,564
25,634
Columbia Banking System, Inc.
 
13,708
326,250
Columbia Financial, Inc.(a)(b)
 
2,444
35,169
Comerica, Inc.
 
8,290
560,155
Commerce Bancshares, Inc.
 
8,956
548,107
Community Financial System, Inc.
 
3,600
189,720
Community Trust Bancorp, Inc.
 
982
53,008
Community West Bancshares
 
3,575
68,819
ConnectOne Bancorp, Inc.
 
2,984
68,722
Cullen/Frost Bankers, Inc.
 
4,171
531,427
Customers Bancorp, Inc.(a)
 
1,668
106,335
CVB Financial Corp.
 
8,995
168,117
Dime Community Bancshares, Inc.
 
1,767
48,964
Eagle Bancorp, Inc.
 
1,044
16,798
East West Bancorp, Inc.
 
9,370
939,342
Eastern Bankshares, Inc.
 
12,797
197,714
Enterprise Financial Services Corp.
 
2,436
134,443
Equity Bancshares, Inc., Class A
 
1,265
47,539
Esquire Financial Holdings, Inc.
 
654
62,706
Farmers & Merchants Bancorp, Inc.
 
828
19,880
Farmers National Banc Corp.
 
1,865
25,252
FB Financial Corp.
 
2,244
109,417
Fifth Third Bancorp
 
46,401
1,928,890
Financial Institutions, Inc.
 
1,577
40,198
First Bancorp, Inc.
 
314
7,916
First BanCorp./Puerto Rico
 
4,434
92,360
First Bancorp/Southern Pines NC
 
1,949
97,625
First Bank/Hamilton
 
1,767
26,328
First Busey Corp.
 
6,005
134,032
First Business Financial Services, Inc.
 
758
36,096
First Citizens BancShares, Inc., Class A
 
655
1,306,568
First Commonwealth Financial Corp.
 
6,445
106,407
First Community Bankshares, Inc.
 
972
35,478
First Financial Bancorp
 
6,548
158,724
First Financial Bankshares, Inc.
 
8,460
292,885
First Financial Corp.
 
1,022
54,728
First Foundation, Inc.(a)
 
8,534
41,561
First Hawaiian, Inc.
 
9,199
223,076
First Horizon Corp.
 
37,007
807,123
First Interstate BancSystem, Inc., Class A
 
6,284
180,916
First Merchants Corp.
 
5,175
197,271
First Mid Bancshares, Inc.
 
1,619
61,473
Five Star Bancorp
 
948
28,525
Flagstar Financial, Inc.
 
21,573
243,559
Flushing Financial Corp.
 
2,055
24,639
FNB Corp.
 
29,508
452,063
Security
 
 
Shares
Value
Banks (continued)
Fulton Financial Corp.
 
11,311
$ 203,032
German American Bancorp, Inc.
 
1,773
68,119
Glacier Bancorp, Inc.
 
7,414
324,956
Great Southern Bancorp, Inc.
 
559
31,829
Greene County Bancorp, Inc.
 
778
18,431
Guaranty Bancshares, Inc.
 
297
12,952
Hancock Whitney Corp.
 
5,823
347,750
Hanmi Financial Corp.
 
907
20,689
HarborOne Bancorp, Inc.
 
2,218
26,239
HBT Financial, Inc.
 
1,273
31,660
Heritage Commerce Corp.
 
3,436
31,783
Heritage Financial Corp.
 
1,053
23,735
Hilltop Holdings, Inc.
 
3,539
104,754
Hingham Institution For Savings(b)
 
79
19,346
Home Bancorp, Inc.
 
190
9,935
Home BancShares, Inc.
 
13,490
379,878
HomeStreet, Inc.(a)
 
954
12,478
HomeTrust Bancshares, Inc.
 
642
24,948
Hope Bancorp, Inc.
 
7,383
73,756
Horizon Bancorp, Inc.
 
2,632
40,770
Huntington Bancshares, Inc.
 
98,152
1,612,637
Independent Bank Corp.
 
4,514
257,000
International Bancshares Corp.
 
4,389
299,242
John Marshall Bancorp, Inc.
 
759
13,973
JPMorgan Chase & Co.
 
187,260
55,473,902
Kearny Financial Corp.
 
5,495
32,585
KeyCorp.
 
64,084
1,148,385
Lakeland Financial Corp.
 
1,478
93,661
Live Oak Bancshares, Inc.
 
2,391
75,579
M&T Bank Corp.
 
11,113
2,097,023
Mercantile Bank Corp.
 
2,437
111,347
Metrocity Bankshares, Inc.
 
1,908
52,661
Metropolitan Bank Holding Corp.
 
533
37,598
Mid Penn Bancorp, Inc.
 
806
22,125
Midland States Bancorp, Inc.
 
963
16,332
MidWestOne Financial Group, Inc.
 
1,021
28,118
MVB Financial Corp.
 
865
19,670
National Bank Holdings Corp., Class A
 
2,275
84,311
NB Bancorp, Inc.(a)
 
6,036
104,000
NBT Bancorp, Inc.
 
3,198
132,333
Nicolet Bankshares, Inc.
 
940
121,260
Northeast Bank
 
629
62,378
Northfield Bancorp, Inc.
 
2,756
29,351
Northrim BanCorp, Inc.
 
572
47,779
Northwest Bancshares, Inc.
 
8,857
103,627
NU Holdings Ltd./Cayman Islands, Class A(a)
 
216,461
2,645,153
OceanFirst Financial Corp.
 
4,668
78,329
OFG Bancorp
 
2,791
118,952
Old National Bancorp
 
22,582
476,706
Old Second Bancorp, Inc.
 
2,744
46,566
Orange County Bancorp, Inc.
 
1,268
31,687
Origin Bancorp, Inc.
 
1,892
69,153
Orrstown Financial Services, Inc.
 
3,495
114,846
Pacific Premier Bancorp, Inc.
 
6,620
143,455
Park National Corp.
 
1,046
169,316
Pathward Financial, Inc.
 
1,236
93,472
PCB Bancorp
 
1,231
25,162
Peapack-Gladstone Financial Corp.
 
1,216
30,984
Peoples Bancorp, Inc.
 
2,207
63,208
Peoples Financial Services Corp.
 
546
26,596
Pinnacle Financial Partners, Inc.
 
5,340
469,333
PNC Financial Services Group, Inc.
 
26,727
5,085,346
Popular, Inc.
 
4,863
557,203
Schedule of Investments
39
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Banks (continued)
Preferred Bank/Los Angeles CA
 
305
$ 27,700
Primis Financial Corp.
 
1,942
21,731
Prosperity Bancshares, Inc.
 
7,341
489,057
Provident Financial Services, Inc.
 
7,831
142,681
QCR Holdings, Inc.
 
904
64,184
RBB Bancorp
 
350
6,338
Red River Bancshares, Inc.
 
282
16,968
Regions Financial Corp.
 
64,544
1,634,900
Renasant Corp.
 
7,863
288,100
Republic Bancorp, Inc., Class A
 
538
37,047
S&T Bancorp, Inc.
 
2,286
83,759
Seacoast Banking Corp. of Florida
 
5,847
164,827
ServisFirst Bancshares, Inc.
 
3,034
238,624
Shore Bancshares, Inc.
 
2,166
33,595
Sierra Bancorp
 
1,347
39,494
Simmons First National Corp., Class A
 
6,948
133,193
SmartFinancial, Inc.
 
1,272
43,579
South Plains Financial, Inc.
 
1,099
40,784
Southern First Bancshares, Inc.(a)
 
161
6,691
Southern Missouri Bancorp, Inc.
 
347
18,769
Southside Bancshares, Inc.
 
1,208
35,564
SouthState Corp.
 
6,838
643,934
Stellar Bancorp, Inc.
 
2,975
87,852
Stock Yards Bancorp, Inc.
 
1,716
128,288
Synovus Financial Corp.
 
10,005
472,636
Texas Capital Bancshares, Inc.(a)
 
3,487
292,803
TFS Financial Corp.
 
4,986
65,366
Third Coast Bancshares, Inc.(a)
 
1,211
45,594
Tompkins Financial Corp.
 
1,151
74,447
Towne Bank/Portsmouth VA
 
6,934
242,898
TriCo Bancshares
 
1,964
80,760
Triumph Financial, Inc.(a)
 
1,335
75,721
Truist Financial Corp.
 
88,379
3,863,046
TrustCo Bank Corp./New York
 
719
24,130
Trustmark Corp.
 
3,530
131,492
U.S. Bancorp
 
105,038
4,722,508
UMB Financial Corp.
 
5,004
550,390
United Bankshares, Inc.
 
9,589
340,601
United Community Banks, Inc.
 
3,642
111,081
Univest Financial Corp.
 
1,834
52,893
USCB Financial Holdings, Inc., Class A
 
1,758
29,253
Valley National Bancorp
 
35,791
331,783
Veritex Holdings, Inc.
 
2,661
84,407
WaFd, Inc.
 
5,659
164,705
Washington Trust Bancorp, Inc.
 
1,069
28,799
Webster Financial Corp.
 
11,532
664,820
Wells Fargo & Co.
 
219,583
17,704,977
WesBanco, Inc.
 
5,904
177,888
West BanCorp, Inc.
 
1,337
24,053
Westamerica BanCorp
 
1,572
75,299
Western Alliance Bancorp
 
7,392
573,324
Wintrust Financial Corp.
 
4,624
591,780
WSFS Financial Corp.
 
3,434
188,321
Zions Bancorp N.A.
 
9,529
510,945
 
 
161,192,417
Beverages — 1.0%
Boston Beer Co., Inc., Class A(a)
 
590
122,177
Brown-Forman Corp., Class A
 
2,982
85,405
Brown-Forman Corp., Class B
 
10,300
297,155
Celsius Holdings, Inc.(a)
 
11,162
506,085
Coca-Cola Co.
 
261,370
17,744,409
Coca-Cola Consolidated, Inc.
 
3,521
393,472
Security
 
 
Shares
Value
Beverages (continued)
Constellation Brands, Inc., Class A
 
8,911
$ 1,488,493
Keurig Dr. Pepper, Inc.
 
87,027
2,841,432
MGP Ingredients, Inc.
 
1,116
31,560
Molson Coors Beverage Co., Class B
 
10,801
526,225
Monster Beverage Corp.(a)
 
47,116
2,768,065
National Beverage Corp.(a)
 
1,540
70,563
PepsiCo, Inc.
 
92,107
12,703,397
Primo Brands Corp.
 
17,369
479,558
Vita Coco Co., Inc.(a)
 
3,365
118,650
 
 
40,176,646
Biotechnology — 2.0%
4D Molecular Therapeutics, Inc.(a)(b)
 
3,771
16,970
89bio, Inc.(a)(b)
 
8,968
85,196
AbbVie, Inc.
 
119,252
22,541,013
Absci Corp.(a)(b)
 
12,031
34,048
ACADIA Pharmaceuticals, Inc.(a)
 
7,957
189,615
ADC Therapeutics SA(a)(b)
 
12,438
34,453
ADMA Biologics, Inc.(a)
 
15,650
292,655
Agios Pharmaceuticals, Inc.(a)(b)
 
3,560
132,503
Akebia Therapeutics, Inc.(a)
 
20,965
77,256
Akero Therapeutics, Inc.(a)(b)
 
4,463
218,018
Aldeyra Therapeutics, Inc.(a)(b)
 
3,447
17,201
Alector, Inc.(a)
 
2,986
4,449
Alkermes PLC(a)
 
10,139
268,582
Allogene Therapeutics, Inc.(a)(b)
 
5,719
7,034
Alnylam Pharmaceuticals, Inc.(a)
 
8,461
3,318,743
Altimmune, Inc.(a)(b)
 
4,063
14,992
Amgen, Inc.
 
36,182
10,677,308
Amicus Therapeutics, Inc.(a)
 
21,889
131,115
AnaptysBio, Inc.(a)(b)
 
865
21,236
Anavex Life Sciences Corp.(a)(b)
 
5,000
56,500
Anika Therapeutics, Inc.(a)
 
1,304
10,765
Annexon, Inc.(a)(b)
 
6,182
14,837
Apellis Pharmaceuticals, Inc.(a)
 
6,746
150,706
Apogee Therapeutics, Inc.(a)(b)
 
2,661
101,810
Arbutus Biopharma Corp.(a)(b)
 
7,498
24,593
Arcellx, Inc.(a)(b)
 
2,703
192,967
Arcturus Therapeutics Holdings, Inc.(a)(b)
 
1,205
14,713
Arcus Biosciences, Inc.(a)
 
3,707
33,845
Arcutis Biotherapeutics, Inc.(a)(b)
 
6,214
90,600
Ardelyx, Inc.(a)(b)
 
19,637
83,261
ArriVent Biopharma, Inc.(a)(b)
 
2,616
51,038
Arrowhead Pharmaceuticals, Inc.(a)
 
7,797
123,193
ARS Pharmaceuticals, Inc.(a)(b)
 
4,460
78,853
Astria Therapeutics, Inc.(a)
 
2,797
19,355
aTyr Pharma, Inc.(a)
 
7,487
35,339
Aura Biosciences, Inc.(a)(b)
 
7,824
53,907
Aurinia Pharmaceuticals, Inc.(a)
 
8,475
78,351
Avidity Biosciences, Inc.(a)
 
7,362
270,259
Avita Medical, Inc.(a)(b)
 
1,749
9,270
Beam Therapeutics, Inc.(a)(b)
 
6,921
136,413
BioCryst Pharmaceuticals, Inc.(a)
 
15,885
129,304
Biogen, Inc.(a)
 
9,989
1,278,592
Biohaven Ltd.(a)
 
6,094
92,019
BioMarin Pharmaceutical, Inc.(a)
 
12,679
733,480
Bridgebio Pharma, Inc.(a)(b)
 
10,579
500,069
Capricor Therapeutics, Inc.(a)(b)
 
5,016
41,031
Cardiff Oncology, Inc.(a)(b)
 
10,745
25,466
CareDx, Inc.(a)(b)
 
4,945
60,749
Cargo Therapeutics, Inc.(a)(b)
 
1,604
7,170
Catalyst Pharmaceuticals, Inc.(a)
 
8,892
189,666
Celcuity, Inc.(a)(b)
 
799
31,293
40
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Biotechnology (continued)
Celldex Therapeutics, Inc.(a)
 
4,265
$ 93,745
CG oncology, Inc.(a)(b)
 
3,464
92,454
Cidara Therapeutics, Inc.(a)(b)
 
849
53,750
Cogent Biosciences, Inc.(a)
 
7,471
85,319
Coherus Oncology, Inc.(a)(b)
 
6,286
5,910
Compass Therapeutics, Inc.(a)(b)
 
8,157
24,226
Crinetics Pharmaceuticals, Inc.(a)
 
5,879
168,081
CRISPR Therapeutics AG(a)(b)
 
5,693
320,288
Cullinan Therapeutics, Inc.(a)(b)
 
4,093
31,803
Cytokinetics, Inc.(a)
 
7,503
282,413
Day One Biopharmaceuticals, Inc.(a)
 
3,982
26,719
Denali Therapeutics, Inc.(a)(b)
 
8,773
121,331
Design Therapeutics, Inc.(a)
 
2,613
10,112
Dianthus Therapeutics, Inc.(a)(b)
 
1,902
39,314
Disc Medicine, Inc.(a)(b)
 
1,366
81,632
Dynavax Technologies Corp.(a)
 
8,014
87,994
Dyne Therapeutics, Inc.(a)
 
5,380
52,993
Editas Medicine, Inc.(a)
 
6,257
15,705
Emergent BioSolutions, Inc.(a)(b)
 
5,872
34,527
Enanta Pharmaceuticals, Inc.(a)
 
1,355
10,271
Entrada Therapeutics, Inc.(a)(b)
 
1,826
10,737
Erasca, Inc.(a)(b)
 
16,501
23,349
Exact Sciences Corp.(a)
 
12,792
600,584
Exelixis, Inc.(a)
 
17,933
649,533
Fate Therapeutics, Inc.(a)
 
5,497
6,047
Foghorn Therapeutics, Inc.(a)(b)
 
1,251
6,568
Geron Corp.(a)(b)
 
43,271
49,762
Gilead Sciences, Inc.
 
83,744
9,403,614
GRAIL, Inc.(a)
 
1,680
57,473
Halozyme Therapeutics, Inc.(a)
 
8,051
482,818
Heron Therapeutics, Inc.(a)(b)
 
5,088
8,802
Humacyte, Inc.(a)(b)
 
4,049
9,718
Ideaya Biosciences, Inc.(a)
 
6,581
160,247
ImmunityBio, Inc.(a)(b)
 
7,947
19,550
Immunome, Inc.(a)(b)
 
4,279
45,015
Immunovant, Inc.(a)
 
3,713
59,705
Incyte Corp.(a)
 
10,914
817,349
Inhibrx Biosciences, Inc.(a)(b)
 
560
12,275
Insmed, Inc.(a)
 
12,092
1,297,230
Intellia Therapeutics, Inc.(a)(b)
 
5,528
64,346
Ionis Pharmaceuticals, Inc.(a)
 
10,690
459,456
Iovance Biotherapeutics, Inc.(a)(b)
 
18,001
46,263
Ironwood Pharmaceuticals, Inc., Class A(a)
 
8,803
6,725
iTeos Therapeutics, Inc.(a)(b)
 
2,020
20,483
Janux Therapeutics, Inc.(a)(b)
 
2,065
49,591
KalVista Pharmaceuticals, Inc.(a)(b)
 
2,567
34,988
Keros Therapeutics, Inc.(a)
 
1,802
25,805
Kodiak Sciences, Inc.(a)
 
1,928
12,677
Krystal Biotech, Inc.(a)
 
1,586
244,038
Kura Oncology, Inc.(a)
 
4,970
30,069
Kymera Therapeutics, Inc.(a)
 
3,501
153,169
Larimar Therapeutics, Inc.(a)
 
4,731
16,369
Madrigal Pharmaceuticals, Inc.(a)(b)
 
1,118
338,206
MannKind Corp.(a)
 
15,218
57,524
MeiraGTx Holdings PLC(a)
 
2,029
15,522
Metsera, Inc.(a)
 
1,522
50,211
MiMedx Group, Inc.(a)
 
9,149
65,781
Mineralys Therapeutics, Inc.(a)
 
2,581
36,521
Mirum Pharmaceuticals, Inc.(a)
 
2,999
154,988
Moderna, Inc.(a)
 
24,179
714,731
Monte Rosa Therapeutics, Inc.(a)
 
998
4,940
Security
 
 
Shares
Value
Biotechnology (continued)
Myriad Genetics, Inc.(a)
 
6,730
$ 25,843
Natera, Inc.(a)
 
8,803
1,176,609
Neurocrine Biosciences, Inc.(a)
 
6,488
831,956
Neurogene, Inc.(a)(b)
 
1,070
23,294
Nkarta, Inc.(a)
 
2,544
5,520
Novavax, Inc.(a)(b)
 
8,300
55,195
Nurix Therapeutics, Inc.(a)(b)
 
4,671
52,595
Nuvalent, Inc., Class A(a)
 
3,064
240,064
Olema Pharmaceuticals, Inc.(a)(b)
 
2,267
11,652
Organogenesis Holdings, Inc., Class A(a)(b)
 
6,610
30,538
ORIC Pharmaceuticals, Inc.(a)
 
3,677
36,660
Perspective Therapeutics, Inc.(a)(b)
 
3,920
15,053
Praxis Precision Medicines, Inc.(a)(b)
 
1,385
75,095
Precigen, Inc.(a)(b)
 
5,740
9,815
Prime Medicine, Inc.(a)(b)
 
2,694
10,076
Protagonist Therapeutics, Inc.(a)
 
4,290
231,059
Prothena Corp. PLC(a)(b)
 
2,491
17,113
PTC Therapeutics, Inc.(a)
 
5,457
284,364
Recursion Pharmaceuticals, Inc., Class A(a)(b)
 
23,733
141,211
Regeneron Pharmaceuticals, Inc.
 
7,072
3,857,493
REGENXBIO, Inc.(a)
 
3,603
30,662
Relay Therapeutics, Inc.(a)
 
5,448
19,177
Replimune Group, Inc.(a)(b)
 
3,154
22,173
Revolution Medicines, Inc.(a)(b)
 
11,350
423,015
Rhythm Pharmaceuticals, Inc.(a)
 
3,862
329,158
Rigel Pharmaceuticals, Inc.(a)
 
1,105
23,271
Rocket Pharmaceuticals, Inc.(a)
 
4,600
14,030
Roivant Sciences Ltd.(a)
 
28,265
321,090
Sana Biotechnology, Inc.(a)(b)
 
11,242
45,643
Sarepta Therapeutics, Inc.(a)
 
6,626
108,799
Savara, Inc.(a)
 
7,236
18,741
Scholar Rock Holding Corp.(a)
 
5,414
200,589
Soleno Therapeutics, Inc.(a)
 
2,750
237,793
Solid Biosciences, Inc.(a)
 
8,458
57,853
Spyre Therapeutics, Inc.(a)
 
2,754
46,735
Stoke Therapeutics, Inc.(a)(b)
 
3,419
43,934
Summit Therapeutics, Inc.(a)(b)
 
8,075
212,938
Syndax Pharmaceuticals, Inc.(a)
 
4,959
49,193
Tango Therapeutics, Inc.(a)(b)
 
1,668
10,075
Taysha Gene Therapies, Inc.(a)(b)
 
14,523
39,648
TG Therapeutics, Inc.(a)
 
9,652
342,646
Tourmaline Bio, Inc.(a)
 
2,342
51,828
Travere Therapeutics, Inc.(a)
 
5,719
88,359
Twist Bioscience Corp.(a)
 
3,793
127,331
Tyra Biosciences, Inc.(a)(b)
 
1,832
20,024
Ultragenyx Pharmaceutical, Inc.(a)
 
6,233
170,286
United Therapeutics Corp.(a)
 
3,015
828,220
Upstream Bio, Inc.(a)(b)
 
3,490
53,432
UroGen Pharma Ltd.(a)
 
1,616
30,801
Vanda Pharmaceuticals, Inc.(a)
 
2,945
12,546
Vaxcyte, Inc.(a)
 
8,353
283,584
Vera Therapeutics, Inc., Class A(a)
 
3,229
67,131
Veracyte, Inc.(a)(b)
 
5,067
119,125
Verastem, Inc.(a)(b)
 
5,492
33,886
Vericel Corp.(a)
 
3,406
119,006
Vertex Pharmaceuticals, Inc.(a)
 
17,291
7,899,739
Viking Therapeutics, Inc.(a)(b)
 
7,100
231,247
Vir Biotechnology, Inc.(a)
 
5,579
28,286
Viridian Therapeutics, Inc.(a)(b)
 
4,821
84,464
Voyager Therapeutics, Inc.(a)(b)
 
2,518
8,032
Xencor, Inc.(a)
 
3,868
32,182
Schedule of Investments
41
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Biotechnology (continued)
Xenon Pharmaceuticals, Inc.(a)(b)
 
5,518
$ 168,520
Y-mAbs Therapeutics, Inc.(a)
 
1,877
8,390
Zymeworks, Inc.(a)(b)
 
3,388
42,553
 
 
81,000,507
Broadline Retail — 3.8%
Amazon.com, Inc.(a)
 
645,971
151,228,271
Coupang, Inc., Class A(a)
 
84,085
2,474,621
Dillard’s, Inc., Class A(b)
 
175
81,713
eBay, Inc.
 
30,963
2,840,855
Etsy, Inc.(a)
 
6,756
393,672
Groupon, Inc.(a)(b)
 
2,275
70,161
Kohl’s Corp.
 
6,902
74,818
Macy’s, Inc.
 
18,985
239,780
Ollie’s Bargain Outlet Holdings, Inc.(a)
 
4,139
565,512
Savers Value Village, Inc.(a)(b)
 
1,377
14,335
 
 
157,983,738
Building Products — 0.7%
A O Smith Corp.
 
7,902
559,383
AAON, Inc.
 
4,543
379,340
Advanced Drainage Systems, Inc.
 
4,719
541,505
Allegion PLC
 
5,855
971,462
American Woodmark Corp.(a)
 
1,233
64,868
Apogee Enterprises, Inc.
 
1,427
59,920
Armstrong World Industries, Inc.
 
3,001
564,698
AZZ, Inc.
 
2,218
242,871
Builders FirstSource, Inc.(a)
 
7,390
939,491
Carlisle Cos., Inc.
 
2,916
1,034,334
Carrier Global Corp.
 
54,593
3,746,172
CSW Industrials, Inc.
 
1,106
286,985
Fortune Brands Innovations, Inc.
 
8,362
456,063
Gibraltar Industries, Inc.(a)
 
1,865
123,146
Griffon Corp.
 
2,530
205,613
Hayward Holdings, Inc.(a)
 
11,880
182,714
Insteel Industries, Inc.
 
1,232
44,475
Janus International Group, Inc.(a)(b)
 
10,578
90,653
JELD-WEN Holding, Inc.(a)
 
6,029
27,131
Johnson Controls International PLC
 
44,261
4,647,405
Lennox International, Inc.
 
2,156
1,313,004
Masco Corp.
 
13,522
921,254
Masterbrand, Inc.(a)
 
8,295
91,494
Owens Corning
 
5,798
808,415
Quanex Building Products Corp.
 
4,271
83,199
Resideo Technologies, Inc.(a)
 
9,442
257,767
Simpson Manufacturing Co., Inc.
 
2,694
483,384
Tecnoglass, Inc.
 
1,729
134,914
Trane Technologies PLC
 
14,965
6,555,867
Trex Co., Inc.(a)
 
7,520
483,085
UFP Industries, Inc.
 
3,867
378,966
Zurn Elkay Water Solutions Corp.
 
9,531
421,747
 
 
27,101,325
Capital Markets — 3.6%
Acadian Asset Management, Inc.
 
1,883
78,691
Affiliated Managers Group, Inc.
 
1,829
383,852
AlTi Global, Inc., Class A(a)(b)
 
6,212
25,407
Ameriprise Financial, Inc.
 
6,398
3,315,380
Ares Management Corp., Class A
 
12,757
2,366,806
Artisan Partners Asset Management, Inc., Class A
 
3,613
163,488
Bank of New York Mellon Corp.
 
48,369
4,907,035
BGC Group, Inc., Class A
 
22,373
207,398
Security
 
 
Shares
Value
Capital Markets (continued)
Blackrock, Inc.(c)
 
10,313
$ 11,406,281
Blackstone, Inc., Class A
 
49,216
8,512,399
Blue Owl Capital, Inc., Class A
 
41,353
800,181
Brookfield Asset Management Ltd., Class A(b)
 
26,078
1,608,230
Carlyle Group, Inc.
 
17,750
1,076,715
Cboe Global Markets, Inc.
 
7,076
1,705,599
Charles Schwab Corp.
 
114,886
11,227,809
CME Group, Inc., Class A
 
24,314
6,766,100
Cohen & Steers, Inc.
 
1,830
134,615
Coinbase Global, Inc., Class A(a)
 
13,957
5,272,396
Diamond Hill Investment Group, Inc., Class A
 
101
13,693
DigitalBridge Group, Inc.
 
11,708
125,744
Donnelley Financial Solutions, Inc.(a)
 
1,458
77,216
Evercore, Inc., Class A
 
2,488
749,236
FactSet Research Systems, Inc.
 
2,596
1,045,928
Forge Global Holdings, Inc.(a)
 
709
15,541
Franklin Resources, Inc.
 
21,309
511,416
Freedom Holding Corp.(a)(b)
 
1,141
212,015
GCM Grosvenor, Inc., Class A
 
2,165
25,525
Goldman Sachs Group, Inc.
 
20,473
14,814,058
Hamilton Lane, Inc., Class A
 
2,666
406,032
Houlihan Lokey, Inc., Class A
 
3,663
698,388
Interactive Brokers Group, Inc., Class A
 
28,816
1,889,177
Intercontinental Exchange, Inc.
 
38,431
7,103,202
Invesco Ltd.
 
23,471
493,126
Janus Henderson Group PLC
 
8,874
384,244
Jefferies Financial Group, Inc.
 
10,446
602,316
KKR & Co., Inc., Class A
 
45,542
6,675,546
Lazard, Inc.
 
7,479
388,758
LPL Financial Holdings, Inc.
 
5,417
2,143,669
Marex Group PLC
 
2,392
92,283
MarketAxess Holdings, Inc.
 
2,511
516,011
Moelis & Co., Class A
 
4,116
288,696
Moody’s Corp.
 
10,454
5,391,442
Morgan Stanley
 
77,431
11,030,820
Morningstar, Inc.
 
1,651
456,436
MSCI, Inc., Class A
 
5,109
2,867,988
Nasdaq, Inc.
 
28,021
2,696,181
Northern Trust Corp.
 
12,973
1,686,490
Open Lending Corp.(a)
 
5,715
12,516
P10, Inc., Class A
 
2,388
29,372
Patria Investments Ltd., Class A
 
4,257
59,385
Perella Weinberg Partners, Class A
 
3,888
77,527
Piper Sandler Cos.
 
1,151
362,933
PJT Partners, Inc., Class A
 
1,623
289,900
Raymond James Financial, Inc.
 
12,194
2,037,983
Robinhood Markets, Inc., Class A(a)
 
50,031
5,155,695
S&P Global, Inc.
 
20,688
11,401,157
SEI Investments Co.
 
6,704
590,757
State Street Corp.
 
19,437
2,172,085
StepStone Group, Inc., Class A
 
4,241
251,746
Stifel Financial Corp.
 
6,663
760,382
StoneX Group, Inc.(a)
 
3,068
298,332
T Rowe Price Group, Inc.
 
14,823
1,503,793
TPG, Inc., Class A
 
8,912
508,608
Tradeweb Markets, Inc., Class A
 
7,952
1,101,750
Victory Capital Holdings, Inc., Class A
 
3,077
212,036
Virtu Financial, Inc., Class A
 
5,659
249,788
Virtus Investment Partners, Inc.
 
369
71,331
42
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Capital Markets (continued)
WisdomTree, Inc.
 
8,155
$ 108,217
XP, Inc., Class A
 
26,729
431,406
 
 
151,046,258
Chemicals — 1.2%
AdvanSix, Inc.
 
1,773
35,673
Air Products and Chemicals, Inc.
 
15,001
4,318,488
Albemarle Corp.
 
7,911
536,761
American Vanguard Corp.
 
1,202
4,640
Ashland, Inc.
 
3,556
183,347
ASP Isotopes, Inc.(a)(b)
 
4,710
42,720
Aspen Aerogels, Inc.(a)
 
3,713
28,442
Avient Corp.
 
7,399
233,586
Axalta Coating Systems Ltd.(a)
 
14,722
416,927
Balchem Corp.
 
2,008
306,160
Cabot Corp.
 
3,476
250,898
Celanese Corp., Class A
 
7,270
379,712
CF Industries Holdings, Inc.
 
11,151
1,035,147
Chemours Co.
 
11,793
141,280
Corteva, Inc.
 
46,351
3,343,298
Dow, Inc.
 
47,794
1,113,122
DuPont de Nemours, Inc.
 
28,326
2,036,639
Eastman Chemical Co.
 
7,913
574,563
Ecolab, Inc.
 
16,886
4,420,079
Ecovyst, Inc.(a)
 
8,228
70,843
Element Solutions, Inc.
 
15,867
374,461
FMC Corp.
 
8,070
315,053
Ginkgo Bioworks Holdings, Inc.(a)(b)
 
4,326
56,844
Hawkins, Inc.
 
1,466
239,369
HB Fuller Co.
 
3,352
188,382
Huntsman Corp.
 
10,842
105,167
Ingevity Corp.(a)
 
2,428
101,466
Innospec, Inc.
 
1,590
127,041
International Flavors & Fragrances, Inc.
 
16,790
1,192,594
Intrepid Potash, Inc.(a)
 
1,114
37,074
Koppers Holdings, Inc.
 
1,368
44,953
Kronos Worldwide, Inc.
 
777
4,157
Linde PLC
 
31,642
14,563,547
LSB Industries, Inc.(a)
 
3,652
28,230
LyondellBasell Industries NV, Class A
 
17,142
993,036
Mativ Holdings, Inc.
 
5,609
37,132
Minerals Technologies, Inc.
 
2,032
118,161
Mosaic Co.
 
21,159
761,936
NewMarket Corp.
 
377
258,999
Olin Corp.
 
7,772
147,202
Orion SA
 
3,373
32,718
Perimeter Solutions, Inc.(a)
 
8,957
144,476
PPG Industries, Inc.
 
15,494
1,634,617
PureCycle Technologies, Inc.(a)
 
9,838
131,928
Quaker Chemical Corp.
 
858
98,172
Rayonier Advanced Materials, Inc.(a)
 
5,464
20,982
RPM International, Inc.
 
8,598
1,009,491
Scotts Miracle-Gro Co.
 
3,291
206,214
Sensient Technologies Corp.
 
2,722
305,653
Sherwin-Williams Co.
 
15,658
5,180,919
Stepan Co.
 
1,403
71,230
Tronox Holdings PLC
 
6,792
21,666
Westlake Corp.
 
2,011
159,472
 
 
48,184,667
Commercial Services & Supplies — 0.6%
ABM Industries, Inc.
 
4,442
204,909
ACCO Brands Corp.
 
3,640
13,650
ACV Auctions, Inc., Class A(a)
 
10,052
142,839
Security
 
 
Shares
Value
Commercial Services & Supplies (continued)
BrightView Holdings, Inc.(a)(b)
 
2,533
$ 40,401
Brink’s Co.
 
2,944
257,129
Casella Waste Systems, Inc., Class A(a)
 
3,988
433,615
CECO Environmental Corp.(a)(b)
 
2,391
107,475
Cimpress PLC(a)(b)
 
1,338
74,005
Cintas Corp.
 
23,168
5,156,038
Clean Harbors, Inc.(a)
 
3,497
824,628
Copart, Inc.(a)
 
59,598
2,701,577
CoreCivic, Inc.(a)
 
8,030
160,921
Deluxe Corp.
 
2,249
36,209
Driven Brands Holdings, Inc.(a)
 
3,595
60,755
Ennis, Inc.
 
1,476
26,273
Enviri Corp.(a)
 
4,861
43,749
GEO Group, Inc.(a)
 
8,758
227,007
Healthcare Services Group, Inc.(a)
 
5,673
73,806
HNI Corp.
 
3,184
163,785
Interface, Inc., Class A
 
5,118
105,533
Liquidity Services, Inc.(a)
 
1,769
42,244
MillerKnoll, Inc.
 
5,129
97,348
Montrose Environmental Group, Inc.(a)(b)
 
1,946
44,155
MSA Safety, Inc.
 
2,542
452,146
OPENLANE, Inc.(a)
 
7,187
177,088
Pitney Bowes, Inc.
 
4,321
49,087
Quad/Graphics, Inc., Class A
 
1,629
8,683
RB Global, Inc.
 
12,454
1,348,270
Republic Services, Inc.
 
13,704
3,160,828
Rollins, Inc.
 
18,665
1,068,945
Steelcase, Inc., Class A
 
4,806
49,646
Tetra Tech, Inc.
 
17,820
654,707
UniFirst Corp.
 
954
163,163
Veralto Corp.
 
16,191
1,697,302
Vestis Corp.
 
9,458
57,315
VSE Corp.
 
1,409
220,565
Waste Management, Inc.
 
24,778
5,678,126
 
 
25,823,922
Communications Equipment — 0.9%
ADTRAN Holdings, Inc.(a)
 
5,274
48,995
Applied Optoelectronics, Inc.(a)(b)
 
4,733
108,244
Arista Networks, Inc.(a)
 
69,214
8,528,549
Aviat Networks, Inc.(a)
 
336
7,258
Calix, Inc.(a)
 
4,004
226,987
Ciena Corp.(a)
 
9,663
897,113
Cisco Systems, Inc.
 
268,068
18,250,069
Clearfield, Inc.(a)
 
817
35,793
CommScope Holding Co., Inc.(a)
 
13,802
113,176
Digi International, Inc.(a)
 
3,329
108,559
Extreme Networks, Inc.(a)
 
10,160
179,426
F5, Inc.(a)
 
3,823
1,198,205
Harmonic, Inc.(a)
 
6,424
54,668
Lumentum Holdings, Inc.(a)
 
4,472
492,278
Motorola Solutions, Inc.
 
11,208
4,920,088
NETGEAR, Inc.(a)
 
1,767
41,083
NetScout Systems, Inc.(a)
 
4,617
98,896
Ribbon Communications, Inc.(a)
 
4,557
17,134
Ubiquiti, Inc.
 
252
109,738
Viasat, Inc.(a)
 
7,239
118,937
Viavi Solutions, Inc.(a)
 
14,749
148,227
 
 
35,703,423
Construction & Engineering — 0.4%
AECOM
 
8,985
1,012,969
Ameresco, Inc., Class A(a)
 
2,857
48,340
API Group Corp.(a)
 
24,804
894,680
Schedule of Investments
43
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Construction & Engineering (continued)
Arcosa, Inc.
 
3,111
$ 267,173
Argan, Inc.
 
963
235,916
Bowman Consulting Group Ltd.(a)
 
812
28,160
Centuri Holdings, Inc.(a)(b)
 
1,763
38,433
Comfort Systems USA, Inc.
 
2,357
1,657,678
Concrete Pumping Holdings, Inc.
 
1,884
12,868
Construction Partners, Inc., Class A(a)(b)
 
2,954
297,911
Dycom Industries, Inc.(a)
 
1,865
501,331
EMCOR Group, Inc.
 
2,973
1,865,528
Everus Construction Group, Inc.(a)
 
3,345
248,400
Fluor Corp.(a)
 
11,338
643,658
Granite Construction, Inc.
 
2,789
263,477
Great Lakes Dredge & Dock Corp.(a)
 
4,898
54,270
IES Holdings, Inc.(a)
 
582
205,487
Limbach Holdings, Inc.(a)
 
850
116,450
MasTec, Inc.(a)(b)
 
4,196
793,925
Matrix Service Co.(a)
 
3,264
49,874
MYR Group, Inc.(a)
 
1,224
236,844
NWPX Infrastructure, Inc.(a)
 
487
20,347
Orion Group Holdings, Inc.(a)
 
4,006
29,684
Primoris Services Corp.
 
3,653
344,003
Quanta Services, Inc.
 
9,949
4,040,587
Sterling Infrastructure, Inc.(a)
 
2,030
543,208
Tutor Perini Corp.(a)
 
2,730
131,449
Valmont Industries, Inc.
 
1,368
497,884
WillScot Holdings Corp., Class A
 
12,097
355,047
 
 
15,435,581
Construction Materials — 0.2%
CRH PLC
 
45,470
4,340,112
Eagle Materials, Inc.
 
2,174
487,606
James Hardie Industries PLC(a)
 
9,710
251,877
Knife River Corp.(a)
 
3,754
309,630
Martin Marietta Materials, Inc.
 
4,086
2,348,960
United States Lime & Minerals Inc
 
570
56,761
Vulcan Materials Co.
 
9,005
2,473,403
 
 
10,268,349
Consumer Finance — 0.7%
Ally Financial, Inc.
 
18,478
699,392
American Express Co.
 
36,953
11,060,402
Atlanticus Holdings Corp.(a)
 
526
26,105
Bread Financial Holdings, Inc.
 
2,626
160,974
Capital One Financial Corp.
 
42,140
9,060,100
Consumer Portfolio Services, Inc.(a)
 
1,875
14,813
Credit Acceptance Corp.(a)(b)
 
459
225,039
Dave, Inc., Class A(a)
 
692
163,174
Encore Capital Group, Inc.(a)
 
1,672
61,663
Enova International, Inc.(a)
 
1,795
187,685
FirstCash Holdings, Inc.
 
2,745
365,881
Green Dot Corp., Class A(a)
 
1,798
18,196
LendingClub Corp.(a)
 
7,657
119,373
LendingTree, Inc.(a)
 
601
28,055
Medallion Financial Corp.
 
3,822
39,023
Navient Corp.
 
6,130
79,322
Nelnet, Inc., Class A
 
903
112,667
NerdWallet, Inc., Class A(a)
 
2,065
21,868
OneMain Holdings, Inc.
 
8,073
466,539
PRA Group, Inc.(a)
 
2,429
36,921
PROG Holdings, Inc.
 
2,650
84,376
Regional Management Corp.
 
728
24,199
SLM Corp.
 
14,914
474,265
SoFi Technologies, Inc.(a)
 
71,778
1,620,747
Security
 
 
Shares
Value
Consumer Finance (continued)
Synchrony Financial
 
25,004
$ 1,742,029
Upstart Holdings, Inc.(a)(b)
 
5,429
443,766
World Acceptance Corp.(a)
 
213
33,509
 
 
27,370,083
Consumer Staples Distribution & Retail — 1.8%
Albertsons Cos., Inc., Class A
 
28,760
552,767
Andersons, Inc.
 
2,210
79,383
BJ’s Wholesale Club Holdings, Inc.(a)
 
8,561
906,610
Casey’s General Stores, Inc.
 
2,483
1,291,483
Chefs’ Warehouse, Inc.(a)
 
2,601
178,325
Costco Wholesale Corp.
 
29,850
28,048,254
Dollar General Corp.
 
14,912
1,564,269
Dollar Tree, Inc.(a)
 
13,595
1,543,712
Grocery Outlet Holding Corp.(a)
 
6,304
83,024
HF Foods Group, Inc.(a)(b)
 
1,854
5,024
Ingles Markets, Inc., Class A
 
1,069
67,272
Kroger Co.
 
41,014
2,875,081
Maplebear, Inc.(a)
 
11,862
569,020
Natural Grocers by Vitamin Cottage, Inc.
 
1,292
48,954
Performance Food Group Co.(a)
 
10,555
1,059,722
PriceSmart, Inc.
 
1,657
178,128
SpartanNash Co.
 
2,523
66,960
Sprouts Farmers Market, Inc.(a)
 
6,613
1,002,134
Sysco Corp.
 
32,697
2,602,681
Target Corp.
 
30,693
3,084,647
U.S. Foods Holding Corp.(a)
 
15,474
1,289,449
United Natural Foods, Inc.(a)
 
3,544
97,956
Village Super Market, Inc., Class A
 
1,208
41,555
Walgreens Boots Alliance, Inc.
 
48,366
562,980
Walmart, Inc.
 
292,642
28,673,063
Weis Markets, Inc.
 
1,178
85,299
 
 
76,557,752
Containers & Packaging — 0.3%
Amcor PLC
 
153,309
1,433,439
AptarGroup, Inc.
 
4,527
711,373
Ardagh Metal Packaging SA
 
8,206
32,496
Avery Dennison Corp.
 
5,418
908,978
Ball Corp.
 
19,250
1,102,255
Crown Holdings, Inc.
 
7,798
774,809
Graphic Packaging Holding Co.
 
19,612
438,524
Greif, Inc., Class A
 
1,857
117,790
Greif, Inc., Class B
 
150
9,847
International Paper Co.
 
35,140
1,642,444
Myers Industries, Inc.
 
2,006
29,388
O-I Glass, Inc.(a)
 
9,817
127,719
Packaging Corp. of America
 
5,967
1,156,106
Ranpak Holdings Corp., Class A(a)
 
2,577
9,406
Sealed Air Corp.
 
9,053
264,981
Silgan Holdings, Inc.
 
5,781
268,990
Smurfit WestRock PLC
 
35,651
1,582,191
Sonoco Products Co.
 
6,383
287,682
TriMas Corp.
 
2,253
80,500
 
 
10,978,918
Distributors — 0.1%
A-Mark Precious Metals, Inc.
 
876
18,641
Genuine Parts Co.
 
9,443
1,217,014
GigaCloud Technology, Inc., Class A(a)(b)
 
1,590
35,409
LKQ Corp.
 
18,029
531,315
44
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Distributors (continued)
Pool Corp.
 
2,489
$ 766,961
Weyco Group, Inc.
 
929
27,015
 
 
2,596,355
Diversified Consumer Services — 0.1%
ADT, Inc.
 
24,126
201,452
Adtalem Global Education, Inc.(a)
 
2,433
278,019
Bright Horizons Family Solutions, Inc.(a)
 
3,999
452,287
Carriage Services, Inc.
 
750
33,690
Coursera, Inc.(a)
 
9,809
123,986
Duolingo, Inc., Class A(a)
 
2,579
893,752
European Wax Center, Inc., Class A(a)
 
2,320
10,858
Frontdoor, Inc.(a)
 
4,969
290,686
Graham Holdings Co., Class B
 
237
226,141
Grand Canyon Education, Inc.(a)
 
1,933
325,962
H&R Block, Inc.
 
9,281
504,329
KinderCare Learning Cos., Inc.(a)
 
2,542
24,429
Laureate Education, Inc., Class A(a)
 
7,913
178,834
Lincoln Educational Services Corp.(a)
 
3,193
73,024
Matthews International Corp., Class A
 
2,063
48,460
Mister Car Wash, Inc.(a)
 
4,380
25,294
Nerdy, Inc., Class A(a)
 
3,456
5,219
OneSpaWorld Holdings Ltd.
 
7,448
164,750
Perdoceo Education Corp.
 
4,729
136,101
Service Corp. International
 
9,156
698,694
Strategic Education, Inc.
 
1,745
129,383
Stride, Inc.(a)
 
2,913
373,534
Udemy, Inc.(a)
 
6,592
50,165
Universal Technical Institute, Inc.(a)
 
3,497
112,673
 
 
5,361,722
Diversified REITs — 0.0%
Alexander & Baldwin, Inc.
 
4,091
73,556
American Assets Trust, Inc.
 
2,957
56,272
Armada Hoffler Properties, Inc.
 
4,860
33,194
Broadstone Net Lease, Inc.
 
11,612
188,579
CTO Realty Growth, Inc.
 
1,428
23,576
Essential Properties Realty Trust, Inc.
 
13,019
396,949
Gladstone Commercial Corp.
 
2,038
26,800
Global Net Lease, Inc.
 
11,666
81,545
NexPoint Diversified Real Estate Trust
 
9,584
42,074
One Liberty Properties, Inc.
 
1,518
33,973
WP Carey, Inc.
 
14,779
948,220
 
 
1,904,738
Diversified Telecommunication Services — 0.7%
Anterix, Inc.(a)(b)
 
1,444
32,071
AST SpaceMobile, Inc., Class A(a)(b)
 
11,677
620,866
AT&T, Inc.
 
471,134
12,913,783
ATN International, Inc.
 
2,056
35,260
Bandwidth, Inc., Class A(a)
 
1,171
16,289
Cogent Communications Holdings, Inc.
 
2,894
131,938
ESC GCI Liberty, Inc. (a)(d)
 
3,941
—
Frontier Communications Parent, Inc.(a)
 
16,413
603,014
GCI Liberty, Inc., Class A, Class A(a)
 
210
6,938
GCI Liberty, Inc., Class C, Class C(a)
 
1,549
51,504
Globalstar, Inc.(a)(b)
 
3,199
75,145
IDT Corp., Class B
 
1,059
62,386
Iridium Communications, Inc.
 
6,327
154,758
Liberty Global Ltd., Class A(a)
 
8,798
88,156
Liberty Global Ltd., Class C(a)
 
12,002
122,781
Liberty Latin America Ltd., Class A(a)
 
4,385
30,914
Liberty Latin America Ltd., Class C(a)(b)
 
7,372
52,636
Security
 
 
Shares
Value
Diversified Telecommunication Services (continued)
Lumen Technologies, Inc.(a)
 
67,212
$ 299,093
Shenandoah Telecommunications Co.
 
3,990
58,573
Verizon Communications, Inc.
 
284,243
12,154,231
 
 
27,510,336
Electric Utilities — 1.4%
ALLETE, Inc.
 
3,794
250,138
Alliant Energy Corp.
 
17,050
1,108,420
American Electric Power Co., Inc.
 
36,236
4,099,741
Constellation Energy Corp.
 
21,196
7,372,817
Duke Energy Corp.
 
52,307
6,362,623
Edison International
 
26,181
1,364,554
Entergy Corp.
 
28,547
2,581,505
Evergy, Inc.
 
15,012
1,062,850
Eversource Energy
 
24,786
1,638,355
Exelon Corp.
 
67,635
3,039,517
FirstEnergy Corp.
 
36,547
1,560,922
Genie Energy Ltd., Class B
 
1,945
39,522
Hawaiian Electric Industries, Inc.(a)
 
11,096
118,949
IDACORP, Inc.
 
3,536
443,167
MGE Energy, Inc.
 
2,196
186,528
NextEra Energy, Inc.
 
138,772
9,861,138
NRG Energy, Inc.
 
13,421
2,243,991
OGE Energy Corp.
 
13,878
630,339
Oklo, Inc., Class A(a)(b)
 
6,885
527,322
Otter Tail Corp.
 
2,546
196,500
PG&E Corp.
 
149,195
2,091,714
Pinnacle West Capital Corp.
 
7,967
721,970
Portland General Electric Co.
 
7,308
300,505
PPL Corp.
 
50,123
1,788,890
Southern Co.
 
74,256
7,015,707
TXNM Energy, Inc.
 
6,569
373,054
Xcel Energy, Inc.
 
38,852
2,853,291
 
 
59,834,029
Electrical Equipment — 1.1%
Acuity, Inc.
 
2,076
646,363
Allient, Inc.
 
976
39,343
American Superconductor Corp.(a)
 
2,381
135,360
AMETEK, Inc.
 
15,352
2,837,817
Amprius Technologies, Inc.(a)(b)
 
10,489
72,689
Array Technologies, Inc.(a)(b)
 
9,308
60,502
Atkore, Inc.
 
2,278
175,451
Bloom Energy Corp., Class A(a)(b)
 
13,749
514,075
Eaton Corp. PLC
 
26,342
10,134,294
Emerson Electric Co.
 
37,805
5,501,005
EnerSys
 
2,662
245,889
Enovix Corp.(a)(b)
 
9,039
121,123
Eos Energy Enterprises, Inc., Class A(a)(b)
 
16,374
93,332
Fluence Energy, Inc., Class A(a)(b)
 
3,874
31,457
GE Vernova, Inc.
 
18,382
12,137,451
Generac Holdings, Inc.(a)
 
3,967
772,335
Hubbell, Inc.
 
3,646
1,595,052
Hyliion Holdings Corp.(a)(b)
 
5,934
8,901
LSI Industries, Inc.
 
2,248
41,138
NANO Nuclear Energy, Inc.(a)(b)
 
1,753
62,109
NEXTracker, Inc., Class A(a)
 
9,549
556,325
NuScale Power Corp., Class A(a)(b)
 
8,516
427,588
nVent Electric PLC
 
11,331
888,577
Plug Power, Inc.(a)(b)
 
45,938
68,907
Powell Industries, Inc.
 
657
155,775
Power Solutions International, Inc.(a)(b)
 
617
57,844
Preformed Line Products Co.
 
83
12,809
Schedule of Investments
45
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Electrical Equipment (continued)
Regal Rexnord Corp.
 
4,496
$ 687,348
Rockwell Automation, Inc.
 
7,628
2,682,844
Sensata Technologies Holding PLC
 
9,360
287,914
Shoals Technologies Group, Inc., Class A(a)(b)
 
10,860
58,535
Sunrun, Inc.(a)
 
13,791
141,496
Thermon Group Holdings, Inc.(a)
 
2,167
61,283
Vertiv Holdings Co., Class A
 
25,742
3,748,035
Vicor Corp.(a)
 
1,278
56,794
 
 
45,117,760
Electronic Equipment, Instruments & Components — 0.8%
908 Devices, Inc.(a)(b)
 
1,976
12,943
Advanced Energy Industries, Inc.
 
2,357
327,434
Aeva Technologies, Inc.(a)(b)
 
2,307
43,002
Amphenol Corp., Class A
 
80,647
8,589,712
Arlo Technologies, Inc.(a)
 
6,948
112,558
Arrow Electronics, Inc.(a)
 
3,267
378,972
Avnet, Inc.
 
6,268
331,828
Badger Meter, Inc.
 
1,969
371,668
Bel Fuse, Inc., Class B
 
688
89,468
Belden, Inc.
 
2,821
348,817
Benchmark Electronics, Inc.
 
2,953
113,690
CDW Corp./DE
 
8,885
1,549,366
Climb Global Solutions, Inc.
 
377
44,486
Cognex Corp.
 
11,038
450,019
Coherent Corp.(a)
 
10,415
1,120,654
Corning, Inc.
 
52,680
3,331,483
Crane NXT Co.
 
3,098
183,835
CTS Corp.
 
1,973
77,322
Daktronics, Inc.(a)
 
1,753
28,434
ePlus, Inc.(a)
 
1,893
122,629
Evolv Technologies Holdings, Inc., Class A(a)
 
6,676
43,761
Fabrinet(a)
 
2,392
774,362
Flex Ltd.(a)
 
25,369
1,265,152
Ingram Micro Holding Corp.(b)
 
2,029
40,012
Insight Enterprises, Inc.(a)
 
1,886
223,642
IPG Photonics Corp.(a)
 
2,031
152,102
Itron, Inc.(a)
 
3,200
398,528
Jabil, Inc.
 
7,106
1,585,846
Keysight Technologies, Inc.(a)
 
11,346
1,859,723
Kimball Electronics, Inc.(a)
 
2,170
40,709
Knowles Corp.(a)
 
5,726
116,295
Littelfuse, Inc.
 
1,721
442,865
Methode Electronics, Inc.
 
2,506
16,439
MicroVision, Inc.(a)(b)
 
9,988
11,087
Mirion Technologies, Inc., Class A(a)
 
13,907
310,821
Napco Security Technologies, Inc.
 
2,262
69,059
nLight, Inc.(a)
 
2,689
56,496
Novanta, Inc.(a)
 
2,557
314,562
OSI Systems, Inc.(a)
 
1,125
248,636
Ouster, Inc.(a)(b)
 
3,812
89,125
PAR Technology Corp.(a)(b)
 
2,535
154,077
PC Connection, Inc.
 
993
61,159
Plexus Corp.(a)
 
1,781
227,077
Powerfleet, Inc.(a)
 
7,944
32,253
Ralliant Corp.(a)
 
7,853
359,039
Red Cat Holdings, Inc.(a)(b)
 
5,568
46,103
Rogers Corp.(a)
 
1,634
107,158
Sanmina Corp.(a)
 
3,539
410,666
ScanSource, Inc.(a)
 
1,707
66,300
TD SYNNEX Corp.
 
5,338
770,754
Teledyne Technologies, Inc.(a)
 
3,129
1,724,142
Security
 
 
Shares
Value
Electronic Equipment, Instruments & Components (continued)
Trimble, Inc.(a)
 
15,671
$ 1,314,640
TTM Technologies, Inc.(a)
 
6,478
306,085
Vishay Intertechnology, Inc.
 
7,799
127,826
Vishay Precision Group, Inc.(a)(b)
 
804
21,322
Vontier Corp.
 
10,086
418,266
Zebra Technologies Corp., Class A(a)
 
3,430
1,162,839
 
 
32,997,248
Energy Equipment & Services — 0.3%
Archrock, Inc.
 
10,504
245,373
Aris Water Solutions, Inc., Class A
 
2,434
51,771
Atlas Energy Solutions, Inc.
 
5,027
65,351
Baker Hughes Co., Class A
 
67,166
3,025,828
Borr Drilling Ltd.(b)
 
13,940
28,298
Bristow Group, Inc.(a)
 
2,220
76,745
Cactus, Inc., Class A
 
4,818
203,850
Core Laboratories, Inc.
 
3,218
35,205
DMC Global, Inc.(a)
 
948
7,669
Expro Group Holdings NV(a)(b)
 
5,586
60,217
Flowco Holdings, Inc., Class A
 
2,578
48,209
Forum Energy Technologies, Inc.(a)
 
1,122
22,115
Halliburton Co.
 
58,476
1,309,862
Helix Energy Solutions Group, Inc.(a)
 
9,071
53,791
Helmerich & Payne, Inc.
 
6,046
98,006
Innovex International, Inc.(a)
 
2,080
34,154
Kodiak Gas Services, Inc.
 
4,019
129,934
Liberty Energy, Inc., Class A
 
11,212
138,356
Nabors Industries Ltd.(a)(b)
 
626
21,772
Noble Corp. PLC
 
8,883
238,153
NOV, Inc.(b)
 
25,361
319,041
Oceaneering International, Inc.(a)
 
6,547
142,070
Oil States International, Inc.(a)
 
1,169
5,833
Patterson-UTI Energy, Inc.
 
24,743
146,231
ProFrac Holding Corp., Class A(a)(b)
 
1,185
8,319
ProPetro Holding Corp.(a)
 
6,951
37,257
Ranger Energy Services, Inc., Class A
 
2,773
37,131
RPC, Inc.
 
4,947
23,004
Schlumberger NV
 
99,279
3,355,630
SEACOR Marine Holdings, Inc.(a)
 
1,945
9,725
Seadrill Ltd.(a)(b)
 
4,582
133,611
Select Water Solutions, Inc., Class A
 
4,294
41,351
Solaris Energy Infrastructure, Inc., Class A
 
2,988
97,618
TechnipFMC PLC
 
28,049
1,020,142
TETRA Technologies, Inc.(a)
 
6,116
25,076
Tidewater, Inc.(a)
 
3,185
159,282
Transocean Ltd.(a)(b)
 
45,925
134,101
Valaris Ltd.(a)
 
4,247
206,532
Weatherford International PLC
 
5,041
285,069
 
 
12,081,682
Entertainment — 1.8%
AMC Entertainment Holdings, Inc., Class A(a)(b)
 
22,790
66,091
Atlanta Braves Holdings, Inc., Class A(a)(b)
 
602
28,354
Atlanta Braves Holdings, Inc., Class C(a)
 
3,524
157,029
Cinemark Holdings, Inc.
 
6,676
179,384
Electronic Arts, Inc.
 
17,625
2,687,636
Eventbrite, Inc., Class A(a)
 
4,028
9,828
IMAX Corp.(a)(b)
 
2,341
60,374
Liberty Media Corp.-Liberty Formula One, Class C(a)(b)
 
14,122
1,417,143
Liberty Media Corp.-Liberty Formula One, Class A(a)
 
1,820
164,018
Liberty Media Corp.-Liberty Live, Class A(a)
 
1,172
95,870
Liberty Media Corp.-Liberty Live, Class C(a)
 
2,963
249,574
Lionsgate Studios Corp.(a)(b)
 
15,574
92,198
46
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Entertainment (continued)
Live Nation Entertainment, Inc.(a)
 
10,596
$ 1,565,029
Madison Square Garden Entertainment Corp.,
Class A(a)
 
2,969
112,199
Madison Square Garden Sports Corp., Class A(a)
 
1,153
233,021
Marcus Corp.
 
914
14,962
Netflix, Inc.(a)
 
28,524
33,070,726
Playstudios, Inc., Class A(a)
 
4,630
5,325
Playtika Holding Corp.
 
6,719
29,933
ROBLOX Corp., Class A(a)
 
38,154
5,257,240
Roku, Inc., Class A(a)
 
8,558
805,821
Sphere Entertainment Co., Class A(a)(b)
 
1,765
75,983
Spotify Technology SA(a)
 
10,320
6,465,893
Starz Entertainment Corp.(a)(b)
 
1,038
15,103
Take-Two Interactive Software, Inc.(a)
 
12,125
2,700,601
TKO Group Holdings, Inc., Class A
 
4,665
783,767
Vivid Seats, Inc., Class A(a)(b)
 
2,759
4,276
Walt Disney Co.
 
121,814
14,509,266
Warner Bros Discovery, Inc., Class A(a)
 
151,517
1,995,479
 
 
72,852,123
Financial Services — 3.9%
Affirm Holdings, Inc., Class A(a)
 
18,177
1,246,215
Alerus Financial Corp.
 
1,174
24,818
Apollo Global Management, Inc.
 
27,602
4,011,123
AvidXchange Holdings, Inc.(a)
 
13,908
137,133
Banco Latinoamericano de Comercio Exterior SA
 
1,539
61,498
Berkshire Hathaway, Inc., Class B(a)(b)
 
124,232
58,622,596
Block, Inc., Class A(a)
 
36,851
2,847,108
Burford Capital Ltd.
 
12,571
161,537
Cannae Holdings, Inc.
 
5,113
109,316
Cantaloupe, Inc.(a)
 
2,911
32,225
Cass Information Systems, Inc.
 
1,157
46,292
Compass Diversified Holdings
 
4,320
27,605
Corpay, Inc.(a)
 
4,541
1,466,970
Enact Holdings, Inc.
 
1,946
67,643
Equitable Holdings, Inc.
 
20,824
1,069,312
Essent Group Ltd.
 
6,606
369,870
Euronet Worldwide, Inc.(a)
 
2,667
259,179
EVERTEC, Inc.
 
4,185
151,288
Federal Agricultural Mortgage Corp., Class C
 
582
100,261
Fidelity National Information Services, Inc.
 
35,760
2,839,702
Fiserv, Inc.(a)
 
37,344
5,188,575
Flywire Corp.(a)
 
8,552
93,131
Global Payments, Inc.
 
16,593
1,326,610
HA Sustainable Infrastructure Capital, Inc.
 
7,807
202,748
International Money Express, Inc.(a)
 
2,474
22,241
Jack Henry & Associates, Inc.
 
4,774
810,697
Jackson Financial, Inc., Class A
 
4,909
429,832
Marqeta, Inc., Class A(a)
 
29,185
166,355
Mastercard, Inc., Class A
 
54,738
31,007,435
Merchants Bancorp
 
1,371
40,170
MGIC Investment Corp.
 
16,026
415,073
Mr. Cooper Group, Inc.(a)
 
4,283
666,949
NCR Atleos Corp.(a)
 
4,883
149,420
NewtekOne, Inc.
 
1,733
19,826
NMI Holdings, Inc., Class A(a)
 
5,751
214,627
Onity Group, Inc.(a)(b)
 
1,190
44,887
Pagseguro Digital Ltd., Class A
 
12,586
98,548
Payoneer Global, Inc.(a)
 
16,185
106,335
PayPal Holdings, Inc.(a)
 
65,254
4,486,865
Paysafe Ltd.(a)(b)
 
1,495
18,164
Paysign, Inc.(a)
 
967
7,195
Security
 
 
Shares
Value
Financial Services (continued)
PennyMac Financial Services, Inc., Class A
 
1,806
$ 168,211
Radian Group, Inc.
 
10,749
350,525
Remitly Global, Inc.(a)
 
9,674
159,621
Repay Holdings Corp., Class A(a)(b)
 
5,002
24,610
Rocket Cos., Inc., Class A(b)
 
14,740
217,710
Sezzle, Inc.(a)(b)
 
1,004
155,459
Shift4 Payments, Inc., Class A(a)(b)
 
4,610
474,830
StoneCo Ltd., Class A(a)
 
16,329
208,685
Toast, Inc., Class A(a)(b)
 
30,750
1,501,830
UWM Holdings Corp., Class A
 
6,038
24,273
Visa, Inc., Class A
 
114,666
39,613,663
Voya Financial, Inc.
 
6,336
443,520
Walker & Dunlop, Inc.
 
2,542
190,675
Western Union Co.
 
18,554
149,360
WEX, Inc.(a)(b)
 
2,353
399,257
 
 
163,249,603
Food Products — 0.6%
Archer-Daniels-Midland Co.
 
32,076
1,737,878
B&G Foods, Inc.
 
4,306
17,655
Beyond Meat, Inc.(a)(b)
 
4,136
12,573
BRC, Inc., Class A(a)(b)
 
2,764
4,699
Bunge Global SA
 
8,991
717,122
Calavo Growers, Inc.
 
1,112
29,246
Cal-Maine Foods, Inc.
 
2,884
320,528
Conagra Brands, Inc.
 
31,757
579,883
Darling Ingredients, Inc.(a)
 
10,957
354,788
Dole PLC
 
5,443
77,508
Flowers Foods, Inc.
 
12,222
193,719
Fresh Del Monte Produce, Inc.
 
2,317
87,096
Freshpet, Inc.(a)
 
3,000
204,960
General Mills, Inc.
 
36,562
1,790,807
Hain Celestial Group, Inc.(a)
 
6,528
10,249
Hershey Co.
 
9,812
1,826,308
Hormel Foods Corp.
 
19,935
559,974
Ingredion, Inc.
 
4,306
566,411
J & J Snack Foods Corp.
 
1,261
142,354
J.M. Smucker Co.
 
6,891
739,680
John B Sanfilippo & Son, Inc.
 
672
42,544
Kellanova
 
18,778
1,499,048
Kraft Heinz Co.
 
57,738
1,585,485
Lamb Weston Holdings, Inc.
 
9,510
542,736
Limoneira Co.
 
1,461
21,447
Marzetti Co.
 
1,403
249,397
McCormick & Co., Inc.
 
16,993
1,200,216
Mission Produce, Inc.(a)
 
5,481
67,636
Mondelez International, Inc., Class A
 
87,737
5,675,706
Pilgrim’s Pride Corp.
 
2,884
136,673
Post Holdings, Inc.(a)
 
2,936
310,658
Seaboard Corp.
 
12
38,006
Seneca Foods Corp., Class A(a)(b)
 
161
16,861
Simply Good Foods Co.(a)
 
5,858
178,435
Smithfield Foods, Inc.
 
1,811
43,681
SunOpta, Inc.(a)
 
6,076
35,423
The Campbell’s Co.
 
13,186
420,897
Tootsie Roll Industries, Inc.
 
1,675
63,533
TreeHouse Foods, Inc.(a)
 
3,444
66,194
Tyson Foods, Inc., Class A
 
18,983
992,811
Utz Brands, Inc., Class A
 
4,872
63,482
Vital Farms, Inc.(a)
 
2,416
89,875
Schedule of Investments
47
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Food Products (continued)
Westrock Coffee Co.(a)
 
2,383
$ 15,847
WK Kellogg Co.
 
4,044
93,214
 
 
23,423,243
Gas Utilities — 0.1%
Atmos Energy Corp.
 
10,627
1,656,962
Brookfield Infrastructure Corp., Class A(b)
 
8,025
313,296
Chesapeake Utilities Corp.
 
1,503
180,180
MDU Resources Group, Inc.
 
13,381
230,822
National Fuel Gas Co.
 
6,236
541,222
New Jersey Resources Corp.
 
6,393
293,503
Northwest Natural Holding Co.
 
2,475
98,802
ONE Gas, Inc.
 
4,358
316,827
Southwest Gas Holdings, Inc.
 
4,276
334,127
Spire, Inc.
 
4,264
317,540
UGI Corp.
 
14,920
539,805
 
 
4,823,086
Ground Transportation — 0.9%
ArcBest Corp.
 
1,534
112,181
Avis Budget Group, Inc.(a)
 
1,163
197,989
Covenant Logistics Group, Inc., Class A
 
1,756
42,407
CSX Corp.
 
125,377
4,455,899
FTAI Infrastructure, Inc.
 
7,753
48,611
Heartland Express, Inc.
 
3,436
26,870
Hertz Global Holdings, Inc.(a)
 
8,951
57,376
JB Hunt Transport Services, Inc.
 
5,443
784,064
Knight-Swift Transportation Holdings, Inc.
 
10,545
448,163
Landstar System, Inc.
 
2,293
305,817
Lyft, Inc., Class A(a)
 
27,090
380,885
Marten Transport Ltd.
 
4,841
58,867
Norfolk Southern Corp.
 
15,265
4,243,670
Old Dominion Freight Line, Inc.
 
12,645
1,887,266
PAMT Corp.(a)(b)
 
886
10,038
Proficient Auto Logistics, Inc.(a)
 
4,027
27,827
RXO, Inc.(a)(b)
 
10,974
169,548
Ryder System, Inc.
 
2,653
471,465
Saia, Inc.(a)
 
1,765
533,454
Schneider National, Inc., Class B
 
3,106
75,942
Uber Technologies, Inc.(a)
 
135,456
11,886,264
U-Haul Holding Co.(a)
 
504
29,161
U-Haul Holding Co., Series N
 
6,558
341,016
Union Pacific Corp.
 
40,190
8,920,974
Universal Logistics Holdings, Inc.
 
345
8,256
Werner Enterprises, Inc.
 
3,887
107,748
XPO, Inc.(a)(b)
 
7,873
947,043
 
 
36,578,801
Health Care Equipment & Supplies — 2.0%
Abbott Laboratories
 
116,586
14,711,987
Accuray, Inc.(a)
 
6,907
9,048
Align Technology, Inc.(a)
 
4,699
606,218
Alphatec Holdings, Inc.(a)
 
9,121
96,500
AngioDynamics, Inc.(a)
 
2,055
18,207
Artivion, Inc.(a)
 
2,287
70,691
AtriCure, Inc.(a)
 
3,211
112,706
Avanos Medical, Inc.(a)
 
2,746
30,673
Axogen, Inc.(a)(b)
 
2,915
38,157
Baxter International, Inc.
 
34,552
751,852
Becton Dickinson & Co.
 
19,390
3,456,267
Bioventus, Inc., Class A(a)
 
3,134
20,434
Boston Scientific Corp.(a)
 
99,202
10,408,274
Ceribell, Inc.(a)(b)
 
1,864
26,842
Security
 
 
Shares
Value
Health Care Equipment & Supplies (continued)
Cerus Corp.(a)
 
10,433
$ 13,354
CONMED Corp.
 
1,948
99,640
Cooper Cos., Inc.(a)
 
13,658
965,484
CVRx, Inc.(a)(b)
 
1,241
9,878
Delcath Systems, Inc.(a)
 
2,866
30,810
DENTSPLY SIRONA, Inc.
 
13,255
189,679
Dexcom, Inc.(a)
 
26,463
2,137,417
Edwards Lifesciences Corp.(a)
 
38,950
3,089,124
Embecta Corp.
 
3,199
32,502
Enovis Corp.(a)
 
3,332
89,298
Envista Holdings Corp.(a)
 
13,642
257,697
GE HealthCare Technologies, Inc.(a)
 
30,500
2,175,260
Glaukos Corp.(a)
 
3,824
329,208
Globus Medical, Inc., Class A(a)
 
7,618
400,935
Haemonetics Corp.(a)
 
3,309
244,998
Hologic, Inc.(a)
 
15,031
1,004,371
ICU Medical, Inc.(a)
 
1,458
187,222
IDEXX Laboratories, Inc.(a)
 
5,432
2,902,372
Inogen, Inc.(a)(b)
 
1,013
6,392
Inspire Medical Systems, Inc.(a)
 
1,997
248,706
Insulet Corp.(a)
 
4,807
1,386,339
Integer Holdings Corp.(a)
 
2,278
247,186
Integra LifeSciences Holdings Corp.(a)
 
4,179
54,912
Intuitive Surgical, Inc.(a)
 
23,989
11,540,868
iRadimed Corp.
 
665
38,796
iRhythm Technologies, Inc.(a)(b)
 
2,102
294,658
Lantheus Holdings, Inc.(a)
 
4,430
315,372
LeMaitre Vascular, Inc.
 
1,369
111,218
LivaNova PLC(a)
 
3,277
138,257
Masimo Corp.(a)(b)
 
2,954
454,296
Medtronic PLC
 
86,196
7,778,327
Merit Medical Systems, Inc.(a)
 
3,881
329,342
Neogen Corp.(a)
 
15,391
71,568
NeuroPace, Inc.(a)
 
2,986
25,411
Novocure Ltd.(a)
 
6,754
78,144
Omnicell, Inc.(a)
 
2,769
85,867
OraSure Technologies, Inc.(a)(b)
 
4,522
14,380
Orthofix Medical, Inc.(a)
 
3,934
43,431
OrthoPediatrics Corp.(a)
 
1,412
29,257
Penumbra, Inc.(a)
 
2,511
633,450
PROCEPT BioRobotics Corp.(a)(b)
 
3,652
177,159
Pulmonx Corp.(a)
 
2,572
4,732
Pulse Biosciences, Inc.(a)(b)
 
1,753
26,330
QuidelOrtho Corp.(a)
 
4,965
114,294
ResMed, Inc.
 
9,733
2,646,792
RxSight, Inc.(a)
 
2,600
20,228
Semler Scientific, Inc.(a)(b)
 
657
23,553
SI-BONE, Inc.(a)
 
2,624
44,687
Sight Sciences, Inc.(a)
 
7,043
23,453
Solventum Corp.(a)
 
9,379
669,285
STAAR Surgical Co.(a)
 
4,301
77,052
STERIS PLC
 
6,664
1,509,329
Stryker Corp.
 
23,108
9,075,205
Surmodics, Inc.(a)
 
823
29,546
Tactile Systems Technology, Inc.(a)
 
1,111
11,088
Tandem Diabetes Care, Inc.(a)
 
4,223
65,794
Teleflex, Inc.
 
3,181
380,130
TransMedics Group, Inc.(a)
 
2,113
251,384
Treace Medical Concepts, Inc.(a)
 
3,386
18,183
UFP Technologies, Inc.(a)
 
514
116,364
Utah Medical Products, Inc.
 
90
5,004
48
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Health Care Equipment & Supplies (continued)
Varex Imaging Corp.(a)
 
2,011
$ 14,640
Zimmer Biomet Holdings, Inc.
 
13,338
1,222,428
Zimvie, Inc.(a)
 
1,169
21,966
 
 
84,991,908
Health Care Providers & Services — 1.5%
Acadia Healthcare Co., Inc.(a)
 
5,801
126,288
AdaptHealth Corp.(a)
 
6,768
60,709
Addus HomeCare Corp.(a)
 
1,408
150,346
agilon health, Inc.(a)
 
17,802
31,866
Alignment Healthcare, Inc.(a)
 
9,068
124,957
Amedisys, Inc.(a)
 
2,495
246,007
AMN Healthcare Services, Inc.(a)
 
2,547
46,712
Ardent Health, Inc.(a)(b)
 
2,578
27,327
Astrana Health, Inc.(a)
 
2,670
63,706
Aveanna Healthcare Holdings, Inc.(a)(b)
 
8,668
34,412
BrightSpring Health Services, Inc.(a)
 
5,852
120,844
Brookdale Senior Living, Inc.(a)
 
14,257
110,492
Cardinal Health, Inc.
 
16,389
2,543,901
Castle Biosciences, Inc.(a)
 
1,921
29,103
Cencora, Inc.
 
12,301
3,519,070
Centene Corp.(a)
 
33,561
874,935
Chemed Corp.
 
988
407,352
Cigna Group
 
18,107
4,841,450
Clover Health Investments Corp.(a)(b)
 
28,423
82,142
Community Health Systems, Inc.(a)(b)
 
5,422
14,097
Concentra Group Holdings Parent, Inc.
 
8,735
174,438
CorVel Corp.(a)
 
1,761
156,025
Cross Country Healthcare, Inc.(a)
 
2,722
36,611
CVS Health Corp.
 
84,670
5,258,007
DaVita, Inc.(a)(b)
 
2,635
369,875
DocGo, Inc.(a)
 
4,887
6,646
Elevance Health, Inc.
 
15,123
4,281,019
Encompass Health Corp.
 
6,763
744,674
Enhabit, Inc.(a)
 
3,056
20,536
Ensign Group, Inc.
 
3,610
541,500
Fulgent Genetics, Inc.(a)(b)
 
1,533
26,337
GeneDx Holdings Corp., Class A(a)
 
1,321
134,676
Guardant Health, Inc.(a)
 
8,313
340,667
HCA Healthcare, Inc.
 
11,669
4,130,709
HealthEquity, Inc.(a)
 
5,672
550,184
Henry Schein, Inc.(a)
 
7,439
503,248
Hims & Hers Health, Inc., Class A(a)(b)
 
13,220
874,900
Humana, Inc.
 
8,099
2,023,697
Innovage Holding Corp.(a)
 
978
3,247
Joint Corp.(a)
 
820
9,053
Labcorp Holdings, Inc.
 
5,577
1,450,466
LifeStance Health Group, Inc.(a)
 
6,871
27,347
McKesson Corp.
 
8,479
5,880,526
Molina Healthcare, Inc.(a)
 
3,642
574,963
Nano-X Imaging Ltd.(a)(b)
 
2,926
13,781
National HealthCare Corp.
 
790
75,864
National Research Corp., Class A
 
1,109
13,863
NeoGenomics, Inc.(a)
 
8,616
41,701
Nutex Health, Inc.(a)(b)
 
345
29,259
OPKO Health, Inc.(a)
 
22,404
28,677
Option Care Health, Inc.(a)
 
11,012
323,202
Owens & Minor, Inc.(a)
 
5,500
38,115
PACS Group, Inc.(a)
 
2,598
28,734
Pediatrix Medical Group, Inc.(a)
 
5,332
65,317
Pennant Group, Inc.(a)
 
2,548
56,489
Performant Healthcare, Inc.(a)
 
1,105
3,923
Security
 
 
Shares
Value
Health Care Providers & Services (continued)
Premier, Inc., Class A
 
7,029
$ 150,983
Privia Health Group, Inc.(a)
 
7,692
150,148
Progyny, Inc.(a)
 
5,002
117,597
Quest Diagnostics, Inc.
 
7,488
1,253,566
RadNet, Inc.(a)
 
4,160
227,677
Select Medical Holdings Corp.
 
7,600
112,404
Surgery Partners, Inc.(a)
 
5,815
127,639
Talkspace, Inc.(a)(b)
 
11,686
28,397
Tenet Healthcare Corp.(a)
 
6,187
997,839
U.S. Physical Therapy, Inc.
 
849
62,104
UnitedHealth Group, Inc.
 
61,258
15,287,546
Universal Health Services, Inc., Class B
 
3,738
622,190
Viemed Healthcare, Inc.(a)
 
4,262
25,956
 
 
61,458,038
Health Care REITs — 0.3%
Alexandria Real Estate Equities, Inc.
 
11,717
895,530
American Healthcare REIT, Inc.
 
10,532
406,957
CareTrust REIT, Inc.
 
13,004
413,527
Community Healthcare Trust, Inc.
 
3,449
53,011
Diversified Healthcare Trust
 
14,315
46,810
Global Medical REIT, Inc.
 
3,155
21,076
Healthcare Realty Trust, Inc.
 
23,970
368,179
Healthpeak Properties, Inc.
 
47,098
797,840
LTC Properties, Inc.
 
2,807
95,550
Medical Properties Trust, Inc.
 
39,241
161,673
National Health Investors, Inc.
 
2,865
200,149
Omega Healthcare Investors, Inc.
 
19,418
755,360
Sabra Health Care REIT, Inc.
 
15,036
271,099
Sila Realty Trust, Inc.
 
3,819
93,336
Universal Health Realty Income Trust
 
517
20,055
Ventas, Inc.
 
29,500
1,981,810
Welltower, Inc.
 
44,277
7,308,805
 
 
13,890,767
Health Care Technology — 0.1%
Certara, Inc.(a)
 
7,090
69,766
Definitive Healthcare Corp., Class A(a)
 
2,101
8,194
Doximity, Inc., Class A(a)
 
8,635
507,306
Evolent Health, Inc., Class A(a)(b)
 
7,059
70,943
Health Catalyst, Inc.(a)
 
2,795
10,202
HealthStream, Inc.
 
1,619
42,353
LifeMD, Inc.(a)
 
2,829
29,450
OptimizeRx Corp.(a)
 
814
10,273
Phreesia, Inc.(a)
 
3,516
94,791
Schrodinger, Inc./United States(a)
 
3,581
72,802
Simulations Plus, Inc.
 
1,116
14,530
Teladoc Health, Inc.(a)
 
10,028
72,302
Veeva Systems, Inc., Class A(a)
 
9,966
2,832,337
Waystar Holding Corp.(a)
 
6,380
235,932
 
 
4,071,181
Hotel & Resort REITs — 0.0%
Apple Hospitality REIT, Inc.
 
19,138
224,871
Braemar Hotels & Resorts, Inc.
 
3,646
8,021
Chatham Lodging Trust
 
2,016
13,749
DiamondRock Hospitality Co.
 
11,505
88,819
Host Hotels & Resorts, Inc.
 
47,121
740,742
Park Hotels & Resorts, Inc.
 
14,578
155,401
Pebblebrook Hotel Trust
 
7,963
79,869
RLJ Lodging Trust
 
11,744
86,906
Ryman Hospitality Properties, Inc.
 
4,030
383,092
Service Properties Trust
 
8,692
22,860
Schedule of Investments
49
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Hotel & Resort REITs (continued)
Summit Hotel Properties, Inc.
 
5,580
$ 29,128
Sunstone Hotel Investors, Inc.
 
14,339
125,466
Xenia Hotels & Resorts, Inc.
 
7,531
95,719
 
 
2,054,643
Hotels, Restaurants & Leisure — 2.2%
Accel Entertainment, Inc., Class A(a)
 
4,065
52,276
Airbnb, Inc., Class A(a)
 
28,439
3,765,608
Aramark
 
17,256
734,415
Biglari Holdings, Inc., Class B(a)
 
32
9,866
BJ’s Restaurants, Inc.(a)
 
1,084
38,406
Bloomin’ Brands, Inc.
 
5,912
53,858
Booking Holdings, Inc.
 
2,186
12,031,875
Boyd Gaming Corp.
 
4,023
341,553
Brightstar Lottery PLC
 
7,143
106,002
Brinker International, Inc.(a)
 
3,045
479,892
Caesars Entertainment, Inc.(a)
 
14,584
389,101
Carnival Corp.(a)
 
72,724
2,164,994
Cava Group, Inc.(a)
 
6,779
596,620
Cheesecake Factory, Inc.
 
3,485
222,726
Chipotle Mexican Grill, Inc.(a)
 
90,588
3,884,413
Choice Hotels International, Inc.(b)
 
1,823
232,815
Churchill Downs, Inc.
 
4,570
489,173
Cracker Barrel Old Country Store, Inc.
 
1,446
89,652
Darden Restaurants, Inc.
 
7,860
1,585,126
Dave & Buster’s Entertainment, Inc.(a)
 
2,569
75,118
Denny’s Corp.(a)
 
3,384
12,589
Dine Brands Global, Inc.
 
887
20,055
Domino’s Pizza, Inc.
 
2,148
994,975
DoorDash, Inc., Class A(a)
 
24,028
6,013,007
DraftKings, Inc., Class A(a)
 
32,570
1,466,953
Dutch Bros, Inc., Class A(a)
 
7,889
467,581
El Pollo Loco Holdings, Inc.(a)
 
3,825
39,398
Expedia Group, Inc.
 
8,107
1,461,044
First Watch Restaurant Group, Inc.(a)
 
3,681
63,645
Flutter Entertainment PLC(a)
 
11,791
3,563,948
Genius Sports Ltd.(a)
 
15,291
172,024
Global Business Travel Group I, Class A(a)(b)
 
9,219
59,278
Golden Entertainment, Inc.
 
2,423
68,135
Hilton Grand Vacations, Inc.(a)
 
4,987
223,517
Hilton Worldwide Holdings, Inc.
 
15,446
4,140,764
Hyatt Hotels Corp., Class A
 
2,755
388,372
Inspired Entertainment, Inc.(a)
 
902
8,127
Jack in the Box, Inc.
 
1,529
30,121
Krispy Kreme, Inc.
 
6,214
22,495
Kura Sushi USA, Inc., Class A(a)(b)
 
372
32,639
Las Vegas Sands Corp.
 
21,628
1,133,307
Life Time Group Holdings, Inc.(a)
 
9,043
259,715
Light & Wonder, Inc., Class A(a)(b)
 
5,582
537,658
Lindblad Expeditions Holdings, Inc.(a)(b)
 
2,077
24,820
Marriott International, Inc., Class A
 
15,326
4,043,459
Marriott Vacations Worldwide Corp.
 
2,247
167,334
McDonald’s Corp.
 
47,978
14,396,759
MGM Resorts International(a)(b)
 
13,723
500,203
Monarch Casino & Resort, Inc.
 
999
102,857
Norwegian Cruise Line Holdings Ltd.(a)
 
29,887
763,912
Papa John’s International, Inc.
 
2,240
94,998
Penn Entertainment, Inc.(a)
 
9,126
164,816
Planet Fitness, Inc., Class A(a)
 
5,744
627,187
Portillo’s, Inc., Class A(a)
 
3,505
34,910
Potbelly Corp.(a)
 
3,051
36,704
Pursuit Attractions and Hospitality, Inc.(a)
 
1,234
37,316
Security
 
 
Shares
Value
Hotels, Restaurants & Leisure (continued)
RCI Hospitality Holdings, Inc.
 
626
$ 22,430
Red Rock Resorts, Inc., Class A
 
3,220
197,547
Restaurant Brands International, Inc.
 
21,704
1,472,833
Royal Caribbean Cruises Ltd.
 
17,047
5,418,730
Rush Street Interactive, Inc., Class A(a)
 
6,170
124,387
Sabre Corp.(a)
 
32,773
99,302
Serve Robotics, Inc.(a)(b)
 
3,647
37,163
Shake Shack, Inc., Class A(a)
 
2,633
316,855
Six Flags Entertainment Corp.(b)
 
6,268
187,789
Starbucks Corp.
 
76,795
6,847,042
Super Group SGHC Ltd.
 
8,184
87,978
Sweetgreen, Inc., Class A(a)(b)
 
6,926
89,207
Target Hospitality Corp.(a)
 
2,076
15,757
Texas Roadhouse, Inc.
 
4,431
820,311
Travel & Leisure Co.
 
4,909
290,858
United Parks & Resorts, Inc.(a)(b)
 
1,575
74,545
Vail Resorts, Inc.
 
2,371
356,267
Viking Holdings Ltd.(a)
 
13,295
780,682
Wendy’s Co.
 
10,460
103,031
Wingstop, Inc.
 
1,856
700,343
Wyndham Hotels & Resorts, Inc.
 
5,246
451,156
Wynn Resorts Ltd.
 
5,641
615,038
Xponential Fitness, Inc., Class A(a)(b)
 
1,307
13,671
Yum! Brands, Inc.
 
18,769
2,705,551
 
 
91,346,584
Household Durables — 0.4%
Beazer Homes USA, Inc.(a)(b)
 
2,424
56,964
Cavco Industries, Inc.(a)
 
512
206,679
Century Communities, Inc.
 
1,627
91,584
Champion Homes, Inc.(a)
 
3,500
213,150
Cricut, Inc., Class A
 
2,865
14,038
D.R. Horton, Inc.
 
18,620
2,659,681
Dream Finders Homes, Inc., Class A(a)(b)
 
1,622
41,069
Ethan Allen Interiors, Inc.
 
1,903
56,652
Flexsteel Industries, Inc.
 
652
22,174
Garmin Ltd.
 
10,979
2,401,766
Green Brick Partners, Inc.(a)
 
1,939
120,102
Hamilton Beach Brands Holding Co., Class A
 
1,383
21,533
Helen of Troy Ltd.(a)
 
1,416
31,124
Hovnanian Enterprises, Inc., Class A(a)
 
259
30,943
Installed Building Products, Inc.
 
1,664
336,611
KB Home
 
4,241
234,358
La-Z-Boy, Inc.
 
2,410
86,688
Legacy Housing Corp.(a)
 
148
3,312
Leggett & Platt, Inc.
 
8,651
82,617
Lennar Corp., B Shares
 
827
88,638
Lennar Corp., Class A
 
14,751
1,654,767
LGI Homes, Inc.(a)
 
1,213
64,616
Lovesac Co.(a)(b)
 
653
11,760
M/I Homes, Inc.(a)
 
1,640
197,112
Meritage Homes Corp.
 
4,608
310,303
Mohawk Industries, Inc.(a)
 
3,316
379,715
Newell Brands, Inc.
 
29,617
166,151
NVR, Inc.(a)
 
192
1,449,502
PulteGroup, Inc.
 
13,615
1,537,406
SharkNinja, Inc.(a)
 
4,697
545,322
Somnigroup International, Inc.
 
13,512
977,999
Sonos, Inc.(a)
 
7,986
86,329
Taylor Morrison Home Corp., Class A(a)
 
6,652
394,331
Toll Brothers, Inc.
 
6,863
812,305
TopBuild Corp.(a)(b)
 
1,957
724,931
50
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Household Durables (continued)
Traeger, Inc.(a)
 
1,304
$ 2,112
Tri Pointe Homes, Inc.(a)
 
6,084
187,387
Whirlpool Corp.
 
3,701
307,331
 
 
16,609,062
Household Products — 0.8%
Central Garden & Pet Co.(a)
 
682
26,612
Central Garden & Pet Co., Class A(a)
 
3,323
118,033
Church & Dwight Co., Inc.
 
16,539
1,550,862
Clorox Co.
 
8,285
1,040,264
Colgate-Palmolive Co.
 
53,982
4,526,391
Energizer Holdings, Inc.
 
4,687
105,551
Kimberly-Clark Corp.
 
22,187
2,764,944
Oil-Dri Corp. of America
 
954
53,805
Procter & Gamble Co.
 
158,227
23,808,417
Reynolds Consumer Products, Inc.
 
3,870
87,036
Spectrum Brands Holdings, Inc.
 
2,078
111,194
WD-40 Co.
 
832
178,381
 
 
34,371,490
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp.
 
48,596
639,038
Brookfield Renewable Corp.
 
9,918
363,296
Clearway Energy, Inc., Class A
 
1,844
56,758
Clearway Energy, Inc., Class C
 
6,100
199,043
Hallador Energy Co.(a)
 
1,749
30,853
Montauk Renewables, Inc.(a)(b)
 
3,696
8,020
Ormat Technologies, Inc.
 
3,993
357,014
Talen Energy Corp.(a)
 
3,023
1,141,394
Vistra Corp.
 
22,821
4,759,091
 
 
7,554,507
Industrial Conglomerates — 0.4%
3M Co.
 
36,457
5,440,114
Brookfield Business Corp., Class A
 
1,503
46,232
Honeywell International, Inc.
 
43,295
9,626,643
 
 
15,112,989
Industrial REITs — 0.2%
Americold Realty Trust, Inc.
 
18,877
303,542
EastGroup Properties, Inc.
 
3,581
584,563
First Industrial Realty Trust, Inc.
 
8,452
411,781
Industrial Logistics Properties Trust
 
10,698
56,913
Innovative Industrial Properties, Inc.
 
1,807
93,422
Lineage, Inc.(b)
 
4,537
195,772
LXP Industrial Trust
 
18,394
142,737
Plymouth Industrial REIT, Inc.
 
2,651
38,493
Prologis, Inc.
 
62,263
6,648,443
Rexford Industrial Realty, Inc.
 
16,079
587,366
STAG Industrial, Inc.
 
12,628
433,519
Terreno Realty Corp.
 
6,721
372,948
 
 
9,869,499
Insurance — 2.0%
Aflac, Inc.
 
33,394
3,318,028
Allstate Corp.
 
17,685
3,594,476
Ambac Financial Group, Inc.(a)
 
2,001
16,808
American Coastal Insurance Corp.
 
2,983
31,053
American Financial Group, Inc.
 
4,533
566,172
American International Group, Inc.
 
39,418
3,060,019
AMERISAFE, Inc.
 
1,410
63,140
Aon PLC, Class A
 
14,182
5,044,679
Arch Capital Group Ltd.
 
24,583
2,115,613
Arthur J Gallagher & Co.
 
17,164
4,930,359
Security
 
 
Shares
Value
Insurance (continued)
Assurant, Inc.
 
3,656
$ 684,769
Assured Guaranty Ltd.
 
3,483
294,592
Axis Capital Holdings Ltd.
 
5,372
504,108
Baldwin Insurance Group, Inc.(a)(b)
 
4,318
159,075
Bowhead Specialty Holdings, Inc.(a)
 
1,535
49,887
Brighthouse Financial, Inc.(a)
 
4,515
216,043
Brown & Brown, Inc.
 
18,638
1,702,954
Chubb Ltd.
 
25,175
6,697,557
Cincinnati Financial Corp.
 
10,286
1,517,288
CNA Financial Corp.
 
1,702
75,450
CNO Financial Group, Inc.
 
7,685
283,115
Crawford & Co., Class A
 
730
6,986
Employers Holdings, Inc.
 
798
32,941
Everest Group Ltd.
 
2,740
920,092
F&G Annuities & Life, Inc.
 
1,150
36,697
Fidelis Insurance Holdings Ltd.
 
4,637
70,065
Fidelity National Financial, Inc., Class A
 
17,437
983,970
First American Financial Corp.
 
6,362
382,038
Genworth Financial, Inc., Class A(a)
 
14,365
112,909
Globe Life, Inc.
 
5,758
808,826
Goosehead Insurance, Inc., Class A
 
1,654
150,365
Greenlight Capital Re Ltd., Class A(a)
 
1,310
17,030
Hamilton Insurance Group Ltd., Class B(a)
 
3,783
81,297
Hanover Insurance Group, Inc.
 
2,331
400,070
Hartford Insurance Group, Inc.
 
19,632
2,442,024
HCI Group, Inc.
 
694
97,188
Heritage Insurance Holdings, Inc.(a)
 
2,283
48,148
Hippo Holdings, Inc.(a)
 
930
24,031
Horace Mann Educators Corp.
 
1,576
67,027
Investors Title Co.
 
51
10,772
James River Group Holdings Ltd.
 
3,570
20,349
Kemper Corp.
 
4,044
249,070
Kestrel Group Ltd.(a)(b)
 
760
20,657
Kinsale Capital Group, Inc.
 
1,495
658,832
Lemonade, Inc.(a)(b)
 
3,392
127,811
Lincoln National Corp.
 
11,067
421,763
Loews Corp.
 
11,528
1,043,745
Markel Group, Inc.(a)
 
840
1,686,964
Marsh & McLennan Cos., Inc.
 
33,392
6,651,686
MBIA, Inc.(a)
 
2,769
14,759
Mercury General Corp.
 
1,620
112,185
MetLife, Inc.
 
38,638
2,934,556
Old Republic International Corp.
 
16,811
608,054
Oscar Health, Inc., Class A(a)(b)
 
12,587
176,847
Palomar Holdings, Inc.(a)
 
1,645
217,946
Primerica, Inc.
 
2,471
656,372
Principal Financial Group, Inc.
 
15,425
1,200,528
ProAssurance Corp.(a)
 
3,591
85,322
Progressive Corp.
 
39,451
9,548,720
Prudential Financial, Inc.
 
24,287
2,515,647
Reinsurance Group of America, Inc.
 
4,378
842,546
RenaissanceRe Holdings Ltd.
 
3,217
784,112
RLI Corp.
 
5,332
351,859
Root, Inc., Class A(a)
 
829
100,334
Ryan Specialty Holdings, Inc., Class A
 
7,076
432,980
Safety Insurance Group, Inc.
 
1,725
121,354
Selective Insurance Group, Inc.
 
4,243
330,827
Selectquote, Inc.(a)
 
8,469
14,905
SiriusPoint Ltd.(a)
 
4,652
91,226
Skyward Specialty Insurance Group, Inc.(a)
 
2,846
143,951
Stewart Information Services Corp.
 
2,366
153,624
Tiptree, Inc.
 
1,651
34,308
Schedule of Investments
51
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Insurance (continued)
Travelers Cos., Inc.
 
15,282
$ 3,976,988
Trupanion, Inc.(a)
 
2,521
119,521
United Fire Group, Inc.
 
1,438
38,179
Universal Insurance Holdings, Inc.
 
1,090
25,768
Unum Group
 
11,546
829,118
W.R. Berkley Corp.
 
20,416
1,404,825
White Mountains Insurance Group Ltd.(b)
 
161
287,836
Willis Towers Watson PLC
 
6,650
2,100,136
 
 
82,753,871
Interactive Media & Services — 6.2%
Alphabet, Inc., Class A
 
390,429
74,923,325
Alphabet, Inc., Class C
 
319,749
61,666,792
Angi, Inc., Class A(a)
 
2,753
44,654
Bumble, Inc., Class A(a)(b)
 
6,338
49,310
Cargurus, Inc., Class A(a)
 
6,510
213,658
Cars.com, Inc.(a)
 
4,460
57,400
EverQuote, Inc., Class A(a)
 
2,540
62,459
fuboTV, Inc.(a)(b)
 
21,357
85,001
Getty Images Holdings, Inc., Class A(a)(b)
 
12,015
21,266
Grindr, Inc.(a)
 
2,746
48,000
IAC, Inc.(a)
 
5,244
206,089
Match Group, Inc.
 
17,006
582,796
MediaAlpha, Inc., Class A(a)
 
3,417
34,238
Meta Platforms, Inc., Class A
 
147,015
113,707,282
Nextdoor Holdings, Inc., Class A(a)
 
10,985
19,224
Pinterest, Inc., Class A(a)
 
40,197
1,551,604
QuinStreet, Inc.(a)
 
3,026
49,657
Reddit, Inc., Class A(a)(b)
 
7,875
1,264,646
Rumble, Inc., Class A(a)
 
5,901
49,804
Shutterstock, Inc.
 
1,395
26,728
Teads Holding Co.(a)
 
4,466
11,299
TripAdvisor, Inc.(a)(b)
 
7,461
130,493
TrueCar, Inc.(a)
 
5,805
10,623
Trump Media & Technology Group Corp., Class A(a)(b)
 
7,275
127,967
Vimeo, Inc.(a)
 
7,862
29,797
VTEX, Class A(a)
 
6,014
35,904
Yelp, Inc.(a)
 
4,499
154,900
Ziff Davis, Inc.(a)
 
3,041
94,636
ZipRecruiter, Inc., Class A(a)
 
5,115
21,483
ZoomInfo Technologies, Inc., Class A(a)
 
20,001
216,611
 
 
255,497,646
IT Services — 1.2%
Accenture PLC, Class A
 
42,109
11,247,314
Akamai Technologies, Inc.(a)
 
9,908
756,079
Amdocs Ltd.
 
7,366
628,762
Applied Digital Corp.(a)(b)
 
13,606
178,783
ASGN, Inc.(a)
 
3,190
159,946
Backblaze, Inc., Class A(a)
 
5,118
25,539
BigBear.ai Holdings, Inc.(a)(b)
 
20,508
130,226
BigCommerce Holdings, Inc., Series 1(a)
 
4,449
21,266
Cloudflare, Inc., Class A(a)
 
20,897
4,339,889
Cognizant Technology Solutions Corp., Class A
 
33,221
2,383,939
Couchbase, Inc.(a)
 
2,430
58,952
DigitalOcean Holdings, Inc.(a)
 
4,788
133,394
DXC Technology Co.(a)
 
13,047
177,570
EPAM Systems, Inc.(a)
 
3,704
584,158
Fastly, Inc., Class A(a)
 
7,006
47,571
Gartner, Inc.(a)
 
5,077
1,719,326
Globant SA(a)
 
2,826
238,119
GoDaddy, Inc., Class A(a)
 
9,280
1,499,462
Grid Dynamics Holdings, Inc., Class A(a)
 
3,516
33,367
Hackett Group, Inc.
 
1,720
40,231
Security
 
 
Shares
Value
IT Services (continued)
Information Services Group, Inc.
 
4,090
$ 17,628
International Business Machines Corp.
 
62,619
15,852,000
Kyndryl Holdings, Inc.(a)
 
15,918
601,223
MongoDB, Inc., Class A(a)
 
5,346
1,271,760
Okta, Inc., Class A(a)
 
11,090
1,084,602
Rackspace Technology, Inc.(a)
 
2,884
3,489
Snowflake, Inc., Class A(a)
 
21,171
4,731,718
TSS, Inc.(a)(b)
 
1,396
37,971
Tucows, Inc., Class A(a)(b)
 
474
8,167
Twilio, Inc., Class A(a)
 
9,597
1,238,013
Unisys Corp.(a)
 
3,469
14,327
VeriSign, Inc.
 
5,385
1,447,865
 
 
50,712,656
Leisure Products — 0.1%
Acushnet Holdings Corp.(b)
 
1,776
141,405
Brunswick Corp./DE
 
4,560
265,802
Clarus Corp.
 
1,492
5,371
Funko, Inc., Class A(a)
 
2,563
9,842
Hasbro, Inc.
 
8,813
662,385
JAKKS Pacific, Inc.
 
934
16,541
Johnson Outdoors, Inc., Class A
 
138
4,582
Latham Group, Inc.(a)
 
2,161
14,652
Malibu Boats, Inc., Class A(a)
 
1,332
44,369
MasterCraft Boat Holdings, Inc.(a)
 
1,420
27,463
Mattel, Inc.(a)
 
22,495
382,640
Outdoor Holding Co.(a)(b)
 
3,293
3,886
Peloton Interactive, Inc., Class A(a)
 
24,496
174,901
Polaris, Inc.
 
3,366
178,095
Smith & Wesson Brands, Inc.
 
2,956
23,500
Sturm Ruger & Co., Inc.
 
1,052
35,936
Topgolf Callaway Brands Corp.(a)
 
9,369
86,663
YETI Holdings, Inc.(a)
 
5,240
192,518
 
 
2,270,551
Life Sciences Tools & Services — 0.9%
10X Genomics, Inc., Class A(a)(b)
 
8,120
109,214
Adaptive Biotechnologies Corp.(a)
 
10,614
108,687
Agilent Technologies, Inc.
 
19,080
2,190,575
Avantor, Inc.(a)
 
44,960
604,262
Azenta, Inc.(a)
 
3,837
125,470
BioLife Solutions, Inc.(a)(b)
 
2,281
48,494
Bio-Rad Laboratories, Inc., Class A(a)
 
1,328
321,310
Bio-Techne Corp.
 
10,430
570,834
Bruker Corp.
 
7,063
271,431
Charles River Laboratories International, Inc.(a)
 
3,335
565,749
Codexis, Inc.(a)
 
3,610
9,675
CryoPort, Inc.(a)
 
2,296
16,830
Cytek Biosciences, Inc.(a)
 
7,712
27,763
Danaher Corp.
 
42,904
8,458,953
Fortrea Holdings, Inc.(a)
 
5,591
32,092
Illumina, Inc.(a)
 
10,737
1,102,797
IQVIA Holdings, Inc.(a)
 
11,906
2,212,849
Maravai LifeSciences Holdings, Inc., Class A(a)
 
6,620
15,491
MaxCyte, Inc.(a)
 
6,350
13,081
Medpace Holdings, Inc.(a)
 
1,584
676,685
Mesa Laboratories, Inc.
 
342
26,156
Mettler-Toledo International, Inc.(a)
 
1,404
1,732,087
Niagen Bioscience, Inc.(a)
 
3,449
32,248
OmniAb, Inc.(a)(b)
 
10,048
19,192
OmniAb, Inc., 12.50 Earnout Shares(a)(d)
 
304
—
OmniAb, Inc., 15.00 Earnout Shares(a)(d)
 
304
—
Pacific Biosciences of California, Inc.(a)(b)
 
15,893
21,932
QIAGEN NV
 
14,926
736,449
52
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Life Sciences Tools & Services (continued)
Quanterix Corp.(a)
 
3,192
$ 18,961
Quantum-Si, Inc., Class A(a)(b)
 
7,468
11,053
Repligen Corp.(a)
 
3,472
406,467
Revvity, Inc.
 
8,274
727,285
Sotera Health Co.(a)
 
8,719
100,181
Standard BioTools, Inc.(a)
 
23,888
31,771
Tempus AI, Inc., Class A(a)(b)
 
5,621
318,092
Thermo Fisher Scientific, Inc.
 
25,393
11,875,798
Waters Corp.(a)
 
3,982
1,149,842
West Pharmaceutical Services, Inc.
 
4,879
1,167,350
 
 
35,857,106
Machinery — 1.8%
3D Systems Corp.(a)(b)
 
7,065
11,516
Aebi Schmidt Holding AG(a)
 
2,053
21,146
AGCO Corp.
 
4,160
490,755
Alamo Group, Inc.
 
698
155,361
Albany International Corp., Class A
 
2,042
110,656
Allison Transmission Holdings, Inc.
 
5,893
530,783
Astec Industries, Inc.
 
1,273
50,487
Atmus Filtration Technologies, Inc.
 
5,919
230,308
Blue Bird Corp.(a)(b)
 
2,169
97,150
Caterpillar, Inc.
 
31,105
13,624,612
Chart Industries, Inc.(a)
 
3,110
618,361
CNH Industrial NV
 
59,013
764,808
Columbus McKinnon Corp./New York
 
1,466
21,477
Crane Co.
 
3,344
654,655
Cummins, Inc.
 
9,288
3,414,455
Deere & Co.
 
16,423
8,611,729
Donaldson Co., Inc.
 
7,903
568,779
Douglas Dynamics, Inc.
 
1,306
37,352
Dover Corp.
 
9,159
1,659,061
Energy Recovery, Inc.(a)
 
3,940
52,993
Enerpac Tool Group Corp., Class A
 
3,599
138,597
Enpro, Inc.
 
1,612
342,405
Esab Corp.
 
3,969
532,521
ESCO Technologies, Inc.
 
1,757
340,331
Federal Signal Corp.
 
4,147
524,886
Flowserve Corp.
 
9,048
507,050
Fortive Corp.
 
22,187
1,063,423
Franklin Electric Co., Inc.
 
2,913
273,676
Gates Industrial Corp. PLC(a)
 
16,092
399,082
Gorman-Rupp Co.
 
1,213
49,927
Graco, Inc.
 
11,073
929,911
Graham Corp.(a)
 
870
49,720
Greenbrier Cos., Inc.
 
2,191
99,690
Helios Technologies, Inc.
 
1,936
71,032
Hillenbrand, Inc.
 
4,517
93,547
Hillman Solutions Corp.(a)(b)
 
12,662
99,903
Hyster-Yale, Inc., Class A
 
682
28,651
IDEX Corp.
 
5,225
854,340
Illinois Tool Works, Inc.
 
19,752
5,055,919
Ingersoll Rand, Inc.
 
27,131
2,296,097
ITT, Inc.
 
5,510
936,480
JBT Marel Corp.
 
3,490
480,922
Kadant, Inc.
 
797
265,218
Kennametal, Inc.
 
4,869
120,556
Lincoln Electric Holdings, Inc.
 
3,751
913,368
Lindsay Corp.
 
692
94,465
Luxfer Holdings PLC
 
2,208
26,540
Manitowoc Co., Inc.(a)
 
2,189
27,910
Mayville Engineering Co., Inc.(a)
 
1,707
28,626
Security
 
 
Shares
Value
Machinery (continued)
Microvast Holdings, Inc.(a)(b)
 
14,073
$ 44,611
Middleby Corp.(a)(b)
 
3,368
489,034
Miller Industries, Inc.
 
1,094
44,581
Mueller Industries, Inc.
 
7,460
636,860
Mueller Water Products, Inc., Class A
 
10,406
257,653
Nordson Corp.
 
3,755
804,359
Omega Flex, Inc.
 
130
4,147
Oshkosh Corp.
 
4,238
536,234
Otis Worldwide Corp.
 
26,792
2,295,806
PACCAR, Inc.
 
34,924
3,449,094
Parker-Hannifin Corp.
 
8,582
6,281,166
Park-Ohio Holdings Corp.
 
1,119
18,352
Pentair PLC
 
10,896
1,113,571
Proto Labs, Inc.(a)
 
1,922
82,877
RBC Bearings, Inc.(a)
 
2,094
811,090
REV Group, Inc.
 
3,778
187,200
Snap-on, Inc.
 
3,365
1,080,804
SPX Technologies, Inc.(a)(b)
 
2,895
528,019
Standex International Corp.
 
780
128,497
Stanley Black & Decker, Inc.
 
10,268
694,630
Tennant Co.
 
1,312
108,292
Terex Corp.
 
4,498
228,768
Timken Co.
 
4,100
311,969
Titan International, Inc.(a)
 
2,632
22,267
Toro Co.
 
6,851
508,687
Trinity Industries, Inc.
 
5,760
134,208
Wabash National Corp.
 
3,518
35,039
Watts Water Technologies, Inc., Class A
 
1,869
490,276
Westinghouse Air Brake Technologies Corp.
 
11,537
2,215,681
Worthington Enterprises, Inc.
 
1,931
119,664
Xylem, Inc./New York
 
16,325
2,360,921
 
 
74,395,594
Marine Transportation — 0.0%
Costamare Bulkers Holdings Ltd.(a)
 
616
5,544
Costamare, Inc.
 
3,080
31,077
Genco Shipping & Trading Ltd.
 
2,396
38,168
Golden Ocean Group Ltd.(a)(b)
 
6,311
51,498
Himalaya Shipping Ltd.
 
5,534
37,742
Kirby Corp.(a)
 
3,877
369,517
Matson, Inc.
 
2,099
224,131
Safe Bulkers, Inc.
 
7,287
28,638
 
 
786,315
Media — 0.5%
Advantage Solutions, Inc., Class A(a)(b)
 
3,751
5,139
Altice USA, Inc., Class A(a)(b)
 
18,560
48,256
AMC Networks, Inc., Class A(a)
 
2,229
13,352
Boston Omaha Corp., Class A(a)
 
863
11,607
Cable One, Inc.
 
350
44,793
Charter Communications, Inc., Class A(a)
 
6,132
1,651,715
Comcast Corp., Class A
 
248,631
8,262,008
DoubleVerify Holdings, Inc.(a)
 
10,846
166,161
EchoStar Corp., Class A(a)(b)
 
9,510
309,931
Entravision Communications Corp., Class A
 
1,689
3,733
EW Scripps Co., Class A(a)
 
2,946
8,808
Fox Corp., Class A
 
14,858
828,482
Fox Corp., Class B
 
8,564
437,963
Gannett Co., Inc.(a)
 
7,997
30,469
Gray Media, Inc.
 
6,043
27,254
Ibotta, Inc., Class A(a)(b)
 
1,173
42,639
iHeartMedia, Inc., Class A(a)(b)
 
7,236
13,531
Integral Ad Science Holding Corp.(a)
 
6,266
51,381
Schedule of Investments
53
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Media (continued)
Interpublic Group of Cos., Inc.
 
23,196
$ 570,622
John Wiley & Sons, Inc., Class A
 
2,734
105,532
Liberty Broadband Corp., Class A(a)
 
1,051
64,248
Liberty Broadband Corp., Class C(a)
 
7,749
475,169
Magnite, Inc.(a)
 
10,289
236,750
National CineMedia, Inc.
 
7,897
37,985
New York Times Co., Class A
 
11,013
571,465
News Corp., Class A
 
24,095
706,465
News Corp., Class B
 
8,912
297,839
Nexstar Media Group, Inc., Class A
 
1,948
364,490
Nexxen International Ltd.(a)(b)
 
3,975
40,863
Omnicom Group, Inc.
 
13,023
938,307
Paramount Global, Class A(b)
 
584
11,149
Paramount Global, Class B(b)
 
40,107
504,145
PubMatic, Inc., Class A(a)
 
2,634
31,634
Scholastic Corp.
 
1,648
40,656
Sinclair, Inc.
 
2,203
31,855
Sirius XM Holdings, Inc.
 
13,128
277,263
Stagwell, Inc., Class A(a)
 
3,725
21,344
TechTarget, Inc.(a)
 
1,792
12,974
TEGNA, Inc.
 
11,352
189,578
Thryv Holdings, Inc.(a)
 
1,791
23,570
Trade Desk, Inc., Class A(a)(b)
 
30,006
2,609,322
WideOpenWest, Inc.(a)
 
3,478
11,721
 
 
20,132,168
Metals & Mining — 0.5%
Alcoa Corp.
 
18,054
541,078
Alpha Metallurgical Resources, Inc.(a)
 
727
85,837
Anglogold Ashanti PLC
 
34,205
1,581,981
Carpenter Technology Corp.
 
3,287
819,745
Century Aluminum Co.(a)
 
4,543
96,221
Cleveland-Cliffs, Inc.(a)
 
30,013
315,737
Coeur Mining, Inc.(a)
 
42,396
368,421
Commercial Metals Co.
 
7,607
394,499
Compass Minerals International, Inc.(a)
 
2,480
49,426
Constellium SE, Class A(a)
 
9,126
125,117
Dakota Gold Corp.(a)
 
6,771
24,376
Freeport-McMoRan, Inc.
 
97,137
3,908,793
Hecla Mining Co.
 
37,783
216,874
Ivanhoe Electric, Inc.(a)(b)
 
3,722
35,582
Kaiser Aluminum Corp.
 
1,048
81,021
Lifezone Metals Ltd.(a)(b)
 
5,680
25,049
MAC Copper Ltd.(a)
 
3,236
38,929
Materion Corp.
 
1,409
148,368
Metallus, Inc.(a)
 
2,945
46,531
MP Materials Corp., Class A(a)
 
8,378
515,247
Newmont Corp.
 
75,770
4,705,317
Novagold Resources, Inc.(a)
 
16,803
87,208
Nucor Corp.
 
15,517
2,220,017
Olympic Steel, Inc.
 
384
11,942
Perpetua Resources Corp.(a)
 
1,715
25,897
Piedmont Lithium, Inc.(a)(b)
 
1,121
8,183
Ramaco Resources, Inc., Class A
 
1,470
29,915
Reliance, Inc.
 
3,596
1,043,307
Royal Gold, Inc.
 
4,392
665,037
Ryerson Holding Corp.
 
2,155
44,393
Southern Copper Corp.
 
5,917
557,145
SSR Mining, Inc.(a)
 
12,355
147,642
Steel Dynamics, Inc.
 
9,170
1,169,725
SunCoke Energy, Inc.
 
5,143
38,007
Security
 
 
Shares
Value
Metals & Mining (continued)
Tredegar Corp.(a)
 
2,663
$ 23,195
Warrior Met Coal, Inc.
 
3,308
169,965
Worthington Steel, Inc.
 
1,931
58,934
 
 
20,424,661
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Advanced Flower Capital, Inc.
 
1,378
6,077
AGNC Investment Corp.
 
62,102
585,622
Angel Oak Mortgage REIT, Inc.
 
1,604
14,853
Annaly Capital Management, Inc.
 
37,482
762,009
Apollo Commercial Real Estate Finance, Inc.
 
11,046
106,262
Arbor Realty Trust, Inc.(b)
 
10,209
113,932
Ares Commercial Real Estate Corp., Class C
 
2,603
11,635
ARMOUR Residential REIT, Inc.
 
8,113
132,323
Blackstone Mortgage Trust, Inc., Class A
 
11,316
209,120
BrightSpire Capital, Inc., Class A
 
5,031
26,061
Chimera Investment Corp.
 
7,278
97,307
Claros Mortgage Trust, Inc.
 
6,855
19,537
Dynex Capital, Inc.
 
9,622
119,698
Ellington Financial, Inc.
 
5,436
68,983
Franklin BSP Realty Trust, Inc.
 
5,397
54,510
Invesco Mortgage Capital, Inc.
 
3,079
23,246
KKR Real Estate Finance Trust, Inc.
 
4,580
41,403
Ladder Capital Corp., Class A
 
6,531
71,318
MFA Financial, Inc.
 
6,287
57,149
New York Mortgage Trust, Inc.
 
4,414
27,941
Orchid Island Capital, Inc.
 
11,723
81,592
PennyMac Mortgage Investment Trust
 
5,334
62,888
Ready Capital Corp.
 
9,961
41,936
Redwood Trust, Inc.
 
6,308
34,442
Rithm Capital Corp.
 
33,875
407,516
Starwood Property Trust, Inc.
 
21,562
419,596
Sunrise Realty Trust, Inc.
 
459
4,595
TPG RE Finance Trust, Inc.
 
3,418
29,737
Two Harbors Investment Corp.
 
7,086
69,088
 
 
3,700,376
Multi-Utilities — 0.6%
Ameren Corp.
 
17,331
1,752,684
Avista Corp.
 
7,071
263,748
Black Hills Corp.
 
5,780
333,968
CenterPoint Energy, Inc.
 
43,574
1,691,543
CMS Energy Corp.
 
19,040
1,405,152
Consolidated Edison, Inc.
 
24,233
2,508,115
Dominion Energy, Inc.
 
57,214
3,344,158
DTE Energy Co.
 
13,960
1,932,204
NiSource, Inc.
 
31,890
1,353,731
Northwestern Energy Group, Inc.
 
5,488
294,706
Public Service Enterprise Group, Inc.
 
33,657
3,022,062
Sempra
 
44,121
3,603,803
Unitil Corp.
 
767
39,562
WEC Energy Group, Inc.
 
20,802
2,269,082
 
 
23,814,518
Office REITs — 0.1%
Brandywine Realty Trust
 
10,235
40,940
BXP, Inc.
 
10,424
682,042
City Office REIT, Inc.
 
1,953
13,554
COPT Defense Properties
 
7,249
197,753
Cousins Properties, Inc.
 
12,093
327,720
Douglas Emmett, Inc.
 
11,576
175,492
Easterly Government Properties, Inc.
 
2,498
54,956
Empire State Realty Trust, Inc., Class A
 
7,712
55,835
54
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Office REITs (continued)
Highwoods Properties, Inc.
 
7,001
$ 203,099
Hudson Pacific Properties, Inc.
 
23,185
56,803
JBG SMITH Properties
 
5,315
112,572
Kilroy Realty Corp.
 
7,474
275,492
NET Lease Office Properties(a)
 
892
29,605
Paramount Group, Inc.
 
10,176
62,277
Peakstone Realty Trust
 
1,886
25,650
Piedmont Realty Trust, Inc., Class A
 
6,483
49,011
Postal Realty Trust, Inc., Class A
 
1,151
15,780
SL Green Realty Corp.
 
5,014
287,052
Vornado Realty Trust
 
11,598
445,595
 
 
3,111,228
Oil, Gas & Consumable Fuels — 2.8%
Antero Midstream Corp.
 
23,105
423,977
Antero Resources Corp.(a)
 
19,448
679,319
APA Corp.
 
23,662
456,440
Ardmore Shipping Corp.
 
2,633
28,647
Berry Corp.
 
4,825
14,571
BKV Corp.(a)
 
1,820
37,565
California Resources Corp.
 
4,705
226,687
Calumet, Inc.(a)
 
4,768
76,002
Centrus Energy Corp., Class A(a)(b)
 
1,066
229,616
Cheniere Energy, Inc.
 
14,735
3,475,692
Chevron Corp.
 
129,163
19,586,277
Chord Energy Corp.
 
3,252
358,793
Civitas Resources, Inc.
 
6,747
204,839
Clean Energy Fuels Corp.(a)
 
11,389
23,120
CNX Resources Corp.(a)(b)
 
9,931
301,009
Comstock Resources, Inc.(a)
 
4,604
82,273
ConocoPhillips
 
85,584
8,159,579
Core Natural Resources, Inc.
 
3,911
288,671
Coterra Energy, Inc.
 
51,116
1,246,719
Crescent Energy Co., Class A
 
12,377
114,363
CVR Energy, Inc.
 
1,753
46,945
Delek U.S. Holdings, Inc.
 
4,418
98,831
Devon Energy Corp.
 
42,009
1,395,539
DHT Holdings, Inc.
 
8,078
89,585
Diamondback Energy, Inc.
 
12,785
1,900,618
Diversified Energy Co. PLC
 
3,413
51,400
Dorian LPG Ltd.
 
2,259
65,037
DT Midstream, Inc.(a)
 
6,752
693,633
Empire Petroleum Corp.(a)(b)
 
2,087
9,433
Encore Energy Corp.(a)(b)
 
10,541
27,828
Energy Fuels, Inc./Canada(a)(b)
 
11,976
108,862
EOG Resources, Inc.
 
37,158
4,459,703
EQT Corp.
 
40,504
2,177,090
Excelerate Energy, Inc., Class A
 
1,997
51,243
Expand Energy Corp.
 
14,945
1,565,937
Exxon Mobil Corp.
 
291,801
32,576,664
FLEX LNG Ltd.(a)(b)
 
1,825
45,753
FutureFuel Corp.
 
1,697
6,873
Golar LNG Ltd.
 
6,652
273,796
Granite Ridge Resources, Inc.
 
5,252
27,258
Green Plains, Inc.(a)
 
1,196
9,891
Gulfport Energy Corp.(a)
 
980
170,647
HF Sinclair Corp.
 
10,934
480,440
HighPeak Energy, Inc.(b)
 
727
7,248
International Seaways, Inc.
 
2,882
114,992
Kinder Morgan, Inc.
 
132,038
3,704,986
Kinetik Holdings, Inc., Class A
 
2,472
107,235
Kosmos Energy Ltd.(a)(b)
 
30,237
65,010
Security
 
 
Shares
Value
Oil, Gas & Consumable Fuels (continued)
Magnolia Oil & Gas Corp., Class A
 
12,787
$ 304,586
Marathon Petroleum Corp.
 
21,062
3,584,542
Matador Resources Co.
 
7,435
370,858
Murphy Oil Corp.
 
9,297
230,659
NACCO Industries, Inc., Class A
 
532
20,173
Navigator Holdings Ltd.
 
2,844
44,850
New Fortress Energy, Inc., Class A(b)
 
4,142
11,287
NextDecade Corp.(a)
 
8,405
95,481
Nordic American Tankers Ltd.
 
13,383
37,339
Northern Oil & Gas, Inc.
 
7,187
202,386
Occidental Petroleum Corp.
 
44,522
1,956,297
ONEOK, Inc.
 
41,529
3,409,946
Ovintiv, Inc.
 
17,522
721,556
Par Pacific Holdings, Inc.(a)
 
3,399
106,661
PBF Energy, Inc., Class A
 
5,810
131,306
Peabody Energy Corp.
 
8,602
138,922
Permian Resources Corp., Class A
 
43,334
613,609
Phillips 66
 
27,569
3,406,977
Range Resources Corp.
 
16,340
600,005
REX American Resources Corp.(a)
 
1,076
56,253
Riley Exploration Permian, Inc.
 
425
11,152
Sable Offshore Corp., Class A(a)(b)
 
5,421
166,262
SandRidge Energy, Inc.
 
1,890
19,637
Scorpio Tankers, Inc.
 
3,001
135,675
SFL Corp. Ltd.
 
11,434
104,964
Sitio Royalties Corp., Class A
 
4,769
86,653
SM Energy Co.
 
7,077
195,254
Talos Energy, Inc.(a)
 
7,922
67,733
Targa Resources Corp.
 
14,546
2,420,600
Teekay Corp. Ltd.
 
4,449
32,033
Teekay Tankers Ltd., Class A
 
1,541
65,261
Texas Pacific Land Corp.
 
1,309
1,267,282
Uranium Energy Corp.(a)(b)
 
31,101
269,646
VAALCO Energy, Inc.
 
8,384
31,188
Valero Energy Corp.
 
21,073
2,893,534
Viper Energy, Inc., Class A
 
8,630
325,006
Vital Energy, Inc.(a)
 
2,426
45,342
Vitesse Energy, Inc.
 
1,510
36,134
W&T Offshore, Inc.
 
7,555
13,372
Williams Cos., Inc.
 
81,529
4,887,664
World Kinect Corp.
 
4,001
109,107
 
 
115,573,828
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)
 
1,051
23,711
Louisiana-Pacific Corp.
 
4,046
365,799
Magnera Corp.(a)
 
3,180
39,591
Sylvamo Corp.
 
2,521
116,142
 
 
545,243
Passenger Airlines — 0.2%
Alaska Air Group, Inc.(a)
 
8,181
433,266
Allegiant Travel Co.(a)
 
932
48,128
American Airlines Group, Inc.(a)
 
44,102
506,732
Blade Air Mobility, Inc., Class A(a)
 
4,235
16,898
Delta Air Lines, Inc.
 
43,316
2,304,844
Frontier Group Holdings, Inc.(a)(b)
 
2,715
11,892
JetBlue Airways Corp.(a)
 
21,282
94,492
Joby Aviation, Inc., Class A(a)(b)
 
32,804
546,515
SkyWest, Inc.(a)
 
2,892
335,356
Southwest Airlines Co.
 
34,457
1,065,755
Schedule of Investments
55
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Passenger Airlines (continued)
Sun Country Airlines Holdings, Inc.(a)
 
2,011
$ 23,307
United Airlines Holdings, Inc.(a)
 
21,983
1,941,319
 
 
7,328,504
Personal Care Products — 0.1%
Beauty Health Co., Class A(a)
 
6,871
10,581
BellRing Brands, Inc.(a)
 
8,741
477,084
Coty, Inc., Class A(a)
 
25,648
124,393
Edgewell Personal Care Co.
 
3,579
90,298
elf Beauty, Inc.(a)
 
3,832
464,400
Estee Lauder Cos., Inc., Class A
 
15,781
1,472,999
Herbalife Ltd.(a)
 
6,918
63,646
Honest Co., Inc.(a)(b)
 
9,280
42,781
Interparfums, Inc.
 
1,217
146,770
Kenvue, Inc.
 
128,934
2,764,345
Medifast, Inc.(a)
 
711
9,790
Nature’s Sunshine Products, Inc.(a)
 
255
3,573
Nu Skin Enterprises, Inc., Class A
 
3,335
27,947
Olaplex Holdings, Inc.(a)(b)
 
8,979
12,481
USANA Health Sciences, Inc.(a)
 
667
19,603
Waldencast PLC, Class A(a)
 
3,027
5,388
 
 
5,736,079
Pharmaceuticals — 2.5%
Alumis, Inc.(a)
 
2,921
12,093
Amneal Pharmaceuticals, Inc., Class A(a)
 
11,827
92,487
Amphastar Pharmaceuticals, Inc.(a)
 
3,610
75,629
Amylyx Pharmaceuticals, Inc.(a)(b)
 
6,202
49,802
ANI Pharmaceuticals, Inc.(a)
 
1,440
91,224
Aquestive Therapeutics, Inc.(a)
 
7,440
28,570
Arvinas, Inc.(a)
 
4,655
34,633
Atea Pharmaceuticals, Inc.(a)(b)
 
3,928
14,298
Avadel Pharmaceuticals PLC(a)(b)
 
6,470
68,000
Axsome Therapeutics, Inc.(a)
 
2,571
260,648
Bristol-Myers Squibb Co.
 
136,900
5,929,139
Collegium Pharmaceutical, Inc.(a)
 
1,943
58,018
Corcept Therapeutics, Inc.(a)(b)
 
6,353
426,731
CorMedix, Inc.(a)
 
4,992
58,257
Edgewise Therapeutics, Inc.(a)
 
4,396
62,687
Elanco Animal Health, Inc.(a)
 
31,802
435,051
Eli Lilly & Co.
 
53,941
39,920,116
Enliven Therapeutics, Inc.(a)(b)
 
2,827
53,176
Esperion Therapeutics, Inc.(a)(b)
 
15,925
22,613
Eton Pharmaceuticals, Inc.(a)(b)
 
2,925
41,418
Evolus, Inc.(a)
 
4,724
42,138
EyePoint Pharmaceuticals, Inc.(a)
 
2,397
23,539
Fulcrum Therapeutics, Inc.(a)(b)
 
5,883
39,593
Harmony Biosciences Holdings, Inc.(a)
 
2,403
84,538
Harrow, Inc.(a)(b)
 
1,688
53,611
Indivior PLC(a)
 
8,197
165,579
Innoviva, Inc.(a)
 
4,370
79,403
Jazz Pharmaceuticals PLC(a)
 
3,923
449,693
Johnson & Johnson
 
162,109
26,705,837
LENZ Therapeutics, Inc.(a)(b)
 
1,314
39,118
Ligand Pharmaceuticals, Inc.(a)
 
1,120
147,370
Liquidia Corp.(a)(b)
 
5,833
109,019
Merck & Co., Inc.
 
169,522
13,243,059
Mind Medicine MindMed, Inc.(a)(b)
 
5,931
53,913
Nuvation Bio, Inc., Class A(a)(b)
 
9,777
23,074
Ocular Therapeutix, Inc.(a)(b)
 
12,098
140,095
Omeros Corp.(a)
 
4,825
18,673
Organon & Co.
 
17,485
169,604
Pacira BioSciences, Inc.(a)
 
2,757
58,145
Security
 
 
Shares
Value
Pharmaceuticals (continued)
Perrigo Co. PLC
 
8,973
$ 239,310
Pfizer, Inc.
 
381,863
8,893,589
Phathom Pharmaceuticals, Inc.(a)(b)
 
3,139
26,807
Phibro Animal Health Corp., Class A
 
619
16,403
Prestige Consumer Healthcare, Inc.(a)
 
3,378
249,803
Rapport Therapeutics, Inc.(a)(b)
 
3,811
54,726
Royalty Pharma PLC, Class A
 
26,690
982,192
scPharmaceuticals, Inc.(a)(b)
 
2,501
12,705
Septerna, Inc.(a)(b)
 
1,749
21,705
SIGA Technologies, Inc.
 
2,502
16,538
Supernus Pharmaceuticals, Inc.(a)
 
3,326
116,743
Tarsus Pharmaceuticals, Inc.(a)(b)
 
2,885
111,996
Terns Pharmaceuticals, Inc.(a)
 
3,157
18,405
Theravance Biopharma, Inc.(a)
 
5,256
58,657
Third Harmonic Bio, Inc.(a)
 
1,258
6,755
Trevi Therapeutics, Inc.(a)
 
6,134
45,422
Viatris, Inc.
 
80,192
700,878
WaVe Life Sciences Ltd.(a)
 
9,433
76,407
Xeris Biopharma Holdings, Inc.(a)
 
12,064
61,406
Zevra Therapeutics, Inc.(a)(b)
 
5,553
61,694
Zoetis, Inc., Class A
 
29,907
4,360,141
 
 
105,512,873
Professional Services — 0.8%
Acuren Corp.(a)(b)
 
6,877
76,266
Alight, Inc., Class A
 
30,678
164,434
Amentum Holdings, Inc.(a)
 
10,917
272,597
Asure Software, Inc.(a)(b)
 
833
8,080
Automatic Data Processing, Inc.
 
27,368
8,470,396
Barrett Business Services, Inc.
 
1,308
60,129
BlackSky Technology, Inc., Class A(a)(b)
 
2,704
52,025
Booz Allen Hamilton Holding Corp., Class A
 
8,502
912,520
Broadridge Financial Solutions, Inc.
 
7,938
1,964,734
CACI International, Inc., Class A(a)
 
1,450
667,827
CBIZ, Inc.(a)(b)
 
3,753
229,383
Clarivate PLC(a)
 
30,144
116,054
Concentrix Corp.
 
3,231
167,915
Conduent, Inc.(a)
 
11,206
29,808
CRA International, Inc.
 
456
80,557
CSG Systems International, Inc.
 
2,157
134,726
Dayforce, Inc.(a)
 
10,318
595,039
Dun & Bradstreet Holdings, Inc.
 
21,971
199,936
Equifax, Inc.
 
8,445
2,028,742
ExlService Holdings, Inc.(a)
 
10,597
460,228
Exponent, Inc.
 
3,516
242,463
First Advantage Corp.(a)(b)
 
5,027
86,917
Forrester Research, Inc.(a)
 
474
4,617
Franklin Covey Co.(a)
 
875
17,246
FTI Consulting, Inc.(a)
 
2,361
392,752
Genpact Ltd.
 
10,911
480,630
Heidrick & Struggles International, Inc.
 
1,059
47,157
Huron Consulting Group, Inc.(a)
 
1,374
181,478
IBEX Holdings Ltd.(a)
 
997
29,481
ICF International, Inc.
 
1,207
101,255
Innodata, Inc.(a)(b)
 
2,252
123,635
Insperity, Inc.
 
2,314
137,868
Jacobs Solutions, Inc.
 
8,109
1,150,424
KBR, Inc.
 
8,525
398,459
Kelly Services, Inc., Class A
 
1,865
22,846
Kforce, Inc.
 
1,435
50,010
Korn Ferry
 
3,503
248,258
Legalzoom.com, Inc.(a)
 
9,589
86,205
Leidos Holdings, Inc.
 
8,623
1,376,662
56
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Professional Services (continued)
ManpowerGroup, Inc.
 
2,953
$ 121,811
Maximus, Inc.
 
4,014
296,474
NV5 Global, Inc.(a)
 
3,560
79,922
Parsons Corp.(a)
 
3,556
263,855
Paychex, Inc.
 
21,408
3,089,817
Paycom Software, Inc.
 
3,453
799,508
Paylocity Holding Corp.(a)
 
2,941
543,732
Planet Labs PBC, Class A(a)(b)
 
12,632
78,950
Resolute Holdings Management, Inc.(a)(b)
 
240
9,727
Resources Connection, Inc.
 
2,633
13,323
Robert Half, Inc.
 
6,974
257,410
Science Applications International Corp.
 
3,352
373,681
Spire Global, Inc.(a)(b)
 
3,429
34,393
SS&C Technologies Holdings, Inc.
 
14,406
1,231,425
TransUnion
 
13,345
1,270,311
TriNet Group, Inc.
 
2,005
135,959
TrueBlue, Inc.(a)
 
1,967
14,202
TTEC Holdings, Inc.(a)
 
1,040
5,179
Upwork, Inc.(a)
 
7,682
91,877
Verisk Analytics, Inc.
 
9,419
2,625,170
Verra Mobility Corp., Class A(a)
 
10,289
259,900
Willdan Group, Inc.(a)
 
706
60,222
WNS Holdings Ltd.(a)
 
3,098
231,699
 
 
33,758,306
Real Estate Management & Development — 0.2%
Anywhere Real Estate, Inc.(a)
 
6,333
29,258
CBRE Group, Inc., Class A(a)
 
20,165
3,140,497
Compass, Inc., Class A(a)
 
32,083
254,739
CoStar Group, Inc.(a)
 
28,035
2,668,652
Cushman & Wakefield PLC(a)
 
10,268
125,167
eXp World Holdings, Inc.
 
6,844
73,778
Forestar Group, Inc.(a)
 
1,192
29,562
FRP Holdings, Inc.(a)
 
372
9,821
Howard Hughes Holdings, Inc.(a)
 
2,191
150,587
Jones Lang LaSalle, Inc.(a)
 
3,141
849,201
Kennedy-Wilson Holdings, Inc.
 
8,538
62,498
Marcus & Millichap, Inc.
 
1,555
48,454
Newmark Group, Inc., Class A
 
9,252
140,353
RE/MAX Holdings, Inc., Class A(a)
 
632
4,860
Real Brokerage, Inc.(a)
 
8,923
35,246
RMR Group, Inc., Class A
 
541
8,688
Seaport Entertainment Group, Inc.(a)
 
550
12,689
St. Joe Co.
 
3,170
160,085
Stratus Properties, Inc.(a)
 
955
15,218
Tejon Ranch Co.(a)
 
507
9,106
Zillow Group, Inc., Class A(a)
 
3,560
273,230
Zillow Group, Inc., Class C(a)
 
10,893
866,538
 
 
8,968,227
Residential REITs — 0.3%
American Homes 4 Rent, Class A
 
23,215
805,328
Apartment Investment and Management Co., Class A
 
8,722
73,352
AvalonBay Communities, Inc.
 
9,294
1,731,286
BRT Apartments Corp.
 
1,270
18,479
Camden Property Trust
 
7,289
795,959
Centerspace
 
916
49,858
Clipper Realty, Inc.
 
393
1,368
Elme Communities
 
5,837
88,022
Equity LifeStyle Properties, Inc.
 
12,732
762,901
Equity Residential
 
24,964
1,577,725
Essex Property Trust, Inc.
 
4,289
1,115,912
Independence Realty Trust, Inc.
 
14,480
242,830
Invitation Homes, Inc.
 
42,490
1,302,318
Security
 
 
Shares
Value
Residential REITs (continued)
Mid-America Apartment Communities, Inc.
 
7,780
$ 1,108,105
NexPoint Residential Trust, Inc.
 
1,405
43,808
Sun Communities, Inc.
 
8,507
1,055,123
UDR, Inc.
 
21,207
833,223
UMH Properties, Inc.
 
3,850
62,678
Veris Residential, Inc.
 
4,759
67,007
 
 
11,735,282
Retail REITs — 0.3%
Acadia Realty Trust
 
9,600
179,712
Agree Realty Corp.
 
7,136
511,651
Alexander’s, Inc.
 
94
23,612
Brixmor Property Group, Inc.
 
20,308
530,648
CBL & Associates Properties, Inc.
 
1,773
47,977
Curbline Properties Corp.
 
6,406
141,573
Federal Realty Investment Trust
 
5,622
518,124
Getty Realty Corp.
 
5,977
166,101
InvenTrust Properties Corp.
 
5,089
140,304
Kimco Realty Corp.
 
43,774
929,322
Kite Realty Group Trust
 
13,877
305,017
Macerich Co.
 
17,207
287,529
NETSTREIT Corp.
 
4,355
79,392
NNN REIT, Inc.
 
11,170
460,874
Phillips Edison & Co., Inc.
 
9,517
321,579
Realty Income Corp.
 
60,347
3,387,277
Regency Centers Corp.
 
12,236
873,650
Saul Centers, Inc.
 
796
25,647
Simon Property Group, Inc.
 
21,935
3,592,734
SITE Centers Corp.
 
3,203
34,496
Tanger, Inc.
 
7,151
214,673
Urban Edge Properties
 
11,668
230,093
Whitestone REIT
 
2,512
30,621
 
 
13,032,606
Semiconductors & Semiconductor Equipment — 11.7%
ACM Research, Inc., Class A(a)
 
4,306
130,730
Advanced Micro Devices, Inc.(a)
 
108,308
19,095,784
Aehr Test Systems(a)(b)
 
1,691
28,578
Allegro MicroSystems, Inc.(a)
 
8,666
272,199
Alpha & Omega Semiconductor Ltd.(a)
 
1,720
43,808
Ambarella, Inc.(a)
 
2,957
195,428
Amkor Technology, Inc.
 
7,508
169,380
Analog Devices, Inc.
 
33,353
7,492,084
Applied Materials, Inc.
 
54,576
9,826,955
Astera Labs, Inc.(a)
 
9,709
1,327,512
Axcelis Technologies, Inc.(a)(b)
 
1,979
133,959
Broadcom, Inc.
 
311,016
91,345,399
CEVA, Inc.(a)
 
1,470
31,414
Cirrus Logic, Inc.(a)
 
3,540
356,513
Cohu, Inc.(a)
 
3,237
57,813
Credo Technology Group Holding Ltd.(a)
 
9,990
1,114,385
Diodes, Inc.(a)
 
2,733
134,928
Enphase Energy, Inc.(a)
 
8,750
283,150
Entegris, Inc.
 
9,901
776,832
First Solar, Inc.(a)
 
6,887
1,203,366
FormFactor, Inc.(a)(b)
 
4,805
136,510
GLOBALFOUNDRIES, Inc.(a)(b)
 
6,396
239,146
Ichor Holdings Ltd.(a)
 
2,288
45,280
Impinj, Inc.(a)
 
1,813
280,254
indie Semiconductor, Inc., Class A(a)(b)
 
9,909
38,744
Intel Corp.
 
295,570
5,852,286
KLA Corp.
 
8,940
7,858,528
Kulicke & Soffa Industries, Inc.
 
3,436
112,563
Lam Research Corp.
 
85,732
8,130,823
Schedule of Investments
57
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Semiconductors & Semiconductor Equipment (continued)
Lattice Semiconductor Corp.(a)
 
9,208
$ 458,835
MACOM Technology Solutions Holdings, Inc.,
Class H(a)
 
4,260
584,216
Marvell Technology, Inc.
 
58,547
4,705,422
MaxLinear, Inc.(a)
 
4,731
74,844
Microchip Technology, Inc.
 
35,750
2,416,343
Micron Technology, Inc.
 
75,145
8,201,325
MKS, Inc.
 
4,734
450,582
Monolithic Power Systems, Inc.
 
3,134
2,229,026
Navitas Semiconductor Corp.(a)(b)
 
6,957
50,995
NVE Corp.
 
349
22,102
NVIDIA Corp.
 
1,576,070
280,335,571
ON Semiconductor Corp.(a)
 
28,674
1,616,067
Onto Innovation, Inc.(a)
 
3,247
307,653
PDF Solutions, Inc.(a)
 
1,754
38,991
Penguin Solutions, Inc.(a)(b)
 
3,469
81,764
Photronics, Inc.(a)
 
3,827
77,918
Power Integrations, Inc.
 
4,332
210,189
Qorvo, Inc.(a)
 
6,183
516,899
QUALCOMM, Inc.
 
73,939
10,851,288
Rambus, Inc.(a)
 
7,321
541,242
Rigetti Computing, Inc.(a)(b)
 
19,292
279,734
Semtech Corp.(a)
 
5,988
305,987
Silicon Laboratories, Inc.(a)
 
2,276
299,909
SiTime Corp.(a)
 
1,330
269,791
SkyWater Technology, Inc.(a)(b)
 
811
7,258
Skyworks Solutions, Inc.
 
10,323
707,538
Synaptics, Inc.(a)
 
2,754
172,676
Teradyne, Inc.
 
11,029
1,184,845
Texas Instruments, Inc.
 
61,173
11,075,983
Ultra Clean Holdings, Inc.(a)
 
2,740
61,705
Universal Display Corp.
 
3,018
435,799
Veeco Instruments, Inc.(a)
 
4,264
88,606
 
 
485,375,454
Software — 11.4%
8x8, Inc.(a)
 
6,460
12,532
A10 Networks, Inc.
 
4,857
89,466
ACI Worldwide, Inc.(a)
 
6,881
292,855
Adeia, Inc.
 
7,863
101,826
Adobe, Inc.(a)
 
28,623
10,238,161
Agilysys, Inc.(a)
 
1,744
198,956
Alarm.com Holdings, Inc.(a)
 
2,898
158,318
Alkami Technology, Inc.(a)(b)
 
3,958
88,224
Amplitude, Inc., Class A(a)
 
6,810
83,286
Appfolio, Inc., Class A(a)
 
1,549
414,172
Appian Corp., Class A(a)
 
2,774
76,590
AppLovin Corp., Class A(a)
 
16,135
6,303,945
Arteris, Inc.(a)
 
4,902
48,334
Asana, Inc., Class A(a)(b)
 
4,988
73,224
Atlassian Corp., Class A(a)
 
10,892
2,088,868
Aurora Innovation, Inc., Class A(a)
 
67,381
391,484
Autodesk, Inc.(a)
 
14,173
4,295,978
AvePoint, Inc., Class A(a)
 
8,422
160,692
Bentley Systems, Inc., Class B
 
10,566
612,617
Bill Holdings, Inc.(a)
 
6,567
281,396
Bit Digital, Inc.(a)(b)
 
7,119
20,716
Bitdeer Technologies Group, Class A(a)(b)
 
6,565
84,623
Blackbaud, Inc.(a)
 
2,852
192,282
BlackLine, Inc.(a)
 
3,699
198,932
Blend Labs, Inc., Class A(a)
 
18,420
60,970
Box, Inc., Class A(a)
 
9,468
303,923
Security
 
 
Shares
Value
Software (continued)
Braze, Inc., Class A(a)(b)
 
4,951
$ 137,984
C3.ai, Inc., Class A(a)
 
7,563
178,184
Cadence Design Systems, Inc.(a)
 
18,326
6,681,110
CCC Intelligent Solutions Holdings, Inc.(a)(b)
 
34,769
336,216
Cerence, Inc.(a)
 
2,169
18,653
Cipher Mining, Inc.(a)(b)
 
21,973
119,973
Cleanspark, Inc.(a)
 
17,985
204,489
Clear Secure, Inc., Class A
 
6,357
186,959
Clearwater Analytics Holdings, Inc., Class A(a)
 
16,743
339,213
Commvault Systems, Inc.(a)
 
2,946
559,593
Confluent, Inc., Class A(a)
 
18,856
334,223
Consensus Cloud Solutions, Inc.(a)
 
1,250
25,225
Core Scientific, Inc.(a)(b)
 
18,810
254,687
Crowdstrike Holdings, Inc., Class A(a)
 
16,402
7,455,857
CS Disco, Inc.(a)
 
1,888
7,495
Daily Journal Corp.(a)
 
60
23,975
Datadog, Inc., Class A(a)
 
20,889
2,924,042
Digimarc Corp.(a)
 
1,006
12,012
Digital Turbine, Inc.(a)(b)
 
5,723
31,190
Docusign, Inc.(a)
 
13,566
1,026,132
Dolby Laboratories, Inc., Class A
 
3,672
276,648
Domo, Inc., Class B(a)
 
1,416
23,307
Dropbox, Inc., Class A(a)
 
13,851
376,332
D-Wave Quantum, Inc.(a)(b)
 
19,448
334,311
Dynatrace, Inc.(a)
 
19,228
1,011,585
E2open Parent Holdings, Inc., Class A(a)
 
12,000
39,600
eGain Corp.(a)(b)
 
724
4,474
Elastic NV(a)
 
6,363
532,583
EverCommerce, Inc.(a)
 
1,361
14,604
Fair Isaac Corp.(a)
 
1,606
2,307,372
Five9, Inc.(a)(b)
 
4,935
127,471
Fortinet, Inc.(a)
 
43,050
4,300,695
Freshworks, Inc., Class A(a)
 
13,713
178,132
Gen Digital, Inc.
 
36,876
1,087,473
Gitlab, Inc., Class A(a)
 
9,320
408,309
Guidewire Software, Inc.(a)
 
5,624
1,272,261
HubSpot, Inc.(a)
 
3,457
1,796,430
Hut 8 Corp.(a)(b)
 
5,495
116,659
I3 Verticals, Inc., Class A(a)(b)
 
1,114
31,170
Informatica, Inc., Class A(a)
 
6,189
152,868
Intapp, Inc.(a)
 
3,997
160,080
InterDigital, Inc.
 
1,799
464,502
Intuit, Inc.
 
18,371
14,423,623
Jamf Holding Corp.(a)
 
7,462
59,248
Life360, Inc.(a)(b)
 
902
69,084
LiveRamp Holdings, Inc.(a)
 
3,784
124,191
Manhattan Associates, Inc.(a)
 
4,034
886,108
MARA Holdings, Inc.(a)(b)
 
23,300
374,664
Meridianlink, Inc.(a)
 
3,113
49,746
Microsoft Corp.
 
499,497
266,481,649
MicroStrategy, Inc., Class A(a)(b)
 
16,799
6,750,846
Mitek Systems, Inc.(a)
 
2,481
22,379
N-able, Inc.(a)
 
4,241
34,267
nCino, Inc.(a)(b)
 
7,678
214,408
NCR Voyix Corp.(a)
 
10,611
144,522
NextNav, Inc.(a)
 
5,887
87,069
Nutanix, Inc., Class A(a)
 
17,326
1,302,395
Olo, Inc., Class A(a)
 
5,920
62,042
ON24, Inc.(a)
 
1,991
9,875
OneSpan, Inc.
 
2,737
40,371
Ooma, Inc.(a)
 
719
8,182
Oracle Corp.
 
111,482
28,290,787
58
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Software (continued)
Pagaya Technologies Ltd., Class A(a)(b)
 
3,119
$ 93,726
PagerDuty, Inc.(a)(b)
 
5,772
93,045
Palantir Technologies, Inc., Class A(a)
 
147,030
23,282,201
Palo Alto Networks, Inc.(a)
 
44,083
7,652,809
Pegasystems, Inc.
 
5,766
338,522
Porch Group, Inc.(a)
 
5,006
63,176
Procore Technologies, Inc.(a)(b)
 
7,918
567,166
Progress Software Corp.
 
2,817
135,441
PROS Holdings, Inc.(a)(b)
 
3,022
47,415
PTC, Inc.(a)
 
7,992
1,716,762
Q2 Holdings, Inc.(a)
 
4,365
354,438
Qualys, Inc.(a)
 
2,390
318,037
Rapid7, Inc.(a)
 
4,301
90,837
Red Violet, Inc.
 
1,105
48,985
Rimini Street, Inc.(a)
 
3,501
16,805
RingCentral, Inc., Class A(a)
 
5,642
143,815
Riot Platforms, Inc.(a)
 
22,613
303,240
Roper Technologies, Inc.
 
7,174
3,948,570
Rubrik, Inc., Class A(a)
 
6,581
624,866
SailPoint, Inc.(a)
 
3,973
88,757
Salesforce, Inc.
 
62,778
16,217,441
Samsara, Inc., Class A(a)
 
18,245
693,857
Sapiens International Corp. NV
 
2,240
61,398
SEMrush Holdings, Inc., Class A(a)
 
3,049
27,319
SentinelOne, Inc., Class A(a)
 
20,693
379,510
ServiceNow, Inc.(a)
 
13,894
13,103,709
SoundHound AI, Inc., Class A(a)(b)
 
24,578
253,891
SoundThinking, Inc.(a)
 
707
8,067
Sprinklr, Inc., Class A(a)
 
8,010
72,170
Sprout Social, Inc., Class A(a)
 
4,520
77,518
SPS Commerce, Inc.(a)
 
2,494
271,509
Synopsys, Inc.(a)
 
12,359
7,829,056
Telos Corp.(a)
 
10,336
26,564
Tenable Holdings, Inc.(a)
 
8,614
269,704
Teradata Corp.(a)
 
6,137
128,447
Terawulf, Inc.(a)(b)
 
18,134
93,571
Tyler Technologies, Inc.(a)
 
2,928
1,711,592
UiPath, Inc., Class A(a)
 
30,263
355,590
Unity Software, Inc.(a)
 
20,882
696,624
Varonis Systems, Inc.(a)
 
7,148
399,073
Verint Systems, Inc.(a)(b)
 
4,508
95,930
Vertex, Inc., Class A(a)(b)
 
4,559
151,222
Viant Technology, Inc., Class A(a)
 
883
12,804
Weave Communications, Inc.(a)
 
1,600
11,680
Workday, Inc., Class A(a)
 
14,469
3,318,899
Workiva, Inc., Class A(a)
 
3,224
205,788
Xperi, Inc.(a)
 
2,213
13,322
Yext, Inc.(a)
 
5,854
47,534
Zeta Global Holdings Corp., Class A(a)
 
11,604
181,603
Zoom Communications, Inc., Class A(a)
 
17,750
1,314,388
Zscaler, Inc.(a)
 
6,605
1,886,124
 
 
472,026,421
Specialized REITs — 0.8%
American Tower Corp.
 
31,619
6,589,083
Crown Castle, Inc.
 
29,317
3,080,923
CubeSmart
 
14,934
581,082
Digital Realty Trust, Inc.
 
22,820
4,026,361
EPR Properties
 
5,848
321,874
Equinix, Inc.
 
6,582
5,167,989
Extra Space Storage, Inc.
 
14,171
1,904,016
Farmland Partners, Inc.
 
2,041
21,369
Four Corners Property Trust, Inc.
 
9,299
234,707
Security
 
 
Shares
Value
Specialized REITs (continued)
Gaming and Leisure Properties, Inc.
 
18,451
$ 840,997
Gladstone Land Corp.
 
2,385
21,942
Iron Mountain, Inc.
 
19,785
1,926,268
Lamar Advertising Co., Class A
 
5,872
717,852
Millrose Properties, Inc., Class A
 
8,362
250,776
National Storage Affiliates Trust
 
4,998
147,241
Outfront Media, Inc.
 
8,862
155,351
PotlatchDeltic Corp.
 
4,938
201,915
Public Storage
 
10,521
2,861,081
Rayonier, Inc.
 
9,729
226,783
Safehold, Inc.
 
5,180
72,468
SBA Communications Corp.
 
7,241
1,627,197
Smartstop Self Storage REIT, Inc.
 
2,509
85,005
Uniti Group, Inc.
 
14,285
75,996
VICI Properties, Inc.
 
70,423
2,295,790
Weyerhaeuser Co.
 
49,087
1,229,629
 
 
34,663,695
Specialty Retail — 1.8%
1-800-Flowers.com, Inc., Class A(a)(b)
 
1,280
7,565
Abercrombie & Fitch Co., Class A(a)
 
3,438
330,117
Academy Sports & Outdoors, Inc.
 
4,486
227,844
Advance Auto Parts, Inc.
 
3,773
200,233
American Eagle Outfitters, Inc.
 
11,875
128,250
America’s Car-Mart, Inc.(a)
 
281
12,656
Arhaus, Inc., Class A(a)
 
3,604
31,571
Arko Corp., Class A
 
6,136
25,587
Asbury Automotive Group, Inc.(a)
 
1,245
276,539
AutoNation, Inc.(a)
 
1,791
345,018
AutoZone, Inc.(a)
 
1,130
4,258,269
BARK, Inc., Class A(a)(b)
 
12,225
10,531
Bath & Body Works, Inc.
 
14,692
425,480
Best Buy Co., Inc.
 
13,031
847,797
Beyond, Inc.(a)(b)
 
2,560
22,912
Boot Barn Holdings, Inc.(a)
 
2,108
362,365
Buckle, Inc.
 
1,687
83,287
Build-A-Bear Workshop, Inc.
 
1,239
62,830
Burlington Stores, Inc.(a)
 
4,201
1,146,705
Caleres, Inc.
 
2,081
28,572
Camping World Holdings, Inc., Class A
 
5,362
74,210
CarMax, Inc.(a)(b)
 
10,339
585,291
Carvana Co., Class A(a)
 
8,689
3,390,187
Chewy, Inc., Class A(a)
 
14,097
517,360
Designer Brands, Inc., Class A
 
3,326
9,379
Dick’s Sporting Goods, Inc.
 
3,607
762,917
EVgo, Inc., Class A(a)(b)
 
14,256
48,043
Five Below, Inc.(a)
 
3,521
480,687
Floor & Decor Holdings, Inc., Class A(a)
 
7,043
539,776
Foot Locker, Inc.(a)
 
6,615
165,640
GameStop Corp., Class A(a)(b)
 
26,440
593,578
Gap, Inc.
 
15,061
293,087
Genesco, Inc.(a)(b)
 
1,043
25,095
Group 1 Automotive, Inc.
 
843
347,443
Haverty Furniture Cos., Inc.
 
1,048
21,620
Home Depot, Inc.
 
66,971
24,612,512
Lands’ End, Inc.(a)(b)
 
889
10,428
Lithia Motors, Inc., Class A
 
1,685
485,280
Lowe’s Cos., Inc.
 
37,575
8,400,643
MarineMax, Inc.(a)(b)
 
887
20,117
Monro, Inc.
 
2,222
31,319
Murphy USA, Inc.
 
1,233
446,938
National Vision Holdings, Inc.(a)
 
5,351
129,815
ODP Corp.(a)(b)
 
2,145
38,267
Schedule of Investments
59
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Specialty Retail (continued)
OneWater Marine, Inc., Class A(a)(b)
 
684
$ 10,493
O’Reilly Automotive, Inc.(a)
 
56,965
5,600,799
Penske Automotive Group, Inc.
 
1,283
214,787
Petco Health & Wellness Co., Inc.(a)
 
5,201
15,655
RealReal, Inc.(a)
 
6,755
35,531
Revolve Group, Inc., Class A(a)
 
2,911
60,403
RH(a)(b)
 
990
203,564
Ross Stores, Inc.
 
21,843
2,982,443
Sally Beauty Holdings, Inc.(a)(b)
 
7,155
69,690
Shoe Carnival, Inc.
 
744
15,222
Signet Jewelers Ltd.
 
2,786
220,373
Sleep Number Corp.(a)
 
1,237
9,067
Sonic Automotive, Inc., Class A
 
786
56,867
Stitch Fix, Inc., Class A(a)(b)
 
5,133
24,279
ThredUp, Inc., Class A(a)
 
9,059
74,827
TJX Cos., Inc.
 
74,891
9,326,176
Tractor Supply Co.
 
36,117
2,056,863
Ulta Beauty, Inc.(a)
 
3,040
1,565,630
Upbound Group, Inc.
 
3,756
77,505
Urban Outfitters, Inc.(a)
 
4,306
324,156
Valvoline, Inc.(a)
 
9,171
323,278
Victoria’s Secret & Co.(a)
 
5,589
105,073
Warby Parker, Inc., Class A(a)
 
7,251
173,661
Wayfair, Inc., Class A(a)
 
6,753
443,267
Williams-Sonoma, Inc.
 
8,023
1,500,702
Winmark Corp.
 
223
84,165
Zumiez, Inc.(a)(b)
 
980
13,436
 
 
76,451,672
Technology Hardware, Storage & Peripherals — 5.3%
Apple, Inc.
 
992,803
206,076,119
CompoSecure, Inc., Class A(a)
 
2,890
41,067
Corsair Gaming, Inc.(a)
 
2,367
21,445
Dell Technologies, Inc., Class C
 
21,498
2,852,570
Diebold Nixdorf, Inc.(a)
 
1,969
110,835
Eastman Kodak Co.(a)(b)
 
6,701
44,897
Hewlett Packard Enterprise Co.
 
88,491
1,830,879
HP, Inc.
 
63,585
1,576,908
Immersion Corp.
 
1,222
8,517
IonQ, Inc.(a)(b)
 
15,915
634,531
NetApp, Inc.
 
13,456
1,401,173
Pure Storage, Inc., Class A(a)
 
21,079
1,254,622
Quantum Computing, Inc.(a)(b)
 
7,944
117,889
Sandisk Corp.(a)
 
9,107
390,872
Super Micro Computer, Inc.(a)(b)
 
34,765
2,050,092
Turtle Beach Corp.(a)(b)
 
776
11,283
Western Digital Corp.
 
23,430
1,843,707
Xerox Holdings Corp.
 
8,090
32,764
 
 
220,300,170
Textiles, Apparel & Luxury Goods — 0.4%
Amer Sports, Inc.(a)
 
10,105
379,342
Birkenstock Holding PLC(a)
 
3,587
179,673
Capri Holdings Ltd.(a)
 
7,359
133,860
Carter’s, Inc.
 
2,358
57,158
Columbia Sportswear Co.
 
2,057
116,364
Crocs, Inc.(a)(b)
 
3,586
357,632
Deckers Outdoor Corp.(a)
 
9,953
1,056,710
Ermenegildo Zegna NV
 
4,497
36,156
Figs, Inc., Class A(a)(b)
 
8,730
56,745
G-III Apparel Group Ltd.(a)
 
2,509
59,212
Hanesbrands, Inc.(a)
 
26,900
110,021
Kontoor Brands, Inc.
 
3,741
208,224
Security
 
 
Shares
Value
Textiles, Apparel & Luxury Goods (continued)
Lululemon Athletica, Inc.(a)
 
7,121
$ 1,427,974
Movado Group, Inc.
 
1,241
19,248
NIKE, Inc., Class B
 
78,129
5,835,455
On Holding AG, Class A(a)
 
14,831
720,342
Oxford Industries, Inc.
 
1,115
42,571
PVH Corp.
 
3,815
280,097
Ralph Lauren Corp., Class A
 
2,572
768,385
Rocky Brands, Inc.
 
309
8,083
Skechers USA, Inc., Class A(a)
 
8,886
562,040
Steven Madden Ltd.
 
4,857
116,592
Superior Group of Cos., Inc.
 
2,443
23,575
Tapestry, Inc.
 
14,010
1,513,500
Under Armour, Inc., Class A(a)
 
11,440
75,962
Under Armour, Inc., Class C(a)
 
12,665
79,790
VF Corp.
 
24,444
286,484
Wolverine World Wide, Inc.
 
6,004
135,570
 
 
14,646,765
Tobacco — 0.6%
Altria Group, Inc.
 
113,713
7,043,383
Philip Morris International, Inc.
 
104,745
17,183,417
Turning Point Brands, Inc.
 
1,352
112,135
Universal Corp.
 
1,429
77,838
 
 
24,416,773
Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A
 
6,878
381,041
Alta Equipment Group, Inc., Class A
 
2,017
15,652
Applied Industrial Technologies, Inc.
 
2,577
699,656
BlueLinx Holdings, Inc.(a)
 
421
30,847
Boise Cascade Co.
 
2,660
222,935
Core & Main, Inc., Class A(a)
 
12,684
807,210
Custom Truck One Source, Inc.(a)
 
2,724
16,862
Distribution Solutions Group, Inc.(a)(b)
 
564
16,903
DNOW, Inc.(a)
 
6,770
105,341
DXP Enterprises, Inc.(a)
 
1,165
131,948
Fastenal Co.
 
77,597
3,579,550
Ferguson Enterprises, Inc.
 
13,096
2,924,730
FTAI Aviation Ltd.
 
6,981
960,655
GATX Corp.
 
2,427
370,579
Global Industrial Co.
 
1,009
34,367
GMS, Inc.(a)
 
2,574
282,213
Herc Holdings, Inc.
 
2,230
260,486
Hudson Technologies, Inc.(a)
 
2,482
23,306
McGrath RentCorp
 
1,530
190,929
MRC Global, Inc.(a)
 
6,858
100,675
MSC Industrial Direct Co., Inc., Class A
 
3,328
288,271
NPK International, Inc.(a)
 
8,823
79,584
QXO, Inc.(a)
 
34,696
696,002
Rush Enterprises, Inc., Class A
 
4,246
229,878
Rush Enterprises, Inc., Class B
 
598
32,477
SiteOne Landscape Supply, Inc.(a)(b)
 
3,012
415,144
Titan Machinery, Inc.(a)
 
1,169
22,585
Transcat, Inc.(a)
 
682
52,125
United Rentals, Inc.
 
4,326
3,819,598
Watsco, Inc.
 
2,354
1,061,372
WESCO International, Inc.
 
3,217
665,790
Willis Lease Finance Corp.
 
295
41,766
WW Grainger, Inc.
 
2,982
3,099,908
Xometry, Inc., Class A(a)
 
3,713
120,078
 
 
21,780,463
Water Utilities — 0.1%
American States Water Co.
 
2,476
182,209
60
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Water Utilities (continued)
American Water Works Co., Inc.
 
13,178
$ 1,848,083
California Water Service Group
 
4,461
202,842
Consolidated Water Co. Ltd.
 
1,168
33,977
Essential Utilities, Inc.
 
18,660
686,688
Global Water Resources, Inc.
 
881
8,413
H2O America
 
2,859
138,061
Middlesex Water Co.
 
1,348
69,557
Pure Cycle Corp.(a)
 
1,623
15,905
York Water Co.
 
673
20,365
 
 
3,206,100
Wireless Telecommunication Services — 0.2%
Gogo, Inc.(a)(b)
 
3,467
54,987
Millicom International Cellular SA
 
6,700
269,005
Spok Holdings, Inc.
 
1,840
33,745
Telephone and Data Systems, Inc.
 
6,742
263,208
T-Mobile U.S., Inc.
 
30,493
7,269,836
 
 
7,890,781
Total Common Stocks — 99.1%
(Cost: $2,064,022,291)
4,108,133,548
Investment Companies
Equity Funds — 0.5%
iShares Russell 3000 ETF(c)
 
56,736
20,365,955
Total Investment Companies — 0.5%
(Cost: $19,467,674)
20,365,955
Rights
Biotechnology — 0.0%
AstraZeneca, CVR
 
890
276
Chinook Therapeutics, CVR(d)
 
3,836
614
Contra Aduro Biotech I, CVR(d)
 
400
192
Inhibrx, Inc., CVR(d)
 
2,243
2,579
 
 
3,661
Oil, Gas & Consumable Fuels — 0.0%
Empire Petroleum Corp., (Expires 08/20/25, Strike
Price USD 5.30)(b)(d)
 
2,087
—
Total Rights — 0.0%
(Cost: $1,734)
3,661
Security
 
 
Shares
Value
Warrants
Electrical Equipment — 0.0%
Enovix Corp., (Expires 10/01/26, Strike Price USD
10.50)(a)(b)
 
1,291
$         6,029
Total Warrants — 0.0%
(Cost: $3,820)
6,029
Total Long-Term Investments — 99.6%
(Cost: $2,083,495,519)
4,128,509,193
Short-Term Securities
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.44%(c)(e)(f)
 
53,173,635
53,194,904
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)(e)
 
12,631,359
12,631,359
Total Short-Term Securities — 1.6%
(Cost: $65,826,263)
65,826,263
Total Investments — 101.2%
(Cost: $2,149,321,782)
4,194,335,456
Liabilities in Excess of Other Assets — (1.2)%
(50,723,639
)
Net Assets — 100.0%
$ 4,143,611,817
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Schedule of Investments
61
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/25
Shares
Held at
07/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 42,555,011
$ 10,643,452
(a)
$ —
$ (172
)
$ (3,387
)
$ 53,194,904
53,173,635
$ 260,517
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency
Shares
26,163,410
—
(13,532,051
)(a)
—
—
12,631,359
12,631,359
711,998
—
BlackRock, Inc.
8,474,879
641,083
—
—
2,290,319
11,406,281
10,313
203,262
—
iShares Russell 3000 ETF
14,946,598
196,986,430
(192,593,247
)
117,605
908,569
20,365,955
56,736
274,548
—
 
$ 117,433
$ 3,195,501
$ 97,598,499
$ 1,450,325
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
E-mini Russell 2000 Index
14
09/19/25
$ 1,554
$ (21,308
)
S&P 500 E-Mini Index
41
09/19/25
13,067
142,138
 
$ 120,830
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)
$ —
$ —
$ 142,138
$ —
$ —
$ —
$ 142,138
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 21,308
$ —
$ —
$ —
$ 21,308
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ (370,041
)
$ —
$ —
$ —
$ (370,041
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 103,960
$ —
$ —
$ —
$ 103,960
62
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total U.S. Stock Market Index Fund
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$12,197,934
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks
$ 4,108,133,548
$ —
$ —
$ 4,108,133,548
Investment Companies
20,365,955
—
—
20,365,955
Rights
—
276
3,385
3,661
Warrants
6,029
—
—
6,029
Short-Term Securities 
Money Market Funds
65,826,263
—
—
65,826,263
 
$4,194,331,795
$276
$3,385
$4,194,335,456
Derivative Financial Instruments(a)
Assets 
Equity Contracts
$ 142,138
$ —
$ —
$ 142,138
Liabilities 
Equity Contracts
(21,308
)
—
—
(21,308
)
 
$120,830
$—
$—
$120,830
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
63
Statements of Assets and Liabilities
July 31, 2025
 
 
iShares Russell
Mid-Cap
Index Fund
iShares Russell
Small/Mid-Cap
Index Fund
iShares Total U.S.
Stock Market
Index Fund
ASSETS
Investments, at value — unaffiliated(a)(b)
$ 2,130,269,443
$ 982,424,661
$ 4,096,736,957
Investments, at value — affiliated(c)
90,235,473
94,708,329
97,598,499
Cash
809
—
—
Cash pledged for futures contracts
1,347,000
312,000
990,000
Receivables:
Investments sold
—
76
—
Securities lending income — affiliated
21,356
74,622
31,920
Capital shares sold
3,034,564
705,734
2,337,183
Dividends — unaffiliated
882,879
253,235
2,066,519
Dividends — affiliated
40,111
17,672
43,731
Prepaid expenses
38,289
45,430
53,300
Total assets
2,225,869,924
1,078,541,759
4,199,858,109
LIABILITIES
Bank overdraft
—
398,784
—
Collateral on securities loaned
60,731,945
83,434,458
53,185,199
Payables:
Investments purchased
202,196
—
—
Accounting services fees
3,008
3,008
3,009
Capital shares redeemed
3,364,395
205,389
2,643,288
Custodian fees
12,976
23,971
22,007
Investment advisory fees
35,965
5,224
34,178
Trustees’ and Officer’s fees
3,036
2,015
3,758
Other accrued expenses
27,861
31,478
42,746
Professional fees
41,578
38,459
45,498
Service fees
38,523
22,020
62,964
Transfer agent fees
187,551
59,998
143,634
Variation margin on futures contracts
156,877
44,199
60,011
Total liabilities
64,805,911
84,269,003
56,246,292
Commitments and contingent liabilities
NET ASSETS
$ 2,161,064,013
$ 994,272,756
$ 4,143,611,817
NET ASSETS CONSIST OF
Paid-in capital
$ 1,355,728,029
$ 836,695,416
$ 2,152,565,014
Accumulated earnings
805,335,984
157,577,340
1,991,046,803
NET ASSETS
$ 2,161,064,013
$ 994,272,756
$ 4,143,611,817
(a) Investments, at cost—unaffiliated
$1,393,265,108
$825,752,540
$2,058,263,805
(b) Securities loaned, at value
$59,269,035
$80,644,202
$51,527,963
(c) Investments, at cost—affiliated
$89,488,705
$94,619,156
$91,057,977
64
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Assets and Liabilities  (continued)
July 31, 2025
 
 
iShares Russell
Mid-Cap
Index Fund
iShares Russell
Small/Mid-Cap
Index Fund
iShares Total U.S.
Stock Market
Index Fund
NET ASSET VALUE
Institutional
Net assets
$ 188,543,806
$ 149,290,537
$ 211,409,502
Shares outstanding
12,014,112
8,718,819
7,334,098
Net asset value
$ 15.69
$ 17.12
$ 28.83
Shares authorized
Unlimited
Unlimited
Unlimited
Par value
$0.001
$0.001
$0.001
Investor A
Net assets
$ 182,825,289
$ 102,078,262
$ 300,144,120
Shares outstanding
11,704,757
5,973,248
10,429,344
Net asset value
$ 15.62
$ 17.09
$ 28.78
Shares authorized
Unlimited
Unlimited
Unlimited
Par value
$0.001
$0.001
$0.001
Class K
Net assets
$ 1,789,694,918
$ 742,903,957
$ 3,632,058,195
Shares outstanding
113,757,126
43,388,440
126,005,111
Net asset value
$ 15.73
$ 17.12
$ 28.82
Shares authorized
Unlimited
Unlimited
Unlimited
Par value
$0.001
$0.001
$0.001
See notes to financial statements.
Statements of Assets and Liabilities
65
Statements of Operations
Year Ended July 31, 2025
 
 
iShares Russell
Mid-Cap
Index Fund
iShares Russell
Small/Mid-Cap
Index Fund
iShares Total U.S.
Stock Market
Index Fund
INVESTMENT INCOME
Dividends — unaffiliated
$32,157,248
$11,109,731
$48,484,652
Dividends — affiliated
724,376
267,879
1,189,808
Interest — unaffiliated
36,154
11,898
45,583
Securities lending income — affiliated — net
227,347
426,105
260,517
Other income — unaffiliated
8,021
—
3,158
Foreign taxes withheld
(17,059
)
(18,065
)
(11,999
)
Total investment income
33,136,087
11,797,548
49,971,719
EXPENSES
Service — class specific
434,157
253,056
705,140
Investment advisory
409,213
235,910
379,418
Transfer agent — class specific
376,618
203,782
321,722
Professional
73,648
89,670
71,208
Registration
73,407
63,941
75,023
Custodian
47,207
50,208
75,201
Printing and postage
35,901
33,098
33,823
Trustees and Officer
24,202
13,710
38,637
Accounting services
9,025
9,025
9,025
Miscellaneous
42,291
54,640
84,501
Total expenses excluding interest expense
1,525,669
1,007,040
1,793,698
Interest expense — unaffiliated
7,603
746
5,037
Total expenses
1,533,272
1,007,786
1,798,735
Less:
Fees waived and/or reimbursed by the Manager
(10,580
)
(35,808
)
(12,995
)
Transfer agent fees waived and/or reimbursed by the Manager — class specific
—
(51,464
)
(9,214
)
Total expenses after fees waived and/or reimbursed
1,522,692
920,514
1,776,526
Net investment income
31,613,395
10,877,034
48,195,193
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated
96,035,627
12,369,341
(1,059,122
)
Investments — affiliated
134,813
1,530,594
117,433
Futures contracts
(178,041
)
254,917
(370,041
)
 
95,992,399
14,154,852
(1,311,730
)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated
103,879,204
11,417,921
511,634,269
Investments — affiliated
101,418
(559,064
)
3,195,501
Futures contracts
(368,783
)
(68,788
)
103,960
 
103,611,839
10,790,069
514,933,730
Net realized and unrealized gain
199,604,238
24,944,921
513,622,000
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$231,217,633
$35,821,955
$561,817,193
See notes to financial statements.
66
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Changes in Net Assets
 
 
iShares Russell Mid-Cap
Index Fund
iShares Russell Small/Mid-Cap
Index Fund
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/25
Year Ended
07/31/24
 
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$31,613,395
$28,259,403
$10,877,034
$7,639,694
Net realized gain
95,992,399
98,914,797
14,154,852
13,876,830
Net change in unrealized appreciation (depreciation)
103,611,839
115,876,146
10,790,069
52,132,928
Net increase in net assets resulting from operations
231,217,633
243,050,346
35,821,955
73,649,452
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(11,788,486
)
(6,241,966
)
(3,490,609
)
(2,132,677
)
Investor A
(10,489,960
)
(4,204,302
)
(2,004,437
)
(1,087,710
)
Class K
(106,231,761
)
(44,827,668
)
(12,225,787
)
(4,566,506
)
Decrease in net assets resulting from distributions to shareholders
(128,510,207
)
(55,273,936
)
(17,720,833
)
(7,786,893
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
62,024,633
89,605,599
376,348,464
(7,608,941
)
NET ASSETS
Total increase in net assets
164,732,059
277,382,009
394,449,586
58,253,618
Beginning of year
1,996,331,954
1,718,949,945
599,823,170
541,569,552
End of year
$2,161,064,013
$1,996,331,954
$994,272,756
$599,823,170
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
67
Statements of Changes in Net Assets (continued)
 
 
iShares Total U.S. Stock Market
Index Fund
 
Year Ended
07/31/25
Year Ended
07/31/24
 
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$48,195,193
$43,296,124
Net realized gain (loss)
(1,311,730
)
6,403,911
Net change in unrealized appreciation (depreciation)
514,933,730
547,316,004
Net increase in net assets resulting from operations
561,817,193
597,016,039
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(2,358,887
)
(1,781,258
)
Investor A
(3,028,538
)
(2,536,272
)
Class K
(45,289,368
)
(38,984,115
)
Decrease in net assets resulting from distributions to shareholders
(50,676,793
)
(43,301,645
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
94,204,213
105,484,636
NET ASSETS
Total increase in net assets
605,344,613
659,199,030
Beginning of year
3,538,267,204
2,879,068,174
End of year
$4,143,611,817
$3,538,267,204
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
68
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares Russell Mid-Cap Index Fund
 
Institutional
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Net asset value, beginning of year
$14.92
$13.54
$12.89
$14.91
$10.75
Net investment income(a)
0.23
0.21
0.20
0.18
0.15
Net realized and unrealized gain (loss)
1.51
1.59
0.88
(1.58
)
4.35
Net increase (decrease) from investment operations
1.74
1.80
1.08
(1.40
)
4.50
Distributions(b)
From net investment income
(0.24
)
(0.21
)
(0.20
)
(0.17
)
(0.15
)
From net realized gain
(0.73
)
(0.21
)
(0.23
)
(0.45
)
(0.19
)
Total distributions
(0.97
)
(0.42
)
(0.43
)
(0.62
)
(0.34
)
Net asset value, end of year
$15.69
$14.92
$13.54
$12.89
$14.91
Total Return(c)
Based on net asset value
11.85
%
13.63
%
8.72
%
(9.76
)%
42.43
%
Ratios to Average Net Assets(d)
Total expenses
0.10
%
0.09
%
0.10
%
0.09
%
0.09
%
Total expenses after fees waived and/or reimbursed
0.09
%
0.09
%
0.09
%
0.09
%
0.09
%
Net investment income
1.53
%
1.55
%
1.59
%
1.28
%
1.18
%
Supplemental Data
Net assets, end of year (000)
$188,544
$216,980
$178,582
$216,281
$195,340
Portfolio turnover rate
17
%
26
%
20
%
28
%
24
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
See notes to financial statements.
Financial Highlights
69
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Russell Mid-Cap Index Fund (continued)
 
Investor A
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Net asset value, beginning of year
$14.85
$13.48
$12.84
$14.85
$10.71
Net investment income(a)
0.19
0.18
0.16
0.14
0.11
Net realized and unrealized gain (loss)
1.52
1.58
0.88
(1.56
)
4.34
Net increase (decrease) from investment operations
1.71
1.76
1.04
(1.42
)
4.45
Distributions(b)
From net investment income
(0.21
)
(0.18
)
(0.17
)
(0.14
)
(0.12
)
From net realized gain
(0.73
)
(0.21
)
(0.23
)
(0.45
)
(0.19
)
Total distributions
(0.94
)
(0.39
)
(0.40
)
(0.59
)
(0.31
)
Net asset value, end of year
$15.62
$14.85
$13.48
$12.84
$14.85
Total Return(c)
Based on net asset value
11.62
%
13.31
%
8.39
%
(9.98
)%
42.05
%
Ratios to Average Net Assets(d)
Total expenses(e)
0.36
%
0.36
%
0.37
%
0.36
%
0.36
%
Total expenses after fees waived and/or reimbursed
0.36
%
0.36
%
0.37
%
0.36
%
0.36
%
Net investment income
1.26
%
1.30
%
1.29
%
1.03
%
0.87
%
Supplemental Data
Net assets, end of year (000)
$182,825
$166,161
$151,708
$131,260
$136,579
Portfolio turnover rate
17
%
26
%
20
%
28
%
24
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
 
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Expense ratios
N/A
N/A
N/A
0.36
%
0.36
%
See notes to financial statements.
70
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Russell Mid-Cap Index Fund (continued)
 
Class K
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Net asset value, beginning of year
$14.95
$13.57
$12.92
$14.94
$10.77
Net investment income(a)
0.24
0.22
0.20
0.19
0.15
Net realized and unrealized gain (loss)
1.52
1.59
0.89
(1.58
)
4.37
Net increase (decrease) from investment operations
1.76
1.81
1.09
(1.39
)
4.52
Distributions(b)
From net investment income
(0.25
)
(0.22
)
(0.21
)
(0.18
)
(0.16
)
From net realized gain
(0.73
)
(0.21
)
(0.23
)
(0.45
)
(0.19
)
Total distributions
(0.98
)
(0.43
)
(0.44
)
(0.63
)
(0.35
)
Net asset value, end of year
$15.73
$14.95
$13.57
$12.92
$14.94
Total Return(c)
Based on net asset value
11.95
%
13.66
%
8.75
%
(9.70
)%
42.50
%
Ratios to Average Net Assets(d)
Total expenses(e)
0.04
%
0.04
%
0.05
%
0.05
%
0.06
%
Total expenses after fees waived and/or reimbursed
0.04
%
0.04
%
0.05
%
0.05
%
0.06
%
Net investment income
1.58
%
1.61
%
1.62
%
1.34
%
1.18
%
Supplemental Data
Net assets, end of year (000)
$1,789,695
$1,613,191
$1,388,660
$1,340,100
$1,396,125
Portfolio turnover rate
17
%
26
%
20
%
28
%
24
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
 
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Expense ratios
N/A
N/A
N/A
0.05
%
0.05
%
See notes to financial statements.
Financial Highlights
71
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Russell Small/Mid-Cap Index Fund
 
Institutional
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Net asset value, beginning of year
$16.79
$15.08
$14.63
$17.32
$12.17
Net investment income(a)
0.23
0.21
0.22
0.21
0.16
Net realized and unrealized gain (loss)
0.47
1.71
0.88
(2.08
)
5.66
Net increase (decrease) from investment operations
0.70
1.92
1.10
(1.87
)
5.82
Distributions(b)
From net investment income
(0.25
)
(0.21
)
(0.23
)
(0.19
)
(0.18
)
From net realized gain
(0.12
)
—
(0.42
)
(0.63
)
(0.49
)
Total distributions
(0.37
)
(0.21
)
(0.65
)
(0.82
)
(0.67
)
Net asset value, end of year
$17.12
$16.79
$15.08
$14.63
$17.32
Total Return(c)
Based on net asset value
4.19
%
12.90
%
8.02
%
(11.32
)%
48.81
%
Ratios to Average Net Assets(d)
Total expenses(e)
0.12
%
0.14
%
0.13
%
0.14
%
0.16
%
Total expenses after fees waived and/or reimbursed
0.11
%
0.13
%
0.12
%
0.12
%
0.12
%
Net investment income
1.40
%
1.42
%
1.59
%
1.29
%
1.02
%
Supplemental Data
Net assets, end of year (000)
$149,291
$165,272
$141,351
$156,524
$161,409
Portfolio turnover rate
36
%
43
%
30
%
38
%
43
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
 
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Expense ratios
N/A
N/A
N/A
0.14
%
N/A
See notes to financial statements.
72
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Russell Small/Mid-Cap Index Fund (continued)
 
Investor A
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Net asset value, beginning of year
$16.75
$15.05
$14.60
$17.29
$12.15
Net investment income(a)
0.19
0.17
0.18
0.17
0.13
Net realized and unrealized gain (loss)
0.48
1.70
0.89
(2.08
)
5.65
Net increase (decrease) from investment operations
0.67
1.87
1.07
(1.91
)
5.78
Distributions(b)
From net investment income
(0.21
)
(0.17
)
(0.20
)
(0.15
)
(0.15
)
From net realized gain
(0.12
)
—
(0.42
)
(0.63
)
(0.49
)
Total distributions
(0.33
)
(0.17
)
(0.62
)
(0.78
)
(0.64
)
Net asset value, end of year
$17.09
$16.75
$15.05
$14.60
$17.29
Total Return(c)
Based on net asset value
3.99
%
12.57
%
7.76
%
(11.56
)%
48.49
%
Ratios to Average Net Assets(d)
Total expenses
0.39
%
0.41
%
0.41
%
0.39
%
0.38
%
Total expenses after fees waived and/or reimbursed
0.37
%
0.38
%
0.37
%
0.36
%
0.34
%
Net investment income
1.14
%
1.16
%
1.33
%
1.06
%
0.83
%
Supplemental Data
Net assets, end of year (000)
$102,078
$104,303
$100,293
$100,734
$101,139
Portfolio turnover rate
36
%
43
%
30
%
38
%
43
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
See notes to financial statements.
Financial Highlights
73
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Russell Small/Mid-Cap Index Fund (continued)
 
Class K
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Net asset value, beginning of year
$16.79
$15.08
$14.63
$17.32
$12.17
Net investment income(a)
0.24
0.22
0.22
0.21
0.18
Net realized and unrealized gain (loss)
0.47
1.71
0.89
(2.07
)
5.65
Net increase (decrease) from investment operations
0.71
1.93
1.11
(1.86
)
5.83
Distributions(b)
From net investment income
(0.26
)
(0.22
)
(0.24
)
(0.20
)
(0.19
)
From net realized gain
(0.12
)
—
(0.42
)
(0.63
)
(0.49
)
Total distributions
(0.38
)
(0.22
)
(0.66
)
(0.83
)
(0.68
)
Net asset value, end of year
$17.12
$16.79
$15.08
$14.63
$17.32
Total Return(c)
Based on net asset value
4.24
%
12.95
%
8.07
%
(11.28
)%
48.88
%
Ratios to Average Net Assets(d)
Total expenses
0.08
%
0.10
%
0.09
%
0.10
%
0.11
%
Total expenses after fees waived and/or reimbursed
0.07
%
0.08
%
0.07
%
0.07
%
0.07
%
Net investment income
1.43
%
1.49
%
1.60
%
1.34
%
1.15
%
Supplemental Data
Net assets, end of year (000)
$742,904
$330,248
$299,925
$212,591
$213,734
Portfolio turnover rate
36
%
43
%
30
%
38
%
43
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
See notes to financial statements.
74
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Total U.S. Stock Market Index Fund
 
Institutional
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Net asset value, beginning of year
$25.26
$21.15
$19.07
$20.96
$15.31
Net investment income(a)
0.33
0.32
0.30
0.27
0.24
Net realized and unrealized gain (loss)
3.59
4.11
2.07
(1.79
)
5.65
Net increase (decrease) from investment operations
3.92
4.43
2.37
(1.52
)
5.89
Distributions(b)
From net investment income
(0.35
)
(0.32
)
(0.29
)
(0.27
)
(0.23
)
From net realized gain
—
—
—
(0.10
)
(0.01
)
Total distributions
(0.35
)
(0.32
)
(0.29
)
(0.37
)
(0.24
)
Net asset value, end of year
$28.83
$25.26
$21.15
$19.07
$20.96
Total Return(c)
Based on net asset value
15.64
%
21.13
%
12.65
%
(7.37
)%
38.73
%
Ratios to Average Net Assets(d)
Total expenses(e)
0.06
%
0.07
%
0.07
%
0.08
%
0.08
%
Total expenses after fees waived and/or reimbursed
0.06
%
0.07
%
0.07
%
0.08
%
0.08
%
Net investment income
1.25
%
1.41
%
1.59
%
1.32
%
1.32
%
Supplemental Data
Net assets, end of year (000)
$211,410
$148,779
$112,188
$132,762
$155,378
Portfolio turnover rate
8
%
19
%
20
%
16
%
16
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
 
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Expense ratios
N/A
N/A
N/A
0.08
%
0.08
%
See notes to financial statements.
Financial Highlights
75
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Total U.S. Stock Market Index Fund (continued)
 
Investor A
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Net asset value, beginning of year
$25.22
$21.12
$19.05
$20.93
$15.29
Net investment income(a)
0.26
0.26
0.25
0.22
0.20
Net realized and unrealized gain (loss)
3.58
4.10
2.06
(1.78
)
5.64
Net increase (decrease) from investment operations
3.84
4.36
2.31
(1.56
)
5.84
Distributions(b)
From net investment income
(0.28
)
(0.26
)
(0.24
)
(0.22
)
(0.19
)
From net realized gain
—
—
—
(0.10
)
(0.01
)
Total distributions
(0.28
)
(0.26
)
(0.24
)
(0.32
)
(0.20
)
Net asset value, end of year
$28.78
$25.22
$21.12
$19.05
$20.93
Total Return(c)
Based on net asset value
15.32
%
20.80
%
12.32
%
(7.54
)%
38.42
%
Ratios to Average Net Assets(d)
Total expenses(e)
0.33
%
0.34
%
0.35
%
0.32
%
0.30
%
Total expenses after fees waived and/or reimbursed
0.33
%
0.33
%
0.33
%
0.31
%
0.30
%
Net investment income
0.99
%
1.15
%
1.32
%
1.09
%
1.11
%
Supplemental Data
Net assets, end of year (000)
$300,144
$256,142
$196,798
$176,683
$166,601
Portfolio turnover rate
8
%
19
%
20
%
16
%
16
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
 
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Expense ratios
N/A
N/A
N/A
0.32
%
0.30
%
See notes to financial statements.
76
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares Total U.S. Stock Market Index Fund (continued)
 
Class K
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Net asset value, beginning of year
$25.26
$21.15
$19.07
$20.96
$15.31
Net investment income(a)
0.34
0.32
0.31
0.28
0.25
Net realized and unrealized gain (loss)
3.58
4.12
2.07
(1.79
)
5.64
Net increase (decrease) from investment operations
3.92
4.44
2.38
(1.51
)
5.89
Distributions(b)
From net investment income
(0.36
)
(0.33
)
(0.30
)
(0.28
)
(0.23
)
From net realized gain
—
—
—
(0.10
)
(0.01
)
Total distributions
(0.36
)
(0.33
)
(0.30
)
(0.38
)
(0.24
)
Net asset value, end of year
$28.82
$25.26
$21.15
$19.07
$20.96
Total Return(c)
Based on net asset value
15.63
%
21.18
%
12.70
%
(7.32
)%
38.79
%
Ratios to Average Net Assets(d)
Total expenses(e)
0.02
%
0.03
%
0.02
%
0.03
%
0.03
%
Total expenses after fees waived and/or reimbursed
0.02
%
0.03
%
0.02
%
0.03
%
0.03
%
Net investment income
1.29
%
1.45
%
1.63
%
1.36
%
1.35
%
Supplemental Data
Net assets, end of year (000)
$3,632,058
$3,133,346
$2,570,083
$2,215,506
$2,037,797
Portfolio turnover rate
8
%
19
%
20
%
16
%
16
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
 
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
 
Expense ratios
N/A
N/A
N/A
0.03
%
0.03
%
See notes to financial statements.
Financial Highlights
77
Notes to Financial Statements
 
1.
ORGANIZATION
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.  The Trust is organized as a Massachusetts business trust.  The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”: 
Fund Name
Herein Referred To As
Diversification
Classification
iShares Russell Mid-Cap Index Fund
Mid-Cap Index
Diversified
iShares Russell Small/Mid-Cap Index Fund
Small/Mid-Cap Index
Diversified
iShares Total U.S. Stock Market Index Fund
Total U.S. Stock Market Index
Diversified
Each Fund offers multiple classes of shares.  All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares.  Institutional and Class K Shares are sold only to certain eligible investors.  Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries.  Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures. 
Share Class
Initial Sales Charge
CDSC
Conversion Privilege
Institutional, Investor A and Class K Shares
No
No
None
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition:  For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.  Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value.  Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.  Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.  Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.  Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Cash: The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions:  Distributions paid by the Funds are recorded on the ex-dividend dates.  The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
78
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
Other:  Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Funds’ adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or results of operations.
The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies:  Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) has approved the designation of each Fund’s Manager  as the valuation designee for each Fund.  Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
•Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.
•Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.
•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”).
•Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.  
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
Notes to Financial Statements
79
Notes to Financial Statements  (continued)
 
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.  Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors.  The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4.
SECURITIES AND OTHER INVESTMENTS
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Securities Lending: The Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the  Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in
80
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Funds’ securities on loan by counterparty which are subject to offset under an MSLA: 
Fund Name/Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount(b)
Mid-Cap Index
Barclays Capital, Inc.
$ 864,800
$ (864,800
)
$ —
$ —
BNP Paribas SA
10,233,579
(10,233,579
)
—
—
BofA Securities, Inc.
9,811,325
(9,811,325
)
—
—
Citigroup Global Markets, Inc.
13,108,439
(13,108,439
)
—
—
HSBC Bank PLC
1,687,561
(1,687,561
)
—
—
Jefferies LLC
1,485,392
(1,485,392
)
—
—
Mizuho Securities USA LLC
6,386
(6,386
)
—
—
Morgan Stanley
12,838,789
(12,838,789
)
—
—
National Financial Services LLC
2,768,633
(2,768,633
)
—
—
RBC Capital Markets LLC
178,780
(178,780
)
—
—
SG Americas Securities LLC
393,869
(393,869
)
—
—
State Street Bank & Trust Co.
103
(103
)
—
—
Toronto-Dominion Bank
33,118
(33,118
)
—
—
UBS AG
240,368
(240,368
)
—
—
UBS Securities LLC
234,570
(234,240
)
—
330
Virtu Americas LLC
470,321
(470,321
)
—
—
Wells Fargo Bank N.A.
2,513,161
(2,374,141
)
—
139,020
Wells Fargo Securities LLC
2,399,841
(2,399,841
)
—
—
 
$ 59,269,035
$ (59,129,685
)
$ —
$ 139,350
Small/Mid-Cap Index
BMO Capital Markets Corp.
$ 125,550
$ (125,550
)
$ —
$ —
BNP Paribas SA
13,605,080
(13,605,080
)
—
—
BofA Securities, Inc.
6,044,218
(6,044,218
)
—
—
Citadel Clearing LLC
139,104
(139,104
)
—
—
Citigroup Global Markets, Inc.
5,139,722
(5,139,722
)
—
—
Goldman Sachs & Co. LLC
15,520,432
(15,520,432
)
—
—
HSBC Bank PLC
158,462
(158,462
)
—
—
ING Financial Markets LLC
215,567
(215,567
)
—
—
J.P. Morgan Securities LLC
13,823,928
(13,823,928
)
—
—
Jefferies LLC
1,051,679
(1,051,679
)
—
—
Morgan Stanley
13,902,167
(13,902,167
)
—
—
National Financial Services LLC
3,845,564
(3,845,564
)
—
—
Nomura Securities International, Inc.
18,540
(18,540
)
—
—
RBC Capital Markets LLC
19,260
(19,260
)
—
—
Scotia Capital (USA), Inc.
71,815
(71,815
)
—
—
SG Americas Securities LLC
193,149
(193,149
)
—
—
State Street Bank & Trust Co.
1,973,569
(1,973,569
)
—
—
Toronto-Dominion Bank
1,334,597
(1,334,597
)
—
—
UBS AG
1,962,022
(1,962,022
)
—
—
UBS Securities LLC
24
(24
)
—
—
Virtu Americas LLC
2,718
(2,700
)
—
18
Wells Fargo Bank N.A.
399,222
(399,222
)
—
—
Wells Fargo Securities LLC
1,097,813
(1,097,813
)
—
—
 
$ 80,644,202
$ (80,644,184
)
$ —
$ 18
Total U.S. Stock Market Index
BMO Capital Markets Corp.
$ 54,007
$ (54,007
)
$ —
$ —
BNP Paribas SA
5,102,724
(5,102,724
)
—
—
BofA Securities, Inc.
4,916,680
(4,916,680
)
—
—
Citadel Clearing LLC
84,229
(84,229
)
—
—
Citigroup Global Markets, Inc.
4,801,908
(4,801,908
)
—
—
Goldman Sachs & Co. LLC
5,974,083
(5,974,083
)
—
—
HSBC Bank PLC
27,331
(27,331
)
—
—
ING Financial Markets LLC
48,100
(48,100
)
—
—
J.P. Morgan Securities LLC
14,001,576
(14,001,576
)
—
—
Jefferies LLC
1,122,016
(1,122,016
)
—
—
Morgan Stanley
6,534,543
(6,534,543
)
—
—
National Financial Services LLC
574,867
(574,867
)
—
—
Notes to Financial Statements
81
Notes to Financial Statements  (continued)
 
Fund Name/Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount(b)
Total U.S. Stock Market Index (continued)
Nomura Securities International, Inc.
$ 10,473
$ (10,473
)
$ —
$ —
SG Americas Securities LLC
2,281,791
(2,281,791
)
—
—
State Street Bank & Trust Co.
974,286
(974,286
)
—
—
Toronto-Dominion Bank
715,369
(715,369
)
—
—
UBS AG
1,597,640
(1,597,640
)
—
—
UBS Securities LLC
1,616,140
(1,616,140
)
—
—
Virtu Americas LLC
13,062
(13,062
)
—
—
Wells Fargo Bank N.A.
241,467
(241,467
)
—
—
Wells Fargo Securities LLC
835,671
(835,671
)
—
—
 
$ 51,527,963
$ (51,527,963
)
$ —
$ —
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
(b)
The market value of the loaned securities is determined as of July 31, 2025. Additional collateral is delivered to each Fund on the next business day in accordance with the MSLA. The
net amount would be subject to the borrower default indemnity in the event of default by the counterparty.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc.. BlackRock Finance, Inc.’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”).  Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets: 
Fund Name
Investment
Advisory Fees
Mid-Cap Index
0.02
% 
Small/Mid-Cap Index
0.03
Total U.S. Stock Market Index
0.01
With respect to each Fund, the Manager entered into separate sub-advisory agreements with BlackRock Fund Advisors (“BFA”), an affiliate of the Manager. The Manager pays BFA for services it provides for that portion of each Fund for which BFA acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.
82
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
Service Fees:  The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows: 
Share Class
Service Fees
Investor A
0.25
% 
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Funds. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.
For the year ended July 31, 2025, the following table shows the class specific service fees borne directly by each share class of each Fund: 
Fund Name
Investor A
Mid-Cap Index
$ 434,157
Small/Mid-Cap Index
253,056
Total U.S. Stock Market Index
705,140
Transfer Agent:  Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets.  For the year ended July 31, 2025, the Funds did not pay any amounts to affiliates in return for these services.
The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended July 31, 2025, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations: 
Fund Name
Institutional
Investor A
Class K
Total
Mid-Cap Index
$ 1,003
$ 8,638
$ 8,842
$ 18,483
Small/Mid-Cap Index
392
6,649
4,983
12,024
Total U.S. Stock Market Index
747
13,735
9,876
24,358
For the year ended July 31, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund: 
Fund Name
Institutional
Investor A
Class K
Total
Mid-Cap Index
$ 113,183
$ 126,157
$ 137,278
$ 376,618
Small/Mid-Cap Index
76,014
71,340
56,428
203,782
Total U.S. Stock Market Index
68,097
167,861
85,764
321,722
Expense Limitations, Waivers and Reimbursements:  With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2025, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Manager
Mid-Cap Index
$ 7,332
Small/Mid-Cap Index
2,702
Total U.S. Stock Market Index
10,795
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund.  These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations.  For the year ended July 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Manager
Mid-Cap Index
$ 3,248
Small/Mid-Cap Index
2,710
Total U.S. Stock Market Index
2,200
Notes to Financial Statements
83
Notes to Financial Statements  (continued)
 
With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows: 
Fund Name
Institutional
Investor A
Class K
Mid-Cap Index
0.12
% 
0.37
% 
0.07
% 
Small/Mid-Cap Index
0.12
0.37
0.07
Total U.S. Stock Market Index
0.08
0.33
0.03
The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund.  For the year ended July 31, 2025, amounts included in the Statements of Operations were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Manager
Small/Mid-Cap Index
$ 30,396
In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager — class specific in the Statements of Operations. For the year ended July 31, 2025, class specific expense waivers and/or reimbursements were as follows: 
 
Transfer Agent Fees Waived and/or
Reimbursed by the Manager - Class Specific
Fund Name
Institutional
Investor A
Class K
Total
Small/Mid-Cap Index
$ 921
$ 16,360
$ 34,183
$ 51,464
Total U.S. Stock Market Index
—
9,214
—
9,214
Securities Lending:  The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, each Fund would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees ), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended July 31, 2025, each Fund paid BTC the following amounts for securities lending agent services: 
Fund Name
Amounts
Mid-Cap Index
$ 74,170
Small/Mid-Cap Index
124,591
Total U.S. Stock Market Index
80,583
84
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
Interfund Lending: Prior to March 3, 2025, in accordance with an exemptive order (the “Order”) from the SEC, each Fund could participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.
During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.
Trustees and Officers:  Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.  The Funds reimburse the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.
Other Transactions:  The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended July 31, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows: 
Fund Name
Purchases
Sales
Net Realized
Gain (Loss)
Mid-Cap Index
$50,650,704
$22,799,822
$(4,667,476
)
Small/Mid-Cap Index
32,595,041
22,697,976
8,049,210
Total U.S. Stock Market Index
57,811,386
34,024,741
(486,682
)
7.
 PURCHASES AND SALES
For the year ended July 31, 2025, purchases and sales of investments, excluding short-term securities, were as follows: 
Fund Name
Purchases
Sales
Mid-Cap Index
$ 345,208,389
$ 389,779,085
Small/Mid-Cap Index
651,305,055
284,002,533
Total U.S. Stock Market Index
425,572,372
320,104,015
8.
INCOME TAX INFORMATION
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
The tax character of distributions paid was as follows: 
Fund Name
Year Ended
07/31/25
Year Ended
07/31/24
Mid-Cap Index
Ordinary income
$ 37,601,402
$ 28,215,203
Long-term capital gains
90,908,805
27,058,733
 
$ 128,510,207
$ 55,273,936
Small/Mid-Cap Index
Ordinary income
$ 14,026,504
$ 7,786,893
Long-term capital gains
3,694,329
—
 
$ 17,720,833
$ 7,786,893
Total U.S. Stock Market Index
Ordinary income
$ 50,676,793
$ 43,301,645
Notes to Financial Statements
85
Notes to Financial Statements  (continued)
 
As of July 31, 2025, the tax components of accumulated earnings (loss) were as follows: 
Fund Name
Undistributed
Ordinary Income
Undistributed
Long-Term
Capital Gains
Non-Expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Total
Mid-Cap Index
$ 16,527,751
$ 75,477,683
$ —
$ 713,330,550
$ 805,335,984
Small/Mid-Cap Index
4,851,415
11,211,740
—
141,514,185
157,577,340
Total U.S. Stock Market Index
3,169,486
—
(28,841,939
)
2,016,719,256
1,991,046,803
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of
unrealized gains(losses) on certain futures contracts, timing and recognition of partnership income, the realization for tax purposes of unrealized gains on investments in passive foreign
investment companies, undistributed capital gains from underlying REIT investments and characterization of corporate actions.
As of July 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Mid-Cap Index
$ 1,507,154,426
$ 842,720,019
$ (129,369,529
)
$ 713,350,490
Small/Mid-Cap Index
935,606,986
216,330,358
(74,804,354
)
141,526,004
Total U.S. Stock Market Index
2,177,608,581
2,147,212,613
(130,485,738
)
2,016,726,875
9.
BANK BORROWINGS
The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds.  During the year ended July 31, 2025, the Funds did not borrow under the credit agreement.
10.
PRINCIPAL RISKS
In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.
The Manager uses an indexing approach to try to achieve each Fund’s investment objective. The Funds are not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may  experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore
86
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. 
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11.
 CAPITAL SHARE TRANSACTIONS 
Transactions in capital shares for each class were as follows: 
 
Year Ended
07/31/25
Year Ended
07/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
Mid-Cap Index 
Institutional
Shares sold
3,327,281
$ 49,688,154
6,984,603
$ 93,077,137
Shares issued in reinvestment of distributions
763,161
11,781,822
416,330
5,655,238
Shares redeemed
(6,621,011)
(98,226,158)
(6,044,492)
(83,079,550)
 
(2,530,569)
$ (36,756,182)
1,356,441
$ 15,652,825
Investor A
Shares sold
3,408,226
$ 50,744,951
3,154,485
$ 42,944,611
Shares issued in reinvestment of distributions
681,751
10,489,208
311,079
4,203,626
Shares redeemed
(3,572,910)
(53,809,567)
(3,530,372)
(47,856,859)
 
517,067
$ 7,424,592
(64,808)
$ (708,622)
Class K
Shares sold
29,167,269
$ 441,784,682
32,876,367
$ 447,160,830
Shares issued in reinvestment of distributions
6,859,576
106,139,458
3,286,800
44,735,942
Shares redeemed
(30,157,134)
(456,567,917)
(30,606,013)
(417,235,376)
 
5,869,711
$ 91,356,223
5,557,154
$ 74,661,396
 
3,856,209
$ 62,024,633
6,848,787
$ 89,605,599
Notes to Financial Statements
87
Notes to Financial Statements  (continued)
 
 
 
Year Ended
07/31/25
Year Ended
07/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
Small/Mid-Cap Index 
Institutional
Shares sold
1,382,107
$ 22,845,470
2,572,052
$ 37,181,241
Shares issued in reinvestment of distributions
199,792
3,436,071
142,345
2,123,188
Shares redeemed
(2,708,769)
(44,988,549)
(2,244,489)
(33,667,757)
 
(1,126,870)
$ (18,707,008)
469,908
$ 5,636,672
Investor A
Shares sold
1,056,173
$ 17,467,966
1,212,692
$ 18,366,418
Shares issued in reinvestment of distributions
116,097
2,001,927
73,008
1,084,629
Shares redeemed
(1,424,481)
(23,857,534)
(1,725,039)
(25,729,085)
 
(252,211)
$ (4,387,641)
(439,339)
$ (6,278,038)
Class K
Shares sold
29,703,671
$ 500,113,760
9,628,410
$ 143,143,158
Shares issued in reinvestment of distributions
706,775
12,136,290
304,095
4,529,350
Shares redeemed
(6,695,942)
(112,806,937)
(10,151,919)
(154,640,083)
 
23,714,504
$ 399,443,113
(219,414)
$ (6,967,575)
 
22,335,423
$ 376,348,464
(188,845)
$ (7,608,941)
 
 
Year Ended
07/31/25
Year Ended
07/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
Total U.S. Stock Market Index 
Institutional
Shares sold
2,398,066
$ 64,141,815
1,479,691
$ 32,743,856
Shares issued in reinvestment of distributions
87,456
2,357,845
79,382
1,780,952
Shares redeemed
(1,040,808)
(27,450,755)
(973,335)
(21,678,520)
 
1,444,714
$ 39,048,905
585,738
$ 12,846,288
Investor A
Shares sold
2,696,833
$ 70,393,954
2,574,897
$ 57,788,321
Shares issued in reinvestment of distributions
112,314
3,026,439
113,739
2,535,815
Shares redeemed
(2,534,699)
(68,539,699)
(1,850,583)
(42,086,831)
 
274,448
$ 4,880,694
838,053
$ 18,237,305
Class K
Shares sold
21,501,497
$ 569,705,093
31,508,191
$ 729,429,424
Shares issued in reinvestment of distributions
1,671,169
44,995,973
1,733,924
38,735,535
Shares redeemed
(21,205,341)
(564,426,452)
(30,710,312)
(693,763,916)
 
1,967,325
$ 50,274,614
2,531,803
$ 74,401,043
 
3,686,487
$ 94,204,213
3,955,594
$ 105,484,636
12.
SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
88
2025 BlackRock Annual Financial Statements and Additional Information
Report of Independent Registered Public Accounting Firm
 
To the Board of Trustees of BlackRock Funds and Shareholders of each of the three funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting BlackRock Funds, hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations for the year ended July 31, 2025, the statements of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of July 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2025 and each of the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America. 
 iShares Russell Mid-Cap Index Fund
 iShares Russell Small/Mid-Cap Index Fund
 iShares Total U.S. Stock Market Index Fund
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 23, 2025
We have served as the auditor of one or more BlackRock investment companies since 2000.
Report of Independent Registered Public Accounting Firm
89
Important Tax Information (unaudited)
 
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2025: 
Fund Name
Qualified Dividend
Income
Mid-Cap Index
$ 26,590,000
Small/Mid-Cap Index
8,352,883
Total U.S. Stock Market Index
45,527,474
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2025: 
Fund Name
Qualified Business
Income
Mid-Cap Index
$ 4,325,267
Small/Mid-Cap Index
1,523,099
Total U.S. Stock Market Index
2,579,040
The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended July 31, 2025: 
Fund Name
20% Rate Long-Term
Capital Gain Dividends
Mid-Cap Index
$ 90,908,805
Small/Mid-Cap Index
3,694,329
The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended July 31, 2025: 
Fund Name
Federal Obligation
Interest
Mid-Cap Index
$ 240,954
Small/Mid-Cap Index
78,889
Total U.S. Stock Market Index
344,697
The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2025 qualified for the dividends-received deduction for corporate shareholders: 
Fund Name
Dividends-Received
Deduction
Mid-Cap Index
53.58
% 
Small/Mid-Cap Index
49.66
Total U.S. Stock Market Index
89.91
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended July 31, 2025:     
Fund Name
Interest
Dividends
Mid-Cap Index
$ 478,309
Small/Mid-Cap Index
160,154
Total U.S. Stock Market Index
726,935
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2025: 
Fund Name
Interest-
Related
Dividends
Qualified
Short-Term
Capital Gains
Mid-Cap Index
$ 485,795
$ 4,534,221
Small/Mid-Cap Index
160,889
2,059,086
Total U.S. Stock Market Index
687,927
—
90
2025 BlackRock Annual Financial Statements and Additional Information
Additional Information
 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Funds.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
Additional Information
91
Additional Information (continued)
 
Fund and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock Fund Advisors
San Francisco, CA 94105
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10001
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
92
2025 BlackRock Annual Financial Statements and Additional Information
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement
 
The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Funds (the “Trust”) met on April 22, 2025 (the “April Meeting”) and May 20-21, 2025 (the “May Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of iShares Russell Mid-Cap Index Fund (“Mid-Cap Index Fund”), iShares Russell Small/Mid-Cap Index Fund (“Small/Mid-Cap Index Fund”) and iShares Total U.S. Stock Market Index Fund (“Total U.S. Stock Market Index Fund” and, together with Mid-Cap Index Fund and Small/Mid-Cap Index Fund, the “Funds”), and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and BlackRock Fund Advisors (the “Sub-Advisor”) with respect to each Fund. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not “interested persons” of the Trust, as defined in the 1940 Act, are considered independent Board Members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and the Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.
Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and the Funds’ operations.
At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.
At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Funds; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement
93
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
 
engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis.  The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared each Fund’s performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing the Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of the Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of  certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund.  BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third-parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock’s business continuity plans.
B.  The Investment Performance of the Funds
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting.  In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2024, as compared to its Performance Peers.  Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of each Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board noted that for the one-year period reported, Mid-Cap Index Fund’s net performance was within the tolerance range of its benchmark.
The Board noted that for the one-year period reported, each of Total U.S. Stock Market Index Fund’s and Small/Mid-Cap Index Fund’s net performance was above the tolerance range of its benchmark. The Board and BlackRock reviewed the pertinent Fund’s above tolerance performance relative to its benchmark over the period.
The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for each Fund, and that BlackRock has explained its rationale for this belief to the Board.
C.  Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The
94
2025 BlackRock Annual Financial Statements and Additional Information
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
 
Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge’s defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock’s technology business, BlackRock’s expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that each of Mid-Cap Index Fund’s, Total U.S. Stock Market Index Fund’s and Small/Mid-Cap Index Fund’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund’s Expense Peers. The Board also noted that BlackRock and the Board have contractually agreed to a cap on each Fund’s total expenses as a percentage of the Fund’s average daily net assets on a class-by-class basis.
D.  Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate.
E.  Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.
In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2026, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to each Fund, for a one-year term ending June 30, 2026.  Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement
95
Glossary of Terms Used in these Financial Statements
 
 
Portfolio Abbreviation 
CVR
 Contingent Value Right
ETF
 Exchange-Traded Fund
MSCI
 Morgan Stanley Capital International
REIT
 Real Estate Investment Trust
S&P
 Standard & Poor’s
96
2025 BlackRock Annual Financial Statements and Additional Information
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Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
 
 

Item 8 –

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

 

Item 9 –

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

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

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

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

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

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

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

Item 16 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

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

(a)(3) Section 302 Certifications are attached

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

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

(b) Section 906 Certifications are attached

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

BlackRock FundsSM

 

By:    

/s/ John M. Perlowski  

 

John M. Perlowski

 

Chief Executive Officer (principal executive officer) of

 

BlackRock FundsSM

Date: September 23, 2025

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

 

By:    

/s/ John M. Perlowski  

 

John M. Perlowski

 

Chief Executive Officer (principal executive officer) of

 

BlackRock FundsSM

Date: September 23, 2025

By:  

  

/s/ Trent Walker      

 

Trent Walker

 

Chief Financial Officer (principal financial officer) of

 

BlackRock FundsSM

Date: September 23, 2025