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 Edge MSCI Min Vol EAFE Index Fund
iShares Edge MSCI Min Vol USA Index Fund
iShares Edge MSCI Multifactor Intl Index Fund
iShares Edge MSCI Multifactor USA Index Fund
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,
55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 07/31/2020
Date of reporting period: 07/31/2020
Item 1 – Report to Stockholders
|
JULY 31, 2020 |
|
2020 Annual Report |
||
BlackRock FundsSM
| · |
iShares Russell Mid-Cap Index Fund |
| · |
iShares Russell Small/Mid-Cap Index Fund |
| · |
iShares Total U.S. Stock Market Index Fund |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.
| Not FDIC Insured • May Lose Value • No Bank Guarantee |
Dear Shareholder,
The last 12 months have been a time of sudden change in global financial markets, as a long period of growth and positive returns was interrupted in early 2020 by the emergence and spread of the coronavirus. For the first half of the reporting period, U.S. equities and bonds both delivered impressive returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus (or “COVID-19”) became more apparent throughout February and March 2020, countries around the world took economically disruptive countermeasures, causing a global recession and a sharp fall in equity prices. While markets have since recovered most of these losses as countries around the world adapt to life with the virus, lingering uncertainty about the depth and duration of the pandemic and an uptick in global infection rates tempered optimism late in the reporting period.
Returns for most securities were robust for the first half of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that had characterized this economic cycle. However, once stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off and unemployment claims spiked. The subsequent rapid decline in equity prices was followed by a slow recovery, and some economic indicators began to improve. U.S. large-capitalization stocks, which are often considered more resilient than smaller companies during market turbulence, advanced significantly. International equities from developed economies ended the 12-month reporting period with negative performance, while emerging market stocks posted a positive return.
The performance of different types of fixed-income securities diverged substantially due to a reduced investor appetite for risk. Treasuries benefited from the risk-off environment, and posted healthy returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) fell to an all-time low. Investment-grade corporate bonds also delivered solid returns, while high-yield corporate returns were more modest due to credit concerns.
The U.S. Federal Reserve (the “Fed”) reduced interest rates three times in 2019, to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.
Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to continue once the outbreak subsides. Several risks remain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue among governments already deep into deficit spending, and structural damage to the financial system from lengthy economic interruptions.
Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities throughout the credit market. We believe that both U.S. Treasuries and sustainable investments can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments. We remain neutral on equities overall while favoring European stocks, which are poised for cyclical upside as re-openings continue.
In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC
| Total Returns as of July 31, 2020 | ||||
| 6-month | 12-month | |||
|
U.S. large cap equities
|
2.42% | 11.96% | ||
|
U.S. small cap equities
|
(7.61) | (4.59) | ||
|
International equities
|
(7.34) | (1.67) | ||
|
Emerging market equities
|
3.08 | 6.55 | ||
|
3-month Treasury bills
|
0.48 | 1.46 | ||
|
U.S. Treasury securities
|
9.92 | 15.55 | ||
|
U.S. investment grade bonds
|
5.69 | 10.12 | ||
|
Tax-exempt municipal bonds
|
1.75 | 4.89 | ||
|
U.S. high yield bonds
|
0.62 | 4.07 | ||
| Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | ||||
| 2 | THIS PAGE IS NOT PART OF YOUR FUND REPORT |
| Page | ||||
| 2 | ||||
|
Annual Report: |
||||
| 4 | ||||
| 10 | ||||
| 12 | ||||
| 12 | ||||
| 12 | ||||
|
Financial Statements: |
||||
| 13 | ||||
| 71 | ||||
| 73 | ||||
| 74 | ||||
| 76 | ||||
| 85 | ||||
| 97 | ||||
| 98 | ||||
|
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement |
99 | |||
| 102 | ||||
| 106 | ||||
| 107 | ||||
| 3 |
| Fund Summary as of July 31, 2020 | iShares Russell Mid-Cap Index Fund |
Investment Objective
iShares Russell Mid-Cap Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of mid-capitalization U.S. equities.
Portfolio Management Commentary
How did the Fund perform?
For the 12-month period ended July 31, 2020, the Fund’s Institutional Shares returned 1.96%, Investor A Shares returned 1.80%, and Class K Shares returned 2.00%. The benchmark Russell Midcap® Index (the “Index”) returned 2.04% for the same period.
Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.
Describe the market environment.
In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. Markets suffered in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks in October. In monetary policy, the Fed lowered the target range for the federal funds rates at both its July and September meetings.
On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. In interest rates, the frequently monitored two-year/ten-year Treasury yield spread inverted for the first time since the global financial crisis in August but ended the quarter in positive territory.
In the fourth quarter of 2019, risk appetite was boosted broadly by expectations of a U.S.-China trade deal, strong economic growth, and easy monetary policy. U.S. tariffs on China were originally scheduled to increase on December 15 but were avoided due to persistent negotiations between the United States and China. Additionally, news that the United States did not impose tariffs on European Union auto exports helped support sentiment. On the macroeconomic front, the U.S. services and employment sectors remained buoyant.
In November, 266,000 jobs were added to the economy, revising the third quarter unemployment rate down to 3.5% from 3.7%. Overall, the supportive macroeconomic data and boosted risk appetite drove selling of Treasuries in the quarter. Despite the strength in the U.S. economy, the Fed cut the benchmark federal funds rate to 1.75% in October, marking the third rate cut of the year.
U.S. equities experienced significant losses in the first quarter of 2020. Fears of the coronavirus pandemic and its economic toll continued to drive unprecedented levels of financial market volatility. The Chicago Board Options Exchange Volatility Index, which measures near-term stock market volatility, surged to its highest level since the 2008 financial crisis, and the S&P 500® Index experienced its quickest bear market contraction on record. Economic activity fell to a standstill with the Purchasing Managers Index (an index of the prevailing direction of economic trends in the manufacturing and service sectors) across the globe registering the lowest levels on record while jobless claims surged. In late March, the United States saw a record number of initial unemployment claims as 3.3 million people filed for unemployment benefits while the consensus estimate had been around 1.4 million.
On the policy front, global governments unleashed large stimulus packages to combat the shock on the worldwide economy. The United States passed several fiscal stimulus measures, including a $2 trillion relief bill to send money directly to Americans. Separately, monetary policy moved toward accommodation as the Fed cut the policy rate to 0% and pledged to buy as much government-backed debt as needed to bolster the markets for housing and Treasury bonds. Furthermore, the Fed announced it would buy corporate bonds, including the riskiest investment-grade debt, for the first time in its history.
U.S. equities registered a strong recovery in the second quarter of 2020. U.S. stocks outperformed other regions in the second quarter of 2020, with a sharper recovery from the troughs of late March. This was largely supported by the historic U.S. policy response. The United States delivered coordinated fiscal and monetary support sufficient to offset the estimated initial shock from the coronavirus pandemic and spillovers to the full economy. Toward the end of the second quarter, government measures to contain the coronavirus had been gradually lifted in many states, boosting economic activity and employment.
Describe recent portfolio activity.
During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.
Describe portfolio positioning at period end.
The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
| 4 | 2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
| Fund Summary as of July 31, 2020 (continued) | iShares Russell Mid-Cap Index Fund |
TOTAL RETURN BASED ON A $10,000 INVESTMENT
| (a) |
Commencement of operations. |
| (b) |
Assuming transaction costs and other operating expenses, including investment advisory fees, if any. |
| (c) |
The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Russell Midcap® Index. |
| (d) |
A float-adjusted capitalization-weighted index that measures the performance of the mid-cap segment of the U.S. equities universe. It is a subset of the Russell 1000® Index including approximately 800 of the smallest issuers based on a combination of their market cap and current index membership. |
Performance Summary for the Period Ended July 31, 2020
|
Average Annual
Total Returns (a) |
||||||||||||||||||||
|
6-Month
Total Returns |
1 Year | 5 Year |
Since
Inception (b) |
|||||||||||||||||
|
Institutional |
(3.01 | )% | 1.96 | % | 7.76 | % | 7.35 | % | ||||||||||||
|
Investor A |
(3.15 | ) | 1.80 | 7.50 | 7.09 | |||||||||||||||
|
Class K |
(2.99 | ) | 2.00 | 7.82 | 7.41 | |||||||||||||||
|
Russell Midcap® Index |
(3.01 | ) | 2.04 | 7.83 | 7.36 | |||||||||||||||
| (a) |
See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees, and how performance was calculated for certain share classes. |
| (b) |
The Fund commenced operations on May 13, 2015. |
Past performance is not indicative of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
| Actual | Hypothetical (b) | |||||||||||||||||||||||||||||||
|
Beginning
Account Value (02/01/20) |
Ending
Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Beginning
Account Value (02/01/20) |
Ending
Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Annualized
Expense Ratio |
||||||||||||||||||||||||||
|
Institutional |
$ | 1,000.00 | $ | 969.90 | $ | 0.49 | $ | 1,000.00 | $ | 1,024.37 | $ | 0.50 | 0.10 | % | ||||||||||||||||||
|
Investor A |
1,000.00 | 968.50 | 1.76 | 1,000.00 | 1,023.07 | 1.81 | 0.36 | |||||||||||||||||||||||||
|
Class K |
1,000.00 | 970.10 | 0.34 | 1,000.00 | 1,024.51 | 0.35 | 0.07 | |||||||||||||||||||||||||
| (a) |
For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| (b) |
Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.
| FUND SUMMARY | 5 |
| Fund Summary as of July 31, 2020 | iShares Russell Small/Mid-Cap Index Fund |
Investment Objective
iShares Russell Small/Mid-Cap Index Fund’s (the “Fund”) investment objective is to seek to track the performance of the small to mid-cap segment of the U.S. equity universe.
Portfolio Management Commentary
How did the Fund perform?
For the 12-month period ended July 31, 2020, the Fund’s Institutional Shares returned (1.68)%, Investor A Shares returned (1.90)%, and Class K Shares returned (1.64)%. The benchmark Russell 2500TM Index (the “Index”) returned (1.92)% for the same period.
Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.
Describe the market environment.
In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. Markets suffered in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks in October. In monetary policy, the Fed lowered the target range for the federal funds rates at both its July and September meetings.
On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. In interest rates, the frequently monitored two-year/ten-year Treasury yield spread inverted for the first time since the global financial crisis in August but ended the quarter in positive territory.
In the fourth quarter of 2019, risk appetite was boosted broadly by expectations of a U.S.-China trade deal, strong economic growth, and easy monetary policy. U.S. tariffs on China were originally scheduled to increase on December 15 but were avoided due to persistent negotiations between the United States and China. Additionally, news that the United States did not impose tariffs on European Union auto exports helped support sentiment. On the macroeconomic front, the U.S. services and employment sectors remained buoyant.
In November, 266,000 jobs were added to the economy, revising the third quarter unemployment rate down to 3.5% from 3.7%. Overall, the supportive macroeconomic data and boosted risk appetite drove selling of Treasuries in the quarter. Despite the strength in the U.S. economy, the Fed cut the benchmark federal funds rate to 1.75% in October, marking the third rate cut of the year.
U.S. equities experienced significant losses in the first quarter of 2020. Fears of the coronavirus pandemic and its economic toll continued to drive unprecedented levels of financial market volatility. The Chicago Board Options Exchange Volatility Index, which measures near-term stock market volatility, surged to its highest level since the 2008 financial crisis, and the S&P 500® Index experienced its quickest bear market contraction on record. Economic activity fell to a standstill with the Purchasing Managers Index (an index of the prevailing direction of economic trends in the manufacturing and service sectors) across the globe registering the lowest levels on record while jobless claims surged. In late March, the United States saw a record number of initial unemployment claims as 3.3 million people filed for unemployment benefits while the consensus estimate had been around 1.4 million.
On the policy front, global governments unleashed large stimulus packages to combat the shock on the worldwide economy. The United States passed several fiscal stimulus measures, including a $2 trillion relief bill to send money directly to Americans. Separately, monetary policy moved toward accommodation as the Fed cut the policy rate to 0% and pledged to buy as much government-backed debt as needed to bolster the markets for housing and Treasury bonds. Furthermore, the Fed announced it would buy corporate bonds, including the riskiest investment-grade debt, for the first time in its history.
U.S. equities registered a strong recovery in the second quarter of 2020. U.S. stocks outperformed other regions in the second quarter of 2020, with a sharper recovery from the troughs of late March. This was largely supported by the historic U.S. policy response. The United States delivered coordinated fiscal and monetary support sufficient to offset the estimated initial shock from the coronavirus pandemic and spillovers to the full economy. Toward the end of the second quarter, government measures to contain the coronavirus had been gradually lifted in many states, boosting economic activity and employment.
Describe recent portfolio activity.
During the period, the Fund held derivatives in the form of exchange-traded futures used for cash equitization purposes. The Fund’s use of derivatives had a negative impact on performance.
During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.
Describe portfolio positioning at period end.
The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
| 6 | 2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
| Fund Summary as of July 31, 2020 (continued) | iShares Russell Small/Mid-Cap Index Fund |
TOTAL RETURN BASED ON A $10,000 INVESTMENT
| (a) |
Commencement of operations. |
| (b) |
Assuming transaction costs and other operating expenses, including investment advisory fees, if any. |
| (c) |
The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Russell 2500™ Index. |
| (d) |
An index that measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500™ Index is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. |
Performance Summary for the Period Ended July 31, 2020
|
Average Annual
Total Returns (a) |
||||||||||||||||
|
6-Month
Total Returns |
1 Year |
Since
Inception (b) |
||||||||||||||
|
Institutional |
(5.30 | )% | (1.68 | )% | 6.69 | % | ||||||||||
|
Investor A |
(5.41 | ) | (1.90 | ) | 6.45 | |||||||||||
|
Class K |
(5.29 | ) | (1.64 | ) | 6.74 | |||||||||||
|
Russell 2500™ Index |
(5.59 | ) | (1.92 | ) | 6.66 | |||||||||||
| (a) |
See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees. |
| (b) |
The Fund commenced operations on August 13, 2015. |
Past performance is not indicative of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
| Actual | Hypothetical (b) | |||||||||||||||||||||||||||||||
|
Beginning
Account Value (02/01/20) |
Ending
Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Beginning
Account Value (02/01/20) |
Ending
Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Annualized
Expense Ratio |
||||||||||||||||||||||||||
|
Institutional |
$ | 1,000.00 | $ | 947.00 | $ | 0.58 | $ | 1,000.00 | $ | 1,024.27 | $ | 0.60 | 0.12 | % | ||||||||||||||||||
|
Investor A |
1,000.00 | 945.90 | 1.69 | 1,000.00 | 1,023.12 | 1.76 | 0.35 | |||||||||||||||||||||||||
|
Class K |
1,000.00 | 947.10 | 0.34 | 1,000.00 | 1,024.51 | 0.35 | 0.07 | |||||||||||||||||||||||||
| (a) |
For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| (b) |
Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.
| FUND SUMMARY | 7 |
| Fund Summary as of July 31, 2020 | iShares Total U.S. Stock Market Index Fund |
Investment Objective
iShares Total U.S. Stock Market Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of a broad-based index composed of U.S. equities.
Portfolio Management Commentary
How did the Fund perform?
For the 12-month period ended July 31, 2020, the Fund’s Institutional Shares returned 10.79%, Investor A Shares returned 10.56%, and Class K Shares returned 10.84%. The benchmark Russell 3000® Index (the “Index”) returned 10.93% for the same period.
Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.
Describe the market environment.
In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. Markets suffered in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks in October. In monetary policy, the Fed lowered the target range for the federal funds rates at both its July and September meetings.
On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. In interest rates, the frequently monitored two-year/ten-year Treasury yield spread inverted for the first time since the global financial crisis in August but ended the quarter in positive territory.
In the fourth quarter of 2019, risk appetite was boosted broadly by expectations of a U.S.-China trade deal, strong economic growth, and easy monetary policy. U.S. tariffs on China were originally scheduled to increase on December 15 but were avoided due to persistent negotiations between the United States and China. Additionally, news that the United States did not impose tariffs on European Union auto exports helped support sentiment. On the macroeconomic front, the U.S. services and employment sectors remained buoyant.
In November, 266,000 jobs were added to the economy, revising the third quarter unemployment rate down to 3.5% from 3.7%. Overall, the supportive macroeconomic data and boosted risk appetite drove selling of Treasuries in the quarter. Despite the strength in the U.S. economy, the Fed cut the benchmark federal funds rate to 1.75% in October, marking the third rate cut of the year.
U.S. equities experienced significant losses in the first quarter of 2020. Fears of the coronavirus pandemic and its economic toll continued to drive unprecedented levels of financial market volatility. The Chicago Board Options Exchange Volatility Index, which measures near-term stock market volatility, surged to its highest level since the 2008 financial crisis, and the S&P 500® Index experienced its quickest bear market contraction on record. Economic activity fell to a standstill with the Purchasing Managers Index (an index of the prevailing direction of economic trends in the manufacturing and service sectors) across the globe registering the lowest levels on record while jobless claims surged. In late March, the United States saw a record number of initial unemployment claims as 3.3 million people filed for unemployment benefits while the consensus estimate had been around 1.4 million.
On the policy front, global governments unleashed large stimulus packages to combat the shock on the worldwide economy. The United States passed several fiscal stimulus measures, including a $2 trillion relief bill to send money directly to Americans. Separately, monetary policy moved toward accommodation as the Fed cut the policy rate to 0% and pledged to buy as much government-backed debt as needed to bolster the markets for housing and Treasury bonds. Furthermore, the Fed announced it would buy corporate bonds, including the riskiest investment-grade debt, for the first time in its history.
U.S. equities registered a strong recovery in the second quarter of 2020. U.S. stocks outperformed other regions in the second quarter of 2020, with a sharper recovery from the troughs of late March. This was largely supported by the historic U.S. policy response. The United States delivered coordinated fiscal and monetary support sufficient to offset the estimated initial shock from the coronavirus pandemic and spillovers to the full economy. Toward the end of the second quarter, government measures to contain the coronavirus had been gradually lifted in many states, boosting economic activity and employment.
Describe recent portfolio activity.
During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.
Describe portfolio positioning at period end.
The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
| 8 | 2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
| Fund Summary as of July 31, 2020 (continued) | iShares Total U.S. Stock Market Index Fund |
TOTAL RETURN BASED ON A $10,000 INVESTMENT
| (a) |
Commencement of operations. |
| (b) |
Assuming transaction costs and other operating expenses, including investment advisory fees, if any. |
| (c) |
The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Russell 3000® Index. |
| (d) |
A float-adjusted, market capitalization-weighted index of the 3,000 largest U.S. companies based on total market capitalization that represents about 98% of the investable U.S. equity market. |
Performance Summary for the Period Ended July 31, 2020
|
Average Annual
Total Returns (a) |
||||||||||||||||
|
6-Month
Total Returns |
1 Year |
Since
Inception (b) |
||||||||||||||
|
Institutional |
2.00 | % | 10.79 | % | 11.15 | % | ||||||||||
|
Investor A |
1.89 | 10.56 | 10.88 | |||||||||||||
|
Class K |
2.03 | 10.84 | 11.19 | |||||||||||||
|
Russell 3000® Index |
2.12 | 10.93 | 11.20 | |||||||||||||
| (a) |
See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees. |
| (b) |
The Fund commenced operations on August 13, 2015. |
Past performance is not indicative of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
| Actual | Hypothetical (b) | |||||||||||||||||||||||||||||||
|
Beginning
Account Value (02/01/20) |
Ending
Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Beginning
Account Value (02/01/20) |
Ending
Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Annualized
Expense Ratio |
||||||||||||||||||||||||||
|
Institutional |
$ | 1,000.00 | $ | 1,020.00 | $ | 0.40 | $ | 1,000.00 | $ | 1,024.47 | $ | 0.40 | 0.08 | % | ||||||||||||||||||
|
Investor A |
1,000.00 | 1,018.90 | 1.51 | 1,000.00 | 1,023.37 | 1.51 | 0.30 | |||||||||||||||||||||||||
|
Class K |
1,000.00 | 1,020.30 | 0.15 | 1,000.00 | 1,024.71 | 0.15 | 0.03 | |||||||||||||||||||||||||
| (a) |
For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| (b) |
Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.
| FUND SUMMARY | 9 |
Portfolio Information as of July 31, 2020
iShares Russell Mid-Cap Index Fund*
SECTOR ALLOCATION
| Sector |
Percent of Net Assets |
|||
|
Information Technology |
19 | % | ||
|
Industrials |
15 | |||
|
Health Care |
13 | |||
|
Financials |
11 | |||
|
Consumer Discretionary |
11 | |||
|
Real Estate |
7 | |||
|
Utilities |
6 | |||
|
Materials |
5 | |||
|
Consumer Staples |
5 | |||
|
Communication Services |
4 | |||
|
Short-Term Securities |
3 | |||
|
Energy |
3 | |||
|
Investment Companies |
— | (a) | ||
|
Liabilities in Excess of Other Assets |
(2 | ) | ||
| (a) |
Represents less than 1% of Net Assets. |
| * |
Ten largest holdings have not been included as the Fund does not hold any position in excess of 1% of Net Assets. |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
iShares Russell Small/Mid-Cap Index Fund*
SECTOR ALLOCATION
| Sector |
Percent of Net Assets |
|||
|
Information Technology |
17 | % | ||
|
Health Care |
16 | |||
|
Industrials |
15 | |||
|
Financials |
14 | |||
|
Consumer Discretionary |
12 | |||
|
Short-Term Securities |
10 | |||
|
Real Estate |
8 | |||
|
Materials |
5 | |||
|
Consumer Staples |
3 | |||
|
Utilities |
3 | |||
|
Communication Services |
3 | |||
|
Energy |
2 | |||
|
Investment Companies |
1 | |||
|
Liabilities in Excess of Other Assets |
(9 | ) | ||
| * |
Ten largest holdings have not been included as the Fund does not hold any position in excess of 1% of Net Assets. |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
| 10 | 2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Portfolio Information as of July 31, 2020 (continued)
iShares Total U.S. Stock Market Index Fund
TEN LARGEST HOLDINGS
| Security |
Percent of
Net Assets |
|||
|
Apple, Inc. |
5 | % | ||
|
Microsoft Corp. |
5 | |||
|
Amazon.com, Inc. |
4 | |||
|
Facebook, Inc. |
2 | |||
|
Alphabet, Inc. |
1 | |||
|
Alphabet, Inc. |
1 | |||
|
Johnson & Johnson |
1 | |||
|
Berkshire Hathaway, Inc. |
1 | |||
|
Visa, Inc. |
1 | |||
|
Procter & Gamble Co. |
1 | |||
SECTOR ALLOCATION
| Sector |
Percent of
Net Assets |
|||
|
Information Technology |
26 | % | ||
|
Health Care |
14 | |||
|
Consumer Discretionary |
12 | |||
|
Financials |
10 | |||
|
Communication Services |
10 | |||
|
Industrials |
9 | |||
|
Consumer Staples |
6 | |||
|
Real Estate |
3 | |||
|
Utilities |
3 | |||
|
Materials |
3 | |||
|
Energy |
2 | |||
|
Short-Term Securities |
2 | |||
|
Investment Companies |
— | (a) | ||
| (a) |
Represents less than 1% of Net Assets. |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
| PORTFOLIO INFORMATION | 11 |
Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors.
Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. These shares are subject to an ongoing service fee of 0.25% per year. These shares are generally available through financial intermediaries. Investor A Shares of iShares Russell Mid-Cap Index Fund performance shown prior to the Investor A Shares inception date of November 30, 2015 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor A Shares fees.
Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.
BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser, has contractually agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver and/or reimbursement, each Fund’s performance would have been lower. With respect to each Fund’s contractual waivers, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.
Shareholders of the Funds may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service fees, including 12b-1 fees, acquired fund fees and expenses and other fund expenses. The expense examples shown on the previous pages (which are based on a hypothetical investment of $1,000 invested on February 1, 2020 and held through July 31, 2020) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.
The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. 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.
| 12 | 2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
July 31, 2020 |
iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks — 99.4% |
|
|||||||
| Aerospace & Defense — 1.1% | ||||||||
|
Axon Enterprise, Inc.(a) |
9,642 | $ | 801,540 | |||||
|
Curtiss-Wright Corp. |
6,495 | 578,834 | ||||||
|
HEICO Corp. |
6,895 | 662,747 | ||||||
|
HEICO Corp., Class A |
12,021 | 920,208 | ||||||
|
Hexcel Corp. |
12,988 | 484,452 | ||||||
|
Howmet Aerospace, Inc. |
60,922 | 900,427 | ||||||
|
Huntington Ingalls Industries, Inc. |
6,122 | 1,063,453 | ||||||
|
Mercury Systems, Inc.(a) |
8,459 | 654,980 | ||||||
|
Spirit AeroSystems Holdings, Inc., Class A |
16,254 | 318,091 | ||||||
|
Teledyne Technologies, Inc.(a) |
5,616 | 1,722,427 | ||||||
|
Textron, Inc. |
35,255 | 1,231,810 | ||||||
|
TransDigm Group, Inc. |
8,100 | 3,495,798 | ||||||
|
Virgin Galactic Holdings, Inc.(a)(b) |
9,256 | 207,797 | ||||||
|
|
|
|||||||
| 13,042,564 | ||||||||
| Air Freight & Logistics — 0.4% | ||||||||
|
C.H. Robinson Worldwide, Inc. |
20,547 | 1,925,665 | ||||||
|
Expeditors International of Washington, Inc. |
25,734 | 2,174,780 | ||||||
|
XPO Logistics, Inc.(a) |
14,039 | 1,053,206 | ||||||
|
|
|
|||||||
| 5,153,651 | ||||||||
| Airlines — 0.7% | ||||||||
|
Alaska Air Group, Inc. |
18,591 | 640,274 | ||||||
|
American Airlines Group, Inc.(b) |
77,152 | 857,930 | ||||||
|
Copa Holdings SA, Class A |
4,947 | 205,004 | ||||||
|
Delta Air Lines, Inc. |
98,685 | 2,464,165 | ||||||
|
JetBlue Airways Corp.(a)(b) |
41,767 | 431,871 | ||||||
|
Southwest Airlines Co. |
91,254 | 2,818,836 | ||||||
|
United Airlines Holdings, Inc.(a) |
45,072 | 1,414,359 | ||||||
|
|
|
|||||||
| 8,832,439 | ||||||||
| Auto Components — 0.5% | ||||||||
|
Aptiv PLC |
41,541 | 3,229,813 | ||||||
|
BorgWarner, Inc. |
32,082 | 1,174,201 | ||||||
|
Gentex Corp. |
38,152 | 1,029,722 | ||||||
|
Lear Corp. |
9,339 | 1,030,839 | ||||||
|
|
|
|||||||
| 6,464,575 | ||||||||
| Automobiles — 0.5% | ||||||||
|
Ford Motor Co. |
605,888 | 4,004,920 | ||||||
|
Harley-Davidson, Inc. |
23,706 | 617,067 | ||||||
|
Thor Industries, Inc.(b) |
8,592 | 979,402 | ||||||
|
|
|
|||||||
| 5,601,389 | ||||||||
| Banks — 2.5% | ||||||||
|
Associated Banc-Corp |
24,014 | 308,340 | ||||||
|
Bank of Hawaii Corp. |
6,208 | 351,559 | ||||||
|
Bank OZK |
19,057 | 458,321 | ||||||
|
BOK Financial Corp. |
4,983 | 277,553 | ||||||
|
Citizens Financial Group, Inc. |
66,072 | 1,639,246 | ||||||
|
Comerica, Inc. |
21,692 | 835,576 | ||||||
|
Commerce Bancshares, Inc. |
15,650 | 896,119 | ||||||
|
Cullen/Frost Bankers, Inc. |
8,672 | 624,904 | ||||||
|
East West Bancorp, Inc. |
22,035 | 763,733 | ||||||
|
Fifth Third Bancorp |
110,277 | 2,190,101 | ||||||
|
First Citizens BancShares, Inc., Class A |
1,026 | 436,943 | ||||||
|
First Hawaiian, Inc. |
19,965 | 346,992 | ||||||
|
First Horizon National Corp. |
85,088 | 788,766 | ||||||
|
First Republic Bank |
26,406 | 2,970,147 | ||||||
|
FNB Corp. |
50,557 | 374,627 | ||||||
|
Huntington Bancshares, Inc. |
156,585 | 1,451,543 | ||||||
|
KeyCorp |
150,621 | 1,808,958 | ||||||
|
M&T Bank Corp. |
19,852 | 2,103,319 | ||||||
|
PacWest Bancorp |
17,739 | 324,180 | ||||||
|
People’s United Financial, Inc. |
65,173 | 703,217 | ||||||
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
Pinnacle Financial Partners, Inc. |
11,368 | $ | 450,400 | |||||
|
Popular, Inc. |
13,601 | 504,733 | ||||||
|
Prosperity Bancshares, Inc. |
13,794 | 766,395 | ||||||
|
Regions Financial Corp. |
148,966 | 1,617,771 | ||||||
|
Signature Bank |
8,035 | 823,828 | ||||||
|
Sterling Bancorp |
30,403 | 342,034 | ||||||
|
SVB Financial Group(a) |
7,969 | 1,787,208 | ||||||
|
Synovus Financial Corp. |
21,838 | 440,036 | ||||||
|
TCF Financial Corp. |
23,383 | 642,799 | ||||||
|
Umpqua Holdings Corp. |
34,376 | 372,979 | ||||||
|
Webster Financial Corp. |
13,606 | 371,036 | ||||||
|
Western Alliance Bancorp |
14,821 | 532,815 | ||||||
|
Wintrust Financial Corp. |
8,848 | 378,694 | ||||||
|
Zions Bancorp. NA |
25,109 | 815,289 | ||||||
|
|
|
|||||||
| 29,500,161 | ||||||||
| Beverages — 0.4% | ||||||||
|
Boston Beer Co., Inc., Class A(a) |
1,335 | 1,081,937 | ||||||
|
Brown-Forman Corp., Class A |
7,038 | 445,083 | ||||||
|
Brown-Forman Corp., Class B |
27,872 | 1,932,645 | ||||||
|
Molson Coors Beverage Co., Class B |
27,493 | 1,031,537 | ||||||
|
|
|
|||||||
| 4,491,202 | ||||||||
| Biotechnology — 2.7% | ||||||||
|
ACADIA Pharmaceuticals, Inc.(a) |
17,064 | 709,350 | ||||||
|
Acceleron Pharma, Inc.(a) |
7,165 | 710,553 | ||||||
|
Agios Pharmaceuticals, Inc.(a) |
9,369 | 424,603 | ||||||
|
Alexion Pharmaceuticals, Inc.(a) |
33,072 | 3,389,549 | ||||||
|
Alkermes PLC(a) |
24,323 | 438,057 | ||||||
|
Alnylam Pharmaceuticals, Inc.(a) |
17,718 | 2,582,576 | ||||||
|
BioMarin Pharmaceutical, Inc.(a) |
28,002 | 3,354,920 | ||||||
|
Bluebird Bio, Inc.(a) |
10,038 | 609,307 | ||||||
|
Exact Sciences Corp.(a) |
23,046 | 2,183,609 | ||||||
|
Exelixis, Inc.(a) |
47,141 | 1,088,486 | ||||||
|
Global Blood Therapeutics, Inc.(a)(b) |
9,114 | 615,013 | ||||||
|
Immunomedics, Inc.(a)(b) |
32,165 | 1,358,328 | ||||||
|
Incyte Corp.(a) |
28,236 | 2,788,587 | ||||||
|
Ionis Pharmaceuticals, Inc.(a) |
20,212 | 1,163,403 | ||||||
|
Iovance Biotherapeutics, Inc.(a) |
21,099 | 613,348 | ||||||
|
Moderna, Inc.(a)(b) |
41,655 | 3,086,635 | ||||||
|
Neurocrine Biosciences, Inc.(a) |
14,259 | 1,716,213 | ||||||
|
Sage Therapeutics, Inc.(a)(b) |
7,907 | 360,322 | ||||||
|
Sarepta Therapeutics, Inc.(a) |
11,538 | 1,771,314 | ||||||
|
Seattle Genetics, Inc.(a) |
18,867 | 3,137,016 | ||||||
|
United Therapeutics Corp.(a)(b) |
6,722 | 749,301 | ||||||
|
|
|
|||||||
| 32,850,490 | ||||||||
| Building Products — 1.9% | ||||||||
|
Allegion PLC |
14,283 | 1,420,587 | ||||||
|
AO Smith Corp. |
20,731 | 997,990 | ||||||
|
Armstrong World Industries, Inc. |
7,394 | 526,749 | ||||||
|
Carrier Global Corp. |
134,303 | 3,658,414 | ||||||
|
Fortune Brands Home & Security, Inc. |
21,349 | 1,633,199 | ||||||
|
Johnson Controls International PLC |
115,657 | 4,450,481 | ||||||
|
Lennox International, Inc. |
5,389 | 1,445,006 | ||||||
|
Masco Corp. |
40,745 | 2,328,984 | ||||||
|
Owens Corning |
16,571 | 1,002,048 | ||||||
|
Trane Technologies PLC |
37,049 | 4,144,672 | ||||||
|
Trex Co., Inc.(a) |
8,981 | 1,251,323 | ||||||
|
|
|
|||||||
| 22,859,453 | ||||||||
| Capital Markets — 3.5% | ||||||||
|
Affiliated Managers Group, Inc. |
7,357 | 506,088 | ||||||
|
Ameriprise Financial, Inc. |
19,071 | 2,929,878 | ||||||
|
Apollo Global Management, Inc. |
26,451 | 1,298,744 | ||||||
|
Ares Management Corp., Class A |
15,031 | 600,338 | ||||||
|
Carlyle Group, Inc. |
17,699 | 503,891 | ||||||
|
SCHEDULES OF INVESTMENTS |
13 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Capital Markets (continued) | ||||||||
|
Cboe Global Markets, Inc. |
16,971 | $ | 1,488,357 | |||||
|
E*Trade Financial Corp. |
34,299 | 1,741,360 | ||||||
|
Eaton Vance Corp. |
16,907 | 611,019 | ||||||
|
Evercore, Inc., Class A |
6,113 | 338,049 | ||||||
|
Franklin Resources, Inc. |
42,299 | 890,394 | ||||||
|
Invesco Ltd. |
58,420 | 586,537 | ||||||
|
KKR & Co., Inc., Class A |
82,583 | 2,920,961 | ||||||
|
Lazard Ltd., Class A |
15,888 | 465,836 | ||||||
|
Legg Mason, Inc. |
13,017 | 650,720 | ||||||
|
LPL Financial Holdings, Inc. |
12,168 | 961,515 | ||||||
|
MarketAxess Holdings, Inc. |
5,717 | 2,953,974 | ||||||
|
MSCI, Inc. |
12,837 | 4,826,455 | ||||||
|
Nasdaq, Inc. |
17,743 | 2,329,833 | ||||||
|
Northern Trust Corp. |
29,783 | 2,333,498 | ||||||
|
Raymond James Financial, Inc. |
19,030 | 1,322,204 | ||||||
|
SEI Investments Co. |
17,878 | 935,556 | ||||||
|
State Street Corp. |
54,594 | 3,482,551 | ||||||
|
T. Rowe Price Group, Inc. |
35,090 | 4,845,929 | ||||||
|
TD Ameritrade Holding Corp. |
40,356 | 1,448,377 | ||||||
|
Tradeweb Markets, Inc., Class A |
12,739 | 688,798 | ||||||
|
Virtu Financial, Inc., Class A |
9,629 | 238,799 | ||||||
|
|
|
|||||||
| 41,899,661 | ||||||||
| Chemicals — 2.3% | ||||||||
|
Albemarle Corp.(b) |
16,361 | 1,349,128 | ||||||
|
Ashland Global Holdings, Inc. |
8,474 | 639,618 | ||||||
|
Axalta Coating Systems Ltd.(a) |
32,704 | 726,029 | ||||||
|
Cabot Corp. |
8,631 | 314,859 | ||||||
|
Celanese Corp. |
18,264 | 1,775,261 | ||||||
|
CF Industries Holdings, Inc. |
33,340 | 1,044,542 | ||||||
|
Chemours Co. |
25,312 | 469,031 | ||||||
|
Corteva, Inc.(a) |
116,341 | 3,322,699 | ||||||
|
Eastman Chemical Co. |
21,025 | 1,569,096 | ||||||
|
Element Solutions, Inc.(a) |
33,626 | 365,178 | ||||||
|
FMC Corp. |
20,075 | 2,128,954 | ||||||
|
Huntsman Corp. |
31,279 | 578,661 | ||||||
|
International Flavors & Fragrances, Inc. |
16,586 | 2,089,007 | ||||||
|
LyondellBasell Industries NV, Class A |
39,711 | 2,482,732 | ||||||
|
Mosaic Co. |
53,537 | 721,143 | ||||||
|
NewMarket Corp. |
1,069 | 400,672 | ||||||
|
Olin Corp. |
22,192 | 249,438 | ||||||
|
PPG Industries, Inc. |
36,316 | 3,909,417 | ||||||
|
RPM International, Inc. |
20,164 | 1,645,181 | ||||||
|
Scotts Miracle-Gro Co. |
6,236 | 988,843 | ||||||
|
Valvoline, Inc. |
28,806 | 591,099 | ||||||
|
Westlake Chemical Corp. |
5,249 | 286,070 | ||||||
|
WR Grace & Co. |
8,705 | 401,562 | ||||||
|
|
|
|||||||
| 28,048,220 | ||||||||
| Commercial Services & Supplies — 1.2% | ||||||||
|
ADT, Inc. |
17,398 | 149,797 | ||||||
|
Cintas Corp. |
13,688 | 4,131,997 | ||||||
|
Clean Harbors, Inc.(a) |
7,934 | 472,866 | ||||||
|
Copart, Inc.(a) |
31,500 | 2,937,375 | ||||||
|
IAA, Inc.(a) |
21,000 | 910,350 | ||||||
|
MSA Safety, Inc. |
5,541 | 656,775 | ||||||
|
Republic Services, Inc. |
32,551 | 2,840,075 | ||||||
|
Rollins, Inc. |
22,912 | 1,200,589 | ||||||
|
Stericycle, Inc.(a) |
14,130 | 853,946 | ||||||
|
|
|
|||||||
| 14,153,770 | ||||||||
| Communications Equipment — 1.0% | ||||||||
|
Arista Networks, Inc.(a) |
9,100 | 2,363,907 | ||||||
|
Ciena Corp.(a) |
23,692 | 1,409,911 | ||||||
|
CommScope Holding Co., Inc.(a) |
30,259 | 280,804 | ||||||
|
EchoStar Corp., Class A(a)(b) |
7,570 | 206,661 | ||||||
| Security | Shares | Value | ||||||
| Communications Equipment (continued) | ||||||||
|
F5 Networks, Inc.(a) |
9,448 | $ | 1,283,983 | |||||
|
Juniper Networks, Inc. |
51,100 | 1,296,918 | ||||||
|
Lumentum Holdings, Inc.(a) |
11,598 | 1,076,642 | ||||||
|
Motorola Solutions, Inc. |
26,375 | 3,687,225 | ||||||
|
Ubiquiti, Inc. |
1,325 | 245,522 | ||||||
|
ViaSat, Inc.(a) |
8,807 | 334,314 | ||||||
|
|
|
|||||||
| 12,185,887 | ||||||||
| Construction & Engineering — 0.3% | ||||||||
|
AECOM(a) |
23,734 | 858,933 | ||||||
|
Jacobs Engineering Group, Inc. |
19,412 | 1,656,814 | ||||||
|
Quanta Services, Inc. |
21,344 | 853,120 | ||||||
|
|
|
|||||||
| 3,368,867 | ||||||||
| Construction Materials — 0.4% | ||||||||
|
Eagle Materials, Inc. |
6,358 | 510,102 | ||||||
|
Martin Marietta Materials, Inc. |
9,636 | 1,996,387 | ||||||
|
Vulcan Materials Co. |
20,493 | 2,406,288 | ||||||
|
|
|
|||||||
| 4,912,777 | ||||||||
| Consumer Finance — 0.6% | ||||||||
|
Ally Financial, Inc. |
58,012 | 1,166,041 | ||||||
|
Credit Acceptance Corp.(a)(b) |
1,566 | 732,794 | ||||||
|
Discover Financial Services |
47,520 | 2,348,914 | ||||||
|
OneMain Holdings, Inc. |
10,135 | 290,875 | ||||||
|
Santander Consumer USA Holdings, Inc. |
11,989 | 220,118 | ||||||
|
SLM Corp. |
58,611 | 396,796 | ||||||
|
Synchrony Financial |
90,390 | 2,000,331 | ||||||
|
|
|
|||||||
| 7,155,869 | ||||||||
| Containers & Packaging — 1.6% | ||||||||
|
Amcor PLC(a) |
248,979 | 2,564,484 | ||||||
|
AptarGroup, Inc. |
9,956 | 1,146,931 | ||||||
|
Ardagh Group SA |
2,789 | 37,958 | ||||||
|
Avery Dennison Corp. |
12,960 | 1,468,886 | ||||||
|
Ball Corp. |
49,479 | 3,643,139 | ||||||
|
Berry Global Group, Inc.(a) |
20,570 | 1,028,294 | ||||||
|
Crown Holdings, Inc.(a) |
20,033 | 1,433,962 | ||||||
|
Graphic Packaging Holding Co. |
43,579 | 607,491 | ||||||
|
International Paper Co. |
60,972 | 2,121,216 | ||||||
|
Packaging Corp. of America |
14,547 | 1,398,258 | ||||||
|
Sealed Air Corp. |
24,089 | 859,496 | ||||||
|
Silgan Holdings, Inc. |
12,126 | 463,819 | ||||||
|
Sonoco Products Co. |
15,482 | 801,039 | ||||||
|
Westrock Co. |
39,770 | 1,068,222 | ||||||
|
|
|
|||||||
| 18,643,195 | ||||||||
| Distributors — 0.4% | ||||||||
|
Genuine Parts Co. |
21,846 | 1,969,417 | ||||||
|
LKQ Corp.(a) |
46,832 | 1,320,194 | ||||||
|
Pool Corp. |
6,010 | 1,903,367 | ||||||
|
|
|
|||||||
| 5,192,978 | ||||||||
| Diversified Consumer Services — 0.6% | ||||||||
|
2U, Inc.(a) |
9,530 | 448,815 | ||||||
|
Bright Horizons Family Solutions, Inc.(a) |
8,939 | 958,618 | ||||||
|
Chegg, Inc.(a) |
18,710 | 1,514,949 | ||||||
|
frontdoor, Inc.(a) |
13,221 | 555,216 | ||||||
|
Graham Holdings Co., Class B |
648 | 258,144 | ||||||
|
Grand Canyon Education, Inc.(a) |
7,266 | 644,785 | ||||||
|
H&R Block, Inc. |
29,905 | 433,622 | ||||||
|
Service Corp. International |
26,988 | 1,170,200 | ||||||
|
ServiceMaster Global Holdings, Inc.(a) |
20,607 | 842,620 | ||||||
|
|
|
|||||||
| 6,826,969 | ||||||||
| Diversified Financial Services — 0.5% | ||||||||
|
Equitable Holdings, Inc. |
63,029 | 1,289,573 | ||||||
|
FactSet Research Systems, Inc. |
5,757 | 1,993,649 | ||||||
| 14 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Diversified Financial Services (continued) | ||||||||
|
Interactive Brokers Group, Inc., Class A |
11,068 | $ | 548,973 | |||||
|
Jefferies Financial Group, Inc. |
35,030 | 567,486 | ||||||
|
Morningstar, Inc. |
3,216 | 540,417 | ||||||
|
Voya Financial, Inc. |
19,677 | 972,044 | ||||||
|
|
|
|||||||
| 5,912,142 | ||||||||
| Diversified Telecommunication Services — 0.1% | ||||||||
|
CenturyLink, Inc. |
169,620 | 1,636,833 | ||||||
|
|
|
|||||||
| Electric Utilities — 2.7% | ||||||||
|
Alliant Energy Corp. |
37,961 | 2,044,200 | ||||||
|
Avangrid, Inc. |
8,766 | 436,459 | ||||||
|
Edison International |
55,337 | 3,080,611 | ||||||
|
Entergy Corp. |
31,152 | 3,275,010 | ||||||
|
Evergy, Inc. |
35,094 | 2,275,144 | ||||||
|
Eversource Energy |
52,163 | 4,698,321 | ||||||
|
FirstEnergy Corp. |
84,051 | 2,437,479 | ||||||
|
Hawaiian Electric Industries, Inc. |
16,538 | 599,668 | ||||||
|
IDACORP, Inc. |
7,964 | 742,643 | ||||||
|
OGE Energy Corp. |
31,551 | 1,038,028 | ||||||
|
PG&E Corp.(a) |
149,848 | 1,401,079 | ||||||
|
Pinnacle West Capital Corp. |
17,711 | 1,471,430 | ||||||
|
PPL Corp. |
119,506 | 3,181,249 | ||||||
|
Xcel Energy, Inc. |
81,523 | 5,628,348 | ||||||
|
|
|
|||||||
| 32,309,669 | ||||||||
| Electrical Equipment — 1.1% | ||||||||
|
Acuity Brands, Inc. |
6,058 | 600,348 | ||||||
|
AMETEK, Inc. |
35,548 | 3,314,851 | ||||||
|
Generac Holdings, Inc.(a) |
9,385 | 1,478,888 | ||||||
|
GrafTech International Ltd. |
8,688 | 52,736 | ||||||
|
Hubbell, Inc. |
8,374 | 1,130,239 | ||||||
|
nVent Electric PLC |
23,627 | 429,066 | ||||||
|
Regal-Beloit Corp. |
6,275 | 577,112 | ||||||
|
Rockwell Automation, Inc. |
17,978 | 3,921,721 | ||||||
|
Sensata Technologies Holding PLC(a) |
24,061 | 913,837 | ||||||
|
Vertiv Holdings Co.(a) |
30,497 | 442,206 | ||||||
|
|
|
|||||||
| 12,861,004 | ||||||||
| Electronic Equipment, Instruments & Components — 2.3% | ||||||||
|
Amphenol Corp., Class A |
44,777 | 4,735,616 | ||||||
|
Arrow Electronics, Inc.(a) |
12,170 | 871,615 | ||||||
|
Avnet, Inc. |
14,877 | 397,514 | ||||||
|
CDW Corp. |
21,997 | 2,557,151 | ||||||
|
Cognex Corp. |
25,537 | 1,707,659 | ||||||
|
Coherent, Inc.(a) |
3,744 | 519,780 | ||||||
|
Corning, Inc. |
116,284 | 3,604,804 | ||||||
|
Dolby Laboratories, Inc., Class A |
9,767 | 679,783 | ||||||
|
FLIR Systems, Inc. |
20,387 | 849,322 | ||||||
|
IPG Photonics Corp.(a)(b) |
5,491 | 982,944 | ||||||
|
Jabil, Inc. |
22,903 | 798,399 | ||||||
|
Keysight Technologies, Inc.(a) |
29,007 | 2,897,509 | ||||||
|
Littelfuse, Inc. |
3,649 | 648,245 | ||||||
|
National Instruments Corp. |
19,983 | 709,397 | ||||||
|
SYNNEX Corp. |
6,437 | 802,951 | ||||||
|
Trimble, Inc.(a) |
38,663 | 1,720,890 | ||||||
|
Universal Display Corp. |
6,654 | 1,160,790 | ||||||
|
Zebra Technologies Corp., Class A(a) |
8,137 | 2,284,463 | ||||||
|
|
|
|||||||
| 27,928,832 | ||||||||
| Energy Equipment & Services — 0.4% | ||||||||
|
Baker Hughes Co. |
101,772 | 1,576,448 | ||||||
|
Halliburton Co. |
135,805 | 1,946,086 | ||||||
|
Helmerich & Payne, Inc. |
16,497 | 294,141 | ||||||
|
National Oilwell Varco, Inc. |
60,098 | 691,728 | ||||||
|
|
|
|||||||
| 4,508,403 | ||||||||
| Entertainment — 0.9% | ||||||||
|
Madison Square Garden Entertainment Corp.(a) |
2,905 | 205,848 | ||||||
|
Roku, Inc.(a) |
15,769 | 2,442,460 | ||||||
| Security | Shares | Value | ||||||
| Entertainment (continued) | ||||||||
|
Spotify Technology SA(a) |
20,303 | $ | 5,234,520 | |||||
|
Take-Two Interactive Software, Inc.(a) |
17,431 | 2,859,033 | ||||||
|
World Wrestling Entertainment, Inc., Class A |
6,775 | 315,783 | ||||||
|
|
|
|||||||
| 11,057,644 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 7.2% | ||||||||
|
Alexandria Real Estate Equities, Inc. |
19,452 | 3,453,703 | ||||||
|
American Campus Communities, Inc. |
21,216 | 756,138 | ||||||
|
American Homes 4 Rent, Class A |
40,583 | 1,176,907 | ||||||
|
Americold Realty Trust |
31,166 | 1,257,548 | ||||||
|
Apartment Investment & Management Co., Class A |
22,946 | 890,764 | ||||||
|
Apple Hospitality REIT, Inc. |
32,021 | 282,425 | ||||||
|
AvalonBay Communities, Inc. |
21,824 | 3,341,691 | ||||||
|
Boston Properties, Inc. |
24,117 | 2,148,584 | ||||||
|
Brandywine Realty Trust |
26,115 | 282,825 | ||||||
|
Brixmor Property Group, Inc. |
45,914 | 528,470 | ||||||
|
Brookfield Property REIT, Inc., Class A |
8,831 | 102,528 | ||||||
|
Camden Property Trust |
14,608 | 1,326,553 | ||||||
|
CoreSite Realty Corp. |
6,229 | 803,852 | ||||||
|
Corporate Office Properties Trust |
17,323 | 458,713 | ||||||
|
Cousins Properties, Inc. |
23,125 | 710,400 | ||||||
|
CubeSmart |
29,942 | 888,379 | ||||||
|
CyrusOne, Inc. |
17,815 | 1,486,127 | ||||||
|
Douglas Emmett, Inc. |
25,784 | 751,346 | ||||||
|
Duke Realty Corp. |
57,405 | 2,307,107 | ||||||
|
Empire State Realty Trust, Inc., Class A |
23,223 | 153,272 | ||||||
|
EPR Properties |
12,043 | 344,791 | ||||||
|
Equity Commonwealth |
18,174 | 573,753 | ||||||
|
Equity LifeStyle Properties, Inc. |
26,954 | 1,841,497 | ||||||
|
Equity Residential |
57,001 | 3,056,964 | ||||||
|
Essex Property Trust, Inc. |
10,111 | 2,231,902 | ||||||
|
Extra Space Storage, Inc. |
19,549 | 2,020,194 | ||||||
|
Federal Realty Investment Trust |
11,626 | 887,064 | ||||||
|
First Industrial Realty Trust, Inc. |
18,762 | 824,027 | ||||||
|
Gaming and Leisure Properties, Inc. |
31,436 | 1,138,298 | ||||||
|
Healthcare Trust of America, Inc., Class A |
33,943 | 937,166 | ||||||
|
Healthpeak Properties, Inc. |
82,284 | 2,245,530 | ||||||
|
Highwoods Properties, Inc. |
15,792 | 605,465 | ||||||
|
Host Hotels & Resorts, Inc.(b) |
108,265 | 1,167,097 | ||||||
|
Hudson Pacific Properties, Inc. |
23,277 | 548,639 | ||||||
|
Invitation Homes, Inc. |
84,432 | 2,517,762 | ||||||
|
Iron Mountain, Inc. |
44,332 | 1,249,719 | ||||||
|
JBG SMITH Properties |
19,057 | 552,844 | ||||||
|
Kilroy Realty Corp. |
17,513 | 1,020,483 | ||||||
|
Kimco Realty Corp. |
64,020 | 713,823 | ||||||
|
Lamar Advertising Co., Class A |
13,431 | 882,820 | ||||||
|
Life Storage, Inc. |
7,228 | 709,284 | ||||||
|
Medical Properties Trust, Inc. |
81,041 | 1,631,355 | ||||||
|
Mid-America Apartment Communities, Inc. |
17,659 | 2,104,776 | ||||||
|
National Retail Properties, Inc. |
26,672 | 945,522 | ||||||
|
New Residential Investment Corp. |
65,094 | 516,195 | ||||||
|
Omega Healthcare Investors, Inc. |
34,873 | 1,129,188 | ||||||
|
Outfront Media, Inc. |
22,667 | 326,631 | ||||||
|
Paramount Group, Inc. |
29,324 | 209,080 | ||||||
|
Park Hotels & Resorts, Inc. |
37,754 | 312,226 | ||||||
|
Rayonier, Inc. |
21,050 | 584,769 | ||||||
|
Realty Income Corp. |
53,389 | 3,206,009 | ||||||
|
Regency Centers Corp. |
26,262 | 1,077,530 | ||||||
|
Rexford Industrial Realty, Inc. |
17,036 | 799,500 | ||||||
|
Simon Property Group, Inc. |
47,187 | 2,942,109 | ||||||
|
SL Green Realty Corp. |
11,983 | 557,210 | ||||||
|
Spirit Realty Capital, Inc. |
15,766 | 543,296 | ||||||
|
Starwood Property Trust, Inc. |
42,356 | 633,222 | ||||||
|
STORE Capital Corp. |
34,927 | 827,421 | ||||||
|
Sun Communities, Inc. |
14,904 | 2,234,557 | ||||||
|
SCHEDULES OF INVESTMENTS |
15 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
|
Taubman Centers, Inc. |
9,059 | $ | 350,764 | |||||
|
UDR, Inc. |
45,410 | 1,643,842 | ||||||
|
Ventas, Inc. |
58,200 | 2,232,552 | ||||||
|
VEREIT, Inc. |
166,999 | 1,087,164 | ||||||
|
VICI Properties, Inc. |
72,916 | 1,583,006 | ||||||
|
Vornado Realty Trust |
27,296 | 942,258 | ||||||
|
Weingarten Realty Investors |
19,212 | 327,757 | ||||||
|
Welltower, Inc. |
64,899 | 3,475,990 | ||||||
|
Weyerhaeuser Co. |
115,841 | 3,221,538 | ||||||
|
WP Carey, Inc. |
26,524 | 1,893,018 | ||||||
|
|
|
|||||||
| 86,514,939 | ||||||||
| Food & Staples Retailing — 0.6% | ||||||||
|
Casey’s General Stores, Inc. |
5,779 | 919,959 | ||||||
|
Grocery Outlet Holding Corp.(a)(b) |
10,598 | 466,206 | ||||||
|
Kroger Co. |
120,072 | 4,177,305 | ||||||
|
Sprouts Farmers Market, Inc.(a) |
18,269 | 481,936 | ||||||
|
U.S. Foods Holding Corp.(a) |
34,053 | 691,276 | ||||||
|
|
|
|||||||
| 6,736,682 | ||||||||
| Food Products — 2.6% | ||||||||
|
Archer-Daniels-Midland Co. |
85,923 | 3,680,082 | ||||||
|
Beyond Meat, Inc.(a)(b) |
8,043 | 1,012,614 | ||||||
|
Bunge Ltd. |
21,400 | 929,616 | ||||||
|
Campbell Soup Co. |
26,936 | 1,335,218 | ||||||
|
Conagra Brands, Inc. |
75,590 | 2,830,845 | ||||||
|
Flowers Foods, Inc. |
30,206 | 687,187 | ||||||
|
Hain Celestial Group, Inc.(a) |
12,609 | 428,454 | ||||||
|
Hershey Co. |
22,820 | 3,318,256 | ||||||
|
Hormel Foods Corp. |
43,274 | 2,200,916 | ||||||
|
Ingredion, Inc. |
10,403 | 899,859 | ||||||
|
J.M. Smucker Co. |
17,122 | 1,872,291 | ||||||
|
Kellogg Co. |
38,899 | 2,683,642 | ||||||
|
Lamb Weston Holdings, Inc. |
22,740 | 1,366,219 | ||||||
|
McCormick & Co., Inc. |
19,230 | 3,747,927 | ||||||
|
Pilgrim’s Pride Corp.(a) |
8,338 | 127,988 | ||||||
|
Post Holdings, Inc.(a) |
9,925 | 880,744 | ||||||
|
TreeHouse Foods, Inc.(a) |
8,866 | 388,508 | ||||||
|
Tyson Foods, Inc., Class A |
44,586 | 2,739,810 | ||||||
|
|
|
|||||||
| 31,130,176 | ||||||||
| Gas Utilities — 0.3% | ||||||||
|
Atmos Energy Corp. |
18,788 | 1,991,340 | ||||||
|
National Fuel Gas Co. |
12,917 | 524,043 | ||||||
|
UGI Corp. |
32,237 | 1,074,781 | ||||||
|
|
|
|||||||
| 3,590,164 | ||||||||
| Health Care Equipment & Supplies — 3.9% | ||||||||
|
ABIOMED, Inc.(a) |
6,864 | 2,058,788 | ||||||
|
Align Technology, Inc.(a) |
12,106 | 3,556,985 | ||||||
|
Cooper Cos., Inc. |
7,551 | 2,136,404 | ||||||
|
DENTSPLY SIRONA, Inc. |
33,890 | 1,511,494 | ||||||
|
Envista Holdings Corp.(a) |
24,554 | 536,996 | ||||||
|
Globus Medical, Inc., Class A(a) |
11,363 | 547,469 | ||||||
|
Haemonetics Corp.(a) |
7,648 | 670,424 | ||||||
|
Hill-Rom Holdings, Inc. |
10,332 | 1,004,477 | ||||||
|
Hologic, Inc.(a) |
39,757 | 2,774,244 | ||||||
|
ICU Medical, Inc.(a) |
3,054 | 561,111 | ||||||
|
IDEXX Laboratories, Inc.(a) |
13,047 | 5,189,444 | ||||||
|
Insulet Corp.(a) |
9,770 | 1,986,827 | ||||||
|
Integra LifeSciences Holdings Corp.(a) |
11,025 | 526,444 | ||||||
|
Masimo Corp.(a) |
7,437 | 1,637,033 | ||||||
|
Novocure Ltd.(a) |
15,452 | 1,171,107 | ||||||
|
Quidel Corp.(a) |
5,751 | 1,624,485 | ||||||
|
ResMed, Inc. |
22,229 | 4,501,595 | ||||||
|
STERIS PLC |
13,089 | 2,089,397 | ||||||
|
Tandem Diabetes Care, Inc.(a) |
9,102 | 950,795 | ||||||
| Security | Shares | Value | ||||||
| Health Care Equipment & Supplies (continued) | ||||||||
|
Teleflex, Inc. |
7,201 | $ | 2,686,693 | |||||
|
Varian Medical Systems, Inc.(a) |
14,067 | 2,007,642 | ||||||
|
West Pharmaceutical Services, Inc. |
11,379 | 3,059,472 | ||||||
|
Zimmer Biomet Holdings, Inc. |
32,130 | 4,333,052 | ||||||
|
|
|
|||||||
| 47,122,378 | ||||||||
| Health Care Providers & Services — 2.2% | ||||||||
|
Acadia Healthcare Co., Inc.(a) |
13,846 | 412,749 | ||||||
|
Amedisys, Inc.(a) |
4,871 | 1,140,593 | ||||||
|
AmerisourceBergen Corp. |
22,594 | 2,263,693 | ||||||
|
Cardinal Health, Inc. |
45,356 | 2,477,345 | ||||||
|
Chemed Corp. |
2,402 | 1,182,241 | ||||||
|
DaVita, Inc.(a) |
12,918 | 1,128,904 | ||||||
|
Encompass Health Corp. |
15,102 | 1,028,144 | ||||||
|
Guardant Health, Inc.(a) |
11,591 | 987,321 | ||||||
|
Henry Schein, Inc.(a) |
22,092 | 1,518,383 | ||||||
|
Laboratory Corp. of America Holdings(a) |
15,037 | 2,900,938 | ||||||
|
McKesson Corp. |
25,060 | 3,763,010 | ||||||
|
Molina Healthcare, Inc.(a) |
9,110 | 1,682,617 | ||||||
|
Penumbra, Inc.(a) |
4,968 | 1,102,449 | ||||||
|
Premier, Inc., Class A(a) |
9,501 | 332,250 | ||||||
|
Quest Diagnostics, Inc. |
20,727 | 2,633,780 | ||||||
|
Universal Health Services, Inc., Class B |
11,458 | 1,259,234 | ||||||
|
|
|
|||||||
| 25,813,651 | ||||||||
| Health Care Technology — 1.1% | ||||||||
|
Cerner Corp. |
47,187 | 3,277,137 | ||||||
|
Change Healthcare, Inc.(a) |
37,028 | 431,747 | ||||||
|
Livongo Health, Inc.(a) |
8,385 | 1,066,991 | ||||||
|
Teladoc Health, Inc.(a) |
11,450 | 2,720,864 | ||||||
|
Veeva Systems, Inc., Class A(a) |
20,716 | 5,480,832 | ||||||
|
|
|
|||||||
| 12,977,571 | ||||||||
| Hotels, Restaurants & Leisure — 2.2% | ||||||||
|
Aramark |
35,219 | 743,825 | ||||||
|
Carnival Corp.(b) |
72,697 | 1,009,034 | ||||||
|
Chipotle Mexican Grill, Inc.(a) |
4,319 | 4,989,136 | ||||||
|
Choice Hotels International, Inc. |
5,246 | 440,874 | ||||||
|
Darden Restaurants, Inc. |
20,164 | 1,530,448 | ||||||
|
Domino’s Pizza, Inc. |
6,040 | 2,335,124 | ||||||
|
Dunkin’ Brands Group, Inc. |
12,707 | 873,352 | ||||||
|
Extended Stay America, Inc. |
27,193 | 310,272 | ||||||
|
Hilton Worldwide Holdings, Inc. |
42,333 | 3,177,092 | ||||||
|
Hyatt Hotels Corp., Class A |
5,417 | 260,016 | ||||||
|
MGM Resorts International |
73,507 | 1,182,728 | ||||||
|
Norwegian Cruise Line Holdings Ltd.(a) |
40,083 | 546,732 | ||||||
|
Planet Fitness, Inc., Class A(a) |
12,387 | 646,601 | ||||||
|
Royal Caribbean Cruises Ltd. |
26,426 | 1,287,210 | ||||||
|
Six Flags Entertainment Corp. |
11,831 | 205,741 | ||||||
|
Vail Resorts, Inc. |
6,222 | 1,194,811 | ||||||
|
Wendy’s Co. |
28,131 | 652,077 | ||||||
|
Wyndham Destinations, Inc. |
13,067 | 347,582 | ||||||
|
Wyndham Hotels & Resorts, Inc. |
14,212 | 627,602 | ||||||
|
Wynn Resorts Ltd. |
15,174 | 1,099,053 | ||||||
|
Yum China Holdings, Inc. |
55,894 | 2,864,009 | ||||||
|
|
|
|||||||
| 26,323,319 | ||||||||
| Household Durables — 1.5% | ||||||||
|
D.R. Horton, Inc. |
51,259 | 3,391,295 | ||||||
|
Garmin Ltd. |
22,917 | 2,259,387 | ||||||
|
Leggett & Platt, Inc. |
20,676 | 828,901 | ||||||
|
Lennar Corp., Class A |
41,962 | 3,035,951 | ||||||
|
Lennar Corp., Class B |
2,355 | 126,864 | ||||||
|
Mohawk Industries, Inc.(a) |
9,055 | 723,042 | ||||||
|
Newell Brands, Inc. |
60,056 | 984,918 | ||||||
|
NVR, Inc.(a) |
518 | 2,035,818 | ||||||
|
PulteGroup, Inc. |
40,535 | 1,767,326 | ||||||
| 16 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Household Durables (continued) | ||||||||
|
Tempur Sealy International, Inc.(a) |
7,126 | $ | 576,850 | |||||
|
Toll Brothers, Inc. |
18,278 | 698,220 | ||||||
|
Whirlpool Corp. |
9,446 | 1,540,831 | ||||||
|
|
|
|||||||
| 17,969,403 | ||||||||
| Household Products — 0.8% | ||||||||
|
Church & Dwight Co., Inc. |
38,124 | 3,672,485 | ||||||
|
Clorox Co. |
19,565 | 4,627,318 | ||||||
|
Energizer Holdings, Inc. |
9,589 | 480,697 | ||||||
|
Reynolds Consumer Products, Inc. |
7,339 | 249,966 | ||||||
|
Spectrum Brands Holdings, Inc. |
6,603 | 357,618 | ||||||
|
|
|
|||||||
| 9,388,084 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.4% | ||||||||
|
AES Corp. |
103,159 | 1,571,112 | ||||||
|
NRG Energy, Inc. |
38,053 | 1,286,572 | ||||||
|
Vistra Corp. |
75,426 | 1,407,449 | ||||||
|
|
|
|||||||
| 4,265,133 | ||||||||
| Industrial Conglomerates — 0.2% | ||||||||
|
BWX Technologies, Inc. |
15,009 | 818,291 | ||||||
|
Carlisle Cos., Inc. |
8,335 | 992,532 | ||||||
|
Seaboard Corp. |
41 | 110,833 | ||||||
|
|
|
|||||||
| 1,921,656 | ||||||||
| Insurance — 3.6% | ||||||||
|
Alleghany Corp. |
2,162 | 1,129,256 | ||||||
|
American Financial Group, Inc. |
11,429 | 694,540 | ||||||
|
American National Group, Inc. |
1,209 | 89,043 | ||||||
|
Arch Capital Group Ltd.(a) |
60,536 | 1,861,482 | ||||||
|
Arthur J Gallagher & Co. |
29,189 | 3,137,526 | ||||||
|
Assurant, Inc. |
9,227 | 991,626 | ||||||
|
Assured Guaranty Ltd. |
13,064 | 285,187 | ||||||
|
Athene Holding Ltd., Class A(a) |
17,873 | 576,404 | ||||||
|
Axis Capital Holdings Ltd. |
12,870 | 516,344 | ||||||
|
Brighthouse Financial, Inc.(a) |
15,530 | 440,120 | ||||||
|
Brown & Brown, Inc. |
36,535 | 1,661,246 | ||||||
|
Cincinnati Financial Corp. |
23,211 | 1,808,833 | ||||||
|
CNA Financial Corp. |
4,482 | 149,251 | ||||||
|
Erie Indemnity Co., Class A |
3,902 | 819,888 | ||||||
|
Everest Re Group Ltd. |
6,240 | 1,365,250 | ||||||
|
Fidelity National Financial, Inc. |
42,770 | 1,384,037 | ||||||
|
First American Financial Corp. |
16,788 | 856,356 | ||||||
|
Globe Life, Inc. |
16,260 | 1,294,296 | ||||||
|
Hanover Insurance Group, Inc. |
5,859 | 596,915 | ||||||
|
Hartford Financial Services Group, Inc. |
55,432 | 2,345,882 | ||||||
|
Kemper Corp. |
9,512 | 746,882 | ||||||
|
Lincoln National Corp. |
30,252 | 1,127,492 | ||||||
|
Loews Corp. |
37,300 | 1,358,093 | ||||||
|
Markel Corp.(a) |
2,095 | 2,188,311 | ||||||
|
Mercury General Corp. |
4,206 | 180,479 | ||||||
|
Old Republic International Corp. |
43,867 | 704,943 | ||||||
|
Primerica, Inc. |
6,186 | 740,217 | ||||||
|
Principal Financial Group, Inc. |
42,109 | 1,786,685 | ||||||
|
Prudential Financial, Inc. |
60,930 | 3,861,134 | ||||||
|
Reinsurance Group of America, Inc. |
10,473 | 892,823 | ||||||
|
RenaissanceRe Holdings Ltd. |
7,586 | 1,368,363 | ||||||
|
Unum Group |
31,635 | 545,071 | ||||||
|
W.R. Berkley Corp. |
21,584 | 1,332,812 | ||||||
|
White Mountains Insurance Group Ltd. |
468 | 411,901 | ||||||
|
Willis Towers Watson PLC |
19,954 | 4,190,540 | ||||||
|
|
|
|||||||
| 43,439,228 | ||||||||
| Interactive Media & Services — 1.1% | ||||||||
|
IAC/InterActiveCorp(a) |
11,628 | 1,539,780 | ||||||
|
Match Group, Inc.(a) |
33,942 | 3,485,843 | ||||||
|
Pinterest, Inc., Class A(a) |
62,140 | 2,130,780 | ||||||
| Security | Shares | Value | ||||||
| Interactive Media & Services (continued) | ||||||||
|
Twitter, Inc.(a) |
119,290 | $ | 4,342,156 | |||||
|
Zillow Group, Inc., Class A(a) |
8,821 | 600,622 | ||||||
|
Zillow Group, Inc., Class C(a) |
21,007 | 1,436,669 | ||||||
|
|
|
|||||||
| 13,535,850 | ||||||||
| Internet & Direct Marketing Retail — 0.7% | ||||||||
|
Etsy, Inc.(a) |
18,298 | 2,166,117 | ||||||
|
Expedia Group, Inc. |
20,960 | 1,697,970 | ||||||
|
GrubHub, Inc.(a) |
14,243 | 1,028,914 | ||||||
|
Qurate Retail, Inc., Series A(a) |
59,012 | 643,821 | ||||||
|
TripAdvisor, Inc. |
15,579 | 315,163 | ||||||
|
Wayfair, Inc., Class A(a)(b) |
10,204 | 2,715,183 | ||||||
|
|
|
|||||||
| 8,567,168 | ||||||||
| IT Services — 4.3% | ||||||||
|
Akamai Technologies, Inc.(a) |
24,792 | 2,787,613 | ||||||
|
Alliance Data Systems Corp. |
7,165 | 317,839 | ||||||
|
Amdocs Ltd. |
20,644 | 1,281,992 | ||||||
|
Black Knight, Inc.(a) |
22,391 | 1,677,534 | ||||||
|
Booz Allen Hamilton Holding Corp. |
21,334 | 1,744,268 | ||||||
|
Broadridge Financial Solutions, Inc. |
17,742 | 2,383,460 | ||||||
|
CACI International, Inc., Class A(a) |
3,880 | 806,342 | ||||||
|
CoreLogic, Inc. |
12,273 | 836,528 | ||||||
|
DXC Technology Co. |
39,099 | 700,263 | ||||||
|
EPAM Systems, Inc.(a) |
8,191 | 2,376,045 | ||||||
|
Euronet Worldwide, Inc.(a) |
7,790 | 748,931 | ||||||
|
Fastly, Inc., Class A(a) |
11,369 | 1,096,995 | ||||||
|
FleetCor Technologies, Inc.(a) |
12,787 | 3,306,335 | ||||||
|
Gartner, Inc.(a) |
13,416 | 1,672,170 | ||||||
|
Genpact Ltd. |
29,079 | 1,157,926 | ||||||
|
GoDaddy, Inc., Class A(a) |
25,666 | 1,803,807 | ||||||
|
Jack Henry & Associates, Inc. |
11,818 | 2,107,149 | ||||||
|
Leidos Holdings, Inc. |
20,859 | 1,984,942 | ||||||
|
MongoDB, Inc.(a)(b) |
6,480 | 1,484,438 | ||||||
|
Okta, Inc.(a) |
17,833 | 3,940,736 | ||||||
|
Paychex, Inc. |
49,770 | 3,579,458 | ||||||
|
Sabre Corp. |
42,537 | 321,580 | ||||||
|
Science Applications International Corp. |
8,828 | 706,063 | ||||||
|
StoneCo Ltd., Class A(a)(b) |
24,182 | 1,153,723 | ||||||
|
Switch, Inc., Class A |
13,504 | 242,937 | ||||||
|
Teradata Corp.(a)(b) |
16,891 | 354,711 | ||||||
|
Twilio, Inc., Class A(a) |
19,923 | 5,527,039 | ||||||
|
VeriSign, Inc.(a) |
15,854 | 3,355,975 | ||||||
|
Western Union Co. |
64,066 | 1,555,523 | ||||||
|
WEX, Inc.(a) |
6,711 | 1,062,821 | ||||||
|
|
|
|||||||
| 52,075,143 | ||||||||
| Leisure Products — 0.4% | ||||||||
|
Brunswick Corp. |
12,192 | 816,620 | ||||||
|
Hasbro, Inc. |
19,719 | 1,434,755 | ||||||
|
Mattel, Inc.(a) |
53,276 | 591,896 | ||||||
|
Peloton Interactive, Inc., Class A(a) |
15,234 | 1,039,264 | ||||||
|
Polaris, Inc. |
8,980 | 930,597 | ||||||
|
|
|
|||||||
| 4,813,132 | ||||||||
| Life Sciences Tools & Services — 2.5% | ||||||||
|
10X Genomics, Inc., Class A(a) |
8,441 | 830,341 | ||||||
|
Adaptive Biotechnologies Corp.(a) |
11,075 | 413,319 | ||||||
|
Agilent Technologies, Inc. |
47,980 | 4,621,913 | ||||||
|
Avantor, Inc.(a) |
63,984 | 1,412,767 | ||||||
|
Bio-Rad Laboratories, Inc., Class A(a) |
3,273 | 1,717,965 | ||||||
|
Bio-Techne Corp. |
5,888 | 1,620,142 | ||||||
|
Bruker Corp. |
16,178 | 721,862 | ||||||
|
Charles River Laboratories International, Inc.(a) |
7,607 | 1,513,717 | ||||||
|
IQVIA Holdings, Inc.(a) |
29,488 | 4,670,604 | ||||||
|
Mettler-Toledo International, Inc.(a) |
3,658 | 3,420,230 | ||||||
|
PerkinElmer, Inc. |
17,256 | 2,051,911 | ||||||
|
SCHEDULES OF INVESTMENTS |
17 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Life Sciences Tools & Services (continued) | ||||||||
|
PPD, Inc.(a) |
9,685 | $ | 284,449 | |||||
|
PRA Health Sciences, Inc.(a) |
9,914 | 1,056,436 | ||||||
|
QIAGEN NV(a) |
34,941 | 1,727,833 | ||||||
|
Repligen Corp.(a) |
8,128 | 1,226,597 | ||||||
|
Syneos Health, Inc.(a) |
9,719 | 606,368 | ||||||
|
Waters Corp.(a) |
9,487 | 2,022,154 | ||||||
|
|
|
|||||||
| 29,918,608 | ||||||||
| Machinery — 4.0% | ||||||||
|
AGCO Corp. |
9,566 | 627,817 | ||||||
|
Allison Transmission Holdings, Inc. |
17,349 | 648,159 | ||||||
|
Colfax Corp.(a) |
15,288 | 444,575 | ||||||
|
Crane Co. |
7,542 | 426,651 | ||||||
|
Cummins, Inc. |
22,864 | 4,418,697 | ||||||
|
Donaldson Co., Inc. |
19,677 | 951,186 | ||||||
|
Dover Corp. |
22,281 | 2,293,383 | ||||||
|
Flowserve Corp. |
20,057 | 558,989 | ||||||
|
Fortive Corp. |
46,132 | 3,238,005 | ||||||
|
Gates Industrial Corp. PLC(a)(b) |
7,152 | 75,382 | ||||||
|
Graco, Inc. |
25,597 | 1,362,784 | ||||||
|
IDEX Corp. |
11,678 | 1,924,768 | ||||||
|
Ingersoll Rand, Inc.(a) |
53,724 | 1,697,141 | ||||||
|
ITT, Inc. |
13,469 | 777,565 | ||||||
|
Lincoln Electric Holdings, Inc. |
8,913 | 805,646 | ||||||
|
Middleby Corp.(a) |
8,516 | 707,339 | ||||||
|
Nordson Corp. |
8,904 | 1,724,082 | ||||||
|
Oshkosh Corp. |
10,497 | 826,324 | ||||||
|
Otis Worldwide Corp. |
63,216 | 3,966,172 | ||||||
|
PACCAR, Inc. |
52,609 | 4,475,974 | ||||||
|
Parker-Hannifin Corp. |
19,856 | 3,552,636 | ||||||
|
Pentair PLC |
25,750 | 1,103,387 | ||||||
|
Snap-on, Inc. |
8,310 | 1,212,180 | ||||||
|
Stanley Black & Decker, Inc. |
23,939 | 3,670,327 | ||||||
|
Timken Co. |
9,967 | 455,093 | ||||||
|
Toro Co. |
16,569 | 1,182,198 | ||||||
|
Trinity Industries, Inc. |
14,112 | 275,607 | ||||||
|
Valmont Industries, Inc. |
3,247 | 393,536 | ||||||
|
Westinghouse Air Brake Technologies Corp. |
28,056 | 1,744,803 | ||||||
|
Woodward, Inc. |
8,761 | 656,549 | ||||||
|
Xylem, Inc. |
27,732 | 2,023,881 | ||||||
|
|
|
|||||||
| 48,220,836 | ||||||||
| Marine — 0.0% | ||||||||
|
Kirby Corp.(a) |
9,259 | 428,136 | ||||||
|
|
|
|||||||
| Media — 2.1% | ||||||||
|
Altice USA, Inc., Class A(a) |
49,540 | 1,337,085 | ||||||
|
Cable One, Inc. |
789 | 1,438,000 | ||||||
|
Discovery, Inc., Class A(a)(b) |
23,787 | 501,906 | ||||||
|
Discovery, Inc., Class C(a) |
51,436 | 974,712 | ||||||
|
DISH Network Corp., Class A(a) |
38,370 | 1,232,061 | ||||||
|
Fox Corp., Class A |
52,419 | 1,350,838 | ||||||
|
Fox Corp., Class B(a) |
25,039 | 645,255 | ||||||
|
GCI Liberty, Inc., Class A(a) |
15,294 | 1,198,897 | ||||||
|
Interpublic Group of Cos., Inc. |
60,228 | 1,087,115 | ||||||
|
John Wiley & Sons, Inc., Class A |
6,635 | 224,462 | ||||||
|
Liberty Broadband Corp., Class A(a) |
3,916 | 528,699 | ||||||
|
Liberty Broadband Corp., Class C(a) |
16,274 | 2,233,932 | ||||||
|
Liberty Media Corp. — Liberty Formula One, Class A(a) |
3,867 | 127,959 | ||||||
|
Liberty Media Corp. — Liberty Formula One, Class C(a)(b) |
30,721 | 1,088,752 | ||||||
|
Liberty Media Corp. — Liberty SiriusXM, Class A(a) |
12,835 | 446,530 | ||||||
|
Liberty Media Corp. — Liberty SiriusXM, Class C(a) |
27,102 | 948,299 | ||||||
|
Lions Gate Entertainment Corp., Class A(a) |
7,972 | 61,066 | ||||||
|
Lions Gate Entertainment Corp., Class B(a) |
17,575 | 124,958 | ||||||
|
Live Nation Entertainment, Inc.(a) |
21,969 | 1,028,369 | ||||||
|
Madison Square Garden Sports Corp., Class A(a) |
2,907 | 446,777 | ||||||
| Security | Shares | Value | ||||||
| Media (continued) | ||||||||
|
New York Times Co., Class A |
25,236 | $ | 1,164,389 | |||||
|
News Corp., Class A |
60,010 | 763,327 | ||||||
|
News Corp., Class B |
18,997 | 242,402 | ||||||
|
Nexstar Media Group, Inc., Class A |
6,853 | 600,665 | ||||||
|
Omnicom Group, Inc. |
33,041 | 1,775,293 | ||||||
|
Sirius XM Holdings, Inc. |
182,732 | 1,074,464 | ||||||
|
ViacomCBS, Inc., Class A |
1,583 | 43,912 | ||||||
|
ViacomCBS, Inc., Class B |
84,132 | 2,193,321 | ||||||
|
|
|
|||||||
| 24,883,445 | ||||||||
| Metals & Mining — 0.7% | ||||||||
|
Freeport-McMoRan, Inc. |
224,866 | 2,905,268 | ||||||
|
Nucor Corp. |
46,723 | 1,960,030 | ||||||
|
Reliance Steel & Aluminum Co. |
9,907 | 973,462 | ||||||
|
Royal Gold, Inc. |
10,161 | 1,421,829 | ||||||
|
Steel Dynamics, Inc. |
31,285 | 857,522 | ||||||
|
|
|
|||||||
| 8,118,111 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) — 0.2% | ||||||||
|
AGNC Investment Corp. |
88,025 | 1,197,140 | ||||||
|
Annaly Capital Management, Inc. |
221,906 | 1,644,323 | ||||||
|
|
|
|||||||
| 2,841,463 | ||||||||
| Multi-Utilities — 2.2% | ||||||||
|
Ameren Corp. |
38,184 | 3,063,884 | ||||||
|
CenterPoint Energy, Inc. |
78,091 | 1,484,510 | ||||||
|
CMS Energy Corp. |
44,297 | 2,842,981 | ||||||
|
Consolidated Edison, Inc. |
51,961 | 3,992,164 | ||||||
|
DTE Energy Co. |
29,497 | 3,410,738 | ||||||
|
MDU Resources Group, Inc. |
30,899 | 648,261 | ||||||
|
NiSource, Inc. |
58,890 | 1,439,861 | ||||||
|
Public Service Enterprise Group, Inc. |
78,362 | 4,383,570 | ||||||
|
WEC Energy Group, Inc. |
48,990 | 4,666,787 | ||||||
|
|
|
|||||||
| 25,932,756 | ||||||||
| Multiline Retail — 0.4% | ||||||||
|
Dollar Tree, Inc.(a) |
36,396 | 3,397,567 | ||||||
|
Kohl’s Corp. |
23,731 | 451,838 | ||||||
|
Nordstrom, Inc.(b) |
17,323 | 237,152 | ||||||
|
Ollie’s Bargain Outlet Holdings, Inc.(a) |
8,233 | 865,288 | ||||||
|
|
|
|||||||
| 4,951,845 | ||||||||
| Oil, Gas & Consumable Fuels — 2.4% | ||||||||
|
Antero Midstream Corp. |
43,827 | 248,499 | ||||||
|
Apache Corp. |
58,526 | 898,374 | ||||||
|
Cabot Oil & Gas Corp. |
60,557 | 1,132,416 | ||||||
|
Cheniere Energy, Inc.(a) |
35,872 | 1,774,947 | ||||||
|
Cimarex Energy Co. |
15,792 | 386,272 | ||||||
|
Concho Resources, Inc. |
30,221 | 1,587,811 | ||||||
|
Continental Resources, Inc. |
11,583 | 200,270 | ||||||
|
Devon Energy Corp. |
58,824 | 617,064 | ||||||
|
Diamondback Energy, Inc. |
24,316 | 969,236 | ||||||
|
EQT Corp. |
39,663 | 575,907 | ||||||
|
Equitrans Midstream Corp. |
63,963 | 617,243 | ||||||
|
Hess Corp. |
42,458 | 2,089,358 | ||||||
|
HollyFrontier Corp. |
23,142 | 636,405 | ||||||
|
Marathon Oil Corp. |
122,683 | 673,530 | ||||||
|
Marathon Petroleum Corp. |
100,377 | 3,834,401 | ||||||
|
Murphy Oil Corp. |
23,017 | 304,055 | ||||||
|
Noble Energy, Inc. |
73,802 | 737,282 | ||||||
|
Occidental Petroleum Corp. |
125,870 | 1,981,194 | ||||||
|
ONEOK, Inc. |
68,017 | 1,898,354 | ||||||
|
Parsley Energy, Inc., Class A |
46,692 | 512,678 | ||||||
|
Pioneer Natural Resources Co. |
25,458 | 2,467,389 | ||||||
|
Targa Resources Corp. |
35,703 | 652,651 | ||||||
|
Williams Cos., Inc. |
188,585 | 3,607,631 | ||||||
|
WPX Energy, Inc.(a) |
62,433 | 372,725 | ||||||
|
|
|
|||||||
| 28,775,692 | ||||||||
| 18 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Personal Products — 0.1% | ||||||||
|
Coty, Inc., Class A |
46,530 | $ | 172,626 | |||||
|
Herbalife Nutrition Ltd.(a) |
15,757 | 807,389 | ||||||
|
Nu Skin Enterprises, Inc., Class A |
7,966 | 357,275 | ||||||
|
|
|
|||||||
| 1,337,290 | ||||||||
| Pharmaceuticals — 0.8% | ||||||||
|
Catalent, Inc.(a) |
23,802 | 2,078,867 | ||||||
|
Elanco Animal Health, Inc.(a)(b) |
61,973 | 1,464,422 | ||||||
|
Horizon Therapeutics PLC(a) |
28,474 | 1,742,324 | ||||||
|
Jazz Pharmaceuticals PLC(a) |
8,431 | 912,656 | ||||||
|
Mylan NV(a) |
79,937 | 1,287,785 | ||||||
|
Nektar Therapeutics(a)(b) |
26,654 | 590,653 | ||||||
|
Perrigo Co. PLC |
21,102 | 1,118,828 | ||||||
|
Reata Pharmaceuticals, Inc., Class A(a) |
3,698 | 546,194 | ||||||
|
|
|
|||||||
| 9,741,729 | ||||||||
| Professional Services — 2.0% | ||||||||
|
CoStar Group, Inc.(a) |
5,964 | 5,067,968 | ||||||
|
Equifax, Inc. |
18,758 | 3,049,300 | ||||||
|
FTI Consulting, Inc.(a) |
5,656 | 675,553 | ||||||
|
IHS Markit Ltd. |
61,564 | 4,970,062 | ||||||
|
ManpowerGroup, Inc. |
8,982 | 617,872 | ||||||
|
Nielsen Holdings PLC |
55,230 | 796,969 | ||||||
|
Paylocity Holding Corp.(a) |
5,364 | 714,485 | ||||||
|
Robert Half International, Inc. |
17,440 | 887,173 | ||||||
|
TransUnion |
29,558 | 2,647,510 | ||||||
|
Verisk Analytics, Inc. |
24,595 | 4,641,322 | ||||||
|
|
|
|||||||
| 24,068,214 | ||||||||
| Real Estate Management & Development — 0.3% | ||||||||
|
CBRE Group, Inc., Class A(a) |
51,729 | 2,266,247 | ||||||
|
Howard Hughes Corp.(a)(b) |
6,044 | 321,480 | ||||||
|
Jones Lang LaSalle, Inc. |
7,982 | 789,500 | ||||||
|
|
|
|||||||
| 3,377,227 | ||||||||
| Road & Rail — 0.9% | ||||||||
|
AMERCO |
1,381 | 438,785 | ||||||
|
JB Hunt Transport Services, Inc. |
13,000 | 1,682,200 | ||||||
|
Kansas City Southern |
14,701 | 2,526,367 | ||||||
|
Knight-Swift Transportation Holdings, Inc. |
19,491 | 847,664 | ||||||
|
Landstar System, Inc. |
5,926 | 721,668 | ||||||
|
Lyft, Inc., Class A(a)(b) |
37,093 | 1,084,228 | ||||||
|
Old Dominion Freight Line, Inc.(b) |
15,125 | 2,765,152 | ||||||
|
Ryder System, Inc. |
8,209 | 300,696 | ||||||
|
Schneider National, Inc., Class B |
8,744 | 219,737 | ||||||
|
|
|
|||||||
| 10,586,497 | ||||||||
| Semiconductors & Semiconductor Equipment — 3.2% | ||||||||
|
Cirrus Logic, Inc.(a) |
8,942 | 612,795 | ||||||
|
Cree, Inc.(a) |
17,004 | 1,171,916 | ||||||
|
Enphase Energy, Inc.(a) |
16,492 | 995,457 | ||||||
|
Entegris, Inc. |
20,768 | 1,493,427 | ||||||
|
First Solar, Inc.(a)(b) |
12,886 | 767,361 | ||||||
|
Inphi Corp.(a) |
7,414 | 968,713 | ||||||
|
KLA Corp. |
24,077 | 4,811,307 | ||||||
|
Marvell Technology Group Ltd. |
102,234 | 3,728,474 | ||||||
|
Maxim Integrated Products, Inc. |
41,174 | 2,803,538 | ||||||
|
Microchip Technology, Inc. |
36,411 | 3,704,091 | ||||||
|
MKS Instruments, Inc. |
8,530 | 1,087,063 | ||||||
|
Monolithic Power Systems, Inc. |
6,686 | 1,771,857 | ||||||
|
ON Semiconductor Corp.(a) |
63,231 | 1,302,559 | ||||||
|
Qorvo, Inc.(a) |
17,913 | 2,295,551 | ||||||
|
Skyworks Solutions, Inc. |
25,863 | 3,765,136 | ||||||
|
SolarEdge Technologies, Inc.(a)(b) |
7,553 | 1,322,530 | ||||||
|
Teradyne, Inc. |
25,646 | 2,281,468 | ||||||
|
Xilinx, Inc. |
37,884 | 4,066,847 | ||||||
|
|
|
|||||||
| 38,950,090 | ||||||||
| Security | Shares | Value | ||||||
| Software — 7.6% | ||||||||
|
Alteryx, Inc., Class A(a) |
8,152 | $ | 1,430,594 | |||||
|
Anaplan, Inc.(a) |
20,300 | 921,823 | ||||||
|
ANSYS, Inc.(a)(b) |
13,286 | 4,126,632 | ||||||
|
Aspen Technology, Inc.(a)(b) |
10,546 | 1,025,704 | ||||||
|
Avalara, Inc.(a)(b) |
11,903 | 1,600,358 | ||||||
|
Bill.Com Holdings, Inc.(a)(b) |
2,502 | 232,961 | ||||||
|
Cadence Design Systems, Inc.(a) |
42,758 | 4,671,311 | ||||||
|
CDK Global, Inc. |
18,878 | 858,194 | ||||||
|
Ceridian HCM Holding, Inc.(a) |
16,518 | 1,293,194 | ||||||
|
Citrix Systems, Inc. |
19,110 | 2,728,144 | ||||||
|
Cloudflare, Inc., Class A(a) |
16,986 | 706,957 | ||||||
|
Coupa Software, Inc.(a) |
10,298 | 3,155,822 | ||||||
|
Crowdstrike Holdings, Inc., Class A(a) |
17,880 | 2,024,016 | ||||||
|
Datadog, Inc., Class A(a) |
23,637 | 2,218,569 | ||||||
|
DocuSign, Inc.(a) |
27,342 | 5,928,569 | ||||||
|
Dropbox, Inc., Class A(a) |
38,119 | 867,207 | ||||||
|
Dynatrace, Inc.(a) |
23,541 | 984,720 | ||||||
|
Elastic NV(a) |
8,447 | 812,517 | ||||||
|
Everbridge, Inc.(a) |
5,352 | 764,266 | ||||||
|
Fair Isaac Corp.(a) |
4,338 | 1,905,206 | ||||||
|
FireEye, Inc.(a) |
33,146 | 500,505 | ||||||
|
Five9, Inc.(a) |
9,628 | 1,163,255 | ||||||
|
Fortinet, Inc.(a) |
20,616 | 2,851,193 | ||||||
|
Globant SA(a) |
5,599 | 968,291 | ||||||
|
Guidewire Software, Inc.(a)(b) |
12,875 | 1,514,873 | ||||||
|
HubSpot, Inc.(a) |
6,410 | 1,503,850 | ||||||
|
LogMeIn, Inc. |
7,484 | 642,202 | ||||||
|
Manhattan Associates, Inc.(a) |
9,827 | 941,328 | ||||||
|
Medallia, Inc.(a) |
12,692 | 390,025 | ||||||
|
New Relic, Inc.(a)(b) |
7,772 | 551,113 | ||||||
|
NortonLifeLock, Inc. |
86,479 | 1,854,975 | ||||||
|
Nuance Communications, Inc.(a) |
43,579 | 1,191,886 | ||||||
|
Nutanix, Inc., Class A(a) |
27,612 | 612,710 | ||||||
|
PagerDuty, Inc.(a) |
10,555 | 321,716 | ||||||
|
Palo Alto Networks, Inc.(a) |
15,159 | 3,879,491 | ||||||
|
Paycom Software, Inc.(a) |
7,639 | 2,172,302 | ||||||
|
Pegasystems, Inc. |
6,186 | 723,082 | ||||||
|
Pluralsight, Inc., Class A(a)(b) |
14,459 | 306,097 | ||||||
|
Proofpoint, Inc.(a) |
8,791 | 1,016,855 | ||||||
|
PTC, Inc.(a) |
16,174 | 1,383,847 | ||||||
|
RealPage, Inc.(a) |
13,585 | 855,991 | ||||||
|
RingCentral, Inc., Class A(a) |
11,848 | 3,439,119 | ||||||
|
Slack Technologies, Inc., Class A(a)(b) |
58,135 | 1,717,889 | ||||||
|
Smartsheet, Inc., Class A(a) |
17,235 | 822,799 | ||||||
|
SolarWinds Corp.(a) |
6,908 | 126,831 | ||||||
|
Splunk, Inc., Class A(a) |
24,657 | 5,173,532 | ||||||
|
SS&C Technologies Holdings, Inc. |
34,962 | 2,010,315 | ||||||
|
Synopsys, Inc.(a) |
23,217 | 4,625,291 | ||||||
|
Trade Desk, Inc., Class A(a) |
6,279 | 2,833,838 | ||||||
|
Tyler Technologies, Inc.(a) |
6,056 | 2,163,506 | ||||||
|
Zendesk, Inc.(a) |
17,513 | 1,596,310 | ||||||
|
Zscaler, Inc.(a)(b) |
10,947 | 1,421,468 | ||||||
|
Zynga, Inc., Class A(a) |
137,828 | 1,354,849 | ||||||
|
|
|
|||||||
| 90,888,098 | ||||||||
| Specialty Retail — 2.7% | ||||||||
|
Advance Auto Parts, Inc. |
10,324 | 1,550,045 | ||||||
|
AutoNation, Inc.(a) |
8,569 | 439,932 | ||||||
|
AutoZone, Inc.(a) |
3,621 | 4,372,068 | ||||||
|
Best Buy Co., Inc. |
35,479 | 3,533,354 | ||||||
|
Burlington Stores, Inc.(a) |
10,074 | 1,893,912 | ||||||
|
CarMax, Inc.(a) |
25,219 | 2,445,486 | ||||||
|
Carvana Co.(a)(b) |
8,537 | 1,322,808 | ||||||
|
Dick’s Sporting Goods, Inc. |
9,534 | 434,941 | ||||||
|
Five Below, Inc.(a) |
8,463 | 921,705 | ||||||
|
SCHEDULES OF INVESTMENTS |
19 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Specialty Retail (continued) | ||||||||
|
Floor & Decor Holdings, Inc., Class A(a) |
12,623 | $ | 831,856 | |||||
|
Foot Locker, Inc. |
16,213 | 476,500 | ||||||
|
Gap, Inc. |
28,392 | 379,601 | ||||||
|
L Brands, Inc. |
35,497 | 866,482 | ||||||
|
O’Reilly Automotive, Inc.(a) |
11,352 | 5,419,218 | ||||||
|
Penske Automotive Group, Inc. |
4,934 | 221,142 | ||||||
|
Tiffany & Co. |
18,777 | 2,353,885 | ||||||
|
Tractor Supply Co. |
17,920 | 2,557,901 | ||||||
|
Ulta Beauty, Inc.(a)(b) |
8,349 | 1,611,273 | ||||||
|
Williams-Sonoma, Inc. |
11,908 | 1,037,425 | ||||||
|
|
|
|||||||
| 32,669,534 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.9% | ||||||||
|
Hewlett Packard Enterprise Co. |
200,024 | 1,974,237 | ||||||
|
HP, Inc. |
221,990 | 3,902,584 | ||||||
|
NCR Corp.(a) |
19,872 | 366,241 | ||||||
|
NetApp, Inc. |
34,323 | 1,520,509 | ||||||
|
Pure Storage, Inc., Class A(a) |
37,433 | 668,553 | ||||||
|
Western Digital Corp. |
46,515 | 2,004,797 | ||||||
|
Xerox Holdings Corp.(a) |
27,491 | 457,725 | ||||||
|
|
|
|||||||
| 10,894,646 | ||||||||
| Textiles, Apparel & Luxury Goods — 1.1% | ||||||||
|
Capri Holdings Ltd.(a)(b) |
22,027 | 329,964 | ||||||
|
Carter’s, Inc. |
6,639 | 522,622 | ||||||
|
Columbia Sportswear Co. |
4,463 | 338,474 | ||||||
|
Hanesbrands, Inc. |
54,001 | 763,034 | ||||||
|
Lululemon Athletica, Inc.(a) |
17,621 | 5,737,221 | ||||||
|
PVH Corp. |
10,948 | 532,730 | ||||||
|
Ralph Lauren Corp. |
7,403 | 527,834 | ||||||
|
Skechers U.S.A., Inc., Class A(a) |
20,747 | 607,472 | ||||||
|
Tapestry, Inc. |
42,863 | 572,650 | ||||||
|
Under Armour, Inc., Class A(a) |
29,046 | 305,564 | ||||||
|
Under Armour, Inc., Class C(a) |
29,825 | 283,039 | ||||||
|
VF Corp. |
50,624 | 3,055,665 | ||||||
|
|
|
|||||||
| 13,576,269 | ||||||||
| Thrifts & Mortgage Finance — 0.1% | ||||||||
|
LendingTree, Inc.(a) |
1,236 | 428,014 | ||||||
|
MGIC Investment Corp. |
51,817 | 428,527 | ||||||
|
New York Community Bancorp, Inc. |
69,657 | 733,488 | ||||||
|
TFS Financial Corp. |
7,766 | 112,452 | ||||||
|
|
|
|||||||
| 1,702,481 | ||||||||
| Trading Companies & Distributors — 1.0% | ||||||||
|
Air Lease Corp. |
16,670 | 437,087 | ||||||
|
Fastenal Co. |
88,798 | 4,177,058 | ||||||
|
HD Supply Holdings, Inc.(a) |
24,917 | 874,587 | ||||||
|
MSC Industrial Direct Co., Inc., Class A |
6,810 | 449,528 | ||||||
|
United Rentals, Inc.(a) |
11,163 | 1,734,395 | ||||||
|
Univar Solutions, Inc.(a) |
26,427 | 466,965 | ||||||
|
W.W. Grainger, Inc. |
6,827 | 2,331,625 | ||||||
|
Watsco, Inc. |
5,049 | 1,191,918 | ||||||
|
|
|
|||||||
| 11,663,163 | ||||||||
| Transportation Infrastructure — 0.0% | ||||||||
|
Macquarie Infrastructure Corp. |
11,606 | 347,716 | ||||||
|
|
|
|||||||
| Water Utilities — 0.5% | ||||||||
|
American Water Works Co., Inc. |
28,104 | 4,138,876 | ||||||
|
Essential Utilities, Inc. |
34,088 | 1,545,891 | ||||||
|
|
|
|||||||
| 5,684,767 | ||||||||
| Wireless Telecommunication Services — 0.0% | ||||||||
|
Telephone & Data Systems, Inc. |
15,458 | 300,194 | ||||||
|
United States Cellular Corp.(a) |
2,286 | 67,826 | ||||||
|
|
|
|||||||
| 368,020 | ||||||||
|
|
|
|||||||
|
Total Common Stocks — 99.4%
|
|
1,193,508,954 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
|
Investment Companies — 0.3% |
|
|||||||
| Equity Fund — 0.3% | ||||||||
|
iShares Russell Mid-Cap ETF(e) |
63,088 | $ | 3,581,506 | |||||
|
|
|
|||||||
|
Total Investment Companies — 0.3%
|
|
3,581,506 | ||||||
|
|
|
|||||||
|
Warrants — 0.0% |
|
|||||||
| Oil, Gas & Consumable Fuels — 0.0% | ||||||||
|
Occidental Petroleum Corp., (Expires 8/3/27)(a) |
15,821 | 88,598 | ||||||
|
|
|
|||||||
|
Total Warrants — 0.0%
|
|
88,598 | ||||||
|
|
|
|||||||
|
Total Long-Term Investments — 99.7%
|
|
1,197,179,058 | ||||||
|
|
|
|||||||
|
Short-Term Securities — 2.6% |
|
|||||||
|
BlackRock Cash Funds: Institutional,
|
||||||||
|
0.43%(c)(d)(e) |
28,488,916 | 28,520,253 | ||||||
|
BlackRock Cash Funds: Treasury,
|
||||||||
|
0.15%(c)(e) |
2,996,526 | 2,996,526 | ||||||
|
|
|
|||||||
|
Total Short-Term Securities — 2.6%
|
|
31,516,779 | ||||||
|
|
|
|||||||
|
Total Investments — 102.3%
|
|
1,228,695,837 | ||||||
|
Liabilities in Excess of Other Assets — (2.3)% |
|
(27,540,173 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 1,201,155,664 | |||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
Security, or a portion of the security, is on loan. |
| (c) |
Annualized 7-day yield as of period end. |
| (d) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
| 20 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Mid-Cap Index Fund |
| (e) |
Investments in issuers considered to be an affiliate/affiliates of the Fund during the year ended July 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliated Issuer |
Shares
Held at 07/31/19 |
Shares
Purchased |
Shares Sold |
Shares
Held at 07/31/20 |
Value at
07/31/20 |
Income |
Net
Realized Gain (Loss) (a) |
Change in
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
36,749,992 | — | (8,261,076 | )(b) | 28,488,916 | $ | 28,520,253 | $ | 281,581 | (c) | $ | (7,599 | ) | $ | 29,854 | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
13,140,461 | — | (10,143,935 | )(b) | 2,996,526 | 2,996,526 | 144,162 | — | — | |||||||||||||||||||||||
|
iShares Russell Mid-Cap ETF |
127,180 | 1,142,741 | (1,206,833 | ) | 63,088 | 3,581,506 | 179,801 | (940,781 | ) | 958,117 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 35,098,285 | $ | 605,544 | $ | (948,380 | ) | $ | 987,971 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) |
Includes net capital gain distributions, if applicable. |
| (b) |
Represents net shares purchased (sold). |
| (c) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
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 400 E-Mini Index |
14 | 09/18/20 | $ | 2,605 | $ | 59,952 | ||||||||||
|
S&P 500 E-Mini Index |
10 | 09/18/20 | 1,632 | 31,019 | ||||||||||||
|
|
|
|||||||||||||||
| $ | 90,971 | |||||||||||||||
|
|
|
|||||||||||||||
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) |
$ | — | $ | — | $ | 90,971 | $ | — | $ | — | $ | — | $ | 90,971 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts, 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 year ended July 31, 2020, 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 |
$ | — | $ | — | $ | 235,582 | $ | — | $ | — | $ | — | $ | 235,582 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | 98,470 | $ | — | $ | — | $ | — | $ | 98,470 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
SCHEDULES OF INVESTMENTS |
21 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Mid-Cap Index Fund |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
|
|||
|
Average notional value of contracts — long |
$ | 10,970,133 | ||
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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Assets: |
||||||||||||||||
|
Investments: |
||||||||||||||||
|
Long-Term Investments: |
||||||||||||||||
|
Common Stocks |
$ | 1,193,508,954 | $ | — | $ | — | $ | 1,193,508,954 | ||||||||
|
Investment Companies |
3,581,506 | — | — | 3,581,506 | ||||||||||||
|
Warrants |
88,598 | — | — | 88,598 | ||||||||||||
|
Short-Term Securities: |
||||||||||||||||
|
Short-Term Securities |
31,516,779 | — | — | 31,516,779 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,228,695,837 | $ | — | $ | — | $ | 1,228,695,837 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Assets: |
||||||||||||||||
|
Equity contracts |
$ | 90,971 | $ | — | $ | — | $ | 90,971 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 22 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks — 98.3% |
|
|||||||
| Aerospace & Defense — 1.2% | ||||||||
|
AAR Corp. |
1,973 | $ | 33,975 | |||||
|
Aerojet Rocketdyne Holdings, Inc.(a) |
4,361 | 179,891 | ||||||
|
AeroVironment, Inc.(a) |
1,239 | 94,846 | ||||||
|
Astronics Corp.(a) |
1,123 | 9,770 | ||||||
|
Axon Enterprise, Inc.(a) |
3,629 | 301,679 | ||||||
|
Cubic Corp. |
1,828 | 76,776 | ||||||
|
Curtiss-Wright Corp. |
2,395 | 213,442 | ||||||
|
Ducommun, Inc.(a) |
660 | 23,727 | ||||||
|
Hexcel Corp. |
4,933 | 184,001 | ||||||
|
Howmet Aerospace, Inc. |
23,196 | 342,837 | ||||||
|
Huntington Ingalls Industries, Inc. |
2,310 | 401,270 | ||||||
|
Kratos Defense & Security Solutions, Inc.(a) |
6,065 | 109,231 | ||||||
|
Maxar Technologies, Inc.(a) |
3,386 | 60,237 | ||||||
|
Mercury Systems, Inc.(a)(b) |
3,219 | 249,247 | ||||||
|
Moog, Inc., Class A |
1,960 | 105,291 | ||||||
|
National Presto Industries, Inc. |
280 | 23,909 | ||||||
|
PAE, Inc.(a) |
3,387 | 26,690 | ||||||
|
Park Aerospace Corp. |
1,989 | 21,441 | ||||||
|
Parsons Corp.(a) |
1,299 | 45,244 | ||||||
|
Spirit AeroSystems Holdings, Inc., Class A |
6,031 | 118,027 | ||||||
|
Textron, Inc. |
13,306 | 464,912 | ||||||
|
Triumph Group, Inc. |
2,190 | 14,848 | ||||||
|
Vectrus, Inc.(a) |
671 | 29,517 | ||||||
|
Virgin Galactic Holdings, Inc.(a)(b) |
3,451 | 77,475 | ||||||
|
|
|
|||||||
| 3,208,283 | ||||||||
| Air Freight & Logistics — 0.3% | ||||||||
|
Air Transport Services Group, Inc.(a) |
3,357 | 81,810 | ||||||
|
Atlas Air Worldwide Holdings, Inc.(a) |
1,470 | 76,558 | ||||||
|
Echo Global Logistics, Inc.(a) |
1,592 | 39,903 | ||||||
|
Forward Air Corp. |
1,867 | 97,065 | ||||||
|
Hub Group, Inc., Class A(a) |
1,881 | 99,505 | ||||||
|
Park-Ohio Holdings Corp. |
471 | 6,792 | ||||||
|
Radiant Logistics, Inc.(a) |
1,614 | 6,860 | ||||||
|
XPO Logistics, Inc.(a) |
5,361 | 402,182 | ||||||
|
|
|
|||||||
| 810,675 | ||||||||
| Airlines — 0.4% | ||||||||
|
Alaska Air Group, Inc. |
7,082 | 243,904 | ||||||
|
Allegiant Travel Co. |
748 | 83,798 | ||||||
|
American Airlines Group, Inc.(b) |
28,995 | 322,424 | ||||||
|
Copa Holdings SA, Class A |
1,944 | 80,559 | ||||||
|
Hawaiian Holdings, Inc. |
2,662 | 31,651 | ||||||
|
JetBlue Airways Corp.(a)(b) |
15,532 | 160,601 | ||||||
|
Mesa Air Group, Inc.(a) |
1,375 | 4,263 | ||||||
|
SkyWest, Inc. |
2,896 | 76,194 | ||||||
|
Spirit Airlines, Inc.(a) |
4,943 | 78,149 | ||||||
|
|
|
|||||||
| 1,081,543 | ||||||||
| Auto Components — 1.0% | ||||||||
|
Adient PLC(a) |
5,020 | 83,533 | ||||||
|
American Axle & Manufacturing Holdings, Inc.(a) |
6,522 | 46,045 | ||||||
|
BorgWarner, Inc. |
12,258 | 448,643 | ||||||
|
Cooper Tire & Rubber Co. |
2,835 | 88,055 | ||||||
|
Cooper-Standard Holdings, Inc.(a) |
836 | 8,954 | ||||||
|
Dana, Inc. |
8,290 | 94,755 | ||||||
|
Dorman Products, Inc.(a) |
1,520 | 124,260 | ||||||
|
Fox Factory Holding Corp.(a) |
2,281 | 203,009 | ||||||
|
Gentex Corp. |
14,465 | 390,410 | ||||||
|
Gentherm, Inc.(a) |
1,905 | 73,857 | ||||||
|
Goodyear Tire & Rubber Co. |
13,218 | 119,094 | ||||||
|
LCI Industries |
1,405 | 176,749 | ||||||
|
Lear Corp. |
3,550 | 391,849 | ||||||
| Security | Shares | Value | ||||||
| Auto Components (continued) | ||||||||
|
Modine Manufacturing Co.(a) |
2,488 | $ | 13,535 | |||||
|
Motorcar Parts of America, Inc.(a)(b) |
1,186 | 19,741 | ||||||
|
Standard Motor Products, Inc. |
1,198 | 54,485 | ||||||
|
Stoneridge, Inc.(a) |
1,539 | 31,888 | ||||||
|
Tenneco, Inc., Class A(a) |
2,345 | 17,376 | ||||||
|
Visteon Corp.(a)(b) |
1,770 | 128,520 | ||||||
|
Workhorse Group, Inc.(a)(b) |
3,593 | 55,763 | ||||||
|
XPEL, Inc.(a) |
949 | 15,972 | ||||||
|
|
|
|||||||
| 2,586,493 | ||||||||
| Automobiles — 0.3% | ||||||||
|
Harley-Davidson, Inc.(b) |
9,210 | 239,736 | ||||||
|
Thor Industries, Inc.(b) |
3,241 | 369,442 | ||||||
|
Winnebago Industries, Inc.(b) |
1,779 | 107,469 | ||||||
|
|
|
|||||||
| 716,647 | ||||||||
| Banks — 5.2% | ||||||||
|
1st Constitution Bancorp |
645 | 7,972 | ||||||
|
1st Source Corp. |
1,111 | 36,796 | ||||||
|
ACNB Corp. |
459 | 9,455 | ||||||
|
Allegiance Bancshares, Inc. |
1,588 | 38,731 | ||||||
|
Altabancorp |
1,002 | 18,787 | ||||||
|
Amalgamated Bank, Class A |
644 | 7,438 | ||||||
|
Amerant Bancorp, Inc.(a) |
1,323 | 17,662 | ||||||
|
American National Bankshares, Inc. |
660 | 14,494 | ||||||
|
Ameris Bancorp |
4,380 | 101,068 | ||||||
|
Ames National Corp. |
530 | 9,805 | ||||||
|
Arrow Financial Corp. |
959 | 26,181 | ||||||
|
Associated Banc-Corp |
9,115 | 117,037 | ||||||
|
Atlantic Capital Bancshares, Inc.(a) |
1,165 | 11,650 | ||||||
|
Atlantic Union Bankshares Corp. |
4,553 | 102,761 | ||||||
|
Auburn National BanCorp., Inc. |
141 | 6,416 | ||||||
|
BancFirst Corp. |
1,185 | 51,619 | ||||||
|
Banco Latinoamericano de Comercio Exterior SA |
1,922 | 22,430 | ||||||
|
Bancorp, Inc.(a) |
3,130 | 29,516 | ||||||
|
BancorpSouth Bank |
6,319 | 132,257 | ||||||
|
Bank First Corp. |
368 | 22,893 | ||||||
|
Bank of Commerce Holdings |
768 | 5,798 | ||||||
|
Bank of Hawaii Corp. |
2,510 | 142,141 | ||||||
|
Bank of Marin Bancorp |
883 | 27,735 | ||||||
|
Bank of NT Butterfield & Son Ltd. |
2,941 | 76,554 | ||||||
|
Bank of Princeton |
386 | 6,944 | ||||||
|
Bank OZK |
7,369 | 177,224 | ||||||
|
Bank7 Corp. |
125 | 1,239 | ||||||
|
BankFinancial Corp. |
1,007 | 7,341 | ||||||
|
BankUnited, Inc. |
5,359 | 107,930 | ||||||
|
Bankwell Financial Group, Inc. |
342 | 5,096 | ||||||
|
Banner Corp. |
1,390 | 49,248 | ||||||
|
Bar Harbor Bankshares |
913 | 18,150 | ||||||
|
Baycom Corp.(a) |
919 | 9,447 | ||||||
|
BCB Bancorp, Inc. |
694 | 5,587 | ||||||
|
BOK Financial Corp. |
1,825 | 101,652 | ||||||
|
Boston Private Financial Holdings, Inc. |
4,308 | 25,353 | ||||||
|
Bridge Bancorp, Inc. |
1,249 | 22,594 | ||||||
|
Bryn Mawr Bank Corp. |
1,311 | 34,138 | ||||||
|
Business First Bancshares, Inc. |
693 | 9,453 | ||||||
|
Byline Bancorp, Inc. |
1,534 | 19,881 | ||||||
|
C&F Financial Corp. |
146 | 4,285 | ||||||
|
Cadence BanCorp |
5,144 | 40,175 | ||||||
|
California Bancorp, Inc.(a) |
457 | 5,991 | ||||||
|
Cambridge Bancorp |
356 | 19,292 | ||||||
|
Camden National Corp. |
937 | 29,694 | ||||||
|
Capital Bancorp, Inc.(a) |
264 | 2,804 | ||||||
|
Capital City Bank Group, Inc. |
884 | 16,646 | ||||||
|
Capstar Financial Holdings, Inc. |
1,072 | 10,881 | ||||||
|
SCHEDULES OF INVESTMENTS |
23 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
Carter Bank & Trust |
1,293 | $ | 9,116 | |||||
|
Cathay General Bancorp |
4,890 | 118,240 | ||||||
|
CB Financial Services, Inc. |
295 | 5,104 | ||||||
|
CBTX, Inc. |
1,164 | 18,380 | ||||||
|
Central Pacific Financial Corp. |
715 | 11,125 | ||||||
|
Central Valley Community Bancorp |
698 | 9,172 | ||||||
|
Century Bancorp, Inc., Class A |
157 | 10,933 | ||||||
|
Chemung Financial Corp. |
272 | 7,347 | ||||||
|
ChoiceOne Financial Services, Inc. |
400 | 11,400 | ||||||
|
CIT Group, Inc. |
5,647 | 107,124 | ||||||
|
Citizens & Northern Corp. |
890 | 15,753 | ||||||
|
Citizens Holding Co. |
270 | 5,821 | ||||||
|
City Holding Co. |
1,108 | 69,206 | ||||||
|
Civista Bancshares, Inc. |
1,055 | 13,852 | ||||||
|
CNB Financial Corp. |
964 | 15,742 | ||||||
|
Coastal Financial Corp.(a) |
381 | 5,094 | ||||||
|
Codorus Valley Bancorp, Inc. |
558 | 6,557 | ||||||
|
Colony Bankcorp, Inc. |
304 | 3,244 | ||||||
|
Columbia Banking System, Inc. |
4,204 | 121,622 | ||||||
|
Comerica, Inc. |
8,285 | 319,138 | ||||||
|
Commerce Bancshares, Inc. |
5,897 | 337,662 | ||||||
|
Community Bank System, Inc. |
2,633 | 148,054 | ||||||
|
Community Bankers Trust Corp. |
1,006 | 5,191 | ||||||
|
Community Financial Corp. |
814 | 18,331 | ||||||
|
Community Trust Bancorp, Inc. |
1,000 | 30,610 | ||||||
|
ConnectOne Bancorp, Inc. |
2,221 | 30,628 | ||||||
|
County Bancorp, Inc. |
307 | 5,698 | ||||||
|
CrossFirst Bankshares, Inc.(a)(b) |
2,931 | 26,877 | ||||||
|
Cullen/Frost Bankers, Inc. |
3,333 | 240,176 | ||||||
|
Customers Bancorp, Inc.(a) |
2,707 | 32,078 | ||||||
|
CVB Financial Corp. |
7,728 | 139,645 | ||||||
|
Delmar Bancorp |
646 | 3,760 | ||||||
|
Eagle Bancorp Montana, Inc. |
411 | 6,350 | ||||||
|
Eagle Bancorp, Inc. |
1,363 | 40,999 | ||||||
|
East West Bancorp, Inc. |
8,313 | 288,129 | ||||||
|
Enterprise Bancorp, Inc. |
520 | 11,180 | ||||||
|
Enterprise Financial Services Corp. |
1,489 | 43,270 | ||||||
|
Equity Bancshares, Inc., Class A(a) |
729 | 10,308 | ||||||
|
Esquire Financial Holdings, Inc.(a) |
330 | 5,132 | ||||||
|
Evans Bancorp, Inc. |
193 | 4,256 | ||||||
|
Farmers & Merchants Bancorp, Inc./Archbold |
529 | 11,368 | ||||||
|
Farmers National Banc Corp. |
1,941 | 20,982 | ||||||
|
FB Financial Corp. |
1,032 | 26,223 | ||||||
|
Fidelity D&D Bancorp, Inc. |
254 | 11,598 | ||||||
|
Financial Institutions, Inc. |
1,131 | 16,705 | ||||||
|
First Bancorp, Inc. |
776 | 15,629 | ||||||
|
First BanCorp, Puerto Rico |
11,430 | 62,179 | ||||||
|
First Bancorp/Southern Pines |
1,920 | 39,667 | ||||||
|
First Bancshares, Inc. |
1,244 | 24,768 | ||||||
|
First Bank/Hamilton |
786 | 5,133 | ||||||
|
First Busey Corp. |
3,335 | 57,028 | ||||||
|
First Business Financial Services, Inc. |
336 | 4,996 | ||||||
|
First Capital, Inc. |
226 | 12,093 | ||||||
|
First Choice Bancorp |
535 | 8,095 | ||||||
|
First Citizens BancShares, Inc., Class A |
387 | 164,812 | ||||||
|
First Commonwealth Financial Corp. |
5,243 | 41,262 | ||||||
|
First Community Bancshares, Inc. |
1,115 | 21,809 | ||||||
|
First Community Corp. |
450 | 6,030 | ||||||
|
First Financial Bancorp |
4,073 | 56,676 | ||||||
|
First Financial Bankshares, Inc. |
7,632 | 228,349 | ||||||
|
First Financial Corp. |
869 | 29,051 | ||||||
|
First Foundation, Inc. |
2,508 | 38,548 | ||||||
|
First Guaranty Bancshares, Inc. |
384 | 4,527 | ||||||
|
First Hawaiian, Inc. |
7,567 | 131,514 | ||||||
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
First Horizon National Corp. |
33,497 | $ | 310,517 | |||||
|
First Internet Bancorp |
483 | 7,076 | ||||||
|
First Interstate Bancsystem, Inc., Class A |
2,489 | 72,455 | ||||||
|
First Merchants Corp. |
3,285 | 80,253 | ||||||
|
First Mid Bancshares, Inc. |
1,117 | 27,266 | ||||||
|
First Midwest Bancorp, Inc. |
6,221 | 75,492 | ||||||
|
First Northwest Bancorp |
423 | 4,336 | ||||||
|
First of Long Island Corp. |
1,666 | 24,840 | ||||||
|
First Savings Financial Group, Inc. |
113 | 4,803 | ||||||
|
First United Corp. |
412 | 4,454 | ||||||
|
First Western Financial, Inc.(a) |
373 | 5,263 | ||||||
|
FNB Corp. |
18,939 | 140,338 | ||||||
|
FNCB Bancorp, Inc. |
991 | 5,540 | ||||||
|
Franklin Financial Network, Inc. |
781 | 20,618 | ||||||
|
Franklin Financial Services Corp. |
294 | 7,091 | ||||||
|
Fulton Financial Corp. |
9,149 | 88,745 | ||||||
|
FVCBankcorp, Inc.(a) |
594 | 5,857 | ||||||
|
German American Bancorp, Inc. |
1,488 | 42,319 | ||||||
|
Glacier Bancorp, Inc. |
5,686 | 200,773 | ||||||
|
Great Southern Bancorp, Inc. |
654 | 23,590 | ||||||
|
Great Western Bancorp, Inc. |
2,314 | 30,082 | ||||||
|
Guaranty Bancshares, Inc. |
399 | 10,813 | ||||||
|
Hancock Whitney Corp. |
5,026 | 95,796 | ||||||
|
Hanmi Financial Corp. |
814 | 7,513 | ||||||
|
HarborOne Bancorp, Inc.(a) |
3,159 | 27,357 | ||||||
|
Hawthorn Bancshares, Inc. |
314 | 5,187 | ||||||
|
HBT Financial, Inc. |
587 | 7,056 | ||||||
|
Heartland Financial USA, Inc. |
2,034 | 63,542 | ||||||
|
Heritage Commerce Corp. |
3,774 | 25,588 | ||||||
|
Heritage Financial Corp. |
1,541 | 29,148 | ||||||
|
Home BancShares, Inc. |
9,085 | 148,358 | ||||||
|
HomeTrust Bancshares, Inc. |
876 | 12,632 | ||||||
|
Hope Bancorp, Inc. |
4,942 | 41,661 | ||||||
|
Horizon Bancorp |
2,298 | 23,233 | ||||||
|
Howard Bancorp, Inc.(a) |
621 | 5,906 | ||||||
|
Independent Bank Corp. |
3,285 | 143,193 | ||||||
|
Independent Bank Group, Inc. |
2,133 | 93,703 | ||||||
|
International Bancshares Corp. |
3,496 | 106,348 | ||||||
|
Investar Holding Corp. |
724 | 9,651 | ||||||
|
Investors Bancorp, Inc. |
14,904 | 121,020 | ||||||
|
Lakeland Bancorp, Inc. |
2,903 | 29,553 | ||||||
|
Lakeland Financial Corp. |
1,414 | 62,584 | ||||||
|
Landmark Bancorp Inc/Manhattan |
246 | 5,068 | ||||||
|
LCNB Corp. |
699 | 8,751 | ||||||
|
Level One Bancorp, Inc. |
336 | 5,433 | ||||||
|
Live Oak Bancshares, Inc. |
1,664 | 28,305 | ||||||
|
Macatawa Bank Corp. |
2,222 | 15,998 | ||||||
|
Mackinac Financial Corp. |
391 | 3,558 | ||||||
|
MainStreet Bancshares, Inc.(a) |
295 | 3,814 | ||||||
|
Mercantile Bank Corp. |
1,072 | 22,823 | ||||||
|
Meridian Corp.(a) |
328 | 4,927 | ||||||
|
Metrocity Bankshares, Inc. |
851 | 11,471 | ||||||
|
Metropolitan Bank Holding Corp.(a) |
484 | 14,317 | ||||||
|
Mid Penn Bancorp, Inc. |
516 | 9,918 | ||||||
|
Middlefield Banc Corp. |
353 | 6,227 | ||||||
|
Midland States Bancorp, Inc. |
1,389 | 19,571 | ||||||
|
MidWestOne Financial Group, Inc. |
972 | 17,574 | ||||||
|
MVB Financial Corp. |
703 | 9,294 | ||||||
|
National Bank Holdings Corp., Class A |
1,196 | 33,225 | ||||||
|
National Bankshares, Inc. |
350 | 8,778 | ||||||
|
NBT Bancorp, Inc. |
1,797 | 53,533 | ||||||
|
Nicolet Bankshares, Inc.(a) |
575 | 32,211 | ||||||
|
Northeast Bank(a) |
309 | 5,883 | ||||||
|
Northrim BanCorp, Inc. |
325 | 7,482 | ||||||
| 24 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
Norwood Financial Corp. |
265 | $ | 6,418 | |||||
|
Oak Valley Bancorp |
300 | 3,840 | ||||||
|
OFG Bancorp |
2,710 | 35,447 | ||||||
|
Ohio Valley Banc Corp. |
200 | 3,940 | ||||||
|
Old National Bancorp |
9,602 | 134,332 | ||||||
|
Old Second Bancorp, Inc. |
2,326 | 19,352 | ||||||
|
Origin Bancorp, Inc. |
1,387 | 32,927 | ||||||
|
Orrstown Financial Services, Inc. |
493 | 6,705 | ||||||
|
Pacific Premier Bancorp, Inc. |
5,038 | 105,848 | ||||||
|
PacWest Bancorp |
6,732 | 123,027 | ||||||
|
Park National Corp. |
840 | 72,038 | ||||||
|
Parke Bancorp, Inc. |
468 | 5,471 | ||||||
|
PCB Bancorp |
756 | 6,955 | ||||||
|
Peapack Gladstone Financial Corp. |
1,175 | 19,129 | ||||||
|
Penns Woods Bancorp, Inc. |
318 | 6,424 | ||||||
|
People’s United Financial, Inc. |
24,918 | 268,865 | ||||||
|
Peoples Bancorp of North Carolina, Inc. |
237 | 3,922 | ||||||
|
Peoples Bancorp, Inc. |
1,308 | 26,252 | ||||||
|
Peoples Financial Services Corp. |
376 | 13,502 | ||||||
|
Pinnacle Financial Partners, Inc. |
4,287 | 169,851 | ||||||
|
Plumas Bancorp |
290 | 6,052 | ||||||
|
Popular, Inc. |
4,985 | 184,993 | ||||||
|
Preferred Bank |
921 | 34,307 | ||||||
|
Premier Financial Bancorp, Inc. |
602 | 6,381 | ||||||
|
Professional Holding Corp., Class A(a) |
149 | 1,685 | ||||||
|
Prosperity Bancshares, Inc. |
5,270 | 292,801 | ||||||
|
QCR Holdings, Inc. |
1,011 | 30,209 | ||||||
|
RBB Bancorp |
994 | 12,723 | ||||||
|
Red River Bancshares, Inc. |
271 | 10,851 | ||||||
|
Reliant Bancorp Inc. |
897 | 13,231 | ||||||
|
Renasant Corp. |
3,183 | 73,941 | ||||||
|
Republic Bancorp, Inc., Class A |
679 | 20,519 | ||||||
|
Republic First Bancorp, Inc.(a) |
2,161 | 5,035 | ||||||
|
Richmond Mutual BanCorp., Inc. |
732 | 8,440 | ||||||
|
S&T Bancorp, Inc. |
2,774 | 59,641 | ||||||
|
Salisbury Bancorp, Inc. |
154 | 5,607 | ||||||
|
Sandy Spring Bancorp, Inc. |
2,819 | 65,175 | ||||||
|
SB Financial Group, Inc. |
426 | 5,291 | ||||||
|
SB One Bancorp |
585 | 10,828 | ||||||
|
Seacoast Banking Corp. of Florida(a) |
2,913 | 54,997 | ||||||
|
Select Bancorp, Inc.(a) |
788 | 6,154 | ||||||
|
ServisFirst Bancshares, Inc. |
2,850 | 104,281 | ||||||
|
Shore Bancshares, Inc. |
727 | 6,739 | ||||||
|
Sierra Bancorp |
947 | 16,648 | ||||||
|
Signature Bank |
3,063 | 314,049 | ||||||
|
Silvergate Capital Corp., Class A(a)(b) |
903 | 12,344 | ||||||
|
Simmons First National Corp., Class A |
5,637 | 93,518 | ||||||
|
SmartFinancial, Inc. |
880 | 12,549 | ||||||
|
South Plains Financial, Inc. |
568 | 7,588 | ||||||
|
South State Corp. |
4,000 | 190,640 | ||||||
|
Southern First Bancshares, Inc.(a) |
519 | 12,664 | ||||||
|
Southern National Bancorp of Virginia, Inc. |
1,386 | 11,670 | ||||||
|
Southside Bancshares, Inc. |
1,733 | 48,004 | ||||||
|
Spirit of Texas Bancshares, Inc.(a) |
780 | 9,087 | ||||||
|
Sterling Bancorp |
12,387 | 139,354 | ||||||
|
Stock Yards Bancorp, Inc. |
1,321 | 51,638 | ||||||
|
Summit Financial Group, Inc. |
760 | 11,430 | ||||||
|
Synovus Financial Corp. |
8,449 | 170,247 | ||||||
|
TCF Financial Corp. |
9,171 | 252,111 | ||||||
|
Texas Capital Bancshares, Inc.(a) |
2,915 | 96,836 | ||||||
|
Tompkins Financial Corp. |
839 | 54,141 | ||||||
|
TowneBank |
4,125 | 72,765 | ||||||
|
Trico Bancshares |
1,476 | 41,328 | ||||||
|
TriState Capital Holdings, Inc.(a) |
1,756 | 23,267 | ||||||
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
Triumph Bancorp, Inc.(a) |
1,778 | $ | 46,584 | |||||
|
Trustmark Corp. |
4,174 | 93,998 | ||||||
|
UMB Financial Corp. |
2,782 | 138,544 | ||||||
|
Umpqua Holdings Corp. |
12,854 | 139,466 | ||||||
|
United Bankshares, Inc. |
7,351 | 193,478 | ||||||
|
United Community Banks, Inc. |
3,272 | 58,667 | ||||||
|
United Security Bancshares |
1,160 | 7,262 | ||||||
|
Unity Bancorp, Inc. |
440 | 5,504 | ||||||
|
Univest Financial Corp. |
1,934 | 29,571 | ||||||
|
Valley National Bancorp |
24,672 | 184,300 | ||||||
|
Veritex Holdings, Inc. |
2,717 | 45,428 | ||||||
|
Washington Trust Bancorp, Inc. |
1,041 | 34,707 | ||||||
|
Webster Financial Corp. |
5,174 | 141,095 | ||||||
|
WesBanco, Inc. |
3,884 | 77,020 | ||||||
|
West BanCorp., Inc. |
1,048 | 17,198 | ||||||
|
Westamerica BanCorp |
1,474 | 88,971 | ||||||
|
Western Alliance Bancorp |
5,653 | 203,225 | ||||||
|
Wintrust Financial Corp. |
3,628 | 155,278 | ||||||
|
Zions Bancorp. NA |
9,589 | 311,355 | ||||||
|
|
|
|||||||
| 13,396,953 | ||||||||
| Beverages — 0.3% | ||||||||
|
Boston Beer Co., Inc., Class A(a)(b) |
510 | 413,325 | ||||||
|
Celsius Holdings, Inc.(a) |
1,969 | 28,885 | ||||||
|
Coca-Cola Consolidated, Inc. |
268 | 61,522 | ||||||
|
Craft Brew Alliance, Inc.(a)(b) |
567 | 8,397 | ||||||
|
MGP Ingredients, Inc.(b) |
757 | 27,457 | ||||||
|
National Beverage Corp.(a)(b) |
691 | 44,328 | ||||||
|
New Age Beverages Corp.(b) |
5,979 | 13,572 | ||||||
|
Primo Water Corp.(b) |
9,454 | 134,341 | ||||||
|
|
|
|||||||
| 731,827 | ||||||||
| Biotechnology — 6.0% | ||||||||
|
89bio, Inc.(a) |
127 | 3,858 | ||||||
|
Abeona Therapeutics, Inc.(a) |
2,644 | 7,535 | ||||||
|
ACADIA Pharmaceuticals, Inc.(a)(b) |
6,496 | 270,039 | ||||||
|
Acceleron Pharma, Inc.(a) |
2,938 | 291,361 | ||||||
|
ADMA Biologics, Inc.(a) |
3,350 | 11,960 | ||||||
|
Aduro Biotech, Inc.(a) |
3,291 | 9,281 | ||||||
|
Adverum Biotechnologies, Inc.(a) |
4,162 | 69,797 | ||||||
|
Aeglea BioTherapeutics, Inc.(a) |
2,391 | 16,378 | ||||||
|
Affimed NV(a) |
4,645 | 16,397 | ||||||
|
Agenus, Inc.(a) |
8,302 | 25,238 | ||||||
|
Agios Pharmaceuticals, Inc.(a) |
3,714 | 168,318 | ||||||
|
Aimmune Therapeutics, Inc.(a)(b) |
2,655 | 35,073 | ||||||
|
Akcea Therapeutics, Inc.(a)(b) |
973 | 10,547 | ||||||
|
Akebia Therapeutics, Inc.(a) |
7,421 | 82,893 | ||||||
|
Akero Therapeutics, Inc.(a) |
639 | 22,435 | ||||||
|
Albireo Pharma, Inc.(a)(b) |
784 | 22,156 | ||||||
|
Alector, Inc.(a) |
2,636 | 41,306 | ||||||
|
Alkermes PLC(a) |
9,576 | 172,464 | ||||||
|
Allakos, Inc.(a)(b) |
1,387 | 104,122 | ||||||
|
Allogene Therapeutics, Inc.(a) |
2,935 | 107,626 | ||||||
|
AMAG Pharmaceuticals, Inc.(a) |
1,473 | 14,075 | ||||||
|
Amicus Therapeutics, Inc.(a) |
15,052 | 217,501 | ||||||
|
AnaptysBio, Inc.(a) |
1,213 | 21,785 | ||||||
|
Anavex Life Sciences Corp.(a)(b) |
3,342 | 14,103 | ||||||
|
Apellis Pharmaceuticals, Inc.(a) |
3,419 | 88,518 | ||||||
|
Applied Genetic Technologies Corp.(a) |
1,341 | 7,080 | ||||||
|
Applied Therapeutics, Inc.(a) |
753 | 19,427 | ||||||
|
Aprea Therapeutics, Inc.(a) |
553 | 15,169 | ||||||
|
Aptinyx, Inc.(a) |
1,401 | 5,282 | ||||||
|
Aravive, Inc.(a) |
686 | 4,041 | ||||||
|
Arcturus Therapeutics Holdings Ltd.(a) |
736 | 38,441 | ||||||
|
Arcus Biosciences, Inc.(a) |
1,828 | 35,975 | ||||||
|
SCHEDULES OF INVESTMENTS |
25 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Biotechnology (continued) | ||||||||
|
Arcutis Biotherapeutics, Inc.(a)(b) |
494 | $ | 13,190 | |||||
|
Ardelyx, Inc.(a) |
4,121 | 23,284 | ||||||
|
Arena Pharmaceuticals, Inc.(a) |
3,369 | 206,823 | ||||||
|
Arrowhead Pharmaceuticals, Inc.(a) |
5,895 | 253,898 | ||||||
|
Atara Biotherapeutics, Inc.(a) |
3,287 | 40,726 | ||||||
|
Athenex, Inc.(a) |
4,364 | 46,302 | ||||||
|
Athersys, Inc.(a) |
12,315 | 31,526 | ||||||
|
Atreca, Inc., Class A(a) |
1,217 | 15,760 | ||||||
|
AVEO Pharmaceuticals, Inc.(a) |
841 | 3,583 | ||||||
|
Avid Bioservices, Inc.(a) |
3,564 | 26,445 | ||||||
|
Avrobio, Inc.(a) |
1,762 | 29,866 | ||||||
|
Axcella Health, Inc.(a) |
889 | 3,992 | ||||||
|
Beam Therapeutics, Inc.(a)(b) |
678 | 13,113 | ||||||
|
Beyondspring, Inc.(a) |
642 | 7,081 | ||||||
|
BioCryst Pharmaceuticals, Inc.(a) |
8,962 | 36,475 | ||||||
|
Biohaven Pharmaceutical Holding Co. Ltd.(a) |
2,788 | 178,544 | ||||||
|
Biospecifics Technologies Corp.(a)(b) |
373 | 23,372 | ||||||
|
Bioxcel Therapeutics, Inc.(a) |
597 | 27,080 | ||||||
|
Black Diamond Therapeutics, Inc.(a) |
740 | 20,587 | ||||||
|
Bluebird Bio, Inc.(a)(b) |
3,704 | 224,833 | ||||||
|
Blueprint Medicines Corp.(a) |
3,087 | 225,907 | ||||||
|
BrainStorm Cell Therapeutics, Inc.(a)(b) |
1,503 | 20,366 | ||||||
|
Bridgebio Pharma, Inc.(a) |
4,370 | 122,972 | ||||||
|
Cabaletta Bio, Inc.(a) |
849 | 9,704 | ||||||
|
Calithera Biosciences, Inc.(a) |
3,773 | 17,733 | ||||||
|
Calyxt, Inc.(a)(b) |
478 | 2,108 | ||||||
|
CareDx, Inc.(a)(b) |
2,445 | 81,541 | ||||||
|
CASI Pharmaceuticals, Inc.(a) |
3,905 | 7,537 | ||||||
|
Castle Biosciences, Inc.(a) |
722 | 27,956 | ||||||
|
Catabasis Pharmaceuticals, Inc.(a) |
1,034 | 5,977 | ||||||
|
Catalyst Biosciences, Inc.(a) |
1,015 | 5,187 | ||||||
|
Catalyst Pharmaceuticals, Inc.(a) |
5,721 | 24,600 | ||||||
|
CEL-SCI Corp.(a)(b) |
2,228 | 27,872 | ||||||
|
Cellular Biomedicine Group, Inc.(a) |
603 | 7,942 | ||||||
|
Centogene NV(a) |
346 | 4,394 | ||||||
|
Checkpoint Therapeutics, Inc.(a) |
1,158 | 2,606 | ||||||
|
ChemoCentryx, Inc.(a) |
2,665 | 140,472 | ||||||
|
Chiasma, Inc.(a) |
2,155 | 9,417 | ||||||
|
Chimerix, Inc.(a) |
3,328 | 10,350 | ||||||
|
Cidara Therapeutics, Inc.(a) |
1,880 | 6,862 | ||||||
|
Clovis Oncology, Inc.(a)(b) |
4,130 | 23,913 | ||||||
|
Cohbar, Inc.(a) |
2,014 | 3,001 | ||||||
|
Coherus Biosciences, Inc.(a) |
3,334 | 58,645 | ||||||
|
Concert Pharmaceuticals, Inc.(a)(b) |
1,705 | 15,805 | ||||||
|
Constellation Pharmaceuticals, Inc.(a) |
1,525 | 41,007 | ||||||
|
Contra GTX, Inc.(b)(c) |
23 | 47 | ||||||
|
ContraFect Corp.(a) |
781 | 4,342 | ||||||
|
Corbus Pharmaceuticals Holdings, Inc.(a) |
3,727 | 23,368 | ||||||
|
Cortexyme, Inc.(a)(b) |
899 | 35,825 | ||||||
|
Crinetics Pharmaceuticals, Inc.(a)(b) |
1,546 | 21,458 | ||||||
|
Cue Biopharma, Inc.(a) |
1,564 | 29,575 | ||||||
|
Cyclerion Therapeutics, Inc.(a) |
984 | 3,759 | ||||||
|
Cytokinetics, Inc.(a) |
3,193 | 69,033 | ||||||
|
CytomX Therapeutics, Inc.(a)(b) |
2,816 | 19,740 | ||||||
|
Deciphera Pharmaceuticals, Inc.(a) |
2,252 | 104,425 | ||||||
|
Denali Therapeutics, Inc.(a) |
3,577 | 83,773 | ||||||
|
Dermtech, Inc.(a) |
462 | 4,893 | ||||||
|
Dicerna Pharmaceuticals, Inc.(a) |
3,702 | 79,593 | ||||||
|
Dyadic International, Inc.(a) |
1,100 | 9,548 | ||||||
|
Dynavax Technologies Corp.(a)(b) |
5,331 | 43,234 | ||||||
|
Eagle Pharmaceuticals, Inc.(a) |
647 | 30,014 | ||||||
|
Editas Medicine, Inc.(a)(b) |
3,165 | 92,924 | ||||||
|
Eidos Therapeutics, Inc.(a) |
659 | 26,426 | ||||||
|
Eiger Biopharmaceuticals, Inc.(a) |
1,515 | 15,226 | ||||||
| Security | Shares | Value | ||||||
| Biotechnology (continued) | ||||||||
|
Emergent Biosolutions, Inc.(a) |
2,653 | $ | 295,120 | |||||
|
Enanta Pharmaceuticals, Inc.(a) |
1,112 | 50,985 | ||||||
|
Enochian Biosciences, Inc.(a) |
782 | 3,011 | ||||||
|
Epizyme, Inc.(a) |
5,084 | 70,363 | ||||||
|
Esperion Therapeutics, Inc.(a)(b) |
1,523 | 57,310 | ||||||
|
Evelo Biosciences, Inc.(a)(b) |
541 | 2,061 | ||||||
|
Exelixis, Inc.(a) |
17,943 | 414,304 | ||||||
|
Exicure, Inc.(a) |
3,361 | 7,529 | ||||||
|
Fate Therapeutics, Inc.(a) |
3,567 | 111,540 | ||||||
|
Fennec Pharmaceuticals, Inc.(a) |
1,219 | 10,294 | ||||||
|
FibroGen, Inc.(a) |
4,952 | 200,407 | ||||||
|
Five Prime Therapeutics, Inc.(a) |
1,464 | 8,638 | ||||||
|
Flexion Therapeutics, Inc.(a)(b) |
1,989 | 26,991 | ||||||
|
Fortress Biotech, Inc.(a) |
3,272 | 9,080 | ||||||
|
Frequency Therapeutics, Inc.(a) |
1,606 | 33,951 | ||||||
|
G1 Therapeutics, Inc.(a)(b) |
2,035 | 29,853 | ||||||
|
Galectin Therapeutics, Inc.(a)(b) |
2,234 | 5,831 | ||||||
|
Galera Therapeutics, Inc.(a) |
524 | 3,647 | ||||||
|
Genprex, Inc.(a)(b) |
1,610 | 5,426 | ||||||
|
Geron Corp.(a)(b) |
11,413 | 18,147 | ||||||
|
Global Blood Therapeutics, Inc.(a)(b) |
3,506 | 236,585 | ||||||
|
GlycoMimetics, Inc.(a) |
1,412 | 5,563 | ||||||
|
Gossamer Bio, Inc.(a) |
2,833 | 33,769 | ||||||
|
Gritstone Oncology, Inc.(a) |
2,023 | 6,484 | ||||||
|
Halozyme Therapeutics, Inc.(a) |
8,313 | 226,030 | ||||||
|
Harpoon Therapeutics, Inc.(a) |
601 | 6,617 | ||||||
|
Heron Therapeutics, Inc.(a)(b) |
5,002 | 81,483 | ||||||
|
Homology Medicines, Inc.(a) |
1,934 | 25,432 | ||||||
|
Hookipa Pharma, Inc.(a)(b) |
883 | 8,530 | ||||||
|
iBio, Inc.(a)(b) |
3,305 | 14,674 | ||||||
|
Ideaya Biosciences, Inc.(a) |
686 | 8,650 | ||||||
|
IGM Biosciences, Inc.(a) |
400 | 20,104 | ||||||
|
Immunic, Inc.(a)(b) |
326 | 5,607 | ||||||
|
ImmunoGen, Inc.(a) |
9,858 | 40,516 | ||||||
|
Immunomedics, Inc.(a)(b) |
12,167 | 513,812 | ||||||
|
Immunovant, Inc.(a) |
1,078 | 24,374 | ||||||
|
Inovio Pharmaceuticals, Inc.(a)(b) |
8,454 | 164,346 | ||||||
|
Insmed, Inc.(a) |
5,762 | 150,503 | ||||||
|
Intellia Therapeutics, Inc.(a)(b) |
2,502 | 44,561 | ||||||
|
Intercept Pharmaceuticals, Inc.(a)(b) |
1,477 | 67,410 | ||||||
|
Invitae Corp.(a)(b) |
6,840 | 199,728 | ||||||
|
Ionis Pharmaceuticals, Inc.(a) |
7,786 | 448,162 | ||||||
|
Iovance Biotherapeutics, Inc.(a)(b) |
7,747 | 225,205 | ||||||
|
Ironwood Pharmaceuticals, Inc.(a) |
9,108 | 83,520 | ||||||
|
IVERIC bio, Inc.(a) |
2,545 | 10,205 | ||||||
|
Jounce Therapeutics, Inc.(a) |
663 | 3,037 | ||||||
|
Kadmon Holdings, Inc.(a) |
9,496 | 34,755 | ||||||
|
KalVista Pharmaceuticals, Inc.(a) |
663 | 6,517 | ||||||
|
Karuna Therapeutics, Inc.(a) |
943 | 77,137 | ||||||
|
Karyopharm Therapeutics, Inc.(a) |
3,994 | 64,104 | ||||||
|
Keros Therapeutics, Inc.(a) |
393 | 12,615 | ||||||
|
Kezar Life Sciences, Inc.(a) |
1,483 | 6,481 | ||||||
|
Kindred Biosciences, Inc.(a) |
1,751 | 5,761 | ||||||
|
Kiniksa Pharmaceuticals Ltd., Class A(a)(b) |
1,088 | 21,238 | ||||||
|
Kodiak Sciences, Inc.(a)(b) |
1,656 | 76,722 | ||||||
|
Krystal Biotech, Inc.(a) |
725 | 29,935 | ||||||
|
Kura Oncology, Inc.(a)(b) |
3,029 | 49,797 | ||||||
|
La Jolla Pharmaceutical Co.(a)(b) |
861 | 3,427 | ||||||
|
Lexicon Pharmaceuticals, Inc.(a)(b) |
1,794 | 3,480 | ||||||
|
Ligand Pharmaceuticals, Inc.(a) |
829 | 97,142 | ||||||
|
LogicBio Therapeutics, Inc.(a) |
379 | 2,971 | ||||||
|
MacroGenics, Inc.(a) |
2,815 | 71,501 | ||||||
|
Madrigal Pharmaceuticals, Inc.(a) |
503 | 51,613 | ||||||
|
Magenta Therapeutics, Inc.(a) |
858 | 6,023 | ||||||
| 26 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Biotechnology (continued) | ||||||||
|
MannKind Corp.(a) |
13,102 | $ | 20,439 | |||||
|
Marker Therapeutics, Inc.(a)(b) |
1,128 | 2,267 | ||||||
|
MediciNova, Inc.(a) |
1,987 | 12,359 | ||||||
|
MEI Pharma, Inc.(a) |
5,661 | 15,709 | ||||||
|
MeiraGTx Holdings PLC(a) |
1,176 | 15,276 | ||||||
|
Mersana Therapeutics, Inc.(a) |
2,588 | 51,449 | ||||||
|
Minerva Neurosciences, Inc.(a)(b) |
1,952 | 6,803 | ||||||
|
Mirati Therapeutics, Inc.(a) |
2,168 | 263,000 | ||||||
|
Mirum Pharmaceuticals, Inc.(a) |
259 | 5,719 | ||||||
|
Molecular Templates, Inc.(a) |
1,368 | 15,007 | ||||||
|
Momenta Pharmaceuticals, Inc.(a) |
6,964 | 205,368 | ||||||
|
Morphic Holding, Inc.(a)(b) |
783 | 17,625 | ||||||
|
Mustang Bio, Inc.(a) |
1,547 | 4,765 | ||||||
|
Myriad Genetics, Inc.(a) |
3,958 | 47,773 | ||||||
|
NantKwest, Inc.(a)(b) |
1,622 | 18,134 | ||||||
|
Natera, Inc.(a) |
4,138 | 198,707 | ||||||
|
Neoleukin Therapeutics, Inc.(a)(b) |
1,675 | 16,214 | ||||||
|
Neubase Therapeutics, Inc.(a) |
974 | 7,242 | ||||||
|
Neurocrine Biosciences, Inc.(a) |
5,439 | 654,638 | ||||||
|
NextCure, Inc.(a) |
869 | 7,751 | ||||||
|
Novavax, Inc.(a) |
3,419 | 489,259 | ||||||
|
Nymox Pharmaceutical Corp.(a) |
2,224 | 7,161 | ||||||
|
Oncocyte Corp.(a) |
2,482 | 3,351 | ||||||
|
OPKO Health, Inc.(a)(b) |
22,707 | 116,941 | ||||||
|
Organogenesis Holdings, Inc.(a)(b) |
528 | 1,943 | ||||||
|
Orgenesis, Inc.(a) |
1,020 | 5,630 | ||||||
|
ORIC Pharmaceuticals, Inc.(a) |
491 | 9,854 | ||||||
|
Ovid therapeutics, Inc.(a) |
2,415 | 15,577 | ||||||
|
Oyster Point Pharma, Inc.(a) |
274 | 6,129 | ||||||
|
Passage Bio, Inc.(a) |
773 | 12,090 | ||||||
|
PDL BioPharma, Inc.(a) |
6,989 | 22,225 | ||||||
|
Pfenex, Inc.(a) |
2,000 | 14,180 | ||||||
|
PhaseBio Pharmaceuticals, Inc.(a)(b) |
571 | 2,284 | ||||||
|
Pieris Pharmaceuticals, Inc.(a) |
2,480 | 6,374 | ||||||
|
Precigen, Inc.(a)(b) |
3,885 | 16,356 | ||||||
|
Precision BioSciences, Inc.(a) |
2,601 | 16,542 | ||||||
|
Prevail Therapeutics, Inc.(a) |
950 | 14,222 | ||||||
|
Principia Biopharma, Inc.(a) |
1,675 | 140,030 | ||||||
|
Protagonist Therapeutics, Inc.(a) |
1,290 | 20,292 | ||||||
|
Prothena Corp. PLC(a) |
1,951 | 23,880 | ||||||
|
PTC Therapeutics, Inc.(a) |
3,518 | 162,989 | ||||||
|
Puma Biotechnology, Inc.(a) |
1,922 | 19,816 | ||||||
|
Radius Health, Inc.(a) |
2,595 | 32,567 | ||||||
|
Rapt Therapeutics, Inc.(a) |
623 | 13,457 | ||||||
|
Recro Pharma, Inc.(a) |
960 | 3,926 | ||||||
|
REGENXBIO, Inc.(a) |
1,980 | 65,538 | ||||||
|
Replimune Group, Inc.(a) |
983 | 19,631 | ||||||
|
Retrophin, Inc.(a) |
2,373 | 47,175 | ||||||
|
Revolution Medicines, Inc.(a) |
1,018 | 24,554 | ||||||
|
Rhythm Pharmaceuticals, Inc.(a) |
1,922 | 36,941 | ||||||
|
Rigel Pharmaceuticals, Inc.(a) |
10,638 | 24,467 | ||||||
|
Rocket Pharmaceuticals, Inc.(a)(b) |
2,053 | 48,307 | ||||||
|
Rubius Therapeutics, Inc.(a) |
1,843 | 9,049 | ||||||
|
Sage Therapeutics, Inc.(a) |
3,163 | 144,138 | ||||||
|
Sangamo Therapeutics, Inc.(a) |
6,811 | 73,763 | ||||||
|
Sarepta Therapeutics, Inc.(a)(b) |
4,390 | 673,953 | ||||||
|
Savara, Inc.(a) |
1,819 | 3,620 | ||||||
|
Scholar Rock Holding Corp.(a) |
1,300 | 14,677 | ||||||
|
Selecta Biosciences, Inc.(a) |
3,826 | 9,106 | ||||||
|
Seres Therapeutics, Inc.(a) |
2,903 | 10,857 | ||||||
|
Soleno Therapeutics, Inc.(a) |
2,648 | 4,555 | ||||||
|
Solid Biosciences, Inc.(a) |
943 | 2,480 | ||||||
|
Sorrento Therapeutics, Inc.(a)(b) |
10,017 | 89,352 | ||||||
|
Spectrum Pharmaceuticals, Inc.(a)(b) |
6,822 | 20,398 | ||||||
| Security | Shares | Value | ||||||
| Biotechnology (continued) | ||||||||
|
Spero Therapeutics, Inc.(a) |
981 | $ | 11,478 | |||||
|
SpringWorks Therapeutics, Inc.(a) |
1,206 | 51,412 | ||||||
|
Stoke Therapeutics, Inc.(a) |
717 | 18,061 | ||||||
|
Strongbridge Biopharma PLC(a) |
1,475 | 4,971 | ||||||
|
Sutro Biopharma, Inc.(a) |
1,034 | 8,034 | ||||||
|
Syndax Pharmaceuticals, Inc.(a) |
1,546 | 21,814 | ||||||
|
Syros Pharmaceuticals, Inc.(a) |
2,362 | 22,415 | ||||||
|
TCR2 Therapeutics, Inc.(a) |
930 | 15,578 | ||||||
|
TG Therapeutics, Inc.(a) |
5,509 | 107,866 | ||||||
|
Translate Bio, Inc.(a) |
2,883 | 43,793 | ||||||
|
Turning Point Therapeutics, Inc.(a) |
1,585 | 93,880 | ||||||
|
Twist Bioscience Corp.(a)(b) |
1,703 | 95,436 | ||||||
|
Tyme Technologies, Inc.(a)(b) |
3,461 | 4,119 | ||||||
|
Ultragenyx Pharmaceutical, Inc.(a)(b) |
3,372 | 263,556 | ||||||
|
United Therapeutics Corp.(a) |
2,576 | 287,147 | ||||||
|
UNITY Biotechnology, Inc.(a) |
1,938 | 18,275 | ||||||
|
UroGen Pharma Ltd.(a) |
1,084 | 23,946 | ||||||
|
Vanda Pharmaceuticals, Inc.(a) |
3,016 | 30,401 | ||||||
|
Vaxart, Inc.(a) |
2,512 | 23,588 | ||||||
|
VBI Vaccines, Inc.(a) |
9,803 | 39,898 | ||||||
|
Veracyte, Inc.(a) |
2,856 | 101,874 | ||||||
|
Verastem, Inc.(a) |
9,309 | 12,474 | ||||||
|
Vericel Corp.(a) |
2,576 | 42,478 | ||||||
|
Viela Bio, Inc.(a)(b) |
1,139 | 41,699 | ||||||
|
Viking Therapeutics, Inc.(a)(b) |
3,796 | 26,648 | ||||||
|
Vir Biotechnology, Inc.(a) |
2,635 | 125,848 | ||||||
|
Voyager Therapeutics, Inc.(a) |
1,522 | 16,849 | ||||||
|
X4 Pharmaceuticals, Inc.(a) |
810 | 6,010 | ||||||
|
XBiotech, Inc.(a)(b) |
641 | 9,320 | ||||||
|
Xencor, Inc.(a) |
3,168 | 95,325 | ||||||
|
XOMA Corp.(a)(b) |
347 | 5,795 | ||||||
|
Y-mAbs Therapeutics, Inc.(a) |
1,706 | 59,932 | ||||||
|
Zentalis Pharmaceuticals, Inc.(a) |
583 | 20,114 | ||||||
|
ZIOPHARM Oncology, Inc.(a) |
12,300 | 36,531 | ||||||
|
|
|
|||||||
| 15,310,798 | ||||||||
| Building Products — 1.9% | ||||||||
|
AAON, Inc.(b) |
2,340 | 138,645 | ||||||
|
Advanced Drainage Systems, Inc. |
2,802 | 137,298 | ||||||
|
Allegion PLC |
5,402 | 537,283 | ||||||
|
Alpha Pro Tech Ltd.(a) |
711 | 15,478 | ||||||
|
Ameresco, Inc., Class A(a) |
1,399 | 38,724 | ||||||
|
American Woodmark Corp.(a) |
1,152 | 92,874 | ||||||
|
AO Smith Corp. |
7,744 | 372,796 | ||||||
|
Apogee Enterprises, Inc. |
1,500 | 32,385 | ||||||
|
Armstrong World Industries, Inc. |
2,725 | 194,129 | ||||||
|
Builders FirstSource, Inc.(a) |
7,031 | 166,564 | ||||||
|
Caesarstone Ltd. |
1,162 | 13,328 | ||||||
|
Cornerstone Building Brands, Inc.(a)(b) |
2,278 | 12,916 | ||||||
|
CSW Industrials, Inc. |
815 | 54,434 | ||||||
|
Fortune Brands Home & Security, Inc. |
8,102 | 619,803 | ||||||
|
Gibraltar Industries, Inc.(a) |
1,869 | 96,665 | ||||||
|
Griffon Corp. |
2,124 | 48,576 | ||||||
|
Insteel Industries, Inc. |
1,155 | 21,529 | ||||||
|
JELD-WEN Holding, Inc.(a) |
3,905 | 76,538 | ||||||
|
Lennox International, Inc. |
2,019 | 541,375 | ||||||
|
Masonite International Corp.(a) |
1,406 | 118,596 | ||||||
|
Owens Corning |
6,341 | 383,440 | ||||||
|
Patrick Industries, Inc. |
1,276 | 81,600 | ||||||
|
PGT Innovations, Inc.(a) |
3,211 | 54,812 | ||||||
|
Quanex Building Products Corp. |
1,894 | 26,611 | ||||||
|
Resideo Technologies, Inc.(a)(b) |
7,629 | 101,313 | ||||||
|
Simpson Manufacturing Co., Inc. |
2,473 | 238,793 | ||||||
|
Trex Co., Inc.(a) |
3,396 | 473,165 | ||||||
|
SCHEDULES OF INVESTMENTS |
27 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Building Products (continued) | ||||||||
|
UFP Industries, Inc. |
3,566 | $ | 207,613 | |||||
|
|
|
|||||||
| 4,897,283 | ||||||||
| Capital Markets — 1.6% | ||||||||
|
Affiliated Managers Group, Inc. |
2,684 | 184,632 | ||||||
|
Ares Management Corp., Class A |
5,772 | 230,534 | ||||||
|
Arlington Asset Investment Corp., Class A |
1,624 | 4,417 | ||||||
|
Artisan Partners Asset Management, Inc., Class A |
3,105 | 112,494 | ||||||
|
AssetMark Financial Holdings(a) |
953 | 26,541 | ||||||
|
Associated Capital Group, Inc., Class A |
121 | 4,893 | ||||||
|
B. Riley Financial, Inc. |
1,208 | 30,816 | ||||||
|
BGC Partners, Inc., Class A |
18,403 | 50,976 | ||||||
|
Blucora, Inc.(a) |
2,731 | 32,199 | ||||||
|
BrightSphere Investment Group PLC(a) |
3,160 | 42,470 | ||||||
|
Calamos Asset Management, Inc.(c) |
339 | — | ||||||
|
Carlyle Group, Inc. |
6,650 | 189,326 | ||||||
|
Cohen & Steers, Inc. |
1,395 | 83,951 | ||||||
|
Cowen, Inc., Class A |
1,693 | 27,884 | ||||||
|
Diamond Hill Investment Group, Inc. |
163 | 18,587 | ||||||
|
Donnelley Financial Solutions, Inc.(a) |
1,549 | 13,399 | ||||||
|
Eaton Vance Corp. |
6,531 | 236,030 | ||||||
|
Evercore, Inc., Class A |
2,450 | 135,485 | ||||||
|
Federated Hermes, Inc. |
5,538 | 145,982 | ||||||
|
Focus Financial Partners, Inc., Class A(a) |
2,122 | 78,408 | ||||||
|
GAMCO Investors, Inc., Class A |
288 | 3,396 | ||||||
|
Greenhill & Co., Inc. |
761 | 9,117 | ||||||
|
Hamilton Lane, Inc., Class A |
1,268 | 91,600 | ||||||
|
Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
4,031 | 141,206 | ||||||
|
Houlihan Lokey, Inc. |
2,518 | 137,986 | ||||||
|
Invesco Ltd. |
22,288 | 223,772 | ||||||
|
Lazard Ltd., Class A |
5,793 | 169,851 | ||||||
|
Legg Mason, Inc. |
4,906 | 245,251 | ||||||
|
LPL Financial Holdings, Inc. |
4,616 | 364,756 | ||||||
|
Moelis & Co., Class A |
3,017 | 89,877 | ||||||
|
Oppenheimer Holdings, Inc., Class A |
470 | 9,959 | ||||||
|
Piper Sandler Cos |
1,018 | 63,024 | ||||||
|
PJT Partners, Inc., Class A |
1,349 | 72,212 | ||||||
|
Pzena Investment Management, Inc., Class A |
654 | 3,427 | ||||||
|
Safeguard Scientifics, Inc. |
1,114 | 6,339 | ||||||
|
Sculptor Capital Management, Inc. |
1,201 | 14,928 | ||||||
|
SEI Investments Co. |
6,767 | 354,117 | ||||||
|
Siebert Financial Corp.(a) |
466 | 1,612 | ||||||
|
Silvercrest Asset Management Group, Inc., Class A |
714 | 7,854 | ||||||
|
Stifel Financial Corp. |
3,825 | 185,436 | ||||||
|
Stonex Group, Inc.(a) |
925 | 48,544 | ||||||
|
Virtu Financial, Inc., Class A |
3,574 | 88,635 | ||||||
|
Virtus Investment Partners, Inc. |
421 | 57,222 | ||||||
|
Waddell & Reed Financial, Inc., Class A |
3,766 | 54,946 | ||||||
|
Westwood Holdings Group, Inc. |
391 | 4,442 | ||||||
|
WisdomTree Investments, Inc. |
8,377 | 30,157 | ||||||
|
|
|
|||||||
| 4,128,690 | ||||||||
| Chemicals — 2.3% | ||||||||
|
Advanced Emissions Solutions, Inc. |
699 | 2,908 | ||||||
|
AdvanSix, Inc.(a) |
1,379 | 17,169 | ||||||
|
AgroFresh Solutions, Inc.(a) |
1,675 | 4,087 | ||||||
|
Albemarle Corp. |
6,180 | 509,603 | ||||||
|
American Vanguard Corp. |
1,787 | 24,053 | ||||||
|
Ashland Global Holdings, Inc. |
3,280 | 247,574 | ||||||
|
Avient Corp. |
5,235 | 125,116 | ||||||
|
Axalta Coating Systems Ltd.(a) |
12,043 | 267,355 | ||||||
|
Balchem Corp. |
1,907 | 191,196 | ||||||
|
Cabot Corp. |
3,594 | 131,109 | ||||||
|
CF Industries Holdings, Inc. |
12,699 | 397,860 | ||||||
|
Chase Corp. |
426 | 42,839 | ||||||
| Security | Shares | Value | ||||||
| Chemicals (continued) | ||||||||
|
Chemours Co. |
9,830 | $ | 182,150 | |||||
|
Codexis, Inc.(a) |
3,118 | 36,886 | ||||||
|
Element Solutions, Inc.(a) |
12,511 | 135,869 | ||||||
|
Ferro Corp.(a) |
4,495 | 52,547 | ||||||
|
FutureFuel Corp. |
1,643 | 21,655 | ||||||
|
GCP Applied Technologies, Inc.(a)(b) |
2,838 | 64,763 | ||||||
|
Hawkins, Inc. |
579 | 29,836 | ||||||
|
HB Fuller Co. |
2,938 | 133,209 | ||||||
|
Huntsman Corp. |
11,922 | 220,557 | ||||||
|
Ingevity Corp.(a) |
2,373 | 138,773 | ||||||
|
Innospec, Inc. |
1,405 | 105,614 | ||||||
|
Intrepid Potash, Inc.(a)(b) |
4,093 | 3,709 | ||||||
|
Koppers Holdings, Inc.(a) |
1,190 | 29,952 | ||||||
|
Kraton Corp.(a) |
1,938 | 25,485 | ||||||
|
Kronos Worldwide, Inc. |
1,095 | 12,308 | ||||||
|
Landec Corp.(a) |
1,196 | 11,290 | ||||||
|
Livent Corp.(a) |
8,374 | 52,505 | ||||||
|
Marrone Bio Innovations, Inc.(a) |
4,139 | 4,594 | ||||||
|
Minerals Technologies, Inc. |
1,989 | 93,244 | ||||||
|
Mosaic Co. |
20,895 | 281,456 | ||||||
|
NewMarket Corp. |
393 | 147,300 | ||||||
|
Olin Corp. |
8,207 | 92,247 | ||||||
|
Orion Engineered Carbons SA |
3,632 | 37,046 | ||||||
|
PQ Group Holdings, Inc.(a) |
2,294 | 28,147 | ||||||
|
Quaker Chemical Corp. |
754 | 146,276 | ||||||
|
Rayonier Advanced Materials, Inc. |
3,593 | 10,456 | ||||||
|
RPM International, Inc. |
7,394 | 603,276 | ||||||
|
Scotts Miracle-Gro Co. |
2,369 | 375,652 | ||||||
|
Sensient Technologies Corp. |
2,706 | 141,280 | ||||||
|
Stepan Co. |
1,227 | 133,988 | ||||||
|
Trecora Resources(a) |
1,690 | 9,717 | ||||||
|
Tredegar Corp. |
1,634 | 25,948 | ||||||
|
Trinseo SA |
2,441 | 52,970 | ||||||
|
Tronox Holdings PLC, Class A(a) |
5,287 | 40,287 | ||||||
|
Valvoline, Inc. |
10,975 | 225,207 | ||||||
|
Westlake Chemical Corp. |
2,058 | 112,161 | ||||||
|
WR Grace & Co. |
3,431 | 158,272 | ||||||
|
|
|
|||||||
| 5,937,501 | ||||||||
| Commercial Services & Supplies — 1.4% | ||||||||
|
ABM Industries, Inc. |
4,036 | 144,892 | ||||||
|
ACCO Brands Corp. |
5,075 | 33,089 | ||||||
|
ADT, Inc. |
6,401 | 55,113 | ||||||
|
Advanced Disposal Services, Inc.(a) |
4,200 | 126,672 | ||||||
|
BrightView Holdings, Inc.(a)(b) |
2,883 | 34,942 | ||||||
|
Brink’s Co. |
2,868 | 127,196 | ||||||
|
Casella Waste Systems, Inc., Class A(a) |
2,622 | 145,285 | ||||||
|
CECO Environmental Corp.(a) |
2,022 | 13,547 | ||||||
|
Cimpress PLC(a) |
1,014 | 101,400 | ||||||
|
Clean Harbors, Inc.(a) |
2,959 | 176,356 | ||||||
|
Covanta Holding Corp. |
7,011 | 68,988 | ||||||
|
Deluxe Corp. |
2,382 | 67,244 | ||||||
|
Encore Capital Group, Inc.(a) |
1,841 | 67,252 | ||||||
|
Ennis, Inc. |
1,512 | 26,158 | ||||||
|
Harsco Corp.(a) |
4,412 | 70,415 | ||||||
|
Healthcare Services Group, Inc. |
4,267 | 111,753 | ||||||
|
Heritage-Crystal Clean, Inc.(a) |
737 | 10,266 | ||||||
|
Herman Miller, Inc. |
3,398 | 79,615 | ||||||
|
HNI Corp. |
2,511 | 74,577 | ||||||
|
IAA, Inc.(a) |
7,942 | 344,286 | ||||||
|
Interface, Inc. |
4,469 | 35,663 | ||||||
|
KAR Auction Services, Inc. |
8,185 | 123,839 | ||||||
|
Kimball International, Inc., Class B |
2,253 | 24,648 | ||||||
|
Knoll, Inc. |
2,918 | 34,170 | ||||||
|
McGrath RentCorp |
1,630 | 94,572 | ||||||
| 28 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Commercial Services & Supplies (continued) | ||||||||
|
MSA Safety, Inc. |
2,148 | $ | 254,602 | |||||
|
NL Industries, Inc. |
244 | 893 | ||||||
|
Pitney Bowes, Inc. |
12,029 | 40,177 | ||||||
|
Quad/Graphics, Inc. |
1,346 | 4,186 | ||||||
|
SP Plus Corp.(a) |
1,371 | 21,785 | ||||||
|
Steelcase, Inc., Class A |
4,991 | 53,553 | ||||||
|
Stericycle, Inc.(a) |
5,398 | 326,228 | ||||||
|
Sykes Enterprises, Inc.(a) |
2,197 | 60,330 | ||||||
|
Team, Inc.(a) |
1,408 | 5,562 | ||||||
|
Tetra Tech, Inc. |
3,161 | 280,223 | ||||||
|
UniFirst Corp. |
916 | 170,816 | ||||||
|
US Ecology, Inc. |
1,798 | 62,355 | ||||||
|
Viad Corp. |
1,268 | 18,335 | ||||||
|
VSE Corp. |
593 | 16,681 | ||||||
|
|
|
|||||||
| 3,507,664 | ||||||||
| Communications Equipment — 0.9% | ||||||||
|
Acacia Communications, Inc.(a) |
2,224 | 151,188 | ||||||
|
ADTRAN, Inc. |
2,667 | 33,124 | ||||||
|
Applied Optoelectronics, Inc.(a) |
1,269 | 18,032 | ||||||
|
Bel Fuse, Inc., Class B |
434 | 5,295 | ||||||
|
CalAmp Corp.(a) |
1,662 | 13,097 | ||||||
|
Calix, Inc.(a) |
2,780 | 57,018 | ||||||
|
Cambium Networks Corp.(a) |
195 | 2,359 | ||||||
|
Casa Systems, Inc.(a) |
1,337 | 7,501 | ||||||
|
Ciena Corp.(a) |
8,957 | 533,031 | ||||||
|
Clearfield, Inc.(a) |
451 | 8,407 | ||||||
|
CommScope Holding Co., Inc.(a) |
11,102 | 103,027 | ||||||
|
Comtech Telecommunications Corp. |
1,372 | 22,528 | ||||||
|
DASAN Zhone Solutions, Inc.(a) |
819 | 8,280 | ||||||
|
Digi International, Inc.(a) |
1,791 | 21,707 | ||||||
|
EchoStar Corp., Class A(a) |
3,155 | 86,131 | ||||||
|
Extreme Networks, Inc.(a) |
6,212 | 28,265 | ||||||
|
Genasys, Inc.(a) |
1,880 | 7,896 | ||||||
|
Harmonic, Inc.(a)(b) |
5,129 | 28,620 | ||||||
|
Infinera Corp.(a) |
8,937 | 70,513 | ||||||
|
Inseego Corp.(a)(b) |
3,373 | 45,468 | ||||||
|
InterDigital, Inc. |
1,778 | 106,716 | ||||||
|
KVH Industries, Inc.(a) |
703 | 5,708 | ||||||
|
Loral Space & Communications, Inc. |
616 | 11,193 | ||||||
|
Lumentum Holdings, Inc.(a) |
4,410 | 409,380 | ||||||
|
NETGEAR, Inc.(a) |
1,666 | 51,229 | ||||||
|
PC-Tel, Inc. |
1,047 | 6,858 | ||||||
|
Plantronics, Inc. |
1,992 | 39,820 | ||||||
|
Resonant, Inc.(a) |
2,823 | 7,791 | ||||||
|
Ribbon Communications, Inc.(a) |
4,176 | 18,374 | ||||||
|
ViaSat, Inc.(a)(b) |
3,318 | 125,951 | ||||||
|
Viavi Solutions, Inc.(a) |
13,052 | 180,509 | ||||||
|
|
|
|||||||
| 2,215,016 | ||||||||
| Construction & Engineering — 1.1% | ||||||||
|
AECOM(a) |
9,038 | 327,085 | ||||||
|
Aegion Corp.(a) |
1,843 | 28,419 | ||||||
|
API Group Corp.(a)(b)(d) |
7,969 | 111,008 | ||||||
|
Arcosa, Inc. |
3,014 | 127,251 | ||||||
|
Argan, Inc. |
893 | 38,310 | ||||||
|
Comfort Systems USA, Inc. |
2,059 | 102,353 | ||||||
|
Concrete Pumping Holdings, Inc.(a) |
1,248 | 4,667 | ||||||
|
Construction Partners, Inc., Class A(a) |
1,179 | 19,512 | ||||||
|
Dycom Industries, Inc.(a) |
1,798 | 77,008 | ||||||
|
EMCOR Group, Inc. |
3,108 | 212,898 | ||||||
|
Fluor Corp. |
7,272 | 74,102 | ||||||
|
Granite Construction, Inc. |
2,706 | 45,894 | ||||||
|
Great Lakes Dredge & Dock Corp.(a) |
3,414 | 28,541 | ||||||
|
HC2 Holdings, Inc.(a) |
2,492 | 6,753 | ||||||
| Security | Shares | Value | ||||||
| Construction & Engineering (continued) | ||||||||
|
IES Holdings, Inc.(a) |
371 | $ | 8,841 | |||||
|
Jacobs Engineering Group, Inc.(b) |
7,273 | 620,750 | ||||||
|
KBR, Inc. |
8,486 | 188,729 | ||||||
|
MasTec, Inc.(a)(b) |
3,396 | 135,093 | ||||||
|
MYR Group, Inc.(a) |
961 | 35,240 | ||||||
|
Northwest Pipe Co.(a)(b) |
482 | 11,978 | ||||||
|
NV5 Global, Inc.(a)(b) |
635 | 36,030 | ||||||
|
Primoris Services Corp. |
2,761 | 44,259 | ||||||
|
Quanta Services, Inc. |
8,011 | 320,200 | ||||||
|
Sterling Construction Co., Inc.(a)(b) |
1,718 | 17,695 | ||||||
|
Tutor Perini Corp.(a)(b) |
2,453 | 28,872 | ||||||
|
WillScot Mobile Mini Holdings Corp.(a) |
10,264 | 154,576 | ||||||
|
|
|
|||||||
| 2,806,064 | ||||||||
| Construction Materials — 0.1% | ||||||||
|
Eagle Materials, Inc. |
2,522 | 202,340 | ||||||
|
Forterra, Inc.(a) |
1,279 | 16,614 | ||||||
|
Summit Materials, Inc., Class A(a) |
6,733 | 99,110 | ||||||
|
United States Lime & Minerals, Inc. |
103 | 9,291 | ||||||
|
US Concrete, Inc.(a) |
974 | 24,175 | ||||||
|
|
|
|||||||
| 351,530 | ||||||||
| Consumer Discretionary — 0.1% | ||||||||
|
Acushnet Holdings Corp. |
1,986 | 75,567 | ||||||
|
At Home Group, Inc.(a) |
2,837 | 35,236 | ||||||
|
Camping World Holdings, Inc., Class A(b) |
1,940 | 71,043 | ||||||
|
|
|
|||||||
| 181,846 | ||||||||
| Consumer Finance — 0.7% | ||||||||
|
Ally Financial, Inc. |
22,062 | 443,446 | ||||||
|
Atlanticus Holdings Corp.(a) |
357 | 2,917 | ||||||
|
Credit Acceptance Corp.(a)(b) |
596 | 278,892 | ||||||
|
Curo Group Holdings Corp. |
1,262 | 8,821 | ||||||
|
Enova International, Inc.(a) |
1,586 | 25,519 | ||||||
|
Ezcorp, Inc., Class A(a) |
3,073 | 17,578 | ||||||
|
FirstCash, Inc. |
2,469 | 142,313 | ||||||
|
Green Dot Corp., Class A(a) |
3,023 | 153,236 | ||||||
|
I3 Verticals, Inc., Class A(a) |
896 | 21,665 | ||||||
|
LendingClub Corp.(a) |
3,527 | 18,411 | ||||||
|
Navient Corp. |
11,194 | 89,104 | ||||||
|
Nelnet, Inc., Class A |
975 | 56,550 | ||||||
|
OneMain Holdings, Inc. |
3,782 | 108,543 | ||||||
|
Oportun Financial Corp.(a) |
1,105 | 15,802 | ||||||
|
PRA Group, Inc.(a) |
2,765 | 109,383 | ||||||
|
Regional Management Corp.(a) |
350 | 5,317 | ||||||
|
Santander Consumer USA Holdings, Inc. |
4,403 | 80,839 | ||||||
|
SLM Corp. |
21,553 | 145,914 | ||||||
|
World Acceptance Corp.(a) |
292 | 21,696 | ||||||
|
|
|
|||||||
| 1,745,946 | ||||||||
| Containers & Packaging — 1.4% | ||||||||
|
AptarGroup, Inc. |
3,720 | 428,544 | ||||||
|
Ardagh Group SA |
1,258 | 17,121 | ||||||
|
Avery Dennison Corp. |
4,819 | 546,185 | ||||||
|
Berry Global Group, Inc.(a) |
7,794 | 389,622 | ||||||
|
Crown Holdings, Inc.(a) |
7,543 | 539,928 | ||||||
|
Graphic Packaging Holding Co. |
16,466 | 229,536 | ||||||
|
Greif, Inc., Class A |
1,414 | 49,193 | ||||||
|
Greif, Inc., Class B |
337 | 13,241 | ||||||
|
Myers Industries, Inc. |
2,090 | 31,475 | ||||||
|
O-I Glass, Inc. |
8,944 | 93,375 | ||||||
|
Packaging Corp. of America |
5,450 | 523,854 | ||||||
|
Ranpak Holdings Corp.(a) |
1,645 | 13,440 | ||||||
|
Sealed Air Corp. |
9,236 | 329,541 | ||||||
|
Silgan Holdings, Inc. |
4,492 | 171,819 | ||||||
|
Sonoco Products Co. |
5,844 | 302,369 | ||||||
|
SCHEDULES OF INVESTMENTS |
29 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Containers & Packaging (continued) | ||||||||
|
UFP Technologies, Inc.(a) |
418 | $ | 18,033 | |||||
|
|
|
|||||||
| 3,697,276 | ||||||||
| Distributors — 0.3% | ||||||||
|
Core-Mark Holding Co., Inc. |
2,807 | 74,442 | ||||||
|
Funko, Inc., Class A(a) |
1,116 | 6,183 | ||||||
|
Greenlane Holdings, Inc., Class A(a)(b) |
193 | 745 | ||||||
|
Pool Corp. |
2,273 | 719,859 | ||||||
|
VOXX International Corp.(a) |
1,135 | 7,400 | ||||||
|
Weyco Group, Inc. |
265 | 4,881 | ||||||
|
|
|
|||||||
| 813,510 | ||||||||
| Diversified Consumer Services — 1.3% | ||||||||
|
2U, Inc.(a) |
3,709 | 174,675 | ||||||
|
Adtalem Global Education, Inc.(a) |
3,019 | 103,672 | ||||||
|
American Public Education, Inc.(a) |
857 | 24,947 | ||||||
|
Aspen Group, Inc.(a) |
1,045 | 9,196 | ||||||
|
Bright Horizons Family Solutions, Inc.(a) |
3,404 | 365,045 | ||||||
|
Carriage Services, Inc. |
1,056 | 23,348 | ||||||
|
Chegg, Inc.(a) |
7,111 | 575,778 | ||||||
|
Collectors Universe, Inc. |
599 | 22,798 | ||||||
|
Franchise Group, Inc. |
1,088 | 26,656 | ||||||
|
frontdoor, Inc.(a) |
5,058 | 212,411 | ||||||
|
Graham Holdings Co., Class B |
245 | 97,601 | ||||||
|
Grand Canyon Education, Inc.(a) |
2,777 | 246,431 | ||||||
|
H&R Block, Inc. |
11,071 | 160,530 | ||||||
|
Houghton Mifflin Harcourt Co.(a) |
7,048 | 20,862 | ||||||
|
K12, Inc.(a) |
2,281 | 104,447 | ||||||
|
Laureate Education, Inc., Class A(a) |
6,925 | 87,809 | ||||||
|
Matthews International Corp., Class A |
1,741 | 37,606 | ||||||
|
OneSpaWorld Holdings Ltd. |
2,225 | 12,371 | ||||||
|
Regis Corp.(a)(b) |
1,187 | 9,116 | ||||||
|
Service Corp. International |
10,167 | 440,841 | ||||||
|
ServiceMaster Global Holdings, Inc.(a) |
7,825 | 319,964 | ||||||
|
Strategic Education, Inc. |
1,306 | 164,830 | ||||||
|
Universal Technical Institute, Inc.(a) |
1,669 | 12,401 | ||||||
|
Vivint Smart Home, Inc.(a) |
3,981 | 61,108 | ||||||
|
WW International, Inc.(a)(b) |
2,666 | 68,730 | ||||||
|
|
|
|||||||
| 3,383,173 | ||||||||
| Diversified Financial Services — 0.7% | ||||||||
|
Alerus Financial Corp. |
903 | 17,500 | ||||||
|
Cannae Holdings, Inc.(a) |
5,010 | 188,777 | ||||||
|
FactSet Research Systems, Inc. |
2,149 | 744,199 | ||||||
|
GWG Holdings, Inc.(a) |
159 | 1,081 | ||||||
|
Jefferies Financial Group, Inc. |
13,065 | 211,653 | ||||||
|
Marlin Business Services Corp. |
464 | 3,406 | ||||||
|
Morgan Group Holding Co.(a) |
3 | 34 | ||||||
|
Morningstar, Inc. |
1,284 | 215,763 | ||||||
|
PICO Holdings, Inc.(a) |
400 | 3,248 | ||||||
|
SWK Holdings Corp.(a) |
357 | 4,505 | ||||||
|
Tiptree, Inc. |
1,087 | 5,489 | ||||||
|
Voya Financial, Inc. |
7,464 | 368,722 | ||||||
|
|
|
|||||||
| 1,764,377 | ||||||||
| Diversified Telecommunication Services — 0.4% | ||||||||
|
8x8, Inc.(a)(b) |
5,807 | 92,331 | ||||||
|
Alaska Communications Systems Group, Inc. |
3,280 | 7,478 | ||||||
|
Anterix, Inc.(a) |
784 | 34,167 | ||||||
|
ATN International, Inc. |
618 | 35,615 | ||||||
|
Bandwidth, Inc., Class A(a) |
1,095 | 158,534 | ||||||
|
Cincinnati Bell, Inc.(a) |
2,234 | 33,532 | ||||||
|
Cogent Communications Holdings, Inc. |
2,533 | 228,249 | ||||||
|
Consolidated Communications Holdings, Inc.(a) |
4,185 | 30,551 | ||||||
|
IDT Corp., Class B(a) |
677 | 4,407 | ||||||
|
Iridium Communications, Inc.(a) |
7,131 | 195,318 | ||||||
| Security | Shares | Value | ||||||
| Diversified Telecommunication Services (continued) | ||||||||
|
Ooma, Inc.(a) |
1,323 | $ | 20,030 | |||||
|
ORBCOMM, Inc.(a) |
4,190 | 17,640 | ||||||
|
Vonage Holdings Corp.(a) |
13,270 | 158,577 | ||||||
|
|
|
|||||||
| 1,016,429 | ||||||||
| Education Services — 0.0% | ||||||||
|
Perdoceo Education Corp.(a) |
4,024 | 57,946 | ||||||
|
|
|
|||||||
| Electric Utilities — 1.1% | ||||||||
|
ALLETE, Inc. |
3,258 | 193,199 | ||||||
|
Hawaiian Electric Industries, Inc. |
6,125 | 222,092 | ||||||
|
IDACORP, Inc. |
2,881 | 268,653 | ||||||
|
MGE Energy, Inc. |
1,995 | 132,328 | ||||||
|
OGE Energy Corp. |
11,683 | 384,371 | ||||||
|
Otter Tail Corp. |
2,649 | 101,324 | ||||||
|
PG&E Corp.(a) |
56,173 | 525,218 | ||||||
|
Pinnacle West Capital Corp. |
6,545 | 543,759 | ||||||
|
PNM Resources, Inc. |
4,541 | 191,766 | ||||||
|
Portland General Electric Co. |
5,133 | 226,519 | ||||||
|
Spark Energy, Inc., Class A |
861 | 6,501 | ||||||
|
Unitil Corp. |
871 | 37,584 | ||||||
|
|
|
|||||||
| 2,833,314 | ||||||||
| Electrical Equipment — 1.3% | ||||||||
|
Acuity Brands, Inc. |
2,367 | 234,570 | ||||||
|
Allied Motion Technologies, Inc. |
341 | 12,856 | ||||||
|
American Superconductor Corp.(a) |
1,537 | 14,294 | ||||||
|
Atkore International Group, Inc.(a) |
2,705 | 72,142 | ||||||
|
AZZ, Inc. |
1,440 | 45,475 | ||||||
|
Bloom Energy Corp., Class A(a)(b) |
4,848 | 58,952 | ||||||
|
Brady Corp., Class A |
2,773 | 127,475 | ||||||
|
Encore Wire Corp. |
1,130 | 56,715 | ||||||
|
EnerSys |
2,431 | 163,509 | ||||||
|
Franklin Electric Co., Inc. |
2,625 | 141,881 | ||||||
|
FuelCell Energy, Inc.(a)(b) |
12,111 | 27,007 | ||||||
|
Generac Holdings, Inc.(a) |
3,569 | 562,403 | ||||||
|
GrafTech International Ltd. |
3,582 | 21,743 | ||||||
|
Hubbell, Inc. |
3,148 | 424,886 | ||||||
|
LSI Industries, Inc. |
1,465 | 8,585 | ||||||
|
nVent Electric PLC |
8,948 | 162,496 | ||||||
|
Orion Energy Systems, Inc.(a) |
1,574 | 6,233 | ||||||
|
Plug Power, Inc.(a) |
19,350 | 149,188 | ||||||
|
Powell Industries, Inc. |
437 | 11,602 | ||||||
|
Preformed Line Products Co. |
144 | 7,093 | ||||||
|
Regal-Beloit Corp. |
2,452 | 225,510 | ||||||
|
Sensata Technologies Holding PLC(a) |
8,844 | 335,895 | ||||||
|
Sunrun, Inc.(a) |
6,617 | 242,778 | ||||||
|
Thermon Group Holdings, Inc.(a) |
1,933 | 26,192 | ||||||
|
TPI Composites, Inc.(a) |
1,738 | 44,458 | ||||||
|
Ultralife Corp.(a) |
647 | 4,594 | ||||||
|
Vertiv Holdings Co.(a) |
11,948 | 173,246 | ||||||
|
Vicor Corp.(a)(b) |
1,010 | 82,285 | ||||||
|
|
|
|||||||
| 3,444,063 | ||||||||
| Electronic Equipment, Instruments & Components — 2.6% | ||||||||
|
Agilysys, Inc.(a) |
1,021 | 21,400 | ||||||
|
Akoustis Technologies, Inc.(a)(b) |
1,978 | 15,705 | ||||||
|
Arlo Technologies, Inc.(a) |
4,033 | 17,019 | ||||||
|
Arrow Electronics, Inc.(a) |
4,606 | 329,882 | ||||||
|
Avnet, Inc. |
6,191 | 165,424 | ||||||
|
Badger Meter, Inc. |
1,665 | 104,229 | ||||||
|
Belden, Inc. |
2,523 | 79,727 | ||||||
|
Benchmark Electronics, Inc. |
2,022 | 41,168 | ||||||
|
Cognex Corp.(b) |
9,682 | 647,435 | ||||||
|
Coherent, Inc.(a) |
1,486 | 206,301 | ||||||
|
CTS Corp. |
1,845 | 36,642 | ||||||
| 30 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Electronic Equipment, Instruments & Components (continued) | ||||||||
|
Daktronics, Inc. |
1,696 | $ | 7,072 | |||||
|
Dolby Laboratories, Inc., Class A |
3,742 | 260,443 | ||||||
|
ePlus, Inc.(a) |
730 | 54,414 | ||||||
|
Fabrinet(a) |
2,096 | 152,232 | ||||||
|
FARO Technologies, Inc.(a) |
1,052 | 62,941 | ||||||
|
Fitbit, Inc., Series A(a) |
13,611 | 89,016 | ||||||
|
FLIR Systems, Inc. |
7,727 | 321,907 | ||||||
|
II-VI, Inc.(a) |
5,813 | 294,835 | ||||||
|
Insight Enterprises, Inc.(a) |
1,995 | 99,431 | ||||||
|
Intellicheck, Inc.(a) |
926 | 6,778 | ||||||
|
IntriCon Corp.(a) |
333 | 3,596 | ||||||
|
Iteris, Inc.(a) |
2,183 | 10,129 | ||||||
|
Itron, Inc.(a)(b) |
2,451 | 170,492 | ||||||
|
Jabil, Inc. |
8,724 | 304,119 | ||||||
|
Kimball Electronics, Inc.(a) |
1,238 | 16,441 | ||||||
|
Knowles Corp.(a) |
5,072 | 77,399 | ||||||
|
Littelfuse, Inc. |
1,417 | 251,730 | ||||||
|
Luna Innovations, Inc.(a) |
1,652 | 9,367 | ||||||
|
Mesa Laboratories, Inc. |
241 | 57,103 | ||||||
|
Methode Electronics, Inc. |
2,111 | 59,530 | ||||||
|
MTS Systems Corp. |
1,198 | 22,223 | ||||||
|
Napco Security Technologies, Inc.(a) |
758 | 19,996 | ||||||
|
National Instruments Corp. |
7,648 | 271,504 | ||||||
|
nLight, Inc.(a)(b) |
1,966 | 45,552 | ||||||
|
Novanta, Inc.(a) |
2,015 | 208,915 | ||||||
|
OSI Systems, Inc.(a) |
1,150 | 81,604 | ||||||
|
PAR Technology Corp.(a)(b) |
918 | 28,238 | ||||||
|
PC Connection, Inc. |
673 | 29,410 | ||||||
|
Plexus Corp.(a) |
1,649 | 122,504 | ||||||
|
Powerfleet, Inc.(a) |
1,550 | 6,944 | ||||||
|
Research Frontiers, Inc.(a) |
1,490 | 5,036 | ||||||
|
Rogers Corp.(a) |
1,157 | 137,903 | ||||||
|
Sanmina Corp.(a) |
3,845 | 114,120 | ||||||
|
ScanSource, Inc.(a) |
1,478 | 33,920 | ||||||
|
SYNNEX Corp. |
2,456 | 306,361 | ||||||
|
Trimble, Inc.(a) |
14,678 | 653,318 | ||||||
|
TTM Technologies, Inc.(a) |
5,761 | 70,918 | ||||||
|
Universal Display Corp. |
2,542 | 443,452 | ||||||
|
Vishay Intertechnology, Inc. |
8,552 | 134,181 | ||||||
|
Vishay Precision Group, Inc.(a) |
757 | 19,266 | ||||||
|
Wrap Technologies, Inc.(a)(b) |
783 | 7,673 | ||||||
|
|
|
|||||||
| 6,736,945 | ||||||||
| Energy Equipment & Services — 0.4% | ||||||||
|
Archrock, Inc. |
7,657 | 50,996 | ||||||
|
Aspen Aerogels, Inc.(a) |
1,141 | 7,245 | ||||||
|
Bristow Group, Inc.(a) |
265 | 4,243 | ||||||
|
Cactus, Inc., Class A |
2,629 | 59,468 | ||||||
|
ChampionX Corp.(a) |
10,641 | 101,196 | ||||||
|
Dril-Quip, Inc.(a) |
2,005 | 66,746 | ||||||
|
Exterran Corp.(a) |
1,275 | 6,337 | ||||||
|
Frank’s International NV(a)(b) |
9,182 | 20,935 | ||||||
|
Helix Energy Solutions Group, Inc.(a) |
8,283 | 34,706 | ||||||
|
Helmerich & Payne, Inc. |
6,007 | 107,105 | ||||||
|
Liberty Oilfield Services, Inc., Class A |
3,721 | 21,024 | ||||||
|
Matrix Service Co.(a) |
1,299 | 11,373 | ||||||
|
Nabors Industries Ltd.(b) |
326 | 13,826 | ||||||
|
National Energy Services Reunited Corp.(a) |
1,224 | 8,188 | ||||||
|
National Oilwell Varco, Inc. |
23,745 | 273,305 | ||||||
|
Newpark Resources, Inc.(a) |
5,916 | 11,181 | ||||||
|
NexTier Oilfield Solutions Inc.(a) |
9,659 | 24,341 | ||||||
|
Oceaneering International, Inc.(a) |
5,828 | 32,753 | ||||||
|
Oil States International, Inc.(a) |
3,076 | 13,780 | ||||||
|
Patterson-UTI Energy, Inc. |
9,710 | 37,626 | ||||||
| Security | Shares | Value | ||||||
| Energy Equipment & Services (continued) | ||||||||
|
ProPetro Holding Corp.(a) |
4,779 | $ | 25,663 | |||||
|
RPC, Inc.(a) |
3,965 | 11,776 | ||||||
|
SEACOR Holdings, Inc.(a) |
1,109 | 32,250 | ||||||
|
Select Energy Services, Inc., Class A(a) |
2,934 | 13,027 | ||||||
|
Solaris Oilfield Infrastructure, Inc., Class A |
1,565 | 11,362 | ||||||
|
Tidewater, Inc.(a)(b) |
1,952 | 12,141 | ||||||
|
Transocean Ltd.(a) |
34,165 | 69,697 | ||||||
|
|
|
|||||||
| 1,082,290 | ||||||||
| Entertainment — 0.1% | ||||||||
|
AMC Entertainment Holdings, Inc., Class A(b) |
2,575 | 10,403 | ||||||
|
Glu Mobile, Inc.(a) |
7,409 | 69,941 | ||||||
|
Madison Square Garden Entertainment Corp.(a) |
1,075 | 76,175 | ||||||
|
World Wrestling Entertainment, Inc., Class A |
2,802 | 130,601 | ||||||
|
|
|
|||||||
| 287,120 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 8.4% | ||||||||
|
Acadia Realty Trust |
4,848 | 58,370 | ||||||
|
Agree Realty Corp. |
3,121 | 209,013 | ||||||
|
Alexander’s, Inc. |
122 | 30,718 | ||||||
|
Alpine Income Property Trust, Inc. |
394 | 5,532 | ||||||
|
American Assets Trust, Inc. |
2,885 | 77,895 | ||||||
|
American Campus Communities, Inc. |
8,164 | 290,965 | ||||||
|
American Finance Trust, Inc. |
6,337 | 46,292 | ||||||
|
American Homes 4 Rent, Class A |
15,074 | 437,146 | ||||||
|
Americold Realty Trust |
11,704 | 472,256 | ||||||
|
Anworth Mortgage Asset Corp. |
6,659 | 12,053 | ||||||
|
Apartment Investment & Management Co., Class A |
8,761 | 340,102 | ||||||
|
Apollo Commercial Real Estate Finance, Inc. |
8,735 | 81,235 | ||||||
|
Apple Hospitality REIT, Inc. |
13,309 | 117,385 | ||||||
|
Arbor Realty Trust, Inc. |
5,872 | 59,836 | ||||||
|
Ares Commercial Real Estate Corp. |
1,785 | 16,297 | ||||||
|
Armada Hoffler Properties, Inc. |
3,407 | 32,843 | ||||||
|
ARMOUR Residential REIT, Inc. |
3,566 | 33,306 | ||||||
|
Blackstone Mortgage Trust, Inc., Class A |
8,084 | 194,582 | ||||||
|
Bluerock Residential Growth REIT, Inc. |
1,532 | 11,092 | ||||||
|
Brandywine Realty Trust |
9,776 | 105,874 | ||||||
|
Brixmor Property Group, Inc. |
17,587 | 202,426 | ||||||
|
BRT Apartments Corp. |
862 | 8,896 | ||||||
|
Camden Property Trust |
5,494 | 498,910 | ||||||
|
Capstead Mortgage Corp. |
5,946 | 36,568 | ||||||
|
Catchmark Timber Trust, Inc., Class A |
2,829 | 27,611 | ||||||
|
Chatham Lodging Trust |
2,888 | 15,046 | ||||||
|
Cherry Hill Mortgage Investment Corp. |
1,090 | 10,061 | ||||||
|
Chimera Investment Corp. |
12,015 | 108,015 | ||||||
|
CIM Commercial Trust Corp. |
546 | 5,569 | ||||||
|
City Office REIT, Inc. |
2,726 | 23,580 | ||||||
|
Clipper Realty, Inc. |
722 | 4,823 | ||||||
|
Colony Capital, Inc. |
28,410 | 54,547 | ||||||
|
Columbia Property Trust, Inc. |
6,576 | 78,649 | ||||||
|
Community Healthcare Trust, Inc. |
1,205 | 55,105 | ||||||
|
CoreCivic, Inc. |
6,877 | 61,274 | ||||||
|
CorEnergy Infrastructure Trust, Inc. |
617 | 5,405 | ||||||
|
CorePoint Lodging, Inc. |
1,741 | 9,732 | ||||||
|
CoreSite Realty Corp. |
2,359 | 304,429 | ||||||
|
Corporate Office Properties Trust |
6,866 | 181,812 | ||||||
|
Cousins Properties, Inc. |
8,738 | 268,431 | ||||||
|
CubeSmart |
11,297 | 335,182 | ||||||
|
CyrusOne, Inc. |
6,728 | 561,250 | ||||||
|
DiamondRock Hospitality Co. |
11,270 | 52,067 | ||||||
|
Diversified Healthcare Trust |
12,682 | 49,396 | ||||||
|
Douglas Emmett, Inc. |
9,784 | 285,106 | ||||||
|
Easterly Government Properties, Inc. |
4,613 | 112,788 | ||||||
|
EastGroup Properties, Inc. |
2,256 | 299,281 | ||||||
|
Ellington Residential Mortgage REIT |
486 | 5,370 | ||||||
|
SCHEDULES OF INVESTMENTS |
31 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
|
Empire State Realty Trust, Inc., Class A |
8,519 | $ | 56,225 | |||||
|
EPR Properties |
4,698 | 134,504 | ||||||
|
Equity Commonwealth |
6,913 | 218,243 | ||||||
|
Equity LifeStyle Properties, Inc. |
10,127 | 691,877 | ||||||
|
Farmland Partners, Inc. |
1,418 | 9,798 | ||||||
|
Federal Realty Investment Trust |
4,456 | 339,993 | ||||||
|
First Industrial Realty Trust, Inc. |
7,395 | 324,788 | ||||||
|
Four Corners Property Trust, Inc. |
4,031 | 101,581 | ||||||
|
Franklin Street Properties Corp. |
5,863 | 30,781 | ||||||
|
Gaming and Leisure Properties, Inc. |
11,974 | 433,579 | ||||||
|
Geo Group, Inc. |
6,788 | 72,156 | ||||||
|
Getty Realty Corp. |
1,882 | 55,764 | ||||||
|
Gladstone Commercial Corp. |
1,989 | 36,200 | ||||||
|
Gladstone Land Corp. |
1,023 | 16,450 | ||||||
|
Global Net Lease, Inc. |
5,224 | 86,980 | ||||||
|
Healthcare Realty Trust, Inc. |
7,907 | 231,675 | ||||||
|
Healthcare Trust of America, Inc., Class A |
12,711 | 350,951 | ||||||
|
Hersha Hospitality Trust |
1,865 | 8,877 | ||||||
|
Highwoods Properties, Inc. |
6,131 | 235,063 | ||||||
|
Hudson Pacific Properties, Inc. |
8,949 | 210,928 | ||||||
|
Independence Realty Trust, Inc. |
5,422 | 62,353 | ||||||
|
Industrial Logistics Properties Trust |
3,663 | 77,326 | ||||||
|
Innovative Industrial Properties, Inc. |
952 | 99,227 | ||||||
|
Investors Real Estate Trust |
696 | 50,321 | ||||||
|
Iron Mountain, Inc. |
16,661 | 469,674 | ||||||
|
iStar, Inc. |
4,243 | 49,261 | ||||||
|
JBG SMITH Properties |
6,964 | 202,026 | ||||||
|
Jernigan Capital, Inc. |
1,146 | 16,055 | ||||||
|
Kilroy Realty Corp. |
6,724 | 391,807 | ||||||
|
Kimco Realty Corp. |
24,414 | 272,216 | ||||||
|
Kite Realty Group Trust |
4,685 | 46,241 | ||||||
|
Lamar Advertising Co., Class A |
5,057 | 332,397 | ||||||
|
Lexington Realty Trust |
15,249 | 176,888 | ||||||
|
Life Storage, Inc. |
2,662 | 261,222 | ||||||
|
LTC Properties, Inc. |
2,256 | 83,810 | ||||||
|
Macerich Co.(b) |
8,186 | 62,459 | ||||||
|
Mack-Cali Realty Corp. |
5,216 | 75,215 | ||||||
|
Medical Properties Trust, Inc. |
30,329 | 610,523 | ||||||
|
MFA Financial, Inc. |
26,646 | 70,079 | ||||||
|
Monmouth Real Estate Investment Corp. |
5,471 | 78,946 | ||||||
|
National Health Investors, Inc. |
2,630 | 163,060 | ||||||
|
National Retail Properties, Inc. |
10,121 | 358,789 | ||||||
|
National Storage Affiliates Trust |
3,513 | 108,271 | ||||||
|
New Residential Investment Corp. |
23,644 | 187,497 | ||||||
|
New Senior Investment Group, Inc. |
4,049 | 13,767 | ||||||
|
New York Mortgage Trust, Inc. |
21,521 | 56,385 | ||||||
|
NexPoint Residential Trust, Inc. |
1,237 | 47,290 | ||||||
|
Office Properties Income Trust |
2,699 | 67,880 | ||||||
|
Omega Healthcare Investors, Inc. |
13,289 | 430,298 | ||||||
|
One Liberty Properties, Inc. |
895 | 15,188 | ||||||
|
Orchid Island Capital, Inc. |
4,048 | 20,807 | ||||||
|
Outfront Media, Inc. |
8,971 | 129,272 | ||||||
|
Paramount Group, Inc. |
11,037 | 78,694 | ||||||
|
Park Hotels & Resorts, Inc. |
13,754 | 113,746 | ||||||
|
Pebblebrook Hotel Trust |
7,516 | 79,670 | ||||||
|
PennyMac Mortgage Investment Trust(g) |
5,594 | 105,447 | ||||||
|
Physicians Realty Trust |
12,057 | 217,508 | ||||||
|
Piedmont Office Realty Trust, Inc., Class A |
7,234 | 117,263 | ||||||
|
Plymouth Industrial REIT, Inc. |
793 | 10,523 | ||||||
|
PotlatchDeltic Corp. |
3,985 | 170,598 | ||||||
|
Preferred Apartment Communities, Inc., Class A |
2,917 | 21,090 | ||||||
|
PS Business Parks, Inc. |
1,141 | 157,401 | ||||||
|
QTS Realty Trust, Inc., Class A |
3,527 | 253,768 | ||||||
|
Rayonier, Inc. |
7,807 | 216,878 | ||||||
| Security | Shares | Value | ||||||
| Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
|
Redwood Trust, Inc. |
6,340 | $ | 45,204 | |||||
|
Regency Centers Corp. |
9,940 | 407,838 | ||||||
|
Retail Opportunity Investments Corp. |
7,649 | 83,145 | ||||||
|
Retail Properties of America, Inc., Class A |
12,279 | 78,094 | ||||||
|
Retail Value, Inc. |
1,101 | 13,939 | ||||||
|
Rexford Industrial Realty, Inc. |
6,778 | 318,092 | ||||||
|
RLJ Lodging Trust |
9,399 | 75,286 | ||||||
|
RPT Realty |
4,726 | 29,396 | ||||||
|
Ryman Hospitality Properties, Inc. |
2,880 | 92,218 | ||||||
|
Sabra Health Care REIT, Inc. |
12,420 | 183,071 | ||||||
|
Safehold, Inc. |
980 | 49,421 | ||||||
|
Saul Centers, Inc. |
702 | 21,558 | ||||||
|
Seritage Growth Properties, Class A(a) |
1,829 | 17,028 | ||||||
|
Service Properties Trust |
8,555 | 57,318 | ||||||
|
SITE Centers Corp. |
8,781 | 64,365 | ||||||
|
SL Green Realty Corp. |
4,431 | 206,041 | ||||||
|
Spirit Realty Capital, Inc. |
6,123 | 210,999 | ||||||
|
STAG Industrial, Inc. |
8,762 | 285,641 | ||||||
|
Starwood Property Trust, Inc. |
15,995 | 239,125 | ||||||
|
STORE Capital Corp. |
13,241 | 313,679 | ||||||
|
Summit Hotel Properties, Inc. |
5,834 | 30,220 | ||||||
|
Sunstone Hotel Investors, Inc. |
12,517 | 93,627 | ||||||
|
Tanger Factory Outlet Centers, Inc.(b) |
5,341 | 34,343 | ||||||
|
Taubman Centers, Inc. |
3,437 | 133,081 | ||||||
|
Terreno Realty Corp. |
3,789 | 230,220 | ||||||
|
UMH Properties, Inc. |
2,049 | 25,203 | ||||||
|
Uniti Group, Inc. |
11,809 | 116,909 | ||||||
|
Universal Health Realty Income Trust |
754 | 52,463 | ||||||
|
Urban Edge Properties |
6,637 | 69,556 | ||||||
|
Urstadt Biddle Properties, Inc., Class A |
1,549 | 15,196 | ||||||
|
VEREIT, Inc. |
63,704 | 414,713 | ||||||
|
VICI Properties, Inc. |
27,611 | 599,435 | ||||||
|
Washington Real Estate Investment Trust |
4,729 | 105,740 | ||||||
|
Weingarten Realty Investors |
7,665 | 130,765 | ||||||
|
Whitestone REIT |
2,346 | 15,484 | ||||||
|
Xenia Hotels & Resorts, Inc. |
6,657 | 52,990 | ||||||
|
|
|
|||||||
| 21,481,073 | ||||||||
| Food & Staples Retailing — 0.7% | ||||||||
|
Andersons, Inc. |
1,902 | 27,046 | ||||||
|
BJ’s Wholesale Club Holdings, Inc.(a) |
8,013 | 320,921 | ||||||
|
Casey’s General Stores, Inc. |
2,192 | 348,944 | ||||||
|
Chefs’ Warehouse, Inc.(a) |
1,318 | 15,197 | ||||||
|
Grocery Outlet Holding Corp.(a) |
4,155 | 182,778 | ||||||
|
HF Foods Group, Inc.(a)(b) |
2,066 | 18,305 | ||||||
|
Ingles Markets, Inc., Class A |
866 | 34,856 | ||||||
|
Natural Grocers by Vitamin Cottage, Inc. |
452 | 7,155 | ||||||
|
Performance Food Group Co.(a) |
7,738 | 216,819 | ||||||
|
PriceSmart, Inc. |
1,331 | 87,007 | ||||||
|
Rite Aid Corp.(a) |
3,147 | 47,709 | ||||||
|
SpartanNash Co. |
2,099 | 44,131 | ||||||
|
Sprouts Farmers Market, Inc.(a) |
6,776 | 178,751 | ||||||
|
U.S. Foods Holding Corp.(a) |
13,046 | 264,834 | ||||||
|
United Natural Foods, Inc.(a) |
3,059 | 60,721 | ||||||
|
Village Super Market, Inc., Class A |
675 | 17,044 | ||||||
|
Weis Markets, Inc. |
574 | 28,597 | ||||||
|
|
|
|||||||
| 1,900,815 | ||||||||
| Food Products — 1.6% | ||||||||
|
Alico, Inc. |
216 | 6,519 | ||||||
|
B&G Foods, Inc. |
3,674 | 106,215 | ||||||
|
Beyond Meat, Inc.(a)(b) |
3,035 | 382,106 | ||||||
|
Bridgford Foods Corp.(a) |
72 | 1,159 | ||||||
|
Bunge Ltd. |
8,170 | 354,905 | ||||||
|
Cal-Maine Foods, Inc.(a) |
1,848 | 81,210 | ||||||
| 32 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Food Products (continued) | ||||||||
|
Calavo Growers, Inc.(b) |
1,111 | $ | 64,182 | |||||
|
Darling Ingredients, Inc.(a) |
9,185 | 256,537 | ||||||
|
Farmer Bros Co.(a) |
808 | 4,024 | ||||||
|
Flowers Foods, Inc. |
11,492 | 261,443 | ||||||
|
Fresh Del Monte Produce, Inc. |
1,814 | 40,960 | ||||||
|
Freshpet, Inc.(a) |
2,294 | 220,339 | ||||||
|
Griffin Industrial Realty, Inc. |
144 | 7,085 | ||||||
|
Hain Celestial Group, Inc.(a) |
4,697 | 159,604 | ||||||
|
Hostess Brands, Inc.(a)(b) |
6,808 | 86,325 | ||||||
|
Ingredion, Inc. |
3,943 | 341,070 | ||||||
|
J&J Snack Foods Corp. |
858 | 105,646 | ||||||
|
John B Sanfilippo & Son, Inc. |
657 | 57,928 | ||||||
|
Lamb Weston Holdings, Inc. |
8,564 | 514,525 | ||||||
|
Lancaster Colony Corp. |
1,126 | 178,572 | ||||||
|
Limoneira Co. |
1,018 | 13,723 | ||||||
|
Pilgrim’s Pride Corp.(a) |
3,048 | 46,787 | ||||||
|
Post Holdings, Inc.(a) |
3,749 | 332,686 | ||||||
|
Sanderson Farms, Inc. |
1,151 | 128,331 | ||||||
|
Seneca Foods Corp., Class A(a) |
299 | 11,715 | ||||||
|
Simply Good Foods Co.(a) |
4,866 | 116,979 | ||||||
|
Tootsie Roll Industries, Inc. |
940 | 29,798 | ||||||
|
TreeHouse Foods, Inc.(a) |
3,410 | 149,426 | ||||||
|
|
|
|||||||
| 4,059,799 | ||||||||
| Gas Utilities — 0.7% | ||||||||
|
Brookfield Infrastructure Corp., Class A |
2,072 | 94,566 | ||||||
|
Chesapeake Utilities Corp. |
902 | 76,210 | ||||||
|
National Fuel Gas Co. |
4,740 | 192,302 | ||||||
|
New Jersey Resources Corp. |
5,454 | 169,401 | ||||||
|
Northwest Natural Holding Co. |
1,741 | 93,126 | ||||||
|
ONE Gas, Inc. |
2,981 | 225,662 | ||||||
|
RGC Resources, Inc. |
365 | 8,468 | ||||||
|
South Jersey Industries, Inc. |
5,817 | 135,711 | ||||||
|
Southwest Gas Holdings, Inc. |
3,147 | 219,157 | ||||||
|
Spire, Inc. |
2,968 | 183,007 | ||||||
|
UGI Corp. |
12,219 | 407,381 | ||||||
|
|
|
|||||||
| 1,804,991 | ||||||||
| Health Care Equipment & Supplies — 2.6% | ||||||||
|
Accuray, Inc.(a)(b) |
4,055 | 9,043 | ||||||
|
Alphatec Holdings, Inc.(a) |
2,699 | 13,414 | ||||||
|
AngioDynamics, Inc.(a) |
2,214 | 18,288 | ||||||
|
Anika Therapeutics, Inc.(a) |
827 | 30,103 | ||||||
|
Antares Pharma, Inc.(a) |
9,563 | 24,959 | ||||||
|
Apyx Medical Corp.(a)(b) |
1,737 | 7,799 | ||||||
|
Aspira Women’s Health, Inc.(a)(b) |
2,644 | 11,819 | ||||||
|
AtriCure, Inc.(a) |
2,230 | 91,006 | ||||||
|
Atrion Corp. |
83 | 51,468 | ||||||
|
Avanos Medical, Inc.(a) |
2,767 | 84,864 | ||||||
|
Axogen, Inc.(a) |
2,138 | 24,309 | ||||||
|
Axonics Modulation Technologies, Inc.(a) |
1,737 | 73,579 | ||||||
|
Bellerophon Therapeutics, Inc.(a) |
363 | 4,661 | ||||||
|
Beyond Air, Inc.(a)(b) |
765 | 4,751 | ||||||
|
BioLife Solutions, Inc.(a)(b) |
274 | 5,296 | ||||||
|
BioSig Technologies, Inc.(a) |
1,220 | 11,004 | ||||||
|
Cantel Medical Corp. |
2,200 | 103,950 | ||||||
|
Cardiovascular Systems, Inc.(a) |
1,919 | 58,491 | ||||||
|
Cerus Corp.(a) |
9,007 | 64,220 | ||||||
|
Chembio Diagnostics, Inc.(a)(b) |
1,405 | 7,770 | ||||||
|
Co-Diagnostics, Inc.(a) |
1,485 | 35,640 | ||||||
|
CONMED Corp. |
1,552 | 128,102 | ||||||
|
CryoLife, Inc.(a) |
2,188 | 42,469 | ||||||
|
CryoPort, Inc.(a)(b) |
1,914 | 63,430 | ||||||
|
Cutera, Inc.(a) |
1,052 | 14,970 | ||||||
|
CytoSorbents Corp.(a) |
2,103 | 20,136 | ||||||
| Security | Shares | Value | ||||||
| Health Care Equipment & Supplies (continued) | ||||||||
|
Electromed, Inc.(a) |
407 | $ | 6,752 | |||||
|
Envista Holdings Corp.(a) |
9,495 | 207,656 | ||||||
|
FONAR Corp.(a) |
389 | 9,577 | ||||||
|
GenMark Diagnostics, Inc.(a) |
3,861 | 68,957 | ||||||
|
Glaukos Corp.(a) |
2,416 | 105,579 | ||||||
|
Globus Medical, Inc., Class A(a) |
4,403 | 212,137 | ||||||
|
Haemonetics Corp.(a) |
2,857 | 250,445 | ||||||
|
Hill-Rom Holdings, Inc.(b) |
3,905 | 379,644 | ||||||
|
ICU Medical, Inc.(a) |
1,154 | 212,024 | ||||||
|
Inogen, Inc.(a) |
1,057 | 32,450 | ||||||
|
Integra LifeSciences Holdings Corp.(a) |
4,359 | 208,142 | ||||||
|
Invacare Corp. |
1,679 | 11,820 | ||||||
|
iRadimed Corp.(a) |
249 | 5,548 | ||||||
|
iRhythm Technologies, Inc.(a) |
1,616 | 201,160 | ||||||
|
Lantheus Holdings, Inc.(a) |
2,246 | 30,276 | ||||||
|
LeMaitre Vascular, Inc. |
940 | 27,570 | ||||||
|
LivaNova PLC(a) |
2,973 | 138,363 | ||||||
|
Meridian Bioscience, Inc.(a) |
2,517 | 61,641 | ||||||
|
Merit Medical Systems, Inc.(a) |
3,092 | 138,274 | ||||||
|
Milestone Scientific, Inc.(a)(b) |
2,024 | 3,906 | ||||||
|
Misonix, Inc.(a) |
828 | 10,292 | ||||||
|
Natus Medical, Inc.(a) |
1,947 | 36,175 | ||||||
|
Nemaura Medical, Inc.(a) |
408 | 2,587 | ||||||
|
Neogen Corp.(a) |
3,101 | 238,064 | ||||||
|
Nevro Corp.(a) |
1,987 | 264,192 | ||||||
|
Novocure Ltd.(a) |
5,877 | 445,418 | ||||||
|
NuVasive, Inc.(a) |
3,176 | 181,477 | ||||||
|
Ocular Therapeutix, Inc.(a) |
2,923 | 22,916 | ||||||
|
OraSure Technologies, Inc.(a) |
3,317 | 60,204 | ||||||
|
Orthofix Medical, Inc.(a) |
1,103 | 33,873 | ||||||
|
OrthoPediatrics Corp.(a)(b) |
690 | 29,111 | ||||||
|
PAVmed, Inc.(a) |
2,075 | 4,129 | ||||||
|
Pulse Biosciences, Inc.(a)(b) |
619 | 6,345 | ||||||
|
Quidel Corp.(a)(b) |
2,179 | 615,502 | ||||||
|
Quotient Ltd.(a)(b) |
3,446 | 27,017 | ||||||
|
Repro-Med Systems, Inc.(a) |
1,399 | 14,592 | ||||||
|
Retractable Technologies, Inc.(a) |
781 | 9,349 | ||||||
|
Rockwell Medical, Inc.(a) |
3,392 | 5,834 | ||||||
|
SeaSpine Holdings Corp.(a) |
1,503 | 14,083 | ||||||
|
Shockwave Medical, Inc.(a) |
1,526 | 75,262 | ||||||
|
SI-BONE, Inc.(a) |
1,460 | 24,966 | ||||||
|
Sientra, Inc.(a)(b) |
2,928 | 11,126 | ||||||
|
Silk Road Medical, Inc.(a) |
1,814 | 84,278 | ||||||
|
Soliton, Inc.(a)(b) |
296 | 1,906 | ||||||
|
STAAR Surgical Co.(a) |
2,692 | 156,648 | ||||||
|
Stereotaxis, Inc.(a) |
2,517 | 9,690 | ||||||
|
Surgalign Holdings, Inc.(a)(b) |
4,032 | 11,330 | ||||||
|
Surmodics, Inc.(a) |
783 | 37,028 | ||||||
|
Tactile Systems Technology, Inc.(a) |
1,011 | 41,431 | ||||||
|
Tandem Diabetes Care, Inc.(a) |
3,468 | 362,267 | ||||||
|
Tela Bio, Inc.(a) |
304 | 3,539 | ||||||
|
TransMedics Group, Inc.(a) |
1,131 | 20,426 | ||||||
|
Utah Medical Products, Inc. |
201 | 16,382 | ||||||
|
Vapotherm, Inc.(a) |
1,091 | 56,994 | ||||||
|
Varex Imaging Corp.(a) |
2,079 | 32,599 | ||||||
|
Venus Concept, Inc.(a) |
1,138 | 3,255 | ||||||
|
ViewRay, Inc.(a) |
7,382 | 20,448 | ||||||
|
VolitionRX Ltd.(a)(b) |
1,343 | 4,338 | ||||||
|
Wright Medical Group NV(a) |
7,572 | 227,311 | ||||||
|
Zynex, Inc.(a)(b) |
982 | 18,776 | ||||||
|
|
|
|||||||
| 6,558,622 | ||||||||
| Health Care Providers & Services — 2.2% | ||||||||
|
1Life Healthcare, Inc.(a) |
1,216 | 36,006 | ||||||
|
Acadia Healthcare Co., Inc.(a)(b) |
5,043 | 150,332 | ||||||
|
SCHEDULES OF INVESTMENTS |
33 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Health Care Providers & Services (continued) | ||||||||
|
AdaptHealth Corp.(a) |
453 | $ | 8,824 | |||||
|
Addus HomeCare Corp.(a) |
790 | 76,164 | ||||||
|
Amedisys, Inc.(a) |
1,854 | 434,133 | ||||||
|
American Renal Associates Holdings, Inc.(a) |
816 | 5,263 | ||||||
|
AMN Healthcare Services, Inc.(a) |
2,687 | 147,624 | ||||||
|
Apollo Medical Holdings, Inc.(a) |
640 | 10,720 | ||||||
|
Avalon GloboCare Corp.(a) |
905 | 1,466 | ||||||
|
BioTelemetry, Inc.(a)(b) |
1,929 | 82,098 | ||||||
|
Brookdale Senior Living, Inc.(a) |
10,656 | 29,517 | ||||||
|
Chemed Corp.(b) |
909 | 447,401 | ||||||
|
Community Health Systems, Inc.(a) |
4,279 | 21,309 | ||||||
|
CorVel Corp.(a) |
510 | 40,540 | ||||||
|
Covetrus, Inc.(a)(b) |
5,642 | 125,027 | ||||||
|
Cross Country Healthcare, Inc.(a) |
1,701 | 11,031 | ||||||
|
Encompass Health Corp. |
5,822 | 396,362 | ||||||
|
Ensign Group, Inc. |
2,925 | 134,521 | ||||||
|
Exagen, Inc.(a) |
175 | 2,179 | ||||||
|
Five Star Senior Living, Inc.(a) |
1,163 | 5,280 | ||||||
|
Fulgent Genetics, Inc.(a) |
563 | 14,835 | ||||||
|
Guardant Health, Inc.(a) |
4,406 | 375,303 | ||||||
|
Hanger, Inc.(a) |
2,103 | 36,718 | ||||||
|
HealthEquity, Inc.(a) |
4,112 | 212,015 | ||||||
|
InfuSystem Holdings, Inc.(a) |
826 | 10,085 | ||||||
|
Integer Holdings Corp.(a) |
1,870 | 122,990 | ||||||
|
Joint Corp.(a) |
878 | 12,678 | ||||||
|
LHC Group, Inc.(a) |
1,772 | 345,735 | ||||||
|
Magellan Health, Inc.(a) |
1,535 | 113,851 | ||||||
|
MEDNAX, Inc.(a)(b) |
4,783 | 95,564 | ||||||
|
Molina Healthcare, Inc.(a)(b) |
3,429 | 633,336 | ||||||
|
National HealthCare Corp. |
717 | 42,532 | ||||||
|
National Research Corp. |
783 | 44,780 | ||||||
|
Ontrak, Inc.(a)(b) |
448 | 17,141 | ||||||
|
Option Care Health, Inc.(a) |
1,816 | 21,393 | ||||||
|
Owens & Minor, Inc. |
3,564 | 57,309 | ||||||
|
Patterson Cos., Inc. |
5,159 | 137,023 | ||||||
|
Pennant Group Inc.(a) |
1,537 | 38,517 | ||||||
|
Penumbra, Inc.(a)(b) |
1,891 | 419,632 | ||||||
|
PetIQ, Inc.(a) |
1,194 | 43,569 | ||||||
|
Premier, Inc., Class A(a) |
3,755 | 131,312 | ||||||
|
Progyny, Inc.(a) |
1,506 | 40,097 | ||||||
|
Providence Service Corp.(a) |
691 | 55,978 | ||||||
|
R1 RCM, Inc.(a) |
6,115 | 83,592 | ||||||
|
RadNet, Inc.(a) |
2,512 | 39,916 | ||||||
|
Select Medical Holdings Corp.(a) |
6,226 | 118,543 | ||||||
|
Sharps Compliance Corp.(a) |
815 | 6,235 | ||||||
|
Surgery Partners, Inc.(a)(b) |
1,311 | 20,019 | ||||||
|
Tenet Healthcare Corp.(a) |
6,489 | 171,569 | ||||||
|
Tivity Health, Inc.(a) |
2,465 | 32,341 | ||||||
|
Triple-S Management Corp., Class B(a) |
1,500 | 29,190 | ||||||
|
U.S. Physical Therapy, Inc. |
727 | 60,385 | ||||||
|
Viemed Healthcare, Inc.(a) |
1,961 | 21,257 | ||||||
|
|
|
|||||||
| 5,771,237 | ||||||||
| Health Care Technology — 0.7% | ||||||||
|
Allscripts Healthcare Solutions, Inc.(a) |
10,894 | 98,046 | ||||||
|
Change Healthcare, Inc.(a) |
13,865 | 161,666 | ||||||
|
Computer Programs & Systems, Inc. |
811 | 20,015 | ||||||
|
Evolent Health, Inc., Class A(a)(b) |
4,530 | 52,775 | ||||||
|
Health Catalyst, Inc.(a)(b) |
1,843 | 64,321 | ||||||
|
HealthStream, Inc.(a) |
1,503 | 32,998 | ||||||
|
HMS Holdings Corp.(a) |
5,251 | 170,657 | ||||||
|
iCAD, Inc.(a) |
1,147 | 10,575 | ||||||
|
Inovalon Holdings, Inc., Class A(a) |
4,199 | 98,802 | ||||||
|
Inspire Medical Systems, Inc.(a) |
1,576 | 156,591 | ||||||
|
Livongo Health, Inc.(a)(b) |
3,187 | 405,546 | ||||||
| Security | Shares | Value | ||||||
| Health Care Technology (continued) | ||||||||
|
NantHealth, Inc.(a) |
1,522 | $ | 6,849 | |||||
|
NextGen Healthcare, Inc.(a) |
3,177 | 46,448 | ||||||
|
Omnicell, Inc.(a) |
2,552 | 179,380 | ||||||
|
OptimizeRx Corp.(a)(b) |
678 | 9,594 | ||||||
|
Phreesia, Inc.(a) |
1,580 | 47,495 | ||||||
|
Schrodinger, Inc.(a)(b) |
819 | 59,279 | ||||||
|
Simulations Plus, Inc. |
699 | 49,210 | ||||||
|
Tabula Rasa HealthCare, Inc.(a)(b) |
1,169 | 65,698 | ||||||
|
Vocera Communications, Inc.(a) |
1,806 | 55,571 | ||||||
|
|
|
|||||||
| 1,791,516 | ||||||||
| Hotels, Restaurants & Leisure — 2.2% | ||||||||
|
Accel Entertainment, Inc., Class A(a) |
2,411 | 19,264 | ||||||
|
Aramark |
13,138 | 277,475 | ||||||
|
BBX Capital Corp. |
614 | 8,547 | ||||||
|
Biglari Holdings, Inc., Class B(a) |
42 | 2,727 | ||||||
|
BJ’s Restaurants, Inc. |
982 | 19,699 | ||||||
|
Bloomin’ Brands, Inc. |
4,939 | 56,897 | ||||||
|
Bluegreen Vacations Corp. |
220 | 1,584 | ||||||
|
Boyd Gaming Corp. |
4,700 | 111,249 | ||||||
|
Brinker International, Inc. |
2,510 | 67,494 | ||||||
|
Caesars Entertainment, Inc.(a) |
8,007 | 248,617 | ||||||
|
Carrols Restaurant Group, Inc.(a) |
2,399 | 14,730 | ||||||
|
Century Casinos, Inc.(a) |
1,126 | 4,538 | ||||||
|
Cheesecake Factory, Inc. |
2,338 | 56,112 | ||||||
|
Choice Hotels International, Inc. |
1,981 | 166,483 | ||||||
|
Churchill Downs, Inc. |
2,219 | 307,376 | ||||||
|
Chuy’s Holdings, Inc.(a) |
809 | 12,871 | ||||||
|
Cracker Barrel Old Country Store, Inc. |
1,370 | 151,344 | ||||||
|
Dave & Buster’s Entertainment, Inc.(b) |
2,675 | 33,010 | ||||||
|
Del Taco Restaurants, Inc.(a) |
1,896 | 14,504 | ||||||
|
Denny’s Corp.(a) |
3,294 | 29,267 | ||||||
|
Dine Brands Global, Inc. |
935 | 42,477 | ||||||
|
Dunkin’ Brands Group, Inc. |
4,700 | 323,031 | ||||||
|
El Pollo Loco Holdings, Inc.(a) |
1,165 | 23,020 | ||||||
|
Everi Holdings, Inc.(a) |
4,725 | 26,838 | ||||||
|
Extended Stay America, Inc. |
10,158 | 115,903 | ||||||
|
Fiesta Restaurant Group, Inc.(a) |
900 | 5,832 | ||||||
|
GAN Ltd.(a) |
433 | 8,379 | ||||||
|
Golden Entertainment, Inc.(a) |
743 | 6,353 | ||||||
|
Hilton Grand Vacations, Inc.(a)(b) |
5,586 | 113,396 | ||||||
|
Hyatt Hotels Corp., Class A |
2,047 | 98,256 | ||||||
|
International Game Technology PLC |
5,911 | 58,282 | ||||||
|
Jack in the Box, Inc. |
1,395 | 114,543 | ||||||
|
Kura Sushi USA, Inc., Class A(a)(b) |
244 | 2,535 | ||||||
|
Lindblad Expeditions Holdings, Inc.(a) |
1,519 | 11,013 | ||||||
|
Marcus Corp. |
1,122 | 15,495 | ||||||
|
Marriott Vacations Worldwide Corp. |
2,409 | 203,946 | ||||||
|
Monarch Casino & Resort, Inc.(a)(b) |
735 | 26,600 | ||||||
|
Nathan’s Famous, Inc. |
139 | 7,079 | ||||||
|
Noodles & Co.(a) |
1,486 | 10,328 | ||||||
|
Norwegian Cruise Line Holdings Ltd.(a) |
15,146 | 206,591 | ||||||
|
Papa John’s International, Inc. |
1,847 | 174,856 | ||||||
|
Penn National Gaming, Inc.(a) |
7,870 | 266,400 | ||||||
|
Planet Fitness, Inc., Class A(a) |
4,760 | 248,472 | ||||||
|
PlayAGS, Inc.(a) |
1,064 | 3,596 | ||||||
|
RCI Hospitality Holdings, Inc.(b) |
372 | 4,494 | ||||||
|
Red Robin Gourmet Burgers, Inc.(a) |
533 | 4,658 | ||||||
|
Red Rock Resorts, Inc., Class A |
4,530 | 49,649 | ||||||
|
Ruth’s Hospitality Group, Inc. |
1,390 | 9,306 | ||||||
|
Scientific Games Corp., Class A(a) |
3,273 | 57,507 | ||||||
|
SeaWorld Entertainment, Inc.(a) |
3,003 | 43,453 | ||||||
|
Shake Shack, Inc., Class A(a) |
2,010 | 97,586 | ||||||
|
Six Flags Entertainment Corp. |
4,462 | 77,594 | ||||||
|
Target Hospitality Corp.(a) |
1,352 | 1,933 | ||||||
| 34 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Hotels, Restaurants & Leisure (continued) | ||||||||
|
Texas Roadhouse, Inc. |
3,754 | $ | 210,937 | |||||
|
Twin River Worldwide Holdings, Inc. |
1,095 | 23,608 | ||||||
|
Vail Resorts, Inc.(b) |
2,342 | 449,734 | ||||||
|
Wendy’s Co. |
10,947 | 253,752 | ||||||
|
Wingstop, Inc.(b) |
1,748 | 273,125 | ||||||
|
Wyndham Destinations, Inc. |
4,789 | 127,387 | ||||||
|
Wyndham Hotels & Resorts, Inc. |
5,526 | 244,028 | ||||||
|
|
|
|||||||
| 5,645,760 | ||||||||
| Household Durables — 2.1% | ||||||||
|
Beazer Homes USA, Inc.(a) |
1,438 | 16,091 | ||||||
|
Casper Sleep, Inc.(a)(b) |
361 | 3,332 | ||||||
|
Cavco Industries, Inc.(a) |
494 | 98,963 | ||||||
|
Century Communities, Inc.(a) |
1,676 | 59,699 | ||||||
|
Ethan Allen Interiors, Inc. |
1,201 | 14,220 | ||||||
|
GoPro, Inc., Class A(a) |
7,465 | 39,490 | ||||||
|
Green Brick Partners, Inc.(a) |
1,360 | 18,768 | ||||||
|
Hamilton Beach Brands Holding Co., Class A |
292 | 4,438 | ||||||
|
Helen of Troy Ltd.(a)(b) |
1,481 | 278,798 | ||||||
|
Hooker Furniture Corp. |
737 | 15,772 | ||||||
|
Installed Building Products, Inc.(a) |
1,305 | 103,239 | ||||||
|
iRobot Corp.(a) |
1,576 | 114,559 | ||||||
|
KB Home |
5,029 | 169,176 | ||||||
|
La-Z-Boy, Inc. |
2,611 | 74,309 | ||||||
|
Legacy Housing Corp.(a) |
333 | 4,575 | ||||||
|
Leggett & Platt, Inc. |
7,833 | 314,025 | ||||||
|
LGI Homes, Inc.(a) |
1,273 | 145,262 | ||||||
|
Lifetime Brands, Inc. |
417 | 2,940 | ||||||
|
Lovesac Co.(a)(b) |
434 | 13,793 | ||||||
|
M/I Homes, Inc.(a) |
1,982 | 82,511 | ||||||
|
MDC Holdings, Inc. |
2,918 | 130,814 | ||||||
|
Meritage Homes Corp.(a) |
2,330 | 231,089 | ||||||
|
Mohawk Industries, Inc.(a) |
3,433 | 274,125 | ||||||
|
NACCO Industries, Inc., Class A |
196 | 4,281 | ||||||
|
Newell Brands, Inc. |
22,564 | 370,050 | ||||||
|
NVR, Inc.(a) |
196 | 770,309 | ||||||
|
PulteGroup, Inc. |
15,923 | 694,243 | ||||||
|
Purple Innovation, Inc.(a) |
821 | 20,008 | ||||||
|
Skyline Champion Corp.(a) |
3,106 | 87,682 | ||||||
|
Sonos, Inc.(a) |
4,519 | 72,304 | ||||||
|
Taylor Morrison Home Corp.(a)(b) |
7,249 | 169,989 | ||||||
|
Tempur Sealy International, Inc.(a) |
2,855 | 231,112 | ||||||
|
Toll Brothers, Inc.(b) |
6,650 | 254,030 | ||||||
|
TopBuild Corp.(a) |
1,947 | 256,848 | ||||||
|
TRI Pointe Group, Inc.(a) |
7,423 | 124,113 | ||||||
|
Tupperware Brands Corp. |
3,171 | 48,929 | ||||||
|
Turtle Beach Corp.(a) |
783 | 14,360 | ||||||
|
Universal Electronics, Inc.(a) |
803 | 36,994 | ||||||
|
|
|
|||||||
| 5,365,240 | ||||||||
| Household Products — 0.3% | ||||||||
|
Central Garden & Pet Co.(a) |
538 | 20,369 | ||||||
|
Central Garden & Pet Co., Class A(a) |
2,260 | 78,309 | ||||||
|
Energizer Holdings, Inc. |
3,710 | 185,982 | ||||||
|
Oil-Dri Corp. of America |
264 | 9,179 | ||||||
|
Reynolds Consumer Products, Inc. |
2,807 | 95,606 | ||||||
|
Spectrum Brands Holdings, Inc. |
2,472 | 133,884 | ||||||
|
WD-40 Co. |
813 | 159,795 | ||||||
|
|
|
|||||||
| 683,124 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.6% | ||||||||
|
Atlantic Power Corp.(a) |
5,009 | 9,818 | ||||||
|
Clearway Energy, Inc., Class A |
1,967 | 45,064 | ||||||
|
Clearway Energy, Inc., Class C |
4,848 | 118,970 | ||||||
|
Genie Energy Ltd., Class B |
578 | 4,699 | ||||||
|
NRG Energy, Inc. |
14,190 | 479,764 | ||||||
| Security | Shares | Value | ||||||
| Independent Power and Renewable Electricity Producers (continued) | ||||||||
|
Ormat Technologies, Inc.(b) |
2,278 | $ | 135,541 | |||||
|
Sunnova Energy International, Inc.(a) |
1,841 | 46,043 | ||||||
|
TerraForm Power, Inc., Class A |
5,367 | 103,851 | ||||||
|
Vistra Corp. |
28,545 | 532,650 | ||||||
|
Vivint Solar, Inc.(a) |
2,837 | 57,705 | ||||||
|
|
|
|||||||
| 1,534,105 | ||||||||
| Industrial Conglomerates — 0.3% | ||||||||
|
BWX Technologies, Inc. |
5,576 | 304,003 | ||||||
|
Carlisle Cos., Inc. |
3,172 | 377,722 | ||||||
|
Raven Industries, Inc. |
1,983 | 42,852 | ||||||
|
Seaboard Corp. |
15 | 40,549 | ||||||
|
Standex International Corp. |
734 | 39,306 | ||||||
|
|
|
|||||||
| 804,432 | ||||||||
| Insurance — 3.7% | ||||||||
|
Alleghany Corp. |
825 | 430,914 | ||||||
|
Ambac Financial Group, Inc.(a) |
2,574 | 32,947 | ||||||
|
American Equity Investment Life Holding Co. |
4,719 | 120,099 | ||||||
|
American Financial Group, Inc. |
4,393 | 266,963 | ||||||
|
American National Group, Inc. |
602 | 44,337 | ||||||
|
AMERISAFE, Inc. |
879 | 55,781 | ||||||
|
Argo Group International Holdings Ltd. |
1,982 | 66,417 | ||||||
|
Assurant, Inc. |
3,505 | 376,682 | ||||||
|
Assured Guaranty Ltd. |
5,281 | 115,284 | ||||||
|
Athene Holding Ltd., Class A(a)(b) |
6,662 | 214,850 | ||||||
|
Axis Capital Holdings Ltd. |
4,782 | 191,854 | ||||||
|
Benefytt Technologies, Inc.(a)(b) |
700 | 21,644 | ||||||
|
Brighthouse Financial, Inc.(a) |
5,740 | 162,672 | ||||||
|
Brown & Brown, Inc. |
13,788 | 626,940 | ||||||
|
BRP Group, Inc., Class A(a) |
1,285 | 22,423 | ||||||
|
Citizens, Inc.(a)(b) |
2,734 | 15,693 | ||||||
|
CNO Financial Group, Inc. |
9,144 | 138,074 | ||||||
|
Crawford & Co., Class A |
1,566 | 11,479 | ||||||
|
Donegal Group, Inc., Class A |
535 | 7,479 | ||||||
|
eHealth, Inc.(a) |
1,456 | 100,668 | ||||||
|
Employers Holdings, Inc. |
1,323 | 43,024 | ||||||
|
Enstar Group Ltd.(a) |
702 | 117,901 | ||||||
|
Erie Indemnity Co., Class A |
1,481 | 311,188 | ||||||
|
Everest Re Group Ltd. |
2,342 | 512,406 | ||||||
|
FBL Financial Group, Inc., Class A |
517 | 17,981 | ||||||
|
FedNat Holding Co. |
603 | 5,644 | ||||||
|
First American Financial Corp. |
6,392 | 326,056 | ||||||
|
Genworth Financial, Inc., Class A(a) |
28,741 | 58,632 | ||||||
|
Global Indemnity Ltd. |
422 | 9,643 | ||||||
|
Globe Life, Inc.(a) |
6,149 | 489,460 | ||||||
|
Goosehead Insurance, Inc., Class A(a) |
741 | 76,568 | ||||||
|
Greenlight Capital Re Ltd., Class A(a) |
1,515 | 9,787 | ||||||
|
Hanover Insurance Group, Inc. |
2,321 | 236,463 | ||||||
|
HCI Group, Inc. |
423 | 18,874 | ||||||
|
Heritage Insurance Holdings, Inc. |
1,645 | 19,526 | ||||||
|
Hilltop Holdings, Inc. |
4,176 | 81,307 | ||||||
|
Horace Mann Educators Corp. |
2,419 | 90,906 | ||||||
|
Independence Holding Co. |
253 | 8,364 | ||||||
|
Investors Title Co. |
73 | 8,401 | ||||||
|
James River Group Holdings Ltd. |
1,910 | 88,471 | ||||||
|
Kemper Corp. |
3,647 | 286,362 | ||||||
|
Kinsale Capital Group, Inc. |
1,242 | 242,066 | ||||||
|
MBIA, Inc.(a) |
3,904 | 31,271 | ||||||
|
Mercury General Corp. |
1,613 | 69,214 | ||||||
|
National General Holdings Corp. |
4,032 | 137,048 | ||||||
|
National Western Life Group, Inc., Class A |
157 | 30,582 | ||||||
|
NI Holdings, Inc.(a) |
788 | 12,986 | ||||||
|
Old Republic International Corp. |
17,239 | 277,031 | ||||||
|
Palomar Holdings, Inc.(a) |
957 | 87,412 | ||||||
|
SCHEDULES OF INVESTMENTS |
35 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Insurance (continued) | ||||||||
|
Primerica, Inc. |
2,372 | $ | 283,834 | |||||
|
ProAssurance Corp. |
2,856 | 41,983 | ||||||
|
ProSight Global, Inc.(a) |
486 | 3,820 | ||||||
|
Protective Insurance Corp., Class B |
430 | 5,504 | ||||||
|
Reinsurance Group of America, Inc. |
4,008 | 341,682 | ||||||
|
RenaissanceRe Holdings Ltd. |
2,882 | 519,855 | ||||||
|
RLI Corp. |
2,266 | 199,703 | ||||||
|
Safety Insurance Group, Inc. |
1,003 | 75,897 | ||||||
|
Selective Insurance Group, Inc. |
3,412 | 185,408 | ||||||
|
State Auto Financial Corp. |
907 | 14,068 | ||||||
|
Stewart Information Services Corp. |
984 | 41,279 | ||||||
|
Third Point Reinsurance Ltd.(a) |
5,080 | 39,573 | ||||||
|
Trupanion, Inc.(a)(b) |
1,701 | 86,020 | ||||||
|
United Fire Group, Inc. |
1,290 | 32,727 | ||||||
|
United Insurance Holdings Corp. |
1,333 | 9,864 | ||||||
|
Universal Insurance Holdings, Inc. |
2,332 | 40,833 | ||||||
|
Unum Group |
11,894 | 204,934 | ||||||
|
W.R. Berkley Corp. |
8,202 | 506,474 | ||||||
|
Watford Holdings Ltd.(a) |
889 | 14,588 | ||||||
|
White Mountains Insurance Group Ltd.(b) |
186 | 163,704 | ||||||
|
|
|
|||||||
| 9,539,524 | ||||||||
| Interactive Media & Services — 0.5% | ||||||||
|
Cargurus, Inc.(a) |
4,915 | 141,994 | ||||||
|
Cars.com, Inc.(a) |
4,039 | 32,797 | ||||||
|
ComScore, Inc.(a) |
4,020 | 12,060 | ||||||
|
DHI Group, Inc.(a) |
1,960 | 4,900 | ||||||
|
Eventbrite, Inc., Class A(a) |
3,624 | 30,876 | ||||||
|
EverQuote, Inc., Class A(a) |
798 | 43,451 | ||||||
|
Meet Group, Inc.(a) |
2,972 | 18,515 | ||||||
|
QuinStreet, Inc.(a) |
2,939 | 34,313 | ||||||
|
TrueCar, Inc.(a) |
6,796 | 25,553 | ||||||
|
Yelp, Inc.(a) |
4,009 | 100,145 | ||||||
|
Zillow Group, Inc., Class A(a) |
3,308 | 225,242 | ||||||
|
Zillow Group, Inc., Class C(a)(b) |
8,035 | 549,514 | ||||||
|
|
|
|||||||
| 1,219,360 | ||||||||
| Internet & Direct Marketing Retail — 0.9% | ||||||||
|
1-800-Flowers.com, Inc., Class A(a) |
1,430 | 40,398 | ||||||
|
CarParts.com, Inc.(a) |
1,205 | 16,563 | ||||||
|
Duluth Holdings, Inc., Class B(a) |
371 | 2,742 | ||||||
|
Etsy, Inc.(a) |
6,935 | 820,965 | ||||||
|
Gaia, Inc.(a) |
473 | 4,342 | ||||||
|
Groupon, Inc.(a) |
1,334 | 20,477 | ||||||
|
GrubHub, Inc.(a) |
5,406 | 390,530 | ||||||
|
Lands’ End, Inc.(a) |
436 | 3,758 | ||||||
|
Liberty TripAdvisor Holdings, Inc., Series A(a) |
5,186 | 12,861 | ||||||
|
Liquidity Services, Inc.(a) |
1,389 | 7,153 | ||||||
|
Magnite, Inc.(a)(b) |
5,765 | 34,619 | ||||||
|
Overstock.com, Inc.(a) |
2,292 | 173,252 | ||||||
|
PetMed Express, Inc. |
1,122 | 35,006 | ||||||
|
Quotient Technology, Inc.(a) |
4,975 | 39,850 | ||||||
|
Qurate Retail, Inc., Series A(a) |
21,843 | 238,307 | ||||||
|
RealReal, Inc.(a) |
3,556 | 48,504 | ||||||
|
Shutterstock, Inc. |
1,114 | 60,535 | ||||||
|
Stamps.com, Inc.(a) |
982 | 255,595 | ||||||
|
Stitch Fix, Inc., Class A(a)(b) |
3,202 | 70,924 | ||||||
|
TripAdvisor, Inc. |
5,855 | 118,447 | ||||||
|
Waitr Holdings, Inc.(a)(b) |
4,360 | 23,282 | ||||||
|
|
|
|||||||
| 2,418,110 | ||||||||
| IT Services — 3.0% | ||||||||
|
Alliance Data Systems Corp. |
2,690 | 119,328 | ||||||
|
Amdocs Ltd. |
7,725 | 479,722 | ||||||
|
Black Knight, Inc.(a) |
8,423 | 631,051 | ||||||
|
Booz Allen Hamilton Holding Corp. |
7,984 | 652,772 | ||||||
| Security | Shares | Value | ||||||
| IT Services (continued) | ||||||||
|
Brightcove, Inc.(a) |
2,468 | $ | 26,111 | |||||
|
CACI International, Inc., Class A(a) |
1,459 | 303,209 | ||||||
|
Cardtronics PLC, Class A(a)(b) |
2,096 | 46,804 | ||||||
|
Cass Information Systems, Inc. |
840 | 30,097 | ||||||
|
Conduent, Inc.(a) |
8,436 | 16,113 | ||||||
|
CoreLogic, Inc. |
4,649 | 316,876 | ||||||
|
CSG Systems International, Inc. |
1,881 | 79,247 | ||||||
|
DXC Technology Co. |
15,174 | 271,766 | ||||||
|
Endurance International Group Holdings, Inc.(a) |
4,257 | 24,137 | ||||||
|
Euronet Worldwide, Inc.(a) |
2,883 | 277,172 | ||||||
|
EVERTEC, Inc. |
3,478 | 107,992 | ||||||
|
Evo Payments, Inc., Class A(a) |
2,293 | 52,028 | ||||||
|
ExlService Holdings, Inc.(a) |
1,922 | 123,123 | ||||||
|
Fastly, Inc., Class A(a)(b) |
4,277 | 412,688 | ||||||
|
Genpact Ltd. |
11,038 | 439,533 | ||||||
|
GreenSky, Inc., Class A(a) |
3,565 | 20,124 | ||||||
|
Grid Dynamics Holdings, Inc.(a) |
1,289 | 8,611 | ||||||
|
GTT Communications, Inc.(a)(b) |
1,605 | 10,111 | ||||||
|
Hackett Group, Inc. |
1,516 | 20,906 | ||||||
|
Information Services Group, Inc.(a) |
2,016 | 4,133 | ||||||
|
International Money Express, Inc.(a) |
929 | 12,523 | ||||||
|
Limelight Networks, Inc.(a) |
6,756 | 42,360 | ||||||
|
LiveRamp Holdings, Inc.(a) |
3,703 | 168,746 | ||||||
|
ManTech International Corp., Class A |
1,549 | 107,779 | ||||||
|
MAXIMUS, Inc. |
3,587 | 266,191 | ||||||
|
MoneyGram International, Inc.(a) |
3,568 | 12,417 | ||||||
|
MongoDB, Inc.(a)(b) |
2,459 | 563,308 | ||||||
|
NIC, Inc. |
3,773 | 82,704 | ||||||
|
Paysign, Inc.(a) |
2,298 | 21,463 | ||||||
|
Perficient, Inc.(a) |
2,217 | 86,929 | ||||||
|
Perspecta, Inc. |
7,921 | 169,509 | ||||||
|
PFSweb, Inc.(a) |
820 | 6,503 | ||||||
|
Priority Technology Holdings, Inc.(a)(b) |
223 | 491 | ||||||
|
Repay Holdings Corp.(a) |
2,075 | 45,920 | ||||||
|
Sabre Corp. |
15,823 | 119,622 | ||||||
|
Science Applications International Corp. |
3,433 | 274,571 | ||||||
|
ServiceSource International, Inc.(a) |
5,002 | 7,803 | ||||||
|
StarTek, Inc.(a) |
669 | 3,265 | ||||||
|
StoneCo Ltd., Class A(a)(b) |
9,125 | 435,354 | ||||||
|
Switch, Inc., Class A(b) |
5,041 | 90,688 | ||||||
|
Teradata Corp.(a)(b) |
6,356 | 133,476 | ||||||
|
TTEC Holdings, Inc. |
1,090 | 51,731 | ||||||
|
Tucows, Inc., Class A(a)(b) |
555 | 33,583 | ||||||
|
Unisys Corp.(a)(b) |
3,533 | 42,007 | ||||||
|
Verra Mobility Corp.(a) |
7,634 | 78,096 | ||||||
|
Virtusa Corp.(a) |
1,716 | 69,670 | ||||||
|
WEX, Inc.(a) |
2,562 | 405,744 | ||||||
|
|
|
|||||||
| 7,806,107 | ||||||||
| Leisure Products — 0.6% | ||||||||
|
Brunswick Corp. |
4,662 | 312,261 | ||||||
|
Callaway Golf Co.(b) |
5,362 | 102,146 | ||||||
|
Clarus Corp. |
921 | 11,034 | ||||||
|
Escalade, Inc. |
723 | 11,098 | ||||||
|
Johnson Outdoors, Inc., Class A |
318 | 27,844 | ||||||
|
Malibu Boats, Inc., Class A(a) |
1,177 | 69,184 | ||||||
|
Marine Products Corp. |
266 | 3,413 | ||||||
|
MasterCraft Boat Holdings, Inc.(a) |
1,012 | 20,948 | ||||||
|
Mattel, Inc.(a) |
20,461 | 227,322 | ||||||
|
Nautilus, Inc.(a) |
1,703 | 17,762 | ||||||
|
Polaris, Inc. |
3,429 | 355,347 | ||||||
|
Smith & Wesson Brands, Inc.(a) |
3,085 | 73,701 | ||||||
|
Sturm Ruger & Co., Inc. |
995 | 80,963 | ||||||
|
Vista Outdoor, Inc.(a) |
3,438 | 58,962 | ||||||
| 36 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Leisure Products (continued) | ||||||||
|
YETI Holdings, Inc.(a) |
4,391 | $ | 214,676 | |||||
|
|
|
|||||||
| 1,586,661 | ||||||||
| Life Sciences Tools & Services — 2.3% | ||||||||
|
10X Genomics, Inc., Class A(a) |
3,211 | 315,866 | ||||||
|
Accelerate Diagnostics, Inc.(a)(b) |
1,742 | 25,311 | ||||||
|
Adaptive Biotechnologies Corp.(a) |
4,238 | 158,162 | ||||||
|
Avantor, Inc.(a)(b) |
24,370 | 538,090 | ||||||
|
Bio-Techne Corp. |
2,240 | 616,358 | ||||||
|
Bruker Corp. |
6,133 | 273,654 | ||||||
|
Champions Oncology, Inc.(a) |
511 | 4,466 | ||||||
|
Charles River Laboratories International, Inc.(a) |
2,880 | 573,091 | ||||||
|
ChromaDex Corp.(a)(b) |
2,753 | 13,930 | ||||||
|
Enzo Biochem, Inc.(a) |
2,477 | 5,895 | ||||||
|
Fluidigm Corp.(a) |
3,589 | 25,267 | ||||||
|
Harvard Bioscience, Inc.(a) |
2,170 | 6,749 | ||||||
|
Luminex Corp. |
2,503 | 91,109 | ||||||
|
Medpace Holdings, Inc.(a) |
1,556 | 185,709 | ||||||
|
NanoString Technologies, Inc.(a) |
2,158 | 77,925 | ||||||
|
NeoGenomics, Inc.(a) |
6,162 | 235,573 | ||||||
|
Pacific Biosciences of California, Inc.(a)(b) |
8,853 | 33,022 | ||||||
|
PerkinElmer, Inc. |
6,561 | 780,169 | ||||||
|
Personalis, Inc.(a) |
1,236 | 21,519 | ||||||
|
PPD, Inc.(a) |
3,591 | 105,468 | ||||||
|
PRA Health Sciences, Inc.(a) |
3,773 | 402,051 | ||||||
|
QIAGEN NV(a) |
13,233 | 654,372 | ||||||
|
Quanterix Corp.(a) |
1,083 | 34,992 | ||||||
|
Repligen Corp.(a) |
3,078 | 464,501 | ||||||
|
Syneos Health, Inc.(a) |
3,721 | 232,153 | ||||||
|
|
|
|||||||
| 5,875,402 | ||||||||
| Machinery — 3.7% | ||||||||
|
AGCO Corp. |
3,794 | 249,000 | ||||||
|
Alamo Group, Inc. |
581 | 59,907 | ||||||
|
Albany International Corp., Class A |
1,779 | 85,534 | ||||||
|
Allison Transmission Holdings, Inc. |
6,440 | 240,598 | ||||||
|
Altra Industrial Motion Corp. |
3,683 | 126,069 | ||||||
|
Astec Industries, Inc. |
1,532 | 68,159 | ||||||
|
Barnes Group, Inc. |
2,702 | 99,623 | ||||||
|
Blue Bird Corp.(a) |
768 | 9,623 | ||||||
|
Chart Industries, Inc.(a) |
2,063 | 141,377 | ||||||
|
CIRCOR International, Inc.(a) |
1,188 | 31,149 | ||||||
|
Colfax Corp.(a) |
5,674 | 165,000 | ||||||
|
Columbus McKinnon Corp. |
1,362 | 45,123 | ||||||
|
Crane Co. |
3,058 | 172,991 | ||||||
|
DMC Global, Inc.(b) |
841 | 24,709 | ||||||
|
Donaldson Co., Inc. |
7,532 | 364,097 | ||||||
|
Douglas Dynamics, Inc. |
1,244 | 43,975 | ||||||
|
Eastern Co. |
259 | 4,224 | ||||||
|
Energy Recovery, Inc.(a) |
2,318 | 17,594 | ||||||
|
Enerpac Tool Group Corp. |
3,236 | 61,160 | ||||||
|
EnPro Industries, Inc. |
1,208 | 57,658 | ||||||
|
ESCO Technologies, Inc. |
1,463 | 125,730 | ||||||
|
Evoqua Water Technologies Corp.(a) |
4,891 | 94,054 | ||||||
|
ExOne Co.(a)(b) |
637 | 5,580 | ||||||
|
Federal Signal Corp. |
3,419 | 105,681 | ||||||
|
Flowserve Corp. |
7,463 | 207,994 | ||||||
|
Gates Industrial Corp. PLC(a)(b) |
2,668 | 28,121 | ||||||
|
Gencor Industries, Inc.(a) |
326 | 3,902 | ||||||
|
Gorman-Rupp Co. |
1,030 | 31,168 | ||||||
|
Graco, Inc. |
9,625 | 512,435 | ||||||
|
Graham Corp. |
500 | 6,580 | ||||||
|
Greenbrier Cos., Inc. |
1,826 | 46,983 | ||||||
|
Helios Technologies, Inc. |
1,721 | 65,105 | ||||||
|
Hillenbrand, Inc. |
4,233 | 123,731 | ||||||
| Security | Shares | Value | ||||||
| Machinery (continued) | ||||||||
|
Hurco Cos., Inc. |
302 | $ | 8,377 | |||||
|
Hyster-Yale Materials Handling, Inc. |
629 | 23,468 | ||||||
|
ITT, Inc. |
5,167 | 298,291 | ||||||
|
John Bean Technologies Corp. |
1,786 | 167,455 | ||||||
|
Kadant, Inc. |
659 | 71,508 | ||||||
|
Kennametal, Inc. |
4,751 | 128,087 | ||||||
|
LB Foster Co., Class A(a) |
407 | 5,722 | ||||||
|
Lincoln Electric Holdings, Inc. |
3,354 | 303,168 | ||||||
|
Lindsay Corp. |
617 | 59,831 | ||||||
|
Luxfer Holdings PLC |
1,743 | 22,136 | ||||||
|
Lydall, Inc.(a) |
1,101 | 17,836 | ||||||
|
Manitowoc Co., Inc.(a) |
2,617 | 27,897 | ||||||
|
Meritor, Inc.(a) |
4,028 | 91,637 | ||||||
|
Middleby Corp.(a)(b) |
3,259 | 270,693 | ||||||
|
Miller Industries, Inc. |
546 | 15,479 | ||||||
|
Mueller Industries, Inc. |
3,226 | 90,199 | ||||||
|
Mueller Water Products, Inc., Class A |
8,999 | 91,070 | ||||||
|
Navistar International Corp.(a) |
2,797 | 89,588 | ||||||
|
NN, Inc. |
2,833 | 14,902 | ||||||
|
Nordson Corp. |
3,358 | 650,210 | ||||||
|
Omega Flex, Inc. |
189 | 23,011 | ||||||
|
Oshkosh Corp. |
3,992 | 314,250 | ||||||
|
Pentair PLC |
9,749 | 417,745 | ||||||
|
Proto Labs, Inc.(a) |
1,606 | 192,913 | ||||||
|
RBC Bearings, Inc.(a) |
1,481 | 181,304 | ||||||
|
REV Group, Inc. |
1,889 | 12,279 | ||||||
|
Rexnord Corp. |
6,324 | 183,206 | ||||||
|
Shyft Group, Inc. |
2,029 | 38,308 | ||||||
|
Snap-on, Inc. |
3,156 | 460,366 | ||||||
|
SPX Corp.(a) |
2,499 | 104,958 | ||||||
|
SPX FLOW, Inc.(a)(b) |
2,440 | 97,795 | ||||||
|
Tennant Co. |
1,048 | 69,818 | ||||||
|
Terex Corp. |
3,885 | 73,232 | ||||||
|
Timken Co. |
3,969 | 181,225 | ||||||
|
Toro Co. |
6,261 | 446,722 | ||||||
|
TriMas Corp.(a) |
2,473 | 57,868 | ||||||
|
Trinity Industries, Inc. |
5,312 | 103,743 | ||||||
|
Valmont Industries, Inc. |
1,202 | 145,682 | ||||||
|
Wabash National Corp. |
3,081 | 35,093 | ||||||
|
Watts Water Technologies, Inc., Class A |
1,746 | 146,472 | ||||||
|
Welbilt, Inc.(a) |
7,458 | 45,345 | ||||||
|
Woodward, Inc. |
3,186 | 238,759 | ||||||
|
|
|
|||||||
| 9,442,282 | ||||||||
| Marine — 0.1% | ||||||||
|
Costamare, Inc. |
2,749 | 12,508 | ||||||
|
Eagle Bulk Shipping, Inc.(a)(b) |
1,704 | 4,141 | ||||||
|
Genco Shipping & Trading Ltd. |
653 | 4,434 | ||||||
|
Kirby Corp.(a) |
3,678 | 170,071 | ||||||
|
Matson, Inc. |
2,455 | 89,411 | ||||||
|
Safe Bulkers, Inc.(a) |
1,654 | 2,200 | ||||||
|
Scorpio Bulkers, Inc. |
234 | 3,430 | ||||||
|
|
|
|||||||
| 286,195 | ||||||||
| Media — 1.7% | ||||||||
|
AMC Networks, Inc., Class A(a) |
2,520 | 58,212 | ||||||
|
Boston Omaha Corp., Class A(a) |
529 | 8,411 | ||||||
|
Cable One, Inc. |
297 | 541,300 | ||||||
|
Cardlytics, Inc.(a) |
1,476 | 98,036 | ||||||
|
Central European Media Enterprises Ltd., Class A(a) |
5,251 | 20,899 | ||||||
|
Cinemark Holdings, Inc. |
6,224 | 73,630 | ||||||
|
Daily Journal Corp.(a)(b) |
71 | 20,164 | ||||||
|
Emerald Holding, Inc. |
1,076 | 2,927 | ||||||
|
Entercom Communications Corp., Class A |
5,968 | 8,355 | ||||||
|
Entravision Communications Corp., Class A |
3,178 | 4,195 | ||||||
|
SCHEDULES OF INVESTMENTS |
37 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Media (continued) | ||||||||
|
Eros International PLC(a)(b) |
3,680 | $ | 10,451 | |||||
|
EW Scripps Co., Class A |
3,240 | 36,871 | ||||||
|
Fluent, Inc.(a) |
1,589 | 2,892 | ||||||
|
Gannett Co., Inc.(b) |
5,759 | 8,523 | ||||||
|
GCI Liberty, Inc., Class A(a) |
5,903 | 462,736 | ||||||
|
Gray Television, Inc.(a) |
5,881 | 84,334 | ||||||
|
Hemisphere Media Group, Inc.(a) |
733 | 6,450 | ||||||
|
iHeartMedia, Inc., Class A(a) |
1,707 | 14,271 | ||||||
|
IMAX Corp.(a) |
3,085 | 34,830 | ||||||
|
Interpublic Group of Cos., Inc. |
22,858 | 412,587 | ||||||
|
John Wiley & Sons, Inc., Class A |
2,508 | 84,846 | ||||||
|
Liberty Latin America Ltd., Class A(a) |
2,582 | 26,543 | ||||||
|
Liberty Latin America Ltd., Class C(a) |
6,589 | 67,405 | ||||||
|
Liberty Media Corp. — Liberty Formula One, Class A(a) |
1,695 | 56,088 | ||||||
|
Liberty Media Corp. — Liberty Formula One, Class C(a) |
11,584 | 410,537 | ||||||
|
Liberty Media Corp. — Liberty Braves, Class A(a) |
524 | 9,909 | ||||||
|
Liberty Media Corp. — Liberty Braves, Class C(a) |
2,007 | 37,431 | ||||||
|
Lions Gate Entertainment Corp., Class A(a) |
3,107 | 23,800 | ||||||
|
Lions Gate Entertainment Corp., Class B(a) |
6,941 | 49,350 | ||||||
|
LiveXLive Media, Inc.(a) |
1,347 | 4,081 | ||||||
|
Madison Square Garden Sports Corp., Class A(a) |
1,084 | 166,600 | ||||||
|
Meredith Corp. |
2,338 | 33,574 | ||||||
|
MSG Networks, Inc., Class A(a) |
2,148 | 20,470 | ||||||
|
National CineMedia, Inc. |
3,463 | 8,554 | ||||||
|
New York Times Co., Class A |
9,527 | 439,576 | ||||||
|
News Corp., Class A |
22,256 | 283,096 | ||||||
|
News Corp., Class B |
7,809 | 99,643 | ||||||
|
Nexstar Media Group, Inc., Class A |
2,615 | 229,205 | ||||||
|
Saga Communications, Inc., Class A |
168 | 3,928 | ||||||
|
Scholastic Corp. |
2,093 | 50,085 | ||||||
|
Sinclair Broadcast Group, Inc., Class A |
3,049 | 62,809 | ||||||
|
TechTarget, Inc.(a)(b) |
1,338 | 48,556 | ||||||
|
TEGNA, Inc. |
12,530 | 147,603 | ||||||
|
Tribune Publishing Co. |
814 | 7,936 | ||||||
|
Value Line, Inc. |
72 | 1,775 | ||||||
|
WideOpenWest, Inc.(a) |
3,047 | 16,637 | ||||||
|
|
|
|||||||
| 4,300,111 | ||||||||
| Metals & Mining — 1.1% | ||||||||
|
Alcoa Corp.(a) |
11,415 | 148,395 | ||||||
|
Allegheny Technologies, Inc.(a) |
7,192 | 62,498 | ||||||
|
Arconic Corp.(a) |
5,664 | 92,267 | ||||||
|
Caledonia Mining Corp. PLC |
634 | 14,538 | ||||||
|
Carpenter Technology Corp. |
2,753 | 61,557 | ||||||
|
Century Aluminum Co.(a) |
2,941 | 25,616 | ||||||
|
Cleveland-Cliffs, Inc.(b) |
22,605 | 117,094 | ||||||
|
Coeur Mining, Inc.(a) |
13,795 | 109,394 | ||||||
|
Commercial Metals Co. |
6,845 | 141,555 | ||||||
|
Compass Minerals International, Inc. |
1,941 | 98,874 | ||||||
|
Ferroglobe PLC(c) |
897 | — | ||||||
|
Gold Resource Corp. |
3,023 | 13,271 | ||||||
|
Haynes International, Inc. |
789 | 14,486 | ||||||
|
Hecla Mining Co. |
29,742 | 164,176 | ||||||
|
Kaiser Aluminum Corp. |
897 | 55,569 | ||||||
|
Materion Corp. |
1,168 | 67,067 | ||||||
|
Mayville Engineering Co., Inc.(a) |
267 | 2,026 | ||||||
|
Novagold Resources, Inc.(a)(b) |
14,334 | 130,726 | ||||||
|
Olympic Steel, Inc. |
326 | 3,449 | ||||||
|
Reliance Steel & Aluminum Co. |
3,733 | 366,805 | ||||||
|
Royal Gold, Inc. |
3,853 | 539,150 | ||||||
|
Ryerson Holding Corp.(a) |
675 | 3,800 | ||||||
|
Schnitzer Steel Industries, Inc., Class A |
1,584 | 29,146 | ||||||
|
Steel Dynamics, Inc. |
12,134 | 332,593 | ||||||
|
SunCoke Energy, Inc. |
4,822 | 15,382 | ||||||
|
TimkenSteel Corp.(a) |
2,056 | 7,545 | ||||||
| Security | Shares | Value | ||||||
| Metals & Mining (continued) | ||||||||
|
U.S. Silica Holdings, Inc. |
4,190 | $ | 14,791 | |||||
|
United States Steel Corp. |
12,550 | 83,583 | ||||||
|
Warrior Met Coal, Inc. |
2,953 | 47,012 | ||||||
|
Worthington Industries, Inc. |
2,099 | 78,545 | ||||||
|
|
|
|||||||
| 2,840,910 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) — 0.3% | ||||||||
|
AGNC Investment Corp. |
33,248 | 452,173 | ||||||
|
Broadmark Realty Capital, Inc. |
7,341 | 67,684 | ||||||
|
Colony Credit Real Estate, Inc. |
4,943 | 31,141 | ||||||
|
Dynex Capital, Inc. |
1,452 | 22,433 | ||||||
|
Ellington Financial, Inc. |
2,467 | 29,012 | ||||||
|
Front Yard Residential Corp. |
2,906 | 25,195 | ||||||
|
Granite Point Mortgage Trust, Inc. |
3,208 | 21,782 | ||||||
|
Great Ajax Corp. |
1,223 | 10,542 | ||||||
|
Invesco Mortgage Capital, Inc.(b) |
11,018 | 33,825 | ||||||
|
KKR Real Estate Finance Trust, Inc. |
1,553 | 25,857 | ||||||
|
Ready Capital Corp. |
2,349 | 18,839 | ||||||
|
TPG RE Finance Trust, Inc. |
3,404 | 29,547 | ||||||
|
Two Harbors Investment Corp. |
15,546 | 84,415 | ||||||
|
Western Asset Mortgage Capital Corp. |
2,714 | 5,727 | ||||||
|
|
|
|||||||
| 858,172 | ||||||||
| Multi-Utilities — 0.3% | ||||||||
|
Avista Corp. |
3,856 | 143,173 | ||||||
|
Black Hills Corp. |
3,776 | 218,480 | ||||||
|
MDU Resources Group, Inc. |
11,767 | 246,872 | ||||||
|
NorthWestern Corp. |
2,932 | 164,954 | ||||||
|
|
|
|||||||
| 773,479 | ||||||||
| Multiline Retail — 0.3% | ||||||||
|
Big Lots, Inc. |
2,309 | 90,836 | ||||||
|
Dillard’s, Inc., Class A(b) |
471 | 11,092 | ||||||
|
Kohl’s Corp. |
9,343 | 177,891 | ||||||
|
Macy’s, Inc.(b) |
16,896 | 102,390 | ||||||
|
Nordstrom, Inc.(b) |
6,280 | 85,973 | ||||||
|
Ollie’s Bargain Outlet Holdings, Inc.(a)(b) |
3,141 | 330,119 | ||||||
|
|
|
|||||||
| 798,301 | ||||||||
| Oil, Gas & Consumable Fuels — 1.9% | ||||||||
|
Adams Resources & Energy, Inc. |
168 | 3,557 | ||||||
|
Amyris, Inc.(a)(b) |
3,991 | 17,082 | ||||||
|
Antero Midstream Corp. |
16,452 | 93,283 | ||||||
|
Antero Resources Corp.(a) |
14,047 | 41,579 | ||||||
|
Apache Corp. |
22,445 | 344,531 | ||||||
|
Arch Resources, Inc. |
904 | 28,042 | ||||||
|
Ardmore Shipping Corp. |
1,437 | 5,906 | ||||||
|
Berry Corp. |
3,437 | 16,171 | ||||||
|
Bonanza Creek Energy, Inc.(a) |
944 | 17,171 | ||||||
|
Brigham Minerals, Inc., Class A |
1,828 | 20,254 | ||||||
|
Cimarex Energy Co. |
5,788 | 141,575 | ||||||
|
Clean Energy Fuels Corp.(a) |
6,462 | 15,380 | ||||||
|
CNX Resources Corp.(a) |
10,627 | 102,551 | ||||||
|
Comstock Resources, Inc.(a) |
657 | 3,522 | ||||||
|
CONSOL Energy, Inc.(a) |
1,305 | 7,673 | ||||||
|
Contango Oil & Gas Co.(a) |
5,116 | 9,107 | ||||||
|
Continental Resources, Inc. |
4,317 | 74,641 | ||||||
|
CVR Energy, Inc. |
1,691 | 32,467 | ||||||
|
Delek US Holdings, Inc. |
3,585 | 62,666 | ||||||
|
Devon Energy Corp. |
21,909 | 229,825 | ||||||
|
DHT Holdings, Inc. |
6,410 | 36,409 | ||||||
|
Diamond S Shipping, Inc.(a) |
1,291 | 11,335 | ||||||
|
Diamondback Energy, Inc. |
9,398 | 374,604 | ||||||
|
Dorian LPG Ltd.(a) |
1,847 | 15,773 | ||||||
|
Earthstone Energy, Inc., Class A(a)(b) |
661 | 1,738 | ||||||
|
Energy Fuels, Inc.(a) |
5,468 | 9,350 | ||||||
| 38 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||
|
EQT Corp. |
15,309 | $ | 222,287 | |||||
|
Equitrans Midstream Corp. |
24,327 | 234,756 | ||||||
|
Evolution Petroleum Corp. |
1,497 | 3,922 | ||||||
|
Falcon Minerals Corp. |
1,550 | 3,891 | ||||||
|
Frontline Ltd. |
6,725 | 53,800 | ||||||
|
Golar LNG Ltd. |
5,384 | 40,380 | ||||||
|
Goodrich Petroleum Corp.(a)(b) |
250 | 1,863 | ||||||
|
Green Plains, Inc.(a) |
1,788 | 23,119 | ||||||
|
Gulfport Energy Corp.(a) |
10,769 | 10,877 | ||||||
|
HollyFrontier Corp. |
8,503 | 233,833 | ||||||
|
International Seaways, Inc. |
1,461 | 25,231 | ||||||
|
Kosmos Energy Ltd. |
23,094 | 37,181 | ||||||
|
Magnolia Oil & Gas Corp., Class A(a) |
7,243 | 43,313 | ||||||
|
Marathon Oil Corp. |
48,231 | 264,788 | ||||||
|
Matador Resources Co.(a) |
6,377 | 55,352 | ||||||
|
Montage Resources Corp.(a) |
878 | 3,767 | ||||||
|
Murphy Oil Corp. |
8,376 | 110,647 | ||||||
|
NextDecade Corp.(a)(b) |
435 | 674 | ||||||
|
Noble Energy, Inc. |
28,553 | 285,244 | ||||||
|
Nordic American Tankers Ltd. |
7,726 | 35,153 | ||||||
|
Overseas Shipholding Group, Inc., Class A(a) |
3,265 | 7,542 | ||||||
|
Ovintiv, Inc. |
15,763 | 152,743 | ||||||
|
Par Pacific Holdings, Inc.(a) |
2,200 | 16,302 | ||||||
|
Parsley Energy, Inc., Class A |
18,642 | 204,689 | ||||||
|
PBF Energy, Inc., Class A |
5,563 | 48,287 | ||||||
|
PDC Energy, Inc.(a) |
5,862 | 83,592 | ||||||
|
Peabody Energy Corp. |
3,872 | 12,081 | ||||||
|
Penn Virginia Corp.(a) |
666 | 6,600 | ||||||
|
PrimeEnergy Resources Corp.(a) |
13 | 926 | ||||||
|
Range Resources Corp.(b) |
12,205 | 78,844 | ||||||
|
Renewable Energy Group, Inc.(a) |
2,193 | 60,483 | ||||||
|
REX American Resources Corp.(a)(b) |
348 | 23,716 | ||||||
|
Scorpio Tankers, Inc. |
2,932 | 38,761 | ||||||
|
SFL Corp. Ltd. |
5,469 | 45,447 | ||||||
|
SM Energy Co. |
6,944 | 20,485 | ||||||
|
Southwestern Energy Co.(a) |
31,708 | 77,050 | ||||||
|
Talos Energy, Inc.(a) |
839 | 5,714 | ||||||
|
Targa Resources Corp. |
13,706 | 250,546 | ||||||
|
Tellurian, Inc.(a)(b) |
8,480 | 7,562 | ||||||
|
Uranium Energy Corp.(a) |
9,375 | 9,078 | ||||||
|
W&T Offshore, Inc.(a)(b) |
4,964 | 11,219 | ||||||
|
Whiting Petroleum Corp.(a)(b) |
3,916 | 3,054 | ||||||
|
World Fuel Services Corp. |
3,911 | 92,026 | ||||||
|
WPX Energy, Inc.(a) |
23,328 | 139,268 | ||||||
|
|
|
|||||||
| 4,802,285 | ||||||||
| Paper & Forest Products — 0.2% | ||||||||
|
Boise Cascade Co. |
2,249 | 104,781 | ||||||
|
Clearwater Paper Corp.(a) |
929 | 34,299 | ||||||
|
Domtar Corp. |
3,154 | 66,203 | ||||||
|
Louisiana-Pacific Corp. |
6,735 | 213,298 | ||||||
|
Neenah, Inc. |
958 | 42,736 | ||||||
|
PH Glatfelter Co. |
2,510 | 39,984 | ||||||
|
Schweitzer-Mauduit International, Inc. |
2,178 | 70,850 | ||||||
|
Verso Corp., Class A |
2,082 | 25,421 | ||||||
|
|
|
|||||||
| 597,572 | ||||||||
| Personal Products — 0.4% | ||||||||
|
BellRing Brands, Inc., Class A(a) |
2,231 | 44,330 | ||||||
|
Coty, Inc., Class A |
16,516 | 61,274 | ||||||
|
Edgewell Personal Care Co.(a) |
3,115 | 93,107 | ||||||
|
elf Beauty, Inc.(a) |
1,554 | 27,755 | ||||||
|
Herbalife Nutrition Ltd.(a) |
5,976 | 306,210 | ||||||
|
Inter Parfums, Inc. |
1,036 | 42,362 | ||||||
|
Lifevantage Corp.(a) |
907 | 11,646 | ||||||
| Security | Shares | Value | ||||||
| Personal Products (continued) | ||||||||
|
Medifast, Inc. |
653 | $ | 109,136 | |||||
|
Nature’s Sunshine Products, Inc.(a) |
459 | 4,365 | ||||||
|
Nu Skin Enterprises, Inc., Class A |
2,982 | 133,743 | ||||||
|
Revlon, Inc., Class A(a)(b) |
254 | 1,605 | ||||||
|
USANA Health Sciences, Inc.(a)(b) |
643 | 52,199 | ||||||
|
Veru, Inc.(a) |
2,890 | 8,179 | ||||||
|
|
|
|||||||
| 895,911 | ||||||||
| Pharmaceuticals — 1.8% | ||||||||
|
AcelRx Pharmaceuticals, Inc.(a) |
3,225 | 3,515 | ||||||
|
Aerie Pharmaceuticals, Inc.(a)(b) |
2,086 | 24,114 | ||||||
|
Agile Therapeutics, Inc.(a) |
3,931 | 9,828 | ||||||
|
Amneal Pharmaceuticals, Inc.(a) |
6,163 | 26,686 | ||||||
|
Amphastar Pharmaceuticals, Inc.(a) |
2,088 | 41,802 | ||||||
|
ANI Pharmaceuticals, Inc.(a) |
607 | 17,973 | ||||||
|
Aquestive Therapeutics, Inc.(a) |
1,170 | 6,154 | ||||||
|
Arvinas, Inc.(a) |
1,673 | 52,700 | ||||||
|
Assembly Biosciences, Inc.(a) |
1,790 | 39,738 | ||||||
|
Avenue Therapeutics, Inc.(a) |
436 | 4,417 | ||||||
|
Axsome Therapeutics, Inc.(a) |
1,579 | 112,630 | ||||||
|
BioDelivery Sciences International, Inc.(a) |
5,187 | 21,734 | ||||||
|
Cara Therapeutics, Inc.(a) |
2,345 | 38,552 | ||||||
|
Catalent, Inc.(a) |
9,091 | 794,008 | ||||||
|
Cerecor, Inc.(a) |
875 | 2,389 | ||||||
|
Collegium Pharmaceutical, Inc.(a)(b) |
1,873 | 29,556 | ||||||
|
Corcept Therapeutics, Inc.(a)(b) |
5,532 | 82,703 | ||||||
|
CorMedix, Inc.(a) |
1,462 | 6,506 | ||||||
|
Cymabay Therapeutics, Inc.(a)(b) |
3,504 | 12,439 | ||||||
|
Durect Corp.(a) |
11,158 | 21,870 | ||||||
|
Eloxx Pharmaceuticals, Inc.(a) |
956 | 2,667 | ||||||
|
Endo International PLC(a) |
12,489 | 43,462 | ||||||
|
Eton Pharmaceuticals, Inc.(a) |
831 | 5,551 | ||||||
|
Evofem Biosciences, Inc.(a) |
2,946 | 8,809 | ||||||
|
Evolus, Inc.(a)(b) |
1,546 | 5,040 | ||||||
|
Fulcrum Therapeutics, Inc.(a) |
592 | 9,395 | ||||||
|
Harrow Health, Inc.(a)(b) |
1,273 | 6,976 | ||||||
|
Heska Corp.(a) |
405 | 38,969 | ||||||
|
Horizon Therapeutics PLC(a) |
10,830 | 662,688 | ||||||
|
IMARA, Inc.(a) |
279 | 5,633 | ||||||
|
Innoviva, Inc.(a) |
3,731 | 50,536 | ||||||
|
Intersect ENT, Inc.(a) |
1,873 | 32,197 | ||||||
|
Intra-Cellular Therapies, Inc.(a) |
3,140 | 62,251 | ||||||
|
Jazz Pharmaceuticals PLC(a) |
3,106 | 336,224 | ||||||
|
Kala Pharmaceuticals, Inc.(a)(b) |
2,233 | 19,539 | ||||||
|
Kaleido Biosciences, Inc.(a)(b) |
497 | 2,967 | ||||||
|
Lannett Co., Inc.(a)(b) |
1,551 | 9,228 | ||||||
|
Liquidia Technologies, Inc.(a) |
1,169 | 6,465 | ||||||
|
Lyra Therapeutics, Inc.(a) |
431 | 5,775 | ||||||
|
Mallinckrodt PLC(a)(b) |
5,268 | 11,748 | ||||||
|
Marinus Pharmaceuticals, Inc.(a) |
3,984 | 6,693 | ||||||
|
Menlo Therapeutics, Inc.(a) |
6,130 | 9,869 | ||||||
|
MyoKardia, Inc.(a) |
2,927 | 263,811 | ||||||
|
Nektar Therapeutics(a)(b) |
10,435 | 231,240 | ||||||
|
NGM Biopharmaceuticals, Inc.(a) |
1,325 | 24,234 | ||||||
|
Odonate Therapeutics, Inc.(a) |
746 | 27,132 | ||||||
|
Omeros Corp.(a)(b) |
2,988 | 38,336 | ||||||
|
Optinose, Inc.(a) |
1,482 | 7,551 | ||||||
|
Osmotica Pharmaceuticals PLC(a) |
478 | 2,557 | ||||||
|
Pacira BioSciences, Inc.(a)(b) |
2,375 | 124,949 | ||||||
|
Paratek Pharmaceuticals, Inc.(a) |
2,579 | 11,270 | ||||||
|
Perrigo Co. PLC |
8,105 | 429,727 | ||||||
|
Phathom Pharmaceuticals, Inc.(a)(b) |
573 | 19,058 | ||||||
|
Phibro Animal Health Corp., Class A |
1,129 | 26,187 | ||||||
|
Prestige Consumer Healthcare, Inc.(a) |
2,906 | 108,074 | ||||||
|
Provention Bio, Inc.(a) |
2,391 | 24,842 | ||||||
|
SCHEDULES OF INVESTMENTS |
39 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Pharmaceuticals (continued) | ||||||||
|
Reata Pharmaceuticals, Inc., Class A(a) |
1,409 | $ | 208,109 | |||||
|
Relmada Therapeutics, Inc.(a)(b) |
793 | 28,841 | ||||||
|
Revance Therapeutics, Inc.(a)(b) |
3,236 | 75,981 | ||||||
|
Satsuma Pharmaceuticals, Inc.(a) |
522 | 12,324 | ||||||
|
SIGA Technologies, Inc.(a) |
3,406 | 21,867 | ||||||
|
Supernus Pharmaceuticals, Inc.(a) |
2,793 | 62,186 | ||||||
|
TherapeuticsMD, Inc.(a)(b) |
14,617 | 27,041 | ||||||
|
Theravance Biopharma, Inc.(a) |
2,701 | 52,453 | ||||||
|
Tricida, Inc.(a) |
1,616 | 21,622 | ||||||
|
Verrica Pharmaceuticals, Inc.(a) |
573 | 3,759 | ||||||
|
WaVe Life Sciences Ltd.(a) |
1,077 | 9,456 | ||||||
|
Xeris Pharmaceuticals, Inc.(a)(b) |
1,923 | 5,500 | ||||||
|
Zogenix, Inc.(a) |
3,176 | 75,557 | ||||||
|
|
|
|||||||
| 4,635,660 | ||||||||
| Professional Services — 1.1% | ||||||||
|
Acacia Research Corp.(a) |
169 | 669 | ||||||
|
Akerna Corp.(a) |
592 | 3,866 | ||||||
|
ASGN, Inc.(a) |
2,901 | 198,603 | ||||||
|
Barrett Business Services, Inc. |
449 | 23,653 | ||||||
|
BG Staffing, Inc. |
361 | 3,278 | ||||||
|
CBIZ, Inc.(a) |
2,995 | 72,419 | ||||||
|
CRA International, Inc. |
427 | 17,836 | ||||||
|
Exponent, Inc. |
3,013 | 253,273 | ||||||
|
Forrester Research, Inc.(a) |
664 | 23,313 | ||||||
|
Franklin Covey Co.(a) |
727 | 13,151 | ||||||
|
FTI Consulting, Inc.(a) |
2,156 | 257,513 | ||||||
|
GP Strategies Corp.(a) |
562 | 4,176 | ||||||
|
Heidrick & Struggles International, Inc. |
1,160 | 23,467 | ||||||
|
Huron Consulting Group, Inc.(a) |
1,316 | 62,800 | ||||||
|
ICF International, Inc. |
1,069 | 72,275 | ||||||
|
Insperity, Inc. |
2,184 | 146,022 | ||||||
|
Kelly Services, Inc., Class A |
1,972 | 29,205 | ||||||
|
Kforce, Inc. |
1,111 | 32,041 | ||||||
|
Korn Ferry |
3,589 | 100,851 | ||||||
|
ManpowerGroup, Inc. |
3,427 | 235,743 | ||||||
|
Mastech Digital, Inc.(a) |
229 | 4,924 | ||||||
|
Mistras Group, Inc.(a) |
1,389 | 4,903 | ||||||
|
Nielsen Holdings PLC |
21,119 | 304,747 | ||||||
|
Paylocity Holding Corp.(a)(b) |
2,035 | 271,062 | ||||||
|
Red Violet, Inc.(a) |
370 | 5,665 | ||||||
|
Resources Connection, Inc. |
1,828 | 20,656 | ||||||
|
Robert Half International, Inc. |
6,543 | 332,842 | ||||||
|
TriNet Group, Inc.(a) |
2,372 | 156,552 | ||||||
|
TrueBlue, Inc.(a) |
1,905 | 29,394 | ||||||
|
Upwork, Inc.(a) |
5,296 | 79,546 | ||||||
|
Willdan Group, Inc.(a)(b) |
506 | 12,478 | ||||||
|
|
|
|||||||
| 2,796,923 | ||||||||
| Real Estate Management & Development — 0.6% | ||||||||
|
Alexander & Baldwin, Inc. |
4,231 | 50,010 | ||||||
|
Altisource Portfolio Solutions SA(a) |
342 | 4,593 | ||||||
|
American Realty Investors, Inc.(a) |
117 | 1,081 | ||||||
|
CareTrust REIT, Inc. |
6,133 | 110,517 | ||||||
|
CTO Realty Growth, Inc. |
242 | 9,593 | ||||||
|
Cushman & Wakefield PLC(a) |
6,321 | 67,635 | ||||||
|
Essential Properties Realty Trust, Inc. |
5,215 | 83,961 | ||||||
|
eXp World Holdings, Inc.(a) |
1,356 | 26,944 | ||||||
|
Forestar Group, Inc.(a) |
896 | 15,510 | ||||||
|
FRP Holdings, Inc.(a) |
420 | 16,430 | ||||||
|
Global Medical REIT, Inc. |
2,345 | 27,882 | ||||||
|
Howard Hughes Corp.(a) |
2,213 | 117,709 | ||||||
|
Jones Lang LaSalle, Inc. |
3,027 | 299,401 | ||||||
|
Kennedy-Wilson Holdings, Inc. |
7,114 | 105,572 | ||||||
|
Marcus & Millichap, Inc.(a) |
1,362 | 37,101 | ||||||
| Security | Shares | Value | ||||||
| Real Estate Management & Development (continued) | ||||||||
|
Maui Land & Pineapple Co., Inc.(a) |
670 | $ | 6,975 | |||||
|
Newmark Group, Inc., Class A |
8,681 | 35,332 | ||||||
|
Rafael Holdings, Inc., Class B(a) |
567 | 7,921 | ||||||
|
RE/MAX Holdings, Inc., Class A |
1,101 | 35,639 | ||||||
|
Realogy Holdings Corp. |
6,547 | 59,316 | ||||||
|
Redfin Corp.(a)(b) |
5,645 | 234,719 | ||||||
|
RMR Group, Inc., Class A |
919 | 26,430 | ||||||
|
St. Joe Co.(a) |
1,987 | 40,952 | ||||||
|
Stratus Properties, Inc.(a) |
267 | 5,100 | ||||||
|
Tejon Ranch Co.(a) |
1,400 | 20,090 | ||||||
|
Transcontinental Realty Investors, Inc.(a) |
22 | 517 | ||||||
|
|
|
|||||||
| 1,446,930 | ||||||||
| Road & Rail — 0.6% | ||||||||
|
AMERCO |
512 | 162,678 | ||||||
|
ArcBest Corp. |
1,534 | 46,618 | ||||||
|
Avis Budget Group, Inc.(a) |
2,952 | 76,457 | ||||||
|
Covenant Logistics Group, Inc., Class A(a) |
683 | 11,509 | ||||||
|
Daseke, Inc.(a)(b) |
3,220 | 13,427 | ||||||
|
Heartland Express, Inc. |
2,786 | 56,514 | ||||||
|
Hertz Global Holdings, Inc.(a)(b) |
5,881 | 8,527 | ||||||
|
Knight-Swift Transportation Holdings, Inc.(b) |
7,335 | 318,999 | ||||||
|
Landstar System, Inc. |
2,186 | 266,211 | ||||||
|
Marten Transport Ltd. |
2,784 | 74,110 | ||||||
|
PAM Transportation Services, Inc.(a)(b) |
74 | 2,076 | ||||||
|
Ryder System, Inc. |
3,014 | 110,403 | ||||||
|
Saia, Inc.(a) |
1,580 | 188,731 | ||||||
|
Schneider National, Inc., Class B |
3,378 | 84,889 | ||||||
|
Universal Logistics Holdings, Inc. |
322 | 5,915 | ||||||
|
US Xpress Enterprises, Inc., Class A(a) |
1,235 | 11,313 | ||||||
|
Werner Enterprises, Inc. |
3,482 | 153,156 | ||||||
|
|
|
|||||||
| 1,591,533 | ||||||||
| Semiconductors & Semiconductor Equipment — 3.2% | ||||||||
|
Advanced Energy Industries, Inc.(a) |
2,168 | 159,500 | ||||||
|
Alpha & Omega Semiconductor Ltd.(a) |
978 | 10,650 | ||||||
|
Ambarella, Inc.(a) |
1,890 | 85,579 | ||||||
|
Amkor Technology, Inc.(a) |
5,716 | 77,709 | ||||||
|
Atomera, Inc.(a) |
813 | 8,650 | ||||||
|
Axcelis Technologies, Inc.(a) |
1,832 | 53,897 | ||||||
|
AXT, Inc.(a) |
2,786 | 13,345 | ||||||
|
Brooks Automation, Inc.(b) |
4,313 | 234,843 | ||||||
|
Cabot Microelectronics Corp. |
1,706 | 257,128 | ||||||
|
CEVA, Inc.(a) |
1,268 | 50,974 | ||||||
|
Cirrus Logic, Inc.(a) |
3,477 | 238,279 | ||||||
|
Cohu, Inc. |
2,339 | 44,043 | ||||||
|
Cree, Inc.(a)(b) |
6,376 | 439,434 | ||||||
|
CyberOptics Corp.(a) |
403 | 15,858 | ||||||
|
Diodes, Inc.(a) |
2,421 | 124,560 | ||||||
|
DSP Group, Inc.(a) |
1,222 | 18,147 | ||||||
|
Enphase Energy, Inc.(a)(b) |
6,221 | 375,500 | ||||||
|
Entegris, Inc. |
7,785 | 559,819 | ||||||
|
First Solar, Inc.(a)(b) |
4,987 | 296,976 | ||||||
|
FormFactor, Inc.(a) |
4,354 | 125,569 | ||||||
|
GSI Technology, Inc.(a)(b) |
1,299 | 7,430 | ||||||
|
Ichor Holdings Ltd.(a) |
1,326 | 43,519 | ||||||
|
Impinj, Inc.(a)(b) |
991 | 23,388 | ||||||
|
Inphi Corp.(a) |
2,823 | 368,853 | ||||||
|
Lattice Semiconductor Corp.(a) |
7,906 | 245,798 | ||||||
|
MACOM Technology Solutions Holdings, Inc.(a) |
2,675 | 113,045 | ||||||
|
MaxLinear, Inc.(a) |
3,822 | 96,888 | ||||||
|
MKS Instruments, Inc. |
3,191 | 406,661 | ||||||
|
Monolithic Power Systems, Inc. |
2,537 | 672,330 | ||||||
|
NeoPhotonics Corp.(a) |
2,759 | 25,134 | ||||||
|
NVE Corp. |
250 | 13,560 | ||||||
| 40 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Semiconductors & Semiconductor Equipment (continued) | ||||||||
|
ON Semiconductor Corp.(a) |
23,949 | $ | 493,349 | |||||
|
Onto Innovation, Inc.(a) |
2,724 | 103,022 | ||||||
|
PDF Solutions, Inc.(a) |
1,827 | 44,908 | ||||||
|
Photronics, Inc.(a) |
2,652 | 31,506 | ||||||
|
Pixelworks, Inc.(a) |
2,177 | 6,945 | ||||||
|
Power Integrations, Inc. |
1,676 | 204,522 | ||||||
|
Rambus, Inc.(a) |
6,456 | 95,291 | ||||||
|
Semtech Corp.(a) |
3,826 | 213,223 | ||||||
|
Silicon Laboratories, Inc.(a) |
2,464 | 247,657 | ||||||
|
SiTime Corp.(a)(b) |
330 | 17,540 | ||||||
|
SMART Global Holdings, Inc.(a) |
840 | 23,428 | ||||||
|
SolarEdge Technologies, Inc.(a)(b) |
2,865 | 501,661 | ||||||
|
SunPower Corp.(a)(b) |
4,326 | 40,362 | ||||||
|
Teradyne, Inc. |
9,630 | 856,685 | ||||||
|
Ultra Clean Holdings, Inc.(a) |
2,266 | 68,184 | ||||||
|
Veeco Instruments, Inc.(a) |
2,777 | 37,545 | ||||||
|
|
|
|||||||
| 8,192,894 | ||||||||
| Software — 7.1% | ||||||||
|
A10 Networks, Inc.(a) |
3,697 | 29,872 | ||||||
|
ACI Worldwide, Inc.(a) |
6,517 | 174,590 | ||||||
|
Alarm.com Holdings, Inc.(a) |
2,692 | 188,548 | ||||||
|
Altair Engineering, Inc., Class A(a)(b) |
2,391 | 96,357 | ||||||
|
Alteryx, Inc., Class A(a)(b) |
3,092 | 542,615 | ||||||
|
American Software, Inc., Class A |
1,676 | 27,604 | ||||||
|
Anaplan, Inc.(a) |
7,748 | 351,837 | ||||||
|
Appfolio, Inc., Class A(a) |
954 | 132,816 | ||||||
|
Appian Corp.(a)(b) |
1,988 | 101,130 | ||||||
|
Aspen Technology, Inc.(a) |
3,964 | 385,539 | ||||||
|
Asure Software, Inc.(a)(b) |
565 | 3,644 | ||||||
|
Avalara, Inc.(a) |
4,513 | 606,773 | ||||||
|
Avaya Holdings Corp.(a) |
5,343 | 67,642 | ||||||
|
Benefitfocus, Inc.(a) |
1,841 | 21,558 | ||||||
|
Bill.Com Holdings, Inc.(a) |
921 | 85,754 | ||||||
|
Blackbaud, Inc. |
3,044 | 190,372 | ||||||
|
Blackline, Inc.(a) |
2,939 | 261,306 | ||||||
|
Bottomline Technologies DE, Inc.(a) |
2,728 | 131,653 | ||||||
|
Box, Inc., Class A(a)(b) |
8,402 | 150,816 | ||||||
|
CDK Global, Inc. |
7,198 | 327,221 | ||||||
|
Cerence, Inc.(a) |
2,098 | 83,207 | ||||||
|
Ceridian HCM Holding, Inc.(a) |
6,219 | 486,886 | ||||||
|
ChannelAdvisor Corp.(a) |
1,642 | 33,448 | ||||||
|
Cloudera, Inc.(a)(b) |
11,675 | 131,577 | ||||||
|
Cloudflare, Inc., Class A(a) |
6,447 | 268,324 | ||||||
|
CommVault Systems, Inc.(a) |
2,396 | 105,616 | ||||||
|
Cornerstone OnDemand, Inc.(a) |
3,470 | 123,220 | ||||||
|
Digimarc Corp.(a)(b) |
821 | 11,543 | ||||||
|
Digital Turbine, Inc.(a) |
4,697 | 65,194 | ||||||
|
Domo, Inc., Class B(a) |
1,454 | 46,790 | ||||||
|
Dynatrace, Inc.(a) |
8,922 | 373,207 | ||||||
|
Ebix, Inc.(b) |
1,532 | 33,788 | ||||||
|
eGain Corp.(a) |
1,752 | 17,362 | ||||||
|
Elastic NV(a) |
3,234 | 311,078 | ||||||
|
Envestnet, Inc.(a) |
3,021 | 245,305 | ||||||
|
Everbridge, Inc.(a) |
2,016 | 287,885 | ||||||
|
Fair Isaac Corp.(a) |
1,636 | 718,515 | ||||||
|
FireEye, Inc.(a)(b) |
13,847 | 209,090 | ||||||
|
Five9, Inc.(a)(b) |
3,627 | 438,214 | ||||||
|
ForeScout Technologies, Inc.(a)(b) |
2,741 | 79,462 | ||||||
|
GlobalSCAPE, Inc. |
809 | 7,710 | ||||||
|
Globant SA(a) |
2,119 | 366,460 | ||||||
|
GTY Technology Holdings, Inc.(a) |
3,238 | 10,524 | ||||||
|
Guidewire Software, Inc.(a) |
4,882 | 574,416 | ||||||
|
HubSpot, Inc.(a) |
2,436 | 571,510 | ||||||
|
Intelligent Systems Corp.(a) |
474 | 14,372 | ||||||
| Security | Shares | Value | ||||||
| Software (continued) | ||||||||
|
j2 Global, Inc.(a) |
2,633 | $ | 149,344 | |||||
|
LivePerson, Inc.(a) |
3,649 | 156,834 | ||||||
|
LogMeIn, Inc. |
2,862 | 245,588 | ||||||
|
Majesco(a) |
388 | 5,063 | ||||||
|
Manhattan Associates, Inc.(a) |
3,716 | 355,956 | ||||||
|
Medallia, Inc.(a) |
4,691 | 144,154 | ||||||
|
MicroStrategy, Inc., Class A(a) |
434 | 53,781 | ||||||
|
Mimecast Ltd.(a)(b) |
3,418 | 160,407 | ||||||
|
Mitek Systems, Inc.(a) |
797 | 8,177 | ||||||
|
MobileIron, Inc.(a) |
5,085 | 31,680 | ||||||
|
Model N, Inc.(a) |
1,957 | 75,266 | ||||||
|
NetScout Systems, Inc.(a) |
4,060 | 103,368 | ||||||
|
New Relic, Inc.(a) |
3,012 | 213,581 | ||||||
|
Nuance Communications, Inc.(a) |
16,414 | 448,923 | ||||||
|
Nutanix, Inc., Class A(a) |
10,586 | 234,903 | ||||||
|
OneSpan, Inc.(a) |
1,929 | 60,069 | ||||||
|
PagerDuty, Inc.(a)(b) |
3,931 | 119,817 | ||||||
|
Park City Group, Inc.(a) |
978 | 4,274 | ||||||
|
Pegasystems, Inc. |
2,329 | 272,237 | ||||||
|
Ping Identity Holding Corp.(a) |
913 | 31,371 | ||||||
|
Pluralsight, Inc., Class A(a) |
5,385 | 114,000 | ||||||
|
Progress Software Corp. |
2,573 | 89,695 | ||||||
|
Proofpoint, Inc.(a) |
3,338 | 386,106 | ||||||
|
PROS Holdings, Inc.(a) |
2,242 | 73,156 | ||||||
|
PTC, Inc.(a) |
6,129 | 524,397 | ||||||
|
Q2 Holdings, Inc.(a) |
2,938 | 276,319 | ||||||
|
QAD, Inc., Class A |
681 | 26,906 | ||||||
|
Qualys, Inc.(a)(b) |
2,011 | 248,318 | ||||||
|
Rapid7, Inc.(a) |
2,873 | 171,145 | ||||||
|
RealPage, Inc.(a) |
5,151 | 324,565 | ||||||
|
Rimini Street, Inc.(a) |
1,025 | 5,422 | ||||||
|
Rosetta Stone, Inc.(a) |
1,353 | 36,220 | ||||||
|
SailPoint Technologies Holding, Inc.(a) |
5,022 | 158,193 | ||||||
|
Sapiens International Corp. NV |
1,462 | 44,679 | ||||||
|
Seachange International, Inc.(a) |
1,323 | 2,077 | ||||||
|
SecureWorks Corp., Class A(a) |
307 | 3,672 | ||||||
|
ShotSpotter, Inc.(a) |
398 | 9,170 | ||||||
|
Smartsheet, Inc., Class A(a)(b) |
6,522 | 311,360 | ||||||
|
Smith Micro Software, Inc.(a) |
1,924 | 7,946 | ||||||
|
SolarWinds Corp.(a)(b) |
2,763 | 50,729 | ||||||
|
Sprout Social, Inc., Class A(a) |
454 | 13,116 | ||||||
|
SPS Commerce, Inc.(a) |
2,116 | 159,060 | ||||||
|
SVMK, Inc.(a) |
7,100 | 170,258 | ||||||
|
Synchronoss Technologies, Inc.(a) |
1,988 | 6,560 | ||||||
|
Telenav, Inc.(a)(b) |
1,667 | 8,643 | ||||||
|
Tenable Holdings, Inc.(a) |
3,479 | 118,042 | ||||||
|
Upland Software, Inc.(a) |
1,284 | 44,195 | ||||||
|
Varonis Systems, Inc.(a) |
1,890 | 204,781 | ||||||
|
Verint Systems, Inc.(a) |
3,658 | 164,208 | ||||||
|
Veritone, Inc.(a)(b) |
1,323 | 14,976 | ||||||
|
VirnetX Holding Corp. |
3,499 | 18,090 | ||||||
|
Workiva, Inc.(a) |
2,191 | 122,477 | ||||||
|
Xperi Holding Corp. |
6,123 | 112,908 | ||||||
|
Yext, Inc.(a) |
5,770 | 97,051 | ||||||
|
Zendesk, Inc.(a)(b) |
6,673 | 608,244 | ||||||
|
Zix Corp.(a) |
3,312 | 23,565 | ||||||
|
Zscaler, Inc.(a) |
4,127 | 535,891 | ||||||
|
Zuora, Inc., Class A(a) |
5,592 | 65,091 | ||||||
|
Zynga, Inc., Class A(a)(b) |
51,730 | 508,506 | ||||||
|
|
|
|||||||
| 18,226,880 | ||||||||
| Specialty Retail — 1.9% | ||||||||
|
A-Mark Precious Metals, Inc.(a) |
279 | 6,721 | ||||||
|
Aaron’s, Inc. |
3,849 | 200,841 | ||||||
|
Abercrombie & Fitch Co., Class A |
3,634 | 34,995 | ||||||
|
SCHEDULES OF INVESTMENTS |
41 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Specialty Retail (continued) | ||||||||
|
America’s Car-Mart, Inc.(a) |
331 | $ | 31,498 | |||||
|
American Eagle Outfitters, Inc. |
8,636 | 86,360 | ||||||
|
Asbury Automotive Group, Inc.(a) |
1,113 | 111,467 | ||||||
|
AutoNation, Inc.(a) |
3,396 | 174,351 | ||||||
|
Bed Bath & Beyond, Inc. |
7,374 | 79,787 | ||||||
|
Boot Barn Holdings, Inc.(a) |
1,660 | 32,138 | ||||||
|
Buckle, Inc. |
1,682 | 26,962 | ||||||
|
Caleres, Inc. |
2,059 | 12,992 | ||||||
|
Cato Corp., Class A |
1,035 | 7,442 | ||||||
|
Chico’s FAS, Inc. |
5,664 | 7,193 | ||||||
|
Children’s Place, Inc. |
857 | 20,919 | ||||||
|
Citi Trends, Inc. |
536 | 9,230 | ||||||
|
Conn’s, Inc.(a) |
866 | 8,625 | ||||||
|
Container Store Group, Inc.(a)(b) |
598 | 2,063 | ||||||
|
Designer Brands, Inc., Class A |
3,803 | 22,476 | ||||||
|
Dick’s Sporting Goods, Inc. |
3,715 | 169,478 | ||||||
|
Express, Inc.(a) |
2,819 | 2,847 | ||||||
|
Five Below, Inc.(a) |
3,283 | 357,552 | ||||||
|
Floor & Decor Holdings, Inc., Class A(a) |
4,780 | 315,002 | ||||||
|
Foot Locker, Inc. |
6,348 | 186,568 | ||||||
|
GameStop Corp., Class A(a)(b) |
3,201 | 12,836 | ||||||
|
Gap, Inc. |
11,186 | 149,557 | ||||||
|
Genesco, Inc.(a) |
770 | 11,974 | ||||||
|
Group 1 Automotive, Inc. |
1,033 | 86,793 | ||||||
|
GrowGeneration Corp.(a) |
1,635 | 13,799 | ||||||
|
Guess?, Inc. |
2,703 | 27,949 | ||||||
|
Haverty Furniture Cos., Inc. |
837 | 11,902 | ||||||
|
Hibbett Sports, Inc.(a)(b) |
857 | 19,874 | ||||||
|
Hudson Ltd., Class A(a) |
2,124 | 9,303 | ||||||
|
L Brands, Inc. |
13,682 | 333,978 | ||||||
|
Lithia Motors, Inc., Class A |
1,259 | 288,500 | ||||||
|
Lumber Liquidators Holdings, Inc.(a) |
1,780 | 39,730 | ||||||
|
MarineMax, Inc.(a) |
1,082 | 30,015 | ||||||
|
Michaels Cos., Inc.(a) |
5,134 | 36,862 | ||||||
|
Monro, Inc. |
1,887 | 106,238 | ||||||
|
Murphy USA, Inc.(a) |
1,578 | 208,943 | ||||||
|
National Vision Holdings, Inc.(a) |
4,587 | 146,738 | ||||||
|
ODP Corp. |
2,999 | 66,188 | ||||||
|
OneWater Marine, Inc., Class A(a) |
263 | 6,575 | ||||||
|
Penske Automotive Group, Inc. |
1,904 | 85,337 | ||||||
|
Rent-A-Center, Inc. |
2,786 | 80,571 | ||||||
|
RH(a) |
984 | 282,831 | ||||||
|
Sally Beauty Holdings, Inc.(a)(b) |
7,070 | 82,083 | ||||||
|
Shoe Carnival, Inc. |
466 | 11,440 | ||||||
|
Signet Jewelers Ltd. |
2,995 | 32,166 | ||||||
|
Sleep Number Corp.(a) |
1,556 | 72,354 | ||||||
|
Sonic Automotive, Inc., Class A |
1,387 | 52,872 | ||||||
|
Sportsman’s Warehouse Holdings, Inc.(a) |
2,636 | 42,413 | ||||||
|
Systemax, Inc. |
775 | 17,368 | ||||||
|
Tilly’s, Inc., Class A |
1,007 | 6,052 | ||||||
|
Urban Outfitters, Inc.(a) |
3,831 | 63,365 | ||||||
|
Williams-Sonoma, Inc. |
4,552 | 396,570 | ||||||
|
Winmark Corp. |
169 | 26,868 | ||||||
|
Zumiez, Inc.(a)(b) |
1,205 | 27,835 | ||||||
|
|
|
|||||||
| 4,795,386 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.4% | ||||||||
|
3D Systems Corp.(a)(b) |
6,367 | 41,959 | ||||||
|
Avid Technology, Inc.(a) |
1,999 | 16,452 | ||||||
|
Diebold Nixdorf, Inc.(a) |
3,765 | 26,242 | ||||||
|
Immersion Corp.(a) |
1,332 | 8,991 | ||||||
|
Intevac, Inc.(a) |
1,310 | 7,755 | ||||||
|
NCR Corp.(a) |
7,321 | 134,926 | ||||||
|
Pure Storage, Inc., Class A(a)(b) |
13,814 | 246,718 | ||||||
|
Quantum Corp.(a)(b) |
1,685 | 7,330 | ||||||
| Security | Shares | Value | ||||||
| Technology Hardware, Storage & Peripherals (continued) | ||||||||
|
Super Micro Computer, Inc.(a) |
2,543 | $ | 77,066 | |||||
|
Synaptics, Inc.(a) |
2,116 | 169,322 | ||||||
|
Xerox Holdings Corp.(a) |
10,939 | 182,134 | ||||||
|
|
|
|||||||
| 918,895 | ||||||||
| Textiles, Apparel & Luxury Goods — 1.0% | ||||||||
|
Capri Holdings Ltd.(a) |
8,172 | 122,417 | ||||||
|
Carter’s, Inc. |
2,557 | 201,287 | ||||||
|
Columbia Sportswear Co. |
1,655 | 125,515 | ||||||
|
Crocs, Inc.(a) |
3,784 | 135,997 | ||||||
|
Deckers Outdoor Corp.(a) |
1,642 | 343,589 | ||||||
|
Fossil Group, Inc.(a)(b) |
2,445 | 8,093 | ||||||
|
G-III Apparel Group Ltd.(a)(b) |
2,378 | 23,518 | ||||||
|
Hanesbrands, Inc. |
19,894 | 281,102 | ||||||
|
Kontoor Brands, Inc.(a) |
2,950 | 56,522 | ||||||
|
Lakeland Industries, Inc.(a) |
445 | 10,529 | ||||||
|
Movado Group, Inc. |
763 | 7,355 | ||||||
|
Oxford Industries, Inc. |
926 | 39,762 | ||||||
|
PVH Corp. |
4,032 | 196,197 | ||||||
|
Ralph Lauren Corp. |
2,749 | 196,004 | ||||||
|
Rocky Brands, Inc. |
332 | 7,553 | ||||||
|
Skechers U.S.A., Inc., Class A(a) |
7,683 | 224,958 | ||||||
|
Steven Madden Ltd. |
4,742 | 100,436 | ||||||
|
Superior Group of Cos., Inc. |
496 | 9,548 | ||||||
|
Tapestry, Inc. |
15,872 | 212,050 | ||||||
|
Under Armour, Inc., Class A(a)(b) |
11,574 | 121,758 | ||||||
|
Under Armour, Inc., Class C(a)(b) |
11,071 | 105,064 | ||||||
|
Unifi, Inc.(a) |
716 | 8,563 | ||||||
|
Vera Bradley, Inc.(a) |
851 | 3,732 | ||||||
|
Wolverine World Wide, Inc. |
4,581 | 110,127 | ||||||
|
|
|
|||||||
| 2,651,676 | ||||||||
| Thrifts & Mortgage Finance — 1.0% | ||||||||
|
Axos Financial, Inc.(a) |
3,928 | 88,026 | ||||||
|
Banc of California, Inc. |
2,633 | 28,226 | ||||||
|
Berkshire Hills Bancorp, Inc. |
2,358 | 23,486 | ||||||
|
Bogota Financial Corp.(a) |
523 | 4,126 | ||||||
|
Bridgewater Bancshares, Inc.(a) |
1,023 | 9,504 | ||||||
|
Brookline Bancorp, Inc. |
3,331 | 31,961 | ||||||
|
Capitol Federal Financial, Inc. |
7,680 | 74,112 | ||||||
|
Columbia Financial, Inc.(a) |
2,861 | 34,418 | ||||||
|
Dime Community Bancshares, Inc. |
2,566 | 30,138 | ||||||
|
ESSA Bancorp, Inc. |
470 | 5,922 | ||||||
|
Essent Group Ltd. |
6,333 | 226,911 | ||||||
|
Federal Agricultural Mortgage Corp., Class C |
522 | 31,064 | ||||||
|
Flagstar Bancorp, Inc. |
2,037 | 63,921 | ||||||
|
Flushing Financial Corp. |
1,428 | 15,822 | ||||||
|
FS Bancorp, Inc. |
192 | 7,296 | ||||||
|
Greene County Bancorp, Inc. |
113 | 2,433 | ||||||
|
Hingham Institution for Savings |
74 | 13,024 | ||||||
|
Home Bancorp, Inc. |
574 | 13,420 | ||||||
|
HomeStreet, Inc. |
888 | 23,479 | ||||||
|
Kearny Financial Corp. |
4,348 | 34,958 | ||||||
|
Ladder Capital Corp. |
5,943 | 46,177 | ||||||
|
LendingTree, Inc.(a) |
453 | 156,869 | ||||||
|
Luther Burbank Corp. |
1,439 | 13,771 | ||||||
|
Merchants Bancorp |
617 | 11,371 | ||||||
|
Meridian Bancorp, Inc. |
2,870 | 32,732 | ||||||
|
Meta Financial Group, Inc. |
1,880 | 35,081 | ||||||
|
MGIC Investment Corp. |
20,384 | 168,576 | ||||||
|
MMA Capital Holdings, Inc.(a) |
195 | 4,832 | ||||||
|
Mr Cooper Group, Inc.(a)(b) |
4,226 | 69,011 | ||||||
|
New York Community Bancorp, Inc. |
26,495 | 278,992 | ||||||
|
NMI Holdings, Inc., Class A(a) |
3,857 | 59,861 | ||||||
|
Northfield Bancorp, Inc. |
2,382 | 22,891 | ||||||
| 42 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Thrifts & Mortgage Finance (continued) | ||||||||
|
Northwest Bancshares, Inc. |
8,033 | $ | 79,125 | |||||
|
OceanFirst Financial Corp. |
3,471 | 53,176 | ||||||
|
OP Bancorp |
872 | 5,424 | ||||||
|
PCSB Financial Corp. |
942 | 10,475 | ||||||
|
PennyMac Financial Services, Inc.(g) |
2,823 | 136,238 | ||||||
|
Pioneer Bancorp, Inc.(a)(b) |
699 | 6,081 | ||||||
|
Ponce de Leon Federal Bank(a) |
718 | 6,534 | ||||||
|
Premier Financial Corp. |
2,197 | 38,843 | ||||||
|
Provident Bancorp, Inc. |
357 | 2,802 | ||||||
|
Provident Financial Holdings, Inc. |
238 | 2,904 | ||||||
|
Provident Financial Services, Inc. |
3,433 | 46,860 | ||||||
|
Prudential Bancorp, Inc. |
593 | 6,642 | ||||||
|
Radian Group, Inc. |
11,112 | 165,791 | ||||||
|
Riverview Bancorp, Inc. |
1,280 | 6,246 | ||||||
|
Security National Financial Corp., Class A(a) |
693 | 4,262 | ||||||
|
Southern Missouri Bancorp, Inc. |
443 | 9,662 | ||||||
|
Standard AVB Financial Corp. |
246 | 4,935 | ||||||
|
Sterling Bancorp, Inc. |
690 | 2,105 | ||||||
|
Territorial Bancorp, Inc. |
588 | 12,918 | ||||||
|
TFS Financial Corp. |
3,037 | 43,976 | ||||||
|
Timberland Bancorp, Inc. |
537 | 8,946 | ||||||
|
TrustCo Bank Corp. NY |
5,344 | 30,942 | ||||||
|
Walker & Dunlop, Inc. |
1,643 | 82,824 | ||||||
|
Washington Federal, Inc. |
4,456 | 104,003 | ||||||
|
Waterstone Financial, Inc. |
1,519 | 23,210 | ||||||
|
Western New England Bancorp, Inc. |
1,370 | 6,905 | ||||||
|
WSFS Financial Corp. |
2,972 | 84,791 | ||||||
|
|
|
|||||||
| 2,649,031 | ||||||||
| Tobacco — 0.1% | ||||||||
|
Turning Point Brands, Inc. |
412 | 13,546 | ||||||
|
Universal Corp. |
1,418 | 59,783 | ||||||
|
Vector Group Ltd. |
7,685 | 67,782 | ||||||
|
|
|
|||||||
| 141,111 | ||||||||
| Trading Companies & Distributors — 1.1% | ||||||||
|
Air Lease Corp. |
6,419 | 168,306 | ||||||
|
Alta Equipment Group, Inc.(a) |
981 | 7,456 | ||||||
|
Applied Industrial Technologies, Inc. |
2,211 | 139,558 | ||||||
|
Beacon Roofing Supply, Inc.(a) |
3,129 | 97,500 | ||||||
|
BMC Stock Holdings, Inc.(a) |
3,851 | 98,586 | ||||||
|
CAI International, Inc.(a) |
1,010 | 17,382 | ||||||
|
DXP Enterprises, Inc.(a) |
1,030 | 17,386 | ||||||
|
EVI Industries, Inc.(a) |
255 | 6,446 | ||||||
|
Foundation Building Materials, Inc.(a) |
1,309 | 17,973 | ||||||
|
GATX Corp. |
1,987 | 121,187 | ||||||
|
General Finance Corp.(a) |
582 | 3,422 | ||||||
|
GMS, Inc.(a) |
2,360 | 55,295 | ||||||
|
H&E Equipment Services, Inc. |
1,873 | 32,946 | ||||||
|
HD Supply Holdings, Inc.(a)(b) |
9,492 | 333,169 | ||||||
|
Herc Holdings, Inc.(a) |
1,423 | 47,727 | ||||||
|
Kaman Corp. |
1,632 | 64,448 | ||||||
|
Lawson Products, Inc.(a) |
217 | 6,484 | ||||||
|
MRC Global, Inc.(a) |
4,587 | 27,293 | ||||||
|
MSC Industrial Direct Co., Inc., Class A |
2,652 | 175,058 | ||||||
|
Nesco Holdings, Inc.(a) |
1,075 | 3,612 | ||||||
|
NOW, Inc.(a) |
6,178 | 48,683 | ||||||
|
Rush Enterprises, Inc., Class A |
1,472 | 70,038 | ||||||
|
Rush Enterprises, Inc., Class B |
335 | 13,333 | ||||||
|
SiteOne Landscape Supply, Inc.(a)(b) |
2,445 | 313,033 | ||||||
|
Textainer Group Holdings Ltd.(a)(b) |
3,057 | 25,801 | ||||||
|
Titan Machinery, Inc.(a) |
920 | 9,996 | ||||||
|
Transcat, Inc.(a) |
318 | 8,872 | ||||||
|
Triton International Ltd. |
2,936 | 92,396 | ||||||
|
Univar Solutions, Inc.(a)(b) |
10,489 | 185,341 | ||||||
| Security | Shares | Value | ||||||
| Trading Companies & Distributors (continued) | ||||||||
|
Veritiv Corp.(a) |
697 | $ | 10,671 | |||||
|
Watsco, Inc. |
1,899 | 448,297 | ||||||
|
WESCO International, Inc.(a) |
3,206 | 124,617 | ||||||
|
Willis Lease Finance Corp.(a) |
123 | 2,398 | ||||||
|
|
|
|||||||
| 2,794,710 | ||||||||
| Transportation Infrastructure — 0.1% | ||||||||
|
Macquarie Infrastructure Corp. |
4,214 | 126,251 | ||||||
|
|
|
|||||||
| Water Utilities — 0.4% | ||||||||
|
American States Water Co. |
2,193 | 168,598 | ||||||
|
Artesian Resources Corp., Class A |
484 | 16,979 | ||||||
|
Cadiz, Inc.(a) |
909 | 9,653 | ||||||
|
California Water Service Group |
2,979 | 139,626 | ||||||
|
Consolidated Water Co. Ltd. |
675 | 8,282 | ||||||
|
Essential Utilities, Inc. |
12,993 | 589,232 | ||||||
|
Global Water Resources, Inc. |
556 | 5,777 | ||||||
|
Middlesex Water Co. |
982 | 62,907 | ||||||
|
Pure Cycle Corp.(a)(b) |
854 | 7,712 | ||||||
|
SJW Group |
1,507 | 94,127 | ||||||
|
York Water Co. |
754 | 34,918 | ||||||
|
|
|
|||||||
| 1,137,811 | ||||||||
| Wireless Telecommunication Services — 0.1% | ||||||||
|
Boingo Wireless, Inc.(a) |
2,361 | 34,116 | ||||||
|
Gogo, Inc.(a) |
4,091 | 11,905 | ||||||
|
Shenandoah Telecommunications Co. |
2,941 | 147,844 | ||||||
|
Spok Holdings, Inc. |
799 | 8,006 | ||||||
|
Telephone & Data Systems, Inc. |
5,825 | 113,122 | ||||||
|
United States Cellular Corp.(a) |
814 | 24,151 | ||||||
|
|
|
|||||||
| 339,144 | ||||||||
|
|
|
|||||||
|
Total Common Stocks — 98.3%
|
|
252,617,133 | ||||||
|
|
|
|||||||
|
Investment Companies — 0.8% |
|
|||||||
|
Equity Fund — 0.8% |
|
|||||||
|
iShares Russell 2000 ETF(b)(g) |
7,159 | 1,054,950 | ||||||
|
iShares Russell Mid-Cap ETF(g) |
17,433 | 989,672 | ||||||
|
|
|
|||||||
|
Total Investment Companies — 0.8%
|
|
2,044,622 | ||||||
|
|
|
|||||||
|
Total Long-Term Investments — 99.1%
|
|
254,661,755 | ||||||
|
|
|
|||||||
|
Par (000) |
||||||||
|
Short-Term Securities — 9.9% |
|
|||||||
|
BlackRock Cash Funds: Institutional,
|
||||||||
|
0.43%(e)(f)(g) |
$ | 23,578,165 | 23,604,101 | |||||
|
BlackRock Cash Funds: Treasury,
|
||||||||
|
0.15%(e)(g) |
1,890,700 | 1,890,700 | ||||||
|
|
|
|||||||
|
Total Short-Term Securities — 9.9%
|
|
25,494,801 | ||||||
|
|
|
|||||||
|
Total Investments — 109.0%
|
|
280,156,556 | ||||||
|
Liabilities in Excess of Other Assets — (9.0)% |
|
(23,141,974 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 257,014,582 | |||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
|
SCHEDULES OF INVESTMENTS |
43 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund |
| (c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (d) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (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. |
| (g) |
Investments in issuers considered to be an affiliate/affiliates of the Fund during the year ended July 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliated issuer |
Shares
Held at 07/31/19 |
Shares
Purchased |
Shares
Sold |
Shares
Held at 07/31/20 |
Value at
07/31/20 |
Income |
Net
Realized
|
Change in
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
15,171,717 | 8,406,448 | (b) | — | 23,578,165 | $ | 23,604,101 | $ | 218,724 | (c) | $ | (2,729 | ) | $ | 16,499 | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
1,035,862 | 854,838 | (b) | — | 1,890,700 | 1,890,700 | 20,518 | — | — | |||||||||||||||||||||||
|
PennyMac Financial Services, Inc. |
— | 2,823 | — | 2,823 | 136,238 | — | — | 17,482 | ||||||||||||||||||||||||
|
PennyMac Mortgage Investment Trust |
3,109 | 2,567 | (82 | ) | 5,594 | 105,447 | 6,704 | 30 | 2,737 | |||||||||||||||||||||||
|
iShares Russell 2000 ETF |
4,541 | 53,767 | (51,149 | ) | 7,159 | 1,054,950 | 11,998 | (204,064 | ) | 109,435 | ||||||||||||||||||||||
|
iShares Russell Mid-Cap ETF |
10,293 | 135,673 | (128,533 | ) | 17,433 | 989,672 | 11,480 | (181,997 | ) | 108,059 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 27,781,108 | $ | 269,424 | $ | (388,760 | ) | $ | 254,212 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) |
Includes net capital gain distributions, if applicable. |
| (b) |
Represents net shares purchased (sold). |
| (c) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market
indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such
industry sub-classifications for reporting ease.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description |
Number of
Contracts |
Expiration
Date |
Notional
Amount (000) |
Value/
Unrealized Appreciation (Depreciation) |
||||||||||||
|
Long Contracts |
||||||||||||||||
|
Russell 2000 E-Mini Index |
13 | 09/18/20 | $ | 961 | $ | (3,201 | ) | |||||||||
|
S&P 400 E-Mini Index |
8 | 09/18/20 | 1,488 | 2,530 | ||||||||||||
|
|
|
|||||||||||||||
| $ | (671 | ) | ||||||||||||||
|
|
|
|||||||||||||||
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) |
$ | — | $ | — | $ | 2,530 | $ | — | $ | — | $ | — | $ | 2,530 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 3,201 | $ | — | $ | — | $ | — | $ | 3,201 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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). |
| 44 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Russell Small/Mid-Cap Index Fund |
For the year ended July 31, 2020, 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: |
||||||||||||||||||||||||||||
|
Future contracts |
$ | — | $ | — | $ | (807,463 | ) | $ | — | $ | — | $ | — | $ | (807,463 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
|
Future contracts |
$ | — | $ | — | $ | 2,898 | $ | — | $ | — | $ | — | $ | 2,898 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
|
|||
|
Average notional value of contracts — long |
$ | 1,957,911 | ||
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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Assets: |
|
|||||||||||||||
|
Investments: |
|
|||||||||||||||
|
Long-Term Investments: |
|
|||||||||||||||
|
Common Stocks |
$ | 252,617,086 | $ | — | $ | 47 | $ | 252,617,133 | ||||||||
|
Investment Companies |
2,044,622 | — | — | 2,044,622 | ||||||||||||
|
Short-Term Securities |
25,494,801 | — | — | 25,494,801 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 280,156,509 | $ | — | $ | 47 | $ | 280,156,556 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments (a) |
|
|||||||||||||||
|
Assets: |
|
|||||||||||||||
|
Equity contracts |
$ | 2,530 | $ | — | $ | — | $ | 2,530 | ||||||||
|
Liabilities: |
|
|||||||||||||||
|
Equity contracts |
(3,201 | ) | — | — | (3,201 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | (671 | ) | $ | $ | $ | (671 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
|
SCHEDULES OF INVESTMENTS |
45 |
|
Schedule of Investments July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks — 99.2% |
|
|||||||
| Aerospace & Defense — 1.5% | ||||||||
|
AAR Corp. |
1,153 | $ | 19,857 | |||||
|
Aerojet Rocketdyne Holdings, Inc.(a) |
2,660 | 109,725 | ||||||
|
AeroVironment, Inc.(a) |
868 | 66,445 | ||||||
|
Astronics Corp.(a) |
802 | 6,977 | ||||||
|
Axon Enterprise, Inc.(a) |
2,357 | 195,937 | ||||||
|
Boeing Co. |
20,429 | 3,227,782 | ||||||
|
Cubic Corp. |
1,113 | 46,746 | ||||||
|
Curtiss-Wright Corp. |
1,708 | 152,217 | ||||||
|
Ducommun, Inc.(a) |
463 | 16,645 | ||||||
|
General Dynamics Corp. |
9,669 | 1,418,829 | ||||||
|
HEICO Corp.(b) |
1,612 | 154,946 | ||||||
|
HEICO Corp., Class A |
3,002 | 229,803 | ||||||
|
Hexcel Corp. |
3,040 | 113,392 | ||||||
|
Howmet Aerospace, Inc. |
15,000 | 221,700 | ||||||
|
Huntington Ingalls Industries, Inc. |
1,523 | 264,560 | ||||||
|
Kratos Defense & Security Solutions, Inc.(a) |
4,572 | 82,342 | ||||||
|
L3Harris Technologies, Inc. |
8,201 | 1,380,474 | ||||||
|
Lockheed Martin Corp. |
9,451 | 3,581,646 | ||||||
|
Maxar Technologies, Inc.(a) |
1,981 | 35,242 | ||||||
|
Mercury Systems, Inc.(a)(b) |
2,137 | 165,468 | ||||||
|
Moog, Inc., Class A |
1,168 | 62,745 | ||||||
|
National Presto Industries, Inc. |
228 | 19,469 | ||||||
|
Northrop Grumman Corp. |
5,987 | 1,945,835 | ||||||
|
PAE, Inc.(a) |
2,523 | 19,881 | ||||||
|
Park Aerospace Corp. |
658 | 7,093 | ||||||
|
Parsons Corp.(a)(b) |
762 | 26,541 | ||||||
|
Raytheon Technologies Corp. |
54,448 | 3,086,113 | ||||||
|
Spirit AeroSystems Holdings, Inc., Class A |
4,322 | 84,582 | ||||||
|
Teledyne Technologies, Inc.(a) |
1,387 | 425,393 | ||||||
|
Textron, Inc. |
8,945 | 312,538 | ||||||
|
TransDigm Group, Inc. |
1,991 | 859,276 | ||||||
|
Triumph Group, Inc. |
1,724 | 11,689 | ||||||
|
Vectrus, Inc.(a) |
359 | 15,792 | ||||||
|
Virgin Galactic Holdings, Inc.(a)(b) |
2,449 | 54,980 | ||||||
|
|
|
|||||||
| 18,422,660 | ||||||||
| Air Freight & Logistics — 0.6% | ||||||||
|
Air Transport Services Group, Inc.(a) |
2,478 | 60,389 | ||||||
|
Atlas Air Worldwide Holdings, Inc.(a) |
1,045 | 54,424 | ||||||
|
C.H. Robinson Worldwide, Inc. |
5,012 | 469,725 | ||||||
|
Echo Global Logistics, Inc.(a) |
852 | 21,355 | ||||||
|
Expeditors International of Washington, Inc. |
6,398 | 540,695 | ||||||
|
FedEx Corp. |
9,235 | 1,555,174 | ||||||
|
Forward Air Corp. |
1,054 | 54,798 | ||||||
|
Hub Group, Inc., Class A(a) |
1,423 | 75,277 | ||||||
|
Park-Ohio Holdings Corp. |
132 | 1,903 | ||||||
|
Radiant Logistics, Inc.(a) |
1,065 | 4,526 | ||||||
|
United Parcel Service, Inc., Class B |
26,941 | 3,846,097 | ||||||
|
XPO Logistics, Inc.(a) |
3,506 | 263,020 | ||||||
|
|
|
|||||||
| 6,947,383 | ||||||||
| Airlines — 0.2% | ||||||||
|
Alaska Air Group, Inc. |
4,726 | 162,763 | ||||||
|
Allegiant Travel Co. |
451 | 50,526 | ||||||
|
American Airlines Group, Inc.(b) |
18,845 | 209,556 | ||||||
|
Copa Holdings SA, Class A |
1,182 | 48,982 | ||||||
|
Delta Air Lines, Inc. |
24,301 | 606,796 | ||||||
|
Hawaiian Holdings, Inc. |
1,545 | 18,370 | ||||||
|
JetBlue Airways Corp.(a)(b) |
10,526 | 108,839 | ||||||
|
Mesa Air Group, Inc.(a) |
1,258 | 3,900 | ||||||
|
SkyWest, Inc. |
1,783 | 46,911 | ||||||
|
Southwest Airlines Co. |
22,441 | 693,202 | ||||||
|
Spirit Airlines, Inc.(a) |
3,449 | 54,529 | ||||||
|
United Airlines Holdings, Inc.(a) |
11,102 | 348,381 | ||||||
|
|
|
|||||||
| 2,352,755 | ||||||||
| Security | Shares | Value | ||||||
| Auto Components — 0.2% | ||||||||
|
Adient PLC(a) |
3,025 | $ | 50,336 | |||||
|
American Axle & Manufacturing Holdings, Inc.(a) |
3,615 | 25,522 | ||||||
|
Aptiv PLC |
10,272 | 798,648 | ||||||
|
BorgWarner, Inc. |
8,012 | 293,239 | ||||||
|
Cooper Tire & Rubber Co. |
1,783 | 55,380 | ||||||
|
Cooper-Standard Holdings, Inc.(a) |
597 | 6,394 | ||||||
|
Dana, Inc. |
6,092 | 69,631 | ||||||
|
Dorman Products, Inc.(a) |
1,032 | 84,366 | ||||||
|
Fox Factory Holding Corp.(a) |
1,495 | 133,055 | ||||||
|
Gentex Corp. |
9,797 | 264,421 | ||||||
|
Gentherm, Inc.(a) |
1,168 | 45,283 | ||||||
|
Goodyear Tire & Rubber Co. |
7,992 | 72,008 | ||||||
|
LCI Industries |
882 | 110,956 | ||||||
|
Lear Corp. |
2,287 | 252,439 | ||||||
|
Modine Manufacturing Co.(a) |
1,640 | 8,922 | ||||||
|
Motorcar Parts of America, Inc.(a) |
702 | 11,685 | ||||||
|
Standard Motor Products, Inc. |
1,011 | 45,980 | ||||||
|
Stoneridge, Inc.(a) |
828 | 17,156 | ||||||
|
Tenneco, Inc., Class A(a) |
1,503 | 11,137 | ||||||
|
Visteon Corp.(a) |
1,019 | 73,990 | ||||||
|
Workhorse Group, Inc.(a)(b) |
2,842 | 44,108 | ||||||
|
XPEL, Inc.(a) |
752 | 12,656 | ||||||
|
|
|
|||||||
| 2,487,312 | ||||||||
| Automobiles — 0.9% | ||||||||
|
Ford Motor Co. |
149,785 | 990,079 | ||||||
|
General Motors Co. |
47,786 | 1,189,394 | ||||||
|
Harley-Davidson, Inc.(b) |
6,145 | 159,954 | ||||||
|
Tesla, Inc.(a) |
5,658 | 8,095,240 | ||||||
|
Thor Industries, Inc.(b) |
2,087 | 237,897 | ||||||
|
Winnebago Industries, Inc.(b) |
1,188 | 71,767 | ||||||
|
|
|
|||||||
| 10,744,331 | ||||||||
| Banks — 3.6% | ||||||||
|
1st Source Corp. |
411 | 13,612 | ||||||
|
ACNB Corp. |
387 | 7,972 | ||||||
|
Allegiance Bancshares, Inc. |
408 | 9,951 | ||||||
|
Altabancorp |
363 | 6,806 | ||||||
|
Amalgamated Bank, Class A |
666 | 7,692 | ||||||
|
Amerant Bancorp, Inc.(a) |
643 | 8,584 | ||||||
|
American National Bankshares, Inc. |
234 | 5,139 | ||||||
|
Ameris Bancorp |
2,122 | 48,965 | ||||||
|
Ames National Corp. |
233 | 4,311 | ||||||
|
Arrow Financial Corp. |
468 | 12,776 | ||||||
|
Associated Banc-Corp |
5,634 | 72,341 | ||||||
|
Atlantic Capital Bancshares, Inc.(a) |
685 | 6,850 | ||||||
|
Atlantic Union Bankshares Corp. |
3,213 | 72,517 | ||||||
|
BancFirst Corp. |
744 | 32,409 | ||||||
|
Banco Latinoamericano de Comercio Exterior SA |
1,539 | 17,960 | ||||||
|
Bancorp, Inc.(a) |
1,904 | 17,955 | ||||||
|
BancorpSouth Bank |
4,569 | 95,629 | ||||||
|
Bank First Corp. |
309 | 19,223 | ||||||
|
Bank of America Corp. |
296,232 | 7,370,252 | ||||||
|
Bank of Commerce Holdings |
737 | 5,564 | ||||||
|
Bank of Hawaii Corp. |
1,589 | 89,985 | ||||||
|
Bank of Marin Bancorp |
316 | 9,926 | ||||||
|
Bank of NT Butterfield & Son Ltd. |
2,038 | 53,049 | ||||||
|
Bank of Princeton |
383 | 6,890 | ||||||
|
Bank OZK |
4,523 | 108,778 | ||||||
|
BankFinancial Corp. |
603 | 4,396 | ||||||
|
BankUnited, Inc. |
3,569 | 71,880 | ||||||
|
Bankwell Financial Group, Inc. |
364 | 5,424 | ||||||
|
Banner Corp. |
981 | 34,757 | ||||||
|
Bar Harbor Bankshares |
399 | 7,932 | ||||||
|
Baycom Corp.(a) |
382 | 3,927 | ||||||
| 46 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
BOK Financial Corp. |
1,176 | $ | 65,503 | |||||
|
Boston Private Financial Holdings, Inc. |
3,138 | 18,467 | ||||||
|
Bridge Bancorp, Inc. |
369 | 6,675 | ||||||
|
Bryn Mawr Bank Corp. |
476 | 12,395 | ||||||
|
Business First Bancshares, Inc. |
348 | 4,747 | ||||||
|
Byline Bancorp, Inc. |
413 | 5,352 | ||||||
|
C&F Financial Corp. |
148 | 4,344 | ||||||
|
Cadence BanCorp |
4,445 | 34,715 | ||||||
|
Cambridge Bancorp |
245 | 13,277 | ||||||
|
Camden National Corp. |
528 | 16,732 | ||||||
|
Capital City Bank Group, Inc. |
363 | 6,835 | ||||||
|
Carter Bank & Trust |
1,048 | 7,388 | ||||||
|
Cathay General Bancorp |
3,357 | 81,172 | ||||||
|
CBTX, Inc. |
506 | 7,990 | ||||||
|
Central Pacific Financial Corp. |
427 | 6,644 | ||||||
|
Central Valley Community Bancorp |
191 | 2,510 | ||||||
|
Century Bancorp, Inc., Class A |
231 | 16,087 | ||||||
|
Chemung Financial Corp. |
179 | 4,835 | ||||||
|
ChoiceOne Financial Services, Inc. |
423 | 12,056 | ||||||
|
CIT Group, Inc. |
3,915 | 74,268 | ||||||
|
Citigroup, Inc. |
79,761 | 3,988,848 | ||||||
|
Citizens & Northern Corp. |
381 | 6,744 | ||||||
|
Citizens Financial Group, Inc. |
16,608 | 412,044 | ||||||
|
City Holding Co. |
442 | 27,607 | ||||||
|
Civista Bancshares, Inc. |
808 | 10,609 | ||||||
|
CNB Financial Corp. |
283 | 4,621 | ||||||
|
Codorus Valley Bancorp, Inc. |
340 | 3,995 | ||||||
|
Columbia Banking System, Inc. |
2,233 | 64,601 | ||||||
|
Comerica, Inc. |
5,394 | 207,777 | ||||||
|
Commerce Bancshares, Inc. |
4,072 | 233,163 | ||||||
|
Community Bank System, Inc. |
1,925 | 108,243 | ||||||
|
Community Trust Bancorp, Inc. |
487 | 14,907 | ||||||
|
ConnectOne Bancorp, Inc. |
960 | 13,238 | ||||||
|
CrossFirst Bankshares, Inc.(a)(b) |
2,745 | 25,172 | ||||||
|
Cullen/Frost Bankers, Inc. |
2,139 | 154,136 | ||||||
|
Customers Bancorp, Inc.(a) |
1,068 | 12,656 | ||||||
|
CVB Financial Corp. |
5,185 | 93,693 | ||||||
|
Eagle Bancorp, Inc. |
1,044 | 31,404 | ||||||
|
East West Bancorp, Inc. |
5,416 | 187,719 | ||||||
|
Enterprise Bancorp, Inc. |
214 | 4,601 | ||||||
|
Enterprise Financial Services Corp. |
1,294 | 37,604 | ||||||
|
Equity Bancshares, Inc., Class A(a) |
361 | 5,105 | ||||||
|
Esquire Financial Holdings, Inc.(a) |
695 | 10,807 | ||||||
|
Farmers & Merchants Bancorp, Inc./Archbold |
246 | 5,287 | ||||||
|
Farmers National Banc Corp. |
551 | 5,956 | ||||||
|
FB Financial Corp. |
520 | 13,213 | ||||||
|
Fidelity D&D Bancorp, Inc. |
168 | 7,671 | ||||||
|
Fifth Third Bancorp |
27,148 | 539,159 | ||||||
|
Financial Institutions, Inc. |
439 | 6,484 | ||||||
|
First Bancorp, Inc. |
314 | 6,324 | ||||||
|
First BanCorp, Puerto Rico |
7,080 | 38,515 | ||||||
|
First Bancorp/Southern Pines |
897 | 18,532 | ||||||
|
First Bancshares, Inc. |
1,176 | 23,414 | ||||||
|
First Bank/Hamilton |
1,767 | 11,539 | ||||||
|
First Busey Corp. |
1,852 | 31,669 | ||||||
|
First Business Financial Services, Inc. |
443 | 6,587 | ||||||
|
First Capital, Inc. |
165 | 8,829 | ||||||
|
First Choice Bancorp |
314 | 4,751 | ||||||
|
First Citizens BancShares, Inc., Class A |
269 | 114,559 | ||||||
|
First Commonwealth Financial Corp. |
3,047 | 23,980 | ||||||
|
First Community Bancshares, Inc. |
576 | 11,267 | ||||||
|
First Financial Bancorp |
3,534 | 49,176 | ||||||
|
First Financial Bankshares, Inc. |
5,165 | 154,537 | ||||||
|
First Financial Corp. |
515 | 17,216 | ||||||
|
First Foundation, Inc. |
1,126 | 17,307 | ||||||
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
First Hawaiian, Inc. |
5,055 | $ | 87,856 | |||||
|
First Horizon National Corp. |
24,886 | 230,693 | ||||||
|
First Internet Bancorp |
258 | 3,780 | ||||||
|
First Interstate Bancsystem, Inc., Class A |
1,728 | 50,302 | ||||||
|
First Merchants Corp. |
2,071 | 50,595 | ||||||
|
First Mid Bancshares, Inc. |
285 | 6,957 | ||||||
|
First Midwest Bancorp, Inc. |
3,526 | 42,788 | ||||||
|
First Northwest Bancorp |
1,308 | 13,407 | ||||||
|
First of Long Island Corp. |
640 | 9,542 | ||||||
|
First Republic Bank |
6,503 | 731,457 | ||||||
|
FNB Corp. |
12,170 | 90,180 | ||||||
|
Franklin Financial Network, Inc. |
413 | 10,903 | ||||||
|
Fulton Financial Corp. |
6,228 | 60,412 | ||||||
|
FVCBankcorp, Inc.(a) |
685 | 6,754 | ||||||
|
German American Bancorp, Inc. |
1,493 | 42,461 | ||||||
|
Glacier Bancorp, Inc. |
3,811 | 134,566 | ||||||
|
Great Southern Bancorp, Inc. |
266 | 9,595 | ||||||
|
Great Western Bancorp, Inc. |
1,846 | 23,998 | ||||||
|
Guaranty Bancshares, Inc. |
270 | 7,317 | ||||||
|
Hancock Whitney Corp. |
3,184 | 60,687 | ||||||
|
Hanmi Financial Corp. |
907 | 8,372 | ||||||
|
HarborOne Bancorp, Inc.(a) |
4,354 | 37,706 | ||||||
|
Heartland Financial USA, Inc. |
1,223 | 38,207 | ||||||
|
Heritage Commerce Corp. |
1,357 | 9,200 | ||||||
|
Heritage Financial Corp. |
1,053 | 19,918 | ||||||
|
Home BancShares, Inc. |
5,919 | 96,657 | ||||||
|
HomeTrust Bancshares, Inc. |
642 | 9,258 | ||||||
|
Hope Bancorp, Inc. |
3,638 | 30,668 | ||||||
|
Horizon Bancorp |
897 | 9,069 | ||||||
|
Howard Bancorp, Inc.(a) |
467 | 4,441 | ||||||
|
Huntington Bancshares, Inc. |
40,977 | 379,857 | ||||||
|
Independent Bank Corp. |
2,109 | 90,320 | ||||||
|
Independent Bank Group, Inc. |
1,357 | 59,613 | ||||||
|
International Bancshares Corp. |
2,159 | 65,677 | ||||||
|
Investar Holding Corp. |
897 | 11,957 | ||||||
|
Investors Bancorp, Inc. |
8,514 | 69,134 | ||||||
|
JPMorgan Chase & Co. |
115,995 | 11,209,757 | ||||||
|
KeyCorp |
37,766 | 453,570 | ||||||
|
Lakeland Bancorp, Inc. |
1,021 | 10,394 | ||||||
|
Lakeland Financial Corp. |
1,121 | 49,615 | ||||||
|
LCNB Corp. |
345 | 4,319 | ||||||
|
Live Oak Bancshares, Inc. |
747 | 12,706 | ||||||
|
M&T Bank Corp. |
4,978 | 527,419 | ||||||
|
Macatawa Bank Corp. |
816 | 5,875 | ||||||
|
MainStreet Bancshares, Inc.(a) |
536 | 6,930 | ||||||
|
Mercantile Bank Corp. |
497 | 10,581 | ||||||
|
Metrocity Bankshares, Inc. |
765 | 10,312 | ||||||
|
Metropolitan Bank Holding Corp.(a) |
180 | 5,324 | ||||||
|
Midland States Bancorp, Inc. |
963 | 13,569 | ||||||
|
MidWestOne Financial Group, Inc. |
266 | 4,809 | ||||||
|
National Bank Holdings Corp., Class A |
890 | 24,724 | ||||||
|
National Bankshares, Inc. |
185 | 4,640 | ||||||
|
NBT Bancorp, Inc. |
1,281 | 38,161 | ||||||
|
Nicolet Bankshares, Inc.(a) |
324 | 18,150 | ||||||
|
Northrim BanCorp, Inc. |
226 | 5,203 | ||||||
|
Norwood Financial Corp. |
331 | 8,017 | ||||||
|
Oak Valley Bancorp |
65 | 832 | ||||||
|
OFG Bancorp |
1,912 | 25,009 | ||||||
|
Ohio Valley Banc Corp. |
173 | 3,408 | ||||||
|
Old National Bancorp |
5,681 | 79,477 | ||||||
|
Old Second Bancorp, Inc. |
606 | 5,042 | ||||||
|
Origin Bancorp, Inc. |
454 | 10,778 | ||||||
|
Orrstown Financial Services, Inc. |
348 | 4,733 | ||||||
|
Pacific Premier Bancorp, Inc. |
5,193 | 109,105 | ||||||
|
PacWest Bancorp |
4,991 | 91,211 | ||||||
|
SCHEDULES OF INVESTMENTS |
47 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
Park National Corp. |
615 | $ | 52,742 | |||||
|
Peapack Gladstone Financial Corp. |
523 | 8,514 | ||||||
|
Penns Woods Bancorp, Inc. |
243 | 4,909 | ||||||
|
People’s United Financial, Inc. |
17,299 | 186,656 | ||||||
|
Peoples Bancorp, Inc. |
664 | 13,326 | ||||||
|
Peoples Financial Services Corp. |
169 | 6,069 | ||||||
|
Pinnacle Financial Partners, Inc. |
3,063 | 121,356 | ||||||
|
PNC Financial Services Group, Inc. |
16,320 | 1,740,854 | ||||||
|
Popular, Inc. |
3,484 | 129,291 | ||||||
|
Preferred Bank |
405 | 15,086 | ||||||
|
Premier Financial Bancorp, Inc. |
500 | 5,300 | ||||||
|
Prosperity Bancshares, Inc. |
3,532 | 196,238 | ||||||
|
QCR Holdings, Inc. |
413 | 12,340 | ||||||
|
RBB Bancorp |
350 | 4,480 | ||||||
|
Red River Bancshares, Inc. |
282 | 11,291 | ||||||
|
Regions Financial Corp. |
37,721 | 409,650 | ||||||
|
Reliant Bancorp Inc. |
315 | 4,646 | ||||||
|
Renasant Corp. |
1,899 | 44,114 | ||||||
|
Republic Bancorp, Inc., Class A |
204 | 6,165 | ||||||
|
Republic First Bancorp, Inc.(a) |
1,213 | 2,826 | ||||||
|
S&T Bancorp, Inc. |
1,347 | 28,961 | ||||||
|
Sandy Spring Bancorp, Inc. |
3,516 | 81,290 | ||||||
|
Seacoast Banking Corp. of Florida(a) |
1,610 | 30,397 | ||||||
|
Select Bancorp, Inc.(a) |
1,948 | 15,214 | ||||||
|
ServisFirst Bancshares, Inc. |
2,629 | 96,195 | ||||||
|
Sierra Bancorp |
304 | 5,344 | ||||||
|
Signature Bank |
2,101 | 215,416 | ||||||
|
Silvergate Capital Corp., Class A(a)(b) |
833 | 11,387 | ||||||
|
Simmons First National Corp., Class A |
3,421 | 56,754 | ||||||
|
SmartFinancial, Inc. |
348 | 4,962 | ||||||
|
South State Corp. |
2,712 | 129,254 | ||||||
|
Southern First Bancshares, Inc.(a) |
161 | 3,928 | ||||||
|
Southern National Bancorp of Virginia, Inc. |
518 | 4,362 | ||||||
|
Southside Bancshares, Inc. |
1,208 | 33,462 | ||||||
|
Spirit of Texas Bancshares, Inc.(a) |
929 | 10,823 | ||||||
|
Sterling Bancorp |
7,510 | 84,488 | ||||||
|
Stock Yards Bancorp, Inc. |
675 | 26,386 | ||||||
|
Summit Financial Group, Inc. |
488 | 7,340 | ||||||
|
SVB Financial Group(a) |
1,995 | 447,419 | ||||||
|
Synovus Financial Corp. |
5,771 | 116,286 | ||||||
|
TCF Financial Corp. |
5,888 | 161,861 | ||||||
|
Texas Capital Bancshares, Inc.(a) |
1,902 | 63,184 | ||||||
|
Tompkins Financial Corp. |
571 | 36,847 | ||||||
|
TowneBank |
2,464 | 43,465 | ||||||
|
Trico Bancshares |
1,297 | 36,316 | ||||||
|
TriState Capital Holdings, Inc.(a) |
771 | 10,216 | ||||||
|
Triumph Bancorp, Inc.(a) |
785 | 20,567 | ||||||
|
Truist Financial Corp. |
51,479 | 1,928,403 | ||||||
|
Trustmark Corp. |
2,824 | 63,596 | ||||||
|
U.S. Bancorp |
52,333 | 1,927,948 | ||||||
|
UMB Financial Corp. |
1,754 | 87,349 | ||||||
|
Umpqua Holdings Corp. |
8,017 | 86,984 | ||||||
|
United Bankshares, Inc. |
4,794 | 126,178 | ||||||
|
United Community Banks, Inc. |
2,390 | 42,853 | ||||||
|
Unity Bancorp, Inc. |
498 | 6,230 | ||||||
|
Univest Financial Corp. |
855 | 13,073 | ||||||
|
Valley National Bancorp |
14,971 | 111,833 | ||||||
|
Veritex Holdings, Inc. |
1,506 | 25,180 | ||||||
|
Washington Trust Bancorp, Inc. |
445 | 14,836 | ||||||
|
Webster Financial Corp. |
3,366 | 91,791 | ||||||
|
Wells Fargo & Co. |
143,728 | 3,486,841 | ||||||
|
WesBanco, Inc. |
4,505 | 89,334 | ||||||
|
West BanCorp., Inc. |
346 | 5,678 | ||||||
|
Westamerica BanCorp |
987 | 59,575 | ||||||
|
Western Alliance Bancorp |
3,980 | 143,081 | ||||||
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
Wintrust Financial Corp. |
2,100 | $ | 89,880 | |||||
|
Zions Bancorp. NA |
6,305 | 204,723 | ||||||
|
|
|
|||||||
| 44,142,027 | ||||||||
| Beverages — 1.5% | ||||||||
|
Boston Beer Co., Inc., Class A(a) |
325 | 263,393 | ||||||
|
Brown-Forman Corp., Class A |
1,920 | 121,421 | ||||||
|
Brown-Forman Corp., Class B |
6,718 | 465,826 | ||||||
|
Celsius Holdings, Inc.(a) |
1,729 | 25,364 | ||||||
|
Coca-Cola Co. |
147,931 | 6,988,260 | ||||||
|
Coca-Cola Consolidated, Inc.(b) |
158 | 36,270 | ||||||
|
Constellation Brands, Inc., Class A |
6,103 | 1,087,555 | ||||||
|
Craft Brew Alliance, Inc.(a) |
284 | 4,206 | ||||||
|
Keurig Dr Pepper, Inc. |
12,995 | 397,517 | ||||||
|
MGP Ingredients, Inc.(b) |
444 | 16,104 | ||||||
|
Molson Coors Beverage Co., Class B |
6,741 | 252,922 | ||||||
|
Monster Beverage Corp.(a) |
14,150 | 1,110,492 | ||||||
|
National Beverage Corp.(a)(b) |
405 | 25,981 | ||||||
|
New Age Beverages Corp. |
4,799 | 10,894 | ||||||
|
PepsiCo, Inc. |
53,071 | 7,305,754 | ||||||
|
Primo Water Corp. |
6,214 | 88,301 | ||||||
|
|
|
|||||||
| 18,200,260 | ||||||||
| Biotechnology — 3.0% | ||||||||
|
89bio, Inc.(a) |
289 | 8,780 | ||||||
|
AbbVie, Inc. |
67,399 | 6,396,839 | ||||||
|
Abeona Therapeutics, Inc.(a) |
977 | 2,784 | ||||||
|
ACADIA Pharmaceuticals, Inc.(a) |
4,267 | 177,379 | ||||||
|
Acceleron Pharma, Inc.(a)(b) |
1,725 | 171,068 | ||||||
|
ADMA Biologics, Inc.(a)(b) |
2,777 | 9,914 | ||||||
|
Aduro Biotech, Inc.(a) |
2,001 | 5,643 | ||||||
|
Adverum Biotechnologies, Inc.(a) |
2,687 | 45,061 | ||||||
|
Aeglea BioTherapeutics, Inc.(a) |
2,074 | 14,207 | ||||||
|
Affimed NV(a) |
4,124 | 14,558 | ||||||
|
Agenus, Inc.(a) |
5,277 | 16,042 | ||||||
|
Agios Pharmaceuticals, Inc.(a) |
2,338 | 105,958 | ||||||
|
Aimmune Therapeutics, Inc.(a)(b) |
1,750 | 23,117 | ||||||
|
Akcea Therapeutics, Inc.(a)(b) |
393 | 4,260 | ||||||
|
Akebia Therapeutics, Inc.(a) |
4,847 | 54,141 | ||||||
|
Akero Therapeutics, Inc.(a) |
450 | 15,800 | ||||||
|
Albireo Pharma, Inc.(a)(b) |
285 | 8,054 | ||||||
|
Alector, Inc.(a)(b) |
1,848 | 28,958 | ||||||
|
Alexion Pharmaceuticals, Inc.(a) |
8,136 | 833,859 | ||||||
|
Alkermes PLC(a) |
5,821 | 104,836 | ||||||
|
Allakos, Inc.(a)(b) |
940 | 70,566 | ||||||
|
Allogene Therapeutics, Inc.(a) |
1,876 | 68,793 | ||||||
|
Alnylam Pharmaceuticals, Inc.(a)(b) |
4,392 | 640,178 | ||||||
|
AMAG Pharmaceuticals, Inc.(a) |
1,090 | 10,415 | ||||||
|
Amgen, Inc. |
22,533 | 5,513,149 | ||||||
|
Amicus Therapeutics, Inc.(a) |
9,878 | 142,737 | ||||||
|
AnaptysBio, Inc.(a) |
865 | 15,535 | ||||||
|
Anavex Life Sciences Corp.(a)(b) |
2,552 | 10,769 | ||||||
|
Apellis Pharmaceuticals, Inc.(a) |
2,124 | 54,990 | ||||||
|
Applied Therapeutics, Inc.(a) |
339 | 8,746 | ||||||
|
Aprea Therapeutics, Inc.(a) |
341 | 9,354 | ||||||
|
Arcturus Therapeutics Holdings Ltd.(a) |
495 | 25,854 | ||||||
|
Arcus Biosciences, Inc.(a) |
1,371 | 26,981 | ||||||
|
Arcutis Biotherapeutics, Inc.(a)(b) |
480 | 12,816 | ||||||
|
Ardelyx, Inc.(a) |
2,213 | 12,503 | ||||||
|
Arena Pharmaceuticals, Inc.(a) |
2,196 | 134,812 | ||||||
|
Arrowhead Pharmaceuticals, Inc.(a) |
3,722 | 160,307 | ||||||
|
Atara Biotherapeutics, Inc.(a) |
2,603 | 32,251 | ||||||
|
Athenex, Inc.(a) |
2,643 | 28,042 | ||||||
|
Athersys, Inc.(a)(b) |
6,963 | 17,825 | ||||||
|
Atreca, Inc., Class A(a)(b) |
737 | 9,544 | ||||||
|
Avid Bioservices, Inc.(a) |
2,581 | 19,151 | ||||||
| 48 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Biotechnology (continued) | ||||||||
|
Avrobio, Inc.(a) |
924 | $ | 15,662 | |||||
|
Beam Therapeutics, Inc.(a)(b) |
609 | 11,778 | ||||||
|
Beyondspring, Inc.(a)(b) |
425 | 4,688 | ||||||
|
BioCryst Pharmaceuticals, Inc.(a) |
7,146 | 29,084 | ||||||
|
Biogen, Inc.(a) |
6,232 | 1,711,868 | ||||||
|
Biohaven Pharmaceutical Holding Co. Ltd.(a) |
1,815 | 116,233 | ||||||
|
BioMarin Pharmaceutical, Inc.(a) |
6,918 | 828,846 | ||||||
|
Biospecifics Technologies Corp.(a) |
302 | 18,923 | ||||||
|
Bioxcel Therapeutics, Inc.(a) |
439 | 19,913 | ||||||
|
Black Diamond Therapeutics, Inc.(a)(b) |
546 | 15,190 | ||||||
|
Bluebird Bio, Inc.(a) |
2,523 | 153,146 | ||||||
|
Blueprint Medicines Corp.(a) |
2,112 | 154,556 | ||||||
|
Bridgebio Pharma, Inc.(a) |
2,758 | 77,610 | ||||||
|
Calithera Biosciences, Inc.(a) |
1,548 | 7,276 | ||||||
|
CareDx, Inc.(a) |
1,775 | 59,196 | ||||||
|
CASI Pharmaceuticals, Inc.(a) |
1,541 | 2,974 | ||||||
|
Castle Biosciences, Inc.(a) |
400 | 15,488 | ||||||
|
Catalyst Pharmaceuticals, Inc.(a) |
2,952 | 12,694 | ||||||
|
CEL-SCI Corp.(a)(b) |
1,266 | 15,838 | ||||||
|
Cellular Biomedicine Group, Inc.(a) |
498 | 6,559 | ||||||
|
ChemoCentryx, Inc.(a) |
1,606 | 84,652 | ||||||
|
Chiasma, Inc.(a) |
2,036 | 8,897 | ||||||
|
Chimerix, Inc.(a) |
931 | 2,895 | ||||||
|
Clovis Oncology, Inc.(a)(b) |
1,948 | 11,279 | ||||||
|
Coherus Biosciences, Inc.(a) |
2,172 | 38,205 | ||||||
|
Concert Pharmaceuticals, Inc.(a)(b) |
677 | 6,276 | ||||||
|
Constellation Pharmaceuticals, Inc.(a) |
777 | 20,894 | ||||||
|
Corbus Pharmaceuticals Holdings, Inc.(a) |
3,028 | 18,986 | ||||||
|
Cortexyme, Inc.(a) |
681 | 27,138 | ||||||
|
Crinetics Pharmaceuticals, Inc.(a) |
1,292 | 17,933 | ||||||
|
Cue Biopharma, Inc.(a) |
690 | 13,048 | ||||||
|
Cyclerion Therapeutics, Inc.(a) |
437 | 1,669 | ||||||
|
Cytokinetics, Inc.(a) |
2,192 | 47,391 | ||||||
|
CytomX Therapeutics, Inc.(a) |
1,362 | 9,548 | ||||||
|
Deciphera Pharmaceuticals, Inc.(a) |
1,434 | 66,495 | ||||||
|
Denali Therapeutics, Inc.(a) |
2,477 | 58,011 | ||||||
|
Dicerna Pharmaceuticals, Inc.(a) |
2,371 | 50,976 | ||||||
|
Dyadic International, Inc.(a) |
1,211 | 10,511 | ||||||
|
Dynavax Technologies Corp.(a)(b) |
3,907 | 31,686 | ||||||
|
Eagle Pharmaceuticals, Inc.(a) |
326 | 15,123 | ||||||
|
Editas Medicine, Inc.(a)(b) |
2,354 | 69,113 | ||||||
|
Eidos Therapeutics, Inc.(a) |
423 | 16,962 | ||||||
|
Eiger Biopharmaceuticals, Inc.(a) |
1,014 | 10,191 | ||||||
|
Emergent Biosolutions, Inc.(a) |
1,710 | 190,220 | ||||||
|
Enanta Pharmaceuticals, Inc.(a) |
870 | 39,889 | ||||||
|
Epizyme, Inc.(a) |
3,608 | 49,935 | ||||||
|
Esperion Therapeutics, Inc.(a)(b) |
1,000 | 37,630 | ||||||
|
Evelo Biosciences, Inc.(a) |
1,111 | 4,233 | ||||||
|
Exact Sciences Corp.(a) |
5,713 | 541,307 | ||||||
|
Exelixis, Inc.(a) |
11,341 | 261,864 | ||||||
|
Fate Therapeutics, Inc.(a) |
2,313 | 72,328 | ||||||
|
FibroGen, Inc.(a)(b) |
3,014 | 121,977 | ||||||
|
Five Prime Therapeutics, Inc.(a) |
1,283 | 7,570 | ||||||
|
Flexion Therapeutics, Inc.(a)(b) |
1,134 | 15,388 | ||||||
|
Frequency Therapeutics, Inc.(a) |
1,215 | 25,685 | ||||||
|
G1 Therapeutics, Inc.(a)(b) |
1,196 | 17,545 | ||||||
|
Galectin Therapeutics, Inc.(a)(b) |
3,667 | 9,571 | ||||||
|
Geron Corp.(a)(b) |
4,974 | 7,909 | ||||||
|
Gilead Sciences, Inc. |
48,077 | 3,342,794 | ||||||
|
Global Blood Therapeutics, Inc.(a)(b) |
2,239 | 151,088 | ||||||
|
GlycoMimetics, Inc.(a) |
1,052 | 4,145 | ||||||
|
Gossamer Bio, Inc.(a) |
1,391 | 16,581 | ||||||
|
Gritstone Oncology, Inc.(a) |
1,243 | 3,984 | ||||||
|
Halozyme Therapeutics, Inc.(a) |
5,484 | 149,110 | ||||||
|
Harpoon Therapeutics, Inc.(a) |
690 | 7,597 | ||||||
| Security | Shares | Value | ||||||
| Biotechnology (continued) | ||||||||
|
Heron Therapeutics, Inc.(a)(b) |
3,694 | $ | 60,175 | |||||
|
Homology Medicines, Inc.(a) |
970 | 12,756 | ||||||
|
Ideaya Biosciences, Inc.(a) |
828 | 10,441 | ||||||
|
IGM Biosciences, Inc.(a) |
263 | 13,218 | ||||||
|
ImmunoGen, Inc.(a) |
7,516 | 30,891 | ||||||
|
Immunomedics, Inc.(a) |
7,866 | 332,181 | ||||||
|
Immunovant, Inc.(a) |
726 | 16,415 | ||||||
|
Incyte Corp.(a) |
6,991 | 690,431 | ||||||
|
Inovio Pharmaceuticals, Inc.(a)(b) |
5,462 | 106,181 | ||||||
|
Insmed, Inc.(a) |
3,970 | 103,696 | ||||||
|
Intellia Therapeutics, Inc.(a)(b) |
1,897 | 33,786 | ||||||
|
Intercept Pharmaceuticals, Inc.(a) |
997 | 45,503 | ||||||
|
Invitae Corp.(a)(b) |
4,513 | 131,780 | ||||||
|
Ionis Pharmaceuticals, Inc.(a) |
4,917 | 283,023 | ||||||
|
Iovance Biotherapeutics, Inc.(a) |
5,216 | 151,629 | ||||||
|
Ironwood Pharmaceuticals, Inc.(a) |
7,031 | 64,474 | ||||||
|
Kadmon Holdings, Inc.(a) |
5,651 | 20,683 | ||||||
|
KalVista Pharmaceuticals, Inc.(a) |
672 | 6,606 | ||||||
|
Karuna Therapeutics, Inc.(a)(b) |
589 | 48,180 | ||||||
|
Karyopharm Therapeutics, Inc.(a) |
2,939 | 47,171 | ||||||
|
Kezar Life Sciences, Inc.(a) |
643 | 2,810 | ||||||
|
Kindred Biosciences, Inc.(a) |
898 | 2,954 | ||||||
|
Kiniksa Pharmaceuticals Ltd., Class A(a) |
935 | 18,251 | ||||||
|
Kodiak Sciences, Inc.(a)(b) |
1,060 | 49,110 | ||||||
|
Krystal Biotech, Inc.(a) |
333 | 13,750 | ||||||
|
Kura Oncology, Inc.(a) |
2,314 | 38,042 | ||||||
|
La Jolla Pharmaceutical Co.(a)(b) |
594 | 2,364 | ||||||
|
Lexicon Pharmaceuticals, Inc.(a)(b) |
1,529 | 2,966 | ||||||
|
Ligand Pharmaceuticals, Inc.(a)(b) |
631 | 73,941 | ||||||
|
MacroGenics, Inc.(a) |
1,804 | 45,822 | ||||||
|
Madrigal Pharmaceuticals, Inc.(a) |
383 | 39,300 | ||||||
|
Magenta Therapeutics, Inc.(a) |
606 | 4,254 | ||||||
|
MannKind Corp.(a) |
10,087 | 15,736 | ||||||
|
MediciNova, Inc.(a) |
1,426 | 8,870 | ||||||
|
MEI Pharma, Inc.(a) |
4,856 | 13,475 | ||||||
|
MeiraGTx Holdings PLC(a) |
593 | 7,703 | ||||||
|
Mersana Therapeutics, Inc.(a)(b) |
1,864 | 37,056 | ||||||
|
Minerva Neurosciences, Inc.(a) |
1,232 | 4,294 | ||||||
|
Mirati Therapeutics, Inc.(a) |
1,408 | 170,804 | ||||||
|
Moderna, Inc.(a)(b) |
10,263 | 760,488 | ||||||
|
Molecular Templates, Inc.(a) |
873 | 9,577 | ||||||
|
Momenta Pharmaceuticals, Inc.(a) |
4,409 | 130,021 | ||||||
|
Morphic Holding, Inc.(a) |
614 | 13,821 | ||||||
|
Myriad Genetics, Inc.(a) |
3,078 | 37,151 | ||||||
|
NantKwest, Inc.(a)(b) |
1,092 | 12,209 | ||||||
|
Natera, Inc.(a) |
2,672 | 128,309 | ||||||
|
Neoleukin Therapeutics, Inc.(a) |
1,127 | 10,909 | ||||||
|
Neurocrine Biosciences, Inc.(a) |
3,505 | 421,862 | ||||||
|
NextCure, Inc.(a) |
521 | 4,647 | ||||||
|
Novavax, Inc.(a) |
2,213 | 316,680 | ||||||
|
OPKO Health, Inc.(a)(b) |
16,728 | 86,149 | ||||||
|
Oyster Point Pharma, Inc.(a) |
333 | 7,449 | ||||||
|
Passage Bio, Inc.(a) |
603 | 9,431 | ||||||
|
PDL BioPharma, Inc.(a)(b) |
4,251 | 13,518 | ||||||
|
Pfenex, Inc.(a) |
1,408 | 9,983 | ||||||
|
Pieris Pharmaceuticals, Inc.(a) |
1,775 | 4,562 | ||||||
|
Precigen, Inc.(a)(b) |
2,222 | 9,355 | ||||||
|
Precision BioSciences, Inc.(a) |
1,437 | 9,139 | ||||||
|
Prevail Therapeutics, Inc.(a) |
791 | 11,841 | ||||||
|
Principia Biopharma, Inc.(a) |
1,170 | 97,812 | ||||||
|
Protagonist Therapeutics, Inc.(a) |
857 | 13,481 | ||||||
|
Prothena Corp. PLC(a) |
1,072 | 13,121 | ||||||
|
PTC Therapeutics, Inc.(a) |
2,470 | 114,435 | ||||||
|
Puma Biotechnology, Inc.(a) |
955 | 9,846 | ||||||
|
Radius Health, Inc.(a) |
1,660 | 20,833 | ||||||
|
SCHEDULES OF INVESTMENTS |
49 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Biotechnology (continued) | ||||||||
|
Rapt Therapeutics, Inc.(a) |
500 | $ | 10,800 | |||||
|
Recro Pharma, Inc.(a) |
902 | 3,689 | ||||||
|
Regeneron Pharmaceuticals, Inc.(a) |
3,699 | 2,338,027 | ||||||
|
REGENXBIO, Inc.(a) |
1,239 | 41,011 | ||||||
|
Replimune Group, Inc.(a) |
874 | 17,454 | ||||||
|
Retrophin, Inc.(a) |
1,474 | 29,303 | ||||||
|
Revolution Medicines, Inc.(a) |
636 | 15,340 | ||||||
|
Rhythm Pharmaceuticals, Inc.(a) |
1,776 | 34,135 | ||||||
|
Rigel Pharmaceuticals, Inc.(a) |
5,790 | 13,317 | ||||||
|
Rocket Pharmaceuticals, Inc.(a)(b) |
1,295 | 30,471 | ||||||
|
Rubius Therapeutics, Inc.(a)(b) |
1,723 | 8,460 | ||||||
|
Sage Therapeutics, Inc.(a) |
2,081 | 94,831 | ||||||
|
Sangamo Therapeutics, Inc.(a) |
4,375 | 47,381 | ||||||
|
Sarepta Therapeutics, Inc.(a) |
2,850 | 437,532 | ||||||
|
Savara, Inc.(a) |
756 | 1,504 | ||||||
|
Scholar Rock Holding Corp.(a) |
553 | 6,243 | ||||||
|
Seattle Genetics, Inc.(a) |
4,660 | 774,818 | ||||||
|
Seres Therapeutics, Inc.(a) |
2,559 | 9,571 | ||||||
|
Solid Biosciences, Inc.(a) |
285 | 750 | ||||||
|
Sorrento Therapeutics, Inc.(a)(b) |
7,666 | 68,381 | ||||||
|
Spectrum Pharmaceuticals, Inc.(a) |
4,590 | 13,724 | ||||||
|
Spero Therapeutics, Inc.(a) |
858 | 10,039 | ||||||
|
SpringWorks Therapeutics, Inc.(a) |
863 | 36,790 | ||||||
|
Stoke Therapeutics, Inc.(a) |
449 | 11,310 | ||||||
|
Syndax Pharmaceuticals, Inc.(a) |
893 | 12,600 | ||||||
|
Syros Pharmaceuticals, Inc.(a) |
1,897 | 18,003 | ||||||
|
TCR2 Therapeutics, Inc.(a) |
664 | 11,122 | ||||||
|
TG Therapeutics, Inc.(a)(b) |
3,494 | 68,413 | ||||||
|
Translate Bio, Inc.(a) |
2,093 | 31,793 | ||||||
|
Turning Point Therapeutics, Inc.(a) |
1,005 | 59,526 | ||||||
|
Twist Bioscience Corp.(a) |
1,235 | 69,209 | ||||||
|
Tyme Technologies, Inc.(a) |
7,772 | 9,249 | ||||||
|
Ultragenyx Pharmaceutical, Inc.(a)(b) |
2,196 | 171,639 | ||||||
|
United Therapeutics Corp.(a) |
1,660 | 185,040 | ||||||
|
UNITY Biotechnology, Inc.(a) |
1,493 | 14,079 | ||||||
|
UroGen Pharma Ltd.(a)(b) |
839 | 18,534 | ||||||
|
Vanda Pharmaceuticals, Inc.(a)(b) |
1,628 | 16,410 | ||||||
|
VBI Vaccines, Inc.(a) |
9,724 | 39,577 | ||||||
|
Veracyte, Inc.(a) |
2,193 | 78,224 | ||||||
|
Verastem, Inc.(a)(b) |
8,381 | 11,231 | ||||||
|
Vericel Corp.(a) |
1,620 | 26,714 | ||||||
|
Vertex Pharmaceuticals, Inc.(a) |
9,940 | 2,703,680 | ||||||
|
Viela Bio, Inc.(a)(b) |
817 | 29,910 | ||||||
|
Viking Therapeutics, Inc.(a) |
2,199 | 15,437 | ||||||
|
Vir Biotechnology, Inc.(a)(b) |
1,779 | 84,965 | ||||||
|
Voyager Therapeutics, Inc.(a) |
667 | 7,384 | ||||||
|
X4 Pharmaceuticals, Inc.(a) |
1,130 | 8,385 | ||||||
|
XBiotech, Inc.(a)(b) |
663 | 9,640 | ||||||
|
Xencor, Inc.(a) |
2,385 | 71,765 | ||||||
|
Y-mAbs Therapeutics, Inc.(a) |
1,225 | 43,034 | ||||||
|
Zentalis Pharmaceuticals, Inc.(a) |
392 | 13,524 | ||||||
|
ZIOPHARM Oncology, Inc.(a) |
9,111 | 27,060 | ||||||
|
|
|
|||||||
| 37,008,706 | ||||||||
| Building Products — 0.5% | ||||||||
|
AAON, Inc. |
1,548 | 91,719 | ||||||
|
Advanced Drainage Systems, Inc. |
1,891 | 92,659 | ||||||
|
Allegion PLC |
3,554 | 353,481 | ||||||
|
Alpha Pro Tech Ltd.(a) |
674 | 14,673 | ||||||
|
Ameresco, Inc., Class A(a) |
824 | 22,808 | ||||||
|
American Woodmark Corp.(a) |
609 | 49,098 | ||||||
|
AO Smith Corp. |
5,009 | 241,133 | ||||||
|
Apogee Enterprises, Inc. |
840 | 18,136 | ||||||
|
Armstrong World Industries, Inc. |
1,939 | 138,134 | ||||||
|
Builders FirstSource, Inc.(a) |
4,108 | 97,319 | ||||||
| Security | Shares | Value | ||||||
| Building Products (continued) | ||||||||
|
Caesarstone Ltd. |
516 | $ | 5,919 | |||||
|
Carrier Global Corp. |
32,932 | 897,068 | ||||||
|
Cornerstone Building Brands, Inc.(a) |
1,292 | 7,326 | ||||||
|
CSW Industrials, Inc. |
651 | 43,480 | ||||||
|
Fortune Brands Home & Security, Inc. |
5,358 | 409,887 | ||||||
|
Gibraltar Industries, Inc.(a) |
1,147 | 59,323 | ||||||
|
Griffon Corp. |
1,493 | 34,145 | ||||||
|
Insteel Industries, Inc. |
524 | 9,767 | ||||||
|
JELD-WEN Holding, Inc.(a) |
2,185 | 42,826 | ||||||
|
Johnson Controls International PLC |
28,478 | 1,095,833 | ||||||
|
Lennox International, Inc. |
1,321 | 354,213 | ||||||
|
Masco Corp. |
10,034 | 573,543 | ||||||
|
Masonite International Corp.(a) |
1,016 | 85,700 | ||||||
|
Owens Corning |
4,105 | 248,229 | ||||||
|
Patrick Industries, Inc. |
762 | 48,730 | ||||||
|
PGT Innovations, Inc.(a) |
2,429 | 41,463 | ||||||
|
Quanex Building Products Corp. |
1,001 | 14,064 | ||||||
|
Resideo Technologies, Inc.(a) |
5,039 | 66,918 | ||||||
|
Simpson Manufacturing Co., Inc. |
1,608 | 155,269 | ||||||
|
Trane Technologies PLC |
9,082 | 1,016,003 | ||||||
|
Trex Co., Inc.(a) |
2,259 | 314,746 | ||||||
|
UFP Industries, Inc. |
2,263 | 131,752 | ||||||
|
|
|
|||||||
| 6,775,364 | ||||||||
| Capital Markets — 2.5% | ||||||||
|
Affiliated Managers Group, Inc. |
1,796 | 123,547 | ||||||
|
Ameriprise Financial, Inc. |
4,761 | 731,432 | ||||||
|
Apollo Global Management, Inc. |
6,407 | 314,584 | ||||||
|
Ares Management Corp., Class A |
3,604 | 143,944 | ||||||
|
Arlington Asset Investment Corp., Class A |
839 | 2,282 | ||||||
|
Artisan Partners Asset Management, Inc., Class A |
2,234 | 80,938 | ||||||
|
AssetMark Financial Holdings(a) |
403 | 11,224 | ||||||
|
Associated Capital Group, Inc., Class A |
82 | 3,316 | ||||||
|
B. Riley Financial, Inc. |
660 | 16,837 | ||||||
|
Bank of New York Mellon Corp. |
30,563 | 1,095,684 | ||||||
|
BGC Partners, Inc., Class A |
10,851 | 30,057 | ||||||
|
BlackRock, Inc.(g) |
5,630 | 3,237,306 | ||||||
|
Blucora, Inc.(a) |
1,592 | 18,770 | ||||||
|
BrightSphere Investment Group PLC(a) |
2,330 | 31,315 | ||||||
|
Carlyle Group, Inc. |
4,383 | 124,784 | ||||||
|
Cboe Global Markets, Inc. |
4,240 | 371,848 | ||||||
|
Charles Schwab Corp. |
44,168 | 1,464,169 | ||||||
|
CME Group, Inc. |
13,580 | 2,256,724 | ||||||
|
Cohen & Steers, Inc. |
970 | 58,375 | ||||||
|
Cowen, Inc., Class A |
773 | 12,731 | ||||||
|
Diamond Hill Investment Group, Inc. |
101 | 11,517 | ||||||
|
Donnelley Financial Solutions, Inc.(a) |
1,284 | 11,107 | ||||||
|
E*Trade Financial Corp. |
8,505 | 431,799 | ||||||
|
Eaton Vance Corp. |
4,040 | 146,006 | ||||||
|
Evercore, Inc., Class A |
1,624 | 89,807 | ||||||
|
Federated Hermes, Inc. |
3,978 | 104,860 | ||||||
|
Focus Financial Partners, Inc., Class A(a) |
1,369 | 50,585 | ||||||
|
Franklin Resources, Inc. |
10,373 | 218,352 | ||||||
|
GAMCO Investors, Inc., Class A |
133 | 1,568 | ||||||
|
Goldman Sachs Group, Inc. |
12,618 | 2,497,859 | ||||||
|
Greenhill & Co., Inc. |
768 | 9,201 | ||||||
|
Hamilton Lane, Inc., Class A |
821 | 59,309 | ||||||
|
Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
2,502 | 87,645 | ||||||
|
Houlihan Lokey, Inc. |
1,703 | 93,324 | ||||||
|
Intercontinental Exchange, Inc. |
20,647 | 1,998,217 | ||||||
|
Invesco Ltd. |
13,988 | 140,439 | ||||||
|
KKR & Co., Inc., Class A |
20,019 | 708,072 | ||||||
|
Lazard Ltd., Class A |
3,645 | 106,871 | ||||||
|
Legg Mason, Inc. |
3,282 | 164,067 | ||||||
| 50 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Capital Markets (continued) | ||||||||
|
LPL Financial Holdings, Inc. |
2,987 | $ | 236,033 | |||||
|
MarketAxess Holdings, Inc. |
1,395 | 720,796 | ||||||
|
Moelis & Co., Class A |
2,204 | 65,657 | ||||||
|
Moody’s Corp. |
6,155 | 1,731,401 | ||||||
|
Morgan Stanley |
42,062 | 2,055,991 | ||||||
|
MSCI, Inc. |
3,160 | 1,188,097 | ||||||
|
Nasdaq, Inc. |
4,332 | 568,835 | ||||||
|
Northern Trust Corp. |
7,371 | 577,518 | ||||||
|
Oppenheimer Holdings, Inc., Class A |
269 | 5,700 | ||||||
|
Piper Sandler Cos |
929 | 57,514 | ||||||
|
PJT Partners, Inc., Class A |
1,005 | 53,798 | ||||||
|
Pzena Investment Management, Inc., Class A |
1,238 | 6,487 | ||||||
|
Raymond James Financial, Inc. |
4,802 | 333,643 | ||||||
|
S&P Global, Inc. |
9,166 | 3,210,391 | ||||||
|
Safeguard Scientifics, Inc. |
589 | 3,351 | ||||||
|
Sculptor Capital Management, Inc. |
904 | 11,237 | ||||||
|
SEI Investments Co. |
4,531 | 237,107 | ||||||
|
State Street Corp. |
13,416 | 855,807 | ||||||
|
Stifel Financial Corp. |
2,494 | 120,909 | ||||||
|
Stonex Group, Inc.(a) |
561 | 29,441 | ||||||
|
T. Rowe Price Group, Inc. |
8,637 | 1,192,770 | ||||||
|
TD Ameritrade Holding Corp. |
9,884 | 354,737 | ||||||
|
Tradeweb Markets, Inc., Class A |
3,106 | 167,941 | ||||||
|
Virtu Financial, Inc., Class A |
2,551 | 63,265 | ||||||
|
Virtus Investment Partners, Inc. |
267 | 36,291 | ||||||
|
Waddell & Reed Financial, Inc., Class A |
2,763 | 40,312 | ||||||
|
Westwood Holdings Group, Inc. |
168 | 1,908 | ||||||
|
WisdomTree Investments, Inc. |
7,586 | 27,310 | ||||||
|
|
|
|||||||
| 31,014,719 | ||||||||
| Chemicals — 1.8% | ||||||||
|
Advanced Emissions Solutions, Inc. |
1,200 | 4,992 | ||||||
|
AdvanSix, Inc.(a) |
1,050 | 13,073 | ||||||
|
Air Products & Chemicals, Inc. |
8,437 | 2,418,297 | ||||||
|
Albemarle Corp. |
4,051 | 334,045 | ||||||
|
American Vanguard Corp. |
632 | 8,507 | ||||||
|
Ashland Global Holdings, Inc. |
2,076 | 156,697 | ||||||
|
Avient Corp. |
3,629 | 86,733 | ||||||
|
Axalta Coating Systems Ltd.(a) |
8,070 | 179,154 | ||||||
|
Balchem Corp. |
1,257 | 126,027 | ||||||
|
Cabot Corp. |
1,967 | 71,756 | ||||||
|
Celanese Corp. |
4,626 | 449,647 | ||||||
|
CF Industries Holdings, Inc. |
8,468 | 265,302 | ||||||
|
Chase Corp. |
398 | 40,023 | ||||||
|
Chemours Co. |
6,459 | 119,685 | ||||||
|
Codexis, Inc.(a) |
1,582 | 18,715 | ||||||
|
Corteva, Inc.(a) |
28,755 | 821,243 | ||||||
|
Dow, Inc.(a) |
28,359 | 1,164,421 | ||||||
|
DuPont de Nemours, Inc. |
28,135 | 1,504,660 | ||||||
|
Eastman Chemical Co. |
5,196 | 387,778 | ||||||
|
Ecolab, Inc. |
9,542 | 1,785,117 | ||||||
|
Element Solutions, Inc.(a) |
8,319 | 90,344 | ||||||
|
Ferro Corp.(a) |
2,525 | 29,517 | ||||||
|
FMC Corp. |
4,929 | 522,720 | ||||||
|
FutureFuel Corp. |
633 | 8,343 | ||||||
|
GCP Applied Technologies, Inc.(a) |
1,984 | 45,275 | ||||||
|
Hawkins, Inc. |
210 | 10,821 | ||||||
|
HB Fuller Co. |
2,406 | 109,088 | ||||||
|
Huntsman Corp. |
7,868 | 145,558 | ||||||
|
Ingevity Corp.(a) |
1,501 | 87,778 | ||||||
|
Innospec, Inc. |
862 | 64,797 | ||||||
|
International Flavors & Fragrances, Inc. |
4,057 | 510,979 | ||||||
|
Intrepid Potash, Inc.(a) |
2,818 | 2,553 | ||||||
|
Koppers Holdings, Inc.(a) |
682 | 17,166 | ||||||
|
Kraton Corp.(a) |
1,033 | 13,584 | ||||||
| Security | Shares | Value | ||||||
| Chemicals (continued) | ||||||||
|
Kronos Worldwide, Inc. |
777 | $ | 8,733 | |||||
|
Landec Corp.(a) |
899 | 8,487 | ||||||
|
Linde PLC |
20,074 | 4,920,338 | ||||||
|
Livent Corp.(a) |
5,602 | 35,125 | ||||||
|
LyondellBasell Industries NV, Class A |
9,829 | 614,509 | ||||||
|
Minerals Technologies, Inc. |
1,323 | 62,022 | ||||||
|
Mosaic Co. |
12,667 | 170,625 | ||||||
|
NewMarket Corp. |
266 | 99,699 | ||||||
|
Olin Corp. |
5,829 | 65,518 | ||||||
|
Orion Engineered Carbons SA |
2,251 | 22,960 | ||||||
|
PPG Industries, Inc. |
9,030 | 972,080 | ||||||
|
PQ Group Holdings, Inc.(a) |
1,043 | 12,798 | ||||||
|
Quaker Chemical Corp. |
468 | 90,792 | ||||||
|
Rayonier Advanced Materials, Inc. |
1,732 | 5,040 | ||||||
|
RPM International, Inc. |
4,868 | 397,180 | ||||||
|
Scotts Miracle-Gro Co. |
1,563 | 247,845 | ||||||
|
Sensient Technologies Corp. |
1,918 | 100,139 | ||||||
|
Sherwin-Williams Co. |
3,153 | 2,042,892 | ||||||
|
Stepan Co. |
804 | 87,797 | ||||||
|
Trecora Resources(a) |
733 | 4,215 | ||||||
|
Tredegar Corp. |
681 | 10,814 | ||||||
|
Trinseo SA |
1,460 | 31,682 | ||||||
|
Tronox Holdings PLC, Class A(a) |
3,493 | 26,617 | ||||||
|
Valvoline, Inc. |
7,395 | 151,745 | ||||||
|
Westlake Chemical Corp. |
1,293 | 70,469 | ||||||
|
WR Grace & Co. |
2,326 | 107,298 | ||||||
|
|
|
|||||||
| 21,981,814 | ||||||||
| Commercial Services & Supplies — 0.5% | ||||||||
|
ABM Industries, Inc. |
2,523 | 90,576 | ||||||
|
ACCO Brands Corp. |
3,640 | 23,733 | ||||||
|
ADT, Inc. |
4,546 | 39,141 | ||||||
|
Advanced Disposal Services, Inc.(a) |
2,658 | 80,165 | ||||||
|
BrightView Holdings, Inc.(a) |
1,198 | 14,520 | ||||||
|
Brink’s Co. |
2,054 | 91,095 | ||||||
|
Casella Waste Systems, Inc., Class A(a) |
1,808 | 100,181 | ||||||
|
CECO Environmental Corp.(a) |
925 | 6,197 | ||||||
|
Cimpress PLC(a) |
753 | 75,300 | ||||||
|
Cintas Corp. |
3,367 | 1,016,396 | ||||||
|
Clean Harbors, Inc.(a) |
2,111 | 125,816 | ||||||
|
Copart, Inc.(a) |
7,667 | 714,948 | ||||||
|
Covanta Holding Corp. |
5,328 | 52,427 | ||||||
|
Deluxe Corp. |
1,445 | 40,792 | ||||||
|
Encore Capital Group, Inc.(a) |
1,209 | 44,165 | ||||||
|
Ennis, Inc. |
1,476 | 25,535 | ||||||
|
Harsco Corp.(a) |
2,574 | 41,081 | ||||||
|
Healthcare Services Group, Inc. |
2,819 | 73,830 | ||||||
|
Heritage-Crystal Clean, Inc.(a) |
397 | 5,530 | ||||||
|
Herman Miller, Inc. |
2,044 | 47,891 | ||||||
|
HNI Corp. |
1,510 | 44,847 | ||||||
|
IAA, Inc.(a) |
5,093 | 220,782 | ||||||
|
Interface, Inc. |
1,828 | 14,587 | ||||||
|
KAR Auction Services, Inc. |
4,804 | 72,684 | ||||||
|
Kimball International, Inc., Class B |
1,050 | 11,487 | ||||||
|
Knoll, Inc. |
1,883 | 22,050 | ||||||
|
McGrath RentCorp |
922 | 53,494 | ||||||
|
MSA Safety, Inc. |
1,376 | 163,097 | ||||||
|
Pitney Bowes, Inc. |
5,809 | 19,402 | ||||||
|
Quad/Graphics, Inc. |
1,100 | 3,421 | ||||||
|
Republic Services, Inc. |
8,154 | 711,436 | ||||||
|
Rollins, Inc. |
5,759 | 301,772 | ||||||
|
SP Plus Corp.(a) |
647 | 10,281 | ||||||
|
Steelcase, Inc., Class A |
3,210 | 34,443 | ||||||
|
Stericycle, Inc.(a) |
3,512 | 212,248 | ||||||
|
Sykes Enterprises, Inc.(a) |
1,447 | 39,735 | ||||||
|
SCHEDULES OF INVESTMENTS |
51 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Commercial Services & Supplies (continued) | ||||||||
|
Team, Inc.(a) |
945 | $ | 3,733 | |||||
|
Tetra Tech, Inc. |
2,090 | 185,278 | ||||||
|
UniFirst Corp. |
604 | 112,634 | ||||||
|
US Ecology, Inc. |
1,069 | 37,073 | ||||||
|
Viad Corp. |
784 | 11,337 | ||||||
|
VSE Corp. |
300 | 8,439 | ||||||
|
Waste Management, Inc. |
16,173 | 1,772,561 | ||||||
|
|
|
|||||||
| 6,776,140 | ||||||||
| Communications Equipment — 0.9% | ||||||||
|
Acacia Communications, Inc.(a) |
1,414 | 96,124 | ||||||
|
ADTRAN, Inc. |
1,464 | 18,183 | ||||||
|
Applied Optoelectronics, Inc.(a)(b) |
492 | 6,991 | ||||||
|
Arista Networks, Inc.(a) |
2,259 | 586,820 | ||||||
|
Bel Fuse, Inc., Class B |
206 | 2,513 | ||||||
|
CalAmp Corp.(a) |
1,415 | 11,150 | ||||||
|
Calix, Inc.(a) |
2,212 | 45,368 | ||||||
|
Casa Systems, Inc.(a)(b) |
501 | 2,811 | ||||||
|
Ciena Corp.(a) |
5,881 | 349,978 | ||||||
|
Cisco Systems, Inc. |
162,476 | 7,652,620 | ||||||
|
Clearfield, Inc.(a) |
214 | 3,989 | ||||||
|
CommScope Holding Co., Inc.(a) |
6,946 | 64,459 | ||||||
|
Comtech Telecommunications Corp. |
769 | 12,627 | ||||||
|
Digi International, Inc.(a) |
916 | 11,102 | ||||||
|
EchoStar Corp., Class A(a) |
2,032 | 55,474 | ||||||
|
Extreme Networks, Inc.(a) |
3,777 | 17,185 | ||||||
|
F5 Networks, Inc.(a) |
2,330 | 316,647 | ||||||
|
Harmonic, Inc.(a) |
3,609 | 20,138 | ||||||
|
Infinera Corp.(a) |
7,530 | 59,412 | ||||||
|
Inseego Corp.(a)(b) |
2,167 | 29,211 | ||||||
|
InterDigital, Inc. |
1,091 | 65,482 | ||||||
|
Juniper Networks, Inc. |
12,471 | 316,514 | ||||||
|
KVH Industries, Inc.(a) |
368 | 2,988 | ||||||
|
Loral Space & Communications, Inc. |
436 | 7,922 | ||||||
|
Lumentum Holdings, Inc.(a) |
2,842 | 263,823 | ||||||
|
Motorola Solutions, Inc. |
6,506 | 909,539 | ||||||
|
NETGEAR, Inc.(a) |
984 | 30,258 | ||||||
|
Plantronics, Inc. |
1,205 | 24,088 | ||||||
|
Ribbon Communications, Inc.(a) |
1,319 | 5,804 | ||||||
|
Ubiquiti, Inc. |
302 | 55,961 | ||||||
|
ViaSat, Inc.(a) |
2,264 | 85,941 | ||||||
|
Viavi Solutions, Inc.(a) |
8,882 | 122,838 | ||||||
|
|
|
|||||||
| 11,253,960 | ||||||||
| Construction & Engineering — 0.2% | ||||||||
|
AECOM(a) |
5,920 | 214,245 | ||||||
|
Aegion Corp.(a) |
966 | 14,896 | ||||||
|
API Group Corp.(a)(c) |
5,527 | 76,991 | ||||||
|
Arcosa, Inc. |
1,861 | 78,571 | ||||||
|
Argan, Inc. |
484 | 20,764 | ||||||
|
Comfort Systems USA, Inc. |
1,276 | 63,430 | ||||||
|
Concrete Pumping Holdings, Inc.(a)(b) |
1,884 | 7,046 | ||||||
|
Construction Partners, Inc., Class A(a)(b) |
670 | 11,088 | ||||||
|
Dycom Industries, Inc.(a) |
1,030 | 44,115 | ||||||
|
EMCOR Group, Inc. |
2,223 | 152,275 | ||||||
|
Fluor Corp. |
4,956 | 50,502 | ||||||
|
Granite Construction, Inc. |
1,707 | 28,951 | ||||||
|
Great Lakes Dredge & Dock Corp.(a) |
2,420 | 20,231 | ||||||
|
IES Holdings, Inc.(a) |
192 | 4,575 | ||||||
|
Jacobs Engineering Group, Inc. |
4,756 | 405,924 | ||||||
|
KBR, Inc. |
5,578 | 124,055 | ||||||
|
MasTec, Inc.(a)(b) |
2,132 | 84,811 | ||||||
|
MYR Group, Inc.(a) |
480 | 17,602 | ||||||
|
Northwest Pipe Co.(a) |
487 | 12,102 | ||||||
|
NV5 Global, Inc.(a) |
466 | 26,441 | ||||||
| Security | Shares | Value | ||||||
| Construction & Engineering (continued) | ||||||||
|
Primoris Services Corp. |
2,264 | $ | 36,292 | |||||
|
Quanta Services, Inc. |
5,402 | 215,918 | ||||||
|
Sterling Construction Co., Inc.(a) |
736 | 7,581 | ||||||
|
Tutor Perini Corp.(a)(b) |
1,983 | 23,340 | ||||||
|
WillScot Mobile Mini Holdings Corp.(a) |
6,592 | 99,275 | ||||||
|
|
|
|||||||
| 1,841,021 | ||||||||
| Construction Materials — 0.1% | ||||||||
|
Eagle Materials, Inc. |
1,639 | 131,497 | ||||||
|
Forterra, Inc.(a) |
880 | 11,431 | ||||||
|
Martin Marietta Materials, Inc. |
2,396 | 496,403 | ||||||
|
Summit Materials, Inc., Class A(a) |
4,863 | 71,584 | ||||||
|
United States Lime & Minerals, Inc. |
114 | 10,284 | ||||||
|
US Concrete, Inc.(a) |
548 | 13,601 | ||||||
|
Vulcan Materials Co. |
5,022 | 589,683 | ||||||
|
|
|
|||||||
| 1,324,483 | ||||||||
| Consumer Discretionary — 0.0% | ||||||||
|
Acushnet Holdings Corp. |
1,308 | 49,769 | ||||||
|
At Home Group, Inc.(a) |
2,006 | 24,915 | ||||||
|
Camping World Holdings, Inc., Class A |
1,130 | 41,381 | ||||||
|
|
|
|||||||
| 116,065 | ||||||||
| Consumer Finance — 0.5% | ||||||||
|
Ally Financial, Inc. |
14,574 | 292,937 | ||||||
|
American Express Co. |
24,985 | 2,331,600 | ||||||
|
Capital One Financial Corp. |
17,405 | 1,110,439 | ||||||
|
Credit Acceptance Corp.(a)(b) |
397 | 185,772 | ||||||
|
Curo Group Holdings Corp. |
395 | 2,761 | ||||||
|
Discover Financial Services |
11,643 | 575,513 | ||||||
|
Enova International, Inc.(a) |
1,442 | 23,202 | ||||||
|
Ezcorp, Inc., Class A(a) |
1,575 | 9,009 | ||||||
|
FirstCash, Inc. |
1,565 | 90,207 | ||||||
|
Green Dot Corp., Class A(a) |
1,798 | 91,141 | ||||||
|
I3 Verticals, Inc., Class A(a) |
417 | 10,083 | ||||||
|
LendingClub Corp.(a) |
2,109 | 11,009 | ||||||
|
Navient Corp. |
7,525 | 59,899 | ||||||
|
Nelnet, Inc., Class A |
589 | 34,162 | ||||||
|
OneMain Holdings, Inc. |
2,745 | 78,782 | ||||||
|
Oportun Financial Corp.(a) |
866 | 12,384 | ||||||
|
PRA Group, Inc.(a) |
1,868 | 73,898 | ||||||
|
Regional Management Corp.(a) |
217 | 3,296 | ||||||
|
Santander Consumer USA Holdings, Inc.(b) |
3,081 | 56,567 | ||||||
|
SLM Corp. |
14,371 | 97,292 | ||||||
|
Synchrony Financial |
22,326 | 494,074 | ||||||
|
World Acceptance Corp.(a) |
213 | 15,826 | ||||||
|
|
|
|||||||
| 5,659,853 | ||||||||
| Containers & Packaging — 0.4% | ||||||||
|
Amcor PLC(a) |
61,034 | 628,650 | ||||||
|
AptarGroup, Inc. |
2,409 | 277,517 | ||||||
|
Ardagh Group SA |
343 | 4,668 | ||||||
|
Avery Dennison Corp. |
3,193 | 361,895 | ||||||
|
Ball Corp. |
12,273 | 903,661 | ||||||
|
Berry Global Group, Inc.(a)(b) |
5,046 | 252,250 | ||||||
|
Crown Holdings, Inc.(a) |
4,936 | 353,319 | ||||||
|
Graphic Packaging Holding Co. |
11,132 | 155,180 | ||||||
|
Greif, Inc., Class A |
807 | 28,076 | ||||||
|
Greif, Inc., Class B |
150 | 5,894 | ||||||
|
International Paper Co. |
15,181 | 528,147 | ||||||
|
Myers Industries, Inc. |
958 | 14,427 | ||||||
|
O-I Glass, Inc. |
6,023 | 62,880 | ||||||
|
Packaging Corp. of America |
3,593 | 345,359 | ||||||
|
Ranpak Holdings Corp.(a) |
1,714 | 14,003 | ||||||
|
Sealed Air Corp. |
6,109 | 217,969 | ||||||
|
Silgan Holdings, Inc. |
2,921 | 111,728 | ||||||
|
Sonoco Products Co. |
3,733 | 193,145 | ||||||
| 52 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Containers & Packaging (continued) | ||||||||
|
UFP Technologies, Inc.(a) |
191 | $ | 8,240 | |||||
|
Westrock Co. |
9,767 | 262,342 | ||||||
|
|
|
|||||||
| 4,729,350 | ||||||||
| Distributors — 0.1% | ||||||||
|
Core-Mark Holding Co., Inc. |
1,551 | 41,133 | ||||||
|
Funko, Inc., Class A(a) |
475 | 2,632 | ||||||
|
Genuine Parts Co. |
5,430 | 489,514 | ||||||
|
LKQ Corp.(a) |
11,949 | 336,842 | ||||||
|
Pool Corp. |
1,490 | 471,883 | ||||||
|
Weyco Group, Inc. |
221 | 4,071 | ||||||
|
|
|
|||||||
| 1,346,075 | ||||||||
| Diversified Consumer Services — 0.2% | ||||||||
|
2U, Inc.(a) |
2,424 | 114,158 | ||||||
|
Adtalem Global Education, Inc.(a) |
1,841 | 63,220 | ||||||
|
American Public Education, Inc.(a) |
510 | 14,846 | ||||||
|
Bright Horizons Family Solutions, Inc.(a) |
2,193 | 235,177 | ||||||
|
Carriage Services, Inc. |
750 | 16,583 | ||||||
|
Chegg, Inc.(a) |
4,694 | 380,073 | ||||||
|
Collectors Universe, Inc. |
378 | 14,387 | ||||||
|
Franchise Group, Inc. |
829 | 20,311 | ||||||
|
frontdoor, Inc.(a) |
3,303 | 138,709 | ||||||
|
Graham Holdings Co., Class B |
162 | 64,536 | ||||||
|
Grand Canyon Education, Inc.(a) |
1,833 | 162,660 | ||||||
|
H&R Block, Inc. |
7,298 | 105,821 | ||||||
|
Houghton Mifflin Harcourt Co.(a) |
3,459 | 10,239 | ||||||
|
K12, Inc.(a) |
1,743 | 79,812 | ||||||
|
Laureate Education, Inc., Class A(a) |
4,568 | 57,922 | ||||||
|
Matthews International Corp., Class A |
1,044 | 22,550 | ||||||
|
OneSpaWorld Holdings Ltd. |
1,738 | 9,663 | ||||||
|
Regis Corp.(a) |
1,081 | 8,302 | ||||||
|
Service Corp. International |
6,616 | 286,870 | ||||||
|
ServiceMaster Global Holdings, Inc.(a) |
4,949 | 202,365 | ||||||
|
Strategic Education, Inc. |
860 | 108,541 | ||||||
|
Universal Technical Institute, Inc.(a) |
1,638 | 12,170 | ||||||
|
Vivint Smart Home, Inc.(a) |
2,705 | 41,522 | ||||||
|
WW International, Inc.(a)(b) |
1,673 | 43,130 | ||||||
|
|
|
|||||||
| 2,213,567 | ||||||||
| Diversified Financial Services — 1.3% | ||||||||
|
Alerus Financial Corp. |
1,174 | 22,752 | ||||||
|
Berkshire Hathaway, Inc., Class B(a) |
74,431 | 14,572,101 | ||||||
|
Cannae Holdings, Inc.(a) |
3,232 | 121,782 | ||||||
|
Equitable Holdings, Inc. |
15,985 | 327,053 | ||||||
|
FactSet Research Systems, Inc. |
1,422 | 492,439 | ||||||
|
Interactive Brokers Group, Inc., Class A |
2,719 | 134,862 | ||||||
|
Jefferies Financial Group, Inc. |
8,636 | 139,903 | ||||||
|
Marlin Business Services Corp. |
218 | 1,600 | ||||||
|
Morgan Group Holding Co.(a) |
2 | 23 | ||||||
|
Morningstar, Inc. |
843 | 141,658 | ||||||
|
PICO Holdings, Inc.(a) |
421 | 3,419 | ||||||
|
Voya Financial, Inc. |
5,083 | 251,100 | ||||||
|
|
|
|||||||
| 16,208,692 | ||||||||
| Diversified Telecommunication Services — 1.5% | ||||||||
|
8x8, Inc.(a) |
4,262 | 67,766 | ||||||
|
Anterix, Inc.(a) |
518 | 22,574 | ||||||
|
AT&T, Inc. |
273,392 | 8,086,935 | ||||||
|
ATN International, Inc. |
370 | 21,323 | ||||||
|
Bandwidth, Inc., Class A(a)(b) |
741 | 107,282 | ||||||
|
CenturyLink, Inc. |
41,859 | 403,939 | ||||||
|
Cincinnati Bell, Inc.(a) |
1,146 | 17,202 | ||||||
|
Cogent Communications Holdings, Inc. |
1,645 | 148,231 | ||||||
|
Consolidated Communications Holdings, Inc.(a) |
2,166 | 15,812 | ||||||
|
IDT Corp., Class B(a) |
1,396 | 9,088 | ||||||
|
Iridium Communications, Inc.(a) |
4,596 | 125,885 | ||||||
| Security | Shares | Value | ||||||
| Diversified Telecommunication Services (continued) | ||||||||
|
Ooma, Inc.(a) |
719 | $ | 10,886 | |||||
|
ORBCOMM, Inc.(a) |
2,610 | 10,988 | ||||||
|
Verizon Communications, Inc. |
158,534 | 9,112,534 | ||||||
|
Vonage Holdings Corp.(a) |
9,280 | 110,896 | ||||||
|
|
|
|||||||
| 18,271,341 | ||||||||
| Education Services — 0.0% | ||||||||
|
Perdoceo Education Corp.(a) |
2,686 | 38,678 | ||||||
|
|
|
|||||||
| Electric Utilities — 1.7% | ||||||||
|
ALLETE, Inc. |
2,198 | 130,341 | ||||||
|
Alliant Energy Corp. |
9,381 | 505,167 | ||||||
|
American Electric Power Co., Inc. |
18,960 | 1,647,245 | ||||||
|
Avangrid, Inc. |
2,257 | 112,376 | ||||||
|
Duke Energy Corp. |
28,015 | 2,373,991 | ||||||
|
Edison International |
13,644 | 759,562 | ||||||
|
Entergy Corp. |
7,726 | 812,234 | ||||||
|
Evergy, Inc. |
8,477 | 549,564 | ||||||
|
Eversource Energy |
12,770 | 1,150,194 | ||||||
|
Exelon Corp. |
37,057 | 1,430,771 | ||||||
|
FirstEnergy Corp. |
20,679 | 599,691 | ||||||
|
Hawaiian Electric Industries, Inc. |
4,179 | 151,531 | ||||||
|
IDACORP, Inc. |
1,947 | 181,558 | ||||||
|
MGE Energy, Inc. |
1,319 | 87,489 | ||||||
|
NextEra Energy, Inc. |
18,689 | 5,246,002 | ||||||
|
OGE Energy Corp. |
7,692 | 253,067 | ||||||
|
Otter Tail Corp. |
1,625 | 62,156 | ||||||
|
PG&E Corp.(a)(b) |
36,449 | 340,798 | ||||||
|
Pinnacle West Capital Corp. |
4,306 | 357,742 | ||||||
|
PNM Resources, Inc. |
2,950 | 124,579 | ||||||
|
Portland General Electric Co. |
3,472 | 153,219 | ||||||
|
PPL Corp. |
29,281 | 779,460 | ||||||
|
Southern Co. |
40,174 | 2,193,902 | ||||||
|
Spark Energy, Inc., Class A |
516 | 3,896 | ||||||
|
Unitil Corp. |
767 | 33,096 | ||||||
|
Xcel Energy, Inc. |
19,993 | 1,380,317 | ||||||
|
|
|
|||||||
| 21,419,948 | ||||||||
| Electrical Equipment — 0.6% | ||||||||
|
Acuity Brands, Inc. |
1,593 | 157,866 | ||||||
|
Allied Motion Technologies, Inc. |
178 | 6,711 | ||||||
|
American Superconductor Corp.(a)(b) |
1,101 | 10,239 | ||||||
|
AMETEK, Inc. |
8,598 | 801,763 | ||||||
|
Atkore International Group, Inc.(a) |
1,571 | 41,899 | ||||||
|
AZZ, Inc. |
902 | 28,485 | ||||||
|
Bloom Energy Corp., Class A(a) |
3,813 | 46,366 | ||||||
|
Brady Corp., Class A |
2,081 | 95,664 | ||||||
|
Eaton Corp. PLC |
15,258 | 1,420,977 | ||||||
|
Emerson Electric Co. |
22,793 | 1,413,394 | ||||||
|
Encore Wire Corp. |
957 | 48,032 | ||||||
|
EnerSys |
1,812 | 121,875 | ||||||
|
Franklin Electric Co., Inc. |
1,806 | 97,614 | ||||||
|
FuelCell Energy, Inc.(a) |
9,494 | 21,172 | ||||||
|
Generac Holdings, Inc.(a) |
2,297 | 361,961 | ||||||
|
GrafTech International Ltd. |
2,430 | 14,750 | ||||||
|
Hubbell, Inc. |
2,012 | 271,560 | ||||||
|
nVent Electric PLC |
6,524 | 118,476 | ||||||
|
Plug Power, Inc.(a)(b) |
12,304 | 94,864 | ||||||
|
Powell Industries, Inc. |
401 | 10,646 | ||||||
|
Preformed Line Products Co. |
83 | 4,089 | ||||||
|
Regal-Beloit Corp. |
1,599 | 147,060 | ||||||
|
Rockwell Automation, Inc. |
4,407 | 961,343 | ||||||
|
Sensata Technologies Holding PLC(a) |
6,109 | 232,020 | ||||||
|
Sunrun, Inc.(a) |
4,528 | 166,132 | ||||||
|
Thermon Group Holdings, Inc.(a) |
911 | 12,344 | ||||||
|
TPI Composites, Inc.(a) |
945 | 24,173 | ||||||
|
SCHEDULES OF INVESTMENTS |
53 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Electrical Equipment (continued) | ||||||||
|
Vertiv Holdings Co.(a) |
7,556 | $ | 109,562 | |||||
|
Vicor Corp.(a)(b) |
678 | 55,237 | ||||||
|
|
|
|||||||
| 6,896,274 | ||||||||
| Electronic Equipment, Instruments & Components — 0.7% | ||||||||
|
Agilysys, Inc.(a) |
963 | 20,184 | ||||||
|
Akoustis Technologies, Inc.(a) |
1,380 | 10,957 | ||||||
|
Amphenol Corp., Class A |
11,007 | 1,164,100 | ||||||
|
Arlo Technologies, Inc.(a) |
1,948 | 8,221 | ||||||
|
Arrow Electronics, Inc.(a) |
3,059 | 219,086 | ||||||
|
Avnet, Inc. |
3,640 | 97,261 | ||||||
|
Badger Meter, Inc. |
1,205 | 75,433 | ||||||
|
Belden, Inc. |
1,568 | 49,549 | ||||||
|
Benchmark Electronics, Inc. |
1,484 | 30,214 | ||||||
|
CDW Corp. |
5,437 | 632,051 | ||||||
|
Cognex Corp. |
6,270 | 419,275 | ||||||
|
Coherent, Inc.(a) |
981 | 136,192 | ||||||
|
Corning, Inc. |
28,618 | 887,158 | ||||||
|
CTS Corp. |
939 | 18,649 | ||||||
|
Daktronics, Inc. |
624 | 2,602 | ||||||
|
Dolby Laboratories, Inc., Class A |
2,459 | 171,146 | ||||||
|
ePlus, Inc.(a) |
424 | 31,605 | ||||||
|
Fabrinet(a) |
1,353 | 98,268 | ||||||
|
FARO Technologies, Inc.(a) |
560 | 33,505 | ||||||
|
Fitbit, Inc., Series A(a)(b) |
8,732 | 57,107 | ||||||
|
FLIR Systems, Inc. |
4,941 | 205,842 | ||||||
|
II-VI, Inc.(a)(b) |
3,566 | 180,868 | ||||||
|
Insight Enterprises, Inc.(a) |
1,302 | 64,892 | ||||||
|
IntriCon Corp.(a) |
198 | 2,138 | ||||||
|
IPG Photonics Corp.(a) |
1,330 | 238,083 | ||||||
|
Itron, Inc.(a) |
1,578 | 109,766 | ||||||
|
Jabil, Inc. |
5,800 | 202,188 | ||||||
|
Keysight Technologies, Inc.(a) |
7,145 | 713,714 | ||||||
|
Kimball Electronics, Inc.(a) |
871 | 11,567 | ||||||
|
Knowles Corp.(a) |
3,056 | 46,635 | ||||||
|
Littelfuse, Inc. |
869 | 154,378 | ||||||
|
Mesa Laboratories, Inc. |
146 | 34,593 | ||||||
|
Methode Electronics, Inc. |
1,799 | 50,732 | ||||||
|
MTS Systems Corp. |
724 | 13,430 | ||||||
|
Napco Security Technologies, Inc.(a) |
234 | 6,173 | ||||||
|
National Instruments Corp. |
4,974 | 176,577 | ||||||
|
nLight, Inc.(a) |
1,181 | 27,364 | ||||||
|
Novanta, Inc.(a) |
1,334 | 138,309 | ||||||
|
OSI Systems, Inc.(a) |
626 | 44,421 | ||||||
|
PAR Technology Corp.(a) |
598 | 18,394 | ||||||
|
PC Connection, Inc.(b) |
479 | 20,932 | ||||||
|
Plexus Corp.(a) |
1,011 | 75,107 | ||||||
|
Rogers Corp.(a) |
674 | 80,334 | ||||||
|
Sanmina Corp.(a) |
2,476 | 73,488 | ||||||
|
ScanSource, Inc.(a) |
754 | 17,304 | ||||||
|
SYNNEX Corp. |
1,635 | 203,950 | ||||||
|
Trimble, Inc.(a) |
9,640 | 429,076 | ||||||
|
TTM Technologies, Inc.(a) |
3,796 | 46,729 | ||||||
|
Universal Display Corp. |
1,637 | 285,575 | ||||||
|
Vishay Intertechnology, Inc. |
4,898 | 76,850 | ||||||
|
Vishay Precision Group, Inc.(a) |
235 | 5,981 | ||||||
|
Zebra Technologies Corp., Class A(a) |
1,999 | 561,219 | ||||||
|
|
|
|||||||
| 8,479,172 | ||||||||
| Energy Equipment & Services — 0.2% | ||||||||
|
Archrock, Inc. |
3,980 | 26,507 | ||||||
|
Baker Hughes Co. |
24,762 | 383,563 | ||||||
|
Bristow Group, Inc.(a) |
204 | 3,266 | ||||||
|
Cactus, Inc., Class A |
1,806 | 40,852 | ||||||
|
ChampionX Corp.(a) |
7,499 | 71,315 | ||||||
|
Dril-Quip, Inc.(a)(b) |
1,277 | 42,511 | ||||||
| Security | Shares | Value | ||||||
| Energy Equipment & Services (continued) | ||||||||
|
Exterran Corp.(a) |
1,098 | $ | 5,457 | |||||
|
Frank’s International NV(a) |
4,988 | 11,373 | ||||||
|
Halliburton Co. |
33,153 | 475,083 | ||||||
|
Helix Energy Solutions Group, Inc.(a) |
4,203 | 17,611 | ||||||
|
Helmerich & Payne, Inc. |
3,840 | 68,467 | ||||||
|
Liberty Oilfield Services, Inc., Class A |
1,908 | 10,780 | ||||||
|
Matrix Service Co.(a) |
1,242 | 10,874 | ||||||
|
Nabors Industries Ltd.(b) |
217 | 9,203 | ||||||
|
National Energy Services Reunited Corp.(a) |
1,333 | 8,918 | ||||||
|
National Oilwell Varco, Inc. |
15,113 | 173,951 | ||||||
|
Newpark Resources, Inc.(a) |
2,639 | 4,988 | ||||||
|
NexTier Oilfield Solutions Inc.(a)(b) |
5,168 | 13,023 | ||||||
|
Oceaneering International, Inc.(a) |
3,336 | 18,748 | ||||||
|
Oil States International, Inc.(a) |
1,913 | 8,570 | ||||||
|
Patterson-UTI Energy, Inc. |
6,690 | 25,924 | ||||||
|
ProPetro Holding Corp.(a) |
2,681 | 14,397 | ||||||
|
RPC, Inc.(a) |
2,009 | 5,967 | ||||||
|
Schlumberger Ltd. |
53,689 | 973,918 | ||||||
|
SEACOR Holdings, Inc.(a) |
540 | 15,703 | ||||||
|
Select Energy Services, Inc., Class A(a) |
1,380 | 6,127 | ||||||
|
Solaris Oilfield Infrastructure, Inc., Class A |
756 | 5,489 | ||||||
|
Tidewater, Inc.(a) |
1,293 | 8,042 | ||||||
|
Transocean Ltd.(a)(b) |
21,175 | 43,197 | ||||||
|
|
|
|||||||
| 2,503,824 | ||||||||
| Entertainment — 1.8% | ||||||||
|
Activision Blizzard, Inc. |
29,192 | 2,412,135 | ||||||
|
AMC Entertainment Holdings, Inc., Class A(b) |
2,291 | 9,256 | ||||||
|
Cinemark Holdings, Inc. |
3,733 | 44,161 | ||||||
|
Electronic Arts, Inc.(a) |
10,875 | 1,540,117 | ||||||
|
Glu Mobile, Inc.(a) |
5,088 | 48,031 | ||||||
|
Madison Square Garden Entertainment Corp.(a) |
663 | 46,980 | ||||||
|
Netflix, Inc.(a) |
16,277 | 7,957,500 | ||||||
|
Roku, Inc.(a) |
3,886 | 601,903 | ||||||
|
Spotify Technology SA(a) |
5,003 | 1,289,873 | ||||||
|
Take-Two Interactive Software, Inc.(a) |
4,286 | 702,990 | ||||||
|
Walt Disney Co. |
69,113 | 8,082,074 | ||||||
|
World Wrestling Entertainment, Inc., Class A |
1,839 | 85,716 | ||||||
|
|
|
|||||||
| 22,820,736 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 3.4% | ||||||||
|
Acadia Realty Trust |
2,748 | 33,086 | ||||||
|
Agree Realty Corp. |
1,993 | 133,471 | ||||||
|
Alexander’s, Inc. |
94 | 23,668 | ||||||
|
Alexandria Real Estate Equities, Inc. |
4,760 | 845,138 | ||||||
|
American Assets Trust, Inc. |
1,829 | 49,383 | ||||||
|
American Campus Communities, Inc. |
5,166 | 184,116 | ||||||
|
American Finance Trust, Inc. |
4,079 | 29,797 | ||||||
|
American Homes 4 Rent, Class A |
9,878 | 286,462 | ||||||
|
American Tower Corp. |
16,861 | 4,407,297 | ||||||
|
Americold Realty Trust |
7,633 | 307,992 | ||||||
|
Anworth Mortgage Asset Corp. |
2,687 | 4,863 | ||||||
|
Apartment Investment & Management Co., Class A |
5,530 | 214,675 | ||||||
|
Apollo Commercial Real Estate Finance, Inc. |
7,093 | 65,965 | ||||||
|
Apple Hospitality REIT, Inc. |
7,957 | 70,181 | ||||||
|
Arbor Realty Trust, Inc. |
4,147 | 42,258 | ||||||
|
Ares Commercial Real Estate Corp. |
1,122 | 10,244 | ||||||
|
Armada Hoffler Properties, Inc. |
3,028 | 29,190 | ||||||
|
ARMOUR Residential REIT, Inc. |
1,713 | 15,999 | ||||||
|
AvalonBay Communities, Inc. |
5,416 | 829,298 | ||||||
|
Bluerock Residential Growth REIT, Inc. |
1,804 | 13,061 | ||||||
|
Boston Properties, Inc. |
5,939 | 529,105 | ||||||
|
Brandywine Realty Trust |
6,024 | 65,240 | ||||||
|
Brixmor Property Group, Inc. |
11,572 | 133,194 | ||||||
|
Brookfield Property REIT, Inc., Class A |
2,512 | 29,164 | ||||||
|
Camden Property Trust |
3,535 | 321,013 | ||||||
| 54 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
|
Capstead Mortgage Corp. |
2,469 | $ | 15,184 | |||||
|
Catchmark Timber Trust, Inc., Class A |
1,412 | 13,781 | ||||||
|
Chatham Lodging Trust |
2,016 | 10,503 | ||||||
|
Cherry Hill Mortgage Investment Corp. |
1,244 | 11,482 | ||||||
|
City Office REIT, Inc. |
1,953 | 16,893 | ||||||
|
Clipper Realty, Inc. |
393 | 2,625 | ||||||
|
Colony Capital, Inc. |
17,406 | 33,420 | ||||||
|
Columbia Property Trust, Inc. |
4,769 | 57,037 | ||||||
|
Community Healthcare Trust, Inc. |
938 | 42,895 | ||||||
|
CoreCivic, Inc. |
4,168 | 37,137 | ||||||
|
CorEnergy Infrastructure Trust, Inc. |
520 | 4,555 | ||||||
|
CorePoint Lodging, Inc. |
1,425 | 7,966 | ||||||
|
CoreSite Realty Corp. |
1,557 | 200,931 | ||||||
|
Corporate Office Properties Trust |
4,042 | 107,032 | ||||||
|
Cousins Properties, Inc. |
5,647 | 173,476 | ||||||
|
Crown Castle International Corp. |
15,868 | 2,645,196 | ||||||
|
CubeSmart |
7,453 | 221,131 | ||||||
|
CyrusOne, Inc. |
4,405 | 367,465 | ||||||
|
DiamondRock Hospitality Co. |
8,483 | 39,191 | ||||||
|
Digital Realty Trust, Inc.(b) |
10,203 | 1,637,990 | ||||||
|
Diversified Healthcare Trust |
8,842 | 34,440 | ||||||
|
Douglas Emmett, Inc. |
6,492 | 189,177 | ||||||
|
Duke Realty Corp. |
13,961 | 561,093 | ||||||
|
Easterly Government Properties, Inc. |
3,168 | 77,458 | ||||||
|
EastGroup Properties, Inc. |
1,445 | 191,694 | ||||||
|
Empire State Realty Trust, Inc., Class A |
5,879 | 38,801 | ||||||
|
EPR Properties |
3,063 | 87,694 | ||||||
|
Equinix, Inc. |
3,359 | 2,638,427 | ||||||
|
Equity Commonwealth |
4,506 | 142,254 | ||||||
|
Equity LifeStyle Properties, Inc. |
6,669 | 455,626 | ||||||
|
Equity Residential |
13,918 | 746,422 | ||||||
|
Essex Property Trust, Inc. |
2,477 | 546,773 | ||||||
|
Extra Space Storage, Inc. |
4,776 | 493,552 | ||||||
|
Farmland Partners, Inc. |
2,041 | 14,103 | ||||||
|
Federal Realty Investment Trust |
2,926 | 223,254 | ||||||
|
First Industrial Realty Trust, Inc. |
4,764 | 209,235 | ||||||
|
Four Corners Property Trust, Inc. |
3,033 | 76,432 | ||||||
|
Franklin Street Properties Corp. |
2,880 | 15,120 | ||||||
|
Gaming and Leisure Properties, Inc. |
7,826 | 283,379 | ||||||
|
Geo Group, Inc. |
4,668 | 49,621 | ||||||
|
Getty Realty Corp. |
1,530 | 45,334 | ||||||
|
Gladstone Commercial Corp. |
2,038 | 37,092 | ||||||
|
Gladstone Land Corp. |
1,361 | 21,885 | ||||||
|
Global Net Lease, Inc. |
3,473 | 57,825 | ||||||
|
Healthcare Realty Trust, Inc. |
4,888 | 143,218 | ||||||
|
Healthcare Trust of America, Inc., Class A |
8,288 | 228,832 | ||||||
|
Healthpeak Properties, Inc. |
20,637 | 563,184 | ||||||
|
Hersha Hospitality Trust |
1,059 | 5,041 | ||||||
|
Highwoods Properties, Inc. |
4,145 | 158,919 | ||||||
|
Host Hotels & Resorts, Inc. |
27,226 | 293,496 | ||||||
|
Hudson Pacific Properties, Inc. |
5,910 | 139,299 | ||||||
|
Independence Realty Trust, Inc. |
4,199 | 48,288 | ||||||
|
Industrial Logistics Properties Trust |
2,854 | 60,248 | ||||||
|
Innovative Industrial Properties, Inc. |
619 | 64,518 | ||||||
|
Investors Real Estate Trust |
578 | 41,789 | ||||||
|
Invitation Homes, Inc. |
20,747 | 618,676 | ||||||
|
Iron Mountain, Inc. |
10,879 | 306,679 | ||||||
|
iStar, Inc. |
3,168 | 36,780 | ||||||
|
JBG SMITH Properties |
4,499 | 130,516 | ||||||
|
Jernigan Capital, Inc. |
475 | 6,655 | ||||||
|
Kilroy Realty Corp. |
4,406 | 256,738 | ||||||
|
Kimco Realty Corp. |
16,343 | 182,224 | ||||||
|
Kite Realty Group Trust |
3,058 | 30,182 | ||||||
|
Lamar Advertising Co., Class A |
3,235 | 212,637 | ||||||
|
Lexington Realty Trust |
9,118 | 105,769 | ||||||
| Security | Shares | Value | ||||||
| Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
|
Life Storage, Inc. |
1,771 | $ | 173,788 | |||||
|
LTC Properties, Inc. |
1,396 | 51,861 | ||||||
|
Macerich Co.(b) |
5,293 | 40,386 | ||||||
|
Mack-Cali Realty Corp. |
3,138 | 45,250 | ||||||
|
Medical Properties Trust, Inc. |
19,482 | 392,173 | ||||||
|
MFA Financial, Inc. |
15,427 | 40,573 | ||||||
|
Mid-America Apartment Communities, Inc. |
4,296 | 512,040 | ||||||
|
Monmouth Real Estate Investment Corp. |
5,007 | 72,251 | ||||||
|
National Health Investors, Inc. |
1,689 | 104,718 | ||||||
|
National Retail Properties, Inc. |
6,508 | 230,709 | ||||||
|
National Storage Affiliates Trust |
2,746 | 84,632 | ||||||
|
New Residential Investment Corp. |
15,174 | 120,330 | ||||||
|
New Senior Investment Group, Inc. |
3,694 | 12,560 | ||||||
|
New York Mortgage Trust, Inc. |
12,533 | 32,836 | ||||||
|
NexPoint Residential Trust, Inc. |
688 | 26,302 | ||||||
|
Office Properties Income Trust |
1,678 | 42,202 | ||||||
|
Omega Healthcare Investors, Inc. |
8,624 | 279,245 | ||||||
|
One Liberty Properties, Inc. |
648 | 10,997 | ||||||
|
Orchid Island Capital, Inc. |
1,593 | 8,188 | ||||||
|
Outfront Media, Inc. |
5,156 | 74,298 | ||||||
|
Paramount Group, Inc. |
8,065 | 57,503 | ||||||
|
Park Hotels & Resorts, Inc. |
9,495 | 78,524 | ||||||
|
Pebblebrook Hotel Trust |
4,854 | 51,452 | ||||||
|
PennyMac Mortgage Investment Trust(g) |
3,140 | 59,189 | ||||||
|
Physicians Realty Trust |
7,801 | 140,730 | ||||||
|
Piedmont Office Realty Trust, Inc., Class A |
4,983 | 80,774 | ||||||
|
Plymouth Industrial REIT, Inc. |
907 | 12,036 | ||||||
|
PotlatchDeltic Corp. |
2,509 | 107,410 | ||||||
|
Preferred Apartment Communities, Inc., Class A |
2,312 | 16,716 | ||||||
|
Prologis, Inc. |
28,131 | 2,965,570 | ||||||
|
PS Business Parks, Inc. |
756 | 104,290 | ||||||
|
Public Storage |
5,756 | 1,150,509 | ||||||
|
QTS Realty Trust, Inc., Class A(b) |
2,190 | 157,570 | ||||||
|
Rayonier, Inc. |
5,302 | 147,290 | ||||||
|
Realty Income Corp. |
13,168 | 790,738 | ||||||
|
Redwood Trust, Inc. |
4,274 | 30,474 | ||||||
|
Regency Centers Corp. |
6,368 | 261,279 | ||||||
|
Retail Opportunity Investments Corp. |
4,102 | 44,589 | ||||||
|
Retail Properties of America, Inc., Class A |
10,116 | 64,338 | ||||||
|
Retail Value, Inc. |
523 | 6,621 | ||||||
|
Rexford Industrial Realty, Inc. |
4,410 | 206,961 | ||||||
|
RLJ Lodging Trust |
6,669 | 53,419 | ||||||
|
RPT Realty |
2,246 | 13,970 | ||||||
|
Ryman Hospitality Properties, Inc. |
2,038 | 65,257 | ||||||
|
Sabra Health Care REIT, Inc. |
7,898 | 116,417 | ||||||
|
Safehold, Inc. |
646 | 32,578 | ||||||
|
Saul Centers, Inc. |
314 | 9,643 | ||||||
|
SBA Communications Corp. |
4,213 | 1,312,518 | ||||||
|
Seritage Growth Properties, Class A(a) |
1,080 | 10,055 | ||||||
|
Service Properties Trust |
5,835 | 39,094 | ||||||
|
Simon Property Group, Inc. |
11,593 | 722,824 | ||||||
|
SITE Centers Corp. |
6,683 | 48,986 | ||||||
|
SL Green Realty Corp. |
2,895 | 134,617 | ||||||
|
Spirit Realty Capital, Inc. |
4,006 | 138,047 | ||||||
|
STAG Industrial, Inc. |
5,667 | 184,744 | ||||||
|
Starwood Property Trust, Inc. |
10,035 | 150,023 | ||||||
|
STORE Capital Corp. |
8,363 | 198,119 | ||||||
|
Summit Hotel Properties, Inc. |
3,295 | 17,068 | ||||||
|
Sun Communities, Inc. |
3,676 | 551,143 | ||||||
|
Sunstone Hotel Investors, Inc. |
8,522 | 63,745 | ||||||
|
Tanger Factory Outlet Centers, Inc.(b) |
2,740 | 17,618 | ||||||
|
Taubman Centers, Inc. |
2,348 | 90,915 | ||||||
|
Terreno Realty Corp. |
2,449 | 148,801 | ||||||
|
UDR, Inc. |
11,140 | 403,268 | ||||||
|
UMH Properties, Inc. |
1,449 | 17,823 | ||||||
|
SCHEDULES OF INVESTMENTS |
55 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
|
Uniti Group, Inc. |
7,354 | $ | 72,805 | |||||
|
Universal Health Realty Income Trust |
517 | 35,973 | ||||||
|
Urban Edge Properties |
4,108 | 43,052 | ||||||
|
Urstadt Biddle Properties, Inc., Class A |
607 | 5,955 | ||||||
|
Ventas, Inc. |
14,234 | 546,016 | ||||||
|
VEREIT, Inc. |
41,244 | 268,498 | ||||||
|
VICI Properties, Inc. |
18,068 | 392,256 | ||||||
|
Vornado Realty Trust |
6,652 | 229,627 | ||||||
|
Washington Real Estate Investment Trust |
3,405 | 76,136 | ||||||
|
Weingarten Realty Investors |
4,432 | 75,610 | ||||||
|
Welltower, Inc. |
16,010 | 857,496 | ||||||
|
Weyerhaeuser Co. |
28,309 | 787,273 | ||||||
|
Whitestone REIT |
1,160 | 7,656 | ||||||
|
WP Carey, Inc. |
6,441 | 459,694 | ||||||
|
Xenia Hotels & Resorts, Inc. |
4,549 | 36,210 | ||||||
|
|
|
|||||||
| 42,514,980 | ||||||||
| Food & Staples Retailing — 1.4% | ||||||||
|
Andersons, Inc. |
977 | 13,893 | ||||||
|
BJ’s Wholesale Club Holdings, Inc.(a) |
5,204 | 208,420 | ||||||
|
Casey’s General Stores, Inc. |
1,422 | 226,368 | ||||||
|
Chefs’ Warehouse, Inc.(a) |
1,138 | 13,121 | ||||||
|
Costco Wholesale Corp. |
16,880 | 5,494,946 | ||||||
|
Grocery Outlet Holding Corp.(a)(b) |
2,678 | 117,805 | ||||||
|
HF Foods Group, Inc.(a) |
1,854 | 16,427 | ||||||
|
Ingles Markets, Inc., Class A |
575 | 23,144 | ||||||
|
Kroger Co. |
29,705 | 1,033,437 | ||||||
|
Natural Grocers by Vitamin Cottage, Inc. |
357 | 5,651 | ||||||
|
Performance Food Group Co.(a)(b) |
4,917 | 137,774 | ||||||
|
PriceSmart, Inc. |
847 | 55,368 | ||||||
|
Rite Aid Corp.(a) |
2,190 | 33,200 | ||||||
|
SpartanNash Co. |
1,099 | 23,107 | ||||||
|
Sprouts Farmers Market, Inc.(a) |
4,686 | 123,617 | ||||||
|
Sysco Corp. |
18,554 | 980,579 | ||||||
|
U.S. Foods Holding Corp.(a) |
8,142 | 165,283 | ||||||
|
United Natural Foods, Inc.(a) |
2,235 | 44,365 | ||||||
|
Village Super Market, Inc., Class A |
168 | 4,242 | ||||||
|
Walgreens Boots Alliance, Inc. |
28,166 | 1,146,638 | ||||||
|
Walmart, Inc. |
53,335 | 6,901,549 | ||||||
|
Weis Markets, Inc. |
304 | 15,145 | ||||||
|
|
|
|||||||
| 16,784,079 | ||||||||
| Food Products — 1.1% | ||||||||
|
Archer-Daniels-Midland Co. |
21,390 | 916,134 | ||||||
|
B&G Foods, Inc. |
2,207 | 63,804 | ||||||
|
Beyond Meat, Inc.(a) |
1,968 | 247,771 | ||||||
|
Bunge Ltd. |
5,211 | 226,366 | ||||||
|
Cal-Maine Foods, Inc.(a) |
1,156 | 50,801 | ||||||
|
Calavo Growers, Inc.(b) |
718 | 41,479 | ||||||
|
Campbell Soup Co. |
6,746 | 334,399 | ||||||
|
Conagra Brands, Inc. |
18,696 | 700,165 | ||||||
|
Darling Ingredients, Inc.(a) |
6,433 | 179,674 | ||||||
|
Farmer Bros Co.(a) |
293 | 1,459 | ||||||
|
Flowers Foods, Inc. |
7,215 | 164,141 | ||||||
|
Fresh Del Monte Produce, Inc. |
1,399 | 31,590 | ||||||
|
Freshpet, Inc.(a) |
1,484 | 142,538 | ||||||
|
General Mills, Inc. |
23,212 | 1,468,623 | ||||||
|
Hain Celestial Group, Inc.(a)(b) |
2,981 | 101,294 | ||||||
|
Hershey Co. |
5,643 | 820,549 | ||||||
|
Hormel Foods Corp. |
10,636 | 540,947 | ||||||
|
Hostess Brands, Inc.(a) |
4,267 | 54,106 | ||||||
|
Ingredion, Inc. |
2,623 | 226,890 | ||||||
|
J&J Snack Foods Corp. |
529 | 65,136 | ||||||
|
J.M. Smucker Co. |
4,192 | 458,395 | ||||||
|
John B Sanfilippo & Son, Inc. |
296 | 26,098 | ||||||
|
Kellogg Co. |
9,572 | 660,372 | ||||||
| Security | Shares | Value | ||||||
| Food Products (continued) | ||||||||
|
Kraft Heinz Co. |
24,784 | $ | 852,074 | |||||
|
Lamb Weston Holdings, Inc. |
5,590 | 335,847 | ||||||
|
Lancaster Colony Corp. |
735 | 116,564 | ||||||
|
Limoneira Co. |
296 | 3,990 | ||||||
|
McCormick & Co., Inc. |
4,746 | 924,995 | ||||||
|
Mondelez International, Inc., Class A |
54,194 | 3,007,225 | ||||||
|
Pilgrim’s Pride Corp.(a) |
2,023 | 31,053 | ||||||
|
Post Holdings, Inc.(a) |
2,565 | 227,618 | ||||||
|
Sanderson Farms, Inc. |
727 | 81,057 | ||||||
|
Seneca Foods Corp., Class A(a) |
168 | 6,582 | ||||||
|
Simply Good Foods Co.(a) |
2,958 | 71,110 | ||||||
|
Tootsie Roll Industries, Inc. |
886 | 28,086 | ||||||
|
TreeHouse Foods, Inc.(a) |
2,206 | 96,667 | ||||||
|
Tyson Foods, Inc., Class A |
11,044 | 678,654 | ||||||
|
|
|
|||||||
| 13,984,253 | ||||||||
| Gas Utilities — 0.1% | ||||||||
|
Atmos Energy Corp. |
4,610 | 488,614 | ||||||
|
Brookfield Infrastructure Corp., Class A |
1,429 | 65,220 | ||||||
|
Chesapeake Utilities Corp. |
684 | 57,791 | ||||||
|
National Fuel Gas Co. |
3,123 | 126,700 | ||||||
|
New Jersey Resources Corp. |
3,812 | 118,401 | ||||||
|
Northwest Natural Holding Co. |
1,112 | 59,481 | ||||||
|
ONE Gas, Inc. |
2,003 | 151,627 | ||||||
|
RGC Resources, Inc. |
723 | 16,774 | ||||||
|
South Jersey Industries, Inc. |
3,650 | 85,154 | ||||||
|
Southwest Gas Holdings, Inc. |
2,085 | 145,199 | ||||||
|
Spire, Inc. |
1,912 | 117,894 | ||||||
|
UGI Corp. |
8,084 | 269,520 | ||||||
|
|
|
|||||||
| 1,702,375 | ||||||||
| Health Care Equipment & Supplies — 3.7% | ||||||||
|
Abbott Laboratories |
66,149 | 6,657,235 | ||||||
|
ABIOMED, Inc.(a) |
1,698 | 509,298 | ||||||
|
Accuray, Inc.(a) |
2,245 | 5,006 | ||||||
|
Align Technology, Inc.(a) |
2,976 | 874,408 | ||||||
|
Alphatec Holdings, Inc.(a) |
1,750 | 8,697 | ||||||
|
AngioDynamics, Inc.(a) |
1,227 | 10,135 | ||||||
|
Anika Therapeutics, Inc.(a) |
494 | 17,982 | ||||||
|
Antares Pharma, Inc.(a)(b) |
4,962 | 12,951 | ||||||
|
Apyx Medical Corp.(a) |
1,544 | 6,933 | ||||||
|
Aspira Women’s Health, Inc.(a)(b) |
2,554 | 11,416 | ||||||
|
AtriCure, Inc.(a) |
1,590 | 64,888 | ||||||
|
Atrion Corp. |
52 | 32,245 | ||||||
|
Avanos Medical, Inc.(a) |
1,913 | 58,672 | ||||||
|
Axogen, Inc.(a) |
1,488 | 16,919 | ||||||
|
Axonics Modulation Technologies, Inc.(a)(b) |
1,240 | 52,526 | ||||||
|
Baxter International, Inc. |
19,470 | 1,681,819 | ||||||
|
Becton Dickinson & Co. |
10,326 | 2,905,117 | ||||||
|
BioLife Solutions, Inc.(a)(b) |
685 | 13,241 | ||||||
|
BioSig Technologies, Inc.(a) |
1,755 | 15,830 | ||||||
|
Boston Scientific Corp.(a) |
53,499 | 2,063,456 | ||||||
|
Cantel Medical Corp. |
1,540 | 72,765 | ||||||
|
Cardiovascular Systems, Inc.(a) |
1,273 | 38,801 | ||||||
|
Cerus Corp.(a) |
6,213 | 44,299 | ||||||
|
Co-Diagnostics, Inc.(a)(b) |
1,182 | 28,368 | ||||||
|
CONMED Corp. |
990 | 81,715 | ||||||
|
Cooper Cos., Inc. |
1,873 | 529,928 | ||||||
|
CryoLife, Inc.(a) |
1,534 | 29,775 | ||||||
|
CryoPort, Inc.(a)(b) |
1,340 | 44,408 | ||||||
|
Cutera, Inc.(a) |
449 | 6,389 | ||||||
|
CytoSorbents Corp.(a) |
805 | 7,708 | ||||||
|
Danaher Corp. |
23,899 | 4,870,616 | ||||||
|
DENTSPLY SIRONA, Inc.(b) |
8,427 | 375,844 | ||||||
|
DexCom, Inc.(a) |
3,515 | 1,530,923 | ||||||
|
Edwards Lifesciences Corp.(a) |
23,712 | 1,859,258 | ||||||
| 56 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Health Care Equipment & Supplies (continued) | ||||||||
|
Envista Holdings Corp.(a) |
6,140 | $ | 134,282 | |||||
|
GenMark Diagnostics, Inc.(a) |
2,916 | 52,080 | ||||||
|
Glaukos Corp.(a) |
1,757 | 76,781 | ||||||
|
Globus Medical, Inc., Class A(a) |
2,933 | 141,312 | ||||||
|
Haemonetics Corp.(a) |
1,933 | 169,447 | ||||||
|
Hill-Rom Holdings, Inc. |
2,539 | 246,842 | ||||||
|
Hologic, Inc.(a) |
9,810 | 684,542 | ||||||
|
ICU Medical, Inc.(a) |
735 | 135,042 | ||||||
|
IDEXX Laboratories, Inc.(a) |
3,226 | 1,283,141 | ||||||
|
Inogen, Inc.(a) |
590 | 18,113 | ||||||
|
Insulet Corp.(a) |
2,406 | 489,284 | ||||||
|
Integra LifeSciences Holdings Corp.(a) |
2,821 | 134,703 | ||||||
|
Intuitive Surgical, Inc.(a) |
4,427 | 3,034,443 | ||||||
|
Invacare Corp. |
859 | 6,047 | ||||||
|
iRhythm Technologies, Inc.(a) |
1,011 | 125,849 | ||||||
|
Lantheus Holdings, Inc.(a) |
1,418 | 19,115 | ||||||
|
LeMaitre Vascular, Inc. |
408 | 11,967 | ||||||
|
LivaNova PLC(a)(b) |
1,753 | 81,585 | ||||||
|
Masimo Corp.(a) |
1,848 | 406,782 | ||||||
|
Medtronic PLC |
51,391 | 4,958,204 | ||||||
|
Meridian Bioscience, Inc.(a) |
1,421 | 34,800 | ||||||
|
Merit Medical Systems, Inc.(a) |
1,975 | 88,322 | ||||||
|
Natus Medical, Inc.(a) |
1,203 | 22,352 | ||||||
|
Neogen Corp.(a) |
2,052 | 157,532 | ||||||
|
Nevro Corp.(a) |
1,284 | 170,721 | ||||||
|
Novocure Ltd.(a) |
3,817 | 289,290 | ||||||
|
NuVasive, Inc.(a) |
1,884 | 107,652 | ||||||
|
Ocular Therapeutix, Inc.(a) |
1,510 | 11,838 | ||||||
|
OraSure Technologies, Inc.(a) |
2,564 | 46,537 | ||||||
|
Orthofix Medical, Inc.(a) |
536 | 16,461 | ||||||
|
OrthoPediatrics Corp.(a)(b) |
331 | 13,965 | ||||||
|
Penumbra, Inc.(a)(b) |
1,195 | 265,182 | ||||||
|
Pulse Biosciences, Inc.(a)(b) |
649 | 6,652 | ||||||
|
Quidel Corp.(a) |
1,420 | 401,107 | ||||||
|
Quotient Ltd.(a)(b) |
2,710 | 21,246 | ||||||
|
Repro-Med Systems, Inc.(a)(b) |
1,311 | 13,674 | ||||||
|
ResMed, Inc. |
5,476 | 1,108,945 | ||||||
|
Rockwell Medical, Inc.(a) |
732 | 1,259 | ||||||
|
SeaSpine Holdings Corp.(a) |
1,292 | 12,106 | ||||||
|
Shockwave Medical, Inc.(a) |
939 | 46,311 | ||||||
|
SI-BONE, Inc.(a) |
753 | 12,876 | ||||||
|
Sientra, Inc.(a) |
705 | 2,679 | ||||||
|
Silk Road Medical, Inc.(a) |
1,345 | 62,489 | ||||||
|
STAAR Surgical Co.(a)(b) |
1,870 | 108,815 | ||||||
|
Stereotaxis, Inc.(a) |
2,252 | 8,670 | ||||||
|
STERIS PLC |
3,187 | 508,741 | ||||||
|
Stryker Corp. |
13,264 | 2,563,931 | ||||||
|
Surgalign Holdings, Inc.(a) |
1,373 | 3,858 | ||||||
|
Surmodics, Inc.(a) |
407 | 19,247 | ||||||
|
Tactile Systems Technology, Inc.(a) |
698 | 28,604 | ||||||
|
Tandem Diabetes Care, Inc.(a) |
2,292 | 239,422 | ||||||
|
Teleflex, Inc. |
1,788 | 667,103 | ||||||
|
TransMedics Group, Inc.(a) |
636 | 11,486 | ||||||
|
Utah Medical Products, Inc. |
90 | 7,335 | ||||||
|
Vapotherm, Inc.(a) |
796 | 41,583 | ||||||
|
Varex Imaging Corp.(a)(b) |
1,195 | 18,738 | ||||||
|
Varian Medical Systems, Inc.(a) |
3,509 | 500,804 | ||||||
|
ViewRay, Inc.(a)(b) |
1,473 | 4,080 | ||||||
|
West Pharmaceutical Services, Inc. |
2,795 | 751,492 | ||||||
|
Wright Medical Group NV(a)(b) |
4,851 | 145,627 | ||||||
|
Zimmer Biomet Holdings, Inc. |
7,935 | 1,070,114 | ||||||
|
Zynex, Inc.(a)(b) |
746 | 14,263 | ||||||
|
|
|
|||||||
| 46,377,041 | ||||||||
| Health Care Providers & Services — 2.6% | ||||||||
|
1Life Healthcare, Inc.(a) |
845 | 25,020 | ||||||
| Security | Shares | Value | ||||||
| Health Care Providers & Services (continued) | ||||||||
|
Acadia Healthcare Co., Inc.(a) |
3,502 | $ | 104,395 | |||||
|
Addus HomeCare Corp.(a) |
598 | 57,653 | ||||||
|
Amedisys, Inc.(a) |
1,185 | 277,480 | ||||||
|
American Renal Associates Holdings, Inc.(a) |
551 | 3,554 | ||||||
|
AmerisourceBergen Corp. |
5,556 | 556,656 | ||||||
|
AMN Healthcare Services, Inc.(a) |
1,836 | 100,870 | ||||||
|
Anthem, Inc. |
9,669 | 2,647,372 | ||||||
|
Apollo Medical Holdings, Inc.(a) |
171 | 2,864 | ||||||
|
BioTelemetry, Inc.(a) |
1,463 | 62,265 | ||||||
|
Brookdale Senior Living, Inc.(a) |
5,904 | 16,354 | ||||||
|
Cardinal Health, Inc. |
11,259 | 614,967 | ||||||
|
Centene Corp.(a) |
22,016 | 1,436,544 | ||||||
|
Chemed Corp. |
591 | 290,884 | ||||||
|
Cigna Corp.(a) |
13,846 | 2,391,066 | ||||||
|
Community Health Systems, Inc.(a) |
2,135 | 10,632 | ||||||
|
CorVel Corp.(a) |
279 | 22,178 | ||||||
|
Covetrus, Inc.(a) |
3,537 | 78,380 | ||||||
|
Cross Country Healthcare, Inc.(a) |
730 | 4,734 | ||||||
|
CVS Health Corp. |
49,959 | 3,144,419 | ||||||
|
DaVita, Inc.(a) |
3,181 | 277,988 | ||||||
|
Encompass Health Corp. |
3,618 | 246,313 | ||||||
|
Ensign Group, Inc. |
1,929 | 88,715 | ||||||
|
Fulgent Genetics, Inc.(a) |
673 | 17,734 | ||||||
|
Guardant Health, Inc.(a) |
2,862 | 243,785 | ||||||
|
Hanger, Inc.(a) |
1,491 | 26,033 | ||||||
|
HCA Healthcare, Inc. |
10,272 | 1,300,846 | ||||||
|
HealthEquity, Inc.(a) |
2,659 | 137,098 | ||||||
|
Henry Schein, Inc.(a)(b) |
5,470 | 375,953 | ||||||
|
Humana, Inc. |
5,061 | 1,986,189 | ||||||
|
InfuSystem Holdings, Inc.(a) |
955 | 11,661 | ||||||
|
Integer Holdings Corp.(a) |
1,219 | 80,174 | ||||||
|
Joint Corp.(a) |
581 | 8,390 | ||||||
|
Laboratory Corp. of America Holdings(a) |
3,678 | 709,560 | ||||||
|
LHC Group, Inc.(a) |
1,177 | 229,644 | ||||||
|
Magellan Health, Inc.(a) |
1,029 | 76,321 | ||||||
|
McKesson Corp. |
6,197 | 930,542 | ||||||
|
MEDNAX, Inc.(a) |
2,875 | 57,443 | ||||||
|
Molina Healthcare, Inc.(a) |
2,236 | 412,989 | ||||||
|
National HealthCare Corp. |
696 | 41,287 | ||||||
|
National Research Corp. |
477 | 27,280 | ||||||
|
Ontrak, Inc.(a)(b) |
667 | 25,519 | ||||||
|
Option Care Health, Inc.(a) |
935 | 11,014 | ||||||
|
Owens & Minor, Inc. |
3,579 | 57,550 | ||||||
|
Patterson Cos., Inc. |
3,237 | 85,975 | ||||||
|
Pennant Group Inc.(a) |
813 | 20,374 | ||||||
|
PetIQ, Inc.(a) |
874 | 31,892 | ||||||
|
Premier, Inc., Class A(a) |
2,254 | 78,822 | ||||||
|
Progyny, Inc.(a) |
1,169 | 31,125 | ||||||
|
Providence Service Corp.(a) |
534 | 43,259 | ||||||
|
Quest Diagnostics, Inc. |
5,040 | 640,433 | ||||||
|
R1 RCM, Inc.(a) |
3,484 | 47,626 | ||||||
|
RadNet, Inc.(a) |
1,424 | 22,627 | ||||||
|
Select Medical Holdings Corp.(a) |
4,151 | 79,035 | ||||||
|
Surgery Partners, Inc.(a)(b) |
732 | 11,178 | ||||||
|
Tenet Healthcare Corp.(a) |
3,666 | 96,929 | ||||||
|
Tivity Health, Inc.(a) |
1,912 | 25,085 | ||||||
|
Triple-S Management Corp., Class B(a) |
753 | 14,653 | ||||||
|
U.S. Physical Therapy, Inc. |
407 | 33,805 | ||||||
|
UnitedHealth Group, Inc. |
36,045 | 10,913,705 | ||||||
|
Universal Health Services, Inc., Class B |
2,871 | 315,523 | ||||||
|
Viemed Healthcare, Inc.(a) |
1,492 | 16,173 | ||||||
|
|
|
|||||||
| 31,736,534 | ||||||||
| Health Care Technology — 0.3% | ||||||||
|
Allscripts Healthcare Solutions, Inc.(a) |
5,814 | 52,326 | ||||||
|
SCHEDULES OF INVESTMENTS |
57 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Health Care Technology (continued) | ||||||||
|
Cerner Corp. |
11,754 | $ | 816,315 | |||||
|
Change Healthcare, Inc.(a) |
9,480 | 110,537 | ||||||
|
Computer Programs & Systems, Inc. |
440 | 10,859 | ||||||
|
Evolent Health, Inc., Class A(a)(b) |
2,102 | 24,488 | ||||||
|
Health Catalyst, Inc.(a)(b) |
1,394 | 48,651 | ||||||
|
HealthStream, Inc.(a) |
776 | 17,037 | ||||||
|
HMS Holdings Corp.(a) |
3,400 | 110,500 | ||||||
|
iCAD, Inc.(a) |
1,095 | 10,096 | ||||||
|
Inovalon Holdings, Inc., Class A(a)(b) |
2,969 | 69,861 | ||||||
|
Inspire Medical Systems, Inc.(a) |
1,016 | 100,950 | ||||||
|
Livongo Health, Inc.(a)(b) |
2,091 | 266,080 | ||||||
|
NextGen Healthcare, Inc.(a) |
1,626 | 23,772 | ||||||
|
Omnicell, Inc.(a) |
1,546 | 108,668 | ||||||
|
OptimizeRx Corp.(a) |
178 | 2,519 | ||||||
|
Phreesia, Inc.(a) |
1,206 | 36,252 | ||||||
|
Schrodinger, Inc.(a)(b) |
500 | 36,190 | ||||||
|
Simulations Plus, Inc. |
408 | 28,723 | ||||||
|
Tabula Rasa HealthCare, Inc.(a)(b) |
778 | 43,724 | ||||||
|
Teladoc Health, Inc.(a) |
2,818 | 669,641 | ||||||
|
Veeva Systems, Inc., Class A(a) |
5,091 | 1,346,926 | ||||||
|
Vocera Communications, Inc.(a) |
1,222 | 37,601 | ||||||
|
|
|
|||||||
| 3,971,716 | ||||||||
| Hotels, Restaurants & Leisure — 1.6% | ||||||||
|
Accel Entertainment, Inc., Class A(a) |
2,234 | 17,850 | ||||||
|
Aramark |
8,942 | 188,855 | ||||||
|
BBX Capital Corp. |
372 | 5,178 | ||||||
|
Biglari Holdings, Inc., Class B(a) |
20 | 1,299 | ||||||
|
BJ’s Restaurants, Inc. |
673 | 13,500 | ||||||
|
Bloomin’ Brands, Inc. |
3,149 | 36,277 | ||||||
|
Boyd Gaming Corp. |
3,025 | 71,602 | ||||||
|
Brinker International, Inc. |
1,778 | 47,810 | ||||||
|
Caesars Entertainment, Inc.(a) |
3,201 | 99,391 | ||||||
|
Carnival Corp.(b) |
17,602 | 244,316 | ||||||
|
Carrols Restaurant Group, Inc.(a) |
896 | 5,501 | ||||||
|
Century Casinos, Inc.(a) |
1,395 | 5,622 | ||||||
|
Cheesecake Factory, Inc. |
1,393 | 33,432 | ||||||
|
Chipotle Mexican Grill, Inc.(a) |
1,062 | 1,226,780 | ||||||
|
Choice Hotels International, Inc. |
1,185 | 99,587 | ||||||
|
Churchill Downs, Inc. |
1,370 | 189,772 | ||||||
|
Chuy’s Holdings, Inc.(a) |
546 | 8,687 | ||||||
|
Cracker Barrel Old Country Store, Inc. |
960 | 106,051 | ||||||
|
Darden Restaurants, Inc. |
4,951 | 375,781 | ||||||
|
Dave & Buster’s Entertainment, Inc. |
1,937 | 23,903 | ||||||
|
Del Taco Restaurants, Inc.(a) |
678 | 5,187 | ||||||
|
Denny’s Corp.(a) |
1,915 | 17,015 | ||||||
|
Dine Brands Global, Inc. |
553 | 25,123 | ||||||
|
Domino’s Pizza, Inc. |
1,485 | 574,116 | ||||||
|
Dunkin’ Brands Group, Inc. |
3,213 | 220,830 | ||||||
|
El Pollo Loco Holdings, Inc.(a) |
399 | 7,884 | ||||||
|
Everi Holdings, Inc.(a) |
3,894 | 22,118 | ||||||
|
Extended Stay America, Inc. |
7,132 | 81,376 | ||||||
|
Fiesta Restaurant Group, Inc.(a) |
813 | 5,268 | ||||||
|
GAN Ltd.(a) |
488 | 9,443 | ||||||
|
Golden Entertainment, Inc.(a) |
589 | 5,036 | ||||||
|
Hilton Grand Vacations, Inc.(a) |
2,971 | 60,311 | ||||||
|
Hilton Worldwide Holdings, Inc. |
10,468 | 785,623 | ||||||
|
Hyatt Hotels Corp., Class A |
1,279 | 61,392 | ||||||
|
International Game Technology PLC |
3,361 | 33,139 | ||||||
|
Jack in the Box, Inc. |
982 | 80,632 | ||||||
|
Las Vegas Sands Corp. |
12,674 | 553,093 | ||||||
|
Lindblad Expeditions Holdings, Inc.(a) |
684 | 4,959 | ||||||
|
Marcus Corp. |
914 | 12,622 | ||||||
|
Marriott International, Inc., Class A |
10,313 | 864,487 | ||||||
|
Marriott Vacations Worldwide Corp. |
1,509 | 127,752 | ||||||
| Security | Shares | Value | ||||||
| Hotels, Restaurants & Leisure (continued) | ||||||||
|
McDonald’s Corp. |
28,402 | $ | 5,517,941 | |||||
|
MGM Resorts International |
18,125 | 291,631 | ||||||
|
Monarch Casino & Resort, Inc.(a) |
605 | 21,895 | ||||||
|
Nathan’s Famous, Inc. |
78 | 3,973 | ||||||
|
Noodles & Co.(a) |
1,836 | 12,760 | ||||||
|
Norwegian Cruise Line Holdings Ltd.(a)(b) |
9,789 | 133,522 | ||||||
|
Papa John’s International, Inc. |
1,277 | 120,894 | ||||||
|
Penn National Gaming, Inc.(a) |
5,068 | 171,552 | ||||||
|
Planet Fitness, Inc., Class A(a) |
3,101 | 161,872 | ||||||
|
PlayAGS, Inc.(a) |
1,281 | 4,330 | ||||||
|
RCI Hospitality Holdings, Inc. |
294 | 3,552 | ||||||
|
Red Robin Gourmet Burgers, Inc.(a) |
441 | 3,854 | ||||||
|
Red Rock Resorts, Inc., Class A |
2,802 | 30,710 | ||||||
|
Royal Caribbean Cruises Ltd. |
6,593 | 321,145 | ||||||
|
Ruth’s Hospitality Group, Inc. |
865 | 5,791 | ||||||
|
Scientific Games Corp., Class A(a) |
2,471 | 43,415 | ||||||
|
SeaWorld Entertainment, Inc.(a) |
1,800 | 26,046 | ||||||
|
Shake Shack, Inc., Class A(a) |
1,438 | 69,815 | ||||||
|
Six Flags Entertainment Corp. |
2,839 | 49,370 | ||||||
|
Starbucks Corp. |
44,669 | 3,418,519 | ||||||
|
Target Hospitality Corp.(a) |
2,425 | 3,468 | ||||||
|
Texas Roadhouse, Inc. |
2,602 | 146,206 | ||||||
|
Twin River Worldwide Holdings, Inc. |
985 | 21,237 | ||||||
|
Vail Resorts, Inc. |
1,533 | 294,382 | ||||||
|
Wendy’s Co. |
6,902 | 159,988 | ||||||
|
Wingstop, Inc. |
1,153 | 180,156 | ||||||
|
Wyndham Destinations, Inc. |
3,364 | 89,482 | ||||||
|
Wyndham Hotels & Resorts, Inc. |
3,606 | 159,241 | ||||||
|
Wynn Resorts Ltd. |
3,797 | 275,017 | ||||||
|
Yum China Holdings, Inc. |
13,836 | 708,957 | ||||||
|
Yum! Brands, Inc. |
11,516 | 1,048,532 | ||||||
|
|
|
|||||||
| 19,857,853 | ||||||||
| Household Durables — 0.5% | ||||||||
|
Beazer Homes USA, Inc.(a) |
1,012 | 11,324 | ||||||
|
Cavco Industries, Inc.(a) |
333 | 66,710 | ||||||
|
Century Communities, Inc.(a) |
1,295 | 46,128 | ||||||
|
D.R. Horton, Inc. |
12,731 | 842,283 | ||||||
|
Ethan Allen Interiors, Inc. |
842 | 9,969 | ||||||
|
Garmin Ltd. |
5,655 | 557,526 | ||||||
|
GoPro, Inc., Class A(a) |
5,980 | 31,634 | ||||||
|
Green Brick Partners, Inc.(a) |
414 | 5,713 | ||||||
|
Hamilton Beach Brands Holding Co., Class A |
190 | 2,888 | ||||||
|
Helen of Troy Ltd.(a) |
978 | 184,108 | ||||||
|
Hooker Furniture Corp. |
333 | 7,126 | ||||||
|
Installed Building Products, Inc.(a) |
876 | 69,300 | ||||||
|
iRobot Corp.(a) |
1,117 | 81,195 | ||||||
|
KB Home |
3,331 | 112,055 | ||||||
|
La-Z-Boy, Inc. |
1,540 | 43,828 | ||||||
|
Leggett & Platt, Inc. |
4,873 | 195,359 | ||||||
|
Lennar Corp., Class A |
9,756 | 705,847 | ||||||
|
Lennar Corp., Class B |
1,295 | 69,762 | ||||||
|
LGI Homes, Inc.(a) |
918 | 104,753 | ||||||
|
Lifetime Brands, Inc. |
464 | 3,271 | ||||||
|
Lovesac Co.(a)(b) |
313 | 9,947 | ||||||
|
M/I Homes, Inc.(a) |
1,039 | 43,254 | ||||||
|
MDC Holdings, Inc. |
1,916 | 85,894 | ||||||
|
Meritage Homes Corp.(a) |
1,426 | 141,431 | ||||||
|
Mohawk Industries, Inc.(a) |
2,287 | 182,617 | ||||||
|
NACCO Industries, Inc., Class A |
95 | 2,075 | ||||||
|
Newell Brands, Inc. |
14,487 | 237,587 | ||||||
|
NVR, Inc.(a) |
127 | 499,129 | ||||||
|
PulteGroup, Inc. |
10,057 | 438,485 | ||||||
|
Purple Innovation, Inc.(a) |
681 | 16,596 | ||||||
|
Skyline Champion Corp.(a) |
1,829 | 51,633 | ||||||
| 58 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Household Durables (continued) | ||||||||
|
Sonos, Inc.(a) |
3,363 | $ | 53,808 | |||||
|
Taylor Morrison Home Corp.(a) |
5,089 | 119,337 | ||||||
|
Tempur Sealy International, Inc.(a) |
1,756 | 142,148 | ||||||
|
Toll Brothers, Inc. |
4,605 | 175,911 | ||||||
|
TopBuild Corp.(a) |
1,232 | 162,525 | ||||||
|
TRI Pointe Group, Inc.(a) |
5,257 | 87,897 | ||||||
|
Tupperware Brands Corp. |
1,723 | 26,586 | ||||||
|
Turtle Beach Corp.(a) |
776 | 14,232 | ||||||
|
Universal Electronics, Inc.(a) |
483 | 22,252 | ||||||
|
Whirlpool Corp. |
2,314 | 377,460 | ||||||
|
|
|
|||||||
| 6,041,583 | ||||||||
| Household Products — 1.5% | ||||||||
|
Central Garden & Pet Co.(a) |
682 | 25,820 | ||||||
|
Central Garden & Pet Co., Class A(a) |
1,246 | 43,174 | ||||||
|
Church & Dwight Co., Inc. |
9,442 | 909,548 | ||||||
|
Clorox Co. |
4,794 | 1,133,829 | ||||||
|
Colgate-Palmolive Co. |
32,051 | 2,474,337 | ||||||
|
Energizer Holdings, Inc. |
2,281 | 114,347 | ||||||
|
Kimberly-Clark Corp. |
12,988 | 1,974,695 | ||||||
|
Oil-Dri Corp. of America |
141 | 4,903 | ||||||
|
Procter & Gamble Co. |
93,247 | 12,226,547 | ||||||
|
Reynolds Consumer Products, Inc. |
1,719 | 58,549 | ||||||
|
Spectrum Brands Holdings, Inc. |
1,599 | 86,602 | ||||||
|
WD-40 Co. |
520 | 102,206 | ||||||
|
|
|
|||||||
| 19,154,557 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
|
AES Corp. |
25,592 | 389,766 | ||||||
|
Atlantic Power Corp.(a) |
4,381 | 8,587 | ||||||
|
Clearway Energy, Inc., Class A |
2,467 | 56,519 | ||||||
|
Clearway Energy, Inc., Class C |
2,114 | 51,878 | ||||||
|
NRG Energy, Inc. |
9,656 | 326,469 | ||||||
|
Ormat Technologies, Inc.(b) |
1,497 | 89,072 | ||||||
|
Sunnova Energy International, Inc.(a) |
1,503 | 37,590 | ||||||
|
TerraForm Power, Inc., Class A |
3,281 | 63,487 | ||||||
|
Vistra Energy Corp. |
18,634 | 347,710 | ||||||
|
Vivint Solar, Inc.(a) |
1,711 | 34,802 | ||||||
|
|
|
|||||||
| 1,405,880 | ||||||||
| Industrial Conglomerates — 0.9% | ||||||||
|
3M Co. |
21,475 | 3,231,343 | ||||||
|
BWX Technologies, Inc. |
3,650 | 198,998 | ||||||
|
Carlisle Cos., Inc. |
2,142 | 255,069 | ||||||
|
General Electric Co. |
332,550 | 2,018,579 | ||||||
|
Honeywell International, Inc. |
26,868 | 4,013,273 | ||||||
|
Raven Industries, Inc. |
1,286 | 27,790 | ||||||
|
Roper Technologies, Inc. |
3,966 | 1,715,097 | ||||||
|
Seaboard Corp. |
12 | 32,439 | ||||||
|
Standex International Corp. |
383 | 20,510 | ||||||
|
|
|
|||||||
| 11,513,098 | ||||||||
| Insurance — 2.1% | ||||||||
|
Aflac, Inc. |
27,314 | 971,559 | ||||||
|
Alleghany Corp. |
551 | 287,798 | ||||||
|
Allstate Corp. |
12,053 | 1,137,683 | ||||||
|
Ambac Financial Group, Inc.(a) |
1,699 | 21,747 | ||||||
|
American Equity Investment Life Holding Co. |
2,793 | 71,082 | ||||||
|
American Financial Group, Inc. |
2,886 | 175,382 | ||||||
|
American International Group, Inc. |
32,816 | 1,054,706 | ||||||
|
American National Group, Inc. |
327 | 24,084 | ||||||
|
AMERISAFE, Inc. |
360 | 22,846 | ||||||
|
Aon PLC, Class A |
8,745 | 1,794,649 | ||||||
|
Arch Capital Group Ltd.(a) |
14,883 | 457,652 | ||||||
|
Argo Group International Holdings Ltd. |
1,168 | 39,140 | ||||||
|
Arthur J Gallagher & Co. |
7,172 | 770,918 | ||||||
|
Assurant, Inc. |
2,342 | 251,695 | ||||||
| Security | Shares | Value | ||||||
| Insurance (continued) | ||||||||
|
Assured Guaranty Ltd. |
3,485 | $ | 76,077 | |||||
|
Athene Holding Ltd., Class A(a) |
4,479 | 144,448 | ||||||
|
Axis Capital Holdings Ltd. |
3,136 | 125,816 | ||||||
|
Benefytt Technologies, Inc.(a) |
348 | 10,760 | ||||||
|
Brighthouse Financial, Inc.(a) |
4,012 | 113,700 | ||||||
|
Brown & Brown, Inc. |
8,978 | 408,230 | ||||||
|
BRP Group, Inc., Class A(a) |
869 | 15,164 | ||||||
|
Chubb Ltd. |
17,225 | 2,191,709 | ||||||
|
Cincinnati Financial Corp. |
5,800 | 451,994 | ||||||
|
Citizens, Inc.(a) |
1,392 | 7,990 | ||||||
|
CNA Financial Corp. |
1,232 | 41,026 | ||||||
|
CNO Financial Group, Inc. |
6,029 | 91,038 | ||||||
|
eHealth, Inc.(a) |
982 | 67,895 | ||||||
|
Employers Holdings, Inc. |
810 | 26,341 | ||||||
|
Enstar Group Ltd.(a) |
489 | 82,127 | ||||||
|
Erie Indemnity Co., Class A |
971 | 204,026 | ||||||
|
Everest Re Group Ltd. |
1,539 | 336,718 | ||||||
|
FBL Financial Group, Inc., Class A |
309 | 10,747 | ||||||
|
FedNat Holding Co. |
339 | 3,173 | ||||||
|
Fidelity National Financial, Inc. |
10,477 | 339,036 | ||||||
|
First American Financial Corp. |
4,221 | 215,313 | ||||||
|
Genworth Financial, Inc., Class A(a) |
17,722 | 36,153 | ||||||
|
Global Indemnity Ltd. |
223 | 5,096 | ||||||
|
Globe Life, Inc.(a) |
4,108 | 326,997 | ||||||
|
Goosehead Insurance, Inc., Class A(a) |
501 | 51,768 | ||||||
|
Greenlight Capital Re Ltd., Class A(a) |
1,310 | 8,463 | ||||||
|
Hanover Insurance Group, Inc. |
1,478 | 150,579 | ||||||
|
Hartford Financial Services Group, Inc. |
13,723 | 580,757 | ||||||
|
HCI Group, Inc. |
211 | 9,415 | ||||||
|
Heritage Insurance Holdings, Inc. |
585 | 6,944 | ||||||
|
Hilltop Holdings, Inc. |
2,641 | 51,420 | ||||||
|
Horace Mann Educators Corp. |
1,105 | 41,526 | ||||||
|
Independence Holding Co. |
268 | 8,860 | ||||||
|
Investors Title Co. |
51 | 5,869 | ||||||
|
James River Group Holdings Ltd. |
1,134 | 52,527 | ||||||
|
Kemper Corp. |
2,407 | 188,998 | ||||||
|
Kinsale Capital Group, Inc. |
804 | 156,700 | ||||||
|
Lincoln National Corp. |
7,297 | 271,959 | ||||||
|
Loews Corp. |
9,366 | 341,016 | ||||||
|
Markel Corp.(a) |
520 | 543,161 | ||||||
|
Marsh & McLennan Cos., Inc. |
19,275 | 2,247,465 | ||||||
|
MBIA, Inc.(a) |
2,769 | 22,180 | ||||||
|
Mercury General Corp. |
1,102 | 47,287 | ||||||
|
MetLife, Inc. |
29,370 | 1,111,654 | ||||||
|
National General Holdings Corp. |
2,407 | 81,814 | ||||||
|
National Western Life Group, Inc., Class A |
82 | 15,973 | ||||||
|
Old Republic International Corp. |
11,097 | 178,329 | ||||||
|
Palomar Holdings, Inc.(a)(b) |
746 | 68,140 | ||||||
|
Primerica, Inc. |
1,584 | 189,541 | ||||||
|
Principal Financial Group, Inc. |
10,396 | 441,102 | ||||||
|
ProAssurance Corp. |
1,892 | 27,812 | ||||||
|
Progressive Corp. |
22,319 | 2,016,298 | ||||||
|
Protective Insurance Corp., Class B |
404 | 5,171 | ||||||
|
Prudential Financial, Inc. |
15,162 | 960,816 | ||||||
|
Reinsurance Group of America, Inc. |
2,612 | 222,673 | ||||||
|
RenaissanceRe Holdings Ltd. |
1,706 | 307,728 | ||||||
|
RLI Corp. |
1,497 | 131,931 | ||||||
|
Safety Insurance Group, Inc. |
657 | 49,715 | ||||||
|
Selective Insurance Group, Inc. |
2,322 | 126,177 | ||||||
|
State Auto Financial Corp. |
431 | 6,685 | ||||||
|
Stewart Information Services Corp. |
801 | 33,602 | ||||||
|
Third Point Reinsurance Ltd.(a) |
2,568 | 20,005 | ||||||
|
Travelers Cos., Inc. |
9,692 | 1,108,959 | ||||||
|
Trupanion, Inc.(a) |
1,160 | 58,661 | ||||||
|
United Fire Group, Inc. |
693 | 17,581 | ||||||
|
SCHEDULES OF INVESTMENTS |
59 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Insurance (continued) | ||||||||
|
United Insurance Holdings Corp. |
649 | $ | 4,803 | |||||
|
Universal Insurance Holdings, Inc. |
1,090 | 19,086 | ||||||
|
Unum Group |
7,472 | 128,743 | ||||||
|
W.R. Berkley Corp. |
5,353 | 330,548 | ||||||
|
Watford Holdings Ltd.(a) |
939 | 15,409 | ||||||
|
White Mountains Insurance Group Ltd. |
123 | 108,256 | ||||||
|
Willis Towers Watson PLC |
4,914 | 1,031,989 | ||||||
|
|
|
|||||||
| 26,018,610 | ||||||||
| Interactive Media & Services — 4.9% | ||||||||
|
Alphabet, Inc., Class A(a) |
11,419 | 16,990,901 | ||||||
|
Alphabet, Inc., Class C(a) |
11,402 | 16,908,710 | ||||||
|
Cargurus, Inc.(a) |
3,222 | 93,084 | ||||||
|
Cars.com, Inc.(a) |
2,829 | 22,971 | ||||||
|
ComScore, Inc.(a) |
2,806 | 8,418 | ||||||
|
DHI Group, Inc.(a) |
2,727 | 6,817 | ||||||
|
Eventbrite, Inc., Class A(a) |
2,880 | 24,538 | ||||||
|
EverQuote, Inc., Class A(a)(b) |
585 | 31,853 | ||||||
|
Facebook, Inc., Class A(a) |
91,862 | 23,302,633 | ||||||
|
IAC/InterActiveCorp(a) |
2,866 | 379,516 | ||||||
|
Match Group, Inc.(a) |
8,405 | 863,193 | ||||||
|
Meet Group, Inc.(a) |
2,551 | 15,893 | ||||||
|
Pinterest, Inc., Class A(a) |
15,374 | 527,174 | ||||||
|
QuinStreet, Inc.(a) |
1,844 | 21,529 | ||||||
|
TrueCar, Inc.(a)(b) |
2,993 | 11,254 | ||||||
|
Twitter, Inc.(a) |
29,441 | 1,071,652 | ||||||
|
Yelp, Inc.(a) |
2,466 | 61,601 | ||||||
|
Zillow Group, Inc., Class A(a) |
2,173 | 147,960 | ||||||
|
Zillow Group, Inc., Class C(a)(b) |
5,195 | 355,286 | ||||||
|
|
|
|||||||
| 60,844,983 | ||||||||
| Internet & Direct Marketing Retail — 4.7% | ||||||||
|
1-800-Flowers.com, Inc., Class A(a) |
740 | 20,905 | ||||||
|
Amazon.com, Inc.(a) |
16,225 | 51,346,933 | ||||||
|
Booking Holdings, Inc.(a) |
1,567 | 2,604,558 | ||||||
|
CarParts.com, Inc.(a) |
1,325 | 18,212 | ||||||
|
Duluth Holdings, Inc., Class B(a)(b) |
128 | 946 | ||||||
|
eBay, Inc. |
25,569 | 1,413,454 | ||||||
|
Etsy, Inc.(a) |
4,482 | 530,579 | ||||||
|
Expedia Group, Inc. |
5,146 | 416,878 | ||||||
|
Gaia, Inc.(a)(b) |
430 | 3,947 | ||||||
|
Groupon, Inc.(a) |
820 | 12,587 | ||||||
|
GrubHub, Inc.(a)(b) |
3,498 | 252,696 | ||||||
|
Lands’ End, Inc.(a) |
215 | 1,853 | ||||||
|
Liberty TripAdvisor Holdings, Inc., Series A(a) |
2,921 | 7,244 | ||||||
|
Liquidity Services, Inc.(a) |
954 | 4,913 | ||||||
|
Magnite, Inc.(a) |
3,427 | 20,579 | ||||||
|
Overstock.com, Inc.(a) |
1,655 | 125,101 | ||||||
|
PetMed Express, Inc. |
619 | 19,313 | ||||||
|
Quotient Technology, Inc.(a) |
2,789 | 22,340 | ||||||
|
Qurate Retail, Inc., Series A(a) |
15,045 | 164,141 | ||||||
|
RealReal, Inc.(a) |
2,266 | 30,908 | ||||||
|
Shutterstock, Inc. |
702 | 38,147 | ||||||
|
Stamps.com, Inc.(a) |
603 | 156,949 | ||||||
|
Stitch Fix, Inc., Class A(a)(b) |
2,253 | 49,904 | ||||||
|
TripAdvisor, Inc. |
3,844 | 77,764 | ||||||
|
Waitr Holdings, Inc.(a) |
3,793 | 20,255 | ||||||
|
Wayfair, Inc., Class A(a)(b) |
2,516 | 669,482 | ||||||
|
|
|
|||||||
| 58,030,588 | ||||||||
| IT Services — 5.5% | ||||||||
|
Accenture PLC, Class A |
24,335 | 5,470,021 | ||||||
|
Akamai Technologies, Inc.(a) |
6,144 | 690,831 | ||||||
|
Alliance Data Systems Corp. |
1,870 | 82,953 | ||||||
|
Amdocs Ltd. |
5,029 | 312,301 | ||||||
|
Automatic Data Processing, Inc. |
16,454 | 2,186,901 | ||||||
| Security | Shares | Value | ||||||
| IT Services (continued) | ||||||||
|
Black Knight, Inc.(a) |
5,480 | $ | 410,562 | |||||
|
Booz Allen Hamilton Holding Corp. |
5,152 | 421,228 | ||||||
|
Brightcove, Inc.(a) |
2,245 | 23,752 | ||||||
|
Broadridge Financial Solutions, Inc. |
4,327 | 581,289 | ||||||
|
CACI International, Inc., Class A(a) |
922 | 191,610 | ||||||
|
Cardtronics PLC, Class A(a) |
1,379 | 30,793 | ||||||
|
Cass Information Systems, Inc. |
434 | 15,550 | ||||||
|
Cognizant Technology Solutions Corp., Class A |
20,699 | 1,414,156 | ||||||
|
Conduent, Inc.(a) |
7,311 | 13,964 | ||||||
|
CoreLogic, Inc. |
3,133 | 213,545 | ||||||
|
CSG Systems International, Inc. |
1,261 | 53,126 | ||||||
|
DXC Technology Co. |
9,913 | 177,542 | ||||||
|
Endurance International Group Holdings, Inc.(a) |
2,163 | 12,264 | ||||||
|
EPAM Systems, Inc.(a) |
2,033 | 589,733 | ||||||
|
Euronet Worldwide, Inc.(a) |
1,992 | 191,511 | ||||||
|
EVERTEC, Inc. |
2,309 | 71,695 | ||||||
|
Evo Payments, Inc., Class A(a) |
1,354 | 30,722 | ||||||
|
ExlService Holdings, Inc.(a) |
1,373 | 87,954 | ||||||
|
Fastly, Inc., Class A(a) |
2,769 | 267,181 | ||||||
|
Fidelity National Information Services, Inc. |
23,556 | 3,446,478 | ||||||
|
Fiserv, Inc.(a) |
21,331 | 2,128,621 | ||||||
|
FleetCor Technologies, Inc.(a) |
3,160 | 817,081 | ||||||
|
Gartner, Inc.(a) |
3,364 | 419,289 | ||||||
|
Genpact Ltd. |
7,121 | 283,558 | ||||||
|
Global Payments, Inc. |
11,353 | 2,021,061 | ||||||
|
GoDaddy, Inc., Class A(a) |
6,349 | 446,208 | ||||||
|
GreenSky, Inc., Class A(a) |
2,934 | 16,563 | ||||||
|
GTT Communications, Inc.(a)(b) |
540 | 3,402 | ||||||
|
Hackett Group, Inc. |
467 | 6,440 | ||||||
|
International Business Machines Corp. |
33,957 | 4,174,674 | ||||||
|
Jack Henry & Associates, Inc. |
2,921 | 520,814 | ||||||
|
Leidos Holdings, Inc. |
5,173 | 492,263 | ||||||
|
Limelight Networks, Inc.(a) |
5,082 | 31,864 | ||||||
|
LiveRamp Holdings, Inc.(a) |
2,441 | 111,236 | ||||||
|
ManTech International Corp., Class A |
1,047 | 72,850 | ||||||
|
Mastercard, Inc., Class A |
33,717 | 10,402,706 | ||||||
|
MAXIMUS, Inc. |
2,449 | 181,740 | ||||||
|
MoneyGram International, Inc.(a) |
3,547 | 12,344 | ||||||
|
MongoDB, Inc.(a)(b) |
1,613 | 369,506 | ||||||
|
NIC, Inc. |
2,423 | 53,112 | ||||||
|
Okta, Inc.(a) |
4,382 | 968,334 | ||||||
|
Paychex, Inc. |
12,225 | 879,222 | ||||||
|
PayPal Holdings, Inc.(a) |
44,916 | 8,806,680 | ||||||
|
Paysign, Inc.(a) |
723 | 6,753 | ||||||
|
Perficient, Inc.(a) |
1,591 | 62,383 | ||||||
|
Perspecta, Inc. |
5,049 | 108,049 | ||||||
|
Repay Holdings Corp.(a) |
1,535 | 33,970 | ||||||
|
Sabre Corp. |
10,088 | 76,265 | ||||||
|
Science Applications International Corp. |
2,163 | 172,997 | ||||||
|
Square, Inc., Class A(a) |
13,810 | 1,793,229 | ||||||
|
StoneCo Ltd., Class A(a) |
5,920 | 282,443 | ||||||
|
Switch, Inc., Class A |
3,413 | 61,400 | ||||||
|
Teradata Corp.(a) |
4,094 | 85,974 | ||||||
|
TTEC Holdings, Inc. |
814 | 38,633 | ||||||
|
Tucows, Inc., Class A(a) |
300 | 18,153 | ||||||
|
Twilio, Inc., Class A(a) |
4,907 | 1,361,300 | ||||||
|
Unisys Corp.(a) |
2,599 | 30,902 | ||||||
|
VeriSign, Inc.(a) |
3,924 | 830,632 | ||||||
|
Verra Mobility Corp.(a) |
4,831 | 49,421 | ||||||
|
Virtusa Corp.(a) |
919 | 37,311 | ||||||
|
Visa, Inc., Class A |
64,570 | 12,294,128 | ||||||
|
Western Union Co. |
15,512 | 376,631 | ||||||
|
WEX, Inc.(a) |
1,676 | 265,428 | ||||||
|
|
|
|||||||
| 68,193,232 | ||||||||
| 60 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Leisure Products — 0.1% | ||||||||
|
Brunswick Corp. |
2,991 | $ | 200,337 | |||||
|
Callaway Golf Co. |
3,953 | 75,305 | ||||||
|
Clarus Corp. |
460 | 5,511 | ||||||
|
Escalade, Inc. |
1,205 | 18,497 | ||||||
|
Hasbro, Inc. |
4,794 | 348,811 | ||||||
|
Johnson Outdoors, Inc., Class A |
138 | 12,083 | ||||||
|
Malibu Boats, Inc., Class A(a) |
690 | 40,558 | ||||||
|
MasterCraft Boat Holdings, Inc.(a) |
515 | 10,660 | ||||||
|
Mattel, Inc.(a) |
13,569 | 150,752 | ||||||
|
Nautilus, Inc.(a) |
1,478 | 15,416 | ||||||
|
Peloton Interactive, Inc., Class A(a) |
3,734 | 254,733 | ||||||
|
Polaris, Inc. |
2,270 | 235,240 | ||||||
|
Smith & Wesson Brands, Inc.(a)(b) |
2,569 | 61,373 | ||||||
|
Sturm Ruger & Co., Inc. |
761 | 61,923 | ||||||
|
Vista Outdoor, Inc.(a) |
2,684 | 46,031 | ||||||
|
YETI Holdings, Inc.(a) |
2,797 | 136,745 | ||||||
|
|
|
|||||||
| 1,673,975 | ||||||||
| Life Sciences Tools & Services — 1.3% | ||||||||
|
10X Genomics, Inc., Class A(a) |
2,077 | 204,314 | ||||||
|
Accelerate Diagnostics, Inc.(a)(b) |
1,051 | 15,271 | ||||||
|
Adaptive Biotechnologies Corp.(a) |
2,755 | 102,817 | ||||||
|
Agilent Technologies, Inc.(b) |
11,835 | 1,140,065 | ||||||
|
Avantor, Inc.(a) |
15,841 | 349,769 | ||||||
|
Bio-Rad Laboratories, Inc., Class A(a) |
804 | 422,011 | ||||||
|
Bio-Techne Corp. |
1,459 | 401,458 | ||||||
|
Bruker Corp. |
4,001 | 178,525 | ||||||
|
Charles River Laboratories International, Inc.(a) |
1,836 | 365,346 | ||||||
|
ChromaDex Corp.(a) |
2,577 | 13,040 | ||||||
|
Enzo Biochem, Inc.(a) |
451 | 1,073 | ||||||
|
Fluidigm Corp.(a) |
1,669 | 11,750 | ||||||
|
Illumina, Inc.(a) |
5,626 | 2,150,032 | ||||||
|
IQVIA Holdings, Inc.(a) |
7,288 | 1,154,346 | ||||||
|
Luminex Corp. |
1,645 | 59,878 | ||||||
|
Medpace Holdings, Inc.(a) |
1,079 | 128,779 | ||||||
|
Mettler-Toledo International, Inc.(a) |
904 | 845,240 | ||||||
|
NanoString Technologies, Inc.(a) |
1,383 | 49,940 | ||||||
|
NeoGenomics, Inc.(a) |
4,100 | 156,743 | ||||||
|
Pacific Biosciences of California, Inc.(a) |
5,309 | 19,803 | ||||||
|
PerkinElmer, Inc. |
4,215 | 501,206 | ||||||
|
Personalis, Inc.(a) |
1,047 | 18,228 | ||||||
|
PPD, Inc.(a) |
2,497 | 73,337 | ||||||
|
PRA Health Sciences, Inc.(a) |
2,409 | 256,703 | ||||||
|
QIAGEN NV(a) |
8,452 | 417,951 | ||||||
|
Quanterix Corp.(a) |
647 | 20,905 | ||||||
|
Repligen Corp.(a) |
1,981 | 298,953 | ||||||
|
Syneos Health, Inc.(a) |
2,287 | 142,686 | ||||||
|
Thermo Fisher Scientific, Inc. |
15,112 | 6,255,612 | ||||||
|
Waters Corp.(a) |
2,379 | 507,084 | ||||||
|
|
|
|||||||
| 16,262,865 | ||||||||
| Machinery — 1.7% | ||||||||
|
AGCO Corp. |
2,577 | 169,129 | ||||||
|
Alamo Group, Inc. |
335 | 34,542 | ||||||
|
Albany International Corp., Class A |
1,186 | 57,023 | ||||||
|
Allison Transmission Holdings, Inc. |
4,089 | 152,765 | ||||||
|
Altra Industrial Motion Corp. |
2,663 | 91,155 | ||||||
|
Astec Industries, Inc. |
811 | 36,081 | ||||||
|
Barnes Group, Inc. |
1,726 | 63,638 | ||||||
|
Blue Bird Corp.(a) |
429 | 5,375 | ||||||
|
Caterpillar, Inc. |
20,697 | 2,750,217 | ||||||
|
Chart Industries, Inc.(a) |
1,517 | 103,960 | ||||||
|
CIRCOR International, Inc.(a) |
747 | 19,586 | ||||||
|
Colfax Corp.(a) |
3,869 | 112,511 | ||||||
|
Columbus McKinnon Corp. |
771 | 25,543 | ||||||
|
Crane Co. |
1,824 | 103,184 | ||||||
| Security | Shares | Value | ||||||
| Machinery (continued) | ||||||||
|
Cummins, Inc. |
5,621 | $ | 1,086,314 | |||||
|
Deere & Co. |
10,791 | 1,902,561 | ||||||
|
DMC Global, Inc. |
502 | 14,749 | ||||||
|
Donaldson Co., Inc. |
4,731 | 228,697 | ||||||
|
Douglas Dynamics, Inc. |
741 | 26,194 | ||||||
|
Dover Corp. |
5,540 | 570,232 | ||||||
|
Energy Recovery, Inc.(a)(b) |
703 | 5,336 | ||||||
|
Enerpac Tool Group Corp. |
1,778 | 33,604 | ||||||
|
EnPro Industries, Inc. |
672 | 32,075 | ||||||
|
ESCO Technologies, Inc. |
1,214 | 104,331 | ||||||
|
Evoqua Water Technologies Corp.(a) |
3,569 | 68,632 | ||||||
|
Federal Signal Corp. |
2,841 | 87,815 | ||||||
|
Flowserve Corp. |
5,174 | 144,199 | ||||||
|
Fortive Corp. |
11,282 | 791,884 | ||||||
|
Gates Industrial Corp. PLC(a)(b) |
1,204 | 12,690 | ||||||
|
Gencor Industries, Inc.(a) |
1,081 | 12,940 | ||||||
|
Gorman-Rupp Co. |
505 | 15,281 | ||||||
|
Graco, Inc. |
6,418 | 341,694 | ||||||
|
Graham Corp. |
286 | 3,764 | ||||||
|
Greenbrier Cos., Inc. |
953 | 24,521 | ||||||
|
Helios Technologies, Inc.(b) |
1,047 | 39,608 | ||||||
|
Hillenbrand, Inc. |
2,582 | 75,472 | ||||||
|
Hurco Cos., Inc. |
172 | 4,771 | ||||||
|
Hyster-Yale Materials Handling, Inc. |
411 | 15,334 | ||||||
|
IDEX Corp. |
2,869 | 472,869 | ||||||
|
Illinois Tool Works, Inc. |
12,026 | 2,224,690 | ||||||
|
Ingersoll Rand, Inc.(a) |
13,124 | 414,587 | ||||||
|
ITT, Inc. |
3,477 | 200,727 | ||||||
|
John Bean Technologies Corp. |
1,283 | 120,294 | ||||||
|
Kadant, Inc. |
395 | 42,861 | ||||||
|
Kennametal, Inc. |
3,094 | 83,414 | ||||||
|
LB Foster Co., Class A(a) |
354 | 4,977 | ||||||
|
Lincoln Electric Holdings, Inc. |
2,273 | 205,456 | ||||||
|
Lindsay Corp.(b) |
413 | 40,049 | ||||||
|
Luxfer Holdings PLC |
874 | 11,100 | ||||||
|
Lydall, Inc.(a) |
520 | 8,424 | ||||||
|
Manitowoc Co., Inc.(a) |
1,232 | 13,133 | ||||||
|
Meritor, Inc.(a) |
2,656 | 60,424 | ||||||
|
Middleby Corp.(a)(b) |
2,167 | 179,991 | ||||||
|
Miller Industries, Inc. |
363 | 10,291 | ||||||
|
Mueller Industries, Inc. |
2,284 | 63,861 | ||||||
|
Mueller Water Products, Inc., Class A |
6,381 | 64,576 | ||||||
|
Navistar International Corp.(a) |
1,737 | 55,636 | ||||||
|
NN, Inc. |
2,043 | 10,746 | ||||||
|
Nordson Corp. |
2,166 | 419,403 | ||||||
|
Omega Flex, Inc. |
130 | 15,828 | ||||||
|
Oshkosh Corp. |
2,639 | 207,742 | ||||||
|
Otis Worldwide Corp. |
15,606 | 979,120 | ||||||
|
PACCAR, Inc. |
12,885 | 1,096,256 | ||||||
|
Parker-Hannifin Corp. |
4,887 | 874,382 | ||||||
|
Pentair PLC |
6,432 | 275,611 | ||||||
|
Proto Labs, Inc.(a)(b) |
1,060 | 127,327 | ||||||
|
RBC Bearings, Inc.(a) |
974 | 119,237 | ||||||
|
REV Group, Inc. |
1,078 | 7,007 | ||||||
|
Rexnord Corp. |
4,196 | 121,558 | ||||||
|
Shyft Group, Inc. |
1,242 | 23,449 | ||||||
|
Snap-on, Inc. |
2,121 | 309,390 | ||||||
|
SPX Corp.(a) |
1,924 | 80,808 | ||||||
|
SPX FLOW, Inc.(a) |
1,814 | 72,705 | ||||||
|
Stanley Black & Decker, Inc. |
5,889 | 902,902 | ||||||
|
Tennant Co. |
616 | 41,038 | ||||||
|
Terex Corp. |
2,288 | 43,129 | ||||||
|
Timken Co. |
2,478 | 113,146 | ||||||
|
Toro Co. |
4,185 | 298,600 | ||||||
|
TriMas Corp.(a) |
1,521 | 35,591 | ||||||
|
SCHEDULES OF INVESTMENTS |
61 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Machinery (continued) | ||||||||
|
Trinity Industries, Inc. |
3,944 | $ | 77,026 | |||||
|
Valmont Industries, Inc. |
878 | 106,414 | ||||||
|
Wabash National Corp. |
1,971 | 22,450 | ||||||
|
Watts Water Technologies, Inc., Class A |
1,043 | 87,497 | ||||||
|
Welbilt, Inc.(a) |
4,491 | 27,305 | ||||||
|
Westinghouse Air Brake Technologies Corp. |
6,954 | 432,469 | ||||||
|
Woodward, Inc. |
2,169 | 162,545 | ||||||
|
Xylem, Inc. |
6,880 | 502,102 | ||||||
|
|
|
|||||||
| 21,237,550 | ||||||||
| Marine — 0.0% | ||||||||
|
Costamare, Inc. |
1,248 | 5,678 | ||||||
|
Eagle Bulk Shipping, Inc.(a)(b) |
1,522 | 3,699 | ||||||
|
Genco Shipping & Trading Ltd. |
1,092 | 7,415 | ||||||
|
Kirby Corp.(a) |
2,395 | 110,745 | ||||||
|
Matson, Inc. |
1,548 | 56,378 | ||||||
|
Safe Bulkers, Inc.(a) |
2,358 | 3,136 | ||||||
|
Scorpio Bulkers, Inc. |
134 | 1,964 | ||||||
|
|
|
|||||||
| 189,015 | ||||||||
| Media — 1.4% | ||||||||
|
Altice USA, Inc., Class A(a) |
12,473 | 336,646 | ||||||
|
AMC Networks, Inc., Class A(a) |
1,603 | 37,029 | ||||||
|
Boston Omaha Corp., Class A(a) |
863 | 13,722 | ||||||
|
Cable One, Inc. |
194 | 353,577 | ||||||
|
Cardlytics, Inc.(a)(b) |
1,008 | 66,951 | ||||||
|
Central European Media Enterprises Ltd., Class A(a) |
2,333 | 9,285 | ||||||
|
Charter Communications, Inc., Class A(a)(b) |
5,704 | 3,308,320 | ||||||
|
Comcast Corp., Class A |
173,145 | 7,410,606 | ||||||
|
Daily Journal Corp.(a)(b) |
60 | 17,040 | ||||||
|
Discovery, Inc., Class A(a)(b) |
5,778 | 121,916 | ||||||
|
Discovery, Inc., Class C(a) |
12,758 | 241,764 | ||||||
|
DISH Network Corp., Class A(a) |
9,440 | 303,118 | ||||||
|
Emerald Holding, Inc. |
736 | 2,002 | ||||||
|
Entercom Communications Corp., Class A |
3,599 | 5,039 | ||||||
|
Entravision Communications Corp., Class A |
1,689 | 2,229 | ||||||
|
Eros International PLC(a) |
5,502 | 15,626 | ||||||
|
EW Scripps Co., Class A |
1,830 | 20,825 | ||||||
|
Fluent, Inc.(a) |
1,571 | 2,859 | ||||||
|
Fox Corp., Class A |
13,004 | 335,113 | ||||||
|
Fox Corp., Class B(a) |
5,912 | 152,352 | ||||||
|
Gannett Co., Inc. |
4,135 | 6,120 | ||||||
|
GCI Liberty, Inc., Class A(a) |
3,779 | 296,236 | ||||||
|
Gray Television, Inc.(a) |
3,459 | 49,602 | ||||||
|
iHeartMedia, Inc., Class A(a) |
1,130 | 9,447 | ||||||
|
IMAX Corp.(a) |
2,341 | 26,430 | ||||||
|
Interpublic Group of Cos., Inc. |
14,447 | 260,768 | ||||||
|
John Wiley & Sons, Inc., Class A |
1,563 | 52,876 | ||||||
|
Liberty Broadband Corp., Class A(a) |
1,216 | 164,172 | ||||||
|
Liberty Broadband Corp., Class C(a) |
3,726 | 511,468 | ||||||
|
Liberty Latin America Ltd., Class A(a) |
2,374 | 24,405 | ||||||
|
Liberty Latin America Ltd., Class C(a) |
3,518 | 35,989 | ||||||
|
Liberty Media Corp. — Liberty Formula One, Class A(a) |
581 | 19,225 | ||||||
|
Liberty Media Corp. — Liberty Formula One, Class C(a) |
7,854 | 278,346 | ||||||
|
Liberty Media Corp. — Liberty SiriusXM, Class A(a) |
3,363 | 116,999 | ||||||
|
Liberty Media Corp. — Liberty SiriusXM, Class C(a) |
6,893 | 241,186 | ||||||
|
Liberty Media Corp. — Liberty Braves, Class A(a) |
602 | 11,384 | ||||||
|
Liberty Media Corp. — Liberty Braves, Class C(a) |
1,290 | 24,058 | ||||||
|
Lions Gate Entertainment
Corp.,
|
3,127 | 23,953 | ||||||
|
Lions Gate Entertainment
Corp.,
|
2,474 | 17,590 | ||||||
|
Live Nation Entertainment, Inc.(a) |
5,435 | 254,412 | ||||||
|
LiveXLive Media, Inc.(a) |
943 | 2,857 | ||||||
|
Madison Square Garden Sports Corp., Class A(a) |
732 | 112,501 | ||||||
|
Meredith Corp. |
1,332 | 19,128 | ||||||
|
MSG Networks, Inc., Class A(a) |
1,788 | 17,040 | ||||||
|
National CineMedia, Inc. |
2,288 | 5,651 | ||||||
| Security | Shares | Value | ||||||
| Media (continued) | ||||||||
|
New York Times Co., Class A |
6,284 | $ | 289,944 | |||||
|
News Corp., Class A |
14,610 | 185,839 | ||||||
|
News Corp., Class B |
5,383 | 68,687 | ||||||
|
Nexstar Media Group, Inc., Class A |
1,635 | 143,308 | ||||||
|
Omnicom Group, Inc. |
8,283 | 445,046 | ||||||
|
Scholastic Corp. |
975 | 23,332 | ||||||
|
Sinclair Broadcast Group, Inc., Class A |
2,243 | 46,206 | ||||||
|
Sirius XM Holdings, Inc.(b) |
46,139 | 271,297 | ||||||
|
TechTarget, Inc.(a) |
999 | 36,254 | ||||||
|
TEGNA, Inc. |
7,946 | 93,604 | ||||||
|
Tribune Publishing Co. |
502 | 4,895 | ||||||
|
ViacomCBS, Inc., Class A |
277 | 7,684 | ||||||
|
ViacomCBS, Inc., Class B |
20,877 | 544,263 | ||||||
|
WideOpenWest, Inc.(a) |
921 | 5,029 | ||||||
|
|
|
|||||||
| 17,503,250 | ||||||||
| Metals & Mining — 0.4% | ||||||||
|
Alcoa Corp.(a) |
7,441 | 96,733 | ||||||
|
Allegheny Technologies, Inc.(a) |
4,571 | 39,722 | ||||||
|
Arconic Corp.(a) |
3,509 | 57,162 | ||||||
|
Carpenter Technology Corp. |
1,574 | 35,195 | ||||||
|
Century Aluminum Co.(a) |
1,825 | 15,896 | ||||||
|
Cleveland-Cliffs, Inc. |
14,012 | 72,582 | ||||||
|
Coeur Mining, Inc.(a) |
10,214 | 80,997 | ||||||
|
Commercial Metals Co. |
4,356 | 90,082 | ||||||
|
Compass Minerals International, Inc. |
1,187 | 60,466 | ||||||
|
Ferroglobe PLC(d) |
844 | — | ||||||
|
Freeport-McMoRan, Inc. |
55,418 | 716,001 | ||||||
|
Gold Resource Corp. |
1,386 | 6,084 | ||||||
|
Haynes International, Inc. |
363 | 6,665 | ||||||
|
Hecla Mining Co. |
17,962 | 99,150 | ||||||
|
Kaiser Aluminum Corp. |
636 | 39,400 | ||||||
|
Materion Corp. |
920 | 52,826 | ||||||
|
Newmont Corp. |
30,728 | 2,126,378 | ||||||
|
Novagold Resources, Inc.(a) |
8,391 | 76,526 | ||||||
|
Nucor Corp. |
11,711 | 491,276 | ||||||
|
Olympic Steel, Inc. |
97 | 1,026 | ||||||
|
Reliance Steel & Aluminum Co. |
2,540 | 249,580 | ||||||
|
Royal Gold, Inc. |
2,476 | 346,467 | ||||||
|
Ryerson Holding Corp.(a) |
148 | 833 | ||||||
|
Schnitzer Steel Industries, Inc., Class A |
861 | 15,842 | ||||||
|
Southern Copper Corp. |
3,004 | 131,305 | ||||||
|
Steel Dynamics, Inc. |
8,104 | 222,131 | ||||||
|
SunCoke Energy, Inc. |
1,917 | 6,115 | ||||||
|
TimkenSteel Corp.(a) |
1,376 | 5,050 | ||||||
|
U.S. Silica Holdings, Inc. |
2,589 | 9,139 | ||||||
|
United States Steel Corp.(b) |
9,606 | 63,976 | ||||||
|
Warrior Met Coal, Inc. |
1,665 | 26,507 | ||||||
|
Worthington Industries, Inc. |
1,445 | 54,072 | ||||||
|
|
|
|||||||
| 5,295,184 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% | ||||||||
|
AGNC Investment Corp. |
21,999 | 299,186 | ||||||
|
Annaly Capital Management, Inc. |
54,358 | 402,793 | ||||||
|
Blackstone Mortgage Trust, Inc., Class A |
5,061 | 121,818 | ||||||
|
Broadmark Realty Capital, Inc. |
5,258 | 48,479 | ||||||
|
Chimera Investment Corp. |
8,610 | 77,404 | ||||||
|
Colony Credit Real Estate, Inc. |
2,738 | 17,249 | ||||||
|
Dynex Capital, Inc. |
695 | 10,738 | ||||||
|
Ellington Financial, Inc. |
1,920 | 22,579 | ||||||
|
Front Yard Residential Corp. |
2,051 | 17,782 | ||||||
|
Granite Point Mortgage Trust, Inc. |
1,933 | 13,125 | ||||||
|
Great Ajax Corp. |
332 | 2,862 | ||||||
|
Invesco Mortgage Capital, Inc. |
6,966 | 21,386 | ||||||
|
KKR Real Estate Finance Trust, Inc. |
1,316 | 21,911 | ||||||
|
Ready Capital Corp. |
1,353 | 10,851 | ||||||
| 62 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Mortgage Real Estate Investment Trusts (REITs) (continued) | ||||||||
|
TPG RE Finance Trust, Inc. |
1,767 | $ | 15,338 | |||||
|
Two Harbors Investment Corp. |
9,340 | 50,716 | ||||||
|
Western Asset Mortgage Capital Corp. |
1,131 | 2,387 | ||||||
|
|
|
|||||||
| 1,156,604 | ||||||||
| Multi-Utilities — 0.9% | ||||||||
|
Ameren Corp. |
9,385 | 753,052 | ||||||
|
Avista Corp. |
2,622 | 97,355 | ||||||
|
Black Hills Corp. |
2,424 | 140,253 | ||||||
|
CenterPoint Energy, Inc. |
19,321 | 367,292 | ||||||
|
CMS Energy Corp. |
10,689 | 686,020 | ||||||
|
Consolidated Edison, Inc. |
12,795 | 983,040 | ||||||
|
Dominion Energy, Inc. |
31,877 | 2,582,993 | ||||||
|
DTE Energy Co. |
7,298 | 843,868 | ||||||
|
MDU Resources Group, Inc. |
7,660 | 160,707 | ||||||
|
NiSource, Inc. |
14,340 | 350,613 | ||||||
|
NorthWestern Corp. |
1,857 | 104,475 | ||||||
|
Public Service Enterprise Group, Inc. |
19,187 | 1,073,321 | ||||||
|
Sempra Energy |
11,203 | 1,394,325 | ||||||
|
WEC Energy Group, Inc. |
12,035 | 1,146,454 | ||||||
|
|
|
|||||||
| 10,683,768 | ||||||||
| Multiline Retail — 0.5% | ||||||||
|
Big Lots, Inc. |
1,393 | 54,801 | ||||||
|
Dillard’s, Inc., Class A(b) |
348 | 8,196 | ||||||
|
Dollar General Corp. |
9,625 | 1,832,600 | ||||||
|
Dollar Tree, Inc.(a) |
9,041 | 843,977 | ||||||
|
Kohl’s Corp. |
5,755 | 109,575 | ||||||
|
Macy’s, Inc.(b) |
10,824 | 65,594 | ||||||
|
Nordstrom, Inc.(b) |
4,470 | 61,194 | ||||||
|
Ollie’s Bargain Outlet Holdings, Inc.(a)(b) |
2,021 | 212,407 | ||||||
|
Target Corp. |
19,122 | 2,407,077 | ||||||
|
|
|
|||||||
| 5,595,421 | ||||||||
| Oil, Gas & Consumable Fuels — 2.1% | ||||||||
|
Amyris, Inc.(a)(b) |
3,044 | 13,028 | ||||||
|
Antero Midstream Corp. |
11,319 | 64,179 | ||||||
|
Antero Resources Corp.(a)(b) |
10,080 | 29,837 | ||||||
|
Apache Corp. |
14,615 | 224,340 | ||||||
|
Arch Resources, Inc. |
592 | 18,364 | ||||||
|
Ardmore Shipping Corp. |
703 | 2,889 | ||||||
|
Berry Corp. |
2,607 | 12,266 | ||||||
|
Bonanza Creek Energy, Inc.(a) |
672 | 12,224 | ||||||
|
Brigham Minerals, Inc., Class A |
617 | 6,836 | ||||||
|
Cabot Oil & Gas Corp. |
14,685 | 274,609 | ||||||
|
Cheniere Energy, Inc.(a) |
8,842 | 437,502 | ||||||
|
Chevron Corp. |
71,589 | 6,009,181 | ||||||
|
Cimarex Energy Co. |
3,621 | 88,570 | ||||||
|
Clean Energy Fuels Corp.(a) |
4,949 | 11,779 | ||||||
|
CNX Resources Corp.(a) |
6,831 | 65,919 | ||||||
|
Concho Resources, Inc. |
7,614 | 400,040 | ||||||
|
ConocoPhillips |
41,284 | 1,543,609 | ||||||
|
CONSOL Energy, Inc.(a) |
881 | 5,180 | ||||||
|
Contango Oil & Gas Co.(a) |
4,501 | 8,012 | ||||||
|
Continental Resources, Inc. |
3,232 | 55,881 | ||||||
|
CVR Energy, Inc. |
1,053 | 20,218 | ||||||
|
Delek US Holdings, Inc. |
2,513 | 43,927 | ||||||
|
Devon Energy Corp. |
15,261 | 160,088 | ||||||
|
DHT Holdings, Inc. |
4,668 | 26,514 | ||||||
|
Diamond S Shipping, Inc.(a) |
1,594 | 13,995 | ||||||
|
Diamondback Energy, Inc. |
5,937 | 236,649 | ||||||
|
Dorian LPG Ltd.(a) |
1,250 | 10,675 | ||||||
|
Energy Fuels, Inc.(a) |
4,782 | 8,177 | ||||||
|
EOG Resources, Inc. |
22,442 | 1,051,408 | ||||||
|
EQT Corp. |
10,020 | 145,490 | ||||||
|
Equitrans Midstream Corp. |
15,873 | 153,174 | ||||||
| Security | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||
|
Evolution Petroleum Corp. |
1,161 | $ | 3,042 | |||||
|
Exxon Mobil Corp. |
161,925 | 6,813,804 | ||||||
|
Falcon Minerals Corp. |
1,711 | 4,295 | ||||||
|
Frontline Ltd. |
4,838 | 38,704 | ||||||
|
Golar LNG Ltd. |
3,854 | 28,905 | ||||||
|
Goodrich Petroleum Corp.(a) |
829 | 6,176 | ||||||
|
Green Plains, Inc.(a) |
1,196 | 15,464 | ||||||
|
Gulfport Energy Corp.(a) |
5,379 | 5,433 | ||||||
|
Hess Corp. |
10,535 | 518,427 | ||||||
|
HollyFrontier Corp. |
5,849 | 160,848 | ||||||
|
International Seaways, Inc. |
846 | 14,610 | ||||||
|
Kinder Morgan, Inc. |
74,577 | 1,051,536 | ||||||
|
Kosmos Energy Ltd. |
13,128 | 21,136 | ||||||
|
Magnolia Oil & Gas Corp., Class A(a)(b) |
3,654 | 21,851 | ||||||
|
Marathon Oil Corp. |
30,603 | 168,010 | ||||||
|
Marathon Petroleum Corp. |
24,587 | 939,223 | ||||||
|
Matador Resources Co.(a) |
4,298 | 37,307 | ||||||
|
Montage Resources Corp.(a) |
38 | 163 | ||||||
|
Murphy Oil Corp. |
5,383 | 71,109 | ||||||
|
Noble Energy, Inc. |
18,366 | 183,476 | ||||||
|
Nordic American Tankers Ltd. |
4,938 | 22,468 | ||||||
|
Occidental Petroleum Corp. |
31,107 | 489,624 | ||||||
|
ONEOK, Inc. |
16,783 | 468,414 | ||||||
|
Overseas Shipholding Group, Inc., Class A(a) |
2,632 | 6,080 | ||||||
|
Ovintiv, Inc. |
10,156 | 98,412 | ||||||
|
Par Pacific Holdings, Inc.(a) |
1,459 | 10,811 | ||||||
|
Parsley Energy, Inc., Class A |
11,819 | 129,773 | ||||||
|
PBF Energy, Inc., Class A |
4,171 | 36,204 | ||||||
|
PDC Energy, Inc.(a) |
4,302 | 61,347 | ||||||
|
Peabody Energy Corp. |
2,502 | 7,806 | ||||||
|
Penn Virginia Corp.(a) |
390 | 3,865 | ||||||
|
Phillips 66 |
16,679 | 1,034,432 | ||||||
|
Pioneer Natural Resources Co. |
6,263 | 607,010 | ||||||
|
PrimeEnergy Resources Corp.(a) |
80 | 5,700 | ||||||
|
Range Resources Corp. |
8,998 | 58,127 | ||||||
|
Renewable Energy Group, Inc.(a) |
1,619 | 44,652 | ||||||
|
REX American Resources Corp.(a)(b) |
221 | 15,061 | ||||||
|
Scorpio Tankers, Inc.(b) |
2,267 | 29,970 | ||||||
|
SFL Corp. Ltd. |
3,785 | 31,453 | ||||||
|
SM Energy Co. |
3,522 | 10,390 | ||||||
|
Southwestern Energy Co.(a) |
22,056 | 53,596 | ||||||
|
Talos Energy, Inc.(a) |
673 | 4,583 | ||||||
|
Targa Resources Corp. |
8,502 | 155,417 | ||||||
|
Tellurian, Inc.(a)(b) |
3,575 | 3,188 | ||||||
|
Uranium Energy Corp.(a) |
5,795 | 5,611 | ||||||
|
Valero Energy Corp. |
15,633 | 879,044 | ||||||
|
W&T Offshore, Inc.(a)(b) |
2,856 | 6,455 | ||||||
|
Whiting Petroleum Corp.(a)(b) |
3,508 | 2,736 | ||||||
|
Williams Cos., Inc. |
46,224 | 884,265 | ||||||
|
World Fuel Services Corp. |
2,370 | 55,766 | ||||||
|
WPX Energy, Inc.(a) |
14,780 | 88,237 | ||||||
|
|
|
|||||||
| 26,568,576 | ||||||||
| Paper & Forest Products — 0.0% | ||||||||
|
Boise Cascade Co. |
1,353 | 63,036 | ||||||
|
Clearwater Paper Corp.(a) |
635 | 23,444 | ||||||
|
Domtar Corp. |
2,027 | 42,547 | ||||||
|
Louisiana-Pacific Corp. |
4,214 | 133,457 | ||||||
|
Neenah, Inc. |
540 | 24,090 | ||||||
|
PH Glatfelter Co. |
1,299 | 20,693 | ||||||
|
Schweitzer-Mauduit International, Inc. |
1,205 | 39,199 | ||||||
|
Verso Corp., Class A |
1,086 | 13,260 | ||||||
|
|
|
|||||||
| 359,726 | ||||||||
| Personal Products — 0.2% | ||||||||
|
BellRing Brands, Inc., Class A(a) |
1,574 | 31,275 | ||||||
|
SCHEDULES OF INVESTMENTS |
63 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Personal Products (continued) | ||||||||
|
Coty, Inc., Class A |
10,271 | $ | 38,105 | |||||
|
Edgewell Personal Care Co.(a) |
2,094 | 62,590 | ||||||
|
elf Beauty, Inc.(a)(b) |
1,016 | 18,146 | ||||||
|
Estee Lauder Cos., Inc., Class A |
8,469 | 1,672,966 | ||||||
|
Herbalife Nutrition Ltd.(a) |
3,911 | 200,400 | ||||||
|
Inter Parfums, Inc. |
578 | 23,635 | ||||||
|
Lifevantage Corp.(a)(b) |
732 | 9,399 | ||||||
|
Medifast, Inc. |
460 | 76,880 | ||||||
|
Nature’s Sunshine Products, Inc.(a) |
255 | 2,425 | ||||||
|
Nu Skin Enterprises, Inc., Class A |
1,980 | 88,803 | ||||||
|
Revlon, Inc., Class A(a)(b) |
260 | 1,643 | ||||||
|
USANA Health Sciences, Inc.(a) |
423 | 34,339 | ||||||
|
|
|
|||||||
| 2,260,606 | ||||||||
| Pharmaceuticals — 3.8% | ||||||||
|
AcelRx Pharmaceuticals, Inc.(a) |
3,530 | 3,848 | ||||||
|
Aerie Pharmaceuticals, Inc.(a) |
1,684 | 19,467 | ||||||
|
Agile Therapeutics, Inc.(a) |
4,161 | 10,402 | ||||||
|
Amneal Pharmaceuticals, Inc.(a) |
5,098 | 22,074 | ||||||
|
Amphastar Pharmaceuticals, Inc.(a) |
1,216 | 24,344 | ||||||
|
ANI Pharmaceuticals, Inc.(a) |
309 | 9,149 | ||||||
|
Arvinas, Inc.(a) |
1,232 | 38,808 | ||||||
|
Assembly Biosciences, Inc.(a) |
1,357 | 30,125 | ||||||
|
Axsome Therapeutics, Inc.(a) |
1,104 | 78,748 | ||||||
|
BioDelivery Sciences International, Inc.(a) |
3,852 | 16,140 | ||||||
|
Bristol-Myers Squibb Co. |
86,688 | 5,085,118 | ||||||
|
Cara Therapeutics, Inc.(a) |
1,585 | 26,057 | ||||||
|
Catalent, Inc.(a) |
5,883 | 513,821 | ||||||
|
Collegium Pharmaceutical, Inc.(a) |
1,582 | 24,964 | ||||||
|
Corcept Therapeutics, Inc.(a)(b) |
3,744 | 55,973 | ||||||
|
CorMedix, Inc.(a)(b) |
1,458 | 6,488 | ||||||
|
Cymabay Therapeutics, Inc.(a) |
1,820 | 6,461 | ||||||
|
Durect Corp.(a) |
7,508 | 14,716 | ||||||
|
Elanco Animal Health, Inc.(a) |
15,275 | 360,948 | ||||||
|
Eli Lilly & Co. |
32,245 | 4,846,101 | ||||||
|
Eloxx Pharmaceuticals, Inc.(a) |
661 | 1,844 | ||||||
|
Endo International PLC(a) |
9,338 | 32,496 | ||||||
|
Evofem Biosciences, Inc.(a) |
492 | 1,471 | ||||||
|
Evolus, Inc.(a)(b) |
275 | 897 | ||||||
|
Fulcrum Therapeutics, Inc.(a) |
659 | 10,458 | ||||||
|
Heska Corp.(a) |
201 | 19,340 | ||||||
|
Horizon Therapeutics PLC(a) |
6,979 | 427,045 | ||||||
|
Innoviva, Inc.(a)(b) |
2,582 | 34,973 | ||||||
|
Intersect ENT, Inc.(a) |
830 | 14,268 | ||||||
|
Intra-Cellular Therapies, Inc.(a) |
2,165 | 42,921 | ||||||
|
Jazz Pharmaceuticals PLC(a) |
2,074 | 224,510 | ||||||
|
Johnson & Johnson |
100,924 | 14,710,682 | ||||||
|
Kala Pharmaceuticals, Inc.(a) |
1,156 | 10,115 | ||||||
|
Lannett Co., Inc.(a) |
1,056 | 6,283 | ||||||
|
Liquidia Technologies, Inc.(a) |
1,077 | 5,956 | ||||||
|
Mallinckrodt PLC(a)(b) |
3,436 | 7,662 | ||||||
|
Marinus Pharmaceuticals, Inc.(a) |
1,291 | 2,169 | ||||||
|
Menlo Therapeutics, Inc.(a)(b) |
3,278 | 5,278 | ||||||
|
Merck & Co., Inc. |
96,796 | 7,766,911 | ||||||
|
Mylan NV(a) |
19,798 | 318,946 | ||||||
|
MyoKardia, Inc.(a) |
1,908 | 171,968 | ||||||
|
Nektar Therapeutics(a)(b) |
6,809 | 150,887 | ||||||
|
NGM Biopharmaceuticals, Inc.(a) |
662 | 12,108 | ||||||
|
Odonate Therapeutics, Inc.(a) |
353 | 12,839 | ||||||
|
Omeros Corp.(a)(b) |
2,229 | 28,598 | ||||||
|
Optinose, Inc.(a)(b) |
514 | 2,619 | ||||||
|
Pacira BioSciences, Inc.(a) |
1,569 | 82,545 | ||||||
|
Paratek Pharmaceuticals, Inc.(a) |
915 | 3,999 | ||||||
|
Perrigo Co. PLC |
5,278 | 279,840 | ||||||
|
Pfizer, Inc. |
213,167 | 8,202,666 | ||||||
| Security | Shares | Value | ||||||
| Pharmaceuticals (continued) | ||||||||
|
Phathom Pharmaceuticals, Inc.(a)(b) |
560 | $ | 18,626 | |||||
|
Phibro Animal Health Corp., Class A |
619 | 14,358 | ||||||
|
Prestige Consumer Healthcare, Inc.(a)(b) |
2,612 | 97,140 | ||||||
|
Provention Bio, Inc.(a)(b) |
1,609 | 16,718 | ||||||
|
Reata Pharmaceuticals, Inc., Class A(a) |
931 | 137,509 | ||||||
|
Relmada Therapeutics, Inc.(a)(b) |
534 | 19,422 | ||||||
|
Revance Therapeutics, Inc.(a) |
2,019 | 47,406 | ||||||
|
Satsuma Pharmaceuticals, Inc.(a) |
424 | 10,011 | ||||||
|
SIGA Technologies, Inc.(a) |
1,580 | 10,144 | ||||||
|
Supernus Pharmaceuticals, Inc.(a) |
1,606 | 35,758 | ||||||
|
TherapeuticsMD, Inc.(a)(b) |
7,503 | 13,881 | ||||||
|
Theravance Biopharma, Inc.(a) |
1,792 | 34,801 | ||||||
|
Tricida, Inc.(a) |
1,280 | 17,126 | ||||||
|
Verrica Pharmaceuticals, Inc.(a)(b) |
732 | 4,802 | ||||||
|
WaVe Life Sciences Ltd.(a) |
1,000 | 8,780 | ||||||
|
Xeris Pharmaceuticals, Inc.(a)(b) |
1,212 | 3,466 | ||||||
|
Zoetis, Inc. |
18,190 | 2,759,059 | ||||||
|
Zogenix, Inc.(a) |
2,357 | 56,073 | ||||||
|
|
|
|||||||
| 47,091,126 | ||||||||
| Professional Services — 0.5% | ||||||||
|
ASGN, Inc.(a) |
1,855 | 126,993 | ||||||
|
Barrett Business Services, Inc. |
250 | 13,170 | ||||||
|
BG Staffing, Inc. |
403 | 3,659 | ||||||
|
CBIZ, Inc.(a) |
1,845 | 44,612 | ||||||
|
CoStar Group, Inc.(a) |
1,471 | 1,249,997 | ||||||
|
CRA International, Inc. |
196 | 8,187 | ||||||
|
Equifax, Inc. |
4,595 | 746,963 | ||||||
|
Exponent, Inc. |
2,001 | 168,204 | ||||||
|
Forrester Research, Inc.(a) |
474 | 16,642 | ||||||
|
Franklin Covey Co.(a) |
195 | 3,528 | ||||||
|
FTI Consulting, Inc.(a) |
1,374 | 164,111 | ||||||
|
GP Strategies Corp.(a)(b) |
414 | 3,076 | ||||||
|
Heidrick & Struggles International, Inc. |
563 | 11,389 | ||||||
|
Huron Consulting Group, Inc.(a) |
877 | 41,850 | ||||||
|
ICF International, Inc. |
640 | 43,270 | ||||||
|
IHS Markit Ltd. |
15,148 | 1,222,898 | ||||||
|
Insperity, Inc. |
1,410 | 94,273 | ||||||
|
Kelly Services, Inc., Class A |
887 | 13,136 | ||||||
|
Kforce, Inc. |
689 | 19,871 | ||||||
|
Korn Ferry |
2,175 | 61,118 | ||||||
|
ManpowerGroup, Inc. |
2,272 | 156,291 | ||||||
|
Mistras Group, Inc.(a) |
335 | 1,183 | ||||||
|
Nielsen Holdings PLC |
13,881 | 200,303 | ||||||
|
Paylocity Holding Corp.(a) |
1,356 | 180,619 | ||||||
|
Resources Connection, Inc. |
605 | 6,837 | ||||||
|
Robert Half International, Inc. |
4,479 | 227,847 | ||||||
|
TransUnion |
7,160 | 641,321 | ||||||
|
TriNet Group, Inc.(a) |
1,574 | 103,884 | ||||||
|
TrueBlue, Inc.(a) |
1,432 | 22,096 | ||||||
|
Upwork, Inc.(a) |
3,805 | 57,151 | ||||||
|
Verisk Analytics, Inc. |
6,051 | 1,141,884 | ||||||
|
Willdan Group, Inc.(a)(b) |
300 | 7,398 | ||||||
|
|
|
|||||||
| 6,803,761 | ||||||||
| Real Estate Management & Development — 0.1% | ||||||||
|
Alexander & Baldwin, Inc. |
2,923 | 34,550 | ||||||
|
Altisource Portfolio Solutions SA(a) |
294 | 3,948 | ||||||
|
CareTrust REIT, Inc. |
3,409 | 61,430 | ||||||
|
CBRE Group, Inc., Class A(a)(b) |
12,728 | 557,614 | ||||||
|
CTO Realty Growth, Inc. |
88 | 3,488 | ||||||
|
Cushman & Wakefield PLC(a)(b) |
4,042 | 43,249 | ||||||
|
Essential Properties Realty Trust, Inc. |
3,145 | 50,634 | ||||||
|
eXp World Holdings, Inc.(a) |
1,001 | 19,890 | ||||||
|
Forestar Group, Inc.(a) |
1,192 | 20,634 | ||||||
|
FRP Holdings, Inc.(a) |
186 | 7,276 | ||||||
| 64 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Real Estate Management & Development (continued) | ||||||||
|
Global Medical REIT, Inc. |
1,485 | $ | 17,657 | |||||
|
Howard Hughes Corp.(a) |
1,628 | 86,593 | ||||||
|
Jones Lang LaSalle, Inc. |
1,993 | 197,128 | ||||||
|
Kennedy-Wilson Holdings, Inc. |
4,952 | 73,488 | ||||||
|
Marcus & Millichap, Inc.(a) |
917 | 24,979 | ||||||
|
Newmark Group, Inc., Class A |
5,556 | 22,613 | ||||||
|
Rafael Holdings, Inc., Class B(a) |
432 | 6,035 | ||||||
|
RE/MAX Holdings, Inc., Class A |
632 | 20,458 | ||||||
|
Realogy Holdings Corp. |
5,026 | 45,536 | ||||||
|
Redfin Corp.(a) |
3,650 | 151,767 | ||||||
|
RMR Group, Inc., Class A |
541 | 15,559 | ||||||
|
St. Joe Co.(a) |
1,480 | 30,503 | ||||||
|
Stratus Properties, Inc.(a) |
132 | 2,521 | ||||||
|
Tejon Ranch Co.(a) |
507 | 7,275 | ||||||
|
|
|
|||||||
| 1,504,825 | ||||||||
| Road & Rail — 1.1% | ||||||||
|
AMERCO |
344 | 109,299 | ||||||
|
ArcBest Corp. |
886 | 26,925 | ||||||
|
Avis Budget Group, Inc.(a) |
2,004 | 51,903 | ||||||
|
Covenant Logistics Group, Inc., Class A(a) |
245 | 4,128 | ||||||
|
CSX Corp. |
29,106 | 2,076,422 | ||||||
|
Daseke, Inc.(a)(b) |
1,090 | 4,545 | ||||||
|
Heartland Express, Inc. |
1,712 | 34,728 | ||||||
|
Hertz Global Holdings, Inc.(a) |
3,656 | 5,301 | ||||||
|
JB Hunt Transport Services, Inc. |
3,168 | 409,939 | ||||||
|
Kansas City Southern |
3,667 | 630,174 | ||||||
|
Knight-Swift Transportation Holdings, Inc. |
4,730 | 205,708 | ||||||
|
Landstar System, Inc. |
1,505 | 183,279 | ||||||
|
Lyft, Inc., Class A(a) |
9,182 | 268,390 | ||||||
|
Marten Transport Ltd. |
1,272 | 33,861 | ||||||
|
Norfolk Southern Corp. |
9,838 | 1,890,962 | ||||||
|
Old Dominion Freight Line, Inc. |
3,734 | 682,650 | ||||||
|
Ryder System, Inc. |
1,915 | 70,146 | ||||||
|
Saia, Inc.(a) |
991 | 118,375 | ||||||
|
Schneider National, Inc., Class B |
2,360 | 59,307 | ||||||
|
Uber Technologies, Inc.(a) |
52,254 | 1,581,206 | ||||||
|
Union Pacific Corp. |
25,962 | 4,500,513 | ||||||
|
Universal Logistics Holdings, Inc. |
345 | 6,338 | ||||||
|
US Xpress Enterprises, Inc., Class A(a) |
1,385 | 12,687 | ||||||
|
Werner Enterprises, Inc. |
2,422 | 106,532 | ||||||
|
|
|
|||||||
| 13,073,318 | ||||||||
| Semiconductors & Semiconductor Equipment — 4.4% | ||||||||
|
Advanced Energy Industries, Inc.(a) |
1,561 | 114,843 | ||||||
|
Advanced Micro Devices, Inc.(a) |
44,592 | 3,452,759 | ||||||
|
Alpha & Omega Semiconductor Ltd.(a) |
344 | 3,746 | ||||||
|
Ambarella, Inc.(a) |
1,270 | 57,506 | ||||||
|
Amkor Technology, Inc.(a) |
3,598 | 48,915 | ||||||
|
Analog Devices, Inc. |
14,032 | 1,611,575 | ||||||
|
Applied Materials, Inc. |
35,137 | 2,260,363 | ||||||
|
Axcelis Technologies, Inc.(a) |
1,025 | 30,156 | ||||||
|
AXT, Inc.(a) |
1,214 | 5,815 | ||||||
|
Broadcom, Inc. |
14,917 | 4,724,960 | ||||||
|
Brooks Automation, Inc. |
2,704 | 147,233 | ||||||
|
Cabot Microelectronics Corp. |
1,131 | 170,464 | ||||||
|
CEVA, Inc.(a) |
893 | 35,899 | ||||||
|
Cirrus Logic, Inc.(a) |
2,150 | 147,340 | ||||||
|
Cohu, Inc. |
1,255 | 23,632 | ||||||
|
Cree, Inc.(a) |
4,162 | 286,845 | ||||||
|
CyberOptics Corp.(a) |
375 | 14,756 | ||||||
|
Diodes, Inc.(a) |
1,521 | 78,255 | ||||||
|
DSP Group, Inc.(a) |
1,034 | 15,355 | ||||||
|
Enphase Energy, Inc.(a)(b) |
4,040 | 243,854 | ||||||
|
Entegris, Inc. |
5,074 | 364,871 | ||||||
|
First Solar, Inc.(a) |
3,299 | 196,455 | ||||||
| Security | Shares | Value | ||||||
| Semiconductors & Semiconductor Equipment (continued) | ||||||||
|
FormFactor, Inc.(a) |
3,440 | $ | 99,210 | |||||
|
Ichor Holdings Ltd.(a) |
969 | 31,803 | ||||||
|
Impinj, Inc.(a)(b) |
724 | 17,086 | ||||||
|
Inphi Corp.(a) |
1,819 | 237,671 | ||||||
|
Intel Corp. |
162,192 | 7,741,424 | ||||||
|
KLA Corp. |
5,945 | 1,187,989 | ||||||
|
Lam Research Corp. |
5,536 | 2,087,958 | ||||||
|
Lattice Semiconductor Corp.(a) |
4,905 | 152,496 | ||||||
|
MACOM Technology Solutions Holdings, Inc.(a) |
1,744 | 73,701 | ||||||
|
Marvell Technology Group Ltd. |
25,151 | 917,257 | ||||||
|
Maxim Integrated Products, Inc. |
10,123 | 689,275 | ||||||
|
MaxLinear, Inc.(a) |
2,605 | 66,037 | ||||||
|
Microchip Technology, Inc. |
8,976 | 913,128 | ||||||
|
Micron Technology, Inc.(a) |
42,516 | 2,128,138 | ||||||
|
MKS Instruments, Inc. |
2,081 | 265,203 | ||||||
|
Monolithic Power Systems, Inc. |
1,664 | 440,977 | ||||||
|
NeoPhotonics Corp.(a) |
1,665 | 15,168 | ||||||
|
NVE Corp. |
172 | 9,329 | ||||||
|
NVIDIA Corp. |
22,576 | 9,585,544 | ||||||
|
ON Semiconductor Corp.(a) |
15,807 | 325,624 | ||||||
|
Onto Innovation, Inc.(a) |
1,653 | 62,516 | ||||||
|
PDF Solutions, Inc.(a) |
1,754 | 43,113 | ||||||
|
Photronics, Inc.(a) |
2,227 | 26,457 | ||||||
|
Power Integrations, Inc. |
1,154 | 140,823 | ||||||
|
Qorvo, Inc.(a) |
4,431 | 567,833 | ||||||
|
QUALCOMM, Inc. |
43,052 | 4,546,722 | ||||||
|
Rambus, Inc.(a) |
4,883 | 72,073 | ||||||
|
Semtech Corp.(a) |
2,463 | 137,263 | ||||||
|
Silicon Laboratories, Inc.(a) |
1,662 | 167,048 | ||||||
|
SiTime Corp.(a) |
245 | 13,022 | ||||||
|
Skyworks Solutions, Inc. |
6,362 | 926,180 | ||||||
|
SMART Global Holdings, Inc.(a) |
330 | 9,204 | ||||||
|
SolarEdge Technologies, Inc.(a) |
1,860 | 325,686 | ||||||
|
SunPower Corp.(a)(b) |
2,301 | 21,468 | ||||||
|
Teradyne, Inc. |
6,302 | 560,626 | ||||||
|
Texas Instruments, Inc. |
35,090 | 4,475,729 | ||||||
|
Ultra Clean Holdings, Inc.(a) |
1,678 | 50,491 | ||||||
|
Veeco Instruments, Inc.(a) |
1,822 | 24,633 | ||||||
|
Xilinx, Inc. |
9,352 | 1,003,937 | ||||||
|
|
|
|||||||
| 54,195,439 | ||||||||
| Software — 9.3% | ||||||||
|
A10 Networks, Inc.(a) |
3,291 | 26,591 | ||||||
|
ACI Worldwide, Inc.(a) |
4,550 | 121,895 | ||||||
|
Adobe, Inc.(a) |
18,381 | 8,167,046 | ||||||
|
Alarm.com Holdings, Inc.(a) |
1,741 | 121,940 | ||||||
|
Altair Engineering, Inc., Class A(a) |
1,683 | 67,825 | ||||||
|
Alteryx, Inc., Class A(a)(b) |
1,998 | 350,629 | ||||||
|
American Software, Inc., Class A |
1,641 | 27,027 | ||||||
|
Anaplan, Inc.(a) |
5,013 | 227,640 | ||||||
|
ANSYS, Inc.(a) |
3,269 | 1,015,351 | ||||||
|
Appfolio, Inc., Class A(a) |
629 | 87,569 | ||||||
|
Appian Corp.(a)(b) |
1,357 | 69,031 | ||||||
|
Aspen Technology, Inc.(a) |
2,622 | 255,016 | ||||||
|
Asure Software, Inc.(a) |
374 | 2,412 | ||||||
|
Atlassian Corp. PLC, Class A(a) |
4,765 | 841,737 | ||||||
|
Autodesk, Inc.(a) |
8,408 | 1,987,903 | ||||||
|
Avalara, Inc.(a) |
2,913 | 391,653 | ||||||
|
Avaya Holdings Corp.(a) |
4,020 | 50,893 | ||||||
|
Benefitfocus, Inc.(a) |
1,165 | 13,642 | ||||||
|
Bill.Com Holdings, Inc.(a) |
618 | 57,542 | ||||||
|
Blackbaud, Inc. |
1,795 | 112,259 | ||||||
|
Blackline, Inc.(a)(b) |
1,881 | 167,240 | ||||||
|
Bottomline Technologies DE, Inc.(a) |
1,643 | 79,291 | ||||||
|
Box, Inc., Class A(a) |
5,702 | 102,351 | ||||||
|
Cadence Design Systems, Inc.(a) |
10,544 | 1,151,932 | ||||||
|
SCHEDULES OF INVESTMENTS |
65 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Software (continued) | ||||||||
|
CDK Global, Inc. |
4,564 | $ | 207,479 | |||||
|
Cerence, Inc.(a) |
1,269 | 50,329 | ||||||
|
Ceridian HCM Holding, Inc.(a) |
4,051 | 317,153 | ||||||
|
ChannelAdvisor Corp.(a) |
878 | 17,885 | ||||||
|
Citrix Systems, Inc. |
4,704 | 671,543 | ||||||
|
Cloudera, Inc.(a) |
7,839 | 88,346 | ||||||
|
Cloudflare, Inc., Class A(a) |
4,150 | 172,723 | ||||||
|
CommVault Systems, Inc.(a) |
1,545 | 68,104 | ||||||
|
Cornerstone OnDemand, Inc.(a) |
2,151 | 76,382 | ||||||
|
Coupa Software, Inc.(a) |
2,527 | 774,399 | ||||||
|
Crowdstrike Holdings, Inc., Class A(a) |
4,399 | 497,967 | ||||||
|
Datadog, Inc., Class A(a) |
5,813 | 545,608 | ||||||
|
Digimarc Corp.(a) |
495 | 6,960 | ||||||
|
Digital Turbine, Inc.(a) |
3,249 | 45,096 | ||||||
|
DocuSign, Inc.(a) |
6,717 | 1,456,447 | ||||||
|
Domo, Inc., Class B(a) |
1,133 | 36,460 | ||||||
|
Dropbox, Inc., Class A(a) |
9,423 | 214,373 | ||||||
|
Dynatrace, Inc.(a) |
5,793 | 242,321 | ||||||
|
Ebix, Inc. |
762 | 16,806 | ||||||
|
eGain Corp.(a)(b) |
724 | 7,175 | ||||||
|
Elastic NV(a) |
2,032 | 195,458 | ||||||
|
Envestnet, Inc.(a) |
2,062 | 167,434 | ||||||
|
Everbridge, Inc.(a) |
1,350 | 192,780 | ||||||
|
Fair Isaac Corp.(a) |
1,083 | 475,643 | ||||||
|
FireEye, Inc.(a) |
8,967 | 135,402 | ||||||
|
Five9, Inc.(a) |
2,300 | 277,886 | ||||||
|
ForeScout Technologies, Inc.(a)(b) |
1,561 | 45,253 | ||||||
|
Fortinet, Inc.(a) |
5,087 | 703,532 | ||||||
|
Globant SA(a) |
1,364 | 235,890 | ||||||
|
GTY Technology Holdings, Inc.(a)(b) |
2,386 | 7,755 | ||||||
|
Guidewire Software, Inc.(a) |
3,191 | 375,453 | ||||||
|
HubSpot, Inc.(a) |
1,574 | 369,276 | ||||||
|
Intelligent Systems Corp.(a) |
318 | 9,642 | ||||||
|
Intuit, Inc. |
9,637 | 2,952,488 | ||||||
|
j2 Global, Inc.(a) |
1,844 | 104,592 | ||||||
|
LivePerson, Inc.(a) |
2,257 | 97,006 | ||||||
|
LogMeIn, Inc. |
1,882 | 161,494 | ||||||
|
Manhattan Associates, Inc.(a) |
2,382 | 228,172 | ||||||
|
Medallia, Inc.(a) |
3,171 | 97,445 | ||||||
|
Microsoft Corp. |
286,483 | 58,731,880 | ||||||
|
MicroStrategy, Inc., Class A(a) |
315 | 39,035 | ||||||
|
Mimecast Ltd.(a)(b) |
2,193 | 102,917 | ||||||
|
Mitek Systems, Inc.(a) |
1,307 | 13,410 | ||||||
|
MobileIron, Inc.(a)(b) |
2,756 | 17,170 | ||||||
|
Model N, Inc.(a) |
1,370 | 52,690 | ||||||
|
NetScout Systems, Inc.(a) |
2,601 | 66,221 | ||||||
|
New Relic, Inc.(a) |
1,996 | 141,536 | ||||||
|
NortonLifeLock, Inc. |
21,412 | 459,287 | ||||||
|
Nuance Communications, Inc.(a) |
10,947 | 299,400 | ||||||
|
Nutanix, Inc., Class A(a)(b) |
6,753 | 149,849 | ||||||
|
OneSpan, Inc.(a) |
1,431 | 44,561 | ||||||
|
Oracle Corp. |
75,530 | 4,188,138 | ||||||
|
PagerDuty, Inc.(a) |
2,748 | 83,759 | ||||||
|
Palo Alto Networks, Inc.(a) |
3,738 | 956,629 | ||||||
|
Paycom Software, Inc.(a) |
1,880 | 534,616 | ||||||
|
Pegasystems, Inc. |
1,527 | 178,491 | ||||||
|
Ping Identity Holding Corp.(a) |
842 | 28,931 | ||||||
|
Pluralsight, Inc., Class A(a) |
3,812 | 80,700 | ||||||
|
Progress Software Corp. |
1,568 | 54,660 | ||||||
|
Proofpoint, Inc.(a) |
2,146 | 248,228 | ||||||
|
PROS Holdings, Inc.(a) |
1,606 | 52,404 | ||||||
|
PTC, Inc.(a) |
3,994 | 341,727 | ||||||
|
Q2 Holdings, Inc.(a)(b) |
1,896 | 178,319 | ||||||
|
QAD, Inc., Class A |
286 | 11,300 | ||||||
|
Qualys, Inc.(a)(b) |
1,282 | 158,301 | ||||||
| Security | Shares | Value | ||||||
| Software (continued) | ||||||||
|
Rapid7, Inc.(a) |
2,002 | $ | 119,259 | |||||
|
RealPage, Inc.(a) |
3,347 | 210,894 | ||||||
|
RingCentral, Inc., Class A(a) |
2,914 | 845,847 | ||||||
|
Rosetta Stone, Inc.(a) |
562 | 15,045 | ||||||
|
SailPoint Technologies Holding, Inc.(a) |
3,564 | 112,266 | ||||||
|
salesforce.com, Inc.(a) |
33,100 | 6,449,535 | ||||||
|
Sapiens International Corp. NV |
1,182 | 36,122 | ||||||
|
Seachange International, Inc.(a) |
875 | 1,374 | ||||||
|
SecureWorks Corp., Class A(a)(b) |
607 | 7,260 | ||||||
|
ServiceNow, Inc.(a) |
7,259 | 3,188,153 | ||||||
|
ShotSpotter, Inc.(a) |
218 | 5,023 | ||||||
|
Slack Technologies, Inc., Class A(a)(b) |
14,345 | 423,895 | ||||||
|
Smartsheet, Inc., Class A(a) |
4,230 | 201,940 | ||||||
|
SolarWinds Corp.(a)(b) |
1,701 | 31,230 | ||||||
|
Splunk, Inc., Class A(a) |
6,065 | 1,272,558 | ||||||
|
Sprout Social, Inc., Class A(a) |
415 | 11,989 | ||||||
|
SPS Commerce, Inc.(a) |
1,402 | 105,388 | ||||||
|
SS&C Technologies Holdings, Inc. |
8,639 | 496,742 | ||||||
|
SVMK, Inc.(a) |
4,616 | 110,692 | ||||||
|
Synchronoss Technologies, Inc.(a)(b) |
1,198 | 3,953 | ||||||
|
Synopsys, Inc.(a) |
5,702 | 1,135,952 | ||||||
|
Telenav, Inc.(a) |
760 | 3,941 | ||||||
|
Tenable Holdings, Inc.(a) |
2,589 | 87,845 | ||||||
|
Trade Desk, Inc., Class A(a) |
1,545 | 697,289 | ||||||
|
Tyler Technologies, Inc.(a) |
1,499 | 535,518 | ||||||
|
Upland Software, Inc.(a) |
909 | 31,288 | ||||||
|
Varonis Systems, Inc.(a) |
1,139 | 123,411 | ||||||
|
Verint Systems, Inc.(a) |
2,702 | 121,293 | ||||||
|
Veritone, Inc.(a)(b) |
1,045 | 11,829 | ||||||
|
VirnetX Holding Corp. |
2,642 | 13,659 | ||||||
|
VMware, Inc., Class A(a) |
3,018 | 423,154 | ||||||
|
Workday, Inc., Class A(a) |
6,540 | 1,183,217 | ||||||
|
Workiva, Inc.(a) |
1,633 | 91,285 | ||||||
|
Xperi Holding Corp. |
4,056 | 74,793 | ||||||
|
Yext, Inc.(a) |
4,239 | 71,300 | ||||||
|
Zendesk, Inc.(a)(b) |
4,278 | 389,940 | ||||||
|
Zix Corp.(a) |
2,268 | 16,137 | ||||||
|
Zoom Video Communications, Inc., Class A(a) |
6,383 | 1,620,708 | ||||||
|
Zscaler, Inc.(a) |
2,681 | 348,128 | ||||||
|
Zuora, Inc., Class A(a) |
4,368 | 50,844 | ||||||
|
Zynga, Inc., Class A(a) |
33,970 | 333,925 | ||||||
|
|
|
|||||||
| 116,071,352 | ||||||||
| Specialty Retail — 2.3% | ||||||||
|
Aaron’s, Inc. |
2,640 | 137,755 | ||||||
|
Abercrombie & Fitch Co., Class A |
2,479 | 23,873 | ||||||
|
Advance Auto Parts, Inc. |
2,555 | 383,608 | ||||||
|
America’s Car-Mart, Inc.(a) |
281 | 26,740 | ||||||
|
American Eagle Outfitters, Inc. |
6,018 | 60,180 | ||||||
|
Asbury Automotive Group, Inc.(a) |
735 | 73,610 | ||||||
|
AutoNation, Inc.(a) |
2,391 | 122,754 | ||||||
|
AutoZone, Inc.(a) |
894 | 1,079,433 | ||||||
|
Bed Bath & Beyond, Inc. |
5,318 | 57,541 | ||||||
|
Best Buy Co., Inc. |
8,741 | 870,516 | ||||||
|
Boot Barn Holdings, Inc.(a) |
1,034 | 20,018 | ||||||
|
Buckle, Inc. |
884 | 14,171 | ||||||
|
Burlington Stores, Inc.(a) |
2,510 | 471,880 | ||||||
|
Caleres, Inc. |
1,279 | 8,071 | ||||||
|
CarMax, Inc.(a) |
6,206 | 601,796 | ||||||
|
Carvana Co.(a) |
2,080 | 322,296 | ||||||
|
Cato Corp., Class A |
507 | 3,645 | ||||||
|
Chico’s FAS, Inc. |
3,622 | 4,600 | ||||||
|
Children’s Place, Inc. |
603 | 14,719 | ||||||
|
Citi Trends, Inc. |
277 | 4,770 | ||||||
|
Conn’s, Inc.(a) |
641 | 6,384 | ||||||
|
Container Store Group, Inc.(a) |
1,057 | 3,647 | ||||||
| 66 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Specialty Retail (continued) | ||||||||
|
Designer Brands, Inc., Class A |
1,907 | $ | 11,270 | |||||
|
Dick’s Sporting Goods, Inc. |
2,223 | 101,413 | ||||||
|
Express, Inc.(a) |
2,627 | 2,653 | ||||||
|
Five Below, Inc.(a) |
2,140 | 233,067 | ||||||
|
Floor & Decor Holdings, Inc., Class A(a) |
3,084 | 203,236 | ||||||
|
Foot Locker, Inc. |
3,812 | 112,035 | ||||||
|
GameStop Corp., Class A(a) |
3,236 | 12,976 | ||||||
|
Gap, Inc. |
7,032 | 94,018 | ||||||
|
Genesco, Inc.(a) |
625 | 9,719 | ||||||
|
Group 1 Automotive, Inc. |
663 | 55,705 | ||||||
|
GrowGeneration Corp.(a) |
1,677 | 14,154 | ||||||
|
Guess?, Inc. |
1,837 | 18,995 | ||||||
|
Haverty Furniture Cos., Inc. |
502 | 7,138 | ||||||
|
Hibbett Sports, Inc.(a) |
425 | 9,856 | ||||||
|
Home Depot, Inc. |
41,096 | 10,910,577 | ||||||
|
Hudson Ltd., Class A(a) |
1,455 | 6,373 | ||||||
|
L Brands, Inc. |
9,075 | 221,521 | ||||||
|
Lithia Motors, Inc., Class A |
810 | 185,612 | ||||||
|
Lowe’s Cos., Inc. |
28,911 | 4,305,137 | ||||||
|
Lumber Liquidators Holdings, Inc.(a) |
1,004 | 22,409 | ||||||
|
MarineMax, Inc.(a) |
887 | 24,605 | ||||||
|
Michaels Cos., Inc.(a)(b) |
3,451 | 24,778 | ||||||
|
Monro, Inc. |
1,209 | 68,067 | ||||||
|
Murphy USA, Inc.(a) |
1,084 | 143,532 | ||||||
|
National Vision Holdings, Inc.(a)(b) |
3,057 | 97,793 | ||||||
|
O’Reilly Automotive, Inc.(a) |
2,803 | 1,338,096 | ||||||
|
ODP Corp. |
2,168 | 47,848 | ||||||
|
Penske Automotive Group, Inc. |
1,347 | 60,373 | ||||||
|
Rent-A-Center, Inc. |
1,710 | 49,453 | ||||||
|
RH(a) |
617 | 177,344 | ||||||
|
Ross Stores, Inc. |
13,385 | 1,200,233 | ||||||
|
Sally Beauty Holdings, Inc.(a)(b) |
4,389 | 50,956 | ||||||
|
Shoe Carnival, Inc. |
372 | 9,133 | ||||||
|
Signet Jewelers Ltd. |
1,788 | 19,203 | ||||||
|
Sleep Number Corp.(a) |
1,074 | 49,941 | ||||||
|
Sonic Automotive, Inc., Class A |
808 | 30,801 | ||||||
|
Sportsman’s Warehouse Holdings, Inc.(a) |
1,930 | 31,054 | ||||||
|
Systemax, Inc. |
366 | 8,202 | ||||||
|
Tiffany & Co. |
4,619 | 579,038 | ||||||
|
Tilly’s, Inc., Class A |
598 | 3,594 | ||||||
|
TJX Cos., Inc. |
45,874 | 2,384,989 | ||||||
|
Tractor Supply Co. |
4,425 | 631,625 | ||||||
|
Ulta Beauty, Inc.(a) |
2,041 | 393,893 | ||||||
|
Urban Outfitters, Inc.(a) |
2,358 | 39,001 | ||||||
|
Williams-Sonoma, Inc. |
3,022 | 263,277 | ||||||
|
Winmark Corp. |
85 | 13,513 | ||||||
|
Zumiez, Inc.(a) |
980 | 22,638 | ||||||
|
|
|
|||||||
| 28,612,851 | ||||||||
| Technology Hardware, Storage & Peripherals — 5.6% | ||||||||
|
3D Systems Corp.(a) |
5,730 | 37,761 | ||||||
|
Apple, Inc. |
156,465 | 66,503,884 | ||||||
|
Avid Technology, Inc.(a) |
592 | 4,872 | ||||||
|
Dell Technologies, Inc., Class C(a) |
5,844 | 349,646 | ||||||
|
Diebold Nixdorf, Inc.(a) |
2,781 | 19,384 | ||||||
|
Hewlett Packard Enterprise Co. |
50,804 | 501,435 | ||||||
|
HP, Inc. |
54,873 | 964,667 | ||||||
|
Immersion Corp.(a) |
1,186 | 8,005 | ||||||
|
NCR Corp.(a) |
4,662 | 85,921 | ||||||
|
NetApp, Inc. |
8,672 | 384,170 | ||||||
|
Pure Storage, Inc., Class A(a) |
9,402 | 167,920 | ||||||
|
Super Micro Computer, Inc.(a) |
1,968 | 59,640 | ||||||
|
Synaptics, Inc.(a) |
1,413 | 113,068 | ||||||
|
Western Digital Corp. |
11,412 | 491,857 | ||||||
|
Xerox Holdings Corp.(a) |
7,163 | 119,264 | ||||||
|
|
|
|||||||
| 69,811,494 | ||||||||
| Security | Shares | Value | ||||||
| Textiles, Apparel & Luxury Goods — 0.7% | ||||||||
|
Capri Holdings Ltd.(a) |
5,139 | $ | 76,982 | |||||
|
Carter’s, Inc. |
1,695 | 133,430 | ||||||
|
Columbia Sportswear Co. |
1,102 | 83,576 | ||||||
|
Crocs, Inc.(a) |
2,528 | 90,856 | ||||||
|
Deckers Outdoor Corp.(a) |
1,096 | 229,338 | ||||||
|
Fossil Group, Inc.(a)(b) |
1,424 | 4,714 | ||||||
|
G-III Apparel Group Ltd.(a)(b) |
1,462 | 14,459 | ||||||
|
Hanesbrands, Inc. |
13,136 | 185,612 | ||||||
|
Kontoor Brands, Inc.(a) |
1,656 | 31,729 | ||||||
|
Lululemon Athletica, Inc.(a) |
4,338 | 1,412,409 | ||||||
|
Movado Group, Inc. |
450 | 4,338 | ||||||
|
NIKE, Inc., Class B |
46,289 | 4,518,269 | ||||||
|
Oxford Industries, Inc. |
585 | 25,120 | ||||||
|
PVH Corp. |
2,852 | 138,778 | ||||||
|
Ralph Lauren Corp. |
1,924 | 137,181 | ||||||
|
Rocky Brands, Inc. |
309 | 7,030 | ||||||
|
Skechers U.S.A., Inc., Class A(a) |
5,082 | 148,801 | ||||||
|
Steven Madden Ltd. |
3,544 | 75,062 | ||||||
|
Tapestry, Inc. |
10,699 | 142,939 | ||||||
|
Under Armour, Inc., Class A(a) |
6,763 | 71,147 | ||||||
|
Under Armour, Inc., Class C(a) |
7,474 | 70,928 | ||||||
|
Unifi, Inc.(a) |
322 | 3,851 | ||||||
|
Vera Bradley, Inc.(a) |
696 | 3,052 | ||||||
|
VF Corp. |
12,483 | 753,474 | ||||||
|
Wolverine World Wide, Inc. |
2,847 | 68,442 | ||||||
|
|
|
|||||||
| 8,431,517 | ||||||||
| Thrifts & Mortgage Finance — 0.1% | ||||||||
|
Axos Financial, Inc.(a) |
1,972 | 44,193 | ||||||
|
Banc of California, Inc. |
1,360 | 14,579 | ||||||
|
Berkshire Hills Bancorp, Inc. |
2,000 | 19,920 | ||||||
|
Brookline Bancorp, Inc. |
2,260 | 21,685 | ||||||
|
Capitol Federal Financial, Inc. |
5,759 | 55,574 | ||||||
|
Columbia Financial, Inc.(a) |
2,444 | 29,401 | ||||||
|
Dime Community Bancshares, Inc. |
995 | 11,686 | ||||||
|
Essent Group Ltd. |
3,894 | 139,522 | ||||||
|
Federal Agricultural Mortgage Corp., Class C |
263 | 15,651 | ||||||
|
Flagstar Bancorp, Inc. |
1,465 | 45,972 | ||||||
|
Flushing Financial Corp. |
756 | 8,376 | ||||||
|
Greene County Bancorp, Inc. |
392 | 8,440 | ||||||
|
Hingham Institution for Savings |
79 | 13,904 | ||||||
|
Home Bancorp, Inc. |
190 | 4,442 | ||||||
|
HomeStreet, Inc. |
977 | 25,832 | ||||||
|
Kearny Financial Corp. |
3,052 | 24,538 | ||||||
|
Ladder Capital Corp. |
4,671 | 36,294 | ||||||
|
LendingTree, Inc.(a) |
312 | 108,043 | ||||||
|
Merchants Bancorp |
405 | 7,464 | ||||||
|
Meridian Bancorp, Inc. |
1,376 | 15,693 | ||||||
|
Meta Financial Group, Inc. |
1,266 | 23,624 | ||||||
|
MGIC Investment Corp. |
12,493 | 103,317 | ||||||
|
Mr Cooper Group, Inc.(a) |
2,984 | 48,729 | ||||||
|
New York Community Bancorp, Inc. |
17,538 | 184,675 | ||||||
|
NMI Holdings, Inc., Class A(a) |
2,852 | 44,263 | ||||||
|
Northfield Bancorp, Inc. |
1,190 | 11,436 | ||||||
|
Northwest Bancshares, Inc. |
4,246 | 41,823 | ||||||
|
OceanFirst Financial Corp. |
1,828 | 28,005 | ||||||
|
PCSB Financial Corp. |
450 | 5,004 | ||||||
|
PennyMac Financial Services, Inc.(g) |
1,748 | 84,358 | ||||||
|
Premier Financial Corp. |
1,940 | 34,299 | ||||||
|
Provident Bancorp, Inc. |
875 | 6,869 | ||||||
|
Provident Financial Services, Inc. |
1,941 | 26,495 | ||||||
|
Radian Group, Inc. |
7,445 | 111,079 | ||||||
|
Southern Missouri Bancorp, Inc. |
347 | 7,568 | ||||||
|
Sterling Bancorp, Inc. |
551 | 1,681 | ||||||
|
Territorial Bancorp, Inc. |
536 | 11,776 | ||||||
|
SCHEDULES OF INVESTMENTS |
67 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Thrifts & Mortgage Finance (continued) | ||||||||
|
TFS Financial Corp. |
1,463 | $ | 21,184 | |||||
|
Timberland Bancorp, Inc. |
434 | 7,230 | ||||||
|
TrustCo Bank Corp. NY |
3,596 | 20,821 | ||||||
|
Walker & Dunlop, Inc. |
1,172 | 59,081 | ||||||
|
Washington Federal, Inc. |
3,037 | 70,884 | ||||||
|
Waterstone Financial, Inc. |
804 | 12,285 | ||||||
|
Western New England Bancorp, Inc. |
2,207 | 11,123 | ||||||
|
WSFS Financial Corp. |
2,055 | 58,629 | ||||||
|
|
|
|||||||
| 1,687,447 | ||||||||
| Tobacco — 0.6% | ||||||||
|
Altria Group, Inc. |
71,109 | 2,926,136 | ||||||
|
Philip Morris International, Inc. |
59,491 | 4,569,504 | ||||||
|
Turning Point Brands, Inc. |
273 | 8,976 | ||||||
|
Universal Corp. |
807 | 34,023 | ||||||
|
Vector Group Ltd. |
5,488 | 48,404 | ||||||
|
|
|
|||||||
| 7,587,043 | ||||||||
| Trading Companies & Distributors — 0.3% | ||||||||
|
Air Lease Corp. |
4,187 | 109,783 | ||||||
|
Applied Industrial Technologies, Inc. |
1,954 | 123,337 | ||||||
|
Beacon Roofing Supply, Inc.(a) |
2,457 | 76,560 | ||||||
|
BMC Stock Holdings, Inc.(a) |
2,469 | 63,206 | ||||||
|
CAI International, Inc.(a) |
573 | 9,861 | ||||||
|
DXP Enterprises, Inc.(a) |
556 | 9,385 | ||||||
|
EVI Industries, Inc.(a)(b) |
262 | 6,623 | ||||||
|
Fastenal Co. |
21,752 | 1,023,214 | ||||||
|
Foundation Building Materials, Inc.(a) |
572 | 7,854 | ||||||
|
GATX Corp. |
1,299 | 79,226 | ||||||
|
GMS, Inc.(a) |
1,500 | 35,145 | ||||||
|
H&E Equipment Services, Inc. |
1,091 | 19,191 | ||||||
|
HD Supply Holdings, Inc.(a) |
6,172 | 216,637 | ||||||
|
Herc Holdings, Inc.(a) |
760 | 25,490 | ||||||
|
Kaman Corp. |
920 | 36,331 | ||||||
|
Lawson Products, Inc.(a) |
255 | 7,619 | ||||||
|
MRC Global, Inc.(a) |
2,394 | 14,244 | ||||||
|
MSC Industrial Direct Co., Inc., Class A |
1,640 | 108,257 | ||||||
|
NOW, Inc.(a) |
3,477 | 27,399 | ||||||
|
Rush Enterprises, Inc., Class A |
823 | 39,158 | ||||||
|
Rush Enterprises, Inc., Class B |
266 | 10,587 | ||||||
|
SiteOne Landscape Supply, Inc.(a)(b) |
1,582 | 202,544 | ||||||
|
Textainer Group Holdings Ltd.(a)(b) |
2,139 | 18,053 | ||||||
|
Titan Machinery, Inc.(a) |
433 | 4,705 | ||||||
|
Transcat, Inc.(a) |
348 | 9,709 | ||||||
|
Triton International Ltd. |
2,060 | 64,828 | ||||||
|
United Rentals, Inc.(a) |
2,752 | 427,578 | ||||||
|
Univar Solutions, Inc.(a) |
6,925 | 122,365 | ||||||
|
Veritiv Corp.(a) |
406 | 6,216 | ||||||
|
W.W. Grainger, Inc. |
1,696 | 579,235 | ||||||
|
Watsco, Inc. |
1,241 | 292,963 | ||||||
|
WESCO International, Inc.(a)(b) |
1,974 | 76,729 | ||||||
|
|
|
|||||||
| 3,854,032 | ||||||||
| Transportation Infrastructure — 0.0% | ||||||||
|
Macquarie Infrastructure Corp. |
2,631 | 78,825 | ||||||
|
|
|
|||||||
| Water Utilities — 0.1% | ||||||||
|
American States Water Co. |
1,437 | 110,476 | ||||||
|
American Water Works Co., Inc. |
6,896 | 1,015,574 | ||||||
|
Artesian Resources Corp., Class A |
493 | 17,294 | ||||||
|
Cadiz, Inc.(a) |
459 | 4,875 | ||||||
|
California Water Service Group |
1,870 | 87,647 | ||||||
|
Consolidated Water Co. Ltd. |
1,363 | 16,724 | ||||||
|
Essential Utilities, Inc. |
8,571 | 388,695 | ||||||
|
Global Water Resources, Inc. |
881 | 9,154 | ||||||
|
Middlesex Water Co. |
609 | 39,012 | ||||||
|
SJW Group |
1,031 | 64,396 | ||||||
| Security | Shares | Value | ||||||
| Water Utilities (continued) | ||||||||
|
York Water Co. |
673 | $ | 31,167 | |||||
|
|
|
|||||||
| 1,785,014 | ||||||||
| Wireless Telecommunication Services — 0.2% | ||||||||
|
Boingo Wireless, Inc.(a)(b) |
1,697 | 24,522 | ||||||
|
Gogo, Inc.(a) |
2,125 | 6,184 | ||||||
|
Shenandoah Telecommunications Co. |
1,899 | 95,463 | ||||||
|
Spok Holdings, Inc. |
353 | 3,537 | ||||||
|
T-Mobile U.S., Inc.(a) |
20,281 | 2,177,774 | ||||||
|
Telephone & Data Systems, Inc. |
3,846 | 74,689 | ||||||
|
United States Cellular Corp.(a) |
438 | 12,995 | ||||||
|
|
|
|||||||
| 2,395,164 | ||||||||
|
|
|
|||||||
|
Total Common Stocks — 99.2%
|
|
1,231,877,620 | ||||||
|
|
|
|||||||
|
Investment Companies — 0.4% |
|
|||||||
| Equity Funds — 0.4% | ||||||||
|
iShares Russell 3000 ETF(g) |
25,873 | 4,927,513 | ||||||
|
|
|
|||||||
|
Total Investment Companies — 0.4%
|
|
4,927,513 | ||||||
|
|
|
|||||||
|
Warrants — 0.0% |
|
|||||||
| Oil, Gas & Consumable Fuels — 0.0% | ||||||||
|
Occidental Petroleum Corp., (Expires 8/3/27)(a) |
3,888 | 21,772 | ||||||
|
|
|
|||||||
|
Total Warrants — 0.0%
|
|
21,772 | ||||||
|
|
|
|||||||
|
Total Long-Term Investments — 99.6%
|
|
1,236,826,905 | ||||||
|
|
|
|||||||
|
Short-Term Securities — 1.6% |
|
|||||||
|
BlackRock Cash Funds: Institutional,
|
||||||||
|
0.43%(e)(f)(g) |
15,875,676 | 15,893,139 | ||||||
|
BlackRock Cash Funds: Treasury,
|
||||||||
|
0.15%(e)(g) |
3,994,749 | 3,994,749 | ||||||
|
|
|
|||||||
|
Total Short-Term Securities — 1.6%
|
|
19,887,888 | ||||||
|
|
|
|||||||
|
Total Investments — 101.2%
|
|
1,256,714,793 | ||||||
|
Liabilities in Excess of Other Assets — (1.2)% |
|
(14,668,021 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 1,242,046,772 | |||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
Security, or a portion of the security, is on loan. |
| (c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (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) |
Security was purchased with the cash collateral from loaned securities. |
| 68 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund |
| (g) |
Investments in issuers considered to be an affiliate/affiliates of the Fund during the year ended July 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliated Issuer |
Shares
Held at 07/31/19 |
Shares
Purchased |
Shares Sold |
Shares
Held at 07/31/20 |
Value at
07/31/20 |
Income |
Net
Realized
|
Change in
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
21,426,011 | — | (5,550,335 | )(b) | 15,875,676 | $ | 15,893,139 | $ | 211,744 | (c) | $ | (6,769 | ) | $ | 17,131 | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
8,291,401 | — | (4,296,652 | )(b) | 3,994,749 | 3,994,749 | 116,028 | — | — | |||||||||||||||||||||||
|
BlackRock, Inc. |
4,316 | 1,554 | (240 | ) | 5,630 | 3,237,306 | 63,886 | (11,142 | ) | 554,969 | ||||||||||||||||||||||
|
PennyMac Financial Services, Inc. |
1,874 | 1,266 | — | 3,140 | 59,189 | 4,398 | — | (9,728 | ) | |||||||||||||||||||||||
|
PennyMac Mortgage Investment Trust |
— | 1,748 | — | 1,748 | 84,358 | — | — | 10,497 | ||||||||||||||||||||||||
|
iShares Russell 3000 ETF |
27,474 | 314,449 | (316,050 | ) | 25,873 | 4,927,513 | 138,695 | (849,760 | ) | 604,797 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 28,196,254 | $ | 534,751 | $ | (867,671 | ) | $ | 1,177,666 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) |
Includes net capital gain distributions, if applicable. |
| (b) |
Represents net shares purchased (sold). |
| (c) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description |
Number of
Contracts |
Expiration
Date |
Notional
Amount (000) |
Value/
Unrealized Appreciation (Depreciation) |
||||||||||||
|
Long Contracts |
||||||||||||||||
|
Russell 2000 E-Mini Index |
9 | 09/18/20 | $ | 665 | $ | (1,778 | ) | |||||||||
|
S&P 500 E-Mini Index |
29 | 09/18/20 | 4,732 | 59,935 | ||||||||||||
|
|
|
|||||||||||||||
| $ | 58,157 | |||||||||||||||
|
|
|
|||||||||||||||
Derivative Financial Instruments Categorized by Risk Exposure
As of year 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 contract(a) |
$ | — | $ | — | $ | 59,935 | $ | — | $ | — | $ | — | $ | 59,935 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contract(a) |
$ | — | $ | — | $ | 1,778 | $ | — | $ | — | $ | — | $ | 1,778 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement 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). |
|
SCHEDULES OF INVESTMENTS |
69 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Total U.S. Stock Market Index Fund |
For the year ended July 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
|
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | 1,326,642 | $ | — | $ | — | $ | — | $ | 1,326,642 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | 87,105 | $ | — | $ | — | $ | — | $ | 87,105 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
|
|||
|
Average notional value of contracts — long |
$ | 10,053,593 | ||
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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Assets: |
|
|||||||||||||||
|
Investments: |
|
|||||||||||||||
|
Long-Term Investments: |
|
|||||||||||||||
|
Common Stocks |
$ | 1,231,877,620 | $ | — | $ | — | $ | 1,231,877,620 | ||||||||
|
Investment Companies |
4,927,513 | — | — | 4,927,513 | ||||||||||||
|
Warrants |
21,772 | — | — | 21,772 | ||||||||||||
|
Short-Term Securities |
19,887,888 | — | — | 19,887,888 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,256,714,793 | $ | — | $ | — | $ | 1,256,714,793 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments (a) |
|
|||||||||||||||
|
Assets: |
|
|||||||||||||||
|
Equity contracts |
$ | 59,935 | $ | — | $ | — | $ | 59,935 | ||||||||
|
Liabilities: |
|
|||||||||||||||
|
Equity contracts |
(1,778 | ) | — | — | (1,778 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 58,157 | $ | — | $ | — | $ | 58,157 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 70 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities
July 31, 2020
See notes to financial statements.
|
FINANCIAL STATEMENTS |
71 |
Statements of Assets and Liabilities (continued)
July 31, 2020
|
iShares Russell
Mid-Cap Index Fund |
iShares Russell
Small/Mid-Cap
|
iShares Total U.S. Stock Market Index Fund |
||||||||||
|
NET ASSET VALUE |
|
|||||||||||
| Institutional | ||||||||||||
|
Net assets |
$ | 170,549,816 | $ | 58,679,655 | $ | 84,117,222 | ||||||
|
|
|
|
|
|
|
|||||||
|
Shares outstanding(d) |
15,863,451 | 4,821,426 | 5,493,459 | |||||||||
|
|
|
|
|
|
|
|||||||
|
Net asset value |
$ | 10.75 | $ | 12.17 | $ | 15.31 | ||||||
|
|
|
|
|
|
|
|||||||
| Investor A | ||||||||||||
|
Net assets |
$ | 93,113,107 | $ | 55,521,916 | $ | 114,361,833 | ||||||
|
|
|
|
|
|
|
|||||||
|
Shares outstanding(d) |
8,693,083 | 4,569,476 | 7,477,718 | |||||||||
|
|
|
|
|
|
|
|||||||
|
Net asset value |
$ | 10.71 | $ | 12.15 | $ | 15.29 | ||||||
|
|
|
|
|
|
|
|||||||
| Class K | ||||||||||||
|
Net assets |
$ | 937,492,741 | $ | 142,813,011 | $ | 1,043,567,717 | ||||||
|
|
|
|
|
|
|
|||||||
|
Shares outstanding(d) |
87,023,906 | 11,734,850 | 68,154,064 | |||||||||
|
|
|
|
|
|
|
|||||||
|
Net asset value |
$ | 10.77 | $ | 12.17 | $ | 15.31 | ||||||
|
|
|
|
|
|
|
|||||||
| (d) |
Unlimited number of shares authorized, $0.001 par value. |
See notes to financial statements.
| 72 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Year Ended July 31, 2020
See notes to financial statements.
|
FINANCIAL STATEMENTS |
73 |
Statements of Changes in Net Assets
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| 74 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
|
FINANCIAL STATEMENTS |
75 |
(For a share outstanding throughout each period)
| iShares Russell Mid-Cap Index Fund | ||||||||||||||||||||
| Institutional | ||||||||||||||||||||
| Year Ended July 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
|
Net asset value, beginning of year |
$ | 10.98 | $ | 10.70 | $ | 11.26 | $ | 10.22 | $ | 9.94 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net investment income(a) |
0.19 | 0.17 | 0.16 | 0.16 | 0.18 | |||||||||||||||
|
Net realized and unrealized gain |
0.02 | 0.50 | 1.22 | 1.14 | 0.24 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net increase from investment operations |
0.21 | 0.67 | 1.38 | 1.30 | 0.42 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Distributions(b) |
|
|||||||||||||||||||
|
From net investment income |
(0.17 | ) | (0.17 | ) | (0.18 | ) | (0.23 | ) | (0.13 | ) | ||||||||||
|
From net realized gain |
(0.27 | ) | (0.22 | ) | (1.76 | ) | (0.03 | ) | (0.01 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total distributions |
(0.44 | ) | (0.39 | ) | (1.94 | ) | (0.26 | ) | (0.14 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net asset value, end of year |
$ | 10.75 | $ | 10.98 | $ | 10.70 | $ | 11.26 | $ | 10.22 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total Return(c) |
|
|||||||||||||||||||
|
Based on net asset value |
1.96 | % | 6.76 | % | 13.29 | %(d) | 12.91 | % | 4.35 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Ratios to Average Net Assets |
|
|||||||||||||||||||
|
Total expenses |
0.10 | % | 0.12 | % | 0.13 | % | 0.23 | % | 0.13 | %(e) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total expenses excluding recoupment of past fees waived and/or reimbursed |
0.09 | % | 0.05 | % | 0.09 | % | 0.20 | % | 0.13 | %(e) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total expenses after fees waived and/or reimbursed |
0.10 | % | 0.12 | % | 0.11 | % | 0.12 | % | 0.06 | %(e) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net investment income |
1.77 | % | 1.66 | % | 1.46 | % | 1.52 | % | 1.87 | %(e) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Supplemental Data |
|
|||||||||||||||||||
|
Net assets, end of year (000) |
$ | 170,550 | $ | 244,272 | $ | 174,840 | $ | 366,684 | $ | 191,337 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Portfolio turnover rate |
26 | % | 25 | % | 75 | % | 41 | % | 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) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
| (e) |
Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| 76 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Russell Mid-Cap Index Fund (continued) | ||||||||||||||||||||||||
| Investor A | ||||||||||||||||||||||||
| Year Ended July 31, |
Period from 11/30/15 (a) to 07/31/16 |
|||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 10.93 | $ | 10.66 | $ | 11.24 | $ | 10.20 | $ | 9.66 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income(b) |
0.15 | 0.17 | 0.12 | 0.13 | 0.07 | |||||||||||||||||||
|
Net realized and unrealized gain |
0.04 | 0.47 | 1.22 | 1.16 | 0.60 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net increase from investment operations |
0.19 | 0.64 | 1.34 | 1.29 | 0.67 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Distributions(c) |
|
|||||||||||||||||||||||
|
From net investment income |
(0.14 | ) | (0.15 | ) | (0.16 | ) | (0.22 | ) | (0.12 | ) | ||||||||||||||
|
From net realized gain |
(0.27 | ) | (0.22 | ) | (1.76 | ) | (0.03 | ) | (0.01 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total distributions |
(0.41 | ) | (0.37 | ) | (1.92 | ) | (0.25 | ) | (0.13 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net asset value, end of period |
$ | 10.71 | $ | 10.93 | $ | 10.66 | $ | 11.24 | $ | 10.20 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total Return(d) |
|
|||||||||||||||||||||||
|
Based on net asset value |
1.80 | % | 6.43 | % | 12.96 | %(e) | 12.78 | % | 7.07 | %(f) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Ratios to Average Net Assets |
|
|||||||||||||||||||||||
|
Total expenses |
0.36 | % | 0.34 | % | 0.35 | % | 0.34 | % | 0.34 | %(g)(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses excluding recoupment of past fees waived and/or reimbursed |
0.35 | % | 0.33 | % | 0.35 | % | 0.34 | % | 0.34 | %(g)(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses after fees waived and/or reimbursed |
0.35 | % | 0.33 | % | 0.34 | % | 0.33 | % | 0.33 | %(g)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income |
1.48 | % | 1.64 | % | 1.11 | % | 1.17 | % | 1.06 | %(g)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Supplemental Data |
|
|||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 93,113 | $ | 105,914 | $ | 203,933 | $ | 46,135 | $ | 6,669 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Portfolio turnover rate |
26 | % | 25 | % | 75 | % | 41 | % | 24 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Where applicable, assumes the reinvestment of distributions. |
| (e) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
| (f) |
Aggregate total return. |
| (g) |
Annualized. |
| (h) |
Offering costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 0.34%. |
| (i) |
Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
|
FINANCIAL HIGHLIGHTS |
77 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Russell Mid-Cap Index Fund (continued) | ||||||||||||||||||||
| Class K | ||||||||||||||||||||
| Year Ended July 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
|
Net asset value, beginning of year |
$ | 11.00 | $ | 10.72 | $ | 11.28 | $ | 10.23 | $ | 9.94 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net investment income(a) |
0.18 | 0.17 | 0.13 | 0.18 | 0.17 | |||||||||||||||
|
Net realized and unrealized gain |
0.03 | 0.51 | 1.25 | 1.13 | 0.26 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net increase from investment operations |
0.21 | 0.68 | 1.38 | 1.31 | 0.43 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Distributions(b) |
|
|||||||||||||||||||
|
From net investment income |
(0.17 | ) | (0.18 | ) | (0.18 | ) | (0.23 | ) | (0.13 | ) | ||||||||||
|
From net realized gain |
(0.27 | ) | (0.22 | ) | (1.76 | ) | (0.03 | ) | (0.01 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total distributions |
(0.44 | ) | (0.40 | ) | (1.94 | ) | (0.26 | ) | (0.14 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net asset value, end of year |
$ | 10.77 | $ | 11.00 | $ | 10.72 | $ | 11.28 | $ | 10.23 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total Return(c) |
|
|||||||||||||||||||
|
Based on net asset value |
2.00 | % | 6.81 | % | 13.32 | %(d) | 13.02 | % | 4.46 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Ratios to Average Net Assets |
|
|||||||||||||||||||
|
Total expenses |
0.08 | % | 0.07 | % | 0.09 | % | 0.08 | % | 0.09 | %(e) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total expenses excluding recoupment of past fees waived and/or reimbursed |
0.07 | % | 0.06 | % | 0.08 | % | 0.07 | % | 0.09 | %(e) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total expenses after fees waived and/or reimbursed |
0.07 | % | 0.07 | % | 0.07 | % | 0.06 | % | 0.07 | %(e) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net investment income |
1.73 | % | 1.67 | % | 1.25 | % | 1.67 | % | 1.78 | %(e) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Supplemental Data |
|
|||||||||||||||||||
|
Net assets, end of year (000) |
$ | 937,493 | $ | 783,361 | $ | 410,593 | $ | 229,763 | $ | 2,174,096 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Portfolio turnover rate |
26 | % | 25 | % | 75 | % | 41 | % | 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) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
| (e) |
Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| 78 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Russell Small/Mid-Cap Index Fund | ||||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||
| Year Ended July 31, |
Period from 08/13/15 (a) to 07/31/16 |
|||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 12.72 | $ | 13.20 | $ | 11.58 | $ | 10.22 | $ | 10.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income(b) |
0.13 | 0.18 | 0.15 | 0.15 | 0.14 | |||||||||||||||||||
|
Net realized and unrealized gain (loss) |
(0.35 | ) | (0.16 | ) | 1.82 | 1.38 | 0.19 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net increase (decrease) from investment operations |
(0.22 | ) | 0.02 | 1.97 | 1.53 | 0.33 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Distributions(c) |
|
|||||||||||||||||||||||
|
From net investment income |
(0.16 | ) | (0.20 | ) | (0.17 | ) | (0.15 | ) | (0.11 | ) | ||||||||||||||
|
From net realized gain |
(0.17 | ) | (0.30 | ) | (0.18 | ) | (0.02 | ) | (0.00 | )(d) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total distributions |
(0.33 | ) | (0.50 | ) | (0.35 | ) | (0.17 | ) | (0.11 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net asset value, end of period |
$ | 12.17 | $ | 12.72 | $ | 13.20 | $ | 11.58 | $ | 10.22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total Return(e) |
|
|||||||||||||||||||||||
|
Based on net asset value |
(1.68 | )% | 0.58 | % | 17.27 | %(f) | 15.02 | % | 3.44 | %(g) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Ratios to Average Net Assets |
|
|||||||||||||||||||||||
|
Total expenses |
0.21 | % | 0.24 | % | 0.28 | % | 0.74 | %(h) | 1.60 | %(h)(i)(j) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses excluding recoupment of past fees waived and/or reimbursed |
0.21 | % | 0.24 | % | 0.28 | % | 0.74 | %(h) | 1.60 | %(h)(i)(j) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses after fees waived and/or reimbursed |
0.12 | % | 0.12 | % | 0.12 | % | 0.11 | %(h) | 0.12 | %(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income |
1.14 | % | 1.48 | % | 1.21 | % | 1.31 | %(h) | 1.50 | %(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Supplemental Data |
|
|||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 58,680 | $ | 12,239 | $ | 14,431 | $ | 3,939 | $ | 78 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Portfolio turnover rate |
29 | % | 27 | % | 54 | % | 48 | % | 17 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Amount is greater than $(0.005) per share. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| (g) |
Aggregate total return. |
| (h) |
Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
| (i) |
Annualized. |
| (j) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.63%. |
See notes to financial statements.
|
FINANCIAL HIGHLIGHTS |
79 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Russell Small/Mid-Cap Index Fund (continued) | ||||||||||||||||||||||||
| Investor A | ||||||||||||||||||||||||
| Year Ended July 31, |
Period from 08/13/15 (a) to 07/31/16 |
|||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 12.70 | $ | 13.18 | $ | 11.56 | $ | 10.21 | $ | 10.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income(b) |
0.13 | 0.15 | 0.14 | 0.13 | 0.08 | |||||||||||||||||||
|
Net realized and unrealized gain (loss) |
(0.37 | ) | (0.16 | ) | 1.80 | 1.37 | 0.23 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net increase (decrease) from investment operations |
(0.24 | ) | (0.01 | ) | 1.94 | 1.50 | 0.31 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Distributions(c) |
|
|||||||||||||||||||||||
|
From net investment income |
(0.14 | ) | (0.17 | ) | (0.14 | ) | (0.13 | ) | (0.10 | ) | ||||||||||||||
|
From net realized gain |
(0.17 | ) | (0.30 | ) | (0.18 | ) | (0.02 | ) | (0.00 | )(d) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total distributions |
(0.31 | ) | (0.47 | ) | (0.32 | ) | (0.15 | ) | (0.10 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net asset value, end of period |
$ | 12.15 | $ | 12.70 | $ | 13.18 | $ | 11.56 | $ | 10.21 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total Return(e) |
|
|||||||||||||||||||||||
|
Based on net asset value |
(1.90 | )% | 0.35 | % | 17.03 | %(f) | 14.71 | % | 3.24 | %(g) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Ratios to Average Net Assets |
|
|||||||||||||||||||||||
|
Total expenses |
0.44 | % | 0.45 | % | 0.51 | % | 0.74 | %(h) | 1.17 | %(h)(i)(j) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses excluding recoupment of past fees waived and/or reimbursed |
0.44 | % | 0.45 | % | 0.51 | % | 0.74 | %(h) | 1.17 | %(h)(i)(j) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses after fees waived and/or reimbursed |
0.35 | % | 0.35 | % | 0.35 | % | 0.33 | %(h) | 0.35 | %(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income |
1.13 | % | 1.25 | % | 1.10 | % | 1.22 | %(h) | 0.79 | %(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Supplemental Data |
|
|||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 55,522 | $ | 30,250 | $ | 25,073 | $ | 21,358 | $ | 5,713 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Portfolio turnover rate |
29 | % | 27 | % | 54 | % | 48 | % | 17 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Amount is greater than $(0.005) per share. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| (g) |
Aggregate total return. |
| (h) |
Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
| (i) |
Annualized. |
| (j) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.18%. |
See notes to financial statements.
| 80 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Russell Small/Mid-Cap Index Fund (continued) | ||||||||||||||||||||||||
| Class K | ||||||||||||||||||||||||
| Year Ended July 31, |
Period from 08/13/15 (a) to 07/31/16 |
|||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 12.72 | $ | 13.20 | $ | 11.58 | $ | 10.22 | $ | 10.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income(b) |
0.19 | 0.19 | 0.17 | 0.16 | 0.14 | |||||||||||||||||||
|
Net realized and unrealized gain (loss) |
(0.40 | ) | (0.16 | ) | 1.80 | 1.37 | 0.19 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net increase (decrease) from investment operations |
(0.21 | ) | 0.03 | 1.97 | 1.53 | 0.33 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Distributions(c) |
|
|||||||||||||||||||||||
|
From net investment income |
(0.17 | ) | (0.21 | ) | (0.17 | ) | (0.15 | ) | (0.11 | ) | ||||||||||||||
|
From net realized gain |
(0.17 | ) | (0.30 | ) | (0.18 | ) | (0.02 | ) | (0.00 | )(d) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total distributions |
(0.34 | ) | (0.51 | ) | (0.35 | ) | (0.17 | ) | (0.11 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net asset value, end of period |
$ | 12.17 | $ | 12.72 | $ | 13.20 | $ | 11.58 | $ | 10.22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total Return(e) |
|
|||||||||||||||||||||||
|
Based on net asset value |
(1.64 | )% | 0.63 | % | 17.32 | %(f) | 15.04 | % | 3.48 | %(g) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Ratios to Average Net Assets |
|
|||||||||||||||||||||||
|
Total expenses |
0.16 | % | 0.17 | % | 0.23 | % | 0.47 | %(h) | 1.34 | %(h)(i)(j) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses excluding recoupment of past fees waived and/or reimbursed |
0.16 | % | 0.17 | % | 0.23 | % | 0.47 | %(h) | 1.34 | %(h)(i)(j) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses after fees waived and/or reimbursed |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | 0.08 | %(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income |
1.55 | % | 1.53 | % | 1.37 | % | 1.47 | %(h) | 1.57 | %(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Supplemental Data |
|
|||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 142,813 | $ | 154,242 | $ | 87,011 | $ | 64,118 | $ | 27,109 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Portfolio turnover rate |
29 | % | 27 | % | 54 | % | 48 | % | 17 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Amount is greater than $(0.005) per share. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| (g) |
Aggregate total return. |
| (h) |
Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
| (i) |
Annualized. |
| (j) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.37%. |
See notes to financial statements.
|
FINANCIAL HIGHLIGHTS |
81 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Total U.S. Stock Market Index Fund | ||||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||
| Year Ended July 31, |
Period from 08/13/15 (a) to 07/31/16 |
|||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 14.13 | $ | 13.52 | $ | 11.89 | $ | 10.44 | $ | 10.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income(b) |
0.25 | 0.25 | 0.22 | 0.21 | 0.18 | |||||||||||||||||||
|
Net realized and unrealized gain |
1.24 | 0.67 | 1.69 | 1.44 | 0.39 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net increase from investment operations |
1.49 | 0.92 | 1.91 | 1.65 | 0.57 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Distributions(c) |
|
|||||||||||||||||||||||
|
From net investment income |
(0.27 | ) | (0.26 | ) | (0.22 | ) | (0.19 | ) | (0.13 | ) | ||||||||||||||
|
From net realized gain |
(0.04 | ) | (0.05 | ) | (0.06 | ) | (0.01 | ) | (0.00 | )(d) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total distributions |
(0.31 | ) | (0.31 | ) | (0.28 | ) | (0.20 | ) | (0.13 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net asset value, end of period |
$ | 15.31 | $ | 14.13 | $ | 13.52 | $ | 11.89 | $ | 10.44 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total Return(e) |
|
|||||||||||||||||||||||
|
Based on net asset value |
10.79 | % | 7.01 | % | 16.21 | %(f) | 16.03 | %(f) | 5.75 | %(g) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Ratios to Average Net Assets |
|
|||||||||||||||||||||||
|
Total expenses |
0.09 | % | 0.09 | % | 0.11 | % | 0.08 | % | 0.77 | %(h)(i)(j) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses excluding recoupment of past fees waived and/or reimbursed |
0.09 | % | 0.09 | % | 0.11 | % | 0.08 | % | 0.77 | %(h)(i)(j) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses after fees waived |
0.08 | % | 0.08 | % | 0.08 | % | 0.05 | % | 0.06 | %(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income |
1.79 | % | 1.87 | % | 1.69 | % | 1.87 | % | 1.96 | %(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Supplemental Data |
|
|||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 84,117 | $ | 88,223 | $ | 83,121 | $ | 27,221 | $ | 2,428 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Portfolio turnover rate |
15 | % | 19 | % | 14 | % | 11 | % | 4 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Amount is greater than $(0.005) per share. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
| (g) |
Aggregate total return. |
| (h) |
Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
| (i) |
Annualized. |
| (j) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.79% |
See notes to financial statements.
| 82 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Total U.S. Stock Market Index Fund (continued) | ||||||||||||||||||||||||
| Investor A | ||||||||||||||||||||||||
| Year Ended July 31, |
Period from 08/13/15 (a) to 07/31/16 |
|||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 14.11 | $ | 13.50 | $ | 11.88 | $ | 10.44 | $ | 10.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income(b) |
0.22 | 0.22 | 0.19 | 0.18 | 0.10 | |||||||||||||||||||
|
Net realized and unrealized gain |
1.24 | 0.67 | 1.68 | 1.44 | 0.45 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net increase from investment operations |
1.46 | 0.89 | 1.87 | 1.62 | 0.55 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Distributions(c) |
|
|||||||||||||||||||||||
|
From net investment income |
(0.24 | ) | (0.23 | ) | (0.19 | ) | (0.17 | ) | (0.11 | ) | ||||||||||||||
|
From net realized gain |
(0.04 | ) | (0.05 | ) | (0.06 | ) | (0.01 | ) | (0.00 | )(d) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total distributions |
(0.28 | ) | (0.28 | ) | (0.25 | ) | (0.18 | ) | (0.11 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net asset value, end of period |
$ | 15.29 | $ | 14.11 | $ | 13.50 | $ | 11.88 | $ | 10.44 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total Return(e) |
|
|||||||||||||||||||||||
|
Based on net asset value |
10.56 | % | 6.77 | % | 15.87 | %(f) | 15.71 | %(f) | 5.57 | %(g) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Ratios to Average Net Assets |
|
|||||||||||||||||||||||
|
Total expenses |
0.31 | % | 0.32 | % | 0.34 | % | 0.33 | % | 0.44 | %(h)(i)(j) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses excluding recoupment of past fees waived and/or reimbursed |
0.31 | % | 0.32 | % | 0.34 | % | 0.32 | % | 0.44 | %(h)(i)(j) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses after fees waived |
0.30 | % | 0.31 | % | 0.31 | % | 0.29 | % | 0.29 | %(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income |
1.56 | % | 1.64 | % | 1.51 | % | 1.63 | % | 1.06 | %(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Supplemental Data |
|
|||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 114,362 | $ | 84,192 | $ | 72,794 | $ | 61,048 | $ | 8,873 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Portfolio turnover rate |
15 | % | 19 | % | 14 | % | 11 | % | 4 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Amount is greater than $(0.005) per share. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
| (g) |
Aggregate total return. |
| (h) |
Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
| (i) |
Annualized. |
| (j) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.44%. |
See notes to financial statements.
|
FINANCIAL HIGHLIGHTS |
83 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Total U.S. Stock Market Index Fund (continued) | ||||||||||||||||||||||||
| Class K | ||||||||||||||||||||||||
| Year Ended July 31, |
Period from 08/13/15 (a) to 07/31/16 |
|||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 14.13 | $ | 13.52 | $ | 11.89 | $ | 10.44 | $ | 10.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income(b) |
0.26 | 0.26 | 0.23 | 0.22 | 0.17 | |||||||||||||||||||
|
Net realized and unrealized gain |
1.24 | 0.66 | 1.69 | 1.44 | 0.40 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net increase from investment operations |
1.50 | 0.92 | 1.92 | 1.66 | 0.57 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Distributions(c) |
|
|||||||||||||||||||||||
|
From net investment income |
(0.28 | ) | (0.26 | ) | (0.23 | ) | (0.20 | ) | (0.13 | ) | ||||||||||||||
|
From net realized gain |
(0.04 | ) | (0.05 | ) | (0.06 | ) | (0.01 | ) | (0.00 | )(d) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total distributions |
(0.32 | ) | (0.31 | ) | (0.29 | ) | (0.21 | ) | (0.13 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net asset value, end of period |
$ | 15.31 | $ | 14.13 | $ | 13.52 | $ | 11.89 | $ | 10.44 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total Return(e) |
|
|||||||||||||||||||||||
|
Based on net asset value |
10.84 | % | 7.06 | % | 16.26 | %(f) | 16.05 | %(f) | 5.78 | %(g) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Ratios to Average Net Assets |
|
|||||||||||||||||||||||
|
Total expenses |
0.04 | % | 0.04 | % | 0.06 | % | 0.06 | % | 0.37 | %(h)(i)(j) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses excluding recoupment of past fees waived and/or reimbursed |
0.04 | % | 0.04 | % | 0.06 | % | 0.06 | % | 0.37 | %(h)(i)(j) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total expenses after fees waived |
0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | 0.03 | %(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net investment income |
1.84 | % | 1.91 | % | 1.79 | % | 1.95 | % | 1.71 | %(h)(i) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Supplemental Data |
|
|||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 1,043,568 | $ | 916,638 | $ | 761,815 | $ | 599,599 | $ | 290,381 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Portfolio turnover rate |
15 | % | 19 | % | 14 | % | 11 | % | 4 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Amount is greater than $(0.005) per share. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
| (g) |
Aggregate total return. |
| (h) |
Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
| (i) |
Annualized. |
| (j) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.38%. |
See notes to financial statements.
| 84 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
| 1. |
ORGANIZATION |
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:
| Fund Name | Herein Referred To As |
Diversification
Classification |
||
|
iShares Russell Mid-Cap Index Fund |
Mid-Cap Index | Diversified | ||
|
iShares Russell Small/Mid-Cap Index Fund |
Small/Mid-Cap Index | Diversified | ||
|
iShares Total U.S. Stock Market Index Fund |
Total U.S. Stock Market Index | Diversified |
Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing 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 |
Contingent Deferred
Sales Charge |
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 equity, multi-asset, index and money market 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 on the identified cost basis. Dividend income and non-cash dividend income, if any, are recorded on the ex-dividend date. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager are prorated among those funds on the basis of relative net assets or other appropriate methods.
|
NOTES TO FINANCIAL STATEMENTS |
85 |
Notes to Financial Statements (continued)
| 3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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 the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price. |
| • |
Investments in open-end U.S. mutual funds are valued at net asset value (“NAV”) each business day. |
| • |
Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the 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 Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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 Global Valuation Committee and third party pricing services utilize one or a combination of, but not limited to, the following inputs.
| Standard Inputs Generally Considered By Third Party Pricing Services | ||
|
Market approach |
(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers. |
|
|
Income approach |
(i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. |
|
|
Cost approach |
(i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company. |
Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:
| • |
Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access |
| • |
Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| 86 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
| • |
Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of investments and derivative 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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: Certain 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.
The market value of any securities on loan, all of which were classified as common stocks in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated, and collateral on securities loaned at value, respectively. 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.
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 a Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
|
NOTES TO FINANCIAL STATEMENTS |
87 |
Notes to Financial Statements (continued)
As of period end, the following table is a summary of the Funds’ securities lending agreements by counterparty which are subject to offset under an MSLA:
| Counterparty |
Securities
Loaned at Value |
Cash Collateral
Received (a) |
Net
Amount (b) |
|||||||||
|
Mid-Cap Index |
||||||||||||
|
Barclays Capital, Inc. |
$ | 2,975,697 | $ | (2,975,697 | ) | $ | — | |||||
|
BNP Paribas Securities Corp |
172,876 | (172,876 | ) | — | ||||||||
|
BofA Securities, Inc. |
1,150,485 | (1,150,485 | ) | — | ||||||||
|
Citigroup Global Markets, Inc. |
2,421,429 | (2,421,429 | ) | — | ||||||||
|
Credit Suisse Securities (USA) LLC |
817,954 | (817,954 | ) | — | ||||||||
|
HSBC Bank PLC |
528,843 | (528,843 | ) | — | ||||||||
|
ING Financial Markets LLC |
702 | (702 | ) | — | ||||||||
|
Morgan Stanley & Co. LLC |
9,356,177 | (9,356,177 | ) | — | ||||||||
|
National Financial Services LLC |
1,334,388 | (1,334,388 | ) | — | ||||||||
|
Scotia Capital (USA), Inc. |
3,097,208 | (3,061,690 | ) | 35,518 | ||||||||
|
SG Americas Securities LLC |
314,741 | (314,741 | ) | — | ||||||||
|
State Street Bank & Trust Company |
476,067 | (476,067 | ) | — | ||||||||
|
TD Prime Services LLC |
551,112 | (551,112 | ) | — | ||||||||
|
Virtu Americas LLC |
332,140 | (332,140 | ) | — | ||||||||
|
Wells Fargo Bank, National Association |
351,642 | (351,642 | ) | |||||||||
|
Wells Fargo Securities LLC |
3,940,751 | (3,940,751 | ) | — | ||||||||
|
|
|
|
|
|
|
|||||||
| $ | 27,822,212 | $ | (27,786,694 | ) | $ | 35,518 | ||||||
|
|
|
|
|
|
|
|||||||
|
Small/Mid-Cap Index |
|
|||||||||||
|
BNP Paribas Securities Corp |
$ | 115,754 | $ | (115,754 | ) | $ | — | |||||
|
BofA Securities, Inc. |
1,197,688 | (1,197,688 | ) | — | ||||||||
|
Citigroup Global Markets, Inc. |
3,570,150 | (3,570,150 | ) | — | ||||||||
|
Credit Suisse Securities (USA) LLC |
1,033,069 | (1,033,069 | ) | — | ||||||||
|
Goldman Sachs & Co. |
4,098,405 | (4,098,405 | ) | — | ||||||||
|
HSBC Bank PLC |
72,077 | (72,077 | ) | — | ||||||||
|
Jefferies LLC |
110,017 | (110,017 | ) | — | ||||||||
|
J.P. Morgan Securities LLC |
3,797,922 | (3,797,922 | ) | — | ||||||||
|
Morgan Stanley & Co. LLC |
3,546,258 | (3,546,258 | ) | — | ||||||||
|
National Financial Services LLC |
977,608 | (977,608 | ) | — | ||||||||
|
Nomura Securities International, Inc. |
9,934 | (9,934 | ) | — | ||||||||
|
Scotia Capital (USA), Inc. |
8,149 | (8,149 | ) | — | ||||||||
|
SG Americas Securities LLC |
90,830 | (90,617 | ) | 213 | ||||||||
|
State Street Bank & Trust Company |
157,646 | (157,646 | ) | |||||||||
|
TD Prime Services LLC |
373,989 | (373,989 | ) | — | ||||||||
|
Virtu Americas LLC |
537,406 | (537,406 | ) | — | ||||||||
|
Wells Fargo Bank, National Association |
1,938,435 | (1,938,435 | ) | — | ||||||||
|
Wells Fargo Securities LLC |
1,218,932 | (1,218,932 | ) | — | ||||||||
|
|
|
|
|
|
|
|||||||
| $ | 22,854,269 | $ | (22,854,056 | ) | $ | 213 | ||||||
|
|
|
|
|
|
|
|||||||
|
Total U.S. Stock Market Index |
|
|||||||||||
|
BNP Paribas Securities Corp |
$ | 4,307 | $ | (4,307 | ) | $ | — | |||||
|
BofA Securities, Inc. |
2,047,481 | (2,047,481 | ) | — | ||||||||
|
Citadel Clearing LLC |
17,756 | (17,756 | ) | — | ||||||||
|
Citigroup Global Markets, Inc. |
1,277,516 | (1,277,516 | ) | — | ||||||||
|
Credit Suisse Securities (USA) LLC |
126,084 | (117,498 | ) | 8,586 | ||||||||
|
Goldman Sachs & Co. |
1,867,682 | (1,867,682 | ) | — | ||||||||
|
HSBC Bank PLC |
31,389 | (31,389 | ) | — | ||||||||
|
Jefferies LLC |
42,056 | (42,056 | ) | — | ||||||||
|
J.P. Morgan Securities LLC |
2,876,767 | (2,876,767 | ) | — | ||||||||
|
Morgan Stanley & Co. LLC |
2,967,663 | (2,967,663 | ) | — | ||||||||
|
National Financial Services LLC |
440,611 | (440,611 | ) | — | ||||||||
|
Nomura Securities International, Inc. |
307,100 | (307,100 | ) | — | ||||||||
|
Scotia Capital (USA), Inc. |
314,604 | (314,604 | ) | — | ||||||||
|
SG Americas Securities LLC |
637,289 | (637,289 | ) | — | ||||||||
|
State Street Bank & Trust Company |
138,181 | (138,175 | ) | 6 | ||||||||
|
TD Prime Services LLC |
180,600 | (179,522 | ) | 1,078 | ||||||||
|
Wells Fargo Bank, National Association |
1,351,373 | (1,351,373 | ) | — | ||||||||
|
Wells Fargo Securities LLC |
787,682 | (783,765 | ) | 3,917 | ||||||||
|
|
|
|
|
|
|
|||||||
| $ | 15,416,141 | $ | (15,402,554 | ) | $ | 13,587 | ||||||
|
|
|
|
|
|
|
|||||||
| (a) |
Collateral received 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, 2020. Additional collateral is delivered to the 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. |
| 88 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.
| 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 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 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, foreign currency exchange rates or underlying assets.
| 6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:
|
Investment
Advisory Fees |
||||
|
Mid-Cap Index |
0.02 | % | ||
|
Small/Mid-Cap Index |
0.03 | |||
|
Total U.S. Stock Market Index |
0.01 | |||
With respect to each Fund, the Manager entered into separate sub-advisory agreements with BlackRock Fund Advisors (“BFA”), an affiliate of the Manager. The Manager pays BFA for services it provides for that portion of each Fund for which BFA acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.
Service Fees: The Trust, on behalf of the Funds, 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:
| Service Fees | ||||
|
Investor A |
0.25 | % | ||
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing services to the Funds. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.
|
NOTES TO FINANCIAL STATEMENTS |
89 |
Notes to Financial Statements (continued)
For the year ended July 31, 2020, the following table shows the class specific service fees borne directly by each share class of each Fund:
| Investor A | ||||
|
Mid-Cap Index |
$ | 239,359 | ||
|
Small/Mid-Cap Index |
88,217 | |||
|
Total U.S. Stock Market Index |
237,667 | |||
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, 2020, 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, 2020, 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:
| Institutional | Investor A | Class K | Total | |||||||||||||
|
Mid-Cap Index |
$ | 717 | $ | 2,250 | $ | 1,749 | $ | 4,716 | ||||||||
|
Small/Mid-Cap Index |
54 | 911 | 378 | 1,343 | ||||||||||||
|
Total U.S. Stock Market Index |
354 | 3,103 | 2,195 | 5,652 | ||||||||||||
For the year ended July 31, 2020, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:
| Institutional | Investor A | Class K | Total | |||||||||||||
|
Mid-Cap Index |
$ | 85,554 | $ | 48,545 | $ | 166,022 | $ | 300,121 | ||||||||
|
Small/Mid-Cap Index |
14,078 | 10,655 | 2,636 | 27,369 | ||||||||||||
|
Total U.S. Stock Market Index |
45,076 | 21,333 | 19,218 | 85,627 | ||||||||||||
Expense Limitations, Waivers, Reimbursements and Recoupments: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through November 30, 2020. 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. Prior to November 27, 2019, this waiver was voluntary. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2020, the amounts waived were as follows:
|
Fees Waived and/or Reimbursed by the Manager |
||||
|
Mid-Cap Index |
$ | 7,906 | ||
|
Small/Mid-Cap Index |
1,472 | |||
|
Total U.S. Stock Market Index |
7,372 | |||
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 November 30, 2020. 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, 2020, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:
|
Fees Waived and/or Reimbursed by the Manager |
||||
|
Mid-Cap Index |
$ | 1,619 | ||
|
Small/Mid-Cap Index |
467 | |||
|
Total U.S. Stock Market Index |
685 | |||
With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:
|
Mid-Cap
Index |
Small/Mid-Cap
Index |
Total U.S.
Stock Market Index |
||||||||||
|
Institutional |
0.12 | % | 0.12 | % | 0.08 | % | ||||||
|
Investor A |
0.37 | 0.37 | 0.33 | |||||||||
|
Class K |
0.07 | 0.07 | 0.03 | |||||||||
| 90 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
The Manager has agreed not to reduce or discontinue these contractual expense limitations through November 30, 2020, 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, 2020, the Manager waived and/or reimbursed the following amounts, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations:
|
Fees Waived and/or
Reimbursed by
|
||||
|
Small/Mid-Cap Index |
$ | 177,108 | ||
|
Total U.S. Stock Market Index |
100,739 | |||
These amounts waived and/or reimbursed are included in transfer agent fees waived and/or reimbursed—class specific, in the Statements of Operations. For the year ended July 31, 2020, class specific expense waivers and/or reimbursements are as follows:
| Transfer Agent Fees Waived and/or reimbursed | Institutional | Investor A | Class K | Total | ||||||||||||
|
Mid-Cap Index |
$ | 1 | $ | 1,255 | $ | 43,629 | $ | 44,885 | ||||||||
|
Small/Mid-Cap Index |
1,236 | — | 2,635 | 3,871 | ||||||||||||
|
Total U.S. Stock Market Index |
1,785 | — | 19,215 | 21,000 | ||||||||||||
With respect to the contractual expense limitation, if during a Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:
(1) each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and
(2) the Manager or an affiliate continues to serve as a Fund’s investment adviser or administrator.
This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective August 13, 2022 for Small/Mid-Cap Index and Total U.S. Stock Market Index and effective May 13, 2022 for Mid-Cap Index, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under each Fund’s contractual caps on net expenses will be terminated.
For the year ended July 31, 2020, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Funds:
|
Mid-Cap
Index |
Small/Mid-Cap Index |
Total U.S.
Stock Market Index |
||||||||||
|
Fund Level |
$ | 27,922 | $ | — | $ | — | ||||||
|
Institutional |
7,857 | 90 | 63 | |||||||||
|
Investor A |
— | 4 | — | |||||||||
As of July 31, 2020, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:
| Expiring | ||||||||
| July 31, 2021 | May 13, 2022 | |||||||
|
Mid-Cap Index |
||||||||
|
Fund Level |
$ | — | $ | — | ||||
|
Institutional |
— | 1 | ||||||
|
Investor A |
— | 1,255 | ||||||
|
Class K |
2,319 | 43,630 | ||||||
| July 31, 2022 | ||||||||
|
Small/Mid-Cap Index |
||||||||
|
Fund Level |
$ | 176,663 | $ | 177,108 | ||||
|
Institutional |
2,596 | 1,236 | ||||||
|
Investor A |
— | — | ||||||
|
Class K |
2,681 | 2,635 | ||||||
|
Total U.S. Stock Market Index |
||||||||
|
Fund Level |
$ | 83,780 | $ | 100,739 | ||||
|
Institutional |
2,968 | 1,785 | ||||||
|
Investor A |
— | — | ||||||
|
Class K |
9,833 | 19,215 | ||||||
|
NOTES TO FINANCIAL STATEMENTS |
91 |
Notes to Financial Statements (continued)
The following fund level and class specific waivers and/or reimbursements previously recorded by the Funds, which were subject to recoupment by the Manager, expired on July 31, 2020:
| Expired July 31, | ||||
| 2020 | ||||
|
Mid-Cap Index |
||||
|
Fund Level |
$ | 61,538 | ||
|
Institutional |
— | |||
|
Investor A |
— | |||
|
Class K |
23,536 | |||
|
Small/Mid-Cap Index |
||||
|
Fund Level |
$ | 164,043 | ||
|
Institutional |
1,897 | |||
|
Investor A |
— | |||
|
Class K |
1,443 | |||
|
Total U.S. Stock Market Index |
||||
|
Fund Level |
$ | 198,638 | ||
|
Institutional |
3,050 | |||
|
Investor A |
— | |||
|
Class K |
11,043 | |||
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“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. 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 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 shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 75% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 80% 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, 2020, each Fund retained 73.5% of securities lending income (which excluded collateral investment fees) and the amount retained could 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 exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 80% of securities lending income (which excluded collateral investment fees), and the 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, 2020, each Fund paid BTC the following amounts for securities lending agent services:
|
Mid-Cap Index |
Small/Mid-Cap
Index |
Total U.S.
Stock Market Index |
||||||||||
|
BTC |
$ | 88,607 | $ | 67,483 | $ | 65,207 | ||||||
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
During the year ended July 31, 2020, the Funds did not participate in the Interfund Lending Program.
| 92 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
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, 2020, 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:
| Purchases | Sales |
Net
Gain (Loss) |
||||||||||
|
Mid-Cap Index |
$ | 41,765,264 | $ | 16,942,694 | $ | (9,963,871 | ) | |||||
|
Small/Mid-Cap Index |
5,588,823 | 7,418,218 | 3,499,386 | |||||||||
|
Total U.S. Stock Market Index |
11,891,693 | 1,993,869 | (742,693 | ) | ||||||||
| 7. |
PURCHASES AND SALES |
For the year ended July 31, 2020, purchases and sales of investments, excluding short-term securities, were as follows:
|
Mid-Cap Index |
Small/Mid-Cap
Index |
Total U.S.
Stock Market Index |
||||||||||
|
Purchases |
$ | 387,345,880 | $ | 125,557,096 | $ | 222,412,887 | ||||||
|
Sales |
299,906,394 | 67,067,602 | 169,169,207 | |||||||||
| 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 each of the four years ended July 31, 2020. 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, 2020, 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.
US GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of period end, the following permanent differences attributable to certain deemed distributions were reclassified to the following accounts:
| Mid-Cap Index | Small/Mid-Cap Index |
Total U.S.
Stock Market Index |
||||||||||
|
Paid-in capital |
$ | 1,773,240 | $ | 233,401 | $ | — | ||||||
|
Accumulated earnings (loss) |
(1,773,240 | ) | (233,401 | ) | — | |||||||
The tax character of distributions paid was as follows:
| Mid-Cap Index (a) | Small/Mid-Cap Index (a) |
Total U.S.
Stock Market Index |
||||||||||||||
|
Ordinary income |
07/31/20 | $ | 21,172,644 | $ | 4,189,730 | $ | 23,807,951 | |||||||||
| 07/31/19 | 26,635,376 | 3,799,588 | 20,849,509 | |||||||||||||
|
Long-term capital gains |
07/31/20 | 27,977,582 | 1,616,779 | 931,568 | ||||||||||||
| 07/31/19 | 10,490,258 | 3,814,064 | 1,166,772 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Total |
07/31/20 | $ | 49,150,226 | $ | 5,806,509 | $ | 24,739,519 | |||||||||
|
|
|
|
|
|
|
|||||||||||
| 07/31/19 | $ | 37,125,634 | $ | 7,613,652 | $ | 22,016,281 | ||||||||||
|
|
|
|
|
|
|
|||||||||||
| (a) |
Distribution amounts may include a portion of the proceeds from redeemed shares |
As of period end, the tax components of accumulated earnings (loss) were as follows:
| Mid-Cap Index | Small/Mid-Cap Index |
Total U.S.
Stock Market Index |
||||||||||
|
Undistributed ordinary income |
$ | 1,222,651 | $ | 2,466,641 | $ | 1,618,643 | ||||||
|
Undistributed long-term capital gains |
20,705,170 | 7,530,943 | — | |||||||||
|
Net unrealized gains (losses)(a) |
205,504,592 | 10,400,940 | 333,633,389 | |||||||||
|
Qualified late-year losses(b). |
(7,070,275 | ) | — | (178,626 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| $ | 220,362,138 | $ | 20,398,524 | $ | 335,073,406 | |||||||
|
|
|
|
|
|
|
|||||||
|
NOTES TO FINANCIAL STATEMENTS |
93 |
Notes to Financial Statements (continued)
| (a) |
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 on investments in passive foreign investment companies, the realization for tax purposes of unrealized gains/losses on certain futures contracts, the characterization of corporate actions and the timing and recognitiion of partnership income. |
| (b)The |
Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year. |
As of July 31, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Mid-Cap Index | Small/Mid-Cap Index |
Total U.S.
Stock Market Index |
||||||||||
|
Tax cost |
$ | 1,023,191,246 | $ | 269,755,616 | $ | 923,081,404 | ||||||
|
|
|
|
|
|
|
|||||||
|
Gross unrealized appreciation |
$ | 312,618,382 | $ | 44,144,141 | $ | 425,383,629 | ||||||
|
Gross unrealized depreciation |
(107,113,791 | ) | (33,743,201 | ) | (91,750,240 | ) | ||||||
|
|
|
|
|
|
|
|||||||
|
Net unrealized appreciation (depreciation) |
$ | 205,504,591 | $ | 10,400,940 | $ | 333,633,389 | ||||||
|
|
|
|
|
|
|
|||||||
| 9. |
BANK BORROWINGS |
The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 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) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (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. The agreement expires in April 2021 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, 2020, the Funds did not borrow under the credit agreement.
| 10. |
PRINCIPAL RISKS |
In the normal course of business, certain Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests.
The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.
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. 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
| 94 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
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.
Concentration Risk: As of period end, Total U.S. Stock Market Index invested a significant portion of its assets in securities in the Information Technology sector. Changes in economic conditions affecting such sector would have a greater impact on the Fund and could affect the value, income and/or liquidity of positions in such securities.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
| 11. |
CAPITAL SHARE TRANSACTIONS |
Transactions in capital shares for each class were as follows:
|
Year Ended
07/31/20 |
Year Ended
07/31/19 |
|||||||||||||||
| Mid-Cap Index | Shares | Amount | Shares | Amount | ||||||||||||
|
Institutional |
||||||||||||||||
|
Shares sold |
12,015,763 | $ | 110,811,136 | 19,591,728 | $ | 191,253,439 | ||||||||||
|
Shares issued in reinvestment of distributions |
822,079 | 8,842,138 | 765,655 | 7,512,799 | ||||||||||||
|
Shares redeemed |
(19,230,870 | ) | (175,534,405 | ) | (14,441,003 | ) | (143,870,600 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) |
(6,393,028 | ) | $ | (55,881,131 | ) | 5,916,380 | $ | 54,895,638 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Investor A |
||||||||||||||||
|
Shares sold |
4,509,531 | $ | 45,935,936 | 4,554,939 | $ | 47,400,273 | ||||||||||
|
Shares issued in reinvestment of distributions |
345,777 | 3,673,324 | 480,595 | 4,643,439 | ||||||||||||
|
Shares redeemed |
(5,848,604 | ) | (58,696,886 | ) | (14,483,364 | ) | (147,818,491 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net decrease |
(993,296 | ) | $ | (9,087,626 | ) | (9,447,830 | ) | $ | (95,774,779 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Class K |
||||||||||||||||
|
Shares sold |
41,716,615 | $ | 428,313,072 | 48,296,843 | $ | 503,791,805 | ||||||||||
|
Shares issued in reinvestment of distributions |
3,269,836 | 34,717,182 | 2,326,653 | 22,833,736 | ||||||||||||
|
Shares redeemed |
(29,201,274 | ) | (297,508,658 | ) | (17,689,266 | ) | (182,223,737 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase |
15,785,177 | $ | 165,521,596 | 32,934,230 | $ | 344,401,804 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total Net Increase |
8,398,853 | $ | 100,552,839 | 29,402,780 | $ | 303,522,663 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NOTES TO FINANCIAL STATEMENTS |
95 |
Notes to Financial Statements (continued)
|
Year Ended
07/31/20 |
Year Ended
07/31/19 |
|||||||||||||||
| Small/Mid-Cap Index | Shares | Amount | Shares | Amount | ||||||||||||
|
Institutional |
||||||||||||||||
|
Shares sold |
4,474,119 | $ | 49,002,046 | 637,030 | $ | 8,145,361 | ||||||||||
|
Shares issued in reinvestment of distributions |
43,818 | 514,134 | 44,360 | 509,276 | ||||||||||||
|
Shares redeemed |
(658,769 | ) | (7,475,351 | ) | (812,235 | ) | (10,315,818 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) |
3,859,168 | $ | 42,040,829 | (130,845 | ) | $ | (1,661,181 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Investor A |
||||||||||||||||
|
Shares sold |
3,230,299 | $ | 34,683,012 | 1,504,884 | $ | 18,715,343 | ||||||||||
|
Shares issued in reinvestment of distributions |
66,811 | 804,318 | 104,559 | 1,193,741 | ||||||||||||
|
Shares redeemed |
(1,109,609 | ) | (13,039,273 | ) | (1,129,340 | ) | (13,862,006 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase |
2,187,501 | $ | 22,448,057 | 480,103 | $ | 6,047,078 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Class K |
||||||||||||||||
|
Shares sold |
2,964,972 | $ | 35,204,189 | 7,573,657 | $ | 91,512,742 | ||||||||||
|
Shares issued in reinvestment of distributions |
346,548 | 4,238,675 | 515,756 | 5,905,428 | ||||||||||||
|
Shares redeemed |
(3,704,775 | ) | (41,301,042 | ) | (2,552,278 | ) | (31,293,786 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) |
(393,255 | ) | $ | (1,858,178 | ) | 5,537,135 | $ | 66,124,384 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total Net Increase |
5,653,414 | $ | 62,630,708 | 5,886,393 | $ | 70,510,281 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Year Ended
07/31/20 |
Year Ended
07/31/19 |
|||||||||||||||
| Total U.S. Stock Market Index | Shares | Amount | Shares | Amount | ||||||||||||
|
Institutional |
||||||||||||||||
|
Shares sold |
3,247,765 | $ | 45,030,817 | 2,499,414 | $ | 33,285,564 | ||||||||||
|
Shares issued in reinvestment of distributions |
137,813 | 1,941,722 | 147,756 | 1,929,988 | ||||||||||||
|
Shares redeemed |
(4,135,864 | ) | (57,772,510 | ) | (2,552,364 | ) | (33,977,477 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) |
(750,286 | ) | $ | (10,799,971 | ) | 94,806 | $ | 1,238,075 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Investor A |
||||||||||||||||
|
Shares sold |
3,477,143 | $ | 49,169,829 | 3,042,552 | $ | 40,135,043 | ||||||||||
|
Shares issued in reinvestment of distributions |
133,886 | 1,889,002 | 129,085 | 1,682,445 | ||||||||||||
|
Shares redeemed |
(2,098,473 | ) | (28,566,482 | ) | (2,597,376 | ) | (35,225,419 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase |
1,512,556 | $ | 22,492,349 | 574,261 | $ | 6,592,069 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Class K |
||||||||||||||||
|
Shares sold |
23,976,909 | $ | 336,767,499 | 25,256,478 | $ | 331,881,840 | ||||||||||
|
Shares issued in reinvestment of distributions |
1,452,863 | 20,536,206 | 1,378,935 | 18,086,714 | ||||||||||||
|
Shares redeemed |
(22,148,282 | ) | (316,950,757 | ) | (18,119,444 | ) | (241,103,837 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase |
3,281,490 | $ | 40,352,948 | 8,515,969 | $ | 108,864,717 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total Net Increase |
4,043,760 | $ | 52,045,326 | 9,185,036 | $ | 116,694,861 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 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.
| 96 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of BlackRock FundsSM and Shareholders of
iShares Russell Mid-Cap Index Fund, iShares Russell Small/Mid-Cap Index Fund and iShares Total U.S. Stock Market Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Russell Mid-Cap Index Fund, iShares Russell Small/Mid-Cap Index Fund and iShares Total U.S. Stock Market Index Fund (three of the funds constituting BlackRock FundsSM, hereafter collectively referred to as the “Funds”) as of July 31, 2020, the related statements of operations for the year ended July 31, 2020, the statements of changes in net assets for each of the two years in the period ended July 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2020, 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, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
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, 2020 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 22, 2020
We have served as the auditor of one or more BlackRock investment companies since 2000.
|
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
97 |
Important Tax Information (unaudited)
For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended July 31, 2020 that qualified for the dividends-received deduction were as follows:
| Fund |
Dividends-
Received Deduction |
|||
|
Mid-Cap Index |
82.82 | % | ||
|
Small/Mid-Cap Index |
34.45 | |||
|
Total U.S. Stock Market Index |
83.89 | |||
The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2020:
| Fund |
Qualified
Dividend Income |
|||
|
Mid-Cap Index |
$ | 17,467,823 | ||
|
Small/Mid-Cap Index |
2,362,429 | |||
|
Total U.S. Stock Market Index |
19,213,249 | |||
The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2020:
| Fund |
Qualified
Business Income |
|||
|
Mid-Cap Index |
$ | 2,752,194 | ||
|
Small/Mid-Cap Index |
662,186 | |||
|
Total U.S. Stock Market Index |
1,180,482 | |||
The following distribution amounts are hereby designated for the fiscal year ended July 31, 2020:
| Fund |
Short-Term
Capital Gain Dividends |
20% Rate
Long-Term Capital Gain Dividends |
||||||
|
Mid-Cap Index |
$ | 2,647,793 | $ | 27,977,582 | ||||
|
Small/Mid-Cap Index |
1,337,496 | 1,616,779 | ||||||
|
Total U.S. Stock Market Index |
2,449,899 | 931,568 | ||||||
| 98 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
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 FundsSM (the “Trust”) met on April 7, 2020 (the “April Meeting”) and May 11-13, 2020 (the “May Meeting”) to consider the approval of 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”), each a series of the Trust, and BlackRock Advisors, LLC (the “Manager”), the Trust’s investment advisor. The Board also considered the approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and BlackRock Fund Advisors (the “Sub-Advisor”) with respect to each of the Funds. 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.”
Activities and Composition of the Board
On the date of the May Meeting, the Board consisted of fourteen individuals, twelve of whom were not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Trust and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Board Member. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Ad Hoc Topics Committee, which also has one interested Board Member).
The Agreements
Consistent with the requirements of the 1940 Act, the Board considers the continuation of the Agreements on an annual basis. The Board has four quarterly meetings per year, each typically extending for two days, and additional in-person and telephonic meetings throughout the year, as needed. While the Board also has a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements, the Board’s consideration entails a year-long deliberative process whereby the Board and its committees assess BlackRock’s services to the Funds. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each 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, considers information that is relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. This additional information is discussed further below in the section titled “Board Considerations in Approving the Agreements.” Among the matters the Board considered were: (a) with respect to each Fund, investment performance for one-year, three-year, five-year and/or since inception periods, as applicable, against peer funds, an applicable benchmark, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to the Fund’s 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 each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and the Trust’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; (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 Trust’s valuation and liquidity procedures; (k) an analysis of management fees 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 each 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.
Board Considerations in Approving the Agreements
The Approval Process: Prior to the April Meeting, the Board requested and received materials specifically relating to the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers, and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
|
DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENT |
99 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.
At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Funds; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of each Fund’s portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items 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 number, education and experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of each Fund, 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 & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.
B. The Investment Performance of the Funds and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of each Fund. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2019, 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 each 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.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board noted that for the one-year period reported, the net performance of each Fund was within the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for 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
| 100 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
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 the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2019 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 BlackRock 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 BlackRock, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.
The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, 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 the contractual management fee rate of each Fund ranked in the first quartile, and that the actual management fee rate and total expense ratio of each Fund ranked in the first quartile relative to the relevant 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 economies of scale might be realized as the assets of the Funds increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Funds to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate.
E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.
In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Conclusion
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, 2021, 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, 2021. 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, as pertinent, 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 also assisted by the advice of independent legal counsel in making this determination.
|
DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENT |
101 |
Trustee and Officer Information
| Independent Trustees (a) | ||||||||
|
Name
Year of Birth (b) |
Position(s) Held
(Length of Service) (c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised
Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other
Investment Company Directorships Held During Past Five Years |
||||
|
Mark Stalnecker
1951 |
Chair of the Board
(Since 2019) and Trustee (Since 2015) |
Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Bruce R. Bond
1946 |
Trustee
(Since 2019) |
Board Member, Amsphere Limited (software) since 2018; Trustee and Member of the Governance Committee, State Street Research Mutual Funds from 1997 to 2005; Board Member of Governance, Audit and Finance Committee, Avaya Inc. (computer equipment) from 2003 to 2007. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Susan J. Carter
1956 |
Trustee
(Since 2016) |
Director, Pacific Pension Institute from 2014 to 2018; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business since 1997; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof since 2018; Advisory Board Member, Bridges Fund Management since 2016; Trustee, Financial Accounting Foundation since 2017; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Collette Chilton
1958 |
Trustee
(Since 2015) |
Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Neil A. Cotty
1954 |
Trustee
(Since 2016) |
Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Lena G. Goldberg
1949 |
Trustee
(Since 2019) |
Senior Lecturer, Harvard Business School, since 2008; Director, Charles Stark Draper Laboratory, Inc. since 2013; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President — Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985. | 36 RICs consisting of 155 Portfolios | None | ||||
| 102 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Trustee and Officer Information (continued)
|
Independent Trustees (a) (continued) |
||||||||
|
Name
Year of Birth (b) |
Position(s) Held
(Length of Service) (c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised
Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other
Investment Company Directorships Held During Past Five Years |
||||
|
Henry R. Keizer
1956 |
Trustee
(Since 2019) |
Director, Park Indemnity Ltd. (captive insurer) since 2010; Director, MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. (financial and bank holding company) from 2014 to 2016; Director, American Institute of Certified Public Accountants from 2009 to 2011; Director, KPMG LLP (audit, tax and advisory services) from 2004 to 2005 and 2010 to 2012; Director, KPMG International in 2012, Deputy Chairman and Chief Operating Officer thereof from 2010 to 2012 and U.S. Vice Chairman of Audit thereof from 2005 to 2010; Global Head of Audit, KPMGI (consortium of KPMG firms) from 2006 to 2010; Director, YMCA of Greater New York from 2006 to 2010. | 36 RICs consisting of 155 Portfolios | Hertz Global Holdings (car rental); Montpelier Re Holdings, Ltd. (publicly held property and casualty reinsurance) from 2013 until 2015; WABCO (commercial vehicle safety systems); Sealed Air Corp. (packaging) | ||||
|
Cynthia A. Montgomery
1952 |
Trustee
(Since 2007) |
Professor, Harvard Business School since 1989. | 36 RICs consisting of 155 Portfolios | Newell Rubbermaid, Inc. (manufacturing) | ||||
|
Donald C. Opatrny
1952 |
Trustee
(Since 2019) |
Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University since 2004; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Member of the Board and Investment Committee, University School from 2007 to 2018; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Director, Athena Capital Advisors LLC (investment management firm) since 2013; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2018; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Phoenix Art Museum since 2018; Trustee, Arizona Community Foundation and Member of Investment Committee since 2020. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Joseph P. Platt
1947 |
Trustee
(Since 2007) |
General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015. | 36 RICs consisting of 155 Portfolios | Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc. | ||||
|
Kenneth L. Urish
1951 |
Trustee
(Since 2007) |
Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past-Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since founding in 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Claire A. Walton
1957 |
Trustee
(Since 2016) |
Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015. | 36 RICs consisting of 155 Portfolios | None | ||||
|
TRUSTEE AND OFFICER INFORMATION |
103 |
Trustee and Officer Information (continued)
|
Interested Trustees (a)(d) |
||||||||
|
Name
Year of Birth (b) |
Position(s) Held
(Length of Service) (c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised
Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other
Investment Company Directorships Held During Past Five Years |
||||
|
Robert Fairbairn
1965 |
Trustee
(Since 2018) |
Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. | 122 RICs consisting of 265 Portfolios | None | ||||
|
John M. Perlowski (e)
1964 |
Trustee (Since 2015) and President and Chief Executive Officer
(Since 2010) |
Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 123 RICs consisting of 266 Portfolios | None | ||||
|
(a) The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. (b) Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. (c) Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds, legacy MLIM funds or legacy BlackRock funds as follows: Bruce R. Bond, 2005; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015. (d) Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex. (e) Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund. |
||||||||
| 104 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Trustee and Officer Information (continued)
|
Officers Who Are Not Trustees (a) |
||||||||
|
Name
Year of Birth (b) |
Position(s) Held
(Length of Service) |
Principal Occupation(s) During Past Five Years | ||||||
|
Thomas Callahan
1968 |
Vice President
(Since 2016) |
Managing Director of BlackRock, Inc. since 2013; Member of the Board of Managers of BlackRock Investments, LLC (principal underwriter) since 2019 and Managing Director thereof since 2017; Head of BlackRock’s Global Cash Management Business since 2016; Co-Head of the Global Cash Management Business from 2014 to 2016; Deputy Head of the Global Cash Management Business from 2013 to 2014; Member of the Cash Management Group Executive Committee since 2013; Chief Executive Officer of NYSE Liffe U.S. from 2008 to 2013. | ||||||
|
Jennifer McGovern
1977 |
Vice President
(Since 2014) |
Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019. | ||||||
|
Neal J. Andrews
1966 |
Chief Financial Officer
(Since 2007) |
Chief Financial Officer of the iShares® exchange traded funds from 2019 to 2020; Managing Director of BlackRock, Inc. since 2006. | ||||||
|
Jay M. Fife
1970 |
Treasurer
(Since 2007) |
Managing Director of BlackRock, Inc. since 2007. | ||||||
|
Charles Park
1967 |
Chief Compliance Officer
(Since 2014) |
Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012. | ||||||
|
Lisa Belle
1968 |
Anti-Money Laundering
Compliance Officer (Since 2019) |
Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012. | ||||||
|
Janey Ahn
1975 |
Secretary
(Since 2019) |
Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017. | ||||||
|
(a) The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. (b) Officers of the Trust serve at the pleasure of the Board.
Further information about the Trust’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762. |
||||||||
Investment Manager
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock Fund Advisors
San Francisco, CA 94105
Accounting Service Provider
State Street Bank and Trust Company
Boston, MA 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10022
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Address of the Trust
100 Bellevue Parkway
Wilmington, DE 19809
|
TRUSTEE AND OFFICER INFORMATION |
105 |
General Information
Householding
The Funds 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 Funds at (800) 441-7762.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov.
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.
Availability of Proxy Voting Record
Information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at sec.gov.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
| 106 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Additional Information (continued)
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
Glossary of Terms Used in this Report
| Portfolio Abbreviations | ||
| ADR | American Depositary Receipts | |
| AGC | Assured Guarantee Corp. | |
| AMBAC | American Municipal Bond Assurance Corp. | |
| CVR | Contingent Value Rights | |
| ETF | Exchange Traded Fund | |
| REIT | Real Estate Investment Trust | |
| S&P | Standard and Poor’s | |
|
ADDITIONAL INFORMATION / GLOSSARY OF TERMS USED IN THIS REPORT |
107 |
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 a Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
INDEX5-7/20-AR
|
|
|
|
JULY 31, 2020 |
|
2020 Annual Report |
||
BlackRock FundsSM
| · |
iShares Edge MSCI Min Vol EAFE Index Fund |
| · |
iShares Edge MSCI Min Vol USA Index Fund |
| · |
iShares Edge MSCI Multifactor Intl Index Fund |
| · |
iShares Edge MSCI Multifactor USA Index Fund |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 537-4942 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.
| Not FDIC Insured • May Lose Value • No Bank Guarantee |
Dear Shareholder,
The last 12 months have been a time of sudden change in global financial markets, as a long period of growth and positive returns was interrupted in early 2020 by the emergence and spread of the coronavirus. For the first half of the reporting period, U.S. equities and bonds both delivered impressive returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus (or “COVID-19”) became more apparent throughout February and March 2020, countries around the world took economically disruptive countermeasures, causing a global recession and a sharp fall in equity prices. While markets have since recovered most of these losses as countries around the world adapt to life with the virus, lingering uncertainty about the depth and duration of the pandemic and an uptick in global infection rates tempered optimism late in the reporting period.
Returns for most securities were robust for the first half of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that had characterized this economic cycle. However, once stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off and unemployment claims spiked. The subsequent rapid decline in equity prices was followed by a slow recovery, and some economic indicators began to improve. U.S. large-capitalization stocks, which are often considered more resilient than smaller companies during market turbulence, advanced significantly. International equities from developed economies ended the 12-month reporting period with negative performance, while emerging market stocks posted a positive return.
The performance of different types of fixed-income securities diverged substantially due to a reduced investor appetite for risk. Treasuries benefited from the risk-off environment, and posted healthy returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) fell to an all-time low. Investment-grade corporate bonds also delivered solid returns, while high-yield corporate returns were more modest due to credit concerns.
The U.S. Federal Reserve (the “Fed”) reduced interest rates three times in 2019, to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.
Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to continue once the outbreak subsides. Several risks remain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue among governments already deep into deficit spending, and structural damage to the financial system from lengthy economic interruptions.
Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities throughout the credit market. We believe that both U.S. Treasuries and sustainable investments can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments. We remain neutral on equities overall while favoring European stocks, which are poised for cyclical upside as re-openings continue.
In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC
| Total Returns as of July 31, 2020 | ||||
| 6-month | 12-month | |||
|
U.S. large cap equities
|
2.42% | 11.96% | ||
|
U.S. small cap equities
|
(7.61) | (4.59) | ||
|
International equities
|
(7.34) | (1.67) | ||
|
Emerging market equities
|
3.08 | 6.55 | ||
|
3-month Treasury bills
|
0.48 | 1.46 | ||
|
U.S. Treasury securities
|
9.92 | 15.55 | ||
|
U.S. investment grade bonds
|
5.69 | 10.12 | ||
|
Tax-exempt municipal bonds
|
1.75 | 4.89 | ||
|
U.S. high yield bonds
|
0.62 | 4.07 | ||
| Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | ||||
| 2 | THIS PAGE IS NOT PART OF YOUR FUND REPORT |
| Page | ||||
| 2 | ||||
|
Annual Report: |
||||
| 4 | ||||
| 16 | ||||
| 16 | ||||
| 16 | ||||
|
Financial Statements: |
||||
| 17 | ||||
| 33 | ||||
| 34 | ||||
| 35 | ||||
| 37 | ||||
| 45 | ||||
| 56 | ||||
| 57 | ||||
|
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement |
58 | |||
| 62 | ||||
| 66 | ||||
| 67 | ||||
| 3 |
| Fund Summary as of July 31, 2020 | iShares Edge MSCI Min Vol EAFE Index Fund |
Investment Objective
iShares Edge MSCI Min Vol EAFE Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the United States and Canada.
Portfolio Management Commentary
How did the Fund perform?
For the 12-month period ended July 31, 2020, the Fund’s Institutional Shares returned (2.54)%, while Class K Shares returned (2.49)%. The benchmark MSCI EAFE Minimum Volatility (USD) Index (the “Index”) returned (3.51)% for the same period.
Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.
Describe the market environment.
In the third quarter of 2019 within the eurozone, Germany underperformed while Belgium was the best-performing country due to an outsized gain in materials giant Umicore. Eurozone economic activity showed signs of synchronized deceleration. This prompted an aggressive response from the European Central Bank (“ECB”), which announced a stimulus package that included a rate cut, resumption of quantitative easing, and a two-tier excess liquidity system for banks. Simultaneously, the ECB cut both its growth and inflation forecasts, and lowered its forward guidance. In the United Kingdom, continued Brexit uncertainty drove volatility throughout the quarter ahead of the October 31 deadline. Parliament passed legislation that forced the government to ask for an extension if it could not reach a deal with the European Union (“EU”), which buoyed the sterling. Separately, the Bank of England remained on hold despite economic weakness.
In the Asia-Pacific region, Japanese equities outperformed despite deteriorating economic conditions and an impending sales-tax hike. However, Japanese Prime Minister Abe and U.S. President Donald Trump reached a limited trade agreement that removed the threat of tariffs on Japan’s auto exports for the time being. Elsewhere, Hong Kong underperformed amid mounting political unrest.
By the fourth quarter of 2019, the United Kingdom outperformed amid a dense quarter of Brexit developments. Prime Minister Boris Johnson was able to agree to a new Brexit deal with the EU in October, but the October 31 deadline was pushed back to January 31, 2020 due to a stalemate in Parliament. On continental Europe, both France and Germany performed well. Economic activity in Europe was better than in recent quarters, with the perceived easing in trade tensions — both between the United States and China, and the United States and EU — contributing to positive sentiment. Monetary policy remained accommodative, and the ECB resumed balance sheet expansion. Despite the easy monetary policy, the incremental increase in economic activity helped foster positive expectations.
In the Asia-Pacific region, Japan, Hong Kong and Australia recorded positive gains but ongoing tensions in Hong Kong and unimpressive growth out of China weighed on the region.
Developed markets declined significantly in the first quarter of 2020 as all eleven of the Global Industry Classification Standard (“GICS”) sectors tumbled in the quarter. Health care outperformed in the asset class while traditional defensive sectors such as consumer staples and utilities fared better than other sectors. Energy was the worst-performing sector in the first three months of 2020.
In the Asia Pacific region, Japan outperformed relatively in the first quarter of 2020 while the country is likely to see a technical recession after a contraction in its fourth quarter of 2019 gross domestic product growth due to a sales tax hike and as the coronavirus pandemic hit Japan’s tourism and trade in the first quarter of 2020. Both Singapore and Australia suffered from record drawdowns on coronavirus fears during the quarter.
On continental Europe, Italy and Spain were among the worst performers in the first quarter of 2020 as the coronavirus outbreak in Italy intensified in late February and virus-related measures started to disrupt economic activities in the broader region with both France and Germany also weighing on the eurozone equity market. The globally integrated European economy is particularly vulnerable to global supply chain disruptions, posing downside risks to growth. Macro data across the region already showed a significant negative impact, as export orders sharply declined and the Eurozone March 2020 final manufacturing Purchasing Managers’ Index came in at 44.5 versus the 44.6 estimated, its lowest since July 2012.
In the United Kingdom, business sentiment improved in the first two months of 2020, before the spread of coronavirus started to rattle its economy, pushing U.K. equities down in March 2020.
Developed markets advanced in the second quarter of 2020, amid strong fiscal and monetary stimulus, combined with the reopening of economies.
The ECB continued its quantitative easing with a novel and flexible Pandemic Emergency Purchase Programme that allows the ECB to buy government debt out of proportion to euro area country shareholdings in the bank. Meanwhile, the targeted long-term refinancing operation provided a record boost to the ECB balance.
On continental Europe, Germany outperformed in the second quarter of 2020 with stronger government support while Italy, Switzerland and Spain lagged. Shares in the United Kingdom underperformed the region, with lower quarterly gains.
In the Asia-Pacific region, Australia led strong gains after suffering from record drawdowns on coronavirus fears in the previous quarter. Hong Kong and Singapore posted positive returns but underperformed in the region.
From a sector perspective, all GICS sectors rallied in the second quarter of 2020. Information technology and materials outperformed in the asset class while traditional defensive sectors such as consumer staples and real estate fell behind in the rally. Energy remained the worst-performing sector.
| 4 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
| Fund Summary as of July 31, 2020 (continued) | iShares Edge MSCI Min Vol EAFE Index Fund |
Describe recent portfolio activity.
During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.
Describe portfolio positioning at period end.
The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
TOTAL RETURN BASED ON A $10,000 INVESTMENT
| (a) |
Assuming transaction costs and other operating expenses, including investment advisory fees, if any. |
| (b) |
The Fund generally invests at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI EAFE Minimum Volatility (USD) Index and in investments that have economic characteristics that are substantially similar to the component securities of the MSCI EAFE Minimum Volatility (USD) Index (i.e. depositary receipts representing securities of the MSCI EAFE Minimum Volatility (USD) Index). |
| (c) |
An index that aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap equity universe across developed markets around the world excluding the United States and Canada. The index is calculated by optimizing the MSCI EAFE Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints). |
| (d) |
Commencement of operations. |
Performance Summary for the Period Ended July 31, 2020
| Average Annual Total Returns (a) | ||||||||||||||||
|
6-Month Total Returns |
1 Year |
Since Inception (b) |
||||||||||||||
|
Institutional |
(8.58 | )% | (2.54 | )% | 3.33 | % | ||||||||||
|
Class K |
(8.56 | ) | (2.49 | ) | 3.37 | |||||||||||
|
MSCI EAFE Minimum Volatility (USD) Index |
(9.40 | ) | (3.51 | ) | 3.45 | |||||||||||
| (a) |
See “About Fund Performance” on page 16 for a detailed description of share classes, including any related fees. |
| (b) |
The Fund commenced operations on July 13, 2016. |
Past performance is not indicative of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
| Actual | Hypothetical (b) | |||||||||||||||||||||||||||||||
|
Beginning Account Value (02/01/20) |
Ending Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Beginning Account Value (02/01/20) |
Ending Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Annualized
Expense Ratio |
||||||||||||||||||||||||||
|
Institutional |
$ | 1,000.00 | $ | 914.20 | $ | 0.95 | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | 0.20 | % | ||||||||||||||||||
|
Class K |
1,000.00 | 914.40 | 0.71 | 1,000.00 | 1,024.12 | 0.75 | 0.15 | |||||||||||||||||||||||||
| (a) |
For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| (b) |
Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 16 for further information on how expenses were calculated.
|
FUND SUMMARY |
5 |
| Fund Summary as of July 31, 2020 (continued) | iShares Edge MSCI Min Vol EAFE Index Fund |
Portfolio Information
TEN LARGEST HOLDINGS
| Holding |
Percent of
Net Assets |
|||
|
Givaudan SA, Registered Shares |
2 | % | ||
|
Nestle SA, Registered Shares |
2 | |||
|
Coloplast A/S, Class B |
2 | |||
|
Swisscom AG, Registered Shares |
1 | |||
|
Roche Holding AG |
1 | |||
|
Zurich Insurance Group AG |
1 | |||
|
Chugai Pharmaceutical Co. Ltd. |
1 | |||
|
NTT DOCOMO, Inc. |
1 | |||
|
CLP Holdings Ltd. |
1 | |||
|
Novartis AG, Registered Shares |
1 | |||
GEOGRAPHIC ALLOCATION
| Country/Geographic Region |
Percent of
Net Assets |
|||
|
Japan |
29 | % | ||
|
Switzerland |
15 | |||
|
United Kingdom |
10 | |||
|
Hong Kong |
7 | |||
|
France |
6 | |||
|
Australia |
6 | |||
|
Denmark |
4 | |||
|
Germany |
4 | |||
|
Singapore |
3 | |||
|
Belgium |
2 | |||
|
Italy |
2 | |||
|
Netherlands |
2 | |||
|
Israel |
2 | |||
|
Finland |
2 | |||
|
Ireland |
1 | |||
|
Norway |
1 | |||
|
Spain |
1 | |||
|
Sweden |
1 | |||
|
New Zealand |
1 | |||
|
Short-Term Securities |
1 | |||
|
Other(a) |
— | |||
| (a) |
Other includes a less than 1% investment in each of the following countries: |
China and United States.
| 6 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
| Fund Summary as of July 31, 2020 | iShares Edge MSCI Min Vol USA Index Fund |
Investment Objective
iShares Edge MSCI Min Vol USA Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market.
Portfolio Management Commentary
How did the Fund perform?
For the 12-month period ended July 31, 2020, the Fund’s Institutional Shares returned 3.63%, while Class K Shares returned 3.76%. The benchmark MSCI USA Minimum Volatility (USD) Index (the “Index”) returned 3.34% for the same period.
Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.
Describe the market environment.
In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. Markets suffered in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks in October. In monetary policy, the Fed lowered the target range for the federal funds rates at both its July and September meetings.
On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. In interest rates, the frequently monitored two-year/ten-year Treasury yield spread inverted for the first time since the global financial crisis in August but ended the quarter in positive territory.
In the fourth quarter of 2019, risk appetite was boosted broadly by expectations of a U.S.-China trade deal, strong economic growth, and easy monetary policy. U.S. tariffs on China were originally scheduled to increase on December 15 but were avoided due to persistent negotiations between the United States and China. Additionally, news that the United States did not impose tariffs on European Union auto exports helped support sentiment. On the macroeconomic front, the U.S. services and employment sectors remained buoyant.
In November, 266,000 jobs were added to the economy, revising the third quarter unemployment rate down to 3.5% from 3.7%. Overall, the supportive macroeconomic data and boosted risk appetite drove selling of Treasuries in the quarter. Despite the strength in the U.S. economy, the Fed cut the benchmark federal funds rate to 1.75% in October, marking the third rate cut of the year.
U.S. equities experienced significant losses in the first quarter of 2020. Fears of the coronavirus pandemic and its economic toll continued to drive unprecedented levels of financial market volatility. The Chicago Board Options Exchange Volatility Index, which measures near-term stock market volatility, surged to its highest level since the 2008 financial crisis, and the S&P 500® Index experienced its quickest bear market contraction on record. Economic activity fell to a standstill with the Purchasing Managers Index (an index of the prevailing direction of economic trends in the manufacturing and service sectors) across the globe registering the lowest levels on record while jobless claims surged. In late March, the United States saw a record number of initial unemployment claims as 3.3 million people filed for unemployment benefits while the consensus estimate had been around 1.4 million.
On the policy front, global governments unleashed large stimulus packages to combat the shock on the worldwide economy. The United States passed several fiscal stimulus measures, including a $2 trillion relief bill to send money directly to Americans. Separately, monetary policy moved toward accommodation as the Fed cut the policy rate to 0% and pledged to buy as much government-backed debt as needed to bolster the markets for housing and Treasury bonds. Furthermore, the Fed announced it would buy corporate bonds, including the riskiest investment-grade debt, for the first time in its history.
U.S. equities registered a strong recovery in the second quarter of 2020. U.S. stocks outperformed other regions in the second quarter of 2020, with a sharper recovery from the troughs of late March. This was largely supported by the historic U.S. policy response. The United States delivered coordinated fiscal and monetary support sufficient to offset the estimated initial shock from the coronavirus pandemic and spillovers to the full economy. Toward the end of the second quarter, government measures to contain the coronavirus had been gradually lifted in many states, boosting economic activity and employment.
Describe recent portfolio activity.
During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.
Describe portfolio positioning at period end.
The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
FUND SUMMARY |
7 |
| Fund Summary as of July 31, 2020 (continued) | iShares Edge MSCI Min Vol USA Index Fund |
TOTAL RETURN BASED ON A $10,000 INVESTMENT
| (a) |
Assuming transaction costs and other operating expenses, including investment advisory fees, if any. |
| (b) |
The Fund generally invests at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI USA Minimum Volatility (USD) Index. |
| (c) |
An index that aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-capitalization U.S. equity universe. The index is calculated by optimizing the MSCI USA Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints). |
| (d) |
Commencement of operations. |
Performance Summary for the Period Ended July 31, 2020
| Average Annual Total Returns (a) | ||||||||||||||||
|
6-Month Total Returns |
1 Year |
Since Inception (b) |
||||||||||||||
|
Institutional |
(4.67 | )% | 3.63 | % | 10.00 | % | ||||||||||
|
Class K |
(4.58 | ) | 3.76 | 10.07 | ||||||||||||
|
MSCI USA Minimum Volatility (USD) Index |
(4.51 | ) | 3.34 | 10.10 | ||||||||||||
| (a) |
See “About Fund Performance” on page 16 for a detailed description of share classes, including any related fees. |
| (b) |
The Fund commenced operations on July 13, 2016. |
Past performance is not indicative of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
| Actual | Hypothetical (b) | |||||||||||||||||||||||||||||||
|
Beginning Account Value (02/01/20) |
Ending Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Beginning Account Value (02/01/20) |
Ending Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Annualized
Expense Ratio |
||||||||||||||||||||||||||
|
Institutional |
$ | 1,000.00 | $ | 953.30 | $ | 0.87 | $ | 1,000.00 | $ | 1,023.97 | $ | 0.91 | 0.18 | % | ||||||||||||||||||
|
Class K |
1,000.00 | 954.20 | 0.63 | 1,000.00 | 1,024.22 | 0.65 | 0.13 | |||||||||||||||||||||||||
| (a) |
For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| (b) |
Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 16 for further information on how expenses were calculated.
| 8 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
| Fund Summary as of July 31, 2020 (continued) | iShares Edge MSCI Min Vol USA Index Fund |
Portfolio Information
TEN LARGEST HOLDINGS
| Holding |
Percent of
Net Assets |
|||
|
NextEra Energy, Inc. |
2 | % | ||
|
T-Mobile U.S., Inc. |
2 | |||
|
McDonald’s Corp. |
2 | |||
|
Microsoft Corp. |
2 | |||
|
Verizon Communications, Inc. |
2 | |||
|
PepsiCo, Inc. |
2 | |||
|
Waste Management, Inc. |
2 | |||
|
Newmont Corp. |
2 | |||
|
Regeneron Pharmaceuticals, Inc. |
2 | |||
|
Merck & Co., Inc. |
2 | |||
SECTOR ALLOCATION
| Sector |
Percent of
Net Assets |
|||
|
Information Technology |
26 | % | ||
|
Health Care |
18 | |||
|
Consumer Staples |
14 | |||
|
Financials |
13 | |||
|
Utilities |
9 | |||
|
Industrials |
8 | |||
|
Consumer Discretionary |
8 | |||
|
Communication Services |
7 | |||
|
Real Estate |
6 | |||
|
Materials |
3 | |||
|
Energy |
1 | |||
|
Investment Companies |
— | (a) | ||
|
Short-Term Securities |
1 | |||
|
Liabilities in Excess of Other Assets |
(14 | ) | ||
| (a) |
Represents less than 1%. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
|
FUND SUMMARY |
9 |
| Fund Summary as of July 31, 2020 | iShares Edge MSCI Multifactor Intl Index Fund |
Investment Objective
iShares Edge MSCI Multifactor Intl Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of global developed market large- and mid-capitalization stocks, excluding the United States, that have favorable exposure to target style factors subject to constraints.
Portfolio Management Commentary
How did the Fund perform?
For the 12-month period ended July 31, 2020, the Fund’s Institutional Shares returned (3.30)%, while Class K Shares returned (3.26)%. The benchmark MSCI World ex USA Diversified Multiple-Factor Index (the “Index”) returned (3.80)% for the same period.
Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.
Describe the market environment.
In the third quarter of 2019 within the eurozone, Germany underperformed while Belgium was the best-performing country due to an outsized gain in materials giant Umicore. Eurozone economic activity showed signs of synchronized deceleration. This prompted an aggressive response from the European Central Bank (“ECB”), which announced a stimulus package that included a rate cut, resumption of quantitative easing, and a two-tier excess liquidity system for banks. Simultaneously, the ECB cut both its growth and inflation forecasts, and lowered its forward guidance. In the United Kingdom, continued Brexit uncertainty drove volatility throughout the quarter ahead of the October 31 deadline. Parliament passed legislation that forced the government to ask for an extension if it could not reach a deal with the European Union (“EU”), which buoyed the sterling. Separately, the Bank of England remained on hold despite economic weakness.
In the Asia-Pacific region, Japanese equities outperformed despite deteriorating economic conditions and an impending sales-tax hike. However, Japanese Prime Minister Abe and U.S. President Donald Trump reached a limited trade agreement that removed the threat of tariffs on Japan’s auto exports for the time being. Elsewhere, Hong Kong underperformed amid mounting political unrest.
By the fourth quarter of 2019, the United Kingdom outperformed amid a dense quarter of Brexit developments. Prime Minister Boris Johnson was able to agree to a new Brexit deal with the EU in October, but the October 31 deadline was pushed back to January 31, 2020 due to a stalemate in Parliament. On continental Europe, both France and Germany performed well. Economic activity in Europe was better than in recent quarters, with the perceived easing in trade tensions — both between the United States and China, and the United States and EU — contributing to positive sentiment. Monetary policy remained accommodative, and the ECB resumed balance sheet expansion. Despite the easy monetary policy, the incremental increase in economic activity helped foster positive expectations.
In the Asia-Pacific region, Japan, Hong Kong and Australia recorded positive gains but ongoing tensions in Hong Kong and unimpressive growth out of China weighed on the region.
Developed markets declined significantly in the first quarter of 2020 as all eleven of the Global Industry Classification Standard (“GICS”) sectors tumbled in the quarter. Health care outperformed in the asset class while traditional defensive sectors such as consumer staples and utilities fared better than other sectors. Energy was the worst-performing sector in the first three months of 2020.
In the Asia Pacific region, Japan outperformed relatively in the first quarter of 2020 while the country is likely to see a technical recession after a contraction in its fourth quarter of 2019 gross domestic product growth due to a sales tax hike and as the coronavirus pandemic hit Japan’s tourism and trade in the first quarter of 2020. Both Singapore and Australia suffered from record drawdowns on coronavirus fears during the quarter.
On continental Europe, Italy and Spain were among the worst performers in the first quarter of 2020 as the coronavirus outbreak in Italy intensified in late February and virus-related measures started to disrupt economic activities in the broader region with both France and Germany also weighing on the eurozone equity market. The globally integrated European economy is particularly vulnerable to global supply chain disruptions, posing downside risks to growth. Macro data across the region already showed a significant negative impact, as export orders sharply declined and the Eurozone March 2020 final manufacturing Purchasing Managers’ Index came in at 44.5 versus the 44.6 estimated, its lowest since July 2012.
In the United Kingdom, business sentiment improved in the first two months of 2020, before the spread of coronavirus started to rattle its economy, pushing U.K. equities down in March 2020.
Developed markets advanced in the second quarter of 2020, amid strong fiscal and monetary stimulus, combined with the reopening of economies.
ECB continued its quantitative easing with a novel and flexible Pandemic Emergency Purchase Programme that allows the ECB to buy government debt out of proportion to euro area country shareholdings in the bank. Meanwhile, the targeted long-term refinancing operation provided a record boost to the ECB balance.
On continental Europe, Germany outperformed in the second quarter of 2020 with stronger government support while Italy, Switzerland and Spain lagged. Shares in the United Kingdom underperformed the region, with lower quarterly gains.
In the Asia-Pacific region, Australia led strong gains after suffering from record drawdowns on coronavirus fears in the previous quarter. Hong Kong and Singapore posted positive returns but underperformed in the region.
From a sector perspective, all GICS sectors rallied in the second quarter of 2020. Information technology and materials outperformed in the asset class while traditional defensive sectors such as consumer staples and real estate fell behind in the rally. Energy remained the worst-performing sector.
| 10 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
| Fund Summary as of July 31, 2020 (continued) | iShares Edge MSCI Multifactor Intl Index Fund |
Describe recent portfolio activity.
During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.
Describe portfolio positioning at period end.
The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
TOTAL RETURN BASED ON A $10,000 INVESTMENT
| (a) |
Assuming transaction costs and other operating expenses, including investment advisory fees, if any. |
| (b) |
The Fund generally invests at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI World ex USA Diversified Multiple-Factor Index and in investments that have economic characteristics that are substantially similar to the component securities of the MSCI World ex USA Diversified Multiple-Factor Index (i.e., depositary receipts representing securities of the MSCI World ex USA Diversified Multiple-Factor Index). |
| (c) |
An index that is based on the MSCI World ex USA Index, its parent index, which includes large- and mid-capitalization stocks across 22 of 23 developed markets, excluding the United States. The index aims to maximize exposure to four factors — value, momentum, quality and low size — while maintaining a risk profile similar to that of the underlying parent index. |
| (d) |
Commencement of operations. |
Performance Summary for the Period Ended July 31, 2020
| Average Annual Total Returns (a) | ||||||||||||||||
|
6-Month Total Returns |
1 Year |
Since Inception (b) |
||||||||||||||
|
Institutional |
(7.91 | )% | (3.30 | )% | 4.27 | % | ||||||||||
|
Class K |
(7.88 | ) | (3.26 | ) | 4.32 | |||||||||||
|
MSCI World ex USA Diversified Multiple-Factor Index |
(8.32 | ) | (3.80 | ) | 4.54 | |||||||||||
| (a) |
See “About Fund Performance” on page 16 for a detailed description of share classes, including any related fees. |
| (b) |
The Fund commenced operations on July 13, 2016. |
Past performance is not indicative of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
| Actual | Hypothetical (b) | |||||||||||||||||||||||||||||||
|
Beginning Account Value (02/01/20) |
Ending Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Beginning Account Value (02/01/20) |
Ending Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Annualized
Expense Ratio |
||||||||||||||||||||||||||
|
Institutional |
$ | 1,000.00 | $ | 920.90 | $ | 1.67 | $ | 1,000.00 | $ | 1,023.12 | $ | 1.76 | 0.35 | % | ||||||||||||||||||
|
Class K |
1,000.00 | 921.20 | 1.43 | 1,000.00 | 1,023.37 | 1.51 | 0.30 | |||||||||||||||||||||||||
| (a) |
For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| (b) |
Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 16 for further information on how expenses were calculated.
|
FUND SUMMARY |
11 |
| Fund Summary as of July 31, 2020 (continued) | iShares Edge MSCI Multifactor Intl Index Fund |
Portfolio Information
TEN LARGEST HOLDINGS
| Holding |
Percent of
Net Assets |
|||
|
Roche Holding AG |
3 | % | ||
|
Rio Tinto PLC |
3 | |||
|
Koninklijke Philips NV |
2 | |||
|
BHP Group PLC |
2 | |||
|
Woolworths Group Ltd. |
2 | |||
|
Koninklijke Ahold Delhaize NV |
2 | |||
|
Nippon Telegraph & Telephone Corp. |
2 | |||
|
Novo Nordisk A/S, Class B |
2 | |||
|
Astellas Pharma, Inc. |
2 | |||
|
Hitachi Ltd. |
2 | |||
GEOGRAPHIC ALLOCATION
| Country/Geographic Region |
Percent of
Net Assets |
|||
|
Japan |
19 | % | ||
|
Australia |
14 | |||
|
Canada |
13 | |||
|
United Kingdom |
10 | |||
|
Switzerland |
8 | |||
|
Netherlands |
8 | |||
|
France |
4 | |||
|
Denmark |
4 | |||
|
Germany |
3 | |||
|
Hong Kong |
3 | |||
|
Belgium |
3 | |||
|
Sweden |
3 | |||
|
United States |
2 | |||
|
Spain |
1 | |||
|
New Zealand |
1 | |||
|
Finland |
1 | |||
|
Italy |
1 | |||
|
Singapore |
1 | |||
|
Other(a) |
1 | |||
| (a) |
Other includes a less than 1% investment in each of the following countries: Brazil, China and Jordan. |
| 12 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
| Fund Summary as of July 31, 2020 | iShares Edge MSCI Multifactor USA Index Fund |
Investment Objective
iShares Edge MSCI Multifactor USA Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of U.S. large- and mid-capitalization stocks that have favorable exposure to target style factors subject to constraints.
Portfolio Management Commentary
How did the Fund perform?
For the 12-month period ended July 31, 2020, the Fund’s Institutional Shares returned 3.68%, while Class K Shares returned 3.73%. The benchmark MSCI USA Diversified Multiple-Factor Index (the “Index”) returned 3.67% for the same period.
Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.
Describe the market environment.
In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. Markets suffered in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks in October. In monetary policy, the Fed lowered the target range for the federal funds rates at both its July and September meetings.
On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. In interest rates, the frequently monitored two-year/ten-year Treasury yield spread inverted for the first time since the global financial crisis in August but ended the quarter in positive territory.
In the fourth quarter of 2019, risk appetite was boosted broadly by expectations of a U.S.-China trade deal, strong economic growth, and easy monetary policy. U.S. tariffs on China were originally scheduled to increase on December 15 but were avoided due to persistent negotiations between the United States and China. Additionally, news that the United States did not impose tariffs on European Union auto exports helped support sentiment. On the macroeconomic front, the U.S. services and employment sectors remained buoyant.
In November, 266,000 jobs were added to the economy, revising the third quarter unemployment rate down to 3.5% from 3.7%. Overall, the supportive macroeconomic data and boosted risk appetite drove selling of Treasuries in the quarter. Despite the strength in the U.S. economy, the Fed cut the benchmark federal funds rate to 1.75% in October, marking the third rate cut of the year.
U.S. equities experienced significant losses in the first quarter of 2020. Fears of the coronavirus pandemic and its economic toll continued to drive unprecedented levels of financial market volatility. The Chicago Board Options Exchange Volatility Index, which measures near-term stock market volatility, surged to its highest level since the 2008 financial crisis, and the S&P 500® Index experienced its quickest bear market contraction on record. Economic activity fell to a standstill with the Purchasing Managers Index (an index of the prevailing direction of economic trends in the manufacturing and service sectors) across the globe registering the lowest levels on record while jobless claims surged. In late March, the United States saw a record number of initial unemployment claims as 3.3 million people filed for unemployment benefits while the consensus estimate had been around 1.4 million.
On the policy front, global governments unleashed large stimulus packages to combat the shock on the worldwide economy. The United States passed several fiscal stimulus measures, including a $2 trillion relief bill to send money directly to Americans. Separately, monetary policy moved toward accommodation as the Fed cut the policy rate to 0% and pledged to buy as much government-backed debt as needed to bolster the markets for housing and Treasury bonds. Furthermore, the Fed announced it would buy corporate bonds, including the riskiest investment-grade debt, for the first time in its history.
U.S. equities registered a strong recovery in the second quarter of 2020. U.S. stocks outperformed other regions in the second quarter of 2020, with a sharper recovery from the troughs of late March. This was largely supported by the historic U.S. policy response. The United States delivered coordinated fiscal and monetary support sufficient to offset the estimated initial shock from the coronavirus pandemic and spillovers to the full economy. Toward the end of the second quarter, government measures to contain the coronavirus had been gradually lifted in many states, boosting economic activity and employment.
Describe recent portfolio activity.
During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.
Describe portfolio positioning at period end.
The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
FUND SUMMARY |
13 |
| Fund Summary as of July 31, 2020 (continued) | iShares Edge MSCI Multifactor USA Index Fund |
TOTAL RETURN BASED ON A $10,000 INVESTMENT
| (a) |
Assuming transaction costs and other operating expenses, including investment advisory fees, if any. |
| (b) |
The Fund generally invests at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI USA Diversified Multiple-Factor Index. |
| (c) |
An index that is based on a traditional market cap weighted parent index, the MSCI USA Index, which includes U.S. large- and mid-capitalization stocks. The index aims to maximize exposure to four factors — value, momentum, quality and low size — while maintaining a risk profile similar to that of the underlying parent index. |
| (d) |
Commencement of operations. |
Performance Summary for the Period Ended July 31, 2020
| Average Annual Total Returns (a) | ||||||||||||||||
|
6-Month Total Returns |
1 Year |
Since Inception (b) |
||||||||||||||
|
Institutional |
(3.12 | )% | 3.68 | % | 9.22 | % | ||||||||||
|
Class K |
(3.18 | ) | 3.73 | 9.27 | ||||||||||||
|
MSCI USA Diversified Multiple-Factor Index |
(3.32 | ) | 3.67 | 9.51 | ||||||||||||
| (a) |
See “About Fund Performance” on page 16 for a detailed description of share classes, including any related fees. |
| (b) |
The Fund commenced operations on July 13, 2016. |
Past performance is not indicative of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
| Actual | Hypothetical (b) | |||||||||||||||||||||||||||||||
|
Beginning Account Value (02/01/20) |
Ending Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Beginning Account Value (02/01/20) |
Ending Account Value (07/31/20) |
Expenses
Paid During the Period (a) |
Annualized
Expense Ratio |
||||||||||||||||||||||||||
|
Institutional |
$ | 1,000.00 | $ | 968.80 | $ | 1.22 | $ | 1,000.00 | $ | 1,023.62 | $ | 1.26 | 0.25 | % | ||||||||||||||||||
|
Class K |
1,000.00 | 968.20 | 0.98 | 1,000.00 | 1,023.87 | 1.01 | 0.20 | |||||||||||||||||||||||||
| (a) |
For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| (b) |
Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 16 for further information on how expenses were calculated.
| 14 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
| Fund Summary as of July 31, 2020 (continued) | iShares Edge MSCI Multifactor USA Index Fund |
Portfolio Information
TEN LARGEST HOLDINGS
| Holding |
Percent of
Net Assets |
|||
|
Apple, Inc. |
4 | % | ||
|
Walmart, Inc. |
3 | |||
|
Intuit, Inc. |
3 | |||
|
Microsoft Corp. |
3 | |||
|
Anthem, Inc. |
2 | |||
|
Intel Corp. |
2 | |||
|
Target Corp. |
2 | |||
|
Micron Technology, Inc. |
2 | |||
|
AT&T, Inc. |
2 | |||
|
Humana, Inc. |
2 | |||
SECTOR ALLOCATION
| Sector |
Percent of
Net Assets |
|||
|
Information Technology |
30 | % | ||
|
Health Care |
18 | |||
|
Industrials |
10 | |||
|
Consumer Discretionary |
9 | |||
|
Consumer Staples |
7 | |||
|
Financials |
6 | |||
|
Communication Services |
6 | |||
|
Utilities |
5 | |||
|
Real Estate |
5 | |||
|
Materials |
3 | |||
|
Short-Term Securities |
1 | |||
|
Investment Companies |
1 | |||
|
Energy |
— | (a) | ||
|
Other Assets Less Liabilities |
(1 | ) | ||
| (a) |
Represents less than 1%. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
|
FUND SUMMARY |
15 |
Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors.
Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.
BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser, has contractually agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waivers and/or reimbursements, each Fund’s performance would have been lower. With respect to each Fund’s contractual waiver, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreements. See Note 6 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.
Shareholders of the Funds may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses and other fund expenses. The expense examples shown on the previous pages, (which are based on a hypothetical investment of $1,000 invested on February 1, 2020 and held through July 31, 2020) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.
The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. 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.
| 16 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
July 31, 2020 |
iShares Edge MSCI Min Vol EAFE Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks — 99.0% |
|
|||||||
| Australia — 6.0% | ||||||||
|
Aurizon Holdings Ltd. |
162,269 | $ | 517,467 | |||||
|
AusNet Services |
165,169 | 211,038 | ||||||
|
Australia & New Zealand Banking Group Ltd. |
11,391 | 144,674 | ||||||
|
Brambles Ltd. |
20,198 | 155,944 | ||||||
|
Cochlear Ltd. |
751 | 102,484 | ||||||
|
Commonwealth Bank of Australia |
15,697 | 798,582 | ||||||
|
CSL Ltd. |
2,327 | 452,608 | ||||||
|
Dexus |
14,923 | 90,588 | ||||||
|
Insurance Australia Group Ltd. |
51,505 | 187,509 | ||||||
|
Medibank Pvt Ltd. |
102,626 | 204,954 | ||||||
|
National Australia Bank Ltd. |
11,426 | 142,643 | ||||||
|
Newcrest Mining Ltd. |
29,121 | 741,881 | ||||||
|
Ramsay Health Care Ltd. |
3,871 | 171,095 | ||||||
|
Sonic Healthcare Ltd. |
39,479 | 903,856 | ||||||
|
Suncorp Group Ltd. |
16,172 | 98,776 | ||||||
|
Telstra Corp. Ltd. |
167,194 | 400,349 | ||||||
|
Transurban Group(a) |
76,390 | 755,612 | ||||||
|
Wesfarmers Ltd. |
46,656 | 1,551,207 | ||||||
|
Westpac Banking Corp. |
21,035 | 252,604 | ||||||
|
Woolworths Group Ltd. |
59,650 | 1,651,353 | ||||||
|
|
|
|||||||
| 9,535,224 | ||||||||
| Belgium — 2.4% | ||||||||
|
Colruyt SA |
13,638 | 792,049 | ||||||
|
Groupe Bruxelles Lambert SA |
14,951 | 1,296,858 | ||||||
|
Proximus SADP |
34,072 | 700,895 | ||||||
|
UCB SA |
8,415 | 1,081,258 | ||||||
|
|
|
|||||||
| 3,871,060 | ||||||||
| China — 0.2% | ||||||||
|
BeiGene Ltd., ADR(b) |
434 | 90,706 | ||||||
|
BOC Hong Kong Holdings Ltd. |
52,000 | 144,979 | ||||||
|
|
|
|||||||
| 235,685 | ||||||||
| Denmark — 4.5% | ||||||||
|
Carlsberg A/S, Class B |
5,348 | 789,844 | ||||||
|
Chr Hansen Holding A/S |
1,199 | 136,821 | ||||||
|
Coloplast A/S, Class B |
14,091 | 2,405,295 | ||||||
|
DSV Panalpina AS |
747 | 102,216 | ||||||
|
Genmab A/S, ADR(b) |
1,058 | 364,170 | ||||||
|
H Lundbeck A/S |
3,222 | 117,474 | ||||||
|
Novo Nordisk A/S, Class B |
24,787 | 1,626,339 | ||||||
|
Orsted A/S(c) |
5,108 | 728,017 | ||||||
|
Tryg A/S |
29,077 | 855,625 | ||||||
|
|
|
|||||||
| 7,125,801 | ||||||||
| Finland — 1.6% | ||||||||
|
Elisa OYJ |
19,879 | 1,178,996 | ||||||
|
Neste OYJ |
2,501 | 114,875 | ||||||
|
Nokia OYJ |
42,484 | 203,928 | ||||||
|
Sampo OYJ, Class A |
27,558 | 996,064 | ||||||
|
|
|
|||||||
| 2,493,863 | ||||||||
| France — 6.0% | ||||||||
|
Aeroports de Paris(b)(d) |
3,638 | 342,960 | ||||||
|
Air Liquide SA |
6,294 | 1,035,238 | ||||||
|
Alstom SA(b) |
8,256 | 460,050 | ||||||
|
BioMerieux |
527 | 84,937 | ||||||
|
Casino Guichard-Perrachon SA(b) |
6,249 | 173,216 | ||||||
|
Danone SA |
9,834 | 658,222 | ||||||
|
EssilorLuxottica SA(b) |
4,333 | 577,134 | ||||||
|
Eurazeo SE(b) |
1,588 | 83,113 | ||||||
|
Getlink SE(b) |
21,756 | 327,329 | ||||||
|
Hermes International |
2,000 | 1,621,479 | ||||||
|
L’Oreal SA |
2,424 | 813,562 | ||||||
| Security | Shares | Value | ||||||
| France (continued) | ||||||||
|
Orange SA |
84,390 | $ | 989,125 | |||||
|
Pernod Ricard SA |
3,643 | 626,049 | ||||||
|
Sanofi |
14,266 | 1,497,889 | ||||||
|
Thales SA(b) |
4,289 | 310,058 | ||||||
|
|
|
|||||||
| 9,600,361 | ||||||||
| Germany — 4.2% | ||||||||
|
adidas AG(b) |
631 | 174,016 | ||||||
|
Beiersdorf AG |
7,705 | 920,020 | ||||||
|
Deutsche Boerse AG |
3,121 | 567,847 | ||||||
|
Deutsche Telekom AG, Registered Shares |
98,121 | 1,638,105 | ||||||
|
Fraport AG Frankfurt Airport
Services
|
1,636 | 63,954 | ||||||
|
Hannover Rueck SE |
5,960 | 1,008,255 | ||||||
|
Henkel AG & Co. KGaA |
3,792 | 329,491 | ||||||
|
Knorr-Bremse AG |
4,420 | 517,172 | ||||||
|
Merck KGaA |
5,203 | 664,973 | ||||||
|
Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares |
1,187 | 314,642 | ||||||
|
Siemens Healthineers AG(c) |
4,466 | 232,507 | ||||||
|
Symrise AG |
1,153 | 144,137 | ||||||
|
Telefonica Deutschland Holding AG |
27,974 | 76,329 | ||||||
|
|
|
|||||||
| 6,651,448 | ||||||||
| Hong Kong — 7.3% | ||||||||
|
CK Infrastructure Holdings Ltd. |
103,500 | 539,710 | ||||||
|
CLP Holdings Ltd. |
191,000 | 1,806,038 | ||||||
|
Dairy Farm International Holdings Ltd. |
81,400 | 349,746 | ||||||
|
Hang Seng Bank Ltd.(d) |
43,400 | 682,879 | ||||||
|
HK Electric Investments & HK Electric Investments Ltd.(a) |
633,000 | 655,086 | ||||||
|
HKT Trust & HKT Ltd.(a) |
765,000 | 1,127,219 | ||||||
|
Hong Kong & China Gas Co. Ltd.(d) |
953,950 | 1,366,849 | ||||||
|
Jardine Matheson Holdings Ltd. |
14,400 | 588,921 | ||||||
|
Jardine Strategic Holdings Ltd. |
25,000 | 503,629 | ||||||
|
Link REIT |
58,000 | 450,026 | ||||||
|
MTR Corp. Ltd. |
256,500 | 1,274,713 | ||||||
|
PCCW Ltd. |
1,019,000 | 574,465 | ||||||
|
Power Assets Holdings Ltd. |
300,000 | 1,670,719 | ||||||
|
|
|
|||||||
| 11,590,000 | ||||||||
| Ireland — 1.3% | ||||||||
|
Kerry Group PLC, Class A |
12,778 | 1,692,401 | ||||||
|
Kingspan Group PLC(b) |
4,650 | 333,591 | ||||||
|
|
|
|||||||
| 2,025,992 | ||||||||
| Israel — 1.6% | ||||||||
|
Azrieli Group Ltd. |
1,555 | 75,632 | ||||||
|
Bank Hapoalim BM |
83,791 | 505,590 | ||||||
|
Bank Leumi Le-Israel BM |
124,401 | 630,636 | ||||||
|
Check Point Software Technologies Ltd.(b) |
2,461 | 308,486 | ||||||
|
Elbit Systems Ltd. |
698 | 98,638 | ||||||
|
Mizrahi Tefahot Bank Ltd. |
27,198 | 570,067 | ||||||
|
Nice Ltd.(b) |
1,635 | 335,807 | ||||||
|
|
|
|||||||
| 2,524,856 | ||||||||
| Italy — 1.8% | ||||||||
|
Assicurazioni Generali SpA |
30,258 | 454,345 | ||||||
|
Davide Campari-Milano NV |
10,668 | 107,698 | ||||||
|
DiaSorin SpA |
4,080 | 804,782 | ||||||
|
Enel SpA |
26,176 | 239,786 | ||||||
|
Recordati SpA |
5,041 | 270,753 | ||||||
|
Snam SpA |
135,030 | 718,826 | ||||||
|
Terna Rete Elettrica Nazionale SpA |
32,095 | 239,517 | ||||||
|
|
|
|||||||
| 2,835,707 | ||||||||
| Japan — 28.7% | ||||||||
|
ABC-Mart, Inc. |
7,800 | 410,947 | ||||||
|
Ajinomoto Co., Inc. |
19,900 | 359,386 | ||||||
|
SCHEDULES OF INVESTMENTS |
17 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Edge MSCI Min Vol EAFE Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
|
ANA Holdings, Inc. |
27,500 | $ | 569,370 | |||||
|
Asahi Group Holdings Ltd. |
10,700 | 348,776 | ||||||
|
Asahi Intecc Co. Ltd. |
6,300 | 175,777 | ||||||
|
Astellas Pharma, Inc. |
4,900 | 76,430 | ||||||
|
Bandai Namco Holdings, Inc. |
2,600 | 143,578 | ||||||
|
Bridgestone Corp. |
9,800 | 288,664 | ||||||
|
Calbee, Inc. |
2,700 | 85,799 | ||||||
|
Canon, Inc. |
48,300 | 777,268 | ||||||
|
Central Japan Railway Co. |
3,100 | 376,059 | ||||||
|
Chugai Pharmaceutical Co. Ltd. |
46,500 | 2,099,440 | ||||||
|
Chugoku Electric Power Co., Inc. |
65,800 | 802,958 | ||||||
|
Daiwa House REIT Investment Corp. |
425 | 1,105,054 | ||||||
|
East Japan Railway Co. |
15,200 | 876,199 | ||||||
|
Fast Retailing Co. Ltd. |
200 | 106,360 | ||||||
|
FUJIFILM Holdings Corp. |
6,300 | 281,752 | ||||||
|
Hankyu Hanshin Holdings, Inc. |
6,500 | 186,161 | ||||||
|
Hikari Tsushin, Inc. |
1,300 | 281,841 | ||||||
|
Japan Airlines Co. Ltd.(b) |
27,700 | 448,388 | ||||||
|
Japan Post Bank Co. Ltd.(b) |
99,700 | 743,798 | ||||||
|
Japan Post Holdings Co. Ltd.(b) |
159,600 | 1,090,036 | ||||||
|
Japan Real Estate Investment Corp. |
119 | 607,179 | ||||||
|
Japan Tobacco, Inc. |
35,400 | 605,073 | ||||||
|
Kamigumi Co. Ltd. |
6,500 | 118,630 | ||||||
|
Kao Corp. |
3,500 | 253,904 | ||||||
|
KDDI Corp. |
26,300 | 836,273 | ||||||
|
Keihan Holdings Co. Ltd. |
9,700 | 395,428 | ||||||
|
Keio Corp. |
8,400 | 419,445 | ||||||
|
Keisei Electric Railway Co. Ltd. |
4,200 | 102,691 | ||||||
|
Keyence Corp. |
2,600 | 1,096,386 | ||||||
|
Kintetsu Group Holdings Co. Ltd. |
23,900 | 931,195 | ||||||
|
Kirin Holdings Co. Ltd. |
6,100 | 117,539 | ||||||
|
Kyowa Kirin Co. Ltd. |
4,600 | 113,607 | ||||||
|
Kyushu Electric Power Co., Inc. |
20,100 | 168,808 | ||||||
|
Kyushu Railway Co. |
36,700 | 725,004 | ||||||
|
Lawson, Inc. |
12,000 | 597,562 | ||||||
|
Maruichi Steel Tube Ltd. |
2,900 | 68,671 | ||||||
|
McDonald’s Holdings Co. Japan Ltd. |
16,400 | 784,876 | ||||||
|
MEIJI Holdings Co. Ltd. |
7,400 | 581,081 | ||||||
|
Mitsubishi Heavy Industries Ltd. |
3,100 | 72,117 | ||||||
|
Mizuho Financial Group, Inc. |
783,200 | 954,758 | ||||||
|
MonotaRO Co Ltd. |
8,200 | 348,738 | ||||||
|
MS&AD Insurance Group Holdings, Inc. |
4,200 | 105,538 | ||||||
|
Nagoya Railroad Co. Ltd. |
30,900 | 781,957 | ||||||
|
NEC Corp. |
16,900 | 946,831 | ||||||
|
NH Foods Ltd. |
2,300 | 101,089 | ||||||
|
Nippon Building Fund, Inc. |
228 | 1,274,718 | ||||||
|
Nippon Paint Holdings Co. Ltd. |
13,400 | 916,309 | ||||||
|
Nippon Prologis REIT, Inc.(b) |
424 | 1,463,644 | ||||||
|
Nippon Telegraph & Telephone Corp. |
46,900 | 1,088,618 | ||||||
|
Nissin Foods Holdings Co. Ltd. |
2,600 | 234,860 | ||||||
|
Nitori Holdings Co. Ltd. |
3,600 | 788,170 | ||||||
|
NTT DOCOMO, Inc. |
75,600 | 2,081,352 | ||||||
|
Obic Co. Ltd. |
600 | 107,598 | ||||||
|
Odakyu Electric Railway Co. Ltd. |
15,400 | 322,274 | ||||||
|
Olympus Corp. |
5,500 | 98,926 | ||||||
|
Ono Pharmaceutical Co. Ltd. |
17,900 | 503,122 | ||||||
|
Oracle Corp. Japan |
1,500 | 180,693 | ||||||
|
Oriental Land Co. Ltd. |
9,500 | 1,146,105 | ||||||
|
Osaka Gas Co. Ltd. |
5,600 | 103,833 | ||||||
|
Pan Pacific International Holdings Corp. |
17,500 | 396,637 | ||||||
|
PeptiDream, Inc.(b) |
13,100 | 527,750 | ||||||
|
Santen Pharmaceutical Co. Ltd. |
17,500 | 295,268 | ||||||
|
Secom Co. Ltd. |
12,500 | 1,080,987 | ||||||
|
Seibu Holdings, Inc. |
13,300 | 118,868 | ||||||
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
|
Sekisui House Ltd. |
22,500 | $ | 410,934 | |||||
|
Seven & i Holdings Co. Ltd. |
14,525 | 438,938 | ||||||
|
Seven Bank Ltd. |
26,500 | 65,005 | ||||||
|
SG Holdings Co. Ltd. |
29,200 | 1,071,600 | ||||||
|
Shimamura Co. Ltd. |
4,800 | 333,785 | ||||||
|
Shimano, Inc. |
1,200 | 260,565 | ||||||
|
Shionogi & Co. Ltd. |
6,300 | 374,793 | ||||||
|
Softbank Corp. |
28,100 | 376,152 | ||||||
|
Sohgo Security Services Co. Ltd. |
2,100 | 99,068 | ||||||
|
Suntory Beverage & Food Ltd. |
20,600 | 777,572 | ||||||
|
Sysmex Corp. |
2,300 | 176,862 | ||||||
|
Takeda Pharmaceutical Co. Ltd. |
5,900 | 213,974 | ||||||
|
Tobu Railway Co. Ltd. |
17,500 | 490,067 | ||||||
|
Toho Co. Ltd. |
4,800 | 142,683 | ||||||
|
Tokio Marine Holdings, Inc. |
5,200 | 219,570 | ||||||
|
Tokyo Gas Co. Ltd. |
14,200 | 301,496 | ||||||
|
Tokyu Corp. |
5,500 | 61,209 | ||||||
|
Toyo Suisan Kaisha Ltd. |
18,200 | 1,106,474 | ||||||
|
Tsuruha Holdings, Inc. |
1,200 | 166,399 | ||||||
|
USS Co. Ltd. |
5,100 | 75,612 | ||||||
|
Welcia Holdings Co. Ltd. |
9,200 | 843,040 | ||||||
|
West Japan Railway Co. |
15,900 | 686,641 | ||||||
|
Yamada Denki Co. Ltd. |
150,800 | 654,260 | ||||||
|
Yamazaki Baking Co. Ltd. |
6,100 | 102,359 | ||||||
|
|
|
|||||||
| 45,647,211 | ||||||||
| Netherlands — 1.6% | ||||||||
|
Heineken Holding NV |
1,539 | 132,974 | ||||||
|
Heineken NV |
3,495 | 338,577 | ||||||
|
Koninklijke Ahold Delhaize NV |
36,870 | 1,061,887 | ||||||
|
Koninklijke KPN NV |
69,197 | 182,293 | ||||||
|
Koninklijke Vopak NV |
4,068 | 222,104 | ||||||
|
Wolters Kluwer NV |
7,721 | 608,089 | ||||||
|
|
|
|||||||
| 2,545,924 | ||||||||
| New Zealand — 0.8% | ||||||||
|
Auckland International Airport Ltd.(b) |
77,422 | 330,037 | ||||||
|
Fisher & Paykel Healthcare Corp. Ltd. |
10,807 | 258,875 | ||||||
|
Meridian Energy Ltd. |
72,446 | 235,216 | ||||||
|
Spark New Zealand Ltd. |
127,171 | 416,757 | ||||||
|
|
|
|||||||
| 1,240,885 | ||||||||
| Norway — 1.2% | ||||||||
|
Gjensidige Forsikring ASA(b) |
15,043 | 309,252 | ||||||
|
Mowi ASA |
13,315 | 241,816 | ||||||
|
Orkla ASA |
75,117 | 738,838 | ||||||
|
Telenor ASA |
37,492 | 579,581 | ||||||
|
|
|
|||||||
| 1,869,487 | ||||||||
| Singapore — 2.9% | ||||||||
|
Ascendas Real Estate Investment Trust |
73,436 | 190,086 | ||||||
|
CapitaLand Mall Trust |
184,000 | 254,311 | ||||||
|
DBS Group Holdings Ltd. |
23,600 | 340,917 | ||||||
|
Oversea-Chinese Banking Corp. Ltd. |
83,600 | 523,650 | ||||||
|
Singapore Airlines Ltd. |
124,743 | 311,179 | ||||||
|
Singapore Exchange Ltd. |
96,100 | 573,268 | ||||||
|
Singapore Technologies Engineering Ltd.(d) |
285,500 | 682,885 | ||||||
|
Singapore Telecommunications Ltd. |
476,400 | 864,605 | ||||||
|
United Overseas Bank Ltd. |
29,435 | 414,430 | ||||||
|
Wilmar International Ltd. |
110,600 | 373,851 | ||||||
|
|
|
|||||||
| 4,529,182 | ||||||||
| Spain — 1.1% | ||||||||
|
Aena SME SA(c) |
2,146 | 279,807 | ||||||
|
Endesa SA |
19,878 | 567,058 | ||||||
|
Iberdrola SA |
29,135 | 376,578 | ||||||
|
Iberdrola SA(b) |
662 | 8,517 | ||||||
| 18 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Edge MSCI Min Vol EAFE Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Spain (continued) | ||||||||
|
Red Electrica Corp. SA |
27,347 | $ | 533,124 | |||||
|
|
|
|||||||
| 1,765,084 | ||||||||
| Sweden — 0.9% | ||||||||
|
ICA Gruppen AB |
11,464 | 563,149 | ||||||
|
Telefonaktiebolaget LM Ericsson, Class B |
40,068 | 466,194 | ||||||
|
Telia Co. AB |
112,324 | 437,696 | ||||||
|
|
|
|||||||
| 1,467,039 | ||||||||
| Switzerland — 14.6% | ||||||||
|
Alcon, Inc.(b) |
1,447 | 87,456 | ||||||
|
Baloise Holding AG, Registered Shares |
5,533 | 844,196 | ||||||
|
Barry Callebaut AG, Registered Shares |
265 | 551,814 | ||||||
|
Chocoladefabriken Lindt & Spruengli AG |
126 | 975,471 | ||||||
|
Chocoladefabriken Lindt & Spruengli AG, Registered Shares |
6 | 514,435 | ||||||
|
EMS-Chemie Holding AG, Registered Shares |
2,010 | 1,735,776 | ||||||
|
Geberit AG, Registered Shares |
898 | 495,621 | ||||||
|
Givaudan SA, Registered Shares |
599 | 2,480,889 | ||||||
|
Kuehne + Nagel International AG, Registered Shares |
4,161 | 717,302 | ||||||
|
Logitech International SA, Registered Shares |
7,519 | 548,499 | ||||||
|
Nestle SA, Registered Shares |
20,626 | 2,452,879 | ||||||
|
Novartis AG, Registered Shares |
21,457 | 1,767,354 | ||||||
|
Partners Group Holding AG |
575 | 557,007 | ||||||
|
Roche Holding AG |
6,245 | 2,162,996 | ||||||
|
Schindler Holding AG, Registered Shares |
3,978 | 995,511 | ||||||
|
SGS SA, Registered Shares |
34 | 89,041 | ||||||
|
Sonova Holding AG, Registered Shares(b) |
1,525 | 344,809 | ||||||
|
Swiss Life Holding AG, Registered Shares(b) |
1,095 | 400,159 | ||||||
|
Swiss Prime Site AG, Registered Shares |
7,934 | 724,085 | ||||||
|
Swiss Re AG |
3,727 | 294,094 | ||||||
|
Swisscom AG, Registered Shares |
4,474 | 2,378,223 | ||||||
|
Zurich Insurance Group AG |
5,794 | 2,142,637 | ||||||
|
|
|
|||||||
| 23,260,254 | ||||||||
| United Kingdom — 10.0% | ||||||||
|
Admiral Group PLC |
29,203 | 910,687 | ||||||
|
Associated British Foods PLC |
3,794 | 86,899 | ||||||
|
AstraZeneca PLC |
9,981 | 1,102,697 | ||||||
|
BAE Systems PLC |
67,794 | 434,485 | ||||||
|
British American Tobacco PLC |
3,980 | 131,532 | ||||||
|
Bunzl PLC(b) |
9,161 | 262,426 | ||||||
|
Croda International PLC |
3,928 | 293,164 | ||||||
|
Diageo PLC |
42,982 | 1,572,738 | ||||||
|
Direct Line Insurance Group PLC(b) |
230,973 | 893,792 | ||||||
|
Experian PLC |
12,250 | 427,894 | ||||||
|
GlaxoSmithKline PLC |
76,745 | 1,528,784 | ||||||
|
Halma PLC |
4,537 | 128,868 | ||||||
|
HSBC Holdings PLC |
114,867 | 517,225 | ||||||
| Security | Shares | Value | ||||||
| United Kingdom (continued) | ||||||||
|
Imperial Brands PLC |
11,165 | $ | 186,018 | |||||
|
National Grid PLC |
137,752 | 1,616,089 | ||||||
|
Ocado Group PLC(b) |
10,440 | 279,686 | ||||||
|
Reckitt Benckiser Group PLC |
3,934 | 394,460 | ||||||
|
RELX PLC |
48,389 | 1,018,694 | ||||||
|
Rentokil Initial PLC |
15,051 | 105,001 | ||||||
|
RSA Insurance Group PLC(b) |
16,108 | 89,906 | ||||||
|
Sage Group PLC |
16,349 | 155,150 | ||||||
|
Severn Trent PLC |
9,680 | 308,476 | ||||||
|
Smith & Nephew PLC |
48,453 | 956,339 | ||||||
|
Tesco PLC |
57,665 | 162,750 | ||||||
|
Unilever NV |
13,490 | 797,128 | ||||||
|
Unilever PLC |
17,861 | 1,063,533 | ||||||
|
United Utilities Group PLC |
20,482 | 240,204 | ||||||
|
WM Morrison Supermarkets PLC |
117,684 | 285,469 | ||||||
|
|
|
|||||||
| 15,950,094 | ||||||||
| United States — 0.3% | ||||||||
|
QIAGEN NV(b) |
8,900 | 442,100 | ||||||
|
|
|
|||||||
|
Total Long-Term Investments — 99.0%
|
|
157,207,257 | ||||||
|
|
|
|||||||
|
Short-Term Securities — 0.8% |
|
|||||||
|
BlackRock Cash Funds: Institutional,
|
||||||||
|
0.43%(e)(f)(g) |
1,262,862 | 1,264,252 | ||||||
|
|
|
|||||||
|
Total Short-Term Securities — 0.8%
|
|
1,264,252 | ||||||
|
|
|
|||||||
|
Total Investments — 99.8%
|
|
158,471,509 | ||||||
|
Other Assets Less Liabilities — 0.2% |
|
321,498 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 158,793,007 | |||||
|
|
|
|||||||
| (a) |
A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (b) |
Non-income producing security. |
| (c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) |
Security, or a portion of the security, is on loan. |
| (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. |
| (g) |
Investments in issuers considered to be an affiliate/affiliates of the Fund during the year ended July 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliated Issuer |
Shares
Held at 07/31/19 |
Shares
Purchased |
Shares
Sold |
Shares
Held at 07/31/20 |
Value at
07/31/20 |
Income |
Net
Realized Gain (Loss) (a) |
Change in
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
637,956 | 624,906 | (b) | — | 1,262,862 | $ | 1,264,252 | $ | 7,069 | (c) | $ | (1,208 | ) | $ | (399 | ) | ||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares(d) |
156,274 | — | (156,274 | )(b) | — | — | 4,261 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 1,264,252 | $ | 11,330 | $ | (1,208 | ) | $ | (399 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) |
Includes net capital gain distributions, if applicable. |
| (b) |
Represents net shares purchased (sold). |
| (c) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
| (d) |
As of period end, the entity is no longer held by the Fund. |
|
SCHEDULES OF INVESTMENTS |
19 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Edge MSCI Min Vol EAFE Index Fund |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description |
Number of
Contracts |
Expiration
Date |
Notional
Amount (000) |
Value/
Unrealized Appreciation (Depreciation) |
||||||||||||
|
Long Contracts |
||||||||||||||||
|
Nikkei 225 Index |
5 | 09/10/20 | $ | 515 | $ | (18,616 | ) | |||||||||
|
SPI 200 Index |
4 | 09/17/20 | 420 | (4,132 | ) | |||||||||||
|
FTSE 100 Index |
4 | 09/18/20 | 308 | (14,012 | ) | |||||||||||
|
|
|
|||||||||||||||
| $ | (36,760 | ) | ||||||||||||||
|
|
|
|||||||||||||||
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) |
$ | — | $ | — | $ | 36,760 | $ | — | $ | — | $ | — | $ | 36,760 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts, 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 year ended July 31, 2020, 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 |
$ | — | $ | — | $ | 641,873 | $ | — | $ | — | $ | — | $ | 641,873 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (40,542 | ) | $ | — | $ | — | $ | — | $ | (40,542 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 2,525,879 | ||
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
| 20 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Edge MSCI Min Vol EAFE Index Fund |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
|
SCHEDULES OF INVESTMENTS |
21 |
|
Schedule of Investments July 31, 2020 |
iShares Edge MSCI Min Vol USA Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks — 112.7% |
|
|||||||
| Aerospace & Defense — 1.5% | ||||||||
|
L3Harris Technologies, Inc. |
2,239 | $ | 376,891 | |||||
|
Lockheed Martin Corp. |
1,536 | 582,098 | ||||||
|
Northrop Grumman Corp. |
227 | 73,777 | ||||||
|
|
|
|||||||
| 1,032,766 | ||||||||
| Air Freight & Logistics — 1.0% | ||||||||
|
C.H. Robinson Worldwide, Inc. |
7,402 | 693,715 | ||||||
|
|
|
|||||||
| Banks — 0.6% | ||||||||
|
M&T Bank Corp. |
569 | 60,285 | ||||||
|
Truist Financial Corp. |
1,102 | 41,281 | ||||||
|
U.S. Bancorp |
6,989 | 257,475 | ||||||
|
Wells Fargo & Co. |
1,541 | 37,385 | ||||||
|
|
|
|||||||
| 396,426 | ||||||||
| Beverages — 3.3% | ||||||||
|
Brown-Forman Corp., Class B |
1,107 | 76,759 | ||||||
|
Coca-Cola Co. |
23,006 | 1,086,804 | ||||||
|
PepsiCo, Inc. |
8,468 | 1,165,705 | ||||||
|
|
|
|||||||
| 2,329,268 | ||||||||
| Biotechnology — 5.1% | ||||||||
|
Amgen, Inc. |
717 | 175,428 | ||||||
|
BioMarin Pharmaceutical, Inc.(a) |
1,145 | 137,182 | ||||||
|
Gilead Sciences, Inc. |
13,839 | 962,226 | ||||||
|
Incyte Corp.(a) |
1,474 | 145,572 | ||||||
|
Regeneron Pharmaceuticals, Inc.(a) |
1,809 | 1,143,415 | ||||||
|
Vertex Pharmaceuticals, Inc.(a) |
3,955 | 1,075,760 | ||||||
|
|
|
|||||||
| 3,639,583 | ||||||||
| Building Products — 0.1% | ||||||||
|
Carrier Global Corp. |
2,182 | 59,438 | ||||||
|
|
|
|||||||
| Capital Markets — 1.8% | ||||||||
|
Cboe Global Markets, Inc. |
2,531 | 221,969 | ||||||
|
CME Group, Inc. |
2,939 | 488,403 | ||||||
|
Intercontinental Exchange, Inc. |
5,009 | 484,771 | ||||||
|
MarketAxess Holdings, Inc. |
147 | 75,955 | ||||||
|
|
|
|||||||
| 1,271,098 | ||||||||
| Chemicals — 1.2% | ||||||||
|
Air Products & Chemicals, Inc. |
1,020 | 292,363 | ||||||
|
Ecolab, Inc. |
2,754 | 515,218 | ||||||
|
Linde PLC |
227 | 55,640 | ||||||
|
|
|
|||||||
| 863,221 | ||||||||
| Commercial Services & Supplies — 4.6% | ||||||||
|
Republic Services, Inc. |
12,923 | 1,127,532 | ||||||
|
Waste Connections, Inc. |
9,760 | 999,131 | ||||||
|
Waste Management, Inc. |
10,541 | 1,155,293 | ||||||
|
|
|
|||||||
| 3,281,956 | ||||||||
| Communications Equipment — 1.8% | ||||||||
|
Cisco Systems, Inc. |
12,302 | 579,424 | ||||||
|
Juniper Networks, Inc. |
3,577 | 90,784 | ||||||
|
Motorola Solutions, Inc. |
4,400 | 615,120 | ||||||
|
|
|
|||||||
| 1,285,328 | ||||||||
| Containers & Packaging — 0.3% | ||||||||
|
Amcor PLC(a) |
15,797 | 162,709 | ||||||
|
Ball Corp. |
922 | 67,887 | ||||||
|
|
|
|||||||
| 230,596 | ||||||||
| Distributors — 0.2% | ||||||||
|
Genuine Parts Co. |
1,387 | 125,038 | ||||||
|
|
|
|||||||
| Diversified Financial Services — 0.6% | ||||||||
|
Berkshire Hathaway, Inc., Class B(a) |
2,250 | 440,505 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
| Diversified Telecommunication Services — 2.7% | ||||||||
|
AT&T, Inc. |
23,601 | $ | 698,117 | |||||
|
Verizon Communications, Inc. |
20,518 | 1,179,375 | ||||||
|
|
|
|||||||
| 1,877,492 | ||||||||
| Electric Utilities — 6.7% | ||||||||
|
Alliant Energy Corp. |
1,716 | 92,407 | ||||||
|
American Electric Power Co., Inc. |
4,385 | 380,969 | ||||||
|
Duke Energy Corp. |
9,173 | 777,320 | ||||||
|
Evergy, Inc. |
3,291 | 213,355 | ||||||
|
Eversource Energy |
2,623 | 236,254 | ||||||
|
NextEra Energy, Inc. |
4,840 | 1,358,588 | ||||||
|
Southern Co. |
14,240 | 777,646 | ||||||
|
Xcel Energy, Inc. |
12,967 | 895,242 | ||||||
|
|
|
|||||||
| 4,731,781 | ||||||||
| Electronic Equipment, Instruments & Components — 1.7% | ||||||||
|
Amphenol Corp., Class A |
4,620 | 488,611 | ||||||
|
FLIR Systems, Inc. |
2,166 | 90,236 | ||||||
|
Keysight Technologies, Inc.(a) |
5,389 | 538,307 | ||||||
|
TE Connectivity Ltd. |
678 | 60,389 | ||||||
|
|
|
|||||||
| 1,177,543 | ||||||||
| Entertainment — 1.3% | ||||||||
|
Take-Two Interactive Software, Inc.(a) |
2,578 | 422,844 | ||||||
|
Walt Disney Co. |
4,381 | 512,314 | ||||||
|
|
|
|||||||
| 935,158 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 5.6% | ||||||||
|
American Tower Corp. |
2,778 | 726,141 | ||||||
|
AvalonBay Communities, Inc. |
1,319 | 201,965 | ||||||
|
Camden Property Trust |
3,268 | 296,767 | ||||||
|
Crown Castle International Corp. |
3,185 | 530,940 | ||||||
|
Equinix, Inc. |
87 | 68,337 | ||||||
|
Equity Residential |
7,747 | 415,472 | ||||||
|
Essex Property Trust, Inc. |
1,012 | 223,389 | ||||||
|
Extra Space Storage, Inc. |
2,503 | 258,660 | ||||||
|
Mid-America Apartment Communities, Inc. |
1,556 | 185,460 | ||||||
|
Public Storage |
3,381 | 675,794 | ||||||
|
SBA Communications Corp. |
404 | 125,862 | ||||||
|
UDR, Inc. |
6,630 | 240,006 | ||||||
|
|
|
|||||||
| 3,948,793 | ||||||||
| Food & Staples Retailing — 1.2% | ||||||||
|
Costco Wholesale Corp. |
174 | 56,642 | ||||||
|
Kroger Co. |
6,046 | 210,340 | ||||||
|
Walmart, Inc. |
4,540 | 587,476 | ||||||
|
|
|
|||||||
| 854,458 | ||||||||
| Food Products — 5.1% | ||||||||
|
Campbell Soup Co. |
3,400 | 168,538 | ||||||
|
General Mills, Inc. |
2,872 | 181,712 | ||||||
|
Hershey Co. |
6,658 | 968,140 | ||||||
|
Hormel Foods Corp. |
15,406 | 783,549 | ||||||
|
J.M. Smucker Co. |
1,869 | 204,375 | ||||||
|
Kellogg Co. |
6,071 | 418,838 | ||||||
|
McCormick & Co., Inc. |
2,296 | 447,490 | ||||||
|
Mondelez International, Inc., Class A |
7,508 | 416,619 | ||||||
|
Tyson Foods, Inc., Class A |
631 | 38,775 | ||||||
|
|
|
|||||||
| 3,628,036 | ||||||||
| Health Care Equipment & Supplies — 4.8% | ||||||||
|
Abbott Laboratories |
2,419 | 243,448 | ||||||
|
Baxter International, Inc. |
6,094 | 526,400 | ||||||
|
Becton Dickinson & Co. |
813 | 228,729 | ||||||
|
Cooper Cos., Inc. |
735 | 207,954 | ||||||
|
Danaher Corp. |
4,001 | 815,404 | ||||||
|
DENTSPLY SIRONA, Inc. |
1,317 | 58,738 | ||||||
|
Medtronic PLC |
8,659 | 835,420 | ||||||
| 22 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Edge MSCI Min Vol USA Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Health Care Equipment & Supplies (continued) | ||||||||
|
Stryker Corp. |
2,323 | $ | 449,036 | |||||
|
Zimmer Biomet Holdings, Inc. |
316 | 42,616 | ||||||
|
|
|
|||||||
| 3,407,745 | ||||||||
| Health Care Providers & Services — 2.0% | ||||||||
|
Anthem, Inc. |
1,267 | 346,905 | ||||||
|
Henry Schein, Inc.(a) |
623 | 42,819 | ||||||
|
Humana, Inc. |
812 | 318,669 | ||||||
|
Quest Diagnostics, Inc. |
450 | 57,182 | ||||||
|
UnitedHealth Group, Inc. |
1,775 | 537,434 | ||||||
|
Universal Health Services, Inc., Class B |
1,010 | 110,999 | ||||||
|
|
|
|||||||
| 1,414,008 | ||||||||
| Health Care Technology — 0.1% | ||||||||
|
Cerner Corp. |
622 | 43,198 | ||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure — 2.4% | ||||||||
|
McDonald’s Corp. |
6,219 | 1,208,227 | ||||||
|
Starbucks Corp. |
6,077 | 465,073 | ||||||
|
|
|
|||||||
| 1,673,300 | ||||||||
| Household Durables — 0.3% | ||||||||
|
Garmin Ltd. |
2,171 | 214,039 | ||||||
|
|
|
|||||||
| Household Products — 3.6% | ||||||||
|
Church & Dwight Co., Inc. |
3,871 | 372,894 | ||||||
|
Clorox Co. |
2,226 | 526,471 | ||||||
|
Colgate-Palmolive Co. |
3,996 | 308,491 | ||||||
|
Kimberly-Clark Corp. |
1,958 | 297,694 | ||||||
|
Procter & Gamble Co. |
7,833 | 1,027,063 | ||||||
|
|
|
|||||||
| 2,532,613 | ||||||||
| Industrial Conglomerates — 0.3% | ||||||||
|
Honeywell International, Inc. |
1,645 | 245,714 | ||||||
|
|
|
|||||||
| Insurance — 10.3% | ||||||||
|
Alleghany Corp. |
262 | 136,848 | ||||||
|
Allstate Corp. |
5,221 | 492,810 | ||||||
|
Aon PLC, Class A |
3,153 | 647,059 | ||||||
|
Arch Capital Group Ltd.(a) |
7,979 | 245,354 | ||||||
|
Arthur J Gallagher & Co. |
4,875 | 524,014 | ||||||
|
Brown & Brown, Inc. |
8,461 | 384,722 | ||||||
|
Chubb Ltd. |
5,394 | 686,332 | ||||||
|
Cincinnati Financial Corp. |
1,629 | 126,948 | ||||||
|
Erie Indemnity Co., Class A |
347 | 72,912 | ||||||
|
Everest Re Group Ltd. |
2,360 | 516,344 | ||||||
|
Fidelity National Financial, Inc. |
5,960 | 192,866 | ||||||
|
Hartford Financial Services Group, Inc. |
6,083 | 257,432 | ||||||
|
Loews Corp. |
1,143 | 41,617 | ||||||
|
Markel Corp.(a) |
324 | 338,431 | ||||||
|
Marsh & McLennan Cos., Inc. |
5,473 | 638,152 | ||||||
|
Progressive Corp. |
4,385 | 396,141 | ||||||
|
RenaissanceRe Holdings Ltd. |
2,478 | 446,982 | ||||||
|
Travelers Cos., Inc. |
3,334 | 381,476 | ||||||
|
W.R. Berkley Corp. |
8,490 | 524,257 | ||||||
|
Willis Towers Watson PLC |
1,025 | 215,260 | ||||||
|
|
|
|||||||
| 7,265,957 | ||||||||
| Interactive Media & Services — 0.1% | ||||||||
|
Alphabet, Inc., Class C(a) |
72 | 106,773 | ||||||
|
|
|
|||||||
| Internet & Direct Marketing Retail — 0.1% | ||||||||
|
eBay, Inc. |
1,258 | 69,542 | ||||||
|
|
|
|||||||
| IT Services — 13.7% | ||||||||
|
Accenture PLC, Class A |
4,886 | 1,098,275 | ||||||
|
Akamai Technologies, Inc.(a) |
3,754 | 422,100 | ||||||
|
Automatic Data Processing, Inc. |
2,873 | 381,850 | ||||||
|
Black Knight, Inc.(a) |
8,658 | 648,657 | ||||||
| Security | Shares | Value | ||||||
| IT Services (continued) | ||||||||
|
Booz Allen Hamilton Holding Corp. |
2,653 | $ | 216,909 | |||||
|
Broadridge Financial Solutions, Inc. |
2,190 | 294,205 | ||||||
|
Cognizant Technology Solutions Corp., Class A |
5,319 | 363,394 | ||||||
|
Fidelity National Information Services, Inc. |
6,190 | 905,659 | ||||||
|
Fiserv, Inc.(a) |
6,180 | 616,702 | ||||||
|
FleetCor Technologies, Inc.(a) |
745 | 192,635 | ||||||
|
International Business Machines Corp. |
2,204 | 270,960 | ||||||
|
Jack Henry & Associates, Inc. |
4,439 | 791,474 | ||||||
|
Mastercard, Inc., Class A |
2,355 | 726,588 | ||||||
|
Paychex, Inc. |
10,675 | 767,746 | ||||||
|
VeriSign, Inc.(a) |
1,470 | 311,170 | ||||||
|
Visa, Inc., Class A |
5,896 | 1,122,598 | ||||||
|
Western Union Co. |
23,901 | 580,316 | ||||||
|
|
|
|||||||
| 9,711,238 | ||||||||
| Machinery — 0.1% | ||||||||
|
Otis Worldwide Corp. |
697 | 43,730 | ||||||
|
|
|
|||||||
| Media — 1.5% | ||||||||
|
Charter Communications, Inc., Class A(a) |
521 | 302,180 | ||||||
|
Comcast Corp., Class A |
10,084 | 431,595 | ||||||
|
Fox Corp., Class B(a) |
1,633 | 42,082 | ||||||
|
Liberty Media Corp. — Liberty SiriusXM, Class A(a) |
1,389 | 48,323 | ||||||
|
Omnicom Group, Inc. |
2,220 | 119,281 | ||||||
|
Sirius XM Holdings, Inc.(b) |
15,202 | 89,388 | ||||||
|
|
|
|||||||
| 1,032,849 | ||||||||
| Metals & Mining — 1.6% | ||||||||
|
Newmont Corp. |
16,564 | 1,146,229 | ||||||
|
|
|
|||||||
| Multi-Utilities — 2.7% | ||||||||
|
CMS Energy Corp. |
3,103 | 199,151 | ||||||
|
Consolidated Edison, Inc. |
10,351 | 795,267 | ||||||
|
Dominion Energy, Inc. |
4,304 | 348,753 | ||||||
|
WEC Energy Group, Inc. |
6,048 | 576,132 | ||||||
|
|
|
|||||||
| 1,919,303 | ||||||||
| Multiline Retail — 1.3% | ||||||||
|
Dollar General Corp. |
2,670 | 508,368 | ||||||
|
Dollar Tree, Inc.(a) |
2,512 | 234,495 | ||||||
|
Target Corp. |
1,355 | 170,568 | ||||||
|
|
|
|||||||
| 913,431 | ||||||||
| Oil, Gas & Consumable Fuels — 1.1% | ||||||||
|
Cabot Oil & Gas Corp. |
3,203 | 59,896 | ||||||
|
Cheniere Energy, Inc.(a) |
2,171 | 107,421 | ||||||
|
Chevron Corp. |
473 | 39,704 | ||||||
|
Exxon Mobil Corp. |
9,532 | 401,107 | ||||||
|
Kinder Morgan, Inc. |
13,764 | 194,072 | ||||||
|
|
|
|||||||
| 802,200 | ||||||||
| Pharmaceuticals — 6.3% | ||||||||
|
Bristol-Myers Squibb Co. |
4,559 | 267,431 | ||||||
|
Eli Lilly & Co. |
6,262 | 941,116 | ||||||
|
Johnson & Johnson |
7,318 | 1,066,672 | ||||||
|
Merck & Co., Inc. |
14,130 | 1,133,791 | ||||||
|
Pfizer, Inc. |
19,661 | 756,555 | ||||||
|
Zoetis, Inc. |
2,131 | 323,230 | ||||||
|
|
|
|||||||
| 4,488,795 | ||||||||
| Professional Services — 0.4% | ||||||||
|
Verisk Analytics, Inc. |
1,649 | 311,183 | ||||||
|
|
|
|||||||
| Road & Rail — 0.2% | ||||||||
|
AMERCO |
351 | 111,523 | ||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment — 0.7% | ||||||||
|
Broadcom, Inc. |
570 | 180,547 | ||||||
|
Intel Corp. |
1,744 | 83,241 | ||||||
|
SCHEDULES OF INVESTMENTS |
23 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Edge MSCI Min Vol USA Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Semiconductors & Semiconductor Equipment (continued) | ||||||||
|
Texas Instruments, Inc. |
1,574 | $ | 200,764 | |||||
|
|
|
|||||||
| 464,552 | ||||||||
| Software — 6.7% | ||||||||
|
Adobe, Inc.(a) |
1,954 | 868,201 | ||||||
|
CDK Global, Inc. |
1,492 | 67,826 | ||||||
|
Citrix Systems, Inc. |
6,725 | 960,061 | ||||||
|
Intuit, Inc. |
546 | 167,278 | ||||||
|
Microsoft Corp. |
5,855 | 1,200,334 | ||||||
|
NortonLifeLock, Inc. |
1,969 | 42,235 | ||||||
|
Oracle Corp. |
9,875 | 547,569 | ||||||
|
Palo Alto Networks, Inc.(a) |
558 | 142,804 | ||||||
|
Tyler Technologies, Inc.(a)(b) |
2,069 | 739,150 | ||||||
|
|
|
|||||||
| 4,735,458 | ||||||||
| Specialty Retail — 3.0% | ||||||||
|
Advance Auto Parts, Inc. |
262 | 39,337 | ||||||
|
AutoZone, Inc.(a) |
343 | 414,145 | ||||||
|
Burlington Stores, Inc.(a) |
349 | 65,612 | ||||||
|
Home Depot, Inc. |
2,603 | 691,070 | ||||||
|
O’Reilly Automotive, Inc.(a) |
610 | 291,202 | ||||||
|
Ross Stores, Inc. |
1,927 | 172,794 | ||||||
|
Tiffany & Co. |
278 | 34,850 | ||||||
|
TJX Cos., Inc. |
8,607 | 447,478 | ||||||
|
|
|
|||||||
| 2,156,488 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.3% | ||||||||
|
Apple, Inc. |
425 | 180,642 | ||||||
|
Dell Technologies, Inc., Class C(a) |
832 | 49,779 | ||||||
|
|
|
|||||||
| 230,421 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
|
NIKE, Inc., Class B |
2,696 | 263,156 | ||||||
|
|
|
|||||||
| Tobacco — 0.5% | ||||||||
|
Altria Group, Inc. |
6,206 | 255,377 | ||||||
|
Philip Morris International, Inc. |
1,722 | 132,267 | ||||||
|
|
|
|||||||
| 387,644 | ||||||||
| Water Utilities — 0.1% | ||||||||
|
American Water Works Co., Inc. |
400 | 58,908 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
| Wireless Telecommunication Services — 1.7% | ||||||||
|
T-Mobile U.S., Inc.(a) |
11,318 | $ | 1,215,327 | |||||
|
|
|
|||||||
|
Total Common Stocks — 112.7%
|
|
79,767,523 | ||||||
|
|
|
|||||||
|
Investment Companies — 0.3% |
|
|||||||
|
Equity Fund — 0.3% |
|
|||||||
|
iShares Edge MSCI Min Vol USA ETF(b)(e) |
3,637 | 230,586 | ||||||
|
|
|
|||||||
|
Total Investment Companies — 0.3%
|
|
230,586 | ||||||
|
|
|
|||||||
|
Total Long-Term Investments — 113.0%
|
|
79,998,109 | ||||||
|
|
|
|||||||
|
Short-Term Securities — 1.4% |
|
|||||||
|
BlackRock Cash Funds: Institutional,
|
||||||||
|
0.43%(c)(d)(e) |
713,692 | 714,477 | ||||||
|
BlackRock Cash Funds: Treasury,
|
||||||||
|
0.15%(c)(e) |
235,403 | 235,403 | ||||||
|
|
|
|||||||
|
Total Short-Term Securities — 1.4%
|
|
949,880 | ||||||
|
|
|
|||||||
|
Total Investments — 114.4%
|
|
80,947,989 | ||||||
|
Liabilities in Excess of Other Assets — (14.4)% |
|
(10,186,731 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 70,761,258 | |||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Annualized 7-day yield as of period end. |
| (d) |
Security was purchased with the cash collateral from loaned securities. |
| (e) |
Investments in issuers considered to be an affiliate/affiliates of the Fund during the year ended July 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliated Issuer |
Shares
Held at 07/31/19 |
Shares
Purchased |
Shares
Sold |
Shares
Held at 07/31/20 |
Value at
07/31/20 |
Income |
Net
Realized Gain (Loss) (a) |
Change in
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
156,313 | 557,379 | (b) | — | 713,692 | $ | 714,477 | $ | 2,339 | (c) | $ | 808 | $ | (101 | ) | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
201,619 | 33,784 | (b) | — | 235,403 | 235,403 | 8,033 | — | — | |||||||||||||||||||||||
|
iShares Edge MSCI Min Vol USA ETF |
1,087 | 174,243 | (171,693 | ) | 3,637 | 230,586 | 4,666 | 28,248 | 10,284 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 1,180,466 | $ | 15,038 | $ | 29,056 | $ | 10,183 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) |
Includes net capital gain distributions, if applicable. |
| (b) |
Represents net shares purchased (sold). |
| (c) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
| 24 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Edge MSCI Min Vol USA Index Fund |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description |
Number of
Contracts |
Expiration
Date |
Notional
Amount (000) |
Value/
Unrealized Appreciation (Depreciation) |
||||||||||||
|
Long Contracts |
||||||||||||||||
|
S&P 500 E-Mini Index |
1 | 09/18/20 | $ | 163 | $ | (52 | ) | |||||||||
|
|
|
|||||||||||||||
Derivative Financial Instruments Categorized by Risk Exposure
As of year 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 contract(a) |
$ | — | $ | — | $ | 52 | $ | — | $ | — | $ | — | $ | 52 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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 year ended July 31, 2020, 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 |
$ | — | $ | — | $ | 53,852 | $ | — | $ | — | $ | — | $ | 53,852 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (52 | ) | $ | — | $ | — | $ | — | $ | (52 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 190,916 |
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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
|
SCHEDULES OF INVESTMENTS |
25 |
|
Schedule of Investments July 31, 2020 |
iShares Edge MSCI Multifactor Intl Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks — 97.9% |
|
|||||||
| Australia — 14.1% | ||||||||
|
AGL Energy Ltd. |
4,352 | $ | 51,551 | |||||
|
Aurizon Holdings Ltd. |
13,281 | 42,352 | ||||||
|
BHP Group PLC |
11,097 | 239,955 | ||||||
|
BlueScope Steel Ltd. |
3,490 | 27,911 | ||||||
|
Coca-Cola Amatil Ltd. |
3,494 | 20,393 | ||||||
|
Cochlear Ltd. |
397 | 54,176 | ||||||
|
Dexus |
7,318 | 44,423 | ||||||
|
Fortescue Metals Group Ltd. |
11,599 | 144,375 | ||||||
|
GPT Group |
5,320 | 14,722 | ||||||
|
Magellan Financial Group Ltd. |
868 | 37,710 | ||||||
|
Medibank Pvt Ltd. |
18,712 | 37,370 | ||||||
|
Mirvac Group |
26,757 | 39,817 | ||||||
|
Rio Tinto Ltd. |
2,528 | 185,021 | ||||||
|
Rio Tinto PLC |
4,252 | 258,829 | ||||||
|
Woolworths Group Ltd. |
8,615 | 238,498 | ||||||
|
|
|
|||||||
| 1,437,103 | ||||||||
| Belgium — 2.8% | ||||||||
|
Ageas SA |
1,222 | 45,747 | ||||||
|
Colruyt SA |
379 | 22,011 | ||||||
|
Groupe Bruxelles Lambert SA |
608 | 52,738 | ||||||
|
Proximus SADP |
1,054 | 21,682 | ||||||
|
Sofina SA |
106 | 29,690 | ||||||
|
UCB SA |
860 | 110,503 | ||||||
|
|
|
|||||||
| 282,371 | ||||||||
| Brazil — 0.4% | ||||||||
|
Yamana Gold, Inc. |
6,518 | 42,336 | ||||||
|
|
|
|||||||
| Canada — 12.4% | ||||||||
|
Atco Ltd., Class I |
534 | 16,617 | ||||||
|
B2Gold Corp. |
7,102 | 49,204 | ||||||
|
CGI, Inc.(a) |
1,644 | 117,422 | ||||||
|
CI Financial Corp. |
1,438 | 19,765 | ||||||
|
Constellation Software, Inc. |
137 | 162,051 | ||||||
|
Empire Co. Ltd., Class A |
1,189 | 30,545 | ||||||
|
First Capital Real Estate Investment Trust |
733 | 7,431 | ||||||
|
Hydro One Ltd.(b) |
2,236 | 47,643 | ||||||
|
iA Financial Corp. Inc. |
716 | 25,140 | ||||||
|
IGM Financial, Inc. |
573 | 14,087 | ||||||
|
Intact Financial Corp. |
948 | 103,502 | ||||||
|
Kinross Gold Corp.(a) |
8,601 | 80,266 | ||||||
|
Kirkland Lake Gold Ltd. |
1,866 | 101,906 | ||||||
|
Loblaw Cos. Ltd. |
1,226 | 63,604 | ||||||
|
Magna International, Inc. |
1,979 | 91,470 | ||||||
|
Metro, Inc. |
1,721 | 75,498 | ||||||
|
Onex Corp. |
583 | 25,915 | ||||||
|
Open Text Corp. |
1,844 | 83,000 | ||||||
|
RioCan Real Estate Investment Trust |
1,076 | 12,018 | ||||||
|
SmartCentres Real Estate Investment Trust |
515 | 7,797 | ||||||
|
Thomson Reuters Corp. |
1,199 | 83,660 | ||||||
|
WSP Global, Inc. |
727 | 45,652 | ||||||
|
|
|
|||||||
| 1,264,193 | ||||||||
| China — 0.1% | ||||||||
|
Yangzijiang Shipbuilding Holdings Ltd. |
15,500 | 10,387 | ||||||
|
|
|
|||||||
| Denmark — 4.2% | ||||||||
|
Ambu A/S |
1,118 | 39,033 | ||||||
|
Coloplast A/S, Class B |
814 | 138,948 | ||||||
|
Novo Nordisk A/S, Class B |
3,050 | 200,118 | ||||||
|
Pandora A/S |
685 | 43,567 | ||||||
|
|
|
|||||||
| 421,666 | ||||||||
| Security | Shares | Value | ||||||
| Finland — 0.9% | ||||||||
|
Elisa OYJ |
969 | $ | 57,470 | |||||
|
Orion OYJ, Class B |
723 | 31,544 | ||||||
|
|
|
|||||||
| 89,014 | ||||||||
| France — 4.3% | ||||||||
|
Alstom SA(a) |
404 | 22,512 | ||||||
|
Atos SE(a) |
680 | 58,146 | ||||||
|
BioMerieux |
282 | 45,450 | ||||||
|
Bouygues SA(a) |
1,539 | 54,368 | ||||||
|
Carrefour SA |
2,264 | 35,981 | ||||||
|
CNP Assurances(a) |
1,176 | 14,284 | ||||||
|
Iliad SA |
101 | 19,753 | ||||||
|
Ipsen SA |
259 | 24,839 | ||||||
|
La Francaise des Jeux SAEM(b) |
589 | 21,575 | ||||||
|
Peugeot SA(a) |
4,019 | 64,604 | ||||||
|
SCOR SE(a) |
1,099 | 28,285 | ||||||
|
UbiSoft Entertainment SA(a) |
620 | 51,784 | ||||||
|
|
|
|||||||
| 441,581 | ||||||||
| Germany — 2.4% | ||||||||
|
Brenntag AG |
1,058 | 65,292 | ||||||
|
Carl Zeiss Meditec AG, Bearer Shares(a) |
277 | 28,990 | ||||||
|
Hannover Rueck SE |
416 | 70,375 | ||||||
|
HeidelbergCement AG |
1,019 | 56,550 | ||||||
|
RWE AG |
724 | 27,291 | ||||||
|
|
|
|||||||
| 248,498 | ||||||||
| Hong Kong — 2.9% | ||||||||
|
CK Asset Holdings Ltd. |
17,500 | 97,172 | ||||||
|
Hang Lung Properties Ltd. |
14,000 | 34,347 | ||||||
|
Hongkong Land Holdings Ltd. |
7,900 | 30,093 | ||||||
|
Kerry Properties Ltd. |
4,500 | 10,708 | ||||||
|
Sino Land Co. Ltd. |
20,235 | 24,518 | ||||||
|
Swire Pacific Ltd., Class A |
3,500 | 17,235 | ||||||
|
Swire Properties Ltd. |
7,800 | 18,026 | ||||||
|
WH Group Ltd.(b) |
65,500 | 58,305 | ||||||
|
|
|
|||||||
| 290,404 | ||||||||
| Italy — 0.6% | ||||||||
|
Leonardo SpA |
2,510 | 16,117 | ||||||
|
Telecom Italia SpA |
98,558 | 39,823 | ||||||
|
|
|
|||||||
| 55,940 | ||||||||
| Japan — 19.5% | ||||||||
|
AGC, Inc. |
1,300 | 36,544 | ||||||
|
Alfresa Holdings Corp. |
1,300 | 26,621 | ||||||
|
Amada Co. Ltd. |
2,200 | 14,785 | ||||||
|
Astellas Pharma, Inc. |
12,700 | 198,094 | ||||||
|
Brother Industries Ltd. |
1,500 | 23,346 | ||||||
|
Calbee, Inc. |
600 | 19,066 | ||||||
|
Daicel Corp. |
1,700 | 11,369 | ||||||
|
Electric Power Development Co. Ltd. |
1,000 | 13,642 | ||||||
|
FUJIFILM Holdings Corp. |
2,400 | 107,334 | ||||||
|
Fujitsu Ltd. |
1,300 | 174,064 | ||||||
|
Hino Motors Ltd. |
2,000 | 11,533 | ||||||
|
Hitachi Ltd. |
6,600 | 197,697 | ||||||
|
Inpex Corp. |
7,000 | 39,956 | ||||||
|
Japan Airlines Co. Ltd. |
700 | 11,331 | ||||||
|
JTEKT Corp. |
1,400 | 9,317 | ||||||
|
Kamigumi Co. Ltd. |
700 | 12,776 | ||||||
|
Kurita Water Industries Ltd. |
700 | 18,827 | ||||||
|
Marubeni Corp. |
10,700 | 49,262 | ||||||
|
Medipal Holdings Corp. |
1,200 | 21,976 | ||||||
|
Mitsubishi Heavy Industries Ltd. |
2,200 | 51,180 | ||||||
|
Mitsubishi UFJ Lease & Finance Co. Ltd. |
2,700 | 11,461 | ||||||
|
NEC Corp. |
1,700 | 95,243 | ||||||
|
NH Foods Ltd. |
600 | 26,371 | ||||||
| 26 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Edge MSCI Multifactor Intl Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
|
Nippon Telegraph & Telephone Corp. |
8,800 | $ | 204,261 | |||||
|
Obayashi Corp. |
4,500 | 40,178 | ||||||
|
ORIX Corp. |
9,100 | 98,418 | ||||||
|
Ricoh Co. Ltd. |
4,600 | 29,623 | ||||||
|
Seiko Epson Corp. |
1,900 | 20,157 | ||||||
|
Shimamura Co. Ltd. |
100 | 6,954 | ||||||
|
Shinsei Bank Ltd. |
1,100 | 12,427 | ||||||
|
Shizuoka Bank Ltd. |
2,200 | 14,287 | ||||||
|
Sumitomo Dainippon Pharma Co. Ltd. |
1,100 | 13,738 | ||||||
|
Sumitomo Heavy Industries Ltd. |
800 | 15,588 | ||||||
|
Sumitomo Rubber Industries Ltd. |
1,200 | 9,983 | ||||||
|
Sundrug Co. Ltd. |
500 | 17,015 | ||||||
|
Suzuken Co. Ltd. |
500 | 17,786 | ||||||
|
Taiheiyo Cement Corp. |
800 | 17,362 | ||||||
|
TIS, Inc. |
1,500 | 32,123 | ||||||
|
Toho Gas Co. Ltd. |
500 | 21,820 | ||||||
|
Tohoku Electric Power Co., Inc. |
3,000 | 28,351 | ||||||
|
Tokyo Electric Power Co. Holdings, Inc.(a) |
9,900 | 26,406 | ||||||
|
Tokyo Gas Co. Ltd. |
2,600 | 55,203 | ||||||
|
Toppan Printing Co. Ltd. |
1,800 | 26,985 | ||||||
|
Tosoh Corp. |
1,800 | 24,160 | ||||||
|
Toyo Suisan Kaisha Ltd. |
600 | 36,477 | ||||||
|
Toyoda Gosei Co. Ltd. |
400 | 7,843 | ||||||
|
Yamazaki Baking Co. Ltd. |
800 | 13,424 | ||||||
|
Yokohama Rubber Co. Ltd. |
700 | 8,954 | ||||||
|
|
|
|||||||
| 1,981,318 | ||||||||
| Jordan — 0.3% | ||||||||
|
Hikma Pharmaceuticals PLC |
996 | 27,909 | ||||||
|
|
|
|||||||
| Netherlands — 8.2% | ||||||||
|
Aegon NV |
12,170 | 35,663 | ||||||
|
EXOR NV |
739 | 41,500 | ||||||
|
Koninklijke Ahold Delhaize NV |
7,497 | 215,920 | ||||||
|
Koninklijke Philips NV(a) |
4,883 | 252,309 | ||||||
|
Koninklijke Vopak NV |
483 | 26,371 | ||||||
|
NN Group NV |
2,006 | 73,424 | ||||||
|
Randstad NV(a) |
820 | 39,497 | ||||||
|
Wolters Kluwer NV |
1,875 | 147,671 | ||||||
|
|
|
|||||||
| 832,355 | ||||||||
| New Zealand — 0.9% | ||||||||
|
Fisher & Paykel Healthcare Corp. Ltd. |
2,279 | 54,592 | ||||||
|
Spark New Zealand Ltd. |
12,672 | 41,528 | ||||||
|
|
|
|||||||
| 96,120 | ||||||||
| Singapore — 0.5% | ||||||||
|
Singapore Exchange Ltd. |
5,200 | 31,020 | ||||||
|
Venture Corp. Ltd. |
1,800 | 23,507 | ||||||
|
|
|
|||||||
| 54,527 | ||||||||
| Spain — 0.9% | ||||||||
|
Enagas SA |
916 | 23,110 | ||||||
|
Mapfre SA |
7,403 | 13,405 | ||||||
|
Red Electrica Corp. SA |
3,073 | 59,908 | ||||||
|
|
|
|||||||
| 96,423 | ||||||||
| Sweden — 2.7% | ||||||||
|
Boliden AB |
1,873 | 51,148 | ||||||
|
Evolution Gaming Group AB(b) |
871 | 59,107 | ||||||
|
ICA Gruppen AB |
618 | 30,358 | ||||||
|
Kinnevik AB, Class B |
1,674 | 58,926 | ||||||
|
L E Lundbergforetagen AB, B Shares(a) |
513 | 24,097 | ||||||
|
Svenska Cellulosa AB SCA, B Shares, Class B(a) |
4,150 | 50,401 | ||||||
|
|
|
|||||||
| 274,037 | ||||||||
| Switzerland — 8.3% | ||||||||
|
Adecco Group AG, Registered Shares |
1,062 | 50,183 | ||||||
|
Logitech International SA, Registered Shares |
1,126 | 82,140 | ||||||
| Security | Shares | Value | ||||||
| Switzerland (continued) | ||||||||
|
Nestle SA, Registered Shares |
348 | $ | 41,385 | |||||
|
Roche Holding AG |
993 | 343,932 | ||||||
|
SGS SA, Registered Shares |
36 | 94,279 | ||||||
|
Sonova Holding AG, Registered Shares(a) |
382 | 86,372 | ||||||
|
STMicroelectronics NV |
1,876 | 52,710 | ||||||
|
Swisscom AG, Registered Shares |
179 | 95,150 | ||||||
|
|
|
|||||||
| 846,151 | ||||||||
| United Kingdom — 9.9% | ||||||||
|
3i Group PLC |
6,707 | 77,201 | ||||||
|
Aviva PLC |
26,861 | 92,376 | ||||||
|
Barratt Developments PLC |
6,976 | 46,339 | ||||||
|
Berkeley Group Holdings PLC |
816 | 47,345 | ||||||
|
Burberry Group PLC |
2,756 | 44,906 | ||||||
|
Direct Line Insurance Group PLC |
9,470 | 36,646 | ||||||
|
Fiat Chrysler Automobiles NV(a) |
7,457 | 75,811 | ||||||
|
Halma PLC |
766 | 21,757 | ||||||
|
Hargreaves Lansdown PLC |
1,951 | 44,277 | ||||||
|
J. Sainsbury PLC |
12,156 | 29,628 | ||||||
|
Kingfisher PLC |
14,347 | 45,338 | ||||||
|
M&G PLC |
17,407 | 36,432 | ||||||
|
Pearson PLC |
5,347 | 36,740 | ||||||
|
Persimmon PLC(a) |
2,184 | 68,185 | ||||||
|
RSA Insurance Group PLC |
7,066 | 39,439 | ||||||
|
Sage Group PLC |
7,476 | 70,946 | ||||||
|
Smith & Nephew PLC |
5,956 | 117,556 | ||||||
|
Taylor Wimpey PLC(a) |
22,490 | 34,692 | ||||||
|
WM Morrison Supermarkets PLC |
16,546 | 40,136 | ||||||
|
|
|
|||||||
| 1,005,750 | ||||||||
| United States — 1.6% | ||||||||
|
AerCap Holdings NV(a) |
840 | 22,621 | ||||||
|
Ferguson PLC |
1,535 | 135,316 | ||||||
|
|
|
|||||||
| 157,937 | ||||||||
|
|
|
|||||||
|
Total Common Stocks — 97.9%
|
|
9,956,020 | ||||||
|
|
|
|||||||
|
Preferred Stocks — 0.8% |
|
|||||||
| Germany — 0.8% | ||||||||
|
Fuchs Petrolub SE, Preference Shares, 0.00% |
476 | 20,786 | ||||||
|
Porsche Automobile Holding SE, Preference Shares, 0.00% |
1,044 | 59,093 | ||||||
|
|
|
|||||||
|
Total Preferred Stocks — 0.8%
|
|
79,879 | ||||||
|
|
|
|||||||
|
Total Long-Term Investments — 98.7%
|
|
10,035,899 | ||||||
|
|
|
|||||||
|
Short-Term Securities — 0.2% |
|
|||||||
|
BlackRock Cash Funds: Treasury,
|
||||||||
|
0.15%(c)(d) |
18,928 | 18,928 | ||||||
|
|
|
|||||||
|
Total Short-Term Securities — 0.2%
|
|
18,928 | ||||||
|
|
|
|||||||
|
Total Investments — 98.9%
|
|
10,054,827 | ||||||
|
Other Assets Less Liabilities — 1.1% |
|
107,698 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 10,162,525 | |||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
Annualized 7-day yield as of period end. |
|
SCHEDULES OF INVESTMENTS |
27 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Edge MSCI Multifactor Intl Index Fund |
| (d) |
Investments in issuers considered to be an affiliate/affiliates of the Fund during the year ended July 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliated Issuer |
Shares
Held at 07/31/19 |
Shares
Purchased |
Shares
Sold |
Shares
Held at 07/31/20 |
Value at
07/31/20 |
Income |
Net
Realized Gain (Loss) (a) |
Change in
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares(b) |
35,420 | — | (35,420 | )(c) | — | $ | — | $ | 154 | (d) | $ | 11 | $ | (1 | ) | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
285,315 | — | (266,387 | )(c) | 18,928 | 18,928 | 195 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 18,928 | $ | 349 | $ | 11 | $ | (1 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) |
Includes net capital gain distributions, if applicable. |
| (b) |
As of period end, the entity is no longer held by the Fund. |
| (c) |
Represents net shares purchased (sold). |
| (d) |
Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description |
Number of
Contracts |
Expiration
Date |
Notional
Amount (000) |
Value/
Unrealized Appreciation (Depreciation) |
||||||||||||
|
Long Contracts |
||||||||||||||||
|
Euro Stoxx 50 Index |
3 | 09/18/20 | $ | 112 | $ | (2,231 | ) | |||||||||
|
|
|
|||||||||||||||
| $ | (2,231 | ) | ||||||||||||||
|
|
|
|||||||||||||||
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) |
$ | — | $ | — | $ | 2,231 | $ | — | $ | — | $ | — | $ | 2,231 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts, 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 year ended July 31, 2020, 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 |
$ | — | $ | — | $ | (2,196 | ) | $ | — | $ | — | $ | — | $ | (2,196 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (3,606 | ) | $ | — | $ | — | $ | — | $ | (3,606 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 110,152 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
| 28 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Edge MSCI Multifactor Intl Index Fund |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Assets: |
||||||||||||||||
|
Investments: |
||||||||||||||||
|
Common Stocks: |
||||||||||||||||
|
Australia |
$ | — | $ | 1,437,103 | $ | — | $ | 1,437,103 | ||||||||
|
Belgium |
— | 282,371 | — | 282,371 | ||||||||||||
|
Brazil |
42,336 | — | — | 42,336 | ||||||||||||
|
Canada |
1,264,193 | — | — | 1,264,193 | ||||||||||||
|
China |
— | 10,387 | — | 10,387 | ||||||||||||
|
Denmark |
— | 421,666 | — | 421,666 | ||||||||||||
|
Finland |
— | 89,014 | — | 89,014 | ||||||||||||
|
France |
— | 441,581 | — | 441,581 | ||||||||||||
|
Germany |
— | 248,498 | — | 248,498 | ||||||||||||
|
Hong Kong |
— | 290,404 | — | 290,404 | ||||||||||||
|
Italy |
— | 55,940 | — | 55,940 | ||||||||||||
|
Japan |
— | 1,981,318 | — | 1,981,318 | ||||||||||||
|
Jordan |
— | 27,909 | — | 27,909 | ||||||||||||
|
Netherlands |
174,042 | 658,313 | — | 832,355 | ||||||||||||
|
New Zealand |
— | 96,120 | — | 96,120 | ||||||||||||
|
Singapore |
— | 54,527 | — | 54,527 | ||||||||||||
|
Spain |
— | 96,423 | — | 96,423 | ||||||||||||
|
Sweden |
— | 274,037 | — | 274,037 | ||||||||||||
|
Switzerland |
— | 846,151 | — | 846,151 | ||||||||||||
|
United Kingdom |
— | 1,005,750 | — | 1,005,750 | ||||||||||||
|
United States |
22,621 | 135,316 | — | 157,937 | ||||||||||||
|
Preferred Stocks |
— | 79,879 | — | 79,879 | ||||||||||||
|
Short-Term Securities |
18,928 | — | — | 18,928 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,522,120 | $ | 8,532,707 | $ | — | $ | 10,054,827 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities: |
||||||||||||||||
|
Equity Contracts |
$ | (2,231 | ) | $ | — | $ | — | $ | (2,231 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
|
SCHEDULES OF INVESTMENTS |
29 |
|
Schedule of Investments July 31, 2020 |
iShares Edge MSCI Multifactor USA Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks — 99.4% |
|
|||||||
| Aerospace & Defense — 1.0% | ||||||||
|
Huntington Ingalls Industries, Inc. |
222 | $ | 38,563 | |||||
|
Teledyne Technologies, Inc.(a) |
194 | 59,500 | ||||||
|
Textron, Inc. |
1,355 | 47,344 | ||||||
|
|
|
|||||||
| 145,407 | ||||||||
| Air Freight & Logistics — 1.1% | ||||||||
|
C.H. Robinson Worldwide, Inc. |
803 | 75,257 | ||||||
|
Expeditors International of Washington, Inc. |
1,010 | 85,355 | ||||||
|
|
|
|||||||
| 160,612 | ||||||||
| Auto Components — 0.8% | ||||||||
|
Autoliv, Inc. |
442 | 28,743 | ||||||
|
BorgWarner, Inc. |
1,238 | 45,311 | ||||||
|
Lear Corp. |
310 | 34,218 | ||||||
|
|
|
|||||||
| 108,272 | ||||||||
| Biotechnology — 4.5% | ||||||||
|
Alexion Pharmaceuticals, Inc.(a) |
1,320 | 135,287 | ||||||
|
Biogen, Inc.(a) |
1,038 | 285,128 | ||||||
|
Regeneron Pharmaceuticals, Inc.(a) |
353 | 223,121 | ||||||
|
|
|
|||||||
| 643,536 | ||||||||
| Building Products — 1.2% | ||||||||
|
Carrier Global Corp. |
4,889 | 133,176 | ||||||
|
Owens Corning |
654 | 39,548 | ||||||
|
|
|
|||||||
| 172,724 | ||||||||
| Capital Markets — 2.5% | ||||||||
|
Franklin Resources, Inc. |
1,629 | 34,291 | ||||||
|
MarketAxess Holdings, Inc. |
202 | 104,373 | ||||||
|
SEI Investments Co. |
761 | 39,823 | ||||||
|
T. Rowe Price Group, Inc. |
1,259 | 173,868 | ||||||
|
|
|
|||||||
| 352,355 | ||||||||
| Chemicals — 1.6% | ||||||||
|
Celanese Corp. |
667 | 64,833 | ||||||
|
Eastman Chemical Co. |
811 | 60,525 | ||||||
|
LyondellBasell Industries NV, Class A |
1,591 | 99,469 | ||||||
|
|
|
|||||||
| 224,827 | ||||||||
| Commercial Services & Supplies — 0.3% | ||||||||
|
Rollins, Inc. |
778 | 40,767 | ||||||
|
|
|
|||||||
| Communications Equipment — 0.7% | ||||||||
|
F5 Networks, Inc.(a) |
363 | 49,332 | ||||||
|
Juniper Networks, Inc. |
1,954 | 49,592 | ||||||
|
|
|
|||||||
| 98,924 | ||||||||
| Construction & Engineering — 0.4% | ||||||||
|
Jacobs Engineering Group, Inc. |
722 | 61,623 | ||||||
|
|
|
|||||||
| Containers & Packaging — 0.6% | ||||||||
|
Packaging Corp. of America |
503 | 48,348 | ||||||
|
Westrock Co. |
1,536 | 41,257 | ||||||
|
|
|
|||||||
| 89,605 | ||||||||
| Diversified Financial Services — 0.3% | ||||||||
|
Voya Financial, Inc. |
750 | 37,050 | ||||||
|
|
|
|||||||
| Diversified Telecommunication Services — 2.6% | ||||||||
|
AT&T, Inc. |
10,556 | 312,246 | ||||||
|
Verizon Communications, Inc. |
1,062 | 61,044 | ||||||
|
|
|
|||||||
| 373,290 | ||||||||
| Electric Utilities — 2.8% | ||||||||
|
Exelon Corp. |
5,192 | 200,463 | ||||||
|
OGE Energy Corp. |
1,199 | 39,447 | ||||||
|
Pinnacle West Capital Corp. |
670 | 55,664 | ||||||
| 30 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Edge MSCI Multifactor USA Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Household Durables (continued) | ||||||||
|
NVR, Inc.(a) |
18 | $ | 70,743 | |||||
|
PulteGroup, Inc. |
1,411 | 61,520 | ||||||
|
Whirlpool Corp. |
337 | 54,971 | ||||||
|
|
|
|||||||
| 285,594 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
|
NRG Energy, Inc. |
1,468 | 49,633 | ||||||
|
|
|
|||||||
| Insurance — 3.6% | ||||||||
|
Alleghany Corp. |
78 | 40,741 | ||||||
|
Arch Capital Group Ltd.(a) |
733 | 22,540 | ||||||
|
Athene Holding Ltd., Class A(a) |
654 | 21,091 | ||||||
|
Brown & Brown, Inc. |
1,289 | 58,611 | ||||||
|
Erie Indemnity Co., Class A |
138 | 28,996 | ||||||
|
Everest Re Group Ltd. |
216 | 47,259 | ||||||
|
Fidelity National Financial, Inc. |
1,628 | 52,682 | ||||||
|
Globe Life, Inc. |
556 | 44,258 | ||||||
|
Hartford Financial Services Group, Inc. |
1,930 | 81,678 | ||||||
|
Lincoln National Corp. |
1,067 | 39,767 | ||||||
|
Loews Corp. |
1,447 | 52,685 | ||||||
|
Reinsurance Group of America, Inc. |
328 | 27,962 | ||||||
|
|
|
|||||||
| 518,270 | ||||||||
| Internet & Direct Marketing Retail — 1.8% | ||||||||
|
Amazon.com, Inc.(a) |
80 | 253,174 | ||||||
|
|
|
|||||||
| IT Services — 2.8% | ||||||||
|
Akamai Technologies, Inc.(a) |
966 | 108,617 | ||||||
|
Black Knight, Inc.(a) |
807 | 60,460 | ||||||
|
Booz Allen Hamilton Holding Corp. |
757 | 61,892 | ||||||
|
EPAM Systems, Inc.(a) |
293 | 84,994 | ||||||
|
Jack Henry & Associates, Inc. |
457 | 81,483 | ||||||
|
|
|
|||||||
| 397,446 | ||||||||
| Life Sciences Tools & Services — 2.1% | ||||||||
|
Agilent Technologies, Inc. |
1,654 | 159,330 | ||||||
|
Bio-Rad Laboratories, Inc., Class A(a) |
133 | 69,810 | ||||||
|
Waters Corp.(a)(b) |
356 | 75,882 | ||||||
|
|
|
|||||||
| 305,022 | ||||||||
| Machinery — 1.4% | ||||||||
|
Cummins, Inc. |
787 | 152,096 | ||||||
|
Snap-on, Inc. |
314 | 45,803 | ||||||
|
|
|
|||||||
| 197,899 | ||||||||
| Media — 1.2% | ||||||||
|
Cable One, Inc. |
28 | 51,032 | ||||||
|
Discovery, Inc., Class A(a) |
945 | 19,939 | ||||||
|
Discovery, Inc., Class C(a) |
2,007 | 38,032 | ||||||
|
Liberty Media Corp. — Liberty SiriusXM, Class C(a) |
833 | 29,147 | ||||||
|
News Corp., Class A |
2,076 | 26,407 | ||||||
|
|
|
|||||||
| 164,557 | ||||||||
| Metals & Mining — 0.7% | ||||||||
|
Nucor Corp. |
1,607 | 67,414 | ||||||
|
Steel Dynamics, Inc. |
1,273 | 34,893 | ||||||
|
|
|
|||||||
| 102,307 | ||||||||
| Multi-Utilities — 1.8% | ||||||||
|
Ameren Corp. |
1,313 | 105,355 | ||||||
|
Public Service Enterprise Group, Inc. |
2,663 | 148,968 | ||||||
|
|
|
|||||||
| 254,323 | ||||||||
| Multiline Retail — 2.4% | ||||||||
|
Target Corp. |
2,730 | 343,652 | ||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels — 0.5% | ||||||||
|
Cabot Oil & Gas Corp. |
2,403 | 44,936 | ||||||
|
HollyFrontier Corp. |
831 | 22,853 | ||||||
|
|
|
|||||||
| 67,789 | ||||||||
|
SCHEDULES OF INVESTMENTS |
31 |
|
Schedule of Investments (continued) July 31, 2020 |
iShares Edge MSCI Multifactor USA Index Fund (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Short-Term Securities — 0.8% |
|
|||||||
|
BlackRock Cash Funds: Institutional,
|
||||||||
|
0.43%(c)(d)(e) |
77,203 | $ | 77,288 | |||||
|
BlackRock Cash Funds: Treasury,
|
||||||||
|
0.15%(d)(e) |
26,278 | 26,278 | ||||||
|
|
|
|||||||
|
Total Short-Term Securities — 0.8%
|
|
103,566 | ||||||
|
|
|
|||||||
|
Total Investments — 100.7%
|
|
14,299,161 | ||||||
|
Liabilities in Excess of Other Assets — (0.7)% |
|
(93,148 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 14,206,013 | |||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
| (d) |
Annualized 7-day yield as of period end. |
| (e) |
Investments in issuers considered to be an affiliate/affiliates of the Fund during the year ended July 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliated Issuer |
Shares
Held at 07/31/19 |
Shares
Purchased |
Shares
Sold |
Shares
Held at 07/31/20 |
Value at
07/31/20 |
Income |
Net
Realized Gain (Loss) (a) |
Change in
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
38,783 | 38,420 | (b) | — | 77,203 | $ | 77,288 | $ | 1,100 | (c) | $ | 222 | $ | — | ||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
45,537 | — | (19,259 | )(b) | 26,278 | 26,278 | 453 | — | — | |||||||||||||||||||||||
|
iShares Edge MSCI Multifactor USA ETF |
421 | 42,524 | (40,719 | ) | 2,226 | 72,478 | 1,344 | 5,347 | 1,641 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 176,044 | $ | 2,897 | $ | 5,569 | $ | 1,641 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) |
Includes net capital gain distributions, if applicable. |
| (b) |
Represents net shares purchased (sold). |
| (c) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.
The following tables summarize the Fund’s investments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Assets: |
||||||||||||||||
|
Investments: |
||||||||||||||||
|
Long-Term Investments: |
||||||||||||||||
|
Common Stocks |
$ | 14,123,117 | $ | — | $ | — | $ | 14,123,117 | ||||||||
|
Investment Companies |
72,478 | — | — | 72,478 | ||||||||||||
|
Short-Term Securities |
103,566 | — | — | 103,566 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 14,299,161 | $ | — | $ | — | $ | 14,299,161 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
See notes to financial statements.
| 32 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities
July 31, 2020
| (e) |
Unlimited number of shares authorized, $0.001 par value. |
See notes to financial statements.
|
FINANCIAL STATEMENTS |
33 |
Year Ended July 31, 2020
See notes to financial statements.
| 34 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
|
FINANCIAL STATEMENTS |
35 |
Statements of Changes in Net Assets (continued)
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| 36 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
(For a share outstanding throughout each period)
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Amount is less than $0.005 per share. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
Amount is greater than $(0.005) per share. |
| (f) |
Where applicable, assumes the reinvestment of distributions. |
| (g) |
Aggregate total return. |
| (h) |
Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios. |
| (i) |
Does not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%. |
| (j) |
Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.35%. |
| (k) |
Annualized. |
| (l) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 13.44%. |
See notes to financial statements.
|
FINANCIAL HIGHLIGHTS |
37 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Amount is less than $0.005 per share. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
Amount is greater than $(0.005) per share. |
| (f) |
Where applicable, assumes the reinvestment of distributions. |
| (g) |
Aggregate total return. |
| (h) |
Does not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%. |
| (i) |
Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.46%. |
| (j) |
Annualized. |
| (k) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 13.37%. |
See notes to financial statements.
| 38 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Amount is less than $0.005 per share. |
| (d) |
Amount is greater than $(0.005) per share. |
| (e) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (f) |
Where applicable, assumes the reinvestment of distributions. |
| (g) |
Aggregate total return. |
| (h) |
Excludes expenses incurred indirectly as a result of investments in underlying funds is as follows: |
| Year Ended July 31, |
Period from
07/13/16 (a) to 7/31/16 |
|||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
|
Investments in underlying funds |
0.01 | % | — | % | — | % | — | % | 0.02 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (i) |
Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.99%. |
| (j) |
Annualized. |
| (k) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 11.78%. |
See notes to financial statements.
|
FINANCIAL HIGHLIGHTS |
39 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Amount is less than $0.005 per share. |
| (d) |
Amount is greater than $(0.005) per share. |
| (e) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (f) |
Where applicable, assumes the reinvestment of distributions. |
| (g) |
Aggregate total return. |
| (h) |
Excludes expenses incurred indirectly as a result of investments in underlying funds is as follows: |
| Year Ended July 31, |
Period from
07/13/16 (a) to 7/31/16 |
|||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
|
Investments in underlying funds |
0.01 | % | — | % | — | % | — | % | 0.02 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (i) |
Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.09%. |
| (j) |
Annualized. |
| (k) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 11.99%. |
See notes to financial statements.
| 40 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Where applicable, assumes the reinvestment of distributions. |
| (e) |
Aggregate total return. |
| (f) |
Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.34%. |
| (g) |
Annualized. |
| (h) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 13.62%. |
See notes to financial statements.
|
FINANCIAL HIGHLIGHTS |
41 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Where applicable, assumes the reinvestment of distributions. |
| (e) |
Aggregate total return. |
| (f) |
Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.39%. |
| (g) |
Annualized. |
| (h) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 13.55%. |
See notes to financial statements.
| 42 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Amount is less than $0.005 per share. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
Amount is greater than $(0.005) per share. |
| (f) |
Where applicable, assumes the reinvestment of distributions. |
| (g) |
Aggregate total return. |
| (h) |
Excludes expenses incurred indirectly as a result of investments in underlying funds is as follows: |
| Year Ended July 31, |
Period from
07/13/16 (a) to 07/31/16 |
|||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||
|
Investments in underlying funds |
0.01 | % | 0.01 | % | — | % | — | % | 0.02 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (i) |
Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.21%. |
| (j) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 11.73%. |
| (k) |
Annualized. |
| (l) |
Amount is less than 0.50%. |
See notes to financial statements.
|
FINANCIAL HIGHLIGHTS |
43 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Amount is less than $0.005 per share. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
Amount is greater than $(0.005) per share. |
| (f) |
Where applicable, assumes the reinvestment of distributions. |
| (g) |
Aggregate total return. |
| (h) |
Excludes expenses incurred indirectly as a result of investments in underlying funds is as follows: |
| Year Ended July 31, |
Period from
07/13/16 (a) to 07/31/16 |
|||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||
|
Investments in underlying funds |
0.01 | % | 0.01 | % | — | % | — | % | 0.02 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (i) |
Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.17%. |
| (j) |
Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 11.67%. |
| (k) |
Annualized. |
| (l) |
Amount is less than 0.50%. |
See notes to financial statements.
| 44 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
| 1. |
ORGANIZATION |
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:
| Fund Name | Herein Referred To As |
Diversification
Classification |
||
|
iShares Edge MSCI Min Vol EAFE Index Fund |
Min Vol EAFE | Diversified | ||
|
iShares Edge MSCI Min Vol USA Index Fund |
Min Vol USA | Diversified | ||
|
iShares Edge MSCI Multifactor Intl Index Fund |
MF International | Diversified | ||
|
iShares Edge MSCI Multifactor USA Index Fund |
MF USA | 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. Institutional and Class K Shares are sold without a sales charge and only to certain eligible investors.
| Share Class | Initial Sales Charge | CDSC | Conversion Privilege | |||||
|
Institutional 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 equity, multi-asset, index and money market 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 on the identified cost basis. Dividend income and non-cash dividend income, if any, are recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. 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. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
|
NOTES TO FINANCIAL STATEMENTS |
45 |
Notes to Financial Statements (continued)
| 3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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 the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
| • |
Investments in open-end U.S. mutual funds are valued at net asset value (“NAV”) each business day. |
| • |
Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the 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 Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:
| • |
Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access |
| • |
Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • |
Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of investments and derivative 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
| 4. |
SECURITIES AND OTHER INVESTMENTS |
Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a
| 46 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Securities Lending: Certain 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.
The market value of any securities on loan, all of which were classified as common stocks in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value-unaffiliated, and collateral on securities loaned at value, respectively. 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.
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 a Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Funds’ securities lending agreements by counterparty which are subject to offset under an MSLA:
Min Vol EAFE
| Counterparty |
Securities Loaned at Value |
Cash Collateral Received (a) |
Net Amount |
|||||||||
|
Morgan Stanley & Co. LLC |
$ | 1,188,923 | $ | (1,188,923 | ) | $ | — | |||||
|
|
|
|
|
|
|
|||||||
Min Vol USA
| Counterparty |
Securities Loaned at Value |
Cash Collateral Received (a) |
Net Amount |
|||||||||
|
J.P. Morgan Securities LLC |
$ | 707,355 | $ | (707,355 | ) | $ | — | |||||
|
Morgan Stanley & Co. LLC |
306 | (306 | ) | — | ||||||||
|
Scotia Capital (USA), Inc |
6,340 | (6,340 | ) | — | ||||||||
|
|
|
|
|
|
|
|||||||
| $ | 714,001 | $ | (714,001 | ) | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
MF USA
| Counterparty |
Securities Loaned at Value |
Cash Collateral Received (a) |
Net Amount |
|||||||||
|
Goldman Sachs & Co |
$ | 75,881 | $ | (75,881 | ) | $ | — | |||||
|
|
|
|
|
|
|
|||||||
| (a) |
Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.
| 5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
|
NOTES TO FINANCIAL STATEMENTS |
47 |
Notes to Financial Statements (continued)
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 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, foreign currency exchange rates or underlying assets.
| 6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets.
| Average Daily Net Assets |
Investment
Advisory Fees |
|||
|
Min Vol EAFE |
0.08 | % | ||
|
Min Vol USA |
0.04 | |||
|
MF International |
0.30 | |||
|
MF USA |
0.20 | |||
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.
Distribution Agreement: The Trust, on behalf of the Funds, entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager.
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds.
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, 2020, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:
| Institutional | Class K | Total | ||||||||||
|
Min Vol EAFE |
$ | 7,771 | $ | 482 | $ | 8,253 | ||||||
|
Min Vol USA |
18,383 | 307 | 18,690 | |||||||||
|
MF International |
391 | 46 | 437 | |||||||||
|
MF USA |
547 | 58 | 605 | |||||||||
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, 2020, 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:
| Institutional | Class K | Total | ||||||||||
|
Min Vol EAFE |
$ | 21 | $ | 241 | $ | 262 | ||||||
|
Min Vol USA |
170 | 27 | 197 | |||||||||
|
MF International |
23 | 30 | 53 | |||||||||
|
MF USA |
25 | 39 | 64 | |||||||||
Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through November 30, 2020. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Fund, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of
| 48 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
waivers and/or reimbursements of fees and expenses made pursuant to the expense limitations described below will be reduced by the amount of the affiliated money market fund waiver. Prior to November 27, 2019, this waiver was voluntary. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2020, the amounts waived were as follows:
| Amount Waived | ||||
|
Min Vol EAFE |
$ | 258 | ||
|
Min Vol USA |
500 | |||
|
MF International |
12 | |||
|
MF USA |
28 | |||
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 exchange-traded funds that have a contractual management fee through November 30, 2020. 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, 2020, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:
| Amount Waived | ||||
|
Min Vol EAFE |
$ | — | ||
|
Min Vol USA |
158 | |||
|
MF International |
— | |||
|
MF USA |
140 | |||
With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:
| Institutional | Class K | |||||||
|
Min Vol EAFE |
0.20 | % | 0.15 | % | ||||
|
Min Vol USA |
0.18 | 0.13 | ||||||
|
MF International |
0.35 | 0.30 | ||||||
|
MF USA |
0.25 | 0.20 | ||||||
The Manager has agreed not to reduce or discontinue these contractual expense limitations through November 30, 2020, 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.
These amounts waived and/or reimbursed are included in fees waived and/or reimbursed by the Manager and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Statements of Operations. For the year ended July 31, 2020, the amounts included in fees waived and/or reimbursed by the Manager were as follows:
|
Fees Waived and/or
Reimbursed by the Manager |
||||
|
Min Vol EAFE |
$ | 155,035 | ||
|
Min Vol USA |
174,097 | |||
|
MF International |
195,065 | |||
|
MF USA |
162,017 | |||
For the year ended July 31, 2020, transfer agent fees — class specific expense waivers and/or reimbursements were as follows:
| Transfer Agent Fees Waived and/or Reimbursed | Institutional | Class K | Total | |||||||||
|
Min Vol EAFE |
$ | 1,546 | $ | 481 | $ | 2,027 | ||||||
|
Min Vol USA |
2,009 | 306 | 2,315 | |||||||||
|
MF International |
140 | 44 | 184 | |||||||||
|
MF USA |
178 | 57 | 235 | |||||||||
With respect to the contractual expense limitation, if during a Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:
| (1) |
each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and |
| (2) |
the Manager or an affiliate continues to serve as a Fund’s investment adviser or administrator. |
|
NOTES TO FINANCIAL STATEMENTS |
49 |
Notes to Financial Statements (continued)
This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective July 13, 2023, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under the Fund’s contractual caps on net expenses will be terminated.
For the year ended July 31, 2020, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Fund:
| Min Vol EAFE | ||||
|
Institutional |
$ | 76 | ||
As of July 31, 2020, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:
| Expiring July 31, | ||||||||
| 2021 | 2022 | |||||||
|
Min Vol EAFE |
||||||||
|
Fund Level |
$ | 97,352 | $ | 155,035 | ||||
|
Institutional |
227 | 1,546 | ||||||
|
Class K |
258 | 481 | ||||||
|
Min Vol USA |
||||||||
|
Fund Level |
$ | 159,424 | $ | 174,097 | ||||
|
Institutional |
420 | 2,009 | ||||||
|
Class K |
49 | 306 | ||||||
|
MF International |
||||||||
|
Fund Level |
$ | 201,789 | $ | 195,065 | ||||
|
Institutional |
216 | 140 | ||||||
|
Class K |
38 | 44 | ||||||
|
MF USA |
||||||||
|
Fund Level |
$ | 164,201 | $ | 162,017 | ||||
|
Institutional |
195 | 178 | ||||||
|
Class K |
22 | 57 | ||||||
The following fund level and class specific waivers and/or reimbursements previously recorded by the Funds, which were subject to recoupment by the Manager, expired on July 31, 2020:
|
Min Vol EAFE |
||||
|
Fund Level |
$ | 62,717 | ||
|
Institutional |
313 | |||
|
Class K |
549 | |||
|
Min Vol USA |
||||
|
Fund Level |
$ | 120,660 | ||
|
Institutional |
560 | |||
|
Class K |
30 | |||
|
MF International |
||||
|
Fund Level |
$ | 150,919 | ||
|
Institutional |
222 | |||
|
Class K |
27 | |||
|
MF USA |
||||
|
Fund Level |
$ | 144,337 | ||
|
Institutional |
90 | |||
|
Class K |
33 |
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. 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 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 shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each of Min Vol USA and MF USA retains 75% 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.
| 50 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each of Min Vol USA and MF USA, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 80% 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, 2020, each of Min Vol USA and MF USA retained 73.5% of securities lending income (which excluded collateral investment fees) and the amount retained could 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 exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 80% of securities lending income (which excluded collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.
Pursuant to the current securities lending agreement, each of Min Vol EAFE and MF International retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each of Min Vol EAFE and MF International, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended July 31, 2020, each Fund paid BTC the following amounts for securities lending agent services:
| Min Vol EAFE | Min Vol USA | MF International | MF USA | |||||||||||||
|
BTC |
$ | 1,479 | $ | 716 | $ | 33 | $ | 328 | ||||||||
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
During the year ended July 31, 2020, 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.
| 7. |
PURCHASES AND SALES |
For the year ended July 31, 2020, purchases and sales of investments, excluding short-term securities, were as follows:
| Min Vol EAFE | Min Vol USA | MF International | MF USA | |||||||||||||
|
Purchases |
$ | 60,695,596 | $ | 107,142,639 | $ | 4,630,345 | $ | 8,125,714 | ||||||||
|
Sales |
44,895,524 | 53,753,580 | 4,227,278 | 7,790,445 | ||||||||||||
| 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 each of the four years ended July 31, 2020. 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, 2020, 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.
|
NOTES TO FINANCIAL STATEMENTS |
51 |
Notes to Financial Statements (continued)
The tax character of distributions paid was as follows:
| Min Vol EAFE | Min Vol USA | MF International | MF USA | |||||||||||||
|
Ordinary income |
||||||||||||||||
|
07/31/20 |
$ | 6,406,649 | $ | 989,268 | $ | 281,231 | $ | 237,441 | ||||||||
|
07/31/19 |
5,656,503 | 405,844 | 453,011 | 493,421 | ||||||||||||
|
Long-term capital gains |
||||||||||||||||
|
07/31/20 |
— | 85,151 | — | 161,720 | ||||||||||||
|
07/31/19 |
990,726 | 315,552 | 543,012 | 239,797 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total |
||||||||||||||||
|
07/31/20 |
$ | 6,406,649 | $ | 1,074,419 | $ | 281,231 | $ | 399,161 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
07/31/19 |
$ | 6,647,229 | $ | 721,396 | $ | 996,023 | $ | 733,218 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
As of period end, the tax components of accumulated net earnings (loss) were as follows:
| Min Vol EAFE | Min Vol USA | MF International | MF USA | |||||||||||||
|
Undistributed ordinary income |
$ | — | $ | 111,773 | $ | — | $ | 13,627 | ||||||||
|
Undistributed long-term capital gains |
— | — | — | 44,581 | ||||||||||||
|
Non-expiring Capital loss carryforwards(a) |
(5,842,985 | ) | — | (747,616 | ) | — | ||||||||||
|
Net unrealized gains (losses)(b) |
5,724,178 | 7,951,890 | 328,973 | 2,191,718 | ||||||||||||
|
Qualified late-year losses(c) |
(1,603,628 | ) | (475,523 | ) | (16,715 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | (1,722,435 | ) | $ | 7,588,140 | $ | (435,358 | ) | $ | 2,249,926 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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 on investments in passive foreign investment companies, the realization for tax purposes of unrealized gains/losses on certain futures and foreign currency contracts, the characterization of corporate actions and the timing and recognition of partnership income. |
| (c) |
The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year. |
As of July 31, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Min Vol EAFE | Min Vol USA | MF International | MF USA | |||||||||||||
|
Tax cost |
$ | 152,776,382 | $ | 72,996,098 | $ | 9,729,791 | $ | 12,107,443 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Gross unrealized appreciation |
$ | 20,745,823 | $ | 9,222,859 | $ | 1,290,972 | $ | 2,819,036 | ||||||||
|
Gross unrealized depreciation |
(15,073,444 | ) | (1,270,968 | ) | (965,936 | ) | (627,318 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net unrealized appreciation (depreciation) |
$ | 5,672,379 | $ | 7,951,891 | $ | 325,036 | $ | 2,191,718 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 9. |
BANK BORROWINGS |
The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 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) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (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. The agreement expires in April 2021 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, 2020, the Funds did not borrow under the credit agreement.
| 10. |
PRINCIPAL RISKS |
In the normal course of business, certain Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
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
| 52 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
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.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.
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. 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.
Concentration Risk: As of period end, MF USA and Min Vol USA invested a significant portion of its assets in securities in the Information Technology sector. Changes in economic conditions affecting such sector would have a greater impact on the Fund and could affect the value, income and/or liquidity of positions in such securities.
Certain Funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Funds concentrate their investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
As of period end, MF USA’s investments had the following industry classifications:
|
Percentage of
Net Assets |
||||
|
Information Technology |
30 | % | ||
|
Health Care |
18 | |||
|
Industrials |
10 | |||
|
Consumer Discretionary |
9 | |||
|
Consumer Staples |
7 | |||
|
Financials |
6 | |||
|
Communication Services |
6 | |||
|
Utilities |
5 | |||
|
Real Estate |
5 | |||
|
Others(a) |
4 | |||
| (a) |
All other industries held were less than 5% of net assets. |
|
NOTES TO FINANCIAL STATEMENTS |
53 |
Notes to Financial Statements (continued)
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
| 11. |
CAPITAL SHARE TRANSACTIONS |
Transactions in capital shares for each class were as follows:
|
Year Ended
07/31/20 |
Year Ended
07/31/19 |
|||||||||||||||
| Min Vol EAFE | Shares | Amount | Shares | Amount | ||||||||||||
|
Institutional |
||||||||||||||||
|
Shares sold |
2,384,133 | $ | 24,448,827 | 498,766 | $ | 5,255,757 | ||||||||||
|
Shares issued in reinvestment of distributions |
46,125 | 460,732 | 10,158 | 107,266 | ||||||||||||
|
Shares redeemed |
(899,680 | ) | (8,002,790 | ) | (23,028 | ) | (240,097 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase |
1,530,578 | $ | 16,906,769 | 485,896 | $ | 5,122,926 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Class K |
||||||||||||||||
|
Shares sold |
1,334,529 | $ | 13,750,089 | 1,221,101 | $ | 12,759,984 | ||||||||||
|
Shares issued in reinvestment of distributions |
538,771 | 5,517,677 | 592,086 | 6,065,586 | ||||||||||||
|
Shares redeemed |
(1,789,876 | ) | (18,391,067 | ) | (1,568,649 | ) | (16,297,168 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase |
83,424 | $ | 876,699 | 244,538 | $ | 2,528,402 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total Net Increase |
1,614,002 | $ | 17,783,468 | 730,434 | $ | 7,651,328 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Min Vol USA | Shares | Amount | Shares | Amount | ||||||||||||
|
Institutional |
||||||||||||||||
|
Shares sold |
6,676,095 | $ | 84,409,325 | 807,589 | $ | 9,718,921 | ||||||||||
|
Shares issued in reinvestment of distributions |
54,613 | 705,147 | 20,659 | 245,380 | ||||||||||||
|
Shares redeemed |
(3,411,862 | ) | (43,614,063 | ) | (161,745 | ) | (1,940,634 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase |
3,318,846 | $ | 41,500,409 | 666,503 | $ | 8,023,667 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Class K |
||||||||||||||||
|
Shares sold |
994,555 | $ | 12,669,750 | 43,990 | $ | 540,167 | ||||||||||
|
Shares issued in reinvestment of distributions |
6,436 | 83,523 | 749 | 9,198 | ||||||||||||
|
Shares redeemed |
(764,017 | ) | (10,149,848 | ) | (4,766 | ) | (56,386 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase |
236,974 | $ | 2,603,425 | 39,973 | $ | 492,979 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total Net Increase |
3,555,820 | $ | 44,103,834 | 706,476 | $ | 8,516,646 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| MF International | Shares | Amount | Shares | Amount | ||||||||||||
|
Institutional |
||||||||||||||||
|
Shares sold |
18,399 | $ | 184,126 | 37,839 | $ | 395,954 | ||||||||||
|
Shares issued in reinvestment of distributions |
1,139 | 10,789 | 1,217 | 12,345 | ||||||||||||
|
Shares redeemed |
(2,935 | ) | (28,145 | ) | (38,738 | ) | (413,607 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) |
16,603 | $ | 166,770 | 318 | $ | (5,308 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Class K |
||||||||||||||||
|
Shares sold |
156 | $ | 1,660 | 103 | $ | 1,107 | ||||||||||
|
Shares issued in reinvestment of distributions |
70 | 681 | 301 | 3,022 | ||||||||||||
|
Shares redeemed |
(1,608 | ) | (13,484 | ) | (8 | ) | (89 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) |
(1,382 | ) | $ | (11,143 | ) | 396 | $ | 4040 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total Net Increase (decrease) |
15,221 | $ | 155,627 | 714 | $ | (1,268 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| MF USA | Shares | Amount | Shares | Amount | ||||||||||||
|
Institutional |
||||||||||||||||
|
Shares sold |
13,592 | $ | 164,941 | 17,706 | $ | 210,492 | ||||||||||
|
Shares issued in reinvestment of distributions |
1,467 | 17,673 | 3,950 | 43,869 | ||||||||||||
|
Shares redeemed |
(52,430 | ) | (648,088 | ) | (4,269 | ) | (49,330 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) |
(37,371 | ) | $ | (465,474 | ) | 17,387 | $ | 205,031 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 54 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
|
Year Ended
07/31/20 |
Year Ended
07/31/19 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
Class K |
||||||||||||||||
|
Shares sold |
169,146 | $ | 1,964,223 | 64,873 | $ | 753,713 | ||||||||||
|
Shares issued in reinvestment of distributions |
2,346 | 28,034 | 890 | 10,182 | ||||||||||||
|
Shares redeemed |
(90,130 | ) | (1,076,815 | ) | (22,785 | ) | (269,005 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase |
81,362 | $ | 915,442 | 42,978 | $ | 494,890 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total Net Increase |
43,991 | $ | 449,968 | 60,365 | $ | 699,921 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
As of July 31, 2020, shares owned by BlackRock HoldCo 2, Inc., an affiliate of the Funds, were as follows:
| Institutional | Class K | |||||||
|
Min Vol EAFE |
10,000 | 990,000 | ||||||
|
Min Vol USA |
10,000 | 990,000 | ||||||
|
MF International |
10,000 | 990,000 | ||||||
|
MF USA |
10,000 | 990,000 | ||||||
| 12. |
SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
|
NOTES TO FINANCIAL STATEMENTS |
55 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of BlackRock FundsSM and Shareholders of
iShares Edge MSCI Min Vol EAFE Index Fund, iShares Edge MSCI Min Vol USA Index Fund, iShares Edge MSCI Multifactor Intl Index Fund and iShares Edge MSCI Multifactor USA Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Edge MSCI Min Vol EAFE Index Fund, iShares Edge MSCI Min Vol USA Index Fund, iShares Edge MSCI Multifactor Intl Index Fund and iShares Edge MSCI Multifactor USA Index Fund (four of the funds constituting BlackRock FundsSM, hereafter collectively referred to as the “Funds”) as of July 31, 2020, the related statements of operations for the year ended July 31, 2020, the statements of changes in net assets for each of the two years in the period ended July 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2020, 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, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
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, 2020 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 22, 2020
We have served as the auditor of one or more BlackRock investment companies since 2000.
| 56 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
| Important Tax Information (unaudited) |
For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended July 31, 2020 that qualified for the dividends-received deduction were as follows:
| Fund |
Dividends-Received
Deduction |
|||
|
Min Vol USA |
83.70 | % | ||
|
MF USA |
90.24 | |||
The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2020:
| Fund |
Qualified Dividend
Income |
|||
|
Min Vol EAFE |
$ | 3,612,314 | ||
|
Min Vol USA |
938,422 | |||
|
MF International |
252,989 | |||
|
MF USA |
244,288 | |||
The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2020:
| Fund |
Qualified Business
Income |
|||
|
Min Vol USA |
$ | 84,173 | ||
|
MF USA |
22,401 | |||
For the fiscal year ended July 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:
| Fund |
Foreign Source
Income Earned |
Foreign
Taxes Paid |
||||||
|
Min Vol EAFE |
$ | 4,486,903 | $ | 420,163 | ||||
|
MF International |
247,365 | 22,469 | ||||||
The following distribution amounts are hereby designated for the fiscal year ended July 31, 2020:
| Fund |
Short-Term Capital
Gain Dividends |
20% Rate
Long-Term Capital Gain Dividends |
||||||
|
Min Vol USA |
$ | 5,100 | $ | 85,151 | ||||
|
MF USA |
— | $ | 161,720 | |||||
|
IMPORTANT TAX INFORMATION |
57 |
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 FundsSM (the “Trust”) met on April 7, 2020 (the “April Meeting”) and May 11-13, 2020 (the “May Meeting”) to consider the approval of the investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of iShares Edge MSCI Min Vol EAFE Index Fund (“Min Vol EAFE Index Fund”), iShares Edge MSCI Min Vol USA Index Fund (“Min Vol USA Index Fund”), iShares Edge MSCI Multifactor Intl Index Fund (“Multifactor Intl Index Fund”) and iShares Edge MSCI Multifactor USA Index Fund (“Multifactor USA Index Fund,” and together with Min Vol EAFE Index Fund, Min Vol USA Index Fund and Multifactor Intl Index Fund, the “Funds”), each a series of the Trust, and BlackRock Advisors, LLC (the “Manager”), the Trust’s investment advisor. The Board also considered the approval of the sub-advisory agreement between the Manager and BlackRock Fund Advisors (the “Sub-Advisor”) with respect to each Fund (the “Sub-Advisory Agreement”). 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.”
Activities and Composition of the Board
On the date of the May Meeting, the Board consisted of fourteen individuals, twelve of whom were not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Trust and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Board Member. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Ad Hoc Topics Committee, which also has one interested Board Member).
The Agreements
Consistent with the requirements of the 1940 Act, the Board considers the continuation of the Agreements on an annual basis. The Board has four quarterly meetings per year, each typically extending for two days, and additional in-person and telephonic meetings throughout the year, as needed. While the Board also has a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements, the Board’s consideration entails a year-long deliberative process whereby the Board and its committees assess BlackRock’s services to the Funds. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each 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, considers information that is relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. This additional information is discussed further below in the section titled “Board Considerations in Approving the Agreements.” Among the matters the Board considered were: (a) with respect to each Fund, investment performance for one-year, three-year, five-year and/or since inception periods, as applicable, against peer funds, an applicable benchmark, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to the Fund’s 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 each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and the Trust’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; (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 Trust’s valuation and liquidity procedures; (k) an analysis of management fees 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 each 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.
Board Considerations in Approving the Agreements
The Approval Process: Prior to the April Meeting, the Board requested and received materials specifically relating to the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers, and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
| 58 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.
At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Funds; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of each Fund’s portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items 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 number, education and experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of each Fund, 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 & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.
B. The Investment Performance of the Funds and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of each Fund. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2019, 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 each 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.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board noted that for the one-year period reported, Min Vol USA Index Fund’s net performance was above the tolerance range of its benchmark. The Board and BlackRock reviewed the Fund’s above tolerance performance relative to its benchmark over the period.
The Board noted that for the one-year period reported, the net performance of each of Min Vol EAFE Index Fund and Multifactor Intl Index Fund was within the tolerance range of its benchmark.
The Board noted that for the one-year period reported, Multifactor USA Index Fund’s net performance was below the tolerance range of its benchmark. The Board and BlackRock reviewed the Fund’s below tolerance performance relative to its benchmark over the period. The Board was informed that, among other things, the Fund’s below tolerance performance was primarily attributable to the impact of post-notified flows. Post-notified activity is a source of performance variation, relative to the benchmark, because the flow information is received after the close of the effective date of the activity introducing either a drag or boost to performance.
|
DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENT |
59 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
The Board noted that BlackRock believes that net performance relative to the pertinent 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 the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2019 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 BlackRock 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 BlackRock, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.
The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, 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 Min Vol EAFE 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 the Fund’s total expenses as a percentage of the Fund’s average daily net assets on a class-by-class basis. In addition, the Board noted that BlackRock proposed, and the Board agreed to, a lower contractual expense cap on a class-by-class basis. This expense cap reduction was implemented on July 31, 2019.
The Board noted that Min Vol USA 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 the Fund’s total expenses as a percentage of the Fund’s average daily net assets on a class-by-class basis.
The Board noted that Multifactor Intl Index Fund’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the first and second quartiles, respectively, relative to the Fund’s Expense Peers. The Board also noted that BlackRock and the Board have contractually agreed to a cap on the Fund’s total expenses as a percentage of the Fund’s average daily net assets on a class-by-class basis.
The Board noted that Multifactor USA Index Fund’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the first and third quartiles, respectively, relative to the Fund’s Expense Peers. The Board also noted that BlackRock and the Board have contractually agreed to a cap on the 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 economies of scale might be realized as the assets of the Funds increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Funds to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate.
E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. 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.
| 60 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Conclusion
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, 2021, 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, 2021. 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, as pertinent, 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 also assisted by the advice of independent legal counsel in making this determination.
|
DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENT |
61 |
Trustee and Officer Information
| Independent Trustees (a) | ||||||||
|
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised
(“RICs”) Consisting of
|
Public Company and Other
Investment Company Directorships Held During Past Five Years |
||||
|
Mark Stalnecker
1951 |
Chair of the Board
(Since 2019) and Trustee (Since 2015) |
Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Bruce R. Bond
1946 |
Trustee
(Since 2019) |
Board Member, Amsphere Limited (software) since 2018; Trustee and Member of the Governance Committee, State Street Research Mutual Funds from 1997 to 2005; Board Member of Governance, Audit and Finance Committee, Avaya Inc. (computer equipment) from 2003 to 2007. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Susan J. Carter
1956 |
Trustee
(Since 2016) |
Director, Pacific Pension Institute from 2014 to 2018; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business since 1997; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof since 2018; Advisory Board Member, Bridges Fund Management since 2016; Trustee, Financial Accounting Foundation since 2017; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Collette Chilton
1958 |
Trustee
(Since 2015) |
Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Neil A. Cotty
1954 |
Trustee
(Since 2016) |
Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Lena G. Goldberg
1949 |
Trustee
(Since 2019) |
Senior Lecturer, Harvard Business School, since 2008; Director, Charles Stark Draper Laboratory, Inc. since 2013; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President — Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985. | 36 RICs consisting of 155 Portfolios | None | ||||
| 62 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Trustee and Officer Information (continued)
| Independent Trustees (a) (continued) | ||||||||
|
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised
(“RICs”) Consisting of
|
Public Company and Other
Investment Company Directorships Held During Past Five Years |
||||
|
Henry R. Keizer
1956 |
Trustee
(Since 2019) |
Director, Park Indemnity Ltd. (captive insurer) since 2010; Director, MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. (financial and bank holding company) from 2014 to 2016; Director, American Institute of Certified Public Accountants from 2009 to 2011; Director, KPMG LLP (audit, tax and advisory services) from 2004 to 2005 and 2010 to 2012; Director, KPMG International in 2012, Deputy Chairman and Chief Operating Officer thereof from 2010 to 2012 and U.S. Vice Chairman of Audit thereof from 2005 to 2010; Global Head of Audit, KPMGI (consortium of KPMG firms) from 2006 to 2010; Director, YMCA of Greater New York from 2006 to 2010. | 36 RICs consisting of 155 Portfolios | Hertz Global Holdings (car rental); Montpelier Re Holdings, Ltd. (publicly held property and casualty reinsurance) from 2013 until 2015; WABCO (commercial vehicle safety systems); Sealed Air Corp. (packaging) | ||||
|
Cynthia A. Montgomery
1952 |
Trustee
(Since 2007) |
Professor, Harvard Business School since 1989. | 36 RICs consisting of 155 Portfolios | Newell Rubbermaid, Inc. (manufacturing) | ||||
|
Donald C. Opatrny
1952 |
Trustee
(Since 2019) |
Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University since 2004; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Member of the Board and Investment Committee, University School from 2007 to 2018; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Director, Athena Capital Advisors LLC (investment management firm) since 2013; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2018; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Phoenix Art Museum since 2018; Trustee, Arizona Community Foundation and Member of Investment Committee since 2020. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Joseph P. Platt
1947 |
Trustee
(Since 2007) |
General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015. | 36 RICs consisting of 155 Portfolios | Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc. | ||||
|
Kenneth L. Urish
1951 |
Trustee
(Since 2007) |
Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past-Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since founding in 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007. | 36 RICs consisting of 155 Portfolios | None | ||||
|
Claire A. Walton
1957 |
Trustee
(Since 2016) |
Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015. | 36 RICs consisting of 155 Portfolios | None | ||||
|
TRUSTEE AND OFFICER INFORMATION |
63 |
Trustee and Officer Information (continued)
| Interested Trustees (a)(d) | ||||||||
|
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised
Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other
Investment Company Directorships Held During Past Five Years |
||||
|
Robert Fairbairn
1965 |
Trustee
(Since 2018) |
Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. | 122 RICs consisting of 265 Portfolios | None | ||||
|
John M. Perlowski (e)
1964 |
Trustee
(Since 2015), President and Chief Executive Officer (Since 2010) |
Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 123 RICs consisting of 266 Portfolios | None | ||||
|
(a) The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. (b) Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. (c) Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds or legacy BlackRock funds as follows: Bruce R. Bond, 2005; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015. (d) Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex. (e) Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund. |
||||||||
| 64 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Trustee and Officer Information (continued)
| Officers Who Are Not Trustees (a) | ||||||||
|
Name Year of Birth (b) |
Position(s) Held (Length of Service) |
Principal Occupation(s) During Past Five Years | ||||||
|
Thomas Callahan
1968 |
Vice President
(Since 2016) |
Managing Director of BlackRock, Inc. since 2013; Member of the Board of Managers of BlackRock Investments, LLC (principal underwriter) since 2019 and Managing Director thereof since 2017; Head of BlackRock’s Global Cash Management Business since 2016; Co-Head of the Global Cash Management Business from 2014 to 2016; Deputy Head of the Global Cash Management Business from 2013 to 2014; Member of the Cash Management Group Executive Committee since 2013; Chief Executive Officer of NYSE Liffe U.S. from 2008 to 2013. | ||||||
|
Jennifer McGovern
1977 |
Vice President
(Since 2014) |
Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019. | ||||||
|
Neal J. Andrews
1966 |
Chief Financial Officer
(Since 2007) |
Chief Financial Officer of the iShares® exchange traded funds from 2019 to 2020; Managing Director of BlackRock, Inc. since 2006. | ||||||
|
Jay M. Fife
1970 |
Treasurer
(Since 2007) |
Managing Director of BlackRock, Inc. since 2007. | ||||||
|
Charles Park
1967 |
Chief Compliance Officer
(Since 2014) |
Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012. | ||||||
|
Lisa Belle
1968 |
Anti-Money Laundering Compliance Officer
(Since 2019) |
Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012. | ||||||
|
Janey Ahn
1975 |
Secretary
(Since 2019) |
Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017. | ||||||
|
(a) The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. (b) Officers of the Trust serve at the pleasure of the Board. |
||||||||
Further information about the Trust’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.
Investment Adviser and Administrator
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 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10022
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Address of the Trust
100 Bellevue Parkway
Wilmington, DE 19809
|
TRUSTEE AND OFFICER INFORMATION |
65 |
General Information
Householding
The Funds 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 Funds at (800) 537-4942.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov.
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 537-4942; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.
Availability of Proxy Voting Record
Information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at blackrock.com or by calling (800) 537-4942 and (2) on the SEC’s website at sec.gov.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 537-4942 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.
| 66 |
2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
Additional Information (continued)
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
Glossary of Terms Used in this Report
| Portfolio Abbreviations | ||
| ADR | American Depositary Receipts | |
| ETF | Exchange-Traded Fund | |
| FTSE | Financial Times Stock Exchange | |
| MSCI | Morgan Stanley Capital International | |
| REIT | Real Estate Investment Trust | |
| S&P | Standard & Poor’s | |
|
ADDITIONAL INFORMATION / GLOSSARY OF TERMS USED IN THIS REPORT |
67 |
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.
MFMV-7/20-AR
|
|
|
| (a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees | |||||||||||||
| Entity Name |
Current
Year End |
Previous
Year End |
Current
Year End |
Previous
Year End |
Current
Year End |
Previous
Year End |
Current
Year End |
Previous
Year End |
||||||||
|
iShares Edge MSCI Min Vol EAFE Index Fund |
$22,000 | $22,000 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
|
iShares Edge MSCI Min Vol USA Index Fund |
$22,000 | $22,000 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
|
iShares Edge MSCI Multifactor Intl Index Fund |
$22,000 | $22,000 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
|
iShares Edge MSCI Multifactor USA Index Fund |
$22,000 | $22,000 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
|
iShares Russell Mid-Cap Index Fund |
$22,000 | $22,000 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
2
|
iShares Russell
Small/Mid-Cap Index Fund |
$22,000 | $22,000 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
|
iShares Total U.S. Stock
Market Index Fund |
$22,000 | $22,000 | $0 | $0 | $0 | $0 | $0 | $0 |
The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC ( the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or 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.
3
(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 Edge MSCI Multifactor Intl Index | $0 | $0 | ||
| iShares Edge MSCI Multifactor USA Index Fund | $0 | $0 | ||
| iShares Edge MSCI Min Vol EAFE Index Fund | $0 | $0 | ||
| iShares Edge MSCI Min Vol USA Index Fund | $0 | $0 | ||
| iShares Russell Mid-Cap Index Fund | $0 | $0 | ||
| iShares Russell Small/Mid-Cap Index Fund | $0 | $0 | ||
| iShares Total U.S. Stock Market Index Fund | $0 | $0 |
4
| within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended. | ||
| (b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. | ||
|
Item 12 – |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable | |
|
Item 13 – |
Exhibits attached hereto | |
| (a)(1) – Code of Ethics – See Item 2 | ||
| (a)(2) – Section 302 Certifications are attached | ||
| (a)(3) – Not Applicable | ||
| (a)(4) – Not Applicable | ||
| (b) – Section 906 Certifications are attached | ||
5
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock FundsSM
|
|
By: | /s/ John M. Perlowski | ||
| John M. Perlowski | ||||
| Chief Executive Officer (principal executive officer) of | ||||
| BlackRock FundsSM |
Date: October 2, 2020
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: October 2, 2020
|
|
By: | /s/ Neal J. Andrews | ||
| Neal J. Andrews | ||||
| Chief Financial Officer (principal financial officer) of | ||||
| BlackRock FundsSM |
Date: October 2, 2020
6