# EDGAR Filing Document

**Accession Number:** 0000893818
**File Stem:** 0001193125-25-196078
**Filing Date:** 2025-9
**Character Count:** 1857074
**Document Hash:** 84e7e933c1c904e6a85c65d3d5f81356
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196078.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-196078

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Funds III
- **CENTRAL INDEX KEY:** 0000893818

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07332
- **FILM NUMBER:** 251293657

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 8006439691

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS GLOBAL INVESTORS FUNDS
- **DATE OF NAME CHANGE:** 20060201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS GLOBAL INVESTORS FUNDS INC
- **DATE OF NAME CHANGE:** 19990804

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASTERWORKS FUNDS INC
- **DATE OF NAME CHANGE:** 19960607

## Series and Classes Contracts Data

### iShares U.S. Aggregate Bond Index Fund (Series ID: S000004270)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000011974 | Class K Shares       | WFBIX           |
| C000099166 | Investor A Shares    |  |
| C000099167 | Institutional Shares |  |
| C000201953 | Investor P Shares    |  |

### iShares S&P 500 Index Fund (Series ID: S000004272)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000011979 | Class K Shares       | WFSPX           |
| C000117725 | Investor A Shares    |  |
| C000117726 | Institutional Shares |  |
| C000117728 | Service Shares       |  |
| C000201951 | Investor P Shares    |  |
| C000212062 | Class G Shares       |  |

### BlackRock Cash Funds: Treasury (Series ID: S000004273)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000011980 | Institutional Shares | BRIXX           |
| C000074117 | SL Agency Shares     |  |

### BlackRock Cash Funds: Institutional (Series ID: S000004275)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000074119 | SL Agency Shares |  |

### iShares Russell 1000 Large-Cap Index Fund (Series ID: S000031723)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000098723 | Investor A Shares    |  |
| C000098724 | Institutional Shares |  |
| C000098725 | Class K shares       |  |

### iShares MSCI Total International Index Fund (Series ID: S000033188)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000102140 | Investor A Shares    |  |
| C000102141 | Institutional Shares |  |
| C000102142 | Class K shares       |  |

### BlackRock Diversified Equity Fund (Series ID: S000081558)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000244481 | Institutional |  |

?xml version='1.0' encoding='ASCII'? BlackRock Funds III

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:

811-07332 and 811-08162

Name of Fund:

---

| |
|:---|
| BlackRock Funds III |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Cash Funds: Institutional |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Cash Funds: Treasury |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Diversified Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI Total International Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 1000 Large-Cap Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares S&P 500 Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Aggregate Bond Index Fund |
| Master Investment Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury Money Market Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Equity Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total International ex U.S. Index Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Index Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Total Bond Index Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Tilts Master Portfolio |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 537-4942

Date of fiscal year end:

12/31/2025

Date of reporting period:

6/30/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### BlackRock Cash Funds: Institutional

### SL Agency Shares \| BISXX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Cash Funds: Institutional (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the Money Market Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (888) 204-3956.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| SL Agency Shares | $5(a) 0.09%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$79910368863 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| **Current seven-day yields as of June 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to<br>the fact that the 7-Day SEC Yield excludes distributed capital gains.)** |  |
| &nbsp;&nbsp;7-Day SEC Yield | &nbsp;&nbsp;4.47% |
| &nbsp;&nbsp;7-Day Yield | &nbsp;&nbsp;4.47% |

---

**Past performance is not an indication of future results.** Visit **blackrock.com** for more recent yield information**.**

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

BlackRock Cash Funds: Institutional

SL Agency Shares \| BISXX

Semi-Annual Shareholder Report — June 30, 2025

BISXX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### Money Market Master Portfolio

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about Money Market Master Portfolio (the "Master Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Master Portfolio, which is included within the BlackRock Cash Funds: Institutional's additional information at **blackrock.com/fundreports**. You can also request this information by contacting us at (888) 204-3956.

#### What were the Master Portfolio costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Master Portfolio name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| Money Market Master Portfolio | $4 | 0.07%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Master Portfolio statistics** |  |
| Net Assets | &nbsp;&nbsp;$80198390490 |
| Number of Portfolio Holdings | &nbsp;&nbsp;337 |

---

#### What did the Master Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Repurchase Agreements | 31.8% |
| Certificates of Deposit | 29.7% |
| Commercial Paper | 20.3% |
| Time Deposits | 11.9% |
| U.S. Treasury Obligations | 2.1% |
| Municipal Bonds | 0.6% |
| Corporate Bonds | 0.5% |
| Other Assets Less Liabilities | 3.1 |

---

Additional information

If you wish to view additional information about the Master Portfolio, including but not limited to financial statements and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

Money Market Master Portfolio

Semi-Annual Shareholder Report — June 30, 2025

06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### BlackRock Cash Funds: Treasury

### Institutional Shares \| BRIXX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Cash Funds: Treasury (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the Treasury Money Market Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (888) 204-3956.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Institutional Shares | $6(a) 0.12%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$21419997509 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| **Current seven-day yields as of June 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to<br>the fact that the 7-Day SEC Yield excludes distributed capital gains.)** |  |
| &nbsp;&nbsp;7-Day SEC Yield | &nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;7-Day Yield | &nbsp;&nbsp;4.27% |

---

**Past performance is not an indication of future results.** Visit **blackrock.com** for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

BlackRock Cash Funds: Treasury

Institutional Shares \| BRIXX

Semi-Annual Shareholder Report — June 30, 2025

BRIXX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### BlackRock Cash Funds: Treasury

### SL Agency Shares \| XTSLA

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Cash Funds: Treasury (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the Treasury Money Market Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (888) 204-3956.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| SL Agency Shares | $5(a) 0.09%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$21419997509 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| **Current seven-day yields as of June 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to<br>the fact that the 7-Day SEC Yield excludes distributed capital gains.)** |  |
| &nbsp;&nbsp;7-Day SEC Yield | &nbsp;&nbsp;4.30% |
| &nbsp;&nbsp;7-Day Yield | &nbsp;&nbsp;4.30% |

---

**Past performance is not an indication of future results.** Visit **blackrock.com** for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

BlackRock Cash Funds: Treasury

SL Agency Shares \| XTSLA

Semi-Annual Shareholder Report — June 30, 2025

XTSLA-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### Treasury Money Market Master Portfolio

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about Treasury Money Market Master Portfolio (the "Master Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Master Portfolio, which is included within the BlackRock Cash Funds: Treasury's additional information at **blackrock.com/fundreports**. You can also request this information by contacting us at (888) 204-3956.

#### What were the Master Portfolio costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Master Portfolio name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| Treasury Money Market Master Portfolio | $4 | 0.07%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Master Portfolio statistics** |  |
| Net Assets | &nbsp;&nbsp;$22110326211 |
| Number of Portfolio Holdings | &nbsp;&nbsp;101 |

---

#### What did the Master Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Repurchase Agreements | 54.3% |
| U.S. Treasury Obligations | 43.3% |
| Other Assets Less Liabilities | 2.4 |

---

Additional information

If you wish to view additional information about the Master Portfolio, including but not limited to financial statements and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

Treasury Money Market Master Portfolio

Semi-Annual Shareholder Report — June 30, 2025

06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### BlackRock Diversified Equity Fund

### Institutional Shares \| BDVEX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Diversified Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the Diversified Equity Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 537-4942.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Institutional Shares | $20(a) 0.39%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1105104649 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;71% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

BlackRock Diversified Equity Fund

Institutional Shares \| BDVEX

Semi-Annual Shareholder Report — June 30, 2025

BDVEX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### Diversified Equity Master Portfolio

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about Diversified Equity Master Portfolio (the "Master Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Master Portfolio, which is included within the BlackRock Diversified Equity Fund's additional information at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Master Portfolio costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Master Portfolio name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| Diversified Equity Master Portfolio | $7 | 0.14%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Master Portfolio statistics** |  |
| Net Assets | &nbsp;&nbsp;$2829788969 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2422 |
| Portfolio Turnover Rate | &nbsp;&nbsp;71% |

---

#### What did the Master Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 21.5% |
| Financials | 17.0% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.3% |
| Industrials | 9.2% |
| Communication Services | 6.5% |
| Consumer Staples | 3.8% |
| Energy | 3.3% |
| Real Estate | 2.8% |
| Materials | 2.3% |
| Utilities | 2.1% |
| Short-Term Securities | 17.5% |
| Liabilities in Excess of Other Assets | (5.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| NVIDIA Corp. | 2.6% |
| Microsoft Corp. | 2.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.0% |
| Apple, Inc. | 2.0% |
| Amazon.com, Inc. | 1.4% |
| Tencent Holdings Ltd. | 1.0% |
| Meta Platforms, Inc., Class A | 1.0% |
| Broadcom, Inc. | 0.9% |
| Alphabet, Inc., Class A | 0.7% |
| Walmart, Inc. | 0.7% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Master Portfolio, including but not limited to financial statements and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

Diversified Equity Master Portfolio

Semi-Annual Shareholder Report — June 30, 2025

06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares MSCI Total International Index Fund

### Institutional Shares \| BDOIX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares MSCI Total International Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the Total International ex U.S. Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Institutional Shares | $8(a) 0.14%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1993383449 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;10% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares MSCI Total International Index Fund

Institutional Shares \| BDOIX

Semi-Annual Shareholder Report — June 30, 2025

BDOIX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares MSCI Total International Index Fund

### Investor A Shares \| BDOAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares MSCI Total International Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the Total International ex U.S. Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Investor A Shares | $22(a) 0.41%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1993383449 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;10% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares MSCI Total International Index Fund

Investor A Shares \| BDOAX

Semi-Annual Shareholder Report — June 30, 2025

BDOAX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares MSCI Total International Index Fund

### Class K Shares \| BDOKX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares MSCI Total International Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the Total International ex U.S. Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Class K Shares | $5(a) 0.10%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1993383449 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;10% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares MSCI Total International Index Fund

Class K Shares \| BDOKX

Semi-Annual Shareholder Report — June 30, 2025

BDOKX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### Total International ex U.S. Index Master Portfolio

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about Total International ex U.S. Index Master Portfolio (the "Master Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Master Portfolio, which is included within the iShares MSCI Total International Index Fund's additional information at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Master Portfolio costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Master Portfolio name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| Total International ex U.S. Index Master Portfolio | $4 | 0.07%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Master Portfolio statistics** |  |
| Net Assets | &nbsp;&nbsp;$1995272378 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1798 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Master Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Japan | 13.6% |
| China | 8.7% |
| Canada | 7.8% |
| United States | 7.2% |
| United Kingdom | 7.2% |
| Germany | 6.5% |
| France | 5.9% |
| Taiwan | 5.5% |
| India | 5.4% |
| Switzerland | 4.9% |
| Other<sup>#</sup> | 30.1% |
| Liabilities in Excess of Other Assets | (2.8)% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.0% |
| Tencent Holdings Ltd. | 1.4% |
| SAP SE | 1.1% |
| ASML Holding NV | 1.0% |
| Nestle SA, Class N | 0.9% |
| Alibaba Group Holding Ltd. | 0.8% |
| Novartis AG, Class N | 0.8% |
| Roche Holding AG | 0.8% |
| Novo Nordisk A/S, Class B | 0.7% |
| HSBC Holdings PLC | 0.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

Additional information

If you wish to view additional information about the Master Portfolio, including but not limited to financial statements and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

Total International ex U.S. Index Master Portfolio

Semi-Annual Shareholder Report — June 30, 2025

06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares Russell 1000 Large-Cap Index Fund

### Institutional Shares \| BRGNX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares Russell 1000 Large-Cap Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the Large Cap Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Institutional Shares | $6(a) 0.12%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1686608306 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;9% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares Russell 1000 Large-Cap Index Fund

Institutional Shares \| BRGNX

Semi-Annual Shareholder Report — June 30, 2025

BRGNX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares Russell 1000 Large-Cap Index Fund

### Investor A Shares \| BRGAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares Russell 1000 Large-Cap Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the Large Cap Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Investor A Shares | $19(a) 0.37%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1686608306 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;9% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares Russell 1000 Large-Cap Index Fund

Investor A Shares \| BRGAX

Semi-Annual Shareholder Report — June 30, 2025

BRGAX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares Russell 1000 Large-Cap Index Fund

### Class K Shares \| BRGKX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares Russell 1000 Large-Cap Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the Large Cap Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Class K Shares | $3(a) 0.06%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1686608306 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;9% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares Russell 1000 Large-Cap Index Fund

Class K Shares \| BRGKX

Semi-Annual Shareholder Report — June 30, 2025

BRGKX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### Large Cap Index Master Portfolio

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about Large Cap Index Master Portfolio (the "Master Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Master Portfolio, which is included within the iShares Russell 1000 Large-Cap Index Fund's additional information at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Master Portfolio costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Master Portfolio name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| Large Cap Index Master Portfolio | $2 | 0.03%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Master Portfolio statistics** |  |
| Net Assets | &nbsp;&nbsp;$35354959023 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1016 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

#### What did the Master Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 31.1% |
| Financials | 14.8% |
| Consumer Discretionary | 10.5% |
| Communication Services | 9.5% |
| Industrials | 9.3% |
| Health Care | 9.2% |
| Consumer Staples | 5.3% |
| Energy | 3.0% |
| Real Estate | 2.3% |
| Utilities | 2.3% |
| Materials | 2.1% |
| Short-Term Securities | 8.8% |
| Liabilities in Excess of Other Assets | (8.2) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| NVIDIA Corp. | 6.4% |
| Microsoft Corp. | 6.4% |
| Apple, Inc. | 5.2% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 2.8% |
| Broadcom, Inc. | 2.2% |
| Alphabet, Inc., Class A | 1.8% |
| Berkshire Hathaway, Inc., Class B | 1.5% |
| Tesla, Inc. | 1.5% |
| Alphabet, Inc., Class C | 1.4% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Master Portfolio, including but not limited to financial statements and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

Large Cap Index Master Portfolio

Semi-Annual Shareholder Report — June 30, 2025

06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares S&P 500 Index Fund

### Institutional Shares \| BSPIX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares S&P 500 Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the S&P 500 Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Institutional Shares | $5(a) 0.10%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$49510089017 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;7% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares S&P 500 Index Fund

Institutional Shares \| BSPIX

Semi-Annual Shareholder Report — June 30, 2025

BSPIX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares S&P 500 Index Fund

### Service Shares \| BSPSX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares S&P 500 Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the S&P 500 Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Service Shares | $11(a) 0.22%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$49510089017 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;7% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares S&P 500 Index Fund

Service Shares \| BSPSX

Semi-Annual Shareholder Report — June 30, 2025

BSPSX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares S&P 500 Index Fund

### Investor A Shares \| BSPAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares S&P 500 Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the S&P 500 Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Investor A Shares | $18(a) 0.35%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$49510089017 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;7% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares S&P 500 Index Fund

Investor A Shares \| BSPAX

Semi-Annual Shareholder Report — June 30, 2025

BSPAX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares S&P 500 Index Fund

### Investor P Shares \| BSPPX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares S&P 500 Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the S&P 500 Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Investor P Shares | $18(a) 0.35%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$49510089017 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;7% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares S&P 500 Index Fund

Investor P Shares \| BSPPX

Semi-Annual Shareholder Report — June 30, 2025

BSPPX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares S&P 500 Index Fund

### Class G Shares \| BSPGX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares S&P 500 Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the S&P 500 Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Class G Shares | $1(a) 0.01%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$49510089017 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;7% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares S&P 500 Index Fund

Class G Shares \| BSPGX

Semi-Annual Shareholder Report — June 30, 2025

BSPGX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares S&P 500 Index Fund

### Class K Shares \| WFSPX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares S&P 500 Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the S&P 500 Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Class K Shares | $2(a) 0.03%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$49510089017 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;7% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares S&P 500 Index Fund

Class K Shares \| WFSPX

Semi-Annual Shareholder Report — June 30, 2025

WFSPX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### S&P 500 Index Master Portfolio

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about S&P 500 Index Master Portfolio (the "Master Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Master Portfolio, which is included within the iShares S&P 500 Index Fund's additional information at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Master Portfolio costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Master Portfolio name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| S&P 500 Index Master Portfolio | $1 | 0.01%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Master Portfolio statistics** |  |
| Net Assets | &nbsp;&nbsp;$50123009919 |
| Number of Portfolio Holdings | &nbsp;&nbsp;508 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

#### What did the Master Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 33.0% |
| Financials | 14.0% |
| Consumer Discretionary | 10.3% |
| Communication Services | 9.7% |
| Health Care | 9.3% |
| Industrials | 8.5% |
| Consumer Staples | 5.5% |
| Energy | 3.0% |
| Utilities | 2.4% |
| Real Estate | 2.0% |
| Other\* | 2.0% |
| Short-Term Securities | 0.8% |
| Liabilities in Excess of Other Assets | (0.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| NVIDIA Corp. | 7.3% |
| Microsoft Corp. | 7.0% |
| Apple, Inc. | 5.8% |
| Amazon.com, Inc. | 3.9% |
| Meta Platforms, Inc., Class A | 3.0% |
| Broadcom, Inc. | 2.5% |
| Alphabet, Inc., Class A | 2.0% |
| Berkshire Hathaway, Inc., Class B | 1.7% |
| Tesla, Inc. | 1.7% |
| Alphabet, Inc., Class C | 1.6% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>\*</sup></sup><sup>Ten largest sectors are presented. Additional sectors are found in Other.</sup> |

---

Additional information

If you wish to view additional information about the Master Portfolio, including but not limited to financial statements and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

S&P 500 Index Master Portfolio

Semi-Annual Shareholder Report — June 30, 2025

06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares U.S. Aggregate Bond Index Fund

### Institutional Shares \| BMOIX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares U.S. Aggregate Bond Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the U.S. Total Bond Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Institutional Shares | $5(a) 0.10%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3166513595 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;47% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares U.S. Aggregate Bond Index Fund

Institutional Shares \| BMOIX

Semi-Annual Shareholder Report — June 30, 2025

BMOIX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares U.S. Aggregate Bond Index Fund

### Investor A Shares \| BMOAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares U.S. Aggregate Bond Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the U.S. Total Bond Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Investor A Shares | $18(a) 0.35%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3166513595 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;47% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares U.S. Aggregate Bond Index Fund

Investor A Shares \| BMOAX

Semi-Annual Shareholder Report — June 30, 2025

BMOAX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares U.S. Aggregate Bond Index Fund

### Investor P Shares \| BMOPX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares U.S. Aggregate Bond Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the U.S. Total Bond Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Investor P Shares | $18(a) 0.35%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3166513595 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;47% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares U.S. Aggregate Bond Index Fund

Investor P Shares \| BMOPX

Semi-Annual Shareholder Report — June 30, 2025

BMOPX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### iShares U.S. Aggregate Bond Index Fund

### Class K Shares \| WFBIX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about iShares U.S. Aggregate Bond Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the U.S. Total Bond Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Class K Shares | $3(a) 0.05%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3166513595 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;47% |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

iShares U.S. Aggregate Bond Index Fund

Class K Shares \| WFBIX

Semi-Annual Shareholder Report — June 30, 2025

WFBIX-06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### U.S. Total Bond Index Master Portfolio

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about U.S. Total Bond Index Master Portfolio (the "Master Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Master Portfolio, which is included within the iShares U.S. Aggregate Bond Index Fund's additional information at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Master Portfolio costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Master Portfolio name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| U.S. Total Bond Index Master Portfolio | $2 | 0.04%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Master Portfolio statistics** |  |
| Net Assets | &nbsp;&nbsp;$3168460391 |
| Number of Portfolio Holdings | &nbsp;&nbsp;8250 |
| Portfolio Turnover Rate | &nbsp;&nbsp;47% |

---

#### What did the Master Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| U.S. Treasury Obligations | 45.5% |
| U.S. Government Sponsored Agency Securities | 25.9% |
| Corporate Bonds | 24.8% |
| Foreign Agency Obligations | 2.3% |
| Non-Agency Mortgage-Backed Securities | 0.8% |
| Municipal Bonds | 0.4% |
| Asset-Backed Securities | 0.3% |
| Capital Trusts | — %(b) |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| AAA/Aaa<sup>(d)</sup> | 74.5% |
| AA/Aa | 3.0% |
| A | 11.6% |
| BBB/Baa | 10.8% |
| BB/Ba | — %(b) |
| N/R | 0.1% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |
| <sup><sup>(d)</sup></sup><sup>The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.</sup> |

---

Additional information

If you wish to view additional information about the Master Portfolio, including but not limited to financial statements and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

U.S. Total Bond Index Master Portfolio

Semi-Annual Shareholder Report — June 30, 2025

06/25-SAR

![TSR - BLK Retail Logo](g121005images_5145.jpg)

### International Tilts Master Portfolio

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about International Tilts Master Portfolio (the "Master Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Master Portfolio at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Master Portfolio costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Master Portfolio name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| International Tilts Master Portfolio | $22 | 0.40%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Master Portfolio statistics** |  |
| Net Assets | &nbsp;&nbsp;$712765922 |
| Number of Portfolio Holdings | &nbsp;&nbsp;348 |
| Portfolio Turnover Rate | &nbsp;&nbsp;68% |

---

#### What did the Master Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Japan | 23.0% |
| United Kingdom | 12.1% |
| Germany | 11.1% |
| United States | 10.8% |
| France | 9.9% |
| Switzerland | 7.7% |
| Australia | 5.7% |
| Netherlands | 4.6% |
| Italy | 2.7% |
| Sweden | 2.4% |
| Other<sup>#</sup> | 11.0% |
| Liabilities in Excess of Other Assets | (1.0)% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| SAP SE | 2.7% |
| ASML Holding NV | 2.3% |
| Novartis AG, Class N | 2.3% |
| Roche Holding AG | 1.8% |
| Shell PLC | 1.7% |
| AstraZeneca PLC | 1.6% |
| Allianz SE | 1.6% |
| ABB Ltd., Class N | 1.5% |
| Safran SA | 1.4% |
| Sony Group Corp. | 1.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

Additional information

If you wish to view additional information about the Master Portfolio, including but not limited to financial statements and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g121005images_5144.jpg)

International Tilts Master Portfolio

Semi-Annual Shareholder Report — June 30, 2025

06/25-SAR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrants' Schedule of Investments are included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

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

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrants' Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrants' Financial Highlights are attached herewith.

------

![](g121005imgf168ace11.jpg)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Funds III** |
| • BlackRock Diversified Equity Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_RskDeriv-Footer-FundBookName-1286_1)  | 3 |
| [Fund Statement of Assets and Liabilities](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_FS-Footer-FundBookName-1286_1)  | 4 |
| [Fund Statement of Operations](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_FS-Footer-FundBookName-1286_2)  | 5 |
| [Fund Statements of Changes in Net Assets](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_FS-Footer-FundBookName-1286_3)  | 6 |
| [Fund Financial Highlights](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_FIHI-Footer-FundBookName-1286_1)  | 7 |
| [Fund Notes to Financial Statements](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_NTF-Footer-FundBookName-1286_1)  | 8 |
| [Master Portfolio Schedule of Investments](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_MAST-Footer-FundBookName-788_1)  | 10 |
| [Master Portfolio Statement of Assets and Liabilities](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_MstFS-Footer-FundBookName-788_1)  | 39 |
| [Master Portfolio Statement of Operations](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_MstFS-Footer-FundBookName-788_2)  | 40 |
| [Master Portfolio Statements of Changes in Net Assets](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_MstFS-Footer-FundBookName-788_3)  | 41 |
| [Master Portfolio Financial Highlights](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_MstFIHI-Footer-FundBookName-788_1)  | 42 |
| [Master Portfolio Notes to Financial Statements](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_MstNTF-Footer-FundBookName-788_1)  | 43 |
| [Additional Information](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_ADDInfo-Footer-FundBookName-1286_1)  | 52 |
| [Disclosure of Investment Advisory Agreement](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_IAA1-Footer-FundBookName-1286_1)  | 54 |
| [Glossary of Terms Used in these Financial Statements](#xx_8faf2c1c-1109-4a11-9dbe-080291643a5f_Terms-Footer-FundBookName-788_1)  | 57 |

---

------

Derivative Financial Instruments

Diversified Equity Master Portfolio (the "Master Portfolio") may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Master Portfolio must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Master Portfolio's 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 the Master Portfolio can realize on an investment and/or may result in lower distributions paid to shareholders. The Master Portfolio's investments in these instruments, if any, are discussed in detail in the Master Portfolio Notes to Financial Statements.

**BlackRock Diversified Equity Fund**

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BlackRock <br>Diversified <br>Equity Fund<br>|
| **ASSETS** |  |
| Investments, at value — Master Portfolio | $1105335658 |
| Receivables: |  |
| Withdrawals from the Master Portfolio | 33648563 |
| Prepaid expenses | 950 |
| Total assets | 1138985171 |
| **LIABILITIES** |  |
| Payables: |  |
| Administration fees | 226249 |
| Capital shares redeemed | 33648563 |
| Professional fees | 5710 |
| Total liabilities | 33880522 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $1105104649 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $874502812 |
| Accumulated earnings | 230601837 |
| NET ASSETS | $1105104649 |
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | $1105104649 |
| Shares outstanding | 82705496 |
| Net asset value | $13.36 |
| Shares authorized | Unlimited |
| Par value | No par value |

---

*See fund notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BlackRock <br>Diversified <br>Equity Fund<br>|
| **INVESTMENT INCOME** |  |
| Net investment income allocated from the Master Portfolio: |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $9087102 |
| Dividends — affiliated | &nbsp;&nbsp; 2300459 |
| Interest — unaffiliated | &nbsp;&nbsp; 129817 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 93719 |
| Foreign taxes withheld | &nbsp;&nbsp; (729471)<br>|
| Expenses | &nbsp;&nbsp; (1819828)<br>|
| Fees waived | &nbsp;&nbsp; 1073707 |
| Total investment income | &nbsp;&nbsp; 10135505 |
| FUND EXPENSES |  |
| Administration | &nbsp;&nbsp; 1316278 |
| Professional | &nbsp;&nbsp; 5707 |
| Miscellaneous | &nbsp;&nbsp; 3977 |
| Total expenses | &nbsp;&nbsp; 1325962 |
| Less: |  |
| Fees waived and/or reimbursed by the Administrator | &nbsp;&nbsp; (5707)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 1320255 |
| Net investment income | &nbsp;&nbsp; 8815250 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ALLOCATED FROM THE MASTER PORTFOLIO** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 10072051 |
| Investments — affiliated | &nbsp;&nbsp; (3128)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 108097 |
| Foreign currency transactions | &nbsp;&nbsp; 4766 |
| Futures contracts | &nbsp;&nbsp; (8782666)<br>|
| Swaps | &nbsp;&nbsp; 4900855 |
|  | &nbsp;&nbsp; 6299975 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 50703491 |
| Investments — affiliated | &nbsp;&nbsp; (4516)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 329645 |
| Foreign currency translations | &nbsp;&nbsp; 21437 |
| Futures contracts | &nbsp;&nbsp; 3287479 |
| Swaps | &nbsp;&nbsp; (636270)<br>|
|  | &nbsp;&nbsp; 53701266 |
| Net realized and unrealized gain | &nbsp;&nbsp; 60001241 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $68816491 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(21770)<br>|
| <sup>(b)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $(390928)<br>|

---

*See fund notes to financial statements.*

Fund Statement of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Diversified <br>Equity Fund | BlackRock <br>Diversified <br>Equity Fund |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $8815250 | &nbsp;&nbsp;&nbsp; $13152205 |
| Net realized gain | &nbsp;&nbsp; 6299975 | &nbsp;&nbsp;&nbsp; 78418724 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 53701266 | &nbsp;&nbsp;&nbsp; 90247790 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 68816491 | &nbsp;&nbsp;&nbsp; 181818719 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (80183520)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (80183520)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (41144636)<br>| &nbsp;&nbsp;&nbsp; 431445633 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 27671855 | &nbsp;&nbsp;&nbsp; 533080832 |
| Beginning of period | &nbsp;&nbsp; 1077432794 | &nbsp;&nbsp;&nbsp; 544351962 |
| End of period | &nbsp;&nbsp; $1105104649 | &nbsp;&nbsp;&nbsp; $1077432794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See fund notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock Diversified Equity Fund | BlackRock Diversified Equity Fund | BlackRock Diversified Equity Fund |
|  | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Period from <br>09/19/23<sup>(a)</sup> <br>to 12/31/23 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Period from <br>09/19/23<sup>(a)</sup> <br>to 12/31/23 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.56 | &nbsp;&nbsp;&nbsp; $10.80 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net increase from investment operations | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.36 | &nbsp;&nbsp;&nbsp; $12.56 | &nbsp;&nbsp;&nbsp; $10.80 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |
| Based on net asset value | 6.37 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.34 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)(g)</sup> <br>|  |  |  |
| Total expenses | 0.39 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.39 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(h)</sup><br>|
| Net investment income | 1.67 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1105105 | &nbsp;&nbsp;&nbsp; $1077433 | &nbsp;&nbsp;&nbsp; $544352 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp;&nbsp; 125<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

*See fund notes to financial statements.*

Fund Financial Highlights

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock Funds III (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 Delaware statutory trust. BlackRock Diversified Equity Fund (the "Fund") is a series of the Trust. The Fund is classified as diversified.

The Fund seeks to achieve its investment objective by investing all of its assets in Diversified Equity Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio ("MIP") and an affiliate of the Trust, which has the same investment objective and strategies as the Fund. The value of the Fund's investment in the Master Portfolio reflects the Fund's proportionate interest in the net assets of the Master Portfolio. The performance of the Fund is directly affected by the performance of the Master Portfolio. At June 30, 2025, the percentage of the Master Portfolio owned by the Fund was 39.1%. The financial statements of the Master Portfolio, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The Fund offers Institutional Shares. Institutional Shares are sold without a sales charge and only to certain eligible investors.

The Board of Trustees of the Trust and Board of Trustees of MIP are referred to throughout this report as the "Board" and the members are referred to as "Trustees."

The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The 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, contributions to and withdrawals from the Master Portfolio are accounted for on a trade date basis. The Fund records its proportionate share of the Master Portfolio's income, expenses and realized and unrealized gains and losses on a daily basis. Realized and unrealized gains and losses are adjusted utilizing partnership tax allocation rules. In addition, the Fund accrues its own expenses. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Distributions:** Distributions paid by the Fund 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, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund are charged to the Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's policy is to value its financial instruments at fair value. The Fund records its investment in the Master Portfolio at fair value based on the Fund's proportionate interest in the net assets of the Master Portfolio. Valuation of securities held by the Master Portfolio is discussed in Note 3 of the Master Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

***4.*** ***ADMINISTRATION AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with BlackRock Advisors, LLC ("BAL"), to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Fund's ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Fund. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee of 0.25% based on the average daily net assets of the Fund.

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Fund and, accordingly, have a favorable impact on its performance.

**Expense Waivers and Reimbursements:** The fees and expenses of the Trust's trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Trust's independent registered public accounting firm (together, the "independent expenses") are paid

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

directly by the Fund. BAL has contractually agreed to reimburse the Fund or provide an offsetting credit against the administration fees paid by the Fund in an amount equal to these independent expenses through June 30, 2026. The amount waived is included in fees waived and/or reimbursed by the Administrator in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $5,707.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund 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.

***5.*** ***INCOME TAX INFORMATION*** 

It is the 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.

The 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 the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the 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 Fund as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

***6.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| BlackRock Diversified Equity Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 345930 | &nbsp;&nbsp;&nbsp; $4448660 | &nbsp;&nbsp;&nbsp; 34641388 | &nbsp;&nbsp;&nbsp; $416869947 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6208192 | &nbsp;&nbsp;&nbsp; 80183520 |
| Shares redeemed | &nbsp;&nbsp; (3427641) | &nbsp;&nbsp;&nbsp; (45593296) | &nbsp;&nbsp;&nbsp; (5448898) | &nbsp;&nbsp;&nbsp; (65607834) |
|  | &nbsp;&nbsp; (3081711) | &nbsp;&nbsp;&nbsp; $(41144636) | &nbsp;&nbsp;&nbsp; 35400682 | &nbsp;&nbsp;&nbsp; $431445633 |

---

***7.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund 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.

Fund Notes to Financial Statements

------

Schedule of Investments (unaudited)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** |  |
| AAR Corp.<sup>(a)</sup> | 5435 | $373874 |
| AeroVironment, Inc.<sup>(a)(b)</sup> | 3727 | 1062009 |
| AerSale Corp.<sup>(a)</sup> | 15692 | 94309 |
| Airbus SE | 2530 | 529278 |
| Archer Aviation, Inc., Class A<sup>(a)(b)</sup> | 114136 | 1238376 |
| Astronics Corp.<sup>(a)</sup> | 7530 | 252104 |
| ATI, Inc.<sup>(a)</sup> | 7839 | 676819 |
| Axon Enterprise, Inc.<sup>(a)</sup> | 398 | 329520 |
| BAE Systems PLC | 50404 | 1308128 |
| Bharat Electronics Ltd. | 142790 | 702233 |
| BWX Technologies, Inc. | 3116 | 448891 |
| Curtiss-Wright Corp. | 205 | 100153 |
| Ducommun, Inc.<sup>(a)</sup> | 12703 | 1049649 |
| General Dynamics Corp. | 5840 | 1703294 |
| General Electric Co. | 4546 | 1170095 |
| Hanwha Aerospace Co. Ltd. | 922 | 578580 |
| HEICO Corp.<sup>(b)</sup> | 277 | 90856 |
| HEICO Corp., Class A | 7671 | 1984871 |
| Hindustan Aeronautics Ltd. | 10192 | 578936 |
| Huntington Ingalls Industries, Inc. | 1456 | 351566 |
| Intuitive Machines, Inc., Class A<sup>(a)</sup> | 16161 | 175670 |
| Kongsberg Gruppen ASA | 7346 | 284857 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 30267 | 1405902 |
| Leonardo DRS, Inc. | 24150 | 1122492 |
| Loar Holdings, Inc.<sup>(a)</sup> | 2211 | 190522 |
| Lockheed Martin Corp. | 6357 | 2944181 |
| Mercury Systems, Inc.<sup>(a)</sup> | 10756 | 579318 |
| Moog, Inc., Class A | 9306 | 1684107 |
| Northrop Grumman Corp. | 638 | 318987 |
| Rheinmetall AG | 583 | 1234618 |
| Rolls-Royce Holdings PLC | 235586 | 3122137 |
| RTX Corp. | 11923 | 1740996 |
| Safran SA | 2109 | 687796 |
| Thales SA | 1041 | 307381 |
| Triumph Group, Inc.<sup>(a)</sup> | 15763 | 405897 |
| V2X, Inc.<sup>(a)</sup> | 9738 | 472780 |
| Voyager Technologies, Inc., Class A<sup>(a)</sup> | 1256 | 49298 |
|  |  | 31350480 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |  |
| CJ Logistics Corp. | 3615 | 233571 |
| Expeditors International of Washington, Inc. | 1429 | 163263 |
| FedEx Corp. | 33203 | 7547374 |
| Hub Group, Inc., Class A<sup>(b)</sup> | 23326 | 779788 |
| Hyundai Glovis Co. Ltd. | 8300 | 826353 |
| JD Logistics, Inc.<sup>(a)(c)</sup> | 567100 | 953393 |
| Radiant Logistics, Inc.<sup>(a)</sup> | 15080 | 91687 |
| SF Holding Co. Ltd., Class H<sup>(b)</sup> | 63800 | 367902 |
| United Parcel Service, Inc., Class B | 60063 | 6062759 |
| ZTO Express Cayman, Inc. | 26400 | 467415 |
|  |  | 17493505 |
| **Automobile Components — 0.4%** | **Automobile Components — 0.4%** |  |
| Adient PLC<sup>(a)</sup> | 77503 | 1508208 |
| American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 105640 | 431011 |
| Aptiv PLC<sup>(a)</sup> | 1673 | 114132 |
| BorgWarner, Inc. | 63765 | 2134852 |
| Ceat Ltd. | 4757 | 204352 |
| Cie Generale des Etablissements Michelin SCA | 1986 | 73868 |
| Cooper-Standard Holdings, Inc.<sup>(a)</sup> | 7495 | 161143 |
| Dana, Inc. | 39512 | 677631 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Automobile Components (continued)** | **Automobile Components (continued)** |  |
| Denso Corp. | 33100 | $446694 |
| Dorman Products, Inc.<sup>(a)</sup> | 5695 | 698606 |
| Fox Factory Holding Corp.<sup>(a)</sup> | 17197 | 446090 |
| Gentherm, Inc.<sup>(a)</sup> | 7263 | 205470 |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 67713 | 702184 |
| HL Mando Co. Ltd. | 31260 | 758490 |
| Hyundai Mobis Co. Ltd. | 1088 | 230817 |
| LCI Industries<sup>(b)</sup> | 2930 | 267187 |
| Modine Manufacturing Co.<sup>(a)</sup> | 13550 | 1334675 |
| Patrick Industries, Inc.<sup>(b)</sup> | 7909 | 729763 |
| Standard Motor Products, Inc.<sup>(b)</sup> | 19433 | 596982 |
| Stoneridge, Inc.<sup>(a)</sup> | 27924 | 196585 |
| Valeo SE | 4926 | 54072 |
|  |  | 11972812 |
| **Automobiles — 1.3%** | **Automobiles — 1.3%** |  |
| BYD Co. Ltd., Class A | 37400 | 1735377 |
| BYD Co. Ltd., Class H | 258000 | 4017065 |
| Dongfeng Motor Group Co. Ltd., Class H | 560000 | 246568 |
| Eicher Motors Ltd. | 1900 | 125351 |
| Ferrari NV | 334 | 163630 |
| Geely Automobile Holdings Ltd. | 717000 | 1463543 |
| General Motors Co. | 7729 | 380344 |
| Great Wall Motor Co. Ltd., Class H | 205000 | 316532 |
| Hyundai Motor Co. | 11344 | 1703386 |
| Kia Corp. | 47519 | 3400192 |
| Li Auto, Inc., Class A<sup>(a)</sup> | 21700 | 296183 |
| Mahindra & Mahindra Ltd. | 53280 | 1977605 |
| Maruti Suzuki India Ltd. | 5246 | 758842 |
| Renault SA | 1810 | 83522 |
| SAIC Motor Corp. Ltd., Class A | 86500 | 193906 |
| Stellantis NV | 22312 | 223480 |
| Tata Motors Ltd. | 136562 | 1095571 |
| Tesla, Inc.<sup>(a)</sup> | 50132 | 15924931 |
| TVS Motor Co. Ltd. | 2555 | 86942 |
| Winnebago Industries, Inc. | 31987 | 927623 |
| XPeng, Inc., Class A<sup>(a)</sup> | 58200 | 520985 |
|  |  | 35641578 |
| **Banks — 8.1%** | **Banks — 8.1%** |  |
| 1st Source Corp. | 18658 | 1158102 |
| Abu Dhabi Commercial Bank PJSC | 233851 | 858355 |
| Abu Dhabi Islamic Bank PJSC | 15863 | 92874 |
| Agricultural Bank of China Ltd., Class H | 1491000 | 1065494 |
| Al Rajhi Bank | 203477 | 5132270 |
| Amalgamated Financial Corp. | 34634 | 1080581 |
| Amerant Bancorp, Inc., Class A | 12070 | 220036 |
| Ameris Bancorp | 17514 | 1133156 |
| ANZ Group Holdings Ltd. | 30734 | 589379 |
| Arab National Bank | 25345 | 146769 |
| Associated Banc-Corp.<sup>(b)</sup> | 22115 | 539385 |
| Axis Bank Ltd. | 152613 | 2134453 |
| Axos Financial, Inc.<sup>(a)</sup> | 14538 | 1105470 |
| BancFirst Corp.<sup>(b)</sup> | 1301 | 160830 |
| Banco Bilbao Vizcaya Argentaria SA | 41841 | 644279 |
| Banco BPM SpA | 7666 | 89482 |
| Banco de Sabadell SA | 52461 | 167012 |
| Banco del Bajio SA<sup>(c)</sup> | 78480 | 189670 |
| Banco Santander SA | 66487 | 550571 |
| Bangkok Bank PCL, NVDR | 86000 | 367980 |
| Bank Central Asia Tbk PT | 4279500 | 2287595 |
| Bank Leumi Le-Israel BM | 10868 | 202205 |
| Bank Mandiri Persero Tbk PT | 2995700 | 899861 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** |  |
| Bank of America Corp. | 239304 | $11323865 |
| Bank of China Ltd., Class H | 6309000 | 3672858 |
| Bank of Hawaii Corp.<sup>(b)</sup> | 7896 | 533217 |
| Bank of Ireland Group PLC | 2140 | 30495 |
| Bank of Marin Bancorp<sup>(b)</sup> | 18461 | 421649 |
| Bank Polska Kasa Opieki SA | 11166 | 575098 |
| Bank Rakyat Indonesia Persero Tbk PT | 5303200 | 1222707 |
| Bank7 Corp. | 7040 | 294483 |
| BankFinancial Corp.<sup>(b)</sup> | 20223 | 233980 |
| BankUnited, Inc. | 19273 | 685926 |
| Banque Saudi Fransi | 169871 | 808806 |
| Bar Harbor Bankshares | 3240 | 97070 |
| Barclays PLC | 51027 | 235784 |
| BAWAG Group AG<sup>(c)</sup> | 1113 | 142332 |
| BCB Bancorp, Inc. | 11876 | 99996 |
| BDO Unibank, Inc. | 211862 | 574690 |
| Berkshire Hills Bancorp, Inc.<sup>(b)</sup> | 2759 | 69085 |
| BNP Paribas SA | 29106 | 2610858 |
| BOC Hong Kong Holdings Ltd. | 16500 | 71828 |
| BOK Financial Corp. | 96 | 9372 |
| Bridgewater Bancshares, Inc.<sup>(a)</sup> | 6348 | 100997 |
| Brookline Bancorp, Inc.<sup>(b)</sup> | 23537 | 248315 |
| Business First Bancshares, Inc. | 4873 | 120119 |
| Byline Bancorp, Inc. | 691 | 18470 |
| CaixaBank SA | 11014 | 95434 |
| Camden National Corp.<sup>(b)</sup> | 14638 | 594010 |
| Capital City Bank Group, Inc. | 21738 | 855390 |
| Capitec Bank Holdings Ltd. | 15621 | 3123355 |
| Capitol Federal Financial, Inc. | 49588 | 302487 |
| Central Pacific Financial Corp. | 11089 | 310825 |
| Chemung Financial Corp. | 4218 | 204446 |
| China Construction Bank Corp., Class H | 5983000 | 6054475 |
| China Merchants Bank Co. Ltd., Class H<sup>(b)</sup> | 88000 | 617317 |
| CIMB Group Holdings Bhd | 193600 | 312249 |
| Citigroup, Inc. | 52135 | 4437731 |
| Citizens Financial Group, Inc. | 51136 | 2288336 |
| City Holding Co.<sup>(b)</sup> | 1271 | 155596 |
| City Union Bank Ltd. | 194322 | 495604 |
| Civista Bancshares, Inc. | 13462 | 312318 |
| CNB Financial Corp. | 14043 | 321023 |
| Coastal Financial Corp.<sup>(a)</sup> | 4973 | 481735 |
| Colony Bankcorp, Inc. | 35672 | 587518 |
| Commonwealth Bank of Australia | 29267 | 3562036 |
| Community Trust Bancorp, Inc. | 20182 | 1068031 |
| Community West Bancshares | 23563 | 459714 |
| ConnectOne Bancorp, Inc. | 77471 | 1794228 |
| Credicorp Ltd. | 315 | 70409 |
| Credit Agricole SA | 35294 | 667702 |
| CTBC Financial Holding Co. Ltd. | 199000 | 297830 |
| Customers Bancorp, Inc.<sup>(a)</sup> | 5459 | 320662 |
| CVB Financial Corp.<sup>(b)</sup> | 5441 | 107677 |
| DBS Group Holdings Ltd. | 26300 | 928444 |
| Dime Community Bancshares, Inc.<sup>(b)</sup> | 7852 | 211533 |
| DNB Bank ASA | 5169 | 142946 |
| E.Sun Financial Holding Co. Ltd. | 1684806 | 1893846 |
| Eagle Bancorp, Inc.<sup>(b)</sup> | 6639 | 129328 |
| Enterprise Bancorp, Inc. | 7153 | 283545 |
| Enterprise Financial Services Corp. | 31746 | 1749205 |
| Equity Bancshares, Inc., Class A | 7694 | 313915 |
| Eurobank Ergasias Services and Holdings SA, <br> Class R<br>| 209997 | 723289 |
| FB Financial Corp. | 30826 | 1396418 |
| FinecoBank Banca Fineco SpA | 3848 | 85362 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** |  |
| First Abu Dhabi Bank PJSC | 476284 | $2152483 |
| First Bank/Hamilton | 26786 | 414379 |
| First Busey Corp.<sup>(b)</sup> | 44151 | 1010396 |
| First Business Financial Services, Inc. | 13906 | 704478 |
| First Community Bankshares, Inc. | 2083 | 81591 |
| First Financial Bankshares, Inc. | 54511 | 1961306 |
| First Financial Corp. | 20962 | 1135931 |
| First Financial Northwest, Inc.<sup>(a)</sup> | 3525 | 1974 |
| First Hawaiian, Inc.<sup>(b)</sup> | 56412 | 1408044 |
| First Horizon Corp. | 42607 | 903268 |
| First Internet Bancorp | 5290 | 142301 |
| First Interstate BancSystem, Inc., Class A<sup>(b)</sup> | 47784 | 1377135 |
| First Merchants Corp. | 8677 | 332329 |
| First Mid Bancshares, Inc. | 20669 | 774881 |
| First Northwest Bancorp | 2359 | 18164 |
| First Savings Financial Group, Inc. | 1999 | 50055 |
| Flushing Financial Corp. | 30264 | 359536 |
| FNB Corp.<sup>(b)</sup> | 41001 | 597795 |
| FS Bancorp, Inc. | 2927 | 115265 |
| Glacier Bancorp, Inc. | 20008 | 861945 |
| Greene County Bancorp, Inc. | 3253 | 72282 |
| Grupo Financiero Banorte SAB de C.V., Class O | 190738 | 1743472 |
| Guaranty Bancshares, Inc.<sup>(b)</sup> | 2270 | 96339 |
| Hana Financial Group, Inc. | 11411 | 726858 |
| Hancock Whitney Corp.<sup>(b)</sup> | 15740 | 903476 |
| Hanmi Financial Corp. | 1547 | 38180 |
| HarborOne Bancorp, Inc. | 13838 | 161628 |
| HBT Financial, Inc. | 13129 | 330982 |
| HDFC Bank Ltd. | 349543 | 8160241 |
| Heritage Commerce Corp. | 65259 | 648022 |
| Heritage Financial Corp.<sup>(b)</sup> | 4107 | 97911 |
| HomeTrust Bancshares, Inc. | 16921 | 633015 |
| Horizon Bancorp, Inc. | 59710 | 918340 |
| HSBC Holdings PLC | 60685 | 734057 |
| Huntington Bancshares, Inc. | 178073 | 2984503 |
| ICICI Bank Ltd. | 329020 | 5560353 |
| ICICI Bank Ltd., ADR<sup>(b)</sup> | 8890 | 299060 |
| Independent Bank Corp. | 43806 | 1419752 |
| Industrial & Commercial Bank of China Ltd., Class H | 4587000 | 3642334 |
| ING Groep NV | 7793 | 170805 |
| Intesa Sanpaolo SpA | 398830 | 2297425 |
| Investar Holding Corp. | 15806 | 305372 |
| Japan Post Bank Co. Ltd. | 28700 | 309401 |
| JPMorgan Chase & Co. | 53189 | 15420023 |
| KB Financial Group, Inc. | 25732 | 2114560 |
| KB Financial Group, Inc., ADR<sup>(b)</sup> | 690 | 56987 |
| Kearny Financial Corp. | 99383 | 642014 |
| KeyCorp.<sup>(b)</sup> | 11462 | 199668 |
| Kotak Mahindra Bank Ltd. | 60882 | 1535995 |
| Kuwait Finance House KSCP | 1450382 | 3806262 |
| Live Oak Bancshares, Inc. | 13763 | 410137 |
| Malayan Banking Bhd. | 1439000 | 3315061 |
| Mediobanca Banca di Credito Finanziario SpA<sup>(b)</sup> | 1673 | 38932 |
| Mercantile Bank Corp. | 13005 | 603562 |
| Meridian Corp. | 5635 | 72635 |
| Metropolitan Bank Holding Corp.<sup>(a)</sup> | 11359 | 795130 |
| Midland States Bancorp, Inc.<sup>(b)</sup> | 28806 | 498920 |
| MidWestOne Financial Group, Inc.<sup>(b)</sup> | 17885 | 514551 |
| Mitsubishi UFJ Financial Group, Inc. | 231100 | 3150722 |
| Mizuho Financial Group, Inc. | 39100 | 1085413 |
| MVB Financial Corp. | 4285 | 96541 |
| National Bank Holdings Corp., Class A | 8858 | 333149 |
| National Bank of Greece SA | 27268 | 347687 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** |  |
| National Bank of Kuwait SAKP | 247301 | $808345 |
| NatWest Group PLC | 110300 | 774632 |
| Nicolet Bankshares, Inc.<sup>(b)</sup> | 7518 | 928323 |
| Nordea Bank Abp | 95638 | 1419049 |
| Northeast Bank | 3094 | 275335 |
| Northeast Community Bancorp, Inc. | 9759 | 226848 |
| Northfield Bancorp, Inc. | 62591 | 718545 |
| Northrim BanCorp, Inc. | 6221 | 580170 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | 282825 | 3880359 |
| OceanFirst Financial Corp. | 118016 | 2078262 |
| OP Bancorp | 8396 | 109064 |
| Orange County Bancorp, Inc. | 16711 | 431812 |
| Origin Bancorp, Inc. | 26248 | 938104 |
| Orrstown Financial Services, Inc. | 6562 | 208868 |
| OTP Bank Nyrt | 18308 | 1463359 |
| Park National Corp.<sup>(b)</sup> | 10013 | 1674774 |
| Peapack-Gladstone Financial Corp.<sup>(b)</sup> | 14426 | 407534 |
| Peoples Bancorp, Inc.<sup>(b)</sup> | 24949 | 761942 |
| Plumas Bancorp | 1921 | 85408 |
| PNC Financial Services Group, Inc. | 6274 | 1169599 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 121845 | 2545929 |
| Primis Financial Corp. | 21607 | 234436 |
| Prosperity Bancshares, Inc. | 24009 | 1686392 |
| Provident Financial Services, Inc.<sup>(b)</sup> | 102574 | 1798122 |
| Public Bank Bhd | 1337500 | 1369168 |
| Qatar Islamic Bank QPSC | 126376 | 767964 |
| Qatar National Bank QPSC | 489804 | 2331205 |
| Regional SAB de C.V. | 27650 | 228574 |
| Republic First Bancorp, Inc.<sup>(a)</sup> | 46639 | 9 |
| Resona Holdings, Inc. | 46300 | 427618 |
| Riverview Bancorp, Inc.<sup>(b)</sup> | 54868 | 301774 |
| Saudi Awwal Bank | 82097 | 737461 |
| Saudi National Bank | 437198 | 4209591 |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | 141048 | 18 |
| ServisFirst Bancshares, Inc.<sup>(b)</sup> | 13499 | 1046307 |
| Shinhan Financial Group Co. Ltd. | 27236 | 1234794 |
| Shore Bancshares, Inc. | 33812 | 531525 |
| Sierra Bancorp | 5411 | 160653 |
| Simmons First National Corp., Class A<sup>(b)</sup> | 17437 | 330606 |
| SmartFinancial, Inc. | 12455 | 420730 |
| Societe Generale SA | 3865 | 221094 |
| South Plains Financial, Inc. | 5105 | 183984 |
| Southern First Bancshares, Inc.<sup>(a)</sup> | 3717 | 141358 |
| Southern Missouri Bancorp, Inc. | 2924 | 160177 |
| Southern States Bancshares, Inc. | 7602 | 276485 |
| Southside Bancshares, Inc.<sup>(b)</sup> | 6400 | 188352 |
| SouthState Corp. | 11237 | 1034141 |
| Standard Bank Group Ltd. | 113697 | 1459827 |
| Standard Chartered PLC | 15136 | 250479 |
| State Bank of India | 176806 | 1691278 |
| Stellar Bancorp, Inc.<sup>(b)</sup> | 11821 | 330752 |
| Sumitomo Mitsui Financial Group, Inc. | 114500 | 2883219 |
| Sumitomo Mitsui Trust Group, Inc. | 50600 | 1345830 |
| TFS Financial Corp.<sup>(b)</sup> | 169 | 2189 |
| Tompkins Financial Corp. | 4624 | 290064 |
| TriCo Bancshares<sup>(b)</sup> | 12250 | 496002 |
| Truist Financial Corp. | 66593 | 2862833 |
| Turkiye Garanti Bankasi A/S, Class A | 115309 | 391318 |
| U.S. Bancorp | 84582 | 3827335 |
| UniCredit SpA | 18393 | 1233864 |
| United Bankshares, Inc.<sup>(b)</sup> | 19981 | 727908 |
| United Community Banks, Inc. | 31368 | 934453 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** |  |
| United Overseas Bank Ltd. | 5500 | $155670 |
| Unity Bancorp, Inc. | 4043 | 190344 |
| Univest Financial Corp. | 28764 | 864071 |
| Valley National Bancorp | 30135 | 269106 |
| Veritex Holdings, Inc. | 7774 | 202901 |
| Washington Trust Bancorp, Inc.<sup>(b)</sup> | 34444 | 974076 |
| Wells Fargo & Co. | 17692 | 1417483 |
| WesBanco, Inc.<sup>(b)</sup> | 38834 | 1228319 |
| Western New England Bancorp, Inc.<sup>(b)</sup> | 9806 | 90509 |
| Zions Bancorp N.A. | 1610 | 83623 |
|  |  | 230181043 |
| **Beverages — 0.6%** | **Beverages — 0.6%** |  |
| Ambev SA | 295285 | 723932 |
| Arca Continental SAB de C.V. | 116326 | 1229499 |
| Boston Beer Co., Inc., Class A<sup>(a)</sup> | 3163 | 603532 |
| Brown-Forman Corp., Class A<sup>(b)</sup> | 155 | 4258 |
| Carabao Group PCL, NVDR | 238100 | 359104 |
| Coca-Cola Co. | 1489 | 105347 |
| Coca-Cola Femsa SAB de C.V. | 69339 | 671865 |
| Coca-Cola Femsa SAB de C.V., ADR | 6018 | 582121 |
| Constellation Brands, Inc., Class A | 951 | 154709 |
| Diageo PLC | 7641 | 192676 |
| Fomento Economico Mexicano SAB de C.V. | 117292 | 1207643 |
| Keurig Dr. Pepper, Inc. | 59625 | 1971202 |
| Kweichow Moutai Co. Ltd., Class A | 5600 | 1103465 |
| Monster Beverage Corp.<sup>(a)</sup> | 9740 | 610113 |
| National Beverage Corp. | 11520 | 498125 |
| PepsiCo, Inc. | 8545 | 1128282 |
| Primo Brands Corp.<sup>(b)</sup> | 70670 | 2093245 |
| Radico Khaitan Ltd. | 10953 | 334296 |
| Tsingtao Brewery Co. Ltd., Class H | 14000 | 91589 |
| United Spirits Ltd. | 21548 | 358862 |
| Varun Beverages Ltd. | 5323 | 28404 |
| Vita Coco Co., Inc.<sup>(a)</sup> | 10597 | 382552 |
| Wuliangye Yibin Co. Ltd., Class A | 75700 | 1258004 |
|  |  | 15692825 |
| **Biotechnology — 3.1%** | **Biotechnology — 3.1%** |  |
| 3SBio, Inc.<sup>(c)</sup> | 74000 | 223714 |
| 4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 19056 | 70698 |
| AbbVie, Inc. | 44404 | 8242270 |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 42436 | 915345 |
| Adaptimmune Therapeutics PLC, ADR<sup>(a)</sup> | 8118 | 1946 |
| ADMA Biologics, Inc.<sup>(a)(b)</sup> | 57941 | 1055106 |
| Affimed NV<sup>(a)</sup> | 1134 | 86 |
| Agios Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 20783 | 691243 |
| Akebia Therapeutics, Inc.<sup>(a)(b)</sup> | 20348 | 74067 |
| Akero Therapeutics, Inc.<sup>(a)(b)</sup> | 15291 | 815928 |
| Alector, Inc.<sup>(a)</sup> | 37165 | 52031 |
| Alkermes PLC<sup>(a)</sup> | 60522 | 1731534 |
| Allogene Therapeutics, Inc.<sup>(a)(b)</sup> | 17487 | 19760 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 1297 | 422939 |
| Altimmune, Inc.<sup>(a)(b)</sup> | 25946 | 100411 |
| ALX Oncology Holdings, Inc.<sup>(a)(b)</sup> | 4859 | 2017 |
| Amgen, Inc. | 6060 | 1692013 |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | 168836 | 967430 |
| AnaptysBio, Inc.<sup>(a)(b)</sup> | 7090 | 157398 |
| Anika Therapeutics, Inc.<sup>(a)</sup> | 8959 | 94786 |
| Annexon, Inc.<sup>(a)(b)</sup> | 25264 | 60634 |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 6555 | 113467 |
| Apogee Therapeutics, Inc.<sup>(a)(b)</sup> | 7373 | 320209 |
| Aprea Therapeutics, Inc.<sup>(a)</sup> | 289 | 491 |
| Aptinyx, Inc.<sup>(a)(d)</sup> | 12794 |  |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Arcellx, Inc.<sup>(a)(b)</sup> | 3653 | $240550 |
| Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup> | 10544 | 137177 |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 28058 | 228392 |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 13203 | 185106 |
| Ardelyx, Inc.<sup>(a)</sup> | 114786 | 449961 |
| Argenx SE<sup>(a)</sup> | 2413 | 1335795 |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 41844 | 661135 |
| Ascendis Pharma A/S, ADR<sup>(a)</sup> | 710 | 122546 |
| Astria Therapeutics, Inc.<sup>(a)</sup> | 11248 | 60289 |
| Atossa Therapeutics, Inc.<sup>(a)(b)</sup> | 14288 | 11859 |
| Avidity Biosciences, Inc.<sup>(a)(b)</sup> | 19472 | 553005 |
| Beam Therapeutics, Inc.<sup>(a)</sup> | 19144 | 325639 |
| BeOne Medicines Ltd.<sup>(a)</sup> | 78000 | 1475529 |
| BeOne Medicines Ltd., ADR<sup>(a)</sup> | 1186 | 287095 |
| Biocon Ltd. | 40996 | 170111 |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 123233 | 1104168 |
| Biohaven Ltd.<sup>(a)(b)</sup> | 12395 | 174893 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 33336 | 1832480 |
| Black Diamond Therapeutics, Inc.<sup>(a)(b)</sup> | 10139 | 25145 |
| Blueprint Medicines Corp.<sup>(a)</sup> | 17014 | 2180854 |
| Bolt Biotherapeutics, Inc.<sup>(a)</sup> | 89 | 519 |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 48111 | 2077433 |
| CareDx, Inc.<sup>(a)</sup> | 11262 | 220059 |
| Caribou Biosciences, Inc.<sup>(a)</sup> | 14514 | 18288 |
| Caris Life Sciences, Inc.<sup>(a)</sup> | 4526 | 120935 |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 67072 | 1455462 |
| Celldex Therapeutics, Inc.<sup>(a)</sup> | 33157 | 674745 |
| Celltrion, Inc. | 5397 | 636846 |
| Coherus Oncology, Inc.<sup>(a)(b)</sup> | 58839 | 43029 |
| Corvus Pharmaceuticals, Inc.<sup>(a)</sup> | 22368 | 89472 |
| Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 20274 | 583080 |
| CRISPR Therapeutics AG<sup>(a)</sup> | 9387 | 456584 |
| CSL Ltd. | 6732 | 1063390 |
| Cytokinetics, Inc.<sup>(a)</sup> | 30596 | 1010892 |
| Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 118092 | 767598 |
| Denali Therapeutics, Inc.<sup>(a)</sup> | 50769 | 710258 |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | 24333 | 231650 |
| Eagle Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 2310 | 6699 |
| Editas Medicine, Inc.<sup>(a)</sup> | 34530 | 75966 |
| Emergent BioSolutions, Inc.<sup>(a)(b)</sup> | 18203 | 116135 |
| Exact Sciences Corp.<sup>(a)</sup> | 11040 | 586666 |
| Exagen, Inc.<sup>(a)(b)</sup> | 3771 | 26322 |
| Exelixis, Inc.<sup>(a)</sup> | 23026 | 1014871 |
| Exicure, Inc.<sup>(a)</sup> | 35 | 246 |
| Fate Therapeutics, Inc.<sup>(a)</sup> | 60121 | 67336 |
| Galera Therapeutics, Inc.<sup>(a)</sup> | 7 |  |
| Genmab A/S<sup>(a)</sup> | 2878 | 597670 |
| Geron Corp.<sup>(a)</sup> | 74437 | 104956 |
| Gilead Sciences, Inc. | 31749 | 3520012 |
| GRAIL, Inc.<sup>(a)(b)</sup> | 237 | 12187 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 10437 | 542933 |
| Heron Therapeutics, Inc.<sup>(a)</sup> | 22992 | 47593 |
| Hugel, Inc.<sup>(a)</sup> | 1722 | 493332 |
| Ideaya Biosciences, Inc.<sup>(a)</sup> | 67088 | 1410190 |
| Incyte Corp.<sup>(a)(b)</sup> | 18735 | 1275853 |
| Innovent Biologics, Inc.<sup>(a)(c)</sup> | 75000 | 751851 |
| Insmed, Inc.<sup>(a)</sup> | 9330 | 938971 |
| Intellia Therapeutics, Inc.<sup>(a)(b)</sup> | 54028 | 506783 |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 36752 | 1452071 |
| Iovance Biotherapeutics, Inc.<sup>(a)</sup> | 106162 | 182599 |
| Ironwood Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 35822 | 25692 |
| iTeos Therapeutics, Inc.<sup>(a)</sup> | 65675 | 654780 |
| Janux Therapeutics, Inc.<sup>(a)</sup> | 7418 | 171356 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Karyopharm Therapeutics, Inc.<sup>(a)(b)</sup> | 1476 | $6362 |
| Kiniksa Pharmaceuticals International PLC<sup>(a)(b)</sup> | 13453 | 372244 |
| Kodiak Sciences, Inc.<sup>(a)</sup> | 12727 | 47472 |
| Krystal Biotech, Inc.<sup>(a)</sup> | 4605 | 633003 |
| Kura Oncology, Inc.<sup>(a)</sup> | 90895 | 524464 |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 17162 | 748950 |
| Madrigal Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 5054 | 1529543 |
| MannKind Corp.<sup>(a)</sup> | 99097 | 370623 |
| MiMedx Group, Inc.<sup>(a)</sup> | 70851 | 432900 |
| Mineralys Therapeutics, Inc.<sup>(a)</sup> | 5847 | 79110 |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 20437 | 1040039 |
| Moderna, Inc.<sup>(a)</sup> | 38358 | 1058297 |
| Myriad Genetics, Inc.<sup>(a)</sup> | 23108 | 122703 |
| Natera, Inc.<sup>(a)</sup> | 16968 | 2866574 |
| Nektar Therapeutics<sup>(a)(b)</sup> | 2243 | 57959 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 4362 | 548260 |
| NextCure, Inc.<sup>(a)</sup> | 8270 | 3804 |
| Nurix Therapeutics, Inc.<sup>(a)(b)</sup> | 23956 | 272859 |
| Nuvalent, Inc., Class A<sup>(a)</sup> | 3354 | 255910 |
| Nymox Pharmaceutical Corp.<sup>(a)</sup> | 5685 | 670 |
| ORIC Pharmaceuticals, Inc.<sup>(a)</sup> | 25261 | 256399 |
| Passage Bio, Inc.<sup>(a)</sup> | 10080 | 4035 |
| PMV Pharmaceuticals, Inc.<sup>(a)</sup> | 16133 | 17101 |
| Poseida Therapeutics, Inc.<sup>(a)(d)</sup> | 15396 | 21708 |
| Praxis Precision Medicines, Inc.<sup>(a)</sup> | 6208 | 261046 |
| Precigen, Inc.<sup>(a)(b)</sup> | 4797 | 6812 |
| Precision BioSciences, Inc.<sup>(a)(b)</sup> | 387 | 1625 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 3810 | 210579 |
| Prothena Corp. PLC<sup>(a)</sup> | 19110 | 115998 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 22650 | 1106226 |
| Puma Biotechnology, Inc.<sup>(a)</sup> | 9507 | 32609 |
| Quince Therapeutics, Inc.<sup>(a)</sup> | 608 | 1003 |
| Recursion Pharmaceuticals, Inc., Class A<sup>(a)(b)</sup> | 108872 | 550892 |
| Regeneron Pharmaceuticals, Inc. | 6830 | 3585750 |
| REGENXBIO, Inc.<sup>(a)</sup> | 50482 | 414457 |
| Relay Therapeutics, Inc.<sup>(a)</sup> | 87264 | 301933 |
| Replimune Group, Inc.<sup>(a)</sup> | 16761 | 155710 |
| Revolution Medicines, Inc.<sup>(a)</sup> | 27688 | 1018641 |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 9437 | 596324 |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 2191 | 41037 |
| Sage Therapeutics, Inc.<sup>(a)</sup> | 16025 | 146148 |
| Sana Biotechnology, Inc.<sup>(a)(b)</sup> | 51424 | 140388 |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 34205 | 584905 |
| Scholar Rock Holding Corp.<sup>(a)</sup> | 21323 | 755261 |
| Seegene, Inc. | 16120 | 395207 |
| Shattuck Labs, Inc.<sup>(a)(b)</sup> | 2634 | 2086 |
| Soleno Therapeutics, Inc.<sup>(a)</sup> | 2943 | 246565 |
| Solid Biosciences, Inc.<sup>(a)</sup> | 22812 | 111094 |
| SpringWorks Therapeutics, Inc.<sup>(a)</sup> | 15273 | 717678 |
| SQZ Biotechnologies Co.<sup>(a)</sup> | 1471 | 41 |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 88394 | 827810 |
| Syros Pharmaceuticals, Inc.<sup>(a)</sup> | 870 | 19 |
| TG Therapeutics, Inc.<sup>(a)</sup> | 49830 | 1793382 |
| Tourmaline Bio, Inc.<sup>(a)</sup> | 7863 | 125729 |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 34346 | 508321 |
| TuHURA Biosciences, Inc.<sup>(a)</sup> | 64 | 143 |
| Twist Bioscience Corp.<sup>(a)</sup> | 35252 | 1296921 |
| Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 33088 | 1203080 |
| United Therapeutics Corp.<sup>(a)</sup> | 3997 | 1148538 |
| UNITY Biotechnology, Inc.<sup>(a)</sup> | 517 | 196 |
| UroGen Pharma Ltd.<sup>(a)</sup> | 17584 | 240901 |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 98008 | 462598 |
| Vaxcyte, Inc.<sup>(a)</sup> | 29583 | 961743 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Vera Therapeutics, Inc., Class A<sup>(a)</sup> | 8858 | $208694 |
| Veracyte, Inc.<sup>(a)</sup> | 39231 | 1060414 |
| Vericel Corp.<sup>(a)</sup> | 9358 | 398183 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 441 | 196333 |
| Verve Therapeutics, Inc.<sup>(a)</sup> | 43698 | 490729 |
| Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 11702 | 310103 |
| Vincerx Pharma, Inc.<sup>(a)</sup> | 83 | 4 |
| Vir Biotechnology, Inc.<sup>(a)(b)</sup> | 38782 | 195461 |
| Voyager Therapeutics, Inc.<sup>(a)</sup> | 61861 | 192388 |
| Xencor, Inc.<sup>(a)(b)</sup> | 27705 | 217761 |
| Zentalis Pharmaceuticals, Inc.<sup>(a)</sup> | 7312 | 8482 |
| Zymeworks, Inc.<sup>(a)(b)</sup> | 13939 | 174934 |
|  |  | 88924433 |
| **Broadline Retail — 2.7%** | **Broadline Retail — 2.7%** |  |
| Alibaba Group Holding Ltd. | 1224260 | 17330551 |
| Allegro.eu SA<sup>(a)(c)</sup> | 29285 | 281945 |
| Amazon.com, Inc.<sup>(a)</sup> | 182800 | 40104492 |
| Coupang, Inc., Class A<sup>(a)</sup> | 15848 | 474806 |
| Global-e Online Ltd.<sup>(a)</sup> | 2757 | 92470 |
| JD.com, Inc., Class A | 275386 | 4497686 |
| Kohl's Corp.<sup>(b)</sup> | 32433 | 275032 |
| Macy's, Inc.<sup>(b)</sup> | 16647 | 194104 |
| MercadoLibre, Inc.<sup>(a)</sup> | 201 | 525340 |
| Naspers Ltd., N Shares | 7917 | 2470210 |
| Next PLC | 769 | 131340 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | 37071 | 3879851 |
| Poya International Co. Ltd. | 16000 | 275026 |
| Prosus NV | 46678 | 2618939 |
| Rakuten Group, Inc.<sup>(a)</sup> | 78400 | 431998 |
| Vipshop Holdings Ltd., ADR | 30238 | 455082 |
| Vishal Mega Mart Ltd.<sup>(a)</sup> | 163505 | 255345 |
| Wesfarmers Ltd. | 18964 | 1058330 |
|  |  | 75352547 |
| **Building Products — 0.3%** | **Building Products — 0.3%** |  |
| Allegion PLC<sup>(b)</sup> | 1264 | 182168 |
| American Woodmark Corp.<sup>(a)</sup> | 6255 | 333829 |
| Apogee Enterprises, Inc.<sup>(b)</sup> | 7166 | 290940 |
| Armstrong World Industries, Inc. | 3916 | 636115 |
| AZEK Co., Inc., Class A<sup>(a)</sup> | 1573 | 85492 |
| Cie de Saint-Gobain SA | 422 | 49574 |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 16077 | 948543 |
| Griffon Corp.<sup>(b)</sup> | 17707 | 1281456 |
| Hayward Holdings, Inc.<sup>(a)</sup> | 231 | 3188 |
| Insteel Industries, Inc. | 4176 | 155389 |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 33084 | 129689 |
| Johnson Controls International PLC | 3111 | 328584 |
| Kingspan Group PLC | 276 | 23518 |
| Masterbrand, Inc.<sup>(a)</sup> | 11602 | 126810 |
| Owens Corning | 3676 | 505523 |
| Quanex Building Products Corp.<sup>(b)</sup> | 14313 | 270516 |
| Resideo Technologies, Inc.<sup>(a)</sup> | 79214 | 1747461 |
| Trane Technologies PLC | 323 | 141283 |
| Zurn Elkay Water Solutions Corp.<sup>(b)</sup> | 32419 | 1185563 |
|  |  | 8425641 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |  |
| 3i Group PLC | 23405 | 1324540 |
| Acadian Asset Management, Inc. | 37652 | 1326856 |
| Ameriprise Financial, Inc. | 4750 | 2535217 |
| Amundi SA<sup>(c)</sup> | 2681 | 217311 |
| Ares Management Corp., Class A<sup>(b)</sup> | 1709 | 295999 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** |  |
| B3 SA - Brasil Bolsa Balcao | 199066 | $534204 |
| BGC Group, Inc., Class A | 61065 | 624695 |
| Blackstone, Inc., Class A<sup>(b)</sup> | 26607 | 3979875 |
| Blue Owl Capital, Inc., Class A<sup>(b)</sup> | 15327 | 294432 |
| Carlyle Group, Inc.<sup>(b)</sup> | 808 | 41531 |
| Charles Schwab Corp. | 88774 | 8099740 |
| China International Capital Corp. Ltd., Class A | 67300 | 332553 |
| China International Capital Corp. Ltd., Class H<sup>(c)</sup> | 72000 | 163244 |
| CITIC Securities Co. Ltd., Class H | 230000 | 697634 |
| CME Group, Inc., Class A | 12090 | 3332246 |
| Cohen & Steers, Inc.<sup>(b)</sup> | 4176 | 314662 |
| CSC Financial Co. Ltd., Class H<sup>(c)</sup> | 111500 | 149801 |
| Daiwa Securities Group, Inc. | 34200 | 242889 |
| Deutsche Bank AG, Class N, Registered Shares | 80639 | 2390578 |
| Deutsche Boerse AG, Class N | 1132 | 369813 |
| Etoro Group Ltd., Class A<sup>(a)(b)</sup> | 13795 | 918609 |
| Euronext NV<sup>(c)</sup> | 2403 | 411735 |
| Evercore, Inc., Class A<sup>(b)</sup> | 8636 | 2331893 |
| Franklin Resources, Inc.<sup>(b)</sup> | 19002 | 453198 |
| Futu Holdings Ltd., ADR | 2439 | 301436 |
| GCM Grosvenor, Inc., Class A<sup>(b)</sup> | 26524 | 306617 |
| Goldman Sachs Group, Inc. | 3576 | 2530914 |
| Guosen Securities Co. Ltd., Class A | 321000 | 516788 |
| Hamilton Lane, Inc., Class A | 7083 | 1006636 |
| Hong Kong Exchanges & Clearing Ltd. | 3600 | 193632 |
| Houlihan Lokey, Inc., Class A | 16574 | 2982491 |
| Huatai Securities Co. Ltd., Class A | 1366100 | 3401849 |
| Indian Energy Exchange Ltd.<sup>(c)</sup> | 30488 | 68693 |
| Industrial Securities Co. Ltd., Class A | 879800 | 761352 |
| Interactive Brokers Group, Inc., Class A | 8656 | 479629 |
| Intercontinental Exchange, Inc. | 20888 | 3832321 |
| Invesco Ltd. | 81477 | 1284892 |
| Janus Henderson Group PLC | 43690 | 1696920 |
| Jefferies Financial Group, Inc. | 11167 | 610723 |
| KKR & Co., Inc., Class A | 10932 | 1454284 |
| London Stock Exchange Group PLC | 2889 | 422508 |
| Macquarie Group Ltd. | 10453 | 1572190 |
| Marex Group PLC<sup>(b)</sup> | 14016 | 553212 |
| MarketAxess Holdings, Inc. | 1350 | 301509 |
| Moelis & Co., Class A<sup>(b)</sup> | 2963 | 184654 |
| Moody's Corp. | 13786 | 6914920 |
| Morgan Stanley | 75708 | 10664229 |
| MSCI, Inc., Class A | 2749 | 1585458 |
| Nasdaq, Inc.<sup>(b)</sup> | 16610 | 1485266 |
| Nomura Holdings, Inc. | 193500 | 1275107 |
| Oppenheimer Holdings, Inc., Class A | 1823 | 119899 |
| Patria Investments Ltd., Class A<sup>(b)</sup> | 22530 | 316772 |
| Perella Weinberg Partners, Class A<sup>(b)</sup> | 19319 | 375175 |
| Piper Sandler Cos.<sup>(b)</sup> | 5889 | 1636789 |
| PJT Partners, Inc., Class A | 14439 | 2382579 |
| S&P Global, Inc. | 9413 | 4963381 |
| Samsung Securities Co. Ltd. | 40580 | 2207073 |
| SBI Holdings, Inc. | 10600 | 369358 |
| Schroders PLC | 9566 | 47573 |
| SDIC Capital Co. Ltd., Class A | 1031500 | 1084289 |
| Silvercrest Asset Management Group, Inc., Class A | 17771 | 281848 |
| Sinolink Securities Co. Ltd., Class A | 755000 | 925493 |
| St. James's Place PLC | 3747 | 61057 |
| StepStone Group, Inc., Class A<sup>(b)</sup> | 10312 | 572316 |
| UBS Group AG, Registered Shares | 55644 | 1889211 |
| Victory Capital Holdings, Inc., Class A<sup>(b)</sup> | 12417 | 790590 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** |  |
| Virtu Financial, Inc., Class A | 20385 | $913044 |
| Virtus Investment Partners, Inc. | 2876 | 521706 |
| XP, Inc., Class A | 18191 | 367458 |
|  |  | 97597096 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** |  |
| AdvanSix, Inc. | 15086 | 358292 |
| Air Liquide SA | 1586 | 327035 |
| Albemarle Corp.<sup>(b)</sup> | 1514 | 94882 |
| Alto Ingredients, Inc.<sup>(a)</sup> | 10259 | 11798 |
| Arkema SA | 605 | 44675 |
| Aspen Aerogels, Inc.<sup>(a)</sup> | 7684 | 45489 |
| Atul Ltd. | 6935 | 604595 |
| Avient Corp. | 14785 | 477703 |
| Balchem Corp. | 10462 | 1665550 |
| Berger Paints India Ltd. | 45562 | 314848 |
| Cabot Corp. | 2733 | 204975 |
| Celanese Corp.<sup>(b)</sup> | 6552 | 362522 |
| Coromandel International Ltd. | 30522 | 892132 |
| Croda International PLC | 1292 | 51871 |
| Dongsung Finetec Co. Ltd. | 18373 | 355771 |
| DuPont de Nemours, Inc. | 18526 | 1270698 |
| Ecolab, Inc. | 223 | 60085 |
| Givaudan SA, Class N, Registered Shares | 100 | 484953 |
| Hawkins, Inc.<sup>(b)</sup> | 2510 | 356671 |
| Huntsman Corp. | 100964 | 1052045 |
| Ingevity Corp.<sup>(a)</sup> | 2450 | 105571 |
| Innospec, Inc. | 2827 | 237722 |
| Johnson Matthey PLC | 871 | 20768 |
| Koppers Holdings, Inc. | 8957 | 287968 |
| LG Chem Ltd. | 1580 | 246765 |
| Mativ Holdings, Inc. | 18879 | 128755 |
| Minerals Technologies, Inc. | 9511 | 523771 |
| Mosaic Co. | 12422 | 453155 |
| Navin Fluorine International Ltd. | 3597 | 202243 |
| NewMarket Corp. | 20 | 13817 |
| Olin Corp. | 20917 | 420223 |
| Orion SA | 8799 | 92302 |
| Paradeep Phosphates Ltd.<sup>(c)</sup> | 211399 | 394590 |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 24417 | 339885 |
| PhosAgro PJSC, GDR<sup>(a)(d)</sup> | 62 | 1 |
| Quaker Chemical Corp.<sup>(b)</sup> | 2231 | 249738 |
| Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 11064 | 42596 |
| Sasol Ltd.<sup>(a)</sup> | 54071 | 240768 |
| Scotts Miracle-Gro Co. | 6067 | 400179 |
| Solar Industries India Ltd. | 3317 | 680758 |
| SRF Ltd. | 13217 | 499816 |
| Stepan Co. | 8555 | 466932 |
| Tronox Holdings PLC | 172267 | 873394 |
| UPL Ltd. | 18717 | 144378 |
| Zhejiang NHU Co. Ltd., Class A | 537900 | 1598679 |
|  |  | 17701364 |
| **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** |  |
| ABM Industries, Inc. | 11080 | 523087 |
| ACV Auctions, Inc., Class A<sup>(a)(b)</sup> | 40733 | 660689 |
| Brambles Ltd. | 29671 | 458233 |
| BrightView Holdings, Inc.<sup>(a)</sup> | 15987 | 266184 |
| Casella Waste Systems, Inc., Class A<sup>(a)</sup> | 9829 | 1134070 |
| Cimpress PLC<sup>(a)</sup> | 5453 | 256291 |
| Cintas Corp. | 18457 | 4113512 |
| Clean Harbors, Inc.<sup>(a)</sup> | 631 | 145875 |
| CoreCivic, Inc.<sup>(a)</sup> | 45987 | 968946 |
| Deluxe Corp. | 11127 | 177031 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |  |
| GEO Group, Inc.<sup>(a)</sup> | 46178 | $1105963 |
| GFL Environmental, Inc. | 5286 | 266833 |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 57955 | 871064 |
| Interface, Inc., Class A<sup>(b)</sup> | 11510 | 240904 |
| L&K Engineering Co. Ltd. | 41000 | 430194 |
| Liquidity Services, Inc.<sup>(a)</sup> | 10177 | 240075 |
| MillerKnoll, Inc.<sup>(b)</sup> | 24588 | 477499 |
| Montrose Environmental Group, Inc.<sup>(a)</sup> | 9356 | 204803 |
| MSA Safety, Inc.<sup>(b)</sup> | 124 | 20774 |
| RB Global, Inc. | 1428 | 151639 |
| Republic Services, Inc. | 2659 | 655736 |
| Rollins, Inc. | 5694 | 321255 |
| Secom Co. Ltd. | 3400 | 122145 |
| Securitas AB, Class B | 6379 | 95508 |
| Steelcase, Inc., Class A<sup>(b)</sup> | 42357 | 441783 |
| Tetra Tech, Inc.<sup>(b)</sup> | 3209 | 115396 |
| UniFirst Corp.<sup>(b)</sup> | 4511 | 849060 |
| Waste Connections, Inc. | 24931 | 4655116 |
| Waste Management, Inc. | 19596 | 4483957 |
|  |  | 24453622 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |  |
| Accton Technology Corp. | 74000 | 1849538 |
| ADTRAN Holdings, Inc.<sup>(a)</sup> | 44786 | 401731 |
| Applied Optoelectronics, Inc.<sup>(a)(b)</sup> | 15525 | 398837 |
| Arcadyan Technology Corp. | 274000 | 1881500 |
| Arista Networks, Inc.<sup>(a)</sup> | 27064 | 2768918 |
| Calix, Inc.<sup>(a)</sup> | 42536 | 2262490 |
| Ciena Corp.<sup>(a)</sup> | 14513 | 1180342 |
| Cisco Systems, Inc. | 89869 | 6235111 |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 76714 | 635192 |
| Extreme Networks, Inc.<sup>(a)</sup> | 28643 | 514142 |
| Harmonic, Inc.<sup>(a)</sup> | 6131 | 58061 |
| Juniper Networks, Inc. | 4598 | 183598 |
| Motorola Solutions, Inc. | 6644 | 2793536 |
| NETGEAR, Inc.<sup>(a)</sup> | 13299 | 386602 |
| NetScout Systems, Inc.<sup>(a)</sup> | 8873 | 220139 |
| Sercomm Corp. | 170000 | 553042 |
| Telefonaktiebolaget LM Ericsson, B Shares | 14508 | 123976 |
| Viasat, Inc.<sup>(a)(b)</sup> | 31907 | 465842 |
| Viavi Solutions, Inc.<sup>(a)</sup> | 33933 | 341705 |
| WNC Corp. /Taiwan | 431000 | 1792988 |
|  |  | 25047290 |
| **Construction & Engineering — 1.1%** | **Construction & Engineering — 1.1%** |  |
| AECOM<sup>(b)</sup> | 1564 | 176513 |
| Argan, Inc. | 4565 | 1006491 |
| Bouygues SA | 1014 | 45858 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| 155800 | 125641 |
| Comfort Systems USA, Inc. | 6109 | 3275707 |
| Construction Partners, Inc., Class A<sup>(a)</sup> | 1471 | 156338 |
| DL E&C Co. Ltd. | 10204 | 390396 |
| Dycom Industries, Inc.<sup>(a)</sup> | 11511 | 2813173 |
| Eiffage SA | 2211 | 310675 |
| Ferrovial SE | 793 | 42301 |
| Fluor Corp.<sup>(a)</sup> | 50491 | 2588674 |
| Granite Construction, Inc.<sup>(b)</sup> | 1432 | 133906 |
| GS Engineering & Construction Corp. | 26062 | 399808 |
| Hyundai Engineering & Construction Co. Ltd. | 10848 | 629874 |
| IES Holdings, Inc.<sup>(a)</sup> | 1087 | 322002 |
| KEC International Ltd. | 7005 | 75042 |
| Larsen & Toubro Ltd. | 58470 | 2502585 |
| MasTec, Inc.<sup>(a)(b)</sup> | 24801 | 4226834 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |  |
| Matrix Service Co.<sup>(a)</sup> | 8857 | $119658 |
| MYR Group, Inc.<sup>(a)</sup> | 3201 | 580821 |
| NCC Ltd./India | 120678 | 324415 |
| Obayashi Corp. | 16600 | 251520 |
| Primoris Services Corp. | 34751 | 2708493 |
| Samsung E&A Co. Ltd. | 159119 | 2597805 |
| Shimizu Corp. | 17600 | 196588 |
| Sinopec Engineering Group Co. Ltd., Class H | 127000 | 96866 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 5090 | 1174416 |
| Sunway Construction Group BHD | 260300 | 371223 |
| Tutor Perini Corp.<sup>(a)</sup> | 24936 | 1166506 |
| United Integrated Services Co. Ltd. | 48000 | 1024353 |
| Vinci SA | 6125 | 903256 |
| Worley Ltd. | 23510 | 202445 |
|  |  | 30940183 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |  |
| Anhui Conch Cement Co. Ltd., Class A | 283700 | 851282 |
| Asia Cement Corp. | 345000 | 503637 |
| Dalmia Bharat Ltd. | 19392 | 499329 |
| GCC SAB de C.V. | 57779 | 552556 |
| JK Cement Ltd. | 9351 | 670782 |
| Shree Cement Ltd. | 695 | 251524 |
| U.S. Lime & Minerals, Inc. | 6387 | 637423 |
| UltraTech Cement Ltd. | 10272 | 1448867 |
|  |  | 5415400 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |  |
| Ally Financial, Inc. | 7171 | 279311 |
| American Express Co.<sup>(b)</sup> | 13535 | 4317394 |
| Capital One Financial Corp. | 2601 | 553389 |
| Cholamandalam Investment and Finance Co. Ltd. | 6911 | 131301 |
| Dave, Inc., Class A<sup>(a)</sup> | 896 | 240495 |
| Encore Capital Group, Inc.<sup>(a)</sup> | 20348 | 787671 |
| Enova International, Inc.<sup>(a)</sup> | 26372 | 2941005 |
| EZCORP, Inc., Class A<sup>(a)</sup> | 54848 | 761290 |
| FirstCash Holdings, Inc. | 12411 | 1677223 |
| Gentera SAB de C.V. | 527276 | 1126515 |
| LendingClub Corp.<sup>(a)</sup> | 39857 | 479480 |
| LendingTree, Inc.<sup>(a)</sup> | 6757 | 250482 |
| Muthoot Finance Ltd. | 969 | 29673 |
| OneMain Holdings, Inc.<sup>(b)</sup> | 26996 | 1538772 |
| Oportun Financial Corp.<sup>(a)(b)</sup> | 7285 | 52161 |
| PRA Group, Inc.<sup>(a)</sup> | 37140 | 547815 |
| Regional Management Corp. | 17349 | 506764 |
| Shriram Finance Ltd. | 17517 | 144447 |
| Synchrony Financial<sup>(b)</sup> | 8986 | 599726 |
| Upstart Holdings, Inc.<sup>(a)</sup> | 24727 | 1599342 |
| World Acceptance Corp.<sup>(a)</sup> | 919 | 151745 |
|  |  | 18716001 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |  |
| Andersons, Inc. | 8178 | 300541 |
| Avenue Supermarts Ltd.<sup>(a)(c)</sup> | 1934 | 98649 |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 2724 | 293729 |
| Carrefour SA | 3681 | 51925 |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 2669 | 170309 |
| Costco Wholesale Corp. | 13948 | 13807683 |
| CP ALL PCL, NVDR | 2764300 | 3744135 |
| CP AXTRA PCL, NVDR | 149300 | 82351 |
| Dino Polska SA<sup>(a)(c)</sup> | 5198 | 759597 |
| Dollar General Corp. | 6383 | 730088 |
| E-MART, Inc. | 7606 | 480862 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |  |
| Grocery Outlet Holding Corp.<sup>(a)(b)</sup> | 638 | $7924 |
| J Sainsbury PLC | 90888 | 361721 |
| JD Health International, Inc.<sup>(a)(c)</sup> | 17600 | 96938 |
| Kesko OYJ | 8018 | 197757 |
| Koninklijke Ahold Delhaize NV | 2684 | 112101 |
| Kroger Co. | 23156 | 1660980 |
| Marks & Spencer Group PLC | 28784 | 140092 |
| Migros Ticaret A/S, Class A | 57748 | 717835 |
| Ocado Group PLC<sup>(a)</sup> | 2725 | 8499 |
| Seven & i Holdings Co. Ltd. | 19800 | 318687 |
| Shoprite Holdings Ltd. | 2898 | 45335 |
| SpartanNash Co. | 11659 | 308847 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 40007 | 6586752 |
| Sysco Corp. | 20163 | 1527146 |
| Target Corp. | 14447 | 1425197 |
| Tesco PLC | 164449 | 906693 |
| U.S. Foods Holding Corp.<sup>(a)</sup> | 14697 | 1131816 |
| United Natural Foods, Inc.<sup>(a)</sup> | 34854 | 812447 |
| Walgreens Boots Alliance, Inc. | 6889 | 79086 |
| Wal-Mart de Mexico SAB de C.V. | 199058 | 659301 |
| Walmart, Inc. | 199207 | 19478460 |
|  |  | 57103483 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |  |
| Crown Holdings, Inc. | 10889 | 1121349 |
| Myers Industries, Inc.<sup>(b)</sup> | 16715 | 242200 |
| O-I Glass, Inc.<sup>(a)</sup> | 19349 | 285204 |
| Packaging Corp. of America | 10041 | 1892227 |
|  |  | 3540980 |
| **Distributors — 0.0%** | **Distributors — 0.0%** |  |
| GigaCloud Technology, Inc., Class A<sup>(a)(b)</sup> | 7959 | 157429 |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |  |
| ADT, Inc. | 444 | 3761 |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 7708 | 980689 |
| American Public Education, Inc.<sup>(a)(b)</sup> | 4631 | 141060 |
| Anima Holding SA | 115405 | 90062 |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 13089 | 1617669 |
| Cogna Educacao SA | 313046 | 161907 |
| Coursera, Inc.<sup>(a)</sup> | 49062 | 429783 |
| Duolingo, Inc., Class A<sup>(a)</sup> | 171 | 70113 |
| Frontdoor, Inc.<sup>(a)</sup> | 22523 | 1327506 |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 942 | 178038 |
| H&R Block, Inc. | 4746 | 260508 |
| Laureate Education, Inc., Class A<sup>(a)</sup> | 88115 | 2060129 |
| Lincoln Educational Services Corp.<sup>(a)(b)</sup> | 4709 | 108542 |
| New Oriental Education & Technology Group, Inc. | 76900 | 415279 |
| OneSpaWorld Holdings Ltd.<sup>(b)</sup> | 33502 | 683106 |
| Perdoceo Education Corp.<sup>(b)</sup> | 9927 | 324514 |
| Strategic Education, Inc.<sup>(b)</sup> | 7936 | 675592 |
| Stride, Inc.<sup>(a)</sup> | 15416 | 2238249 |
| Udemy, Inc.<sup>(a)</sup> | 19660 | 138210 |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 9681 | 328089 |
| YDUQS Participacoes SA | 159831 | 485103 |
|  |  | 12717909 |
| **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |  |
| Alexander & Baldwin, Inc.<sup>(b)</sup> | 99046 | 1765990 |
| Alpine Income Property Trust, Inc. | 17367 | 255469 |
| American Assets Trust, Inc.<sup>(b)</sup> | 28480 | 562480 |
| Armada Hoffler Properties, Inc.<sup>(b)</sup> | 20891 | 143521 |
| British Land Co. PLC | 6441 | 33430 |
| Essential Properties Realty Trust, Inc.<sup>(b)</sup> | 40421 | 1289834 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** |  |
| Gladstone Commercial Corp.<sup>(b)</sup> | 24331 | $348663 |
| Land Securities Group PLC | 3870 | 33614 |
| Mirvac Group | 122110 | 177177 |
|  |  | 4610178 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |  |
| AST SpaceMobile, Inc., Class A<sup>(a)(b)</sup> | 6969 | 325661 |
| AT&T, Inc. | 178728 | 5172388 |
| ATN International, Inc. | 8014 | 130227 |
| Bandwidth, Inc., Class A<sup>(a)</sup> | 22230 | 353457 |
| China Tower Corp. Ltd., Class H<sup>(c)</sup> | 167000 | 239425 |
| Chunghwa Telecom Co. Ltd. | 158000 | 730835 |
| Cogent Communications Holdings, Inc.<sup>(b)</sup> | 8227 | 396624 |
| Deutsche Telekom AG, Class N, Registered Shares | 26786 | 980464 |
| Frontier Communications Parent, Inc.<sup>(a)</sup> | 13946 | 507634 |
| Hellenic Telecommunications Organization SA, <br> Class R<br>| 41740 | 793566 |
| IDT Corp., Class B | 10524 | 719000 |
| Indus Towers Ltd.<sup>(a)</sup> | 37382 | 183349 |
| Iridium Communications, Inc. | 14608 | 440723 |
| Koninklijke KPN NV | 42898 | 209265 |
| KT Corp. | 3 | 123 |
| KT Corp., ADR | 77547 | 1611427 |
| Liberty Latin America Ltd., Class A<sup>(a)</sup> | 11559 | 70510 |
| Lumen Technologies, Inc.<sup>(a)</sup> | 243078 | 1064682 |
| Nippon Telegraph & Telephone Corp. | 960900 | 1027308 |
| Ooredoo QPSC | 86072 | 302178 |
| Orange SA | 17280 | 263143 |
| Saudi Telecom Co. | 105486 | 1196577 |
| Singapore Telecommunications Ltd. | 444100 | 1338867 |
| Sunrise Communications AG, Class A, Class A,ADR | 13115 | 741653 |
| Telefonica Brasil SA | 59440 | 337947 |
| Telstra Group Ltd. | 48415 | 154377 |
| Turk Telekomunikasyon A/S, Class A<sup>(a)(b)</sup> | 238167 | 352007 |
| Verizon Communications, Inc. | 97856 | 4234229 |
|  |  | 23877646 |
| **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** |  |
| Acciona SA | 175 | 31564 |
| Chubu Electric Power Co., Inc. | 20400 | 252438 |
| CPFL Energia SA | 70242 | 528260 |
| Duke Energy Corp. | 39143 | 4618874 |
| Edison International | 50787 | 2620609 |
| EDP SA | 86306 | 374937 |
| Enel SpA | 27892 | 264715 |
| Entergy Corp. | 89606 | 7448051 |
| Genie Energy Ltd., Class B | 25503 | 685521 |
| Iberdrola SA | 46380 | 892260 |
| Kansai Electric Power Co., Inc. | 29700 | 352237 |
| Korea Electric Power Corp. | 16177 | 467470 |
| Manila Electric Co. | 36680 | 350651 |
| NextEra Energy, Inc. | 14507 | 1007076 |
| NRG Energy, Inc. | 1313 | 210841 |
| Oklo, Inc., Class A<sup>(a)</sup> | 22923 | 1283459 |
| PG&E Corp. | 131823 | 1837613 |
| Portland General Electric Co. | 23667 | 961590 |
| Power Grid Corp. of India Ltd. | 247833 | 866213 |
| Saudi Electricity Co. | 291389 | 1141442 |
| SSE PLC | 6051 | 152365 |
| Tauron Polska Energia SA<sup>(a)</sup> | 144413 | 337229 |
| Tenaga Nasional Bhd | 484800 | 1656773 |
| Terna - Rete Elettrica Nazionale | 4347 | 44691 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** |  |
| TXNM Energy, Inc. | 19485 | $1097395 |
| Xcel Energy, Inc.<sup>(b)</sup> | 14422 | 982138 |
|  |  | 30466412 |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |  |
| ABB Ltd., Class N, Registered Shares | 48506 | 2906907 |
| Allient, Inc. | 6875 | 249631 |
| American Superconductor Corp.<sup>(a)</sup> | 14933 | 547892 |
| AMETEK, Inc. | 10686 | 1933739 |
| Atkore, Inc. | 11359 | 801377 |
| Bizlink Holding, Inc. | 29000 | 843743 |
| Bloom Energy Corp., Class A<sup>(a)(b)</sup> | 70951 | 1697148 |
| Contemporary Amperex Technology Co. Ltd., Class A | 16500 | 582253 |
| Eaton Corp. PLC<sup>(b)</sup> | 1552 | 554049 |
| Elecon Engineering Co. Ltd. | 24349 | 185963 |
| Enovix Corp.<sup>(a)</sup> | 26445 | 273441 |
| GE Vernova T&D India Ltd. | 19667 | 542088 |
| GE Vernova, Inc. | 982 | 519625 |
| Generac Holdings, Inc.<sup>(a)</sup> | 1225 | 175432 |
| Havells India Ltd. | 33007 | 596935 |
| Hitachi Energy India Ltd. | 1971 | 459901 |
| Legrand SA | 696 | 93284 |
| NEXTracker, Inc., Class A<sup>(a)</sup> | 56202 | 3055703 |
| NuScale Power Corp., Class A<sup>(a)(b)</sup> | 30803 | 1218567 |
| Powell Industries, Inc.<sup>(b)</sup> | 1477 | 310835 |
| Riyadh Cables Group Co. | 9992 | 376766 |
| Rockwell Automation, Inc. | 223 | 74074 |
| Schneider Electric SE | 2415 | 648391 |
| Sensata Technologies Holding PLC | 8421 | 253556 |
| Shoals Technologies Group, Inc., Class A<sup>(a)(b)</sup> | 25695 | 109204 |
| Siemens Energy AG<sup>(a)</sup> | 12573 | 1469544 |
| Sunrun, Inc.<sup>(a)</sup> | 59456 | 486350 |
| Suzlon Energy Ltd.<sup>(a)</sup> | 161783 | 127819 |
| Vicor Corp.<sup>(a)</sup> | 7559 | 342876 |
|  |  | 21437093 |
| **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** |  |
| Advanced Energy Industries, Inc. | 3474 | 460305 |
| Amphenol Corp., Class A | 22972 | 2268485 |
| Arlo Technologies, Inc.<sup>(a)</sup> | 31204 | 529220 |
| Badger Meter, Inc.<sup>(b)</sup> | 10845 | 2656483 |
| Belden, Inc. | 2384 | 276067 |
| Benchmark Electronics, Inc. | 24958 | 969119 |
| BOE Technology Group Co. Ltd., Class A | 291100 | 162331 |
| Chroma ATE, Inc. | 127000 | 1922889 |
| Cognex Corp. | 8739 | 277201 |
| Coherent Corp.<sup>(a)</sup> | 3087 | 275391 |
| Corning, Inc. | 19093 | 1004101 |
| Crane NXT Co.<sup>(b)</sup> | 160 | 8624 |
| CTS Corp. | 2517 | 107249 |
| Delta Electronics, Inc. | 112000 | 1584906 |
| ePlus, Inc.<sup>(a)</sup> | 1895 | 136630 |
| Fabrinet<sup>(a)(b)</sup> | 10425 | 3072039 |
| FARO Technologies, Inc.<sup>(a)</sup> | 5196 | 228208 |
| Flex Ltd.<sup>(a)</sup> | 67550 | 3372096 |
| Halma PLC | 13166 | 578700 |
| Hon Hai Precision Industry Co. Ltd. | 539000 | 2973844 |
| Insight Enterprises, Inc.<sup>(a)</sup> | 9924 | 1370356 |
| Itron, Inc.<sup>(a)</sup> | 3825 | 503485 |
| Keyence Corp. | 2800 | 1119518 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 4025 | 659536 |
| Kimball Electronics, Inc.<sup>(a)</sup> | 21669 | 416695 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |  |
| Kyocera Corp. | 13200 | $158537 |
| Methode Electronics, Inc. | 37685 | 358384 |
| Mirion Technologies, Inc., Class A<sup>(a)</sup> | 36908 | 794629 |
| Murata Manufacturing Co. Ltd. | 31200 | 461157 |
| nLight, Inc.<sup>(a)</sup> | 31371 | 617381 |
| Novanta, Inc.<sup>(a)</sup> | 1246 | 160647 |
| OSI Systems, Inc.<sup>(a)</sup> | 3470 | 780264 |
| Ouster, Inc.<sup>(a)</sup> | 19836 | 481023 |
| PC Connection, Inc. | 12927 | 850338 |
| Plexus Corp.<sup>(a)</sup> | 10059 | 1361083 |
| Posiflex Technology, Inc. | 21000 | 208027 |
| Primax Electronics Ltd. | 625000 | 1560569 |
| Rogers Corp.<sup>(a)</sup> | 9852 | 674665 |
| Sanmina Corp.<sup>(a)</sup> | 15743 | 1540138 |
| ScanSource, Inc.<sup>(a)</sup> | 13922 | 582079 |
| Simplo Technology Co. Ltd. | 63000 | 830651 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 1381 | 707500 |
| Tong Hsing Electronic Industries Ltd. | 21000 | 77009 |
| Tripod Technology Corp. | 100000 | 848371 |
| TTM Technologies, Inc.<sup>(a)</sup> | 51032 | 2083126 |
| Vishay Precision Group, Inc.<sup>(a)</sup> | 2668 | 74971 |
|  |  | 42144027 |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |  |
| ADNOC Drilling Co. PJSC | 61692 | 95748 |
| Archrock, Inc. | 55098 | 1368083 |
| Aris Water Solutions, Inc., Class A | 8965 | 212022 |
| Borr Drilling Ltd.<sup>(b)</sup> | 131525 | 240691 |
| Bristow Group, Inc.<sup>(a)</sup> | 5817 | 191787 |
| ChampionX Corp. | 51005 | 1266964 |
| China Oilfield Services Ltd., Class H | 112000 | 92011 |
| Expro Group Holdings NV<sup>(a)</sup> | 22716 | 195131 |
| Halliburton Co. | 10608 | 216191 |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 59615 | 371998 |
| Kodiak Gas Services, Inc.<sup>(b)</sup> | 23930 | 820081 |
| Liberty Energy, Inc., Class A<sup>(b)</sup> | 42129 | 483641 |
| Noble Corp. PLC | 49986 | 1327128 |
| NOV, Inc.<sup>(b)</sup> | 37455 | 465566 |
| Oceaneering International, Inc.<sup>(a)</sup> | 48582 | 1006619 |
| Oil States International, Inc.<sup>(a)</sup> | 112640 | 603750 |
| Patterson-UTI Energy, Inc.<sup>(b)</sup> | 115359 | 684079 |
| ProPetro Holding Corp.<sup>(a)</sup> | 77561 | 463039 |
| RPC, Inc.<sup>(b)</sup> | 60830 | 287726 |
| Seadrill Ltd.<sup>(a)</sup> | 22476 | 589995 |
| Smart Sand, Inc. | 600 | 1206 |
| Solaris Energy Infrastructure, Inc., Class A<sup>(b)</sup> | 3964 | 112142 |
| TechnipFMC PLC | 13869 | 477648 |
| Tidewater, Inc.<sup>(a)(b)</sup> | 20923 | 965178 |
| Transocean Ltd.<sup>(a)</sup> | 573722 | 1485940 |
|  |  | 14024364 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** |  |
| AMC Entertainment Holdings, Inc., Class A<sup>(a)</sup> | 32161 | 99699 |
| Cinemark Holdings, Inc.<sup>(b)</sup> | 16419 | 495525 |
| CJ ENM Co. Ltd.<sup>(a)</sup> | 6061 | 336284 |
| Eros Media World PLC, Class A<sup>(a)</sup> | 1711 |  |
| Eventbrite, Inc., Class A<sup>(a)</sup> | 18834 | 49533 |
| Gaia, Inc., Class A<sup>(a)</sup> | 4777 | 20971 |
| International Games System Co. Ltd. | 12000 | 352269 |
| Liberty Media Corp.-Liberty Formula One, Class A<sup>(a)</sup> | 71 | 6742 |
| Liberty Media Corp.-Liberty Live, Class A<sup>(a)</sup> | 3 | 238 |
| Liberty Media Corp.-Liberty Live, Class C<sup>(a)</sup> | 202 | 16394 |
| Lionsgate Studios Corp.<sup>(a)</sup> | 89112 | 517741 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** |  |
| Marcus Corp. | 28166 | $474879 |
| NetEase, Inc. | 180555 | 4865842 |
| Netflix, Inc.<sup>(a)</sup> | 5059 | 6774659 |
| Netmarble Corp.<sup>(c)</sup> | 4783 | 219436 |
| Nintendo Co. Ltd. | 6400 | 614591 |
| Playtika Holding Corp. | 20544 | 97173 |
| PVR Inox Ltd.<sup>(a)</sup> | 32604 | 368862 |
| ROBLOX Corp., Class A<sup>(a)</sup> | 18323 | 1927580 |
| Roku, Inc., Class A<sup>(a)</sup> | 13425 | 1179923 |
| Sea Ltd., Class A, ADR<sup>(a)</sup> | 16404 | 2623656 |
| Sphere Entertainment Co., Class A<sup>(a)</sup> | 2547 | 106465 |
| Spotify Technology SA<sup>(a)</sup> | 3252 | 2495390 |
| Starz Entertainment Corp.<sup>(a)(b)</sup> | 2144 | 34454 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 3557 | 863817 |
| Walt Disney Co. | 30202 | 3745350 |
|  |  | 28287473 |
| **Financial Services — 2.0%** | **Financial Services — 2.0%** |  |
| Adyen NV<sup>(a)(c)</sup> | 227 | 416894 |
| Affirm Holdings, Inc., Class A<sup>(a)</sup> | 2728 | 188614 |
| Alerus Financial Corp. | 15155 | 327954 |
| Bajaj Finance Ltd. | 146360 | 1598449 |
| Bajaj Finserv Ltd. | 12330 | 295596 |
| Banco Latinoamericano de Comercio Exterior SA | 15441 | 622272 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 23504 | 11417538 |
| Block, Inc., Class A<sup>(a)</sup> | 7719 | 524352 |
| Essent Group Ltd. | 45487 | 2762426 |
| Eurazeo SE | 970 | 69348 |
| EVERTEC, Inc. | 31443 | 1133520 |
| Fidelity National Information Services, Inc. | 11939 | 971954 |
| FirstRand Ltd. | 676147 | 2890420 |
| Fiserv, Inc.<sup>(a)</sup> | 16483 | 2841834 |
| Flywire Corp.<sup>(a)</sup> | 16415 | 192055 |
| Global Payments, Inc. | 11296 | 904132 |
| Groupe Bruxelles Lambert NV | 7561 | 645413 |
| HA Sustainable Infrastructure Capital, Inc.<sup>(b)</sup> | 18006 | 483641 |
| International Money Express, Inc.<sup>(a)</sup> | 16903 | 170551 |
| Investor AB, B Shares | 4132 | 122445 |
| LIC Housing Finance Ltd. | 57338 | 414129 |
| M&G PLC | 13903 | 49143 |
| Mastercard, Inc., Class A | 12973 | 7290048 |
| Mr. Cooper Group, Inc.<sup>(a)</sup> | 4557 | 679950 |
| NewtekOne, Inc.<sup>(b)</sup> | 5257 | 59299 |
| NMI Holdings, Inc., Class A<sup>(a)</sup> | 58545 | 2470014 |
| One 97 Communications Ltd.<sup>(a)</sup> | 25130 | 270651 |
| ORIX Corp. | 67100 | 1514223 |
| Pagseguro Digital Ltd., Class A | 76791 | 740265 |
| PayPal Holdings, Inc.<sup>(a)</sup> | 3816 | 283605 |
| Power Finance Corp. Ltd. | 13359 | 66650 |
| Radian Group, Inc. | 7733 | 278543 |
| REC Ltd. | 8167 | 38373 |
| Remitly Global, Inc.<sup>(a)</sup> | 153371 | 2878774 |
| Repay Holdings Corp., Class A<sup>(a)</sup> | 12820 | 61792 |
| Sezzle, Inc.<sup>(a)(b)</sup> | 1524 | 273177 |
| Sofina SA | 1313 | 434273 |
| StoneCo Ltd., Class A<sup>(a)</sup> | 111904 | 1794940 |
| Toast, Inc., Class A<sup>(a)</sup> | 8972 | 397370 |
| UWM Holdings Corp., Class A<sup>(b)</sup> | 294 | 1217 |
| Velocity Financial, Inc.<sup>(a)</sup> | 33925 | 628969 |
| Visa, Inc., Class A | 17633 | 6260597 |
| Voya Financial, Inc. | 5338 | 378998 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| Walker & Dunlop, Inc. | 2392 | $168588 |
| Waterstone Financial, Inc. | 24999 | 345236 |
|  |  | 56358232 |
| **Food Products — 0.4%** | **Food Products — 0.4%** |  |
| AVI Ltd. | 112508 | 598200 |
| Britannia Industries Ltd. | 5797 | 395512 |
| Cal-Maine Foods, Inc. | 15697 | 1563892 |
| Charoen Pokphand Foods PCL, NVDR | 259500 | 183771 |
| China Mengniu Dairy Co. Ltd. | 310000 | 638978 |
| Chocoladefabriken Lindt & Spruengli AG | 11 | 185390 |
| Chocoladefabriken Lindt & Spruengli AG, Class N, <br> Registered Shares<br>| 1 | 166726 |
| Danone SA | 5452 | 446101 |
| Fresh Del Monte Produce, Inc.<sup>(b)</sup> | 15117 | 490093 |
| Hain Celestial Group, Inc.<sup>(a)</sup> | 23029 | 35004 |
| Hershey Co.<sup>(b)</sup> | 1360 | 225692 |
| John B Sanfilippo & Son, Inc. | 7006 | 443059 |
| Kellanova | 3342 | 265789 |
| Kerry Group PLC, Class A | 317 | 35024 |
| Lancaster Colony Corp. | 7667 | 1324628 |
| Marico Ltd. | 32588 | 274525 |
| Mission Produce, Inc.<sup>(a)</sup> | 20345 | 238443 |
| Seaboard Corp. | 1 | 2861 |
| Smithfield Foods, Inc. | 8088 | 190311 |
| SunOpta, Inc.<sup>(a)</sup> | 28899 | 167614 |
| Tiger Brands Ltd.<sup>(b)</sup> | 6183 | 111368 |
| Tingyi Cayman Islands Holding Corp. | 344000 | 504999 |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 9189 | 178450 |
| Uni-President China Holdings Ltd. | 1507000 | 1825814 |
| Utz Brands, Inc., Class A<sup>(b)</sup> | 18803 | 235978 |
| Vital Farms, Inc.<sup>(a)</sup> | 6758 | 260318 |
|  |  | 10988540 |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |  |
| Brookfield Infrastructure Corp., Class A | 44938 | 1869498 |
| Chesapeake Utilities Corp.<sup>(b)</sup> | 1627 | 195598 |
| ENN Energy Holdings Ltd. | 33800 | 271347 |
| GAIL India Ltd. | 46647 | 103847 |
| Indraprastha Gas Ltd. | 73912 | 187673 |
| Mahanagar Gas Ltd. | 19781 | 342016 |
| New Jersey Resources Corp.<sup>(b)</sup> | 61034 | 2735544 |
| ONE Gas, Inc.<sup>(b)</sup> | 22202 | 1595436 |
| Southwest Gas Holdings, Inc. | 15793 | 1174841 |
|  |  | 8475800 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |  |
| ArcBest Corp.<sup>(b)</sup> | 11892 | 915803 |
| Covenant Logistics Group, Inc., Class A | 18162 | 437886 |
| Heartland Express, Inc. | 10328 | 89234 |
| Knight-Swift Transportation Holdings, Inc. | 5449 | 241009 |
| Lyft, Inc., Class A<sup>(a)</sup> | 44737 | 705055 |
| RXO, Inc.<sup>(a)</sup> | 27623 | 434234 |
| Saia, Inc.<sup>(a)</sup> | 616 | 168778 |
| Schneider National, Inc., Class B<sup>(b)</sup> | 178 | 4299 |
| TFI International, Inc. | 2524 | 226571 |
| Uber Technologies, Inc.<sup>(a)</sup> | 32118 | 2996609 |
| Union Pacific Corp. | 7059 | 1624135 |
|  |  | 7843613 |
| **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |  |
| Accuray, Inc.<sup>(a)</sup> | 55619 | 76198 |
| Alphatec Holdings, Inc.<sup>(a)</sup> | 21099 | 234199 |
| AngioDynamics, Inc.<sup>(a)</sup> | 31109 | 308601 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |  |
| AtriCure, Inc.<sup>(a)</sup> | 9112 | $298600 |
| Boston Scientific Corp.<sup>(a)</sup> | 47428 | 5094241 |
| Cerus Corp.<sup>(a)</sup> | 351038 | 494964 |
| ClearPoint Neuro, Inc.<sup>(a)</sup> | 10009 | 119507 |
| DENTSPLY SIRONA, Inc. | 44004 | 698784 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 5046 | 394648 |
| Embecta Corp. | 6147 | 59564 |
| Enovis Corp.<sup>(a)</sup> | 6380 | 200077 |
| Envista Holdings Corp.<sup>(a)</sup> | 22381 | 437325 |
| GE HealthCare Technologies, Inc. | 2663 | 197248 |
| Glaukos Corp.<sup>(a)</sup> | 6656 | 687498 |
| Haemonetics Corp.<sup>(a)</sup> | 13712 | 1023052 |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 1540 | 199846 |
| Insulet Corp.<sup>(a)</sup> | 2209 | 694024 |
| Integer Holdings Corp.<sup>(a)</sup> | 2045 | 251474 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 1020 | 554278 |
| iRadimed Corp.<sup>(b)</sup> | 10786 | 644895 |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 9761 | 1502804 |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 12928 | 1058286 |
| LeMaitre Vascular, Inc.<sup>(b)</sup> | 9545 | 792712 |
| LivaNova PLC<sup>(a)</sup> | 17355 | 781322 |
| Medtronic PLC | 56494 | 4924582 |
| Moneylion, Inc.<sup>(a)</sup> | 10680 | 961 |
| Nemaura Medical, Inc.<sup>(a)</sup> | 2006 |  |
| Neogen Corp.<sup>(a)</sup> | 21614 | 103315 |
| NeuroPace, Inc.<sup>(a)</sup> | 20704 | 230643 |
| Novocure Ltd.<sup>(a)</sup> | 79939 | 1422914 |
| Omnicell, Inc.<sup>(a)</sup> | 21364 | 628102 |
| OraSure Technologies, Inc.<sup>(a)</sup> | 22437 | 67311 |
| Orthofix Medical, Inc.<sup>(a)</sup> | 7765 | 86580 |
| OrthoPediatrics Corp.<sup>(a)</sup> | 5034 | 108130 |
| Penumbra, Inc.<sup>(a)</sup> | 446 | 114457 |
| PROCEPT BioRobotics Corp.<sup>(a)(b)</sup> | 9061 | 521914 |
| Pulmonx Corp.<sup>(a)</sup> | 5803 | 15030 |
| QuidelOrtho Corp.<sup>(a)</sup> | 10931 | 315031 |
| ResMed, Inc. | 1815 | 468270 |
| RxSight, Inc.<sup>(a)</sup> | 16192 | 210496 |
| SI-BONE, Inc.<sup>(a)</sup> | 23500 | 442270 |
| Smith & Nephew PLC | 2971 | 45499 |
| Surmodics, Inc.<sup>(a)</sup> | 3637 | 108055 |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | 23853 | 444620 |
| Terumo Corp. | 10000 | 183519 |
| TransMedics Group, Inc.<sup>(a)</sup> | 10038 | 1345192 |
| Treace Medical Concepts, Inc.<sup>(a)</sup> | 19880 | 116894 |
| UFP Technologies, Inc.<sup>(a)(b)</sup> | 1034 | 252461 |
| Varex Imaging Corp.<sup>(a)</sup> | 41352 | 358522 |
|  |  | 29318915 |
| **Health Care Providers & Services — 2.0%** | **Health Care Providers & Services — 2.0%** |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 11063 | 251020 |
| AdaptHealth Corp.<sup>(a)</sup> | 27803 | 262182 |
| Addus HomeCare Corp.<sup>(a)(b)</sup> | 5021 | 578369 |
| agilon health, Inc.<sup>(a)</sup> | 101270 | 232921 |
| Al Hammadi Holding | 69429 | 712431 |
| Alignment Healthcare, Inc.<sup>(a)(b)</sup> | 57621 | 806694 |
| Amedisys, Inc.<sup>(a)</sup> | 105 | 10331 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 7880 | 162880 |
| Apollo Hospitals Enterprise Ltd. | 5976 | 504836 |
| Ardent Health Partners, Inc.<sup>(a)</sup> | 6667 | 91071 |
| Astrana Health, Inc.<sup>(a)</sup> | 2413 | 60036 |
| Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 57215 | 299235 |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 30220 | 712890 |
| Brookdale Senior Living, Inc.<sup>(a)</sup> | 45517 | 316798 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |  |
| Cardinal Health, Inc. | 24426 | $4103568 |
| Castle Biosciences, Inc.<sup>(a)</sup> | 16778 | 342607 |
| Cencora, Inc. | 813 | 243778 |
| Centene Corp.<sup>(a)</sup> | 34906 | 1894698 |
| Centogene NV<sup>(a)</sup> | 910 | 129 |
| Cigna Group | 1446 | 478019 |
| Concentra Group Holdings Parent, Inc. | 39176 | 805850 |
| CorVel Corp.<sup>(a)</sup> | 12453 | 1279919 |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 8567 | 111799 |
| CVS Health Corp. | 15412 | 1063120 |
| Dr. Lal PathLabs Ltd.<sup>(c)</sup> | 30163 | 983785 |
| Elevance Health, Inc. | 4921 | 1914072 |
| Encompass Health Corp. | 15090 | 1850487 |
| Enhabit, Inc.<sup>(a)</sup> | 20813 | 200637 |
| Ensign Group, Inc.<sup>(b)</sup> | 14097 | 2174603 |
| Fleury SA | 153073 | 366828 |
| Fortis Healthcare Ltd. | 76131 | 705511 |
| Fresenius Medical Care AG | 2212 | 127091 |
| Fulgent Genetics, Inc.<sup>(a)</sup> | 10864 | 215976 |
| Guardant Health, Inc.<sup>(a)</sup> | 39680 | 2064947 |
| Hapvida Participacoes e Investimentos SA<sup>(a)(c)</sup> | 10970 | 74404 |
| HCA Healthcare, Inc. | 1469 | 562774 |
| HealthEquity, Inc.<sup>(a)</sup> | 16656 | 1744883 |
| Hims & Hers Health, Inc., Class A<sup>(a)(b)</sup> | 55196 | 2751521 |
| Humana, Inc. | 1713 | 418794 |
| KPJ Healthcare Bhd | 1325900 | 837664 |
| Labcorp Holdings, Inc.<sup>(b)</sup> | 3749 | 984150 |
| Life Healthcare Group Holdings Ltd. | 1239739 | 999984 |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 76294 | 394440 |
| Max Healthcare Institute Ltd. | 10611 | 157878 |
| McKesson Corp. | 2494 | 1827553 |
| Molina Healthcare, Inc.<sup>(a)</sup> | 2932 | 873443 |
| National HealthCare Corp.<sup>(b)</sup> | 4111 | 439918 |
| National Medical Care Co. | 6228 | 271355 |
| NeoGenomics, Inc.<sup>(a)(b)</sup> | 31930 | 233408 |
| Option Care Health, Inc.<sup>(a)</sup> | 32330 | 1050078 |
| Owens & Minor, Inc.<sup>(a)</sup> | 803 | 7307 |
| PACS Group, Inc.<sup>(a)</sup> | 16114 | 208193 |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 34841 | 499968 |
| Pennant Group, Inc.<sup>(a)</sup> | 13506 | 403154 |
| Premier, Inc., Class A<sup>(b)</sup> | 386 | 8465 |
| Privia Health Group, Inc.<sup>(a)</sup> | 67454 | 1551442 |
| Progyny, Inc.<sup>(a)</sup> | 70241 | 1545302 |
| RadNet, Inc.<sup>(a)</sup> | 11027 | 627547 |
| Select Medical Holdings Corp. | 74745 | 1134629 |
| Sonic Healthcare Ltd. | 20383 | 359784 |
| Surgery Partners, Inc.<sup>(a)(b)</sup> | 13141 | 292125 |
| Tenet Healthcare Corp.<sup>(a)</sup> | 3409 | 599984 |
| U.S. Physical Therapy, Inc.<sup>(b)</sup> | 2798 | 218804 |
| UnitedHealth Group, Inc. | 27368 | 8537995 |
| Universal Health Services, Inc., Class B | 6861 | 1242870 |
| Viemed Healthcare, Inc.<sup>(a)</sup> | 71017 | 490728 |
|  |  | 57279662 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |  |
| Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | 12158 | 883036 |
| CareTrust REIT, Inc. | 56713 | 1735418 |
| Omega Healthcare Investors, Inc. | 2391 | 87630 |
| Universal Health Realty Income Trust | 4534 | 181224 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care REITs (continued)** | **Health Care REITs (continued)** |  |
| Ventas, Inc.<sup>(b)</sup> | 31098 | $1963839 |
| Welltower, Inc. | 10128 | 1556977 |
|  |  | 6408124 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |  |
| Certara, Inc.<sup>(a)</sup> | 381 | 4458 |
| Doximity, Inc., Class A<sup>(a)</sup> | 22122 | 1356963 |
| Evolent Health, Inc., Class A<sup>(a)</sup> | 26980 | 303795 |
| Health Catalyst, Inc.<sup>(a)</sup> | 37093 | 139841 |
| Phreesia, Inc.<sup>(a)(b)</sup> | 31116 | 885561 |
| Pro Medicus Ltd. | 3575 | 669006 |
| Schrodinger, Inc./United States<sup>(a)</sup> | 36496 | 734300 |
| Teladoc Health, Inc.<sup>(a)</sup> | 57194 | 498160 |
| TruBridge, Inc.<sup>(a)(b)</sup> | 1986 | 46512 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 5443 | 1567475 |
| Waystar Holding Corp.<sup>(a)</sup> | 32817 | 1341231 |
|  |  | 7547302 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |  |
| Apple Hospitality REIT, Inc.<sup>(b)</sup> | 36430 | 425138 |
| Braemar Hotels & Resorts, Inc.<sup>(b)</sup> | 46460 | 113827 |
| Chatham Lodging Trust | 79372 | 553223 |
| DiamondRock Hospitality Co.<sup>(b)</sup> | 66717 | 511052 |
| Park Hotels & Resorts, Inc. | 740 | 7570 |
| Pebblebrook Hotel Trust<sup>(b)</sup> | 30450 | 304196 |
| RLJ Lodging Trust<sup>(b)</sup> | 128153 | 932954 |
|  |  | 2847960 |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |  |
| Accel Entertainment, Inc., Class A<sup>(a)</sup> | 18523 | 218016 |
| Accor SA | 1032 | 54086 |
| Airbnb, Inc., Class A<sup>(a)</sup> | 4836 | 639996 |
| Alsea SAB de C.V. | 79130 | 214983 |
| Aramark | 9016 | 377500 |
| Aristocrat Leisure Ltd. | 43027 | 1843482 |
| Booking Holdings, Inc. | 696 | 4029311 |
| Brinker International, Inc.<sup>(a)</sup> | 19912 | 3590731 |
| Carnival Corp.<sup>(a)</sup> | 16059 | 451579 |
| Century Casinos, Inc.<sup>(a)</sup> | 2761 | 5840 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 35060 | 1968619 |
| Churchill Downs, Inc. | 1609 | 162509 |
| Compass Group PLC | 4090 | 138536 |
| Darden Restaurants, Inc.<sup>(b)</sup> | 6509 | 1418767 |
| Domino's Pizza, Inc.<sup>(b)</sup> | 528 | 237917 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 11454 | 2823526 |
| Dutch Bros, Inc., Class A<sup>(a)</sup> | 29208 | 1996951 |
| El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 10958 | 120648 |
| Entain PLC | 4110 | 50905 |
| Eternal Ltd.<sup>(a)</sup> | 122977 | 378744 |
| Everi Holdings, Inc.<sup>(a)</sup> | 21567 | 307114 |
| Expedia Group, Inc. | 1799 | 303455 |
| FDJ UNITED, Class A<sup>(c)</sup> | 439 | 17227 |
| Golden Entertainment, Inc.<sup>(b)</sup> | 3492 | 102770 |
| Indian Hotels Co. Ltd. | 43963 | 389872 |
| InterContinental Hotels Group PLC | 794 | 90782 |
| Kangwon Land, Inc. | 22955 | 310737 |
| Lemon Tree Hotels Ltd.<sup>(a)(c)</sup> | 122689 | 200535 |
| Life Time Group Holdings, Inc.<sup>(a)(b)</sup> | 51095 | 1549711 |
| Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 13311 | 155339 |
| Marriott Vacations Worldwide Corp.<sup>(b)</sup> | 295 | 21331 |
| McDonald's Corp. | 22214 | 6490264 |
| Meituan, Class B<sup>(a)(c)</sup> | 402160 | 6469160 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |  |
| Monarch Casino & Resort, Inc. | 2759 | $238488 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 28219 | 572281 |
| OPAP SA, Class R | 59315 | 1345000 |
| Papa John's International, Inc.<sup>(b)</sup> | 10130 | 495762 |
| Planet Fitness, Inc., Class A<sup>(a)</sup> | 1951 | 212757 |
| PlayAGS, Inc.<sup>(a)</sup> | 10812 | 135042 |
| Potbelly Corp.<sup>(a)(b)</sup> | 9880 | 121030 |
| Rush Street Interactive, Inc., Class A<sup>(a)</sup> | 36011 | 536564 |
| Shake Shack, Inc., Class A<sup>(a)(b)</sup> | 13288 | 1868293 |
| Starbucks Corp.<sup>(b)</sup> | 18372 | 1683426 |
| Super Group SGHC Ltd. | 31610 | 346762 |
| Sweetgreen, Inc., Class A<sup>(a)</sup> | 8321 | 123816 |
| Texas Roadhouse, Inc.<sup>(b)</sup> | 9673 | 1812817 |
| Travel & Leisure Co. | 399 | 20592 |
| Trip.com Group Ltd. | 45696 | 2676163 |
| Viking Holdings Ltd.<sup>(a)(b)</sup> | 6195 | 330132 |
| Whitbread PLC | 3035 | 117776 |
| Wingstop, Inc.<sup>(b)</sup> | 287 | 96644 |
| Yum China Holdings, Inc. | 8980 | 401496 |
| Yum! Brands, Inc. | 33644 | 4985368 |
|  |  | 55251152 |
| **Household Durables — 1.1%** | **Household Durables — 1.1%** |  |
| Arcelik A/S, Class A<sup>(a)(b)</sup> | 181321 | 558241 |
| Barratt Redrow PLC | 4136 | 25900 |
| Beazer Homes USA, Inc.<sup>(a)</sup> | 18933 | 423531 |
| Berkeley Group Holdings PLC | 684 | 36242 |
| Cavco Industries, Inc.<sup>(a)</sup> | 414 | 179854 |
| Century Communities, Inc.<sup>(b)</sup> | 31112 | 1752228 |
| Champion Homes, Inc.<sup>(a)(b)</sup> | 14193 | 888624 |
| D.R. Horton, Inc. | 15218 | 1961905 |
| Ethan Allen Interiors, Inc.<sup>(b)</sup> | 7361 | 205004 |
| Garmin Ltd. | 5620 | 1173006 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 469000 | 2944397 |
| Haier Smart Home Co. Ltd., Class H | 471000 | 1353466 |
| Hovnanian Enterprises, Inc., Class A<sup>(a)</sup> | 524 | 54784 |
| KB Home | 2676 | 141748 |
| Leggett & Platt, Inc. | 55994 | 499467 |
| Lennar Corp. | 47 | 4947 |
| Lennar Corp., Class A | 10013 | 1107538 |
| LGI Homes, Inc.<sup>(a)(b)</sup> | 6394 | 329419 |
| Lovesac Co.<sup>(a)(b)</sup> | 6009 | 109364 |
| M/I Homes, Inc.<sup>(a)</sup> | 20863 | 2339160 |
| Meritage Homes Corp.<sup>(b)</sup> | 8261 | 553239 |
| Midea Group Co. Ltd., Class A | 41900 | 422778 |
| Newell Brands, Inc.<sup>(b)</sup> | 182892 | 987617 |
| NVR, Inc.<sup>(a)</sup> | 129 | 952750 |
| Panasonic Holdings Corp. | 160900 | 1721520 |
| Sekisui House Ltd. | 38000 | 836354 |
| SharkNinja, Inc.<sup>(a)(b)</sup> | 1785 | 176697 |
| Sonos, Inc.<sup>(a)</sup> | 16714 | 180678 |
| Sony Group Corp. | 65600 | 1705620 |
| Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 59489 | 3653814 |
| Taylor Wimpey PLC | 12447 | 20297 |
| Toll Brothers, Inc.<sup>(b)</sup> | 19500 | 2225535 |
| TopBuild Corp.<sup>(a)</sup> | 1134 | 367121 |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 57532 | 1838147 |
| Universal Electronics, Inc.<sup>(a)</sup> | 2805 | 18569 |
|  |  | 31749561 |
| **Household Products — 0.1%** | **Household Products — 0.1%** |  |
| Central Garden & Pet Co.<sup>(a)</sup> | 5767 | 202883 |
| Central Garden & Pet Co., Class A<sup>(a)</sup> | 16701 | 522574 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Household Products (continued)** | **Household Products (continued)** |  |
| Colgate-Palmolive Co. | 3087 | $280608 |
| Procter & Gamble Co. | 12185 | 1941314 |
| Reckitt Benckiser Group PLC | 1902 | 129578 |
| Reynolds Consumer Products, Inc. | 178 | 3813 |
| Spectrum Brands Holdings, Inc.<sup>(b)</sup> | 131 | 6943 |
| WD-40 Co.<sup>(b)</sup> | 4850 | 1106237 |
|  |  | 4193950 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |  |
| ACWA Power Co.<sup>(a)</sup> | 5222 | 355933 |
| Adani Power Ltd.<sup>(a)</sup> | 6091 | 41548 |
| B Grimm Power PCL, NVDR | 517800 | 165756 |
| Brookfield Renewable Corp. | 418 | 13702 |
| Clearway Energy, Inc., Class A | 8079 | 244470 |
| Drax Group PLC | 6544 | 62370 |
| NTPC Ltd. | 285927 | 1116525 |
| PTC India Ltd. | 282465 | 594381 |
|  |  | 2594685 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |  |
| Astra International Tbk PT | 1507200 | 417968 |
| Brookfield Business Corp., Class A | 5487 | 171194 |
| CITIC Ltd. | 918000 | 1263959 |
| FedNat Holding Co.<sup>(a)(d)</sup> | 4457 |  |
| GS Holdings Corp. | 12922 | 445628 |
| Hitachi Ltd. | 29700 | 863211 |
| Honeywell International, Inc. | 6948 | 1618050 |
| KOC Holding A/S, Class A<sup>(b)</sup> | 181733 | 703315 |
| Samsung C&T Corp. | 6393 | 761937 |
| SM Investments Corp. | 7430 | 115018 |
| Smiths Group PLC | 14732 | 454399 |
|  |  | 6814679 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |  |
| Americold Realty Trust, Inc.<sup>(b)</sup> | 31518 | 524144 |
| First Industrial Realty Trust, Inc. | 17369 | 835970 |
| Industrial Logistics Properties Trust | 10 | 46 |
| Plymouth Industrial REIT, Inc.<sup>(b)</sup> | 13035 | 209342 |
| Segro PLC | 7449 | 69731 |
| Terreno Realty Corp.<sup>(b)</sup> | 5849 | 327953 |
|  |  | 1967186 |
| **Insurance — 2.5%** | **Insurance — 2.5%** |  |
| Admiral Group PLC | 2550 | 114512 |
| Aegon Ltd. | 17287 | 125274 |
| Aflac, Inc. | 2480 | 261541 |
| Ageas SA/NV | 9823 | 664503 |
| AIA Group Ltd. | 120400 | 1090636 |
| Allianz SE, Registered Shares | 7496 | 3042127 |
| Allstate Corp. | 4854 | 977159 |
| Ambac Financial Group, Inc.<sup>(a)</sup> | 29732 | 211097 |
| American Financial Group, Inc. | 4078 | 514684 |
| AMERISAFE, Inc. | 8141 | 356006 |
| Aon PLC, Class A | 3144 | 1121653 |
| Arch Capital Group Ltd. | 6810 | 620051 |
| Assurant, Inc. | 4003 | 790553 |
| Assured Guaranty Ltd. | 192 | 16723 |
| Aviva PLC | 21240 | 180577 |
| AXA SA | 19834 | 973949 |
| Beazley PLC | 7104 | 91215 |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 440 | 23659 |
| Brown & Brown, Inc. | 3394 | 376293 |
| China Life Insurance Co. Ltd., Class H | 1259000 | 3037924 |
| China Pacific Insurance Group Co. Ltd., Class H | 315800 | 1086467 |
| CNA Financial Corp. | 88 | 4095 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** |  |
| Co. for Cooperative Insurance | 4567 | $192405 |
| Crawford & Co., Class A | 28480 | 301318 |
| Dai-ichi Life Holdings, Inc. | 126400 | 960969 |
| Discovery Ltd. | 39116 | 475511 |
| Donegal Group, Inc., Class A | 26632 | 533306 |
| eHealth, Inc.<sup>(a)</sup> | 32989 | 143502 |
| Enstar Group Ltd.<sup>(a)</sup> | 2136 | 718465 |
| Fairfax Financial Holdings Ltd. | 307 | 554144 |
| Fidelity National Financial, Inc., Class A | 2897 | 162406 |
| Fubon Financial Holding Co. Ltd. | 564750 | 1691229 |
| Gjensidige Forsikring ASA | 9066 | 229823 |
| Globe Life, Inc. | 4160 | 517046 |
| Goosehead Insurance, Inc., Class A<sup>(b)</sup> | 5793 | 611219 |
| Great-West Lifeco, Inc. | 4159 | 158175 |
| Hamilton Insurance Group Ltd., Class B<sup>(a)</sup> | 8838 | 191078 |
| Hanover Insurance Group, Inc.<sup>(b)</sup> | 4341 | 737406 |
| Hartford Insurance Group, Inc. | 2863 | 363229 |
| HCI Group, Inc. | 1325 | 201665 |
| HDFC Life Insurance Co. Ltd.<sup>(c)</sup> | 32217 | 305752 |
| Helvetia Holding AG, Registered Shares | 828 | 194395 |
| Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 7347 | 183234 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(a)</sup> | 36739 | 719727 |
| Insurance Australia Group Ltd. | 53085 | 315591 |
| Investors Title Co. | 265 | 55995 |
| Japan Post Holdings Co. Ltd. | 27300 | 252858 |
| Kemper Corp. | 206 | 13295 |
| Legal & General Group PLC | 29730 | 104023 |
| Lemonade, Inc.<sup>(a)</sup> | 11674 | 511438 |
| Marsh & McLennan Cos., Inc.<sup>(b)</sup> | 378 | 82646 |
| Mercury General Corp. | 11519 | 775689 |
| MetLife, Inc. | 29341 | 2359603 |
| MS&AD Insurance Group Holdings, Inc. | 24000 | 536534 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Class N, Registered Shares<br>| 276 | 179216 |
| NN Group NV | 22614 | 1504716 |
| Old Republic International Corp. | 5402 | 207653 |
| Oscar Health, Inc., Class A<sup>(a)(b)</sup> | 64417 | 1381101 |
| Palomar Holdings, Inc.<sup>(a)</sup> | 8141 | 1255749 |
| PB Fintech Ltd.<sup>(a)</sup> | 10843 | 230486 |
| Phoenix Group Holdings PLC | 3457 | 31276 |
| PICC Property & Casualty Co. Ltd., Class H | 294000 | 571293 |
| Ping An Insurance Group Co. of China Ltd., Class A | 285500 | 2214632 |
| Ping An Insurance Group Co. of China Ltd., Class H | 635000 | 4053406 |
| Porto Seguro SA | 45030 | 457502 |
| Powszechny Zaklad Ubezpieczen SA | 128136 | 2240726 |
| Principal Financial Group, Inc. | 5151 | 409144 |
| Progressive Corp. | 13219 | 3527622 |
| Prudential Financial, Inc.<sup>(b)</sup> | 4022 | 432124 |
| Prudential PLC | 60107 | 752314 |
| RLI Corp. | 8 | 578 |
| Root, Inc., Class A<sup>(a)</sup> | 2187 | 279870 |
| Sampo OYJ, A Shares | 50306 | 541419 |
| Sanlam Ltd. | 226449 | 1134180 |
| SBI Life Insurance Co. Ltd.<sup>(c)</sup> | 26072 | 558894 |
| Selective Insurance Group, Inc. | 2728 | 236381 |
| Selectquote, Inc.<sup>(a)</sup> | 11528 | 27437 |
| Slide Insurance Holdings, Inc.<sup>(a)</sup> | 35617 | 771464 |
| Sompo Holdings, Inc. | 34400 | 1036637 |
| Stewart Information Services Corp. | 23088 | 1503029 |
| Swiss Re AG | 7372 | 1275260 |
| Tiptree, Inc. | 21242 | 500886 |
| Tokio Marine Holdings, Inc. | 17200 | 728954 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** |  |
| Travelers Cos., Inc. | 25320 | $6774113 |
| Tryg A/S | 14708 | 380219 |
| United Fire Group, Inc. | 11567 | 331973 |
| Universal Insurance Holdings, Inc. | 20913 | 579918 |
| Unum Group | 6895 | 556840 |
| White Mountains Insurance Group Ltd. | 10 | 17957 |
| Zurich Insurance Group AG, Class N | 4075 | 2851371 |
|  |  | 70370714 |
| **Interactive Media & Services — 3.7%** | **Interactive Media & Services — 3.7%** |  |
| Alphabet, Inc., Class A | 115668 | 20384172 |
| Alphabet, Inc., Class C | 87437 | 15510449 |
| Auto Trader Group PLC<sup>(c)</sup> | 9584 | 108556 |
| Baidu, Inc., Class A<sup>(a)</sup> | 96010 | 1028932 |
| Bilibili, Inc., Class Z<sup>(a)</sup> | 29640 | 636199 |
| Cargurus, Inc., Class A<sup>(a)</sup> | 14280 | 477952 |
| Cars.com, Inc.<sup>(a)</sup> | 18014 | 213466 |
| EverQuote, Inc., Class A<sup>(a)</sup> | 23651 | 571881 |
| fuboTV, Inc.<sup>(a)(b)</sup> | 69511 | 268312 |
| Grindr, Inc.<sup>(a)</sup> | 40245 | 913561 |
| Kakao Corp. | 7948 | 352559 |
| Kuaishou Technology<sup>(a)(c)</sup> | 94100 | 763865 |
| LY Corp.<sup>(b)</sup> | 201500 | 742045 |
| MediaAlpha, Inc., Class A<sup>(a)</sup> | 36587 | 400628 |
| Meta Platforms, Inc., Class A | 37699 | 27825255 |
| NAVER Corp. | 11088 | 2153122 |
| Nextdoor Holdings, Inc., Class A<sup>(a)</sup> | 32479 | 53915 |
| Pinterest, Inc., Class A<sup>(a)</sup> | 7443 | 266906 |
| QuinStreet, Inc.<sup>(a)</sup> | 48589 | 782283 |
| REA Group Ltd. | 1609 | 254799 |
| Reddit, Inc., Class A<sup>(a)</sup> | 314 | 47279 |
| Rightmove PLC | 12489 | 135174 |
| Shutterstock, Inc.<sup>(b)</sup> | 27803 | 527145 |
| SOOP Co. Ltd. | 1500 | 101127 |
| Tencent Holdings Ltd. | 436400 | 28119699 |
| TripAdvisor, Inc.<sup>(a)</sup> | 341 | 4450 |
| TrueCar, Inc.<sup>(a)</sup> | 11885 | 22582 |
| Yelp, Inc.<sup>(a)</sup> | 28721 | 984269 |
| ZipRecruiter, Inc., Class A<sup>(a)</sup> | 76673 | 384132 |
|  |  | 104034714 |
| **IT Services — 1.2%** | **IT Services — 1.2%** |  |
| Accenture PLC, Class A<sup>(b)</sup> | 11482 | 3431855 |
| Applied Digital Corp.<sup>(a)</sup> | 20529 | 206727 |
| ASGN, Inc.<sup>(a)</sup> | 9766 | 487616 |
| Backblaze, Inc., Class A<sup>(a)</sup> | 3146 | 17303 |
| BigBear.ai Holdings, Inc.<sup>(a)</sup> | 58011 | 393895 |
| Capgemini SE | 850 | 145551 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 534 | 104573 |
| Cognizant Technology Solutions Corp., Class A | 727 | 56728 |
| Couchbase, Inc.<sup>(a)</sup> | 8149 | 198673 |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 13721 | 391872 |
| DXC Technology Co.<sup>(a)</sup> | 10233 | 156463 |
| Fastly, Inc., Class A<sup>(a)</sup> | 46869 | 330895 |
| Fujitsu Ltd. | 10500 | 254723 |
| Gartner, Inc.<sup>(a)</sup> | 2124 | 858563 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 20275 | 3650716 |
| Grid Dynamics Holdings, Inc., Class A<sup>(a)</sup> | 14805 | 170998 |
| Hackett Group, Inc. | 16500 | 419430 |
| HCL Technologies Ltd. | 82329 | 1659915 |
| Infosys Ltd. | 244037 | 4559264 |
| Infosys Ltd., ADR<sup>(b)</sup> | 22270 | 412663 |
| International Business Machines Corp. | 3994 | 1177351 |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 11822 | 496051 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** |  |
| LTIMindtree Ltd.<sup>(c)</sup> | 5326 | $330351 |
| Mphasis Ltd. | 2307 | 76590 |
| NEC Corp. | 56600 | 1651307 |
| Nomura Research Institute Ltd. | 7100 | 283982 |
| Obic Co. Ltd. | 10500 | 408293 |
| Otsuka Corp. | 17500 | 356499 |
| Persistent Systems Ltd. | 8504 | 599402 |
| Samsung SDS Co. Ltd. | 1077 | 134996 |
| Shopify, Inc., Class A<sup>(a)</sup> | 4452 | 513480 |
| Snowflake, Inc., Class A<sup>(a)</sup> | 494 | 110542 |
| Tata Consultancy Services Ltd. | 78442 | 3167524 |
| Tech Mahindra Ltd. | 53715 | 1057043 |
| Twilio, Inc., Class A<sup>(a)</sup> | 794 | 98742 |
| Unisys Corp.<sup>(a)</sup> | 35720 | 161812 |
| VeriSign, Inc. | 11029 | 3185175 |
| Wipro Ltd. | 164364 | 509987 |
| Wipro Ltd., ADR<sup>(b)</sup> | 108519 | 327727 |
| Wix.com Ltd.<sup>(a)</sup> | 3922 | 621480 |
| Zensar Technologies Ltd. | 18640 | 183130 |
|  |  | 33359887 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |  |
| Hasbro, Inc. | 6264 | 462409 |
| JAKKS Pacific, Inc. | 1148 | 23855 |
| Mattel, Inc.<sup>(a)</sup> | 15614 | 307908 |
| Peloton Interactive, Inc., Class A<sup>(a)</sup> | 109858 | 762415 |
| Polaris, Inc. | 4222 | 171624 |
| Topgolf Callaway Brands Corp.<sup>(a)</sup> | 26656 | 214581 |
|  |  | 1942792 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |  |
| AbCellera Biologics, Inc.<sup>(a)</sup> | 18257 | 62621 |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 49467 | 576291 |
| Agilent Technologies, Inc. | 2640 | 311546 |
| Azenta, Inc.<sup>(a)</sup> | 29132 | 896683 |
| Codexis, Inc.<sup>(a)(b)</sup> | 26545 | 64770 |
| CryoPort, Inc.<sup>(a)</sup> | 18920 | 141143 |
| Cytek Biosciences, Inc.<sup>(a)</sup> | 29074 | 98852 |
| Danaher Corp. | 8289 | 1637409 |
| Divi's Laboratories Ltd. | 6026 | 478758 |
| Eurofins Scientific SE | 756 | 53877 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 769 | 121187 |
| MaxCyte, Inc.<sup>(a)</sup> | 100311 | 218678 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 222 | 260788 |
| Nautilus Biotechnology, Inc.<sup>(a)</sup> | 2915 | 2113 |
| OmniAb, Inc., 12.50 Earnout Shares<sup>(a)(d)</sup> | 161 |  |
| OmniAb, Inc., 15.00 Earnout Shares<sup>(a)(d)</sup> | 161 |  |
| Personalis, Inc.<sup>(a)(b)</sup> | 16677 | 109401 |
| QIAGEN NV | 10163 | 488434 |
| Quanterix Corp.<sup>(a)</sup> | 8950 | 59517 |
| Samsung Biologics Co. Ltd.<sup>(a)(c)</sup> | 1270 | 931948 |
| Sartorius Stedim Biotech | 167 | 39957 |
| Seer, Inc., Class A<sup>(a)(b)</sup> | 6637 | 14203 |
| Sotera Health Co.<sup>(a)</sup> | 324 | 3603 |
| Thermo Fisher Scientific, Inc. | 8211 | 3329232 |
| Waters Corp.<sup>(a)</sup> | 351 | 122513 |
| West Pharmaceutical Services, Inc. | 1119 | 244837 |
|  |  | 10268361 |
| **Machinery — 1.5%** | **Machinery — 1.5%** |  |
| Airtac International Group | 23000 | 684781 |
| Alamo Group, Inc.<sup>(b)</sup> | 2982 | 651209 |
| Alfa Laval AB | 13188 | 555460 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** |  |
| Astec Industries, Inc.<sup>(b)</sup> | 5594 | $233214 |
| Atlas Copco AB, A Shares | 29137 | 471029 |
| Atlas Copco AB, B Shares | 24174 | 344058 |
| Atmus Filtration Technologies, Inc. | 32916 | 1198801 |
| Blue Bird Corp.<sup>(a)</sup> | 5689 | 245537 |
| Chart Industries, Inc.<sup>(a)</sup> | 9837 | 1619662 |
| Columbus McKinnon Corp. | 18064 | 275837 |
| Commercial Vehicle Group, Inc.<sup>(a)</sup> | 3113 | 5168 |
| Crane Co. | 5948 | 1129466 |
| Cummins, Inc. | 2758 | 903245 |
| Douglas Dynamics, Inc. | 7124 | 209944 |
| Dover Corp. | 796 | 145851 |
| Energy Recovery, Inc.<sup>(a)</sup> | 39644 | 506650 |
| Enpro, Inc.<sup>(b)</sup> | 6257 | 1198528 |
| ESCO Technologies, Inc.<sup>(b)</sup> | 5565 | 1067757 |
| Escorts Kubota Ltd. | 980 | 38112 |
| Federal Signal Corp. | 11859 | 1262035 |
| Flowserve Corp. | 103660 | 5426601 |
| Franklin Electric Co., Inc. | 5662 | 508108 |
| Gencor Industries, Inc.<sup>(a)</sup> | 4028 | 56392 |
| Graham Corp.<sup>(a)</sup> | 1697 | 84018 |
| Greenbrier Cos., Inc.<sup>(b)</sup> | 17427 | 802513 |
| HD Hyundai Infracore Co. Ltd. | 58762 | 548902 |
| Helios Technologies, Inc. | 5634 | 188007 |
| Hillenbrand, Inc.<sup>(b)</sup> | 18854 | 378400 |
| Hurco Cos., Inc.<sup>(a)(b)</sup> | 1472 | 27821 |
| Hyundai Elevator Co. Ltd. | 7971 | 506829 |
| Hyundai Heavy Industries Co. Ltd. | 2759 | 870837 |
| Hyundai Rotem Co. Ltd. | 1554 | 225510 |
| Illinois Tool Works, Inc.<sup>(b)</sup> | 1297 | 320683 |
| JBT Marel Corp.<sup>(b)</sup> | 5135 | 617535 |
| Kadant, Inc.<sup>(b)</sup> | 2252 | 714897 |
| Kennametal, Inc. | 11355 | 260711 |
| Kinik Co. | 49000 | 538124 |
| Korea Shipbuilding & Offshore Engineering Co. Ltd. | 5295 | 1429866 |
| Kubota Corp.<sup>(b)</sup> | 21900 | 246964 |
| Manitowoc Co., Inc.<sup>(a)</sup> | 59366 | 713579 |
| Mueller Industries, Inc. | 29663 | 2357319 |
| Parker-Hannifin Corp.<sup>(b)</sup> | 4092 | 2858139 |
| Pentair PLC | 11576 | 1188392 |
| Proto Labs, Inc.<sup>(a)</sup> | 6284 | 251611 |
| REV Group, Inc. | 9356 | 445252 |
| Shyft Group, Inc.<sup>(b)</sup> | 23703 | 297236 |
| Sinotruk Hong Kong Ltd. | 14500 | 42356 |
| SPX Technologies, Inc.<sup>(a)</sup> | 20183 | 3384285 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 110000 | 378632 |
| Terex Corp.<sup>(b)</sup> | 2413 | 112663 |
| Titan International, Inc.<sup>(a)</sup> | 8319 | 85436 |
| Trelleborg AB | 4280 | 159435 |
| Watts Water Technologies, Inc., Class A | 1652 | 406210 |
| Weichai Power Co. Ltd., Class A | 466200 | 1002456 |
| Weir Group PLC | 5384 | 184131 |
| Westinghouse Air Brake Technologies Corp. | 1655 | 346474 |
| Worthington Enterprises, Inc. | 22230 | 1414717 |
| Zhengzhou Coal Mining Machinery Group Co. Ltd., <br> Class H<sup>(b)</sup><br>| 122200 | 231583 |
|  |  | 42358968 |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |  |
| AP Moller - Maersk A/S, Class A | 53 | 97783 |
| AP Moller - Maersk A/S, Class B | 254 | 472363 |
| Genco Shipping & Trading Ltd.<sup>(b)</sup> | 31945 | 417521 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Marine Transportation (continued)** | **Marine Transportation (continued)** |  |
| Golden Ocean Group Ltd. | 12579 | $92078 |
| Matson, Inc. | 9661 | 1075753 |
| Nippon Yusen KK | 11100 | 399322 |
| Pan Ocean Co. Ltd. | 328032 | 901481 |
|  |  | 3456301 |
| **Media — 0.3%** | **Media — 0.3%** |  |
| AMC Networks, Inc., Class A<sup>(a)</sup> | 9795 | 61415 |
| Cable One, Inc.<sup>(b)</sup> | 1177 | 159848 |
| Comcast Corp., Class A | 42992 | 1534384 |
| comScore, Inc.<sup>(a)</sup> | 803 | 3870 |
| Cumulus Media, Inc., Class A<sup>(a)(b)</sup> | 4396 | 535 |
| EchoStar Corp., Class A<sup>(a)(b)</sup> | 23218 | 643139 |
| Entravision Communications Corp., Class A | 39662 | 92016 |
| EW Scripps Co., Class A<sup>(a)</sup> | 21089 | 62002 |
| Fox Corp., Class A<sup>(b)</sup> | 22365 | 1253335 |
| Fox Corp., Class B | 12229 | 631383 |
| Gannett Co., Inc.<sup>(a)(b)</sup> | 19984 | 71543 |
| Gray Media, Inc. | 32028 | 145087 |
| Informa PLC | 11848 | 131172 |
| Integral Ad Science Holding Corp.<sup>(a)</sup> | 51137 | 424948 |
| Interpublic Group of Cos., Inc. | 1113 | 27246 |
| John Wiley & Sons, Inc., Class A<sup>(b)</sup> | 5594 | 249660 |
| Liberty Broadband Corp., Class A<sup>(a)</sup> | 56 | 5478 |
| Magnite, Inc.<sup>(a)</sup> | 33121 | 798878 |
| MBC Group CJSC<sup>(a)</sup> | 2999 | 28562 |
| New York Times Co., Class A | 20100 | 1125198 |
| News Corp., Class B<sup>(b)</sup> | 394 | 13518 |
| Paramount Global, Class A<sup>(b)</sup> | 26 | 597 |
| Paramount Global, Class B | 19221 | 247951 |
| PubMatic, Inc., Class A<sup>(a)</sup> | 11587 | 144142 |
| Sirius XM Holdings, Inc.<sup>(b)</sup> | 4235 | 97278 |
| TechTarget, Inc.<sup>(a)</sup> | 7455 | 57925 |
| TEGNA, Inc.<sup>(b)</sup> | 43380 | 727049 |
| Thryv Holdings, Inc.<sup>(a)</sup> | 30486 | 370710 |
| Townsquare Media, Inc., Class A | 4935 | 39036 |
| Trade Desk, Inc., Class A<sup>(a)</sup> | 1618 | 116480 |
| Zee Entertainment Enterprises Ltd. | 334086 | 569833 |
|  |  | 9834218 |
| **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |  |
| Alcoa Corp. | 23012 | 679084 |
| Alpha Metallurgical Resources, Inc.<sup>(a)(b)</sup> | 8743 | 983413 |
| Alrosa PJSC<sup>(a)(d)</sup> | 667929 | 85 |
| Aneka Tambang Tbk | 10203600 | 1920081 |
| Anglo American PLC | 8409 | 247879 |
| Anglogold Ashanti PLC | 24885 | 1136784 |
| APL Apollo Tubes Ltd. | 10685 | 216697 |
| ArcelorMittal SA | 11360 | 360729 |
| Baoshan Iron & Steel Co. Ltd., Class A | 792600 | 729749 |
| Carpenter Technology Corp. | 6813 | 1882977 |
| Century Aluminum Co.<sup>(a)</sup> | 37006 | 666848 |
| China Hongqiao Group Ltd. | 32000 | 73683 |
| Cia Siderurgica Nacional SA | 300982 | 412160 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 111429 | 846860 |
| CMOC Group Ltd., Class H | 435000 | 443949 |
| Coeur Mining, Inc.<sup>(a)</sup> | 182222 | 1614487 |
| Commercial Metals Co.<sup>(b)</sup> | 9824 | 480492 |
| Compass Minerals International, Inc.<sup>(a)(b)</sup> | 15167 | 304705 |
| Constellium SE, Class A<sup>(a)</sup> | 89526 | 1190696 |
| Endeavour Mining PLC | 17503 | 539711 |
| Glencore PLC | 32721 | 127502 |
| Gold Fields Ltd. | 55919 | 1324145 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** |  |
| Gold Fields Ltd., ADR<sup>(b)</sup> | 32494 | $769133 |
| Grupo Mexico SAB de C.V., Series B | 60270 | 365066 |
| Harmony Gold Mining Co. Ltd. | 24507 | 340989 |
| Hecla Mining Co. | 124022 | 742892 |
| Hindalco Industries Ltd. | 110734 | 895886 |
| Hindustan Zinc Ltd. | 83963 | 441661 |
| Hyundai Steel Co. | 85965 | 1863412 |
| i-80 Gold Corp.<sup>(a)</sup> | 56927 | 34065 |
| Jindal Saw Ltd. | 124613 | 350186 |
| Kaiser Aluminum Corp. | 14340 | 1145766 |
| Kumba Iron Ore Ltd. | 6312 | 101627 |
| Materion Corp. | 7635 | 605990 |
| MOIL Ltd., Class A | 65152 | 295069 |
| National Aluminium Co. Ltd. | 195189 | 439851 |
| Newmont Corp.<sup>(b)</sup> | 16668 | 971078 |
| Novagold Resources, Inc.<sup>(a)(b)</sup> | 74263 | 303736 |
| Nucor Corp.<sup>(b)</sup> | 5890 | 762991 |
| Olympic Steel, Inc. | 20825 | 678687 |
| Piedmont Lithium, Inc.<sup>(a)(b)</sup> | 6920 | 40274 |
| POSCO Holdings, Inc. | 4562 | 878850 |
| Radius Recycling, Inc., Class A | 7368 | 218756 |
| Ramaco Resources, Inc., Class A<sup>(b)</sup> | 25044 | 329078 |
| Ramaco Resources, Inc., Class B | 340 | 2781 |
| Reliance, Inc. | 1205 | 378249 |
| Rio Tinto PLC | 11059 | 643679 |
| Royal Gold, Inc.<sup>(b)</sup> | 851 | 151342 |
| Ryerson Holding Corp. | 17912 | 386362 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | 29805 | 425633 |
| Severstal PAO<sup>(a)(d)</sup> | 6166 | 1 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | 609400 | 326132 |
| Southern Copper Corp.<sup>(b)</sup> | 7265 | 735000 |
| SSR Mining, Inc.<sup>(a)(b)</sup> | 43804 | 558063 |
| Steel Authority of India Ltd. | 442989 | 682617 |
| SunCoke Energy, Inc.<sup>(b)</sup> | 73959 | 635308 |
| TA Chen Stainless Pipe | 1220000 | 1447549 |
| Tata Steel Ltd. | 329058 | 613721 |
| Tredegar Corp.<sup>(a)</sup> | 18039 | 158743 |
| Vale SA | 19919 | 193027 |
| Vedanta Ltd. | 156828 | 844447 |
| Warrior Met Coal, Inc.<sup>(b)</sup> | 8950 | 410178 |
| Welspun Corp. Ltd. | 20350 | 219600 |
| Zamil Industrial Investment Co.<sup>(a)</sup> | 41681 | 489939 |
| Zijin Mining Group Co. Ltd., Class H | 482000 | 1239613 |
|  |  | 39299743 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |  |
| Claros Mortgage Trust, Inc. | 8954 | 25519 |
| Granite Point Mortgage Trust, Inc. | 75089 | 185470 |
| KKR Real Estate Finance Trust, Inc.<sup>(b)</sup> | 23512 | 206200 |
| Ladder Capital Corp., Class A<sup>(b)</sup> | 18485 | 198714 |
| Rithm Property Trust, Inc. | 10838 | 29262 |
| TPG RE Finance Trust, Inc. | 26422 | 203978 |
|  |  | 849143 |
| **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** |  |
| AGL Energy Ltd. | 27689 | 177554 |
| Avista Corp. | 64193 | 2436124 |
| Black Hills Corp. | 26587 | 1491531 |
| Consolidated Edison, Inc. | 19755 | 1982414 |
| E.ON SE, Class N | 168090 | 3097165 |
| Engie SA | 89885 | 2112549 |
| National Grid PLC | 21384 | 313888 |
| Northwestern Energy Group, Inc. | 27260 | 1398438 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |  |
| Power & Water Utility Co. for Jubail & Yanbu | 84606 | $974080 |
| Veolia Environnement SA | 13851 | 494507 |
|  |  | 14478250 |
| **Office REITs — 0.1%** | **Office REITs — 0.1%** |  |
| Brandywine Realty Trust<sup>(b)</sup> | 46461 | 199318 |
| COPT Defense Properties<sup>(b)</sup> | 58405 | 1610810 |
| Creative Media & Community Trust Corp.<sup>(b)</sup> | 23 | 185 |
| Empire State Realty Trust, Inc., Class A<sup>(b)</sup> | 61031 | 493741 |
| Highwoods Properties, Inc. | 352 | 10943 |
|  |  | 2314997 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |  |
| Adnoc Gas PLC | 945031 | 879976 |
| Antero Resources Corp.<sup>(a)</sup> | 35323 | 1422810 |
| Ardmore Shipping Corp.<sup>(b)</sup> | 7497 | 71971 |
| Berry Corp. | 67665 | 187432 |
| Bharat Petroleum Corp. Ltd. | 114337 | 442752 |
| BP PLC | 59823 | 298056 |
| California Resources Corp. | 33198 | 1516153 |
| Canadian Natural Resources Ltd. | 20883 | 656356 |
| Centrus Energy Corp., Class A<sup>(a)(b)</sup> | 3481 | 637650 |
| Cheniere Energy, Inc. | 17436 | 4246015 |
| Chevron Corp.<sup>(b)</sup> | 16731 | 2395712 |
| China Petroleum & Chemical Corp., Class H | 2297400 | 1205258 |
| Chord Energy Corp. | 23412 | 2267452 |
| Clean Energy Fuels Corp.<sup>(a)</sup> | 137179 | 267499 |
| CNX Resources Corp.<sup>(a)</sup> | 11046 | 372029 |
| ConocoPhillips | 40580 | 3641649 |
| Coterra Energy, Inc. | 9623 | 244232 |
| Delek U.S. Holdings, Inc. | 9146 | 193712 |
| Devon Energy Corp. | 99418 | 3162487 |
| Dorian LPG Ltd.<sup>(b)</sup> | 18744 | 456979 |
| DT Midstream, Inc. | 773 | 84960 |
| Encore Energy Corp.<sup>(a)</sup> | 25769 | 73699 |
| ENEOS Holdings, Inc. | 270600 | 1341319 |
| Energy Fuels, Inc./Canada<sup>(a)</sup> | 61121 | 351446 |
| Eni SpA | 6377 | 103015 |
| EOG Resources, Inc. | 1926 | 230369 |
| EQT Corp. | 10701 | 624082 |
| Excelerate Energy, Inc., Class A<sup>(b)</sup> | 5484 | 160791 |
| Expand Energy Corp. | 8994 | 1051758 |
| Exxon Mobil Corp.<sup>(b)</sup> | 69817 | 7526273 |
| FutureFuel Corp. | 25518 | 99010 |
| Golar LNG Ltd.<sup>(b)</sup> | 15671 | 645488 |
| Great Eastern Shipping Co. Ltd. | 38541 | 440239 |
| Green Plains, Inc.<sup>(a)</sup> | 43081 | 259778 |
| Gulfport Energy Corp.<sup>(a)</sup> | 878 | 176627 |
| Hess Corp. | 3068 | 425041 |
| HF Sinclair Corp. | 13093 | 537860 |
| Hindustan Petroleum Corp. Ltd. | 57202 | 292317 |
| Indian Oil Corp. Ltd. | 230877 | 395814 |
| Inpex Corp.<sup>(b)</sup> | 8700 | 122123 |
| International Seaways, Inc.<sup>(b)</sup> | 12093 | 441153 |
| Kinder Morgan, Inc. | 49003 | 1440688 |
| Kinetik Holdings, Inc., Class A<sup>(b)</sup> | 18598 | 819242 |
| Kosmos Energy Ltd.<sup>(a)(b)</sup> | 57524 | 98941 |
| Marathon Petroleum Corp.<sup>(b)</sup> | 3172 | 526901 |
| Matador Resources Co.<sup>(b)</sup> | 15009 | 716229 |
| Motor Oil Hellas Corinth Refineries SA, Class R | 2 | 56 |
| Murphy Oil Corp.<sup>(b)</sup> | 47038 | 1058355 |
| Oil & Natural Gas Corp. Ltd. | 153403 | 436912 |
| ONEOK, Inc. | 8433 | 688386 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |  |
| ORLEN SA | 45967 | $1047656 |
| Ovintiv, Inc. | 16046 | 610550 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 34169 | 906504 |
| PBF Energy, Inc., Class A<sup>(b)</sup> | 50818 | 1101226 |
| PetroChina Co. Ltd., Class H | 3279700 | 2826369 |
| Petronet LNG Ltd. | 178845 | 629736 |
| Phillips 66 | 2175 | 259477 |
| Plains GP Holdings LP, Class A | 17505 | 340122 |
| PTT Exploration & Production PCL, NVDR<sup>(b)</sup> | 486900 | 1641018 |
| Reliance Industries Ltd. | 382968 | 6703171 |
| Repsol SA | 2419 | 35381 |
| REX American Resources Corp.<sup>(a)</sup> | 15437 | 751936 |
| Santos Ltd. | 197801 | 997286 |
| Saudi Arabian Oil Co.<sup>(c)</sup> | 123004 | 797548 |
| Scorpio Tankers, Inc.<sup>(b)</sup> | 18075 | 707275 |
| Shell PLC | 24304 | 847955 |
| SM Energy Co.<sup>(b)</sup> | 88579 | 2188787 |
| Summit Midstream Corp.<sup>(a)(b)</sup> | 3637 | 89216 |
| Suncor Energy, Inc. | 7031 | 263375 |
| Talos Energy, Inc.<sup>(a)</sup> | 13587 | 115218 |
| Targa Resources Corp. | 8463 | 1473239 |
| Thai Oil PCL, NVDR | 421900 | 350926 |
| TotalEnergies SE | 7745 | 473395 |
| Uranium Energy Corp.<sup>(a)(b)</sup> | 98796 | 671813 |
| Ur-Energy, Inc.<sup>(a)</sup> | 14651 | 15383 |
| Valero Energy Corp. | 4002 | 537949 |
| Var Energi ASA | 66230 | 212230 |
| Vital Energy, Inc.<sup>(a)</sup> | 9271 | 149170 |
| Williams Cos., Inc. | 64928 | 4078128 |
| Woodside Energy Group Ltd. | 15958 | 246502 |
|  |  | 76803593 |
| **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 54303 | 2686913 |
| Blade Air Mobility, Inc., Class A<sup>(a)</sup> | 7204 | 29032 |
| Copa Holdings SA, Class A | 142 | 15616 |
| Delta Air Lines, Inc. | 66378 | 3264470 |
| easyJet PLC | 17362 | 127060 |
| InterGlobe Aviation Ltd.<sup>(a)(c)</sup> | 14435 | 1006756 |
| JetBlue Airways Corp.<sup>(a)</sup> | 55745 | 235801 |
| Joby Aviation, Inc., Class A<sup>(a)(b)</sup> | 86628 | 913925 |
| Qantas Airways Ltd. | 30591 | 216112 |
| SkyWest, Inc.<sup>(a)</sup> | 18265 | 1880747 |
| Southwest Airlines Co.<sup>(b)</sup> | 7494 | 243105 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 22963 | 269815 |
| Turk Hava Yollari AO, Class A | 22665 | 161471 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 21131 | 1682662 |
|  |  | 12733485 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |  |
| BellRing Brands, Inc.<sup>(a)</sup> | 19172 | 1110634 |
| Emami Ltd. | 35161 | 234366 |
| Hindustan Unilever Ltd. | 21656 | 579615 |
| L'Oreal SA | 2949 | 1263215 |
| Natural Health Trends Corp. | 3 | 13 |
| Nature's Sunshine Products, Inc.<sup>(a)</sup> | 5765 | 85264 |
| Nu Skin Enterprises, Inc., Class A | 9231 | 73756 |
| Unilever PLC | 10470 | 638944 |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 3419 | 104382 |
|  |  | 4090189 |
| **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** |  |
| Ajanta Pharma Ltd. | 15250 | 457889 |
| Amneal Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 39795 | 321942 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |  |
| Amylyx Pharmaceuticals, Inc.<sup>(a)</sup> | 41704 | $267323 |
| Arvinas, Inc.<sup>(a)</sup> | 46612 | 343064 |
| Astellas Pharma, Inc. | 20000 | 195819 |
| AstraZeneca PLC | 13216 | 1839259 |
| Atea Pharmaceuticals, Inc.<sup>(a)</sup> | 70325 | 253170 |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 13393 | 1398095 |
| Bristol-Myers Squibb Co. | 148543 | 6876056 |
| Cipla Ltd./India | 27268 | 479029 |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 11163 | 330090 |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 24723 | 1814668 |
| Daiichi Sankyo Co. Ltd. | 11900 | 275700 |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 19586 | 256772 |
| Eli Lilly & Co. | 13108 | 10218079 |
| Esperion Therapeutics, Inc.<sup>(a)(b)</sup> | 36784 | 36210 |
| Evolus, Inc.<sup>(a)</sup> | 13049 | 120181 |
| EyePoint Pharmaceuticals, Inc.<sup>(a)</sup> | 30609 | 288031 |
| Fulcrum Therapeutics, Inc.<sup>(a)</sup> | 19002 | 130734 |
| Galderma Group AG | 1466 | 213091 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 5691 | 224902 |
| GSK PLC | 22287 | 424934 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 16098 | 508697 |
| Harrow, Inc.<sup>(a)</sup> | 10189 | 311172 |
| Hikma Pharmaceuticals PLC | 1233 | 33647 |
| Ipsen SA | 263 | 31328 |
| Johnson & Johnson | 44358 | 6775685 |
| Jubilant Pharmova Ltd. | 5004 | 70652 |
| Lupin Ltd. | 26460 | 598396 |
| Lyell Immunopharma, Inc.<sup>(a)(b)</sup> | 559 | 4935 |
| Merck & Co., Inc. | 63038 | 4990088 |
| Mind Medicine MindMed, Inc.<sup>(a)</sup> | 13088 | 84941 |
| Novartis AG, Class N, Registered Shares | 24876 | 3019377 |
| Novo Nordisk A/S, Class B | 43871 | 3039997 |
| Nuvation Bio, Inc., Class A<sup>(a)(b)</sup> | 176024 | 343247 |
| Ocular Therapeutix, Inc.<sup>(a)</sup> | 29425 | 273064 |
| Omeros Corp.<sup>(a)(b)</sup> | 7723 | 23169 |
| Otsuka Holdings Co. Ltd. | 2200 | 109074 |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 24714 | 590665 |
| Pfizer, Inc. | 356971 | 8652977 |
| Phibro Animal Health Corp., Class A | 11393 | 290977 |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 16802 | 1341640 |
| Roche Holding AG | 2833 | 933423 |
| Royalty Pharma PLC, Class A | 2016 | 72637 |
| Sanofi SA | 3619 | 350369 |
| SIGA Technologies, Inc. | 17105 | 111525 |
| Sino Biopharmaceutical Ltd. | 390000 | 262369 |
| Strides Pharma Science Ltd. | 41166 | 432018 |
| Sun Pharmaceutical Industries Ltd. | 76176 | 1489095 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 27536 | 867935 |
| Takeda Pharmaceutical Co. Ltd. | 72500 | 2238291 |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 21401 | 866955 |
| TherapeuticsMD, Inc.<sup>(a)</sup> | 745 | 864 |
| Theravance Biopharma, Inc.<sup>(a)</sup> | 44084 | 486247 |
| Torrent Pharmaceuticals Ltd. | 4474 | 177853 |
| Trevi Therapeutics, Inc.<sup>(a)</sup> | 70742 | 386959 |
| UCB SA | 624 | 122777 |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | 19143 | 124430 |
| Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 42372 | 197877 |
| Yunnan Baiyao Group Co. Ltd., Class A | 74300 | 579262 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |  |
| Zoetis, Inc., Class A | 3279 | $511360 |
| Zydus Lifesciences Ltd. | 39720 | 458784 |
|  |  | 68529796 |
| **Professional Services — 1.3%** | **Professional Services — 1.3%** |  |
| Alight, Inc., Class A<sup>(b)</sup> | 57211 | 323814 |
| Automatic Data Processing, Inc. | 1328 | 409555 |
| Barrett Business Services, Inc. | 12851 | 535758 |
| Booz Allen Hamilton Holding Corp., Class A | 10624 | 1106277 |
| Broadridge Financial Solutions, Inc.<sup>(b)</sup> | 2262 | 549734 |
| Bureau Veritas SA | 9440 | 322209 |
| CACI International, Inc., Class A<sup>(a)(b)</sup> | 3117 | 1485874 |
| Computershare Ltd. | 8374 | 219684 |
| Conduent, Inc.<sup>(a)</sup> | 161030 | 425119 |
| CRA International, Inc. | 3335 | 624879 |
| CSG Systems International, Inc. | 6773 | 442345 |
| Equifax, Inc. | 2051 | 531968 |
| ExlService Holdings, Inc.<sup>(a)</sup> | 65956 | 2888213 |
| Experian PLC | 17584 | 906741 |
| Exponent, Inc.<sup>(b)</sup> | 7547 | 563836 |
| Firstsource Solutions Ltd. | 55364 | 241774 |
| Franklin Covey Co.<sup>(a)</sup> | 11175 | 255013 |
| Genpact Ltd. | 6111 | 268945 |
| Heidrick & Struggles International, Inc. | 13229 | 605359 |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 7290 | 1002667 |
| IBEX Holdings Ltd.<sup>(a)</sup> | 9458 | 275228 |
| ICF International, Inc. | 9486 | 803559 |
| Jacobs Solutions, Inc. | 2597 | 341376 |
| KBR, Inc. | 12506 | 599538 |
| Kforce, Inc.<sup>(b)</sup> | 7015 | 288527 |
| Korn Ferry | 15545 | 1139915 |
| L&T Technology Services Ltd.<sup>(c)</sup> | 6617 | 339794 |
| Legalzoom.com, Inc.<sup>(a)</sup> | 70194 | 625429 |
| Leidos Holdings, Inc. | 4450 | 702032 |
| ManpowerGroup, Inc. | 27313 | 1103445 |
| Maximus, Inc. | 16310 | 1144962 |
| My EG Services Bhd | 1865700 | 421052 |
| NV5 Global, Inc.<sup>(a)</sup> | 44718 | 1032539 |
| Paylocity Holding Corp.<sup>(a)</sup> | 2624 | 475443 |
| Recruit Holdings Co. Ltd. | 57500 | 3381379 |
| RELX PLC | 5227 | 283291 |
| Resources Connection, Inc. | 16975 | 91156 |
| Robert Half, Inc. | 5765 | 236653 |
| Sagility India Ltd.<sup>(a)</sup> | 506568 | 243489 |
| SGS SA, Registered Shares | 15170 | 1540295 |
| SS&C Technologies Holdings, Inc. | 3033 | 251132 |
| Teleperformance SE | 169 | 16415 |
| Thomson Reuters Corp. | 1640 | 329794 |
| TransUnion | 15027 | 1322376 |
| TriNet Group, Inc. | 9910 | 724817 |
| TrueBlue, Inc.<sup>(a)</sup> | 19657 | 127377 |
| UL Solutions, Inc., Class A<sup>(b)</sup> | 4511 | 328671 |
| Upwork, Inc.<sup>(a)</sup> | 8743 | 117506 |
| Verisk Analytics, Inc. | 4266 | 1328859 |
| Verra Mobility Corp., Class A<sup>(a)</sup> | 29812 | 756927 |
| Willdan Group, Inc.<sup>(a)</sup> | 6272 | 392063 |
| Wolters Kluwer NV, Class C | 7489 | 1252447 |
|  |  | 35727250 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |  |
| Altisource Portfolio Solutions SA<sup>(a)(b)</sup> | 587 | 5007 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |  |
| Anywhere Real Estate, Inc.<sup>(a)</sup> | 59643 | $215908 |
| Barwa Real Estate Co. | 224056 | 170669 |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 3352 | 469682 |
| China Merchants Shekou Industrial Zone Holdings <br> Co. Ltd., Class A<br>| 213800 | 262031 |
| China Resources Land Ltd. | 310500 | 1057185 |
| Compass, Inc., Class A<sup>(a)</sup> | 104826 | 658307 |
| Country Garden Services Holdings Co. Ltd. | 387000 | 324353 |
| Daito Trust Construction Co. Ltd. | 3900 | 424782 |
| Daiwa House Industry Co. Ltd. | 22000 | 755981 |
| DLF Ltd. | 33821 | 330631 |
| Emaar Development PJSC | 135377 | 498403 |
| Emaar Properties PJSC | 631405 | 2342284 |
| eXp World Holdings, Inc.<sup>(b)</sup> | 8994 | 81845 |
| FirstService Corp. | 3744 | 653341 |
| Forestar Group, Inc.<sup>(a)</sup> | 9756 | 195120 |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> | 114 | 7695 |
| Hulic Co. Ltd.<sup>(b)</sup> | 26200 | 264274 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 1105 | 282637 |
| KE Holdings, Inc., Class A | 174574 | 1041843 |
| Kennedy-Wilson Holdings, Inc. | 65405 | 444754 |
| Marcus & Millichap, Inc.<sup>(b)</sup> | 18568 | 570223 |
| Mitsui Fudosan Co. Ltd. | 14800 | 143280 |
| Newmark Group, Inc., Class A | 27626 | 335656 |
| Nomura Real Estate Holdings, Inc. | 123600 | 723952 |
| Redfin Corp.<sup>(a)(b)</sup> | 22333 | 249906 |
| RMR Group, Inc., Class A<sup>(b)</sup> | 5073 | 82943 |
| Saudi Real Estate Co.<sup>(a)</sup> | 20876 | 111020 |
| Seaport Entertainment Group, Inc.<sup>(a)(b)</sup> | 26 | 487 |
| St. Joe Co. | 18661 | 890130 |
| Sun Hung Kai Properties Ltd. | 42500 | 489729 |
| Tokyo Tatemono Co. Ltd.<sup>(b)</sup> | 40900 | 727895 |
| Tokyu Fudosan Holdings Corp. | 92400 | 660311 |
| Vonovia SE | 13343 | 473054 |
| Youngor Fashion Co. Ltd., Class A | 293000 | 298928 |
| Zillow Group, Inc., Class A<sup>(a)</sup> | 187 | 12808 |
|  |  | 16257054 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |  |
| Apartment Investment and Management Co., Class A | 5655 | 48916 |
| Camden Property Trust<sup>(b)</sup> | 2544 | 286683 |
| Centerspace<sup>(b)</sup> | 6716 | 404236 |
| Clipper Realty, Inc.<sup>(b)</sup> | 5526 | 20280 |
| Elme Communities | 16014 | 254623 |
| Equity LifeStyle Properties, Inc. | 2584 | 159355 |
| Invitation Homes, Inc. | 50396 | 1652989 |
| NexPoint Residential Trust, Inc. | 28264 | 941757 |
| Veris Residential, Inc. | 72570 | 1080567 |
|  |  | 4849406 |
| **Retail REITs — 0.5%** | **Retail REITs — 0.5%** |  |
| Acadia Realty Trust<sup>(b)</sup> | 8717 | 161875 |
| Agree Realty Corp.<sup>(b)</sup> | 26700 | 1950702 |
| Brixmor Property Group, Inc. | 54328 | 1414701 |
| CBL & Associates Properties, Inc. | 5776 | 146653 |
| Federal Realty Investment Trust | 2290 | 217527 |
| FrontView REIT, Inc.<sup>(b)</sup> | 55350 | 664200 |
| Getty Realty Corp.<sup>(b)</sup> | 20550 | 568002 |
| Kimco Realty Corp. | 49562 | 1041793 |
| Kite Realty Group Trust | 9664 | 218890 |
| NETSTREIT Corp.<sup>(b)</sup> | 47058 | 796692 |
| NNN REIT, Inc. | 34181 | 1475936 |
| Saul Centers, Inc. | 13144 | 448736 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Retail REITs (continued)** | **Retail REITs (continued)** |  |
| Scentre Group | 61171 | $143673 |
| Simon Property Group, Inc. | 21017 | 3378693 |
| Tanger, Inc. | 50978 | 1558907 |
| Urban Edge Properties | 64302 | 1199875 |
| Whitestone REIT | 13392 | 167132 |
|  |  | 15553987 |
| **Semiconductors & Semiconductor Equipment — 8.2%** | **Semiconductors & Semiconductor Equipment — 8.2%** |  |
| ACM Research, Inc., Class A<sup>(a)</sup> | 15207 | 393861 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 40461 | 5741416 |
| Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 13524 | 347026 |
| Ambarella, Inc.<sup>(a)</sup> | 21432 | 1415905 |
| Analog Devices, Inc.<sup>(b)</sup> | 9292 | 2211682 |
| Applied Materials, Inc. | 9708 | 1777244 |
| Ardentec Corp. | 135000 | 350670 |
| ARM Holdings PLC, ADR<sup>(a)</sup> | 1304 | 210909 |
| ASE Technology Holding Co. Ltd. | 382000 | 1916409 |
| ASM International NV | 445 | 285458 |
| ASML Holding NV | 4459 | 3573161 |
| ASPEED Technology, Inc. | 9000 | 1463617 |
| Astera Labs, Inc.<sup>(a)</sup> | 2328 | 210498 |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 11504 | 801714 |
| Broadcom, Inc. | 88710 | 24452911 |
| Cohu, Inc.<sup>(a)</sup> | 5796 | 111515 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 56846 | 5263371 |
| Diodes, Inc.<sup>(a)</sup> | 16106 | 851846 |
| Ichor Holdings Ltd.<sup>(a)</sup> | 14379 | 282404 |
| Impinj, Inc.<sup>(a)(b)</sup> | 7143 | 793373 |
| Intel Corp. | 87324 | 1956058 |
| King Yuan Electronics Co. Ltd. | 447000 | 1560522 |
| KLA Corp. | 1337 | 1197604 |
| Lam Research Corp. | 37098 | 3611119 |
| Marvell Technology, Inc. | 45138 | 3493681 |
| MaxLinear, Inc.<sup>(a)</sup> | 33385 | 474401 |
| MediaTek, Inc. | 122000 | 5227536 |
| Micron Technology, Inc. | 7909 | 974784 |
| Monolithic Power Systems, Inc.<sup>(b)</sup> | 210 | 153590 |
| Nanya Technology Corp.<sup>(a)</sup> | 44000 | 77112 |
| Navitas Semiconductor Corp.<sup>(a)(b)</sup> | 13818 | 90508 |
| NVIDIA Corp. | 455422 | 71952122 |
| Onto Innovation, Inc.<sup>(a)</sup> | 17776 | 1794132 |
| Parade Technologies Ltd. | 48000 | 981540 |
| Penguin Solutions, Inc.<sup>(a)</sup> | 11970 | 237126 |
| Phison Electronics Corp. | 99000 | 1704526 |
| Pixart Imaging, Inc. | 73000 | 573857 |
| Power Integrations, Inc.<sup>(b)</sup> | 14105 | 788469 |
| Qorvo, Inc.<sup>(a)</sup> | 683 | 57994 |
| QUALCOMM, Inc. | 31402 | 5001082 |
| Rambus, Inc.<sup>(a)</sup> | 48745 | 3120655 |
| Realtek Semiconductor Corp. | 73000 | 1417732 |
| Rigetti Computing, Inc.<sup>(a)(b)</sup> | 62015 | 735498 |
| Semtech Corp.<sup>(a)</sup> | 14879 | 671638 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 5544 | 816964 |
| SiTime Corp.<sup>(a)</sup> | 6576 | 1401214 |
| SK Hynix, Inc. | 28238 | 6084768 |
| STMicroelectronics NV | 2748 | 84259 |
| Synaptics, Inc.<sup>(a)</sup> | 15558 | 1008470 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1574000 | 57560152 |
| Texas Instruments, Inc. | 19184 | 3982982 |
| Tokyo Electron Ltd. | 4900 | 938396 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |  |
| Tower Semiconductor Ltd.<sup>(a)(b)</sup> | 4327 | $187575 |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 18224 | 411316 |
|  |  | 232784372 |
| **Software — 6.4%** | **Software — 6.4%** |  |
| 8x8, Inc.<sup>(a)</sup> | 46396 | 90936 |
| A10 Networks, Inc.<sup>(b)</sup> | 9166 | 177362 |
| ACI Worldwide, Inc.<sup>(a)</sup> | 45372 | 2083029 |
| Adobe, Inc.<sup>(a)</sup> | 14967 | 5790433 |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 32494 | 1838186 |
| Amplitude, Inc., Class A<sup>(a)</sup> | 68408 | 848259 |
| ANSYS, Inc.<sup>(a)</sup> | 976 | 342791 |
| Appian Corp., Class A<sup>(a)</sup> | 5505 | 164379 |
| AppLovin Corp., Class A<sup>(a)</sup> | 3614 | 1265189 |
| Asana, Inc., Class A<sup>(a)</sup> | 37323 | 503861 |
| Asseco Poland SA | 989 | 55552 |
| Atlassian Corp., Class A<sup>(a)</sup> | 6306 | 1280686 |
| Aurora Innovation, Inc., Class A<sup>(a)(b)</sup> | 239249 | 1253665 |
| Autodesk, Inc.<sup>(a)</sup> | 4815 | 1490580 |
| AvePoint, Inc., Class A<sup>(a)(b)</sup> | 9136 | 176416 |
| Bit Digital, Inc.<sup>(a)</sup> | 72805 | 159443 |
| Blend Labs, Inc., Class A<sup>(a)</sup> | 51417 | 169676 |
| Box, Inc., Class A<sup>(a)</sup> | 46364 | 1584258 |
| Braze, Inc., Class A<sup>(a)</sup> | 20852 | 585941 |
| C3.ai, Inc., Class A<sup>(a)(b)</sup> | 32153 | 789999 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 2817 | 868059 |
| Cerence, Inc.<sup>(a)</sup> | 25768 | 263091 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 5424 | 1200060 |
| Chime Financial, Inc., Class A, Class A<sup>(a)</sup> | 30308 | 1045929 |
| Cipher Mining, Inc.<sup>(a)(b)</sup> | 58437 | 279329 |
| Cleanspark, Inc.<sup>(a)(b)</sup> | 67434 | 743797 |
| Clear Secure, Inc., Class A | 22164 | 615273 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 88931 | 1950257 |
| Commvault Systems, Inc.<sup>(a)</sup> | 9002 | 1569319 |
| Confluent, Inc., Class A<sup>(a)</sup> | 26384 | 657753 |
| Constellation Software, Inc./Canada | 51 | 187004 |
| Core Scientific, Inc.<sup>(a)</sup> | 16953 | 289388 |
| CyberArk Software Ltd.<sup>(a)</sup> | 1240 | 504531 |
| Dassault Systemes SE | 8826 | 319869 |
| Datadog, Inc., Class A<sup>(a)</sup> | 1942 | 260869 |
| Digital Turbine, Inc.<sup>(a)</sup> | 48819 | 288032 |
| Docusign, Inc.<sup>(a)</sup> | 1843 | 143551 |
| Domo, Inc., Class B<sup>(a)</sup> | 16262 | 227180 |
| D-Wave Quantum, Inc.<sup>(a)(b)</sup> | 77248 | 1130911 |
| Dynatrace, Inc.<sup>(a)</sup> | 10090 | 557069 |
| Elastic NV<sup>(a)</sup> | 45597 | 3845195 |
| Expensify, Inc., Class A<sup>(a)</sup> | 40735 | 105504 |
| Fair Isaac Corp.<sup>(a)</sup> | 1286 | 2350757 |
| Five9, Inc.<sup>(a)</sup> | 14894 | 394393 |
| Fortinet, Inc.<sup>(a)</sup> | 9183 | 970827 |
| Freshworks, Inc., Class A<sup>(a)</sup> | 68426 | 1020232 |
| Gitlab, Inc., Class A<sup>(a)(b)</sup> | 13604 | 613676 |
| Guidewire Software, Inc.<sup>(a)</sup> | 1104 | 259937 |
| HubSpot, Inc.<sup>(a)</sup> | 96 | 53436 |
| Hut 8 Corp.<sup>(a)(b)</sup> | 14212 | 264343 |
| Intapp, Inc.<sup>(a)</sup> | 8736 | 450952 |
| Intellect Design Arena Ltd. | 28777 | 385655 |
| InterDigital, Inc.<sup>(b)</sup> | 7331 | 1643830 |
| Intuit, Inc. | 7625 | 6005679 |
| Jamf Holding Corp.<sup>(a)</sup> | 14887 | 141575 |
| JFrog Ltd.<sup>(a)</sup> | 13790 | 605105 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | 24000 | 47436 |
| Klaviyo, Inc., Series A<sup>(a)</sup> | 2459 | 82573 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** |  |
| KPIT Technologies Ltd. | 6745 | $99016 |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 41971 | 1386722 |
| MARA Holdings, Inc.<sup>(a)</sup> | 69859 | 1095389 |
| Marin Software, Inc.<sup>(a)(d)</sup> | 268 |  |
| Microsoft Corp. | 144469 | 71860325 |
| MicroStrategy, Inc., Class A<sup>(a)</sup> | 289 | 116822 |
| Monday.com Ltd.<sup>(a)</sup> | 512 | 161014 |
| N-able, Inc.<sup>(a)</sup> | 15082 | 122164 |
| nCino, Inc.<sup>(a)</sup> | 192 | 5370 |
| Nemetschek SE | 912 | 132233 |
| Nice Ltd.<sup>(a)</sup> | 2043 | 346315 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 13616 | 1040807 |
| Olo, Inc., Class A<sup>(a)</sup> | 55326 | 492401 |
| Ooma, Inc.<sup>(a)</sup> | 30561 | 394237 |
| Oracle Corp. | 23823 | 5208423 |
| Oracle Corp. Japan | 1300 | 154948 |
| Pagaya Technologies Ltd., Class A<sup>(a)(b)</sup> | 13432 | 286370 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 43939 | 5989764 |
| Porch Group, Inc.<sup>(a)</sup> | 24361 | 287216 |
| PROS Holdings, Inc.<sup>(a)(b)</sup> | 40095 | 627888 |
| Q2 Holdings, Inc.<sup>(a)</sup> | 16779 | 1570347 |
| Qualys, Inc.<sup>(a)</sup> | 14760 | 2108761 |
| Rapid7, Inc.<sup>(a)</sup> | 20329 | 470210 |
| RingCentral, Inc., Class A<sup>(a)</sup> | 19598 | 555603 |
| Riot Platforms, Inc.<sup>(a)(b)</sup> | 81825 | 924623 |
| Rubrik, Inc., Class A<sup>(a)(b)</sup> | 4461 | 399661 |
| Sage Group PLC | 14782 | 253848 |
| Salesforce, Inc. | 34631 | 9443527 |
| SAP SE | 17599 | 5381415 |
| SEMrush Holdings, Inc., Class A<sup>(a)</sup> | 39103 | 353882 |
| ServiceNow, Inc.<sup>(a)</sup> | 3707 | 3811093 |
| SoundHound AI, Inc., Class A<sup>(a)(b)</sup> | 61681 | 661837 |
| Sprinklr, Inc., Class A<sup>(a)</sup> | 20042 | 169555 |
| Sprout Social, Inc., Class A<sup>(a)</sup> | 27266 | 570132 |
| SPS Commerce, Inc.<sup>(a)</sup> | 6304 | 857911 |
| Synchronoss Technologies, Inc.<sup>(a)</sup> | 1528 | 10467 |
| Technology One Ltd. | 10398 | 280285 |
| Tenable Holdings, Inc.<sup>(a)</sup> | 49316 | 1665894 |
| Teradata Corp.<sup>(a)</sup> | 809 | 18049 |
| Terawulf, Inc.<sup>(a)(b)</sup> | 70721 | 309758 |
| Upland Software, Inc.<sup>(a)</sup> | 9814 | 19137 |
| Varonis Systems, Inc.<sup>(a)(b)</sup> | 32500 | 1649375 |
| Verint Systems, Inc.<sup>(a)</sup> | 32004 | 629519 |
| Viant Technology, Inc., Class A<sup>(a)(b)</sup> | 2216 | 29318 |
| Workday, Inc., Class A<sup>(a)</sup> | 6145 | 1474800 |
| Workiva, Inc., Class A<sup>(a)</sup> | 25202 | 1725077 |
| Xero Ltd.<sup>(a)</sup> | 21515 | 2545854 |
| Xperi, Inc.<sup>(a)</sup> | 16149 | 127739 |
| Yext, Inc.<sup>(a)</sup> | 24828 | 211038 |
| Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 90661 | 1404339 |
|  |  | 182433495 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |  |
| American Tower Corp. | 11742 | 2595217 |
| Crown Castle, Inc. | 4334 | 445232 |
| CubeSmart<sup>(b)</sup> | 233153 | 9909003 |
| Digital Realty Trust, Inc. | 9209 | 1605405 |
| EPR Properties<sup>(b)</sup> | 254 | 14798 |
| Equinix, Inc. | 7422 | 5903978 |
| Extra Space Storage, Inc. | 1501 | 221308 |
| Four Corners Property Trust, Inc.<sup>(b)</sup> | 56830 | 1529295 |
| Iron Mountain, Inc. | 17963 | 1842465 |
| Lamar Advertising Co., Class A<sup>(b)</sup> | 5486 | 665781 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** |  |
| Millrose Properties, Inc., Class A | 1151 | $32815 |
| PotlatchDeltic Corp.<sup>(b)</sup> | 5815 | 223122 |
| Public Storage | 2127 | 624104 |
| Rayonier, Inc. | 508 | 11267 |
| Safehold, Inc.<sup>(b)</sup> | 11740 | 182674 |
| SBA Communications Corp. | 492 | 115541 |
|  |  | 25922005 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |  |
| 1-800-Flowers.com, Inc., Class A<sup>(a)(b)</sup> | 15289 | 75222 |
| Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 13899 | 1151532 |
| Aditya Birla Fashion and Retail Ltd.<sup>(a)</sup> | 115489 | 100978 |
| Aldrees Petroleum and Transport Services Co. | 14049 | 477165 |
| America's Car-Mart, Inc.<sup>(a)</sup> | 2765 | 154951 |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 5541 | 1321750 |
| AutoNation, Inc.<sup>(a)</sup> | 9271 | 1841684 |
| AutoZone, Inc.<sup>(a)</sup> | 552 | 2049151 |
| Bath & Body Works, Inc. | 29094 | 871656 |
| Best Buy Co., Inc. | 13909 | 933711 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 9852 | 1497504 |
| Camping World Holdings, Inc., Class A | 24934 | 428615 |
| CarMax, Inc.<sup>(a)</sup> | 18000 | 1209780 |
| CarParts.com, Inc.<sup>(a)</sup> | 94457 | 69908 |
| Carvana Co., Class A<sup>(a)</sup> | 4812 | 1621452 |
| Chewy, Inc., Class A<sup>(a)</sup> | 5222 | 222562 |
| Chow Tai Fook Jewellery Group Ltd. | 229200 | 393002 |
| Citi Trends, Inc.<sup>(a)</sup> | 1635 | 54593 |
| Conn's, Inc.<sup>(a)</sup> | 7119 | 1 |
| EVgo, Inc., Class A<sup>(a)</sup> | 40491 | 147792 |
| Fawaz Abdulaziz Al Hokair & Co.<sup>(a)</sup> | 25121 | 164909 |
| Five Below, Inc.<sup>(a)</sup> | 8280 | 1086170 |
| Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 1665 | 126473 |
| Foot Locker, Inc.<sup>(a)(b)</sup> | 20930 | 512785 |
| Gap, Inc. | 37575 | 819511 |
| Genesco, Inc.<sup>(a)(b)</sup> | 5931 | 116781 |
| Group 1 Automotive, Inc.<sup>(b)</sup> | 5676 | 2478766 |
| Grupo SBF SA | 267432 | 600517 |
| Haverty Furniture Cos., Inc. | 15371 | 312800 |
| Home Depot, Inc. | 24611 | 9023377 |
| Industria de Diseno Textil SA | 6682 | 348578 |
| JB Hi-Fi Ltd. | 6068 | 440939 |
| JD Sports Fashion PLC | 10049 | 12254 |
| Kingfisher PLC | 7173 | 28646 |
| Lands' End, Inc.<sup>(a)(b)</sup> | 5724 | 61304 |
| Lithia Motors, Inc., Class A<sup>(b)</sup> | 9514 | 3214020 |
| Lojas Renner SA | 598608 | 2168303 |
| Lowe's Cos., Inc.<sup>(b)</sup> | 683 | 151537 |
| Monro, Inc. | 16439 | 245106 |
| Mr. Price Group Ltd. | 25869 | 324316 |
| National Vision Holdings, Inc.<sup>(a)</sup> | 20010 | 460430 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 22745 | 2050007 |
| Penske Automotive Group, Inc.<sup>(b)</sup> | 3794 | 651847 |
| Petco Health & Wellness Co., Inc.<sup>(a)</sup> | 29619 | 83822 |
| Pop Mart International Group Ltd.<sup>(c)</sup> | 37600 | 1281000 |
| RealReal, Inc.<sup>(a)</sup> | 22614 | 108321 |
| Revolve Group, Inc., Class A<sup>(a)</sup> | 34064 | 682983 |
| RH<sup>(a)</sup> | 1484 | 280491 |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 23840 | 220758 |
| Sanrio Co. Ltd. | 3600 | 174080 |
| Shift Technologies, Inc., Class A<sup>(a)(d)</sup> | 304 |  |
| Signet Jewelers Ltd.<sup>(b)</sup> | 2292 | 182329 |
| Sonic Automotive, Inc., Class A | 11972 | 956922 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** |  |
| Stitch Fix, Inc., Class A<sup>(a)</sup> | 86675 | $320698 |
| ThredUp, Inc., Class A<sup>(a)</sup> | 17260 | 129277 |
| TJX Cos., Inc. | 11192 | 1382100 |
| Topsports International Holdings Ltd.<sup>(c)</sup> | 2831000 | 1107882 |
| Trent Ltd. | 12708 | 921284 |
| Upbound Group, Inc. | 23501 | 589875 |
| Urban Outfitters, Inc.<sup>(a)</sup> | 25792 | 1870952 |
| Victoria's Secret & Co.<sup>(a)</sup> | 26022 | 481927 |
| Warby Parker, Inc., Class A<sup>(a)</sup> | 35888 | 787024 |
| Wayfair, Inc., Class A<sup>(a)</sup> | 13184 | 674230 |
| Winmark Corp. | 1506 | 568681 |
| Zhongsheng Group Holdings Ltd. | 30000 | 46401 |
| Zumiez, Inc.<sup>(a)</sup> | 35416 | 469616 |
|  |  | 53343038 |
| **Technology Hardware, Storage & Peripherals — 3.2%** | **Technology Hardware, Storage & Peripherals — 3.2%** |  |
| Advantech Co. Ltd. | 112000 | 1299328 |
| Apple, Inc. | 277007 | 56833526 |
| Asustek Computer, Inc. | 31000 | 685328 |
| Canon, Inc.<sup>(b)</sup> | 24700 | 716392 |
| Corsair Gaming, Inc.<sup>(a)</sup> | 12237 | 115395 |
| Dell Technologies, Inc., Class C | 559 | 68534 |
| Ennoconn Corp. | 73000 | 721010 |
| IEIT Systems Co. Ltd., Class A | 163200 | 1162948 |
| IonQ, Inc.<sup>(a)(b)</sup> | 54634 | 2347623 |
| King Slide Works Co. Ltd. | 3000 | 208838 |
| Lenovo Group Ltd. | 240000 | 289966 |
| Quantum Computing, Inc.<sup>(a)(b)</sup> | 14590 | 279690 |
| Samsung Electronics Co. Ltd. | 373955 | 16536890 |
| Turtle Beach Corp.<sup>(a)</sup> | 4234 | 58556 |
| Wistron Corp. | 77000 | 323959 |
| Xiaomi Corp., Class B<sup>(a)(c)</sup> | 1264000 | 9729938 |
|  |  | 91377921 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |  |
| adidas AG, Class N | 4580 | 1069109 |
| Amer Sports, Inc.<sup>(a)</sup> | 28200 | 1093032 |
| Capri Holdings Ltd.<sup>(a)</sup> | 491 | 8691 |
| Carter's, Inc. | 124 | 3736 |
| Cie Financiere Richemont SA, Class A, Registered <br> Shares<br>| 2584 | 488977 |
| Culp, Inc.<sup>(a)</sup> | 3659 | 14380 |
| Deckers Outdoor Corp.<sup>(a)</sup> | 1991 | 205212 |
| G-III Apparel Group Ltd.<sup>(a)</sup> | 48789 | 1092874 |
| Hermes International SCA | 426 | 1154829 |
| Kontoor Brands, Inc.<sup>(b)</sup> | 9573 | 631531 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 3789 | 900191 |
| LVMH Moet Hennessy Louis Vuitton SE | 2586 | 1353461 |
| Mavi Giyim Sanayi Ve Ticaret A/S, Class B<sup>(c)</sup> | 47707 | 46094 |
| Moncler SpA | 614 | 35023 |
| NIKE, Inc., Class B<sup>(b)</sup> | 18387 | 1306212 |
| Page Industries Ltd. | 128 | 73750 |
| Ralph Lauren Corp., Class A | 13239 | 3631193 |
| Skechers USA, Inc., Class A<sup>(a)</sup> | 223 | 14071 |
| Steven Madden Ltd.<sup>(b)</sup> | 40972 | 982509 |
| Tapestry, Inc. | 18172 | 1595683 |
| Titan Co. Ltd. | 15261 | 656802 |
| Under Armour, Inc., Class C<sup>(a)</sup> | 626 | 4063 |
| Unifi, Inc.<sup>(a)</sup> | 3990 | 20828 |
| VF Corp.<sup>(b)</sup> | 40715 | 478401 |
| Wolverine World Wide, Inc.<sup>(b)</sup> | 13160 | 237933 |
|  |  | 17098585 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** |  |
| British American Tobacco PLC | 54416 | $2587280 |
| Imperial Brands PLC | 11315 | 447057 |
| ITC Ltd. | 267592 | 1299548 |
| Japan Tobacco, Inc.<sup>(b)</sup> | 54500 | 1605538 |
| KT&G Corp. | 4841 | 456925 |
| Philip Morris International, Inc. | 43191 | 7866377 |
| Turning Point Brands, Inc.<sup>(b)</sup> | 6031 | 456969 |
|  |  | 14719694 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |  |
| Air Lease Corp., Class A | 1973 | 115401 |
| Ashtead Group PLC | 4821 | 309151 |
| BlueLinx Holdings, Inc.<sup>(a)</sup> | 6564 | 488230 |
| Boise Cascade Co. | 18065 | 1568403 |
| Bunzl PLC | 11373 | 362417 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 3107 | 187508 |
| DNOW, Inc.<sup>(a)</sup> | 82439 | 1222570 |
| DXP Enterprises, Inc.<sup>(a)</sup> | 4426 | 387939 |
| FTAI Aviation Ltd. | 11066 | 1273033 |
| GATX Corp.<sup>(b)</sup> | 10022 | 1538978 |
| Global Industrial Co. | 8857 | 239228 |
| GMS, Inc.<sup>(a)</sup> | 6753 | 734389 |
| Herc Holdings, Inc.<sup>(b)</sup> | 11681 | 1538271 |
| IndiaMart InterMesh Ltd.<sup>(c)</sup> | 28513 | 864194 |
| Karat Packaging, Inc. | 2753 | 77525 |
| McGrath RentCorp | 6526 | 756755 |
| MRC Global, Inc.<sup>(a)</sup> | 34694 | 475655 |
| Rush Enterprises, Inc., Class A<sup>(b)</sup> | 27369 | 1409777 |
| Sumitomo Corp. | 17200 | 443875 |
| Xometry, Inc., Class A<sup>(a)(b)</sup> | 11659 | 393958 |
|  |  | 14387257 |
| **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** |  |
| Adani Ports & Special Economic Zone Ltd. | 36266 | 613400 |
| Aena SME SA<sup>(c)</sup> | 5190 | 138541 |
| Aeroports de Paris SA | 465 | 58298 |
| Forward Air Corp.<sup>(a)(b)</sup> | 4599 | 112859 |
| Getlink SE | 1653 | 31910 |
| Grupo Aeroportuario del Centro Norte SAB de C.V., <br> ADR<br>| 2040 | 215220 |
| Grupo Aeroportuario del Centro Norte SAB de C.V., <br> Class B<br>| 17910 | 235275 |
| Grupo Aeroportuario del Pacifico SAB de C.V., ADR | 127 | 29162 |
| Grupo Aeroportuario del Pacifico SAB de C.V., <br> Class B<br>| 24261 | 556899 |
| International Container Terminal Services, Inc. | 168640 | 1229445 |
| Saudi Ground Services Co. | 8518 | 111134 |
| Taiwan High Speed Rail Corp. | 230000 | 222376 |
| Transurban Group | 83015 | 763818 |
|  |  | 4318337 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |  |
| California Water Service Group | 16823 | 765110 |
| Cia de Saneamento de Minas Gerais Copasa MG | 136409 | 702244 |
| Severn Trent PLC | 2583 | 97049 |
| SJW Group | 12740 | 662098 |
| United Utilities Group PLC | 6343 | 99602 |
|  |  | 2326103 |
| **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** |  |
| Advanced Info Service PCL, NVDR | 399700 | 3425886 |
| America Movil SAB de C.V., Series B | 1356634 | 1213159 |
| Bharti Airtel Ltd. | 211124 | 4949604 |
| Bharti Hexacom Ltd. | 9750 | 221728 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |  |
| China United Network Communications Ltd., Class A | 131600 | $98235 |
| Maxis Bhd | 416300 | 357145 |
| Mobile Telecommunications Co. Saudi Arabia | 32555 | 93606 |
| MTN Group Ltd. | 124130 | 988103 |
| SK Telecom Co. Ltd. | 23846 | 1003285 |
| SoftBank Corp. | 1549900 | 2400719 |
| Spok Holdings, Inc. | 9045 | 159916 |
| Tele2 AB, B Shares | 9086 | 132632 |
| Telephone and Data Systems, Inc. | 39029 | 1388652 |
| Vodafone Idea Ltd.<sup>(a)</sup> | 1750549 | 151585 |
|  |  | 16584255 |
| **Total Common Stocks — 87.8%** <br>**(Cost: $1,999,578,619)** | **Total Common Stocks — 87.8%** <br>**(Cost: $1,999,578,619)** | 2485320085 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Banks — 0.3%** | **Banks — 0.3%** |  |
| Banco Bradesco SA | 780667 | 2418256 |
| Itau Unibanco Holding SA | 695481 | 4729900 |
|  |  | 7148156 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |  |
| Gerdau SA | 86924 | 255984 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |  |
| Petroleo Brasileiro SA - Petrobras | 544118 | 3142667 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| Brookfield Property Preferred LP, 07/26/81 | 7 | 104 |
|  |  | 10546911 |
| **Total Preferred Securities — 0.4%** <br>**(Cost: $9,110,719)** | **Total Preferred Securities — 0.4%** <br>**(Cost: $9,110,719)** | 10546911 |
| **Rights** | **Rights** | **Rights** |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |  |
| Albireo Pharma, Inc., CVR<sup>(d)</sup> | 1592 | 5668 |
| Catalyst Biosciences, Inc., CVR<sup>(b)(d)</sup> | 6436 |  |
| Chinook Therapeutics, CVR<sup>(d)</sup> | 3288 | 526 |
| Inhibrx, Inc., CVR<sup>(d)</sup> | 4627 | 5321 |
| Kinnate Biopharma, Inc., CVR<sup>(b)</sup> | 3570 | 222 |
| Korro Bio, Inc., CVR<sup>(d)</sup> | 4657 |  |
| Mirati Therapeutics, Inc. CVR<sup>(d)</sup> | 144 | 108 |
| Prevail Therapeutics, CVR<sup>(d)</sup> | 1105 | 553 |
| Q32 Bio, CVR | 6560 | 264 |
| Surface Oncology, Inc., CVR | 4415 | 414 |
|  |  | 13076 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |  |
| Eli Lilly and Company, CVR<sup>(d)</sup> | 1837 |  |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |  |
| Abiomed, Inc., CVR<sup>(d)</sup> | 134 | 296 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |  |
| Pan American Silver Corp. | 16660 | 4082 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |  |
| Resolute Forest Products, Inc., CVR<sup>(d)</sup> | 3951 | 3674 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |  |
| Flexion Therapeutics, CVR<sup>(d)</sup> | 3275 | $917 |
| **Total Rights — 0.0%** <br>**(Cost: $18,622)** | **Total Rights — 0.0%** <br>**(Cost: $18,622)** | 22045 |
| **Warrants** | **Warrants** | **Warrants** |
| **Real Estate Management & Development**<sup>(a)</sup> **— 0.0%** | **Real Estate Management & Development**<sup>(a)</sup> **— 0.0%** |  |
| Altisource Portfolio Solutions SA, (Issued 02/14/25, <br> Exercisable 02/14/26, 0.20 Share for 1 Warrant, <br> Expires 04/30/32, Strike Price USD 15.60)<br>| 4699 | 2350 |
| Altisource Portfolio Solutions SA, (Issued 02/14/25, <br> Exercisable 02/15/26, 0.20 Share for 1 Warrant, <br> Expires 04/02/29, Strike Price USD 15.60)<br>| 4699 | 2396 |
|  |  | 4746 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | 4746 |
| **Total Long-Term Investments — 88.2%** <br>**(Cost: $2,008,707,960)** | **Total Long-Term Investments — 88.2%** <br>**(Cost: $2,008,707,960)** | 2495893787 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 17.5%** | **Money Market Funds — 17.5%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(e)(f)(g)</sup><br>| 160134499 | 160198552 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(e)(f)</sup><br>| 335885740 | 335885741 |
| **Total Short-Term Securities — 17.5%** <br>**(Cost: $496,053,335)** | **Total Short-Term Securities — 17.5%** <br>**(Cost: $496,053,335)** | 496084293 |
| **Total Investments — 105.7%** <br>**(Cost: $2,504,761,295)** | **Total Investments — 105.7%** <br>**(Cost: $2,504,761,295)** | 2991978080 |
| **Liabilities in Excess of Other Assets — (5.7)%** | **Liabilities in Excess of Other Assets — (5.7)%** | (162189111)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2829788969 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Affiliate of the Master Portfolio.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $128226189<br> $31991932 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(8007)<br>| $(11562)<br>| $160198552 | 160134499 | $234011 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 330728909<br> 5156832 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 335885741 | 335885740 | 5716810 | &nbsp;&nbsp; — |
|  |  |  | $(8007)<br>| $(11562)<br>| $496084293 |  | $5950821 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $4493 | &nbsp;&nbsp;&nbsp;&nbsp; $130612 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 40767 | &nbsp;&nbsp;&nbsp;&nbsp; 1037038 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 113506 | &nbsp;&nbsp;&nbsp;&nbsp; 2825269 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3992919 |
| Short Contracts  |  |  |  |  |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 26629 | &nbsp;&nbsp;&nbsp;&nbsp; (409955)<br>|
| MSCI EAFE Index | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 17699 | &nbsp;&nbsp;&nbsp;&nbsp; (231775)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (641730)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3351189 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 26355 | CNH | 188639 | Bank of America N.A. | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| CHF | 4050000 | USD | 4980821 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172703 |
| EUR | 3570000 | USD | 4156847 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69826 |
| EUR | 7818000 | USD | 8958490 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297569 |
| EUR | 2829000 | USD | 3332495 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16876 |
| GBP | 4115000 | USD | 5567988 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83233 |
| SEK | 39960000 | USD | 4180016 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64963 |
| SGD | 2078000 | USD | 1622885 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20538 |
| USD | 4650583 | JPY | 661364000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18227 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743938 |
| USD | 3651832 | AUD | 5639000 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65358)<br>|
| USD | 6150070 | CAD | 8393000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37081)<br>|
| USD | 1751459 | CHF | 1422000 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58001)<br>|
| USD | 2397466 | EUR | 2090000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76973)<br>|
| USD | 108656 | NOK | 1102000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (727)<br>|
| USD | 36170 | NZD | 60000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (497)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (238637)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $505301 |

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Master Portfolio | Paid by the Master Portfolio | Received by the Master Portfolio | Received by the Master Portfolio |  |  |  |  |  |  |  |  |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-day SOFR plus <br> 0.50%, 4.45%<br>| At Termination | Russell <br> 1000 Index <br> Total Return <br> (RU10INTR)<br>| At Termination | Goldman Sachs <br> International<br>| N/A | 07/22/25 | USD | 45849 | $7717816 | $— | $7717816 |
| 1-day SOFR plus <br> 0.44%, 4.45%<br>| At Termination | Russell <br> 1000 Index <br> Total Return <br> (RU10INTR)<br>| At Termination | BNP Paribas SA | N/A | 07/30/25 | USD | 172262 | 29489428 |  | 29489428 |
| 1-day SOFR plus <br> 0.50%, 4.45%<br>| At Termination | Russell <br> 1000 Index <br> Total Return <br> (RU10INTR)<br>| At Termination | Merrill Lynch <br> International<br>| N/A | 08/29/25 | USD | 203581 | 9474643 |  | 9474643 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**OTC Total Return Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Master Portfolio | Paid by the Master Portfolio | Received by the Master Portfolio | Received by the Master Portfolio |  |  |  |  |  |  |  |  |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective*<br> *Date*<br>| *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Russell <br> 2000 Index <br> Total Return <br> (RU20INTR)<br>| Quarterly | 1-day SOFR plus <br> 0.44%, 4.45%<br>| Quarterly | Merrill Lynch <br> International<br>| N/A | 10/06/25 | USD | 53058 | $(10318612)<br>| $— | $(10318612)<br>|
| 1-day SOFR plus <br> 0.78%, 4.45%<br>| Quarterly | Russell <br> 1000 Index <br> Total Return <br> (RU10INTR)<br>| Quarterly | Citibank N.A. | N/A | 10/06/25 | USD | 116162 | 25558801 |  | 25558801 |
| MSCI Emerging <br> Markets (Net <br> Return)<br>| Quarterly | 1-day SOFR plus <br> 0.56%, 4.45%<br>| Quarterly | Merrill Lynch <br> International<br>| N/A | 10/31/25 | USD | 147396 | (14420381)<br>|  | (14420381)<br>|
| 1-day SOFR plus <br> 0.91%, 4.45%<br>| Quarterly | Russell <br> 1000 Index <br> Total Return <br> (RU10INTR)<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | 10/31/25 | USD | 199526 | 21716423 |  | 21716423 |
| 1-day SOFR plus <br> 0.92%, 4.45%<br>| Quarterly | Russell <br> 1000 Index <br> Total Return <br> (RU10INTR)<br>| Quarterly | BNP Paribas SA | N/A | 11/07/25 | USD | 687266 | 66404735 |  | 66404735 |
| MSCI EAFE Index <br> Net<br>| Quarterly | 1-day SOFR plus <br> 0.30%, 4.45%<br>| Quarterly | JPMorgan Chase <br> Bank N.A.<br>| N/A | 01/22/26 | USD | 17983 | (1764315)<br>|  | (1764315)<br>|
| MSCI Emerging <br> Markets (Net <br> Return)<br>| Quarterly | 1-day SOFR plus <br> 0.30%, 4.45%<br>| Quarterly | JPMorgan Chase <br> Bank N.A.<br>| N/A | 01/22/26 | USD | 95357 | (13185596)<br>|  | (13185596)<br>|
| Russell <br> 2000 Index <br> Total Return <br> (RU20INTR)<br>| Quarterly | 1-day SOFR plus <br> 0.65%, 4.45%<br>| Quarterly | Merrill Lynch <br> International<br>| N/A | 01/22/26 | USD | 49728 | (7197615)<br>|  | (7197615)<br>|
| Russell <br> 2000 Index <br> Total Return <br> (RU20INTR)<br>| Quarterly | 1-day SOFR plus <br> 0.51%, 4.45%<br>| Quarterly | Merrill Lynch <br> International<br>| N/A | 01/30/26 | USD | 66324 | (6795585)<br>|  | (6795585)<br>|
| MSCI EAFE Index <br> Net<br>| Quarterly | 1-day SOFR plus <br> 0.32%, 4.45%<br>| Quarterly | JPMorgan Chase <br> Bank N.A.<br>| N/A | 02/06/26 | USD | 103848 | (4800992)<br>|  | (4800992)<br>|
| Russell <br> 2000 Index <br> Total Return <br> (RU20INTR)<br>| Quarterly | 1-day SOFR plus <br> 0.50%, 4.45%<br>| Quarterly | Merrill Lynch <br> International<br>| N/A | 02/06/26 | USD | 234876 | (21718832)<br>|  | (21718832)<br>|
| Russell <br> 2000 Index <br> Total Return <br> (RU20INTR)<br>| Quarterly | 1-day SOFR plus <br> 0.57%, 4.45%<br>| Quarterly | JPMorgan Chase <br> Bank N.A.<br>| N/A | 02/06/26 | USD | 156634 | (14467118)<br>|  | (14467118)<br>|
| MSCI Emerging <br> Markets (Net <br> Return)<br>| Quarterly | 1-day SOFR plus <br> 0.29%, 4.45%<br>| Quarterly | UBS AG | N/A | 03/04/26 | USD | 70408 | (3047348)<br>|  | (3047348)<br>|
| MSCI EAFE Index <br> Net<br>| Quarterly | 1-day SOFR plus <br> 0.28%, 4.45%<br>| Quarterly | Citibank N.A. | N/A | 04/30/26 | USD | 54390 | (3303381)<br>| (21167)<br>| (3282214)<br>|
| Russell <br> 2000 Index <br> Total Return <br> (RU20INTR)<br>| Quarterly | 1-day SOFR plus <br> 0.40%, 4.45%<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | 04/30/26 | USD | 37454 | (3844591)<br>|  | (3844591)<br>|
| MSCI Emerging <br> Markets (Net <br> Return)<br>| Quarterly | 1-day SOFR plus <br> 0.08%, 4.45%<br>| Quarterly | JPMorgan Chase <br> Bank N.A.<br>| N/A | 05/08/26 | USD | 227380 | (17963497)<br>|  | (17963497)<br>|
|  |  |  |  |  |  |  |  |  | $37533983 | $(21167)<br>| $37555150 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**Equity Swap contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Vanguard Russell 1000 Index Fund <br> ETF<br>| Citibank N.A. | $10708 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $526 |
| Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  |  | &nbsp;&nbsp; 526 |
| Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> |
| iShares MSCI EAFE ETF | Bank of America N.A. | (9332) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (143)<br>|
| iShares MSCI Emerging Markets <br> ETF<br>| Bank of America N.A. | (9682) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (207)<br>|
| iShares Russell 2000 ETF | Bank of America N.A. | (9696) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (231)<br>|
| Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; (581)<br>|
| Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; (55)<br>|
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (249)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $(304)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Master Portfolio receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

<sup>(b)</sup> The Master Portfolio pays the total return on a reference entity and receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

**Balances Reported in the Statement of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(21167)<br>| &nbsp;&nbsp;&nbsp; $160362372 | &nbsp;&nbsp;&nbsp; $(122807526)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3992919 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3992919 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 743938 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 743938 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 160362372 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 160362372 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $164355291 | &nbsp;&nbsp; $743938 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $165099229 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $641730 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $641730 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 238637 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 238637 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums <br> received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122828693 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122828693 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123470423 | &nbsp;&nbsp; $238637 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123709060 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Master Portfolio 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 net unrealized appreciation (depreciation). 

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22247532)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22247532)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 271498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 271498 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11609711 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11609711 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10637821)<br>| &nbsp;&nbsp; $271498 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10366323)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7901687 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7901687 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 829785 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 829785 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2542027)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2542027)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5359660 | &nbsp;&nbsp; $829785 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6189445 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $242599190 |
| Average notional value of contracts — short | &nbsp;&nbsp; 61721305 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 20231751 |
| Average amounts sold — in USD | &nbsp;&nbsp; 21652330 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 2749778564 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 5354 |
| Average notional value — short | &nbsp;&nbsp; 14355 |

---

For more information about the Master Portfolio's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments — Offsetting as of Period End**

The Master Portfolio's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $624455 | &nbsp;&nbsp;&nbsp;&nbsp; $44481 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 743938 | &nbsp;&nbsp;&nbsp;&nbsp; 238637 |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 160362372 | &nbsp;&nbsp;&nbsp;&nbsp; 122828693 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 161730765 | &nbsp;&nbsp;&nbsp;&nbsp; 123111811 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (624455)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44481)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $161106310 | &nbsp;&nbsp;&nbsp;&nbsp; $123067330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statement of Assets and Liabilities.

The following table presents the Master Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Master Portfolio:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 468855 | &nbsp;&nbsp; (37808)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 431047 |
| BNP Paribas SA | &nbsp;&nbsp; 95894163 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (90340000)<br>| &nbsp;&nbsp; 5554163 |
| Citibank N.A. | &nbsp;&nbsp; 25559327 | &nbsp;&nbsp; (3303381)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21300000)<br>| &nbsp;&nbsp; 955946 |
| Goldman Sachs International | &nbsp;&nbsp; 29434239 | &nbsp;&nbsp; (3844591)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (24300000)<br>| &nbsp;&nbsp; 1289648 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Assets*<sup>(c)(d)</sup><br>|
| Merrill Lynch International | &nbsp;&nbsp; $9474643 | &nbsp;&nbsp; $(9474643)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Toronto-Dominion Bank | &nbsp;&nbsp; 275080 | &nbsp;&nbsp; (123359)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 151721 |
|  | &nbsp;&nbsp; $161106310 | &nbsp;&nbsp; $(16783785)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(135940000)<br>| &nbsp;&nbsp; $8382525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $581 | &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(578)<br>| &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 37808 | &nbsp;&nbsp; (37808)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 3303381 | &nbsp;&nbsp; (3303381)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 3844591 | &nbsp;&nbsp; (3844591)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 52181518 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (52181518)<br>| &nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; 60451025 | &nbsp;&nbsp; (9474643)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50976382 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 77470 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 77470 |
| Toronto-Dominion Bank | &nbsp;&nbsp; 123359 | &nbsp;&nbsp; (123359)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 3047348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3047348)<br>| &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $123067081 | &nbsp;&nbsp; $(16783785)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(55229444)<br>| &nbsp;&nbsp; $51053852 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Master Portfolio's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $22301393 | &nbsp;&nbsp;&nbsp;&nbsp; $9049087 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $31350480 |
| Air Freight & Logistics | &nbsp;&nbsp; 14644871 | &nbsp;&nbsp;&nbsp;&nbsp; 2848634 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17493505 |
| Automobile Components | &nbsp;&nbsp; 10204519 | &nbsp;&nbsp;&nbsp;&nbsp; 1768293 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11972812 |
| Automobiles | &nbsp;&nbsp; 17232898 | &nbsp;&nbsp;&nbsp;&nbsp; 18408680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35641578 |
| Banks | &nbsp;&nbsp; 119902808 | &nbsp;&nbsp;&nbsp;&nbsp; 110278217 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 230181043 |
| Beverages | &nbsp;&nbsp; 11966425 | &nbsp;&nbsp;&nbsp;&nbsp; 3726400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15692825 |
| Biotechnology | &nbsp;&nbsp; 81759280 | &nbsp;&nbsp;&nbsp;&nbsp; 7143445 | &nbsp;&nbsp;&nbsp;&nbsp; 21708 | &nbsp;&nbsp;&nbsp;&nbsp; 88924433 |
| Broadline Retail | &nbsp;&nbsp; 46001177 | &nbsp;&nbsp;&nbsp;&nbsp; 29351370 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75352547 |
| Building Products | &nbsp;&nbsp; 8352549 | &nbsp;&nbsp;&nbsp;&nbsp; 73092 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8425641 |
| Capital Markets | &nbsp;&nbsp; 76500825 | &nbsp;&nbsp;&nbsp;&nbsp; 21096271 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97597096 |
| Chemicals | &nbsp;&nbsp; 10596718 | &nbsp;&nbsp;&nbsp;&nbsp; 7104645 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 17701364 |
| Commercial Services & Supplies | &nbsp;&nbsp; 23347542 | &nbsp;&nbsp;&nbsp;&nbsp; 1106080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24453622 |
| Communications Equipment | &nbsp;&nbsp; 18846246 | &nbsp;&nbsp;&nbsp;&nbsp; 6201044 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25047290 |
| Construction & Engineering | &nbsp;&nbsp; 20449532 | &nbsp;&nbsp;&nbsp;&nbsp; 10490651 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30940183 |
| Construction Materials | &nbsp;&nbsp; 1189979 | &nbsp;&nbsp;&nbsp;&nbsp; 4225421 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5415400 |
| Consumer Finance | &nbsp;&nbsp; 18410580 | &nbsp;&nbsp;&nbsp;&nbsp; 305421 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18716001 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 49025641 | &nbsp;&nbsp;&nbsp;&nbsp; 8077842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57103483 |
| Containers & Packaging | &nbsp;&nbsp; 3540980 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3540980 |
| Distributors | &nbsp;&nbsp; 157429 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157429 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Common Stocks (continued) |  |  |  |  |
| Diversified Consumer Services | &nbsp;&nbsp; $12302630 | &nbsp;&nbsp;&nbsp;&nbsp; $415279 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12717909 |
| Diversified REITs | &nbsp;&nbsp; 4365957 | &nbsp;&nbsp;&nbsp;&nbsp; 244221 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4610178 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 17251735 | &nbsp;&nbsp;&nbsp;&nbsp; 6625911 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23877646 |
| Electric Utilities | &nbsp;&nbsp; 23632078 | &nbsp;&nbsp;&nbsp;&nbsp; 6834334 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30466412 |
| Electrical Equipment | &nbsp;&nbsp; 12603499 | &nbsp;&nbsp;&nbsp;&nbsp; 8833594 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21437093 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 29657518 | &nbsp;&nbsp;&nbsp;&nbsp; 12486509 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42144027 |
| Energy Equipment & Services | &nbsp;&nbsp; 13932353 | &nbsp;&nbsp;&nbsp;&nbsp; 92011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14024364 |
| Entertainment | &nbsp;&nbsp; 21530189 | &nbsp;&nbsp;&nbsp;&nbsp; 6757284 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28287473 |
| Financial Services | &nbsp;&nbsp; 47532225 | &nbsp;&nbsp;&nbsp;&nbsp; 8826007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56358232 |
| Food Products | &nbsp;&nbsp; 6331700 | &nbsp;&nbsp;&nbsp;&nbsp; 4656840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10988540 |
| Gas Utilities | &nbsp;&nbsp; 7570917 | &nbsp;&nbsp;&nbsp;&nbsp; 904883 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8475800 |
| Ground Transportation | &nbsp;&nbsp; 7843613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7843613 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 29088936 | &nbsp;&nbsp;&nbsp;&nbsp; 229979 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29318915 |
| Health Care Providers & Services | &nbsp;&nbsp; 52777205 | &nbsp;&nbsp;&nbsp;&nbsp; 4502457 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57279662 |
| Health Care REITs | &nbsp;&nbsp; 6408124 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6408124 |
| Health Care Technology | &nbsp;&nbsp; 6878296 | &nbsp;&nbsp;&nbsp;&nbsp; 669006 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7547302 |
| Hotel & Resort REITs | &nbsp;&nbsp; 2847960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2847960 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 42513147 | &nbsp;&nbsp;&nbsp;&nbsp; 12738005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55251152 |
| Household Durables | &nbsp;&nbsp; 22124746 | &nbsp;&nbsp;&nbsp;&nbsp; 9624815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31749561 |
| Household Products | &nbsp;&nbsp; 4064372 | &nbsp;&nbsp;&nbsp;&nbsp; 129578 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4193950 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 258172 | &nbsp;&nbsp;&nbsp;&nbsp; 2336513 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2594685 |
| Industrial Conglomerates | &nbsp;&nbsp; 1904262 | &nbsp;&nbsp;&nbsp;&nbsp; 4910417 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6814679 |
| Industrial REITs | &nbsp;&nbsp; 1897455 | &nbsp;&nbsp;&nbsp;&nbsp; 69731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1967186 |
| Insurance | &nbsp;&nbsp; 34833894 | &nbsp;&nbsp;&nbsp;&nbsp; 35536820 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70370714 |
| Interactive Media & Services | &nbsp;&nbsp; 69638637 | &nbsp;&nbsp;&nbsp;&nbsp; 34396077 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104034714 |
| IT Services | &nbsp;&nbsp; 17981330 | &nbsp;&nbsp;&nbsp;&nbsp; 15378557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33359887 |
| Leisure Products | &nbsp;&nbsp; 1942792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1942792 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 8763821 | &nbsp;&nbsp;&nbsp;&nbsp; 1504540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10268361 |
| Machinery | &nbsp;&nbsp; 33899903 | &nbsp;&nbsp;&nbsp;&nbsp; 8459065 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42358968 |
| Marine Transportation | &nbsp;&nbsp; 1585352 | &nbsp;&nbsp;&nbsp;&nbsp; 1870949 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3456301 |
| Media | &nbsp;&nbsp; 9104651 | &nbsp;&nbsp;&nbsp;&nbsp; 729567 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9834218 |
| Metals & Mining | &nbsp;&nbsp; 20279625 | &nbsp;&nbsp;&nbsp;&nbsp; 19020032 | &nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 39299743 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp; 849143 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 849143 |
| Multi-Utilities | &nbsp;&nbsp; 8282587 | &nbsp;&nbsp;&nbsp;&nbsp; 6195663 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14478250 |
| Office REITs | &nbsp;&nbsp; 2314997 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2314997 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 54036583 | &nbsp;&nbsp;&nbsp;&nbsp; 22767010 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76803593 |
| Passenger Airlines | &nbsp;&nbsp; 11222086 | &nbsp;&nbsp;&nbsp;&nbsp; 1511399 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12733485 |
| Personal Care Products | &nbsp;&nbsp; 1374049 | &nbsp;&nbsp;&nbsp;&nbsp; 2716140 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4090189 |
| Pharmaceuticals | &nbsp;&nbsp; 50472461 | &nbsp;&nbsp;&nbsp;&nbsp; 18057335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68529796 |
| Professional Services | &nbsp;&nbsp; 26558680 | &nbsp;&nbsp;&nbsp;&nbsp; 9168570 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35727250 |
| Real Estate Management & Development | &nbsp;&nbsp; 5156449 | &nbsp;&nbsp;&nbsp;&nbsp; 11100605 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16257054 |
| Residential REITs | &nbsp;&nbsp; 4849406 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4849406 |
| Retail REITs | &nbsp;&nbsp; 15410314 | &nbsp;&nbsp;&nbsp;&nbsp; 143673 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15553987 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 148984657 | &nbsp;&nbsp;&nbsp;&nbsp; 83799715 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 232784372 |
| Software | &nbsp;&nbsp; 172431069 | &nbsp;&nbsp;&nbsp;&nbsp; 10002426 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182433495 |
| Specialized REITs | &nbsp;&nbsp; 25922005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25922005 |
| Specialty Retail | &nbsp;&nbsp; 47521604 | &nbsp;&nbsp;&nbsp;&nbsp; 5821434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53343038 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 59703324 | &nbsp;&nbsp;&nbsp;&nbsp; 31674597 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91377921 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 12220540 | &nbsp;&nbsp;&nbsp;&nbsp; 4878045 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17098585 |
| Tobacco | &nbsp;&nbsp; 8323346 | &nbsp;&nbsp;&nbsp;&nbsp; 6396348 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14719694 |
| Trading Companies & Distributors | &nbsp;&nbsp; 12407620 | &nbsp;&nbsp;&nbsp;&nbsp; 1979637 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14387257 |
| Transportation Infrastructure | &nbsp;&nbsp; 1149415 | &nbsp;&nbsp;&nbsp;&nbsp; 3168922 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4318337 |
| Water Utilities | &nbsp;&nbsp; 2129452 | &nbsp;&nbsp;&nbsp;&nbsp; 196651 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2326103 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 2761727 | &nbsp;&nbsp;&nbsp;&nbsp; 13822528 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16584255 |
| Preferred Securities |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; 10546911 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10546911 |
| Rights  |  |  |  |  |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 12176 | &nbsp;&nbsp;&nbsp;&nbsp; 13076 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Health Care Equipment & Supplies | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
| Metals & Mining | &nbsp;&nbsp; 4082 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4082 |
| Paper & Forest Products | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3674 | &nbsp;&nbsp;&nbsp;&nbsp; 3674 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Diversified Equity Master Portfolio**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Rights (continued) |  |  |  |  |
| Pharmaceuticals | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $917 | &nbsp;&nbsp;&nbsp;&nbsp; $917 |
| Warrants | &nbsp;&nbsp; 4746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4746 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 496084293 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 496084293 |
|  | &nbsp;&nbsp; $2308500032 | &nbsp;&nbsp;&nbsp;&nbsp; $683439172 | &nbsp;&nbsp;&nbsp;&nbsp; $38876 | &nbsp;&nbsp;&nbsp;&nbsp; $2991978080 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $3992919 | &nbsp;&nbsp;&nbsp;&nbsp; $160362372 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $164355291 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 743938 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 743938 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (641730)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122807526)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (123449256)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (238637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (238637)<br>|
|  | &nbsp;&nbsp; $3351189 | &nbsp;&nbsp;&nbsp;&nbsp; $38060147 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $41411336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See master portfolio notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Diversified Equity <br>Master Portfolio<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $2495893787 |
| Investments, at value — affiliated<sup>(c)</sup> | 496084293 |
| Cash pledged: |  |
| Collateral — OTC derivatives | 109070000 |
| Futures contracts | 8504000 |
| Foreign currency, at value<sup>(d)</sup> | 1138175 |
| Receivables: |  |
| Investments sold | 774 |
| Securities lending income — affiliated | 39122 |
| Dividends — unaffiliated | 3232218 |
| Dividends — affiliated | 1117185 |
| Variation margin on futures contracts | 624455 |
| Unrealized appreciation on: |  |
| Forward foreign currency exchange contracts | 743938 |
| OTC swaps | 160362372 |
| Prepaid expenses | 3564 |
| Total assets | 3276813883 |
| **LIABILITIES** |  |
| Bank overdraft | 303096 |
| Cash received as collateral for OTC derivatives | 135940000 |
| Collateral on securities loaned | 160266740 |
| Payables: |  |
| Administration fees | 227162 |
| Withdrawals to investors | 25204842 |
| Deferred foreign capital gain tax | 1854320 |
| Investment advisory fees | 92193 |
| Trustees' fees | 5748 |
| Professional fees | 19002 |
| Variation margin on futures contracts | 44481 |
| Swap premiums received | 21167 |
| Unrealized depreciation on: |  |
| Forward foreign currency exchange contracts | 238637 |
| OTC swaps | 122807526 |
| Total liabilities | 447024914 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $2829788969 |
| **NET ASSETS CONSIST OF** |  |
| Investors' capital | $2302999837 |
| Net unrealized appreciation (depreciation) | 526789132 |
| NET ASSETS | $2829788969 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $2008707959 |
| <sup>(b)</sup> Securities loaned, at value | $156662755 |
| <sup>(c)</sup> Investments, at cost—affiliated | $496053336 |
| <sup>(d)</sup> Foreign currency, at cost | $1128688 |

---

*See master portfolio notes to financial statements.*

Master Portfolio Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Diversified Equity <br>Master Portfolio<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $22698698 |
| Dividends — affiliated | &nbsp;&nbsp; 5716810 |
| Interest — unaffiliated | &nbsp;&nbsp; 359965 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 234011 |
| Foreign taxes withheld | &nbsp;&nbsp; (1810235)<br>|
| Total investment income | &nbsp;&nbsp; 27199249 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 3197487 |
| Administration | &nbsp;&nbsp; 1311624 |
| Trustees | &nbsp;&nbsp; 13200 |
| Professional | &nbsp;&nbsp; 11372 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 4533683 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 1108 |
| Total expenses | &nbsp;&nbsp; 4534791 |
| Less: |  |
| Fees waived and/or reimbursed by the Administrator | &nbsp;&nbsp; (1311624)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (1363673)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 1859494 |
| Net investment income | &nbsp;&nbsp; 25339755 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 24730620 |
| Investments — affiliated | &nbsp;&nbsp; (8007)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 271498 |
| Foreign currency transactions | &nbsp;&nbsp; 12868 |
| Futures contracts | &nbsp;&nbsp; (22247532)<br>|
| Swaps | &nbsp;&nbsp; 11609711 |
|  | &nbsp;&nbsp; 14369158 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 122245118 |
| Investments — affiliated | &nbsp;&nbsp; (11562)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 829785 |
| Foreign currency translations | &nbsp;&nbsp; 53618 |
| Futures contracts | &nbsp;&nbsp; 7901687 |
| Swaps | &nbsp;&nbsp; (2542027)<br>|
|  | &nbsp;&nbsp; 128476619 |
| Net realized and unrealized gain | &nbsp;&nbsp; 142845777 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $168185532 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(54649)<br>|
| <sup>(b)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $(963057)<br>|

---

*See master portfolio notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Diversified Equity Master Portfolio | Diversified Equity Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $25339755 | &nbsp;&nbsp;&nbsp; $38761399 |
| Net realized gain | &nbsp;&nbsp; 14369158 | &nbsp;&nbsp;&nbsp; 252762188 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 128476619 | &nbsp;&nbsp;&nbsp; 179280101 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 168185532 | &nbsp;&nbsp;&nbsp; 470803688 |
| **CAPITAL TRANSACTIONS** |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 224721214 | &nbsp;&nbsp;&nbsp; 612267384 |
| Value of withdrawals | &nbsp;&nbsp; (108997384)<br>| &nbsp;&nbsp;&nbsp; (118634937)<br>|
| Net increase in net assets derived from capital transactions | &nbsp;&nbsp; 115723830 | &nbsp;&nbsp;&nbsp; 493632447 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 283909362 | &nbsp;&nbsp;&nbsp; 964436135 |
| Beginning of period | &nbsp;&nbsp; 2545879607 | &nbsp;&nbsp;&nbsp; 1581443472 |
| End of period | &nbsp;&nbsp; $2829788969 | &nbsp;&nbsp;&nbsp; $2545879607 |

---

*See master portfolio notes to financial statements.*

Master Portfolio Statements of Changes in Net Assets

------

Financial Highlights

(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Diversified Equity Master Portfolio | Diversified Equity Master Portfolio | Diversified Equity Master Portfolio | Diversified Equity Master Portfolio | Diversified Equity Master Portfolio | Diversified Equity Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Total Return** |  |  |  |  |  |  |
| Total return | 6.53 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.72<br> %<br>| &nbsp;&nbsp;&nbsp; (19.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.60<br> %<br>|
| **Ratios to Average Net Assets**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.35 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.14 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Net investment income | 1.93 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2829789 | &nbsp;&nbsp;&nbsp; $2545880 | &nbsp;&nbsp;&nbsp; $1581443 | &nbsp;&nbsp;&nbsp; $795772 | &nbsp;&nbsp;&nbsp; $957842 | &nbsp;&nbsp;&nbsp; $733804 |
| Portfolio turnover rate | &nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp;&nbsp; 127<br> %<br>| &nbsp;&nbsp;&nbsp; 150<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Not annualized. <br> <sup>(b)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. <br> <sup>(c)</sup> Annualized.

*See master portfolio notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

Master Investment Portfolio ("MIP") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. MIP is organized as a Delaware statutory trust. Diversified Equity Master Portfolio (the "Master Portfolio") is a series of MIP. The Master Portfolio is classified as diversified.

The Master Portfolio, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Master Portfolio is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** The Master Portfolio'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.

The Master Portfolio does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement 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. The Master Portfolio 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.

**Foreign Taxes:** The Master Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Master Portfolio invests. These foreign taxes, if any, are paid by the Master Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

The Master Portfolio files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Master Portfolio may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Master Portfolio may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Master Portfolio may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Master Portfolio is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Master Portfolio may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Indemnifications:** In the normal course of business, the Master Portfolio enters into contracts that contain a variety of representations that provide general indemnification. The Master Portfolio's maximum exposure under these arrangements is unknown because it involves future potential claims against the Master Portfolio, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Master Portfolio's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Master Portfolio. The CODM has concluded that the Master Portfolio operates as a single operating segment since the Master Portfolio

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Master Portfolio's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Master Portfolio's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Master Portfolio is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of MIP (the "Board") has approved the designation of the Master Portfolio's Manager as the valuation designee for the Master Portfolio. The Master Portfolio determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Master Portfolio's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Master Portfolio uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Master Portfolio might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Master Portfolio. Certain information made available by a Private Company is as of a date that is earlier than the date the Master Portfolio is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Master Portfolio could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that the Master Portfolio has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**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 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.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Securities Lending:** The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Master Portfolio 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 the Master Portfolio 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 Master Portfolio and any additional required collateral is delivered to the Master Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. ("BTC"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Master Portfolio, except in the event of borrower default. The securities on loan, if any, are disclosed in the Master Portfolio's Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Master Portfolio 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 Master Portfolio, 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.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Master Portfolio 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 Master Portfolio's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Master Portfolio Name/Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<sup>(b)</sup> <br>|
| Diversified Equity Master Portfolio |  |  |  |  |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 8600402 | &nbsp;&nbsp; (8600402)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 46176897 | &nbsp;&nbsp; (46176897)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 6971539 | &nbsp;&nbsp; (6971539)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 290976 | &nbsp;&nbsp; (290976)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 2654344 | &nbsp;&nbsp; (2654344)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 1877624 | &nbsp;&nbsp; (1877624)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 1612002 | &nbsp;&nbsp; (1612002)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 24944062 | &nbsp;&nbsp; (24944062)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 7958415 | &nbsp;&nbsp; (7958415)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 28766366 | &nbsp;&nbsp; (28766366)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 69791 | &nbsp;&nbsp; (69791)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 1004059 | &nbsp;&nbsp; (1003909)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 150 |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1062018 | &nbsp;&nbsp; (1062018)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 1094740 | &nbsp;&nbsp; (1094740)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 5530229 | &nbsp;&nbsp; (5530229)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 1972757 | &nbsp;&nbsp; (1972757)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Virtu Americas LLC | &nbsp;&nbsp; 1292680 | &nbsp;&nbsp; (1292680)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 6266234 | &nbsp;&nbsp; (6266234)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 8517620 | &nbsp;&nbsp; (8517620)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $156662755 | &nbsp;&nbsp; $(156662605)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Master Portfolio is disclosed in the Master Portfolio's Statement of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of June 30, 2025. Additional collateral is delivered to the Master Portfolio on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Master Portfolio benefits from a borrower default indemnity provided by BlackRock Finance, Inc.. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Master Portfolio engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Master Portfolio and/or to manage its 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 Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Master Portfolio 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 Master Portfolio is 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 Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**Forward Foreign Currency Exchange Contracts**: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Master Portfolio are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. The Master Portfolio's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Master Portfolio.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Master Portfolio and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Master Portfolio's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Master Portfolio's counterparty on the swap. The Master Portfolio is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Master Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity and Total return swaps — Equity and total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread.

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund[s] receive[s] payment from or make[s] a payment to the counterparty.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Master Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Master Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Master Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Master Portfolio and the counterparty.

Cash collateral that has been pledged to cover obligations of the Master Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Master Portfolio, if any, is

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Master Portfolio. Any additional required collateral is delivered to/pledged by the Master Portfolio on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Master Portfolio generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Master Portfolio from the counterparties are not fully collateralized, the Master Portfolio bears the risk of loss from counterparty non-performance. Likewise, to the extent the Master Portfolio has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Master Portfolio bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Master Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** MIP, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Master Portfolio's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.

For such services, the Master Portfolio pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Master Portfolio's net assets:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment* <br>*Advisory Fees*<br>|
| First $1 billion | 0.25<br> % <br>|
| $1 billion — $3 billion | 0.24 |
| $3 billion — $5 billion | 0.23 |
| $5 billion — $10 billion | 0.22 |
| Greater than $10 billion | 0.21 |

---

MIP, on behalf of the Master Portfolio, entered into an Administration Agreement with BlackRock Advisors, LLC ("BAL"), to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Master Portfolio's ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Master Portfolio. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee of 0.10% based on the average daily net assets of the Master Portfolio.

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Master Portfolio and, accordingly, have a favorable impact on its performance.

**Expense Waivers and Reimbursements:** The Manager has contractually agreed to waive 0.095% of the investment advisory fees payable by the Master Portfolio through June 30, 2026. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the Manager waived $1,246,043 pursuant to this agreement.

BAL contractually agreed to waive all of its administration fees payable by the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Administrator in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $1,311,624.

The fees and expenses of MIP's trustees who are not "interested persons" of MIP, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Master Portfolio's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Master Portfolio. Each of BAL and BFA has contractually agreed to reimburse the Master Portfolio or provide an offsetting credit against the investment advisory fees paid by the Master Portfolio in an amount equal to these independent expenses through June 30, 2026. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $24,572.

With respect to the Master Portfolio, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Master Portfolio pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $93,058.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. For the six months ended June 30, 2025, there were no fees waived by the Manager pursuant to this arrangement.

**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 Master Portfolio, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

lending, including any custodial costs. The Master Portfolio is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Master Portfolio bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Master Portfolio retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Master Portfolio retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified thresholds, the Master Portfolio, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended June 30, 2025, the Master Portfolio paid BTC $87,200 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Master Portfolio could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Master Portfolio did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of MIP are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** The Master Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Master Portfolio Name* | *Purchases* | *Sales* | *Net Realized* <br>*Gain (Loss)*<br>|
| Diversified Equity Master Portfolio | &nbsp;&nbsp; $169192659 | $195069207 | $5176475 |

---

***7.*** ***PURCHASES AND SALES*** 

For the six months ended June 30, 2025, purchases and sales of investments, excluding short-term securities, were $1,814,433,723 and $1,664,071,480, respectively.

***8.*** ***INCOME TAX INFORMATION*** 

The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required. It is intended that the Master Portfolio's assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master Portfolio's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Master Portfolio'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 Master Portfolio as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Master Portfolio's NAV.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Master Portfolio Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Diversified Equity Master Portfolio | &nbsp;&nbsp; $2535259357 | &nbsp;&nbsp;&nbsp; $728157557 | &nbsp;&nbsp;&nbsp; $(230027498) | &nbsp;&nbsp;&nbsp; $498130059 |

---

***9.*** ***BANK BORROWINGS*** 

MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30, 2025, the Master Portfolio did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the Master Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Master Portfolio and its investments. The Master Portfolio's prospectus provides details of the risks to which the Master Portfolio is subject.

The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio 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. The Master Portfolio 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 the Master Portfolio'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 the Master Portfolio may lose value, regardless of the individual results of the securities and other instruments in which the Master Portfolio invests. The Master Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price the Master Portfolio could receive upon the sale of any particular portfolio investment may differ from the Master Portfolio'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 the Master Portfolio's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Master Portfolio, and the Master Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Master Portfolio manages 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 Master Portfolio to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Master Portfolio's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Master Portfolio.

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 Master Portfolio 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, the Master Portfolio 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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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 Master Portfolio.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Master Portfolio's portfolio are disclosed in its Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Master Portfolio invests.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Master Portfolio 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.

Master Portfolio Notes to Financial Statements

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Fund/Master Portfolio for the Fund's/Master Portfolio's allocable portion of the fees and expenses of the independent trustees of the Trust and MIP, counsel to such independent trustees and the independent registered public accounting firm.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund/Master Portfolio may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund/Master Portfolio and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 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.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

**Fund and/or MIP Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Fund and/or MIP Service Providers (continued)** 

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Trust/MIP**

400 Howard Street

San Francisco, CA 94105

Additional Information

------

Disclosure of Investment Advisory Agreement

The Board of Trustees of Master Investment Portfolio (the "Master Portfolio") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Master Portfolio, on behalf of Diversified Equity Master Portfolio (the "Master Fund") and BlackRock Fund Advisors (the "Manager" or "BlackRock"), the Master Portfolio's investment advisor. BlackRock Diversified Equity Fund (the "Feeder Fund"), a series of BlackRock Funds III (the "Feeder Trust"), is a "feeder" fund that invests all of its investable assets in the Master Fund. Accordingly, the Board of Trustees of the Feeder Trust also considered the approval of the Agreement with respect to the Master Fund. For simplicity: (a) the Board of Trustees of the Master Portfolio and the Board of Trustees of the Feeder Trust are referred to herein collectively as the "Board," and the members are referred to as "Board Members"; (b) the shareholders of the Feeder Fund and the interest holders of the Master Fund are referred to as "shareholders"; and (c) the Master Fund and the Feeder Fund are referred to herein together as the "Fund".

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for the Master Portfolio on an annual basis. The Board Members who are not "interested persons" of the Master Portfolio, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Master Portfolio, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Master Fund, the Feeder Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) the Fund's operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper Classification or Morningstar category, regarding fees and expenses of the Fund, as applicable, as compared with a peer group of funds as determined by Broadridge ("Expense Peers"), and the investment performance of the 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 Agreement 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 Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Feeder Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's, the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement, and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the 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 Fund; (d) the 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 Fund; 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 portfolio holdings of the Master Fund. The Board noted the willingness of BlackRock's

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement (continued)

personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared the Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, 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 the Fund's portfolio management team discussing the Fund's performance and the Fund's investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Master 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 the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund 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, the custodian, fund accountant, transfer agent, and auditor for the Fund, as applicable; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Feeder Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

***B. The Investment Performance of the Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board noted that the Feeder Fund's investment results correspond directly to the investment results of the Master Fund. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for each of the one-year and since-inception periods reported, the Fund ranked in the first quartile against its Performance Peers.

***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 Fund***

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of the Fund's 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 the Fund's total expense ratio, as well as the Fund's actual management fee rate, to those of the Fund's Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently

Disclosure of Investment Advisory Agreement

------

Disclosure of Investment Advisory Agreement (continued)

oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board reviewed and reviews statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of Blackrock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, 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 Fund's contractual management fee rate ranked in the second 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 the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels. The Board additionally noted that BlackRock has contractually agreed to waive a portion of its administration and advisory fees payable by the Fund. The Board further noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate the Fund for certain other fees and expenses.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the 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 Fund, 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 Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Feeder Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board of the Master Portfolio, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Master Portfolio, on behalf of the Master Fund for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board of the Master Portfolio, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Master Fund and its shareholders. The Board of the Feeder Trust, including the Independent Board Members, also considered the continuation of the Agreement with respect to the Master Fund and found the Agreement to be satisfactory. In arriving at its decision to approve the Agreement, the Board of the Master Portfolio did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CNH | Chinese Yuan |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| ADR | American Depositary Receipt |
| CJSC | Closed Joint Stock Company |
| CVR | Contingent Value Right |
| ETF | Exchange-Traded Fund |
| GDR | Global Depositary Receipt |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipt |
| PCL | Public Company Limited |
| PIPE | Private Investment in Public Equity |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SAW | State Aid Withholding |
| SCA | Societe en Commandite par Actions |
| SOFR | Secured Overnight Financing Rate  |
| SRF | State Revolving Fund  |
| TA | Tax Allocation |

---

Glossary of Terms Used in these Financial Statements

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

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 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.

![](g121005img7fb5a00c2.jpg)

![](g121005imgf168ace11.jpg)

------

![](g121005imgfe841beb1.jpg)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Funds III** |
| • iShares Russell 1000 Large-Cap Index Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_RskDeriv-Footer-FundBookName-835_1)  | 3 |
| [Fund Statement of Assets and Liabilities](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_FS-Footer-FundBookName-835_1)  | 4 |
| [Fund Statement of Operations](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_FS-Footer-FundBookName-835_3)  | 6 |
| [Fund Statements of Changes in Net Assets](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_FS-Footer-FundBookName-835_4)  | 7 |
| [Fund Financial Highlights](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_FIHI-Footer-FundBookName-835_1)  | 8 |
| [Fund Notes to Financial Statements](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_NTF-Footer-FundBookName-835_1)  | 11 |
| [Master Portfolio Schedule of Investments](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_MAST-Footer-FundBookName-834_1)  | 14 |
| [Master Portfolio Statement of Assets and Liabilities](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_MstFS-Footer-FundBookName-834_1)  | 26 |
| [Master Portfolio Statement of Operations](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_MstFS-Footer-FundBookName-834_2)  | 27 |
| [Master Portfolio Statements of Changes in Net Assets](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_MstFS-Footer-FundBookName-834_3)  | 28 |
| [Master Portfolio Financial Highlights](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_MstFIHI-Footer-FundBookName-834_1)  | 29 |
| [Master Portfolio Notes to Financial Statements](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_MstNTF-Footer-FundBookName-834_1)  | 30 |
| [Additional Information](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_ADDInfo-Footer-FundBookName-835_1)  | 37 |
| [Disclosure of Investment Advisory Agreement](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_IAA1-Footer-FundBookName-835_1)  | 39 |
| [Glossary of Terms Used in these Financial Statements](#xx_16bbee1a-f1af-4f17-8a68-5f8d9f06d6d5_Terms-Footer-FundBookName-835_1)  | 42 |

---

------

Derivative Financial Instruments

The Large Cap Index Master Portfolio (the "Master Portfolio") may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Master Portfolio must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Master Portfolio's 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 the Master Portfolio can realize on an investment and/or may result in lower distributions paid to shareholders. The Master Portfolio's investments in these instruments, if any, are discussed in detail in the Master Portfolio Notes to Financial Statements.

**iShares Russell 1000 Large-Cap Index Fund**

Derivative Financial Instruments

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>Russell 1000 <br>Large-Cap <br>Index Fund<br>|
| **ASSETS** |  |
| Investments, at value — Master Portfolio | $1687250845 |
| Receivables: |  |
| Capital shares sold | 1223969 |
| Withdrawals from the Master Portfolio | 7020571 |
| Prepaid expenses | 38483 |
| Total assets | 1695533868 |
| **LIABILITIES** |  |
| Payables: |  |
| Accounting services fees | 2876 |
| Administration fees | 13475 |
| Capital gains distributions | 352672 |
| Capital shares redeemed | 8244540 |
| Income dividend distributions | 167505 |
| Officer's fees | 8474 |
| Other accrued expenses | 20719 |
| Professional fees | 22605 |
| Service fees | 21066 |
| Transfer agent fees | 71630 |
| Total liabilities | 8925562 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $1686608306 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $936652481 |
| Accumulated earnings | 749955825 |
| NET ASSETS | $1686608306 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited) (continued)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>Russell 1000 <br>Large-Cap <br>Index Fund<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | $205318331 |
| Shares outstanding | 5206220 |
| Net asset value | $39.44 |
| Shares authorized | Unlimited |
| Par value | N/A |
| **Investor A** |  |
| Net assets | $112356248 |
| Shares outstanding | 2868841 |
| Net asset value | $39.16 |
| Shares authorized | Unlimited |
| Par value | N/A |
| **Class K** |  |
| Net assets | $1368933727 |
| Shares outstanding | 34870602 |
| Net asset value | $39.26 |
| Shares authorized | Unlimited |
| Par value | N/A |

---

*See notes to financial statements.*

Fund Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>Russell 1000 <br>Large-Cap <br>Index Fund<br>|
| **INVESTMENT INCOME** |  |
| Net investment income allocated from the Master Portfolio: |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $9937602 |
| Dividends — affiliated | &nbsp;&nbsp; 328333 |
| Interest — unaffiliated | &nbsp;&nbsp; 15102 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 126469 |
| Foreign taxes withheld | &nbsp;&nbsp; (747)<br>|
| Expenses | &nbsp;&nbsp; (255758)<br>|
| Fees waived | &nbsp;&nbsp; 4945 |
| Total investment income | &nbsp;&nbsp; 10155946 |
| FUND EXPENSES |  |
| Service — class specific | &nbsp;&nbsp; 127684 |
| Transfer agent — class specific | &nbsp;&nbsp; 94870 |
| Administration | &nbsp;&nbsp; 77128 |
| Professional | &nbsp;&nbsp; 60850 |
| Registration | &nbsp;&nbsp; 54593 |
| Printing and postage | &nbsp;&nbsp; 5758 |
| Officer | &nbsp;&nbsp; 3383 |
| Accounting services | &nbsp;&nbsp; 2462 |
| Miscellaneous | &nbsp;&nbsp; 8217 |
| Total expenses | &nbsp;&nbsp; 434945 |
| Less: |  |
| Transfer agent fees waived and/or reimbursed by the Administrator — class specific | &nbsp;&nbsp; (1090)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 433855 |
| Net investment income | &nbsp;&nbsp; 9722091 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ALLOCATED FROM THE MASTER PORTFOLIO** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 6756643 |
| Investments — affiliated | &nbsp;&nbsp; 19995 |
| Futures contracts | &nbsp;&nbsp; (355050)<br>|
|  | &nbsp;&nbsp; 6421588 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (22871192)<br>|
| Investments — affiliated | &nbsp;&nbsp; 109239488 |
| Futures contracts | &nbsp;&nbsp; 363907 |
|  | &nbsp;&nbsp; 86732203 |
| Net realized and unrealized gain | &nbsp;&nbsp; 93153791 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $102875882 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares Russell 1000 <br>Large-Cap Index Fund | iShares Russell 1000 <br>Large-Cap Index Fund |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $9722091 | &nbsp;&nbsp;&nbsp; $17320760 |
| Net realized gain | &nbsp;&nbsp; 6421588 | &nbsp;&nbsp;&nbsp; 19060591 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 86732203 | &nbsp;&nbsp;&nbsp; 239902161 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 102875882 | &nbsp;&nbsp;&nbsp; 276283512 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Institutional | &nbsp;&nbsp; (2471868)<br>| &nbsp;&nbsp;&nbsp; (2684636)<br>|
| Investor A | &nbsp;&nbsp; (1225436)<br>| &nbsp;&nbsp;&nbsp; (1100529)<br>|
| Class K | &nbsp;&nbsp; (16800321)<br>| &nbsp;&nbsp;&nbsp; (16571369)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (20497625)<br>| &nbsp;&nbsp;&nbsp; (20356534)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 9205728 | &nbsp;&nbsp;&nbsp; 333942669 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 91583985 | &nbsp;&nbsp;&nbsp; 589869647 |
| Beginning of period | &nbsp;&nbsp; 1595024321 | &nbsp;&nbsp;&nbsp; 1005154674 |
| End of period | &nbsp;&nbsp; $1686608306 | &nbsp;&nbsp;&nbsp; $1595024321 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Fund Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Russell 1000 Large-Cap Index Fund | iShares Russell 1000 Large-Cap Index Fund | iShares Russell 1000 Large-Cap Index Fund | iShares Russell 1000 Large-Cap Index Fund | iShares Russell 1000 Large-Cap Index Fund | iShares Russell 1000 Large-Cap Index Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $37.65 | &nbsp;&nbsp;&nbsp; $30.69 | &nbsp;&nbsp;&nbsp; $24.66 | &nbsp;&nbsp;&nbsp; $31.03 | &nbsp;&nbsp;&nbsp; $25.08 | &nbsp;&nbsp;&nbsp; $21.14 |
| Net investment income<sup>(a)</sup> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | 2.03 | &nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp; (6.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 |
| Net increase (decrease) from investment operations | 2.26 | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp; (5.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| From net realized gain | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Total distributions | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $39.44 | &nbsp;&nbsp;&nbsp; $37.65 | &nbsp;&nbsp;&nbsp; $30.69 | &nbsp;&nbsp;&nbsp; $24.66 | &nbsp;&nbsp;&nbsp; $31.03 | &nbsp;&nbsp;&nbsp; $25.08 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.05 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.42<br> %<br>| &nbsp;&nbsp;&nbsp; (19.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.79<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)(f)(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.12 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.12 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>|
| Net investment income | 1.23 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $205318 | &nbsp;&nbsp;&nbsp; $194192 | &nbsp;&nbsp;&nbsp; $178986 | &nbsp;&nbsp;&nbsp; $130394 | &nbsp;&nbsp;&nbsp; $172196 | &nbsp;&nbsp;&nbsp; $125604 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Russell 1000 Large-Cap Index Fund (continued) | iShares Russell 1000 Large-Cap Index Fund (continued) | iShares Russell 1000 Large-Cap Index Fund (continued) | iShares Russell 1000 Large-Cap Index Fund (continued) | iShares Russell 1000 Large-Cap Index Fund (continued) | iShares Russell 1000 Large-Cap Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $37.39 | &nbsp;&nbsp;&nbsp; $30.49 | &nbsp;&nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp; $30.85 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $21.01 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss) | 2.02 | &nbsp;&nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp; (6.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 |
| Net increase (decrease) from investment operations | 2.20 | &nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp; (5.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| From net realized gain | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Total distributions | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $39.16 | &nbsp;&nbsp;&nbsp; $37.39 | &nbsp;&nbsp;&nbsp; $30.49 | &nbsp;&nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp; $30.85 | &nbsp;&nbsp;&nbsp; $24.92 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.92 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.15<br> %<br>| &nbsp;&nbsp;&nbsp; (19.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.45<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)(f)(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.37 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| Net investment income | 0.98 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $112356 | &nbsp;&nbsp;&nbsp; $101532 | &nbsp;&nbsp;&nbsp; $75616 | &nbsp;&nbsp;&nbsp; $52790 | &nbsp;&nbsp;&nbsp; $61446 | &nbsp;&nbsp;&nbsp; $84724 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

*See notes to financial statements.*

Fund Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Russell 1000 Large-Cap Index Fund (continued) | iShares Russell 1000 Large-Cap Index Fund (continued) | iShares Russell 1000 Large-Cap Index Fund (continued) | iShares Russell 1000 Large-Cap Index Fund (continued) | iShares Russell 1000 Large-Cap Index Fund (continued) | iShares Russell 1000 Large-Cap Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $37.48 | &nbsp;&nbsp;&nbsp; $30.55 | &nbsp;&nbsp;&nbsp; $24.55 | &nbsp;&nbsp;&nbsp; $30.90 | &nbsp;&nbsp;&nbsp; $24.97 | &nbsp;&nbsp;&nbsp; $21.05 |
| Net investment income<sup>(a)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | 2.02 | &nbsp;&nbsp;&nbsp;&nbsp;6.99 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp; (6.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 |
| Net increase (decrease) from investment operations | 2.26 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| From net realized gain | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Total distributions | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $39.26 | &nbsp;&nbsp;&nbsp; $37.48 | &nbsp;&nbsp;&nbsp; $30.55 | &nbsp;&nbsp;&nbsp; $24.55 | &nbsp;&nbsp;&nbsp; $30.90 | &nbsp;&nbsp;&nbsp; $24.97 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.09 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.48<br> %<br>| &nbsp;&nbsp;&nbsp; (19.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.84<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)(f)(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.06 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.06 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Net investment income | 1.29 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1368934 | &nbsp;&nbsp;&nbsp; $1299300 | &nbsp;&nbsp;&nbsp; $750553 | &nbsp;&nbsp;&nbsp; $579333 | &nbsp;&nbsp;&nbsp; $575561 | &nbsp;&nbsp;&nbsp; $451157 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock Funds III (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 Delaware statutory trust. iShares Russell 1000 Large-Cap Index Fund (the "Fund") is a series of the Trust. The Fund is classified as diversified.

The Fund seeks to achieve its investment objective by investing all of its assets in Large Cap Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio ("MIP") and an affiliate of the Trust, which has the same investment objective and strategies as the Fund. The value of the Fund's investment in the Master Portfolio reflects the Fund's proportionate interest in the net assets of the Master Portfolio. The performance of the Fund is directly affected by the performance of the Master Portfolio. At June 30, 2025, the percentage of the Master Portfolio owned by the Fund was 4.8%. The financial statements of the Master Portfolio, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The 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.

<u> *Share Class* </u> <u> *Initial Sales Charge* </u> <u> *CDSC* </u> <u> *Conversion Privilege* </u> <br> Institutional Shares, Investor A and Class K No No None

The Board of Trustees of the Trust and Board of Trustees of MIP are referred to throughout this report as the "Board" and the members are referred to as "Trustees."

The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The 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, contributions to and withdrawals from the Master Portfolio are accounted for on a trade date basis. The Fund records its proportionate share of the Master Portfolio's income, expenses and realized and unrealized gains and losses on a daily basis. Realized and unrealized gains and losses are adjusted utilizing partnership tax allocation rules. In addition, the Fund accrues its own expenses. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Distributions:** Distributions paid by the Fund 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, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by BlackRock Advisors, LLC ("BAL" or the "Administrator"), are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's policy is to value its financial instruments at fair value. The Fund records its investment in the Master Portfolio at fair value based on the Fund's proportionate interest in the net assets of the Master Portfolio. Valuation of securities held by the Master Portfolio is discussed in Note 3 of the Master Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

Fund Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***4.*** ***ADMINISTRATION AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with the Administrator, an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide administrative services (other than investment advice and related portfolio activities). For such services, the Fund pays the Administrator a monthly fee at an annual rate of 0.01% of the average daily net assets of the Fund. The Fund does not pay an investment advisory fee or investment management fee.

**Service Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Administrator. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at an annual rate of 0.25% based upon the average daily net assets of the Investor A Shares.

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Fund. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.

For the six months ended June 30, 2025, the class specific service fees borne directly by Investor A Shares were $127,684.

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended June 30, 2025, the Fund did not pay any amounts to affiliates in return for these services.

The Administrator maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended June 30, 2025, the Fund reimbursed the Administrator the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Reimbursed amounts | &nbsp;&nbsp; $336 | &nbsp;&nbsp; $7013 | &nbsp;&nbsp; $1965 | &nbsp;&nbsp; $9314 |

---

For the six months ended June 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Transfer agent fees — class specific | &nbsp;&nbsp; $55621 | &nbsp;&nbsp; $31734 | &nbsp;&nbsp; $7515 | &nbsp;&nbsp; $94870 |

---

**Expense Limitations, Waivers and Reimbursements:** The Administrator and the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | |
|:---|:---|
| *Share Class* | *Expense Limitation* |
| Institutional | 0.13<br> % <br>|
| Investor A | 0.38 |
| Class K | 0.08 |

---

The Administrator and the Manager have agreed not to reduce or discontinue these contractual expense limitations through June 30, 2026, unless approved by the Board, including 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 the Fund. For the six months ended June 30, 2025, there were no fees waived and/or reimbursed by the Administrator pursuant to this agreement.

In addition, these amounts waived and/or reimbursed by the Administrator are included in transfer agent fees waived and/or reimbursed by the Administrator – class specific in the Statement of Operations. For the six months ended June 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Total* |
| Transfer agent fees waived and/or reimbursed by the Administrator — class specific | &nbsp;&nbsp; $271 | &nbsp;&nbsp; $819 | &nbsp;&nbsp; $1090 |

---

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Fund are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Administrator for a portion of the compensation paid to the Fund's Chief Compliance Officer, which is included in Trustees and Officer in the Master Portfolio's Statement of Operations.

***5.*** ***INCOME TAX INFORMATION*** 

It is the 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

The 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 the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the 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 Fund as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

***6.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| iShares Russell 1000 Large-Cap Index Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 560142 | &nbsp;&nbsp;&nbsp; $20564377 | &nbsp;&nbsp;&nbsp; 1459730 | &nbsp;&nbsp;&nbsp; $48920753 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 63694 | &nbsp;&nbsp;&nbsp; 2457644 | &nbsp;&nbsp;&nbsp; 73818 | &nbsp;&nbsp;&nbsp; 2681058 |
| Shares redeemed | &nbsp;&nbsp; (575685) | &nbsp;&nbsp;&nbsp; (21505981) | &nbsp;&nbsp;&nbsp; (2207393) | &nbsp;&nbsp;&nbsp; (74257439) |
|  | &nbsp;&nbsp; 48151 | &nbsp;&nbsp;&nbsp; $1516040 | &nbsp;&nbsp;&nbsp; (673845) | &nbsp;&nbsp;&nbsp; $(22655628) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 278020 | &nbsp;&nbsp;&nbsp; $10159676 | &nbsp;&nbsp;&nbsp; 443264 | &nbsp;&nbsp;&nbsp; $15144066 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 25117 | &nbsp;&nbsp;&nbsp; 965419 | &nbsp;&nbsp;&nbsp; 23362 | &nbsp;&nbsp;&nbsp; 848189 |
| Shares redeemed | &nbsp;&nbsp; (149578) | &nbsp;&nbsp;&nbsp; (5488572) | &nbsp;&nbsp;&nbsp; (231437) | &nbsp;&nbsp;&nbsp; (7955183) |
|  | &nbsp;&nbsp; 153559 | &nbsp;&nbsp;&nbsp; $5636523 | &nbsp;&nbsp;&nbsp; 235189 | &nbsp;&nbsp;&nbsp; $8037072 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4357523 | &nbsp;&nbsp;&nbsp; $159069807 | &nbsp;&nbsp;&nbsp; 14402015 | &nbsp;&nbsp;&nbsp; $498469344 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 431042 | &nbsp;&nbsp;&nbsp; 16552476 | &nbsp;&nbsp;&nbsp; 449149 | &nbsp;&nbsp;&nbsp; 16332225 |
| Shares redeemed | &nbsp;&nbsp; (4585728) | &nbsp;&nbsp;&nbsp; (173569118) | &nbsp;&nbsp;&nbsp; (4748151) | &nbsp;&nbsp;&nbsp; (166240344) |
|  | &nbsp;&nbsp; 202837 | &nbsp;&nbsp;&nbsp; $2053165 | &nbsp;&nbsp;&nbsp; 10103013 | &nbsp;&nbsp;&nbsp; $348561225 |
|  | &nbsp;&nbsp; 404547 | &nbsp;&nbsp;&nbsp; $9205728 | &nbsp;&nbsp;&nbsp; 9664357 | &nbsp;&nbsp;&nbsp; $333942669 |

---

***7.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund 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.

Fund Notes to Financial Statements

------

Schedule of Investments (unaudited)

June 30, 2025

**Large Cap Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |  |
| ATI, Inc.<sup>(a)</sup> | 75979 | $6560027 |
| Axon Enterprise, Inc.<sup>(a)</sup> | 44935 | 37203484 |
| Boeing Co.<sup>(a)</sup> | 441710 | 92551496 |
| BWX Technologies, Inc. | 57577 | 8294543 |
| Curtiss-Wright Corp. | 23328 | 11396894 |
| General Dynamics Corp. | 154029 | 44924098 |
| General Electric Co.<sup>(b)</sup> | 640970 | 164979268 |
| HEICO Corp.<sup>(b)</sup> | 25870 | 8485360 |
| HEICO Corp., Class A | 46270 | 11972362 |
| Hexcel Corp.<sup>(b)</sup> | 49064 | 2771625 |
| Howmet Aerospace, Inc.<sup>(b)</sup> | 244413 | 45492592 |
| Huntington Ingalls Industries, Inc.<sup>(b)</sup> | 24639 | 5949333 |
| L3Harris Technologies, Inc. | 113832 | 28553619 |
| Leonardo DRS, Inc. | 46659 | 2168710 |
| Loar Holdings, Inc.<sup>(a)</sup> | 21016 | 1810949 |
| Lockheed Martin Corp. | 127295 | 58955406 |
| Northrop Grumman Corp.<sup>(b)</sup> | 82656 | 41326347 |
| Rocket Lab Corp.<sup>(a)</sup> | 241544 | 8640029 |
| RTX Corp.<sup>(b)</sup> | 815495 | 119078580 |
| Spirit AeroSystems Holdings, Inc., Class A<sup>(a)</sup> | 69792 | 2662565 |
| StandardAero, Inc.<sup>(a)</sup> | 68784 | 2177014 |
| Textron, Inc. | 109681 | 8806287 |
| TransDigm Group, Inc.<sup>(b)</sup> | 33723 | 51280543 |
| Woodward, Inc. | 36740 | 9004607 |
|  |  | 775045738 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |  |
| CH Robinson Worldwide, Inc. | 73340 | 7036973 |
| Expeditors International of Washington, Inc.<sup>(b)</sup> | 84991 | 9710222 |
| FedEx Corp. | 132686 | 30160854 |
| GXO Logistics, Inc.<sup>(a)</sup> | 69981 | 3408075 |
| United Parcel Service, Inc., Class B | 447381 | 45158638 |
|  |  | 95474762 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |  |
| Aptiv PLC<sup>(a)</sup> | 138260 | 9432097 |
| BorgWarner, Inc. | 132652 | 4441189 |
| Gentex Corp.<sup>(b)</sup> | 147087 | 3234443 |
| Lear Corp.<sup>(b)</sup> | 35187 | 3342061 |
| QuantumScape Corp., Class A<sup>(a)(b)</sup> | 243934 | 1639237 |
|  |  | 22089027 |
| **Automobiles — 1.7%** | **Automobiles — 1.7%** |  |
| Ford Motor Co.<sup>(b)</sup> | 2379485 | 25817412 |
| General Motors Co. | 588988 | 28984100 |
| Harley-Davidson, Inc.<sup>(b)</sup> | 75704 | 1786614 |
| Lucid Group, Inc.<sup>(a)(b)</sup> | 595268 | 1256015 |
| Rivian Automotive, Inc., Class A<sup>(a)(b)</sup> | 478220 | 6570743 |
| Tesla, Inc.<sup>(a)</sup> | 1714525 | 544636012 |
| Thor Industries, Inc.<sup>(b)</sup> | 29897 | 2655153 |
|  |  | 611706049 |
| **Banks — 3.6%** | **Banks — 3.6%** |  |
| Bank of America Corp. | 4180490 | 197820787 |
| Bank OZK<sup>(b)</sup> | 67908 | 3195750 |
| BOK Financial Corp.<sup>(b)</sup> | 14744 | 1439457 |
| Citigroup, Inc. | 1129143 | 96112652 |
| Citizens Financial Group, Inc.<sup>(b)</sup> | 269114 | 12042852 |
| Columbia Banking System, Inc.<sup>(b)</sup> | 133760 | 3127309 |
| Comerica, Inc.<sup>(b)</sup> | 79676 | 4752673 |
| Commerce Bancshares, Inc.<sup>(b)</sup> | 75330 | 4683266 |
| Cullen/Frost Bankers, Inc.<sup>(b)</sup> | 36756 | 4724616 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** |  |
| East West Bancorp, Inc.<sup>(b)</sup> | 83307 | $8412341 |
| Fifth Third Bancorp<sup>(b)</sup> | 405871 | 16693474 |
| First Citizens BancShares, Inc., Class A | 6083 | 11901207 |
| First Hawaiian, Inc.<sup>(b)</sup> | 72436 | 1808003 |
| First Horizon Corp. | 306421 | 6496125 |
| FNB Corp.<sup>(b)</sup> | 219893 | 3206040 |
| Huntington Bancshares, Inc. | 890527 | 14925233 |
| JPMorgan Chase & Co. | 1692841 | 490771534 |
| KeyCorp.<sup>(b)</sup> | 563437 | 9815073 |
| M&T Bank Corp.<sup>(b)</sup> | 98524 | 19112671 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | 1943898 | 26670281 |
| Pinnacle Financial Partners, Inc.<sup>(b)</sup> | 47771 | 5274396 |
| PNC Financial Services Group, Inc. | 240844 | 44898139 |
| Popular, Inc. | 42163 | 4646784 |
| Prosperity Bancshares, Inc.<sup>(b)</sup> | 56125 | 3942220 |
| Regions Financial Corp.<sup>(b)</sup> | 543398 | 12780721 |
| SouthState Corp. | 61882 | 5695000 |
| Synovus Financial Corp.<sup>(b)</sup> | 87043 | 4504475 |
| TFS Financial Corp.<sup>(b)</sup> | 35153 | 455231 |
| Truist Financial Corp.<sup>(b)</sup> | 798561 | 34330137 |
| U.S. Bancorp | 951993 | 43077683 |
| Webster Financial Corp.<sup>(b)</sup> | 105985 | 5786781 |
| Wells Fargo & Co. | 1986343 | 159145801 |
| Western Alliance Bancorp<sup>(b)</sup> | 66594 | 5193000 |
| Wintrust Financial Corp.<sup>(b)</sup> | 39043 | 4840551 |
| Zions Bancorp N.A.<sup>(b)</sup> | 88902 | 4617570 |
|  |  | 1276899833 |
| **Beverages — 1.0%** | **Beverages — 1.0%** |  |
| Boston Beer Co., Inc., Class A<sup>(a)</sup> | 5434 | 1036862 |
| Brown-Forman Corp., Class A<sup>(b)</sup> | 30607 | 840774 |
| Brown-Forman Corp., Class B<sup>(b)</sup> | 91128 | 2452255 |
| Celsius Holdings, Inc.<sup>(a)</sup> | 106521 | 4941509 |
| Coca-Cola Co.<sup>(b)</sup> | 2370412 | 167706649 |
| Coca-Cola Consolidated, Inc. | 31942 | 3566324 |
| Constellation Brands, Inc., Class A<sup>(b)</sup> | 80624 | 13115912 |
| Keurig Dr. Pepper, Inc.<sup>(b)</sup> | 785762 | 25977292 |
| Molson Coors Beverage Co., Class B<sup>(b)</sup> | 107924 | 5190065 |
| Monster Beverage Corp.<sup>(a)</sup> | 424813 | 26610286 |
| PepsiCo, Inc.<sup>(b)</sup> | 835258 | 110287467 |
| Primo Brands Corp. | 158416 | 4692282 |
|  |  | 366417677 |
| **Biotechnology — 1.7%** | **Biotechnology — 1.7%** |  |
| AbbVie, Inc. | 1079838 | 200439530 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 77015 | 25113821 |
| Amgen, Inc.<sup>(b)</sup> | 327849 | 91538719 |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 64987 | 1124925 |
| Biogen, Inc.<sup>(a)</sup> | 89482 | 11238044 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 119258 | 6555612 |
| Exact Sciences Corp.<sup>(a)(b)</sup> | 111960 | 5949554 |
| Exelixis, Inc.<sup>(a)</sup> | 164420 | 7246812 |
| Gilead Sciences, Inc. | 759111 | 84162637 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 75607 | 3933076 |
| Incyte Corp.<sup>(a)</sup> | 100436 | 6839692 |
| Insmed, Inc.<sup>(a)</sup> | 110150 | 11085496 |
| Ionis Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 97445 | 3850052 |
| Moderna, Inc.<sup>(a)</sup> | 197512 | 5449356 |
| Natera, Inc.<sup>(a)</sup> | 70193 | 11858405 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 59024 | 7418727 |
| Regeneron Pharmaceuticals, Inc. | 63571 | 33374775 |
| Revolution Medicines, Inc.<sup>(a)</sup> | 106937 | 3934212 |
| Roivant Sciences Ltd.<sup>(a)</sup> | 225180 | 2537779 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Large Cap Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 55854 | $955103 |
| Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 52561 | 1911118 |
| United Therapeutics Corp.<sup>(a)</sup> | 27477 | 7895516 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 156754 | 69786881 |
| Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 68356 | 1811434 |
|  |  | 606011276 |
| **Broadline Retail — 3.8%** | **Broadline Retail — 3.8%** |  |
| Amazon.com, Inc.<sup>(a)</sup> | 5847078 | 1282790442 |
| Coupang, Inc., Class A<sup>(a)</sup> | 731575 | 21917987 |
| Dillard's, Inc., Class A<sup>(b)</sup> | 2021 | 844435 |
| eBay, Inc. | 279492 | 20810974 |
| Etsy, Inc.<sup>(a)</sup> | 62422 | 3131088 |
| Macy's, Inc.<sup>(b)</sup> | 161963 | 1888489 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 36621 | 4825915 |
|  |  | 1336209330 |
| **Building Products — 0.6%** | **Building Products — 0.6%** |  |
| A O Smith Corp.<sup>(b)</sup> | 73758 | 4836312 |
| AAON, Inc.<sup>(b)</sup> | 42236 | 3114905 |
| Advanced Drainage Systems, Inc.<sup>(b)</sup> | 43944 | 5047408 |
| Allegion PLC<sup>(b)</sup> | 52889 | 7622363 |
| Armstrong World Industries, Inc. | 27032 | 4391078 |
| AZEK Co., Inc., Class A<sup>(a)</sup> | 88822 | 4827476 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 68039 | 7939471 |
| Carlisle Cos., Inc.<sup>(b)</sup> | 26456 | 9878670 |
| Carrier Global Corp.<sup>(b)</sup> | 490928 | 35931020 |
| Fortune Brands Innovations, Inc. | 79498 | 4092557 |
| Hayward Holdings, Inc.<sup>(a)</sup> | 92819 | 1280902 |
| Johnson Controls International PLC | 402400 | 42501488 |
| Lennox International, Inc.<sup>(b)</sup> | 19653 | 11265886 |
| Masco Corp. | 128606 | 8277082 |
| Owens Corning | 51422 | 7071553 |
| Simpson Manufacturing Co., Inc.<sup>(b)</sup> | 25393 | 3943787 |
| Trane Technologies PLC<sup>(b)</sup> | 135882 | 59436146 |
| Trex Co., Inc.<sup>(a)</sup> | 66579 | 3620566 |
|  |  | 225078670 |
| **Capital Markets — 3.6%** | **Capital Markets — 3.6%** |  |
| Affiliated Managers Group, Inc. | 18404 | 3621355 |
| Ameriprise Financial, Inc. | 58235 | 31081766 |
| Ares Management Corp., Class A<sup>(b)</sup> | 114588 | 19846642 |
| Bank of New York Mellon Corp. | 436316 | 39752751 |
| Blackrock, Inc.<sup>(c)</sup> | 92992 | 97571856 |
| Blackstone, Inc., Class A<sup>(b)</sup> | 447051 | 66869889 |
| Blue Owl Capital, Inc., Class A<sup>(b)</sup> | 330481 | 6348540 |
| Brookfield Asset Management Ltd., Class A | 235938 | 13042653 |
| Carlyle Group, Inc.<sup>(b)</sup> | 138271 | 7107129 |
| Cboe Global Markets, Inc. | 63628 | 14838686 |
| Charles Schwab Corp. | 1040254 | 94912775 |
| CME Group, Inc., Class A | 219206 | 60417558 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 125487 | 43981939 |
| Evercore, Inc., Class A | 21978 | 5934500 |
| FactSet Research Systems, Inc. | 23295 | 10419388 |
| Franklin Resources, Inc.<sup>(b)</sup> | 191234 | 4560931 |
| Goldman Sachs Group, Inc.<sup>(b)</sup> | 185592 | 131352738 |
| Hamilton Lane, Inc., Class A | 24654 | 3503826 |
| Houlihan Lokey, Inc., Class A | 32899 | 5920175 |
| Interactive Brokers Group, Inc., Class A | 260216 | 14418569 |
| Intercontinental Exchange, Inc. | 347729 | 63797840 |
| Invesco Ltd. | 229375 | 3617244 |
| Janus Henderson Group PLC | 82030 | 3186045 |
| Jefferies Financial Group, Inc. | 93322 | 5103780 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** |  |
| KKR & Co., Inc., Class A<sup>(b)</sup> | 413360 | $54989281 |
| Lazard, Inc.<sup>(b)</sup> | 64973 | 3117404 |
| LPL Financial Holdings, Inc.<sup>(b)</sup> | 48848 | 18316534 |
| MarketAxess Holdings, Inc. | 23159 | 5172331 |
| Moody's Corp.<sup>(b)</sup> | 94751 | 47526154 |
| Morgan Stanley | 702001 | 98883861 |
| Morningstar, Inc. | 14329 | 4498303 |
| MSCI, Inc., Class A | 45838 | 26436608 |
| Nasdaq, Inc. | 251215 | 22463645 |
| Northern Trust Corp.<sup>(b)</sup> | 119228 | 15116918 |
| Raymond James Financial, Inc.<sup>(b)</sup> | 112812 | 17301976 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 451101 | 42236587 |
| S&P Global, Inc. | 187162 | 98688651 |
| SEI Investments Co. | 64104 | 5760385 |
| State Street Corp.<sup>(b)</sup> | 175551 | 18668093 |
| Stifel Financial Corp. | 62168 | 6451795 |
| T Rowe Price Group, Inc.<sup>(b)</sup> | 134980 | 13025570 |
| TPG, Inc., Class A<sup>(b)</sup> | 51781 | 2715913 |
| Tradeweb Markets, Inc., Class A | 70964 | 10389130 |
| Virtu Financial, Inc., Class A | 52586 | 2355327 |
| XP, Inc., Class A | 250754 | 5065231 |
|  |  | 1270388272 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** |  |
| Air Products and Chemicals, Inc.<sup>(b)</sup> | 135406 | 38192616 |
| Albemarle Corp.<sup>(b)</sup> | 72251 | 4527970 |
| Ashland, Inc. | 28338 | 1424835 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 131824 | 3913854 |
| Celanese Corp.<sup>(b)</sup> | 70507 | 3901152 |
| CF Industries Holdings, Inc. | 100960 | 9288320 |
| Corteva, Inc. | 416984 | 31077817 |
| Dow, Inc.<sup>(b)</sup> | 432607 | 11455433 |
| DuPont de Nemours, Inc. | 253979 | 17420420 |
| Eastman Chemical Co.<sup>(b)</sup> | 71871 | 5365889 |
| Ecolab, Inc. | 152092 | 40979668 |
| Element Solutions, Inc.<sup>(b)</sup> | 142592 | 3229709 |
| FMC Corp.<sup>(b)</sup> | 76580 | 3197215 |
| Huntsman Corp. | 100247 | 1044574 |
| International Flavors & Fragrances, Inc. | 157091 | 11554043 |
| Linde PLC<sup>(b)</sup> | 286237 | 134296676 |
| LyondellBasell Industries NV, Class A<sup>(b)</sup> | 158588 | 9175902 |
| Mosaic Co. | 197281 | 7196811 |
| NewMarket Corp. | 3494 | 2413865 |
| Olin Corp. | 71273 | 1431875 |
| PPG Industries, Inc. | 138524 | 15757105 |
| RPM International, Inc. | 77139 | 8472948 |
| Scotts Miracle-Gro Co. | 27058 | 1784746 |
| Sherwin-Williams Co.<sup>(b)</sup> | 142176 | 48817551 |
| Westlake Corp.<sup>(b)</sup> | 21978 | 1668789 |
|  |  | 417589783 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |  |
| Cintas Corp. | 209561 | 46704860 |
| Clean Harbors, Inc.<sup>(a)(b)</sup> | 30655 | 7086823 |
| Copart, Inc.<sup>(a)</sup> | 540278 | 26511441 |
| MSA Safety, Inc.<sup>(b)</sup> | 23371 | 3915344 |
| RB Global, Inc. | 112404 | 11936181 |
| Republic Services, Inc.<sup>(b)</sup> | 123473 | 30449677 |
| Rollins, Inc.<sup>(b)</sup> | 170576 | 9623898 |
| Tetra Tech, Inc.<sup>(b)</sup> | 167939 | 6039086 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Large Cap Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |  |
| Veralto Corp. | 147113 | $14851057 |
| Waste Management, Inc. | 225497 | 51598224 |
|  |  | 208716591 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |  |
| Arista Networks, Inc.<sup>(a)</sup> | 628800 | 64332528 |
| Ciena Corp.<sup>(a)</sup> | 89204 | 7254961 |
| Cisco Systems, Inc. | 2426083 | 168321639 |
| F5, Inc.<sup>(a)</sup> | 35318 | 10394794 |
| Juniper Networks, Inc. | 205693 | 8213321 |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 43302 | 4116288 |
| Motorola Solutions, Inc. | 102085 | 42922659 |
| Ubiquiti, Inc.<sup>(b)</sup> | 2640 | 1086756 |
|  |  | 306642946 |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |  |
| AECOM<sup>(b)</sup> | 80509 | 9086246 |
| API Group Corp.<sup>(a)(b)</sup> | 146098 | 7458303 |
| Comfort Systems USA, Inc.<sup>(b)</sup> | 21493 | 11524762 |
| EMCOR Group, Inc. | 26959 | 14420099 |
| Everus Construction Group, Inc.<sup>(a)</sup> | 33791 | 2146742 |
| MasTec, Inc.<sup>(a)(b)</sup> | 38797 | 6612173 |
| Quanta Services, Inc.<sup>(b)</sup> | 89962 | 34012833 |
| Valmont Industries, Inc.<sup>(b)</sup> | 12427 | 4058285 |
| WillScot Holdings Corp., Class A<sup>(b)</sup> | 105123 | 2880370 |
|  |  | 92199813 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |  |
| CRH PLC | 413388 | 37949018 |
| Eagle Materials, Inc.<sup>(b)</sup> | 19906 | 4023202 |
| Martin Marietta Materials, Inc.<sup>(b)</sup> | 36370 | 19965675 |
| Vulcan Materials Co. | 80579 | 21016615 |
|  |  | 82954510 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |  |
| Ally Financial, Inc. | 166375 | 6480306 |
| American Express Co.<sup>(b)</sup> | 334784 | 106789400 |
| Capital One Financial Corp. | 383141 | 81517079 |
| Credit Acceptance Corp.<sup>(a)</sup> | 4151 | 2114644 |
| OneMain Holdings, Inc.<sup>(b)</sup> | 72266 | 4119162 |
| SLM Corp.<sup>(b)</sup> | 128806 | 4223549 |
| SoFi Technologies, Inc.<sup>(a)(b)</sup> | 648086 | 11801646 |
| Synchrony Financial<sup>(b)</sup> | 231875 | 15475338 |
|  |  | 232521124 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |  |
| Albertsons Cos., Inc., Class A | 263916 | 5676833 |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 79662 | 8589954 |
| Casey's General Stores, Inc. | 22611 | 11537715 |
| Costco Wholesale Corp. | 270549 | 267827277 |
| Dollar General Corp. | 135303 | 15475957 |
| Dollar Tree, Inc.<sup>(a)</sup> | 124011 | 12282049 |
| Kroger Co. | 369323 | 26491539 |
| Maplebear, Inc.<sup>(a)</sup> | 104058 | 4707584 |
| Performance Food Group Co.<sup>(a)</sup> | 92540 | 8094474 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 60399 | 9944091 |
| Sysco Corp.<sup>(b)</sup> | 295735 | 22398969 |
| Target Corp. | 276963 | 27322400 |
| U.S. Foods Holding Corp.<sup>(a)</sup> | 133108 | 10250647 |
| Walgreens Boots Alliance, Inc.<sup>(b)</sup> | 437283 | 5020009 |
| Walmart, Inc.<sup>(b)</sup> | 2651912 | 259303955 |
|  |  | 694923453 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |  |
| Amcor PLC<sup>(b)</sup> | 1395723 | 12826695 |
| AptarGroup, Inc. | 39460 | 6172728 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |  |
| Avery Dennison Corp.<sup>(b)</sup> | 47996 | $8421858 |
| Ball Corp.<sup>(b)</sup> | 172135 | 9655052 |
| Crown Holdings, Inc.<sup>(b)</sup> | 70200 | 7229196 |
| Graphic Packaging Holding Co.<sup>(b)</sup> | 187557 | 3951826 |
| International Paper Co.<sup>(b)</sup> | 323592 | 15153813 |
| Packaging Corp. of America | 54247 | 10222847 |
| Sealed Air Corp. | 93752 | 2909125 |
| Silgan Holdings, Inc.<sup>(b)</sup> | 53550 | 2901339 |
| Smurfit WestRock PLC<sup>(b)</sup> | 317546 | 13702110 |
| Sonoco Products Co.<sup>(b)</sup> | 59006 | 2570301 |
|  |  | 95716890 |
| **Distributors**<sup>(b)</sup> **— 0.1%** | **Distributors**<sup>(b)</sup> **— 0.1%** |  |
| Genuine Parts Co. | 85179 | 10333064 |
| LKQ Corp. | 163767 | 6061017 |
| Pool Corp. | 21897 | 6382538 |
|  |  | 22776619 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |  |
| ADT, Inc. | 224765 | 1903759 |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 36396 | 4498182 |
| Duolingo, Inc., Class A<sup>(a)</sup> | 23111 | 9475972 |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 16672 | 3151008 |
| H&R Block, Inc. | 84889 | 4659557 |
| Service Corp. International | 88094 | 7170852 |
|  |  | 30859330 |
| **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |  |
| WP Carey, Inc.<sup>(b)</sup> | 131247 | 8187188 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |  |
| AST SpaceMobile, Inc., Class A<sup>(a)(b)</sup> | 106354 | 4969922 |
| AT&T, Inc. | 4275749 | 123740176 |
| ESC GCI Liberty, Inc. <sup>(a)(d)</sup> | 56944 | 1 |
| Frontier Communications Parent, Inc.<sup>(a)</sup> | 142914 | 5202070 |
| Iridium Communications, Inc.<sup>(b)</sup> | 57814 | 1744248 |
| Liberty Global Ltd., Class A<sup>(a)</sup> | 107807 | 1079148 |
| Liberty Global Ltd., Class C<sup>(a)</sup> | 85293 | 879371 |
| Verizon Communications, Inc. | 2574356 | 111392384 |
|  |  | 249007320 |
| **Electric Utilities — 1.4%** | **Electric Utilities — 1.4%** |  |
| Alliant Energy Corp.<sup>(b)</sup> | 156393 | 9457085 |
| American Electric Power Co., Inc. | 326099 | 33836032 |
| Constellation Energy Corp. | 190914 | 61619403 |
| Duke Energy Corp. | 474195 | 55955010 |
| Edison International | 234274 | 12088538 |
| Entergy Corp. | 264059 | 21948584 |
| Evergy, Inc.<sup>(b)</sup> | 140647 | 9694798 |
| Eversource Energy<sup>(b)</sup> | 226506 | 14410312 |
| Exelon Corp.<sup>(b)</sup> | 619731 | 26908720 |
| FirstEnergy Corp.<sup>(b)</sup> | 338584 | 13631392 |
| IDACORP, Inc.<sup>(b)</sup> | 33179 | 3830515 |
| NextEra Energy, Inc. | 1256977 | 87259343 |
| NRG Energy, Inc. | 120794 | 19397100 |
| OGE Energy Corp.<sup>(b)</sup> | 122316 | 5428384 |
| PG&E Corp.<sup>(b)</sup> | 1327527 | 18505726 |
| Pinnacle West Capital Corp.<sup>(b)</sup> | 70931 | 6346197 |
| PPL Corp.<sup>(b)</sup> | 456712 | 15477970 |
| Southern Co.<sup>(b)</sup> | 671641 | 61676793 |
| Xcel Energy, Inc.<sup>(b)</sup> | 350896 | 23896018 |
|  |  | 501367920 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |  |
| Acuity, Inc.<sup>(b)</sup> | 19159 | 5715896 |
| AMETEK, Inc. | 140420 | 25410403 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Large Cap Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |  |
| Eaton Corp. PLC<sup>(b)</sup> | 238872 | $85274915 |
| Emerson Electric Co.<sup>(b)</sup> | 343541 | 45804322 |
| GE Vernova, Inc. | 166643 | 88179143 |
| Generac Holdings, Inc.<sup>(a)</sup> | 35256 | 5049012 |
| Hubbell, Inc.<sup>(b)</sup> | 32968 | 13464461 |
| nVent Electric PLC | 99278 | 7272113 |
| Regal Rexnord Corp.<sup>(b)</sup> | 41004 | 5943940 |
| Rockwell Automation, Inc. | 68964 | 22907772 |
| Sensata Technologies Holding PLC<sup>(b)</sup> | 89072 | 2681958 |
| Vertiv Holdings Co., Class A | 221729 | 28472221 |
|  |  | 336176156 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |  |
| Amphenol Corp., Class A | 731775 | 72262781 |
| Arrow Electronics, Inc.<sup>(a)</sup> | 32321 | 4118665 |
| Avnet, Inc. | 50762 | 2694447 |
| CDW Corp./DE | 80186 | 14320418 |
| Cognex Corp.<sup>(b)</sup> | 106293 | 3371614 |
| Coherent Corp.<sup>(a)</sup> | 78105 | 6967747 |
| Corning, Inc. | 474718 | 24965420 |
| Crane NXT Co.<sup>(b)</sup> | 29782 | 1605250 |
| Flex Ltd.<sup>(a)</sup> | 235194 | 11740884 |
| Ingram Micro Holding Corp.<sup>(b)</sup> | 15671 | 326584 |
| IPG Photonics Corp.<sup>(a)</sup> | 14252 | 978400 |
| Jabil, Inc.<sup>(b)</sup> | 65382 | 14259814 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 104875 | 17184817 |
| Littelfuse, Inc.<sup>(b)</sup> | 15255 | 3458766 |
| Ralliant Corp.<sup>(a)</sup> | 71439 | 3464077 |
| TD SYNNEX Corp.<sup>(b)</sup> | 46338 | 6288067 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 28563 | 14633111 |
| Trimble, Inc.<sup>(a)</sup> | 144529 | 10981313 |
| Vontier Corp. | 90194 | 3328159 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 30981 | 9553301 |
|  |  | 226503635 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |  |
| Baker Hughes Co., Class A<sup>(b)</sup> | 604483 | 23175878 |
| Halliburton Co.<sup>(b)</sup> | 522535 | 10649263 |
| NOV, Inc.<sup>(b)</sup> | 232224 | 2886544 |
| Schlumberger NV<sup>(b)</sup> | 829132 | 28024662 |
| TechnipFMC PLC | 253169 | 8719141 |
| Weatherford International PLC | 46901 | 2359589 |
|  |  | 75815077 |
| **Entertainment — 2.0%** | **Entertainment — 2.0%** |  |
| Electronic Arts, Inc.<sup>(b)</sup> | 158975 | 25388308 |
| Liberty Media Corp.-Liberty Formula One, <br> Class C<sup>(a)</sup><br>| 128928 | 13472976 |
| Liberty Media Corp.-Liberty Formula One, <br> Class A<sup>(a)</sup><br>| 14208 | 1349192 |
| Liberty Media Corp.-Liberty Live, Class A<sup>(a)</sup> | 13217 | 1050487 |
| Liberty Media Corp.-Liberty Live, Class C<sup>(a)(b)</sup> | 29820 | 2420191 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 97266 | 14714401 |
| Madison Square Garden Sports Corp., Class A<sup>(a)</sup> | 9935 | 2075918 |
| Netflix, Inc.<sup>(a)</sup> | 258326 | 345932096 |
| ROBLOX Corp., Class A<sup>(a)</sup> | 343444 | 36130309 |
| Roku, Inc., Class A<sup>(a)</sup> | 77904 | 6846983 |
| Spotify Technology SA<sup>(a)</sup> | 93759 | 71945031 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 108906 | 26447822 |
| TKO Group Holdings, Inc., Class A | 42414 | 7717227 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** |  |
| Walt Disney Co. | 1103838 | $136886950 |
| Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 1376384 | 15773361 |
|  |  | 708151252 |
| **Financial Services — 4.2%** | **Financial Services — 4.2%** |  |
| Affirm Holdings, Inc., Class A<sup>(a)</sup> | 163710 | 11318909 |
| Apollo Global Management, Inc.<sup>(b)</sup> | 251287 | 35650087 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1124234 | 546119150 |
| Block, Inc., Class A<sup>(a)</sup> | 331926 | 22547733 |
| Corpay, Inc.<sup>(a)</sup> | 41598 | 13803048 |
| Equitable Holdings, Inc. | 186405 | 10457321 |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 24116 | 2444880 |
| Fidelity National Information Services, Inc. | 320616 | 26101349 |
| Fiserv, Inc.<sup>(a)</sup> | 336294 | 57980449 |
| Global Payments, Inc. | 148813 | 11910993 |
| Jack Henry & Associates, Inc.<sup>(b)</sup> | 45805 | 8252687 |
| Mastercard, Inc., Class A | 495898 | 278664922 |
| MGIC Investment Corp.<sup>(b)</sup> | 141379 | 3935991 |
| Mr. Cooper Group, Inc.<sup>(a)</sup> | 38721 | 5777560 |
| PayPal Holdings, Inc.<sup>(a)</sup> | 593548 | 44112487 |
| Rocket Cos., Inc., Class A<sup>(b)</sup> | 99097 | 1405195 |
| Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | 38699 | 3835458 |
| Toast, Inc., Class A<sup>(a)</sup> | 275331 | 12194410 |
| UWM Holdings Corp., Class A<sup>(b)</sup> | 64344 | 266384 |
| Visa, Inc., Class A<sup>(b)</sup> | 1038184 | 368607229 |
| Voya Financial, Inc. | 60760 | 4313960 |
| Western Union Co.<sup>(b)</sup> | 179273 | 1509479 |
| WEX, Inc.<sup>(a)</sup> | 20686 | 3038567 |
|  |  | 1474248248 |
| **Food Products — 0.6%** | **Food Products — 0.6%** |  |
| Archer-Daniels-Midland Co.<sup>(b)</sup> | 294248 | 15530409 |
| Bunge Global SA<sup>(b)</sup> | 83571 | 6709080 |
| Conagra Brands, Inc.<sup>(b)</sup> | 300972 | 6160897 |
| Darling Ingredients, Inc.<sup>(a)</sup> | 94657 | 3591287 |
| Flowers Foods, Inc.<sup>(b)</sup> | 115808 | 1850612 |
| Freshpet, Inc.<sup>(a)</sup> | 27863 | 1893569 |
| General Mills, Inc.<sup>(b)</sup> | 333768 | 17292520 |
| Hershey Co.<sup>(b)</sup> | 89909 | 14920399 |
| Hormel Foods Corp. | 177840 | 5379660 |
| Ingredion, Inc.<sup>(b)</sup> | 40481 | 5490033 |
| J.M. Smucker Co.<sup>(b)</sup> | 64541 | 6337926 |
| Kellanova | 161514 | 12845208 |
| Kraft Heinz Co.<sup>(b)</sup> | 526825 | 13602621 |
| Lamb Weston Holdings, Inc.<sup>(b)</sup> | 87408 | 4532105 |
| McCormick & Co., Inc.<sup>(b)</sup> | 154469 | 11711840 |
| Mondelez International, Inc., Class A<sup>(b)</sup> | 789706 | 53257773 |
| Pilgrim's Pride Corp.<sup>(b)</sup> | 28135 | 1265512 |
| Post Holdings, Inc.<sup>(a)</sup> | 31526 | 3437280 |
| Seaboard Corp.<sup>(b)</sup> | 115 | 329038 |
| Smithfield Foods, Inc. | 16486 | 387916 |
| The Campbell's Co.<sup>(b)</sup> | 119974 | 3677203 |
| Tyson Foods, Inc., Class A<sup>(b)</sup> | 171609 | 9599807 |
|  |  | 199802695 |
| **Gas Utilities**<sup>(b)</sup> **— 0.1%** | **Gas Utilities**<sup>(b)</sup> **— 0.1%** |  |
| Atmos Energy Corp. | 95598 | 14732608 |
| MDU Resources Group, Inc. | 135166 | 2253217 |
| National Fuel Gas Co. | 56250 | 4764937 |
| UGI Corp. | 135761 | 4944416 |
|  |  | 26695178 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Large Cap Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |  |
| Avis Budget Group, Inc.<sup>(a)(b)</sup> | 9824 | $1660747 |
| CSX Corp. | 1144179 | 37334561 |
| JB Hunt Transport Services, Inc. | 48643 | 6985135 |
| Knight-Swift Transportation Holdings, Inc.<sup>(b)</sup> | 97236 | 4300748 |
| Landstar System, Inc.<sup>(b)</sup> | 20649 | 2870624 |
| Lyft, Inc., Class A<sup>(a)(b)</sup> | 234743 | 3699550 |
| Norfolk Southern Corp.<sup>(b)</sup> | 137651 | 35234527 |
| Old Dominion Freight Line, Inc.<sup>(b)</sup> | 114987 | 18662390 |
| Ryder System, Inc.<sup>(b)</sup> | 24514 | 3897726 |
| Saia, Inc.<sup>(a)</sup> | 16256 | 4453982 |
| Schneider National, Inc., Class B<sup>(b)</sup> | 26348 | 636304 |
| Uber Technologies, Inc.<sup>(a)</sup> | 1227178 | 114495707 |
| U-Haul Holding Co.<sup>(a)</sup> | 5406 | 327387 |
| U-Haul Holding Co., Series N | 60528 | 3290907 |
| Union Pacific Corp. | 364532 | 83871523 |
| XPO, Inc.<sup>(a)</sup> | 69472 | 8773619 |
|  |  | 330495437 |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |  |
| Abbott Laboratories | 1055456 | 143552571 |
| Align Technology, Inc.<sup>(a)</sup> | 42292 | 8007144 |
| Baxter International, Inc.<sup>(b)</sup> | 310619 | 9405543 |
| Becton Dickinson & Co. | 174350 | 30031788 |
| Boston Scientific Corp.<sup>(a)</sup> | 899720 | 96638925 |
| Cooper Cos., Inc.<sup>(a)</sup> | 119067 | 8472808 |
| DENTSPLY SIRONA, Inc. | 127988 | 2032449 |
| Dexcom, Inc.<sup>(a)</sup> | 237629 | 20742635 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 350698 | 27428091 |
| Envista Holdings Corp.<sup>(a)(b)</sup> | 104952 | 2050762 |
| GE HealthCare Technologies, Inc. | 281619 | 20859519 |
| Globus Medical, Inc., Class A<sup>(a)</sup> | 67314 | 3972872 |
| Hologic, Inc.<sup>(a)</sup> | 140153 | 9132370 |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 49187 | 26380956 |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 18737 | 2431501 |
| Insulet Corp.<sup>(a)</sup> | 43072 | 13532361 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 217534 | 118210151 |
| Masimo Corp.<sup>(a)</sup> | 26075 | 4386337 |
| Medtronic PLC | 781667 | 68137912 |
| Penumbra, Inc.<sup>(a)</sup> | 22862 | 5867075 |
| ResMed, Inc.<sup>(b)</sup> | 88692 | 22882536 |
| Solventum Corp.<sup>(a)</sup> | 87548 | 6639640 |
| STERIS PLC<sup>(b)</sup> | 59843 | 14375485 |
| Stryker Corp. | 209801 | 83003570 |
| Teleflex, Inc. | 29034 | 3436464 |
| Zimmer Biomet Holdings, Inc.<sup>(b)</sup> | 121523 | 11084113 |
|  |  | 762695578 |
| **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 59878 | 1358632 |
| Amedisys, Inc.<sup>(a)</sup> | 18747 | 1844517 |
| Cardinal Health, Inc. | 147210 | 24731280 |
| Cencora, Inc. | 107302 | 32174505 |
| Centene Corp.<sup>(a)</sup> | 302641 | 16427354 |
| Chemed Corp. | 8657 | 4215353 |
| Cigna Group | 163096 | 53916276 |
| CVS Health Corp. | 763413 | 52660229 |
| DaVita, Inc.<sup>(a)</sup> | 23596 | 3361250 |
| Elevance Health, Inc. | 137839 | 53613857 |
| Encompass Health Corp.<sup>(b)</sup> | 62499 | 7664252 |
| HCA Healthcare, Inc. | 106587 | 40833480 |
| Henry Schein, Inc.<sup>(a)</sup> | 67593 | 4937669 |
| Humana, Inc. | 73235 | 17904493 |
| Labcorp Holdings, Inc.<sup>(b)</sup> | 51726 | 13578592 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |  |
| McKesson Corp. | 76498 | $56056204 |
| Molina Healthcare, Inc.<sup>(a)</sup> | 33088 | 9856915 |
| Quest Diagnostics, Inc.<sup>(b)</sup> | 68152 | 12242144 |
| Tenet Healthcare Corp.<sup>(a)</sup> | 55816 | 9823616 |
| UnitedHealth Group, Inc. | 554665 | 173038840 |
| Universal Health Services, Inc., Class B | 33559 | 6079213 |
|  |  | 596318671 |
| **Health Care REITs**<sup>(b)</sup> **— 0.3%** | **Health Care REITs**<sup>(b)</sup> **— 0.3%** |  |
| Alexandria Real Estate Equities, Inc. | 108130 | 7853482 |
| Healthcare Realty Trust, Inc. | 215699 | 3420986 |
| Healthpeak Properties, Inc. | 421240 | 7375912 |
| Medical Properties Trust, Inc. | 304053 | 1310469 |
| Omega Healthcare Investors, Inc. | 170338 | 6242888 |
| Ventas, Inc. | 259126 | 16363807 |
| Welltower, Inc. | 399354 | 61392690 |
|  |  | 103960234 |
| **Health Care Technology**<sup>(a)</sup> **— 0.1%** | **Health Care Technology**<sup>(a)</sup> **— 0.1%** |  |
| Certara, Inc. | 72883 | 852731 |
| Doximity, Inc., Class A | 75270 | 4617062 |
| Veeva Systems, Inc., Class A | 89972 | 25910136 |
|  |  | 31379929 |
| **Hotel & Resort REITs**<sup>(b)</sup> **— 0.0%** | **Hotel & Resort REITs**<sup>(b)</sup> **— 0.0%** |  |
| Host Hotels & Resorts, Inc. | 417874 | 6418545 |
| Park Hotels & Resorts, Inc. | 137179 | 1403341 |
|  |  | 7821886 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |  |
| Airbnb, Inc., Class A<sup>(a)</sup> | 259210 | 34303851 |
| Aramark<sup>(b)</sup> | 164112 | 6871370 |
| Booking Holdings, Inc.<sup>(b)</sup> | 19829 | 114794840 |
| Boyd Gaming Corp.<sup>(b)</sup> | 37762 | 2954121 |
| Caesars Entertainment, Inc.<sup>(a)</sup> | 124528 | 3535350 |
| Carnival Corp.<sup>(a)</sup> | 633674 | 17818913 |
| Cava Group, Inc.<sup>(a)</sup> | 47502 | 4001094 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 817606 | 45908577 |
| Choice Hotels International, Inc.<sup>(b)</sup> | 17682 | 2243492 |
| Churchill Downs, Inc.<sup>(b)</sup> | 42084 | 4250484 |
| Darden Restaurants, Inc. | 70833 | 15439469 |
| Domino's Pizza, Inc.<sup>(b)</sup> | 19614 | 8838068 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 218955 | 53974597 |
| DraftKings, Inc., Class A<sup>(a)(b)</sup> | 276521 | 11859986 |
| Dutch Bros, Inc., Class A<sup>(a)</sup> | 70278 | 4804907 |
| Expedia Group, Inc.<sup>(b)</sup> | 75241 | 12691652 |
| Flutter Entertainment PLC<sup>(a)</sup> | 106790 | 30516310 |
| Hilton Worldwide Holdings, Inc. | 142167 | 37864759 |
| Hyatt Hotels Corp., Class A | 25587 | 3573225 |
| Las Vegas Sands Corp.<sup>(b)</sup> | 197632 | 8598968 |
| Light & Wonder, Inc., Class A<sup>(a)</sup> | 50444 | 4855739 |
| Marriott International, Inc., Class A<sup>(b)</sup> | 138746 | 37906795 |
| McDonald's Corp. | 435728 | 127306650 |
| MGM Resorts International<sup>(a)(b)</sup> | 124875 | 4294451 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 266210 | 5398739 |
| Penn Entertainment, Inc.<sup>(a)</sup> | 102537 | 1832336 |
| Planet Fitness, Inc., Class A<sup>(a)</sup> | 51422 | 5607569 |
| Restaurant Brands International, Inc. | 199638 | 13234003 |
| Royal Caribbean Cruises Ltd.<sup>(b)</sup> | 153801 | 48161245 |
| Starbucks Corp.<sup>(b)</sup> | 693280 | 63525246 |
| Texas Roadhouse, Inc. | 39986 | 7493776 |
| Travel & Leisure Co.<sup>(b)</sup> | 43012 | 2219849 |
| Vail Resorts, Inc.<sup>(b)</sup> | 22801 | 3582721 |
| Viking Holdings Ltd.<sup>(a)</sup> | 125418 | 6683525 |
| Wendy's Co.<sup>(b)</sup> | 117565 | 1342592 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Large Cap Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |  |
| Wingstop, Inc.<sup>(b)</sup> | 16929 | $5700672 |
| Wyndham Hotels & Resorts, Inc.<sup>(b)</sup> | 47369 | 3846837 |
| Wynn Resorts Ltd.<sup>(b)</sup> | 51532 | 4827002 |
| Yum! Brands, Inc.<sup>(b)</sup> | 169898 | 25175486 |
|  |  | 797839266 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** |  |
| D.R. Horton, Inc.<sup>(b)</sup> | 166598 | 21477814 |
| Garmin Ltd. | 97812 | 20415321 |
| Lennar Corp.<sup>(b)</sup> | 6036 | 635289 |
| Lennar Corp., Class A<sup>(b)</sup> | 138949 | 15369149 |
| Mohawk Industries, Inc.<sup>(a)</sup> | 34037 | 3568439 |
| Newell Brands, Inc.<sup>(b)</sup> | 242632 | 1310213 |
| NVR, Inc.<sup>(a)</sup> | 1721 | 12710721 |
| PulteGroup, Inc.<sup>(b)</sup> | 121733 | 12837962 |
| SharkNinja, Inc.<sup>(a)(b)</sup> | 39452 | 3905353 |
| Tempur Sealy International, Inc.<sup>(b)</sup> | 105956 | 7210306 |
| Toll Brothers, Inc.<sup>(b)</sup> | 62413 | 7123196 |
| TopBuild Corp.<sup>(a)(b)</sup> | 18598 | 6020916 |
| Whirlpool Corp.<sup>(b)</sup> | 32729 | 3319375 |
|  |  | 115904054 |
| **Household Products — 0.9%** | **Household Products — 0.9%** |  |
| Church & Dwight Co., Inc.<sup>(b)</sup> | 150676 | 14481470 |
| Clorox Co.<sup>(b)</sup> | 75841 | 9106229 |
| Colgate-Palmolive Co.<sup>(b)</sup> | 490028 | 44543545 |
| Kimberly-Clark Corp. | 202545 | 26112102 |
| Procter & Gamble Co.<sup>(b)</sup> | 1431716 | 228100993 |
| Reynolds Consumer Products, Inc.<sup>(b)</sup> | 33158 | 710244 |
|  |  | 323054583 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |  |
| AES Corp.<sup>(b)</sup> | 435026 | 4576474 |
| Brookfield Renewable Corp.<sup>(b)</sup> | 79735 | 2613713 |
| Clearway Energy, Inc., Class A | 22840 | 691138 |
| Clearway Energy, Inc., Class C<sup>(b)</sup> | 53375 | 1708000 |
| Talen Energy Corp.<sup>(a)(b)</sup> | 27988 | 8138071 |
| Vistra Corp. | 206209 | 39965366 |
|  |  | 57692762 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |  |
| 3M Co.<sup>(b)</sup> | 328435 | 50000944 |
| Honeywell International, Inc. | 392380 | 91377455 |
|  |  | 141378399 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |  |
| Americold Realty Trust, Inc.<sup>(b)</sup> | 179449 | 2984237 |
| EastGroup Properties, Inc.<sup>(b)</sup> | 30942 | 5171027 |
| First Industrial Realty Trust, Inc. | 79668 | 3834421 |
| Lineage, Inc.<sup>(b)</sup> | 40725 | 1772352 |
| Prologis, Inc.<sup>(b)</sup> | 565397 | 59434533 |
| Rexford Industrial Realty, Inc.<sup>(b)</sup> | 134232 | 4774632 |
| STAG Industrial, Inc.<sup>(b)</sup> | 117012 | 4245195 |
|  |  | 82216397 |
| **Insurance — 2.1%** | **Insurance — 2.1%** |  |
| Aflac, Inc. | 296911 | 31312234 |
| Allstate Corp.<sup>(b)</sup> | 160842 | 32379103 |
| American Financial Group, Inc. | 40797 | 5148989 |
| American International Group, Inc. | 355725 | 30446503 |
| Aon PLC, Class A | 127983 | 45659215 |
| Arch Capital Group Ltd. | 223425 | 20342846 |
| Arthur J Gallagher & Co.<sup>(b)</sup> | 152275 | 48746273 |
| Assurant, Inc. | 32366 | 6391961 |
| Assured Guaranty Ltd. | 28046 | 2442807 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** |  |
| Axis Capital Holdings Ltd.<sup>(b)</sup> | 48434 | $5028418 |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 36862 | 1982070 |
| Brown & Brown, Inc. | 168170 | 18645008 |
| Chubb Ltd. | 226843 | 65720954 |
| Cincinnati Financial Corp.<sup>(b)</sup> | 94454 | 14066090 |
| CNA Financial Corp.<sup>(b)</sup> | 10924 | 508294 |
| Everest Group Ltd. | 25856 | 8787162 |
| Fidelity National Financial, Inc., Class A | 157710 | 8841223 |
| First American Financial Corp. | 61946 | 3802865 |
| Globe Life, Inc.<sup>(b)</sup> | 52283 | 6498254 |
| Hanover Insurance Group, Inc. | 22531 | 3827341 |
| Hartford Insurance Group, Inc. | 175136 | 22219504 |
| Kemper Corp. | 36506 | 2356097 |
| Kinsale Capital Group, Inc.<sup>(b)</sup> | 13908 | 6730081 |
| Lincoln National Corp.<sup>(b)</sup> | 108430 | 3751678 |
| Loews Corp. | 104142 | 9545656 |
| Markel Group, Inc.<sup>(a)</sup> | 7593 | 15165954 |
| Marsh & McLennan Cos., Inc. | 300827 | 65772815 |
| MetLife, Inc. | 342826 | 27570067 |
| Old Republic International Corp. | 136707 | 5255017 |
| Primerica, Inc.<sup>(b)</sup> | 20803 | 5693157 |
| Principal Financial Group, Inc.<sup>(b)</sup> | 139045 | 11044344 |
| Progressive Corp. | 357187 | 95318923 |
| Prudential Financial, Inc. | 216157 | 23223908 |
| Reinsurance Group of America, Inc. | 41483 | 8228568 |
| RenaissanceRe Holdings Ltd.<sup>(b)</sup> | 29476 | 7159720 |
| RLI Corp. | 52126 | 3764540 |
| Ryan Specialty Holdings, Inc., Class A<sup>(b)</sup> | 61998 | 4215244 |
| Travelers Cos., Inc. | 137800 | 36867012 |
| Unum Group<sup>(b)</sup> | 106257 | 8581315 |
| W.R. Berkley Corp. | 181047 | 13301523 |
| White Mountains Insurance Group Ltd. | 1546 | 2776183 |
| Willis Towers Watson PLC<sup>(b)</sup> | 60409 | 18515359 |
|  |  | 757634275 |
| **Interactive Media & Services — 6.1%** | **Interactive Media & Services — 6.1%** |  |
| Alphabet, Inc., Class A | 3543126 | 624405095 |
| Alphabet, Inc., Class C | 2884965 | 511763941 |
| IAC, Inc.<sup>(a)</sup> | 45466 | 1697700 |
| Match Group, Inc.<sup>(b)</sup> | 155641 | 4807751 |
| Meta Platforms, Inc., Class A | 1330854 | 982290029 |
| Pinterest, Inc., Class A<sup>(a)</sup> | 362499 | 12999214 |
| Reddit, Inc., Class A<sup>(a)</sup> | 71934 | 10831102 |
| Trump Media & Technology Group Corp., <br> Class A<sup>(a)(b)</sup><br>| 37898 | 683680 |
| ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 168504 | 1705261 |
|  |  | 2151183773 |
| **IT Services — 1.4%** | **IT Services — 1.4%** |  |
| Accenture PLC, Class A<sup>(b)</sup> | 381564 | 114045664 |
| Akamai Technologies, Inc.<sup>(a)(b)</sup> | 87457 | 6975570 |
| Amdocs Ltd.<sup>(b)</sup> | 70048 | 6391180 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 188592 | 36931971 |
| Cognizant Technology Solutions Corp., Class A | 300929 | 23481490 |
| DXC Technology Co.<sup>(a)</sup> | 114561 | 1751638 |
| EPAM Systems, Inc.<sup>(a)</sup> | 33569 | 5935671 |
| Gartner, Inc.<sup>(a)</sup> | 45665 | 18458706 |
| Globant SA<sup>(a)</sup> | 26559 | 2412620 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 83780 | 15085427 |
| International Business Machines Corp.<sup>(b)</sup> | 567119 | 167175339 |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 140574 | 5898485 |
| MongoDB, Inc.<sup>(a)</sup> | 45220 | 9495748 |
| Okta, Inc., Class A<sup>(a)</sup> | 99087 | 9905727 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Large Cap Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** |  |
| Snowflake, Inc., Class A<sup>(a)</sup> | 190516 | $42631765 |
| Twilio, Inc., Class A<sup>(a)</sup> | 87245 | 10849788 |
| VeriSign, Inc. | 48759 | 14081599 |
|  |  | 491508388 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |  |
| Brunswick Corp./DE<sup>(b)</sup> | 42261 | 2334497 |
| Hasbro, Inc. | 80563 | 5947161 |
| Mattel, Inc.<sup>(a)</sup> | 195704 | 3859283 |
| YETI Holdings, Inc.<sup>(a)</sup> | 55061 | 1735523 |
|  |  | 13876464 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |  |
| Agilent Technologies, Inc. | 173679 | 20495859 |
| Avantor, Inc.<sup>(a)</sup> | 423076 | 5694603 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 11559 | 2789418 |
| Bio-Techne Corp.<sup>(b)</sup> | 97044 | 4992914 |
| Bruker Corp. | 64071 | 2639725 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 29732 | 4511236 |
| Danaher Corp. | 388874 | 76818170 |
| Illumina, Inc.<sup>(a)</sup> | 96419 | 9199337 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 108103 | 17035952 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 14091 | 4422601 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 12864 | 15111598 |
| QIAGEN NV<sup>(b)</sup> | 129719 | 6234295 |
| Repligen Corp.<sup>(a)(b)</sup> | 32107 | 3993469 |
| Revvity, Inc.<sup>(b)</sup> | 73009 | 7061430 |
| Sotera Health Co.<sup>(a)(b)</sup> | 89715 | 997631 |
| Tempus AI, Inc.<sup>(a)</sup> | 50785 | 3226879 |
| Thermo Fisher Scientific, Inc. | 230184 | 93330405 |
| Waters Corp.<sup>(a)</sup> | 36278 | 12662473 |
| West Pharmaceutical Services, Inc.<sup>(b)</sup> | 44253 | 9682556 |
|  |  | 300900551 |
| **Machinery — 1.7%** | **Machinery — 1.7%** |  |
| AGCO Corp.<sup>(b)</sup> | 38260 | 3946902 |
| Allison Transmission Holdings, Inc. | 53063 | 5040454 |
| Caterpillar, Inc.<sup>(b)</sup> | 282234 | 109566061 |
| CNH Industrial NV<sup>(b)</sup> | 524740 | 6800630 |
| Crane Co. | 30884 | 5864563 |
| Cummins, Inc. | 84622 | 27713705 |
| Deere & Co.<sup>(b)</sup> | 148926 | 75727382 |
| Donaldson Co., Inc.<sup>(b)</sup> | 75830 | 5258811 |
| Dover Corp.<sup>(b)</sup> | 82647 | 15143410 |
| Esab Corp.<sup>(b)</sup> | 33897 | 4086283 |
| Flowserve Corp. | 82926 | 4341176 |
| Fortive Corp. | 206919 | 10786687 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 152137 | 3503715 |
| Graco, Inc. | 101190 | 8699304 |
| IDEX Corp.<sup>(b)</sup> | 45995 | 8075342 |
| Illinois Tool Works, Inc.<sup>(b)</sup> | 178606 | 44160334 |
| Ingersoll Rand, Inc. | 245840 | 20448971 |
| ITT, Inc.<sup>(b)</sup> | 49734 | 7799783 |
| Lincoln Electric Holdings, Inc.<sup>(b)</sup> | 33049 | 6851719 |
| Middleby Corp.<sup>(a)(b)</sup> | 30356 | 4371264 |
| Mueller Industries, Inc. | 66907 | 5317099 |
| Nordson Corp. | 33254 | 7128660 |
| Oshkosh Corp. | 38976 | 4425335 |
| Otis Worldwide Corp. | 240868 | 23850749 |
| PACCAR, Inc. | 314131 | 29861293 |
| Parker-Hannifin Corp.<sup>(b)</sup> | 78451 | 54795670 |
| Pentair PLC<sup>(b)</sup> | 100893 | 10357675 |
| RBC Bearings, Inc.<sup>(a)</sup> | 17501 | 6734385 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** |  |
| Snap-on, Inc.<sup>(b)</sup> | 31632 | $9843246 |
| Stanley Black & Decker, Inc.<sup>(b)</sup> | 96117 | 6511927 |
| Timken Co.<sup>(b)</sup> | 38052 | 2760673 |
| Toro Co. | 63911 | 4517230 |
| Westinghouse Air Brake Technologies Corp. | 103350 | 21636323 |
| Xylem, Inc. | 149662 | 19360276 |
|  |  | 585287037 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |  |
| Kirby Corp.<sup>(a)(b)</sup> | 34658 | 3930564 |
| **Media — 0.5%** | **Media — 0.5%** |  |
| Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 55088 | 22520525 |
| Comcast Corp., Class A | 2257527 | 80571139 |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 93379 | 1397884 |
| Fox Corp., Class A<sup>(b)</sup> | 131521 | 7370437 |
| Fox Corp., Class B | 82537 | 4261385 |
| Interpublic Group of Cos., Inc. | 234836 | 5748785 |
| Liberty Broadband Corp., Class A<sup>(a)</sup> | 10629 | 1039729 |
| Liberty Broadband Corp., Class C<sup>(a)</sup> | 69691 | 6856201 |
| New York Times Co., Class A | 100598 | 5631476 |
| News Corp., Class A | 228542 | 6792268 |
| News Corp., Class B<sup>(b)</sup> | 72414 | 2484524 |
| Nexstar Media Group, Inc., Class A<sup>(b)</sup> | 17826 | 3083007 |
| Omnicom Group, Inc.<sup>(b)</sup> | 117728 | 8469352 |
| Paramount Global, Class A | 532 | 12209 |
| Paramount Global, Class B<sup>(b)</sup> | 371785 | 4796027 |
| Sirius XM Holdings, Inc.<sup>(b)</sup> | 117117 | 2690177 |
| Trade Desk, Inc., Class A<sup>(a)</sup> | 276528 | 19907251 |
|  |  | 183632376 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |  |
| Alcoa Corp.<sup>(b)</sup> | 150756 | 4448810 |
| Anglogold Ashanti PLC | 310792 | 14162791 |
| Carpenter Technology Corp. | 29691 | 8205999 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 298171 | 2266100 |
| Freeport-McMoRan, Inc. | 871800 | 37792530 |
| MP Materials Corp., Class A<sup>(a)(b)</sup> | 79650 | 2649955 |
| Newmont Corp.<sup>(b)</sup> | 678527 | 39530983 |
| Nucor Corp.<sup>(b)</sup> | 139998 | 18135341 |
| Reliance, Inc. | 32835 | 10306906 |
| Royal Gold, Inc.<sup>(b)</sup> | 41202 | 7327364 |
| Southern Copper Corp. | 50423 | 5101295 |
| Steel Dynamics, Inc. | 85137 | 10898387 |
|  |  | 160826461 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** |  |
| AGNC Investment Corp. | 546143 | 5019054 |
| Annaly Capital Management, Inc. | 353992 | 6662130 |
| Rithm Capital Corp. | 318587 | 3596847 |
| Starwood Property Trust, Inc. | 195825 | 3930208 |
|  |  | 19208239 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |  |
| Ameren Corp.<sup>(b)</sup> | 164560 | 15804342 |
| CenterPoint Energy, Inc.<sup>(b)</sup> | 398557 | 14642984 |
| CMS Energy Corp.<sup>(b)</sup> | 183146 | 12688355 |
| Consolidated Edison, Inc. | 214504 | 21525476 |
| Dominion Energy, Inc.<sup>(b)</sup> | 519098 | 29339419 |
| DTE Energy Co. | 125399 | 16610352 |
| NiSource, Inc.<sup>(b)</sup> | 286380 | 11552569 |
| Public Service Enterprise Group, Inc. | 304372 | 25622035 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Large Cap Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |  |
| Sempra<sup>(b)</sup> | 392416 | $29733360 |
| WEC Energy Group, Inc.<sup>(b)</sup> | 195888 | 20411530 |
|  |  | 197930422 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** |  |
| BXP, Inc.<sup>(b)</sup> | 99181 | 6691742 |
| Cousins Properties, Inc. | 108399 | 3255222 |
| Highwoods Properties, Inc.<sup>(b)</sup> | 69806 | 2170268 |
| Kilroy Realty Corp.<sup>(b)</sup> | 71231 | 2443936 |
| Vornado Realty Trust<sup>(b)</sup> | 104805 | 4007743 |
|  |  | 18568911 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |  |
| Antero Midstream Corp. | 213239 | 4040879 |
| Antero Resources Corp.<sup>(a)</sup> | 174766 | 7039575 |
| APA Corp.<sup>(b)</sup> | 221966 | 4059758 |
| Cheniere Energy, Inc. | 134448 | 32740777 |
| Chevron Corp.<sup>(b)</sup> | 994202 | 142359784 |
| Chord Energy Corp. | 36465 | 3531635 |
| Civitas Resources, Inc.<sup>(b)</sup> | 64953 | 1787507 |
| ConocoPhillips | 771596 | 69243025 |
| Coterra Energy, Inc.<sup>(b)</sup> | 447488 | 11357246 |
| Devon Energy Corp. | 382634 | 12171588 |
| Diamondback Energy, Inc.<sup>(b)</sup> | 116696 | 16034030 |
| DT Midstream, Inc. | 62363 | 6854317 |
| EOG Resources, Inc.<sup>(b)</sup> | 336619 | 40262999 |
| EQT Corp. | 364983 | 21285809 |
| Expand Energy Corp. | 135586 | 15855427 |
| Exxon Mobil Corp.<sup>(b)</sup> | 2641293 | 284731385 |
| Hess Corp. | 173032 | 23971853 |
| HF Sinclair Corp. | 97394 | 4000946 |
| Kinder Morgan, Inc. | 1185303 | 34847908 |
| Marathon Petroleum Corp.<sup>(b)</sup> | 189944 | 31551598 |
| Matador Resources Co.<sup>(b)</sup> | 69199 | 3302176 |
| Occidental Petroleum Corp.<sup>(b)</sup> | 410497 | 17244979 |
| ONEOK, Inc.<sup>(b)</sup> | 384083 | 31352695 |
| Ovintiv, Inc. | 163957 | 6238564 |
| Permian Resources Corp., Class A<sup>(b)</sup> | 382847 | 5214376 |
| Phillips 66<sup>(b)</sup> | 248474 | 29642948 |
| Range Resources Corp. | 146548 | 5960107 |
| Targa Resources Corp. | 130900 | 22787072 |
| Texas Pacific Land Corp.<sup>(b)</sup> | 11580 | 12232996 |
| Valero Energy Corp.<sup>(b)</sup> | 190258 | 25574480 |
| Viper Energy, Inc., Class A<sup>(b)</sup> | 81255 | 3098253 |
| Williams Cos., Inc. | 742344 | 46626627 |
|  |  | 977003319 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |  |
| Louisiana-Pacific Corp. | 37263 | 3204245 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 75056 | 3713771 |
| American Airlines Group, Inc.<sup>(a)(b)</sup> | 406859 | 4564958 |
| Delta Air Lines, Inc. | 398963 | 19621001 |
| Southwest Airlines Co.<sup>(b)</sup> | 315428 | 10232484 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 198100 | 15774703 |
|  |  | 53906917 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |  |
| BellRing Brands, Inc.<sup>(a)</sup> | 80505 | 4663655 |
| Coty, Inc., Class A<sup>(a)</sup> | 220597 | 1025776 |
| elf Beauty, Inc.<sup>(a)(b)</sup> | 34390 | 4279492 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Personal Care Products (continued)** | **Personal Care Products (continued)** |  |
| Estee Lauder Cos., Inc., Class A<sup>(b)</sup> | 140700 | $11368560 |
| Kenvue, Inc.<sup>(b)</sup> | 1158249 | 24242151 |
|  |  | 45579634 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |  |
| Bristol-Myers Squibb Co. | 1242202 | 57501530 |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 57989 | 4256393 |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 298049 | 4256140 |
| Eli Lilly & Co. | 488320 | 380660089 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 37268 | 3954880 |
| Johnson & Johnson | 1466824 | 224057366 |
| Merck & Co., Inc.<sup>(b)</sup> | 1535804 | 121574245 |
| Organon & Co.<sup>(b)</sup> | 175004 | 1694039 |
| Perrigo Co. PLC<sup>(b)</sup> | 77833 | 2079698 |
| Pfizer, Inc.<sup>(b)</sup> | 3462778 | 83937739 |
| Royalty Pharma PLC, Class A<sup>(b)</sup> | 243506 | 8773521 |
| Viatris, Inc.<sup>(b)</sup> | 741921 | 6625354 |
| Zoetis, Inc., Class A<sup>(b)</sup> | 272002 | 42418712 |
|  |  | 941789706 |
| **Professional Services — 0.8%** | **Professional Services — 0.8%** |  |
| Amentum Holdings, Inc.<sup>(a)(b)</sup> | 103631 | 2446728 |
| Automatic Data Processing, Inc. | 248376 | 76599158 |
| Booz Allen Hamilton Holding Corp., Class A<sup>(b)</sup> | 76129 | 7927313 |
| Broadridge Financial Solutions, Inc.<sup>(b)</sup> | 71027 | 17261692 |
| CACI International, Inc., Class A<sup>(a)(b)</sup> | 13121 | 6254781 |
| Clarivate PLC<sup>(a)(b)</sup> | 255993 | 1100770 |
| Concentrix Corp.<sup>(b)</sup> | 30351 | 1604202 |
| Dayforce, Inc.<sup>(a)(b)</sup> | 92294 | 5112165 |
| Dun & Bradstreet Holdings, Inc. | 189122 | 1719119 |
| Equifax, Inc. | 76082 | 19733388 |
| ExlService Holdings, Inc.<sup>(a)</sup> | 97634 | 4275393 |
| FTI Consulting, Inc.<sup>(a)</sup> | 21543 | 3479194 |
| Genpact Ltd. | 99306 | 4370457 |
| Jacobs Solutions, Inc. | 75187 | 9883331 |
| KBR, Inc.<sup>(b)</sup> | 78299 | 3753654 |
| Leidos Holdings, Inc. | 78681 | 12412714 |
| ManpowerGroup, Inc. | 31447 | 1270459 |
| Parsons Corp.<sup>(a)(b)</sup> | 29734 | 2134009 |
| Paychex, Inc.<sup>(b)</sup> | 196681 | 28609218 |
| Paycom Software, Inc.<sup>(b)</sup> | 32159 | 7441593 |
| Paylocity Holding Corp.<sup>(a)(b)</sup> | 26389 | 4781423 |
| Robert Half, Inc.<sup>(b)</sup> | 61305 | 2516570 |
| Science Applications International Corp.<sup>(b)</sup> | 30152 | 3395417 |
| SS&C Technologies Holdings, Inc.<sup>(b)</sup> | 131557 | 10892920 |
| TransUnion | 118614 | 10438032 |
| Verisk Analytics, Inc. | 85304 | 26572196 |
|  |  | 275985896 |
| **Real Estate Management & Development**<sup>(a)</sup> **— 0.2%** | **Real Estate Management & Development**<sup>(a)</sup> **— 0.2%** |  |
| CBRE Group, Inc., Class A | 180979 | 25358778 |
| CoStar Group, Inc. | 252875 | 20331150 |
| Howard Hughes Holdings, Inc.<sup>(b)</sup> | 16804 | 1134270 |
| Jones Lang LaSalle, Inc. | 29773 | 7615338 |
| Zillow Group, Inc., Class A | 30566 | 2093465 |
| Zillow Group, Inc., Class C | 97985 | 6863849 |
|  |  | 63396850 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |  |
| American Homes 4 Rent, Class A | 213228 | 7691134 |
| AvalonBay Communities, Inc.<sup>(b)</sup> | 86140 | 17529490 |
| Camden Property Trust<sup>(b)</sup> | 65348 | 7364066 |
| Equity LifeStyle Properties, Inc. | 119221 | 7352359 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Large Cap Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Residential REITs (continued)** | **Residential REITs (continued)** |  |
| Equity Residential | 233773 | $15777340 |
| Essex Property Trust, Inc.<sup>(b)</sup> | 39127 | 11088592 |
| Invitation Homes, Inc.<sup>(b)</sup> | 376482 | 12348609 |
| Mid-America Apartment Communities, Inc.<sup>(b)</sup> | 71182 | 10535648 |
| Sun Communities, Inc.<sup>(b)</sup> | 76866 | 9722780 |
| UDR, Inc.<sup>(b)</sup> | 207330 | 8465284 |
|  |  | 107875302 |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |  |
| Agree Realty Corp.<sup>(b)</sup> | 63946 | 4671895 |
| Brixmor Property Group, Inc. | 188872 | 4918227 |
| Federal Realty Investment Trust | 52020 | 4941380 |
| Kimco Realty Corp. | 400286 | 8414011 |
| NNN REIT, Inc. | 117810 | 5087036 |
| Realty Income Corp.<sup>(b)</sup> | 539843 | 31100355 |
| Regency Centers Corp.<sup>(b)</sup> | 114030 | 8122357 |
| Simon Property Group, Inc. | 197480 | 31746885 |
|  |  | 99002146 |
| **Semiconductors & Semiconductor Equipment — 11.4%** | **Semiconductors & Semiconductor Equipment — 11.4%** |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 981617 | 139291452 |
| Allegro MicroSystems, Inc.<sup>(a)(b)</sup> | 68116 | 2328886 |
| Amkor Technology, Inc. | 73275 | 1538042 |
| Analog Devices, Inc.<sup>(b)</sup> | 302409 | 71979390 |
| Applied Materials, Inc.<sup>(b)</sup> | 494949 | 90610314 |
| Astera Labs, Inc.<sup>(a)(b)</sup> | 69345 | 6270175 |
| Broadcom, Inc. | 2815036 | 775964673 |
| Cirrus Logic, Inc.<sup>(a)</sup> | 33444 | 3486704 |
| Enphase Energy, Inc.<sup>(a)(b)</sup> | 80819 | 3204473 |
| Entegris, Inc.<sup>(b)</sup> | 90889 | 7330198 |
| First Solar, Inc.<sup>(a)</sup> | 61868 | 10241629 |
| GLOBALFOUNDRIES, Inc.<sup>(a)(b)</sup> | 64640 | 2469248 |
| Intel Corp. | 2663702 | 59666925 |
| KLA Corp.<sup>(b)</sup> | 81115 | 72657950 |
| Lam Research Corp. | 779383 | 75865141 |
| Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 84747 | 4151756 |
| MACOM Technology Solutions Holdings, Inc., <br> Class H<sup>(a)</sup><br>| 39876 | 5713832 |
| Marvell Technology, Inc. | 530835 | 41086629 |
| Microchip Technology, Inc.<sup>(b)</sup> | 321682 | 22636762 |
| Micron Technology, Inc. | 683016 | 84181722 |
| MKS, Inc.<sup>(b)</sup> | 40330 | 4007189 |
| Monolithic Power Systems, Inc.<sup>(b)</sup> | 28212 | 20633693 |
| NVIDIA Corp. | 14265762 | 2253847738 |
| ON Semiconductor Corp.<sup>(a)</sup> | 260546 | 13655216 |
| Onto Innovation, Inc.<sup>(a)(b)</sup> | 32179 | 3247827 |
| Qorvo, Inc.<sup>(a)</sup> | 55714 | 4730676 |
| QUALCOMM, Inc. | 670086 | 106717896 |
| Skyworks Solutions, Inc. | 94570 | 7047356 |
| Teradyne, Inc.<sup>(b)</sup> | 98646 | 8870248 |
| Texas Instruments, Inc. | 553973 | 115015874 |
| Universal Display Corp.<sup>(b)</sup> | 28312 | 4373072 |
|  |  | 4022822686 |
| **Software — 11.3%** | **Software — 11.3%** |  |
| Adobe, Inc.<sup>(a)</sup> | 259415 | 100362475 |
| ANSYS, Inc.<sup>(a)</sup> | 54032 | 18977119 |
| Appfolio, Inc., Class A<sup>(a)(b)</sup> | 14260 | 3283793 |
| AppLovin Corp., Class A<sup>(a)</sup> | 145322 | 50874326 |
| Atlassian Corp., Class A<sup>(a)</sup> | 98649 | 20034625 |
| Aurora Innovation, Inc., Class A<sup>(a)</sup> | 607788 | 3184809 |
| Autodesk, Inc.<sup>(a)</sup> | 129859 | 40200451 |
| Bentley Systems, Inc., Class B<sup>(b)</sup> | 84070 | 4537258 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** |  |
| Bill Holdings, Inc.<sup>(a)</sup> | 56046 | $2592688 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 166313 | 51249351 |
| CCC Intelligent Solutions Holdings, Inc.<sup>(a)(b)</sup> | 296029 | 2785633 |
| Confluent, Inc., Class A<sup>(a)</sup> | 158918 | 3961826 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 148867 | 75819452 |
| Datadog, Inc., Class A<sup>(a)</sup> | 188205 | 25281578 |
| Docusign, Inc.<sup>(a)</sup> | 122682 | 9555701 |
| Dolby Laboratories, Inc., Class A | 38321 | 2845717 |
| Dropbox, Inc., Class A<sup>(a)</sup> | 133083 | 3806174 |
| Dynatrace, Inc.<sup>(a)</sup> | 182098 | 10053631 |
| Elastic NV<sup>(a)</sup> | 54982 | 4636632 |
| Fair Isaac Corp.<sup>(a)</sup> | 14485 | 26478001 |
| Fortinet, Inc.<sup>(a)</sup> | 390934 | 41329542 |
| Gen Digital, Inc.<sup>(b)</sup> | 343345 | 10094343 |
| Gitlab, Inc., Class A<sup>(a)</sup> | 77976 | 3517497 |
| Guidewire Software, Inc.<sup>(a)</sup> | 50099 | 11795810 |
| HubSpot, Inc.<sup>(a)</sup> | 30687 | 17081305 |
| Informatica, Inc., Class A<sup>(a)</sup> | 46751 | 1138387 |
| Intuit, Inc. | 166427 | 131082898 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 36515 | 7210617 |
| Microsoft Corp. | 4520610 | 2248596620 |
| MicroStrategy, Inc., Class A<sup>(a)</sup> | 152249 | 61543613 |
| nCino, Inc.<sup>(a)(b)</sup> | 54251 | 1517400 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 153612 | 11742101 |
| Oracle Corp. | 1009296 | 220662384 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 1331430 | 181500538 |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 400857 | 82031376 |
| Pegasystems, Inc.<sup>(b)</sup> | 52428 | 2837928 |
| Procore Technologies, Inc.<sup>(a)</sup> | 64408 | 4406795 |
| PTC, Inc.<sup>(a)</sup> | 72768 | 12540837 |
| RingCentral, Inc., Class A<sup>(a)</sup> | 55109 | 1562340 |
| Roper Technologies, Inc.<sup>(b)</sup> | 65440 | 37094010 |
| Rubrik, Inc., Class A<sup>(a)(b)</sup> | 59901 | 5366531 |
| Salesforce, Inc. | 569093 | 155185970 |
| Samsara, Inc., Class A<sup>(a)(b)</sup> | 165533 | 6584903 |
| SentinelOne, Inc., Class A<sup>(a)</sup> | 166630 | 3045996 |
| ServiceNow, Inc.<sup>(a)</sup> | 125977 | 129514434 |
| Synopsys, Inc.<sup>(a)</sup> | 94070 | 48227808 |
| Teradata Corp.<sup>(a)</sup> | 58692 | 1309419 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 26187 | 15524701 |
| UiPath, Inc., Class A<sup>(a)</sup> | 269424 | 3448627 |
| Unity Software, Inc.<sup>(a)</sup> | 193657 | 4686499 |
| Workday, Inc., Class A<sup>(a)</sup> | 131101 | 31464240 |
| Zoom Communications, Inc., Class A<sup>(a)</sup> | 162339 | 12659195 |
| Zscaler, Inc.<sup>(a)</sup> | 57498 | 18050922 |
|  |  | 3984876826 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |  |
| American Tower Corp.<sup>(b)</sup> | 285113 | 63015675 |
| Crown Castle, Inc. | 264451 | 27167051 |
| CubeSmart | 140738 | 5981365 |
| Digital Realty Trust, Inc. | 205243 | 35780012 |
| EPR Properties<sup>(b)</sup> | 44194 | 2574742 |
| Equinix, Inc. | 59715 | 47501491 |
| Extra Space Storage, Inc. | 129531 | 19098051 |
| Gaming & Leisure Properties, Inc. | 164498 | 7678767 |
| Iron Mountain, Inc.<sup>(b)</sup> | 180317 | 18495115 |
| Lamar Advertising Co., Class A<sup>(b)</sup> | 54689 | 6637057 |
| Millrose Properties, Inc., Class A | 76577 | 2183210 |
| National Storage Affiliates Trust | 46552 | 1489199 |
| Public Storage<sup>(b)</sup> | 96268 | 28246957 |
| Rayonier, Inc. | 94874 | 2104305 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Large Cap Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** |  |
| SBA Communications Corp. | 66317 | $15573884 |
| VICI Properties, Inc.<sup>(b)</sup> | 641752 | 20921115 |
| Weyerhaeuser Co.<sup>(b)</sup> | 447407 | 11493886 |
|  |  | 315941882 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |  |
| AutoNation, Inc.<sup>(a)</sup> | 14910 | 2961872 |
| AutoZone, Inc.<sup>(a)</sup> | 10181 | 37794214 |
| Bath & Body Works, Inc. | 140102 | 4197456 |
| Best Buy Co., Inc.<sup>(b)</sup> | 119258 | 8005790 |
| Burlington Stores, Inc.<sup>(a)</sup> | 38306 | 8911508 |
| CarMax, Inc.<sup>(a)</sup> | 92519 | 6218202 |
| Carvana Co., Class A<sup>(a)(b)</sup> | 78148 | 26332750 |
| Chewy, Inc., Class A<sup>(a)</sup> | 129046 | 5499941 |
| Dick's Sporting Goods, Inc. | 32989 | 6525554 |
| Five Below, Inc.<sup>(a)</sup> | 33418 | 4383773 |
| Floor & Decor Holdings, Inc., Class A<sup>(a)(b)</sup> | 63434 | 4818447 |
| GameStop Corp., Class A<sup>(a)(b)</sup> | 238850 | 5825551 |
| Gap, Inc.<sup>(b)</sup> | 121989 | 2660580 |
| Home Depot, Inc. | 606891 | 222510516 |
| Lithia Motors, Inc., Class A | 15982 | 5399039 |
| Lowe's Cos., Inc. | 341624 | 75796117 |
| Murphy USA, Inc.<sup>(b)</sup> | 11568 | 4705862 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 519462 | 46819110 |
| Penske Automotive Group, Inc.<sup>(b)</sup> | 11118 | 1910184 |
| RH<sup>(a)</sup> | 8838 | 1670470 |
| Ross Stores, Inc. | 196366 | 25052374 |
| TJX Cos., Inc. | 681781 | 84193136 |
| Tractor Supply Co.<sup>(b)</sup> | 323633 | 17078113 |
| Ulta Beauty, Inc.<sup>(a)(b)</sup> | 27520 | 12874406 |
| Valvoline, Inc.<sup>(a)</sup> | 82639 | 3129539 |
| Wayfair, Inc., Class A<sup>(a)</sup> | 60688 | 3103584 |
| Williams-Sonoma, Inc.<sup>(b)</sup> | 72183 | 11792537 |
|  |  | 640170625 |
| **Technology Hardware, Storage & Peripherals — 5.5%** | **Technology Hardware, Storage & Peripherals — 5.5%** |  |
| Apple, Inc. | 8985236 | 1843500870 |
| Dell Technologies, Inc., Class C<sup>(b)</sup> | 196196 | 24053630 |
| Hewlett Packard Enterprise Co.<sup>(b)</sup> | 810196 | 16568508 |
| HP, Inc. | 578631 | 14153314 |
| NetApp, Inc.<sup>(b)</sup> | 124813 | 13298825 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | 187597 | 10801835 |
| Sandisk Corp.<sup>(a)</sup> | 76107 | 3451453 |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 304775 | 14937023 |
| Western Digital Corp.<sup>(b)</sup> | 211825 | 13554682 |
|  |  | 1954320140 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |  |
| Amer Sports, Inc.<sup>(a)</sup> | 92047 | 3567742 |
| Birkenstock Holding PLC<sup>(a)</sup> | 25819 | 1269778 |
| Columbia Sportswear Co.<sup>(b)</sup> | 19408 | 1185441 |
| Crocs, Inc.<sup>(a)(b)</sup> | 32688 | 3310640 |
| Deckers Outdoor Corp.<sup>(a)</sup> | 92669 | 9551394 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 64944 | 15429395 |
| NIKE, Inc., Class B<sup>(b)</sup> | 705242 | 50100392 |
| On Holding AG, Class A<sup>(a)</sup> | 135917 | 7074480 |
| PVH Corp. | 30643 | 2102110 |
| Ralph Lauren Corp., Class A | 23693 | 6498516 |
| Skechers USA, Inc., Class A<sup>(a)</sup> | 80727 | 5093874 |
| Tapestry, Inc. | 127605 | 11204995 |
| Under Armour, Inc., Class A<sup>(a)</sup> | 126836 | 866290 |
| Under Armour, Inc., Class C<sup>(a)</sup> | 128526 | 834134 |
| VF Corp.<sup>(b)</sup> | 210114 | 2468839 |
|  |  | 120558020 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** |  |
| Altria Group, Inc. | 1028212 | $60284070 |
| Philip Morris International, Inc. | 949658 | 172961211 |
|  |  | 233245281 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |  |
| Air Lease Corp., Class A | 62694 | 3666972 |
| Applied Industrial Technologies, Inc. | 23508 | 5464434 |
| Core & Main, Inc., Class A<sup>(a)(b)</sup> | 119929 | 7237715 |
| Fastenal Co.<sup>(b)</sup> | 699692 | 29387064 |
| Ferguson Enterprises, Inc. | 117912 | 25675338 |
| FTAI Aviation Ltd. | 62850 | 7230264 |
| MSC Industrial Direct Co., Inc., Class A<sup>(b)</sup> | 26309 | 2236791 |
| QXO, Inc.<sup>(a)</sup> | 316680 | 6821287 |
| SiteOne Landscape Supply, Inc.<sup>(a)(b)</sup> | 27805 | 3362737 |
| United Rentals, Inc.<sup>(b)</sup> | 39520 | 29774368 |
| Watsco, Inc.<sup>(b)</sup> | 21085 | 9311558 |
| WESCO International, Inc. | 25309 | 4687227 |
| WW Grainger, Inc. | 26953 | 28037589 |
|  |  | 162893344 |
| **Water Utilities**<sup>(b)</sup> **— 0.1%** | **Water Utilities**<sup>(b)</sup> **— 0.1%** |  |
| American Water Works Co., Inc. | 118280 | 16453931 |
| Essential Utilities, Inc. | 159024 | 5906151 |
|  |  | 22360082 |
| **Wireless Telecommunication Services**<sup>(b)</sup> **— 0.2%** | **Wireless Telecommunication Services**<sup>(b)</sup> **— 0.2%** |  |
| Millicom International Cellular SA | 63386 | 2375073 |
| T-Mobile U.S., Inc. | 276807 | 65952036 |
|  |  | 68327109 |
| **Total Common Stocks — 98.8%** <br>**(Cost: $14,383,500,600)** | **Total Common Stocks — 98.8%** <br>**(Cost: $14,383,500,600)** | 34904681029 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Equity Funds — 0.6%** | **Equity Funds — 0.6%** |  |
| iShares Russell 1000 ETF<sup>(b)(c)</sup> | 646882 | 219661721 |
| **Total Investment Companies — 0.6%** <br>**(Cost: $178,466,012)** | **Total Investment Companies — 0.6%** <br>**(Cost: $178,466,012)** | 219661721 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $14,561,966,612)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $14,561,966,612)** | 35124342750 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 8.8%** | **Money Market Funds — 8.8%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(c)(e)(f)</sup><br>| 2905649132 | 2906811392 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(c)(e)</sup><br>| 220322535 | 220322535 |
| **Total Short-Term Securities — 8.8%** <br>**(Cost: $3,126,070,018)** | **Total Short-Term Securities — 8.8%** <br>**(Cost: $3,126,070,018)** | 3127133927 |
| **Total Investments — 108.2%** <br>**(Cost: $17,688,036,630)** | **Total Investments — 108.2%** <br>**(Cost: $17,688,036,630)** | 38251476677 |
| **Liabilities in Excess of Other Assets — (8.2)%** | **Liabilities in Excess of Other Assets — (8.2)%** | (2896517654)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $35354959023 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Master Portfolio.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Large Cap Index Master Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> Annualized 7-day yield as of period end. <br> <sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| $1880715577 | $1026426154 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(227650)<br>| $(102689)<br>| $2906811392 | 2905649132 | $2793774 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, <br> SL Agency Shares<br>| 242319252 |  | &nbsp;&nbsp; (21996717 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 220322535 | 220322535 | 4114340 | &nbsp;&nbsp; — |
| Blackrock, Inc. | 94703762 | 8248554 | &nbsp;&nbsp; (7374043)<br>| &nbsp;&nbsp; 105095 | 1888488 | 97571856 | 92992 | 967263 | &nbsp;&nbsp; — |
| iShares Russell 1000 ETF | 263323275 | 690070699 | &nbsp;&nbsp; (763826427)<br>| &nbsp;&nbsp; 541535 | 29552639 | 219661721 | 646882 | 1798346 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $418980 | $31338438 | $3444367504 |  | $9673723 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 762 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $238268 | &nbsp;&nbsp;&nbsp;&nbsp; $3872756 |
| S&P Mid 400 E-Mini Index | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 17815 | &nbsp;&nbsp;&nbsp;&nbsp; 178731 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $4051487 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4051487 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4051487 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Master Portfolio 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 net unrealized appreciation (depreciation). 

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Large Cap Index Master Portfolio**

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8790643)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8790643)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7392368 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7392368 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $247225921 |

---

For more information about the Master Portfolio's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Master Portfolio's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $34904681028 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $34904681029 |
| Investment Companies | &nbsp;&nbsp; 219661721 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 219661721 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3127133927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3127133927 |
|  | &nbsp;&nbsp; $38251476676 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $38251476677 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $4051487 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4051487 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Master Portfolio Schedule of Investments

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Large Cap Index <br>Master Portfolio<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $34807109173 |
| Investments, at value — affiliated<sup>(c)</sup> | 3444367504 |
| Cash | 1334883 |
| Cash pledged for futures contracts | 18286000 |
| Receivables: |  |
| Investments sold | 427816799 |
| Securities lending income — affiliated | 465995 |
| Dividends — unaffiliated | 18192435 |
| Dividends — affiliated | 598950 |
| Variation margin on futures contracts | 1072770 |
| Prepaid expenses | 44402 |
| Total assets | 38719288911 |
| **LIABILITIES** |  |
| Collateral on securities loaned | 2908447466 |
| Payables: |  |
| Investments purchased | 68502 |
| Accounting services fees | 248827 |
| Withdrawals to investors | 454636568 |
| Investment advisory fees | 840520 |
| Trustees' fees | 59476 |
| Other accrued expenses | 20952 |
| Professional fees | 3647 |
| Variation margin on futures contracts | 3930 |
| Total liabilities | 3364329888 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $35354959023 |
| **NET ASSETS CONSIST OF** |  |
| Investors' capital | $14787467488 |
| Net unrealized appreciation (depreciation) | 20567491535 |
| NET ASSETS | $35354959023 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $14340842724 |
| <sup>(b)</sup> Securities loaned, at value | $2858018505 |
| <sup>(c)</sup> Investments, at cost—affiliated | $3347193906 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Large Cap Index <br>Master Portfolio<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $219062976 |
| Dividends — affiliated | &nbsp;&nbsp; 6879949 |
| Interest — unaffiliated | &nbsp;&nbsp; 331207 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 2793774 |
| Foreign taxes withheld | &nbsp;&nbsp; (16225)<br>|
| Total investment income | &nbsp;&nbsp; 229051681 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 5106921 |
| Custodian | &nbsp;&nbsp; 219235 |
| Trustees | &nbsp;&nbsp; 130551 |
| Professional | &nbsp;&nbsp; 50350 |
| Printing and postage | &nbsp;&nbsp; 8115 |
| Miscellaneous | &nbsp;&nbsp; 127768 |
| Total expenses | &nbsp;&nbsp; 5642940 |
| Less: |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (109054)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 5533886 |
| Net investment income | &nbsp;&nbsp; 223517795 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 140528649 |
| Investments — affiliated | &nbsp;&nbsp; 418980 |
| Futures contracts | &nbsp;&nbsp; (8790643)<br>|
|  | &nbsp;&nbsp; 132156986 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 1641346224 |
| Investments — affiliated | &nbsp;&nbsp; 31338438 |
| Futures contracts | &nbsp;&nbsp; 7392368 |
|  | &nbsp;&nbsp; 1680077030 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1812234016 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $2035751811 |

---

*See notes to financial statements.*

Master Portfolio Statement of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Large Cap Index Master Portfolio | Large Cap Index Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $223517795 | &nbsp;&nbsp;&nbsp; $449941381 |
| Net realized gain | &nbsp;&nbsp; 132156986 | &nbsp;&nbsp;&nbsp; 539298360 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1680077030 | &nbsp;&nbsp;&nbsp; 6184728995 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2035751811 | &nbsp;&nbsp;&nbsp; 7173968736 |
| **CAPITAL TRANSACTIONS** |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 2747560037 | &nbsp;&nbsp;&nbsp; 2978430797 |
| Value of withdrawals | &nbsp;&nbsp; (3734935118)<br>| &nbsp;&nbsp;&nbsp; (5590963775)<br>|
| Net decrease in net assets derived from capital transactions | &nbsp;&nbsp; (987375081)<br>| &nbsp;&nbsp;&nbsp; (2612532978)<br>|
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1048376730 | &nbsp;&nbsp;&nbsp; 4561435758 |
| Beginning of period | &nbsp;&nbsp; 34306582293 | &nbsp;&nbsp;&nbsp; 29745146535 |
| End of period | &nbsp;&nbsp; $35354959023 | &nbsp;&nbsp;&nbsp; $34306582293 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Large Cap Index Master Portfolio | Large Cap Index Master Portfolio | Large Cap Index Master Portfolio | Large Cap Index Master Portfolio | Large Cap Index Master Portfolio | Large Cap Index Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Total Return** |  |  |  |  |  |  |
| Total return | 6.10 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.53<br> %<br>| &nbsp;&nbsp;&nbsp; (19.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.89<br> %<br>|
| **Ratios to Average Net Assets**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.03 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.03 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>|
| Net investment income | 1.31 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $35354959 | &nbsp;&nbsp;&nbsp; $34306582 | &nbsp;&nbsp;&nbsp; $29745147 | &nbsp;&nbsp;&nbsp; $22871679 | &nbsp;&nbsp;&nbsp; $24365425 | &nbsp;&nbsp;&nbsp; $19332586 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Not annualized. <br> <sup>(b)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. <br> <sup>(c)</sup> Annualized.

*See notes to financial statements.*

Master Portfolio Financial Highlights

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

Master Investment Portfolio ("MIP") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. MIP is organized as a Delaware statutory trust. Large Cap Index Master Portfolio (the "Master Portfolio") is a series of MIP. The Master Portfolio is classified as diversified.

The Master Portfolio, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Master Portfolio is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Taxes:** The Master Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Master Portfolio invests. These foreign taxes, if any, are paid by the Master Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

The Master Portfolio files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Master Portfolio may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Master Portfolio may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Master Portfolio may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Master Portfolio is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Master Portfolio may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Indemnifications:** In the normal course of business, the Master Portfolio enters into contracts that contain a variety of representations that provide general indemnification. The Master Portfolio's maximum exposure under these arrangements is unknown because it involves future potential claims against the Master Portfolio, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Master Portfolio's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Master Portfolio. The CODM has concluded that the Master Portfolio operates as a single operating segment since the Master Portfolio has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Master Portfolio's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Master Portfolio's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Master Portfolio is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of MIP (the "Board") has approved the designation of the Master Portfolio's Manager as the valuation designee for the Master Portfolio. The Master Portfolio determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Master Portfolio's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange ("NYSE"). Each business day, the Master Portfolio uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Master Portfolio might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Master Portfolio. Certain information made available by a Private Company is as of a date that is earlier than the date the Master Portfolio is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Master Portfolio could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that the Master Portfolio has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Master Portfolio 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 the Master Portfolio 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 Master Portfolio and any additional required collateral is delivered to the Master Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. ("BTC"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Master Portfolio, except in the event of borrower default. The securities on loan, if any, are disclosed in the Master Portfolio's Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Master Portfolio 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 Master Portfolio, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Master Portfolio 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 Master Portfolio's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| Barclays Bank PLC | &nbsp;&nbsp; $111968315 | &nbsp;&nbsp; $(111968315)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 1615515 | &nbsp;&nbsp; (1615515)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 4676715 | &nbsp;&nbsp; (4676715)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 671749710 | &nbsp;&nbsp; (671749710)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 577713533 | &nbsp;&nbsp; (577713533)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 352074898 | &nbsp;&nbsp; (352074898)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| ING Financial Markets LLC | &nbsp;&nbsp; 14892 | &nbsp;&nbsp; (14892)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 118467850 | &nbsp;&nbsp; (118467850)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 11570916 | &nbsp;&nbsp; (11570916)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mizuho Securities USA LLC | &nbsp;&nbsp; 3270 | &nbsp;&nbsp; (3270)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 179006779 | &nbsp;&nbsp; (179006779)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 105234109 | &nbsp;&nbsp; (105234109)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Natixis SA | &nbsp;&nbsp; 16979881 | &nbsp;&nbsp; (16979881)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 203053 | &nbsp;&nbsp; (203053)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 448582 | &nbsp;&nbsp; (448582)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 1061175 | &nbsp;&nbsp; (1061175)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 57288683 | &nbsp;&nbsp; (57288683)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 65106566 | &nbsp;&nbsp; (65106566)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 34093821 | &nbsp;&nbsp; (34093821)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 167748397 | &nbsp;&nbsp; (167748397)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 18940668 | &nbsp;&nbsp; (18940668)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Virtu Americas LLC | &nbsp;&nbsp; 8056490 | &nbsp;&nbsp; (8056490)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities*<br> *Loaned at Value*<br>| *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net*<br> *Amount*<br>|
| Wells Fargo Bank N.A. | &nbsp;&nbsp; $235892104 | &nbsp;&nbsp; $(235892104)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 118102583 | &nbsp;&nbsp; (118102583)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2858018505 | &nbsp;&nbsp; $(2858018505)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Master Portfolio is disclosed in the Master Portfolio's Statement 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 Master Portfolio benefits from a borrower default indemnity provided by BlackRock Finance, Inc.. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Master Portfolio engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Master Portfolio and/or to manage its 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 Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Master Portfolio 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 Master Portfolio is 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 Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** MIP, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of the Master Portfolio's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.

For such services, the Master Portfolio pays the Manager a monthly fee at an annual rate equal to 0.03% of the average daily value of the Master Portfolio's net assets.

BlackRock Advisors, LLC ("BAL") is not entitled to compensation for providing administrative services to the Master Portfolio, for so long as BAL (or an affiliate) is entitled to compensation for providing administrative services to corresponding feeder funds that invest substantially all of their assets in the Master Portfolio, or BAL (or an affiliate) receives investment advisory fees from the Master Portfolio.

**Expense Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Master Portfolio pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of MIP, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $67,033.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the Manager waived $42,021 in investment advisory fees pursuant to this arrangement.

**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 Master Portfolio, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

lending, including any custodial costs. The Master Portfolio is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Master Portfolio bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Master Portfolio retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Master Portfolio retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Master Portfolio, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, the Master Portfolio would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended June 30, 2025, the Master Portfolio paid BTC $1,174,726 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Master Portfolio could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Master Portfolio did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Master Portfolio are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** The Master Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Master Portfolio Name* | *Purchases* | *Sales* | *Net Realized* <br>*Gain (Loss)*<br>|
| Large Cap Index Master Portfolio | &nbsp;&nbsp; $730435074 | $219271244 | $(14015366)<br>|

---

***7.*** ***PURCHASES AND SALES*** 

For the six months ended June 30, 2025, purchases and sales of investments, excluding short-term securities, were $3,172,234,701 and $3,875,900,609, respectively.

***8.*** ***INCOME TAX INFORMATION*** 

The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required. It is intended that the Master Portfolio's assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master Portfolio's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Master Portfolio's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Master Portfolio as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Master Portfolio's NAV.

As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Master Portfolio Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Large Cap Index Master Portfolio | &nbsp;&nbsp; $18360114946 | &nbsp;&nbsp;&nbsp; $21079930696 | &nbsp;&nbsp;&nbsp; $(1184517478) | &nbsp;&nbsp;&nbsp; $19895413218 |

---

***9.*** ***BANK BORROWINGS*** 

MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30, 2025, the Master Portfolio did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the Master Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Master Portfolio and its investments. The Master Portfolio's prospectus provides details of the risks to which the Master Portfolio is subject.

BFA uses an indexing approach to try to achieve the Master Portfolio's investment objective. The Master Portfolio is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio 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. The Master Portfolio 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 the Master Portfolio'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 the Master Portfolio may lose value, regardless of the individual results of the securities and other instruments in which the Master Portfolio invests. The Master Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price the Master Portfolio could receive upon the sale of any particular portfolio investment may differ from the Master Portfolio'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 the Master Portfolio's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Master Portfolio, and the Master Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Master Portfolio manages 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 Master Portfolio to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Master Portfolio's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Master Portfolio.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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 Master Portfolio 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, the Master Portfolio 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 Master Portfolio.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Master Portfolio's portfolio are disclosed in its Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Master Portfolio and could affect the income from, or the value or liquidity of, the Master Portfolio's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Master Portfolio invests.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Master Portfolio 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Compensation to the independent directors/trustees of the Trust and MIP is paid by the Trust and MIP, on behalf of the Fund/Master Portfolio.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund/Master Portfolio may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund/Master Portfolio and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans**

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans**

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

Additional Information

------

Additional Information (continued)

**Fund and/or MIP Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Trust/MIP**

400 Howard Street

San Francisco, CA 94105

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement

The Board of Trustees of Master Investment Portfolio (the "Master Portfolio") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Master Portfolio, on behalf of Large Cap Index Master Portfolio (the "Master Fund") and BlackRock Fund Advisors (the "Manager" or "BlackRock"), the Master Portfolio's investment advisor. iShares Russell 1000 Large-Cap Index Fund (the "Feeder Fund"), a series of BlackRock Funds III (the "Feeder Trust"), is a "feeder" fund that invests all of its investable assets in the Master Fund. Accordingly, the Board of Trustees of the Feeder Trust also considered the approval of the Agreement with respect to the Master Fund. For simplicity: (a) the Board of Trustees of the Master Portfolio and the Board of Trustees of the Feeder Trust are referred to herein collectively as the "Board," and the members are referred to as "Board Members"; (b) the shareholders of the Feeder Fund and the interest holders of the Master Fund are referred to as "shareholders"; and (c) the Master Fund and the Feeder Fund are referred to herein together as the "Fund".

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for the Master Portfolio on an annual basis. The Board Members who are not "interested persons" of the Master Portfolio, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Master Portfolio, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Master Fund, the Feeder Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) the Fund's operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper Classification or Morningstar category, regarding fees and expenses of the Fund, as applicable, as compared with a peer group of funds as determined by Broadridge ("Expense Peers"), and the investment performance of the 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 Agreement 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 Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Feeder Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's, the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement, and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the 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 Fund; (d) the 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 Fund; 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 portfolio holdings of the Master Fund. The Board noted the willingness of BlackRock's

Disclosure of Investment Advisory Agreement

------

Disclosure of Investment Advisory Agreement (continued)

personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared the Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, 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 the Fund's portfolio management team discussing the Fund's performance and the Fund's investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Master 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 the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund 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, the custodian, fund accountant, transfer agent, and auditor for the Fund, as applicable; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Feeder Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

***B. The Investment Performance of the Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board noted that the Feeder Fund's investment results correspond directly to the investment results of the Master Fund. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of the Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-year period reported, the Fund's net performance was within the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board.

***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 Fund***

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of the Fund's 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 the Fund's total expense ratio, as well as the Fund's actual management fee rate, to those of the Fund's Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement (continued)

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 the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms.The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, 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 Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and the Fund's 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.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the 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 Fund, 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 Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Feeder Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board of the Master Portfolio, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Master Portfolio, on behalf of the Master Fund for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board of the Master Portfolio, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Master Fund and its shareholders. The Board of the Feeder Trust, including the Independent Board Members, also considered the continuation of the Agreement with respect to the Master Fund and found the Agreement to be satisfactory. In arriving at its decision to approve the Agreement, the Board of the Master Portfolio did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

Disclosure of Investment Advisory Agreement

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ETF | Exchange-Traded Fund |
| MSCI | Morgan Stanley Capital International |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

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 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.

![](g121005img94e60e4b2.jpg)

![](g121005imgfe841beb1.jpg)

------

![](g121005img59a6e44b1.jpg)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Funds III** |
| • iShares MSCI Total International Index Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_RskDeriv-Footer-FundBookName_1)  | 3 |
| [Fund Statement of Assets and Liabilities](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_FS-Footer-FundBookName-796_1)  | 4 |
| [Fund Statement of Operations](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_FS-Footer-FundBookName-796_3)  | 6 |
| [Fund Statements of Changes in Net Assets](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_FS-Footer-FundBookName-796_4)  | 7 |
| [Fund Financial Highlights](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_FIHI-Footer-FundBookName-796_1)  | 8 |
| [Fund Notes to Financial Statements](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_NTF-Footer-FundBookName-796_1)  | 11 |
| [Master Portfolio Schedule of Investments](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_MAST-Footer-FundBookName-795_1)  | 14 |
| [Master Portfolio Statement of Assets and Liabilities](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_MstFS-Footer-FundBookName-795_1)  | 34 |
| [Master Portfolio Statement of Operations](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_MstFS-Footer-FundBookName-795_2)  | 35 |
| [Master Portfolio Statements of Changes in Net Assets](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_MstFS-Footer-FundBookName-795_3)  | 36 |
| [Master Portfolio Financial Highlights](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_MstFIHI-Footer-FundBookName-795_1)  | 37 |
| [Master Portfolio Notes to Financial Statements](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_MstNTF-Footer-FundBookName-795_1)  | 38 |
| [Additional Information](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_ADDInfo-Footer-FundBookName-796_1)  | 45 |
| [Disclosure of Investment Advisory Agreement](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_IAA1-Footer-FundBookName-796_1)  | 47 |
| [Glossary of Terms Used in these Financial Statements](#xx_40e82f3d-9edc-46a9-8696-f0bc0c8fe5e2_Terms-Footer-FundBookName-796_1)  | 50 |

---

------

Derivative Financial Instruments

The Total International ex U.S. Index Master Portfolio (the "Master Portfolio") may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Master Portfolio must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Master Portfolio's 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 the Master Portfolio can realize on an investment and/or may result in lower distributions paid to shareholders. The Master Portfolio's investments in these instruments, if any, are discussed in detail in the Master Portfolio Notes to Financial Statements.

Derivative Financial Instruments

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI Total <br>International <br>Index Fund<br>|
| **ASSETS** |  |
| Investments, at value — Master Portfolio | $1995272378 |
| Receivables: |  |
| Capital shares sold | 23716537 |
| From the Administrator | 16250 |
| Withdrawals from the Master Portfolio | 27144839 |
| Prepaid expenses | 51076 |
| Total assets | 2046201080 |
| **LIABILITIES** |  |
| Payables: |  |
| Accounting services fees | 2875 |
| Capital shares redeemed | 50867054 |
| Income dividend distributions | 1799064 |
| Officer's fees | 540 |
| Other accrued expenses | 57872 |
| Professional fees | 9446 |
| Service fees | 11443 |
| Transfer agent fees | 69337 |
| Total liabilities | 52817631 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $1993383449 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $1489351158 |
| Accumulated earnings | 504032291 |
| NET ASSETS | $1993383449 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited) (continued)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI Total <br>International <br>Index Fund<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | $773071353 |
| Shares outstanding | 67802909 |
| Net asset value | $11.40 |
| Shares authorized | Unlimited |
| Par value | N/A |
| **Investor A** |  |
| Net assets | $58970157 |
| Shares outstanding | 5169658 |
| Net asset value | $11.41 |
| Shares authorized | Unlimited |
| Par value | N/A |
| **Class K** |  |
| Net assets | $1161341939 |
| Shares outstanding | 98256459 |
| Net asset value | $11.82 |
| Shares authorized | Unlimited |
| Par value | N/A |

---

*See notes to financial statements.*

Fund Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI Total <br>International <br>Index Fund<br>|
| **INVESTMENT INCOME** |  |
| Net investment income allocated from the Master Portfolio: |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $37217835 |
| Dividends — affiliated | &nbsp;&nbsp; 307830 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 96935 |
| Foreign taxes withheld | &nbsp;&nbsp; (5685375)<br>|
| Expenses | &nbsp;&nbsp; (692467)<br>|
| Fees waived | &nbsp;&nbsp; 5004 |
| Total investment income | &nbsp;&nbsp; 31249762 |
| FUND EXPENSES |  |
| Transfer agent — class specific | &nbsp;&nbsp; 213863 |
| Administration | &nbsp;&nbsp; 93950 |
| Service — class specific | &nbsp;&nbsp; 67178 |
| Professional | &nbsp;&nbsp; 48072 |
| Registration | &nbsp;&nbsp; 39860 |
| Accounting services | &nbsp;&nbsp; 2462 |
| Printing and postage | &nbsp;&nbsp; 2002 |
| Officer | &nbsp;&nbsp; 170 |
| Miscellaneous | &nbsp;&nbsp; 14442 |
| Total expenses | &nbsp;&nbsp; 481999 |
| Less: |  |
| Transfer agent fees waived and/or reimbursed by the Administrator — class specific | &nbsp;&nbsp; (520)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 481479 |
| Net investment income | &nbsp;&nbsp; 30768283 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ALLOCATED FROM THE MASTER PORTFOLIO** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 4157399 |
| Investments — affiliated | &nbsp;&nbsp; (1347)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 380356 |
| Futures contracts | &nbsp;&nbsp; 1703999 |
|  | &nbsp;&nbsp; 6240407 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 273992190 |
| Investments — affiliated | &nbsp;&nbsp; (2866)<br>|
| Foreign currency translations | &nbsp;&nbsp; 229888 |
| Futures contracts | &nbsp;&nbsp; 327489 |
|  | &nbsp;&nbsp; 274546701 |
| Net realized and unrealized gain | &nbsp;&nbsp; 280787108 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $311555391 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(464036)<br>|
| <sup>(b)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $(537779)<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares MSCI Total <br>International Index Fund | iShares MSCI Total <br>International Index Fund |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $30768283 | &nbsp;&nbsp;&nbsp; $49991444 |
| Net realized gain (loss) | &nbsp;&nbsp; 6240407 | &nbsp;&nbsp;&nbsp; (21222482)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 274546701 | &nbsp;&nbsp;&nbsp; 68223995 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 311555391 | &nbsp;&nbsp;&nbsp; 96992957 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Institutional | &nbsp;&nbsp; (13137603)<br>| &nbsp;&nbsp;&nbsp; (20219053)<br>|
| Investor A | &nbsp;&nbsp; (922266)<br>| &nbsp;&nbsp;&nbsp; (1336050)<br>|
| Class K | &nbsp;&nbsp; (19977522)<br>| &nbsp;&nbsp;&nbsp; (31505317)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (34037391)<br>| &nbsp;&nbsp;&nbsp; (53060420)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (125649235)<br>| &nbsp;&nbsp;&nbsp; 50187875 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 151868765 | &nbsp;&nbsp;&nbsp; 94120412 |
| Beginning of period | &nbsp;&nbsp; 1841514684 | &nbsp;&nbsp;&nbsp; 1747394272 |
| End of period | &nbsp;&nbsp; $1993383449 | &nbsp;&nbsp;&nbsp; $1841514684 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Fund Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Total International Index Fund | iShares MSCI Total International Index Fund | iShares MSCI Total International Index Fund | iShares MSCI Total International Index Fund | iShares MSCI Total International Index Fund | iShares MSCI Total International Index Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp; $8.56 | &nbsp;&nbsp;&nbsp; $10.54 | &nbsp;&nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp; $9.35 |
| Net investment income<sup>(a)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | 1.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net increase (decrease) from investment operations | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp; $8.56 | &nbsp;&nbsp;&nbsp; $10.54 | &nbsp;&nbsp;&nbsp; $10.10 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 18.65 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.23<br> %<br>| &nbsp;&nbsp;&nbsp; (16.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.72<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)(f)(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.14 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.14 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.13 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Net investment income | 3.24 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $773071 | &nbsp;&nbsp;&nbsp; $688708 | &nbsp;&nbsp;&nbsp; $686406 | &nbsp;&nbsp;&nbsp; $597193 | &nbsp;&nbsp;&nbsp; $545767 | &nbsp;&nbsp;&nbsp; $156711 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Total International Index Fund (continued) | iShares MSCI Total International Index Fund (continued) | iShares MSCI Total International Index Fund (continued) | iShares MSCI Total International Index Fund (continued) | iShares MSCI Total International Index Fund (continued) | iShares MSCI Total International Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp; $8.57 | &nbsp;&nbsp;&nbsp; $10.55 | &nbsp;&nbsp;&nbsp; $10.07 | &nbsp;&nbsp;&nbsp; $9.32 |
| Net investment income<sup>(a)</sup> | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 1.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net increase (decrease) from investment operations | 1.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.41 | &nbsp;&nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp; $8.57 | &nbsp;&nbsp;&nbsp; $10.55 | &nbsp;&nbsp;&nbsp; $10.07 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 18.48 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.80<br> %<br>| &nbsp;&nbsp;&nbsp; (16.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.47<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)(f)(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.42 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.41 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.40 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Net investment income | 3.02 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $58970 | &nbsp;&nbsp;&nbsp; $51498 | &nbsp;&nbsp;&nbsp; $49637 | &nbsp;&nbsp;&nbsp; $52026 | &nbsp;&nbsp;&nbsp; $63214 | &nbsp;&nbsp;&nbsp; $383705 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

*See notes to financial statements.*

Fund Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Total International Index Fund (continued) | iShares MSCI Total International Index Fund (continued) | iShares MSCI Total International Index Fund (continued) | iShares MSCI Total International Index Fund (continued) | iShares MSCI Total International Index Fund (continued) | iShares MSCI Total International Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $9.89 | &nbsp;&nbsp;&nbsp; $8.85 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.42 | &nbsp;&nbsp;&nbsp; $9.64 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net increase (decrease) from investment operations | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.82 | &nbsp;&nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $9.89 | &nbsp;&nbsp;&nbsp; $8.85 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.42 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 18.60 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.24<br> %<br>| &nbsp;&nbsp;&nbsp; (16.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.76<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)(f)(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.10 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.10 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.09 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| Net investment income | 3.31 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1161342 | &nbsp;&nbsp;&nbsp; $1101310 | &nbsp;&nbsp;&nbsp; $1011351 | &nbsp;&nbsp;&nbsp; $852211 | &nbsp;&nbsp;&nbsp; $794108 | &nbsp;&nbsp;&nbsp; $665801 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock Funds III (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 Delaware statutory trust. iShares MSCI Total International Index Fund (the "Fund") is a series of the Trust. The Fund is classified as diversified.

The Fund seeks to achieve its investment objective by investing all of its assets in Total International ex U.S. Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio ("MIP") and an affiliate of the Trust, which has the same investment objective and strategies as the Fund. The value of the Fund's investment in the Master Portfolio reflects the Fund's proportionate interest in the net assets of the Master Portfolio. The performance of the Fund is directly affected by the performance of the Master Portfolio. At June 30, 2025, the percentage of the Master Portfolio owned by the Fund was 100.0%. The financial statements of the Master Portfolio, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The 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.

<u> *Share Class* </u> <u> *Initial Sales Charge* </u> <u> *CDSC* </u> <u> *Conversion Privilege* </u> <br> Institutional, Investor A and Class K Shares No No None

The Board of Trustees of the Trust and Board of Trustees of MIP are referred to throughout this report as the "Board" and the members are referred to as "Trustees."

The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The 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, contributions to and withdrawals from the Master Portfolio are accounted for on a trade date basis. The Fund records its proportionate share of the Master Portfolio's income, expenses and realized and unrealized gains and losses on a daily basis. Realized and unrealized gains and losses are adjusted utilizing partnership tax allocation rules. In addition, the Fund accrues its own expenses. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Distributions:** Distributions paid by the Fund 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, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by BlackRock Advisors, LLC ("BAL" or the "Administrator"), are prorated among those funds on the basis of relative net assets or other appropriate methods.

Fund Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's policy is to value its financial instruments at fair value. The Fund records its investment in the Master Portfolio at fair value based on the Fund's proportionate interest in the net assets of the Master Portfolio. Valuation of securities held by the Master Portfolio is discussed in Note 3 of the Master Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

***4.*** ***ADMINISTRATION AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with the Administrator, an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide administrative services (other than investment advice and related portfolio activities). For such services, the Fund pays the Administrator a monthly fee at an annual rate of 0.01% of the average daily net assets of the Fund. The Fund does not pay an investment advisory fee or investment management fee.

**Service Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Administrator. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at an annual rate of 0.25% based upon the average daily net assets of the Investor A Shares.

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Fund. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.

For the six months ended June 30, 2025, the class specific service fees borne directly by Investor A Shares were $67,178.

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended June 30, 2025, the Fund did not pay any amounts to affiliates in return for these services.

The Administrator maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended June 30, 2025, the Fund reimbursed the Administrator the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Reimbursed amounts | &nbsp;&nbsp; $732 | &nbsp;&nbsp; $1510 | &nbsp;&nbsp; $3435 | &nbsp;&nbsp; $5677 |

---

For the six months ended June 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Transfer agent fees — class specific | &nbsp;&nbsp; $166905 | $18947 | $28011 | $213863 |

---

**Expense Limitations, Waivers and Reimbursements:** With respect to the Fund, the Administrator and 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 the Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | |
|:---|:---|
| *Share Class* | *Expense Limitation* |
| Institutional | 0.16<br> % <br>|
| Investor A | 0.41 |
| Class K | 0.11 |

---

The Administrator and the Manager have agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including 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 the Fund. For the six months ended June 30, 2025, there were no fees waived and /or reimbursed by the Manager pursuant to this agreement.

In addition, these amounts waived and/or reimbursed by the Administrator are included in transfer agent fees waived and/or reimbursed by the Administrator — class specific in the Statement of Operations. For the six months ended June 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | |
|:---|:---|
|  | *Investor A* |
| Transfer agent fees waived and/or reimbursed by the Administrator — class specific | &nbsp;&nbsp; $520 |

---

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Fund are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Administrator for a portion of the compensation paid to the Fund's Chief Compliance Officer, which is included in Trustees and Officer in the Master Portfolio's Statement of Operations.

***5.*** ***INCOME TAX INFORMATION*** 

It is the 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.

The 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 the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the 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 Fund as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

As of December 31, 2024, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<br>|
| iShares MSCI Total International Index Fund | &nbsp;&nbsp; $(171665108)<br>|

---

***6.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| iShares MSCI Total International Index Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 20537740 | &nbsp;&nbsp;&nbsp; $216328799 | &nbsp;&nbsp;&nbsp; 11398655 | &nbsp;&nbsp;&nbsp; $113259333 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1210725 | &nbsp;&nbsp;&nbsp; 13136737 | &nbsp;&nbsp;&nbsp; 2002503 | &nbsp;&nbsp;&nbsp; 20218705 |
| Shares redeemed | &nbsp;&nbsp; (24336023) | &nbsp;&nbsp;&nbsp; (244046652) | &nbsp;&nbsp;&nbsp; (14822220) | &nbsp;&nbsp;&nbsp; (148189291) |
|  | &nbsp;&nbsp; (2587558) | &nbsp;&nbsp;&nbsp; $(14581116) | &nbsp;&nbsp;&nbsp; (1421062) | &nbsp;&nbsp;&nbsp; $(14711253) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 468971 | &nbsp;&nbsp;&nbsp; $4970129 | &nbsp;&nbsp;&nbsp; 938846 | &nbsp;&nbsp;&nbsp; $9433945 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 84735 | &nbsp;&nbsp;&nbsp; 921739 | &nbsp;&nbsp;&nbsp; 132150 | &nbsp;&nbsp;&nbsp; 1335253 |
| Shares redeemed | &nbsp;&nbsp; (644535) | &nbsp;&nbsp;&nbsp; (6747633) | &nbsp;&nbsp;&nbsp; (1000510) | &nbsp;&nbsp;&nbsp; (10023621) |
|  | &nbsp;&nbsp; (90829) | &nbsp;&nbsp;&nbsp; $(855765) | &nbsp;&nbsp;&nbsp; 70486 | &nbsp;&nbsp;&nbsp; $745577 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 12322714 | &nbsp;&nbsp;&nbsp; $134209834 | &nbsp;&nbsp;&nbsp; 38278480 | &nbsp;&nbsp;&nbsp; $392324582 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1771037 | &nbsp;&nbsp;&nbsp; 19945016 | &nbsp;&nbsp;&nbsp; 3008995 | &nbsp;&nbsp;&nbsp; 31450192 |
| Shares redeemed | &nbsp;&nbsp; (24485513) | &nbsp;&nbsp;&nbsp; (264367204) | &nbsp;&nbsp;&nbsp; (34868869) | &nbsp;&nbsp;&nbsp; (359621223) |
|  | &nbsp;&nbsp; (10391762) | &nbsp;&nbsp;&nbsp; $(110212354) | &nbsp;&nbsp;&nbsp; 6418606 | &nbsp;&nbsp;&nbsp; $64153551 |
|  | &nbsp;&nbsp; (13070149) | &nbsp;&nbsp;&nbsp; $(125649235) | &nbsp;&nbsp;&nbsp; 5068030 | &nbsp;&nbsp;&nbsp; $50187875 |

---

***7.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund 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.

Fund Notes to Financial Statements

------

Schedule of Investments (unaudited)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 4.3%** | **Australia — 4.3%** |  |
| ANZ Group Holdings Ltd. | 209091 | $4009693 |
| APA Group<sup>(a)</sup> | 76671 | 412242 |
| Aristocrat Leisure Ltd. | 34819 | 1491812 |
| ASX Ltd. | 14476 | 664672 |
| BHP Group Ltd., Class DI | 336017 | 8083761 |
| BlueScope Steel Ltd. | 28378 | 432439 |
| Brambles Ltd. | 83900 | 1295735 |
| CAR Group Ltd. | 24727 | 608958 |
| Cochlear Ltd. | 4358 | 861908 |
| Coles Group Ltd. | 93724 | 1285155 |
| Commonwealth Bank of Australia | 114656 | 13954584 |
| Computershare Ltd. | 37940 | 995321 |
| Evolution Mining Ltd. | 147666 | 768793 |
| Fortescue Ltd. | 104079 | 1046226 |
| Glencore PLC | 676256 | 2635127 |
| Goodman Group | 133469 | 3009008 |
| Insurance Australia Group Ltd. | 138709 | 824628 |
| Lottery Corp. Ltd. | 248743 | 872596 |
| Macquarie Group Ltd. | 23426 | 3523402 |
| Medibank Pvt Ltd. | 179228 | 595198 |
| National Australia Bank Ltd. | 198773 | 5151758 |
| Northern Star Resources Ltd. | 87762 | 1084048 |
| Origin Energy Ltd. | 104090 | 739865 |
| Pro Medicus Ltd.<sup>(b)</sup> | 4024 | 753030 |
| Qantas Airways Ltd. | 53113 | 375221 |
| QBE Insurance Group Ltd. | 93273 | 1436322 |
| REA Group Ltd. | 3014 | 477293 |
| Reece Ltd. | 18949 | 179052 |
| Rio Tinto Ltd. | 24712 | 1749368 |
| Rio Tinto PLC | 74762 | 4351452 |
| Santos Ltd. | 224066 | 1129710 |
| Scentre Group | 316751 | 743958 |
| SGH Ltd. | 15262 | 543543 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | 304154 | 598665 |
| Sonic Healthcare Ltd. | 30007 | 529659 |
| South32 Ltd. | 244122 | 466492 |
| Stockland | 144671 | 511285 |
| Suncorp Group Ltd. | 67707 | 964936 |
| Telstra Group Ltd. | 242728 | 773968 |
| Transurban Group<sup>(a)</sup> | 210688 | 1938531 |
| Vicinity Ltd. | 257934 | 421068 |
| Washington H Soul Pattinson & Co. Ltd. | 12359 | 341671 |
| Wesfarmers Ltd. | 75612 | 4219705 |
| Westpac Banking Corp. | 222561 | 4960111 |
| WiseTech Global Ltd. | 13413 | 961925 |
| Woodside Energy Group Ltd. | 127876 | 1975289 |
| Woolworths Group Ltd. | 84397 | 1728773 |
|  |  | 86477956 |
| **Austria — 0.1%** | **Austria — 0.1%** |  |
| Erste Group Bank AG | 19347 | 1646919 |
| Mondi PLC | 22740 | 371583 |
| OMV AG | 8796 | 478337 |
| Verbund AG | 4162 | 319751 |
|  |  | 2816590 |
| **Belgium — 0.6%** | **Belgium — 0.6%** |  |
| Ageas SA/NV | 10213 | 690885 |
| Anheuser-Busch InBev SA | 71237 | 4901134 |
| D'ieteren Group | 2408 | 518561 |
| Groupe Bruxelles Lambert NV | 5410 | 461802 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Belgium (continued)** | **Belgium (continued)** |  |
| KBC Group NV | 19198 | $1981418 |
| Lotus Bakeries NV | 27 | 260170 |
| Sofina SA | 925 | 305943 |
| Syensqo SA | 4268 | 330618 |
| UCB SA | 9572 | 1883365 |
|  |  | 11333896 |
| **Brazil — 1.1%** | **Brazil — 1.1%** |  |
| Ambev SA | 327253 | 802306 |
| B3 SA - Brasil Bolsa Balcao | 376554 | 1010502 |
| Banco Bradesco SA | 98456 | 262943 |
| Banco BTG Pactual SA | 88794 | 690498 |
| Banco do Brasil SA | 126630 | 514855 |
| BB Seguridade Participacoes SA | 53016 | 349335 |
| BRF SA | 2283 | 8463 |
| Caixa Seguridade Participacoes S/A | 5221 | 14116 |
| Centrais Eletricas Brasileiras SA | 112908 | 835832 |
| Cia de Saneamento Basico do Estado de Sao Paulo | 32567 | 714087 |
| CPFL Energia SA | 19091 | 143575 |
| Embraer SA | 49300 | 698789 |
| Energisa SA | 22188 | 197332 |
| Eneva SA<sup>(c)</sup> | 51000 | 128131 |
| Equatorial Energia SA | 77593 | 513564 |
| Klabin SA | 57969 | 196854 |
| Localiza Rent a Car SA | 63112 | 470689 |
| Motiva Infraestrutura de Mobilidade SA | 52851 | 134144 |
| Natura & Co. Holding SA | 71592 | 145606 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(c)</sup> | 211049 | 2895592 |
| Petroleo Brasileiro SA - Petrobras | 283302 | 1777579 |
| PRIO SA/Brazil<sup>(c)</sup> | 59039 | 460741 |
| Raia Drogasil SA | 86360 | 240335 |
| Rede D'Or Sao Luiz SA<sup>(d)</sup> | 40523 | 264182 |
| Rumo SA | 39841 | 135881 |
| Suzano SA | 35890 | 338283 |
| Telefonica Brasil SA | 32480 | 184666 |
| TIM SA/Brazil | 41040 | 166559 |
| TOTVS SA | 13794 | 107166 |
| Ultrapar Participacoes SA | 45628 | 147304 |
| Vale SA | 244164 | 2366096 |
| Vibra Energia SA | 77463 | 308820 |
| WEG SA | 99145 | 780664 |
| Wheaton Precious Metals Corp. | 30279 | 2722942 |
| XP, Inc., Class A | 21349 | 431250 |
| Yara International ASA | 10970 | 404822 |
|  |  | 21564503 |
| **Canada — 7.8%** | **Canada — 7.8%** |  |
| Agnico Eagle Mines Ltd. | 32495 | 3871482 |
| Alamos Gold, Inc., Class A | 32602 | 867152 |
| Alimentation Couche-Tard, Inc. | 50369 | 2503747 |
| AltaGas Ltd. | 16709 | 485043 |
| ARC Resources Ltd. | 57313 | 1208339 |
| Bank of Montreal | 47155 | 5225747 |
| Bank of Nova Scotia<sup>(b)</sup> | 90204 | 4987965 |
| Barrick Mining Corp. | 112602 | 2344238 |
| BCE, Inc.<sup>(b)</sup> | 4874 | 108092 |
| Brookfield Asset Management Ltd., Class A | 25571 | 1415301 |
| Brookfield Corp., Class A | 91170 | 5642598 |
| Brookfield Renewable Corp. | 7825 | 256457 |
| CAE, Inc.<sup>(c)</sup> | 23201 | 679972 |
| Cameco Corp. | 29184 | 2167342 |
| Canadian Imperial Bank of Commerce | 62337 | 4424817 |
| Canadian National Railway Co. | 34465 | 3591143 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** |  |
| Canadian Natural Resources Ltd. | 136570 | $4292415 |
| Canadian Pacific Kansas City Ltd. | 62373 | 4955029 |
| Canadian Tire Corp. Ltd., Class A | 3131 | 426257 |
| Canadian Utilities Ltd., Class A | 7661 | 211982 |
| CCL Industries, Inc., Class B | 7602 | 443308 |
| Celestica, Inc.<sup>(c)</sup> | 6418 | 1002749 |
| Cenovus Energy, Inc. | 98289 | 1337467 |
| CGI, Inc., Class A | 12840 | 1348448 |
| Constellation Software, Inc./Canada | 1341 | 4917115 |
| Descartes Systems Group, Inc.<sup>(c)</sup> | 5669 | 575871 |
| Dollarama, Inc. | 19357 | 2727393 |
| Element Fleet Management Corp. | 24784 | 620806 |
| Emera, Inc. | 20688 | 947690 |
| Empire Co. Ltd., Class A | 8197 | 340160 |
| Enbridge, Inc.<sup>(b)</sup> | 141525 | 6417601 |
| Fairfax Financial Holdings Ltd. | 1335 | 2409715 |
| FirstService Corp. | 2799 | 488435 |
| Fortis, Inc./Canada | 34671 | 1655450 |
| Franco-Nevada Corp. | 12568 | 2063395 |
| George Weston Ltd. | 3858 | 773753 |
| Gildan Activewear, Inc., Class A | 9428 | 464563 |
| Great-West Lifeco, Inc. | 19012 | 723063 |
| Hydro One Ltd.<sup>(d)</sup> | 22519 | 811461 |
| iA Financial Corp., Inc. | 5385 | 590363 |
| Imperial Oil Ltd. | 10195 | 809910 |
| Intact Financial Corp. | 12179 | 2832003 |
| Ivanhoe Mines Ltd., Class A<sup>(c)</sup> | 44995 | 338020 |
| Keyera Corp. | 26082 | 853088 |
| Kinross Gold Corp. | 86769 | 1355935 |
| Loblaw Cos. Ltd. | 9411 | 1556694 |
| Magna International, Inc. | 15766 | 609453 |
| Manulife Financial Corp. | 121466 | 3883701 |
| Metro, Inc. | 13910 | 1092677 |
| National Bank of Canada<sup>(b)</sup> | 25724 | 2654479 |
| Nutrien Ltd.<sup>(b)</sup> | 31336 | 1825968 |
| Open Text Corp. | 18768 | 548396 |
| Pan American Silver Corp.<sup>(b)</sup> | 25414 | 721129 |
| Pembina Pipeline Corp. | 39051 | 1466259 |
| Power Corp. of Canada<sup>(b)</sup> | 35686 | 1393896 |
| Quebecor, Inc., Class B | 7488 | 227926 |
| RB Global, Inc. | 13053 | 1386728 |
| Restaurant Brands International, Inc. | 21122 | 1401102 |
| Rogers Communications, Inc., Class B | 25085 | 744030 |
| Royal Bank of Canada | 93361 | 12304387 |
| Saputo, Inc. | 16184 | 331227 |
| Shopify, Inc., Class A<sup>(c)</sup> | 79565 | 9176779 |
| Stantec, Inc. | 7410 | 806271 |
| Sun Life Financial, Inc. | 38815 | 2582726 |
| Suncor Energy, Inc. | 83435 | 3125404 |
| TC Energy Corp.<sup>(b)</sup> | 68659 | 3351900 |
| Teck Resources Ltd., Class B | 30736 | 1242983 |
| TELUS Corp. | 28669 | 460430 |
| TFI International, Inc. | 3698 | 331958 |
| Thomson Reuters Corp. | 10456 | 2102641 |
| TMX Group Ltd. | 19780 | 838408 |
| Toromont Industries Ltd.<sup>(b)</sup> | 5719 | 514007 |
| Toronto-Dominion Bank | 114936 | 8453820 |
| Tourmaline Oil Corp. | 22355 | 1078556 |
| West Fraser Timber Co. Ltd. | 3452 | 253142 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** |  |
| Whitecap Resources, Inc.<sup>(b)</sup> | 141617 | $951566 |
| WSP Global, Inc. | 8954 | 1826438 |
|  |  | 155757961 |
| **Chile — 0.2%** | **Chile — 0.2%** |  |
| Antofagasta PLC | 27988 | 695862 |
| Banco de Chile | 4969382 | 751575 |
| Banco de Credito e Inversiones SA | 4550 | 192134 |
| Banco Santander Chile | 3895661 | 244664 |
| Cencosud SA | 68726 | 233851 |
| Empresas CMPC SA | 65894 | 100720 |
| Empresas Copec SA | 49115 | 334454 |
| Enel Americas SA | 1282819 | 124960 |
| Enel Chile SA | 1792039 | 132687 |
| Falabella SA | 52829 | 280696 |
| Latam Airlines Group SA | 16297414 | 329928 |
| Lundin Mining Corp. | 48972 | 514984 |
|  |  | 3936515 |
| **China — 8.7%** | **China — 8.7%** |  |
| 37 Interactive Entertainment Network Technology <br> Group Co. Ltd., Class A<br>| 14800 | 35767 |
| AAC Technologies Holdings, Inc. | 48000 | 249737 |
| Advanced Micro-Fabrication Equipment, Inc. China, <br> Class A<br>| 5400 | 137658 |
| AECC Aviation Power Co. Ltd., Class A | 7600 | 40944 |
| Agricultural Bank of China Ltd., Class A | 484500 | 398060 |
| Agricultural Bank of China Ltd., Class H | 1827000 | 1305606 |
| Aier Eye Hospital Group Co. Ltd., Class A | 27670 | 48269 |
| Air China Ltd., Class A<sup>(c)</sup> | 20298 | 22385 |
| Airtac International Group | 8371 | 249230 |
| Akeso, Inc.<sup>(c)(d)</sup> | 35000 | 411883 |
| Alibaba Group Holding Ltd. | 1132152 | 16026675 |
| Alibaba Health Information Technology Ltd.<sup>(b)(c)</sup> | 290000 | 176006 |
| Aluminum Corp. of China Ltd., Class A | 100100 | 98657 |
| Aluminum Corp. of China Ltd., Class H | 194000 | 131162 |
| Angel Yeast Co. Ltd., Class A | 6000 | 29488 |
| Anhui Conch Cement Co. Ltd., Class A | 17700 | 53111 |
| Anhui Conch Cement Co. Ltd., Class H | 89500 | 228002 |
| Anhui Gujing Distillery Co. Ltd., Class A | 1500 | 27921 |
| Anhui Gujing Distillery Co. Ltd., Class B | 8500 | 113756 |
| Anhui Jianghuai Automobile Group Corp. Ltd., Class A | 36000 | 201485 |
| ANTA Sports Products Ltd. | 91200 | 1103499 |
| AviChina Industry & Technology Co. Ltd., Class H | 116000 | 65632 |
| Baidu, Inc., Class A<sup>(c)</sup> | 147502 | 1580769 |
| Bank of Beijing Co. Ltd., Class A | 100100 | 95529 |
| Bank of Chengdu Co. Ltd., Class A | 6800 | 19098 |
| Bank of China Ltd., Class A | 98500 | 77352 |
| Bank of China Ltd., Class H | 4831000 | 2812423 |
| Bank of Communications Co. Ltd., Class A | 134200 | 150019 |
| Bank of Communications Co. Ltd., Class H | 586700 | 546716 |
| Bank of Jiangsu Co. Ltd., Class A | 54240 | 90490 |
| Bank of Nanjing Co. Ltd., Class A | 57500 | 93350 |
| Bank of Ningbo Co. Ltd., Class A | 28160 | 107669 |
| Bank of Shanghai Co. Ltd., Class A | 76510 | 113415 |
| Baoshan Iron & Steel Co. Ltd., Class A | 75798 | 69787 |
| Beijing Enterprises Holdings Ltd. | 44500 | 183484 |
| Beijing Enterprises Water Group Ltd.<sup>(b)</sup> | 232000 | 70065 |
| Beijing Kingsoft Office Software, Inc., Class A | 3403 | 133203 |
| Beijing Tong Ren Tang Co. Ltd., Class A | 5500 | 27715 |
| Beijing Wantai Biological Pharmacy Enterprise Co. <br> Ltd., Class A<sup>(c)</sup><br>| 6699 | 57109 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China (continued)** | **China (continued)** |  |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| 246900 | $198456 |
| BeOne Medicines Ltd.<sup>(c)</sup> | 52069 | 984991 |
| Bilibili, Inc., Class Z<sup>(c)</sup> | 17519 | 376032 |
| BOC Aviation Ltd.<sup>(d)</sup> | 12300 | 101985 |
| BOC Hong Kong Holdings Ltd. | 242500 | 1055661 |
| BOE Technology Group Co. Ltd., Class A | 158600 | 88443 |
| Bosideng International Holdings Ltd. | 234000 | 138684 |
| BYD Co. Ltd., Class A | 7900 | 366564 |
| BYD Co. Ltd., Class H | 247500 | 3853580 |
| BYD Electronic International Co. Ltd. | 62500 | 254389 |
| C&D International Investment Group Ltd. | 63000 | 128021 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(c)</sup> | 1321 | 111090 |
| CCOOP Group Co. Ltd., Class A<sup>(c)</sup> | 568100 | 184300 |
| CGN Power Co. Ltd., Class A | 67400 | 34286 |
| CGN Power Co. Ltd., Class H<sup>(d)</sup> | 675000 | 230120 |
| Changchun High-Tech Industry Group Co. Ltd., <br> Class A<sup>(c)</sup><br>| 2200 | 30501 |
| China CITIC Bank Corp. Ltd., Class H | 547000 | 521499 |
| China Coal Energy Co. Ltd., Class H<sup>(b)</sup> | 194000 | 224594 |
| China Communications Services Corp. Ltd., Class H | 138000 | 74914 |
| China Construction Bank Corp., Class A | 154400 | 203682 |
| China Construction Bank Corp., Class H | 6428000 | 6504791 |
| China CSSC Holdings Ltd., Class A | 30600 | 139126 |
| China Energy Engineering Corp. Ltd., Class A | 64000 | 19944 |
| China Everbright Bank Co. Ltd., Class A | 215300 | 124868 |
| China Everbright Bank Co. Ltd., Class H | 103000 | 51435 |
| China Feihe Ltd.<sup>(d)</sup> | 213000 | 155371 |
| China Galaxy Securities Co. Ltd., Class A | 57500 | 137854 |
| China Galaxy Securities Co. Ltd., Class H | 205500 | 232180 |
| China Gas Holdings Ltd. | 181000 | 169288 |
| China Hongqiao Group Ltd. | 182000 | 419074 |
| China International Capital Corp. Ltd., Class H<sup>(d)</sup> | 80800 | 183196 |
| China Life Insurance Co. Ltd., Class A | 700 | 4029 |
| China Life Insurance Co. Ltd., Class H | 474000 | 1143746 |
| China Literature Ltd.<sup>(c)(d)</sup> | 21400 | 81711 |
| China Longyuan Power Group Corp. Ltd., Class H | 323000 | 291460 |
| China Mengniu Dairy Co. Ltd. | 250000 | 515305 |
| China Merchants Bank Co. Ltd., Class A | 84000 | 539483 |
| China Merchants Bank Co. Ltd., Class H | 263578 | 1848989 |
| China Merchants Energy Shipping Co. Ltd., Class A | 133700 | 117024 |
| China Merchants Port Holdings Co. Ltd. | 65720 | 119720 |
| China Merchants Shekou Industrial Zone Holdings Co. <br> Ltd., Class A<br>| 32997 | 40441 |
| China Minsheng Banking Corp. Ltd., Class A | 159000 | 105538 |
| China Minsheng Banking Corp. Ltd., Class H | 361180 | 204884 |
| China National Building Material Co. Ltd., Class H | 228000 | 109130 |
| China National Nuclear Power Co. Ltd., Class A | 127500 | 166103 |
| China Northern Rare Earth Group High-Tech Co. Ltd., <br> Class A<br>| 7700 | 26799 |
| China Oilfield Services Ltd., Class H | 182000 | 149518 |
| China Overseas Land & Investment Ltd. | 245500 | 427954 |
| China Pacific Insurance Group Co. Ltd., Class A | 27600 | 144721 |
| China Pacific Insurance Group Co. Ltd., Class H | 166000 | 571101 |
| China Petroleum & Chemical Corp., Class A | 186500 | 146991 |
| China Petroleum & Chemical Corp., Class H | 1718400 | 901504 |
| China Power International Development Ltd.<sup>(b)</sup> | 405000 | 154361 |
| China Railway Group Ltd., Class A | 122200 | 95809 |
| China Railway Group Ltd., Class H<sup>(b)</sup> | 230000 | 110418 |
| China Resources Beer Holdings Co. Ltd. | 130000 | 415841 |
| China Resources Gas Group Ltd. | 66000 | 168958 |
| China Resources Land Ltd. | 207111 | 705168 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(d)</sup> | 55000 | 267214 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China (continued)** | **China (continued)** |  |
| China Resources Pharmaceutical Group Ltd.<sup>(d)</sup> | 205000 | $133830 |
| China Resources Power Holdings Co. Ltd. | 120000 | 289947 |
| China Resources Sanjiu Medical & Pharmaceutical Co. <br> Ltd., Class A<br>| 28561 | 124855 |
| China Ruyi Holdings Ltd.<sup>(c)</sup> | 596000 | 192088 |
| China Shenhua Energy Co. Ltd., Class A | 31800 | 180167 |
| China Shenhua Energy Co. Ltd., Class H | 209500 | 814098 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| 239200 | 192897 |
| China State Construction International Holdings Ltd. | 188000 | 283751 |
| China Taiping Insurance Holdings Co. Ltd. | 72672 | 142223 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| 116800 | 69527 |
| China Tourism Group Duty Free Corp. Ltd., Class A | 22800 | 194339 |
| China Tower Corp. Ltd., Class H<sup>(d)</sup> | 265000 | 379926 |
| China United Network Communications Ltd., Class A | 225300 | 168179 |
| China Vanke Co. Ltd., Class A<sup>(c)</sup> | 62901 | 56437 |
| China Vanke Co. Ltd., Class H<sup>(c)</sup> | 86200 | 53775 |
| China Yangtze Power Co. Ltd., Class A | 103000 | 433719 |
| China Zheshang Bank Co. Ltd., Class A | 257920 | 122171 |
| Chongqing Changan Automobile Co. Ltd., Class A | 55510 | 98983 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | 149000 | 125942 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A | 26450 | 72457 |
| Chow Tai Fook Jewellery Group Ltd. | 165800 | 284292 |
| CITIC Ltd. | 324000 | 446103 |
| CITIC Securities Co. Ltd., Class A | 52915 | 204265 |
| CITIC Securities Co. Ltd., Class H | 120450 | 365348 |
| CMOC Group Ltd., Class A | 169700 | 199838 |
| CMOC Group Ltd., Class H | 213000 | 217382 |
| Contemporary Amperex Technology Co. Ltd., Class A | 15600 | 550493 |
| COSCO SHIPPING Energy Transportation Co. Ltd., <br> Class A<br>| 12400 | 17918 |
| COSCO SHIPPING Holdings Co. Ltd., Class A | 70377 | 147976 |
| COSCO SHIPPING Holdings Co. Ltd., Class H<sup>(b)</sup> | 179350 | 312233 |
| CRRC Corp. Ltd., Class A | 246400 | 242497 |
| CRRC Corp. Ltd., Class H | 308000 | 186126 |
| CSC Financial Co. Ltd., Class A | 17500 | 58820 |
| CSPC Pharmaceutical Group Ltd. | 670400 | 659446 |
| Daqin Railway Co. Ltd., Class A | 53300 | 49171 |
| East Money Information Co. Ltd., Class A | 86250 | 278977 |
| Ecovacs Robotics Co. Ltd., Class A | 1800 | 14649 |
| ENN Energy Holdings Ltd. | 43100 | 346007 |
| Eoptolink Technology, Inc. Ltd., Class A | 14280 | 254933 |
| Eve Energy Co. Ltd., Class A | 4600 | 29460 |
| Everbright Securities Co. Ltd., Class A | 28900 | 72631 |
| Far East Horizon Ltd. | 141000 | 122500 |
| Focus Media Information Technology Co. Ltd., Class A | 37300 | 38058 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | 28572 | 155430 |
| Fosun International Ltd. | 131500 | 78349 |
| Founder Securities Co. Ltd., Class A | 33200 | 36710 |
| Foxconn Industrial Internet Co. Ltd., Class A | 53400 | 160289 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 13000 | 103517 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(d)</sup> | 38800 | 277241 |
| Ganfeng Lithium Group Co. Ltd., Class A | 10780 | 50879 |
| GCL Technology Holdings Ltd.<sup>(c)</sup> | 1330000 | 169876 |
| GD Power Development Co. Ltd., Class A | 235600 | 159388 |
| Geely Automobile Holdings Ltd. | 403000 | 822605 |
| Genscript Biotech Corp.<sup>(c)</sup> | 68000 | 128666 |
| GF Securities Co. Ltd., Class A | 12900 | 30306 |
| Giant Biogene Holding Co. Ltd.<sup>(d)</sup> | 13400 | 98884 |
| GigaDevice Semiconductor, Inc., Class A<sup>(c)</sup> | 980 | 17337 |
| GoerTek, Inc., Class A | 17700 | 57726 |
| Goldwind Science & Technology Co. Ltd., Class A | 64400 | 92254 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China (continued)** | **China (continued)** |  |
| Gotion High-tech Co. Ltd., Class A | 16100 | $73047 |
| Great Wall Motor Co. Ltd., Class A | 13605 | 40850 |
| Great Wall Motor Co. Ltd., Class H | 156000 | 240873 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 9100 | 57130 |
| Guangdong Haid Group Co. Ltd., Class A | 10700 | 87583 |
| Guangdong Investment Ltd. | 164000 | 137421 |
| Guangzhou Automobile Group Co. Ltd., Class A | 19900 | 20822 |
| Guangzhou Tinci Materials Technology Co. Ltd., <br> Class A<br>| 7200 | 18231 |
| Guosen Securities Co. Ltd., Class A | 25900 | 41697 |
| Guotai Junan Securities Co. Ltd., Class A | 83444 | 223555 |
| Guotai Junan Securities Co. Ltd., Class H<sup>(d)</sup> | 107384 | 172716 |
| H World Group Ltd., ADR<sup>(b)</sup> | 8637 | 292967 |
| Haidilao International Holding Ltd.<sup>(d)</sup> | 85000 | 162058 |
| Haier Smart Home Co. Ltd., Class A | 41800 | 144793 |
| Haier Smart Home Co. Ltd., Class H | 151400 | 435063 |
| Haitian International Holdings Ltd. | 51000 | 132816 |
| Hangzhou First Applied Material Co. Ltd., Class A | 30458 | 55204 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | 15700 | 54499 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(d)</sup> | 80000 | 304024 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| 14800 | 50479 |
| Hengan International Group Co. Ltd. | 39000 | 112249 |
| Hengli Petrochemical Co. Ltd., Class A | 26600 | 52998 |
| Hisense Home Appliances Group Co. Ltd., Class H<sup>(b)</sup> | 37000 | 101075 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| 200 | 7634 |
| Hua Hong Semiconductor Ltd.<sup>(d)</sup> | 32000 | 142179 |
| Huadian Power International Corp. Ltd., Class A | 158200 | 120975 |
| Huadong Medicine Co. Ltd., Class A | 2500 | 14099 |
| Huaibei Mining Holdings Co. Ltd., Class A | 1400 | 2218 |
| Hualan Biological Engineering, Inc., Class A | 10800 | 23649 |
| Huaneng Power International, Inc., Class A | 97400 | 97160 |
| Huaneng Power International, Inc., Class H<sup>(b)</sup> | 378000 | 243802 |
| Huatai Securities Co. Ltd., Class A | 31600 | 78690 |
| Huatai Securities Co. Ltd., Class H<sup>(d)</sup> | 84000 | 170829 |
| Huaxia Bank Co. Ltd., Class A | 132899 | 146886 |
| Huayu Automotive Systems Co. Ltd., Class A | 8300 | 20459 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | 7000 | 99873 |
| Hunan Valin Steel Co. Ltd., Class A | 25800 | 15865 |
| Hygon Information Technology Co. Ltd., Class A | 7030 | 138954 |
| Iflytek Co. Ltd., Class A | 8600 | 57552 |
| Imeik Technology Development Co. Ltd., Class A | 1960 | 47884 |
| Industrial & Commercial Bank of China Ltd., Class A | 376600 | 399422 |
| Industrial & Commercial Bank of China Ltd., Class H | 4531000 | 3597867 |
| Industrial Bank Co. Ltd., Class A | 73700 | 240381 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 191700 | 47957 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 19400 | 75607 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | 119094 | 236014 |
| Innovent Biologics, Inc.<sup>(c)(d)</sup> | 95000 | 952344 |
| Isoftstone Information Technology Group Co. Ltd., <br> Class A<br>| 15300 | 116843 |
| JA Solar Technology Co. Ltd., Class A<sup>(c)</sup> | 18424 | 25702 |
| JD Health International, Inc.<sup>(c)(d)</sup> | 69600 | 383345 |
| JD Logistics, Inc.<sup>(c)(d)</sup> | 116400 | 195688 |
| JD.com, Inc., Class A | 157546 | 2573088 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(c)</sup> | 43500 | 50628 |
| Jiangsu Expressway Co. Ltd., Class H | 158000 | 223216 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | 6600 | 66448 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 38912 | 282165 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | 5200 | 46910 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | 45000 | 91045 |
| Jiangxi Copper Co. Ltd., Class H | 68000 | 132371 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China (continued)** | **China (continued)** |  |
| Jinko Solar Co. Ltd., Class A<sup>(c)</sup> | 92005 | $66745 |
| Kanzhun Ltd., ADR<sup>(c)</sup> | 17616 | 314269 |
| KE Holdings, Inc., Class A | 130461 | 778580 |
| Kingdee International Software Group Co. Ltd.<sup>(c)</sup> | 242000 | 478309 |
| Kingsoft Corp. Ltd. | 54600 | 285369 |
| Kuaishou Technology<sup>(c)(d)</sup> | 189500 | 1538283 |
| Kunlun Energy Co. Ltd. | 268000 | 260494 |
| Kunlun Tech Co. Ltd., Class A<sup>(c)</sup> | 21600 | 101565 |
| Kweichow Moutai Co. Ltd., Class A | 4816 | 948980 |
| Lenovo Group Ltd. | 570000 | 688670 |
| Lens Technology Co. Ltd., Class A | 12300 | 38372 |
| Li Auto, Inc., Class A<sup>(c)</sup> | 84346 | 1151238 |
| Li Ning Co. Ltd. | 183500 | 397675 |
| Longfor Group Holdings Ltd.<sup>(d)</sup> | 91500 | 108425 |
| LONGi Green Energy Technology Co. Ltd., Class A | 27216 | 57136 |
| Luxshare Precision Industry Co. Ltd., Class A | 53629 | 260111 |
| Luzhou Laojiao Co. Ltd., Class A | 6300 | 99878 |
| Mango Excellent Media Co. Ltd., Class A | 11800 | 35991 |
| Maxscend Microelectronics Co. Ltd., Class A | 3744 | 37372 |
| Meituan, Class B<sup>(c)(d)</sup> | 325230 | 5231662 |
| Metallurgical Corp. of China Ltd., Class A | 138300 | 57601 |
| Midea Group Co. Ltd., Class A | 24300 | 245191 |
| Midea Group Co. Ltd., Class H | 19000 | 180641 |
| MINISO Group Holding Ltd. | 34528 | 157324 |
| Montage Technology Co. Ltd., Class A | 11000 | 126107 |
| Muyuan Foods Co. Ltd., Class A | 19046 | 111840 |
| NARI Technology Co. Ltd., Class A | 26265 | 82272 |
| NAURA Technology Group Co. Ltd., Class A | 1400 | 86555 |
| NetEase, Inc. | 127925 | 3447497 |
| New China Life Insurance Co. Ltd., Class A | 7700 | 63000 |
| New China Life Insurance Co. Ltd., Class H | 66500 | 364138 |
| New Hope Liuhe Co. Ltd., Class A<sup>(c)</sup> | 12700 | 16650 |
| New Oriental Education & Technology Group, Inc. | 103920 | 561194 |
| Ninestar Corp., Class A<sup>(c)</sup> | 18700 | 59967 |
| Ningbo Tuopu Group Co. Ltd., Class A | 1885 | 12424 |
| NIO, Inc., Class A<sup>(c)</sup> | 91734 | 313941 |
| Nongfu Spring Co. Ltd., Class H<sup>(d)</sup> | 145200 | 744846 |
| OmniVision Integrated Circuits Group, Inc., Class A | 5535 | 98825 |
| Orient Securities Co. Ltd./China, Class A | 34368 | 46506 |
| PDD Holdings, Inc., ADR<sup>(c)</sup> | 44857 | 4694734 |
| People's Insurance Co. Group of China Ltd., Class H | 496000 | 378597 |
| PetroChina Co. Ltd., Class H | 1462000 | 1259918 |
| PICC Property & Casualty Co. Ltd., Class H | 428298 | 832258 |
| Ping An Bank Co. Ltd., Class A | 69600 | 117391 |
| Ping An Insurance Group Co. of China Ltd., Class A | 60600 | 470076 |
| Ping An Insurance Group Co. of China Ltd., Class H | 459500 | 2933134 |
| Poly Developments & Holdings Group Co. Ltd., <br> Class A<br>| 43000 | 48662 |
| Pop Mart International Group Ltd.<sup>(d)</sup> | 33000 | 1124282 |
| Postal Savings Bank of China Co. Ltd., Class A | 132700 | 101442 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(d)</sup> | 471000 | 329333 |
| Prosus NV | 90627 | 5084762 |
| Qifu Technology, Inc., ADR<sup>(b)</sup> | 6078 | 263542 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(c)</sup> | 33700 | 80376 |
| Range Intelligent Computing Technology Group Co. <br> Ltd., Class A<br>| 4200 | 29048 |
| Rockchip Electronics Co. Ltd., Class A | 9400 | 199832 |
| Rongsheng Petrochemical Co. Ltd., Class A | 35850 | 41470 |
| SAIC Motor Corp. Ltd., Class A | 30300 | 67923 |
| Sanan Optoelectronics Co. Ltd., Class A | 74900 | 130025 |
| Sany Heavy Industry Co. Ltd., Class A | 31700 | 79530 |
| SDIC Power Holdings Co. Ltd., Class A | 97527 | 200632 |
| Seres Group Co. Ltd., Class A | 5600 | 105078 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China (continued)** | **China (continued)** |  |
| SF Holding Co. Ltd., Class A | 15900 | $108382 |
| SG Micro Corp., Class A | 6337 | 64542 |
| Shaanxi Coal Industry Co. Ltd., Class A | 35600 | 95725 |
| Shandong Gold Mining Co. Ltd., Class A | 29204 | 131300 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(d)</sup> | 74750 | 262270 |
| Shandong Himile Mechanical Science & Technology <br> Co. Ltd., Class A<br>| 3000 | 24825 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., <br> Class A<br>| 8600 | 26037 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| 150400 | 117206 |
| Shanghai Baosight Software Co. Ltd., Class A | 32095 | 105950 |
| Shanghai Baosight Software Co. Ltd., Class B | 89482 | 121285 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(c)</sup> | 162100 | 167556 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| 10562 | 37023 |
| Shanghai International Airport Co. Ltd., Class A | 11200 | 49733 |
| Shanghai M&G Stationery, Inc., Class A | 3500 | 14184 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| 94987 | 184277 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| 13630 | 35782 |
| Shanghai United Imaging Healthcare Co. Ltd., Class A | 9142 | 163173 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | 69500 | 62125 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| 5600 | 138097 |
| Shengyi Technology Co. Ltd., Class A | 17700 | 74644 |
| Shenwan Hongyuan Group Co. Ltd., Class A | 127900 | 89736 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 9750 | 87996 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| 4300 | 135094 |
| Shenzhen New Industries Biomedical Engineering Co. <br> Ltd., Class A<br>| 9670 | 76637 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | 8806 | 98196 |
| Shenzhou International Group Holdings Ltd. | 65400 | 467487 |
| Sichuan Chuantou Energy Co. Ltd., Class A | 16700 | 37414 |
| Silergy Corp. | 25000 | 304531 |
| Sinopharm Group Co. Ltd., Class H | 79600 | 186858 |
| Sinotruk Hong Kong Ltd. | 65500 | 191332 |
| SITC International Holdings Co. Ltd. | 78000 | 249900 |
| Smoore International Holdings Ltd.<sup>(d)</sup> | 80000 | 186182 |
| Sungrow Power Supply Co. Ltd., Class A | 16100 | 152513 |
| Sunny Optical Technology Group Co. Ltd. | 47800 | 424535 |
| Sunwoda Electronic Co. Ltd., Class A | 15800 | 44331 |
| TAL Education Group, ADR<sup>(c)</sup> | 23064 | 235714 |
| TBEA Co. Ltd., Class A | 47450 | 79108 |
| TCL Technology Group Corp., Class A | 86020 | 52043 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| 22625 | 24286 |
| Tencent Holdings Ltd. | 428200 | 27591327 |
| Tencent Music Entertainment Group, ADR<sup>(b)</sup> | 47599 | 927705 |
| Tianqi Lithium Corp., Class A<sup>(c)</sup> | 5600 | 25072 |
| Tingyi Cayman Islands Holding Corp. | 124000 | 182034 |
| Tongcheng Travel Holdings Ltd. | 66400 | 166062 |
| Tongwei Co. Ltd., Class A<sup>(c)</sup> | 28200 | 66020 |
| TravelSky Technology Ltd., Class H | 59000 | 79081 |
| Trina Solar Co. Ltd., Class A<sup>(c)</sup> | 13277 | 26964 |
| Trip.com Group Ltd. | 40622 | 2379006 |
| Tsingtao Brewery Co. Ltd., Class H | 42000 | 274766 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | 6859 | 63167 |
| Unisplendour Corp. Ltd., Class A | 20160 | 67627 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | 17400 | 327727 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China (continued)** | **China (continued)** |  |
| Vipshop Holdings Ltd., ADR | 11337 | $170622 |
| Wanhua Chemical Group Co. Ltd., Class A | 14700 | 111484 |
| Want Want China Holdings Ltd. | 320000 | 223809 |
| Weichai Power Co. Ltd., Class A | 33300 | 71604 |
| Weichai Power Co. Ltd., Class H | 115800 | 235771 |
| Wens Foodstuffs Group Co. Ltd., Class A | 20160 | 48127 |
| Wharf Holdings Ltd. | 73000 | 222256 |
| Wilmar International Ltd. | 143800 | 324597 |
| Wingtech Technology Co. Ltd., Class A | 4238 | 19894 |
| Wuliangye Yibin Co. Ltd., Class A | 20800 | 345660 |
| WuXi AppTec Co. Ltd., Class A | 22936 | 223007 |
| WuXi AppTec Co. Ltd., Class H<sup>(d)</sup> | 17841 | 179487 |
| Wuxi Biologics Cayman, Inc.<sup>(c)(d)</sup> | 207000 | 680182 |
| Xiaomi Corp., Class B<sup>(c)(d)</sup> | 1082200 | 8330490 |
| Xinyi Solar Holdings Ltd. | 430000 | 136883 |
| XPeng, Inc., Class A<sup>(c)</sup> | 82034 | 734338 |
| Yadea Group Holdings Ltd.<sup>(d)</sup> | 68000 | 109111 |
| Yangzijiang Shipbuilding Holdings Ltd. | 191300 | 333838 |
| Yankuang Energy Group Co. Ltd., Class A | 56355 | 95841 |
| Yankuang Energy Group Co. Ltd., Class H<sup>(b)</sup> | 198900 | 197980 |
| Yealink Network Technology Corp. Ltd., Class A | 4700 | 22831 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | 12100 | 49936 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(c)</sup> | 7800 | 14572 |
| Yum China Holdings, Inc. | 22593 | 1010133 |
| Yunnan Baiyao Group Co. Ltd., Class A | 12460 | 97141 |
| Yunnan Energy New Material Co. Ltd., Class A<sup>(c)</sup> | 2300 | 9419 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| 1599 | 44687 |
| Zhaojin Mining Industry Co. Ltd., Class H | 147000 | 386401 |
| Zhejiang Chint Electrics Co. Ltd., Class A | 8900 | 28202 |
| Zhejiang Dahua Technology Co. Ltd., Class A | 53300 | 118297 |
| Zhejiang Expressway Co. Ltd., Class H | 74520 | 68631 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | 3770 | 19508 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., <br> Class A<br>| 14200 | 53897 |
| Zhejiang Leapmotor Technology Co. Ltd., Class H<sup>(c)(d)</sup> | 35000 | 244515 |
| Zhejiang NHU Co. Ltd., Class A | 11060 | 32871 |
| Zhejiang Zheneng Electric Power Co. Ltd., Class A | 16400 | 12147 |
| Zheshang Securities Co. Ltd., Class A | 44700 | 68175 |
| Zhongji Innolight Co. Ltd., Class A | 3920 | 80371 |
| Zhongsheng Group Holdings Ltd. | 101500 | 156991 |
| Zhongtai Securities Co. Ltd., Class A | 42200 | 37929 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class A | 25077 | 149507 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | 44400 | 179037 |
| Zijin Mining Group Co. Ltd., Class A | 87700 | 240191 |
| Zijin Mining Group Co. Ltd., Class H | 400000 | 1028724 |
| ZTE Corp., Class H | 14400 | 44776 |
| ZTO Express Cayman, Inc. | 25882 | 458244 |
|  |  | 173066124 |
| **Colombia — 0.0%** | **Colombia — 0.0%** |  |
| Grupo Cibest SA | 18186 | 227144 |
| Interconexion Electrica SA ESP | 24518 | 118712 |
|  |  | 345856 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |  |
| CEZ A/S | 10648 | 625479 |
| Komercni Banka A/S | 5643 | 273082 |
| Moneta Money Bank A/S<sup>(d)</sup> | 28581 | 197128 |
|  |  | 1095689 |
| **Denmark — 1.4%** | **Denmark — 1.4%** |  |
| AP Moller - Maersk A/S, Class A | 185 | 341318 |
| AP Moller - Maersk A/S, Class B | 316 | 587664 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Denmark (continued)** | **Denmark (continued)** |  |
| Carlsberg A/S, Class B | 5779 | $818788 |
| Coloplast A/S, Class B | 10151 | 966405 |
| Danske Bank A/S | 49276 | 2012619 |
| Demant A/S<sup>(c)</sup> | 6675 | 278892 |
| DSV A/S | 13486 | 3234674 |
| Genmab A/S<sup>(c)</sup> | 4568 | 948629 |
| Novo Nordisk A/S, Class B | 215777 | 14952053 |
| Novonesis Novozymes B, Class B | 21672 | 1555982 |
| Orsted A/S<sup>(c)(d)</sup> | 9116 | 392705 |
| Pandora A/S | 4966 | 874985 |
| ROCKWOOL A/S, - B Shares | 7690 | 360448 |
| Tryg A/S | 19401 | 501539 |
| Vestas Wind Systems A/S | 56611 | 850351 |
|  |  | 28677052 |
| **Egypt — 0.0%** | **Egypt — 0.0%** |  |
| Commercial International Bank - Egypt | 161693 | 274801 |
| **Finland — 0.7%** | **Finland — 0.7%** |  |
| Elisa OYJ | 8638 | 480113 |
| Fortum OYJ | 28402 | 532588 |
| Kesko OYJ | 19320 | 476512 |
| Kone OYJ, Class B | 20668 | 1361623 |
| Metso OYJ | 40770 | 528372 |
| Neste OYJ | 29728 | 402879 |
| Nokia OYJ | 339468 | 1761373 |
| Nordea Bank Abp | 222382 | 3299639 |
| Orion OYJ, Class B | 8311 | 625266 |
| Sampo OYJ, A Shares | 156601 | 1685419 |
| Stora Enso OYJ, Class R | 45310 | 492592 |
| UPM-Kymmene OYJ | 31349 | 856079 |
| Wartsila OYJ Abp | 29286 | 692156 |
|  |  | 13194611 |
| **France — 5.9%** | **France — 5.9%** |  |
| Accor SA | 12383 | 648974 |
| Aeroports de Paris SA | 1891 | 237079 |
| Air Liquide SA | 38261 | 7889459 |
| Airbus SE | 39134 | 8186859 |
| Alstom SA<sup>(c)</sup> | 23982 | 559762 |
| Amundi SA<sup>(d)</sup> | 3286 | 266349 |
| Arkema SA | 2668 | 197015 |
| AXA SA | 116275 | 5709688 |
| BioMerieux | 2291 | 316884 |
| BNP Paribas SA | 67269 | 6034144 |
| Bollore SE | 34247 | 215256 |
| Bouygues SA | 12410 | 561239 |
| Bureau Veritas SA | 22002 | 750979 |
| Capgemini SE | 10369 | 1775551 |
| Carrefour SA | 37606 | 530479 |
| Cie de Saint-Gobain SA | 31992 | 3758268 |
| Cie Generale des Etablissements Michelin SCA | 42333 | 1574543 |
| Covivio SA/France | 2311 | 146527 |
| Credit Agricole SA | 87038 | 1646610 |
| Danone SA | 45298 | 3706433 |
| Dassault Aviation SA | 1421 | 502426 |
| Dassault Systemes SE | 46304 | 1678133 |
| Edenred SE | 12963 | 402637 |
| Eiffage SA | 3630 | 510063 |
| Engie SA | 115829 | 2722306 |
| EssilorLuxottica SA | 19279 | 5293873 |
| Eurazeo SE | 3392 | 242503 |
| FDJ UNITED, Class A<sup>(d)</sup> | 6066 | 238032 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **France (continued)** | **France (continued)** |  |
| Gecina SA | 2570 | $282917 |
| Getlink SE | 16230 | 313304 |
| Hermes International SCA | 2052 | 5562696 |
| Ipsen SA | 2349 | 279808 |
| Kering SA | 4946 | 1077514 |
| Klepierre SA | 12537 | 495704 |
| Legrand SA | 16660 | 2232916 |
| L'Oreal SA | 15823 | 6777841 |
| LVMH Moet Hennessy Louis Vuitton SE | 18064 | 9454338 |
| Orange SA | 116228 | 1769942 |
| Pernod Ricard SA | 13706 | 1367193 |
| Publicis Groupe SA | 15592 | 1761035 |
| Renault SA | 12522 | 577828 |
| Rexel SA | 11436 | 352717 |
| Safran SA | 23716 | 7734364 |
| Sartorius Stedim Biotech | 3513 | 840529 |
| Societe Generale SA | 50539 | 2891043 |
| Sodexo SA | 5562 | 342321 |
| Teleperformance SE | 2624 | 254862 |
| Thales SA | 5860 | 1730309 |
| TotalEnergies SE | 141320 | 8637856 |
| Unibail-Rodamco-Westfield | 8442 | 811509 |
| Veolia Environnement SA | 46788 | 1670420 |
| Vinci SA | 34169 | 5038915 |
|  |  | 118559952 |
| **Germany — 6.3%** | **Germany — 6.3%** |  |
| adidas AG, Class N | 11225 | 2620251 |
| Allianz SE, Registered Shares | 26633 | 10808561 |
| BASF SE<sup>(b)</sup> | 61544 | 3043936 |
| Bayer AG, Registered Shares | 66989 | 2018198 |
| Bayerische Motoren Werke AG | 18802 | 1674494 |
| Beiersdorf AG | 5925 | 744761 |
| Brenntag SE, Class N | 7619 | 504758 |
| Commerzbank AG | 59294 | 1868533 |
| Continental AG | 6264 | 546708 |
| Covestro AG<sup>(c)</sup> | 11449 | 814576 |
| CTS Eventim AG & Co. KGaA | 3288 | 408865 |
| Daimler Truck Holding AG | 32170 | 1526272 |
| Deutsche Bank AG, Class N, Registered Shares | 131948 | 3911655 |
| Deutsche Boerse AG, Class N | 13142 | 4293354 |
| Deutsche Lufthansa AG, Registered Shares | 50408 | 427946 |
| Deutsche Post AG, Class N | 67556 | 3129185 |
| Deutsche Telekom AG, Class N, Registered Shares | 229425 | 8397781 |
| E.ON SE, Class N | 152011 | 2800899 |
| Evonik Industries AG | 19556 | 403999 |
| Fresenius Medical Care AG | 14019 | 805464 |
| Fresenius SE & Co. KGaA | 31145 | 1567303 |
| GEA Group AG | 10333 | 724345 |
| Hannover Rueck SE, Class N | 3920 | 1235245 |
| Heidelberg Materials AG | 9212 | 2169396 |
| Henkel AG & Co. KGaA | 7014 | 508693 |
| Infineon Technologies AG, Class N | 85365 | 3642698 |
| Knorr-Bremse AG | 4878 | 473151 |
| LEG Immobilien SE | 4896 | 435800 |
| Mercedes-Benz Group AG, Class N | 47129 | 2745745 |
| Merck KGaA | 7641 | 990720 |
| MTU Aero Engines AG, Class N | 3349 | 1487805 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Class N, Registered Shares<br>| 8991 | 5838167 |
| Nemetschek SE | 4384 | 635649 |
| Rational AG | 325 | 273097 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** |  |
| Rheinmetall AG | 2895 | $6130736 |
| RWE AG | 43078 | 1800153 |
| SAP SE | 69939 | 21385919 |
| Scout24 SE<sup>(d)</sup> | 4929 | 680442 |
| Siemens AG, Class N, Registered Shares | 51191 | 13148835 |
| Siemens Energy AG<sup>(c)</sup> | 42143 | 4925713 |
| Siemens Healthineers AG<sup>(d)</sup> | 28336 | 1573055 |
| Symrise AG | 7753 | 813014 |
| Talanx AG | 3456 | 448042 |
| Vonovia SE | 47924 | 1699068 |
| Zalando SE<sup>(c)(d)</sup> | 13259 | 437512 |
|  |  | 126520499 |
| **Greece — 0.2%** | **Greece — 0.2%** |  |
| Alpha Bank SA | 134869 | 475018 |
| Eurobank Ergasias Services and Holdings SA, <br> Class R<br>| 258461 | 890212 |
| FF Group, Class R<sup>(c)(e)</sup> | 205 |  |
| Hellenic Telecommunications Organization SA, <br> Class R<br>| 12770 | 242785 |
| JUMBO SA, Class R | 6337 | 218715 |
| Metlen Energy & Metals SA, Class R | 6420 | 348030 |
| National Bank of Greece SA | 79144 | 1009145 |
| OPAP SA, Class R | 11603 | 263105 |
| Piraeus Financial Holdings SA | 75432 | 522577 |
| Public Power Corp. SA, Class R | 12105 | 197826 |
|  |  | 4167413 |
| **Hong Kong — 1.2%** | **Hong Kong — 1.2%** |  |
| AIA Group Ltd. | 714000 | 6467726 |
| China Common Rich Renewable Energy Investments <br> Ltd.<sup>(c)(e)</sup><br>| 11997 |  |
| CK Asset Holdings Ltd. | 107008 | 472849 |
| CK Infrastructure Holdings Ltd. | 41500 | 274823 |
| CLP Holdings Ltd. | 116000 | 979708 |
| Futu Holdings Ltd., ADR | 3838 | 474338 |
| Hang Seng Bank Ltd. | 44800 | 672276 |
| Henderson Land Development Co. Ltd. | 97800 | 343473 |
| HKT Trust & HKT Ltd., Class SS<sup>(f)</sup> | 222900 | 333251 |
| Hong Kong & China Gas Co. Ltd. | 693176 | 582816 |
| Hong Kong Exchanges & Clearing Ltd. | 76994 | 4141240 |
| Hongkong Land Holdings Ltd. | 141800 | 818186 |
| J&T Global Express Ltd.<sup>(c)</sup> | 228200 | 197628 |
| Jardine Matheson Holdings Ltd. | 8800 | 422952 |
| Link REIT | 181040 | 969739 |
| MTR Corp. Ltd. | 92500 | 332620 |
| Orient Overseas International Ltd. | 10000 | 170189 |
| Power Assets Holdings Ltd. | 80000 | 514365 |
| Prudential PLC | 169672 | 2123656 |
| Sino Biopharmaceutical Ltd. | 643750 | 433078 |
| Sino Land Co. Ltd. | 240800 | 256484 |
| Sun Hung Kai Properties Ltd. | 91000 | 1048597 |
| Swire Pacific Ltd., Class A | 25000 | 214303 |
| Techtronic Industries Co. Ltd. | 97000 | 1070295 |
| WH Group Ltd.<sup>(d)</sup> | 531000 | 511774 |
| Wharf Real Estate Investment Co. Ltd. | 142000 | 403080 |
|  |  | 24229446 |
| **Hungary — 0.1%** | **Hungary — 0.1%** |  |
| MOL Hungarian Oil & Gas PLC | 30059 | 261868 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hungary (continued)** | **Hungary (continued)** |  |
| OTP Bank Nyrt | 13448 | $1074899 |
| Richter Gedeon Nyrt | 11885 | 350327 |
|  |  | 1687094 |
| **India — 5.4%** | **India — 5.4%** |  |
| ABB India Ltd. | 3740 | 265290 |
| Adani Enterprises Ltd. | 11316 | 345793 |
| Adani Ports & Special Economic Zone Ltd. | 36650 | 619895 |
| Adani Power Ltd.<sup>(c)</sup> | 40704 | 277650 |
| Alkem Laboratories Ltd. | 3614 | 208164 |
| Ambuja Cements Ltd. | 50659 | 341210 |
| APL Apollo Tubes Ltd. | 11490 | 233023 |
| Apollo Hospitals Enterprise Ltd. | 8821 | 745174 |
| Ashok Leyland Ltd. | 97951 | 286723 |
| Asian Paints Ltd. | 21732 | 593483 |
| Astral Ltd. | 10950 | 192428 |
| AU Small Finance Bank Ltd.<sup>(d)</sup> | 16688 | 159124 |
| Aurobindo Pharma Ltd.<sup>(c)</sup> | 13224 | 175083 |
| Avenue Supermarts Ltd.<sup>(c)(d)</sup> | 10792 | 550477 |
| Axis Bank Ltd. | 140120 | 1959725 |
| Bajaj Auto Ltd. | 4376 | 427428 |
| Bajaj Finance Ltd. | 188740 | 2061296 |
| Bajaj Finserv Ltd. | 25142 | 602748 |
| Bajaj Holdings & Investment Ltd. | 2040 | 342302 |
| Balkrishna Industries Ltd. | 5542 | 158081 |
| Bank of Baroda | 88968 | 258155 |
| Bharat Electronics Ltd. | 292919 | 1440558 |
| Bharat Forge Ltd. | 30709 | 468798 |
| Bharat Heavy Electricals Ltd. | 31840 | 98914 |
| Bharat Petroleum Corp. Ltd. | 154808 | 599469 |
| Bharti Airtel Ltd. | 167889 | 3936000 |
| Bosch Ltd., Class A | 545 | 207790 |
| Britannia Industries Ltd. | 5412 | 369244 |
| Canara Bank | 134087 | 178594 |
| CG Power & Industrial Solutions Ltd. | 37552 | 298799 |
| Cholamandalam Investment and Finance Co. Ltd. | 26140 | 496628 |
| Cipla Ltd./India | 34393 | 604196 |
| Coal India Ltd. | 126514 | 578528 |
| Colgate-Palmolive India Ltd. | 10402 | 292037 |
| Container Corp. of India Ltd. | 13131 | 116341 |
| Coromandel International Ltd. | 7780 | 227403 |
| Cummins India Ltd. | 9248 | 366781 |
| Dabur India Ltd. | 37975 | 214888 |
| Divi's Laboratories Ltd. | 7317 | 581326 |
| Dixon Technologies India Ltd. | 2278 | 398198 |
| DLF Ltd. | 56980 | 557032 |
| Dr. Reddy's Laboratories Ltd. | 29231 | 437920 |
| Dr. Reddy's Laboratories Ltd., ADR | 22585 | 339453 |
| Eicher Motors Ltd. | 7597 | 501205 |
| Eternal Ltd.<sup>(c)</sup> | 443136 | 1364769 |
| GAIL India Ltd. | 154499 | 343951 |
| GMR Airports Ltd.<sup>(c)</sup> | 180419 | 179359 |
| Godrej Consumer Products Ltd. | 26503 | 364217 |
| Godrej Properties Ltd., Class A<sup>(c)</sup> | 12480 | 341249 |
| Grasim Industries Ltd. | 15713 | 521290 |
| Havells India Ltd. | 16163 | 292309 |
| HCL Technologies Ltd. | 64821 | 1306919 |
| HDFC Asset Management Co. Ltd.<sup>(d)</sup> | 5697 | 345042 |
| HDFC Bank Ltd. | 367527 | 8580086 |
| HDFC Life Insurance Co. Ltd.<sup>(d)</sup> | 54611 | 518279 |
| Hero MotoCorp Ltd. | 10467 | 517144 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **India (continued)** | **India (continued)** |  |
| Hindalco Industries Ltd. | 87837 | $710639 |
| Hindustan Aeronautics Ltd. | 13870 | 787858 |
| Hindustan Petroleum Corp. Ltd. | 68706 | 351106 |
| Hindustan Unilever Ltd. | 49291 | 1319255 |
| Hyundai Motor India Ltd.<sup>(c)</sup> | 14669 | 379673 |
| ICICI Bank Ltd. | 291601 | 4927982 |
| ICICI Bank Ltd., ADR<sup>(b)</sup> | 22806 | 767194 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(d)</sup> | 21715 | 516631 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(d)</sup> | 21486 | 164717 |
| IDFC First Bank Ltd.<sup>(c)</sup> | 145270 | 123395 |
| Indian Hotels Co. Ltd. | 55618 | 493230 |
| Indian Oil Corp. Ltd. | 318355 | 545785 |
| Indian Railway Catering & Tourism Corp. Ltd. | 14747 | 134461 |
| Indus Towers Ltd.<sup>(c)</sup> | 67779 | 332438 |
| IndusInd Bank Ltd. | 24445 | 248606 |
| Info Edge India Ltd. | 20315 | 352701 |
| Infosys Ltd. | 117607 | 2197213 |
| Infosys Ltd., ADR<sup>(b)</sup> | 97713 | 1810622 |
| InterGlobe Aviation Ltd.<sup>(c)(d)</sup> | 12142 | 846832 |
| ITC Ltd. | 181421 | 881063 |
| Jindal Stainless Ltd. | 24364 | 200455 |
| Jindal Steel & Power Ltd. | 22828 | 250883 |
| Jio Financial Services Ltd.<sup>(c)</sup> | 204674 | 780732 |
| JSW Energy Ltd., Class A | 31033 | 189043 |
| JSW Steel Ltd. | 42155 | 502111 |
| Jubilant Foodworks Ltd. | 20145 | 164880 |
| Kalyan Jewellers India Ltd. | 32743 | 212286 |
| Kotak Mahindra Bank Ltd. | 77949 | 1966579 |
| Larsen & Toubro Ltd. | 35988 | 1540329 |
| Larsen & Toubro Ltd., GDR, Registered Shares | 18237 | 781095 |
| LTIMindtree Ltd.<sup>(d)</sup> | 5587 | 346539 |
| Lupin Ltd. | 14030 | 317290 |
| Macrotech Developers Ltd.<sup>(d)</sup> | 16648 | 269160 |
| Mahindra & Mahindra Ltd. | 43364 | 1609550 |
| Mahindra & Mahindra Ltd., GDR | 27036 | 989518 |
| Mankind Pharma Ltd.<sup>(c)</sup> | 10660 | 288453 |
| Marico Ltd. | 30883 | 260162 |
| Maruti Suzuki India Ltd. | 8198 | 1185854 |
| Max Healthcare Institute Ltd. | 56163 | 835634 |
| Mphasis Ltd. | 4649 | 154342 |
| MRF Ltd. | 48 | 79691 |
| Muthoot Finance Ltd. | 8240 | 252326 |
| Nestle India Ltd. | 18918 | 543914 |
| NHPC Ltd. | 250552 | 250568 |
| NMDC Ltd. | 219678 | 179438 |
| NTPC Ltd. | 301753 | 1178325 |
| Oberoi Realty Ltd. | 10832 | 240840 |
| Oil & Natural Gas Corp. Ltd. | 214153 | 609936 |
| Oil India Ltd. | 34239 | 173405 |
| Oracle Financial Services Software Ltd. | 1521 | 159426 |
| Page Industries Ltd. | 367 | 211456 |
| PB Fintech Ltd.<sup>(c)</sup> | 23950 | 509096 |
| Persistent Systems Ltd. | 6906 | 486767 |
| Petronet LNG Ltd. | 71896 | 253155 |
| Phoenix Mills Ltd. | 18790 | 342325 |
| PI Industries Ltd. | 5213 | 249456 |
| Pidilite Industries Ltd. | 9792 | 348970 |
| Polycab India Ltd. | 3105 | 237248 |
| Power Finance Corp. Ltd. | 104437 | 521048 |
| Power Grid Corp. of India Ltd. | 303986 | 1062476 |
| Prestige Estates Projects Ltd. | 8553 | 165463 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **India (continued)** | **India (continued)** |  |
| Punjab National Bank | 158066 | $203712 |
| Rail Vikas Nigam Ltd. | 34917 | 162002 |
| REC Ltd. | 98207 | 461431 |
| Reliance Industries Ltd. | 397816 | 6963059 |
| Samvardhana Motherson International Ltd. | 260460 | 470195 |
| SBI Cards & Payment Services Ltd. | 14099 | 156690 |
| SBI Life Insurance Co. Ltd.<sup>(d)</sup> | 22876 | 490383 |
| Shree Cement Ltd. | 685 | 247905 |
| Shriram Finance Ltd. | 100810 | 831290 |
| Siemens Ltd. | 6352 | 240870 |
| Solar Industries India Ltd. | 1797 | 368804 |
| Sona Blw Precision Forgings Ltd.<sup>(d)</sup> | 55888 | 313719 |
| SRF Ltd. | 6719 | 254087 |
| State Bank of India | 71282 | 681864 |
| State Bank of India, GDR, Registered Shares | 5712 | 544378 |
| Sun Pharmaceutical Industries Ltd. | 67605 | 1321548 |
| Sundaram Finance Ltd. | 3011 | 181821 |
| Supreme Industries Ltd. | 4238 | 217061 |
| Suzlon Energy Ltd.<sup>(c)</sup> | 526311 | 415819 |
| Tata Communications Ltd. | 7962 | 156982 |
| Tata Consultancy Services Ltd. | 69446 | 2804261 |
| Tata Consumer Products Ltd. | 37487 | 480493 |
| Tata Elxsi Ltd. | 2653 | 195219 |
| Tata Motors Ltd. | 131961 | 1058659 |
| Tata Power Co. Ltd. | 161106 | 761972 |
| Tata Steel Ltd. | 517456 | 965100 |
| Tech Mahindra Ltd. | 35194 | 692573 |
| Thermax Ltd. | 4054 | 161675 |
| Titan Co. Ltd. | 21438 | 922648 |
| Torrent Pharmaceuticals Ltd. | 5320 | 211484 |
| Torrent Power Ltd. | 14244 | 243743 |
| Trent Ltd. | 13799 | 1000377 |
| Tube Investments of India Ltd. | 9506 | 344712 |
| TVS Motor Co. Ltd. | 15475 | 526585 |
| UltraTech Cement Ltd. | 8028 | 1132350 |
| Union Bank of India Ltd. | 102556 | 183719 |
| United Spirits Ltd. | 18510 | 308267 |
| UPL Ltd. | 25764 | 198736 |
| Varun Beverages Ltd. | 96848 | 516786 |
| Vedanta Ltd. | 102498 | 551905 |
| Voltas Ltd. | 15113 | 231636 |
| Wipro Ltd. | 140009 | 434418 |
| Wipro Ltd., ADR<sup>(b)</sup> | 26368 | 79631 |
| Yes Bank Ltd.<sup>(c)</sup> | 1388768 | 329439 |
| Zydus Lifesciences Ltd. | 12948 | 149555 |
|  |  | 106749156 |
| **Indonesia — 0.4%** | **Indonesia — 0.4%** |  |
| Alamtri Resources Indonesia Tbk. PT | 1157300 | 130652 |
| Amman Mineral Internasional PT<sup>(c)</sup> | 454300 | 236882 |
| Astra International Tbk PT | 1374600 | 381197 |
| Bank Central Asia Tbk PT | 3520500 | 1881874 |
| Bank Mandiri Persero Tbk PT | 2238700 | 672471 |
| Bank Negara Indonesia Persero Tbk PT | 1309600 | 332381 |
| Bank Rakyat Indonesia Persero Tbk PT | 4010328 | 924622 |
| Barito Pacific Tbk PT | 2862482 | 292935 |
| Chandra Asri Pacific Tbk PT | 246138 | 149806 |
| Charoen Pokphand Indonesia Tbk PT | 775200 | 224436 |
| GoTo Gojek Tokopedia Tbk PT<sup>(c)</sup> | 44779400 | 159976 |
| Indofood CBP Sukses Makmur Tbk PT | 165500 | 107087 |
| Indofood Sukses Makmur Tbk PT | 261000 | 130690 |
| Kalbe Farma Tbk PT | 972700 | 91488 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Indonesia (continued)** | **Indonesia (continued)** |  |
| Sumber Alfaria Trijaya Tbk PT | 1732600 | $255184 |
| Telkom Indonesia Persero Tbk PT | 5388900 | 921941 |
| United Tractors Tbk PT | 81100 | 107140 |
|  |  | 7000762 |
| **Ireland — 0.3%** | **Ireland — 0.3%** |  |
| AerCap Holdings NV | 11924 | 1395108 |
| AIB Group PLC | 136234 | 1124319 |
| Bank of Ireland Group PLC | 65993 | 940409 |
| Kerry Group PLC, Class A | 9724 | 1074370 |
| Kingspan Group PLC | 9587 | 816902 |
|  |  | 5351108 |
| **Israel — 0.5%** | **Israel — 0.5%** |  |
| Azrieli Group Ltd. | 4108 | 378301 |
| Bank Hapoalim BM | 81986 | 1574792 |
| Bank Leumi Le-Israel BM | 94031 | 1749497 |
| Check Point Software Technologies Ltd.<sup>(c)</sup> | 6377 | 1410911 |
| Elbit Systems Ltd. | 1759 | 783517 |
| ICL Group Ltd. | 53347 | 366242 |
| Israel Discount Bank Ltd., Class A | 75679 | 754877 |
| Mizrahi Tefahot Bank Ltd. | 7485 | 488260 |
| Nice Ltd.<sup>(c)</sup> | 4583 | 776878 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(c)</sup> | 81572 | 1367147 |
| Wix.com Ltd.<sup>(c)</sup> | 2585 | 409619 |
|  |  | 10060041 |
| **Italy — 2.0%** | **Italy — 2.0%** |  |
| Banco BPM SpA | 101615 | 1186104 |
| BPER Banca SpA | 81565 | 740307 |
| Coca-Cola HBC AG, Class DI | 15096 | 788654 |
| Davide Campari-Milano NV | 43169 | 290629 |
| DiaSorin SpA | 2093 | 224014 |
| Enel SpA | 536535 | 5092097 |
| Eni SpA | 140045 | 2262304 |
| Ferrari NV | 8111 | 3973668 |
| FinecoBank Banca Fineco SpA | 47928 | 1063213 |
| Generali | 59517 | 2117110 |
| Infrastrutture Wireless Italiane SpA<sup>(d)</sup> | 18163 | 222096 |
| Intesa Sanpaolo SpA | 1002296 | 5773638 |
| Leonardo SpA | 27793 | 1568273 |
| Mediobanca Banca di Credito Finanziario SpA | 41084 | 956064 |
| Moncler SpA | 16047 | 915345 |
| Nexi SpA<sup>(d)</sup> | 40392 | 241233 |
| Poste Italiane SpA<sup>(d)</sup> | 30940 | 664773 |
| Prysmian SpA | 17084 | 1209533 |
| Recordati Industria Chimica e Farmaceutica SpA | 6659 | 418552 |
| Ryanair Holdings PLC | 64631 | 1833304 |
| Snam SpA | 113753 | 688625 |
| Telecom Italia SpA/Milano<sup>(c)</sup> | 791287 | 390987 |
| Terna - Rete Elettrica Nazionale<sup>(b)</sup> | 104961 | 1079101 |
| UniCredit SpA | 95342 | 6395862 |
| Unipol Assicurazioni SpA | 24759 | 490346 |
|  |  | 40585832 |
| **Japan — 13.6%** | **Japan — 13.6%** |  |
| Advantest Corp. | 50300 | 3728789 |
| Aeon Co. Ltd.<sup>(b)</sup> | 40700 | 1247568 |
| AGC, Inc.<sup>(b)</sup> | 10300 | 302158 |
| Aisin Corp. | 43200 | 552632 |
| Ajinomoto Co., Inc. | 75700 | 2053222 |
| ANA Holdings, Inc. | 9800 | 191884 |
| Asahi Group Holdings Ltd.<sup>(b)</sup> | 90300 | 1207052 |
| Asahi Kasei Corp. | 89600 | 637841 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Asics Corp. | 56100 | $1430570 |
| Astellas Pharma, Inc. | 126400 | 1237576 |
| Bandai Namco Holdings, Inc. | 40400 | 1447904 |
| Bridgestone Corp.<sup>(b)</sup> | 35600 | 1455762 |
| Canon, Inc.<sup>(b)</sup> | 59600 | 1728622 |
| Capcom Co. Ltd. | 25200 | 860617 |
| Central Japan Railway Co. | 46200 | 1032782 |
| Chiba Bank Ltd. | 37300 | 344716 |
| Chubu Electric Power Co., Inc. | 32400 | 400931 |
| Chugai Pharmaceutical Co. Ltd. | 44600 | 2328915 |
| Concordia Financial Group Ltd. | 83800 | 543843 |
| Dai Nippon Printing Co. Ltd. | 29300 | 444769 |
| Daifuku Co. Ltd. | 18700 | 481075 |
| Dai-ichi Life Holdings, Inc. | 225400 | 1713627 |
| Daiichi Sankyo Co. Ltd. | 115900 | 2685181 |
| Daikin Industries Ltd. | 16600 | 1948569 |
| Daito Trust Construction Co. Ltd. | 3400 | 370323 |
| Daiwa House Industry Co. Ltd. | 37900 | 1302349 |
| Daiwa Securities Group, Inc. | 96500 | 685345 |
| Denso Corp. | 126600 | 1708503 |
| Dentsu Group, Inc.<sup>(b)</sup> | 13400 | 296916 |
| Disco Corp. | 6400 | 1895957 |
| East Japan Railway Co. | 55900 | 1202461 |
| Eisai Co. Ltd. | 17800 | 511223 |
| ENEOS Holdings, Inc. | 183800 | 911066 |
| FANUC Corp. | 58500 | 1588115 |
| Fast Retailing Co. Ltd. | 12300 | 4217226 |
| Fuji Electric Co. Ltd. | 9100 | 419072 |
| FUJIFILM Holdings Corp. | 68400 | 1481241 |
| Fujikura Ltd. | 18200 | 957419 |
| Fujitsu Ltd. | 118300 | 2869884 |
| Hankyu Hanshin Holdings, Inc. | 16100 | 437657 |
| Hikari Tsushin, Inc. | 1100 | 324793 |
| Hitachi Ltd. | 303800 | 8829744 |
| Honda Motor Co. Ltd. | 275800 | 2659497 |
| Hoshizaki Corp. | 4600 | 158507 |
| Hoya Corp. | 23200 | 2755280 |
| Hulic Co. Ltd.<sup>(b)</sup> | 24000 | 242083 |
| Idemitsu Kosan Co. Ltd. | 55445 | 336239 |
| IHI Corp. | 10700 | 1157351 |
| Inpex Corp.<sup>(b)</sup> | 49800 | 699051 |
| Isuzu Motors Ltd. | 35400 | 448445 |
| ITOCHU Corp. | 78300 | 4100179 |
| Japan Airlines Co. Ltd. | 12000 | 244751 |
| Japan Exchange Group, Inc. | 62000 | 628061 |
| Japan Post Bank Co. Ltd. | 107300 | 1156751 |
| Japan Post Holdings Co. Ltd. | 139500 | 1292079 |
| Japan Post Insurance Co. Ltd. | 12600 | 285267 |
| Japan Tobacco, Inc.<sup>(b)</sup> | 79100 | 2330240 |
| JFE Holdings, Inc. | 41300 | 480429 |
| Kajima Corp. | 24500 | 639002 |
| Kansai Electric Power Co., Inc. | 63800 | 756657 |
| Kao Corp. | 30100 | 1348648 |
| Kawasaki Kisen Kaisha Ltd. | 19700 | 278993 |
| KDDI Corp. | 197400 | 3389472 |
| Keyence Corp. | 13080 | 5229750 |
| Kikkoman Corp. | 43000 | 398861 |
| Kirin Holdings Co. Ltd.<sup>(b)</sup> | 60200 | 843620 |
| Kobe Bussan Co. Ltd. | 9400 | 291922 |
| Komatsu Ltd. | 59000 | 1946619 |
| Konami Group Corp. | 6800 | 1075091 |
| Kubota Corp.<sup>(b)</sup> | 55400 | 624740 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Kyocera Corp. | 90800 | $1090540 |
| Kyowa Kirin Co. Ltd.<sup>(b)</sup> | 14600 | 249912 |
| Lasertec Corp. | 5400 | 723927 |
| LY Corp. | 189200 | 696749 |
| M3, Inc. | 31500 | 432706 |
| Makita Corp. | 16600 | 511246 |
| Marubeni Corp. | 87500 | 1763845 |
| MatsukiyoCocokara & Co. | 21000 | 431981 |
| MEIJI Holdings Co. Ltd. | 18000 | 398048 |
| MINEBEA MITSUMI, Inc. | 23700 | 346582 |
| Mitsubishi Chemical Group Corp. | 104100 | 547152 |
| Mitsubishi Corp. | 223400 | 4463952 |
| Mitsubishi Electric Corp. | 126200 | 2714432 |
| Mitsubishi Estate Co. Ltd. | 66900 | 1254182 |
| Mitsubishi HC Capital, Inc. | 67300 | 495511 |
| Mitsubishi Heavy Industries Ltd. | 211000 | 5280144 |
| Mitsubishi UFJ Financial Group, Inc. | 761600 | 10383341 |
| Mitsui & Co. Ltd. | 166200 | 3387150 |
| Mitsui Fudosan Co. Ltd. | 174900 | 1693221 |
| Mitsui OSK Lines Ltd. | 20600 | 688035 |
| Mizuho Financial Group, Inc. | 155240 | 4309451 |
| MonotaRO Co. Ltd. | 18200 | 358282 |
| MS&AD Insurance Group Holdings, Inc. | 81000 | 1810804 |
| Murata Manufacturing Co. Ltd. | 106200 | 1569709 |
| NEC Corp. | 82800 | 2415693 |
| Nexon Co. Ltd. | 25000 | 503540 |
| NIDEC Corp. | 49000 | 952221 |
| Nintendo Co. Ltd. | 73200 | 7029380 |
| Nippon Building Fund, Inc. | 660 | 609430 |
| Nippon Paint Holdings Co. Ltd. | 63100 | 507467 |
| Nippon Sanso Holdings Corp. | 15100 | 571407 |
| Nippon Steel Corp. | 78247 | 1479802 |
| Nippon Telegraph & Telephone Corp. | 1914200 | 2046490 |
| Nippon Yusen KK | 25500 | 917361 |
| Nissan Motor Co. Ltd. | 166500 | 402860 |
| Nissin Foods Holdings Co. Ltd. | 16200 | 336557 |
| Nitori Holdings Co. Ltd. | 5800 | 558252 |
| Nitto Denko Corp. | 49000 | 946262 |
| Nomura Holdings, Inc. | 186400 | 1228320 |
| Nomura Research Institute Ltd. | 25543 | 1021654 |
| Obayashi Corp. | 40600 | 615164 |
| Obic Co. Ltd. | 19400 | 754370 |
| Olympus Corp. | 72300 | 858803 |
| Omron Corp. | 23200 | 625389 |
| Ono Pharmaceutical Co. Ltd. | 27900 | 302374 |
| Oracle Corp. Japan | 2000 | 238381 |
| Oriental Land Co. Ltd./Japan | 70300 | 1619134 |
| ORIX Corp. | 73200 | 1651879 |
| Osaka Gas Co. Ltd. | 21400 | 548908 |
| Otsuka Corp. | 13400 | 272977 |
| Otsuka Holdings Co. Ltd. | 29000 | 1437799 |
| Pan Pacific International Holdings Corp. | 24600 | 846118 |
| Panasonic Holdings Corp. | 158000 | 1690492 |
| Rakuten Group, Inc.<sup>(c)</sup> | 87000 | 479385 |
| Recruit Holdings Co. Ltd. | 93100 | 5474894 |
| Renesas Electronics Corp. | 115200 | 1425188 |
| Resona Holdings, Inc. | 129200 | 1193267 |
| Ricoh Co. Ltd. | 39800 | 375609 |
| Sanrio Co. Ltd. | 13200 | 638294 |
| SBI Holdings, Inc. | 17450 | 608048 |
| SCREEN Holdings Co. Ltd. | 6000 | 487868 |
| SCSK Corp. | 12100 | 364545 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Secom Co. Ltd. | 24800 | $890937 |
| Sekisui Chemical Co. Ltd. | 27100 | 490799 |
| Sekisui House Ltd. | 45300 | 997023 |
| Seven & i Holdings Co. Ltd. | 148400 | 2388545 |
| SG Holdings Co. Ltd. | 21100 | 235012 |
| Shimadzu Corp. | 15000 | 370845 |
| Shimano, Inc. | 5200 | 753898 |
| Shin-Etsu Chemical Co. Ltd. | 131800 | 4352294 |
| Shionogi & Co. Ltd. | 56700 | 1020729 |
| Shiseido Co. Ltd.<sup>(b)</sup> | 27900 | 498312 |
| SMC Corp. | 3700 | 1325940 |
| SoftBank Corp. | 1923100 | 2978787 |
| SoftBank Group Corp. | 62000 | 4507772 |
| Sompo Holdings, Inc. | 54800 | 1651386 |
| Sony Group Corp. | 423500 | 11011129 |
| Subaru Corp. | 41200 | 714259 |
| Sumitomo Corp. | 70400 | 1816792 |
| Sumitomo Electric Industries Ltd. | 49800 | 1067881 |
| Sumitomo Metal Mining Co. Ltd. | 15500 | 381997 |
| Sumitomo Mitsui Financial Group, Inc. | 240600 | 6058538 |
| Sumitomo Mitsui Trust Group, Inc. | 41900 | 1114432 |
| Sumitomo Realty & Development Co. Ltd. | 24000 | 926864 |
| Suntory Beverage & Food Ltd.<sup>(b)</sup> | 9900 | 316596 |
| Suzuki Motor Corp. | 107800 | 1299661 |
| Sysmex Corp. | 28900 | 503068 |
| T&D Holdings, Inc. | 34100 | 748498 |
| Taisei Corp. | 10500 | 611526 |
| Takeda Pharmaceutical Co. Ltd. | 105676 | 3262533 |
| TDK Corp. | 121100 | 1413545 |
| Terumo Corp. | 93000 | 1706723 |
| TIS, Inc. | 14200 | 475837 |
| Toho Co. Ltd. | 6700 | 395272 |
| Tokio Marine Holdings, Inc. | 131700 | 5581582 |
| Tokyo Electron Ltd. | 29900 | 5726130 |
| Tokyo Gas Co. Ltd. | 20900 | 695177 |
| Tokyo Metro Co. Ltd. | 21000 | 244370 |
| Tokyu Corp. | 38700 | 460380 |
| TOPPAN Holdings, Inc. | 12800 | 347738 |
| Toray Industries, Inc. | 80300 | 549674 |
| Toyota Industries Corp. | 10200 | 1151200 |
| Toyota Motor Corp. | 627730 | 10811384 |
| Toyota Tsusho Corp. | 43800 | 992125 |
| Trend Micro, Inc./Japan | 7500 | 518744 |
| Unicharm Corp. | 63300 | 457076 |
| West Japan Railway Co. | 24400 | 557810 |
| Yakult Honsha Co. Ltd. | 15600 | 293795 |
| Yamaha Motor Co. Ltd.<sup>(b)</sup> | 62300 | 466196 |
| Yokogawa Electric Corp. | 31000 | 828129 |
| Zensho Holdings Co. Ltd. | 6200 | 375263 |
| ZOZO, Inc. | 35100 | 379245 |
|  |  | 272173416 |
| **Kuwait — 0.2%** | **Kuwait — 0.2%** |  |
| Boubyan Bank KSCP | 154948 | 365063 |
| Gulf Bank KSCP | 310621 | 364910 |
| Kuwait Finance House KSCP | 730947 | 1918237 |
| Mabanee Co. KPSC | 139111 | 397915 |
| Mobile Telecommunications Co. KSCP | 253341 | 400712 |
| National Bank of Kuwait SAKP | 469974 | 1536190 |
|  |  | 4983027 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |  |
| ArcelorMittal SA | 27908 | 886199 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Luxembourg (continued)** | **Luxembourg (continued)** |  |
| CVC Capital Partners PLC<sup>(d)</sup> | 11365 | $233681 |
| Eurofins Scientific SE | 10201 | 726978 |
| Reinet Investments SCA | 7155 | 232852 |
|  |  | 2079710 |
| **Macau — 0.1%** | **Macau — 0.1%** |  |
| Galaxy Entertainment Group Ltd. | 161000 | 717673 |
| Sands China Ltd. | 175600 | 366992 |
|  |  | 1084665 |
| **Malaysia — 0.4%** | **Malaysia — 0.4%** |  |
| AMMB Holdings Bhd | 157700 | 191071 |
| Axiata Group Bhd | 165600 | 90881 |
| CELCOMDIGI Bhd. | 305900 | 285730 |
| CIMB Group Holdings Bhd | 483200 | 779332 |
| Gamuda Bhd | 347600 | 395662 |
| Hong Leong Bank Bhd | 38840 | 180818 |
| IHH Healthcare Bhd | 133900 | 216886 |
| IOI Corp. Bhd | 306000 | 271936 |
| Kuala Lumpur Kepong Bhd | 46100 | 226640 |
| Malayan Banking Bhd. | 372000 | 856986 |
| Maxis Bhd | 144000 | 123538 |
| MISC Bhd | 83600 | 150751 |
| MR DIY Group M Bhd<sup>(d)</sup> | 93800 | 36539 |
| Nestle Malaysia Bhd | 3500 | 63793 |
| Petronas Chemicals Group Bhd | 199900 | 165839 |
| Petronas Gas Bhd | 31100 | 130146 |
| PPB Group Bhd | 38320 | 93615 |
| Press Metal Aluminium Holdings Bhd<sup>(b)</sup> | 283300 | 348869 |
| Public Bank Bhd | 1009700 | 1033607 |
| QL Resources Bhd | 120600 | 131805 |
| RHB Bank Bhd | 82424 | 123316 |
| SD Guthrie Bhd. | 124000 | 136729 |
| Sime Darby Bhd | 159000 | 62315 |
| Sunway Bhd | 187300 | 209161 |
| Telekom Malaysia Bhd | 55900 | 87017 |
| Tenaga Nasional Bhd | 189300 | 646921 |
| YTL Corp. Bhd. | 238400 | 131477 |
| YTL Power International Bhd | 204700 | 193461 |
|  |  | 7364841 |
| **Mexico — 0.7%** | **Mexico — 0.7%** |  |
| Alfa SAB de C.V., Class A | 449421 | 331955 |
| America Movil SAB de C.V., Series B | 1413193 | 1263736 |
| Arca Continental SAB de C.V. | 33779 | 357025 |
| Cemex SAB de C.V. | 1127457 | 778095 |
| Coca-Cola Femsa SAB de C.V. | 33012 | 319872 |
| Fibra Uno Administracion SA de C.V. | 186728 | 257933 |
| Fomento Economico Mexicano SAB de C.V. | 108254 | 1114587 |
| Gruma SAB de C.V., Class B | 10875 | 187642 |
| Grupo Aeroportuario del Centro Norte SAB de C.V., <br> Class B<br>| 19745 | 259381 |
| Grupo Aeroportuario del Pacifico SAB de C.V., <br> Class B<br>| 30531 | 700824 |
| Grupo Aeroportuario del Sureste SAB de C.V., Class B | 12080 | 385650 |
| Grupo Bimbo SAB de C.V., Series A | 90621 | 252818 |
| Grupo Carso SAB de C.V., Series A1 | 45509 | 324453 |
| Grupo Comercial Chedraui SA de C.V. | 30263 | 240304 |
| Grupo Financiero Banorte SAB de C.V., Class O | 163467 | 1494197 |
| Grupo Financiero Banorte SAB de C.V., Series O | 123656 | 319214 |
| Grupo Mexico SAB de C.V., Series B | 260084 | 1575376 |
| Industrias Penoles SAB de C.V.<sup>(c)</sup> | 16682 | 463846 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** |  |
| Kimberly-Clark de Mexico SAB de C.V., Class A | 138831 | $253994 |
| Promotora y Operadora de Infraestructura SAB de <br> C.V.<br>| 14276 | 160856 |
| Southern Copper Corp.<sup>(b)</sup> | 8341 | 843859 |
| Wal-Mart de Mexico SAB de C.V. | 359212 | 1189748 |
|  |  | 13075365 |
| **Netherlands — 2.7%** | **Netherlands — 2.7%** |  |
| ABN AMRO Bank NV<sup>(d)</sup> | 33112 | 904155 |
| Adyen NV<sup>(c)(d)</sup> | 1525 | 2800719 |
| Aegon Ltd. | 76374 | 553460 |
| Akzo Nobel NV | 11410 | 800567 |
| Argenx SE<sup>(c)</sup> | 3818 | 2113579 |
| ASM International NV | 3184 | 2042465 |
| ASML Holding NV | 26035 | 20862808 |
| ASR Nederland NV | 10665 | 708642 |
| BE Semiconductor Industries NV | 5334 | 797718 |
| Euronext NV<sup>(d)</sup> | 5123 | 877785 |
| EXOR NV | 5335 | 538555 |
| Heineken Holding NV | 9042 | 674711 |
| Heineken NV | 20193 | 1761694 |
| IMCD NV | 4175 | 561518 |
| ING Groep NV | 224557 | 4921771 |
| JDE Peet's NV | 9702 | 277133 |
| Koninklijke Ahold Delhaize NV | 62110 | 2594114 |
| Koninklijke KPN NV | 239548 | 1168561 |
| Koninklijke Philips NV | 49999 | 1200594 |
| NN Group NV | 19168 | 1275422 |
| Randstad NV | 9010 | 416451 |
| Universal Music Group NV | 78927 | 2560435 |
| Wolters Kluwer NV, Class C | 15524 | 2596206 |
|  |  | 53009063 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** |  |
| Auckland International Airport Ltd. | 102427 | 483554 |
| Contact Energy Ltd. | 56179 | 308301 |
| Fisher & Paykel Healthcare Corp. Ltd. | 46619 | 1023973 |
| Infratil Ltd. | 64602 | 416859 |
| Meridian Energy Ltd. | 71629 | 257603 |
| Xero Ltd.<sup>(c)</sup> | 10173 | 1203763 |
|  |  | 3694053 |
| **Norway — 0.4%** | **Norway — 0.4%** |  |
| Aker BP ASA | 17479 | 446665 |
| DNB Bank ASA | 57951 | 1602610 |
| Equinor ASA | 53906 | 1361345 |
| Gjensidige Forsikring ASA | 19412 | 492093 |
| Kongsberg Gruppen ASA | 30355 | 1177079 |
| Mowi ASA | 26602 | 513775 |
| Norsk Hydro ASA | 91511 | 524029 |
| Orkla ASA | 34126 | 371683 |
| Salmar ASA | 5768 | 249962 |
| Telenor ASA | 63005 | 981126 |
|  |  | 7720367 |
| **Peru — 0.1%** | **Peru — 0.1%** |  |
| Cia de Minas Buenaventura SAA, ADR | 13118 | 215398 |
| Credicorp Ltd. | 4318 | 965159 |
|  |  | 1180557 |
| **Philippines — 0.1%** | **Philippines — 0.1%** |  |
| Ayala Corp. | 13480 | 136373 |
| Ayala Land, Inc. | 546400 | 262192 |
| Bank of the Philippine Islands | 110452 | 254904 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Philippines (continued)** | **Philippines (continued)** |  |
| BDO Unibank, Inc. | 151204 | $410151 |
| International Container Terminal Services, Inc. | 71720 | 522864 |
| Jollibee Foods Corp. | 45180 | 173296 |
| Manila Electric Co. | 11960 | 114335 |
| Metropolitan Bank & Trust Co. | 96987 | 124829 |
| PLDT, Inc. | 6295 | 136107 |
| SM Investments Corp. | 20672 | 320007 |
| SM Prime Holdings, Inc. | 780850 | 325065 |
|  |  | 2780123 |
| **Poland — 0.3%** | **Poland — 0.3%** |  |
| Allegro.eu SA<sup>(c)(d)</sup> | 41050 | 395213 |
| Bank Millennium SA<sup>(c)</sup> | 29713 | 118053 |
| Bank Polska Kasa Opieki SA | 10145 | 522512 |
| Budimex SA<sup>(b)</sup> | 1098 | 170171 |
| CCC SA<sup>(c)</sup> | 3559 | 202589 |
| CD Projekt SA | 3685 | 287583 |
| Dino Polska SA<sup>(c)(d)</sup> | 3161 | 461925 |
| InPost SA<sup>(c)</sup> | 14665 | 244051 |
| KGHM Polska Miedz SA | 13171 | 471412 |
| LPP SA | 72 | 293444 |
| mBank SA<sup>(c)</sup> | 1117 | 247263 |
| ORLEN SA | 32002 | 729373 |
| PGE Polska Grupa Energetyczna SA<sup>(c)</sup> | 80253 | 254052 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 55727 | 1164405 |
| Powszechny Zaklad Ubezpieczen SA | 35339 | 617976 |
| Santander Bank Polska SA | 2017 | 277179 |
|  |  | 6457201 |
| **Portugal — 0.1%** | **Portugal — 0.1%** |  |
| EDP SA | 198624 | 862878 |
| Galp Energia SGPS SA, Class B | 30760 | 563088 |
| Jeronimo Martins SGPS SA | 15220 | 385338 |
|  |  | 1811304 |
| **Qatar — 0.2%** | **Qatar — 0.2%** |  |
| Al Rayan Bank | 315506 | 201485 |
| Barwa Real Estate Co. | 109970 | 83767 |
| Commercial Bank PSQC | 197122 | 246007 |
| Dukhan Bank | 164731 | 164415 |
| Industries Qatar QSC | 97136 | 329116 |
| Mesaieed Petrochemical Holding Co. | 245102 | 90542 |
| Ooredoo QPSC | 63062 | 221395 |
| Qatar Electricity & Water Co. QSC | 34989 | 155507 |
| Qatar Fuel QSC | 23217 | 95416 |
| Qatar Gas Transport Co. Ltd. | 164517 | 223870 |
| Qatar International Islamic Bank QSC | 102600 | 306481 |
| Qatar Islamic Bank QPSC | 117313 | 712890 |
| Qatar National Bank QPSC | 281484 | 1339713 |
|  |  | 4170604 |
| **Romania — 0.0%** | **Romania — 0.0%** |  |
| NEPI Rockcastle NV | 38237 | 291468 |
| **Russia**<sup>(c)(e)</sup> **— 0.0%** | **Russia**<sup>(c)(e)</sup> **— 0.0%** |  |
| Alrosa PJSC | 189683 | 24 |
| Mobile TeleSystems PJSC | 50446 | 6 |
| Moscow Exchange MICEX-RTS PJSC | 63850 | 8 |
| Ozon Holdings PLC, ADR | 2417 |  |
| PhosAgro PJSC, GDR | 49 | 1 |
| PhosAgro PJSC, GDR, Registered Shares | 1 |  |
| Polyus PJSC | 23820 |  |
| Rosneft Oil Co. PJSC | 71604 | 9 |
| Sberbank of Russia PJSC | 588148 | 75 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Russia (continued)** | **Russia (continued)** |  |
| Severstal PAO | 10830 | $1 |
| TCS Group Holding PLC, Class A, GDR, Registered <br> Shares<br>| 6905 | 1 |
| United Co. RUSAL International PJSC | 172792 | 22 |
| VK Co. Ltd., GDR | 5177 | 1 |
| VTB Bank PJSC | 37302 |  |
| X5 Retail Group NV, GDR, Registered Shares | 9876 | 1 |
|  |  | 149 |
| **Saudi Arabia — 1.0%** | **Saudi Arabia — 1.0%** |  |
| ACWA Power Co.<sup>(c)</sup> | 9118 | 621485 |
| Ades Holding Co. | 331 | 1209 |
| Al Rajhi Bank | 131218 | 3309692 |
| Al Rajhi Co. for Co-operative Insurance<sup>(c)</sup> | 2966 | 101732 |
| Alinma Bank | 80858 | 578044 |
| Almarai Co. JSC | 29308 | 396122 |
| Arab National Bank | 81450 | 471663 |
| Bank AlBilad | 40767 | 285991 |
| Bank Al-Jazira<sup>(c)</sup> | 39201 | 134298 |
| Banque Saudi Fransi | 80191 | 381813 |
| Bupa Arabia for Cooperative Insurance Co. | 6760 | 321012 |
| Co. for Cooperative Insurance | 4904 | 206603 |
| Dallah Healthcare Co. | 3678 | 128060 |
| Dar Al Arkan Real Estate Development Co.<sup>(c)</sup> | 26789 | 137221 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | 3493 | 252530 |
| Elm Co. | 2013 | 537488 |
| Etihad Etisalat Co. | 28661 | 453166 |
| Jarir Marketing Co. | 44780 | 149696 |
| Mouwasat Medical Services Co. | 5276 | 106157 |
| Nahdi Medical Co. | 3386 | 115289 |
| Riyad Bank | 85791 | 657208 |
| SABIC Agri-Nutrients Co. | 17654 | 504781 |
| Sahara International Petrochemical Co. | 27239 | 143989 |
| SAL Saudi Logistics Services | 1775 | 88857 |
| Saudi Arabian Mining Co.<sup>(c)</sup> | 78042 | 1114485 |
| Saudi Arabian Oil Co.<sup>(d)</sup> | 459822 | 2981448 |
| Saudi Aramco Base Oil Co. | 1818 | 49548 |
| Saudi Awwal Bank | 73131 | 656921 |
| Saudi Basic Industries Corp. | 56428 | 822234 |
| Saudi Electricity Co. | 60072 | 235317 |
| Saudi Industrial Investment Group | 28457 | 127316 |
| Saudi Investment Bank | 52885 | 204737 |
| Saudi Kayan Petrochemical Co.<sup>(c)</sup> | 43107 | 59421 |
| Saudi National Bank | 179957 | 1732728 |
| Saudi Research & Media Group<sup>(c)</sup> | 2197 | 113239 |
| Saudi Tadawul Group Holding Co. | 3018 | 142002 |
| Saudi Telecom Co. | 140261 | 1591046 |
| Yanbu National Petrochemical Co. | 28244 | 227559 |
|  |  | 20142107 |
| **Singapore — 1.1%** | **Singapore — 1.1%** |  |
| CapitaLand Ascendas REIT | 261551 | 551913 |
| CapitaLand Integrated Commercial Trust | 387352 | 661432 |
| CapitaLand Investment Ltd./Singapore | 169500 | 353350 |
| DBS Group Holdings Ltd. | 141552 | 4997076 |
| Genting Singapore Ltd. | 370000 | 208102 |
| Grab Holdings Ltd., Class A<sup>(c)</sup> | 148651 | 747715 |
| Keppel Ltd.<sup>(b)</sup> | 94900 | 554175 |
| Oversea-Chinese Banking Corp. Ltd. | 207949 | 2666596 |
| Sea Ltd., Class A, ADR<sup>(c)</sup> | 25676 | 4106619 |
| Sembcorp Industries Ltd. | 59600 | 321070 |
| Singapore Airlines Ltd. | 96999 | 532015 |
| Singapore Exchange Ltd. | 60800 | 711921 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Singapore (continued)** | **Singapore (continued)** |  |
| Singapore Technologies Engineering Ltd. | 107500 | $659156 |
| Singapore Telecommunications Ltd. | 485500 | 1463679 |
| STMicroelectronics NV | 43833 | 1344007 |
| United Overseas Bank Ltd. | 76500 | 2165233 |
|  |  | 22044059 |
| **South Africa — 1.0%** | **South Africa — 1.0%** |  |
| Absa Group Ltd. | 43616 | 434128 |
| Anglo American PLC | 74935 | 2208925 |
| Aspen Pharmacare Holdings Ltd. | 36651 | 247373 |
| Bid Corp. Ltd. | 22557 | 595570 |
| Bidvest Group Ltd. | 26537 | 350034 |
| Capitec Bank Holdings Ltd. | 6152 | 1230067 |
| Clicks Group Ltd. | 17239 | 361261 |
| Discovery Ltd. | 23605 | 286953 |
| FirstRand Ltd. | 356998 | 1526109 |
| Gold Fields Ltd. | 55303 | 1309558 |
| Harmony Gold Mining Co. Ltd. | 31269 | 435075 |
| Impala Platinum Holdings Ltd.<sup>(c)</sup> | 62435 | 560994 |
| Kumba Iron Ore Ltd. | 2943 | 47384 |
| MTN Group Ltd. | 107631 | 856767 |
| Naspers Ltd., N Shares | 11209 | 3497358 |
| Nedbank Group Ltd. | 35865 | 492381 |
| Old Mutual Ltd. | 264621 | 180412 |
| OUTsurance Group Ltd. | 85253 | 377201 |
| Pepkor Holdings Ltd.<sup>(d)</sup> | 229695 | 353609 |
| Remgro Ltd. | 36445 | 326162 |
| Sanlam Ltd. | 134467 | 673484 |
| Sasol Ltd.<sup>(c)</sup> | 45386 | 202095 |
| Shoprite Holdings Ltd. | 33813 | 528956 |
| Standard Bank Group Ltd. | 81685 | 1048805 |
| Valterra Platinum Ltd.<sup>(c)</sup> | 8706 | 382409 |
| Valterra Platinum Ltd. | 6058 | 269745 |
| Vodacom Group Ltd.<sup>(b)</sup> | 34521 | 266555 |
| Woolworths Holdings Ltd./South Africa | 55517 | 162314 |
|  |  | 19211684 |
| **South Korea — 3.0%** | **South Korea — 3.0%** |  |
| Alteogen, Inc.<sup>(c)</sup> | 2403 | 662093 |
| Amorepacific Corp. | 2029 | 205203 |
| Celltrion, Inc. | 11497 | 1356645 |
| CJ CheilJedang Corp. | 487 | 89602 |
| Coway Co. Ltd. | 4594 | 328280 |
| DB Insurance Co. Ltd. | 2516 | 229591 |
| Delivery Hero SE<sup>(c)(d)</sup> | 9264 | 251446 |
| Doosan Bobcat, Inc. | 6106 | 262457 |
| Doosan Enerbility Co. Ltd.<sup>(c)</sup> | 30236 | 1531849 |
| Ecopro BM Co. Ltd.<sup>(c)</sup> | 3551 | 263684 |
| Ecopro Co. Ltd. | 6793 | 226375 |
| Hana Financial Group, Inc. | 19600 | 1248481 |
| Hanjin Kal Corp. | 1833 | 159425 |
| Hankook Tire & Technology Co. Ltd. | 4552 | 133734 |
| Hanmi Semiconductor Co. Ltd. | 1843 | 138410 |
| Hanwha Aerospace Co. Ltd. | 2027 | 1271997 |
| Hanwha Ocean Co. Ltd.<sup>(c)</sup> | 5286 | 309632 |
| Hanwha Systems Co. Ltd. | 4988 | 213974 |
| HD Hyundai Co. Ltd. | 2110 | 202177 |
| HD Hyundai Electric Co. Ltd. | 1732 | 649304 |
| HLB, Inc.<sup>(c)</sup> | 8095 | 293336 |
| HMM Co. Ltd. | 17458 | 291081 |
| HYBE Co. Ltd. | 782 | 178793 |
| Hyundai Heavy Industries Co. Ltd. | 1158 | 365505 |
| Hyundai Mobis Co. Ltd. | 4655 | 987550 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **South Korea (continued)** | **South Korea (continued)** |  |
| Hyundai Motor Co. | 9428 | $1415684 |
| Hyundai Rotem Co. Ltd. | 5401 | 783770 |
| Industrial Bank of Korea | 27600 | 372766 |
| Kakao Corp. | 23604 | 1047032 |
| KakaoBank Corp. | 13451 | 298080 |
| KB Financial Group, Inc. | 24292 | 1996226 |
| Kia Corp. | 16285 | 1165263 |
| Korea Aerospace Industries Ltd. | 4371 | 290270 |
| Korea Electric Power Corp. | 17450 | 504256 |
| Korea Investment Holdings Co. Ltd. | 1996 | 205974 |
| Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2438 | 658360 |
| Korea Zinc Co. Ltd. | 401 | 242589 |
| Korean Air Lines Co. Ltd. | 18478 | 312151 |
| Krafton, Inc.<sup>(c)</sup> | 1856 | 498316 |
| KT&G Corp. | 7054 | 665802 |
| LG Chem Ltd. | 3388 | 529138 |
| LG Corp. | 6286 | 369846 |
| LG Display Co. Ltd.<sup>(c)</sup> | 30368 | 201416 |
| LG Electronics, Inc. | 8015 | 437099 |
| LG Energy Solution Ltd.<sup>(c)</sup> | 3209 | 704514 |
| LG H&H Co. Ltd. | 839 | 198212 |
| LG Innotek Co. Ltd. | 809 | 88085 |
| LG Uplus Corp. | 20973 | 222042 |
| LS Electric Co. Ltd. | 1350 | 298411 |
| Meritz Financial Group, Inc. | 6585 | 547796 |
| Mirae Asset Securities Co. Ltd. | 22749 | 360564 |
| NAVER Corp. | 9116 | 1770189 |
| NH Investment & Securities Co. Ltd. | 5312 | 78553 |
| Orion Corp./Republic of Korea | 2631 | 211699 |
| POSCO Future M Co. Ltd.<sup>(c)</sup> | 1777 | 165852 |
| POSCO Holdings, Inc. | 5002 | 963615 |
| Posco International Corp. | 3269 | 120006 |
| Samsung Biologics Co. Ltd.<sup>(c)(d)</sup> | 1133 | 831415 |
| Samsung C&T Corp. | 5289 | 630359 |
| Samsung Electro-Mechanics Co. Ltd. | 4542 | 451273 |
| Samsung Electronics Co. Ltd. | 312821 | 13833446 |
| Samsung Fire & Marine Insurance Co. Ltd. | 1953 | 626205 |
| Samsung Heavy Industries Co. Ltd.<sup>(c)</sup> | 40579 | 501797 |
| Samsung Life Insurance Co. Ltd. | 5945 | 559814 |
| Samsung SDI Co. Ltd. | 4351 | 555539 |
| Samsung SDS Co. Ltd. | 2432 | 304838 |
| Shinhan Financial Group Co. Ltd. | 29169 | 1322430 |
| SK Biopharmaceuticals Co. Ltd.<sup>(c)</sup> | 3059 | 208316 |
| SK Hynix, Inc. | 36295 | 7820903 |
| SK Innovation Co. Ltd. | 4534 | 410986 |
| SK Square Co. Ltd.<sup>(c)</sup> | 5744 | 772045 |
| SK Telecom Co. Ltd. | 3814 | 160469 |
| SK, Inc. | 2218 | 335021 |
| SKC Co. Ltd.<sup>(c)</sup> | 1153 | 93815 |
| S-Oil Corp. | 2657 | 117812 |
| Woori Financial Group, Inc. | 41683 | 693573 |
| Yuhan Corp. | 3378 | 260175 |
|  |  | 60064431 |
| **Spain — 2.0%** | **Spain — 2.0%** |  |
| Acciona SA | 366 | 66013 |
| ACS Actividades de Construccion y Servicios SA | 12810 | 890393 |
| Aena SME SA<sup>(d)</sup> | 49880 | 1331485 |
| Amadeus IT Group SA | 29659 | 2505683 |
| Banco Bilbao Vizcaya Argentaria SA | 381821 | 5879385 |
| Banco de Sabadell SA | 393470 | 1252632 |
| Banco Santander SA | 996468 | 8251630 |
| Bankinter SA | 58925 | 769235 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Spain (continued)** | **Spain (continued)** |  |
| CaixaBank SA | 259518 | $2248675 |
| Cellnex Telecom SA<sup>(d)</sup> | 36101 | 1405710 |
| EDP Renovaveis SA | 22033 | 246543 |
| Endesa SA | 22862 | 724156 |
| Grifols SA , Class A<sup>(c)</sup> | 19872 | 242478 |
| Iberdrola SA | 379877 | 7308087 |
| Industria de Diseno Textil SA | 76104 | 3970099 |
| Redeia Corp. SA | 20753 | 444067 |
| Repsol SA | 73276 | 1071764 |
| Telefonica SA | 254703 | 1340523 |
|  |  | 39948558 |
| **Sweden — 1.9%** | **Sweden — 1.9%** |  |
| AddTech AB, B Shares | 15930 | 543078 |
| Alfa Laval AB | 17824 | 750722 |
| Assa Abloy AB, Class B | 71097 | 2222751 |
| Atlas Copco AB, A Shares | 180100 | 2911497 |
| Atlas Copco AB, B Shares | 105144 | 1496470 |
| Beijer Ref AB, Class B | 17809 | 281044 |
| Boliden AB<sup>(c)</sup> | 15219 | 475586 |
| Epiroc AB, Class A | 41285 | 898355 |
| Epiroc AB, Class B | 22861 | 438304 |
| EQT AB | 25218 | 845963 |
| Essity AB, Class B | 38540 | 1067128 |
| Evolution AB<sup>(d)</sup> | 10271 | 815754 |
| Fastighets AB Balder, B shares<sup>(c)</sup> | 23000 | 171448 |
| H&M Hennes & Mauritz AB, B Shares | 32400 | 456326 |
| Hexagon AB, B shares | 142977 | 1441150 |
| Industrivarden AB, C Shares | 8323 | 301390 |
| Industrivarden AB, Class A | 11567 | 420500 |
| Indutrade AB | 17623 | 481198 |
| Investment AB Latour, Class B | 7649 | 201744 |
| Investor AB, B Shares | 117005 | 3467254 |
| L E Lundbergforetagen AB, B Shares | 6442 | 321569 |
| Lifco AB, B Shares | 16700 | 676798 |
| Nibe Industrier AB, B Shares | 96157 | 410558 |
| Saab AB, Class B | 18976 | 1061010 |
| Sagax AB, Class B | 14344 | 328681 |
| Sandvik AB | 65475 | 1503459 |
| Securitas AB, Class B | 38270 | 572991 |
| Skandinaviska Enskilda Banken AB, Class A | 114597 | 1997486 |
| Skanska AB, B Shares | 21743 | 506494 |
| SKF AB, B Shares | 23338 | 536081 |
| Svenska Cellulosa AB SCA, Class B | 36503 | 474640 |
| Svenska Handelsbanken AB, A Shares | 117069 | 1567236 |
| Swedbank AB, A Shares | 65122 | 1724842 |
| Swedish Orphan Biovitrum AB<sup>(c)</sup> | 12780 | 388961 |
| Tele2 AB, B Shares | 38108 | 556278 |
| Telefonaktiebolaget LM Ericsson, B Shares | 204586 | 1748253 |
| Telia Co. AB | 158189 | 568978 |
| Trelleborg AB | 15629 | 582197 |
| Volvo AB, Class B | 104520 | 2940943 |
|  |  | 38155117 |
| **Switzerland — 4.9%** | **Switzerland — 4.9%** |  |
| ABB Ltd., Class N, Registered Shares | 104636 | 6270712 |
| Alcon AG | 32153 | 2851422 |
| Avolta AG, Class N | 6282 | 342187 |
| Baloise Holding AG, Class N, Registered Shares | 3418 | 806142 |
| Barry Callebaut AG, Class N, Registered Shares<sup>(b)</sup> | 187 | 204404 |
| BKW AG | 1298 | 284586 |
| Chocoladefabriken Lindt & Spruengli AG | 56 | 943801 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** |  |
| Chocoladefabriken Lindt & Spruengli AG, Class N, <br> Registered Shares<br>| 7 | $1167079 |
| Cie Financiere Richemont SA, Class A, Registered <br> Shares<br>| 36482 | 6903590 |
| DSM-Firmenich AG | 12488 | 1328538 |
| EMS-Chemie Holding AG, Registered Shares | 523 | 395390 |
| Galderma Group AG | 5832 | 847714 |
| Geberit AG, Class N, Registered Shares | 2345 | 1846792 |
| Givaudan SA, Class N, Registered Shares | 620 | 3006706 |
| Helvetia Holding AG, Registered Shares | 3995 | 937931 |
| Julius Baer Group Ltd., Class N | 13632 | 924725 |
| Kuehne and Nagel International AG, Registered <br> Shares<br>| 3317 | 718272 |
| Logitech International SA, Class N, Registered Shares | 10708 | 971049 |
| Lonza Group AG, Registered Shares | 4767 | 3409184 |
| Nestle SA, Class N, Registered Shares | 177724 | 17670447 |
| Novartis AG, Class N, Registered Shares | 129232 | 15685805 |
| Partners Group Holding AG | 1533 | 2005664 |
| Sandoz Group AG | 28675 | 1571487 |
| Schindler Holding AG | 2584 | 962204 |
| Schindler Holding AG, Class N, Registered Shares | 2508 | 911123 |
| SGS SA, Registered Shares | 10697 | 1086127 |
| SIG Group AG | 20650 | 381964 |
| Sika AG, Registered Shares | 9862 | 2683290 |
| Sonova Holding AG, Registered Shares | 2967 | 884835 |
| Straumann Holding AG, Registered Shares | 8082 | 1057851 |
| Swatch Group AG | 1960 | 319991 |
| Swiss Life Holding AG, Class N, Registered Shares | 1768 | 1789859 |
| Swiss Prime Site AG, Registered Shares | 4882 | 732906 |
| Swisscom AG, Class N, Registered Shares | 1564 | 1110578 |
| Temenos AG, Class N, Registered Shares | 4681 | 336260 |
| UBS Group AG, Registered Shares | 216729 | 7358326 |
| VAT Group AG<sup>(d)</sup> | 1425 | 603818 |
| Zurich Insurance Group AG, Class N | 9546 | 6679554 |
|  |  | 97992313 |
| **Taiwan — 5.5%** | **Taiwan — 5.5%** |  |
| Accton Technology Corp. | 36000 | 899775 |
| Acer, Inc. | 179504 | 186012 |
| Advantech Co. Ltd. | 28769 | 333753 |
| Alchip Technologies Ltd. | 5000 | 530160 |
| ASE Technology Holding Co. Ltd. | 230343 | 1155580 |
| Asia Cement Corp. | 138233 | 201795 |
| Asia Vital Components Co. Ltd. | 25000 | 638561 |
| Asustek Computer, Inc. | 45220 | 999694 |
| AUO Corp. | 391200 | 165348 |
| Catcher Technology Co. Ltd. | 45000 | 326757 |
| Cathay Financial Holding Co. Ltd. | 563622 | 1213220 |
| Chailease Holding Co. Ltd. | 117724 | 509888 |
| Chang Hwa Commercial Bank Ltd. | 303966 | 194581 |
| Cheng Shin Rubber Industry Co. Ltd. | 97436 | 126036 |
| China Airlines Ltd. | 228000 | 168471 |
| China Steel Corp. | 818638 | 526521 |
| Chunghwa Telecom Co. Ltd. | 263000 | 1216517 |
| Compal Electronics, Inc. | 273000 | 271538 |
| CTBC Financial Holding Co. Ltd. | 1043601 | 1561885 |
| Delta Electronics, Inc. | 119000 | 1683963 |
| E Ink Holdings, Inc. | 58000 | 438992 |
| E.Sun Financial Holding Co. Ltd. | 868480 | 976235 |
| Eclat Textile Co. Ltd.<sup>(c)</sup> | 12303 | 172858 |
| Elite Material Co. Ltd. | 22000 | 665251 |
| eMemory Technology, Inc. | 5000 | 404782 |
| Eva Airways Corp. | 170000 | 232039 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** |  |
| Evergreen Marine Corp. Taiwan Ltd. | 74055 | $504290 |
| Far Eastern New Century Corp. | 207607 | 233834 |
| Far EasTone Telecommunications Co. Ltd. | 144000 | 441427 |
| Feng TAY Enterprise Co. Ltd. | 54996 | 230908 |
| First Financial Holding Co. Ltd. | 748053 | 743852 |
| Formosa Chemicals & Fibre Corp. | 218360 | 171313 |
| Formosa Plastics Corp. | 244040 | 291209 |
| Fortune Electric Co. Ltd. | 11000 | 211968 |
| Fubon Financial Holding Co. Ltd. | 514285 | 1540104 |
| Gigabyte Technology Co. Ltd. | 34000 | 330385 |
| Global Unichip Corp. | 8000 | 357830 |
| Globalwafers Co. Ltd. | 17000 | 175454 |
| Hon Hai Precision Industry Co. Ltd. | 804800 | 4440352 |
| Hotai Motor Co. Ltd. | 18360 | 353802 |
| Hua Nan Financial Holdings Co. Ltd. | 600542 | 558753 |
| Innolux Corp. | 472479 | 189249 |
| International Games System Co. Ltd. | 19000 | 557759 |
| Inventec Corp. | 168470 | 244155 |
| Jentech Precision Industrial Co. Ltd. | 6000 | 310494 |
| KGI Financial Holding Co. Ltd. | 1094191 | 561252 |
| Largan Precision Co. Ltd. | 7000 | 571693 |
| Lite-On Technology Corp. | 149816 | 567927 |
| Lotes Co. Ltd. | 7000 | 324125 |
| MediaTek, Inc. | 102255 | 4381490 |
| Mega Financial Holding Co. Ltd. | 736470 | 1034276 |
| Micro-Star International Co. Ltd. | 67000 | 329407 |
| Nan Ya Plastics Corp. | 364790 | 340820 |
| Nien Made Enterprise Co. Ltd. | 9000 | 125470 |
| Novatek Microelectronics Corp. | 29000 | 540875 |
| Pegatron Corp. | 116000 | 305585 |
| PharmaEssentia Corp.<sup>(c)</sup> | 16000 | 300128 |
| Pou Chen Corp. | 125000 | 132546 |
| President Chain Store Corp. | 40000 | 350801 |
| Quanta Computer, Inc. | 180000 | 1693147 |
| Realtek Semiconductor Corp. | 25240 | 490186 |
| Ruentex Development Co. Ltd. | 97478 | 99380 |
| Shanghai Commercial & Savings Bank Ltd. | 309075 | 490658 |
| Shin Kong Financial Holding Co. Ltd.<sup>(c)</sup> | 851748 | 329489 |
| SinoPac Financial Holdings Co. Ltd. | 653535 | 541284 |
| Synnex Technology International Corp. | 72500 | 159780 |
| Taishin Financial Holding Co. Ltd. | 826826 | 445996 |
| Taiwan Business Bank | 460129 | 241790 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 513213 | 434556 |
| Taiwan High Speed Rail Corp. | 140000 | 135359 |
| Taiwan Mobile Co. Ltd. | 97800 | 384848 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1636000 | 59827451 |
| TCC Group Holdings Co. Ltd. | 314240 | 274294 |
| Unimicron Technology Corp. | 102000 | 398096 |
| Uni-President Enterprises Corp. | 381950 | 1058728 |
| United Microelectronics Corp. | 786000 | 1185520 |
| Vanguard International Semiconductor Corp. | 68765 | 236801 |
| Voltronic Power Technology Corp. | 4000 | 172542 |
| Wan Hai Lines Ltd. | 75215 | 228737 |
| Wistron Corp. | 194000 | 816207 |
| Wiwynn Corp. | 9000 | 781514 |
| WPG Holdings Ltd. | 102448 | 246244 |
| Yageo Corp. | 27372 | 454208 |
| Yang Ming Marine Transport Corp. | 104000 | 252817 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** |  |
| Yuanta Financial Holding Co. Ltd. | 674915 | $789868 |
| Zhen Ding Technology Holding Ltd. | 37710 | 129774 |
|  |  | 109853019 |
| **Thailand — 0.3%** | **Thailand — 0.3%** |  |
| Advanced Info Service PCL, NVDR | 93200 | 798831 |
| Airports of Thailand PCL, NVDR | 298400 | 278111 |
| Bangkok Dusit Medical Services PCL, NVDR | 850600 | 544337 |
| Bumrungrad Hospital PCL, NVDR | 51000 | 219063 |
| Central Pattana PCL, NVDR | 105500 | 150050 |
| Charoen Pokphand Foods PCL, NVDR | 204000 | 144467 |
| CP ALL PCL, NVDR | 384600 | 520925 |
| CP AXTRA PCL, NVDR | 163309 | 90078 |
| Delta Electronics Thailand PCL, NVDR | 220000 | 653059 |
| Gulf Development PCL, NVDR<sup>(c)</sup> | 330054 | 393420 |
| Home Product Center PCL, NVDR | 339932 | 68086 |
| Kasikornbank PCL, NVDR | 29400 | 138874 |
| Krung Thai Bank PCL, NVDR | 285275 | 187130 |
| Minor International PCL, NVDR | 147580 | 105568 |
| PTT Exploration & Production PCL, NVDR<sup>(b)</sup> | 109022 | 367441 |
| PTT Oil & Retail Business PCL, NVDR | 346800 | 120814 |
| PTT PCL, NVDR | 574500 | 530507 |
| SCB X PCL, NVDR | 41800 | 151160 |
| Siam Cement PCL, NVDR | 54100 | 280205 |
| TMBThanachart Bank PCL, NVDR | 340300 | 19801 |
| True Corp. PCL, NVDR<sup>(c)</sup> | 653725 | 223581 |
|  |  | 5985508 |
| **Turkey — 0.1%** | **Turkey — 0.1%** |  |
| Akbank TAS, Class A | 213323 | 365578 |
| Aselsan Elektronik Sanayi Ve Ticaret A/S, Class A | 93534 | 354202 |
| BIM Birlesik Magazalar A/S, Class A | 24603 | 305701 |
| Coca-Cola Icecek A/S, Class A | 59356 | 73394 |
| Eregli Demir ve Celik Fabrikalari TAS, Class A<sup>(b)(c)</sup> | 191444 | 128313 |
| Haci Omer Sabanci Holding A/S, Class A | 71332 | 160672 |
| KOC Holding A/S, Class A<sup>(b)</sup> | 53193 | 205859 |
| Sasa Polyester Sanayi A/S<sup>(b)(c)</sup> | 736328 | 56616 |
| Turk Hava Yollari AO, Class A | 33173 | 236332 |
| Turkcell Iletisim Hizmetleri A/S, Class A | 84603 | 204644 |
| Turkiye Is Bankasi A/S, Class C<sup>(b)</sup> | 570904 | 191602 |
| Turkiye Petrol Rafinerileri A/S, Class A | 67360 | 236872 |
| Turkiye Sise ve Cam Fabrikalari A/S, Class A<sup>(b)</sup> | 96380 | 87260 |
|  |  | 2607045 |
| **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** |  |
| Abu Dhabi Commercial Bank PJSC | 208923 | 766857 |
| Abu Dhabi Islamic Bank PJSC | 109255 | 639663 |
| Abu Dhabi National Oil Co. for Distribution PJSC | 221793 | 221636 |
| ADNOC Drilling Co. PJSC | 149615 | 232208 |
| Aldar Properties PJSC | 267840 | 650850 |
| Americana Restaurants International PLC - Foreign <br> Co.<br>| 167650 | 102710 |
| Dubai Islamic Bank PJSC | 183484 | 453051 |
| Emaar Development PJSC | 83510 | 307450 |
| Emaar Properties PJSC | 440123 | 1632697 |
| Emirates NBD Bank PJSC | 136696 | 848627 |
| Emirates Telecommunications Group Co. PJSC | 204182 | 978490 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |  |
| First Abu Dhabi Bank PJSC | 290073 | $1310934 |
| Multiply Group PJSC<sup>(c)</sup> | 233097 | 153164 |
|  |  | 8298337 |
| **United Kingdom — 7.2%** | **United Kingdom — 7.2%** |  |
| 3i Group PLC | 65524 | 3708147 |
| Admiral Group PLC | 17979 | 807375 |
| Anglogold Ashanti PLC | 31551 | 1441297 |
| Ashtead Group PLC | 27334 | 1752820 |
| Associated British Foods PLC | 23283 | 657846 |
| AstraZeneca PLC | 102080 | 14206385 |
| Auto Trader Group PLC<sup>(d)</sup> | 60587 | 686256 |
| Aviva PLC | 179715 | 1527887 |
| BAE Systems PLC | 201308 | 5224518 |
| Barclays PLC | 967390 | 4470083 |
| Barratt Redrow PLC | 101182 | 633601 |
| British American Tobacco PLC | 132832 | 6315672 |
| BT Group PLC | 388938 | 1035633 |
| Bunzl PLC | 20283 | 646347 |
| Centrica PLC | 313897 | 696466 |
| CK Hutchison Holdings Ltd. | 160508 | 988357 |
| Coca-Cola Europacific Partners PLC | 19648 | 1821763 |
| Compass Group PLC | 111495 | 3776555 |
| Croda International PLC | 8990 | 360930 |
| DCC PLC | 7352 | 477149 |
| Diageo PLC | 148544 | 3745699 |
| Entain PLC | 44257 | 548150 |
| Halma PLC | 23333 | 1025581 |
| Hikma Pharmaceuticals PLC | 9731 | 265549 |
| HSBC Holdings PLC | 1178037 | 14249748 |
| Imperial Brands PLC | 50509 | 1995617 |
| Informa PLC | 95813 | 1060765 |
| InterContinental Hotels Group PLC | 10033 | 1147124 |
| International Consolidated Airlines Group SA, Class DI | 82738 | 389797 |
| Intertek Group PLC | 11608 | 756128 |
| J Sainsbury PLC | 105979 | 421782 |
| JD Sports Fashion PLC | 233122 | 284286 |
| Kingfisher PLC | 116835 | 466591 |
| Land Securities Group PLC | 46321 | 402335 |
| Legal & General Group PLC | 409914 | 1434262 |
| Lloyds Banking Group PLC | 3897520 | 4098303 |
| London Stock Exchange Group PLC | 31253 | 4570661 |
| M&G PLC | 146275 | 517041 |
| Marks & Spencer Group PLC | 144081 | 701245 |
| Melrose Industries PLC | 90172 | 656739 |
| National Grid PLC | 316033 | 4638941 |
| NatWest Group PLC | 537174 | 3772547 |
| Next PLC | 8135 | 1389408 |
| Pearson PLC | 44562 | 656442 |
| Phoenix Group Holdings PLC | 43508 | 393622 |
| Reckitt Benckiser Group PLC | 43917 | 2991931 |
| RELX PLC | 120236 | 6516511 |
| Rentokil Initial PLC | 180411 | 870441 |
| Rolls-Royce Holdings PLC | 561442 | 7440591 |
| Sage Group PLC | 62709 | 1076889 |
| Schroders PLC | 35228 | 175193 |
| Segro PLC | 79438 | 743630 |
| Severn Trent PLC | 16765 | 629897 |
| Smith & Nephew PLC | 58997 | 903493 |
| Smiths Group PLC | 22773 | 702418 |
| Spirax Group PLC | 5254 | 429631 |
| SSE PLC | 74189 | 1868087 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| Standard Chartered PLC | 135400 | $2240671 |
| Tesco PLC | 456002 | 2514176 |
| Unilever PLC | 162192 | 9897961 |
| United Utilities Group PLC | 45859 | 720112 |
| Vodafone Group PLC | 1300743 | 1392382 |
| Whitbread PLC | 12350 | 479254 |
| Wise PLC, Class A<sup>(c)</sup> | 43815 | 625914 |
| WPP PLC | 76285 | 537122 |
|  |  | 143579754 |
| **United States — 4.6%** | **United States — 4.6%** |  |
| Amrize Ltd.<sup>(c)</sup> | 34442 | 1718085 |
| BP PLC | 1030564 | 5134570 |
| CSL Ltd. | 31881 | 5035941 |
| CyberArk Software Ltd.<sup>(c)</sup> | 3224 | 1311781 |
| Experian PLC | 60545 | 3122078 |
| Ferrovial SE | 32535 | 1735506 |
| GFL Environmental, Inc. | 15379 | 776319 |
| GSK PLC | 275658 | 5255821 |
| Haleon PLC | 612385 | 3147430 |
| Holcim AG | 34442 | 2557633 |
| James Hardie Industries PLC<sup>(c)</sup> | 26737 | 717977 |
| JBS NV<sup>(c)</sup> | 22186 | 324137 |
| Monday.com Ltd.<sup>(b)(c)</sup> | 2032 | 639023 |
| QIAGEN NV | 11842 | 570543 |
| Roche Holding AG | 49630 | 16241502 |
| Sanofi SA | 75075 | 7268293 |
| Schneider Electric SE | 35970 | 9657403 |
| Shell PLC | 401800 | 14018608 |
| Spotify Technology SA<sup>(b)(c)</sup> | 10181 | 7812288 |
| Stellantis NV | 126840 | 1270447 |
| Swiss Re AG | 20045 | 3467525 |
| Tenaris SA | 28480 | 533849 |
|  |  | 92316759 |
| **Zambia — 0.0%** | **Zambia — 0.0%** |  |
| First Quantum Minerals Ltd.<sup>(c)</sup> | 40866 | 725940 |
| **Total Common Stocks — 99.5%** <br>**(Cost: $1,195,467,690)** | **Total Common Stocks — 99.5%** <br>**(Cost: $1,195,467,690)** | 1986253401 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** |
| **Brazil — 0.4%** | **Brazil — 0.4%** |  |
| Banco Bradesco SA | 374647 | 1160536 |
| Centrais Eletricas Brasileiras SA | 8083 | 66070 |
| Cia Energetica de Minas Gerais | 69520 | 138193 |
| Gerdau SA | 93741 | 276059 |
| Itau Unibanco Holding SA | 370231 | 2517906 |
| Itausa SA | 361414 | 728402 |
| Petroleo Brasileiro SA - Petrobras | 371710 | 2146889 |
|  |  | 7034055 |
| **Chile — 0.0%** | **Chile — 0.0%** |  |
| Sociedad Quimica y Minera de Chile SAClass B | 6581 | 234525 |
| **Colombia — 0.0%** | **Colombia — 0.0%** |  |
| Grupo Cibest SA | 28795 | 325802 |
| **Germany — 0.2%** | **Germany — 0.2%** |  |
| Bayerische Motoren Werke AG | 2675 | 222148 |
| Dr. Ing hc F Porsche AG<sup>(d)</sup> | 8133 | 401965 |
| Henkel AG & Co. KGaA | 10463 | 822220 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** |  |
| Porsche Automobil Holding SE | 11861 | $470865 |
| Sartorius AG | 1834 | 467116 |
| Volkswagen AG | 12510 | 1322476 |
|  |  | 3706790 |
| **South Korea — 0.1%** | **South Korea — 0.1%** |  |
| Hyundai Motor Co., Preference Shares, | 5112 | 592773 |
| Samsung Electronics Co. Ltd. | 53354 | 1957286 |
|  |  | 2550059 |
| **Total Preferred Securities — 0.7%** <br>**(Cost: $12,105,143)** | **Total Preferred Securities — 0.7%** <br>**(Cost: $12,105,143)** | 13851231 |
| **Rights** | **Rights** | **Rights** |
| **South Korea — 0.0%** | **South Korea — 0.0%** |  |
| Hanwha Aerospace Co. Ltd., (Expires 07/09/25, Strike <br> Price KRW 684,000.00)<br>| 146 | 17742 |
| POSCO Future M Co. Ltd., (Expires 08/05/25, Strike <br> Price KRW 96,400.00)<br>| 210 | 4668 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 22410 |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** |  |
| Constellation Software, Inc., (Issued 08/29/23, 1 Share <br> for 1 Warrant, Expires 03/31/40, Strike Price CAD <br> 11.50)<sup>(c)(e)</sup><br>| 1354 |  |
| **Malaysia**<sup>(c)</sup> **— 0.0%** | **Malaysia**<sup>(c)</sup> **— 0.0%** |  |
| YTL Corp. Bhd., (Expires 06/02/28, Strike Price MYR <br> 1.50)<br>| 47680 | 9286 |
| YTL Power International Bhd., (Expires 06/02/28, <br> Strike Price MYR 2.45)<br>| 40940 | 14876 |
|  |  | 24162 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | 24162 |
| **Total Long-Term Investments — 100.2%** <br>**(Cost: $1,207,572,833)** | **Total Long-Term Investments — 100.2%** <br>**(Cost: $1,207,572,833)** | 2000151204 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.6%** | **Money Market Funds — 2.6%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(g)(h)(i)</sup><br>| 38938543 | $38954119 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(g)(h)</sup><br>| 12939902 | 12939902 |
| **Total Short-Term Securities — 2.6%** <br>**(Cost: $51,894,021)** | **Total Short-Term Securities — 2.6%** <br>**(Cost: $51,894,021)** | 51894021 |
| **Total Investments — 102.8%** <br>**(Cost: $1,259,466,854)** | **Total Investments — 102.8%** <br>**(Cost: $1,259,466,854)** | 2052045225 |
| **Liabilities in Excess of Other Assets — (2.8)%** | **Liabilities in Excess of Other Assets — (2.8)%** | (56772847)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1995272378 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. 

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(f)</sup> A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. 

<sup>(g)</sup> Affiliate of the Master Portfolio.

<sup>(h)</sup> Annualized 7-day yield as of period end.

<sup>(i)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $40822986 | $— | &nbsp;&nbsp; $(1864654 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(1347)<br>| $(2866)<br>| $38954119 | 38938543 | $96935 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 6381596 | 6558306 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 12939902 | 12939902 | 307830 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(1347)<br>| $(2866)<br>| $51894021 |  | $404765 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| S&P/TSE 60 Index Mini | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; $2115 | &nbsp;&nbsp;&nbsp;&nbsp; $25309 |
| MSCI EAFE Index | &nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15554 | &nbsp;&nbsp;&nbsp;&nbsp; 134290 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7339 | &nbsp;&nbsp;&nbsp;&nbsp; 111987 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $271586 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $271586 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $271586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Master Portfolio 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 net unrealized appreciation (depreciation). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1704009 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1704009 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $327489 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $327489 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $18986470 |

---

For more information about the Master Portfolio's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Master Portfolio's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $86477956 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $86477956 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2816590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2816590 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11333896 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11333896 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Common Stocks (continued) |  |  |  |  |
| Brazil | &nbsp;&nbsp; $21159681 | &nbsp;&nbsp;&nbsp;&nbsp; $404822 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21564503 |
| Canada | &nbsp;&nbsp; 155757961 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 155757961 |
| Chile | &nbsp;&nbsp; 3240653 | &nbsp;&nbsp;&nbsp;&nbsp; 695862 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3936515 |
| China | &nbsp;&nbsp; 8867585 | &nbsp;&nbsp;&nbsp;&nbsp; 164198539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173066124 |
| Colombia | &nbsp;&nbsp; 118712 | &nbsp;&nbsp;&nbsp;&nbsp; 227144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 345856 |
| Czech Republic | &nbsp;&nbsp; 625479 | &nbsp;&nbsp;&nbsp;&nbsp; 470210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1095689 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28677052 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28677052 |
| Egypt | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274801 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274801 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13194611 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13194611 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 118559952 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 118559952 |
| Germany | &nbsp;&nbsp; 814576 | &nbsp;&nbsp;&nbsp;&nbsp; 125705923 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126520499 |
| Greece | &nbsp;&nbsp; 1199623 | &nbsp;&nbsp;&nbsp;&nbsp; 2967790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4167413 |
| Hong Kong | &nbsp;&nbsp; 1292524 | &nbsp;&nbsp;&nbsp;&nbsp; 22936922 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24229446 |
| Hungary | &nbsp;&nbsp; 350327 | &nbsp;&nbsp;&nbsp;&nbsp; 1336767 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1687094 |
| India | &nbsp;&nbsp; 5358415 | &nbsp;&nbsp;&nbsp;&nbsp; 101390741 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106749156 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7000762 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7000762 |
| Ireland | &nbsp;&nbsp; 1395108 | &nbsp;&nbsp;&nbsp;&nbsp; 3956000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5351108 |
| Israel | &nbsp;&nbsp; 3187677 | &nbsp;&nbsp;&nbsp;&nbsp; 6872364 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10060041 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40585832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40585832 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 272173416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 272173416 |
| Kuwait | &nbsp;&nbsp; 397915 | &nbsp;&nbsp;&nbsp;&nbsp; 4585112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4983027 |
| Luxembourg | &nbsp;&nbsp; 232852 | &nbsp;&nbsp;&nbsp;&nbsp; 1846858 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2079710 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1084665 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1084665 |
| Malaysia | &nbsp;&nbsp; 573672 | &nbsp;&nbsp;&nbsp;&nbsp; 6791169 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7364841 |
| Mexico | &nbsp;&nbsp; 13075365 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13075365 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53009063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53009063 |
| New Zealand | &nbsp;&nbsp; 741157 | &nbsp;&nbsp;&nbsp;&nbsp; 2952896 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3694053 |
| Norway | &nbsp;&nbsp; 1427041 | &nbsp;&nbsp;&nbsp;&nbsp; 6293326 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7720367 |
| Peru | &nbsp;&nbsp; 1180557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1180557 |
| Philippines | &nbsp;&nbsp; 1014311 | &nbsp;&nbsp;&nbsp;&nbsp; 1765812 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2780123 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6457201 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6457201 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1811304 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1811304 |
| Qatar | &nbsp;&nbsp; 1681214 | &nbsp;&nbsp;&nbsp;&nbsp; 2489390 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4170604 |
| Romania | &nbsp;&nbsp; 291468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 291468 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
| Saudi Arabia | &nbsp;&nbsp; 1711701 | &nbsp;&nbsp;&nbsp;&nbsp; 18430406 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20142107 |
| Singapore | &nbsp;&nbsp; 4854334 | &nbsp;&nbsp;&nbsp;&nbsp; 17189725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22044059 |
| South Africa | &nbsp;&nbsp; 4665334 | &nbsp;&nbsp;&nbsp;&nbsp; 14546350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19211684 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60064431 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60064431 |
| Spain | &nbsp;&nbsp; 724156 | &nbsp;&nbsp;&nbsp;&nbsp; 39224402 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39948558 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38155117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38155117 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97992313 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97992313 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109853019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109853019 |
| Thailand | &nbsp;&nbsp; 393420 | &nbsp;&nbsp;&nbsp;&nbsp; 5592088 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5985508 |
| Turkey | &nbsp;&nbsp; 305701 | &nbsp;&nbsp;&nbsp;&nbsp; 2301344 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2607045 |
| United Arab Emirates | &nbsp;&nbsp; 2383671 | &nbsp;&nbsp;&nbsp;&nbsp; 5914666 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8298337 |
| United Kingdom | &nbsp;&nbsp; 1821763 | &nbsp;&nbsp;&nbsp;&nbsp; 141757991 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143579754 |
| United States | &nbsp;&nbsp; 12581633 | &nbsp;&nbsp;&nbsp;&nbsp; 79735126 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92316759 |
| Zambia | &nbsp;&nbsp; 725940 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 725940 |
| Preferred Securities |  |  |  |  |
| Preferred Stocks  |  |  |  |  |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2550059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2550059 |
| Brazil | &nbsp;&nbsp; 7034055 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7034055 |
| Chile | &nbsp;&nbsp; 234525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 234525 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3706790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3706790 |
| Colombia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325802 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325802 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22410 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22410 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24162 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 51894021 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51894021 |
|  | &nbsp;&nbsp; $313314127 | &nbsp;&nbsp;&nbsp;&nbsp; $1738730949 | &nbsp;&nbsp;&nbsp;&nbsp; $149 | &nbsp;&nbsp;&nbsp;&nbsp; $2052045225 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Total International ex U.S. Index Master Portfolio** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $271586 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $271586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Master Portfolio Schedule of Investments

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Total International <br>ex U.S. Index <br>Master Portfolio<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $2000151204 |
| Investments, at value — affiliated<sup>(c)</sup> | 51894021 |
| Cash pledged for futures contracts | 970000 |
| Foreign currency, at value<sup>(d)</sup> | 8745283 |
| Receivables: |  |
| Investments sold | 311813 |
| Securities lending income — affiliated | 12465 |
| Dividends — unaffiliated | 4237099 |
| Dividends — affiliated | 41517 |
| Variation margin on futures contracts | 35451 |
| Prepaid expenses | 1704 |
| Total assets | 2066400557 |
| **LIABILITIES** |  |
| Collateral on securities loaned | 38909456 |
| Payables: |  |
| Investments purchased | 311813 |
| Accounting services fees | 269454 |
| Withdrawals to investors | 27144839 |
| Deferred foreign capital gain tax | 4391667 |
| Foreign taxes | 6559 |
| Investment advisory fees | 47921 |
| Trustees' fees | 5029 |
| Other accrued expenses | 7015 |
| Professional fees | 34426 |
| Total liabilities | 71128179 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $1995272378 |
| **NET ASSETS CONSIST OF** |  |
| Investors' capital | $1206648409 |
| Net unrealized appreciation (depreciation) | 788623969 |
| NET ASSETS | $1995272378 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $1207572833 |
| <sup>(b)</sup> Securities loaned, at value | $37353550 |
| <sup>(c)</sup> Investments, at cost—affiliated | $51894021 |
| <sup>(d)</sup> Foreign currency, at cost | $8634794 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Total International <br>ex U.S. Index <br>Master Portfolio<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $37217907 |
| Dividends — affiliated | &nbsp;&nbsp; 307830 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 96935 |
| Foreign taxes withheld | &nbsp;&nbsp; (5685383)<br>|
| Total investment income | &nbsp;&nbsp; 31937289 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 281884 |
| Accounting services | &nbsp;&nbsp; 224159 |
| Professional | &nbsp;&nbsp; 46616 |
| Trustees | &nbsp;&nbsp; 10668 |
| Printing and postage | &nbsp;&nbsp; 6913 |
| Miscellaneous | &nbsp;&nbsp; 22541 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 592781 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 99688 |
| Total expenses | &nbsp;&nbsp; 692469 |
| Less: |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (5004)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 687465 |
| Net investment income | &nbsp;&nbsp; 31249824 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 4157359 |
| Investments — affiliated | &nbsp;&nbsp; (1347)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 380356 |
| Futures contracts | &nbsp;&nbsp; 1704009 |
|  | &nbsp;&nbsp; 6240377 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 273993762 |
| Investments — affiliated | &nbsp;&nbsp; (2866)<br>|
| Foreign currency translations | &nbsp;&nbsp; 229888 |
| Futures contracts | &nbsp;&nbsp; 327489 |
|  | &nbsp;&nbsp; 274548273 |
| Net realized and unrealized gain | &nbsp;&nbsp; 280788650 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $312038474 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(464036)<br>|
| <sup>(b)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $(537779)<br>|

---

*See notes to financial statements.*

Master Portfolio Statement of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Total International ex U.S. Index <br>Master Portfolio | Total International ex U.S. Index <br>Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $31249824 | &nbsp;&nbsp;&nbsp; $50972365 |
| Net realized gain (loss) | &nbsp;&nbsp; 6240377 | &nbsp;&nbsp;&nbsp; (21222673)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 274548273 | &nbsp;&nbsp;&nbsp; 68224576 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 312038474 | &nbsp;&nbsp;&nbsp; 97974268 |
| **CAPITAL TRANSACTIONS** |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 355502851 | &nbsp;&nbsp;&nbsp; 515017785 |
| Value of withdrawals | &nbsp;&nbsp; (513945296)<br>| &nbsp;&nbsp;&nbsp; (518735425)<br>|
| Net decrease in net assets derived from capital transactions | &nbsp;&nbsp; (158442445)<br>| &nbsp;&nbsp;&nbsp; (3717640)<br>|
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 153596029 | &nbsp;&nbsp;&nbsp; 94256628 |
| Beginning of period | &nbsp;&nbsp; 1841676349 | &nbsp;&nbsp;&nbsp; 1747419721 |
| End of period | &nbsp;&nbsp; $1995272378 | &nbsp;&nbsp;&nbsp; $1841676349 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Total International ex U.S. Index Master Portfolio | Total International ex U.S. Index Master Portfolio | Total International ex U.S. Index Master Portfolio | Total International ex U.S. Index Master Portfolio | Total International ex U.S. Index Master Portfolio | Total International ex U.S. Index Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Total Return** |  |  |  |  |  |  |
| Total return | 18.69 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.28<br> %<br>| &nbsp;&nbsp;&nbsp; (16.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.82<br> %<br>|
| **Ratios to Average Net Assets**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.07 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest <br> expense and fees<br>| 0.06 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net investment income | 3.33 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1995272 | &nbsp;&nbsp;&nbsp; $1841676 | &nbsp;&nbsp;&nbsp; $1747420 | &nbsp;&nbsp;&nbsp; $1501275 | &nbsp;&nbsp;&nbsp; $1403202 | &nbsp;&nbsp;&nbsp; $1206358 |
| Portfolio turnover rate | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Not annualized. <br> <sup>(b)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. <br> <sup>(c)</sup> Annualized.

*See notes to financial statements.*

Master Portfolio Financial Highlights

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

Master Investment Portfolio ("MIP") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. MIP is organized as a Delaware statutory trust. Total International ex U.S. Index Master Portfolio (the "Master Portfolio") is a series of MIP. The Master Portfolio is classified as diversified.

The Master Portfolio, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Master Portfolio is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

**Foreign Currency Translation:** The Master Portfolio'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.

The Master Portfolio does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement 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. The Master Portfolio 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.

**Foreign Taxes:** The Master Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Master Portfolio invests. These foreign taxes, if any, are paid by the Master Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

The Master Portfolio files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Master Portfolio may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Master Portfolio may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Master Portfolio may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Master Portfolio is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Master Portfolio may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Indemnifications:** In the normal course of business, the Master Portfolio enters into contracts that contain a variety of representations that provide general indemnification. The Master Portfolio's maximum exposure under these arrangements is unknown because it involves future potential claims against the Master Portfolio, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Master Portfolio's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Master Portfolio. The CODM has concluded that the Master Portfolio operates as a single operating segment since the Master Portfolio

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Master Portfolio's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Master Portfolio's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Master Portfolio is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of MIP (the "Board") has approved the designation of the Master Portfolio's Manager as the valuation designee for the Master Portfolio. The Master Portfolio determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Master Portfolio's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Master Portfolio uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Master Portfolio might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Master Portfolio. Certain information made available by a Private Company is as of a date that is earlier than the date the Master Portfolio is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Master Portfolio could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that the Master Portfolio has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**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 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.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Securities Lending:** The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Master Portfolio 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 the Master Portfolio 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 Master Portfolio and any additional required collateral is delivered to the Master Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. ("BTC"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Master Portfolio, except in the event of borrower default. The securities on loan, if any, are disclosed in the Master Portfolio's Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Master Portfolio 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 Master Portfolio, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Master Portfolio 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the Master Portfolio's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| Barclays Bank PLC | &nbsp;&nbsp; $290774 | &nbsp;&nbsp; $(290774)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 1021539 | &nbsp;&nbsp; (1021539)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 4556492 | &nbsp;&nbsp; (4556492)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; 38298 | &nbsp;&nbsp; (38298)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 15376053 | &nbsp;&nbsp; (15376053)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 4725158 | &nbsp;&nbsp; (4725158)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 76843 | &nbsp;&nbsp; (76843)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 1202507 | &nbsp;&nbsp; (1202507)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 532169 | &nbsp;&nbsp; (532169)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1506910 | &nbsp;&nbsp; (1506910)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 902820 | &nbsp;&nbsp; (902820)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 1006838 | &nbsp;&nbsp; (1006838)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 889120 | &nbsp;&nbsp; (889120)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 5228029 | &nbsp;&nbsp; (5228029)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $37353550 | &nbsp;&nbsp; $(37353550)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Master Portfolio is disclosed in the Master Portfolio's Statement 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 Master Portfolio benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Master Portfolio engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Master Portfolio and/or to manage its 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 Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Master Portfolio 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 Master Portfolio is 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 Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** MIP, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Master Portfolio's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.

For such services, the Master Portfolio pays the Manager a monthly fee at an annual rate equal to 0.03% of the average daily value of the Master Portfolio's net assets.

BAL is not entitled to compensation for providing administrative services to the Master Portfolio, for so long as BAL (or an affiliate) is entitled to compensation for providing administrative services to corresponding feeder funds that invest substantially all of their assets in the Master Portfolio, or BAL (or an affiliate) receives investment advisory fees from the Master Portfolio.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**Expense Waivers and Reimbursements:** With respect to the Master Portfolio, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Master Portfolio pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of MIP, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amount waived and/or reimbursed was $5,004.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. For the six months ended June 30, 2025, there were no fees waived by the Manager pursuant to this arrangement.

**Securities Lending:** The SEC has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Master Portfolio, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Master Portfolio is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Master Portfolio bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Master Portfolio retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Master Portfolio 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 specified thresholds, the Master Portfolio, 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 the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended June 30, 2025, the Master Portfolio paid BTC $27,910 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Master Portfolio could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Master Portfolio did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of MIP are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** The Master Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Master Portfolio Name* | *Purchases* | *Sales* | *Net Realized* <br>*Gain (Loss)*<br>|
| Total International ex U.S. Index Master Portfolio | &nbsp;&nbsp; $40004223 | $6026260 | $(195280)<br>|

---

***7.*** ***PURCHASES AND SALES*** 

For the six months ended June 30, 2025, purchases and sales of investments, excluding short-term securities, were $190,287,906 and $290,970,771, respectively.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***8.*** ***INCOME TAX INFORMATION*** 

The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required. It is intended that the Master Portfolio's assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

After March 18, 2025, the Master Portfolio was no longer considered a partnership. The feeder of the Master Portfolio is treated as the owner of the net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. No U.S. federal income tax provision was required.

The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master Portfolio's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Master Portfolio'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 Master Portfolio as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Master Portfolio's NAV.

As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Master Portfolio Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Total International ex U.S. Index Master Portfolio | &nbsp;&nbsp; $1299492782 | &nbsp;&nbsp;&nbsp; $836885117 | &nbsp;&nbsp;&nbsp; $(84061088) | &nbsp;&nbsp;&nbsp; $752824029 |

---

***9.*** ***BANK BORROWINGS*** 

MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30, 2025, the Master Portfolio did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the Master Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Master Portfolio and its investments. The Master Portfolio's prospectus provides details of the risks to which the Master Portfolio is subject.

The Manager uses an indexing approach to try to achieve the Master Portfolio's investment objective. The Master Portfolio is not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio 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. The Master Portfolio 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 the Master Portfolio'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 the Master Portfolio may lose value, regardless of the individual results of the securities and other instruments in which the Master Portfolio invests. The Master Portfolio'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.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

The price the Master Portfolio could receive upon the sale of any particular portfolio investment may differ from the Master Portfolio'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 the Master Portfolio's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Master Portfolio, and the Master Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Master Portfolio manages 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 Master Portfolio to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Master Portfolio's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Master Portfolio.

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 Master Portfolio 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, the Master Portfolio 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 Master Portfolio.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Master Portfolio's portfolio are disclosed in its Schedule of Investments.

The Master Portfolio invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Master Portfolio's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Master Portfolio's investments. 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 Schedule of Investments.

The Master Portfolio invests a significant portion of its 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 as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Master Portfolio's 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. 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. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

The Master Portfolio invests a significant portion of its 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 Master Portfolio's investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Master Portfolio 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Compensation to the independent directors/trustees of the Trust and MIP is paid by the Trust and MIP, on behalf of the Fund/Master Portfolio.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund/Master Portfolio may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund/Master Portfolio and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans**

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans**

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

Additional Information

------

Additional Information (continued)

**Fund and/or MIP Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Trust/MIP**

400 Howard Street

San Francisco, CA 94105

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement

The Board of Trustees of Master Investment Portfolio (the "Master Portfolio") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Master Portfolio, on behalf of Total International ex U.S. Index Master Portfolio (the "Master Fund") and BlackRock Fund Advisors (the "Manager" or "BlackRock"), the Master Portfolio's investment advisor. iShares MSCI Total International Index Fund (the "Feeder Fund"), a series of BlackRock Funds III (the "Feeder Trust"), is a "feeder" fund that invests all of its investable assets in the Master Fund. Accordingly, the Board of Trustees of the Feeder Trust also considered the approval of the Agreement with respect to the Master Fund. For simplicity: (a) the Board of Trustees of the Master Portfolio and the Board of Trustees of the Feeder Trust are referred to herein collectively as the "Board" , and the members are referred to as "Board Members"; (b) the shareholders of the Feeder Fund and the interest holders of the Master Fund are referred to as "shareholders"; and (c) the Master Fund and the Feeder Fund are referred to herein together as the "Fund".

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for the Master Portfolio on an annual basis. The Board Members who are not "interested persons" of the Master Portfolio, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Master Portfolio, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Master Fund, the Feeder Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) the Fund's operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations.The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper Classification or Morningstar category, regarding fees and expenses of the Fund, as applicable, as compared with a peer group of funds as determined by Broadridge ("Expense Peers"), and the investment performance of the 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 Agreement 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 Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Feeder Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's, the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement, and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the 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 Fund; (d) the 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 Fund; and (g) other factors deemed relevant by the Board Members.

Disclosure of Investment Advisory Agreement

------

Disclosure of Investment Advisory Agreement (continued)

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 portfolio holdings of the Master Fund. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared the Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, 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 the Fund's portfolio management team discussing the Fund's performance and the Fund's investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Master 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 the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund 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, the custodian, fund accountant, transfer agent, and auditor for the Fund, as applicable; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Feeder Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

***B. The Investment Performance of the Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board noted that the Feeder Fund's investment results correspond directly to the investment results of the Master Fund. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of the Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss, the performance of the Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-year period reported, the Fund's net performance was above the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund's above tolerance performance relative to its benchmark over the period.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund***

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of the Fund's 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 the Fund's total expense ratio, as well as the Fund's actual management fee rate, to those of the Fund's Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement (continued)

of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, 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 Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and the Fund's 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.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the 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 Fund, 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 Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Feeder Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board of the Master Portfolio, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Master Portfolio, on behalf of the Master Fund for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board of the Master Portfolio, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Master Fund and its shareholders. The Board of the Feeder Trust, including the Independent Board Members, also considered the continuation of the Agreement with respect to the Master Fund and found the Agreement to be satisfactory. In arriving at its decision to approve the Agreement, the Board of the Master Portfolio did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

Disclosure of Investment Advisory Agreement

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| CD | Certificate of Deposit  |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company  |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipt |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| SCA | Societe en Commandite par Actions |
| SRF | State Revolving Fund |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

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 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.

![](g121005img108d4fcd2.jpg)

![](g121005img59a6e44b1.jpg)

------

![](g121005imgc52af9871.jpg)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Funds III** |
| • iShares U.S. Aggregate Bond Index Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Fund Statement of Assets and Liabilities](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_FS-Footer-FundBookName-785_1)  | 3 |
| [Fund Statement of Operations](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_FS-Footer-FundBookName-785_3)  | 5 |
| [Fund Statements of Changes in Net Assets](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_FS-Footer-FundBookName-785_4)  | 6 |
| [Fund Financial Highlights](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_FIHI-Footer-FundBookName-785_1)  | 7 |
| [Fund Notes to Financial Statements](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_NTF-Footer-FundBookName-785_1)  | 11 |
| [Master Portfolio Schedule of Investments](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_MAST-Footer-FundBookName-774_1)  | 14 |
| [Master Portfolio Statement of Assets and Liabilities](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_MstFS-Footer-FundBookName-774_1)  | 81 |
| [Master Portfolio Statement of Operations](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_MstFS-Footer-FundBookName-774_2)  | 82 |
| [Master Portfolio Statements of Changes in Net Assets](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_MstFS-Footer-FundBookName-774_3)  | 83 |
| [Master Portfolio Financial Highlights](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_MstFIHI-Footer-FundBookName-774_1)  | 84 |
| [Master Portfolio Notes to Financial Statements](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_MstNTF-Footer-FundBookName-774_1)  | 85 |
| [Additional Information](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_ADDInfo-Footer-FundBookName-785_1)  | 92 |
| [Disclosure of Investment Advisory Agreement](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_IAA1-Footer-FundBookName-785_1)  | 94 |
| [Glossary of Terms Used in these Financial Statements](#xx_71246917-86dc-4a62-8c26-ea7f75a0520d_Terms-Footer-FundBookName-785_1)  | 97 |

---

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares U.S. <br>Aggregate Bond <br>Index Fund<br>|
| **ASSETS** |  |
| Investments, at value — Master Portfolio | $3168460391 |
| Receivables: |  |
| Capital shares sold | 30166849 |
| Withdrawals from the Master Portfolio | 19347018 |
| Total assets | 3217974258 |
| **LIABILITIES** |  |
| Payables: |  |
| Administration fees | 41685 |
| Capital shares redeemed | 49512764 |
| Income dividend distributions | 1861073 |
| Other accrued expenses | 1102 |
| Professional fees | 5898 |
| Service fees | 38141 |
| Total liabilities | 51460663 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $3166513595 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $3449200488 |
| Accumulated loss | (282686893) |
| NET ASSETS | $3166513595 |

---

Fund Statement of Assets and Liabilities

------

Statement of Assets and Liabilities (unaudited) (continued)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares U.S. <br>Aggregate Bond <br>Index Fund<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | $186540422 |
| Shares outstanding | 20542728 |
| Net asset value | $9.08 |
| Shares authorized | Unlimited |
| Par value | No par value |
| **Investor A** |  |
| Net assets | $182345554 |
| Shares outstanding | 20082017 |
| Net asset value | $9.08 |
| Shares authorized | Unlimited |
| Par value | No par value |
| **Investor P** |  |
| Net assets | $10409067 |
| Shares outstanding | 1146655 |
| Net asset value | $9.08 |
| Shares authorized | Unlimited |
| Par value | No par value |
| **Class K** |  |
| Net assets | $2787218552 |
| Shares outstanding | 306733366 |
| Net asset value | $9.09 |
| Shares authorized | Unlimited |
| Par value | No par value |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares U.S. <br>Aggregate Bond <br>Index Fund<br>|
| **INVESTMENT INCOME** |  |
| Net investment income allocated from the Master Portfolio: |  |
| Dividends — affiliated | &nbsp;&nbsp; $2602833 |
| Interest — unaffiliated | &nbsp;&nbsp; 56590288 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 234236 |
| Expenses | &nbsp;&nbsp; (635295)<br>|
| Fees waived | &nbsp;&nbsp; 67017 |
| Total investment income | &nbsp;&nbsp; 58859079 |
| FUND EXPENSES |  |
| Administration — class specific | &nbsp;&nbsp; 241953 |
| Service — class specific | &nbsp;&nbsp; 219473 |
| Professional | &nbsp;&nbsp; 5871 |
| Miscellaneous | &nbsp;&nbsp; 7257 |
| Total expenses | &nbsp;&nbsp; 474554 |
| Less: |  |
| Fees waived and/or reimbursed by the Administrator | &nbsp;&nbsp; (5871)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 468683 |
| Net investment income | &nbsp;&nbsp; 58390396 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ALLOCATED FROM THE MASTER PORTFOLIO** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (8242425)<br>|
| Investments — affiliated | &nbsp;&nbsp; (2242)<br>|
|  | &nbsp;&nbsp; (8244667)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 68988094 |
| Investments — affiliated | &nbsp;&nbsp; 1449762 |
|  | &nbsp;&nbsp; 70437856 |
| Net realized and unrealized gain | &nbsp;&nbsp; 62193189 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $120583585 |

---

*See notes to financial statements.*

Fund Statement of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares U.S. <br>Aggregate Bond <br>Index Fund | iShares U.S. <br>Aggregate Bond <br>Index Fund |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $58390396 | &nbsp;&nbsp;&nbsp; $103223529 |
| Net realized loss | &nbsp;&nbsp; (8244667)<br>| &nbsp;&nbsp;&nbsp; (11990706)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 70437856 | &nbsp;&nbsp;&nbsp; (53200032)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 120583585 | &nbsp;&nbsp;&nbsp; 38032791 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Institutional | &nbsp;&nbsp; (3454927)<br>| &nbsp;&nbsp;&nbsp; (7990012)<br>|
| Investor A | &nbsp;&nbsp; (2905641)<br>| &nbsp;&nbsp;&nbsp; (5078269)<br>|
| Investor P | &nbsp;&nbsp; (169398)<br>| &nbsp;&nbsp;&nbsp; (270176)<br>|
| Class K | &nbsp;&nbsp; (50915188)<br>| &nbsp;&nbsp;&nbsp; (88683782)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (57445154)<br>| &nbsp;&nbsp;&nbsp; (102022239)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 77174547 | &nbsp;&nbsp;&nbsp; 469070970 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 140312978 | &nbsp;&nbsp;&nbsp; 405081522 |
| Beginning of period | &nbsp;&nbsp; 3026200617 | &nbsp;&nbsp;&nbsp; 2621119095 |
| End of period | &nbsp;&nbsp; $3166513595 | &nbsp;&nbsp;&nbsp; $3026200617 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares U.S. Aggregate Bond Index Fund | iShares U.S. Aggregate Bond Index Fund | iShares U.S. Aggregate Bond Index Fund | iShares U.S. Aggregate Bond Index Fund | iShares U.S. Aggregate Bond Index Fund | iShares U.S. Aggregate Bond Index Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp;&nbsp; $9.10 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.39 |
| Net investment income<sup>(a)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | 0.18 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net increase (decrease) from investment operations | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp;&nbsp; $8.90 | &nbsp;&nbsp;&nbsp; $9.10 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp; $10.89 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.93 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.66<br> %<br>| &nbsp;&nbsp;&nbsp; (13.09)%<br>| &nbsp;&nbsp;&nbsp; (1.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.59<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.10 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.10 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net investment income | 3.81 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $186540 | &nbsp;&nbsp;&nbsp; $198011 | &nbsp;&nbsp;&nbsp; $226387 | &nbsp;&nbsp;&nbsp; $248151 | &nbsp;&nbsp;&nbsp; $419040 | &nbsp;&nbsp;&nbsp; $371074 |
| Portfolio turnover rate of the Master Portfolio<sup>(i)</sup> | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 105<br> %<br>| &nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp; 161<br> %<br>| &nbsp;&nbsp;&nbsp; 175<br> %<br>| &nbsp;&nbsp;&nbsp; 186<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp;&nbsp; 89<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>|

---

*See notes to financial statements.*

Fund Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp;&nbsp; $9.10 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.39 |
| Net investment income<sup>(a)</sup> | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 0.18 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net increase (decrease) from investment operations | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp;&nbsp; $8.90 | &nbsp;&nbsp;&nbsp; $9.10 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp; $10.89 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.80 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39<br> %<br>| &nbsp;&nbsp;&nbsp; (13.31)%<br>| &nbsp;&nbsp;&nbsp; (2.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.33<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.35 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.35 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|
| Net investment income | 3.56 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $182346 | &nbsp;&nbsp;&nbsp; $159165 | &nbsp;&nbsp;&nbsp; $131280 | &nbsp;&nbsp;&nbsp; $96331 | &nbsp;&nbsp;&nbsp; $144418 | &nbsp;&nbsp;&nbsp; $161624 |
| Portfolio turnover rate of the Master Portfolio<sup>(i)</sup> | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 105<br> %<br>| &nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp; 161<br> %<br>| &nbsp;&nbsp;&nbsp; 175<br> %<br>| &nbsp;&nbsp;&nbsp; 186<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp;&nbsp; 89<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $9.09 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.39 |
| Net investment income<sup>(a)</sup> | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Net increase (decrease) from investment operations | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $9.09 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp; $10.89 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.92 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.28<br> %<br>| &nbsp;&nbsp;&nbsp; (13.31)%<br>| &nbsp;&nbsp;&nbsp; (2.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.34<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.35 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.35 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|
| Net investment income | 3.56 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $10409 | &nbsp;&nbsp;&nbsp; $8893 | &nbsp;&nbsp;&nbsp; $7986 | &nbsp;&nbsp;&nbsp; $7148 | &nbsp;&nbsp;&nbsp; $8461 | &nbsp;&nbsp;&nbsp; $7045 |
| Portfolio turnover rate of the Master Portfolio<sup>(i)</sup> | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 105<br> %<br>| &nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp; 161<br> %<br>| &nbsp;&nbsp;&nbsp; 175<br> %<br>| &nbsp;&nbsp;&nbsp; 186<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp;&nbsp; 89<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>|

---

*See notes to financial statements.*

Fund Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) | iShares U.S. Aggregate Bond Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp;&nbsp; $9.10 | &nbsp;&nbsp;&nbsp; $8.90 | &nbsp;&nbsp;&nbsp; $10.49 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.40 |
| Net investment income<sup>(a)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net increase (decrease) from investment operations | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp;&nbsp; $8.90 | &nbsp;&nbsp;&nbsp; $9.10 | &nbsp;&nbsp;&nbsp; $8.90 | &nbsp;&nbsp;&nbsp; $10.49 | &nbsp;&nbsp;&nbsp; $10.90 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.07 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.59<br> %<br>| &nbsp;&nbsp;&nbsp; (13.03)%<br>| &nbsp;&nbsp;&nbsp; (1.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.64<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.05 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.05 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Net investment income | 3.86 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2787219 | &nbsp;&nbsp;&nbsp; $2660131 | &nbsp;&nbsp;&nbsp; $2255466 | &nbsp;&nbsp;&nbsp; $1875627 | &nbsp;&nbsp;&nbsp; $2014141 | &nbsp;&nbsp;&nbsp; $2165698 |
| Portfolio turnover rate of the Master Portfolio<sup>(i)</sup> | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 105<br> %<br>| &nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp; 161<br> %<br>| &nbsp;&nbsp;&nbsp; 175<br> %<br>| &nbsp;&nbsp;&nbsp; 186<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp;&nbsp; 89<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock Funds III (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 Delaware statutory trust. iShares U.S. Aggregate Bond Index Fund (the "Fund") is a series of the Trust. The Fund is classified as diversified.

The Fund seeks to achieve its investment objective by investing all of its assets in U.S. Total Bond Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio ("MIP") and an affiliate of the Trust, which has the same investment objective and strategies as the Fund. The value of the Fund's investment in the Master Portfolio reflects the Fund's proportionate interest in the net assets of the Master Portfolio. The performance of the Fund is directly affected by the performance of the Master Portfolio. At June 30, 2025, the percentage of the Master Portfolio owned by the Fund was 100.0%. The financial statements of the Master Portfolio, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The 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 and Investor P Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Investor P Shares are only available through registered representatives of an insurance company's broker-dealer that has entered into an agreement with the Fund's distributor to offer such shares. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
| Institutional, Investor A and Class K Shares | No | No |  |
| Investor P Shares | Yes | No<sup>(a)</sup> |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Investor P Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

The Board of Trustees of the Trust and Board of Trustees of MIP are referred to throughout this report as the "Board" and the members are referred to as "Trustees."

The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The 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, contributions to and withdrawals from the Master Portfolio are accounted for on a trade date basis. The Fund records its proportionate share of the Master Portfolio's income, expenses and realized and unrealized gains and losses on a daily basis. In addition, the Fund accrues its own expenses. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Distributions:** Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. 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, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by BlackRock Advisors, LLC ("BAL" or the "Administrator"), are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

Fund Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's policy is to value its financial instruments at fair value. The Fund records its investment in the Master Portfolio at fair value based on the Fund's proportionate interest in the net assets of the Master Portfolio. Valuation of securities held by the Master Portfolio is discussed in Note 3 of the Master Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

***4.*** ***ADMINISTRATION AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with BAL, to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Fund's ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Fund. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee based on the average daily net assets of the Fund as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor P* | *Class K* |
| Administration fees - class specific | 0.06<br> % <br>| 0.06<br> % <br>| 0.06<br> % <br>| 0.01<br> % <br>|

---

For the six months ended June 30, 2025, the following table shows the class specific administration fees borne directly by each share class of the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor P* | *Class K* | *Total* |
| Administration fees — class specific | &nbsp;&nbsp; $55305 | &nbsp;&nbsp; $49773 | &nbsp;&nbsp; $2900 | &nbsp;&nbsp; $133975 | &nbsp;&nbsp; $241953 |

---

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Fund and, accordingly, have a favorable impact on its performance. For the six months ended June 30, 2025, BAL did not waive any amount.

**Service Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Administrator. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the 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 the Fund as follows:

---

| | |
|:---|:---|
| *Share Class* | *Service Fees* |
| Investor A | 0.25<br> % <br>|
| Investor P | 0.25 |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Fund. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.

For the six months ended June 30, 2025, the following table shows the class specific service fees borne directly by each share class of the Fund:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor P* | *Total* |
| iShares U.S. Aggregate Bond Index Fund | &nbsp;&nbsp; $207388 | &nbsp;&nbsp; $12085 | &nbsp;&nbsp; $219473 |

---

**Other Fees:** For the six months ended June 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor P Shares for a total of $1,767.

**Expense Limitations, Waivers and Reimbursements:** The fees and expenses of the Trust's trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Trust's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Fund. Each of BAL and BFA, as applicable, has contractually agreed to reimburse the Fund or provide an offsetting credit against the administration fees paid by the Fund in an amount equal to these independent expenses through June 30, 2026. The amount waived is included in fees waived and/or reimbursed by the Administrator in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $5,871.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund 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, Inc. ("BlackRock") or its affiliates.

***5.*** ***INCOME TAX INFORMATION*** 

It is the 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

The 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 the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the 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 Fund as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

As of December 31, 2024, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<br>|
| iShares U.S. Aggregate Bond Index Fund | &nbsp;&nbsp; $(66250021)<br>|

---

***6.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| iShares U.S. Aggregate Bond Index Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4040758 | &nbsp;&nbsp;&nbsp; $36305501 | &nbsp;&nbsp;&nbsp; 12813734 | &nbsp;&nbsp;&nbsp; $115116643 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 384766 | &nbsp;&nbsp;&nbsp; 3473862 | &nbsp;&nbsp;&nbsp; 888811 | &nbsp;&nbsp;&nbsp; 7985914 |
| Shares redeemed | &nbsp;&nbsp; (6140815) | &nbsp;&nbsp;&nbsp; (54896977) | &nbsp;&nbsp;&nbsp; (16334442) | &nbsp;&nbsp;&nbsp; (146471456) |
|  | &nbsp;&nbsp; (1715291) | &nbsp;&nbsp;&nbsp; $(15117614) | &nbsp;&nbsp;&nbsp; (2631897) | &nbsp;&nbsp;&nbsp; $(23368899) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4975138 | &nbsp;&nbsp;&nbsp; $44704192 | &nbsp;&nbsp;&nbsp; 8151914 | &nbsp;&nbsp;&nbsp; $73085978 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 323080 | &nbsp;&nbsp;&nbsp; 2917421 | &nbsp;&nbsp;&nbsp; 563918 | &nbsp;&nbsp;&nbsp; 5067279 |
| Shares redeemed | &nbsp;&nbsp; (3108717) | &nbsp;&nbsp;&nbsp; (27880599) | &nbsp;&nbsp;&nbsp; (5256863) | &nbsp;&nbsp;&nbsp; (47414647) |
|  | &nbsp;&nbsp; 2189501 | &nbsp;&nbsp;&nbsp; $19741014 | &nbsp;&nbsp;&nbsp; 3458969 | &nbsp;&nbsp;&nbsp; $30738610 |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 231587 | &nbsp;&nbsp;&nbsp; $2067360 | &nbsp;&nbsp;&nbsp; 267117 | &nbsp;&nbsp;&nbsp; $2399774 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 18485 | &nbsp;&nbsp;&nbsp; 166891 | &nbsp;&nbsp;&nbsp; 29369 | &nbsp;&nbsp;&nbsp; 263715 |
| Shares redeemed | &nbsp;&nbsp; (103363) | &nbsp;&nbsp;&nbsp; (926269) | &nbsp;&nbsp;&nbsp; (174738) | &nbsp;&nbsp;&nbsp; (1570938) |
|  | &nbsp;&nbsp; 146709 | &nbsp;&nbsp;&nbsp; $1307982 | &nbsp;&nbsp;&nbsp; 121748 | &nbsp;&nbsp;&nbsp; $1092551 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 51034409 | &nbsp;&nbsp;&nbsp; $458358231 | &nbsp;&nbsp;&nbsp; 111736871 | &nbsp;&nbsp;&nbsp; $1005634946 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 5556983 | &nbsp;&nbsp;&nbsp; 50203666 | &nbsp;&nbsp;&nbsp; 9818942 | &nbsp;&nbsp;&nbsp; 88271934 |
| Shares redeemed | &nbsp;&nbsp; (48678931) | &nbsp;&nbsp;&nbsp; (437318732) | &nbsp;&nbsp;&nbsp; (70536391) | &nbsp;&nbsp;&nbsp; (633298172) |
|  | &nbsp;&nbsp; 7912461 | &nbsp;&nbsp;&nbsp; $71243165 | &nbsp;&nbsp;&nbsp; 51019422 | &nbsp;&nbsp;&nbsp; $460608708 |
|  | &nbsp;&nbsp; 8533380 | &nbsp;&nbsp;&nbsp; $77174547 | &nbsp;&nbsp;&nbsp; 51968242 | &nbsp;&nbsp;&nbsp; $469070970 |

---

As of June 30, 2025, BlackRock Financial Management, Inc., an affiliate of the Fund, owned 20,346 Investor P Shares of the Fund.

***7.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund 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.

Fund Notes to Financial Statements

------

Schedule of Investments (unaudited)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| American Express Credit Account Master Trust |  |  |
| Series 2024-2, Class A, 5.24%, 04/15/31 | 1000 | $1040298 |
| Series 2025-3, Class A, 4.51%, 04/15/32 | 100 | 101421 |
| BA Credit Card Trust, Series 2023-A2, Class A2, <br> 4.98%, 11/15/28<br>| 500 | 505289 |
| Capital One Prime Auto Receivables Trust, <br> Series 2024-1, Class A3, 4.62%, 07/16/29<br>| 500 | 503160 |
| CarMax Auto Owner Trust, Series 2023-4, Class A3, <br> 6.00%, 07/17/28<br>| 2000 | 2028831 |
| Chase Issuance Trust, Series 2024-A2, Class A, <br> 4.63%, 01/15/31<br>| 360 | 366429 |
| Citibank Credit Card Issuance Trust, Series 2007-A3, <br> Class A3, 6.15%, 06/15/39<br>| 100 | 110294 |
| Exeter Automobile Receivables Trust, Series 2024-<br> 1A, Class B, 5.29%, 08/15/28<br>| 745 | 746530 |
| First National Master Note Trust, Series 2025-1, <br> Class A, 4.85%, 02/15/30<br>| 500 | 508722 |
| Honda Auto Receivables Owner Trust, Series 2024-3, <br> Class A3, 4.57%, 03/21/29<br>| 500 | 502721 |
| Mercedes-Benz Auto Receivables Trust, <br> Series 2025-1, Class A3, 4.78%, 12/17/29<br>| 500 | 506605 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2023-2, Class C, 5.47%, 12/16/30 | 800 | 810689 |
| Series 2024-1, Class B, 5.23%, 12/15/28 | 210 | 211225 |
| Toyota Auto Receivables Owner Trust, Series 2023-A, <br> Class A4, 4.42%, 08/15/28<br>| 250 | 250655 |
| WF Card Issuance Trust |  |  |
| Series 2024-A1, Class A, 4.94%, 02/15/29 | 1000 | 1012980 |
| Series 2024-A2, Class A, 4.29%, 10/15/29 | 600 | 602820 |
| World Omni Auto Receivables Trust, Series 2025-B, <br> Class A3, 4.34%, 09/16/30<br>| 500 | 503690 |
| **Total Asset-Backed Securities — 0.3%** <br>**(Cost: $10,257,932)** | **Total Asset-Backed Securities — 0.3%** <br>**(Cost: $10,257,932)** | 10312359 |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** |
| Interpublic Group of Cos., Inc. |  |  |
| 4.75%, 03/30/30 | 171 | 172576 |
| 5.38%, 06/15/33 | 28 | 28412 |
| 3.38%, 03/01/41 | 71 | 52733 |
| Omnicom Group, Inc. |  |  |
| 2.45%, 04/30/30 | 121 | 110216 |
| 2.60%, 08/01/31 | 68 | 60147 |
| 5.30%, 11/01/34<sup>(a)</sup> | 50 | 50431 |
|  |  | 474515 |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| Boeing Co. |  |  |
| 2.70%, 02/01/27 | 80 | 77755 |
| 2.80%, 03/01/27 | 171 | 166001 |
| 5.04%, 05/01/27<sup>(a)</sup> | 341 | 343540 |
| 6.26%, 05/01/27 | 125 | 128602 |
| 3.25%, 03/01/28 | 300 | 289745 |
| 3.20%, 03/01/29 | 341 | 324597 |
| 6.30%, 05/01/29 | 95 | 100429 |
| 2.95%, 02/01/30 | 100 | 92706 |
| 5.15%, 05/01/30 | 800 | 814480 |
| 6.39%, 05/01/31 | 440 | 472866 |
| 6.13%, 02/15/33<sup>(a)</sup> | 74 | 78057 |
| 6.53%, 05/01/34 | 140 | 152114 |
| 3.25%, 02/01/35 | 275 | 231614 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Boeing Co. (continued) |  |  |
| 5.71%, 05/01/40 | $341 | $336887 |
| 3.38%, 06/15/46 | 87 | 59543 |
| 3.85%, 11/01/48 | 171 | 122823 |
| 3.90%, 05/01/49 | 130 | 93106 |
| 3.75%, 02/01/50 | 243 | 171605 |
| 5.81%, 05/01/50 | 500 | 479500 |
| 6.86%, 05/01/54 | 245 | 268205 |
| 3.95%, 08/01/59 | 100 | 68359 |
| 5.93%, 05/01/60 | 427 | 405890 |
| 7.01%, 05/01/64 | 30 | 32950 |
| GE Capital International Funding Co. Unlimited Co., <br> 4.42%, 11/15/35<br>| 300 | 287902 |
| General Dynamics Corp. |  |  |
| 2.13%, 08/15/26 | 87 | 85201 |
| 3.75%, 05/15/28 | 87 | 86517 |
| 2.25%, 06/01/31 | 61 | 54548 |
| 4.95%, 08/15/35 | 200 | 200765 |
| 4.25%, 04/01/40 | 171 | 153598 |
| 2.85%, 06/01/41 | 83 | 60820 |
| 4.25%, 04/01/50 | 87 | 73189 |
| General Electric Co. |  |  |
| 6.75%, 03/15/32 | 200 | 226320 |
| 5.88%, 01/14/38 | 100 | 106688 |
| Howmet Aerospace, Inc.<sup>(a)</sup> <br>|  |  |
| 3.00%, 01/15/29 | 100 | 95558 |
| 5.95%, 02/01/37 | 100 | 106178 |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/28 | 271 | 252308 |
| 5.35%, 01/15/30 | 50 | 51391 |
| 5.75%, 01/15/35<sup>(a)</sup> | 50 | 51556 |
| L3Harris Technologies, Inc. |  |  |
| 5.40%, 01/15/27 | 200 | 203314 |
| 4.40%, 06/15/28 | 458 | 459195 |
| 5.05%, 06/01/29 | 50 | 51148 |
| 2.90%, 12/15/29 | 121 | 113592 |
| 1.80%, 01/15/31 | 158 | 136666 |
| 5.25%, 06/01/31 | 45 | 46416 |
| 5.40%, 07/31/33 | 205 | 210572 |
| 5.35%, 06/01/34 | 35 | 35776 |
| 5.60%, 07/31/53<sup>(a)</sup> | 100 | 97855 |
| 5.50%, 08/15/54 | 70 | 67883 |
| Lockheed Martin Corp. |  |  |
| 5.10%, 11/15/27 | 35 | 35882 |
| 4.50%, 02/15/29 | 45 | 45430 |
| 1.85%, 06/15/30 | 300 | 266688 |
| 4.70%, 12/15/31 | 30 | 30379 |
| 3.90%, 06/15/32 | 58 | 55836 |
| 5.25%, 01/15/33 | 50 | 51902 |
| 4.80%, 08/15/34 | 50 | 49828 |
| 3.60%, 03/01/35 | 65 | 58844 |
| 4.50%, 05/15/36 | 141 | 135537 |
| 4.07%, 12/15/42 | 189 | 158759 |
| 4.70%, 05/15/46 | 130 | 115872 |
| 4.09%, 09/15/52 | 187 | 147061 |
| 4.15%, 06/15/53 | 140 | 111103 |
| 5.70%, 11/15/54 | 110 | 110962 |
| 5.20%, 02/15/55 | 140 | 131006 |
| 4.30%, 06/15/62 | 140 | 110192 |
| 5.90%, 11/15/63 | 40 | 41310 |
| 5.20%, 02/15/64 | 100 | 92326 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Northrop Grumman Corp. |  |  |
| 3.25%, 01/15/28 | 341 | $333141 |
| 4.60%, 02/01/29 | 50 | 50643 |
| 4.40%, 05/01/30 | 171 | 171237 |
| 4.65%, 07/15/30 | 75 | 75657 |
| 4.70%, 03/15/33 | 100 | 99693 |
| 4.90%, 06/01/34 | 50 | 49854 |
| 5.25%, 07/15/35 | 40 | 40815 |
| 4.75%, 06/01/43 | 151 | 136570 |
| 4.03%, 10/15/47 | 257 | 204917 |
| 5.25%, 05/01/50 | 150 | 140570 |
| 4.95%, 03/15/53 | 75 | 67412 |
| 5.20%, 06/01/54 | 100 | 93174 |
| RTX Corp. |  |  |
| 2.65%, 11/01/26 | 300 | 293975 |
| 5.75%, 11/08/26<sup>(a)</sup> | 100 | 101846 |
| 3.50%, 03/15/27 | 171 | 168941 |
| 3.13%, 05/04/27 | 171 | 167640 |
| 4.13%, 11/16/28 | 411 | 409342 |
| 5.75%, 01/15/29 | 85 | 89025 |
| 2.25%, 07/01/30 | 246 | 222290 |
| 6.00%, 03/15/31 | 200 | 214886 |
| 1.90%, 09/01/31 | 171 | 146210 |
| 2.38%, 03/15/32 | 200 | 174023 |
| 5.15%, 02/27/33 | 125 | 127772 |
| 6.10%, 03/15/34 | 120 | 129733 |
| 4.45%, 11/16/38 | 87 | 80168 |
| 4.88%, 10/15/40 | 87 | 81811 |
| 4.70%, 12/15/41 | 74 | 67227 |
| 4.50%, 06/01/42 | 350 | 309794 |
| 4.15%, 05/15/45 | 87 | 71248 |
| 3.75%, 11/01/46 | 130 | 99186 |
| 4.35%, 04/15/47 | 171 | 142065 |
| 4.05%, 05/04/47 | 87 | 69384 |
| 4.63%, 11/16/48 | 214 | 183925 |
| 3.13%, 07/01/50 | 227 | 150487 |
| 2.82%, 09/01/51 | 87 | 53749 |
| 3.03%, 03/15/52 | 100 | 64146 |
| 5.38%, 02/27/53 | 95 | 90935 |
| 6.40%, 03/15/54 | 155 | 169901 |
|  |  | 15718639 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 4.65%, 09/13/29 | 200 | 199478 |
| 3.25%, 03/01/32<sup>(a)</sup> | 102 | 91292 |
| 5.15%, 09/13/34<sup>(a)</sup> | 200 | 193027 |
| 4.40%, 10/01/46 | 87 | 65922 |
| 3.10%, 12/01/51<sup>(a)</sup> | 171 | 102774 |
| 4.15%, 05/01/52<sup>(a)</sup> | 137 | 98166 |
| BorgWarner, Inc.<sup>(a)</sup> <br>|  |  |
| 2.65%, 07/01/27 | 156 | 150929 |
| 4.95%, 08/15/29 | 50 | 50725 |
| 5.40%, 08/15/34 | 50 | 50564 |
| Lear Corp. |  |  |
| 2.60%, 01/15/32 | 71 | 61185 |
| 5.25%, 05/15/49<sup>(a)</sup> | 87 | 74742 |
| 3.55%, 01/15/52 | 74 | 47109 |
| Magna International, Inc.<sup>(a)</sup> <br>|  |  |
| 5.05%, 03/14/29 | 225 | 229481 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| Magna International, Inc.<sup>(a)</sup> (continued) |  |  |
| 2.45%, 06/15/30 | 60 | $54281 |
| 5.50%, 03/21/33 | 20 | 20476 |
|  |  | 1490151 |
| **Automobiles — 0.6%** | **Automobiles — 0.6%** | **Automobiles — 0.6%** |
| American Honda Finance Corp. |  |  |
| 5.25%, 07/07/26 | 200 | 201679 |
| 1.30%, 09/09/26 | 71 | 68482 |
| 2.30%, 09/09/26<sup>(a)</sup> | 100 | 97612 |
| 4.40%, 10/05/26 | 50 | 50044 |
| 2.35%, 01/08/27<sup>(a)</sup> | 87 | 84437 |
| 4.90%, 03/12/27 | 50 | 50445 |
| 4.90%, 07/09/27 | 250 | 253070 |
| 4.45%, 10/22/27 | 50 | 50147 |
| 4.70%, 01/12/28 | 220 | 222004 |
| 4.55%, 03/03/28<sup>(a)</sup> | 50 | 50259 |
| 2.00%, 03/24/28 | 93 | 87373 |
| 5.13%, 07/07/28 | 300 | 306088 |
| 5.65%, 11/15/28 | 50 | 51946 |
| 2.25%, 01/12/29 | 87 | 80705 |
| 4.90%, 03/13/29 | 50 | 50764 |
| 4.40%, 09/05/29 | 150 | 149293 |
| 4.80%, 03/05/30<sup>(a)</sup> | 50 | 50396 |
| 4.60%, 04/17/30 | 60 | 60047 |
| 5.85%, 10/04/30 | 50 | 52830 |
| 5.05%, 07/10/31 | 50 | 50647 |
| 4.85%, 10/23/31<sup>(a)</sup> | 50 | 50135 |
| 4.90%, 01/10/34<sup>(a)</sup> | 35 | 34633 |
| 5.20%, 03/05/35<sup>(a)</sup> | 50 | 49728 |
| AutoNation, Inc. |  |  |
| 1.95%, 08/01/28 | 74 | 68606 |
| 2.40%, 08/01/31 | 78 | 67117 |
| 3.85%, 03/01/32 | 80 | 73697 |
| Cummins, Inc. |  |  |
| 4.25%, 05/09/28<sup>(a)</sup> | 25 | 25113 |
| 4.70%, 02/15/31<sup>(a)</sup> | 50 | 50455 |
| 5.30%, 05/09/35 | 50 | 50772 |
| 4.88%, 10/01/43 | 300 | 280389 |
| 2.60%, 09/01/50 | 87 | 51952 |
| Ford Motor Co. |  |  |
| 4.35%, 12/08/26 | 150 | 148964 |
| 9.63%, 04/22/30 | 50 | 57500 |
| 7.45%, 07/16/31 | 100 | 108285 |
| 3.25%, 02/12/32 | 100 | 84310 |
| 6.10%, 08/19/32 | 200 | 199719 |
| 4.75%, 01/15/43 | 200 | 153789 |
| 7.40%, 11/01/46<sup>(a)</sup> | 100 | 102384 |
| 5.29%, 12/08/46 | 200 | 161479 |
| Ford Motor Credit Co. LLC |  |  |
| 4.54%, 08/01/26 | 200 | 198627 |
| 2.70%, 08/10/26 | 200 | 194724 |
| 5.13%, 11/05/26<sup>(a)</sup> | 200 | 199507 |
| 5.80%, 03/05/27 | 200 | 201578 |
| 5.85%, 05/17/27 | 200 | 201522 |
| 4.95%, 05/28/27 | 200 | 198674 |
| 4.13%, 08/17/27 | 200 | 195500 |
| 7.35%, 11/04/27 | 400 | 415421 |
| 6.80%, 05/12/28<sup>(a)</sup> | 200 | 206705 |
| 6.80%, 11/07/28 | 200 | 207209 |
| 5.80%, 03/08/29 | 200 | 200418 |
| 7.35%, 03/06/30 | 200 | 211128 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| Ford Motor Credit Co. LLC (continued) |  |  |
| 4.00%, 11/13/30 | $200 | $182590 |
| 6.05%, 11/05/31 | 200 | 198968 |
| 7.12%, 11/07/33 | 200 | 207567 |
| 6.13%, 03/08/34 | 200 | 194691 |
| 6.50%, 02/07/35<sup>(a)</sup> | 200 | 199723 |
| General Motors Co. |  |  |
| 4.20%, 10/01/27 | 171 | 169205 |
| 6.80%, 10/01/27 | 104 | 108285 |
| 5.40%, 10/15/29 | 65 | 66363 |
| 5.63%, 04/15/30 | 50 | 51105 |
| 5.60%, 10/15/32<sup>(a)</sup> | 100 | 101608 |
| 5.00%, 04/01/35 | 130 | 122838 |
| 6.25%, 04/15/35 | 120 | 123461 |
| 6.60%, 04/01/36 | 187 | 198053 |
| 5.15%, 04/01/38 | 287 | 267055 |
| 6.25%, 10/02/43 | 150 | 147131 |
| 5.20%, 04/01/45 | 171 | 146525 |
| 6.75%, 04/01/46 | 133 | 135802 |
| 5.95%, 04/01/49<sup>(a)</sup> | 112 | 104693 |
| General Motors Financial Co., Inc. |  |  |
| 4.35%, 01/17/27 | 87 | 86615 |
| 2.35%, 02/26/27 | 171 | 164794 |
| 5.00%, 04/09/27 | 200 | 201238 |
| 5.40%, 05/08/27<sup>(a)</sup> | 250 | 253630 |
| 5.00%, 07/15/27 | 50 | 50306 |
| 5.35%, 07/15/27 | 60 | 60899 |
| 2.70%, 08/20/27 | 171 | 164252 |
| 6.00%, 01/09/28<sup>(a)</sup> | 50 | 51496 |
| 5.05%, 04/04/28 | 75 | 75569 |
| 2.40%, 04/10/28 | 89 | 83732 |
| 5.80%, 06/23/28 | 55 | 56648 |
| 2.40%, 10/15/28 | 168 | 156362 |
| 5.80%, 01/07/29 | 75 | 77247 |
| 5.65%, 01/17/29 | 87 | 88863 |
| 4.30%, 04/06/29 | 300 | 293533 |
| 5.55%, 07/15/29 | 145 | 148122 |
| 4.90%, 10/06/29 | 50 | 49914 |
| 5.35%, 01/07/30 | 50 | 50609 |
| 5.85%, 04/06/30 | 45 | 46520 |
| 3.60%, 06/21/30 | 90 | 84215 |
| 5.45%, 07/15/30 | 50 | 50702 |
| 2.70%, 06/10/31 | 122 | 106803 |
| 5.60%, 06/18/31 | 30 | 30598 |
| 3.10%, 01/12/32 | 75 | 65898 |
| 5.63%, 04/04/32 | 40 | 40472 |
| 6.40%, 01/09/33 | 75 | 78912 |
| 6.10%, 01/07/34 | 175 | 180115 |
| 5.95%, 04/04/34 | 100 | 101422 |
| 5.45%, 09/06/34 | 50 | 49009 |
| 5.90%, 01/07/35 | 50 | 50265 |
| 6.15%, 07/15/35 | 50 | 51124 |
| Honda Motor Co. Ltd. |  |  |
| 4.44%, 07/08/28 | 100 | 100115 |
| 07/08/30<sup>(b)</sup> | 100 | 100172 |
| 2.97%, 03/10/32 | 133 | 119360 |
| 07/08/35<sup>(b)</sup> | 75 | 75191 |
| Mercedes-Benz Finance North America LLC, 8.50%, <br> 01/18/31<br>| 104 | 123662 |
| PACCAR Financial Corp. |  |  |
| 5.20%, 11/09/26 | 25 | 25387 |
| 2.00%, 02/04/27 | 75 | 72720 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| PACCAR Financial Corp. (continued) |  |  |
| 5.00%, 05/13/27 | 50 | $50865 |
| 4.25%, 06/23/27 | 50 | 50255 |
| 4.45%, 08/06/27 | 50 | 50578 |
| 4.60%, 01/10/28<sup>(a)</sup> | 100 | 101282 |
| 4.55%, 03/03/28 | 50 | 50715 |
| 4.60%, 01/31/29 | 50 | 50684 |
| 4.00%, 09/26/29 | 25 | 24867 |
| 4.55%, 05/08/30 | 50 | 50631 |
| 5.00%, 03/22/34 | 25 | 25415 |
| Series R, 4.50%, 11/25/26 | 40 | 40272 |
| Toyota Motor Corp. |  |  |
| 5.28%, 07/13/26 | 40 | 40370 |
| 4.19%, 06/30/27 | 50 | 50081 |
| 5.12%, 07/13/28 | 250 | 256891 |
| 2.76%, 07/02/29<sup>(a)</sup> | 65 | 61596 |
| 4.45%, 06/30/30 | 25 | 25102 |
| 2.36%, 03/25/31<sup>(a)</sup> | 87 | 77989 |
| 5.12%, 07/13/33<sup>(a)</sup> | 45 | 46198 |
| 5.05%, 06/30/35 | 25 | 25221 |
| Toyota Motor Credit Corp. |  |  |
| 4.55%, 08/07/26 | 30 | 30104 |
| 5.00%, 08/14/26 | 100 | 100856 |
| 5.40%, 11/20/26 | 50 | 50801 |
| 4.60%, 01/08/27 | 50 | 50349 |
| 1.90%, 01/13/27 | 171 | 165179 |
| 3.05%, 03/22/27 | 171 | 167815 |
| 4.50%, 05/14/27 | 100 | 100695 |
| 1.15%, 08/13/27 | 200 | 188036 |
| 4.55%, 09/20/27 | 100 | 100839 |
| 4.35%, 10/08/27 | 75 | 75311 |
| 4.63%, 01/12/28<sup>(a)</sup> | 40 | 40484 |
| 1.90%, 04/06/28 | 189 | 178303 |
| 5.25%, 09/11/28 | 225 | 232153 |
| 4.65%, 01/05/29 | 50 | 50593 |
| 3.65%, 01/08/29 | 171 | 167849 |
| 5.05%, 05/16/29 | 50 | 51327 |
| 4.45%, 06/29/29 | 100 | 100675 |
| 4.55%, 08/09/29 | 300 | 302405 |
| 4.95%, 01/09/30 | 50 | 51131 |
| 2.15%, 02/13/30 | 87 | 79092 |
| 3.38%, 04/01/30 | 300 | 286770 |
| 4.80%, 05/15/30 | 95 | 96515 |
| 4.55%, 05/17/30<sup>(a)</sup> | 80 | 80484 |
| 5.10%, 03/21/31<sup>(a)</sup> | 250 | 256792 |
| 1.90%, 09/12/31 | 121 | 103900 |
| 4.60%, 10/10/31 | 75 | 75166 |
| 4.70%, 01/12/33 | 45 | 45200 |
| 4.80%, 01/05/34 | 100 | 99960 |
| 5.35%, 01/09/35<sup>(a)</sup> | 50 | 51246 |
| Series B, 5.00%, 03/19/27 | 150 | 152207 |
|  |  | 17521711 |
| **Banks — 5.8%** | **Banks — 5.8%** | **Banks — 5.8%** |
| African Development Bank |  |  |
| 4.63%, 01/04/27 | 1000 | 1010696 |
| 4.38%, 03/14/28 | 600 | 609406 |
| Asian Development Bank |  |  |
| 3.75%, 04/25/28<sup>(a)</sup> | 1000 | 1000085 |
| 4.50%, 08/25/28 | 300 | 306519 |
| 4.00%, 01/12/33 | 400 | 397701 |
| 3.88%, 06/14/33 | 200 | 196577 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Asian Infrastructure Investment Bank, 4.88%, <br> 09/14/26<br>| $1000 | $1010530 |
| Banco Bilbao Vizcaya Argentaria SA, (1-year CMT + <br> 3.30%), 7.88%, 11/15/34<sup>(a)(c)</sup><br>| 200 | 227274 |
| Banco Santander SA |  |  |
| 4.25%, 04/11/27 | 200 | 199499 |
| 5.29%, 08/18/27 | 400 | 406730 |
| 5.59%, 08/08/28 | 200 | 206607 |
| 2.75%, 12/03/30 | 400 | 356205 |
| 5.44%, 07/15/31 | 200 | 207759 |
| 6.92%, 08/08/33 | 200 | 216758 |
| 6.94%, 11/07/33 | 200 | 225986 |
| 6.35%, 03/14/34<sup>(a)</sup> | 200 | 209444 |
| (1-year CMT + 0.90%), 1.72%, 09/14/27<sup>(c)</sup> | 200 | 193195 |
| (1-year CMT + 0.95%), 5.37%, 07/15/28<sup>(c)</sup> | 200 | 203679 |
| (1-year CMT + 1.65%), 6.53%, 11/07/27<sup>(c)</sup> | 200 | 205284 |
| Bank of America Corp. |  |  |
| 4.25%, 10/22/26 | 221 | 220598 |
| 3.25%, 10/21/27 | 236 | 231500 |
| 6.11%, 01/29/37 | 350 | 369605 |
| 7.75%, 05/14/38 | 200 | 238742 |
| 5.88%, 02/07/42 | 189 | 197507 |
| 5.00%, 01/21/44 | 214 | 202195 |
| 4.88%, 04/01/44 | 171 | 158447 |
| (1-day SOFR + 0.83%), 4.98%, 01/24/29<sup>(c)</sup> | 325 | 329636 |
| (1-day SOFR + 0.96%), 1.73%, 07/22/27<sup>(c)</sup> | 600 | 583187 |
| (1-day SOFR + 1.00%), 5.16%, 01/24/31<sup>(c)</sup> | 420 | 430479 |
| (1-day SOFR + 1.05%), 2.55%, 02/04/28<sup>(c)</sup> | 362 | 351825 |
| (1-day SOFR + 1.06%), 2.09%, 06/14/29<sup>(c)</sup> | 341 | 319630 |
| (1-day SOFR + 1.11%), 4.62%, 05/09/29<sup>(c)</sup> | 300 | 301904 |
| (1-day SOFR + 1.21%), 2.57%, 10/20/32<sup>(c)</sup> | 377 | 332273 |
| (1-day SOFR + 1.22%), 2.30%, 07/21/32<sup>(c)</sup> | 495 | 431355 |
| (1-day SOFR + 1.31%), 5.51%, 01/24/36<sup>(c)</sup> | 515 | 529530 |
| (1-day SOFR + 1.32%), 2.69%, 04/22/32<sup>(c)</sup> | 536 | 481020 |
| (1-day SOFR + 1.33%), 2.97%, 02/04/33<sup>(c)</sup> | 457 | 409237 |
| (1-day SOFR + 1.34%), 5.93%, 09/15/27<sup>(c)</sup> | 150 | 152619 |
| (1-day SOFR + 1.37%), 1.92%, 10/24/31<sup>(c)</sup> | 291 | 253777 |
| (1-day SOFR + 1.53%), 1.90%, 07/23/31<sup>(c)</sup> | 341 | 299628 |
| (1-day SOFR + 1.56%), 2.97%, 07/21/52<sup>(a)(c)</sup> | 70 | 45243 |
| (1-day SOFR + 1.57%), 5.82%, 09/15/29<sup>(c)</sup> | 250 | 260429 |
| (1-day SOFR + 1.58%), 4.38%, 04/27/28<sup>(c)</sup> | 336 | 335930 |
| (1-day SOFR + 1.58%), 3.31%, 04/22/42<sup>(c)</sup> | 211 | 161919 |
| (1-day SOFR + 1.63%), 5.20%, 04/25/29<sup>(c)</sup> | 245 | 250381 |
| (1-day SOFR + 1.64%), 5.46%, 05/09/36<sup>(a)(c)</sup> | 300 | 307624 |
| (1-day SOFR + 1.65%), 5.47%, 01/23/35<sup>(c)</sup> | 690 | 708864 |
| (1-day SOFR + 1.70%), 5.74%, 02/12/36<sup>(c)</sup> | 245 | 248954 |
| (1-day SOFR + 1.74%), 5.52%, 10/25/35<sup>(c)</sup> | 400 | 400004 |
| (1-day SOFR + 1.83%), 4.57%, 04/27/33<sup>(c)</sup> | 373 | 367058 |
| (1-day SOFR + 1.84%), 5.87%, 09/15/34<sup>(c)</sup> | 350 | 369341 |
| (1-day SOFR + 1.88%), 2.83%, 10/24/51<sup>(c)</sup> | 140 | 87642 |
| (1-day SOFR + 1.91%), 5.29%, 04/25/34<sup>(c)</sup> | 620 | 632421 |
| (1-day SOFR + 1.91%), 5.43%, 08/15/35<sup>(c)</sup> | 200 | 199941 |
| (1-day SOFR + 1.93%), 2.68%, 06/19/41<sup>(c)</sup> | 511 | 364474 |
| (1-day SOFR + 1.99%), 6.20%, 11/10/28<sup>(c)</sup> | 155 | 161305 |
| (1-day SOFR + 2.04%), 4.95%, 07/22/28<sup>(c)</sup> | 420 | 424839 |
| (1-day SOFR + 2.15%), 2.59%, 04/29/31<sup>(c)</sup> | 300 | 274260 |
| (1-day SOFR + 2.16%), 5.02%, 07/22/33<sup>(a)(c)</sup> | 610 | 617142 |
| (3-mo. CME Term SOFR + 1.25%), 2.50%, <br> 02/13/31<sup>(c)</sup><br>| 397 | 362605 |
| (3-mo. CME Term SOFR + 1.30%), 3.42%, <br> 12/20/28<sup>(c)</sup><br>| 700 | 684239 |
| (3-mo. CME Term SOFR + 1.33%), 3.97%, <br> 03/05/29<sup>(c)</sup><br>| 171 | 169108 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of America Corp. (continued) |  |  |
| (3-mo. CME Term SOFR + 1.44%), 3.19%, <br> 07/23/30<sup>(c)</sup><br>| $251 | $238924 |
| (3-mo. CME Term SOFR + 1.45%), 2.88%, <br> 10/22/30<sup>(c)</sup><br>| 171 | 160056 |
| (3-mo. CME Term SOFR + 1.45%), 3.95%, <br> 01/23/49<sup>(c)</sup><br>| 104 | 81656 |
| (3-mo. CME Term SOFR + 1.47%), 3.97%, <br> 02/07/30<sup>(c)</sup><br>| 300 | 295293 |
| (3-mo. CME Term SOFR + 1.57%), 4.27%, <br> 07/23/29<sup>(c)</sup><br>| 249 | 248180 |
| (3-mo. CME Term SOFR + 1.58%), 4.08%, <br> 04/23/40<sup>(c)</sup><br>| 171 | 148732 |
| (3-mo. CME Term SOFR + 1.63%), 3.59%, <br> 07/21/28<sup>(c)</sup><br>| 87 | 85665 |
| (3-mo. CME Term SOFR + 1.77%), 3.71%, <br> 04/24/28<sup>(c)</sup><br>| 171 | 168970 |
| (3-mo. CME Term SOFR + 1.78%), 4.33%, <br> 03/15/50<sup>(c)</sup><br>| 341 | 283196 |
| (3-mo. CME Term SOFR + 1.84%), 3.82%, <br> 01/20/28<sup>(c)</sup><br>| 341 | 338028 |
| (3-mo. CME Term SOFR + 2.08%), 4.24%, <br> 04/24/38<sup>(c)</sup><br>| 257 | 233989 |
| (3-mo. CME Term SOFR + 2.25%), 4.44%, <br> 01/20/48<sup>(c)</sup><br>| 197 | 168402 |
| (3-mo. CME Term SOFR + 3.41%), 4.08%, <br> 03/20/51<sup>(c)</sup><br>| 750 | 595610 |
| (5-year CMT + 1.20%), 2.48%, 09/21/36<sup>(c)</sup> | 171 | 144897 |
| Series L, 4.18%, 11/25/27 | 171 | 170310 |
| Series N, (1-day SOFR + 1.22%), 2.65%, <br> 03/11/32<sup>(c)</sup><br>| 291 | 261205 |
| Series N, (1-day SOFR + 1.65%), 3.48%, <br> 03/13/52<sup>(c)</sup><br>| 124 | 88497 |
| Bank of America N.A. |  |  |
| 5.53%, 08/18/26 | 250 | 253546 |
| Series BKNT, 6.00%, 10/15/36 | 250 | 264280 |
| Bank of Montreal |  |  |
| 5.27%, 12/11/26 | 40 | 40564 |
| 2.65%, 03/08/27 | 133 | 129870 |
| 5.37%, 06/04/27 | 75 | 76594 |
| 5.20%, 02/01/28 | 150 | 153404 |
| 5.72%, 09/25/28 | 100 | 104235 |
| 5.51%, 06/04/31 | 75 | 78421 |
| (1-day SOFR + 0.88%), 4.57%, 09/10/27<sup>(c)</sup> | 210 | 210482 |
| (1-day SOFR + 1.25%), 4.64%, 09/10/30<sup>(a)(c)</sup> | 50 | 50414 |
| (1-day SOFR Index + 0.67%), 5.00%, 01/27/29<sup>(c)</sup> | 65 | 66053 |
| (5-year CMT + 1.40%), 3.09%, 01/10/37<sup>(c)</sup> | 241 | 208127 |
| (5-year USD Swap + 1.43%), 3.80%, 12/15/32<sup>(c)</sup> | 87 | 84738 |
| Series H, 4.70%, 09/14/27 | 200 | 201820 |
| Bank of New York Mellon Corp. |  |  |
| 2.45%, 08/17/26 | 100 | 98132 |
| 1.05%, 10/15/26 | 171 | 164474 |
| 2.05%, 01/26/27 | 71 | 68835 |
| 3.25%, 05/16/27 | 130 | 128193 |
| 1.65%, 07/14/28<sup>(a)</sup> | 75 | 69971 |
| 3.85%, 04/26/29 | 118 | 116669 |
| 3.30%, 08/23/29<sup>(a)</sup> | 171 | 164239 |
| 1.80%, 07/28/31 | 51 | 44330 |
| 2.50%, 01/26/32<sup>(a)</sup> | 87 | 76629 |
| (1-day SOFR + 0.68%), 4.44%, 06/09/28<sup>(c)</sup> | 25 | 25132 |
| (1-day SOFR + 0.84%), 4.89%, 07/21/28<sup>(c)</sup> | 100 | 101324 |
| (1-day SOFR + 0.89%), 4.94%, 02/11/31<sup>(c)</sup> | 50 | 51058 |
| (1-day SOFR + 1.09%), 4.98%, 03/14/30<sup>(c)</sup> | 150 | 153581 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of New York Mellon Corp. (continued) |  |  |
| (1-day SOFR + 1.15%), 3.99%, 06/13/28<sup>(c)</sup> | $100 | $99646 |
| (1-day SOFR + 1.17%), 4.54%, 02/01/29<sup>(c)</sup> | 100 | 100765 |
| (1-day SOFR + 1.23%), 5.06%, 07/22/32<sup>(c)</sup> | 100 | 102362 |
| (1-day SOFR + 1.25%), 5.23%, 11/20/35<sup>(c)</sup> | 75 | 76257 |
| (1-day SOFR + 1.35%), 5.32%, 06/06/36<sup>(c)</sup> | 50 | 51041 |
| (1-day SOFR + 1.42%), 4.29%, 06/13/33<sup>(c)</sup> | 100 | 97363 |
| (1-day SOFR + 1.42%), 5.19%, 03/14/35<sup>(c)</sup> | 150 | 151886 |
| (1-day SOFR + 1.51%), 4.71%, 02/01/34<sup>(c)</sup> | 100 | 98898 |
| (1-day SOFR + 1.60%), 6.32%, 10/25/29<sup>(c)</sup> | 75 | 79648 |
| (1-day SOFR + 1.76%), 4.60%, 07/26/30<sup>(c)</sup> | 115 | 116262 |
| (1-day SOFR + 1.77%), 5.61%, 07/21/39<sup>(c)</sup> | 25 | 25462 |
| (1-day SOFR + 1.85%), 6.47%, 10/25/34<sup>(c)</sup> | 75 | 82588 |
| (1-day SOFR Index + 1.80%), 5.80%, 10/25/28<sup>(c)</sup> | 80 | 82835 |
| (1-day SOFR Index + 2.07%), 5.83%, 10/25/33<sup>(c)</sup> | 180 | 190910 |
| (3-mo. CME Term SOFR + 1.33%), 3.44%, <br> 02/07/28<sup>(c)</sup><br>| 91 | 89977 |
| Series J, (1-day SOFR + 1.61%), 4.97%, <br> 04/26/34<sup>(c)</sup><br>| 100 | 100312 |
| Bank of Nova Scotia |  |  |
| 2.70%, 08/03/26 | 87 | 85616 |
| 1.30%, 09/15/26 | 240 | 231776 |
| 5.35%, 12/07/26 | 50 | 50710 |
| 1.95%, 02/02/27 | 171 | 165449 |
| 5.40%, 06/04/27 | 50 | 51157 |
| 5.25%, 06/12/28 | 60 | 61804 |
| 5.45%, 08/01/29 | 50 | 51922 |
| 4.85%, 02/01/30 | 60 | 61140 |
| 2.15%, 08/01/31 | 171 | 149377 |
| 2.45%, 02/02/32 | 171 | 148755 |
| 5.65%, 02/01/34<sup>(a)</sup> | 250 | 262306 |
| (1-day SOFR + 0.89%), 4.93%, 02/14/29<sup>(c)</sup> | 75 | 75970 |
| (1-day SOFR + 1.00%), 4.40%, 09/08/28<sup>(c)</sup> | 50 | 50085 |
| (1-day SOFR + 1.07%), 5.13%, 02/14/31<sup>(c)</sup> | 75 | 76372 |
| (1-day SOFR + 1.44%), 4.74%, 11/10/32<sup>(c)</sup> | 50 | 49955 |
| Barclays PLC |  |  |
| 4.34%, 01/10/28 | 250 | 249360 |
| 5.25%, 08/17/45<sup>(a)</sup> | 250 | 239091 |
| 4.95%, 01/10/47 | 200 | 181617 |
| (1-day SOFR + 0.96%), 5.09%, 02/25/29<sup>(c)</sup> | 200 | 202485 |
| (1-day SOFR + 1.23%), 5.37%, 02/25/31<sup>(c)</sup> | 200 | 204297 |
| (1-day SOFR + 1.56%), 4.94%, 09/10/30<sup>(c)</sup> | 200 | 201491 |
| (1-day SOFR + 1.59%), 5.79%, 02/25/36<sup>(c)</sup> | 200 | 204418 |
| (1-day SOFR + 1.74%), 5.69%, 03/12/30<sup>(c)</sup> | 200 | 206945 |
| (1-day SOFR + 1.91%), 5.34%, 09/10/35<sup>(c)</sup> | 200 | 198499 |
| (1-day SOFR + 2.42%), 6.04%, 03/12/55<sup>(c)</sup> | 200 | 205434 |
| (1-day SOFR + 2.62%), 6.69%, 09/13/34<sup>(c)</sup> | 200 | 218343 |
| (1-day SOFR + 2.98%), 6.22%, 05/09/34<sup>(c)</sup> | 200 | 212271 |
| (1-day SOFR + 3.57%), 7.12%, 06/27/34<sup>(a)(c)</sup> | 200 | 218480 |
| (1-year CMT + 1.05%), 2.28%, 11/24/27<sup>(c)</sup> | 222 | 215279 |
| (1-year CMT + 1.20%), 2.67%, 03/10/32<sup>(c)</sup> | 490 | 435078 |
| (1-year CMT + 1.30%), 3.33%, 11/24/42<sup>(c)</sup> | 222 | 164800 |
| (1-year CMT + 2.65%), 5.50%, 08/09/28<sup>(c)</sup> | 300 | 305974 |
| (1-year CMT + 3.30%), 7.39%, 11/02/28<sup>(c)</sup> | 200 | 212301 |
| (1-year CMT + 3.50%), 7.44%, 11/02/33<sup>(c)</sup> | 200 | 226990 |
| (3-mo. SOFR US + 2.16%), 4.97%, 05/16/29<sup>(c)</sup> | 400 | 404182 |
| Canadian Imperial Bank of Commerce |  |  |
| 5.62%, 07/17/26 | 25 | 25302 |
| 5.93%, 10/02/26 | 50 | 50978 |
| 5.24%, 06/28/27 | 75 | 76348 |
| 5.00%, 04/28/28 | 60 | 61172 |
| 5.99%, 10/03/28 | 50 | 52480 |
| 5.26%, 04/08/29 | 75 | 77183 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Canadian Imperial Bank of Commerce (continued) |  |  |
| 3.60%, 04/07/32<sup>(a)</sup> | $150 | $139428 |
| 6.09%, 10/03/33 | 250 | 268050 |
| (1-day SOFR + 0.72%), 4.86%, 01/13/28<sup>(c)</sup> | 25 | 25174 |
| (1-day SOFR + 0.93%), 4.51%, 09/11/27<sup>(c)</sup> | 50 | 50079 |
| (1-day SOFR + 1.03%), 4.86%, 03/30/29<sup>(c)</sup> | 75 | 75807 |
| (1-day SOFR + 1.11%), 5.25%, 01/13/31<sup>(c)</sup> | 50 | 51216 |
| (1-day SOFR + 1.34%), 4.63%, 09/11/30<sup>(c)</sup> | 50 | 50006 |
| Capital One N.A., Series BKNT, 3.45%, 07/27/26 | 250 | 247232 |
| Citibank N.A. |  |  |
| 4.93%, 08/06/26 | 250 | 251716 |
| 4.58%, 05/29/27 | 250 | 251373 |
| 5.80%, 09/29/28<sup>(a)</sup> | 250 | 261392 |
| 4.84%, 08/06/29 | 250 | 255275 |
| 4.91%, 05/29/30 | 250 | 254800 |
| Series BKNT, 5.49%, 12/04/26 | 250 | 253959 |
| Series BKNT, 5.57%, 04/30/34 | 250 | 260416 |
| Citigroup, Inc. |  |  |
| 3.20%, 10/21/26 | 427 | 420899 |
| 4.30%, 11/20/26 | 53 | 52924 |
| 4.45%, 09/29/27 | 250 | 250240 |
| 4.13%, 07/25/28 | 130 | 129078 |
| 6.63%, 06/15/32 | 74 | 80698 |
| 6.13%, 08/25/36 | 184 | 190347 |
| 8.13%, 07/15/39 | 210 | 264425 |
| 5.88%, 01/30/42 | 127 | 131298 |
| 6.68%, 09/13/43 | 87 | 94906 |
| 5.30%, 05/06/44 | 87 | 81241 |
| 4.65%, 07/30/45 | 130 | 113992 |
| 4.75%, 05/18/46 | 257 | 219344 |
| 4.65%, 07/23/48<sup>(a)</sup> | 257 | 222241 |
| (1-day SOFR + 0.87%), 4.79%, 03/04/29<sup>(c)</sup> | 250 | 251795 |
| (1-day SOFR + 1.14%), 4.64%, 05/07/28<sup>(c)</sup> | 225 | 225596 |
| (1-day SOFR + 1.15%), 2.67%, 01/29/31<sup>(c)</sup> | 171 | 156787 |
| (1-day SOFR + 1.17%), 2.56%, 05/01/32<sup>(c)</sup> | 207 | 183385 |
| (1-day SOFR + 1.18%), 2.52%, 11/03/32<sup>(c)</sup> | 484 | 423182 |
| (1-day SOFR + 1.28%), 3.07%, 02/24/28<sup>(c)</sup> | 171 | 167210 |
| (1-day SOFR + 1.34%), 4.54%, 09/19/30<sup>(c)</sup> | 250 | 248867 |
| (1-day SOFR + 1.35%), 3.06%, 01/25/33<sup>(c)</sup> | 257 | 229684 |
| (1-day SOFR + 1.36%), 5.17%, 02/13/30<sup>(c)</sup> | 320 | 326475 |
| (1-day SOFR + 1.38%), 2.90%, 11/03/42<sup>(c)</sup> | 87 | 61609 |
| (1-day SOFR + 1.42%), 2.98%, 11/05/30<sup>(c)</sup> | 371 | 347093 |
| (1-day SOFR + 1.45%), 5.45%, 06/11/35<sup>(c)</sup> | 250 | 255358 |
| (1-day SOFR + 1.46%), 4.95%, 05/07/31<sup>(c)</sup> | 225 | 227564 |
| (1-day SOFR + 1.47%), 5.33%, 03/27/36<sup>(a)(c)</sup> | 310 | 312432 |
| (1-day SOFR + 1.75%), 5.61%, 03/04/56<sup>(c)</sup> | 150 | 147233 |
| (1-day SOFR + 1.83%), 6.02%, 01/24/36<sup>(a)(c)</sup> | 315 | 323479 |
| (1-day SOFR + 1.89%), 4.66%, 05/24/28<sup>(c)</sup> | 150 | 150552 |
| (1-day SOFR + 1.94%), 3.79%, 03/17/33<sup>(c)</sup> | 713 | 666494 |
| (1-day SOFR + 2.06%), 5.83%, 02/13/35<sup>(c)</sup> | 200 | 204073 |
| (1-day SOFR + 2.09%), 4.91%, 05/24/33<sup>(c)</sup> | 500 | 498879 |
| (1-day SOFR + 2.11%), 2.57%, 06/03/31<sup>(c)</sup> | 457 | 414459 |
| (1-day SOFR + 2.34%), 6.27%, 11/17/33<sup>(c)</sup> | 200 | 215354 |
| (1-day SOFR + 2.66%), 6.17%, 05/25/34<sup>(c)</sup> | 300 | 314049 |
| (1-day SOFR + 3.91%), 4.41%, 03/31/31<sup>(c)</sup> | 410 | 405649 |
| (3-mo. CME Term SOFR + 1.41%), 3.52%, <br> 10/27/28<sup>(c)</sup><br>| 341 | 333917 |
| (3-mo. CME Term SOFR + 1.43%), 3.88%, <br> 01/24/39<sup>(c)</sup><br>| 200 | 172395 |
| (3-mo. CME Term SOFR + 1.45%), 4.08%, <br> 04/23/29<sup>(c)</sup><br>| 200 | 198017 |
| (3-mo. CME Term SOFR + 1.60%), 3.98%, <br> 03/20/30<sup>(c)</sup><br>| 177 | 173491 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citigroup, Inc. (continued) |  |  |
| (3-mo. CME Term SOFR + 1.65%), 3.67%, <br> 07/24/28<sup>(c)</sup><br>| $371 | $365203 |
| (3-mo. CME Term SOFR + 1.82%), 3.89%, <br> 01/10/28<sup>(c)</sup><br>| 171 | 169446 |
| (3-mo. CME Term SOFR + 2.10%), 4.28%, <br> 04/24/48<sup>(c)</sup><br>| 171 | 140964 |
| (5-year CMT + 1.73%), 5.41%, 09/19/39<sup>(c)</sup> | 100 | 97126 |
| Citizens Financial Group, Inc. |  |  |
| 2.85%, 07/27/26 | 257 | 252491 |
| 2.50%, 02/06/30 | 61 | 55338 |
| 2.64%, 09/30/32 | 100 | 84256 |
| (1-day SOFR + 1.26%), 5.25%, 03/05/31<sup>(c)</sup> | 50 | 50670 |
| (1-day SOFR + 1.91%), 5.72%, 07/23/32<sup>(c)</sup> | 75 | 77590 |
| (1-day SOFR + 2.01%), 5.84%, 01/23/30<sup>(c)</sup> | 200 | 207148 |
| (5-year CMT + 2.75%), 5.64%, 05/21/37<sup>(c)</sup> | 61 | 60199 |
| Comerica, Inc., 4.00%, 02/01/29<sup>(a)</sup> | 171 | 166705 |
| Cooperatieve Rabobank UA |  |  |
| 5.75%, 12/01/43 | 250 | 251442 |
| Series BKNT, 5.25%, 05/24/41 | 176 | 173220 |
| Corp. Andina de Fomento, 5.00%, 01/24/29 | 300 | 306978 |
| Deutsche Bank AG |  |  |
| 5.37%, 09/09/27 | 200 | 205146 |
| (1-day SOFR + 1.22%), 2.31%, 11/16/27<sup>(c)</sup> | 353 | 342506 |
| (1-day SOFR + 1.32%), 2.55%, 01/07/28<sup>(c)</sup> | 192 | 186485 |
| (1-day SOFR + 1.70%), 5.00%, 09/11/30<sup>(c)</sup> | 150 | 151136 |
| (1-day SOFR + 1.72%), 5.30%, 05/09/31<sup>(c)</sup> | 150 | 152343 |
| (1-day SOFR + 2.05%), 5.40%, 09/11/35<sup>(a)(c)</sup> | 150 | 149166 |
| (1-day SOFR + 2.52%), 7.15%, 07/13/27<sup>(c)</sup> | 150 | 153790 |
| (1-day SOFR + 2.76%), 3.73%, 01/14/32<sup>(c)</sup> | 200 | 183219 |
| (1-day SOFR + 3.04%), 3.55%, 09/18/31<sup>(c)</sup> | 496 | 463989 |
| (1-day SOFR + 3.18%), 6.72%, 01/18/29<sup>(c)</sup> | 150 | 157571 |
| (1-day SOFR + 3.65%), 7.08%, 02/10/34<sup>(c)</sup> | 200 | 213199 |
| European Investment Bank |  |  |
| 3.88%, 03/15/28 | 1000 | 1003764 |
| 4.00%, 02/15/29 | 600 | 604666 |
| 3.63%, 07/15/30 | 1000 | 989545 |
| 3.75%, 02/14/33 | 1000 | 979733 |
| Fifth Third Bancorp |  |  |
| 2.55%, 05/05/27 | 121 | 117217 |
| 3.95%, 03/14/28 | 200 | 198020 |
| 8.25%, 03/01/38 | 75 | 89829 |
| (1-day SOFR + 0.69%), 1.71%, 11/01/27<sup>(c)</sup> | 171 | 165107 |
| (1-day SOFR + 1.36%), 4.06%, 04/25/28<sup>(a)(c)</sup> | 61 | 60605 |
| (1-day SOFR + 1.49%), 4.90%, 09/06/30<sup>(c)</sup> | 100 | 101109 |
| (1-day SOFR + 1.66%), 4.34%, 04/25/33<sup>(a)(c)</sup> | 61 | 58231 |
| (1-day SOFR + 1.84%), 5.63%, 01/29/32<sup>(c)</sup> | 200 | 208137 |
| (1-day SOFR Index + 2.13%), 4.77%, 07/28/30<sup>(c)</sup> | 100 | 100620 |
| (1-day SOFR Index + 2.19%), 6.36%, 10/27/28<sup>(c)</sup> | 100 | 104244 |
| First-Citizens Bank & Trust Co., 6.13%, 03/09/28 | 75 | 77803 |
| Goldman Sachs Group, Inc. |  |  |
| 3.50%, 11/16/26 | 341 | 337011 |
| 5.95%, 01/15/27 | 87 | 89366 |
| 3.85%, 01/26/27 | 341 | 338733 |
| 2.60%, 02/07/30 | 341 | 315144 |
| 3.80%, 03/15/30<sup>(a)</sup> | 200 | 195173 |
| 6.45%, 05/01/36 | 110 | 117553 |
| 6.75%, 10/01/37 | 651 | 714654 |
| 6.25%, 02/01/41 | 171 | 182803 |
| 4.80%, 07/08/44 | 214 | 192245 |
| 5.15%, 05/22/45 | 257 | 230867 |
| 4.75%, 10/21/45 | 200 | 177795 |
| (1-day SOFR + 0.82%), 1.54%, 09/10/27<sup>(c)</sup> | 341 | 329238 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Goldman Sachs Group, Inc. (continued) |  |  |
| (1-day SOFR + 0.91%), 1.95%, 10/21/27<sup>(c)</sup> | $683 | $661323 |
| (1-day SOFR + 1.08%), 5.21%, 01/28/31<sup>(c)</sup> | 275 | 281437 |
| (1-day SOFR + 1.09%), 1.99%, 01/27/32<sup>(c)</sup> | 250 | 216539 |
| (1-day SOFR + 1.11%), 2.64%, 02/24/28<sup>(c)</sup> | 197 | 191327 |
| (1-day SOFR + 1.14%), 4.69%, 10/23/30<sup>(c)</sup> | 335 | 336006 |
| (1-day SOFR + 1.21%), 5.05%, 07/23/30<sup>(c)</sup> | 320 | 325313 |
| (1-day SOFR + 1.25%), 2.38%, 07/21/32<sup>(c)</sup> | 477 | 416586 |
| (1-day SOFR + 1.26%), 2.65%, 10/21/32<sup>(c)</sup> | 274 | 242120 |
| (1-day SOFR + 1.27%), 5.73%, 04/25/30<sup>(c)</sup> | 205 | 213396 |
| (1-day SOFR + 1.28%), 2.62%, 04/22/32<sup>(c)</sup> | 450 | 399984 |
| (1-day SOFR + 1.38%), 5.54%, 01/28/36<sup>(c)</sup> | 425 | 435833 |
| (1-day SOFR + 1.41%), 3.10%, 02/24/33<sup>(a)(c)</sup> | 391 | 351918 |
| (1-day SOFR + 1.42%), 5.02%, 10/23/35<sup>(a)(c)</sup> | 440 | 434678 |
| (1-day SOFR + 1.47%), 2.91%, 07/21/42<sup>(c)</sup> | 150 | 107405 |
| (1-day SOFR + 1.51%), 3.21%, 04/22/42<sup>(c)</sup> | 171 | 127891 |
| (1-day SOFR + 1.55%), 5.85%, 04/25/35<sup>(c)</sup> | 315 | 330337 |
| (1-day SOFR + 1.55%), 5.33%, 07/23/35<sup>(c)</sup> | 320 | 322782 |
| (1-day SOFR + 1.58%), 5.22%, 04/23/31<sup>(c)</sup> | 350 | 358810 |
| (1-day SOFR + 1.58%), 5.56%, 11/19/45<sup>(c)</sup> | 200 | 196908 |
| (1-day SOFR + 1.63%), 3.44%, 02/24/43<sup>(c)</sup> | 216 | 164683 |
| (1-day SOFR + 1.70%), 5.73%, 01/28/56<sup>(c)</sup> | 260 | 259954 |
| (1-day SOFR + 1.73%), 4.48%, 08/23/28<sup>(c)</sup> | 200 | 200266 |
| (1-day SOFR + 1.77%), 6.48%, 10/24/29<sup>(c)</sup> | 250 | 265192 |
| (1-day SOFR + 1.85%), 3.62%, 03/15/28<sup>(c)</sup> | 500 | 493019 |
| (1-day SOFR + 1.95%), 6.56%, 10/24/34<sup>(c)</sup> | 200 | 221145 |
| (3-mo. CME Term SOFR + 1.42%), 3.81%, <br> 04/23/29<sup>(c)</sup><br>| 341 | 335570 |
| (3-mo. CME Term SOFR + 1.56%), 4.22%, <br> 05/01/29<sup>(c)</sup><br>| 371 | 368885 |
| (3-mo. CME Term SOFR + 1.63%), 4.02%, <br> 10/31/38<sup>(c)</sup><br>| 341 | 297409 |
| (3-mo. CME Term SOFR + 1.69%), 4.41%, <br> 04/23/39<sup>(c)</sup><br>| 171 | 154157 |
| (3-mo. CME Term SOFR + 1.77%), 3.69%, <br> 06/05/28<sup>(c)</sup><br>| 427 | 420931 |
| HSBC Bank USA N.A., Series BKNT, 7.00%, <br> 01/15/39<br>| 250 | 286771 |
| HSBC Holdings PLC |  |  |
| 6.50%, 05/02/36 | 297 | 315374 |
| 6.50%, 09/15/37 | 460 | 489799 |
| 6.80%, 06/01/38<sup>(a)</sup> | 250 | 271008 |
| 6.10%, 01/14/42<sup>(a)</sup> | 171 | 181037 |
| 5.25%, 03/14/44 | 232 | 220463 |
| (1-day SOFR + 1.03%), 4.90%, 03/03/29<sup>(c)</sup> | 200 | 201694 |
| (1-day SOFR + 1.04%), 5.13%, 11/19/28<sup>(c)</sup> | 200 | 202543 |
| (1-day SOFR + 1.06%), 5.60%, 05/17/28<sup>(c)</sup> | 200 | 203746 |
| (1-day SOFR + 1.29%), 5.29%, 11/19/30<sup>(c)</sup> | 200 | 204314 |
| (1-day SOFR + 1.29%), 5.13%, 03/03/31<sup>(c)</sup> | 200 | 202670 |
| (1-day SOFR + 1.46%), 5.55%, 03/04/30<sup>(c)</sup> | 200 | 205951 |
| (1-day SOFR + 1.52%), 5.73%, 05/17/32<sup>(c)</sup> | 200 | 207924 |
| (1-day SOFR + 1.56%), 5.45%, 03/03/36<sup>(c)</sup> | 400 | 402205 |
| (1-day SOFR + 1.57%), 5.89%, 08/14/27<sup>(c)</sup> | 400 | 405706 |
| (1-day SOFR + 1.57%), 5.24%, 05/13/31<sup>(c)</sup> | 200 | 203637 |
| (1-day SOFR + 1.78%), 5.72%, 03/04/35<sup>(c)</sup> | 200 | 207423 |
| (1-day SOFR + 1.88%), 5.79%, 05/13/36<sup>(c)</sup> | 200 | 205707 |
| (1-day SOFR + 1.97%), 6.16%, 03/09/29<sup>(c)</sup> | 200 | 207964 |
| (1-day SOFR + 2.11%), 4.76%, 06/09/28<sup>(c)</sup> | 200 | 200760 |
| (1-day SOFR + 2.39%), 2.85%, 06/04/31<sup>(c)</sup> | 349 | 318937 |
| (1-day SOFR + 2.39%), 6.25%, 03/09/34<sup>(c)</sup> | 300 | 320989 |
| (1-day SOFR + 2.53%), 4.76%, 03/29/33<sup>(c)</sup> | 285 | 279036 |
| (1-day SOFR + 2.61%), 5.21%, 08/11/28<sup>(c)</sup> | 600 | 608483 |
| (1-day SOFR + 2.65%), 6.33%, 03/09/44<sup>(c)</sup> | 225 | 241522 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| HSBC Holdings PLC (continued) |  |  |
| (1-day SOFR + 2.98%), 6.55%, 06/20/34<sup>(c)</sup> | $200 | $212468 |
| (1-day SOFR + 3.02%), 7.40%, 11/13/34<sup>(c)</sup> | 200 | 223671 |
| (1-day SOFR + 4.25%), 8.11%, 11/03/33<sup>(c)</sup> | 300 | 346330 |
| (3-mo. CME Term SOFR + 1.81%), 4.04%, <br> 03/13/28<sup>(c)</sup><br>| 211 | 209264 |
| (3-mo. CME Term SOFR + 1.87%), 3.97%, <br> 05/22/30<sup>(c)</sup><br>| 611 | 595025 |
| (1-day SOFR + 3.35%), 7.39%, 11/03/28<sup>(c)</sup> | 215 | 228328 |
| Huntington Bancshares, Inc.<sup>(c)</sup> <br>|  |  |
| (1-day SOFR + 1.28%), 5.27%, 01/15/31<sup>(a)</sup> | 50 | 51230 |
| (1-day SOFR + 1.97%), 4.44%, 08/04/28 | 260 | 259856 |
| (1-day SOFR + 2.05%), 5.02%, 05/17/33 | 73 | 72086 |
| (1-day SOFR Index + 1.87%), 5.71%, 02/02/35 | 100 | 102194 |
| Huntington National Bank |  |  |
| 5.65%, 01/10/30<sup>(a)</sup> | 250 | 259960 |
| (1-day SOFR Index + 1.65%), 4.55%, 05/17/28<sup>(c)</sup> | 280 | 281023 |
| ING Groep NV |  |  |
| 3.95%, 03/29/27 | 250 | 248823 |
| (1-day SOFR + 1.44%), 5.34%, 03/19/30<sup>(c)</sup> | 200 | 205086 |
| (1-day SOFR + 1.77%), 5.55%, 03/19/35<sup>(c)</sup> | 200 | 204785 |
| (1-day SOFR + 1.83%), 4.02%, 03/28/28<sup>(c)</sup> | 211 | 209622 |
| (1-day SOFR + 2.09%), 6.11%, 09/11/34<sup>(c)</sup> | 200 | 212615 |
| Inter-American Development Bank |  |  |
| 4.00%, 01/12/28 | 500 | 502906 |
| 3.50%, 04/12/33<sup>(a)</sup> | 1000 | 957143 |
| 4.50%, 09/13/33 | 300 | 305894 |
| International Bank for Reconstruction & Development |  |  |
| 3.50%, 07/12/28 | 1000 | 992555 |
| 4.63%, 08/01/28 | 750 | 768562 |
| 3.88%, 02/14/30 | 1000 | 1001576 |
| 4.00%, 01/10/31<sup>(a)</sup> | 750 | 752940 |
| 4.75%, 11/14/33 | 200 | 207913 |
| International Finance Corp., 4.50%, 07/13/28 | 500 | 510591 |
| JPMorgan Chase & Co. |  |  |
| 2.95%, 10/01/26 | 500 | 492721 |
| 7.63%, 10/15/26<sup>(a)</sup> | 87 | 90696 |
| 4.13%, 12/15/26 | 87 | 86900 |
| 4.25%, 10/01/27 | 87 | 87362 |
| 3.63%, 12/01/27 | 171 | 168596 |
| 6.40%, 05/15/38 | 389 | 432155 |
| 5.50%, 10/15/40 | 66 | 67363 |
| 5.60%, 07/15/41 | 96 | 98575 |
| 5.40%, 01/06/42 | 71 | 71213 |
| 5.63%, 08/16/43 | 87 | 87746 |
| 4.85%, 02/01/44 | 74 | 68811 |
| 4.95%, 06/01/45 | 214 | 195316 |
| (1-day SOFR + 0.77%), 1.47%, 09/22/27<sup>(c)</sup> | 171 | 164978 |
| (1-day SOFR + 0.80%), 4.92%, 01/24/29<sup>(c)</sup> | 260 | 263491 |
| (1-day SOFR + 0.86%), 4.51%, 10/22/28<sup>(c)</sup> | 135 | 135404 |
| (1-day SOFR + 0.93%), 5.57%, 04/22/28<sup>(c)</sup> | 250 | 255130 |
| (1-day SOFR + 0.93%), 4.98%, 07/22/28<sup>(c)</sup> | 60 | 60769 |
| (1-day SOFR + 1.01%), 5.14%, 01/24/31<sup>(c)</sup> | 295 | 302516 |
| (1-day SOFR + 1.02%), 2.07%, 06/01/29<sup>(c)</sup> | 240 | 225102 |
| (1-day SOFR + 1.04%), 4.60%, 10/22/30<sup>(c)</sup> | 250 | 250854 |
| (1-day SOFR + 1.07%), 1.95%, 02/04/32<sup>(c)</sup> | 341 | 295718 |
| (1-day SOFR + 1.13%), 5.00%, 07/22/30<sup>(c)</sup> | 450 | 458218 |
| (1-day SOFR + 1.16%), 5.58%, 04/22/30<sup>(c)</sup> | 450 | 467261 |
| (1-day SOFR + 1.17%), 2.95%, 02/24/28<sup>(c)</sup> | 111 | 108460 |
| (1-day SOFR + 1.18%), 2.55%, 11/08/32<sup>(c)</sup> | 276 | 242975 |
| (1-day SOFR + 1.19%), 5.04%, 01/23/28<sup>(c)</sup> | 105 | 106001 |
| (1-day SOFR + 1.26%), 2.96%, 01/25/33<sup>(c)</sup> | 403 | 362229 |
| (1-day SOFR + 1.31%), 5.01%, 01/23/30<sup>(c)</sup> | 225 | 229153 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| JPMorgan Chase & Co. (continued) |  |  |
| (1-day SOFR + 1.32%), 5.50%, 01/24/36<sup>(c)</sup> | $385 | $396549 |
| (1-day SOFR + 1.33%), 6.07%, 10/22/27<sup>(c)</sup> | 195 | 199235 |
| (1-day SOFR + 1.34%), 4.95%, 10/22/35<sup>(c)</sup> | 390 | 385915 |
| (1-day SOFR + 1.44%), 5.10%, 04/22/31<sup>(a)(c)</sup> | 205 | 210085 |
| (1-day SOFR + 1.45%), 5.30%, 07/24/29<sup>(c)</sup> | 235 | 241277 |
| (1-day SOFR + 1.46%), 5.29%, 07/22/35<sup>(c)</sup> | 375 | 381608 |
| (1-day SOFR + 1.46%), 3.16%, 04/22/42<sup>(c)</sup> | 392 | 295583 |
| (1-day SOFR + 1.49%), 5.77%, 04/22/35<sup>(c)</sup> | 165 | 173347 |
| (1-day SOFR + 1.55%), 5.53%, 11/29/45<sup>(c)</sup> | 150 | 150334 |
| (1-day SOFR + 1.56%), 4.32%, 04/26/28<sup>(c)</sup> | 472 | 471546 |
| (1-day SOFR + 1.57%), 6.09%, 10/23/29<sup>(c)</sup> | 285 | 299551 |
| (1-day SOFR + 1.58%), 3.33%, 04/22/52<sup>(a)(c)</sup> | 400 | 280263 |
| (1-day SOFR + 1.62%), 5.34%, 01/23/35<sup>(c)</sup> | 555 | 568115 |
| (1-day SOFR + 1.68%), 5.57%, 04/22/36<sup>(c)</sup> | 205 | 212450 |
| (1-day SOFR + 1.75%), 4.57%, 06/14/30<sup>(c)</sup> | 200 | 200881 |
| (1-day SOFR + 1.80%), 4.59%, 04/26/33<sup>(c)</sup> | 267 | 264261 |
| (1-day SOFR + 1.81%), 6.25%, 10/23/34<sup>(c)</sup> | 655 | 711881 |
| (1-day SOFR + 1.85%), 5.35%, 06/01/34<sup>(c)</sup> | 445 | 457826 |
| (1-day SOFR + 1.99%), 4.85%, 07/25/28<sup>(c)</sup> | 600 | 606255 |
| (1-day SOFR + 2.04%), 2.52%, 04/22/31<sup>(c)</sup> | 275 | 251431 |
| (1-day SOFR + 2.08%), 4.91%, 07/25/33<sup>(c)</sup> | 445 | 447576 |
| (1-day SOFR + 2.44%), 3.11%, 04/22/51<sup>(c)</sup> | 291 | 195812 |
| (1-day SOFR + 2.58%), 5.72%, 09/14/33<sup>(c)</sup> | 200 | 208460 |
| (3-mo. CME Term SOFR + 1.11%), 1.76%, <br> 11/19/31<sup>(c)</sup><br>| 171 | 148168 |
| (3-mo. CME Term SOFR + 1.21%), 3.51%, <br> 01/23/29<sup>(c)</sup><br>| 471 | 461365 |
| (3-mo. CME Term SOFR + 1.25%), 2.58%, <br> 04/22/32<sup>(c)</sup><br>| 400 | 357230 |
| (3-mo. CME Term SOFR + 1.38%), 4.01%, <br> 04/23/29<sup>(c)</sup><br>| 581 | 575889 |
| (3-mo. CME Term SOFR + 1.42%), 3.70%, <br> 05/06/30<sup>(a)(c)</sup><br>| 171 | 166432 |
| (3-mo. CME Term SOFR + 1.48%), 3.90%, <br> 01/23/49<sup>(c)</sup><br>| 100 | 78969 |
| (3-mo. CME Term SOFR + 1.51%), 2.74%, <br> 10/15/30<sup>(c)</sup><br>| 400 | 372976 |
| (3-mo. CME Term SOFR + 1.51%), 2.53%, <br> 11/19/41<sup>(c)</sup><br>| 257 | 180137 |
| (3-mo. CME Term SOFR + 1.52%), 4.20%, <br> 07/23/29<sup>(c)</sup><br>| 202 | 201147 |
| (3-mo. CME Term SOFR + 1.59%), 4.45%, <br> 12/05/29<sup>(c)</sup><br>| 427 | 427801 |
| (3-mo. CME Term SOFR + 1.60%), 3.78%, <br> 02/01/28<sup>(c)</sup><br>| 341 | 338037 |
| (3-mo. CME Term SOFR + 1.62%), 3.88%, <br> 07/24/38<sup>(c)</sup><br>| 171 | 150815 |
| (3-mo. CME Term SOFR + 1.64%), 3.54%, <br> 05/01/28<sup>(c)</sup><br>| 300 | 295559 |
| (3-mo. CME Term SOFR + 1.64%), 3.96%, <br> 11/15/48<sup>(c)</sup><br>| 427 | 341402 |
| (3-mo. CME Term SOFR + 1.72%), 4.03%, <br> 07/24/48<sup>(c)</sup><br>| 87 | 70428 |
| (3-mo. CME Term SOFR + 1.84%), 4.26%, <br> 02/22/48<sup>(c)</sup><br>| 171 | 144075 |
| (3-mo. CME Term SOFR + 2.46%), 3.11%, <br> 04/22/41<sup>(c)</sup><br>| 189 | 144857 |
| (3-mo. CME Term SOFR + 2.52%), 2.96%, <br> 05/13/31<sup>(c)</sup><br>| 341 | 315323 |
| (3-mo. CME Term SOFR + 3.79%), 4.49%, <br> 03/24/31<sup>(c)</sup><br>| 341 | 340571 |
| JPMorgan Chase Bank N.A., 5.11%, 12/08/26 | 250 | 253165 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| KeyBank NA/Cleveland OH |  |  |
| 5.00%, 01/26/33 | $250 | $246698 |
| Series BKNT, 5.85%, 11/15/27 | 250 | 258108 |
| KeyCorp. |  |  |
| 2.25%, 04/06/27 | 87 | 83892 |
| 2.55%, 10/01/29<sup>(a)</sup> | 87 | 80331 |
| (1-day SOFR Index + 2.06%), 4.79%, 06/01/33<sup>(c)</sup> | 105 | 102361 |
| (1-day SOFR Index + 2.42%), 6.40%, 03/06/35<sup>(c)</sup> | 100 | 106670 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 3.00%, 05/20/27<sup>(a)</sup> | 700 | 689926 |
| 3.50%, 08/27/27 | 400 | 398061 |
| 3.75%, 02/15/28 | 400 | 400626 |
| 3.88%, 06/15/28 | 700 | 703218 |
| 4.00%, 03/15/29<sup>(a)</sup> | 600 | 604981 |
| 1.75%, 09/14/29 | 257 | 237035 |
| 4.63%, 03/18/30 | 115 | 119029 |
| 3.75%, 07/15/30 | 50 | 49832 |
| 4.13%, 07/15/33<sup>(a)</sup> | 1400 | 1396491 |
| 4.38%, 02/28/34 | 500 | 505440 |
| Landwirtschaftliche Rentenbank |  |  |
| 1.75%, 07/27/26 | 171 | 167025 |
| 0.88%, 09/03/30 | 341 | 293751 |
| Series 44, 3.88%, 06/14/28 | 200 | 200819 |
| Lloyds Banking Group PLC |  |  |
| 3.75%, 01/11/27 | 400 | 396531 |
| 4.34%, 01/09/48 | 249 | 197494 |
| (1-year CMT + 0.85%), 5.09%, 11/26/28<sup>(c)</sup> | 200 | 202628 |
| (1-year CMT + 1.07%), 5.72%, 06/05/30<sup>(c)</sup> | 200 | 207710 |
| (1-year CMT + 1.20%), 5.59%, 11/26/35<sup>(c)</sup> | 200 | 203443 |
| (1-year CMT + 1.48%), 5.99%, 08/07/27<sup>(c)</sup> | 250 | 253790 |
| (1-year CMT + 1.70%), 5.87%, 03/06/29<sup>(c)</sup> | 200 | 206748 |
| (1-year CMT + 1.75%), 5.68%, 01/05/35<sup>(a)(c)</sup> | 200 | 205299 |
| (1-year CMT + 1.80%), 3.75%, 03/18/28<sup>(c)</sup> | 222 | 219290 |
| (1-year CMT + 2.30%), 4.98%, 08/11/33<sup>(c)</sup> | 200 | 198251 |
| (1-year CMT + 3.75%), 7.95%, 11/15/33<sup>(c)</sup> | 225 | 257803 |
| M&T Bank Corp.<sup>(c)</sup> <br>|  |  |
| (1-day SOFR + 1.40%), 5.18%, 07/08/31 | 45 | 45745 |
| (1-day SOFR + 1.61%), 5.39%, 01/16/36 | 120 | 119583 |
| (1-day SOFR + 1.85%), 5.05%, 01/27/34 | 200 | 197174 |
| (1-day SOFR Index + 1.78%), 4.55%, 08/16/28 | 100 | 100245 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 2.76%, 09/13/26 | 250 | 245487 |
| 3.29%, 07/25/27 | 171 | 168055 |
| 3.96%, 03/02/28 | 171 | 169742 |
| 3.74%, 03/07/29 | 341 | 334573 |
| 3.20%, 07/18/29 | 200 | 190740 |
| 2.56%, 02/25/30 | 349 | 320387 |
| 4.29%, 07/26/38<sup>(a)</sup> | 87 | 80771 |
| 3.75%, 07/18/39 | 200 | 172259 |
| (1-year CMT + 0.75%), 1.54%, 07/20/27<sup>(c)</sup> | 250 | 242562 |
| (1-year CMT + 0.83%), 2.34%, 01/19/28<sup>(c)</sup> | 220 | 213029 |
| (1-year CMT + 0.95%), 2.31%, 07/20/32<sup>(c)</sup> | 200 | 174239 |
| (1-year CMT + 0.97%), 2.49%, 10/13/32<sup>(c)</sup> | 215 | 188096 |
| (1-year CMT + 1.00%), 5.43%, 04/17/35<sup>(c)</sup> | 200 | 204236 |
| (1-year CMT + 1.10%), 2.85%, 01/19/33<sup>(c)</sup> | 200 | 177173 |
| (1-year CMT + 1.30%), 4.08%, 04/19/28<sup>(c)</sup> | 220 | 218731 |
| (1-year CMT + 1.90%), 5.35%, 09/13/28<sup>(c)</sup> | 200 | 204278 |
| (1-year CMT + 1.95%), 5.02%, 07/20/28<sup>(c)</sup> | 200 | 202558 |
| (1-year CMT + 2.13%), 5.13%, 07/20/33<sup>(c)</sup> | 250 | 253121 |
| (1-year CMT + 2.13%), 5.47%, 09/13/33<sup>(c)</sup> | 200 | 206150 |
| Mizuho Financial Group, Inc. |  |  |
| 2.56%, 09/13/31 | 200 | 174607 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Mizuho Financial Group, Inc. (continued) |  |  |
| 07/08/31<sup>(b)(c)</sup> | $200 | $199975 |
| (1-year CMT + 1.07%), 5.32%, 07/08/36<sup>(c)</sup> | 200 | 200348 |
| (1-year CMT + 1.25%), 3.26%, 05/22/30<sup>(c)</sup> | 380 | 362965 |
| (1-year CMT + 1.30%), 5.59%, 07/10/35<sup>(c)</sup> | 200 | 205807 |
| (1-year CMT + 1.65%), 5.78%, 07/06/29<sup>(c)</sup> | 200 | 207654 |
| (1-year CMT + 1.90%), 5.75%, 07/06/34<sup>(c)</sup> | 200 | 208206 |
| (1-year CMT + 2.05%), 5.41%, 09/13/28<sup>(a)(c)</sup> | 520 | 531566 |
| (1-year CMT + 2.40%), 5.67%, 09/13/33<sup>(c)</sup> | 520 | 539658 |
| Morgan Stanley |  |  |
| 3.13%, 07/27/26 | 87 | 85912 |
| 4.35%, 09/08/26 | 257 | 256540 |
| 3.63%, 01/20/27 | 341 | 338063 |
| 3.95%, 04/23/27 | 287 | 285197 |
| 3.59%, 07/22/28<sup>(c)</sup> | 384 | 377278 |
| 7.25%, 04/01/32 | 50 | 57544 |
| 3.97%, 07/22/38<sup>(c)</sup> | 171 | 148898 |
| 6.38%, 07/24/42 | 181 | 197789 |
| 4.30%, 01/27/45 | 371 | 316226 |
| 4.38%, 01/22/47 | 257 | 218803 |
| (1-day SOFR + 0.86%), 1.51%, 07/20/27<sup>(c)</sup> | 326 | 316240 |
| (1-day SOFR + 1.00%), 2.48%, 01/21/28<sup>(c)</sup> | 244 | 236839 |
| (1-day SOFR + 1.01%), 5.65%, 04/13/28<sup>(c)</sup> | 225 | 229995 |
| (1-day SOFR + 1.02%), 1.93%, 04/28/32<sup>(c)</sup> | 300 | 256497 |
| (1-day SOFR + 1.03%), 1.79%, 02/13/32<sup>(c)</sup> | 338 | 289174 |
| (1-day SOFR + 1.10%), 4.65%, 10/18/30<sup>(c)</sup> | 325 | 325620 |
| (1-day SOFR + 1.11%), 5.23%, 01/15/31<sup>(c)</sup> | 215 | 220094 |
| (1-day SOFR + 1.14%), 2.70%, 01/22/31<sup>(c)</sup> | 341 | 314442 |
| (1-day SOFR + 1.18%), 2.24%, 07/21/32<sup>(c)</sup> | 387 | 335122 |
| (1-day SOFR + 1.20%), 2.51%, 10/20/32<sup>(c)</sup> | 281 | 246075 |
| (1-day SOFR + 1.22%), 5.04%, 07/19/30<sup>(c)</sup> | 225 | 228823 |
| (1-day SOFR + 1.26%), 5.66%, 04/18/30<sup>(c)</sup> | 390 | 405097 |
| (1-day SOFR + 1.29%), 2.94%, 01/21/33<sup>(c)</sup> | 343 | 306125 |
| (1-day SOFR + 1.36%), 2.48%, 09/16/36<sup>(c)</sup> | 459 | 390028 |
| (1-day SOFR + 1.38%), 4.99%, 04/12/29<sup>(c)</sup> | 75 | 76091 |
| (1-day SOFR + 1.42%), 5.59%, 01/18/36<sup>(c)</sup> | 385 | 395208 |
| (1-day SOFR + 1.43%), 2.80%, 01/25/52<sup>(a)(c)</sup> | 221 | 136726 |
| (1-day SOFR + 1.45%), 5.17%, 01/16/30<sup>(c)</sup> | 250 | 255237 |
| (1-day SOFR + 1.49%), 3.22%, 04/22/42<sup>(c)</sup> | 535 | 405899 |
| (1-day SOFR + 1.51%), 5.19%, 04/17/31<sup>(c)</sup> | 350 | 358795 |
| (1-day SOFR + 1.56%), 5.32%, 07/19/35<sup>(c)</sup> | 275 | 278357 |
| (1-day SOFR + 1.58%), 5.83%, 04/19/35<sup>(c)</sup> | 285 | 298583 |
| (1-day SOFR + 1.59%), 5.16%, 04/20/29<sup>(c)</sup> | 255 | 259998 |
| (1-day SOFR + 1.61%), 4.21%, 04/20/28<sup>(c)</sup> | 246 | 245492 |
| (1-day SOFR + 1.63%), 5.45%, 07/20/29<sup>(c)</sup> | 540 | 555363 |
| (1-day SOFR + 1.71%), 5.52%, 11/19/55<sup>(c)</sup> | 295 | 288283 |
| (1-day SOFR + 1.73%), 5.12%, 02/01/29<sup>(c)</sup> | 295 | 300149 |
| (1-day SOFR + 1.73%), 5.47%, 01/18/35<sup>(c)</sup> | 300 | 306915 |
| (1-day SOFR + 1.76%), 5.66%, 04/17/36<sup>(c)</sup> | 390 | 404137 |
| (1-day SOFR + 1.83%), 6.41%, 11/01/29<sup>(c)</sup> | 280 | 296582 |
| (1-day SOFR + 1.87%), 5.25%, 04/21/34<sup>(c)</sup> | 255 | 259398 |
| (1-day SOFR + 1.88%), 5.42%, 07/21/34<sup>(c)</sup> | 340 | 348297 |
| (1-day SOFR + 2.05%), 6.63%, 11/01/34<sup>(c)</sup> | 130 | 143299 |
| (1-day SOFR + 2.08%), 4.89%, 07/20/33<sup>(c)</sup> | 70 | 70071 |
| (1-day SOFR + 2.24%), 6.30%, 10/18/28<sup>(c)</sup> | 250 | 260419 |
| (1-day SOFR + 2.56%), 6.34%, 10/18/33<sup>(c)</sup> | 200 | 217142 |
| (1-day SOFR + 2.62%), 5.30%, 04/20/37<sup>(c)</sup> | 114 | 113576 |
| (1-day SOFR + 3.12%), 3.62%, 04/01/31<sup>(c)</sup> | 400 | 383583 |
| (1-day SOFR + 4.84%), 5.60%, 03/24/51<sup>(a)(c)</sup> | 171 | 169710 |
| (3-mo. CME Term SOFR + 1.40%), 3.77%, <br> 01/24/29<sup>(c)</sup><br>| 410 | 404146 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley (continued) |  |  |
| (3-mo. CME Term SOFR + 1.69%), 4.46%, <br> 04/22/39<sup>(c)</sup><br>| $211 | $195641 |
| (3-mo. CME Term SOFR + 1.89%), 4.43%, <br> 01/23/30<sup>(c)</sup><br>| 330 | 329536 |
| (5-year CMT + 1.80%), 5.94%, 02/07/39<sup>(a)(c)</sup> | 100 | 102641 |
| (5-year CMT + 2.43%), 5.95%, 01/19/38<sup>(c)</sup> | 90 | 92587 |
| Morgan Stanley Bank N.A. |  |  |
| Class BN, (1-day SOFR + 0.68%), 4.45%, <br> 10/15/27<sup>(c)</sup><br>| 250 | 250367 |
| Class BN, (1-day SOFR + 0.91%), 5.02%, <br> 01/12/29<sup>(c)</sup><br>| 250 | 253887 |
| Series BKNT, 5.88%, 10/30/26 | 250 | 255261 |
| Series BKNT, (1-day SOFR + 0.87%), 5.50%, <br> 05/26/28<sup>(c)</sup><br>| 250 | 255279 |
| Series BKNT, (1-day SOFR + 1.08%), 4.95%, <br> 01/14/28<sup>(c)</sup><br>| 250 | 252014 |
| National Australia Bank Ltd, 4.90%, 06/13/28 | 550 | 563504 |
| National Australia Bank Ltd., Series BKNT, 2.50%, <br> 07/12/26<sup>(a)</sup><br>| 250 | 245825 |
| National Bank of Canada |  |  |
| 5.60%, 12/18/28 | 250 | 259606 |
| 4.50%, 10/10/29 | 250 | 249770 |
| NatWest Group PLC<sup>(c)</sup> <br>|  |  |
| (1-year CMT + 1.05%), 5.12%, 05/23/31 | 200 | 203273 |
| (1-year CMT + 1.50%), 5.78%, 03/01/35 | 200 | 207689 |
| (1-year CMT + 2.10%), 6.02%, 03/02/34 | 200 | 211617 |
| (3-mo. SOFR US + 2.17%), 5.08%, 01/27/30 | 450 | 456590 |
| (5-year CMT + 2.35%), 3.03%, 11/28/35 | 300 | 270653 |
| Northern Trust Corp. |  |  |
| 4.00%, 05/10/27 | 102 | 101875 |
| 3.65%, 08/03/28<sup>(a)</sup> | 87 | 85794 |
| 3.15%, 05/03/29 | 87 | 83919 |
| 6.13%, 11/02/32 | 130 | 140376 |
| Oesterreichische Kontrollbank AG |  |  |
| 4.25%, 03/01/28<sup>(a)</sup> | 500 | 505837 |
| 3.75%, 09/05/29 | 300 | 299162 |
| 4.50%, 01/24/30<sup>(a)</sup> | 85 | 87311 |
| PNC Bank N.A., Series BKNT, 4.05%, 07/26/28 | 300 | 297640 |
| PNC Financial Services Group, Inc. |  |  |
| 1.15%, 08/13/26 | 171 | 165215 |
| 3.45%, 04/23/29 | 341 | 331556 |
| 2.55%, 01/22/30<sup>(a)</sup> | 671 | 621530 |
| (1-day SOFR + 0.80%), 5.10%, 07/23/27<sup>(c)</sup> | 125 | 125941 |
| (1-day SOFR + 0.98%), 2.31%, 04/23/32<sup>(c)</sup> | 171 | 150004 |
| (1-day SOFR + 1.07%), 5.22%, 01/29/31<sup>(a)(c)</sup> | 115 | 118021 |
| (1-day SOFR + 1.20%), 5.49%, 05/14/30<sup>(c)</sup> | 125 | 129510 |
| (1-day SOFR + 1.26%), 4.81%, 10/21/32<sup>(c)</sup> | 100 | 100230 |
| (1-day SOFR + 1.33%), 4.90%, 05/13/31<sup>(c)</sup> | 100 | 101270 |
| (1-day SOFR + 1.34%), 5.30%, 01/21/28<sup>(c)</sup> | 35 | 35526 |
| (1-day SOFR + 1.39%), 5.58%, 01/29/36<sup>(c)</sup> | 205 | 211287 |
| (1-day SOFR + 1.60%), 5.40%, 07/23/35<sup>(c)</sup> | 360 | 366582 |
| (1-day SOFR + 1.62%), 5.35%, 12/02/28<sup>(c)</sup> | 135 | 138259 |
| (1-day SOFR + 1.84%), 5.58%, 06/12/29<sup>(c)</sup> | 774 | 801571 |
| (1-day SOFR + 1.90%), 5.68%, 01/22/35<sup>(c)</sup> | 200 | 207799 |
| (1-day SOFR + 1.93%), 5.07%, 01/24/34<sup>(c)</sup> | 205 | 206020 |
| (1-day SOFR + 1.95%), 5.94%, 08/18/34<sup>(c)</sup> | 100 | 105788 |
| (1-day SOFR + 2.28%), 6.88%, 10/20/34<sup>(c)</sup> | 295 | 329781 |
| (1-day SOFR Index + 1.73%), 6.62%, 10/20/27<sup>(c)</sup> | 100 | 102799 |
| Regions Financial Corp. |  |  |
| 1.80%, 08/12/28<sup>(a)</sup> | 341 | 314877 |
| (1-day SOFR + 1.49%), 5.72%, 06/06/30<sup>(a)(c)</sup> | 50 | 51640 |
| (1-day SOFR + 2.06%), 5.50%, 09/06/35<sup>(c)</sup> | 100 | 100250 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Royal Bank of Canada |  |  |
| 1.15%, 07/14/26 | $171 | $165756 |
| 5.20%, 07/20/26 | 175 | 176710 |
| 1.40%, 11/02/26 | 76 | 73370 |
| 4.88%, 01/19/27 | 50 | 50485 |
| 2.05%, 01/21/27 | 87 | 84363 |
| 3.63%, 05/04/27 | 79 | 78239 |
| 4.24%, 08/03/27 | 220 | 220358 |
| 6.00%, 11/01/27 | 100 | 103921 |
| 4.90%, 01/12/28<sup>(a)</sup> | 100 | 101823 |
| 5.20%, 08/01/28 | 175 | 180024 |
| 4.95%, 02/01/29 | 550 | 562598 |
| 2.30%, 11/03/31 | 200 | 175679 |
| 3.88%, 05/04/32 | 79 | 75557 |
| 5.00%, 02/01/33 | 100 | 101550 |
| 5.00%, 05/02/33 | 80 | 81017 |
| 5.15%, 02/01/34 | 50 | 51221 |
| (1-day SOFR + 0.79%), 5.07%, 07/23/27<sup>(c)</sup> | 125 | 125836 |
| (1-day SOFR + 0.83%), 4.97%, 01/24/29<sup>(c)</sup> | 150 | 152161 |
| (1-day SOFR + 1.03%), 5.15%, 02/04/31<sup>(a)(c)</sup> | 150 | 153084 |
| (1-day SOFR + 1.10%), 4.97%, 08/02/30<sup>(c)</sup> | 125 | 126740 |
| (1-day SOFR Index + 0.72%), 4.51%, 10/18/27<sup>(c)</sup> | 65 | 65118 |
| (1-day SOFR Index + 0.81%), 4.72%, 03/27/28<sup>(c)</sup> | 125 | 125753 |
| (1-day SOFR Index + 0.86%), 4.52%, 10/18/28<sup>(c)</sup> | 65 | 65269 |
| (1-day SOFR Index + 1.08%), 4.65%, 10/18/30<sup>(c)</sup> | 250 | 250439 |
| (1-day SOFR Index + 1.13%), 4.97%, 05/02/31<sup>(c)</sup> | 125 | 126866 |
| Santander Holdings USA, Inc. |  |  |
| 3.24%, 10/05/26 | 341 | 335739 |
| 4.40%, 07/13/27 | 100 | 99833 |
| (1-day SOFR + 1.25%), 2.49%, 01/06/28<sup>(a)(c)</sup> | 140 | 135523 |
| (1-day SOFR + 1.61%), 5.47%, 03/20/29<sup>(c)</sup> | 75 | 76258 |
| (1-day SOFR + 1.88%), 5.74%, 03/20/31<sup>(c)</sup> | 75 | 76991 |
| (1-day SOFR + 1.94%), 5.35%, 09/06/30<sup>(c)</sup> | 100 | 101787 |
| (1-day SOFR + 2.14%), 6.34%, 05/31/35<sup>(c)</sup> | 85 | 88763 |
| (1-day SOFR + 2.36%), 6.50%, 03/09/29<sup>(c)</sup> | 70 | 72987 |
| (1-day SOFR + 2.50%), 6.17%, 01/09/30<sup>(c)</sup> | 40 | 41631 |
| (1-day SOFR + 2.70%), 6.57%, 06/12/29<sup>(c)</sup> | 28 | 29354 |
| (1-day SOFR + 3.28%), 7.66%, 11/09/31<sup>(c)</sup> | 50 | 55770 |
| Santander U.K. Group Holdings PLC<sup>(c)</sup> <br>|  |  |
| (1-day SOFR + 1.22%), 2.47%, 01/11/28 | 200 | 193633 |
| (1-day SOFR + 2.60%), 6.53%, 01/10/29 | 200 | 208744 |
| (3-mo. SOFR US + 1.66%), 3.82%, 11/03/28 | 200 | 195993 |
| State Street Bank & Trust Co., 4.78%, 11/23/29<sup>(a)</sup> | 250 | 255325 |
| State Street Corp. |  |  |
| 5.27%, 08/03/26 | 100 | 101004 |
| 4.99%, 03/18/27 | 100 | 101447 |
| 4.33%, 10/22/27 | 100 | 100509 |
| 4.54%, 02/28/28<sup>(a)</sup> | 75 | 75854 |
| 2.40%, 01/24/30<sup>(a)</sup> | 75 | 69738 |
| 4.73%, 02/28/30 | 75 | 76138 |
| 4.83%, 04/24/30 | 75 | 76391 |
| (1-day SOFR + 0.56%), 1.68%, 11/18/27<sup>(c)</sup> | 155 | 149587 |
| (1-day SOFR + 0.73%), 2.20%, 02/07/28<sup>(c)</sup> | 61 | 59085 |
| (1-day SOFR + 0.95%), 4.54%, 04/24/28<sup>(c)</sup> | 30 | 30191 |
| (1-day SOFR + 1.00%), 2.62%, 02/07/33<sup>(c)</sup> | 67 | 58949 |
| (1-day SOFR + 1.02%), 4.53%, 02/20/29<sup>(c)</sup> | 175 | 176435 |
| (1-day SOFR + 1.05%), 4.68%, 10/22/32<sup>(c)</sup> | 100 | 100040 |
| (1-day SOFR + 1.22%), 5.15%, 02/28/36<sup>(c)</sup> | 75 | 75876 |
| (1-day SOFR + 1.48%), 5.68%, 11/21/29<sup>(c)</sup> | 100 | 104579 |
| (1-day SOFR + 1.49%), 3.03%, 11/01/34<sup>(c)</sup> | 70 | 64670 |
| (1-day SOFR + 1.57%), 4.82%, 01/26/34<sup>(c)</sup> | 80 | 79708 |
| (1-day SOFR + 1.61%), 4.42%, 05/13/33<sup>(c)</sup> | 100 | 98145 |
| (1-day SOFR + 1.72%), 5.82%, 11/04/28<sup>(a)(c)</sup> | 60 | 62162 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| State Street Corp. (continued) |  |  |
| (1-day SOFR + 1.73%), 4.16%, 08/04/33<sup>(c)</sup> | $25 | $24033 |
| (1-day SOFR + 1.89%), 5.16%, 05/18/34<sup>(c)</sup> | 60 | 61291 |
| (1-day SOFR + 1.96%), 6.12%, 11/21/34<sup>(c)</sup> | 50 | 53412 |
| (1-day SOFR + 2.65%), 3.15%, 03/30/31<sup>(c)</sup> | 171 | 161563 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 2.63%, 07/14/26 | 171 | 168021 |
| 1.40%, 09/17/26 | 218 | 210475 |
| 3.01%, 10/19/26 | 87 | 85571 |
| 2.17%, 01/14/27 | 200 | 193850 |
| 3.36%, 07/12/27 | 171 | 168353 |
| 3.35%, 10/18/27 | 87 | 85386 |
| 5.52%, 01/13/28 | 200 | 205915 |
| 5.72%, 09/14/28 | 200 | 207938 |
| 1.90%, 09/17/28 | 218 | 202348 |
| 4.31%, 10/16/28 | 100 | 100247 |
| 5.32%, 07/09/29 | 200 | 206004 |
| 3.04%, 07/16/29 | 300 | 284355 |
| 2.72%, 09/27/29 | 522 | 488970 |
| 2.13%, 07/08/30 | 200 | 178701 |
| 2.22%, 09/17/31 | 265 | 230697 |
| 5.77%, 01/13/33 | 300 | 315572 |
| 5.81%, 09/14/33<sup>(a)</sup> | 200 | 212242 |
| 5.56%, 07/09/34 | 200 | 206515 |
| 5.63%, 01/15/35<sup>(a)</sup> | 200 | 206973 |
| 2.93%, 09/17/41 | 70 | 50660 |
| 6.18%, 07/13/43 | 100 | 106654 |
| 5.84%, 07/09/44 | 100 | 101676 |
| Synchrony Bank, 5.63%, 08/23/27 | 250 | 254952 |
| Toronto-Dominion Bank |  |  |
| 5.53%, 07/17/26 | 75 | 75923 |
| 1.25%, 09/10/26 | 189 | 182383 |
| 5.26%, 12/11/26 | 35 | 35474 |
| 4.57%, 12/17/26 | 75 | 75284 |
| 1.95%, 01/12/27 | 87 | 84109 |
| 2.80%, 03/10/27 | 133 | 129867 |
| 4.98%, 04/05/27 | 100 | 101232 |
| 4.11%, 06/08/27 | 100 | 99715 |
| 4.69%, 09/15/27 | 200 | 201924 |
| 4.86%, 01/31/28 | 75 | 76027 |
| 4.57%, 06/02/28 | 75 | 75552 |
| 5.52%, 07/17/28 | 175 | 181016 |
| 4.99%, 04/05/29 | 100 | 102062 |
| 4.78%, 12/17/29 | 75 | 75880 |
| 4.81%, 06/03/30 | 75 | 75712 |
| 2.00%, 09/10/31<sup>(a)</sup> | 189 | 165043 |
| 2.45%, 01/12/32 | 87 | 75902 |
| 5.30%, 01/30/32 | 75 | 76973 |
| 3.20%, 03/10/32 | 213 | 193621 |
| 4.46%, 06/08/32 | 205 | 201227 |
| (5-year CMT + 1.50%), 5.15%, 09/10/34<sup>(c)</sup> | 120 | 120344 |
| (5-year USD Swap + 2.21%), 3.63%, 09/15/31<sup>(c)</sup> | 87 | 86006 |
| Truist Bank, Series BKNT, 3.80%, 10/30/26 | 250 | 247650 |
| Truist Financial Corp. |  |  |
| 1.13%, 08/03/27 | 155 | 145700 |
| 1.95%, 06/05/30 | 141 | 124798 |
| (1-day SOFR + 0.86%), 1.89%, 06/07/29<sup>(c)</sup> | 171 | 159129 |
| (1-day SOFR + 1.31%), 5.07%, 05/20/31<sup>(c)</sup> | 125 | 126900 |
| (1-day SOFR + 1.37%), 4.12%, 06/06/28<sup>(c)</sup> | 65 | 64759 |
| (1-day SOFR + 1.44%), 4.87%, 01/26/29<sup>(c)</sup> | 280 | 283235 |
| (1-day SOFR + 1.57%), 5.15%, 08/05/32<sup>(c)</sup> | 100 | 101944 |
| (1-day SOFR + 1.62%), 5.44%, 01/24/30<sup>(c)</sup> | 185 | 190545 |
| (1-day SOFR + 1.85%), 5.12%, 01/26/34<sup>(c)</sup> | 130 | 130081 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Truist Financial Corp. (continued) |  |  |
| (1-day SOFR + 1.92%), 5.71%, 01/24/35<sup>(c)</sup> | $35 | $36279 |
| (1-day SOFR + 2.24%), 4.92%, 07/28/33<sup>(a)(c)</sup> | 100 | 97585 |
| (1-day SOFR + 2.30%), 6.12%, 10/28/33<sup>(c)</sup> | 100 | 106279 |
| (1-day SOFR + 2.36%), 5.87%, 06/08/34<sup>(a)(c)</sup> | 345 | 360418 |
| (1-day SOFR + 2.45%), 7.16%, 10/30/29<sup>(c)</sup> | 330 | 356957 |
| U.S. Bancorp |  |  |
| 3.90%, 04/26/28 | 341 | 338811 |
| 3.00%, 07/30/29 | 200 | 189339 |
| 1.38%, 07/22/30 | 141 | 121832 |
| (1-day SOFR + 0.73%), 2.22%, 01/27/28<sup>(c)</sup> | 87 | 84079 |
| (1-day SOFR + 1.02%), 2.68%, 01/27/33<sup>(c)</sup> | 87 | 76268 |
| (1-day SOFR + 1.06%), 5.05%, 02/12/31<sup>(c)</sup> | 75 | 76347 |
| (1-day SOFR + 1.23%), 4.65%, 02/01/29<sup>(c)</sup> | 150 | 150973 |
| (1-day SOFR + 1.25%), 5.10%, 07/23/30<sup>(c)</sup> | 135 | 137802 |
| (1-day SOFR + 1.30%), 5.08%, 05/15/31<sup>(c)</sup> | 150 | 153006 |
| (1-day SOFR + 1.41%), 5.42%, 02/12/36<sup>(a)(c)</sup> | 120 | 122278 |
| (1-day SOFR + 1.56%), 5.38%, 01/23/30<sup>(c)</sup> | 200 | 205924 |
| (1-day SOFR + 1.60%), 4.84%, 02/01/34<sup>(a)(c)</sup> | 650 | 641823 |
| (1-day SOFR + 1.66%), 4.55%, 07/22/28<sup>(c)</sup> | 160 | 160361 |
| (1-day SOFR + 1.86%), 5.68%, 01/23/35<sup>(c)</sup> | 50 | 51909 |
| (1-day SOFR + 1.88%), 6.79%, 10/26/27<sup>(c)</sup> | 50 | 51471 |
| (1-day SOFR + 2.02%), 5.78%, 06/12/29<sup>(c)</sup> | 55 | 57113 |
| (1-day SOFR + 2.09%), 5.85%, 10/21/33<sup>(c)</sup> | 200 | 210407 |
| (1-day SOFR + 2.11%), 4.97%, 07/22/33<sup>(c)</sup> | 425 | 419786 |
| (1-day SOFR + 2.26%), 5.84%, 06/12/34<sup>(c)</sup> | 150 | 157562 |
| (5-year CMT + 0.95%), 2.49%, 11/03/36<sup>(c)</sup> | 121 | 102703 |
| Series V, 2.38%, 07/22/26 | 87 | 85423 |
| Series X, 3.15%, 04/27/27 | 200 | 196465 |
| UBS AG/Stamford CT |  |  |
| 5.00%, 07/09/27 | 250 | 253861 |
| 7.50%, 02/15/28 | 250 | 269691 |
| UBS Group AG, 4.88%, 05/15/45 | 518 | 465326 |
| Wachovia Corp., 5.50%, 08/01/35 | 100 | 101609 |
| Wells Fargo & Co. |  |  |
| 3.00%, 10/23/26 | 400 | 393144 |
| 4.30%, 07/22/27 | 257 | 257051 |
| 4.15%, 01/24/29 | 371 | 369594 |
| 5.38%, 11/02/43 | 155 | 146979 |
| 5.61%, 01/15/44 | 214 | 207417 |
| 4.65%, 11/04/44 | 270 | 231130 |
| 3.90%, 05/01/45 | 197 | 156501 |
| 4.90%, 11/17/45 | 257 | 226057 |
| 4.40%, 06/14/46 | 244 | 199064 |
| 4.75%, 12/07/46 | 275 | 235676 |
| (1-day SOFR + 1.07%), 5.71%, 04/22/28<sup>(c)</sup> | 240 | 245212 |
| (1-day SOFR + 1.11%), 5.24%, 01/24/31<sup>(c)</sup> | 330 | 338526 |
| (1-day SOFR + 1.37%), 4.97%, 04/23/29<sup>(c)</sup> | 300 | 304198 |
| (1-day SOFR + 1.38%), 5.21%, 12/03/35<sup>(c)</sup> | 350 | 351346 |
| (1-day SOFR + 1.50%), 5.20%, 01/23/30<sup>(c)</sup> | 425 | 435328 |
| (1-day SOFR + 1.50%), 5.15%, 04/23/31<sup>(c)</sup> | 300 | 307249 |
| (1-day SOFR + 1.50%), 3.35%, 03/02/33<sup>(c)</sup> | 387 | 353428 |
| (1-day SOFR + 1.51%), 3.53%, 03/24/28<sup>(c)</sup> | 563 | 555188 |
| (1-day SOFR + 1.74%), 5.57%, 07/25/29<sup>(c)</sup> | 530 | 547256 |
| (1-day SOFR + 1.74%), 5.61%, 04/23/36<sup>(c)</sup> | 275 | 283860 |
| (1-day SOFR + 1.78%), 5.50%, 01/23/35<sup>(c)</sup> | 390 | 399952 |
| (1-day SOFR + 1.79%), 6.30%, 10/23/29<sup>(c)</sup> | 185 | 195524 |
| (1-day SOFR + 1.98%), 4.81%, 07/25/28<sup>(c)</sup> | 210 | 211770 |
| (1-day SOFR + 1.99%), 5.56%, 07/25/34<sup>(c)</sup> | 490 | 505693 |
| (1-day SOFR + 2.02%), 5.39%, 04/24/34<sup>(c)</sup> | 465 | 475810 |
| (1-day SOFR + 2.06%), 6.49%, 10/23/34<sup>(c)</sup> | 215 | 235002 |
| (1-day SOFR + 2.10%), 2.39%, 06/02/28<sup>(c)</sup> | 355 | 342012 |
| (1-day SOFR + 2.10%), 4.90%, 07/25/33<sup>(c)</sup> | 500 | 500097 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co. (continued) |  |  |
| (1-day SOFR + 2.13%), 4.61%, 04/25/53<sup>(c)</sup> | 339 | $288900 |
| (1-day SOFR + 2.53%), 3.07%, 04/30/41<sup>(c)</sup> | 341 | 257683 |
| (3-mo. CME Term SOFR + 1.26%), 2.57%, <br> 02/11/31<sup>(c)</sup><br>| 257 | 235442 |
| (3-mo. CME Term SOFR + 1.43%), 2.88%, <br> 10/30/30<sup>(c)</sup><br>| 341 | 318607 |
| (3-mo. CME Term SOFR + 1.57%), 3.58%, <br> 05/22/28<sup>(c)</sup><br>| 257 | 253042 |
| (3-mo. CME Term SOFR + 4.03%), 4.48%, <br> 04/04/31<sup>(c)</sup><br>| 341 | 339391 |
| (3-mo. CME Term SOFR + 4.50%), 5.01%, <br> 04/04/51<sup>(c)</sup><br>| 533 | 485306 |
| Series W, (1-day SOFR + 0.78%), 4.90%, <br> 01/24/28<sup>(c)</sup><br>| 230 | 231665 |
| Wells Fargo Bank N.A. |  |  |
| 5.25%, 12/11/26 | 250 | 253605 |
| Series BKNT, 5.45%, 08/07/26 | 500 | 506374 |
| Series BKNT, 6.60%, 01/15/38 | 250 | 276669 |
| Westpac Banking Corp. |  |  |
| 4.60%, 10/20/26 | 55 | 55355 |
| 4.04%, 08/26/27 | 100 | 100014 |
| 5.46%, 11/18/27 | 250 | 257889 |
| 3.40%, 01/25/28 | 87 | 85712 |
| 5.54%, 11/17/28 | 100 | 104659 |
| 1.95%, 11/20/28 | 171 | 159552 |
| 5.05%, 04/16/29 | 100 | 103191 |
| 2.65%, 01/16/30 | 138 | 129314 |
| 4.35%, 07/01/30 | 100 | 100206 |
| 2.15%, 06/03/31 | 240 | 213095 |
| 6.82%, 11/17/33 | 55 | 60479 |
| 4.42%, 07/24/39 | 171 | 155222 |
| 3.13%, 11/18/41 | 59 | 42960 |
| (1-year CMT + 2.68%), 5.41%, 08/10/33<sup>(a)(c)</sup> | 100 | 100865 |
| (5-year CMT + 1.53%), 3.02%, 11/18/36<sup>(c)</sup> | 81 | 71114 |
| (5-year CMT + 1.75%), 2.67%, 11/15/35<sup>(c)</sup> | 237 | 209054 |
| (5-year CMT + 2.00%), 4.11%, 07/24/34<sup>(a)(c)</sup> | 150 | 144955 |
| (5-year USD ICE Swap + 2.24%), 4.32%, <br> 11/23/31<sup>(c)</sup><br>| 130 | 129144 |
|  |  | 184294235 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev <br> Worldwide, Inc.<br>|  |  |
| 4.70%, 02/01/36 | 597 | 582523 |
| 4.90%, 02/01/46 | 882 | 808477 |
| Anheuser-Busch InBev Finance, Inc. |  |  |
| 4.70%, 02/01/36<sup>(a)</sup> | 100 | 97575 |
| 4.63%, 02/01/44 | 112 | 101082 |
| 4.90%, 02/01/46 | 87 | 79274 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.75%, 01/23/29 | 298 | 303369 |
| 3.50%, 06/01/30 | 297 | 286532 |
| 5.00%, 06/15/34<sup>(a)</sup> | 165 | 168431 |
| 4.38%, 04/15/38<sup>(a)</sup> | 171 | 159555 |
| 8.20%, 01/15/39 | 197 | 251248 |
| 5.45%, 01/23/39 | 171 | 173939 |
| 4.95%, 01/15/42 | 87 | 82073 |
| 4.44%, 10/06/48 | 209 | 177728 |
| 5.55%, 01/23/49 | 600 | 595449 |
| 4.75%, 04/15/58 | 150 | 131536 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Anheuser-Busch InBev Worldwide, Inc. (continued) |  |  |
| 5.80%, 01/23/59 | $271 | $277551 |
| Brown-Forman Corp. |  |  |
| 4.75%, 04/15/33<sup>(a)</sup> | 40 | 39974 |
| 4.00%, 04/15/38 | 87 | 76248 |
| Coca-Cola Co. |  |  |
| 2.90%, 05/25/27 | 87 | 85375 |
| 1.50%, 03/05/28 | 171 | 160721 |
| 2.13%, 09/06/29<sup>(a)</sup> | 171 | 158721 |
| 3.45%, 03/25/30 | 87 | 84491 |
| 1.65%, 06/01/30 | 220 | 195122 |
| 2.00%, 03/05/31 | 158 | 140480 |
| 2.25%, 01/05/32 | 291 | 257579 |
| 5.00%, 05/13/34 | 75 | 77229 |
| 4.65%, 08/14/34<sup>(a)</sup> | 150 | 150765 |
| 2.50%, 06/01/40 | 171 | 124676 |
| 2.88%, 05/05/41 | 87 | 65370 |
| 4.20%, 03/25/50 | 150 | 124936 |
| 2.60%, 06/01/50 | 171 | 105426 |
| 3.00%, 03/05/51 | 140 | 93016 |
| 2.50%, 03/15/51<sup>(a)</sup> | 257 | 154312 |
| 5.30%, 05/13/54 | 75 | 72974 |
| 5.20%, 01/14/55 | 50 | 47866 |
| 2.75%, 06/01/60<sup>(a)</sup> | 75 | 44682 |
| 5.40%, 05/13/64 | 275 | 268277 |
| Coca-Cola Consolidated, Inc. |  |  |
| 5.25%, 06/01/29 | 50 | 51524 |
| 5.45%, 06/01/34 | 50 | 51522 |
| Coca-Cola Femsa SAB de C.V. |  |  |
| 2.75%, 01/22/30 | 150 | 140109 |
| 1.85%, 09/01/32<sup>(a)</sup> | 218 | 178590 |
| Constellation Brands, Inc. |  |  |
| 3.70%, 12/06/26 | 130 | 128933 |
| 3.50%, 05/09/27 | 171 | 168269 |
| 4.80%, 01/15/29<sup>(a)</sup> | 25 | 25255 |
| 3.15%, 08/01/29 | 171 | 162443 |
| 4.80%, 05/01/30 | 25 | 25206 |
| 2.25%, 08/01/31 | 326 | 282415 |
| 4.90%, 05/01/33<sup>(a)</sup> | 60 | 59450 |
| 4.10%, 02/15/48<sup>(a)</sup> | 87 | 67695 |
| 3.75%, 05/01/50 | 87 | 63287 |
| Diageo Capital PLC |  |  |
| 5.38%, 10/05/26 | 200 | 202507 |
| 5.30%, 10/24/27<sup>(a)</sup> | 200 | 204946 |
| 5.50%, 01/24/33 | 200 | 208190 |
| 5.63%, 10/05/33 | 200 | 210204 |
| 3.88%, 04/29/43 | 74 | 59518 |
| Diageo Investment Corp., 4.25%, 05/11/42<sup>(a)</sup> | 87 | 74262 |
| Keurig Dr. Pepper, Inc. |  |  |
| 2.55%, 09/15/26 | 100 | 98013 |
| 5.10%, 03/15/27 | 50 | 50621 |
| 4.35%, 05/15/28 | 50 | 50085 |
| 5.05%, 03/15/29 | 50 | 51115 |
| 3.95%, 04/15/29 | 65 | 63942 |
| 3.20%, 05/01/30 | 87 | 82027 |
| 4.60%, 05/15/30 | 50 | 50254 |
| 4.05%, 04/15/32<sup>(a)</sup> | 71 | 68229 |
| 5.30%, 03/15/34 | 50 | 51177 |
| 5.15%, 05/15/35 | 50 | 49893 |
| 4.50%, 11/15/45 | 100 | 83566 |
| 4.42%, 12/15/46 | 87 | 71623 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Keurig Dr. Pepper, Inc. (continued) |  |  |
| 3.80%, 05/01/50 | 87 | $64332 |
| 3.35%, 03/15/51 | 87 | 58444 |
| 4.50%, 04/15/52 | 72 | 59316 |
| Series 10, 5.20%, 03/15/31 | 50 | 51595 |
| Series 31, 2.25%, 03/15/31 | 87 | 76792 |
| Molson Coors Beverage Co. |  |  |
| 3.00%, 07/15/26 | 200 | 197024 |
| 5.00%, 05/01/42 | 100 | 91212 |
| 4.20%, 07/15/46<sup>(a)</sup> | 187 | 149190 |
| Pepsico Singapore Financing I Pte. Ltd. |  |  |
| 4.65%, 02/16/27 | 50 | 50463 |
| 4.55%, 02/16/29 | 50 | 50732 |
| 4.70%, 02/16/34 | 50 | 49754 |
| PepsiCo, Inc. |  |  |
| 2.38%, 10/06/26 | 171 | 167594 |
| 5.13%, 11/10/26 | 75 | 75945 |
| 4.40%, 02/07/27 | 50 | 50338 |
| 3.00%, 10/15/27 | 87 | 85065 |
| 4.45%, 02/07/28 | 50 | 50620 |
| 3.60%, 02/18/28 | 50 | 49570 |
| 4.45%, 05/15/28 | 60 | 60904 |
| 4.50%, 07/17/29 | 75 | 76196 |
| 2.63%, 07/29/29 | 171 | 161746 |
| 4.60%, 02/07/30 | 50 | 50924 |
| 2.75%, 03/19/30 | 341 | 319777 |
| 1.63%, 05/01/30 | 104 | 92328 |
| 1.40%, 02/25/31 | 206 | 176662 |
| 1.95%, 10/21/31 | 169 | 146881 |
| 3.90%, 07/18/32<sup>(a)</sup> | 70 | 67655 |
| 4.45%, 02/15/33<sup>(a)</sup> | 60 | 60037 |
| 4.80%, 07/17/34 | 75 | 75488 |
| 5.00%, 02/07/35 | 130 | 131976 |
| 2.63%, 10/21/41 | 87 | 61492 |
| 4.45%, 04/14/46 | 300 | 264708 |
| 3.45%, 10/06/46 | 89 | 66011 |
| 3.38%, 07/29/49 | 75 | 53828 |
| 2.88%, 10/15/49 | 87 | 57142 |
| 3.63%, 03/19/50 | 121 | 91492 |
| 2.75%, 10/21/51 | 257 | 160336 |
| 4.20%, 07/18/52 | 25 | 20486 |
| 4.65%, 02/15/53 | 60 | 52894 |
| 5.25%, 07/17/54<sup>(a)</sup> | 75 | 72692 |
|  |  | 13639093 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| Amgen, Inc. |  |  |
| 2.60%, 08/19/26 | 124 | 121711 |
| 2.20%, 02/21/27 | 300 | 290194 |
| 5.15%, 03/02/28 | 330 | 337181 |
| 4.05%, 08/18/29 | 330 | 326174 |
| 2.45%, 02/21/30 | 100 | 91581 |
| 5.25%, 03/02/30 | 345 | 355482 |
| 2.00%, 01/15/32 | 240 | 204662 |
| 3.35%, 02/22/32 | 73 | 67595 |
| 4.20%, 03/01/33 | 330 | 316742 |
| 5.25%, 03/02/33 | 365 | 373768 |
| 3.15%, 02/21/40 | 171 | 131717 |
| 2.80%, 08/15/41 | 189 | 136558 |
| 4.95%, 10/01/41 | 341 | 313159 |
| 5.15%, 11/15/41 | 87 | 81984 |
| 5.60%, 03/02/43 | 330 | 327364 |
| 4.56%, 06/15/48 | 87 | 73939 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Amgen, Inc. (continued) |  |  |
| 3.38%, 02/21/50<sup>(a)</sup> | 171 | $120287 |
| 4.66%, 06/15/51 | 300 | 256844 |
| 3.00%, 01/15/52 | 240 | 154091 |
| 4.20%, 02/22/52 | 60 | 46978 |
| 4.88%, 03/01/53 | 55 | 48030 |
| 5.65%, 03/02/53<sup>(a)</sup> | 445 | 434496 |
| 2.77%, 09/01/53 | 71 | 42105 |
| 4.40%, 02/22/62 | 275 | 214657 |
| 5.75%, 03/02/63 | 310 | 301379 |
| Baxalta, Inc., 5.25%, 06/23/45 | 78 | 72829 |
| Biogen, Inc. |  |  |
| 2.25%, 05/01/30<sup>(a)</sup> | 138 | 124347 |
| 3.15%, 05/01/50 | 193 | 121634 |
| 3.25%, 02/15/51<sup>(a)</sup> | 104 | 66382 |
| Bio-Rad Laboratories, Inc. |  |  |
| 3.30%, 03/15/27 | 60 | 58844 |
| 3.70%, 03/15/32<sup>(a)</sup> | 67 | 61612 |
| Gilead Sciences, Inc. |  |  |
| 2.95%, 03/01/27 | 87 | 85409 |
| 1.20%, 10/01/27 | 62 | 58210 |
| 4.80%, 11/15/29 | 60 | 61241 |
| 1.65%, 10/01/30 | 183 | 159973 |
| 5.25%, 10/15/33 | 50 | 51726 |
| 5.10%, 06/15/35 | 75 | 75960 |
| 4.60%, 09/01/35 | 231 | 224393 |
| 2.60%, 10/01/40 | 100 | 71747 |
| 5.65%, 12/01/41 | 181 | 184033 |
| 4.80%, 04/01/44 | 189 | 172654 |
| 4.75%, 03/01/46 | 457 | 409073 |
| 4.15%, 03/01/47 | 197 | 160907 |
| 2.80%, 10/01/50 | 200 | 125727 |
| 5.55%, 10/15/53<sup>(a)</sup> | 105 | 103651 |
| 5.50%, 11/15/54 | 75 | 73470 |
| 5.60%, 11/15/64 | 75 | 73705 |
| Illumina, Inc. |  |  |
| 4.65%, 09/09/26 | 25 | 25030 |
| 5.75%, 12/13/27 | 100 | 102456 |
| 2.55%, 03/23/31 | 55 | 48359 |
| Regeneron Pharmaceuticals, Inc. |  |  |
| 1.75%, 09/15/30 | 140 | 121593 |
| 2.80%, 09/15/50<sup>(a)</sup> | 144 | 85965 |
| Royalty Pharma PLC |  |  |
| 1.75%, 09/02/27 | 257 | 243391 |
| 5.15%, 09/02/29 | 50 | 51023 |
| 2.15%, 09/02/31 | 59 | 50690 |
| 5.40%, 09/02/34<sup>(a)</sup> | 50 | 50659 |
| 3.30%, 09/02/40 | 171 | 128781 |
| 3.35%, 09/02/51 | 87 | 56378 |
| 5.90%, 09/02/54 | 50 | 48652 |
|  |  | 8779182 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Amrize Finance U.S. LLC<sup>(d)</sup> <br>|  |  |
| 4.60%, 04/07/27 | 225 | 225911 |
| 4.70%, 04/07/28 | 25 | 25227 |
| Carrier Global Corp. |  |  |
| 2.49%, 02/15/27 | 77 | 74936 |
| 2.72%, 02/15/30 | 200 | 185863 |
| 5.90%, 03/15/34 | 96 | 102207 |
| 3.38%, 04/05/40 | 171 | 135714 |
| 3.58%, 04/05/50<sup>(a)</sup> | 201 | 147495 |
| 6.20%, 03/15/54<sup>(a)</sup> | 75 | 80363 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| CRH America Finance, Inc., 5.40%, 05/21/34 | 200 | $205052 |
| CRH SMW Finance DAC, 5.13%, 01/09/30 | 300 | 307587 |
| Eagle Materials, Inc., 2.50%, 07/01/31 | 67 | 59413 |
| Fortune Brands Innovations, Inc. |  |  |
| 3.25%, 09/15/29 | 87 | 82437 |
| 5.88%, 06/01/33<sup>(a)</sup> | 38 | 39849 |
| 4.50%, 03/25/52 | 87 | 69311 |
| Johnson Controls International PLC |  |  |
| 4.50%, 02/15/47 | 87 | 73193 |
| 4.95%, 07/02/64<sup>(e)</sup> | 64 | 53466 |
| Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA<br>|  |  |
| 5.50%, 04/19/29 | 50 | 51855 |
| 1.75%, 09/15/30 | 70 | 61442 |
| 2.00%, 09/16/31 | 121 | 103719 |
| 4.90%, 12/01/32 | 65 | 65337 |
| Lennox International, Inc., 5.50%, 09/15/28 | 60 | 61872 |
| Martin Marietta Materials, Inc. |  |  |
| 3.45%, 06/01/27 | 87 | 85534 |
| 2.50%, 03/15/30 | 171 | 156909 |
| 2.40%, 07/15/31 | 58 | 51147 |
| 5.15%, 12/01/34 | 30 | 30139 |
| 4.25%, 12/15/47 | 87 | 70584 |
| 3.20%, 07/15/51<sup>(a)</sup> | 75 | 49690 |
| 5.50%, 12/01/54 | 120 | 115705 |
| Masco Corp. |  |  |
| 1.50%, 02/15/28 | 65 | 60350 |
| 2.00%, 02/15/31 | 87 | 74827 |
| 3.13%, 02/15/51 | 73 | 45403 |
| Mohawk Industries, Inc. |  |  |
| 5.85%, 09/18/28 | 50 | 51902 |
| 3.63%, 05/15/30<sup>(a)</sup> | 75 | 71801 |
| Owens Corning |  |  |
| 5.50%, 06/15/27 | 25 | 25535 |
| 3.88%, 06/01/30<sup>(a)</sup> | 75 | 72403 |
| 5.70%, 06/15/34<sup>(a)</sup> | 55 | 57123 |
| 4.40%, 01/30/48 | 171 | 139441 |
| 5.95%, 06/15/54<sup>(a)</sup> | 75 | 75825 |
| Trane Technologies Financing Ltd. |  |  |
| 3.80%, 03/21/29 | 300 | 294846 |
| 4.65%, 11/01/44 | 30 | 26445 |
| 4.50%, 03/21/49 | 87 | 72745 |
| Trane Technologies Global Holding Co. Ltd. |  |  |
| 3.75%, 08/21/28 | 80 | 79052 |
| 4.30%, 02/21/48 | 87 | 71332 |
| Vulcan Materials Co. |  |  |
| 3.90%, 04/01/27 | 171 | 169826 |
| 4.95%, 12/01/29 | 40 | 40787 |
| 5.35%, 12/01/34 | 75 | 76348 |
| 4.50%, 06/15/47 | 87 | 73398 |
| 4.70%, 03/01/48 | 100 | 86529 |
| 5.70%, 12/01/54 | 35 | 34720 |
|  |  | 4472595 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Home Depot, Inc. |  |  |
| 2.13%, 09/15/26 | 87 | 84990 |
| 4.95%, 09/30/26 | 50 | 50494 |
| 2.50%, 04/15/27 | 140 | 136271 |
| 2.88%, 04/15/27 | 79 | 77455 |
| 4.88%, 06/25/27 | 80 | 81260 |
| 2.80%, 09/14/27 | 87 | 84777 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Home Depot, Inc. (continued) |  |  |
| 0.90%, 03/15/28 | 117 | $107903 |
| 1.50%, 09/15/28<sup>(a)</sup> | 87 | 80404 |
| 3.90%, 12/06/28 | 78 | 77755 |
| 4.90%, 04/15/29 | 50 | 51298 |
| 2.95%, 06/15/29 | 402 | 384686 |
| 4.75%, 06/25/29 | 270 | 275598 |
| 2.70%, 04/15/30 | 75 | 70036 |
| 1.38%, 03/15/31 | 275 | 233294 |
| 4.85%, 06/25/31 | 105 | 107694 |
| 1.88%, 09/15/31 | 87 | 74893 |
| 3.25%, 04/15/32 | 266 | 245893 |
| 4.50%, 09/15/32 | 200 | 200954 |
| 4.95%, 06/25/34 | 320 | 323855 |
| 5.88%, 12/16/36 | 274 | 293836 |
| 3.30%, 04/15/40 | 189 | 150891 |
| 5.40%, 09/15/40 | 87 | 87943 |
| 5.95%, 04/01/41 | 87 | 91683 |
| 4.20%, 04/01/43 | 130 | 110890 |
| 4.88%, 02/15/44 | 100 | 92341 |
| 4.40%, 03/15/45 | 214 | 184522 |
| 4.25%, 04/01/46 | 171 | 143297 |
| 3.90%, 06/15/47 | 171 | 134717 |
| 4.50%, 12/06/48 | 171 | 146670 |
| 3.13%, 12/15/49 | 104 | 70183 |
| 2.38%, 03/15/51 | 155 | 87651 |
| 2.75%, 09/15/51 | 87 | 53298 |
| 3.63%, 04/15/52 | 177 | 128834 |
| 4.95%, 09/15/52 | 80 | 72770 |
| 5.30%, 06/25/54<sup>(a)</sup> | 140 | 134405 |
| 3.50%, 09/15/56 | 150 | 104322 |
| Lowe's Cos., Inc. |  |  |
| 3.35%, 04/01/27 | 75 | 73883 |
| 3.10%, 05/03/27 | 300 | 294214 |
| 1.30%, 04/15/28<sup>(a)</sup> | 146 | 135076 |
| 1.70%, 09/15/28 | 97 | 89721 |
| 3.65%, 04/05/29 | 87 | 84972 |
| 4.50%, 04/15/30<sup>(a)</sup> | 171 | 172305 |
| 1.70%, 10/15/30<sup>(a)</sup> | 79 | 68769 |
| 2.63%, 04/01/31 | 171 | 154252 |
| 3.75%, 04/01/32 | 403 | 380079 |
| 5.00%, 04/15/33<sup>(a)</sup> | 100 | 101054 |
| 5.15%, 07/01/33<sup>(a)</sup> | 75 | 76536 |
| 5.00%, 04/15/40 | 171 | 160469 |
| 2.80%, 09/15/41 | 72 | 50300 |
| 4.38%, 09/15/45 | 171 | 141087 |
| 3.70%, 04/15/46 | 227 | 168868 |
| 4.05%, 05/03/47 | 150 | 116883 |
| 3.00%, 10/15/50 | 211 | 131824 |
| 3.50%, 04/01/51 | 171 | 117124 |
| 4.25%, 04/01/52 | 67 | 52441 |
| 5.63%, 04/15/53 | 220 | 211582 |
| 4.45%, 04/01/62 | 75 | 58200 |
| 5.80%, 09/15/62<sup>(a)</sup> | 120 | 116593 |
| 5.85%, 04/01/63<sup>(a)</sup> | 110 | 107387 |
|  |  | 7901382 |
| **Capital Markets — 0.4%** | **Capital Markets — 0.4%** | **Capital Markets — 0.4%** |
| Ameriprise Financial, Inc. |  |  |
| 2.88%, 09/15/26 | 87 | 85712 |
| 5.70%, 12/15/28<sup>(a)</sup> | 25 | 26197 |
| 5.15%, 05/15/33 | 50 | 51304 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Ameriprise Financial, Inc. (continued) |  |  |
| 5.20%, 04/15/35 | $50 | $50368 |
| Apollo Debt Solutions BDC |  |  |
| 6.90%, 04/13/29 | 100 | 104386 |
| 6.55%, 03/15/32<sup>(d)</sup> | 50 | 51070 |
| Apollo Global Management, Inc. |  |  |
| 6.38%, 11/15/33 | 25 | 27304 |
| 5.80%, 05/21/54 | 100 | 98759 |
| Ares Capital Corp. |  |  |
| 2.88%, 06/15/28 | 178 | 167735 |
| 5.88%, 03/01/29 | 235 | 239620 |
| 5.95%, 07/15/29 | 200 | 204635 |
| 5.50%, 09/01/30 | 70 | 69783 |
| 3.20%, 11/15/31 | 137 | 119262 |
| 5.80%, 03/08/32 | 50 | 49791 |
| Ares Management Corp., 5.60%, 10/11/54 | 85 | 80216 |
| Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26 | 70 | 67911 |
| BGC Group, Inc. |  |  |
| 6.60%, 06/10/29<sup>(a)</sup> | 25 | 25910 |
| 6.15%, 04/02/30<sup>(d)</sup> | 25 | 25348 |
| Blackstone Private Credit Fund |  |  |
| 2.63%, 12/15/26 | 75 | 72464 |
| 3.25%, 03/15/27 | 206 | 200297 |
| 7.30%, 11/27/28 | 25 | 26662 |
| 5.95%, 07/16/29 | 225 | 229257 |
| 5.60%, 11/22/29 | 50 | 50345 |
| 6.25%, 01/25/31 | 25 | 25717 |
| 6.00%, 01/29/32 | 100 | 100553 |
| 6.00%, 11/22/34<sup>(a)</sup> | 50 | 48893 |
| Blackstone Reg Finance Co. LLC, 5.00%, 12/06/34 | 50 | 49776 |
| Blackstone Secured Lending Fund |  |  |
| 5.88%, 11/15/27 | 25 | 25518 |
| 5.35%, 04/13/28 | 25 | 25178 |
| 2.85%, 09/30/28 | 210 | 195424 |
| 5.30%, 06/30/30 | 25 | 24771 |
| Blue Owl Capital Corp. |  |  |
| 3.40%, 07/15/26 | 171 | 168252 |
| 2.63%, 01/15/27 | 75 | 72435 |
| 3.13%, 04/13/27 | 70 | 67594 |
| 2.88%, 06/11/28 | 100 | 93160 |
| 6.20%, 07/15/30 | 40 | 40407 |
| Blue Owl Credit Income Corp. |  |  |
| 4.70%, 02/08/27 | 40 | 39746 |
| 7.95%, 06/13/28 | 75 | 80189 |
| 7.75%, 01/15/29 | 200 | 212342 |
| 6.60%, 09/15/29 | 50 | 51447 |
| 5.80%, 03/15/30 | 100 | 100163 |
| 6.65%, 03/15/31 | 40 | 41140 |
| Blue Owl Finance LLC, 6.25%, 04/18/34 | 120 | 123475 |
| Brookfield Asset Management Ltd., 5.80%, 04/24/35 | 50 | 51306 |
| Brookfield Finance I U.K. PLC/Brookfield Finance, <br> Inc., 2.34%, 01/30/32<sup>(a)</sup><br>| 86 | 73132 |
| Brookfield Finance, Inc. |  |  |
| 3.90%, 01/25/28 | 181 | 178876 |
| 4.85%, 03/29/29 | 200 | 201833 |
| 4.35%, 04/15/30 | 87 | 85833 |
| 2.72%, 04/15/31 | 107 | 96744 |
| 6.35%, 01/05/34 | 250 | 268202 |
| 5.68%, 01/15/35 | 50 | 51315 |
| 4.70%, 09/20/47 | 87 | 73935 |
| 3.50%, 03/30/51 | 79 | 53590 |
| 3.63%, 02/15/52<sup>(a)</sup> | 61 | 42118 |
| 5.97%, 03/04/54 | 50 | 49899 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Brookfield Finance, Inc. (continued) |  |  |
| 5.81%, 03/03/55 | $25 | $24447 |
| Charles Schwab Corp. |  |  |
| 5.88%, 08/24/26 | 40 | 40670 |
| 2.45%, 03/03/27 | 82 | 79690 |
| 3.20%, 01/25/28 | 171 | 167398 |
| 2.00%, 03/20/28 | 140 | 132502 |
| 3.25%, 05/22/29 | 70 | 67600 |
| 2.75%, 10/01/29 | 120 | 112576 |
| 4.63%, 03/22/30 | 200 | 203238 |
| 1.65%, 03/11/31 | 87 | 74695 |
| 2.30%, 05/13/31 | 171 | 152153 |
| 2.90%, 03/03/32 | 140 | 125919 |
| (1-day SOFR + 1.88%), 6.20%, 11/17/29<sup>(c)</sup> | 100 | 106105 |
| (1-day SOFR + 2.50%), 5.85%, 05/19/34<sup>(c)</sup> | 300 | 318693 |
| CI Financial Corp. |  |  |
| 3.20%, 12/17/30 | 104 | 91751 |
| 4.10%, 06/15/51<sup>(a)</sup> | 40 | 28321 |
| Credit Suisse USA LLC, 7.13%, 07/15/32<sup>(a)</sup> | 200 | 227744 |
| Franklin Resources, Inc., 2.95%, 08/12/51 | 75 | 45874 |
| FS KKR Capital Corp. |  |  |
| 2.63%, 01/15/27 | 71 | 68082 |
| 3.25%, 07/15/27 | 87 | 83434 |
| 3.13%, 10/12/28 | 87 | 79779 |
| 6.88%, 08/15/29 | 75 | 76911 |
| 6.13%, 01/15/30 | 50 | 49657 |
| Goldman Sachs Private Credit Corp.<sup>(a)(d)</sup> <br>|  |  |
| 5.88%, 05/06/28 | 25 | 25268 |
| 6.25%, 05/06/30 | 25 | 25340 |
| Golub Capital BDC, Inc. |  |  |
| 2.50%, 08/24/26 | 70 | 68122 |
| 6.00%, 07/15/29 | 225 | 228055 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.15%, 01/15/31 | 25 | 25312 |
| 6.38%, 07/01/34 | 75 | 75005 |
| 6.75%, 07/15/35 | 25 | 25453 |
| Hercules Capital, Inc. |  |  |
| 3.38%, 01/20/27<sup>(a)</sup> | 70 | 67790 |
| 6.00%, 06/16/30 | 25 | 24949 |
| Invesco Finance PLC, 5.38%, 11/30/43 | 87 | 81846 |
| Janus Henderson U.S. Holdings, Inc., 5.45%, <br> 09/10/34<sup>(a)</sup><br>| 25 | 24799 |
| Jefferies Financial Group, Inc. |  |  |
| 4.85%, 01/15/27 | 171 | 172281 |
| 5.88%, 07/21/28 | 120 | 124451 |
| 4.15%, 01/23/30 | 171 | 167010 |
| 2.63%, 10/15/31 | 71 | 61774 |
| 2.75%, 10/15/32 | 141 | 118680 |
| 6.20%, 04/14/34 | 275 | 287655 |
| Lazard Group LLC |  |  |
| 4.50%, 09/19/28<sup>(a)</sup> | 100 | 99608 |
| 6.00%, 03/15/31 | 200 | 210015 |
| Legg Mason, Inc., 5.63%, 01/15/44 | 109 | 108017 |
| Main Street Capital Corp. |  |  |
| 3.00%, 07/14/26 | 70 | 68538 |
| 6.50%, 06/04/27 | 25 | 25561 |
| 6.95%, 03/01/29 | 25 | 26010 |
| MSD Investment Corp., 6.25%, 05/31/30<sup>(d)</sup> | 25 | 24728 |
| New Mountain Finance Corp., 6.20%, 10/15/27<sup>(a)</sup> | 25 | 25264 |
| Nomura Holdings, Inc. |  |  |
| 1.65%, 07/14/26 | 200 | 194246 |
| 2.33%, 01/22/27 | 222 | 214714 |
| 5.84%, 01/18/28<sup>(a)</sup> | 200 | 206165 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Nomura Holdings, Inc. (continued) |  |  |
| 2.17%, 07/14/28 | 400 | $373400 |
| 2.71%, 01/22/29 | 222 | 208084 |
| 5.61%, 07/06/29 | 200 | 207073 |
| 3.10%, 01/16/30<sup>(a)</sup> | 200 | 186828 |
| 2.61%, 07/14/31 | 200 | 176465 |
| Oaktree Specialty Lending Corp., 7.10%, 02/15/29<sup>(a)</sup> | 100 | 102939 |
| Raymond James Financial, Inc. |  |  |
| 4.95%, 07/15/46 | 87 | 78174 |
| 3.75%, 04/01/51 | 100 | 72825 |
| Stifel Financial Corp., 4.00%, 05/15/30 | 100 | 96125 |
| Voya Financial, Inc.<sup>(a)</sup> <br>|  |  |
| 5.00%, 09/20/34 | 40 | 39086 |
| 5.70%, 07/15/43 | 87 | 84625 |
|  |  | 11726818 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Air Products and Chemicals, Inc. |  |  |
| 1.85%, 05/15/27 | 73 | 70084 |
| 4.30%, 06/11/28 | 25 | 25127 |
| 4.60%, 02/08/29 | 100 | 101435 |
| 2.05%, 05/15/30<sup>(a)</sup> | 75 | 67839 |
| 4.75%, 02/08/31 | 100 | 101742 |
| 4.90%, 10/11/32 | 25 | 25350 |
| 4.80%, 03/03/33 | 70 | 70563 |
| 4.85%, 02/08/34<sup>(a)</sup> | 100 | 100248 |
| 2.70%, 05/15/40 | 87 | 63293 |
| 2.80%, 05/15/50<sup>(a)</sup> | 111 | 70127 |
| Albemarle Corp. |  |  |
| 5.45%, 12/01/44 | 60 | 50081 |
| 5.65%, 06/01/52<sup>(a)</sup> | 50 | 41677 |
| Cabot Corp., 5.00%, 06/30/32 | 100 | 99817 |
| CF Industries, Inc. |  |  |
| 5.15%, 03/15/34 | 87 | 86641 |
| 4.95%, 06/01/43 | 87 | 77345 |
| 5.38%, 03/15/44 | 87 | 80765 |
| Dow Chemical Co. |  |  |
| 4.80%, 11/30/28 | 75 | 76030 |
| 6.30%, 03/15/33<sup>(a)</sup> | 50 | 53615 |
| 5.15%, 02/15/34<sup>(a)</sup> | 25 | 24990 |
| 5.35%, 03/15/35 | 50 | 49737 |
| 9.40%, 05/15/39 | 69 | 90338 |
| 5.25%, 11/15/41 | 74 | 67655 |
| 4.38%, 11/15/42 | 87 | 70793 |
| 4.63%, 10/01/44 | 100 | 82541 |
| 5.55%, 11/30/48 | 171 | 156218 |
| 4.80%, 05/15/49 | 100 | 81856 |
| 3.60%, 11/15/50 | 87 | 58776 |
| 6.90%, 05/15/53<sup>(a)</sup> | 150 | 161364 |
| 5.60%, 02/15/54<sup>(a)</sup> | 125 | 113776 |
| 5.95%, 03/15/55 | 50 | 47656 |
| DuPont de Nemours, Inc. |  |  |
| 4.73%, 11/15/28 | 257 | 260901 |
| 5.32%, 11/15/38 | 130 | 134568 |
| 5.42%, 11/15/48 | 257 | 258808 |
| Eastman Chemical Co. |  |  |
| 4.50%, 12/01/28 | 71 | 71158 |
| 5.00%, 08/01/29 | 150 | 152092 |
| 5.75%, 03/08/33 | 40 | 41588 |
| 4.80%, 09/01/42 | 87 | 76086 |
| 4.65%, 10/15/44 | 71 | 60084 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Ecolab, Inc. |  |  |
| 5.25%, 01/15/28<sup>(a)</sup> | $75 | $77254 |
| 4.80%, 03/24/30<sup>(a)</sup> | 87 | 89133 |
| 1.30%, 01/30/31 | 140 | 118996 |
| 2.13%, 02/01/32<sup>(a)</sup> | 171 | 147560 |
| 2.13%, 08/15/50 | 140 | 76462 |
| 2.70%, 12/15/51 | 124 | 76072 |
| EIDP, Inc. |  |  |
| 2.30%, 07/15/30 | 140 | 127471 |
| 5.13%, 05/15/32 | 50 | 50987 |
| FMC Corp. |  |  |
| 3.20%, 10/01/26 | 55 | 53967 |
| 3.45%, 10/01/29 | 60 | 55890 |
| 5.65%, 05/18/33 | 40 | 39537 |
| 4.50%, 10/01/49 | 58 | 42975 |
| 6.38%, 05/18/53 | 40 | 38327 |
| Huntsman International LLC |  |  |
| 2.95%, 06/15/31 | 65 | 54710 |
| 5.70%, 10/15/34<sup>(a)</sup> | 25 | 23234 |
| International Flavors & Fragrances, Inc. |  |  |
| 4.45%, 09/26/28 | 87 | 86888 |
| 4.38%, 06/01/47 | 87 | 67186 |
| 5.00%, 09/26/48 | 87 | 74884 |
| Linde, Inc. |  |  |
| 1.10%, 08/10/30 | 155 | 133303 |
| 2.00%, 08/10/50 | 122 | 63912 |
| LYB International Finance BV |  |  |
| 5.25%, 07/15/43 | 75 | 66822 |
| 4.88%, 03/15/44 | 62 | 52385 |
| LYB International Finance III LLC |  |  |
| 2.25%, 10/01/30 | 117 | 103626 |
| 5.63%, 05/15/33 | 40 | 40899 |
| 5.50%, 03/01/34<sup>(a)</sup> | 75 | 74859 |
| 3.38%, 10/01/40 | 94 | 69414 |
| 4.20%, 10/15/49 | 144 | 106870 |
| 4.20%, 05/01/50 | 87 | 64467 |
| 3.63%, 04/01/51 | 127 | 84935 |
| 3.80%, 10/01/60 | 70 | 45235 |
| LyondellBasell Industries NV, 4.63%, 02/26/55<sup>(a)</sup> | 150 | 117582 |
| Mosaic Co. |  |  |
| 4.05%, 11/15/27 | 171 | 169716 |
| 5.38%, 11/15/28 | 50 | 51327 |
| 5.45%, 11/15/33<sup>(a)</sup> | 214 | 218889 |
| Nutrien Ltd. |  |  |
| 4.00%, 12/15/26 | 87 | 86445 |
| 4.50%, 03/12/27 | 50 | 50128 |
| 5.20%, 06/21/27 | 50 | 50759 |
| 4.90%, 03/27/28 | 30 | 30425 |
| 2.95%, 05/13/30 | 171 | 159181 |
| 5.25%, 03/12/32 | 75 | 76482 |
| 5.40%, 06/21/34<sup>(a)</sup> | 50 | 50829 |
| 4.90%, 06/01/43 | 87 | 77856 |
| 5.25%, 01/15/45 | 50 | 46041 |
| 5.00%, 04/01/49 | 130 | 115814 |
| 3.95%, 05/13/50 | 87 | 64177 |
| 5.80%, 03/27/53<sup>(a)</sup> | 100 | 98919 |
| PPG Industries, Inc., 2.80%, 08/15/29 | 171 | 160843 |
| RPM International, Inc. |  |  |
| 2.95%, 01/15/32 | 86 | 75833 |
| 5.25%, 06/01/45 | 87 | 79859 |
| Sherwin-Williams Co. |  |  |
| 3.45%, 06/01/27 | 87 | 85814 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Sherwin-Williams Co. (continued) |  |  |
| 2.95%, 08/15/29 | 108 | $102024 |
| 2.20%, 03/15/32 | 189 | 162383 |
| 4.55%, 08/01/45 | 100 | 84477 |
| 4.50%, 06/01/47 | 171 | 143047 |
| 3.80%, 08/15/49 | 153 | 112487 |
| Westlake Corp. |  |  |
| 3.60%, 08/15/26 | 87 | 86106 |
| 3.38%, 06/15/30 | 75 | 70767 |
| 5.00%, 08/15/46<sup>(a)</sup> | 130 | 112392 |
| 3.13%, 08/15/51 | 110 | 67832 |
|  |  | 8339458 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| American University, Series 2019, 3.67%, 04/01/49 | 60 | 44833 |
| Automatic Data Processing, Inc. |  |  |
| 1.70%, 05/15/28 | 100 | 94035 |
| 1.25%, 09/01/30<sup>(a)</sup> | 341 | 295342 |
| 4.75%, 05/08/32 | 75 | 76077 |
| 4.45%, 09/09/34 | 50 | 49033 |
| Block Financial LLC, 2.50%, 07/15/28 | 89 | 83792 |
| Brown University, 2.92%, 09/01/50 | 75 | 49441 |
| California Endowment, Series 2021, 2.50%, 04/01/51 | 84 | 48567 |
| California Institute of Technology, 3.65%, <br> 09/01/2119<sup>(a)</sup><br>| 171 | 107583 |
| Cintas Corp. No 2, 4.20%, 05/01/28 | 50 | 50119 |
| Cintas Corp. No. 2 |  |  |
| 3.70%, 04/01/27 | 87 | 86370 |
| 4.00%, 05/01/32 | 61 | 58956 |
| Duke University |  |  |
| Series 2020, 2.68%, 10/01/44 | 75 | 53004 |
| Series 2020, 2.83%, 10/01/55 | 88 | 53704 |
| Emory University, Series 2020, 2.97%, 09/01/50 | 62 | 40301 |
| Equifax, Inc. |  |  |
| 5.10%, 12/15/27 | 70 | 71116 |
| 5.10%, 06/01/28 | 40 | 40764 |
| 4.80%, 09/15/29 | 40 | 40334 |
| 2.35%, 09/15/31 | 171 | 149130 |
| Ford Foundation<sup>(a)</sup> <br>|  |  |
| Series 2020, 2.42%, 06/01/50 | 60 | 34927 |
| Series 2020, 2.82%, 06/01/70 | 70 | 39038 |
| GATX Corp. |  |  |
| 3.25%, 09/15/26 | 130 | 128068 |
| 3.85%, 03/30/27 | 87 | 86109 |
| 4.70%, 04/01/29 | 171 | 172337 |
| 3.50%, 06/01/32 | 50 | 45511 |
| 4.90%, 03/15/33 | 145 | 143464 |
| 5.45%, 09/15/33 | 100 | 102058 |
| 6.05%, 03/15/34 | 50 | 52840 |
| 6.90%, 05/01/34 | 25 | 27674 |
| 5.50%, 06/15/35 | 75 | 75958 |
| 6.05%, 06/05/54 | 75 | 75063 |
| George Washington University |  |  |
| 4.87%, 09/15/45 | 74 | 66742 |
| Series 2014, 4.30%, 09/15/44 | 87 | 73740 |
| Series 2018, 4.13%, 09/15/48 | 58 | 46759 |
| Georgetown University |  |  |
| Series 20A, 2.94%, 04/01/50 | 77 | 49563 |
| Series A, 5.22%, 10/01/2118 | 62 | 54409 |
| Series B, 4.32%, 04/01/49 | 40 | 33106 |
| Global Payments, Inc. |  |  |
| 2.15%, 01/15/27 | 86 | 83188 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Global Payments, Inc. (continued) |  |  |
| 3.20%, 08/15/29 | $187 | $176830 |
| 5.30%, 08/15/29 | 35 | 35632 |
| 2.90%, 05/15/30 | 200 | 183878 |
| 2.90%, 11/15/31 | 69 | 61029 |
| 5.40%, 08/15/32<sup>(a)</sup> | 200 | 204148 |
| 4.15%, 08/15/49 | 62 | 45761 |
| 5.95%, 08/15/52<sup>(a)</sup> | 25 | 24033 |
| GXO Logistics, Inc. |  |  |
| 1.65%, 07/15/26 | 171 | 165395 |
| 6.25%, 05/06/29 | 25 | 26100 |
| 2.65%, 07/15/31<sup>(a)</sup> | 87 | 75702 |
| 6.50%, 05/06/34 | 25 | 26150 |
| Howard University, Series 22A, 5.21%, 10/01/52 | 73 | 63329 |
| Leland Stanford Junior University |  |  |
| 4.68%, 03/01/35<sup>(a)</sup> | 50 | 49653 |
| 3.65%, 05/01/48 | 130 | 99137 |
| 2.41%, 06/01/50 | 75 | 44318 |
| Massachusetts Institute of Technology |  |  |
| 3.96%, 07/01/38 | 98 | 89149 |
| 3.07%, 04/01/52 | 27 | 17924 |
| 5.60%, 07/01/2111 | 87 | 86602 |
| 4.68%, 07/01/2114 | 75 | 62337 |
| Series F, 2.99%, 07/01/50 | 73 | 49026 |
| Series G, 2.29%, 07/01/51<sup>(a)</sup> | 56 | 31445 |
| Moody's Corp. |  |  |
| 3.25%, 01/15/28 | 130 | 127275 |
| 2.00%, 08/19/31<sup>(a)</sup> | 73 | 63353 |
| 5.00%, 08/05/34 | 50 | 50530 |
| 2.75%, 08/19/41 | 63 | 44524 |
| 3.25%, 05/20/50 | 71 | 47666 |
| 3.75%, 02/25/52 | 74 | 55021 |
| 3.10%, 11/29/61 | 81 | 50212 |
| Northeastern University, Series 2020, 2.89%, <br> 10/01/50<sup>(a)</sup><br>| 51 | 33389 |
| Northwestern University |  |  |
| Series 2017, 3.66%, 12/01/57 | 58 | 41159 |
| Series 2020, 2.64%, 12/01/50 | 85 | 52747 |
| PayPal Holdings, Inc. |  |  |
| 2.65%, 10/01/26 | 171 | 167923 |
| 2.85%, 10/01/29 | 229 | 216115 |
| 2.30%, 06/01/30 | 81 | 73686 |
| 4.40%, 06/01/32 | 90 | 88941 |
| 5.15%, 06/01/34 | 75 | 76180 |
| 5.10%, 04/01/35 | 50 | 50218 |
| 3.25%, 06/01/50<sup>(a)</sup> | 102 | 69408 |
| 5.05%, 06/01/52<sup>(a)</sup> | 90 | 83033 |
| 5.50%, 06/01/54<sup>(a)</sup> | 75 | 73561 |
| 5.25%, 06/01/62 | 90 | 82398 |
| President and Fellows of Harvard College |  |  |
| 3.15%, 07/15/46 | 62 | 44549 |
| 2.52%, 10/15/50<sup>(a)</sup> | 71 | 43070 |
| 3.30%, 07/15/56 | 121 | 81942 |
| Quanta Services, Inc. |  |  |
| 4.75%, 08/09/27 | 50 | 50420 |
| 2.90%, 10/01/30 | 90 | 82967 |
| 2.35%, 01/15/32 | 80 | 68875 |
| 5.25%, 08/09/34 | 50 | 50612 |
| 3.05%, 10/01/41 | 69 | 48928 |
| RELX Capital, Inc., 5.25%, 03/27/35 | 100 | 102326 |
| Rockefeller Foundation, Series 2020, 2.49%, <br> 10/01/50<sup>(a)</sup><br>| 71 | 41835 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Rollins, Inc., 5.25%, 02/24/35 | 25 | $25090 |
| S&P Global, Inc. |  |  |
| 2.45%, 03/01/27 | 160 | 155698 |
| 4.75%, 08/01/28 | 171 | 173453 |
| 2.70%, 03/01/29 | 70 | 66345 |
| 4.25%, 05/01/29 | 171 | 170904 |
| 2.50%, 12/01/29 | 81 | 75311 |
| 1.25%, 08/15/30<sup>(a)</sup> | 75 | 64569 |
| 2.90%, 03/01/32 | 95 | 86366 |
| 3.25%, 12/01/49 | 80 | 56514 |
| 3.70%, 03/01/52 | 76 | 57450 |
| 2.30%, 08/15/60 | 87 | 44426 |
| 3.90%, 03/01/62 | 30 | 22350 |
| Thomas Jefferson University, 3.85%, 11/01/57<sup>(a)</sup> | 47 | 32498 |
| TR Finance LLC, 5.65%, 11/23/43 | 171 | 166419 |
| Trustees of Boston College, 3.13%, 07/01/52<sup>(a)</sup> | 87 | 59568 |
| Trustees of Princeton University |  |  |
| 4.65%, 07/01/30<sup>(a)</sup> | 5 | 5117 |
| 5.70%, 03/01/39 | 87 | 93110 |
| Series 2020, 2.52%, 07/01/50<sup>(a)</sup> | 74 | 45224 |
| Trustees of the University of Pennsylvania |  |  |
| 3.61%, 02/15/2119<sup>(a)</sup> | 57 | 36432 |
| Series 2020, 2.40%, 10/01/50 | 52 | 29812 |
| UL Solutions, Inc., 6.50%, 10/20/28<sup>(a)(d)</sup> | 25 | 26297 |
| University of Chicago, Series C, 2.55%, 04/01/50 | 73 | 46898 |
| University of Miami, Series 2022, 4.06%, 04/01/52 | 67 | 52453 |
| University of Notre Dame du Lac, Series 2017, <br> 3.39%, 02/15/48<br>| 82 | 60320 |
| University of Southern California |  |  |
| 2.81%, 10/01/50 | 71 | 44702 |
| 4.98%, 10/01/53<sup>(a)</sup> | 75 | 69082 |
| Series 21A, 2.95%, 10/01/51 | 87 | 55596 |
| Series A, 3.23%, 10/01/2120<sup>(a)</sup> | 69 | 39411 |
| Verisk Analytics, Inc. |  |  |
| 4.13%, 03/15/29 | 87 | 86415 |
| 5.75%, 04/01/33 | 55 | 57837 |
| 5.25%, 06/05/34 | 40 | 40849 |
| 5.25%, 03/15/35 | 25 | 25142 |
| 3.63%, 05/15/50 | 58 | 41422 |
| Washington University |  |  |
| 4.35%, 04/15/2122 | 83 | 63183 |
| Series 2022, 3.52%, 04/15/54<sup>(a)</sup> | 75 | 53624 |
| William Marsh Rice University, 3.77%, 05/15/55<sup>(a)</sup> | 85 | 64016 |
| Yale University |  |  |
| Series 2020, 1.48%, 04/15/30 | 54 | 47756 |
| Series 2020, 2.40%, 04/15/50 | 62 | 36638 |
|  |  | 9041793 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| Juniper Networks, Inc. |  |  |
| 3.75%, 08/15/29 | 87 | 84534 |
| 5.95%, 03/15/41 | 87 | 86102 |
|  |  | 170636 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
| Jacobs Engineering Group, Inc. |  |  |
| 6.35%, 08/18/28 | 100 | 105079 |
| 5.90%, 03/01/33<sup>(a)</sup> | 75 | 78045 |
| MasTec, Inc., 5.90%, 06/15/29 | 25 | 25860 |
|  |  | 208984 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| American Express Co. |  |  |
| 1.65%, 11/04/26 | 171 | 165397 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| American Express Co. (continued) |  |  |
| 2.55%, 03/04/27 | $392 | $381671 |
| 3.30%, 05/03/27 | 87 | 85682 |
| 5.85%, 11/05/27 | 140 | 145110 |
| 4.05%, 05/03/29<sup>(a)</sup> | 86 | 85966 |
| 4.05%, 12/03/42 | 167 | 141327 |
| (1-day SOFR + 0.93%), 5.04%, 07/26/28<sup>(c)</sup> | 265 | 268620 |
| (1-day SOFR + 0.97%), 5.39%, 07/28/27<sup>(c)</sup> | 25 | 25249 |
| (1-day SOFR + 1.00%), 5.10%, 02/16/28<sup>(c)</sup> | 210 | 212378 |
| (1-day SOFR + 1.26%), 4.73%, 04/25/29<sup>(a)(c)</sup> | 150 | 151706 |
| (1-day SOFR + 1.42%), 5.28%, 07/26/35<sup>(c)</sup> | 175 | 177162 |
| (1-day SOFR + 1.44%), 5.02%, 04/25/31<sup>(c)</sup> | 150 | 153167 |
| (1-day SOFR + 1.63%), 5.92%, 04/25/35<sup>(c)</sup> | 50 | 52193 |
| (1-day SOFR + 1.76%), 4.42%, 08/03/33<sup>(c)</sup> | 100 | 97584 |
| (1-day SOFR + 1.79%), 5.67%, 04/25/36<sup>(c)</sup> | 90 | 93198 |
| (1-day SOFR + 1.84%), 5.04%, 05/01/34<sup>(c)</sup> | 120 | 121137 |
| (1-day SOFR + 1.93%), 5.63%, 07/28/34<sup>(c)</sup> | 50 | 51129 |
| (1-day SOFR + 1.94%), 6.49%, 10/30/31<sup>(c)</sup> | 75 | 81721 |
| (1-day SOFR + 2.26%), 4.99%, 05/26/33<sup>(c)</sup> | 100 | 100230 |
| (1-day SOFR Index + 1.02%), 5.09%, 01/30/31<sup>(c)</sup> | 100 | 102347 |
| (1-day SOFR Index + 1.09%), 5.53%, 04/25/30<sup>(c)</sup> | 100 | 103954 |
| (1-day SOFR Index + 1.28%), 5.28%, 07/27/29<sup>(c)</sup> | 100 | 102821 |
| (1-day SOFR Index + 1.32%), 5.44%, 01/30/36<sup>(c)</sup> | 220 | 224578 |
| Andrew W Mellon Foundation, Series 2020, 0.95%, <br> 08/01/27<sup>(a)</sup><br>| 83 | 77953 |
| Capital One Financial Corp. |  |  |
| 3.75%, 07/28/26 | 80 | 79217 |
| 4.10%, 02/09/27 | 100 | 99532 |
| 3.75%, 03/09/27 | 87 | 86265 |
| 3.65%, 05/11/27 | 341 | 337355 |
| 3.80%, 01/31/28 | 371 | 366104 |
| 6.70%, 11/29/32 | 150 | 163787 |
| (1-day SOFR + 0.86%), 1.88%, 11/02/27<sup>(c)</sup> | 171 | 165175 |
| (1-day SOFR + 1.27%), 2.62%, 11/02/32<sup>(c)</sup> | 87 | 75958 |
| (1-day SOFR + 1.34%), 2.36%, 07/29/32<sup>(c)</sup> | 171 | 145012 |
| (1-day SOFR + 1.56%), 5.46%, 07/26/30<sup>(c)</sup> | 135 | 138917 |
| (1-day SOFR + 1.79%), 3.27%, 03/01/30<sup>(c)</sup> | 118 | 112868 |
| (1-day SOFR + 1.91%), 5.70%, 02/01/30<sup>(c)</sup> | 30 | 31033 |
| (1-day SOFR + 1.99%), 5.88%, 07/26/35<sup>(c)</sup> | 355 | 366005 |
| (1-day SOFR + 2.06%), 4.93%, 05/10/28<sup>(c)</sup> | 130 | 130952 |
| (1-day SOFR + 2.08%), 5.47%, 02/01/29<sup>(c)</sup> | 100 | 102398 |
| (1-day SOFR + 2.26%), 6.05%, 02/01/35<sup>(c)</sup> | 235 | 244960 |
| (1-day SOFR + 2.44%), 7.15%, 10/29/27<sup>(c)</sup> | 50 | 51662 |
| (1-day SOFR + 2.60%), 5.25%, 07/26/30<sup>(c)</sup> | 50 | 51114 |
| (1-day SOFR + 2.60%), 5.82%, 02/01/34<sup>(c)</sup> | 90 | 92846 |
| (1-day SOFR + 2.64%), 6.31%, 06/08/29<sup>(c)</sup> | 40 | 41988 |
| (1-day SOFR + 2.86%), 6.38%, 06/08/34<sup>(c)</sup> | 330 | 351319 |
| (1-day SOFR Index + 3.37%), 7.96%, 11/02/34<sup>(c)</sup> | 75 | 87179 |
| Mastercard, Inc. |  |  |
| 2.95%, 11/21/26 | 200 | 197152 |
| 3.30%, 03/26/27 | 82 | 81128 |
| 4.10%, 01/15/28 | 40 | 40176 |
| 4.88%, 03/09/28 | 45 | 46017 |
| 2.95%, 06/01/29 | 257 | 246912 |
| 3.35%, 03/26/30 | 144 | 138894 |
| 1.90%, 03/15/31 | 90 | 79440 |
| 4.35%, 01/15/32 | 50 | 49789 |
| 4.95%, 03/15/32 | 50 | 51447 |
| 4.85%, 03/09/33 | 50 | 50950 |
| 4.88%, 05/09/34 | 75 | 75898 |
| 4.55%, 01/15/35 | 145 | 142598 |
| 3.80%, 11/21/46 | 120 | 96182 |
| 3.65%, 06/01/49 | 87 | 66572 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| Mastercard, Inc. (continued) |  |  |
| 3.85%, 03/26/50 | 181 | $142913 |
| 2.95%, 03/15/51 | 96 | 63138 |
| Synchrony Financial |  |  |
| 3.95%, 12/01/27 | 171 | 168148 |
| 5.15%, 03/19/29 | 87 | 87351 |
| (1-day SOFR Index + 2.13%), 5.94%, 08/02/30<sup>(c)</sup> | 50 | 51374 |
| Visa, Inc. |  |  |
| 1.90%, 04/15/27 | 341 | 329194 |
| 2.75%, 09/15/27 | 197 | 192277 |
| 2.05%, 04/15/30 | 171 | 155659 |
| 1.10%, 02/15/31<sup>(a)</sup> | 240 | 204728 |
| 4.15%, 12/14/35 | 87 | 82890 |
| 2.70%, 04/15/40 | 171 | 129188 |
| 4.30%, 12/14/45 | 469 | 407690 |
| 3.65%, 09/15/47 | 69 | 53717 |
| 2.00%, 08/15/50<sup>(a)</sup> | 189 | 102556 |
| Western Union Co., 6.20%, 11/17/36<sup>(a)</sup> | 92 | 93734 |
|  |  | 10151638 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| Best Buy Co., Inc., 1.95%, 10/01/30<sup>(a)</sup> | 214 | 187595 |
| Costco Wholesale Corp. |  |  |
| 3.00%, 05/18/27 | 257 | 253210 |
| 1.60%, 04/20/30 | 257 | 229321 |
| 1.75%, 04/20/32 | 87 | 74428 |
| Dollar General Corp. |  |  |
| 3.88%, 04/15/27 | 100 | 99091 |
| 4.63%, 11/01/27 | 70 | 70429 |
| 5.20%, 07/05/28<sup>(a)</sup> | 35 | 35691 |
| 3.50%, 04/03/30 | 100 | 94911 |
| 5.00%, 11/01/32<sup>(a)</sup> | 75 | 75247 |
| 5.45%, 07/05/33 | 40 | 40904 |
| 4.13%, 04/03/50 | 100 | 75153 |
| 5.50%, 11/01/52<sup>(a)</sup> | 50 | 46251 |
| Dollar Tree, Inc. |  |  |
| 4.20%, 05/15/28 | 171 | 169385 |
| 2.65%, 12/01/31 | 87 | 76793 |
| 3.38%, 12/01/51 | 71 | 45013 |
| Target Corp. |  |  |
| 1.95%, 01/15/27<sup>(a)</sup> | 74 | 71676 |
| 3.38%, 04/15/29 | 171 | 166297 |
| 2.35%, 02/15/30<sup>(a)</sup> | 169 | 155917 |
| 2.65%, 09/15/30 | 199 | 183847 |
| 4.50%, 09/15/32<sup>(a)</sup> | 100 | 99448 |
| 4.40%, 01/15/33 | 150 | 147455 |
| 4.50%, 09/15/34 | 50 | 48460 |
| 5.00%, 04/15/35 | 50 | 49922 |
| 5.25%, 02/15/36 | 25 | 25232 |
| 7.00%, 01/15/38 | 174 | 201728 |
| 3.90%, 11/15/47 | 87 | 67056 |
| 2.95%, 01/15/52<sup>(a)</sup> | 120 | 75959 |
| 4.80%, 01/15/53<sup>(a)</sup> | 150 | 132173 |
| Walmart, Inc. |  |  |
| 1.05%, 09/17/26<sup>(a)</sup> | 84 | 81182 |
| 4.10%, 04/28/27 | 45 | 45191 |
| 3.95%, 09/09/27 | 100 | 100087 |
| 3.90%, 04/15/28 | 45 | 45050 |
| 4.00%, 04/15/30 | 160 | 160134 |
| 4.35%, 04/28/30 | 55 | 55630 |
| 1.80%, 09/22/31 | 166 | 144614 |
| 4.15%, 09/09/32 | 100 | 98781 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| Walmart, Inc. (continued) |  |  |
| 4.10%, 04/15/33<sup>(a)</sup> | 80 | $78142 |
| 4.90%, 04/28/35 | 110 | 111412 |
| 6.50%, 08/15/37 | 200 | 229612 |
| 5.63%, 04/01/40<sup>(a)</sup> | 341 | 363362 |
| 2.50%, 09/22/41 | 200 | 141241 |
| 4.05%, 06/29/48 | 82 | 67880 |
| 2.65%, 09/22/51<sup>(a)</sup> | 150 | 93732 |
| 4.50%, 09/09/52 | 400 | 349646 |
| 4.50%, 04/15/53 | 180 | 157655 |
| 2.38%, 09/24/29 | 33 | 30942 |
|  |  | 5352885 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Amcor Finance USA, Inc., 5.63%, 05/26/33 | 40 | 41526 |
| Amcor Flexibles North America, Inc. |  |  |
| 4.80%, 03/17/28<sup>(d)</sup> | 50 | 50341 |
| 5.10%, 03/17/30<sup>(d)</sup> | 25 | 25426 |
| 2.63%, 06/19/30 | 70 | 63509 |
| 2.69%, 05/25/31<sup>(a)</sup> | 72 | 64472 |
| 5.50%, 03/17/35<sup>(a)(d)</sup> | 40 | 40583 |
| Berry Global, Inc. |  |  |
| 1.65%, 01/15/27 | 87 | 83448 |
| 5.80%, 06/15/31 | 50 | 52541 |
| 5.65%, 01/15/34<sup>(a)</sup> | 80 | 82558 |
| Packaging Corp. of America |  |  |
| 3.00%, 12/15/29<sup>(a)</sup> | 70 | 66076 |
| 5.70%, 12/01/33 | 30 | 31332 |
| 4.05%, 12/15/49 | 112 | 85584 |
| 3.05%, 10/01/51 | 65 | 40691 |
| Smurfit Kappa Treasury ULC, 5.44%, 04/03/34 | 200 | 202796 |
| Sonoco Products Co. |  |  |
| 4.45%, 09/01/26 | 100 | 99899 |
| 2.25%, 02/01/27 | 277 | 267161 |
| 2.85%, 02/01/32<sup>(a)</sup> | 171 | 150197 |
| 5.00%, 09/01/34<sup>(a)</sup> | 100 | 97266 |
| WestRock MWV LLC, 8.20%, 01/15/30 | 74 | 84691 |
| WRKCo, Inc. |  |  |
| 3.38%, 09/15/27 | 87 | 85037 |
| 4.00%, 03/15/28 | 171 | 169378 |
| 3.90%, 06/01/28 | 50 | 49345 |
| 4.90%, 03/15/29<sup>(a)</sup> | 171 | 173164 |
|  |  | 2107021 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| Agree LP |  |  |
| 4.80%, 10/01/32<sup>(a)</sup> | 30 | 29672 |
| 5.63%, 06/15/34 | 80 | 82005 |
| 5.60%, 06/15/35 | 25 | 25448 |
| American Assets Trust LP, 6.15%, 10/01/34 | 75 | 74950 |
| American Homes 4 Rent LP |  |  |
| 4.90%, 02/15/29 | 171 | 172926 |
| 2.38%, 07/15/31<sup>(a)</sup> | 35 | 30477 |
| 5.50%, 02/01/34 | 50 | 50836 |
| 5.50%, 07/15/34 | 75 | 76001 |
| 3.38%, 07/15/51<sup>(a)</sup> | 25 | 16472 |
| 4.30%, 04/15/52 | 50 | 38903 |
| American Tower Corp. |  |  |
| 1.45%, 09/15/26 | 64 | 61823 |
| 3.38%, 10/15/26 | 87 | 85888 |
| 2.75%, 01/15/27 | 76 | 74191 |
| 3.65%, 03/15/27 | 69 | 68155 |
| 3.60%, 01/15/28 | 100 | 98178 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| American Tower Corp. (continued) |  |  |
| 5.50%, 03/15/28 | $70 | $71945 |
| 5.25%, 07/15/28 | 40 | 41006 |
| 5.80%, 11/15/28 | 85 | 88678 |
| 5.20%, 02/15/29 | 25 | 25581 |
| 3.95%, 03/15/29 | 87 | 85168 |
| 3.80%, 08/15/29 | 87 | 84587 |
| 2.90%, 01/15/30 | 93 | 86659 |
| 4.90%, 03/15/30 | 75 | 76063 |
| 2.10%, 06/15/30 | 141 | 125221 |
| 2.70%, 04/15/31 | 104 | 93262 |
| 2.30%, 09/15/31 | 124 | 107577 |
| 4.05%, 03/15/32<sup>(a)</sup> | 79 | 75551 |
| 5.65%, 03/15/33 | 70 | 72955 |
| 5.55%, 07/15/33 | 40 | 41262 |
| 5.90%, 11/15/33 | 100 | 105500 |
| 5.45%, 02/15/34 | 25 | 25740 |
| 5.40%, 01/31/35 | 50 | 51042 |
| 5.35%, 03/15/35 | 75 | 76294 |
| 3.70%, 10/15/49 | 75 | 54809 |
| 3.10%, 06/15/50 | 82 | 53773 |
| 2.95%, 01/15/51 | 200 | 126633 |
| Americold Realty Operating Partnership LP |  |  |
| 5.60%, 05/15/32 | 25 | 25122 |
| 5.41%, 09/12/34<sup>(a)</sup> | 25 | 24469 |
| AvalonBay Communities, Inc. |  |  |
| 3.20%, 01/15/28 | 191 | 186546 |
| 1.90%, 12/01/28 | 104 | 96446 |
| 3.30%, 06/01/29 | 64 | 61789 |
| 2.05%, 01/15/32<sup>(a)</sup> | 130 | 112202 |
| 5.30%, 12/07/33 | 25 | 25725 |
| 3.90%, 10/15/46 | 87 | 68270 |
| 4.15%, 07/01/47 | 50 | 40352 |
| Brixmor Operating Partnership LP |  |  |
| 4.13%, 05/15/29 | 214 | 210426 |
| 2.50%, 08/16/31 | 50 | 43575 |
| 5.50%, 02/15/34 | 25 | 25279 |
| 5.75%, 02/15/35 | 50 | 51376 |
| Broadstone Net Lease LLC, 2.60%, 09/15/31 | 100 | 84901 |
| Camden Property Trust |  |  |
| 5.85%, 11/03/26 | 25 | 25497 |
| 3.15%, 07/01/29 | 100 | 95512 |
| 2.80%, 05/15/30 | 257 | 238954 |
| 4.90%, 01/15/34 | 25 | 25001 |
| Crown Castle, Inc. |  |  |
| 1.05%, 07/15/26 | 341 | 328421 |
| 4.00%, 03/01/27 | 171 | 169987 |
| 2.90%, 03/15/27 | 70 | 68099 |
| 3.65%, 09/01/27 | 100 | 98278 |
| 5.00%, 01/11/28 | 65 | 65640 |
| 3.80%, 02/15/28 | 341 | 334853 |
| 4.80%, 09/01/28 | 450 | 452702 |
| 5.60%, 06/01/29 | 75 | 77410 |
| 4.90%, 09/01/29 | 90 | 90810 |
| 2.25%, 01/15/31 | 171 | 148764 |
| 5.10%, 05/01/33 | 55 | 54774 |
| 5.80%, 03/01/34 | 65 | 67300 |
| 5.20%, 09/01/34 | 50 | 49530 |
| 2.90%, 04/01/41 | 141 | 100840 |
| 4.00%, 11/15/49 | 102 | 75140 |
| 4.15%, 07/01/50 | 150 | 114638 |
| CubeSmart LP |  |  |
| 3.00%, 02/15/30 | 100 | 93194 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| CubeSmart LP (continued) |  |  |
| 2.00%, 02/15/31<sup>(a)</sup> | $87 | $75364 |
| Digital Realty Trust LP |  |  |
| 3.70%, 08/15/27 | 171 | 168843 |
| 5.55%, 01/15/28 | 285 | 292315 |
| 3.60%, 07/01/29 | 130 | 126009 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 75 | 74878 |
| 4.50%, 06/01/27 | 75 | 74616 |
| 4.95%, 04/15/28 | 75 | 74854 |
| 3.75%, 08/15/29 | 75 | 71412 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| 50 | 51206 |
| Equinix, Inc. |  |  |
| 2.90%, 11/18/26 | 71 | 69574 |
| 1.55%, 03/15/28 | 144 | 134222 |
| 2.00%, 05/15/28 | 67 | 62690 |
| 3.20%, 11/18/29 | 81 | 76866 |
| 2.15%, 07/15/30 | 87 | 77426 |
| 2.50%, 05/15/31 | 152 | 134669 |
| 3.00%, 07/15/50 | 71 | 44357 |
| 3.40%, 02/15/52 | 140 | 93655 |
| ERP Operating LP |  |  |
| 3.25%, 08/01/27 | 87 | 85362 |
| 3.50%, 03/01/28 | 171 | 168181 |
| 3.00%, 07/01/29 | 128 | 121787 |
| 2.50%, 02/15/30 | 72 | 66382 |
| 1.85%, 08/01/31 | 76 | 65595 |
| 4.95%, 06/15/32 | 50 | 50571 |
| 4.65%, 09/15/34 | 25 | 24260 |
| 4.50%, 06/01/45 | 87 | 74254 |
| Essex Portfolio LP |  |  |
| 4.00%, 03/01/29 | 71 | 69870 |
| 3.00%, 01/15/30 | 70 | 65457 |
| 1.65%, 01/15/31 | 90 | 76392 |
| 2.55%, 06/15/31<sup>(a)</sup> | 60 | 53225 |
| 5.50%, 04/01/34 | 25 | 25537 |
| 2.65%, 09/01/50 | 71 | 41736 |
| Extra Space Storage LP |  |  |
| 4.00%, 06/15/29 | 21 | 20594 |
| 5.50%, 07/01/30 | 25 | 25932 |
| 2.20%, 10/15/30 | 69 | 61033 |
| 5.90%, 01/15/31 | 30 | 31694 |
| 2.55%, 06/01/31 | 87 | 76917 |
| 2.40%, 10/15/31 | 75 | 65164 |
| 2.35%, 03/15/32 | 70 | 59392 |
| 5.40%, 02/01/34 | 50 | 50782 |
| 5.35%, 01/15/35 | 75 | 75501 |
| 5.40%, 06/15/35 | 50 | 50270 |
| Federal Realty OP LP |  |  |
| 3.25%, 07/15/27 | 87 | 84822 |
| 5.38%, 05/01/28 | 40 | 40996 |
| 3.50%, 06/01/30 | 140 | 133176 |
| First Industrial LP, 5.25%, 01/15/31 | 25 | 25295 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.30%, 01/15/29 | 171 | 172896 |
| 4.00%, 01/15/30 | 169 | 162408 |
| 3.25%, 01/15/32 | 63 | 55447 |
| 5.63%, 09/15/34 | 95 | 94660 |
| 6.25%, 09/15/54 | 50 | 48808 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.30%, 11/15/28 | 79 | 73966 |
| 5.45%, 08/15/30 | 60 | 62090 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Invitation Homes Operating Partnership <br> LP (continued)<br>|  |  |
| 2.00%, 08/15/31 | $70 | $59601 |
| 5.50%, 08/15/33 | 90 | 91396 |
| 2.70%, 01/15/34 | 87 | 71904 |
| Kimco Realty OP LLC |  |  |
| 2.80%, 10/01/26 | 87 | 85250 |
| 3.80%, 04/01/27 | 100 | 99127 |
| 2.25%, 12/01/31 | 87 | 75343 |
| 4.60%, 02/01/33 | 25 | 24644 |
| 6.40%, 03/01/34 | 25 | 27207 |
| 4.85%, 03/01/35 | 100 | 97896 |
| 5.30%, 02/01/36 | 50 | 50348 |
| 4.45%, 09/01/47 | 62 | 51590 |
| 3.70%, 10/01/49 | 87 | 63232 |
| Kite Realty Group LP, 5.50%, 03/01/34<sup>(a)</sup> | 50 | 50972 |
| LXP Industrial Trust, 2.70%, 09/15/30 | 50 | 44807 |
| Mid-America Apartments LP |  |  |
| 1.10%, 09/15/26 | 67 | 64565 |
| 3.60%, 06/01/27 | 87 | 86087 |
| 3.95%, 03/15/29 | 87 | 85911 |
| 1.70%, 02/15/31 | 69 | 59210 |
| 5.30%, 02/15/32<sup>(a)</sup> | 25 | 25829 |
| 5.00%, 03/15/34 | 25 | 25181 |
| 2.88%, 09/15/51 | 66 | 41530 |
| Phillips Edison Grocery Center Operating Partnership <br> I LP<br>|  |  |
| 5.25%, 08/15/32 | 25 | 25237 |
| 4.95%, 01/15/35 | 25 | 24209 |
| Prologis LP |  |  |
| 2.13%, 04/15/27 | 30 | 28994 |
| 4.88%, 06/15/28 | 45 | 45906 |
| 2.88%, 11/15/29 | 93 | 87664 |
| 2.25%, 04/15/30 | 213 | 193656 |
| 1.75%, 07/01/30 | 82 | 72095 |
| 1.25%, 10/15/30 | 65 | 55585 |
| 4.75%, 01/15/31 | 75 | 75916 |
| 1.75%, 02/01/31 | 64 | 55511 |
| 4.63%, 01/15/33 | 135 | 134321 |
| 4.75%, 06/15/33 | 40 | 39867 |
| 5.13%, 01/15/34 | 50 | 50608 |
| 5.00%, 03/15/34 | 100 | 100254 |
| 5.00%, 01/31/35 | 50 | 49985 |
| 5.25%, 05/15/35 | 40 | 40550 |
| 3.05%, 03/01/50 | 50 | 32728 |
| 3.00%, 04/15/50 | 95 | 61562 |
| 2.13%, 10/15/50<sup>(a)</sup> | 50 | 26584 |
| 5.25%, 06/15/53 | 140 | 131300 |
| 5.25%, 03/15/54 | 75 | 70394 |
| Public Storage Operating Co. |  |  |
| 1.50%, 11/09/26 | 138 | 133236 |
| 1.85%, 05/01/28 | 207 | 194391 |
| 1.95%, 11/09/28 | 133 | 123834 |
| 5.13%, 01/15/29<sup>(a)</sup> | 30 | 30941 |
| 4.38%, 07/01/30 | 50 | 49880 |
| 2.25%, 11/09/31 | 87 | 75949 |
| 5.00%, 07/01/35 | 40 | 39831 |
| 5.35%, 08/01/53 | 125 | 119965 |
| Rayonier LP, 2.75%, 05/17/31 | 124 | 109666 |
| Regency Centers LP |  |  |
| 2.95%, 09/15/29 | 71 | 67180 |
| 3.70%, 06/15/30<sup>(a)</sup> | 87 | 84104 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Regency Centers LP (continued) |  |  |
| 5.00%, 07/15/32 | 35 | $35400 |
| 4.40%, 02/01/47 | 87 | 72623 |
| Rexford Industrial Realty LP |  |  |
| 5.00%, 06/15/28 | 30 | 30257 |
| 2.13%, 12/01/30 | 71 | 61764 |
| 2.15%, 09/01/31 | 79 | 67716 |
| Safehold GL Holdings LLC |  |  |
| 2.80%, 06/15/31<sup>(a)</sup> | 60 | 53677 |
| 6.10%, 04/01/34 | 25 | 26022 |
| 5.65%, 01/15/35 | 25 | 24977 |
| Sun Communities Operating LP |  |  |
| 2.30%, 11/01/28 | 79 | 73847 |
| 2.70%, 07/15/31 | 128 | 113437 |
| 4.20%, 04/15/32 | 69 | 65291 |
| UDR, Inc. |  |  |
| 3.50%, 01/15/28 | 200 | 196155 |
| 4.40%, 01/26/29 | 171 | 170956 |
| 3.20%, 01/15/30 | 87 | 82435 |
| 3.00%, 08/15/31 | 87 | 79019 |
| 1.90%, 03/15/33<sup>(a)</sup> | 87 | 69476 |
| VICI Properties LP |  |  |
| 4.75%, 02/15/28 | 117 | 117642 |
| 4.95%, 02/15/30<sup>(a)</sup> | 105 | 105614 |
| 5.13%, 11/15/31 | 45 | 45056 |
| 5.13%, 05/15/32<sup>(a)</sup> | 118 | 117566 |
| 5.63%, 04/01/35 | 30 | 30276 |
| 5.63%, 05/15/52 | 161 | 148612 |
| 6.13%, 04/01/54 | 100 | 98301 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 11/15/29 | 171 | 167964 |
| 7.38%, 03/15/32 | 80 | 90315 |
| 3.38%, 03/09/33 | 90 | 80604 |
| 4.00%, 03/09/52 | 55 | 41298 |
| WP Carey, Inc. |  |  |
| 3.85%, 07/15/29 | 82 | 79795 |
| 2.45%, 02/01/32 | 118 | 101163 |
| 5.38%, 06/30/34 | 25 | 25221 |
|  |  | 16736473 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| AT&T, Inc. |  |  |
| 4.25%, 03/01/27 | 300 | 299710 |
| 2.30%, 06/01/27 | 450 | 433876 |
| 1.65%, 02/01/28 | 300 | 281438 |
| 4.35%, 03/01/29 | 300 | 300629 |
| 4.30%, 02/15/30 | 300 | 299024 |
| 4.70%, 08/15/30 | 150 | 151361 |
| 2.75%, 06/01/31 | 341 | 309186 |
| 2.25%, 02/01/32 | 400 | 344260 |
| 2.55%, 12/01/33 | 200 | 167381 |
| 5.40%, 02/15/34 | 125 | 128565 |
| 4.50%, 05/15/35<sup>(a)</sup> | 655 | 624143 |
| 5.38%, 08/15/35 | 150 | 152738 |
| 4.90%, 08/15/37 | 375 | 359410 |
| 4.85%, 03/01/39 | 300 | 283964 |
| 5.35%, 09/01/40<sup>(a)</sup> | 200 | 195540 |
| 3.50%, 06/01/41 | 250 | 196116 |
| 4.65%, 06/01/44 | 125 | 107823 |
| 4.75%, 05/15/46 | 500 | 436283 |
| 4.50%, 03/09/48 | 500 | 416116 |
| 3.65%, 06/01/51 | 200 | 142089 |
| 3.50%, 09/15/53 | 911 | 616617 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| AT&T, Inc. (continued) |  |  |
| 3.55%, 09/15/55 | $974 | $657204 |
| 6.05%, 08/15/56 | 180 | 183693 |
| 3.80%, 12/01/57 | 778 | 544368 |
| 3.65%, 09/15/59 | 520 | 348870 |
| 3.85%, 06/01/60 | 200 | 139844 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 2.15%, 02/15/32<sup>(a)</sup> | 87 | 73525 |
| 5.10%, 05/11/33<sup>(a)</sup> | 60 | 60049 |
| 5.20%, 02/15/34 | 50 | 50062 |
| 4.46%, 04/01/48 | 100 | 80381 |
| 4.30%, 07/29/49 | 67 | 52097 |
| 3.65%, 03/17/51 | 50 | 35042 |
| 3.65%, 08/15/52<sup>(a)</sup> | 33 | 22595 |
| 5.55%, 02/15/54<sup>(a)</sup> | 50 | 47034 |
| British Telecommunications PLC, 9.63%, 12/15/30 | 300 | 369008 |
| Cisco Systems, Inc. |  |  |
| 2.50%, 09/20/26 | 171 | 167895 |
| 4.80%, 02/26/27 | 150 | 151819 |
| 4.55%, 02/24/28 | 95 | 96256 |
| 4.85%, 02/26/29 | 450 | 461149 |
| 4.75%, 02/24/30 | 100 | 102236 |
| 4.95%, 02/26/31 | 415 | 426895 |
| 4.95%, 02/24/32 | 100 | 102504 |
| 5.05%, 02/26/34 | 610 | 624365 |
| 5.10%, 02/24/35 | 125 | 127951 |
| 5.90%, 02/15/39 | 341 | 366715 |
| 5.50%, 01/15/40 | 220 | 227244 |
| 5.30%, 02/26/54 | 85 | 82430 |
| 5.50%, 02/24/55 | 50 | 49893 |
| 5.35%, 02/26/64 | 90 | 86860 |
| Corning, Inc. |  |  |
| 4.75%, 03/15/42 | 50 | 44791 |
| 5.35%, 11/15/48 | 50 | 47061 |
| 3.90%, 11/15/49 | 87 | 65838 |
| 4.38%, 11/15/57 | 130 | 104312 |
| 5.85%, 11/15/68 | 100 | 96586 |
| 5.45%, 11/15/79 | 87 | 79872 |
| Deutsche Telekom International Finance BV, 8.75%, <br> 06/15/30<br>| 300 | 354175 |
| Sprint Capital Corp. |  |  |
| 6.88%, 11/15/28 | 200 | 214707 |
| 8.75%, 03/15/32 | 300 | 363927 |
| Telefonica Emisiones SA |  |  |
| 7.05%, 06/20/36 | 185 | 205400 |
| 4.67%, 03/06/38 | 150 | 134914 |
| 5.21%, 03/08/47 | 283 | 250380 |
| 4.90%, 03/06/48 | 160 | 134472 |
| Telefonica Europe BV, 8.25%, 09/15/30<sup>(a)</sup> | 75 | 86677 |
| TELUS Corp. |  |  |
| 3.70%, 09/15/27 | 100 | 98567 |
| 3.40%, 05/13/32 | 90 | 82108 |
| 4.60%, 11/16/48 | 70 | 58686 |
| 4.30%, 06/15/49 | 87 | 67556 |
| Verizon Communications, Inc. |  |  |
| 3.00%, 03/22/27 | 200 | 196002 |
| 2.10%, 03/22/28 | 140 | 132649 |
| 4.33%, 09/21/28 | 369 | 370526 |
| 3.88%, 02/08/29 | 341 | 336742 |
| 4.02%, 12/03/29 | 350 | 345330 |
| 3.15%, 03/22/30 | 171 | 162075 |
| 1.68%, 10/30/30 | 341 | 295043 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Verizon Communications, Inc. (continued) |  |  |
| 1.75%, 01/20/31 | 1000 | $861677 |
| 2.55%, 03/21/31 | 377 | 338127 |
| 2.36%, 03/15/32 | 695 | 599088 |
| 5.05%, 05/09/33<sup>(a)</sup> | 55 | 55770 |
| 4.50%, 08/10/33 | 300 | 291613 |
| 4.40%, 11/01/34 | 257 | 243912 |
| 4.78%, 02/15/35 | 200 | 194840 |
| 5.25%, 04/02/35 | 280 | 282333 |
| 5.40%, 07/02/37<sup>(d)</sup> | 350 | 352110 |
| 4.81%, 03/15/39 | 104 | 97585 |
| 2.65%, 11/20/40 | 287 | 202470 |
| 3.40%, 03/22/41 | 429 | 330902 |
| 2.85%, 09/03/41 | 112 | 79340 |
| 4.75%, 11/01/41 | 511 | 459635 |
| 3.85%, 11/01/42 | 87 | 69428 |
| 4.86%, 08/21/46 | 341 | 304363 |
| 4.00%, 03/22/50 | 171 | 130224 |
| 2.88%, 11/20/50<sup>(a)</sup> | 427 | 265983 |
| 3.55%, 03/22/51 | 336 | 240233 |
| 3.88%, 03/01/52 | 118 | 87774 |
| 5.50%, 02/23/54<sup>(a)</sup> | 30 | 28993 |
| 2.99%, 10/30/56 | 411 | 247362 |
| 3.00%, 11/20/60 | 275 | 162092 |
| 3.70%, 03/22/61 | 403 | 278135 |
|  |  | 22516638 |
| **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** |
| AEP Texas, Inc. |  |  |
| 3.95%, 06/01/28 | 87 | 85977 |
| 5.45%, 05/15/29 | 50 | 51611 |
| 4.70%, 05/15/32 | 70 | 68979 |
| 5.70%, 05/15/34 | 50 | 51082 |
| 5.25%, 05/15/52 | 70 | 63091 |
| Series H, 3.45%, 01/15/50 | 100 | 67704 |
| AEP Transmission Co. LLC |  |  |
| 3.10%, 12/01/26 | 87 | 85694 |
| 5.15%, 04/01/34 | 100 | 101142 |
| 3.80%, 06/15/49 | 171 | 127603 |
| 3.15%, 09/15/49 | 71 | 47354 |
| 5.40%, 03/15/53 | 40 | 38533 |
| Series M, 3.65%, 04/01/50 | 87 | 63764 |
| Series N, 2.75%, 08/15/51 | 71 | 43434 |
| Series O, 4.50%, 06/15/52 | 50 | 41940 |
| AES Corp. |  |  |
| 5.45%, 06/01/28 | 60 | 61313 |
| 2.45%, 01/15/31<sup>(a)</sup> | 87 | 76059 |
| Alabama Power Co. |  |  |
| 3.75%, 09/01/27 | 100 | 99522 |
| 3.94%, 09/01/32<sup>(a)</sup> | 100 | 95815 |
| 5.85%, 11/15/33 | 25 | 26647 |
| 5.10%, 04/02/35 | 35 | 35273 |
| 6.13%, 05/15/38 | 171 | 184386 |
| 3.75%, 03/01/45 | 87 | 67815 |
| 4.30%, 01/02/46 | 87 | 72813 |
| 3.45%, 10/01/49 | 65 | 46127 |
| 3.13%, 07/15/51 | 104 | 69456 |
| Series 2020-A, 1.45%, 09/15/30 | 51 | 44209 |
| Ameren Corp. |  |  |
| 5.70%, 12/01/26 | 50 | 50802 |
| 1.95%, 03/15/27 | 133 | 128189 |
| 5.00%, 01/15/29 | 50 | 50902 |
| 3.50%, 01/15/31 | 171 | 161544 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Ameren Corp. (continued) |  |  |
| 5.38%, 03/15/35 | $25 | $25156 |
| Ameren Illinois Co. |  |  |
| 3.85%, 09/01/32 | 90 | 85211 |
| 4.15%, 03/15/46 | 87 | 71222 |
| 3.25%, 03/15/50 | 53 | 35896 |
| 5.90%, 12/01/52 | 50 | 51446 |
| 5.55%, 07/01/54 | 75 | 73900 |
| 5.63%, 03/01/55 | 75 | 74110 |
| American Electric Power Co., Inc. |  |  |
| 5.75%, 11/01/27 | 100 | 103123 |
| 5.20%, 01/15/29 | 75 | 76916 |
| 2.30%, 03/01/30 | 75 | 67658 |
| 5.95%, 11/01/32 | 100 | 106011 |
| 5.63%, 03/01/33 | 32 | 33265 |
| Series J, 4.30%, 12/01/28 | 87 | 87037 |
| Appalachian Power Co. |  |  |
| 5.65%, 04/01/34 | 50 | 51440 |
| 7.00%, 04/01/38 | 50 | 55632 |
| 4.40%, 05/15/44 | 87 | 70557 |
| Series BB, 4.50%, 08/01/32 | 100 | 97543 |
| Series Y, 4.50%, 03/01/49<sup>(a)</sup> | 120 | 96899 |
| Series Z, 3.70%, 05/01/50 | 70 | 49448 |
| Arizona Public Service Co. |  |  |
| 2.60%, 08/15/29 | 87 | 81232 |
| 6.35%, 12/15/32 | 100 | 107732 |
| 5.55%, 08/01/33 | 250 | 255852 |
| 5.70%, 08/15/34 | 25 | 25777 |
| 5.05%, 09/01/41 | 87 | 79632 |
| 4.50%, 04/01/42 | 71 | 60586 |
| 4.20%, 08/15/48 | 87 | 68094 |
| 3.50%, 12/01/49 | 64 | 43838 |
| Avista Corp., 4.35%, 06/01/48 | 104 | 84982 |
| Baltimore Gas and Electric Co. |  |  |
| 2.40%, 08/15/26 | 171 | 167662 |
| 2.25%, 06/15/31 | 81 | 71907 |
| 5.30%, 06/01/34 | 25 | 25589 |
| 5.45%, 06/01/35<sup>(a)</sup> | 100 | 102499 |
| 6.35%, 10/01/36 | 87 | 94561 |
| 3.50%, 08/15/46 | 121 | 88788 |
| 3.20%, 09/15/49 | 80 | 54243 |
| 2.90%, 06/15/50 | 79 | 49397 |
| 4.55%, 06/01/52 | 130 | 108872 |
| 5.40%, 06/01/53 | 235 | 224107 |
| 5.65%, 06/01/54 | 25 | 24776 |
| Berkshire Hathaway Energy Co. |  |  |
| 3.25%, 04/15/28 | 87 | 85145 |
| 3.70%, 07/15/30 | 87 | 84412 |
| 1.65%, 05/15/31<sup>(a)</sup> | 146 | 124354 |
| 6.13%, 04/01/36 | 337 | 362442 |
| 5.95%, 05/15/37<sup>(a)</sup> | 171 | 181961 |
| 5.15%, 11/15/43 | 87 | 81687 |
| 4.50%, 02/01/45 | 71 | 61030 |
| 3.80%, 07/15/48 | 87 | 65663 |
| 4.45%, 01/15/49 | 87 | 71922 |
| 4.25%, 10/15/50 | 71 | 56718 |
| 2.85%, 05/15/51 | 71 | 43480 |
| 4.60%, 05/01/53 | 171 | 142897 |
| Black Hills Corp. |  |  |
| 5.95%, 03/15/28 | 100 | 103585 |
| 3.05%, 10/15/29 | 73 | 68440 |
| 2.50%, 06/15/30 | 55 | 49487 |
| 4.35%, 05/01/33 | 71 | 66670 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Black Hills Corp. (continued) |  |  |
| 6.15%, 05/15/34 | $100 | $104925 |
| 6.00%, 01/15/35 | 25 | 25929 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 5.20%, 10/01/28<sup>(a)</sup> | 50 | 51543 |
| 4.80%, 03/15/30 | 50 | 50887 |
| 4.95%, 04/01/33 | 100 | 100407 |
| 5.15%, 03/01/34<sup>(a)</sup> | 40 | 40348 |
| 3.55%, 08/01/42 | 74 | 57101 |
| 3.95%, 03/01/48 | 87 | 67930 |
| 5.30%, 04/01/53 | 30 | 28495 |
| Series AD, 2.90%, 07/01/50<sup>(a)</sup> | 60 | 38418 |
| Series AF, 3.35%, 04/01/51 | 87 | 60698 |
| Series AG, 3.00%, 03/01/32 | 70 | 63347 |
| Series AH, 3.60%, 03/01/52 | 50 | 35961 |
| Series AI, 4.45%, 10/01/32 | 40 | 39162 |
| Series AJ, 4.85%, 10/01/52<sup>(a)</sup> | 50 | 44686 |
| CenterPoint Energy, Inc.<sup>(a)</sup> <br>|  |  |
| 5.40%, 06/01/29 | 50 | 51678 |
| 2.65%, 06/01/31 | 140 | 124821 |
| CMS Energy Corp. |  |  |
| 3.45%, 08/15/27 | 171 | 167883 |
| 4.88%, 03/01/44 | 120 | 107003 |
| (5-year CMT + 2.90%), 3.75%, 12/01/50<sup>(c)</sup> | 100 | 89887 |
| Commonwealth Edison Co. |  |  |
| 4.90%, 02/01/33<sup>(a)</sup> | 30 | 30218 |
| 5.30%, 06/01/34 | 25 | 25721 |
| 5.90%, 03/15/36 | 50 | 53403 |
| 6.45%, 01/15/38 | 100 | 110173 |
| 3.70%, 03/01/45 | 87 | 67111 |
| 3.65%, 06/15/46 | 130 | 98280 |
| 3.00%, 03/01/50 | 87 | 56374 |
| 5.30%, 02/01/53 | 40 | 37888 |
| 5.95%, 06/01/55 | 80 | 82833 |
| Series 127, 3.20%, 11/15/49 | 105 | 70907 |
| Series 130, 3.13%, 03/15/51 | 71 | 46913 |
| Series 131, 2.75%, 09/01/51 | 87 | 52592 |
| Series 133, 3.85%, 03/15/52 | 141 | 106153 |
| Connecticut Light and Power Co. |  |  |
| 4.65%, 01/01/29 | 25 | 25308 |
| 4.95%, 01/15/30 | 50 | 51172 |
| 4.90%, 07/01/33 | 25 | 24967 |
| 4.95%, 08/15/34 | 25 | 24991 |
| 4.30%, 04/15/44 | 100 | 84422 |
| 5.25%, 01/15/53 | 100 | 93327 |
| Series A, 3.20%, 03/15/27 | 87 | 85693 |
| Series A, 2.05%, 07/01/31<sup>(a)</sup> | 140 | 122093 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 3.80%, 05/15/28<sup>(a)</sup> | 87 | 86371 |
| 2.40%, 06/15/31 | 171 | 153390 |
| 5.20%, 03/01/33 | 50 | 51504 |
| 5.50%, 03/15/34 | 50 | 51995 |
| 5.38%, 05/15/34 | 25 | 25804 |
| 5.13%, 03/15/35<sup>(a)</sup> | 150 | 151921 |
| 3.95%, 03/01/43 | 53 | 43113 |
| 4.45%, 03/15/44 | 87 | 74927 |
| 4.50%, 12/01/45 | 87 | 74479 |
| 3.85%, 06/15/46 | 171 | 132109 |
| 3.20%, 12/01/51 | 60 | 39763 |
| 6.15%, 11/15/52 | 50 | 52728 |
| 5.90%, 11/15/53 | 50 | 51019 |
| 5.70%, 05/15/54<sup>(a)</sup> | 125 | 124785 |
| 4.63%, 12/01/54 | 100 | 84273 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Consolidated Edison Co. of New York, <br> Inc. (continued)<br>|  |  |
| 4.50%, 05/15/58 | $150 | $121957 |
| 3.70%, 11/15/59 | 70 | 48532 |
| 3.60%, 06/15/61<sup>(a)</sup> | 130 | 88360 |
| Series 2007-A, 6.30%, 08/15/37<sup>(a)</sup> | 200 | 217446 |
| Series 2012-A, 4.20%, 03/15/42 | 71 | 59986 |
| Series 20A, 3.35%, 04/01/30 | 257 | 246993 |
| Series 20B, 3.95%, 04/01/50 | 171 | 133304 |
| Series C, 4.30%, 12/01/56 | 87 | 68505 |
| Series C, 4.00%, 11/15/57<sup>(a)</sup> | 130 | 96545 |
| Series D, 4.00%, 12/01/28 | 87 | 86659 |
| Series E, 4.65%, 12/01/48 | 87 | 73856 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 03/01/28<sup>(a)</sup> | 50 | 51730 |
| 5.80%, 03/01/33 | 50 | 52870 |
| 6.13%, 01/15/34 | 25 | 26923 |
| 6.25%, 10/01/39 | 123 | 131306 |
| 5.75%, 10/01/41 | 87 | 86995 |
| 5.60%, 06/15/42 | 100 | 97298 |
| 6.50%, 10/01/53 | 100 | 107314 |
| 5.75%, 03/15/54<sup>(a)</sup> | 50 | 48981 |
| Consumers Energy Co. |  |  |
| 4.65%, 03/01/28 | 200 | 202731 |
| 4.90%, 02/15/29 | 100 | 102085 |
| 4.70%, 01/15/30 | 25 | 25366 |
| 4.50%, 01/15/31 | 40 | 40156 |
| 4.63%, 05/15/33 | 100 | 99020 |
| 4.35%, 04/15/49 | 171 | 144614 |
| 3.10%, 08/15/50 | 75 | 50284 |
| 2.65%, 08/15/52<sup>(a)</sup> | 38 | 23159 |
| 4.20%, 09/01/52 | 25 | 20442 |
| Dominion Energy South Carolina, Inc. |  |  |
| 5.45%, 02/01/41 | 171 | 168475 |
| 6.25%, 10/15/53 | 50 | 54011 |
| 5.10%, 06/01/65 | 50 | 44743 |
| Series 2025, 5.30%, 01/15/35<sup>(a)</sup> | 30 | 30670 |
| Series A, 2.30%, 12/01/31 | 70 | 61268 |
| Dominion Energy, Inc. |  |  |
| 4.60%, 05/15/28<sup>(a)</sup> | 50 | 50329 |
| 5.00%, 06/15/30 | 50 | 51028 |
| 5.38%, 11/15/32 | 50 | 51249 |
| 5.45%, 03/15/35<sup>(a)</sup> | 150 | 151274 |
| 7.00%, 06/15/38 | 87 | 98939 |
| Series A, 4.35%, 08/15/32 | 50 | 47994 |
| Series B, 3.30%, 04/15/41 | 75 | 55357 |
| Series B, 4.85%, 08/15/52 | 50 | 42244 |
| Series C, 3.38%, 04/01/30 | 257 | 244234 |
| Series C, 2.25%, 08/15/31 | 82 | 71699 |
| Series C, 4.90%, 08/01/41 | 50 | 45087 |
| DTE Electric Co. |  |  |
| 5.20%, 04/01/33 | 40 | 41099 |
| 5.20%, 03/01/34 | 50 | 51059 |
| 5.25%, 05/15/35<sup>(a)</sup> | 50 | 50914 |
| 3.70%, 03/15/45 | 51 | 39480 |
| 3.70%, 06/01/46 | 87 | 66214 |
| 3.75%, 08/15/47 | 70 | 53268 |
| 5.40%, 04/01/53<sup>(a)</sup> | 40 | 39052 |
| Series A, 1.90%, 04/01/28 | 87 | 82092 |
| Series A, 3.00%, 03/01/32 | 61 | 55413 |
| Series A, 4.00%, 04/01/43<sup>(a)</sup> | 53 | 43354 |
| Series A, 4.05%, 05/15/48<sup>(a)</sup> | 87 | 70066 |
| Series B, 3.25%, 04/01/51 | 71 | 48498 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| DTE Electric Co. (continued) |  |  |
| Series B, 3.65%, 03/01/52 | $63 | $46302 |
| DTE Energy Co. |  |  |
| 2.85%, 10/01/26 | 100 | 98244 |
| 4.95%, 07/01/27 | 75 | 75859 |
| 4.88%, 06/01/28 | 200 | 202939 |
| 5.10%, 03/01/29 | 75 | 76477 |
| 5.20%, 04/01/30 | 100 | 102329 |
| 5.85%, 06/01/34<sup>(a)</sup> | 250 | 261507 |
| Series C, 3.40%, 06/15/29 | 120 | 115144 |
| Duke Energy Carolinas LLC |  |  |
| 2.95%, 12/01/26 | 140 | 137717 |
| 2.45%, 08/15/29 | 87 | 81147 |
| 2.45%, 02/01/30 | 71 | 65598 |
| 2.55%, 04/15/31 | 75 | 67867 |
| 2.85%, 03/15/32<sup>(a)</sup> | 97 | 87017 |
| 4.95%, 01/15/33 | 160 | 162799 |
| 4.85%, 01/15/34<sup>(a)</sup> | 25 | 24961 |
| 5.25%, 03/15/35 | 50 | 51134 |
| 6.10%, 06/01/37 | 87 | 92560 |
| 6.05%, 04/15/38 | 74 | 79114 |
| 5.30%, 02/15/40 | 87 | 86952 |
| 4.25%, 12/15/41 | 171 | 146242 |
| 4.00%, 09/30/42 | 87 | 71908 |
| 3.70%, 12/01/47 | 87 | 65449 |
| 3.95%, 03/15/48 | 71 | 55404 |
| 3.45%, 04/15/51 | 75 | 53112 |
| 3.55%, 03/15/52 | 78 | 56229 |
| 5.35%, 01/15/53 | 150 | 143822 |
| 5.40%, 01/15/54 | 92 | 88479 |
| Series A, 6.00%, 12/01/28 | 87 | 91816 |
| Duke Energy Corp. |  |  |
| 2.65%, 09/01/26 | 87 | 85366 |
| 4.85%, 01/05/27 | 95 | 95937 |
| 3.15%, 08/15/27 | 87 | 85237 |
| 5.00%, 12/08/27 | 170 | 173052 |
| 4.30%, 03/15/28 | 90 | 90111 |
| 4.85%, 01/05/29 | 25 | 25393 |
| 3.40%, 06/15/29 | 120 | 115578 |
| 2.45%, 06/01/30 | 89 | 80762 |
| 4.50%, 08/15/32 | 100 | 97773 |
| 5.75%, 09/15/33 | 75 | 78772 |
| 5.45%, 06/15/34<sup>(a)</sup> | 150 | 154062 |
| 3.30%, 06/15/41 | 121 | 90774 |
| 4.80%, 12/15/45 | 87 | 75340 |
| 3.75%, 09/01/46 | 100 | 74045 |
| 3.95%, 08/15/47 | 87 | 65376 |
| 4.20%, 06/15/49 | 87 | 67585 |
| 3.50%, 06/15/51 | 100 | 68676 |
| 5.00%, 08/15/52 | 100 | 87670 |
| 6.10%, 09/15/53 | 75 | 76281 |
| 5.80%, 06/15/54 | 50 | 48820 |
| (5-year CMT + 2.32%), 3.25%, 01/15/82<sup>(c)</sup> | 109 | 104597 |
| Duke Energy Florida LLC |  |  |
| 2.50%, 12/01/29 | 59 | 54786 |
| 1.75%, 06/15/30 | 82 | 72329 |
| 2.40%, 12/15/31 | 141 | 124747 |
| 5.88%, 11/15/33 | 35 | 37301 |
| 6.35%, 09/15/37 | 200 | 218581 |
| 6.40%, 06/15/38 | 200 | 219276 |
| 3.40%, 10/01/46 | 87 | 62303 |
| 3.00%, 12/15/51 | 65 | 41051 |
| 5.95%, 11/15/52 | 100 | 102656 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Duke Energy Florida LLC (continued) |  |  |
| 6.20%, 11/15/53 | $50 | $53208 |
| Duke Energy Indiana LLC |  |  |
| 5.25%, 03/01/34 | 25 | 25559 |
| 3.75%, 05/15/46 | 87 | 65895 |
| 2.75%, 04/01/50 | 100 | 61606 |
| 5.40%, 04/01/53 | 50 | 47631 |
| Series WWW, 4.90%, 07/15/43 | 87 | 79219 |
| Duke Energy Ohio, Inc. |  |  |
| 5.25%, 04/01/33 | 35 | 36046 |
| 5.30%, 06/15/35 | 25 | 25384 |
| 3.70%, 06/15/46 | 87 | 64970 |
| 5.55%, 03/15/54 | 25 | 24423 |
| Duke Energy Progress LLC |  |  |
| 3.70%, 09/01/28 | 65 | 64202 |
| 3.45%, 03/15/29 | 87 | 84637 |
| 2.00%, 08/15/31 | 74 | 64245 |
| 3.40%, 04/01/32 | 67 | 62169 |
| 5.25%, 03/15/33 | 30 | 30971 |
| 5.10%, 03/15/34<sup>(a)</sup> | 25 | 25354 |
| 5.05%, 03/15/35 | 150 | 150636 |
| 4.10%, 05/15/42 | 53 | 44016 |
| 4.10%, 03/15/43 | 87 | 71748 |
| 4.38%, 03/30/44 | 74 | 62674 |
| 4.15%, 12/01/44 | 87 | 70942 |
| 4.20%, 08/15/45 | 87 | 71549 |
| 3.70%, 10/15/46 | 87 | 65669 |
| 2.50%, 08/15/50 | 87 | 50338 |
| 2.90%, 08/15/51 | 74 | 45994 |
| 4.00%, 04/01/52 | 55 | 42200 |
| 5.35%, 03/15/53 | 50 | 47545 |
| 5.55%, 03/15/55 | 50 | 48872 |
| Edison International |  |  |
| 4.13%, 03/15/28 | 171 | 165065 |
| 5.25%, 11/15/28 | 25 | 24745 |
| 5.45%, 06/15/29 | 50 | 49454 |
| 6.95%, 11/15/29 | 45 | 46778 |
| El Paso Electric Co., 6.00%, 05/15/35 | 87 | 89817 |
| Emera U.S. Finance LP |  |  |
| 2.64%, 06/15/31 | 155 | 136094 |
| 4.75%, 06/15/46 | 62 | 51547 |
| Enel Americas SA, 4.00%, 10/25/26 | 100 | 99000 |
| Entergy Arkansas LLC |  |  |
| 5.15%, 01/15/33 | 50 | 51236 |
| 5.30%, 09/15/33 | 50 | 51321 |
| 5.45%, 06/01/34 | 50 | 51490 |
| 2.65%, 06/15/51 | 75 | 43890 |
| 3.35%, 06/15/52 | 87 | 58165 |
| 5.75%, 06/01/54 | 25 | 24762 |
| Entergy Corp. |  |  |
| 2.95%, 09/01/26 | 171 | 168159 |
| 1.90%, 06/15/28 | 71 | 66395 |
| 2.80%, 06/15/30 | 79 | 72974 |
| 2.40%, 06/15/31 | 104 | 91860 |
| 3.75%, 06/15/50 | 71 | 50505 |
| Entergy Louisiana LLC |  |  |
| 1.60%, 12/15/30<sup>(a)</sup> | 82 | 70906 |
| 4.00%, 03/15/33 | 87 | 81997 |
| 5.35%, 03/15/34 | 225 | 230790 |
| 5.15%, 09/15/34 | 50 | 50285 |
| 4.20%, 09/01/48 | 87 | 69296 |
| 4.20%, 04/01/50 | 171 | 135644 |
| 4.75%, 09/15/52 | 50 | 43236 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Entergy Louisiana LLC (continued) |  |  |
| 5.70%, 03/15/54 | $125 | $123350 |
| 5.80%, 03/15/55 | 150 | 150017 |
| Entergy Mississippi LLC |  |  |
| 2.85%, 06/01/28 | 87 | 83883 |
| 5.00%, 09/01/33 | 20 | 20028 |
| 3.85%, 06/01/49 | 87 | 64063 |
| 5.85%, 06/01/54 | 125 | 125283 |
| 5.80%, 04/15/55 | 25 | 25014 |
| Entergy Texas, Inc. |  |  |
| 5.25%, 04/15/35 | 50 | 50408 |
| 5.00%, 09/15/52 | 50 | 43868 |
| 5.80%, 09/01/53 | 25 | 24638 |
| 5.55%, 09/15/54 | 25 | 23847 |
| Evergy Kansas Central, Inc. |  |  |
| 2.55%, 07/01/26 | 62 | 60903 |
| 5.90%, 11/15/33 | 25 | 26503 |
| 5.25%, 03/15/35 | 25 | 25275 |
| 4.25%, 12/01/45 | 171 | 140100 |
| 3.25%, 09/01/49 | 87 | 58050 |
| 3.45%, 04/15/50 | 87 | 60178 |
| 5.70%, 03/15/53 | 20 | 19707 |
| Evergy Metro, Inc. |  |  |
| 4.95%, 04/15/33 | 30 | 29960 |
| 5.40%, 04/01/34 | 25 | 25572 |
| 5.30%, 10/01/41 | 50 | 48013 |
| Evergy, Inc., 2.90%, 09/15/29 | 87 | 81694 |
| Eversource Energy |  |  |
| 5.00%, 01/01/27 | 25 | 25220 |
| 2.90%, 03/01/27 | 67 | 65367 |
| 5.45%, 03/01/28 | 95 | 97450 |
| 5.95%, 02/01/29 | 75 | 78337 |
| 2.55%, 03/15/31 | 87 | 77338 |
| 5.85%, 04/15/31 | 75 | 78894 |
| 3.38%, 03/01/32 | 67 | 61027 |
| 5.13%, 05/15/33 | 40 | 40030 |
| 5.50%, 01/01/34 | 75 | 76377 |
| 5.95%, 07/15/34 | 75 | 78482 |
| 3.45%, 01/15/50 | 71 | 49660 |
| Series M, 3.30%, 01/15/28 | 257 | 250201 |
| Series R, 1.65%, 08/15/30 | 140 | 121516 |
| Series U, 1.40%, 08/15/26 | 87 | 84136 |
| Exelon Corp. |  |  |
| 2.75%, 03/15/27 | 53 | 51712 |
| 5.15%, 03/15/28 | 35 | 35775 |
| 4.05%, 04/15/30 | 171 | 168220 |
| 5.13%, 03/15/31 | 50 | 51215 |
| 3.35%, 03/15/32 | 200 | 184492 |
| 5.30%, 03/15/33 | 70 | 71731 |
| 5.45%, 03/15/34<sup>(a)</sup> | 35 | 35911 |
| 5.10%, 06/15/45 | 87 | 79030 |
| 4.70%, 04/15/50 | 87 | 73343 |
| 4.10%, 03/15/52 | 86 | 65933 |
| 5.60%, 03/15/53 | 100 | 96101 |
| 5.88%, 03/15/55<sup>(a)</sup> | 150 | 149664 |
| FirstEnergy Corp. |  |  |
| 2.65%, 03/01/30 | 75 | 68863 |
| Series B, 3.90%, 07/15/27 | 150 | 148318 |
| Series B, 2.25%, 09/01/30<sup>(a)</sup> | 100 | 88795 |
| Series C, 3.40%, 03/01/50 | 150 | 101659 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 01/15/30 | 30 | 30015 |
| 5.00%, 01/15/35 | 50 | 49462 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Florida Power & Light Co. |  |  |
| 5.05%, 04/01/28 | $40 | $40967 |
| 4.40%, 05/15/28 | 35 | 35261 |
| 5.15%, 06/15/29 | 70 | 72436 |
| 4.63%, 05/15/30 | 35 | 35459 |
| 2.45%, 02/03/32 | 150 | 132280 |
| 5.10%, 04/01/33 | 70 | 71544 |
| 4.80%, 05/15/33 | 225 | 225580 |
| 5.30%, 06/15/34 | 100 | 103074 |
| 4.95%, 06/01/35 | 100 | 100213 |
| 5.95%, 02/01/38 | 50 | 53721 |
| 5.69%, 03/01/40 | 87 | 90837 |
| 5.25%, 02/01/41 | 87 | 86092 |
| 4.13%, 02/01/42 | 87 | 73910 |
| 4.05%, 10/01/44 | 130 | 107281 |
| 3.70%, 12/01/47 | 71 | 53946 |
| 3.95%, 03/01/48 | 87 | 69384 |
| 4.13%, 06/01/48 | 87 | 70671 |
| 3.99%, 03/01/49 | 87 | 68490 |
| 3.15%, 10/01/49 | 100 | 67569 |
| 2.88%, 12/04/51 | 200 | 125970 |
| 5.30%, 04/01/53 | 50 | 47768 |
| 5.60%, 06/15/54 | 70 | 69680 |
| 5.70%, 03/15/55 | 260 | 262973 |
| 5.80%, 03/15/65 | 100 | 101394 |
| Fortis, Inc./Canada, 3.06%, 10/04/26 | 171 | 167953 |
| Georgia Power Co. |  |  |
| 4.65%, 05/16/28 | 100 | 101374 |
| 4.55%, 03/15/30 | 75 | 75710 |
| 4.85%, 03/15/31 | 75 | 76627 |
| 4.70%, 05/15/32 | 90 | 89983 |
| 4.95%, 05/17/33 | 100 | 100775 |
| 5.25%, 03/15/34 | 250 | 254957 |
| 5.20%, 03/15/35<sup>(a)</sup> | 75 | 76044 |
| 4.30%, 03/15/42 | 321 | 277045 |
| 5.13%, 05/15/52<sup>(a)</sup> | 90 | 84108 |
| Series A, 3.25%, 03/15/51<sup>(a)</sup> | 100 | 68555 |
| Series B, 2.65%, 09/15/29 | 171 | 160312 |
| Series B, 3.70%, 01/30/50 | 171 | 127450 |
| Idaho Power Co. |  |  |
| 5.20%, 08/15/34 | 25 | 25486 |
| 5.50%, 03/15/53 | 20 | 19153 |
| 5.80%, 04/01/54 | 25 | 25216 |
| 5.70%, 03/15/55 | 50 | 49095 |
| Series K, 4.20%, 03/01/48 | 60 | 48575 |
| Indiana Michigan Power Co. |  |  |
| 6.05%, 03/15/37 | 62 | 66732 |
| 4.25%, 08/15/48 | 87 | 69088 |
| 5.63%, 04/01/53 | 35 | 34354 |
| Series K, 4.55%, 03/15/46 | 54 | 45591 |
| Series L, 3.75%, 07/01/47 | 171 | 127092 |
| Interstate Power and Light Co. |  |  |
| 4.10%, 09/26/28 | 75 | 74362 |
| 5.70%, 10/15/33 | 25 | 25958 |
| 5.60%, 06/29/35 | 50 | 51394 |
| 3.70%, 09/15/46 | 87 | 64077 |
| 3.50%, 09/30/49 | 78 | 54871 |
| IPALCO Enterprises, Inc. |  |  |
| 4.25%, 05/01/30 | 171 | 164185 |
| 5.75%, 04/01/34 | 120 | 120549 |
| Kentucky Utilities Co. |  |  |
| 4.38%, 10/01/45 | 171 | 143333 |
| 3.30%, 06/01/50 | 75 | 50429 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Kentucky Utilities Co. (continued) |  |  |
| Series Kent, 5.45%, 04/15/33 | $20 | $20630 |
| Louisville Gas and Electric Co., 5.45%, 04/15/33 | 200 | 206769 |
| MidAmerican Energy Co. |  |  |
| 3.65%, 04/15/29 | 87 | 85323 |
| 5.35%, 01/15/34 | 25 | 25906 |
| 4.80%, 09/15/43 | 87 | 79258 |
| 3.65%, 08/01/48 | 87 | 65078 |
| 4.25%, 07/15/49 | 107 | 87011 |
| 3.15%, 04/15/50 | 87 | 58694 |
| 2.70%, 08/01/52 | 75 | 46426 |
| 5.85%, 09/15/54<sup>(a)</sup> | 100 | 102919 |
| Mississippi Power Co. |  |  |
| Series 12-A, 4.25%, 03/15/42 | 87 | 74195 |
| Series B, 3.10%, 07/30/51<sup>(a)</sup> | 87 | 57102 |
| National Grid PLC |  |  |
| 5.60%, 06/12/28 | 100 | 103538 |
| 5.81%, 06/12/33 | 100 | 105100 |
| 5.42%, 01/11/34<sup>(a)</sup> | 150 | 154098 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 5.60%, 11/13/26 | 25 | 25420 |
| 4.80%, 02/05/27 | 50 | 50446 |
| 5.10%, 05/06/27<sup>(a)</sup> | 25 | 25397 |
| 3.40%, 02/07/28 | 341 | 334288 |
| 4.80%, 03/15/28 | 125 | 126991 |
| 5.05%, 09/15/28 | 50 | 51143 |
| 4.85%, 02/07/29 | 50 | 50897 |
| 5.15%, 06/15/29 | 50 | 51462 |
| 4.95%, 02/07/30 | 60 | 61370 |
| 2.40%, 03/15/30 | 144 | 132489 |
| 5.00%, 02/07/31 | 25 | 25627 |
| 2.75%, 04/15/32 | 87 | 77646 |
| 4.02%, 11/01/32 | 107 | 101871 |
| 4.15%, 12/15/32 | 30 | 28766 |
| 5.80%, 01/15/33 | 50 | 53134 |
| 5.00%, 08/15/34 | 25 | 25158 |
| 4.30%, 03/15/49 | 87 | 72466 |
| Nevada Power Co. |  |  |
| 6.00%, 03/15/54 | 50 | 50833 |
| Series CC, 3.70%, 05/01/29 | 200 | 195757 |
| Series DD, 2.40%, 05/01/30 | 71 | 65105 |
| Series EE, 3.13%, 08/01/50<sup>(a)</sup> | 71 | 44998 |
| Series GG, 5.90%, 05/01/53 | 50 | 49661 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 1.88%, 01/15/27 | 154 | 148509 |
| 3.55%, 05/01/27 | 171 | 168615 |
| 4.63%, 07/15/27 | 300 | 301849 |
| 4.85%, 02/04/28 | 60 | 60825 |
| 4.90%, 02/28/28 | 150 | 152019 |
| 1.90%, 06/15/28 | 119 | 111193 |
| 4.90%, 03/15/29 | 100 | 101603 |
| 3.50%, 04/01/29 | 100 | 96845 |
| 2.75%, 11/01/29 | 86 | 80333 |
| 5.00%, 02/28/30<sup>(a)</sup> | 150 | 153703 |
| 5.05%, 03/15/30 | 75 | 76745 |
| 2.25%, 06/01/30 | 300 | 270175 |
| 2.44%, 01/15/32 | 86 | 74618 |
| 5.30%, 03/15/32 | 65 | 66953 |
| 5.00%, 07/15/32 | 135 | 136582 |
| 5.05%, 02/28/33 | 150 | 151213 |
| 5.25%, 03/15/34 | 100 | 100946 |
| 5.45%, 03/15/35 | 175 | 178363 |
| 3.00%, 01/15/52 | 96 | 60128 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| NextEra Energy Capital Holdings, Inc. (continued) |  |  |
| 5.25%, 02/28/53 | $150 | $138488 |
| 5.55%, 03/15/54<sup>(a)</sup> | 150 | 144272 |
| 5.90%, 03/15/55 | 55 | 55173 |
| (5-year CMT + 2.46%), 6.75%, 06/15/54<sup>(c)</sup> | 125 | 129684 |
| Northern States Power Co. |  |  |
| 2.25%, 04/01/31 | 55 | 49555 |
| 5.05%, 05/15/35 | 75 | 75749 |
| 3.40%, 08/15/42 | 70 | 53677 |
| 4.00%, 08/15/45 | 85 | 68432 |
| 2.90%, 03/01/50 | 79 | 51421 |
| 3.20%, 04/01/52 | 80 | 54397 |
| 4.50%, 06/01/52 | 69 | 58579 |
| 5.10%, 05/15/53 | 40 | 36873 |
| 5.40%, 03/15/54 | 45 | 43383 |
| 5.65%, 06/15/54 | 25 | 25149 |
| NSTAR Electric Co. |  |  |
| 4.85%, 03/01/30 | 50 | 50840 |
| 5.40%, 06/01/34 | 25 | 25612 |
| 5.20%, 03/01/35 | 50 | 50338 |
| 4.40%, 03/01/44 | 50 | 42470 |
| 4.55%, 06/01/52 | 79 | 65696 |
| 4.95%, 09/15/52 | 50 | 44353 |
| OGE Energy Corp., 5.45%, 05/15/29 | 25 | 25880 |
| Oglethorpe Power Corp. |  |  |
| 4.50%, 04/01/47 | 61 | 49898 |
| 5.05%, 10/01/48 | 41 | 36225 |
| 3.75%, 08/01/50 | 87 | 60720 |
| 5.25%, 09/01/50 | 60 | 53480 |
| 6.20%, 12/01/53 | 50 | 51076 |
| Ohio Power Co. |  |  |
| 5.65%, 06/01/34 | 25 | 25674 |
| 4.15%, 04/01/48 | 71 | 54862 |
| Series Q, 1.63%, 01/15/31 | 76 | 64511 |
| Series R, 2.90%, 10/01/51 | 76 | 46406 |
| Oklahoma Gas and Electric Co. |  |  |
| 3.25%, 04/01/30 | 171 | 162257 |
| 5.40%, 01/15/33 | 100 | 103326 |
| 5.60%, 04/01/53 | 25 | 24349 |
| 5.80%, 04/01/55 | 60 | 59872 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.50%, 03/20/27<sup>(d)</sup> | 50 | 50247 |
| 3.70%, 11/15/28<sup>(a)</sup> | 62 | 61023 |
| 4.65%, 11/01/29 | 50 | 50576 |
| 2.75%, 05/15/30 | 371 | 343646 |
| 4.55%, 09/15/32 | 75 | 74052 |
| 5.65%, 11/15/33 | 55 | 57800 |
| 5.35%, 04/01/35<sup>(d)</sup> | 40 | 40748 |
| 5.25%, 09/30/40 | 87 | 85438 |
| 5.30%, 06/01/42 | 75 | 71678 |
| 3.75%, 04/01/45 | 87 | 66875 |
| 3.80%, 06/01/49 | 171 | 126934 |
| 3.10%, 09/15/49 | 86 | 56348 |
| 2.70%, 11/15/51 | 74 | 43501 |
| 4.60%, 06/01/52 | 200 | 167103 |
| 4.95%, 09/15/52 | 50 | 44330 |
| 5.55%, 06/15/54 | 75 | 72574 |
| 5.80%, 04/01/55<sup>(d)</sup> | 50 | 50216 |
| Pacific Gas and Electric Co. |  |  |
| 5.45%, 06/15/27 | 100 | 101157 |
| 2.10%, 08/01/27 | 202 | 191313 |
| 3.30%, 12/01/27<sup>(a)</sup> | 345 | 333772 |
| 5.00%, 06/04/28 | 50 | 50151 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Pacific Gas and Electric Co. (continued) |  |  |
| 3.00%, 06/15/28 | $109 | $103517 |
| 3.75%, 07/01/28 | 171 | 165910 |
| 6.10%, 01/15/29 | 30 | 31082 |
| 4.20%, 03/01/29<sup>(a)</sup> | 130 | 126866 |
| 5.55%, 05/15/29 | 75 | 76209 |
| 4.55%, 07/01/30 | 341 | 332824 |
| 2.50%, 02/01/31 | 257 | 223089 |
| 4.40%, 03/01/32 | 137 | 128233 |
| 5.90%, 06/15/32 | 100 | 102061 |
| 6.15%, 01/15/33 | 115 | 118445 |
| 6.40%, 06/15/33 | 40 | 41812 |
| 6.95%, 03/15/34 | 90 | 96884 |
| 5.80%, 05/15/34<sup>(a)</sup> | 75 | 74985 |
| 5.70%, 03/01/35 | 130 | 128820 |
| 6.00%, 08/15/35 | 95 | 96066 |
| 4.50%, 07/01/40 | 141 | 117489 |
| 3.30%, 08/01/40 | 154 | 110171 |
| 4.20%, 06/01/41 | 78 | 59985 |
| 4.75%, 02/15/44 | 87 | 70589 |
| 4.30%, 03/15/45 | 74 | 55854 |
| 3.95%, 12/01/47 | 150 | 105825 |
| 4.95%, 07/01/50 | 404 | 325627 |
| 3.50%, 08/01/50 | 155 | 99384 |
| 5.25%, 03/01/52 | 200 | 166404 |
| 6.75%, 01/15/53 | 135 | 135830 |
| 6.70%, 04/01/53 | 135 | 135366 |
| 6.15%, 03/01/55 | 50 | 46651 |
| PacifiCorp. |  |  |
| 5.10%, 02/15/29 | 50 | 50974 |
| 3.50%, 06/15/29 | 300 | 290035 |
| 5.30%, 02/15/31 | 50 | 51491 |
| 5.45%, 02/15/34<sup>(a)</sup> | 50 | 50707 |
| 5.25%, 06/15/35 | 87 | 86893 |
| 6.35%, 07/15/38 | 257 | 273675 |
| 6.00%, 01/15/39 | 250 | 258231 |
| 4.10%, 02/01/42 | 87 | 69818 |
| 4.15%, 02/15/50 | 87 | 66071 |
| 2.90%, 06/15/52 | 74 | 43811 |
| 5.35%, 12/01/53 | 100 | 89882 |
| 5.50%, 05/15/54 | 80 | 73577 |
| 5.80%, 01/15/55 | 100 | 95686 |
| PECO Energy Co. |  |  |
| 4.90%, 06/15/33 | 54 | 54825 |
| 3.00%, 09/15/49 | 69 | 45288 |
| 3.05%, 03/15/51 | 63 | 41238 |
| 2.85%, 09/15/51 | 82 | 51639 |
| 4.60%, 05/15/52 | 100 | 85528 |
| 4.38%, 08/15/52 | 50 | 41348 |
| PG&E Recovery Funding LLC |  |  |
| Series 2024-1, Class A3, 5.53%, 06/01/51 | 600 | 590471 |
| Series 2024-A, Class A2, 5.23%, 06/01/42 | 500 | 495783 |
| Pinnacle West Capital Corp., 4.90%, 05/15/28 | 70 | 70980 |
| Potomac Electric Power Co. |  |  |
| 5.20%, 03/15/34 | 25 | 25459 |
| 6.50%, 11/15/37 | 100 | 111650 |
| 4.15%, 03/15/43 | 87 | 71545 |
| 5.50%, 03/15/54 | 25 | 24386 |
| PPL Electric Utilities Corp. |  |  |
| 5.00%, 05/15/33 | 100 | 101517 |
| 4.85%, 02/15/34 | 25 | 25006 |
| 4.75%, 07/15/43 | 87 | 78740 |
| 3.00%, 10/01/49 | 60 | 39476 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| PPL Electric Utilities Corp. (continued) |  |  |
| 5.25%, 05/15/53 | $100 | $95360 |
| Progress Energy, Inc., 7.75%, 03/01/31 | 50 | 57577 |
| Public Service Co. of Colorado |  |  |
| 3.70%, 06/15/28 | 171 | 169122 |
| 5.35%, 05/15/34 | 75 | 76068 |
| 3.60%, 09/15/42 | 87 | 66991 |
| 4.30%, 03/15/44 | 75 | 61596 |
| 3.80%, 06/15/47 | 171 | 127697 |
| 5.25%, 04/01/53 | 200 | 183596 |
| 5.75%, 05/15/54 | 125 | 122940 |
| 5.85%, 05/15/55 | 75 | 74248 |
| Series 35, 1.90%, 01/15/31 | 140 | 121461 |
| Series 38, 4.10%, 06/01/32<sup>(a)</sup> | 80 | 76771 |
| Public Service Co. of New Hampshire |  |  |
| 4.40%, 07/01/28 | 25 | 25132 |
| 5.35%, 10/01/33 | 50 | 51794 |
| 5.15%, 01/15/53 | 45 | 41624 |
| Public Service Co. of Oklahoma |  |  |
| 5.25%, 01/15/33 | 100 | 100790 |
| 5.20%, 01/15/35 | 50 | 49910 |
| 5.45%, 01/15/36 | 75 | 75536 |
| Series J, 2.20%, 08/15/31 | 87 | 75265 |
| Series K, 3.15%, 08/15/51 | 70 | 43810 |
| Public Service Electric and Gas Co. |  |  |
| 2.25%, 09/15/26 | 100 | 97757 |
| 3.65%, 09/01/28 | 200 | 196912 |
| 3.20%, 05/15/29<sup>(a)</sup> | 87 | 84027 |
| 2.45%, 01/15/30 | 71 | 65615 |
| 1.90%, 08/15/31 | 141 | 122036 |
| 4.90%, 12/15/32 | 100 | 101790 |
| 4.65%, 03/15/33 | 35 | 34785 |
| 5.20%, 03/01/34 | 50 | 51214 |
| 4.85%, 08/01/34 | 150 | 149524 |
| 3.95%, 05/01/42 | 50 | 41159 |
| 3.65%, 09/01/42<sup>(a)</sup> | 50 | 39398 |
| 3.80%, 03/01/46 | 214 | 166584 |
| 3.85%, 05/01/49 | 87 | 67397 |
| 3.15%, 01/01/50 | 71 | 48208 |
| 3.00%, 03/01/51 | 71 | 46282 |
| 5.45%, 08/01/53 | 100 | 98053 |
| 5.45%, 03/01/54 | 50 | 48947 |
| 5.30%, 08/01/54 | 50 | 47811 |
| Series Q, 5.05%, 03/01/35 | 35 | 35377 |
| Public Service Enterprise Group, Inc. |  |  |
| 5.88%, 10/15/28 | 50 | 52329 |
| 5.20%, 04/01/29 | 50 | 51397 |
| 4.90%, 03/15/30 | 45 | 45773 |
| 6.13%, 10/15/33 | 50 | 53106 |
| 5.45%, 04/01/34<sup>(a)</sup> | 50 | 51095 |
| 5.40%, 03/15/35 | 50 | 50589 |
| Puget Energy, Inc. |  |  |
| 2.38%, 06/15/28 | 71 | 67015 |
| 4.10%, 06/15/30 | 87 | 84035 |
| 4.22%, 03/15/32 | 61 | 57408 |
| 5.73%, 03/15/35<sup>(d)</sup> | 25 | 25150 |
| Puget Sound Energy, Inc. |  |  |
| 5.33%, 06/15/34 | 25 | 25496 |
| 5.80%, 03/15/40 | 87 | 89289 |
| 4.22%, 06/15/48 | 87 | 69496 |
| 5.45%, 06/01/53 | 100 | 95109 |
| 5.69%, 06/15/54 | 25 | 24499 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| San Diego Gas & Electric Co. |  |  |
| 4.95%, 08/15/28 | $100 | $102100 |
| 5.40%, 04/15/35 | 50 | 51055 |
| 4.15%, 05/15/48 | 171 | 132823 |
| 5.35%, 04/01/53 | 95 | 88721 |
| 5.55%, 04/15/54 | 150 | 144282 |
| Series VVV, 1.70%, 10/01/30 | 87 | 75725 |
| Series WWW, 2.95%, 08/15/51 | 100 | 62921 |
| Sempra |  |  |
| 5.40%, 08/01/26 | 50 | 50485 |
| 3.40%, 02/01/28 | 341 | 332922 |
| 3.70%, 04/01/29 | 86 | 83823 |
| 5.50%, 08/01/33<sup>(a)</sup> | 50 | 51037 |
| 3.80%, 02/01/38 | 171 | 141501 |
| 4.00%, 02/01/48 | 171 | 126202 |
| (5-year CMT + 2.63%), 6.40%, 10/01/54<sup>(c)</sup> | 100 | 94933 |
| (5-year CMT + 2.87%), 4.13%, 04/01/52<sup>(c)</sup> | 87 | 83655 |
| Sierra Pacific Power Co., 5.90%, 03/15/54 | 75 | 75087 |
| Southern California Edison Co. |  |  |
| 4.88%, 02/01/27 | 50 | 50282 |
| 5.85%, 11/01/27 | 50 | 51233 |
| 5.30%, 03/01/28 | 200 | 202544 |
| 5.15%, 06/01/29 | 50 | 50502 |
| 2.85%, 08/01/29 | 400 | 370131 |
| 5.25%, 03/15/30 | 75 | 75775 |
| 2.25%, 06/01/30 | 171 | 150129 |
| 5.45%, 06/01/31 | 45 | 45787 |
| 5.95%, 11/01/32 | 40 | 41048 |
| 6.00%, 01/15/34 | 257 | 263266 |
| 5.20%, 06/01/34<sup>(a)</sup> | 50 | 48492 |
| 5.45%, 03/01/35<sup>(a)</sup> | 50 | 49081 |
| 5.50%, 03/15/40<sup>(a)</sup> | 50 | 47011 |
| 4.50%, 09/01/40 | 171 | 143220 |
| 4.65%, 10/01/43 | 62 | 50122 |
| 4.00%, 04/01/47 | 171 | 122810 |
| 3.65%, 02/01/50 | 71 | 46927 |
| 3.45%, 02/01/52 | 70 | 43979 |
| 5.88%, 12/01/53 | 40 | 36511 |
| 5.75%, 04/15/54 | 50 | 44787 |
| 5.90%, 03/01/55 | 30 | 27431 |
| 6.20%, 09/15/55<sup>(a)</sup> | 75 | 71815 |
| Series 2008-A, 5.95%, 02/01/38 | 87 | 86921 |
| Series B, 4.88%, 03/01/49 | 87 | 69559 |
| Series C, 3.60%, 02/01/45 | 87 | 59866 |
| Series C, 4.13%, 03/01/48 | 100 | 72530 |
| Series D, 4.70%, 06/01/27 | 65 | 65223 |
| Series E, 5.45%, 06/01/52<sup>(a)</sup> | 200 | 172615 |
| Series G, 2.50%, 06/01/31 | 166 | 144032 |
| Series H, 3.65%, 06/01/51 | 76 | 50244 |
| Southern Co. |  |  |
| 3.25%, 07/01/26 | 387 | 382821 |
| 5.11%, 08/01/27 | 100 | 101502 |
| 4.85%, 06/15/28 | 60 | 61031 |
| 5.50%, 03/15/29 | 75 | 78077 |
| 5.20%, 06/15/33 | 60 | 61047 |
| 5.70%, 03/15/34 | 75 | 78373 |
| 4.85%, 03/15/35 | 50 | 48878 |
| 4.25%, 07/01/36 | 150 | 137158 |
| 4.40%, 07/01/46 | 130 | 108263 |
| Southern Power Co. |  |  |
| 5.25%, 07/15/43 | 87 | 81373 |
| Series F, 4.95%, 12/15/46 | 171 | 147712 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Southwestern Electric Power Co. |  |  |
| 5.30%, 04/01/33 | $25 | $25189 |
| 3.25%, 11/01/51 | 71 | 45875 |
| Series K, 2.75%, 10/01/26 | 100 | 97846 |
| Series L, 3.85%, 02/01/48 | 100 | 72877 |
| Series M, 4.10%, 09/15/28 | 171 | 169429 |
| Southwestern Public Service Co. |  |  |
| 5.30%, 05/15/35 | 50 | 50256 |
| 3.70%, 08/15/47 | 87 | 63698 |
| 3.75%, 06/15/49 | 71 | 51390 |
| 6.00%, 06/01/54 | 75 | 75619 |
| Series 8, 3.15%, 05/01/50 | 71 | 45971 |
| System Energy Resources, Inc., 5.30%, 12/15/34 | 25 | 24707 |
| Tampa Electric Co. |  |  |
| 4.90%, 03/01/29 | 35 | 35747 |
| 5.15%, 03/01/35 | 50 | 50233 |
| 4.10%, 06/15/42<sup>(a)</sup> | 87 | 71697 |
| 4.30%, 06/15/48 | 71 | 57353 |
| 4.45%, 06/15/49 | 64 | 52599 |
| 3.63%, 06/15/50 | 80 | 56494 |
| 5.00%, 07/15/52 | 35 | 31016 |
| Toledo Edison Co., 6.15%, 05/15/37 | 74 | 79984 |
| Tucson Electric Power Co. |  |  |
| 3.25%, 05/15/32 | 87 | 78786 |
| 5.20%, 09/15/34 | 25 | 25100 |
| 4.85%, 12/01/48<sup>(a)</sup> | 87 | 75663 |
| 5.50%, 04/15/53 | 100 | 94708 |
| 5.90%, 04/15/55<sup>(a)</sup> | 25 | 24835 |
| Union Electric Co. |  |  |
| 2.95%, 06/15/27 | 171 | 167756 |
| 2.95%, 03/15/30 | 100 | 94210 |
| 2.15%, 03/15/32<sup>(a)</sup> | 171 | 147307 |
| 5.20%, 04/01/34 | 50 | 50824 |
| 5.25%, 04/15/35 | 50 | 51059 |
| 4.00%, 04/01/48 | 171 | 134215 |
| 3.25%, 10/01/49 | 87 | 59338 |
| 5.45%, 03/15/53 | 100 | 96475 |
| 5.25%, 01/15/54 | 50 | 46151 |
| 5.13%, 03/15/55 | 120 | 110928 |
| Virginia Electric and Power Co. |  |  |
| 2.30%, 11/15/31 | 87 | 76025 |
| 2.40%, 03/30/32 | 70 | 60670 |
| 5.00%, 04/01/33 | 45 | 45462 |
| 5.30%, 08/15/33 | 50 | 50986 |
| 5.00%, 01/15/34 | 25 | 25030 |
| 5.15%, 03/15/35 | 125 | 125383 |
| 8.88%, 11/15/38 | 200 | 264246 |
| 4.00%, 01/15/43 | 87 | 70086 |
| 4.45%, 02/15/44 | 162 | 137623 |
| 4.60%, 12/01/48 | 81 | 68658 |
| 3.30%, 12/01/49 | 71 | 47884 |
| 2.45%, 12/15/50 | 100 | 56103 |
| 2.95%, 11/15/51<sup>(a)</sup> | 87 | 54338 |
| 5.45%, 04/01/53 | 100 | 94966 |
| 5.70%, 08/15/53 | 50 | 49233 |
| 5.35%, 01/15/54 | 25 | 23482 |
| 5.55%, 08/15/54 | 75 | 72594 |
| 5.65%, 03/15/55<sup>(a)</sup> | 25 | 24623 |
| Series A, 3.50%, 03/15/27 | 130 | 128595 |
| Series A, 3.80%, 04/01/28 | 87 | 86463 |
| Series A, 2.88%, 07/15/29 | 60 | 56961 |
| Series A, 6.00%, 05/15/37 | 87 | 91466 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Virginia Electric and Power Co. (continued) |  |  |
| Series B, 3.75%, 05/15/27 | 78 | $77430 |
| Series B, 6.00%, 01/15/36 | 171 | 180315 |
| Series B, 3.80%, 09/15/47 | 87 | 65297 |
| Series C, 4.00%, 11/15/46 | 75 | 58205 |
| Series C, 4.63%, 05/15/52 | 61 | 51278 |
| Series D, 4.65%, 08/15/43 | 87 | 76260 |
| WEC Energy Group, Inc. |  |  |
| 5.60%, 09/12/26 | 11 | 11145 |
| 5.15%, 10/01/27 | 100 | 101823 |
| 4.75%, 01/15/28 | 100 | 101015 |
| Wisconsin Electric Power Co. |  |  |
| 1.70%, 06/15/28<sup>(a)</sup> | 86 | 80452 |
| 5.00%, 05/15/29 | 25 | 25643 |
| 4.75%, 09/30/32 | 80 | 80876 |
| 4.60%, 10/01/34 | 25 | 24717 |
| 5.05%, 10/01/54<sup>(a)</sup> | 100 | 90034 |
| Wisconsin Power and Light Co. |  |  |
| 3.00%, 07/01/29 | 171 | 162366 |
| 1.95%, 09/16/31 | 66 | 56556 |
| 3.95%, 09/01/32 | 100 | 94520 |
| 3.65%, 04/01/50 | 100 | 71387 |
| Wisconsin Public Service Corp. |  |  |
| 3.30%, 09/01/49 | 109 | 74459 |
| 2.85%, 12/01/51<sup>(a)</sup> | 82 | 50289 |
| Xcel Energy, Inc. |  |  |
| 3.35%, 12/01/26 | 87 | 85765 |
| 1.75%, 03/15/27 | 87 | 83269 |
| 4.75%, 03/21/28 | 25 | 25243 |
| 4.00%, 06/15/28 | 171 | 169514 |
| 2.60%, 12/01/29 | 70 | 64755 |
| 2.35%, 11/15/31 | 71 | 61418 |
| 4.60%, 06/01/32 | 83 | 81163 |
| 5.45%, 08/15/33 | 100 | 101994 |
| 5.50%, 03/15/34 | 75 | 76183 |
| 5.60%, 04/15/35 | 150 | 153137 |
| 3.50%, 12/01/49 | 70 | 47941 |
|  |  | 66458711 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| Allegion PLC, 3.50%, 10/01/29 | 87 | 83341 |
| Allegion U.S. Holding Co., Inc. |  |  |
| 5.41%, 07/01/32 | 40 | 41176 |
| 5.60%, 05/29/34 | 50 | 51361 |
| Amphenol Corp. |  |  |
| 5.05%, 04/05/27 | 25 | 25387 |
| 4.38%, 06/12/28 | 25 | 25174 |
| 5.05%, 04/05/29 | 25 | 25716 |
| 2.80%, 02/15/30 | 171 | 160431 |
| 2.20%, 09/15/31 | 82 | 71812 |
| 5.00%, 01/15/35 | 50 | 50537 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/29 | 50 | 50759 |
| 2.95%, 02/15/32 | 71 | 62328 |
| 5.88%, 04/10/34 | 25 | 25817 |
| Avnet, Inc. |  |  |
| 6.25%, 03/15/28 | 40 | 41569 |
| 3.00%, 05/15/31 | 87 | 77865 |
| 5.50%, 06/01/32 | 70 | 70545 |
| CDW LLC/CDW Finance Corp. |  |  |
| 2.67%, 12/01/26 | 140 | 136464 |
| 4.25%, 04/01/28 | 71 | 70403 |
| 3.25%, 02/15/29 | 79 | 74837 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| CDW LLC/CDW Finance Corp. (continued) |  |  |
| 3.57%, 12/01/31 | 140 | $128859 |
| Emerson Electric Co. |  |  |
| 2.00%, 12/21/28<sup>(a)</sup> | 87 | 81071 |
| 2.20%, 12/21/31<sup>(a)</sup> | 75 | 65930 |
| 5.00%, 03/15/35 | 25 | 25355 |
| 2.75%, 10/15/50<sup>(a)</sup> | 171 | 107391 |
| 2.80%, 12/21/51 | 58 | 36568 |
| Flex Ltd. |  |  |
| 6.00%, 01/15/28 | 200 | 206529 |
| 4.88%, 06/15/29 | 87 | 87361 |
| 5.25%, 01/15/32 | 50 | 50519 |
| Honeywell International, Inc. |  |  |
| 2.50%, 11/01/26 | 300 | 293323 |
| 1.10%, 03/01/27 | 171 | 162869 |
| 4.65%, 07/30/27 | 75 | 75788 |
| 4.95%, 02/15/28 | 100 | 102138 |
| 4.25%, 01/15/29 | 40 | 40114 |
| 2.70%, 08/15/29 | 257 | 242443 |
| 4.88%, 09/01/29 | 75 | 76772 |
| 4.70%, 02/01/30 | 275 | 279097 |
| 1.95%, 06/01/30<sup>(a)</sup> | 171 | 153089 |
| 1.75%, 09/01/31 | 171 | 146010 |
| 4.95%, 09/01/31 | 75 | 77019 |
| 4.75%, 02/01/32 | 75 | 75664 |
| 5.00%, 02/15/33 | 100 | 101611 |
| 4.50%, 01/15/34 | 140 | 137143 |
| 5.00%, 03/01/35 | 150 | 150966 |
| 3.81%, 11/21/47 | 87 | 67345 |
| 2.80%, 06/01/50 | 76 | 48096 |
| 5.25%, 03/01/54 | 175 | 166019 |
| 5.35%, 03/01/64 | 75 | 71095 |
| Hubbell, Inc., 3.15%, 08/15/27 | 100 | 97599 |
| Jabil, Inc. |  |  |
| 4.25%, 05/15/27 | 80 | 79780 |
| 3.00%, 01/15/31 | 200 | 182340 |
| Keysight Technologies, Inc. |  |  |
| 4.60%, 04/06/27 | 100 | 100393 |
| 3.00%, 10/30/29 | 140 | 131713 |
| TD SYNNEX Corp. |  |  |
| 1.75%, 08/09/26 | 171 | 165333 |
| 2.65%, 08/09/31 | 87 | 75084 |
| Trimble, Inc., 6.10%, 03/15/33 | 100 | 106236 |
| Tyco Electronics Group SA |  |  |
| 4.50%, 02/09/31 | 25 | 24978 |
| 2.50%, 02/04/32 | 60 | 52896 |
| 5.00%, 05/09/35 | 150 | 149383 |
|  |  | 5567441 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Baker Hughes Holdings LLC, 5.13%, 09/15/40 | 74 | 71174 |
| Baker Hughes Holdings LLC/Baker Hughes Co-<br> Obligor, Inc.<br>|  |  |
| 2.06%, 12/15/26 | 119 | 115288 |
| 3.34%, 12/15/27 | 79 | 77401 |
| 3.14%, 11/07/29 | 82 | 78182 |
| 4.08%, 12/15/47 | 257 | 200597 |
| Halliburton Co. |  |  |
| 4.85%, 11/15/35<sup>(a)</sup> | 171 | 164580 |
| 7.45%, 09/15/39 | 200 | 234133 |
| 4.50%, 11/15/41 | 50 | 42848 |
| 4.75%, 08/01/43 | 214 | 185566 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |
| Halliburton Co. (continued) |  |  |
| 5.00%, 11/15/45<sup>(a)</sup> | 200 | $176953 |
| NOV, Inc.<sup>(a)</sup> <br>|  |  |
| 3.60%, 12/01/29 | 171 | 164024 |
| 3.95%, 12/01/42 | 53 | 39448 |
|  |  | 1550194 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 32 | 31082 |
| 4.05%, 03/15/29 | 168 | 156069 |
| 4.28%, 03/15/32 | 264 | 222090 |
| 03/15/42<sup>(b)</sup> | 600 | 404250 |
|  |  | 813491 |
| **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** |
| Nature Conservancy, Series A, 3.96%, 03/01/52<sup>(a)</sup> | 75 | 58227 |
| Republic Services, Inc. |  |  |
| 2.90%, 07/01/26 | 85 | 83876 |
| 3.95%, 05/15/28 | 300 | 298744 |
| 4.88%, 04/01/29 | 50 | 51064 |
| 5.00%, 11/15/29 | 50 | 51413 |
| 4.75%, 07/15/30<sup>(a)</sup> | 40 | 40748 |
| 1.45%, 02/15/31 | 153 | 130494 |
| 1.75%, 02/15/32 | 171 | 143805 |
| 2.38%, 03/15/33<sup>(a)</sup> | 257 | 219571 |
| 5.00%, 12/15/33 | 40 | 40799 |
| 5.20%, 11/15/34 | 45 | 46058 |
| 5.15%, 03/15/35 | 135 | 137655 |
| Veralto Corp. |  |  |
| 5.50%, 09/18/26 | 75 | 75894 |
| 5.35%, 09/18/28 | 75 | 77300 |
| 5.45%, 09/18/33 | 75 | 77351 |
| Waste Connections, Inc. |  |  |
| 2.60%, 02/01/30<sup>(a)</sup> | 150 | 139569 |
| 2.20%, 01/15/32 | 171 | 147533 |
| 3.20%, 06/01/32 | 73 | 66650 |
| 4.20%, 01/15/33 | 100 | 96755 |
| 5.00%, 03/01/34<sup>(a)</sup> | 50 | 50522 |
| 5.25%, 09/01/35 | 45 | 46008 |
| Waste Management, Inc. |  |  |
| 4.95%, 07/03/27 | 55 | 55931 |
| 3.15%, 11/15/27 | 171 | 167526 |
| 4.50%, 03/15/28 | 100 | 101050 |
| 4.88%, 02/15/29<sup>(a)</sup> | 75 | 76809 |
| 2.00%, 06/01/29 | 86 | 79304 |
| 4.63%, 02/15/30 | 100 | 101352 |
| 4.65%, 03/15/30 | 100 | 101369 |
| 1.50%, 03/15/31 | 171 | 146206 |
| 4.95%, 07/03/31 | 50 | 51325 |
| 4.80%, 03/15/32<sup>(a)</sup> | 100 | 101505 |
| 4.15%, 04/15/32 | 200 | 195755 |
| 4.63%, 02/15/33 | 100 | 100168 |
| 4.88%, 02/15/34<sup>(a)</sup> | 75 | 76029 |
| 4.95%, 03/15/35 | 150 | 150636 |
| 2.95%, 06/01/41 | 100 | 74052 |
| 4.15%, 07/15/49<sup>(a)</sup> | 87 | 70734 |
| 5.35%, 10/15/54<sup>(a)</sup> | 130 | 125091 |
|  |  | 3854878 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 2.45%, 10/29/26 | 500 | 487015 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust (continued)<br>|  |  |
| 6.45%, 04/15/27 | $150 | $154887 |
| 3.65%, 07/21/27 | 345 | 339765 |
| 4.63%, 10/15/27 | 150 | 150598 |
| 5.75%, 06/06/28<sup>(a)</sup> | 150 | 155182 |
| 3.00%, 10/29/28 | 427 | 406792 |
| 4.63%, 09/10/29 | 150 | 150033 |
| 6.15%, 09/30/30 | 150 | 159964 |
| 3.30%, 01/30/32 | 400 | 362396 |
| 3.40%, 10/29/33 | 195 | 171959 |
| 5.30%, 01/19/34 | 150 | 150919 |
| 4.95%, 09/10/34 | 150 | 146726 |
| 3.85%, 10/29/41<sup>(a)</sup> | 150 | 119940 |
| Air Lease Corp. |  |  |
| 1.88%, 08/15/26 | 55 | 53469 |
| 2.20%, 01/15/27 | 200 | 193610 |
| 3.63%, 12/01/27 | 70 | 68955 |
| 5.30%, 02/01/28 | 200 | 204389 |
| 2.10%, 09/01/28 | 87 | 81151 |
| 5.10%, 03/01/29 | 50 | 51065 |
| 3.25%, 10/01/29 | 87 | 82807 |
| 3.00%, 02/01/30<sup>(a)</sup> | 71 | 66446 |
| 5.20%, 07/15/31 | 50 | 51085 |
| 2.88%, 01/15/32<sup>(a)</sup> | 200 | 177526 |
| Ally Financial, Inc. |  |  |
| 4.75%, 06/09/27<sup>(a)</sup> | 340 | 341827 |
| 7.10%, 11/15/27 | 200 | 210750 |
| 8.00%, 11/01/31 | 321 | 363820 |
| (1-day SOFR + 2.29%), 6.18%, 07/26/35<sup>(a)(c)</sup> | 60 | 61199 |
| (1-day SOFR + 2.82%), 6.85%, 01/03/30<sup>(c)</sup> | 50 | 52789 |
| Cboe Global Markets, Inc., 3.00%, 03/16/32 | 121 | 108741 |
| CME Group, Inc. |  |  |
| 4.40%, 03/15/30 | 50 | 50352 |
| 2.65%, 03/15/32 | 69 | 61780 |
| 5.30%, 09/15/43 | 171 | 171005 |
| 4.15%, 06/15/48<sup>(a)</sup> | 70 | 58970 |
| Enact Holdings, Inc., 6.25%, 05/28/29 | 50 | 51882 |
| Intercontinental Exchange, Inc. |  |  |
| 3.10%, 09/15/27<sup>(a)</sup> | 100 | 97620 |
| 4.00%, 09/15/27 | 250 | 248634 |
| 3.63%, 09/01/28 | 100 | 97889 |
| 3.75%, 09/21/28<sup>(a)</sup> | 400 | 393222 |
| 4.35%, 06/15/29 | 100 | 100083 |
| 2.10%, 06/15/30 | 133 | 119071 |
| 5.25%, 06/15/31 | 50 | 51791 |
| 1.85%, 09/15/32 | 158 | 131151 |
| 4.60%, 03/15/33 | 137 | 136399 |
| 2.65%, 09/15/40 | 171 | 123047 |
| 4.25%, 09/21/48 | 87 | 71699 |
| 3.00%, 06/15/50 | 126 | 82228 |
| 4.95%, 06/15/52<sup>(a)</sup> | 174 | 157106 |
| 3.00%, 09/15/60 | 145 | 87516 |
| 5.20%, 06/15/62 | 130 | 121039 |
| Nasdaq, Inc. |  |  |
| 5.35%, 06/28/28 | 79 | 81341 |
| 1.65%, 01/15/31 | 57 | 49146 |
| 5.55%, 02/15/34<sup>(a)</sup> | 293 | 305268 |
| 3.25%, 04/28/50 | 70 | 47084 |
| 6.10%, 06/28/63 | 200 | 203956 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| ORIX Corp. |  |  |
| 5.00%, 09/13/27<sup>(a)</sup> | 100 | $101294 |
| 4.65%, 09/10/29 | 25 | 25182 |
| 2.25%, 03/09/31<sup>(a)</sup> | 87 | 76691 |
| 4.00%, 04/13/32<sup>(a)</sup> | 67 | 63457 |
| 5.20%, 09/13/32<sup>(a)</sup> | 100 | 101836 |
| 5.40%, 02/25/35<sup>(a)</sup> | 50 | 50612 |
| Radian Group, Inc. |  |  |
| 4.88%, 03/15/27 | 50 | 50048 |
| 6.20%, 05/15/29 | 50 | 51951 |
|  |  | 8746155 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Archer-Daniels-Midland Co. |  |  |
| 2.50%, 08/11/26 | 300 | 294649 |
| 2.90%, 03/01/32<sup>(a)</sup> | 67 | 60482 |
| 4.50%, 08/15/33 | 100 | 97966 |
| 4.54%, 03/26/42 | 37 | 32829 |
| 4.02%, 04/16/43 | 66 | 54158 |
| 3.75%, 09/15/47 | 171 | 128975 |
| Bunge Ltd. Finance Corp. |  |  |
| 3.25%, 08/15/26 | 100 | 98766 |
| 3.75%, 09/25/27<sup>(a)</sup> | 171 | 169542 |
| 4.10%, 01/07/28 | 25 | 24846 |
| 4.20%, 09/17/29 | 25 | 24723 |
| 2.75%, 05/14/31 | 121 | 109530 |
| 4.65%, 09/17/34 | 25 | 24257 |
| Conagra Brands, Inc. |  |  |
| 5.30%, 10/01/26 | 50 | 50502 |
| 1.38%, 11/01/27 | 77 | 71855 |
| 5.30%, 11/01/38 | 171 | 163659 |
| 5.40%, 11/01/48<sup>(a)</sup> | 87 | 78418 |
| Flowers Foods, Inc., 2.40%, 03/15/31 | 60 | 52375 |
| General Mills, Inc. |  |  |
| 4.70%, 01/30/27 | 50 | 50290 |
| 3.20%, 02/10/27 | 87 | 85577 |
| 4.20%, 04/17/28 | 171 | 170784 |
| 5.50%, 10/17/28 | 55 | 57056 |
| 4.88%, 01/30/30 | 50 | 50833 |
| 2.88%, 04/15/30 | 171 | 159068 |
| 2.25%, 10/14/31<sup>(a)</sup> | 121 | 105384 |
| 4.95%, 03/29/33 | 30 | 30041 |
| 5.25%, 01/30/35<sup>(a)</sup> | 50 | 50234 |
| 3.00%, 02/01/51<sup>(a)</sup> | 180 | 114945 |
| Hershey Co. |  |  |
| 2.45%, 11/15/29 | 87 | 80923 |
| 4.75%, 02/24/30 | 50 | 50992 |
| 4.95%, 02/24/32 | 50 | 51101 |
| 5.10%, 02/24/35 | 50 | 50793 |
| 3.13%, 11/15/49 | 87 | 58180 |
| Hormel Foods Corp. |  |  |
| 4.80%, 03/30/27 | 45 | 45458 |
| 1.70%, 06/03/28 | 223 | 208451 |
| 3.05%, 06/03/51 | 87 | 57046 |
| Ingredion, Inc., 3.90%, 06/01/50 | 87 | 63981 |
| J.M. Smucker Co. |  |  |
| 5.90%, 11/15/28<sup>(a)</sup> | 75 | 78816 |
| 2.38%, 03/15/30 | 200 | 182073 |
| 6.20%, 11/15/33 | 75 | 80497 |
| 4.25%, 03/15/35 | 87 | 80811 |
| 6.50%, 11/15/43<sup>(a)</sup> | 40 | 42434 |
| 4.38%, 03/15/45<sup>(a)</sup> | 87 | 71065 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| J.M. Smucker Co. (continued) |  |  |
| 6.50%, 11/15/53<sup>(a)</sup> | $125 | $133578 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS <br> Lux Co. SARL<br>|  |  |
| 2.50%, 01/15/27 | 120 | 116726 |
| 5.13%, 02/01/28 | 100 | 102040 |
| 5.50%, 01/15/30<sup>(a)</sup> | 160 | 163666 |
| 3.00%, 05/15/32 | 250 | 218866 |
| 5.75%, 04/01/33 | 146 | 150076 |
| 6.75%, 03/15/34 | 47 | 51308 |
| 4.38%, 02/02/52 | 100 | 77078 |
| 6.50%, 12/01/52 | 250 | 259385 |
| 7.25%, 11/15/53 | 50 | 56294 |
| JBS USA Holding Lux SARL/JBS USA Foods Group <br> Holdings, Inc./JBS USA Food Co.<sup>(d)</sup> <br>|  |  |
| 5.50%, 01/15/36 | 100 | 100147 |
| 6.25%, 03/01/56 | 150 | 150498 |
| 6.38%, 04/15/66 | 150 | 151105 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA <br> Foods Group<sup>(d)</sup> <br>|  |  |
| 5.95%, 04/20/35 | 75 | 77699 |
| 6.38%, 02/25/55<sup>(a)</sup> | 50 | 51330 |
| Kellanova |  |  |
| 3.25%, 04/01/26 | 65 | 64483 |
| 4.30%, 05/15/28 | 171 | 171916 |
| 2.10%, 06/01/30 | 141 | 126560 |
| 5.25%, 03/01/33 | 30 | 30709 |
| 4.50%, 04/01/46 | 62 | 52998 |
| 5.75%, 05/16/54 | 25 | 24563 |
| Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40 | 73 | 74625 |
| Kraft Heinz Foods Co. |  |  |
| 3.88%, 05/15/27 | 148 | 146832 |
| 4.63%, 01/30/29 | 87 | 87877 |
| 3.75%, 04/01/30 | 79 | 76475 |
| 4.25%, 03/01/31 | 87 | 85603 |
| 5.20%, 03/15/32<sup>(a)</sup> | 50 | 50907 |
| 6.75%, 03/15/32 | 70 | 77094 |
| 5.40%, 03/15/35<sup>(a)</sup> | 50 | 50659 |
| 5.00%, 07/15/35<sup>(a)</sup> | 79 | 78034 |
| 6.88%, 01/26/39 | 87 | 96243 |
| 6.50%, 02/09/40 | 79 | 84322 |
| 5.00%, 06/04/42 | 163 | 147023 |
| 5.20%, 07/15/45 | 97 | 87919 |
| 4.38%, 06/01/46 | 300 | 242708 |
| 4.88%, 10/01/49 | 163 | 139948 |
| 5.50%, 06/01/50 | 87 | 81402 |
| Kroger Co. |  |  |
| 2.65%, 10/15/26 | 171 | 167532 |
| 3.70%, 08/01/27 | 87 | 86221 |
| 4.50%, 01/15/29 | 171 | 172422 |
| 2.20%, 05/01/30<sup>(a)</sup> | 100 | 90467 |
| 1.70%, 01/15/31<sup>(a)</sup> | 182 | 157119 |
| 5.00%, 09/15/34 | 205 | 203534 |
| 5.15%, 08/01/43 | 66 | 61058 |
| 3.88%, 10/15/46 | 87 | 66142 |
| 4.65%, 01/15/48 | 87 | 73532 |
| 5.40%, 01/15/49<sup>(a)</sup> | 87 | 81320 |
| 3.95%, 01/15/50 | 75 | 56398 |
| 5.50%, 09/15/54 | 205 | 194597 |
| 5.65%, 09/15/64 | 175 | 165662 |
| McCormick & Co., Inc. |  |  |
| 3.40%, 08/15/27 | 100 | 98292 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| McCormick & Co., Inc. (continued) |  |  |
| 1.85%, 02/15/31 | 71 | $61584 |
| 4.95%, 04/15/33 | 100 | 100870 |
| 4.70%, 10/15/34<sup>(a)</sup> | 25 | 24245 |
| Mondelez International, Inc. |  |  |
| 2.63%, 03/17/27 | 101 | 98390 |
| 4.25%, 05/06/28 | 25 | 25039 |
| 4.75%, 02/20/29 | 50 | 50891 |
| 2.75%, 04/13/30 | 160 | 148569 |
| 4.50%, 05/06/30 | 25 | 24979 |
| 1.50%, 02/04/31 | 100 | 85299 |
| 1.88%, 10/15/32 | 87 | 72827 |
| 4.75%, 08/28/34 | 50 | 49386 |
| 5.13%, 05/06/35<sup>(a)</sup> | 25 | 25132 |
| 2.63%, 09/04/50<sup>(a)</sup> | 70 | 41342 |
| Pilgrim's Pride Corp. |  |  |
| 4.25%, 04/15/31 | 100 | 96412 |
| 3.50%, 03/01/32 | 150 | 135038 |
| 6.25%, 07/01/33<sup>(a)</sup> | 125 | 132160 |
| Sysco Corp. |  |  |
| 3.30%, 07/15/26 | 110 | 108735 |
| 3.25%, 07/15/27 | 171 | 167665 |
| 5.75%, 01/17/29 | 50 | 52130 |
| 5.95%, 04/01/30 | 171 | 181032 |
| 5.10%, 09/23/30 | 25 | 25613 |
| 2.45%, 12/14/31 | 87 | 76211 |
| 6.00%, 01/17/34 | 50 | 53641 |
| 5.40%, 03/23/35 | 50 | 50857 |
| 4.85%, 10/01/45 | 53 | 46884 |
| 4.50%, 04/01/46 | 87 | 72828 |
| 4.45%, 03/15/48 | 87 | 72281 |
| 6.60%, 04/01/50<sup>(a)</sup> | 314 | 340093 |
| The Campbell's Co. |  |  |
| 5.20%, 03/19/27 | 50 | 50701 |
| 5.20%, 03/21/29 | 50 | 51198 |
| 5.40%, 03/21/34 | 50 | 50779 |
| 4.75%, 03/23/35 | 50 | 48037 |
| 4.80%, 03/15/48 | 130 | 113194 |
| 5.25%, 10/13/54 | 25 | 22802 |
| Tyson Foods, Inc. |  |  |
| 3.55%, 06/02/27 | 171 | 168645 |
| 5.40%, 03/15/29 | 50 | 51549 |
| 5.70%, 03/15/34<sup>(a)</sup> | 50 | 51762 |
| 4.88%, 08/15/34 | 70 | 68205 |
| 5.15%, 08/15/44 | 87 | 79114 |
| 4.55%, 06/02/47 | 87 | 72307 |
| 5.10%, 09/28/48 | 150 | 134348 |
|  |  | 12610131 |
| **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |
| Atmos Energy Corp. |  |  |
| 2.63%, 09/15/29 | 74 | 69285 |
| 1.50%, 01/15/31 | 171 | 145988 |
| 5.90%, 11/15/33<sup>(a)</sup> | 75 | 80509 |
| 5.20%, 08/15/35 | 90 | 91052 |
| 5.50%, 06/15/41<sup>(a)</sup> | 50 | 50151 |
| 4.15%, 01/15/43 | 74 | 62066 |
| 4.30%, 10/01/48 | 87 | 71849 |
| 4.13%, 03/15/49 | 107 | 85315 |
| 3.38%, 09/15/49 | 110 | 76393 |
| 5.75%, 10/15/52 | 50 | 49979 |
| 6.20%, 11/15/53 | 50 | 54066 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Gas Utilities (continued)** | **Gas Utilities (continued)** | **Gas Utilities (continued)** |
| CenterPoint Energy Resources Corp. |  |  |
| 5.25%, 03/01/28<sup>(a)</sup> | $140 | $143381 |
| 1.75%, 10/01/30 | 91 | 79225 |
| 4.40%, 07/01/32 | 100 | 97110 |
| 5.40%, 03/01/33 | 55 | 56497 |
| 5.85%, 01/15/41 | 87 | 87785 |
| National Fuel Gas Co. |  |  |
| 5.50%, 10/01/26 | 20 | 20209 |
| 5.50%, 03/15/30 | 35 | 35970 |
| 2.95%, 03/01/31 | 87 | 77575 |
| 5.95%, 03/15/35 | 25 | 25554 |
| NiSource, Inc. |  |  |
| 3.49%, 05/15/27 | 171 | 168364 |
| 5.20%, 07/01/29 | 50 | 51329 |
| 2.95%, 09/01/29 | 200 | 188681 |
| 1.70%, 02/15/31 | 79 | 67638 |
| 5.35%, 04/01/34 | 50 | 50832 |
| 5.35%, 07/15/35 | 100 | 100820 |
| 5.95%, 06/15/41 | 56 | 56972 |
| 5.25%, 02/15/43 | 75 | 69959 |
| 4.80%, 02/15/44 | 87 | 76790 |
| 5.65%, 02/01/45 | 87 | 84844 |
| 4.38%, 05/15/47 | 87 | 71523 |
| 3.95%, 03/30/48 | 87 | 67140 |
| 5.00%, 06/15/52 | 50 | 44218 |
| 5.85%, 04/01/55 | 100 | 98951 |
| (5-year CMT + 2.45%), 6.95%, 11/30/54<sup>(c)</sup> | 50 | 52048 |
| (5-year CMT + 2.53%), 6.38%, 03/31/55<sup>(c)</sup> | 50 | 50283 |
| ONE Gas, Inc. |  |  |
| 5.10%, 04/01/29 | 25 | 25605 |
| 4.66%, 02/01/44 | 87 | 76512 |
| Piedmont Natural Gas Co., Inc. |  |  |
| 3.50%, 06/01/29 | 120 | 116331 |
| 2.50%, 03/15/31 | 87 | 77439 |
| 5.40%, 06/15/33 | 40 | 41218 |
| 5.10%, 02/15/35 | 25 | 25107 |
| 3.35%, 06/01/50 | 71 | 47334 |
| 5.05%, 05/15/52 | 100 | 88216 |
| Southern California Gas Co. |  |  |
| 2.95%, 04/15/27 | 110 | 107752 |
| 5.20%, 06/01/33 | 40 | 40543 |
| 5.05%, 09/01/34 | 50 | 50323 |
| 5.45%, 06/15/35 | 75 | 76577 |
| 6.35%, 11/15/52 | 20 | 21430 |
| 5.75%, 06/01/53 | 40 | 39365 |
| 5.60%, 04/01/54 | 95 | 92475 |
| 6.00%, 06/15/55<sup>(a)</sup> | 100 | 101855 |
| Series UU, 4.13%, 06/01/48 | 87 | 67520 |
| Series VV, 4.30%, 01/15/49 | 200 | 160659 |
| Series XX, 2.55%, 02/01/30 | 171 | 157090 |
| Southern Co. Gas Capital Corp. |  |  |
| 5.75%, 09/15/33 | 50 | 52430 |
| 4.95%, 09/15/34 | 100 | 98981 |
| 3.95%, 10/01/46 | 130 | 99913 |
| 4.40%, 05/30/47 | 100 | 81260 |
| Series 2020-A, 1.75%, 01/15/31 | 87 | 74778 |
| Southwest Gas Corp. |  |  |
| 5.80%, 12/01/27 | 100 | 103195 |
| 2.20%, 06/15/30 | 171 | 153601 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Gas Utilities (continued)** | **Gas Utilities (continued)** | **Gas Utilities (continued)** |
| Southwest Gas Corp. (continued) |  |  |
| 4.05%, 03/15/32 | 75 | $71120 |
| Washington Gas Light Co., 3.65%, 09/15/49 | 87 | 62446 |
|  |  | 4971426 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Burlington Northern Santa Fe LLC |  |  |
| 3.25%, 06/15/27 | 300 | 295846 |
| 5.40%, 06/01/41 | 50 | 49751 |
| 4.40%, 03/15/42 | 53 | 46870 |
| 4.38%, 09/01/42 | 87 | 76179 |
| 4.45%, 03/15/43 | 70 | 61700 |
| 5.15%, 09/01/43 | 87 | 83579 |
| 4.90%, 04/01/44 | 87 | 81257 |
| 4.55%, 09/01/44 | 87 | 77142 |
| 4.15%, 04/01/45 | 87 | 72933 |
| 4.70%, 09/01/45 | 87 | 78437 |
| 3.90%, 08/01/46 | 141 | 112610 |
| 4.13%, 06/15/47 | 87 | 71445 |
| 4.05%, 06/15/48 | 60 | 48477 |
| 4.15%, 12/15/48 | 87 | 71893 |
| 3.05%, 02/15/51 | 71 | 47124 |
| 3.30%, 09/15/51<sup>(a)</sup> | 171 | 118560 |
| 4.45%, 01/15/53 | 200 | 168861 |
| 5.20%, 04/15/54<sup>(a)</sup> | 220 | 208224 |
| 5.50%, 03/15/55 | 120 | 118820 |
| 5.80%, 03/15/56 | 100 | 102902 |
| Canadian National Railway Co. |  |  |
| 3.85%, 08/05/32 | 100 | 95118 |
| 4.38%, 09/18/34 | 50 | 48197 |
| 6.20%, 06/01/36<sup>(a)</sup> | 50 | 54626 |
| 3.20%, 08/02/46 | 140 | 99571 |
| 3.65%, 02/03/48 | 57 | 43504 |
| 2.45%, 05/01/50 | 81 | 47634 |
| 4.40%, 08/05/52<sup>(a)</sup> | 80 | 67808 |
| 6.13%, 11/01/53 | 50 | 54249 |
| Canadian Pacific Railway Co. |  |  |
| 1.75%, 12/02/26 | 72 | 69482 |
| 2.88%, 11/15/29 | 63 | 59185 |
| 4.80%, 03/30/30<sup>(a)</sup> | 75 | 76207 |
| 7.13%, 10/15/31<sup>(a)</sup> | 87 | 97827 |
| 2.45%, 12/02/31 | 119 | 104461 |
| 5.20%, 03/30/35 | 75 | 76045 |
| 4.80%, 09/15/35 | 87 | 84710 |
| 3.00%, 12/02/41 | 73 | 53082 |
| 4.80%, 08/01/45 | 191 | 169449 |
| 4.70%, 05/01/48 | 87 | 76736 |
| 3.50%, 05/01/50 | 87 | 61905 |
| 3.10%, 12/02/51 | 103 | 67681 |
| 4.20%, 11/15/69 | 78 | 58713 |
| 6.13%, 09/15/2115 | 87 | 88622 |
| CSX Corp. |  |  |
| 3.25%, 06/01/27 | 341 | 335462 |
| 3.80%, 03/01/28 | 227 | 224922 |
| 4.25%, 03/15/29 | 200 | 200015 |
| 2.40%, 02/15/30 | 87 | 80231 |
| 4.10%, 11/15/32 | 50 | 48503 |
| 5.20%, 11/15/33 | 100 | 103362 |
| 5.05%, 06/15/35 | 75 | 75431 |
| 6.22%, 04/30/40 | 100 | 107974 |
| 4.75%, 05/30/42 | 189 | 173002 |
| 4.30%, 03/01/48 | 130 | 107883 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| CSX Corp. (continued) |  |  |
| 3.35%, 09/15/49 | $75 | $52397 |
| 3.80%, 04/15/50 | 96 | 72674 |
| 3.95%, 05/01/50<sup>(a)</sup> | 79 | 61216 |
| 2.50%, 05/15/51<sup>(a)</sup> | 75 | 43269 |
| 4.50%, 11/15/52<sup>(a)</sup> | 50 | 42169 |
| 4.50%, 08/01/54 | 87 | 72756 |
| 4.90%, 03/15/55<sup>(a)</sup> | 50 | 44838 |
| 4.25%, 11/01/66 | 75 | 57774 |
| 4.65%, 03/01/68 | 137 | 112503 |
| JB Hunt Transport Services, Inc., 4.90%, 03/15/30 | 200 | 202956 |
| Norfolk Southern Corp. |  |  |
| 3.15%, 06/01/27<sup>(a)</sup> | 153 | 150230 |
| 2.55%, 11/01/29 | 58 | 53837 |
| 5.05%, 08/01/30<sup>(a)</sup> | 175 | 180764 |
| 3.00%, 03/15/32 | 81 | 73467 |
| 4.45%, 03/01/33 | 150 | 146758 |
| 5.55%, 03/15/34 | 50 | 52249 |
| 5.10%, 05/01/35 | 65 | 65328 |
| 4.84%, 10/01/41 | 100 | 91496 |
| 3.95%, 10/01/42 | 74 | 60442 |
| 4.45%, 06/15/45 | 87 | 74268 |
| 3.94%, 11/01/47 | 80 | 62694 |
| 4.15%, 02/28/48 | 87 | 70154 |
| 3.40%, 11/01/49<sup>(a)</sup> | 59 | 41357 |
| 3.05%, 05/15/50 | 105 | 68872 |
| 2.90%, 08/25/51<sup>(a)</sup> | 74 | 46290 |
| 3.70%, 03/15/53<sup>(a)</sup> | 158 | 114663 |
| 4.55%, 06/01/53 | 40 | 33784 |
| 5.35%, 08/01/54<sup>(a)</sup> | 140 | 133704 |
| 3.16%, 05/15/55 | 171 | 109612 |
| 5.95%, 03/15/64 | 75 | 77167 |
| 4.10%, 05/15/2121 | 50 | 34512 |
| Union Pacific Corp. |  |  |
| 2.15%, 02/05/27 | 57 | 55337 |
| 3.95%, 09/10/28 | 171 | 170108 |
| 3.70%, 03/01/29 | 171 | 168140 |
| 2.40%, 02/05/30 | 100 | 92202 |
| 2.38%, 05/20/31 | 221 | 198694 |
| 2.80%, 02/14/32 | 64 | 57691 |
| 4.50%, 01/20/33 | 100 | 99391 |
| 3.38%, 02/01/35 | 87 | 77509 |
| 5.10%, 02/20/35<sup>(a)</sup> | 75 | 76279 |
| 3.60%, 09/15/37 | 214 | 185879 |
| 3.20%, 05/20/41 | 75 | 57303 |
| 3.38%, 02/14/42 | 82 | 63665 |
| 4.05%, 11/15/45 | 87 | 70893 |
| 4.05%, 03/01/46 | 74 | 60102 |
| 4.50%, 09/10/48 | 87 | 74354 |
| 3.25%, 02/05/50 | 189 | 130494 |
| 3.80%, 10/01/51 | 87 | 65544 |
| 2.95%, 03/10/52 | 59 | 37641 |
| 3.50%, 02/14/53 | 189 | 133809 |
| 4.95%, 05/15/53 | 200 | 181623 |
| 5.60%, 12/01/54 | 75 | 74598 |
| 3.95%, 08/15/59 | 135 | 99645 |
| 3.84%, 03/20/60 | 249 | 179194 |
| 3.55%, 05/20/61 | 100 | 67039 |
| 2.97%, 09/16/62 | 200 | 116245 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Union Pacific Corp. (continued) |  |  |
| 3.80%, 04/06/71 | 141 | $96577 |
| 3.85%, 02/14/72 | 69 | 47364 |
|  |  | 10345727 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Abbott Laboratories |  |  |
| 3.75%, 11/30/26 | 243 | 242200 |
| 1.15%, 01/30/28 | 92 | 86043 |
| 1.40%, 06/30/30 | 79 | 69523 |
| 4.75%, 11/30/36 | 384 | 382187 |
| 5.30%, 05/27/40 | 87 | 88756 |
| 4.75%, 04/15/43 | 87 | 82430 |
| 4.90%, 11/30/46 | 250 | 236633 |
| Agilent Technologies, Inc. |  |  |
| 4.20%, 09/09/27 | 175 | 174930 |
| 2.75%, 09/15/29 | 111 | 103894 |
| 2.30%, 03/12/31 | 118 | 104565 |
| 4.75%, 09/09/34 | 50 | 49201 |
| Baxter International, Inc. |  |  |
| 2.60%, 08/15/26 | 127 | 124607 |
| 1.92%, 02/01/27 | 200 | 192542 |
| 2.27%, 12/01/28 | 209 | 194570 |
| 3.95%, 04/01/30 | 87 | 84963 |
| 3.50%, 08/15/46 | 87 | 62111 |
| 3.13%, 12/01/51 | 79 | 50452 |
| Boston Scientific Corp. |  |  |
| 2.65%, 06/01/30<sup>(a)</sup> | 171 | 158307 |
| 4.55%, 03/01/39 | 130 | 122983 |
| 4.70%, 03/01/49<sup>(a)</sup> | 93 | 83646 |
| Danaher Corp. |  |  |
| 4.38%, 09/15/45 | 75 | 64770 |
| 2.60%, 10/01/50<sup>(a)</sup> | 87 | 52284 |
| 2.80%, 12/10/51 | 140 | 87180 |
| DH Europe Finance II SARL |  |  |
| 2.60%, 11/15/29 | 79 | 73773 |
| 3.25%, 11/15/39 | 71 | 57114 |
| 3.40%, 11/15/49 | 117 | 83218 |
| GE HealthCare Technologies, Inc. |  |  |
| 5.65%, 11/15/27 | 400 | 412110 |
| 4.80%, 08/14/29 | 40 | 40586 |
| 4.80%, 01/15/31 | 25 | 25207 |
| 5.91%, 11/22/32<sup>(a)</sup> | 200 | 212600 |
| 5.50%, 06/15/35 | 25 | 25601 |
| 6.38%, 11/22/52 | 100 | 107741 |
| Koninklijke Philips NV, 5.00%, 03/15/42 | 87 | 77955 |
| Medtronic Global Holdings SCA |  |  |
| 4.25%, 03/30/28 | 185 | 185948 |
| 4.50%, 03/30/33 | 70 | 69289 |
| Medtronic, Inc. |  |  |
| 4.38%, 03/15/35 | 362 | 350186 |
| 4.63%, 03/15/45<sup>(a)</sup> | 200 | 179922 |
| Revvity, Inc. |  |  |
| 1.90%, 09/15/28 | 90 | 83340 |
| 3.30%, 09/15/29 | 80 | 75780 |
| 2.25%, 09/15/31 | 219 | 187507 |
| Solventum Corp. |  |  |
| 5.45%, 02/25/27<sup>(a)</sup> | 65 | 66060 |
| 5.40%, 03/01/29 | 105 | 108125 |
| 5.45%, 03/13/31 | 125 | 129794 |
| 5.60%, 03/23/34 | 125 | 128643 |
| 5.90%, 04/30/54<sup>(a)</sup> | 125 | 124959 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Solventum Corp. (continued) |  |  |
| 6.00%, 05/15/64 | 125 | $123895 |
| STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31 | 216 | 193994 |
| Stryker Corp. |  |  |
| 4.55%, 02/10/27 | 75 | 75454 |
| 4.70%, 02/10/28 | 75 | 76017 |
| 4.85%, 12/08/28<sup>(a)</sup> | 50 | 50962 |
| 4.25%, 09/11/29 | 75 | 74877 |
| 4.85%, 02/10/30 | 75 | 76519 |
| 4.63%, 09/11/34<sup>(a)</sup> | 50 | 49229 |
| 5.20%, 02/10/35 | 125 | 127378 |
| 4.63%, 03/15/46 | 214 | 189317 |
| 2.90%, 06/15/50<sup>(a)</sup> | 87 | 56819 |
| Thermo Fisher Scientific, Inc. |  |  |
| 4.95%, 08/10/26 | 100 | 100767 |
| 5.00%, 12/05/26 | 50 | 50536 |
| 4.80%, 11/21/27 | 65 | 66042 |
| 1.75%, 10/15/28 | 67 | 62054 |
| 5.00%, 01/31/29<sup>(a)</sup> | 100 | 102674 |
| 2.60%, 10/01/29 | 168 | 157421 |
| 4.98%, 08/10/30 | 65 | 66894 |
| 2.00%, 10/15/31<sup>(a)</sup> | 87 | 75863 |
| 4.95%, 11/21/32<sup>(a)</sup> | 95 | 97175 |
| 5.09%, 08/10/33 | 80 | 81885 |
| 5.20%, 01/31/34<sup>(a)</sup> | 50 | 51382 |
| 2.80%, 10/15/41<sup>(a)</sup> | 243 | 174384 |
| 5.40%, 08/10/43 | 40 | 39528 |
| 4.10%, 08/15/47 | 87 | 71395 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.70%, 02/19/27 | 25 | 25135 |
| 5.35%, 12/01/28 | 50 | 51545 |
| 5.05%, 02/19/30 | 25 | 25620 |
| 2.60%, 11/24/31 | 189 | 167031 |
| 5.20%, 09/15/34 | 50 | 50161 |
| 5.50%, 02/19/35 | 25 | 25645 |
| 4.45%, 08/15/45<sup>(a)</sup> | 87 | 72232 |
|  |  | 8414065 |
| **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** |
| AdventHealth Obligated Group, Series E, 2.80%, <br> 11/15/51<br>| 73 | 44823 |
| Adventist Health System, 3.63%, 03/01/49 | 70 | 46701 |
| Advocate Health & Hospitals Corp. |  |  |
| 4.27%, 08/15/48 | 80 | 66104 |
| 3.39%, 10/15/49 | 79 | 55666 |
| Aetna, Inc. |  |  |
| 6.75%, 12/15/37 | 225 | 243062 |
| 4.50%, 05/15/42 | 87 | 71178 |
| 4.75%, 03/15/44 | 76 | 64344 |
| AHS Hospital Corp., Series 2021, 2.78%, 07/01/51 | 82 | 50168 |
| Allina Health System, Series 2021, 2.90%, 11/15/51 | 70 | 42460 |
| Ascension Health |  |  |
| 3.95%, 11/15/46 | 157 | 124781 |
| Series B, 2.53%, 11/15/29 | 53 | 49402 |
| Series B, 3.11%, 11/15/39 | 52 | 40692 |
| Banner Health |  |  |
| 2.91%, 01/01/42<sup>(a)</sup> | 76 | 53151 |
| 2.91%, 01/01/51 | 78 | 49507 |
| Series 2020, 3.18%, 01/01/50<sup>(a)</sup> | 63 | 41242 |
| Baptist Healthcare System Obligated Group, <br> Series 20B, 3.54%, 08/15/50<br>| 65 | 44353 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| BayCare Health System, Inc., Series 2020, 3.83%, <br> 11/15/50<br>| $72 | $55110 |
| Baylor Scott & White Holdings |  |  |
| Series 2021, 1.78%, 11/15/30 | 63 | 55177 |
| Series 2021, 2.84%, 11/15/50 | 203 | 127842 |
| Beth Israel Lahey Health, Inc., Series L, 3.08%, <br> 07/01/51<br>| 86 | 52924 |
| Bon Secours Mercy Health, Inc. |  |  |
| 3.46%, 06/01/30 | 70 | 67262 |
| Series 2018, 4.30%, 07/01/28 | 64 | 64116 |
| Catholic Health Services of Long Island Obligated <br> Group, Series 2020, 3.37%, 07/01/50<br>| 80 | 53928 |
| Cedars-Sinai Health System, Series 2021, 2.29%, <br> 08/15/31<sup>(a)</sup><br>| 70 | 60747 |
| Centene Corp. |  |  |
| 2.45%, 07/15/28 | 450 | 417886 |
| 4.63%, 12/15/29 | 700 | 680843 |
| 3.00%, 10/15/30 | 200 | 178704 |
| 2.50%, 03/01/31 | 350 | 301345 |
| Children's Health System of Texas, 2.51%, 08/15/50 | 71 | 41272 |
| Children's Hospital Corp., Series 2017, 4.12%, <br> 01/01/47<br>| 70 | 57553 |
| Children's Hospital of Philadelphia, Series 2020, <br> 2.70%, 07/01/50<br>| 51 | 31002 |
| CHRISTUS Health, Series C, 4.34%, 07/01/28 | 55 | 54965 |
| Cigna Group |  |  |
| 3.40%, 03/01/27 | 130 | 128157 |
| 3.05%, 10/15/27<sup>(a)</sup> | 171 | 166632 |
| 5.00%, 05/15/29 | 50 | 51128 |
| 2.40%, 03/15/30 | 149 | 135965 |
| 2.38%, 03/15/31 | 75 | 66674 |
| 5.13%, 05/15/31 | 50 | 51431 |
| 5.40%, 03/15/33 | 70 | 72344 |
| 5.25%, 02/15/34<sup>(a)</sup> | 350 | 355560 |
| 4.80%, 08/15/38 | 171 | 160763 |
| 3.20%, 03/15/40 | 171 | 130941 |
| 4.80%, 07/15/46 | 214 | 186173 |
| 3.88%, 10/15/47 | 130 | 97696 |
| 4.90%, 12/15/48 | 257 | 224371 |
| 3.40%, 03/15/50 | 171 | 115949 |
| 3.40%, 03/15/51<sup>(a)</sup> | 200 | 133902 |
| 5.60%, 02/15/54<sup>(a)</sup> | 50 | 47970 |
| CommonSpirit Health |  |  |
| 3.35%, 10/01/29 | 194 | 185505 |
| 2.78%, 10/01/30<sup>(a)</sup> | 78 | 71405 |
| 5.32%, 12/01/34 | 145 | 145311 |
| 4.19%, 10/01/49<sup>(a)</sup> | 171 | 131896 |
| 6.46%, 11/01/52 | 69 | 73092 |
| 5.55%, 12/01/54 | 100 | 93967 |
| Community Health Network, Inc., Series 2020-A, <br> 3.10%, 05/01/50<sup>(a)</sup><br>| 75 | 47220 |
| Corewell Health Obligated Group, Series 19A, 3.49%, <br> 07/15/49<br>| 85 | 60248 |
| Cottage Health Obligated Group, Series 2020, 3.30%, <br> 11/01/49<br>| 46 | 31862 |
| Dartmouth-Hitchcock Health, Series B, 4.18%, <br> 08/01/48<br>| 74 | 55802 |
| Dignity Health, 5.27%, 11/01/64<sup>(a)</sup> | 74 | 65221 |
| Duke University Health System, Inc., Series 2017, <br> 3.92%, 06/01/47<br>| 61 | 48113 |
| Elevance Health, Inc. |  |  |
| 4.50%, 10/30/26 | 45 | 45146 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Elevance Health, Inc. (continued) |  |  |
| 3.65%, 12/01/27 | $171 | $168971 |
| 5.15%, 06/15/29 | 70 | 71997 |
| 4.75%, 02/15/30 | 70 | 70830 |
| 2.25%, 05/15/30 | 136 | 122773 |
| 2.55%, 03/15/31 | 121 | 108649 |
| 4.95%, 11/01/31 | 125 | 126748 |
| 4.10%, 05/15/32 | 61 | 58566 |
| 5.50%, 10/15/32 | 100 | 104253 |
| 4.75%, 02/15/33 | 120 | 119247 |
| 5.38%, 06/15/34 | 75 | 76658 |
| 5.20%, 02/15/35 | 110 | 111151 |
| 4.63%, 05/15/42 | 150 | 131577 |
| 5.10%, 01/15/44 | 155 | 142642 |
| 4.65%, 08/15/44 | 62 | 53879 |
| 4.38%, 12/01/47 | 171 | 139768 |
| 4.55%, 03/01/48 | 80 | 66669 |
| 3.70%, 09/15/49 | 150 | 107708 |
| 3.13%, 05/15/50 | 146 | 94937 |
| 3.60%, 03/15/51<sup>(a)</sup> | 170 | 119642 |
| 4.55%, 05/15/52 | 181 | 148019 |
| 6.10%, 10/15/52 | 50 | 50953 |
| 5.13%, 02/15/53 | 150 | 133925 |
| 5.65%, 06/15/54 | 70 | 67264 |
| 5.70%, 02/15/55 | 100 | 96905 |
| 5.85%, 11/01/64 | 125 | 121372 |
| Hackensack Meridian Health, Inc. |  |  |
| Series 2020, 2.68%, 09/01/41 | 69 | 48053 |
| Series 2020, 2.88%, 09/01/50 | 136 | 85199 |
| Hartford HealthCare Corp., 3.45%, 07/01/54 | 62 | 42911 |
| HCA, Inc. |  |  |
| 5.38%, 09/01/26 | 200 | 201010 |
| 4.50%, 02/15/27 | 500 | 500070 |
| 3.13%, 03/15/27 | 78 | 76371 |
| 5.20%, 06/01/28 | 40 | 40867 |
| 5.63%, 09/01/28<sup>(a)</sup> | 250 | 257389 |
| 5.88%, 02/01/29 | 250 | 259465 |
| 4.13%, 06/15/29 | 130 | 127729 |
| 5.25%, 03/01/30 | 30 | 30756 |
| 3.50%, 09/01/30 | 200 | 189127 |
| 5.45%, 04/01/31 | 225 | 232006 |
| 2.38%, 07/15/31 | 171 | 148834 |
| 5.50%, 03/01/32 | 60 | 61922 |
| 3.63%, 03/15/32 | 300 | 276716 |
| 5.50%, 06/01/33 | 80 | 81905 |
| 5.60%, 04/01/34 | 75 | 76736 |
| 5.45%, 09/15/34 | 160 | 161385 |
| 5.75%, 03/01/35 | 150 | 154256 |
| 5.13%, 06/15/39 | 171 | 160822 |
| 4.38%, 03/15/42 | 200 | 166637 |
| 5.50%, 06/15/47 | 171 | 158904 |
| 5.25%, 06/15/49 | 214 | 190109 |
| 3.50%, 07/15/51 | 155 | 102676 |
| 4.63%, 03/15/52 | 300 | 241085 |
| 5.90%, 06/01/53 | 75 | 72417 |
| 6.00%, 04/01/54 | 160 | 156528 |
| 5.95%, 09/15/54 | 70 | 68030 |
| 6.20%, 03/01/55 | 150 | 151068 |
| 6.10%, 04/01/64 | 100 | 97520 |
| Hoag Memorial Hospital Presbyterian, 3.80%, <br> 07/15/52<sup>(a)</sup><br>| 70 | 52737 |
| Humana, Inc. |  |  |
| 1.35%, 02/03/27 | 132 | 126251 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Humana, Inc. (continued) |  |  |
| 5.75%, 03/01/28 | $60 | $61911 |
| 5.75%, 12/01/28<sup>(a)</sup> | 25 | 25999 |
| 3.70%, 03/23/29 | 62 | 60085 |
| 3.13%, 08/15/29 | 87 | 81991 |
| 5.38%, 04/15/31 | 100 | 102293 |
| 2.15%, 02/03/32 | 81 | 68044 |
| 5.88%, 03/01/33 | 50 | 51672 |
| 5.95%, 03/15/34<sup>(a)</sup> | 25 | 25993 |
| 5.55%, 05/01/35 | 200 | 201118 |
| 4.63%, 12/01/42 | 171 | 141889 |
| 4.95%, 10/01/44 | 87 | 74990 |
| 4.80%, 03/15/47 | 70 | 57933 |
| 5.50%, 03/15/53<sup>(a)</sup> | 100 | 89784 |
| 5.75%, 04/15/54 | 135 | 125755 |
| Indiana University Health, Inc. Obligated Group, <br> Series 2021, 2.85%, 11/01/51<br>| 87 | 54237 |
| Inova Health System Foundation, 4.07%, 05/15/52 | 74 | 58460 |
| Integris Baptist Medical Center, Inc., Series A, 3.88%, <br> 08/15/50<br>| 66 | 46865 |
| Johns Hopkins Health System Corp., 3.84%, <br> 05/15/46<br>| 62 | 48353 |
| Kaiser Foundation Hospitals |  |  |
| 3.15%, 05/01/27 | 87 | 85374 |
| 4.15%, 05/01/47 | 191 | 155535 |
| Series 2019, 3.27%, 11/01/49 | 82 | 56682 |
| Series 2021, 2.81%, 06/01/41 | 101 | 72027 |
| Series 2021, 3.00%, 06/01/51 | 116 | 75032 |
| Laboratory Corp. of America Holdings |  |  |
| 3.60%, 09/01/27 | 87 | 86014 |
| 4.35%, 04/01/30 | 50 | 49661 |
| 2.70%, 06/01/31 | 49 | 44093 |
| 4.55%, 04/01/32 | 50 | 49225 |
| 4.80%, 10/01/34 | 50 | 48880 |
| 4.70%, 02/01/45 | 79 | 69266 |
| Mass General Brigham, Inc. |  |  |
| Series 2017, 3.77%, 07/01/48 | 85 | 64320 |
| Series 2020, 3.19%, 07/01/49 | 87 | 58901 |
| Series 2020, 3.34%, 07/01/60 | 71 | 46381 |
| Mayo Clinic |  |  |
| Series 2016, 4.13%, 11/15/52 | 75 | 60198 |
| Series 2021, 3.20%, 11/15/61 | 66 | 40839 |
| MedStar Health, Inc., Series 20A, 3.63%, 08/15/49 | 74 | 52451 |
| Memorial Health Services, 3.45%, 11/01/49 | 62 | 44146 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 5.00%, 07/01/42 | 70 | 66493 |
| 4.13%, 07/01/52<sup>(a)</sup> | 70 | 55263 |
| Methodist Hospital, Series 20A, 2.71%, 12/01/50 | 77 | 46421 |
| Montefiore Obligated Group, 4.29%, 09/01/50 | 64 | 43318 |
| Mount Nittany Medical Center Obligated Group, <br> Series 2022, 3.80%, 11/15/52<br>| 57 | 42267 |
| Mount Sinai Hospital |  |  |
| Series 2019, 3.74%, 07/01/49 | 75 | 50068 |
| Series 2020, 3.39%, 07/01/50<sup>(a)</sup> | 66 | 40411 |
| MyMichigan Health, Series 2020, 3.41%, 06/01/50 | 47 | 33142 |
| Nationwide Children's Hospital, Inc., 4.56%, 11/01/52 | 73 | 62225 |
| New York and Presbyterian Hospital |  |  |
| 2.26%, 08/01/40<sup>(a)</sup> | 87 | 59783 |
| 4.02%, 08/01/45 | 53 | 43198 |
| 2.61%, 08/01/60<sup>(a)</sup> | 87 | 47232 |
| Series 2019, 3.95%, 08/01/2119<sup>(a)</sup> | 72 | 49157 |
| Northwell Healthcare, Inc. |  |  |
| 3.98%, 11/01/46 | 70 | 53812 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Northwell Healthcare, Inc. (continued) |  |  |
| 4.26%, 11/01/47 | $70 | $55645 |
| 3.81%, 11/01/49 | 57 | 40821 |
| Novant Health, Inc. |  |  |
| 2.64%, 11/01/36 | 72 | 56378 |
| 3.17%, 11/01/51 | 76 | 49813 |
| 3.32%, 11/01/61<sup>(a)</sup> | 76 | 48014 |
| OhioHealth Corp., 2.83%, 11/15/41 | 59 | 42082 |
| Orlando Health Obligated Group |  |  |
| 4.09%, 10/01/48 | 29 | 23288 |
| 3.33%, 10/01/50<sup>(a)</sup> | 67 | 46906 |
| PeaceHealth Obligated Group |  |  |
| Series 2018, 4.79%, 11/15/48 | 79 | 65881 |
| Series 2020, 3.22%, 11/15/50 | 73 | 45161 |
| Piedmont Healthcare, Inc. |  |  |
| 2.86%, 01/01/52 | 66 | 40238 |
| Series 2042, 2.72%, 01/01/42 | 58 | 40404 |
| Presbyterian Healthcare Services, 4.88%, 08/01/52 | 60 | 53131 |
| Providence St. Joseph Health Obligated Group |  |  |
| 5.37%, 10/01/32 | 100 | 101705 |
| Series 19A, 2.53%, 10/01/29<sup>(a)</sup> | 82 | 75504 |
| Series 21A, 2.70%, 10/01/51 | 76 | 42373 |
| Series A, 3.93%, 10/01/48 | 77 | 57455 |
| Queen's Health Systems, 4.81%, 07/01/52<sup>(a)</sup> | 67 | 59843 |
| Quest Diagnostics, Inc. |  |  |
| 4.60%, 12/15/27 | 225 | 227037 |
| 4.20%, 06/30/29 | 87 | 86625 |
| 4.63%, 12/15/29 | 50 | 50493 |
| 2.95%, 06/30/30 | 75 | 69797 |
| 2.80%, 06/30/31 | 71 | 64401 |
| 5.00%, 12/15/34 | 50 | 49755 |
| 4.70%, 03/30/45<sup>(a)</sup> | 87 | 75695 |
| Rady Children's Hospital-San Diego, Series 21A, <br> 3.15%, 08/15/51<br>| 63 | 41397 |
| Seattle Children's Hospital, Series 2021, 2.72%, <br> 10/01/50<sup>(a)</sup><br>| 62 | 37862 |
| Sentara Health, Series 2021, 2.93%, 11/01/51<sup>(a)</sup> | 71 | 45031 |
| Sharp HealthCare, Series 20B, 2.68%, 08/01/50<sup>(a)</sup> | 91 | 55662 |
| Stanford Health Care, Series 2018, 3.80%, 11/15/48 | 64 | 48585 |
| Summa Health, 3.51%, 11/15/51<sup>(a)</sup> | 70 | 57567 |
| Sutter Health |  |  |
| Series 2018, 4.09%, 08/15/48 | 80 | 63872 |
| Series 2025, 5.21%, 08/15/32 | 35 | 35959 |
| Series 2025, 5.54%, 08/15/35 | 95 | 98177 |
| Series 20A, 2.29%, 08/15/30<sup>(a)</sup> | 66 | 59607 |
| Series 20A, 3.16%, 08/15/40 | 62 | 47953 |
| Series 20A, 3.36%, 08/15/50 | 59 | 40724 |
| Texas Health Resources, 2.33%, 11/15/50 | 58 | 32545 |
| Trinity Health Corp. |  |  |
| Series 2019, 3.43%, 12/01/48 | 73 | 53556 |
| Series 2021, 2.63%, 12/01/40 | 83 | 59735 |
| UnitedHealth Group, Inc. |  |  |
| 4.75%, 07/15/26 | 55 | 55198 |
| 3.45%, 01/15/27<sup>(a)</sup> | 87 | 86064 |
| 3.38%, 04/15/27 | 171 | 168608 |
| 4.60%, 04/15/27 | 55 | 55329 |
| 5.25%, 02/15/28 | 40 | 41057 |
| 3.85%, 06/15/28 | 171 | 169543 |
| 4.40%, 06/15/28 | 30 | 30149 |
| 4.25%, 01/15/29 | 140 | 139752 |
| 4.70%, 04/15/29 | 50 | 50563 |
| 4.00%, 05/15/29 | 120 | 118639 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| UnitedHealth Group, Inc. (continued) |  |  |
| 2.88%, 08/15/29 | 124 | $117038 |
| 4.80%, 01/15/30 | 175 | 177693 |
| 5.30%, 02/15/30 | 300 | 310711 |
| 2.00%, 05/15/30 | 79 | 70694 |
| 4.65%, 01/15/31 | 75 | 75386 |
| 4.90%, 04/15/31 | 75 | 76217 |
| 2.30%, 05/15/31 | 197 | 173616 |
| 4.95%, 01/15/32 | 250 | 253199 |
| 5.35%, 02/15/33 | 180 | 185460 |
| 4.50%, 04/15/33 | 140 | 136447 |
| 5.00%, 04/15/34 | 275 | 274894 |
| 5.15%, 07/15/34<sup>(a)</sup> | 250 | 252524 |
| 5.30%, 06/15/35 | 150 | 152883 |
| 4.63%, 07/15/35 | 97 | 93679 |
| 5.80%, 03/15/36 | 120 | 126144 |
| 6.88%, 02/15/38 | 74 | 84122 |
| 3.50%, 08/15/39 | 111 | 89578 |
| 2.75%, 05/15/40 | 75 | 54413 |
| 5.95%, 02/15/41 | 74 | 76216 |
| 3.05%, 05/15/41 | 216 | 158737 |
| 4.63%, 11/15/41 | 104 | 92904 |
| 3.95%, 10/15/42 | 53 | 42916 |
| 4.25%, 03/15/43 | 87 | 73063 |
| 5.50%, 07/15/44 | 250 | 243498 |
| 4.75%, 07/15/45 | 307 | 271636 |
| 4.20%, 01/15/47 | 130 | 104439 |
| 4.25%, 04/15/47 | 171 | 138410 |
| 3.75%, 10/15/47 | 87 | 64764 |
| 4.45%, 12/15/48 | 171 | 141577 |
| 3.70%, 08/15/49 | 257 | 187095 |
| 2.90%, 05/15/50 | 221 | 137517 |
| 3.25%, 05/15/51 | 87 | 57707 |
| 4.75%, 05/15/52 | 100 | 85182 |
| 5.88%, 02/15/53 | 270 | 270518 |
| 5.05%, 04/15/53 | 140 | 124961 |
| 5.38%, 04/15/54 | 175 | 163593 |
| 5.63%, 07/15/54<sup>(a)</sup> | 250 | 242505 |
| 3.88%, 08/15/59 | 171 | 120496 |
| 3.13%, 05/15/60 | 100 | 59856 |
| 4.95%, 05/15/62 | 200 | 171629 |
| 6.05%, 02/15/63 | 110 | 111619 |
| 5.20%, 04/15/63 | 190 | 169303 |
| 5.50%, 04/15/64 | 75 | 69995 |
| 5.75%, 07/15/64 | 210 | 204250 |
| Universal Health Services, Inc. |  |  |
| 1.65%, 09/01/26 | 155 | 149645 |
| 4.63%, 10/15/29 | 50 | 49437 |
| 2.65%, 10/15/30 | 50 | 44581 |
| 5.05%, 10/15/34 | 30 | 28627 |
| WakeMed, Series A, 3.29%, 10/01/52<sup>(a)</sup> | 66 | 44015 |
| West Virginia United Health System Obligated Group, <br> Series 2020, 3.13%, 06/01/50<br>| 60 | 37636 |
| Willis-Knighton Medical Center, Series 2018, 4.81%, <br> 09/01/48<br>| 80 | 69387 |
| Yale-New Haven Health Services Corp., Series 2020, <br> 2.50%, 07/01/50<br>| 64 | 36857 |
|  |  | 27221383 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 3.95%, 01/15/27 | 87 | 86286 |
| 3.38%, 08/15/31 | 141 | 130365 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** |
| Alexandria Real Estate Equities, Inc. (continued) |  |  |
| 2.00%, 05/18/32 | 73 | $60608 |
| 1.88%, 02/01/33 | 102 | 81551 |
| 2.95%, 03/15/34 | 52 | 43836 |
| 4.75%, 04/15/35 | 200 | 191333 |
| 5.50%, 10/01/35<sup>(a)</sup> | 50 | 50558 |
| 5.25%, 05/15/36 | 40 | 39250 |
| 4.85%, 04/15/49 | 87 | 72860 |
| 3.00%, 05/18/51 | 70 | 42424 |
| 3.55%, 03/15/52 | 100 | 67255 |
| 5.15%, 04/15/53 | 70 | 61277 |
| 5.63%, 05/15/54<sup>(a)</sup> | 50 | 46607 |
| DOC DR LLC, 2.63%, 11/01/31 | 87 | 76756 |
| Healthcare Realty Holdings LP, 3.10%, 02/15/30 | 171 | 158594 |
| Healthpeak OP LLC |  |  |
| 1.35%, 02/01/27 | 62 | 59101 |
| 2.13%, 12/01/28 | 75 | 69641 |
| 3.50%, 07/15/29 | 107 | 103296 |
| 3.00%, 01/15/30 | 92 | 86259 |
| 2.88%, 01/15/31 | 90 | 82070 |
| 5.25%, 12/15/32 | 135 | 137384 |
| 5.38%, 02/15/35<sup>(a)</sup> | 25 | 25228 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.50%, 04/01/27 | 87 | 87173 |
| 4.75%, 01/15/28 | 87 | 87372 |
| 3.63%, 10/01/29 | 104 | 98999 |
| 5.20%, 07/01/30 | 25 | 25140 |
| 3.25%, 04/15/33 | 71 | 61291 |
| Sabra Health Care LP |  |  |
| 3.90%, 10/15/29 | 50 | 47571 |
| 3.20%, 12/01/31 | 87 | 77528 |
| Ventas Realty LP |  |  |
| 3.25%, 10/15/26 | 87 | 85640 |
| 4.00%, 03/01/28 | 257 | 254612 |
| 3.00%, 01/15/30 | 50 | 46923 |
| 2.50%, 09/01/31 | 121 | 106509 |
| 5.10%, 07/15/32 | 50 | 50570 |
| 5.63%, 07/01/34<sup>(a)</sup> | 25 | 25810 |
| 5.00%, 01/15/35<sup>(a)</sup> | 25 | 24572 |
| 5.70%, 09/30/43 | 100 | 97316 |
| Welltower OP LLC |  |  |
| 2.05%, 01/15/29 | 108 | 100043 |
| 4.13%, 03/15/29 | 171 | 170000 |
| 3.10%, 01/15/30 | 171 | 161938 |
| 4.50%, 07/01/30<sup>(a)</sup> | 50 | 50237 |
| 2.75%, 01/15/31 | 100 | 91418 |
| 2.80%, 06/01/31 | 100 | 90836 |
| 2.75%, 01/15/32 | 87 | 77662 |
| 3.85%, 06/15/32 | 79 | 74901 |
| 5.13%, 07/01/35 | 50 | 50195 |
|  |  | 3816795 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| Host Hotels & Resorts LP |  |  |
| 5.70%, 06/15/32 | 25 | 25355 |
| 5.70%, 07/01/34 | 25 | 25158 |
| 5.50%, 04/15/35 | 75 | 74234 |
| Series H, 3.38%, 12/15/29 | 171 | 161380 |
| Series J, 2.90%, 12/15/31 | 71 | 62214 |
|  |  | 348341 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| Brunswick Corp./DE |  |  |
| 2.40%, 08/18/31<sup>(a)</sup> | $66 | $56124 |
| 5.10%, 04/01/52 | 71 | 54265 |
| Choice Hotels International, Inc. |  |  |
| 3.70%, 12/01/29 | 70 | 66071 |
| 5.85%, 08/01/34 | 50 | 50390 |
| Darden Restaurants, Inc. |  |  |
| 3.85%, 05/01/27 | 100 | 99170 |
| 4.35%, 10/15/27<sup>(a)</sup> | 25 | 25048 |
| 4.55%, 10/15/29 | 25 | 24928 |
| 6.30%, 10/10/33 | 50 | 53581 |
| Hyatt Hotels Corp. |  |  |
| 5.75%, 01/30/27<sup>(a)</sup> | 50 | 51029 |
| 5.05%, 03/30/28 | 25 | 25272 |
| 4.38%, 09/15/28 | 276 | 275075 |
| 5.25%, 06/30/29<sup>(a)</sup> | 25 | 25432 |
| 5.75%, 04/23/30<sup>(a)</sup> | 87 | 89995 |
| 5.38%, 12/15/31<sup>(a)</sup> | 45 | 45629 |
| 5.75%, 03/30/32<sup>(a)</sup> | 25 | 25665 |
| 5.50%, 06/30/34 | 25 | 24985 |
| Las Vegas Sands Corp. |  |  |
| 3.50%, 08/18/26 | 150 | 147970 |
| 5.90%, 06/01/27 | 25 | 25542 |
| 5.63%, 06/15/28<sup>(a)</sup> | 25 | 25501 |
| 6.00%, 08/15/29 | 25 | 25695 |
| 6.00%, 06/14/30 | 25 | 25792 |
| 6.20%, 08/15/34<sup>(a)</sup> | 100 | 102147 |
| Marriott International, Inc. |  |  |
| 5.00%, 10/15/27 | 55 | 55902 |
| 5.55%, 10/15/28 | 50 | 51865 |
| 5.10%, 04/15/32<sup>(a)</sup> | 60 | 60676 |
| 5.30%, 05/15/34 | 175 | 177119 |
| 5.35%, 03/15/35 | 100 | 100818 |
| 5.50%, 04/15/37 | 125 | 125021 |
| Series FF, 4.63%, 06/15/30 | 171 | 171405 |
| Series GG, 3.50%, 10/15/32 | 171 | 155452 |
| Series X, 4.00%, 04/15/28 | 171 | 169434 |
| McDonald's Corp. |  |  |
| 3.50%, 03/01/27 | 171 | 169023 |
| 3.50%, 07/01/27 | 240 | 237042 |
| 3.80%, 04/01/28<sup>(a)</sup> | 171 | 169597 |
| 4.80%, 08/14/28 | 50 | 50937 |
| 5.00%, 05/17/29 | 25 | 25681 |
| 2.63%, 09/01/29 | 100 | 93879 |
| 4.60%, 05/15/30 | 50 | 50538 |
| 4.95%, 08/14/33<sup>(a)</sup> | 75 | 76398 |
| 5.20%, 05/17/34 | 25 | 25667 |
| 4.95%, 03/03/35 | 110 | 109935 |
| 4.70%, 12/09/35 | 79 | 77051 |
| 6.30%, 10/15/37 | 200 | 219012 |
| 6.30%, 03/01/38 | 171 | 186637 |
| 3.70%, 02/15/42 | 74 | 58698 |
| 4.60%, 05/26/45 | 171 | 148486 |
| 4.88%, 12/09/45 | 171 | 154217 |
| 4.45%, 03/01/47 | 87 | 73530 |
| 3.63%, 09/01/49 | 151 | 109526 |
| 4.20%, 04/01/50 | 88 | 69866 |
| 5.15%, 09/09/52 | 100 | 91572 |
| 5.45%, 08/14/53 | 75 | 72059 |
| Royal Caribbean Cruises Ltd., 3.70%, 03/15/28 | 120 | 116865 |
| Sands China Ltd. |  |  |
| 5.40%, 08/08/28 | 200 | 200930 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Sands China Ltd. (continued) |  |  |
| 4.38%, 06/18/30 | 200 | $190750 |
| Starbucks Corp. |  |  |
| 4.85%, 02/08/27 | 25 | 25219 |
| 2.00%, 03/12/27 | 100 | 96214 |
| 4.50%, 05/15/28 | 25 | 25125 |
| 4.00%, 11/15/28 | 87 | 86344 |
| 3.55%, 08/15/29 | 214 | 208196 |
| 4.80%, 05/15/30 | 25 | 25315 |
| 2.55%, 11/15/30 | 140 | 126887 |
| 4.90%, 02/15/31 | 25 | 25527 |
| 3.00%, 02/14/32<sup>(a)</sup> | 132 | 119477 |
| 4.80%, 02/15/33<sup>(a)</sup> | 100 | 99970 |
| 5.00%, 02/15/34<sup>(a)</sup> | 25 | 25162 |
| 5.40%, 05/15/35<sup>(a)</sup> | 25 | 25473 |
| 3.75%, 12/01/47<sup>(a)</sup> | 171 | 126086 |
| 3.35%, 03/12/50 | 171 | 115334 |
| 3.50%, 11/15/50 | 140 | 97468 |
|  |  | 6418691 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| D.R. Horton, Inc. |  |  |
| 1.30%, 10/15/26 | 174 | 167287 |
| 1.40%, 10/15/27 | 171 | 160783 |
| 5.00%, 10/15/34 | 100 | 98864 |
| 5.50%, 10/15/35 | 50 | 50913 |
| Leggett & Platt, Inc. |  |  |
| 3.50%, 11/15/27 | 70 | 67929 |
| 4.40%, 03/15/29<sup>(a)</sup> | 171 | 166215 |
| 3.50%, 11/15/51 | 105 | 66892 |
| Lennar Corp. |  |  |
| 4.75%, 11/29/27 | 141 | 141962 |
| 5.20%, 07/30/30 | 50 | 50940 |
| MDC Holdings, Inc. |  |  |
| 2.50%, 01/15/31 | 70 | 61298 |
| 6.00%, 01/15/43 | 71 | 64228 |
| PulteGroup, Inc., 7.88%, 06/15/32 | 171 | 198343 |
| Toll Brothers Finance Corp. |  |  |
| 4.88%, 03/15/27 | 75 | 75247 |
| 4.35%, 02/15/28 | 75 | 74600 |
| 5.60%, 06/15/35 | 25 | 25199 |
|  |  | 1470700 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Avery Dennison Corp. |  |  |
| 2.25%, 02/15/32 | 87 | 73924 |
| 5.75%, 03/15/33 | 90 | 94102 |
| Church & Dwight Co., Inc. |  |  |
| 2.30%, 12/15/31 | 171 | 149199 |
| 5.60%, 11/15/32 | 140 | 147450 |
| Clorox Co., 3.10%, 10/01/27 | 87 | 84898 |
| Kimberly-Clark Corp. |  |  |
| 2.00%, 11/02/31<sup>(a)</sup> | 75 | 66138 |
| 4.50%, 02/16/33 | 100 | 100089 |
| 5.30%, 03/01/41 | 87 | 85868 |
| 3.20%, 07/30/46 | 74 | 51963 |
| 2.88%, 02/07/50 | 140 | 90252 |
|  |  | 943883 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| 3M Co. |  |  |
| 2.25%, 09/19/26 | 100 | 97548 |
| 2.88%, 10/15/27 | 130 | 126271 |
| 3.38%, 03/01/29 | 211 | 204458 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
| 3M Co. (continued) |  |  |
| 2.38%, 08/26/29 | 169 | $156660 |
| 4.80%, 03/15/30 | 25 | 25416 |
| 5.15%, 03/15/35 | 25 | 25222 |
| 3.13%, 09/19/46<sup>(a)</sup> | 87 | 59548 |
| 3.63%, 10/15/47<sup>(a)</sup> | 104 | 76839 |
| 4.00%, 09/14/48 | 150 | 118644 |
| 3.25%, 08/26/49 | 175 | 118351 |
| 3.70%, 04/15/50<sup>(a)</sup> | 87 | 63908 |
| Carlisle Cos., Inc. |  |  |
| 2.75%, 03/01/30 | 189 | 174535 |
| 2.20%, 03/01/32 | 75 | 63384 |
| Eaton Corp. |  |  |
| 3.10%, 09/15/27 | 118 | 115831 |
| 4.15%, 03/15/33 | 100 | 96964 |
| 4.15%, 11/02/42 | 187 | 160936 |
| 4.70%, 08/23/52<sup>(a)</sup> | 60 | 53433 |
| Illinois Tool Works, Inc. |  |  |
| 4.88%, 09/15/41 | 181 | 169275 |
| 3.90%, 09/01/42 | 75 | 62123 |
| Parker-Hannifin Corp. |  |  |
| 4.25%, 09/15/27 | 70 | 70172 |
| 3.25%, 06/14/29 | 341 | 327265 |
| 4.50%, 09/15/29 | 100 | 100992 |
| 4.20%, 11/21/34 | 87 | 82857 |
| 4.10%, 03/01/47 | 87 | 70322 |
| 4.00%, 06/14/49 | 87 | 68404 |
| Pentair Finance SARL, 5.90%, 07/15/32 | 100 | 104474 |
| Teledyne Technologies, Inc., 2.75%, 04/01/31 | 171 | 155128 |
| Textron, Inc. |  |  |
| 3.00%, 06/01/30 | 171 | 158683 |
| 5.50%, 05/15/35<sup>(a)</sup> | 50 | 50777 |
|  |  | 3158420 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Aflac, Inc. |  |  |
| 2.88%, 10/15/26 | 130 | 127800 |
| 4.75%, 01/15/49 | 87 | 75137 |
| Alleghany Corp. |  |  |
| 3.63%, 05/15/30 | 121 | 117388 |
| 3.25%, 08/15/51 | 171 | 114534 |
| Allstate Corp. |  |  |
| 3.28%, 12/15/26 | 130 | 128210 |
| 5.05%, 06/24/29 | 50 | 51311 |
| 5.25%, 03/30/33 | 20 | 20505 |
| 5.55%, 05/09/35<sup>(a)</sup> | 160 | 166134 |
| 4.50%, 06/15/43 | 53 | 46072 |
| 4.20%, 12/15/46 | 100 | 81593 |
| 3.85%, 08/10/49 | 171 | 130813 |
| American Financial Group, Inc., 4.50%, 06/15/47 | 130 | 104944 |
| American International Group, Inc. |  |  |
| 5.13%, 03/27/33 | 70 | 71166 |
| 5.45%, 05/07/35 | 140 | 143573 |
| 4.80%, 07/10/45 | 100 | 90053 |
| 4.75%, 04/01/48<sup>(a)</sup> | 171 | 151743 |
| 4.38%, 06/30/50 | 87 | 72814 |
| Aon Corp. |  |  |
| 4.50%, 12/15/28<sup>(a)</sup> | 171 | 171828 |
| 3.75%, 05/02/29 | 171 | 167173 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.85%, 05/28/27 | 55 | 53599 |
| 2.05%, 08/23/31 | 87 | 75107 |
| 2.60%, 12/02/31 | 59 | 52289 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Aon Corp./Aon Global Holdings PLC (continued) |  |  |
| 5.00%, 09/12/32 | $270 | $273827 |
| 5.35%, 02/28/33 | 25 | 25736 |
| 2.90%, 08/23/51 | 100 | 62104 |
| 3.90%, 02/28/52 | 181 | 134226 |
| Aon Global Ltd. |  |  |
| 4.60%, 06/14/44 | 87 | 75483 |
| 4.75%, 05/15/45 | 87 | 75983 |
| Aon North America, Inc. |  |  |
| 5.13%, 03/01/27 | 75 | 75884 |
| 5.15%, 03/01/29 | 100 | 102396 |
| 5.30%, 03/01/31 | 100 | 103428 |
| 5.45%, 03/01/34 | 100 | 102719 |
| 5.75%, 03/01/54 | 170 | 167525 |
| Arch Capital Finance LLC, 4.01%, 12/15/26 | 171 | 170240 |
| Arch Capital Group Ltd., 3.64%, 06/30/50 | 100 | 72886 |
| Arch Capital Group U.S., Inc., 5.14%, 11/01/43 | 66 | 61125 |
| Arthur J Gallagher & Co. |  |  |
| 4.60%, 12/15/27 | 70 | 70520 |
| 2.40%, 11/09/31 | 87 | 76246 |
| 5.00%, 02/15/32 | 40 | 40539 |
| 5.45%, 07/15/34 | 300 | 306697 |
| 5.15%, 02/15/35 | 150 | 150071 |
| 3.50%, 05/20/51 | 87 | 60481 |
| 5.75%, 03/02/53 | 16 | 15585 |
| 6.75%, 02/15/54 | 70 | 77527 |
| 5.75%, 07/15/54 | 100 | 98051 |
| 5.55%, 02/15/55 | 180 | 172614 |
| Assured Guaranty U.S. Holdings, Inc., 6.13%, <br> 09/15/28<br>| 300 | 315269 |
| Athene Holding Ltd. |  |  |
| 6.15%, 04/03/30<sup>(a)</sup> | 100 | 106111 |
| 6.65%, 02/01/33<sup>(a)</sup> | 100 | 108124 |
| 5.88%, 01/15/34 | 50 | 51779 |
| 3.95%, 05/25/51 | 66 | 46627 |
| 6.25%, 04/01/54 | 150 | 148037 |
| 6.63%, 05/19/55 | 35 | 36063 |
| Berkshire Hathaway Finance Corp. |  |  |
| 2.30%, 03/15/27 | 133 | 129663 |
| 1.85%, 03/12/30<sup>(a)</sup> | 87 | 78786 |
| 1.45%, 10/15/30<sup>(a)</sup> | 155 | 135627 |
| 4.40%, 05/15/42 | 74 | 68444 |
| 4.30%, 05/15/43 | 87 | 76615 |
| 4.25%, 01/15/49 | 171 | 144656 |
| 2.85%, 10/15/50 | 171 | 110349 |
| 2.50%, 01/15/51 | 132 | 78927 |
| 3.85%, 03/15/52<sup>(a)</sup> | 400 | 309523 |
| Berkshire Hathaway, Inc., 4.50%, 02/11/43<sup>(a)</sup> | 200 | 186366 |
| Brighthouse Financial, Inc. |  |  |
| 3.70%, 06/22/27 | 300 | 294766 |
| 5.63%, 05/15/30 | 71 | 72807 |
| 4.70%, 06/22/47 | 103 | 78897 |
| Brown & Brown, Inc. |  |  |
| 4.60%, 12/23/26 | 50 | 50233 |
| 4.70%, 06/23/28 | 50 | 50422 |
| 4.90%, 06/23/30 | 50 | 50465 |
| 2.38%, 03/15/31 | 171 | 150524 |
| 5.25%, 06/23/32 | 50 | 50995 |
| 5.65%, 06/11/34 | 50 | 51358 |
| 5.55%, 06/23/35 | 155 | 158059 |
| 4.95%, 03/17/52<sup>(a)</sup> | 65 | 56241 |
| 6.25%, 06/23/55<sup>(a)</sup> | 30 | 30924 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Chubb Corp. |  |  |
| 6.00%, 05/11/37 | $50 | $54273 |
| Series 1, 6.50%, 05/15/38 | 74 | 83261 |
| Chubb INA Holdings LLC |  |  |
| 4.65%, 08/15/29<sup>(a)</sup> | 75 | 76278 |
| 1.38%, 09/15/30<sup>(a)</sup> | 346 | 300905 |
| 5.00%, 03/15/34<sup>(a)</sup> | 200 | 203766 |
| 6.70%, 05/15/36<sup>(a)</sup> | 150 | 170597 |
| 4.15%, 03/13/43 | 53 | 45284 |
| 4.35%, 11/03/45 | 100 | 86525 |
| 2.85%, 12/15/51 | 87 | 55703 |
| 3.05%, 12/15/61 | 59 | 36411 |
| CNA Financial Corp. |  |  |
| 3.45%, 08/15/27 | 100 | 98128 |
| 3.90%, 05/01/29 | 87 | 85291 |
| CNO Financial Group, Inc. |  |  |
| 5.25%, 05/30/29 | 120 | 121052 |
| 6.45%, 06/15/34 | 75 | 78655 |
| Corebridge Financial, Inc. |  |  |
| 3.65%, 04/05/27 | 75 | 74008 |
| 3.85%, 04/05/29 | 175 | 171465 |
| 3.90%, 04/05/32 | 175 | 164257 |
| 6.05%, 09/15/33 | 50 | 52632 |
| 5.75%, 01/15/34 | 50 | 51946 |
| 4.35%, 04/05/42 | 75 | 62952 |
| 4.40%, 04/05/52<sup>(a)</sup> | 125 | 99868 |
| (5-year CMT + 3.85%), 6.88%, 12/15/52<sup>(c)</sup> | 100 | 103159 |
| Enstar Group Ltd., 3.10%, 09/01/31 | 124 | 110235 |
| Equitable Holdings, Inc. |  |  |
| 4.35%, 04/20/28 | 171 | 170675 |
| 5.59%, 01/11/33 | 150 | 155975 |
| 5.00%, 04/20/48<sup>(a)</sup> | 89 | 78499 |
| Essent Group Ltd., 6.25%, 07/01/29 | 25 | 25892 |
| Everest Reinsurance Holdings, Inc. |  |  |
| 3.50%, 10/15/50 | 87 | 59410 |
| 3.13%, 10/15/52 | 155 | 96010 |
| F&G Annuities & Life, Inc. |  |  |
| 7.40%, 01/13/28 | 50 | 52361 |
| 6.50%, 06/04/29 | 25 | 25777 |
| 6.25%, 10/04/34<sup>(a)</sup> | 25 | 24750 |
| Fairfax Financial Holdings Ltd. |  |  |
| 4.63%, 04/29/30 | 171 | 170062 |
| 5.63%, 08/16/32 | 80 | 82161 |
| 6.35%, 03/22/54 | 135 | 136728 |
| 6.10%, 03/15/55 | 50 | 48975 |
| Fidelity National Financial, Inc. |  |  |
| 3.40%, 06/15/30 | 87 | 81201 |
| 3.20%, 09/17/51 | 58 | 35639 |
| First American Financial Corp. |  |  |
| 2.40%, 08/15/31 | 78 | 66536 |
| 5.45%, 09/30/34 | 25 | 24487 |
| Globe Life, Inc. |  |  |
| 2.15%, 08/15/30 | 40 | 35224 |
| 5.85%, 09/15/34<sup>(a)</sup> | 25 | 25884 |
| Hanover Insurance Group, Inc., 2.50%, 09/01/30 | 87 | 77434 |
| Hartford Financial Services Group, Inc. |  |  |
| 2.80%, 08/19/29 | 87 | 81837 |
| 5.95%, 10/15/36 | 100 | 104385 |
| 6.10%, 10/01/41 | 74 | 76627 |
| 2.90%, 09/15/51 | 71 | 44399 |
| Jackson Financial, Inc., 3.13%, 11/23/31 | 171 | 151385 |
| Kemper Corp., 3.80%, 02/23/32 | 74 | 67248 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Lincoln National Corp. |  |  |
| 3.80%, 03/01/28 | $57 | $56077 |
| 5.85%, 03/15/34 | 25 | 25729 |
| 6.30%, 10/09/37 | 87 | 90819 |
| 4.35%, 03/01/48 | 35 | 27998 |
| Loews Corp., 3.20%, 05/15/30 | 114 | 107863 |
| Manulife Financial Corp. |  |  |
| 2.48%, 05/19/27 | 171 | 165940 |
| 3.70%, 03/16/32 | 67 | 63343 |
| 5.38%, 03/04/46 | 71 | 70278 |
| (5-year USD ICE Swap + 1.65%), 4.06%, <br> 02/24/32<sup>(c)</sup><br>| 87 | 86008 |
| Markel Group, Inc. |  |  |
| 3.35%, 09/17/29 | 82 | 78990 |
| 4.30%, 11/01/47 | 130 | 102775 |
| 4.15%, 09/17/50 | 87 | 66327 |
| 3.45%, 05/07/52 | 75 | 50472 |
| 6.00%, 05/16/54 | 40 | 39944 |
| Marsh & McLennan Cos., Inc. |  |  |
| 4.55%, 11/08/27 | 85 | 85625 |
| 4.38%, 03/15/29 | 171 | 171656 |
| 4.65%, 03/15/30 | 175 | 176974 |
| 2.25%, 11/15/30 | 59 | 52825 |
| 4.85%, 11/15/31 | 175 | 177701 |
| 2.38%, 12/15/31 | 65 | 56912 |
| 5.75%, 11/01/32 | 50 | 53247 |
| 5.40%, 09/15/33 | 50 | 51862 |
| 5.15%, 03/15/34 | 225 | 230029 |
| 5.00%, 03/15/35 | 285 | 284910 |
| 5.35%, 11/15/44 | 50 | 49094 |
| 4.35%, 01/30/47 | 87 | 73637 |
| 4.20%, 03/01/48 | 87 | 71510 |
| 4.90%, 03/15/49 | 171 | 154467 |
| 2.90%, 12/15/51 | 52 | 32662 |
| 6.25%, 11/01/52 | 25 | 26826 |
| 5.70%, 09/15/53 | 100 | 100422 |
| 5.45%, 03/15/54 | 25 | 24081 |
| 5.40%, 03/15/55<sup>(a)</sup> | 225 | 216778 |
| MetLife, Inc. |  |  |
| 4.55%, 03/23/30<sup>(a)</sup> | 171 | 173307 |
| 5.38%, 07/15/33 | 50 | 52054 |
| 6.38%, 06/15/34<sup>(a)</sup> | 307 | 340287 |
| 5.30%, 12/15/34<sup>(a)</sup> | 50 | 51364 |
| 5.88%, 02/06/41 | 100 | 103601 |
| 4.13%, 08/13/42 | 75 | 63056 |
| 4.88%, 11/13/43 | 200 | 183450 |
| 4.72%, 12/15/44 | 50 | 44435 |
| 4.05%, 03/01/45 | 87 | 71203 |
| 4.60%, 05/13/46<sup>(a)</sup> | 200 | 177080 |
| 5.00%, 07/15/52 | 60 | 54373 |
| 5.25%, 01/15/54<sup>(a)</sup> | 100 | 94139 |
| NMI Holdings, Inc., 6.00%, 08/15/29 | 25 | 25653 |
| Old Republic International Corp. |  |  |
| 5.75%, 03/28/34 | 25 | 25715 |
| 3.85%, 06/11/51 | 70 | 49719 |
| Primerica, Inc., 2.80%, 11/19/31 | 74 | 65480 |
| Principal Financial Group, Inc. |  |  |
| 3.10%, 11/15/26 | 171 | 168080 |
| 3.70%, 05/15/29 | 100 | 97552 |
| 5.38%, 03/15/33 | 40 | 41086 |
| 4.63%, 09/15/42 | 50 | 44320 |
| 4.30%, 11/15/46 | 87 | 72400 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Principal Financial Group, Inc. (continued) |  |  |
| 5.50%, 03/15/53 | $45 | $43475 |
| Progressive Corp. |  |  |
| 2.45%, 01/15/27 | 87 | 84850 |
| 2.50%, 03/15/27 | 66 | 64275 |
| 4.00%, 03/01/29 | 75 | 74546 |
| 3.00%, 03/15/32 | 145 | 132245 |
| 4.95%, 06/15/33<sup>(a)</sup> | 40 | 40853 |
| 4.35%, 04/25/44 | 74 | 63284 |
| 3.70%, 01/26/45 | 70 | 54173 |
| 4.13%, 04/15/47 | 87 | 71565 |
| 4.20%, 03/15/48 | 87 | 71542 |
| 3.70%, 03/15/52 | 60 | 44742 |
| Prudential Financial, Inc. |  |  |
| 3.88%, 03/27/28 | 120 | 119470 |
| 5.20%, 03/14/35 | 50 | 50540 |
| 3.00%, 03/10/40 | 171 | 129382 |
| 4.60%, 05/15/44<sup>(a)</sup> | 87 | 76660 |
| 3.91%, 12/07/47 | 87 | 67969 |
| 3.94%, 12/07/49 | 156 | 119402 |
| 4.35%, 02/25/50 | 171 | 141925 |
| 3.70%, 03/13/51 | 200 | 147002 |
| (3-mo. SOFR US + 2.93%), 5.70%, 09/15/48<sup>(c)</sup> | 171 | 173210 |
| (5-year CMT + 2.85%), 6.75%, 03/01/53<sup>(c)</sup> | 150 | 157134 |
| (5-year CMT + 3.04%), 3.70%, 10/01/50<sup>(c)</sup> | 71 | 64761 |
| (5-year CMT + 3.16%), 5.13%, 03/01/52<sup>(a)(c)</sup> | 107 | 103482 |
| Prudential Funding Asia PLC |  |  |
| 3.13%, 04/14/30<sup>(a)</sup> | 171 | 161381 |
| 3.63%, 03/24/32 | 87 | 80918 |
| Reinsurance Group of America, Inc. |  |  |
| 3.90%, 05/15/29 | 82 | 80429 |
| 6.00%, 09/15/33 | 20 | 20963 |
| 5.75%, 09/15/34 | 75 | 76982 |
| RenaissanceRe Holdings Ltd. |  |  |
| 3.60%, 04/15/29 | 100 | 96609 |
| 5.75%, 06/05/33 | 60 | 61741 |
| 5.80%, 04/01/35<sup>(a)</sup> | 25 | 25686 |
| Travelers Cos., Inc. |  |  |
| 6.75%, 06/20/36 | 87 | 99453 |
| 6.25%, 06/15/37 | 87 | 95947 |
| 5.35%, 11/01/40 | 200 | 201105 |
| 4.60%, 08/01/43 | 148 | 131386 |
| 4.30%, 08/25/45 | 87 | 73528 |
| 4.00%, 05/30/47 | 87 | 69617 |
| 4.10%, 03/04/49 | 87 | 70067 |
| 5.45%, 05/25/53 | 40 | 39118 |
| Travelers Property Casualty Corp., 6.38%, 03/15/33 | 74 | 82753 |
| Unum Group |  |  |
| 4.00%, 06/15/29 | 71 | 69692 |
| 5.75%, 08/15/42 | 87 | 83871 |
| 4.50%, 12/15/49 | 37 | 29287 |
| 4.13%, 06/15/51 | 75 | 55713 |
| W R Berkley Corp. |  |  |
| 4.00%, 05/12/50 | 87 | 66077 |
| 3.55%, 03/30/52 | 87 | 59915 |
| Willis North America, Inc. |  |  |
| 4.65%, 06/15/27 | 71 | 71388 |
| 4.50%, 09/15/28 | 257 | 257731 |
| 5.35%, 05/15/33 | 40 | 41009 |
| 5.05%, 09/15/48 | 100 | 88856 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Willis North America, Inc. (continued) |  |  |
| 3.88%, 09/15/49 | 100 | $73808 |
| 5.90%, 03/05/54 | 75 | 74546 |
|  |  | 22056746 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Alphabet, Inc. |  |  |
| 2.00%, 08/15/26 | 427 | 417764 |
| 0.80%, 08/15/27<sup>(a)</sup> | 93 | 87321 |
| 4.00%, 05/15/30 | 105 | 105079 |
| 1.10%, 08/15/30 | 112 | 96755 |
| 4.50%, 05/15/35 | 150 | 148030 |
| 1.90%, 08/15/40 | 159 | 106786 |
| 2.05%, 08/15/50 | 340 | 189836 |
| 5.25%, 05/15/55 | 70 | 68941 |
| 2.25%, 08/15/60<sup>(a)</sup> | 257 | 135690 |
| 5.30%, 05/15/65 | 170 | 166454 |
| Meta Platforms, Inc. |  |  |
| 3.50%, 08/15/27 | 300 | 297130 |
| 4.60%, 05/15/28 | 60 | 61099 |
| 4.30%, 08/15/29 | 85 | 85775 |
| 4.80%, 05/15/30 | 60 | 61774 |
| 4.55%, 08/15/31 | 100 | 101406 |
| 3.85%, 08/15/32 | 415 | 399125 |
| 4.95%, 05/15/33 | 60 | 61523 |
| 4.75%, 08/15/34 | 225 | 226053 |
| 4.45%, 08/15/52 | 140 | 118035 |
| 5.60%, 05/15/53 | 360 | 359995 |
| 5.40%, 08/15/54 | 360 | 351087 |
| 4.65%, 08/15/62 | 200 | 168590 |
| 5.75%, 05/15/63 | 160 | 161737 |
| 5.55%, 08/15/64 | 290 | 283399 |
| Netflix, Inc. |  |  |
| 5.88%, 11/15/28 | 200 | 210826 |
| 6.38%, 05/15/29 | 200 | 215251 |
| 5.40%, 08/15/54 | 150 | 148032 |
|  |  | 4833493 |
| **Internet Software & Services — 0.3%** | **Internet Software & Services — 0.3%** | **Internet Software & Services — 0.3%** |
| Alibaba Group Holding Ltd. |  |  |
| 3.40%, 12/06/27<sup>(a)</sup> | 200 | 196522 |
| 4.88%, 05/26/30<sup>(a)(d)</sup> | 200 | 204136 |
| 2.13%, 02/09/31 | 200 | 176868 |
| 4.50%, 11/28/34 | 250 | 240337 |
| 5.25%, 05/26/35<sup>(d)</sup> | 200 | 202264 |
| 2.70%, 02/09/41<sup>(a)</sup> | 200 | 138930 |
| 4.20%, 12/06/47 | 249 | 199957 |
| 3.15%, 02/09/51 | 284 | 184600 |
| 3.25%, 02/09/61 | 200 | 123094 |
| Amazon.com, Inc. |  |  |
| 3.30%, 04/13/27 | 250 | 247240 |
| 1.20%, 06/03/27 | 341 | 323773 |
| 1.65%, 05/12/28 | 291 | 273268 |
| 3.45%, 04/13/29 | 238 | 233545 |
| 4.65%, 12/01/29 | 400 | 408787 |
| 1.50%, 06/03/30 | 211 | 186636 |
| 2.10%, 05/12/31 | 341 | 302763 |
| 3.60%, 04/13/32 | 354 | 338854 |
| 4.70%, 12/01/32 | 400 | 407648 |
| 4.80%, 12/05/34 | 204 | 208219 |
| 3.88%, 08/22/37 | 171 | 154678 |
| 2.88%, 05/12/41 | 240 | 179104 |
| 4.95%, 12/05/44 | 87 | 84410 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** |
| Amazon.com, Inc. (continued) |  |  |
| 4.05%, 08/22/47 | 400 | $329984 |
| 2.50%, 06/03/50<sup>(a)</sup> | 171 | 102772 |
| 3.10%, 05/12/51 | 400 | 269655 |
| 3.95%, 04/13/52 | 354 | 279352 |
| 4.25%, 08/22/57 | 341 | 279107 |
| 2.70%, 06/03/60 | 171 | 98207 |
| 3.25%, 05/12/61 | 121 | 78731 |
| 4.10%, 04/13/62 | 121 | 94619 |
| Booking Holdings, Inc., 4.63%, 04/13/30<sup>(a)</sup> | 171 | 172965 |
| eBay, Inc. |  |  |
| 3.60%, 06/05/27 | 171 | 169195 |
| 2.70%, 03/11/30<sup>(a)</sup> | 171 | 158436 |
| 2.60%, 05/10/31 | 201 | 180204 |
| 4.00%, 07/15/42 | 50 | 40519 |
| 3.65%, 05/10/51 | 87 | 62849 |
| Expedia Group, Inc. |  |  |
| 4.63%, 08/01/27 | 100 | 100406 |
| 3.80%, 02/15/28<sup>(a)</sup> | 130 | 128076 |
| 3.25%, 02/15/30 | 142 | 133953 |
| 2.95%, 03/15/31 | 54 | 49218 |
| 5.40%, 02/15/35 | 75 | 75517 |
| JD.com, Inc., 3.38%, 01/14/30 | 200 | 191524 |
| Uber Technologies, Inc. |  |  |
| 4.30%, 01/15/30 | 200 | 199078 |
| 4.80%, 09/15/34 | 150 | 147335 |
| 5.35%, 09/15/54 | 125 | 116595 |
| VeriSign, Inc., 4.75%, 07/15/27 | 171 | 171024 |
|  |  | 8644954 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Accenture Capital, Inc. |  |  |
| 3.90%, 10/04/27<sup>(a)</sup> | 55 | 54832 |
| 4.05%, 10/04/29 | 75 | 74514 |
| 4.25%, 10/04/31 | 75 | 74299 |
| 4.50%, 10/04/34 | 200 | 194643 |
| CGI, Inc. |  |  |
| 1.45%, 09/14/26 | 87 | 84028 |
| 4.95%, 03/14/30<sup>(d)</sup> | 25 | 25249 |
| 2.30%, 09/14/31 | 87 | 75214 |
| DXC Technology Co. |  |  |
| 1.80%, 09/15/26<sup>(a)</sup> | 104 | 100503 |
| 2.38%, 09/15/28 | 71 | 66051 |
| Fortinet, Inc., 2.20%, 03/15/31 | 152 | 133748 |
| IBM International Capital Pte. Ltd. |  |  |
| 4.60%, 02/05/27 | 100 | 100589 |
| 4.60%, 02/05/29 | 100 | 100973 |
| 4.75%, 02/05/31 | 100 | 101315 |
| 4.90%, 02/05/34<sup>(a)</sup> | 100 | 99816 |
| 5.25%, 02/05/44 | 100 | 95875 |
| 5.30%, 02/05/54 | 200 | 187135 |
| International Business Machines Corp. |  |  |
| 3.30%, 01/27/27 | 100 | 98715 |
| 2.20%, 02/09/27 | 200 | 193996 |
| 1.70%, 05/15/27<sup>(a)</sup> | 289 | 276284 |
| 4.15%, 07/27/27 | 100 | 99988 |
| 4.50%, 02/06/28 | 250 | 252207 |
| 4.65%, 02/10/28 | 100 | 101149 |
| 3.50%, 05/15/29 | 381 | 370351 |
| 4.80%, 02/10/30 | 100 | 101594 |
| 1.95%, 05/15/30 | 121 | 107938 |
| 2.72%, 02/09/32 | 180 | 160268 |
| 5.00%, 02/10/32 | 100 | 102061 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| International Business Machines Corp. (continued) |  |  |
| 4.40%, 07/27/32<sup>(a)</sup> | 100 | $98590 |
| 5.88%, 11/29/32 | 87 | 93809 |
| 5.20%, 02/10/35 | 100 | 101484 |
| 4.15%, 05/15/39 | 350 | 308294 |
| 2.85%, 05/15/40 | 345 | 254014 |
| 4.00%, 06/20/42 | 148 | 122574 |
| 4.25%, 05/15/49 | 330 | 265821 |
| 2.95%, 05/15/50 | 116 | 73875 |
| 4.90%, 07/27/52<sup>(a)</sup> | 100 | 88613 |
| 5.70%, 02/10/55 | 100 | 98885 |
| Kyndryl Holdings, Inc., 4.10%, 10/15/41 | 171 | 136186 |
| Leidos, Inc., 2.30%, 02/15/31 | 130 | 113750 |
|  |  | 5189230 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Hasbro, Inc. |  |  |
| 3.55%, 11/19/26 | 75 | 73950 |
| 3.90%, 11/19/29 | 75 | 72320 |
| 6.05%, 05/14/34 | 25 | 25783 |
| 6.35%, 03/15/40<sup>(a)</sup> | 87 | 88739 |
| 5.10%, 05/15/44 | 60 | 52164 |
|  |  | 312956 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| AGCO Corp. |  |  |
| 5.45%, 03/21/27 | 50 | 50617 |
| 5.80%, 03/21/34<sup>(a)</sup> | 50 | 50746 |
| Caterpillar Financial Services Corp. |  |  |
| 1.15%, 09/14/26 | 155 | 149739 |
| 4.45%, 10/16/26<sup>(a)</sup> | 50 | 50253 |
| 4.50%, 01/07/27 | 25 | 25174 |
| 1.70%, 01/08/27 | 87 | 83982 |
| 4.50%, 01/08/27 | 75 | 75445 |
| 5.00%, 05/14/27<sup>(a)</sup> | 50 | 50851 |
| 3.60%, 08/12/27 | 100 | 99012 |
| 4.40%, 10/15/27 | 50 | 50344 |
| 4.60%, 11/15/27 | 50 | 50599 |
| 4.40%, 03/03/28 | 50 | 50371 |
| 4.85%, 02/27/29<sup>(a)</sup> | 50 | 51152 |
| 4.38%, 08/16/29<sup>(a)</sup> | 50 | 50380 |
| 4.70%, 11/15/29 | 150 | 152768 |
| 4.80%, 01/08/30<sup>(a)</sup> | 25 | 25601 |
| Caterpillar, Inc. |  |  |
| 2.60%, 09/19/29 | 70 | 65722 |
| 2.60%, 04/09/30 | 87 | 80884 |
| 1.90%, 03/12/31 | 157 | 138185 |
| 5.20%, 05/15/35 | 100 | 101935 |
| 5.20%, 05/27/41 | 206 | 204114 |
| 3.80%, 08/15/42 | 200 | 165246 |
| 3.25%, 09/19/49 | 171 | 119661 |
| 3.25%, 04/09/50<sup>(a)</sup> | 171 | 119259 |
| CNH Industrial Capital LLC |  |  |
| 1.45%, 07/15/26 | 78 | 75541 |
| 4.75%, 03/21/28 | 45 | 45337 |
| 4.55%, 04/10/28<sup>(a)</sup> | 40 | 40182 |
| 5.50%, 01/12/29 | 100 | 103189 |
| 5.10%, 04/20/29 | 50 | 51034 |
| Deere & Co. |  |  |
| 5.38%, 10/16/29 | 200 | 209270 |
| 3.10%, 04/15/30<sup>(a)</sup> | 87 | 82751 |
| 5.45%, 01/16/35 | 125 | 130213 |
| 3.90%, 06/09/42 | 96 | 81746 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Deere & Co. (continued) |  |  |
| 2.88%, 09/07/49 | $68 | $44601 |
| 3.75%, 04/15/50<sup>(a)</sup> | 100 | 77671 |
| Dover Corp., 2.95%, 11/04/29 | 60 | 56522 |
| Flowserve Corp., 2.80%, 01/15/32 | 70 | 60881 |
| IDEX Corp., 2.63%, 06/15/31 | 67 | 59654 |
| Ingersoll Rand, Inc. |  |  |
| 5.20%, 06/15/27 | 50 | 50819 |
| 5.18%, 06/15/29 | 50 | 51328 |
| 5.70%, 08/14/33 | 200 | 209440 |
| 5.45%, 06/15/34 | 50 | 51418 |
| 5.70%, 06/15/54 | 100 | 99012 |
| John Deere Capital Corp. |  |  |
| 2.25%, 09/14/26<sup>(a)</sup> | 87 | 84985 |
| 1.30%, 10/13/26 | 90 | 86862 |
| 4.50%, 01/08/27 | 100 | 100628 |
| 1.70%, 01/11/27 | 257 | 248059 |
| 4.85%, 03/05/27 | 50 | 50621 |
| 4.90%, 06/11/27 | 75 | 76223 |
| 4.20%, 07/15/27 | 145 | 145348 |
| 4.15%, 09/15/27 | 100 | 100209 |
| 3.05%, 01/06/28 | 75 | 73239 |
| 4.65%, 01/07/28 | 50 | 50755 |
| 4.75%, 01/20/28<sup>(a)</sup> | 50 | 50791 |
| 1.50%, 03/06/28 | 87 | 81494 |
| 4.95%, 07/14/28 | 35 | 35859 |
| 4.50%, 01/16/29 | 120 | 121310 |
| 3.35%, 04/18/29 | 61 | 59264 |
| 4.85%, 06/11/29 | 75 | 76844 |
| 2.80%, 07/18/29<sup>(a)</sup> | 110 | 104173 |
| 4.85%, 10/11/29<sup>(a)</sup> | 50 | 51392 |
| 2.45%, 01/09/30<sup>(a)</sup> | 75 | 69510 |
| 4.70%, 06/10/30 | 60 | 61011 |
| 1.45%, 01/15/31<sup>(a)</sup> | 155 | 133755 |
| 4.90%, 03/07/31 | 50 | 51220 |
| 2.00%, 06/17/31 | 200 | 175262 |
| 4.40%, 09/08/31 | 100 | 99770 |
| 4.35%, 09/15/32 | 100 | 98863 |
| 5.10%, 04/11/34<sup>(a)</sup> | 250 | 255618 |
| 5.05%, 06/12/34<sup>(a)</sup> | 75 | 76273 |
| Series I, 4.25%, 06/05/28 | 75 | 75444 |
| Series I, 4.55%, 06/05/30 | 75 | 75695 |
| Kennametal, Inc., 2.80%, 03/01/31 | 55 | 49287 |
| Nordson Corp. |  |  |
| 4.50%, 12/15/29 | 25 | 25013 |
| 5.80%, 09/15/33 | 25 | 26405 |
| nVent Finance SARL |  |  |
| 2.75%, 11/15/31 | 65 | 56453 |
| 5.65%, 05/15/33 | 40 | 40744 |
| Otis Worldwide Corp. |  |  |
| 5.25%, 08/16/28 | 30 | 30882 |
| 2.57%, 02/15/30 | 171 | 157741 |
| 3.11%, 02/15/40 | 171 | 131327 |
| 3.36%, 02/15/50<sup>(a)</sup> | 69 | 47611 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 04/15/28<sup>(a)</sup> | 120 | 123658 |
| 6.30%, 02/15/30 | 200 | 209505 |
| 6.40%, 04/15/33 | 100 | 105580 |
| Rockwell Automation, Inc. |  |  |
| 1.75%, 08/15/31 | 86 | 73897 |
| 2.80%, 08/15/61<sup>(a)</sup> | 60 | 34687 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Snap-on, Inc., 3.10%, 05/01/50<sup>(a)</sup> | 171 | $115096 |
| Stanley Black & Decker, Inc. |  |  |
| 6.00%, 03/06/28 | 100 | 104110 |
| 4.25%, 11/15/28 | 171 | 169862 |
| 2.30%, 03/15/30 | 71 | 63565 |
| 3.00%, 05/15/32 | 76 | 66636 |
| 4.85%, 11/15/48<sup>(a)</sup> | 87 | 72848 |
| 2.75%, 11/15/50 | 75 | 42688 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 4.70%, 09/15/28 | 87 | 87499 |
| 4.90%, 05/29/30 | 50 | 50705 |
| 5.50%, 05/29/35 | 50 | 50728 |
| Xylem, Inc., 4.38%, 11/01/46 | 87 | 71266 |
|  |  | 8420919 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 6.15%, 11/10/26 | 115 | 117201 |
| 3.75%, 02/15/28 | 87 | 85391 |
| 4.20%, 03/15/28 | 200 | 198250 |
| 2.25%, 01/15/29 | 286 | 263402 |
| 5.05%, 03/30/29 | 171 | 172630 |
| 6.10%, 06/01/29 | 100 | 104694 |
| 2.80%, 04/01/31 | 141 | 125729 |
| 4.40%, 04/01/33 | 300 | 282472 |
| 6.65%, 02/01/34 | 150 | 160626 |
| 6.55%, 06/01/34 | 100 | 106696 |
| 6.38%, 10/23/35 | 227 | 238420 |
| 5.38%, 04/01/38 | 171 | 161158 |
| 3.50%, 06/01/41 | 171 | 124059 |
| 3.50%, 03/01/42 | 87 | 62035 |
| 6.48%, 10/23/45 | 357 | 353730 |
| 5.38%, 05/01/47 | 257 | 223053 |
| 5.75%, 04/01/48 | 220 | 200058 |
| 5.13%, 07/01/49 | 171 | 142180 |
| 4.80%, 03/01/50 | 324 | 259222 |
| 3.70%, 04/01/51<sup>(a)</sup> | 204 | 135887 |
| 3.90%, 06/01/52 | 275 | 188735 |
| 5.25%, 04/01/53<sup>(a)</sup> | 238 | 202203 |
| 6.83%, 10/23/55<sup>(a)</sup> | 87 | 89033 |
| 3.85%, 04/01/61 | 253 | 162090 |
| 4.40%, 12/01/61<sup>(a)</sup> | 271 | 190021 |
| 3.95%, 06/30/62 | 100 | 64432 |
| Comcast Corp. |  |  |
| 2.35%, 01/15/27 | 148 | 143979 |
| 3.30%, 02/01/27 | 171 | 168595 |
| 3.30%, 04/01/27 | 91 | 89626 |
| 5.35%, 11/15/27 | 90 | 92370 |
| 3.15%, 02/15/28 | 214 | 208451 |
| 3.55%, 05/01/28 | 171 | 168143 |
| 4.15%, 10/15/28 | 379 | 378282 |
| 4.55%, 01/15/29 | 80 | 80888 |
| 5.10%, 06/01/29 | 100 | 103198 |
| 2.65%, 02/01/30 | 163 | 151417 |
| 3.40%, 04/01/30 | 182 | 174511 |
| 4.25%, 10/15/30 | 171 | 170134 |
| 1.95%, 01/15/31 | 246 | 215635 |
| 1.50%, 02/15/31 | 281 | 239921 |
| 4.95%, 05/15/32 | 75 | 76329 |
| 5.50%, 11/15/32 | 100 | 105042 |
| 4.25%, 01/15/33 | 112 | 108223 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Comcast Corp. (continued) |  |  |
| 4.65%, 02/15/33 | $160 | $159005 |
| 4.80%, 05/15/33 | 80 | 79842 |
| 5.30%, 06/01/34 | 100 | 102430 |
| 4.20%, 08/15/34<sup>(a)</sup> | 482 | 455486 |
| 5.30%, 05/15/35 | 100 | 101892 |
| 4.40%, 08/15/35 | 87 | 82394 |
| 3.20%, 07/15/36 | 87 | 72829 |
| 6.45%, 03/15/37 | 200 | 219394 |
| 3.90%, 03/01/38 | 87 | 75667 |
| 4.60%, 10/15/38 | 130 | 120393 |
| 3.25%, 11/01/39 | 171 | 133967 |
| 3.75%, 04/01/40 | 171 | 141946 |
| 4.65%, 07/15/42 | 100 | 88835 |
| 4.75%, 03/01/44 | 67 | 59103 |
| 3.40%, 07/15/46 | 87 | 61944 |
| 4.00%, 08/15/47 | 87 | 67436 |
| 3.97%, 11/01/47 | 257 | 198156 |
| 4.00%, 03/01/48 | 87 | 67183 |
| 4.70%, 10/15/48 | 214 | 183704 |
| 4.00%, 11/01/49 | 216 | 164170 |
| 3.45%, 02/01/50 | 150 | 102856 |
| 2.80%, 01/15/51 | 149 | 89342 |
| 2.89%, 11/01/51 | 505 | 307332 |
| 2.45%, 08/15/52<sup>(a)</sup> | 291 | 158652 |
| 5.35%, 05/15/53<sup>(a)</sup> | 380 | 352112 |
| 5.65%, 06/01/54<sup>(a)</sup> | 90 | 87459 |
| 6.05%, 05/15/55 | 175 | 178693 |
| 2.94%, 11/01/56 | 507 | 297686 |
| 4.95%, 10/15/58 | 171 | 146557 |
| 2.65%, 08/15/62 | 150 | 78408 |
| 2.99%, 11/01/63 | 301 | 169249 |
| 5.50%, 05/15/64 | 180 | 167632 |
| Discovery Communications LLC |  |  |
| 3.95%, 03/20/28 | 87 | 83141 |
| 5.00%, 09/20/37 | 87 | 62392 |
| 6.35%, 06/01/40 | 100 | 69464 |
| 5.20%, 09/20/47 | 2 | 1458 |
| FactSet Research Systems, Inc. |  |  |
| 2.90%, 03/01/27 | 75 | 73081 |
| 3.45%, 03/01/32 | 70 | 63814 |
| Fox Corp. |  |  |
| 4.71%, 01/25/29 | 171 | 172399 |
| 3.50%, 04/08/30 | 200 | 191303 |
| 6.50%, 10/13/33 | 50 | 54096 |
| 5.48%, 01/25/39 | 100 | 97872 |
| 5.58%, 01/25/49<sup>(a)</sup> | 171 | 160447 |
| Grupo Televisa SAB |  |  |
| 6.63%, 01/15/40 | 87 | 81307 |
| 5.00%, 05/13/45 | 200 | 143376 |
| NBCUniversal Media LLC |  |  |
| 5.95%, 04/01/41 | 109 | 112032 |
| 4.45%, 01/15/43 | 72 | 62015 |
| Paramount Global |  |  |
| 3.38%, 02/15/28 | 87 | 84175 |
| 3.70%, 06/01/28 | 87 | 84449 |
| 7.88%, 07/30/30 | 100 | 110789 |
| 4.95%, 01/15/31 | 171 | 166268 |
| 4.20%, 05/19/32<sup>(a)</sup> | 171 | 156072 |
| 6.88%, 04/30/36<sup>(a)</sup> | 87 | 89093 |
| 4.85%, 07/01/42 | 82 | 64650 |
| 4.38%, 03/15/43 | 184 | 135456 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Paramount Global (continued) |  |  |
| 5.85%, 09/01/43 | 189 | $164490 |
| 4.95%, 05/19/50 | 171 | 130824 |
| Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/33<br>| 87 | 101310 |
| Time Warner Cable LLC |  |  |
| 6.55%, 05/01/37 | 212 | 218958 |
| 6.75%, 06/15/39 | 199 | 206281 |
| 5.88%, 11/15/40 | 87 | 83525 |
| 5.50%, 09/01/41 | 300 | 272781 |
| 4.50%, 09/15/42 | 87 | 69294 |
| TWDC Enterprises 18 Corp. |  |  |
| 1.85%, 07/30/26 | 171 | 166840 |
| 2.95%, 06/15/27 | 130 | 127730 |
| 4.13%, 06/01/44<sup>(a)</sup> | 87 | 72584 |
| 3.00%, 07/30/46 | 75 | 50569 |
| Series E, 4.13%, 12/01/41 | 87 | 74368 |
| Walt Disney Co. |  |  |
| 3.38%, 11/15/26 | 57 | 56481 |
| 3.70%, 03/23/27 | 300 | 299502 |
| 2.20%, 01/13/28 | 171 | 163987 |
| 2.00%, 09/01/29 | 587 | 538981 |
| 3.80%, 03/22/30 | 171 | 168366 |
| 2.65%, 01/13/31 | 644 | 593699 |
| 6.20%, 12/15/34<sup>(a)</sup> | 62 | 69190 |
| 6.40%, 12/15/35 | 131 | 147594 |
| 6.65%, 11/15/37 | 214 | 244739 |
| 4.63%, 03/23/40<sup>(a)</sup> | 171 | 162952 |
| 3.50%, 05/13/40 | 275 | 225732 |
| 5.40%, 10/01/43<sup>(a)</sup> | 100 | 99166 |
| 4.75%, 09/15/44 | 87 | 78636 |
| 4.95%, 10/15/45 | 15 | 13781 |
| 2.75%, 09/01/49<sup>(a)</sup> | 171 | 107629 |
| 4.70%, 03/23/50<sup>(a)</sup> | 123 | 109828 |
| 3.60%, 01/13/51 | 290 | 214205 |
| 3.80%, 05/13/60 | 71 | 51796 |
|  |  | 19264872 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 | 200 | 187500 |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/27 | 50 | 52119 |
| 4.25%, 07/16/29 | 75 | 74061 |
| 6.80%, 11/29/32<sup>(a)</sup> | 50 | 54958 |
| 6.00%, 06/17/34<sup>(a)</sup> | 50 | 52409 |
| 7.00%, 10/15/39 | 79 | 87485 |
| 6.75%, 03/01/41 | 100 | 105365 |
| 6.35%, 06/17/54<sup>(a)</sup> | 50 | 50440 |
| Barrick North America Finance LLC |  |  |
| 5.70%, 05/30/41 | 87 | 87260 |
| 5.75%, 05/01/43 | 137 | 138351 |
| Barrick PD Australia Finance Pty. Ltd., 5.95%, <br> 10/15/39<br>| 87 | 90110 |
| BHP Billiton Finance USA Ltd. |  |  |
| 5.25%, 09/08/26<sup>(a)</sup> | 125 | 126443 |
| 4.75%, 02/28/28 | 60 | 60933 |
| 5.10%, 09/08/28 | 125 | 128188 |
| 5.00%, 02/21/30 | 125 | 128060 |
| 5.25%, 09/08/30 | 125 | 129562 |
| 5.13%, 02/21/32 | 100 | 102388 |
| 4.90%, 02/28/33 | 35 | 35135 |
| 5.25%, 09/08/33 | 125 | 128001 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| BHP Billiton Finance USA Ltd. (continued) |  |  |
| 5.30%, 02/21/35 | $150 | $153124 |
| 4.13%, 02/24/42 | 87 | 74715 |
| 5.00%, 09/30/43 | 400 | 379058 |
| Freeport-McMoRan, Inc. |  |  |
| 5.00%, 09/01/27<sup>(a)</sup> | 71 | 70846 |
| 4.13%, 03/01/28 | 87 | 85945 |
| 4.38%, 08/01/28 | 71 | 70617 |
| 5.25%, 09/01/29<sup>(a)</sup> | 71 | 72164 |
| 4.25%, 03/01/30<sup>(a)</sup> | 271 | 265343 |
| 4.63%, 08/01/30 | 103 | 101935 |
| 5.40%, 11/14/34 | 87 | 88361 |
| 5.45%, 03/15/43 | 156 | 147422 |
| Newmont Corp. |  |  |
| 2.80%, 10/01/29 | 185 | 175037 |
| 2.25%, 10/01/30 | 87 | 78344 |
| 5.88%, 04/01/35 | 87 | 92985 |
| 6.25%, 10/01/39 | 200 | 216024 |
| 4.88%, 03/15/42 | 223 | 206708 |
| Newmont Corp./Newcrest Finance Pty. Ltd., 5.35%, <br> 03/15/34<br>| 50 | 51292 |
| Nucor Corp. |  |  |
| 4.30%, 05/23/27<sup>(a)</sup> | 79 | 79269 |
| 3.95%, 05/01/28 | 171 | 170253 |
| 2.70%, 06/01/30 | 171 | 157759 |
| 4.65%, 06/01/30 | 50 | 50396 |
| 5.10%, 06/01/35 | 50 | 50156 |
| 2.98%, 12/15/55 | 87 | 52921 |
| Precision Castparts Corp., 4.38%, 06/15/45 | 87 | 73939 |
| Rio Tinto Finance USA Ltd. |  |  |
| 7.13%, 07/15/28 | 171 | 185312 |
| 5.20%, 11/02/40 | 312 | 305998 |
| 2.75%, 11/02/51 | 216 | 131192 |
| Rio Tinto Finance USA PLC |  |  |
| 4.38%, 03/12/27<sup>(a)</sup> | 45 | 45237 |
| 4.50%, 03/14/28<sup>(a)</sup> | 50 | 50394 |
| 4.88%, 03/14/30 | 110 | 112104 |
| 5.00%, 03/14/32 | 65 | 66135 |
| 5.00%, 03/09/33<sup>(a)</sup> | 65 | 65920 |
| 5.25%, 03/14/35 | 275 | 279808 |
| 4.75%, 03/22/42 | 62 | 56187 |
| 4.13%, 08/21/42 | 87 | 73251 |
| 5.13%, 03/09/53 | 70 | 64537 |
| 5.75%, 03/14/55 | 165 | 165205 |
| 5.88%, 03/14/65 | 80 | 80343 |
| Southern Copper Corp. |  |  |
| 6.75%, 04/16/40 | 80 | 87350 |
| 5.25%, 11/08/42 | 150 | 139125 |
| 5.88%, 04/23/45 | 277 | 272432 |
| Steel Dynamics, Inc. |  |  |
| 1.65%, 10/15/27 | 87 | 81998 |
| 3.45%, 04/15/30 | 90 | 85614 |
| 3.25%, 01/15/31 | 72 | 67161 |
| 5.38%, 08/15/34 | 50 | 50770 |
| 5.25%, 05/15/35 | 75 | 75080 |
| 3.25%, 10/15/50<sup>(a)</sup> | 44 | 29007 |
| 5.75%, 05/15/55 | 40 | 38771 |
| Timken Co. |  |  |
| 4.50%, 12/15/28 | 87 | 87178 |
| 4.13%, 04/01/32 | 75 | 69873 |
| Vale Overseas Ltd. |  |  |
| 3.75%, 07/08/30<sup>(a)</sup> | 171 | 161397 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Vale Overseas Ltd. (continued) |  |  |
| 6.13%, 06/12/33<sup>(a)</sup> | 300 | $313296 |
| 6.88%, 11/10/39 | 28 | 30271 |
| 6.40%, 06/28/54<sup>(a)</sup> | 200 | 195502 |
| Vale SA, 5.63%, 09/11/42 | 171 | 166677 |
| Valmont Industries, Inc., 5.00%, 10/01/44 | 171 | 152414 |
|  |  | 8568920 |
| **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
| Boston Properties LP |  |  |
| 6.75%, 12/01/27 | 100 | 105009 |
| 4.50%, 12/01/28 | 171 | 169650 |
| 3.40%, 06/21/29 | 100 | 94809 |
| 2.90%, 03/15/30 | 83 | 76257 |
| 3.25%, 01/30/31<sup>(a)</sup> | 171 | 156698 |
| 2.55%, 04/01/32 | 130 | 109670 |
| 6.50%, 01/15/34<sup>(a)</sup> | 75 | 80294 |
| 5.75%, 01/15/35<sup>(a)</sup> | 50 | 50321 |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/29<sup>(a)</sup> | 70 | 63775 |
| 2.75%, 04/15/31 | 50 | 44225 |
| 2.90%, 12/01/33 | 87 | 71506 |
| Cousins Properties LP |  |  |
| 5.25%, 07/15/30 | 25 | 25472 |
| 5.38%, 02/15/32 | 30 | 30312 |
| Highwoods Realty LP |  |  |
| 4.13%, 03/15/28 | 87 | 85155 |
| 3.05%, 02/15/30<sup>(a)</sup> | 87 | 79444 |
| Kilroy Realty LP |  |  |
| 4.75%, 12/15/28 | 300 | 297586 |
| 2.50%, 11/15/32 | 67 | 53852 |
| 2.65%, 11/15/33 | 71 | 55776 |
| Piedmont Operating Partnership LP, 3.15%, 08/15/30 | 87 | 78053 |
|  |  | 1727864 |
| **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** |
| APA Corp.<sup>(d)</sup> <br>|  |  |
| 6.10%, 02/15/35 | 25 | 24518 |
| 5.35%, 07/01/49 | 150 | 119065 |
| 6.75%, 02/15/55<sup>(a)</sup> | 50 | 47231 |
| Boardwalk Pipelines LP |  |  |
| 4.80%, 05/03/29 | 87 | 87962 |
| 3.60%, 09/01/32 | 200 | 181031 |
| 5.63%, 08/01/34 | 25 | 25358 |
| BP Capital Markets America, Inc. |  |  |
| 3.02%, 01/16/27 | 77 | 75728 |
| 3.54%, 04/06/27 | 171 | 169229 |
| 5.02%, 11/17/27 | 200 | 203649 |
| 3.94%, 09/21/28 | 87 | 86320 |
| 4.23%, 11/06/28 | 171 | 171055 |
| 4.70%, 04/10/29 | 75 | 76116 |
| 4.97%, 10/17/29 | 75 | 76935 |
| 4.87%, 11/25/29<sup>(a)</sup> | 75 | 76558 |
| 3.63%, 04/06/30 | 171 | 165895 |
| 1.75%, 08/10/30 | 90 | 79081 |
| 2.72%, 01/12/32 | 87 | 77783 |
| 4.81%, 02/13/33 | 250 | 249666 |
| 4.89%, 09/11/33 | 160 | 160381 |
| 4.99%, 04/10/34 | 75 | 75472 |
| 5.23%, 11/17/34 | 265 | 269625 |
| 3.06%, 06/17/41 | 70 | 51668 |
| 3.00%, 02/24/50 | 171 | 109806 |
| 2.77%, 11/10/50 | 141 | 86033 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| BP Capital Markets America, Inc. (continued) |  |  |
| 2.94%, 06/04/51 | $250 | $156889 |
| 3.00%, 03/17/52<sup>(a)</sup> | 287 | 180932 |
| 3.38%, 02/08/61<sup>(a)</sup> | 223 | 143725 |
| BP Capital Markets PLC |  |  |
| 3.28%, 09/19/27 | 87 | 85332 |
| 3.72%, 11/28/28 | 171 | 168168 |
| Canadian Natural Resources Ltd. |  |  |
| 3.85%, 06/01/27 | 87 | 86134 |
| 2.95%, 07/15/30 | 87 | 79790 |
| 5.40%, 12/15/34<sup>(a)(d)</sup> | 25 | 24838 |
| 6.50%, 02/15/37 | 200 | 210618 |
| 6.25%, 03/15/38 | 75 | 77777 |
| 4.95%, 06/01/47 | 100 | 85382 |
| Cenovus Energy, Inc. |  |  |
| 2.65%, 01/15/32 | 74 | 63935 |
| 5.25%, 06/15/37 | 53 | 49930 |
| 6.75%, 11/15/39 | 200 | 213998 |
| 5.40%, 06/15/47 | 52 | 46158 |
| 3.75%, 02/15/52<sup>(a)</sup> | 66 | 44821 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 5.13%, 06/30/27 | 257 | 259409 |
| 3.70%, 11/15/29 | 87 | 83929 |
| 2.74%, 12/31/39 | 87 | 70808 |
| Cheniere Energy Partners LP |  |  |
| 4.50%, 10/01/29 | 200 | 197859 |
| 4.00%, 03/01/31 | 150 | 142737 |
| 3.25%, 01/31/32 | 200 | 179287 |
| 5.95%, 06/30/33 | 100 | 104384 |
| 5.75%, 08/15/34 | 100 | 102697 |
| 10/30/35<sup>(b)(d)</sup> | 30 | 30236 |
| Cheniere Energy, Inc., 5.65%, 04/15/34 | 100 | 102418 |
| Chevron Corp. |  |  |
| 2.00%, 05/11/27 | 190 | 183485 |
| 2.24%, 05/11/30 | 163 | 148843 |
| 3.08%, 05/11/50 | 69 | 46468 |
| Chevron USA, Inc. |  |  |
| 4.41%, 02/26/27<sup>(a)</sup> | 30 | 30237 |
| 1.02%, 08/12/27 | 114 | 107174 |
| 3.85%, 01/15/28 | 257 | 256418 |
| 4.48%, 02/26/28 | 75 | 75895 |
| 3.25%, 10/15/29 | 120 | 116392 |
| 4.69%, 04/15/30 | 75 | 76496 |
| 4.82%, 04/15/32 | 75 | 76475 |
| 4.98%, 04/15/35 | 75 | 75854 |
| 2.34%, 08/12/50<sup>(a)</sup> | 187 | 106989 |
| CNOOC Petroleum North America ULC, 6.40%, <br> 05/15/37<br>| 150 | 174483 |
| Columbia Pipeline Group, Inc., 5.80%, 06/01/45 | 200 | 192609 |
| ConocoPhillips, 6.50%, 02/01/39 | 100 | 111391 |
| ConocoPhillips Co. |  |  |
| 4.70%, 01/15/30 | 150 | 152096 |
| 4.85%, 01/15/32<sup>(a)</sup> | 75 | 75773 |
| 5.05%, 09/15/33 | 70 | 71242 |
| 5.00%, 01/15/35 | 150 | 149890 |
| 3.76%, 03/15/42 | 370 | 295966 |
| 4.30%, 11/15/44 | 171 | 142221 |
| 3.80%, 03/15/52 | 62 | 45008 |
| 5.30%, 05/15/53 | 160 | 147554 |
| 5.55%, 03/15/54<sup>(a)</sup> | 150 | 143354 |
| 5.50%, 01/15/55<sup>(a)</sup> | 115 | 109114 |
| 4.03%, 03/15/62 | 200 | 144007 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| ConocoPhillips Co. (continued) |  |  |
| 5.70%, 09/15/63 | $50 | $47819 |
| 5.65%, 01/15/65 | 125 | 118910 |
| Continental Resources, Inc. |  |  |
| 4.38%, 01/15/28 | 121 | 119307 |
| 4.90%, 06/01/44 | 87 | 68352 |
| Coterra Energy, Inc. |  |  |
| 4.38%, 03/15/29 | 171 | 169346 |
| 5.60%, 03/15/34 | 50 | 50425 |
| 5.40%, 02/15/35 | 100 | 98987 |
| 5.90%, 02/15/55 | 60 | 55851 |
| DCP Midstream Operating LP, 5.60%, 04/01/44 | 100 | 91232 |
| Devon Energy Corp. |  |  |
| 5.25%, 10/15/27 | 100 | 100216 |
| 5.88%, 06/15/28 | 112 | 112051 |
| 5.20%, 09/15/34<sup>(a)</sup> | 100 | 97114 |
| 5.60%, 07/15/41<sup>(a)</sup> | 87 | 80478 |
| 4.75%, 05/15/42 | 231 | 193370 |
| 5.00%, 06/15/45 | 87 | 72361 |
| 5.75%, 09/15/54<sup>(a)</sup> | 100 | 90028 |
| Diamondback Energy, Inc. |  |  |
| 5.20%, 04/18/27 | 150 | 152049 |
| 3.50%, 12/01/29 | 171 | 163582 |
| 5.15%, 01/30/30 | 150 | 153422 |
| 3.13%, 03/24/31 | 65 | 59536 |
| 6.25%, 03/15/33 | 30 | 31950 |
| 5.40%, 04/18/34 | 115 | 115340 |
| 5.55%, 04/01/35 | 90 | 90977 |
| 4.40%, 03/24/51 | 87 | 67131 |
| 4.25%, 03/15/52 | 104 | 78258 |
| 6.25%, 03/15/53 | 100 | 98874 |
| 5.75%, 04/18/54 | 80 | 74258 |
| 5.90%, 04/18/64 | 170 | 157340 |
| Eastern Energy Gas Holdings LLC |  |  |
| 5.80%, 01/15/35 | 125 | 130077 |
| 6.20%, 01/15/55 | 80 | 82671 |
| Eastern Gas Transmission & Storage, Inc. |  |  |
| 3.00%, 11/15/29 | 171 | 161521 |
| 4.60%, 12/15/44 | 150 | 125897 |
| Enbridge Energy Partners LP, 7.38%, 10/15/45<sup>(a)</sup> | 140 | 159966 |
| Enbridge, Inc. |  |  |
| 1.60%, 10/04/26 | 79 | 76326 |
| 5.90%, 11/15/26 | 85 | 86511 |
| 4.25%, 12/01/26 | 171 | 170668 |
| 5.25%, 04/05/27 | 50 | 50732 |
| 3.70%, 07/15/27 | 171 | 168872 |
| 4.60%, 06/20/28 | 25 | 25188 |
| 6.00%, 11/15/28<sup>(a)</sup> | 60 | 62988 |
| 5.30%, 04/05/29 | 30 | 30814 |
| 3.13%, 11/15/29 | 130 | 122807 |
| 4.90%, 06/20/30 | 50 | 50501 |
| 6.20%, 11/15/30 | 35 | 37440 |
| 5.70%, 03/08/33 | 290 | 300667 |
| 2.50%, 08/01/33 | 171 | 142087 |
| 5.63%, 04/05/34 | 120 | 123290 |
| 5.55%, 06/20/35 | 125 | 127077 |
| 4.00%, 11/15/49 | 96 | 70566 |
| 3.40%, 08/01/51 | 100 | 66087 |
| 6.70%, 11/15/53 | 85 | 91928 |
| 5.95%, 04/05/54<sup>(a)</sup> | 150 | 148454 |
| (5-year CMT + 2.97%), 7.20%, 06/27/54<sup>(a)(c)</sup> | 100 | 102734 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/26 | 75 | 76579 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Energy Transfer LP (continued) |  |  |
| 4.20%, 04/15/27 | $171 | $170307 |
| 5.50%, 06/01/27 | 100 | 101787 |
| 4.00%, 10/01/27 | 150 | 148868 |
| 5.55%, 02/15/28<sup>(a)</sup> | 100 | 102884 |
| 4.95%, 05/15/28 | 171 | 173417 |
| 4.95%, 06/15/28 | 110 | 111634 |
| 5.25%, 04/15/29<sup>(a)</sup> | 257 | 263197 |
| 5.25%, 07/01/29<sup>(a)</sup> | 45 | 46102 |
| 3.75%, 05/15/30 | 571 | 547851 |
| 6.40%, 12/01/30 | 40 | 43106 |
| 5.75%, 02/15/33 | 185 | 192029 |
| 6.55%, 12/01/33 | 180 | 195293 |
| 5.55%, 05/15/34 | 300 | 303711 |
| 5.60%, 09/01/34 | 75 | 76171 |
| 4.90%, 03/15/35 | 87 | 83201 |
| 5.70%, 04/01/35 | 400 | 407437 |
| 6.50%, 02/01/42 | 87 | 90163 |
| 4.95%, 01/15/43 | 87 | 74201 |
| 5.15%, 02/01/43 | 87 | 76128 |
| 5.95%, 10/01/43 | 53 | 50350 |
| 5.30%, 04/01/44 | 74 | 66283 |
| 5.00%, 05/15/44 | 87 | 74967 |
| 5.35%, 05/15/45 | 87 | 78353 |
| 6.13%, 12/15/45 | 114 | 111968 |
| 5.30%, 04/15/47 | 130 | 114663 |
| 5.40%, 10/01/47 | 171 | 152279 |
| 6.00%, 06/15/48 | 150 | 144039 |
| 6.25%, 04/15/49 | 171 | 168670 |
| 5.00%, 05/15/50 | 284 | 237330 |
| 5.95%, 05/15/54<sup>(a)</sup> | 185 | 175990 |
| 6.05%, 09/01/54 | 175 | 168188 |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/11/27 | 50 | 50288 |
| 3.95%, 02/15/27 | 191 | 190308 |
| 4.30%, 06/20/28 | 75 | 75339 |
| 4.15%, 10/16/28 | 171 | 170882 |
| 3.13%, 07/31/29 | 199 | 190231 |
| 2.80%, 01/31/30 | 149 | 139641 |
| 4.60%, 01/15/31 | 150 | 151141 |
| 5.35%, 01/31/33<sup>(a)</sup> | 70 | 72547 |
| 4.85%, 01/31/34<sup>(a)</sup> | 150 | 149397 |
| 4.95%, 02/15/35 | 200 | 199304 |
| 5.20%, 01/15/36 | 150 | 151015 |
| 5.95%, 02/01/41 | 53 | 55078 |
| 4.45%, 02/15/43 | 142 | 122914 |
| 4.85%, 03/15/44 | 121 | 109007 |
| 4.90%, 05/15/46 | 189 | 169917 |
| 4.25%, 02/15/48 | 150 | 121538 |
| 4.80%, 02/01/49 | 171 | 149077 |
| 4.20%, 01/31/50 | 192 | 152168 |
| 3.70%, 01/31/51 | 75 | 54154 |
| 3.20%, 02/15/52 | 121 | 78954 |
| 3.30%, 02/15/53 | 204 | 134895 |
| 4.95%, 10/15/54 | 100 | 87375 |
| 5.55%, 02/16/55<sup>(a)</sup> | 160 | 154357 |
| 3.95%, 01/31/60 | 100 | 72758 |
| (3-mo. CME Term SOFR + 2.83%), 5.38%, <br> 02/15/78<sup>(a)(c)</sup><br>| 171 | 168196 |
| Series E, (3-mo. CME Term SOFR + 3.29%), <br> 5.25%, 08/16/77<sup>(c)</sup><br>| 130 | 128624 |
| EOG Resources, Inc. |  |  |
| 4.40%, 07/15/28 | 100 | 100577 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| EOG Resources, Inc. (continued) |  |  |
| 5.00%, 07/15/32 | $120 | $121459 |
| 5.35%, 01/15/36 | 125 | 126766 |
| 4.95%, 04/15/50 | 87 | 77384 |
| 5.65%, 12/01/54<sup>(a)</sup> | 35 | 34165 |
| 5.95%, 07/15/55 | 70 | 71284 |
| EQT Corp. |  |  |
| 3.90%, 10/01/27 | 140 | 138144 |
| 5.00%, 01/15/29 | 70 | 70593 |
| 7.00%, 02/01/30 | 79 | 85639 |
| 5.75%, 02/01/34 | 50 | 51698 |
| Equinor ASA |  |  |
| 4.25%, 06/02/28 | 35 | 35210 |
| 3.13%, 04/06/30<sup>(a)</sup> | 171 | 163194 |
| 2.38%, 05/22/30 | 171 | 156975 |
| 5.13%, 06/03/35 | 75 | 76289 |
| 5.10%, 08/17/40 | 189 | 186400 |
| 4.25%, 11/23/41 | 75 | 66292 |
| 4.80%, 11/08/43 | 200 | 184807 |
| 3.25%, 11/18/49 | 130 | 90873 |
| 3.70%, 04/06/50 | 171 | 129014 |
| Expand Energy Corp. |  |  |
| 5.38%, 03/15/30 | 200 | 200561 |
| 5.70%, 01/15/35 | 150 | 152139 |
| Exxon Mobil Corp. |  |  |
| 2.28%, 08/16/26 | 87 | 85310 |
| 3.29%, 03/19/27 | 140 | 138903 |
| 2.44%, 08/16/29 | 87 | 81966 |
| 3.48%, 03/19/30 | 189 | 183715 |
| 2.61%, 10/15/30 | 440 | 407198 |
| 3.00%, 08/16/39 | 87 | 67752 |
| 4.23%, 03/19/40 | 206 | 184229 |
| 4.11%, 03/01/46 | 171 | 140373 |
| 3.10%, 08/16/49 | 257 | 171570 |
| 4.33%, 03/19/50 | 283 | 234536 |
| 3.45%, 04/15/51 | 340 | 241021 |
| Helmerich & Payne, Inc.<sup>(d)</sup> <br>|  |  |
| 4.85%, 12/01/29 | 50 | 47677 |
| 5.50%, 12/01/34<sup>(a)</sup> | 50 | 45584 |
| Hess Corp. |  |  |
| 7.13%, 03/15/33 | 171 | 193646 |
| 5.60%, 02/15/41 | 96 | 95324 |
| 5.80%, 04/01/47<sup>(a)</sup> | 171 | 170083 |
| HF Sinclair Corp. |  |  |
| 5.75%, 01/15/31<sup>(a)</sup> | 25 | 25602 |
| 6.25%, 01/15/35 | 25 | 25377 |
| Kinder Morgan Energy Partners LP |  |  |
| 5.80%, 03/15/35 | 171 | 176437 |
| 6.50%, 02/01/37 | 74 | 78321 |
| 6.95%, 01/15/38 | 214 | 237302 |
| 6.38%, 03/01/41 | 87 | 89879 |
| 5.00%, 08/15/42 | 75 | 66988 |
| 5.00%, 03/01/43 | 87 | 77480 |
| 5.50%, 03/01/44 | 130 | 122520 |
| 5.40%, 09/01/44 | 87 | 80418 |
| Kinder Morgan, Inc. |  |  |
| 4.30%, 03/01/28 | 257 | 257210 |
| 5.00%, 02/01/29 | 80 | 81247 |
| 5.10%, 08/01/29 | 60 | 61224 |
| 5.15%, 06/01/30 | 25 | 25525 |
| 2.00%, 02/15/31 | 155 | 135264 |
| 7.75%, 01/15/32 | 171 | 197389 |
| 4.80%, 02/01/33 | 100 | 98383 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Kinder Morgan, Inc. (continued) |  |  |
| 5.20%, 06/01/33 | $260 | $261234 |
| 5.40%, 02/01/34 | 100 | 101268 |
| 5.30%, 12/01/34<sup>(a)</sup> | 87 | 86795 |
| 5.55%, 06/01/45 | 214 | 201866 |
| 5.20%, 03/01/48 | 64 | 57542 |
| 3.60%, 02/15/51<sup>(a)</sup> | 191 | 131562 |
| 5.45%, 08/01/52 | 100 | 92108 |
| 5.95%, 08/01/54 | 90 | 88324 |
| Marathon Petroleum Corp. |  |  |
| 3.80%, 04/01/28 | 171 | 168589 |
| 5.15%, 03/01/30 | 50 | 50948 |
| 5.70%, 03/01/35 | 50 | 50709 |
| 6.50%, 03/01/41 | 150 | 156591 |
| 4.75%, 09/15/44 | 87 | 72362 |
| 4.50%, 04/01/48 | 100 | 77573 |
| MPLX LP |  |  |
| 4.13%, 03/01/27 | 171 | 170073 |
| 4.25%, 12/01/27 | 200 | 199206 |
| 4.00%, 03/15/28 | 171 | 169322 |
| 2.65%, 08/15/30 | 153 | 138472 |
| 4.95%, 09/01/32 | 340 | 336856 |
| 5.00%, 03/01/33 | 55 | 54235 |
| 5.50%, 06/01/34 | 175 | 175711 |
| 5.40%, 04/01/35 | 50 | 49641 |
| 4.50%, 04/15/38 | 300 | 265328 |
| 5.20%, 12/01/47 | 87 | 75772 |
| 4.70%, 04/15/48 | 100 | 81128 |
| 5.50%, 02/15/49 | 121 | 109253 |
| 4.95%, 03/14/52 | 149 | 123354 |
| 5.65%, 03/01/53 | 25 | 22939 |
| 5.95%, 04/01/55 | 250 | 238118 |
| 4.90%, 04/15/58 | 100 | 80171 |
| Occidental Petroleum Corp. |  |  |
| 5.00%, 08/01/27<sup>(a)</sup> | 90 | 90775 |
| 6.38%, 09/01/28 | 50 | 51955 |
| 5.20%, 08/01/29 | 155 | 155498 |
| 5.38%, 01/01/32 | 85 | 84301 |
| 5.55%, 10/01/34<sup>(a)</sup> | 150 | 147183 |
| 6.45%, 09/15/36 | 500 | 511561 |
| 6.20%, 03/15/40 | 50 | 48924 |
| 6.60%, 03/15/46 | 300 | 295633 |
| 6.05%, 10/01/54 | 90 | 82459 |
| ONEOK Partners LP, 6.13%, 02/01/41 | 75 | 74721 |
| ONEOK, Inc. |  |  |
| 4.85%, 07/15/26<sup>(a)</sup> | 200 | 200374 |
| 5.55%, 11/01/26 | 100 | 101376 |
| 4.00%, 07/13/27 | 100 | 99357 |
| 4.25%, 09/24/27 | 150 | 149748 |
| 4.55%, 07/15/28 | 87 | 87173 |
| 5.65%, 11/01/28 | 100 | 103595 |
| 4.35%, 03/15/29 | 171 | 169695 |
| 3.10%, 03/15/30 | 171 | 159681 |
| 3.25%, 06/01/30<sup>(a)</sup> | 75 | 70249 |
| 5.80%, 11/01/30 | 75 | 78510 |
| 6.10%, 11/15/32 | 100 | 105754 |
| 6.05%, 09/01/33 | 400 | 419703 |
| 5.65%, 09/01/34 | 30 | 30378 |
| 5.05%, 11/01/34 | 250 | 243287 |
| 4.25%, 09/15/46 | 87 | 66054 |
| 4.95%, 07/13/47 | 171 | 143535 |
| 4.20%, 10/03/47 | 140 | 104646 |
| 5.20%, 07/15/48 | 87 | 75326 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| ONEOK, Inc. (continued) |  |  |
| 3.95%, 03/01/50 | $79 | $56002 |
| 4.50%, 03/15/50 | 87 | 67151 |
| 7.15%, 01/15/51<sup>(a)</sup> | 50 | 53845 |
| 6.63%, 09/01/53 | 150 | 155890 |
| 5.70%, 11/01/54 | 150 | 138456 |
| 5.85%, 11/01/64 | 100 | 92708 |
| Ovintiv, Inc. |  |  |
| 5.65%, 05/15/28 | 60 | 61680 |
| 8.13%, 09/15/30 | 70 | 79475 |
| 7.20%, 11/01/31 | 80 | 86434 |
| 7.38%, 11/01/31 | 87 | 94562 |
| 6.25%, 07/15/33 | 40 | 41298 |
| 6.50%, 08/15/34 | 87 | 90290 |
| 6.63%, 08/15/37 | 50 | 51203 |
| 7.10%, 07/15/53 | 40 | 41451 |
| Phillips 66 |  |  |
| 2.15%, 12/15/30 | 171 | 150588 |
| 4.65%, 11/15/34 | 233 | 222408 |
| 5.88%, 05/01/42 | 274 | 271705 |
| 4.88%, 11/15/44 | 214 | 185718 |
| 3.30%, 03/15/52 | 68 | 43607 |
| Phillips 66 Co. |  |  |
| 3.55%, 10/01/26 | 87 | 86097 |
| 4.95%, 12/01/27<sup>(a)</sup> | 45 | 45701 |
| 3.15%, 12/15/29 | 65 | 61588 |
| 5.25%, 06/15/31<sup>(a)</sup> | 75 | 77044 |
| 5.30%, 06/30/33 | 110 | 111128 |
| 4.95%, 03/15/35 | 100 | 97023 |
| 4.90%, 10/01/46 | 87 | 73236 |
| 5.65%, 06/15/54 | 50 | 46426 |
| 5.50%, 03/15/55<sup>(a)</sup> | 25 | 22757 |
| Pioneer Natural Resources Co., 1.90%, 08/15/30 | 206 | 182596 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 | 130 | 133645 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 4.50%, 12/15/26 | 87 | 87128 |
| 3.55%, 12/15/29 | 171 | 163452 |
| 5.70%, 09/15/34 | 50 | 50970 |
| 5.15%, 06/01/42 | 50 | 44544 |
| 4.70%, 06/15/44 | 130 | 107800 |
| 4.90%, 02/15/45 | 100 | 85125 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.88%, 06/30/26 | 171 | 171931 |
| 5.00%, 03/15/27 | 171 | 172027 |
| 4.20%, 03/15/28 | 171 | 170094 |
| 4.50%, 05/15/30 | 141 | 140764 |
| 5.90%, 09/15/37 | 60 | 62408 |
| Shell Finance U.S., Inc. |  |  |
| 2.38%, 11/07/29 | 171 | 159004 |
| 2.75%, 04/06/30 | 100 | 93774 |
| 4.13%, 05/11/35<sup>(a)</sup> | 130 | 122854 |
| 4.55%, 08/12/43 | 121 | 106707 |
| 4.38%, 05/11/45 | 200 | 169205 |
| 4.00%, 05/10/46 | 514 | 408628 |
| 3.75%, 09/12/46 | 155 | 119483 |
| 3.25%, 04/06/50<sup>(a)</sup> | 200 | 136778 |
| Shell International Finance BV |  |  |
| 2.50%, 09/12/26 | 171 | 168031 |
| 3.88%, 11/13/28 | 171 | 170362 |
| 6.38%, 12/15/38 | 275 | 305067 |
| 5.50%, 03/25/40 | 75 | 76293 |
| 2.88%, 11/26/41 | 87 | 62780 |
| 3.13%, 11/07/49 | 162 | 108368 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| South Bow USA Infrastructure Holdings LLC<sup>(d)</sup> <br>|  |  |
| 5.03%, 10/01/29 | $100 | $100323 |
| 5.58%, 10/01/34 | 130 | 128630 |
| 6.18%, 10/01/54 | 75 | 71276 |
| Spectra Energy Partners LP |  |  |
| 5.95%, 09/25/43 | 100 | 97916 |
| 4.50%, 03/15/45 | 140 | 115011 |
| Suncor Energy, Inc. |  |  |
| 6.85%, 06/01/39 | 87 | 94376 |
| 4.00%, 11/15/47 | 171 | 126412 |
| 3.75%, 03/04/51<sup>(a)</sup> | 79 | 55157 |
| Targa Resources Corp. |  |  |
| 5.20%, 07/01/27 | 50 | 50670 |
| 6.15%, 03/01/29 | 135 | 141973 |
| 4.90%, 09/15/30 | 75 | 75633 |
| 4.20%, 02/01/33 | 81 | 75897 |
| 6.13%, 03/15/33 | 50 | 52695 |
| 6.50%, 03/30/34 | 250 | 268652 |
| 5.55%, 08/15/35 | 100 | 100506 |
| 5.65%, 02/15/36 | 75 | 75705 |
| 4.95%, 04/15/52 | 73 | 60898 |
| 6.25%, 07/01/52 | 50 | 49514 |
| 6.50%, 02/15/53 | 50 | 51329 |
| 6.13%, 05/15/55 | 70 | 68478 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 6.50%, 07/15/27 | 371 | 371243 |
| 5.00%, 01/15/28 | 171 | 171120 |
| 6.88%, 01/15/29 | 71 | 72417 |
| 5.50%, 03/01/30 | 104 | 105547 |
| 4.88%, 02/01/31 | 104 | 103166 |
| 4.00%, 01/15/32 | 104 | 96927 |
| TC PipeLines LP, 3.90%, 05/25/27 | 78 | 77093 |
| Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28 | 100 | 107580 |
| TotalEnergies Capital International SA |  |  |
| 3.46%, 02/19/29 | 100 | 97724 |
| 3.46%, 07/12/49 | 87 | 61658 |
| 3.13%, 05/29/50 | 171 | 112810 |
| 3.39%, 06/29/60 | 171 | 112078 |
| TotalEnergies Capital SA |  |  |
| 3.88%, 10/11/28 | 300 | 298603 |
| 5.15%, 04/05/34 | 625 | 639932 |
| 4.72%, 09/10/34 | 75 | 74516 |
| 5.49%, 04/05/54 | 150 | 144347 |
| 5.28%, 09/10/54<sup>(a)</sup> | 75 | 70202 |
| 5.64%, 04/05/64 | 125 | 121174 |
| 5.43%, 09/10/64 | 75 | 70166 |
| TransCanada PipeLines Ltd. |  |  |
| 4.25%, 05/15/28 | 630 | 628029 |
| 4.10%, 04/15/30 | 257 | 251699 |
| 4.63%, 03/01/34 | 130 | 124710 |
| 5.60%, 03/31/34 | 87 | 88327 |
| 6.20%, 10/15/37 | 70 | 73287 |
| 7.25%, 08/15/38 | 87 | 98534 |
| 7.63%, 01/15/39 | 87 | 101513 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 4.00%, 03/15/28 | 130 | 128788 |
| 4.45%, 08/01/42 | 87 | 73682 |
| 3.95%, 05/15/50 | 87 | 65708 |
| Valero Energy Corp. |  |  |
| 2.15%, 09/15/27 | 191 | 182078 |
| 4.35%, 06/01/28 | 131 | 131064 |
| 6.63%, 06/15/37 | 75 | 80718 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Valero Energy Corp. (continued) |  |  |
| 4.90%, 03/15/45 | 87 | $76168 |
| 3.65%, 12/01/51<sup>(a)</sup> | 175 | 117695 |
| 4.00%, 06/01/52<sup>(a)</sup> | 51 | 36124 |
| Valero Energy Partners LP, 4.50%, 03/15/28 | 87 | 87208 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | 120 | 115407 |
| 6.15%, 04/01/33 | 200 | 208142 |
| 5.45%, 11/15/34 | 50 | 49020 |
| 5.45%, 04/01/44 | 200 | 174343 |
| 5.25%, 02/01/50 | 100 | 84103 |
| Williams Cos., Inc. |  |  |
| 3.75%, 06/15/27 | 130 | 128495 |
| 5.30%, 08/15/28 | 200 | 205435 |
| 4.90%, 03/15/29 | 50 | 50690 |
| 4.80%, 11/15/29 | 25 | 25285 |
| 4.63%, 06/30/30 | 90 | 90062 |
| 3.50%, 11/15/30 | 200 | 189069 |
| 2.60%, 03/15/31 | 211 | 189039 |
| 4.65%, 08/15/32 | 250 | 245216 |
| 5.65%, 03/15/33 | 100 | 103919 |
| 5.15%, 03/15/34 | 150 | 149655 |
| 5.60%, 03/15/35 | 150 | 154192 |
| 5.30%, 09/30/35 | 100 | 100105 |
| 6.30%, 04/15/40 | 87 | 92349 |
| 5.40%, 03/04/44 | 171 | 160653 |
| 5.10%, 09/15/45 | 155 | 140390 |
| 4.85%, 03/01/48 | 87 | 75354 |
| 5.30%, 08/15/52<sup>(a)</sup> | 130 | 118611 |
| 5.80%, 11/15/54 | 100 | 97610 |
| Woodside Finance Ltd. |  |  |
| 5.10%, 09/12/34 | 100 | 96826 |
| 5.70%, 09/12/54 | 100 | 90300 |
|  |  | 53762136 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Georgia-Pacific LLC |  |  |
| 7.75%, 11/15/29<sup>(a)</sup> | 100 | 113731 |
| 8.88%, 05/15/31 | 92 | 112167 |
| International Paper Co. |  |  |
| 4.80%, 06/15/44 | 77 | 66821 |
| 4.40%, 08/15/47 | 237 | 191156 |
| 4.35%, 08/15/48 | 100 | 80072 |
| Suzano Austria GmbH |  |  |
| 6.00%, 01/15/29 | 200 | 205500 |
| 3.75%, 01/15/31 | 261 | 243480 |
| Suzano International Finance BV, 5.50%, 01/17/27<sup>(a)</sup> | 171 | 172977 |
|  |  | 1185904 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| American Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class AA, 3.20%, 12/15/29 | 53 | 50616 |
| Series 2019-1, Class AA, 3.15%, 08/15/33<sup>(a)</sup> | 125 | 114429 |
| Series 2021-1, Class A, 2.88%, 01/11/36<sup>(a)</sup> | 148 | 130353 |
| JetBlue Pass-Through Trust, Series 2019-1, <br> Class AA, 2.75%, 11/15/33<br>| 120 | 105468 |
| Southwest Airlines Co. |  |  |
| 5.13%, 06/15/27 | 213 | 214904 |
| 2.63%, 02/10/30 | 191 | 173996 |
| United Airlines 2024-1 Class AA Pass Through Trust, <br> Series 2024-1, Class AA, 5.45%, 08/15/38<br>| 74 | 75033 |
| United Airlines Pass-Through Trust |  |  |
| Series 2016-1, Class AA, 3.10%, 01/07/30<sup>(a)</sup> | 53 | 50232 |
| Series 2019-2, Class AA, 2.70%, 11/01/33 | 175 | 156226 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
| United Airlines Pass-Through Trust (continued) |  |  |
| Series 2020-1, Class A, 5.88%, 04/15/29 | 122 | $124520 |
| Series 2023-1, Class A, 5.80%, 07/15/37 | 118 | 120829 |
| Series 2024-1, Class A, 5.88%, 08/15/38 | 25 | 24667 |
|  |  | 1341273 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Colgate-Palmolive Co. |  |  |
| 3.10%, 08/15/27 | 115 | 113115 |
| 4.60%, 03/01/28 | 20 | 20342 |
| 4.20%, 05/01/30<sup>(a)</sup> | 45 | 45186 |
| 3.25%, 08/15/32 | 65 | 60328 |
| 4.60%, 03/01/33 | 20 | 20199 |
| 3.70%, 08/01/47 | 130 | 102049 |
| Estee Lauder Cos., Inc. |  |  |
| 3.15%, 03/15/27 | 171 | 168310 |
| 2.38%, 12/01/29 | 69 | 63602 |
| 2.60%, 04/15/30 | 87 | 80219 |
| 5.00%, 02/14/34<sup>(a)</sup> | 25 | 25028 |
| 4.15%, 03/15/47 | 87 | 67541 |
| 3.13%, 12/01/49 | 119 | 76121 |
| 5.15%, 05/15/53 | 100 | 95008 |
| Haleon U.S. Capital LLC |  |  |
| 3.38%, 03/24/27 | 290 | 285761 |
| 3.38%, 03/24/29 | 265 | 256255 |
| 3.63%, 03/24/32 | 338 | 316226 |
| Kenvue, Inc. |  |  |
| 5.05%, 03/22/28 | 120 | 122887 |
| 5.00%, 03/22/30 | 90 | 92724 |
| 4.85%, 05/22/32 | 50 | 50601 |
| 4.90%, 03/22/33 | 160 | 162367 |
| 5.10%, 03/22/43 | 70 | 67637 |
| 5.05%, 03/22/53 | 110 | 102316 |
| 5.20%, 03/22/63 | 105 | 97140 |
| Procter & Gamble Co. |  |  |
| 2.85%, 08/11/27 | 87 | 85126 |
| 4.35%, 01/29/29 | 50 | 50693 |
| 4.15%, 10/24/29 | 50 | 50337 |
| 3.00%, 03/25/30 | 171 | 163176 |
| 4.05%, 05/01/30 | 75 | 75041 |
| 1.20%, 10/29/30 | 275 | 237363 |
| 1.95%, 04/23/31 | 171 | 151640 |
| 2.30%, 02/01/32<sup>(a)</sup> | 100 | 89656 |
| 4.55%, 01/29/34 | 50 | 50148 |
| 4.55%, 10/24/34 | 50 | 49982 |
| 4.60%, 05/01/35 | 75 | 75043 |
| 3.55%, 03/25/40 | 87 | 74232 |
| 3.60%, 03/25/50 | 171 | 130116 |
| Unilever Capital Corp. |  |  |
| 2.00%, 07/28/26<sup>(a)</sup> | 260 | 254157 |
| 2.90%, 05/05/27 | 260 | 255051 |
| 4.88%, 09/08/28 | 100 | 102417 |
| 2.13%, 09/06/29<sup>(a)</sup> | 174 | 160413 |
| 1.38%, 09/14/30 | 100 | 86788 |
| 1.75%, 08/12/31<sup>(a)</sup> | 174 | 150265 |
| 5.00%, 12/08/33 | 100 | 102466 |
| 4.63%, 08/12/34 | 200 | 198475 |
|  |  | 5083547 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| AbbVie, Inc. |  |  |
| 2.95%, 11/21/26 | 341 | 335349 |
| 4.80%, 03/15/27 | 225 | 227164 |
| 4.65%, 03/15/28 | 150 | 152268 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| AbbVie, Inc. (continued) |  |  |
| 4.25%, 11/14/28 | $427 | $429076 |
| 4.80%, 03/15/29 | 225 | 229412 |
| 3.20%, 11/21/29 | 1000 | 956502 |
| 4.88%, 03/15/30 | 150 | 153600 |
| 4.95%, 03/15/31 | 120 | 123196 |
| 5.05%, 03/15/34 | 331 | 337012 |
| 4.55%, 03/15/35 | 110 | 106799 |
| 5.20%, 03/15/35 | 155 | 158358 |
| 4.50%, 05/14/35 | 249 | 240572 |
| 4.30%, 05/14/36 | 70 | 66016 |
| 4.05%, 11/21/39 | 408 | 357615 |
| 4.63%, 10/01/42 | 200 | 178882 |
| 4.40%, 11/06/42 | 240 | 211022 |
| 5.35%, 03/15/44 | 70 | 68612 |
| 4.85%, 06/15/44 | 214 | 197051 |
| 4.75%, 03/15/45 | 116 | 104532 |
| 4.70%, 05/14/45 | 627 | 562123 |
| 4.45%, 05/14/46 | 214 | 184207 |
| 4.88%, 11/14/48 | 171 | 154823 |
| 4.25%, 11/21/49 | 500 | 411905 |
| 5.40%, 03/15/54 | 330 | 320877 |
| 5.60%, 03/15/55<sup>(a)</sup> | 85 | 85030 |
| 5.50%, 03/15/64 | 60 | 58182 |
| Astrazeneca Finance LLC |  |  |
| 4.80%, 02/26/27 | 100 | 101101 |
| 4.88%, 03/03/28 | 100 | 102118 |
| 1.75%, 05/28/28 | 149 | 139691 |
| 4.85%, 02/26/29 | 350 | 357922 |
| 4.90%, 03/03/30 | 50 | 51292 |
| 4.90%, 02/26/31 | 100 | 102756 |
| 2.25%, 05/28/31<sup>(a)</sup> | 80 | 71599 |
| 4.88%, 03/03/33 | 100 | 101643 |
| 5.00%, 02/26/34 | 100 | 101944 |
| AstraZeneca PLC |  |  |
| 3.13%, 06/12/27 | 87 | 85527 |
| 4.00%, 01/17/29 | 257 | 255771 |
| 1.38%, 08/06/30 | 189 | 164079 |
| 6.45%, 09/15/37 | 275 | 308917 |
| 4.38%, 11/16/45<sup>(a)</sup> | 163 | 141876 |
| 4.38%, 08/17/48 | 155 | 132419 |
| Becton Dickinson & Co. |  |  |
| 3.70%, 06/06/27 | 279 | 275641 |
| 4.69%, 02/13/28 | 95 | 95928 |
| 5.08%, 06/07/29 | 50 | 51088 |
| 2.82%, 05/20/30 | 82 | 75909 |
| 1.96%, 02/11/31 | 185 | 160548 |
| 4.30%, 08/22/32 | 80 | 77611 |
| 4.69%, 12/15/44 | 107 | 93117 |
| 4.67%, 06/06/47 | 87 | 74610 |
| 3.79%, 05/20/50 | 37 | 27565 |
| Bristol-Myers Squibb Co. |  |  |
| 4.90%, 02/22/27 | 50 | 50638 |
| 3.90%, 02/20/28 | 171 | 170209 |
| 4.90%, 02/22/29 | 70 | 71670 |
| 3.40%, 07/26/29 | 249 | 241251 |
| 1.45%, 11/13/30<sup>(a)</sup> | 130 | 112486 |
| 5.75%, 02/01/31 | 100 | 106535 |
| 5.10%, 02/22/31 | 35 | 36247 |
| 2.95%, 03/15/32 | 130 | 117860 |
| 5.90%, 11/15/33 | 75 | 80403 |
| 5.20%, 02/22/34 | 205 | 209949 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Bristol-Myers Squibb Co. (continued) |  |  |
| 4.13%, 06/15/39 | $287 | $255401 |
| 2.35%, 11/13/40<sup>(a)</sup> | 200 | 137260 |
| 3.55%, 03/15/42 | 75 | 59221 |
| 5.50%, 02/22/44 | 30 | 29743 |
| 4.63%, 05/15/44 | 250 | 221464 |
| 5.00%, 08/15/45 | 170 | 157488 |
| 4.35%, 11/15/47 | 140 | 116555 |
| 4.55%, 02/20/48 | 135 | 116073 |
| 4.25%, 10/26/49 | 400 | 324312 |
| 2.55%, 11/13/50 | 100 | 58358 |
| 3.70%, 03/15/52 | 257 | 187227 |
| 6.25%, 11/15/53 | 65 | 69654 |
| 5.55%, 02/22/54 | 430 | 419504 |
| 3.90%, 03/15/62 | 71 | 50832 |
| 6.40%, 11/15/63 | 165 | 178731 |
| 5.65%, 02/22/64 | 150 | 145636 |
| Cardinal Health, Inc. |  |  |
| 4.70%, 11/15/26 | 35 | 35176 |
| 3.41%, 06/15/27 | 100 | 98533 |
| 5.13%, 02/15/29 | 25 | 25636 |
| 5.00%, 11/15/29 | 35 | 35676 |
| 5.35%, 11/15/34 | 38 | 38754 |
| 4.60%, 03/15/43 | 50 | 42835 |
| 4.90%, 09/15/45 | 200 | 176729 |
| 4.37%, 06/15/47 | 87 | 70970 |
| 5.75%, 11/15/54 | 25 | 24641 |
| Cencora, Inc. |  |  |
| 3.45%, 12/15/27 | 130 | 127584 |
| 4.85%, 12/15/29 | 25 | 25396 |
| 2.80%, 05/15/30 | 71 | 65932 |
| 2.70%, 03/15/31 | 87 | 78547 |
| 4.25%, 03/01/45<sup>(a)</sup> | 87 | 71246 |
| CVS Health Corp. |  |  |
| 3.00%, 08/15/26 | 150 | 147626 |
| 3.63%, 04/01/27 | 62 | 61220 |
| 1.30%, 08/21/27 | 257 | 240943 |
| 4.30%, 03/25/28 | 395 | 393379 |
| 5.00%, 01/30/29 | 100 | 101521 |
| 5.40%, 06/01/29 | 125 | 128646 |
| 3.25%, 08/15/29 | 191 | 181531 |
| 5.13%, 02/21/30 | 80 | 81444 |
| 3.75%, 04/01/30 | 298 | 285871 |
| 1.75%, 08/21/30<sup>(a)</sup> | 353 | 305110 |
| 5.25%, 01/30/31 | 75 | 76680 |
| 1.88%, 02/28/31 | 212 | 181469 |
| 5.55%, 06/01/31<sup>(a)</sup> | 125 | 129850 |
| 2.13%, 09/15/31 | 79 | 67578 |
| 5.25%, 02/21/33 | 80 | 80534 |
| 5.30%, 06/01/33 | 100 | 100847 |
| 5.70%, 06/01/34 | 125 | 128699 |
| 4.88%, 07/20/35 | 171 | 163771 |
| 4.78%, 03/25/38 | 627 | 575416 |
| 4.13%, 04/01/40 | 140 | 116882 |
| 5.30%, 12/05/43 | 200 | 181609 |
| 6.00%, 06/01/44 | 125 | 123550 |
| 5.13%, 07/20/45 | 369 | 326792 |
| 5.05%, 03/25/48 | 800 | 690758 |
| 4.25%, 04/01/50 | 104 | 78681 |
| 5.63%, 02/21/53 | 80 | 74002 |
| 5.88%, 06/01/53<sup>(a)</sup> | 100 | 95548 |
| 6.05%, 06/01/54 | 125 | 122505 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| CVS Health Corp. (continued) |  |  |
| 6.00%, 06/01/63 | $100 | $95591 |
| Eli Lilly & Co. |  |  |
| 4.50%, 02/09/27 | 100 | 100807 |
| 3.10%, 05/15/27 | 130 | 128204 |
| 4.15%, 08/14/27 | 75 | 75368 |
| 4.55%, 02/12/28 | 75 | 75989 |
| 4.50%, 02/09/29<sup>(a)</sup> | 100 | 101471 |
| 3.38%, 03/15/29 | 171 | 167292 |
| 4.20%, 08/14/29 | 165 | 165586 |
| 4.75%, 02/12/30 | 75 | 76896 |
| 4.90%, 02/12/32 | 75 | 77035 |
| 4.70%, 02/27/33 | 50 | 50393 |
| 4.70%, 02/09/34 | 600 | 599653 |
| 4.60%, 08/14/34 | 195 | 193230 |
| 5.10%, 02/12/35 | 175 | 179369 |
| 3.70%, 03/01/45 | 171 | 136127 |
| 2.25%, 05/15/50 | 300 | 171226 |
| 4.88%, 02/27/53 | 45 | 41236 |
| 5.00%, 02/09/54 | 70 | 65415 |
| 5.05%, 08/14/54 | 135 | 126721 |
| 5.50%, 02/12/55<sup>(a)</sup> | 65 | 65405 |
| 4.15%, 03/15/59 | 200 | 159444 |
| 2.50%, 09/15/60<sup>(a)</sup> | 104 | 57392 |
| 4.95%, 02/27/63 | 100 | 90852 |
| 5.10%, 02/09/64 | 100 | 92902 |
| 5.20%, 08/14/64 | 75 | 70995 |
| 5.60%, 02/12/65 | 80 | 80954 |
| GlaxoSmithKline Capital PLC |  |  |
| 4.32%, 03/12/27 | 50 | 50259 |
| 3.38%, 06/01/29 | 171 | 166049 |
| GlaxoSmithKline Capital, Inc. |  |  |
| 3.88%, 05/15/28 | 171 | 170222 |
| 4.50%, 04/15/30 | 50 | 50398 |
| 5.38%, 04/15/34 | 87 | 90918 |
| 4.88%, 04/15/35 | 50 | 49954 |
| 6.38%, 05/15/38 | 200 | 222124 |
| 4.20%, 03/18/43 | 104 | 89430 |
| Johnson & Johnson |  |  |
| 4.50%, 03/01/27 | 75 | 75731 |
| 2.95%, 03/03/27 | 250 | 246253 |
| 2.90%, 01/15/28 | 171 | 167027 |
| 4.55%, 03/01/28 | 60 | 61016 |
| 4.80%, 06/01/29 | 100 | 102751 |
| 4.70%, 03/01/30 | 75 | 76766 |
| 4.90%, 06/01/31 | 100 | 103405 |
| 4.85%, 03/01/32 | 75 | 77150 |
| 4.38%, 12/05/33 | 87 | 87214 |
| 4.95%, 06/01/34<sup>(a)</sup> | 100 | 104005 |
| 5.00%, 03/01/35 | 135 | 138399 |
| 3.55%, 03/01/36 | 330 | 297606 |
| 3.63%, 03/03/37 | 87 | 77858 |
| 5.95%, 08/15/37 | 200 | 221130 |
| 2.10%, 09/01/40 | 300 | 206111 |
| 4.50%, 09/01/40<sup>(a)</sup> | 159 | 151937 |
| 4.50%, 12/05/43 | 130 | 119742 |
| 3.70%, 03/01/46 | 87 | 69809 |
| 3.50%, 01/15/48 | 214 | 163430 |
| 5.25%, 06/01/54<sup>(a)</sup> | 65 | 64482 |
| 2.45%, 09/01/60 | 107 | 59554 |
| McKesson Corp. |  |  |
| 1.30%, 08/15/26 | 155 | 150108 |
| 4.25%, 09/15/29 | 25 | 24965 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| McKesson Corp. (continued) |  |  |
| 4.65%, 05/30/30 | $75 | $75611 |
| 4.95%, 05/30/32 | 75 | 76006 |
| 5.25%, 05/30/35 | 75 | 76187 |
| Mead Johnson Nutrition Co., 4.60%, 06/01/44 | 87 | 75093 |
| Merck & Co., Inc. |  |  |
| 1.70%, 06/10/27 | 160 | 153340 |
| 4.05%, 05/17/28<sup>(a)</sup> | 45 | 45207 |
| 1.90%, 12/10/28 | 165 | 154065 |
| 3.40%, 03/07/29 | 500 | 487781 |
| 4.30%, 05/17/30 | 80 | 80494 |
| 1.45%, 06/24/30 | 257 | 224819 |
| 4.50%, 05/17/33<sup>(a)</sup> | 45 | 44873 |
| 6.55%, 09/15/37 | 300 | 340343 |
| 3.90%, 03/07/39 | 87 | 76560 |
| 4.15%, 05/18/43 | 130 | 111011 |
| 4.90%, 05/17/44 | 60 | 56105 |
| 3.70%, 02/10/45 | 160 | 126096 |
| 4.00%, 03/07/49 | 171 | 136014 |
| 2.45%, 06/24/50 | 171 | 100117 |
| 2.75%, 12/10/51 | 200 | 122901 |
| 5.00%, 05/17/53<sup>(a)</sup> | 45 | 41369 |
| 2.90%, 12/10/61 | 171 | 99685 |
| 5.15%, 05/17/63 | 135 | 124408 |
| Merck Sharp & Dohme Corp., 5.75%, 11/15/36 | 130 | 138590 |
| Mylan, Inc. |  |  |
| 4.55%, 04/15/28 | 140 | 138835 |
| 5.40%, 11/29/43 | 87 | 73218 |
| 5.20%, 04/15/48 | 96 | 76198 |
| Novartis Capital Corp. |  |  |
| 2.00%, 02/14/27 | 87 | 84518 |
| 3.10%, 05/17/27 | 427 | 420656 |
| 3.80%, 09/18/29 | 75 | 74364 |
| 2.20%, 08/14/30 | 171 | 155532 |
| 4.00%, 09/18/31 | 75 | 73862 |
| 4.20%, 09/18/34 | 75 | 72285 |
| 4.40%, 05/06/44 | 214 | 190986 |
| 4.00%, 11/20/45 | 130 | 108501 |
| 2.75%, 08/14/50 | 190 | 121571 |
| 4.70%, 09/18/54 | 45 | 40300 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.45%, 05/19/28 | 340 | 342724 |
| 4.65%, 05/19/30 | 400 | 405532 |
| 4.75%, 05/19/33 | 355 | 353933 |
| 5.11%, 05/19/43 | 300 | 286085 |
| 5.30%, 05/19/53 | 780 | 736327 |
| 5.34%, 05/19/63 | 300 | 278241 |
| Pfizer, Inc. |  |  |
| 3.00%, 12/15/26 | 130 | 128176 |
| 3.60%, 09/15/28 | 341 | 337597 |
| 3.45%, 03/15/29 | 240 | 235042 |
| 2.63%, 04/01/30 | 171 | 159197 |
| 1.70%, 05/28/30 | 142 | 125757 |
| 1.75%, 08/18/31 | 171 | 148049 |
| 4.00%, 12/15/36<sup>(a)</sup> | 87 | 79700 |
| 4.10%, 09/15/38<sup>(a)</sup> | 171 | 153311 |
| 3.90%, 03/15/39 | 87 | 75947 |
| 7.20%, 03/15/39 | 284 | 337384 |
| 2.55%, 05/28/40 | 86 | 61721 |
| 5.60%, 09/15/40 | 200 | 205800 |
| 4.30%, 06/15/43 | 87 | 75239 |
| 4.40%, 05/15/44 | 87 | 76169 |
| 4.13%, 12/15/46 | 257 | 211424 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Pfizer, Inc. (continued) |  |  |
| 4.20%, 09/15/48 | 87 | $71594 |
| 4.00%, 03/15/49 | 171 | 134846 |
| 2.70%, 05/28/50 | 240 | 149009 |
| Sanofi SA, 3.63%, 06/19/28 | 341 | 337169 |
| Shire Acquisitions Investments Ireland DAC, 3.20%, <br> 09/23/26<br>| 10 | 9870 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 5.00%, 11/26/28 | 200 | 203766 |
| 2.05%, 03/31/30 | 400 | 358240 |
| 5.30%, 07/05/34 | 200 | 203097 |
| 3.03%, 07/09/40 | 200 | 149552 |
| 3.18%, 07/09/50 | 200 | 130977 |
| 3.38%, 07/09/60 | 250 | 160261 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.20%, 07/07/35 | 200 | 200021 |
| 5.90%, 07/07/55 | 200 | 201012 |
| Utah Acquisition Sub, Inc., 5.25%, 06/15/46<sup>(a)</sup> | 87 | 70578 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/27 | 171 | 162942 |
| 3.85%, 06/22/40 | 171 | 126299 |
| 4.00%, 06/22/50 | 200 | 133229 |
| Wyeth LLC |  |  |
| 6.50%, 02/01/34 | 87 | 96991 |
| 5.95%, 04/01/37 | 87 | 92798 |
| Zoetis, Inc. |  |  |
| 3.90%, 08/20/28 | 171 | 169791 |
| 2.00%, 05/15/30 | 71 | 63808 |
| 4.70%, 02/01/43 | 71 | 64872 |
| 3.95%, 09/12/47 | 87 | 69476 |
| 4.45%, 08/20/48 | 87 | 73383 |
| 3.00%, 05/15/50 | 71 | 46662 |
|  |  | 39318136 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| CBRE Services, Inc. |  |  |
| 4.80%, 06/15/30 | 50 | 50157 |
| 2.50%, 04/01/31 | 107 | 94564 |
| 5.95%, 08/15/34 | 25 | 26320 |
| 5.50%, 06/15/35 | 50 | 50320 |
| Jones Lang LaSalle, Inc., 6.88%, 12/01/28 | 25 | 26827 |
|  |  | 248188 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Essential Properties LP, 2.95%, 07/15/31 | 41 | 36462 |
| NNN REIT, Inc. |  |  |
| 4.60%, 02/15/31 | 25 | 24867 |
| 5.60%, 10/15/33 | 50 | 51686 |
| 5.50%, 06/15/34 | 50 | 51259 |
| 3.10%, 04/15/50 | 171 | 108397 |
| 3.00%, 04/15/52 | 82 | 50410 |
| Realty Income Corp. |  |  |
| 4.13%, 10/15/26 | 171 | 170573 |
| 3.00%, 01/15/27 | 171 | 167881 |
| 3.95%, 08/15/27 | 87 | 86501 |
| 3.40%, 01/15/28 | 87 | 85314 |
| 4.70%, 12/15/28<sup>(a)</sup> | 40 | 40565 |
| 4.75%, 02/15/29 | 50 | 50549 |
| 3.25%, 06/15/29 | 48 | 46055 |
| 4.00%, 07/15/29<sup>(a)</sup> | 75 | 74044 |
| 3.10%, 12/15/29 | 87 | 82507 |
| 3.40%, 01/15/30 | 87 | 83273 |
| 3.25%, 01/15/31 | 116 | 108730 |
| 5.63%, 10/13/32 | 90 | 94169 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** |
| Realty Income Corp. (continued) |  |  |
| 1.80%, 03/15/33 | 72 | $58089 |
| 4.90%, 07/15/33<sup>(a)</sup> | 60 | 59812 |
| 5.13%, 02/15/34 | 50 | 50559 |
| 4.65%, 03/15/47 | 100 | 86865 |
| 5.38%, 09/01/54 | 50 | 47928 |
| Store Capital LLC |  |  |
| 5.40%, 04/30/30<sup>(d)</sup> | 25 | 25329 |
| 2.70%, 12/01/31 | 87 | 73788 |
| Tanger Properties LP, 3.88%, 07/15/27 | 171 | 168782 |
|  |  | 1984394 |
| **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| Simon Property Group LP |  |  |
| 1.38%, 01/15/27 | 121 | 115858 |
| 3.38%, 06/15/27 | 130 | 128003 |
| 2.45%, 09/13/29 | 187 | 173766 |
| 2.65%, 07/15/30 | 171 | 157743 |
| 2.25%, 01/15/32 | 121 | 104423 |
| 2.65%, 02/01/32 | 200 | 176181 |
| 5.50%, 03/08/33<sup>(a)</sup> | 100 | 104379 |
| 6.25%, 01/15/34 | 200 | 217003 |
| 4.75%, 09/26/34 | 55 | 53548 |
| 4.75%, 03/15/42 | 74 | 66559 |
| 4.25%, 10/01/44 | 87 | 71548 |
| 4.25%, 11/30/46 | 87 | 70637 |
| 3.25%, 09/13/49 | 114 | 76291 |
| 5.85%, 03/08/53 | 100 | 100016 |
| 6.65%, 01/15/54 | 35 | 38424 |
|  |  | 1654379 |
| **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** |
| Advanced Micro Devices, Inc. |  |  |
| 4.32%, 03/24/28 | 50 | 50367 |
| 3.92%, 06/01/32 | 75 | 72378 |
| 4.39%, 06/01/52<sup>(a)</sup> | 85 | 71261 |
| Analog Devices, Inc. |  |  |
| 3.50%, 12/05/26 | 130 | 128864 |
| 4.25%, 06/15/28 | 75 | 75346 |
| 1.70%, 10/01/28 | 30 | 27812 |
| 4.50%, 06/15/30 | 50 | 50408 |
| 2.10%, 10/01/31 | 75 | 65532 |
| 5.05%, 04/01/34 | 50 | 51253 |
| 2.80%, 10/01/41 | 149 | 108420 |
| 2.95%, 10/01/51 | 65 | 42193 |
| 5.30%, 04/01/54 | 50 | 48190 |
| Applied Materials, Inc. |  |  |
| 3.30%, 04/01/27 | 171 | 168763 |
| 4.80%, 06/15/29 | 35 | 35791 |
| 1.75%, 06/01/30 | 72 | 63988 |
| 5.85%, 06/15/41<sup>(a)</sup> | 75 | 79442 |
| 4.35%, 04/01/47 | 130 | 111580 |
| 2.75%, 06/01/50 | 87 | 54237 |
| Broadcom Corp./Broadcom Cayman Finance Ltd. |  |  |
| 3.88%, 01/15/27 | 270 | 268131 |
| 3.50%, 01/15/28<sup>(a)</sup> | 87 | 85351 |
| Broadcom, Inc. |  |  |
| 3.46%, 09/15/26 | 341 | 337807 |
| 5.05%, 07/12/27 | 150 | 152122 |
| 1.95%, 02/15/28<sup>(d)</sup> | 67 | 63190 |
| 4.15%, 02/15/28 | 85 | 84753 |
| 4.80%, 04/15/28 | 75 | 76085 |
| 4.11%, 09/15/28 | 150 | 149392 |
| 4.00%, 04/15/29<sup>(d)</sup> | 95 | 93703 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Broadcom, Inc. (continued) |  |  |
| 4.75%, 04/15/29 | $150 | $151792 |
| 5.05%, 07/12/29 | 235 | 240644 |
| 4.35%, 02/15/30 | 120 | 119555 |
| 5.05%, 04/15/30 | 75 | 76829 |
| 4.15%, 11/15/30 | 125 | 122999 |
| 2.45%, 02/15/31<sup>(d)</sup> | 300 | 268258 |
| 5.15%, 11/15/31 | 115 | 118309 |
| 4.15%, 04/15/32<sup>(d)</sup> | 108 | 104041 |
| 5.20%, 04/15/32 | 75 | 77124 |
| 4.30%, 11/15/32 | 206 | 199819 |
| 2.60%, 02/15/33<sup>(d)</sup> | 275 | 235217 |
| 3.42%, 04/15/33<sup>(d)</sup> | 202 | 183200 |
| 3.47%, 04/15/34<sup>(d)</sup> | 569 | 508284 |
| 4.80%, 10/15/34 | 160 | 158067 |
| 3.14%, 11/15/35<sup>(d)</sup> | 257 | 216764 |
| 3.19%, 11/15/36<sup>(d)</sup> | 350 | 290147 |
| 4.93%, 05/15/37<sup>(d)</sup> | 377 | 365888 |
| 3.50%, 02/15/41<sup>(d)</sup> | 179 | 141866 |
| 3.75%, 02/15/51<sup>(a)(d)</sup> | 225 | 168301 |
| 4.55%, 02/15/32 | 105 | 104029 |
| Intel Corp. |  |  |
| 3.75%, 03/25/27 | 140 | 138524 |
| 3.15%, 05/11/27 | 100 | 97971 |
| 3.75%, 08/05/27 | 100 | 98687 |
| 4.88%, 02/10/28 | 115 | 116452 |
| 1.60%, 08/12/28 | 63 | 57888 |
| 4.00%, 08/05/29 | 100 | 97913 |
| 2.45%, 11/15/29 | 171 | 156244 |
| 5.13%, 02/10/30 | 110 | 112479 |
| 3.90%, 03/25/30 | 300 | 290839 |
| 5.00%, 02/21/31 | 45 | 45743 |
| 2.00%, 08/12/31 | 87 | 74734 |
| 4.15%, 08/05/32 | 200 | 189612 |
| 5.20%, 02/10/33<sup>(a)</sup> | 160 | 161353 |
| 5.15%, 02/21/34<sup>(a)</sup> | 60 | 59877 |
| 2.80%, 08/12/41 | 63 | 42338 |
| 5.63%, 02/10/43 | 45 | 42812 |
| 4.10%, 05/19/46 | 427 | 320201 |
| 4.10%, 05/11/47 | 87 | 65169 |
| 3.73%, 12/08/47 | 240 | 169316 |
| 3.25%, 11/15/49 | 300 | 190006 |
| 4.75%, 03/25/50 | 200 | 163164 |
| 3.05%, 08/12/51<sup>(a)</sup> | 320 | 190108 |
| 4.90%, 08/05/52 | 300 | 248074 |
| 5.70%, 02/10/53 | 130 | 120983 |
| 5.60%, 02/21/54 | 130 | 119262 |
| 3.10%, 02/15/60 | 87 | 48643 |
| 4.95%, 03/25/60 | 121 | 98454 |
| 3.20%, 08/12/61 | 63 | 35896 |
| 5.05%, 08/05/62 | 100 | 81400 |
| 5.90%, 02/10/63<sup>(a)</sup> | 110 | 103295 |
| KLA Corp. |  |  |
| 4.10%, 03/15/29 | 87 | 86874 |
| 4.65%, 07/15/32 | 50 | 50329 |
| 4.70%, 02/01/34 | 50 | 49788 |
| 3.30%, 03/01/50<sup>(a)</sup> | 184 | 127478 |
| 4.95%, 07/15/52<sup>(a)</sup> | 90 | 82022 |
| 5.25%, 07/15/62<sup>(a)</sup> | 75 | 70439 |
| Lam Research Corp. |  |  |
| 1.90%, 06/15/30 | 141 | 125826 |
| 4.88%, 03/15/49 | 171 | 155749 |
| 2.88%, 06/15/50 | 76 | 49100 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Marvell Technology, Inc. |  |  |
| 2.45%, 04/15/28 | $371 | $352530 |
| 4.75%, 07/15/30 | 50 | 50221 |
| 2.95%, 04/15/31 | 82 | 74677 |
| 5.45%, 07/15/35 | 50 | 50348 |
| Microchip Technology, Inc. |  |  |
| 4.90%, 03/15/28 | 50 | 50549 |
| 5.05%, 03/15/29 | 50 | 50797 |
| 5.05%, 02/15/30 | 150 | 152163 |
| Micron Technology, Inc. |  |  |
| 5.38%, 04/15/28 | 60 | 61688 |
| 5.33%, 02/06/29 | 87 | 89058 |
| 6.75%, 11/01/29 | 150 | 162136 |
| 4.66%, 02/15/30 | 130 | 129723 |
| 5.30%, 01/15/31 | 40 | 40962 |
| 2.70%, 04/15/32 | 120 | 104386 |
| 5.88%, 02/09/33 | 50 | 52142 |
| 5.88%, 09/15/33 | 60 | 62682 |
| 5.80%, 01/15/35 | 25 | 25854 |
| 6.05%, 11/01/35 | 50 | 52328 |
| 3.37%, 11/01/41 | 87 | 63853 |
| 3.48%, 11/01/51<sup>(a)</sup> | 87 | 59411 |
| NVIDIA Corp. |  |  |
| 3.20%, 09/16/26 | 171 | 169432 |
| 1.55%, 06/15/28 | 125 | 116950 |
| 2.85%, 04/01/30<sup>(a)</sup> | 114 | 108116 |
| 2.00%, 06/15/31<sup>(a)</sup> | 121 | 107343 |
| 3.50%, 04/01/40<sup>(a)</sup> | 122 | 102771 |
| 3.50%, 04/01/50 | 257 | 191986 |
| 3.70%, 04/01/60 | 52 | 38237 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 4.40%, 06/01/27 | 90 | 90147 |
| 4.30%, 06/18/29 | 171 | 169225 |
| 3.40%, 05/01/30 | 80 | 75715 |
| 2.50%, 05/11/31 | 149 | 130738 |
| 2.65%, 02/15/32 | 67 | 58299 |
| 5.00%, 01/15/33 | 112 | 111518 |
| 3.25%, 05/11/41 | 87 | 63530 |
| 3.13%, 02/15/42 | 87 | 61748 |
| 3.25%, 11/30/51 | 75 | 48230 |
| Qorvo, Inc., 4.38%, 10/15/29 | 96 | 93169 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/27 | 87 | 85901 |
| 1.30%, 05/20/28 | 184 | 171059 |
| 2.15%, 05/20/30 | 105 | 95532 |
| 4.50%, 05/20/30 | 50 | 50529 |
| 1.65%, 05/20/32<sup>(a)</sup> | 142 | 118028 |
| 4.25%, 05/20/32<sup>(a)</sup> | 52 | 51423 |
| 4.75%, 05/20/32 | 50 | 50583 |
| 5.40%, 05/20/33 | 100 | 105429 |
| 4.65%, 05/20/35<sup>(a)</sup> | 87 | 86115 |
| 5.00%, 05/20/35<sup>(a)</sup> | 50 | 50346 |
| 4.80%, 05/20/45 | 130 | 118474 |
| 4.30%, 05/20/47 | 107 | 89670 |
| 3.25%, 05/20/50 | 240 | 164518 |
| 4.50%, 05/20/52 | 133 | 112615 |
| 6.00%, 05/20/53 | 100 | 105385 |
| Skyworks Solutions, Inc., 3.00%, 06/01/31 | 67 | 59032 |
| Texas Instruments, Inc. |  |  |
| 1.13%, 09/15/26 | 85 | 82120 |
| 4.60%, 02/08/27 | 25 | 25228 |
| 4.60%, 02/15/28 | 35 | 35565 |
| 4.60%, 02/08/29<sup>(a)</sup> | 25 | 25421 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Texas Instruments, Inc. (continued) |  |  |
| 2.25%, 09/04/29 | 118 | $109538 |
| 4.50%, 05/23/30 | 50 | 50534 |
| 1.90%, 09/15/31 | 98 | 85428 |
| 3.65%, 08/16/32 | 50 | 47356 |
| 4.90%, 03/14/33 | 30 | 30731 |
| 4.85%, 02/08/34<sup>(a)</sup> | 25 | 25385 |
| 5.10%, 05/23/35 | 50 | 50940 |
| 3.88%, 03/15/39 | 171 | 151108 |
| 4.15%, 05/15/48 | 171 | 140904 |
| 4.10%, 08/16/52 | 25 | 19795 |
| 5.00%, 03/14/53 | 30 | 27671 |
| 5.15%, 02/08/54 | 25 | 23559 |
| 5.05%, 05/18/63 | 170 | 155885 |
| TSMC Arizona Corp. |  |  |
| 1.75%, 10/25/26 | 200 | 193460 |
| 2.50%, 10/25/31 | 390 | 348906 |
| 4.50%, 04/22/52<sup>(a)</sup> | 200 | 179368 |
| Xilinx, Inc., 2.38%, 06/01/30 | 240 | 220010 |
|  |  | 17968747 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Adobe, Inc. |  |  |
| 2.15%, 02/01/27 | 219 | 212917 |
| 4.85%, 04/04/27<sup>(a)</sup> | 35 | 35505 |
| 4.80%, 04/04/29 | 50 | 51256 |
| 4.95%, 01/17/30 | 100 | 103283 |
| 2.30%, 02/01/30 | 206 | 189961 |
| 4.95%, 04/04/34 | 50 | 50994 |
| AppLovin Corp. |  |  |
| 5.13%, 12/01/29 | 100 | 101302 |
| 5.38%, 12/01/31 | 35 | 35615 |
| 5.50%, 12/01/34 | 70 | 71071 |
| 5.95%, 12/01/54 | 100 | 97663 |
| Atlassian Corp. |  |  |
| 5.25%, 05/15/29 | 25 | 25670 |
| 5.50%, 05/15/34 | 25 | 25671 |
| Autodesk, Inc. |  |  |
| 2.85%, 01/15/30 | 74 | 69271 |
| 2.40%, 12/15/31 | 133 | 116685 |
| 5.30%, 06/15/35 | 50 | 50859 |
| Broadridge Financial Solutions, Inc. |  |  |
| 2.90%, 12/01/29 | 87 | 81519 |
| 2.60%, 05/01/31 | 79 | 70387 |
| Cadence Design Systems, Inc. |  |  |
| 4.20%, 09/10/27 | 35 | 35050 |
| 4.30%, 09/10/29 | 50 | 50008 |
| 4.70%, 09/10/34 | 25 | 24698 |
| Concentrix Corp. |  |  |
| 6.65%, 08/02/26 | 50 | 50902 |
| 6.60%, 08/02/28<sup>(a)</sup> | 50 | 52459 |
| 6.85%, 08/02/33 | 50 | 52003 |
| Electronic Arts, Inc. |  |  |
| 1.85%, 02/15/31 | 72 | 62550 |
| 2.95%, 02/15/51 | 69 | 43087 |
| Fidelity National Information Services, Inc. |  |  |
| 1.65%, 03/01/28<sup>(a)</sup> | 118 | 110124 |
| 5.10%, 07/15/32 | 100 | 101834 |
| 3.10%, 03/01/41 | 89 | 65391 |
| Fiserv, Inc. |  |  |
| 3.20%, 07/01/26 | 222 | 219458 |
| 5.15%, 03/15/27 | 50 | 50653 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Fiserv, Inc. (continued) |  |  |
| 2.25%, 06/01/27 | $307 | $295600 |
| 5.45%, 03/02/28 | 60 | 61656 |
| 5.38%, 08/21/28 | 50 | 51410 |
| 4.20%, 10/01/28 | 171 | 170073 |
| 3.50%, 07/01/29 | 281 | 270687 |
| 4.75%, 03/15/30 | 50 | 50339 |
| 2.65%, 06/01/30 | 164 | 150305 |
| 5.35%, 03/15/31<sup>(a)</sup> | 50 | 51840 |
| 5.60%, 03/02/33 | 40 | 41476 |
| 5.63%, 08/21/33 | 50 | 51990 |
| 5.45%, 03/15/34 | 50 | 51215 |
| 5.15%, 08/12/34 | 50 | 50183 |
| 4.40%, 07/01/49 | 303 | 248062 |
| Intuit, Inc. |  |  |
| 5.25%, 09/15/26 | 55 | 55627 |
| 1.35%, 07/15/27 | 142 | 134667 |
| 5.13%, 09/15/28 | 75 | 77387 |
| 1.65%, 07/15/30<sup>(a)</sup> | 169 | 149126 |
| 5.20%, 09/15/33 | 75 | 77704 |
| 5.50%, 09/15/53 | 100 | 99283 |
| Microsoft Corp. |  |  |
| 2.40%, 08/08/26 | 382 | 375492 |
| 3.30%, 02/06/27 | 766 | 758169 |
| 3.40%, 06/15/27 | 171 | 170018 |
| 1.35%, 09/15/30 | 69 | 60431 |
| 3.50%, 02/12/35<sup>(a)</sup> | 200 | 186890 |
| 3.45%, 08/08/36 | 104 | 93402 |
| 3.70%, 08/08/46 | 171 | 137364 |
| 2.53%, 06/01/50<sup>(a)</sup> | 600 | 370781 |
| 2.50%, 09/15/50 | 140 | 85907 |
| 2.92%, 03/17/52 | 550 | 364729 |
| 4.50%, 02/06/57 | 341 | 305314 |
| 2.68%, 06/01/60 | 792 | 468313 |
| 3.04%, 03/17/62 | 292 | 187430 |
| Oracle Corp. |  |  |
| 2.65%, 07/15/26 | 630 | 618641 |
| 2.80%, 04/01/27 | 257 | 250517 |
| 3.25%, 11/15/27 | 130 | 127074 |
| 2.30%, 03/25/28 | 237 | 224940 |
| 4.50%, 05/06/28 | 65 | 65396 |
| 4.80%, 08/03/28 | 187 | 190073 |
| 4.20%, 09/27/29 | 200 | 198623 |
| 6.15%, 11/09/29 | 70 | 74690 |
| 2.95%, 04/01/30<sup>(a)</sup> | 500 | 466924 |
| 4.65%, 05/06/30 | 65 | 65593 |
| 3.25%, 05/15/30<sup>(a)</sup> | 163 | 153904 |
| 2.88%, 03/25/31 | 267 | 243509 |
| 5.25%, 02/03/32 | 130 | 133352 |
| 6.25%, 11/09/32 | 200 | 216432 |
| 4.90%, 02/06/33 | 100 | 100268 |
| 4.30%, 07/08/34 | 384 | 364709 |
| 4.70%, 09/27/34 | 325 | 315547 |
| 3.90%, 05/15/35 | 87 | 78494 |
| 5.50%, 08/03/35 | 225 | 229985 |
| 3.85%, 07/15/36 | 130 | 114463 |
| 3.80%, 11/15/37 | 130 | 111285 |
| 6.50%, 04/15/38 | 200 | 217612 |
| 6.13%, 07/08/39 | 87 | 91373 |
| 3.60%, 04/01/40 | 316 | 252919 |
| 5.38%, 07/15/40 | 271 | 264681 |
| 3.65%, 03/25/41 | 285 | 224681 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Oracle Corp. (continued) |  |  |
| 4.50%, 07/08/44 | $87 | $73492 |
| 4.13%, 05/15/45 | 100 | 79467 |
| 4.00%, 07/15/46 | 384 | 296160 |
| 4.00%, 11/15/47 | 257 | 196707 |
| 3.60%, 04/01/50 | 400 | 279737 |
| 3.95%, 03/25/51 | 346 | 255381 |
| 6.90%, 11/09/52<sup>(a)</sup> | 250 | 278085 |
| 5.55%, 02/06/53 | 140 | 131652 |
| 5.38%, 09/27/54<sup>(a)</sup> | 250 | 228534 |
| 4.38%, 05/15/55 | 214 | 167503 |
| 6.00%, 08/03/55 | 225 | 224621 |
| 3.85%, 04/01/60 | 359 | 247395 |
| 4.10%, 03/25/61 | 200 | 144588 |
| 5.50%, 09/27/64 | 275 | 250459 |
| 6.13%, 08/03/65 | 150 | 150151 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 50 | 51209 |
| 5.35%, 04/15/32 | 50 | 51342 |
| 5.60%, 04/15/35 | 150 | 155049 |
| Roper Technologies, Inc. |  |  |
| 3.80%, 12/15/26 | 87 | 86270 |
| 1.40%, 09/15/27 | 65 | 61142 |
| 2.95%, 09/15/29 | 76 | 71802 |
| 4.50%, 10/15/29 | 25 | 25050 |
| 2.00%, 06/30/30 | 67 | 59538 |
| 1.75%, 02/15/31 | 86 | 73842 |
| 4.75%, 02/15/32 | 50 | 50088 |
| 4.90%, 10/15/34 | 100 | 98616 |
| Salesforce, Inc. |  |  |
| 3.70%, 04/11/28 | 341 | 338643 |
| 1.50%, 07/15/28 | 60 | 55762 |
| 1.95%, 07/15/31<sup>(a)</sup> | 81 | 71027 |
| 2.70%, 07/15/41 | 156 | 112217 |
| 2.90%, 07/15/51 | 237 | 151679 |
| 3.05%, 07/15/61<sup>(a)</sup> | 50 | 30602 |
| ServiceNow, Inc., 1.40%, 09/01/30 | 140 | 121336 |
| Synopsys, Inc. |  |  |
| 4.55%, 04/01/27 | 150 | 150748 |
| 4.65%, 04/01/28 | 75 | 75763 |
| 4.85%, 04/01/30 | 150 | 152080 |
| 5.00%, 04/01/32 | 150 | 151940 |
| 5.15%, 04/01/35 | 300 | 302382 |
| 5.70%, 04/01/55 | 50 | 49713 |
| Take-Two Interactive Software, Inc. |  |  |
| 3.70%, 04/14/27 | 65 | 64358 |
| 4.95%, 03/28/28 | 140 | 142159 |
| 5.40%, 06/12/29 | 25 | 25743 |
| 4.00%, 04/14/32 | 76 | 71987 |
| 5.60%, 06/12/34 | 25 | 25944 |
| VMware LLC |  |  |
| 1.40%, 08/15/26 | 341 | 329809 |
| 3.90%, 08/21/27 | 250 | 247831 |
| 4.70%, 05/15/30 | 141 | 141560 |
| 2.20%, 08/15/31 | 200 | 173588 |
| Workday, Inc. |  |  |
| 3.50%, 04/01/27 | 81 | 79952 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Workday, Inc. (continued) |  |  |
| 3.70%, 04/01/29 | 61 | $59577 |
| 3.80%, 04/01/32 | 89 | 83629 |
|  |  | 20404310 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| AutoZone, Inc. |  |  |
| 5.05%, 07/15/26 | 25 | 25158 |
| 4.50%, 02/01/28 | 145 | 146113 |
| 6.25%, 11/01/28<sup>(a)</sup> | 25 | 26477 |
| 3.75%, 04/18/29 | 171 | 166888 |
| 5.10%, 07/15/29 | 50 | 51243 |
| 5.13%, 06/15/30 | 25 | 25631 |
| 4.75%, 08/01/32 | 100 | 99428 |
| 4.75%, 02/01/33 | 150 | 148387 |
| 5.20%, 08/01/33 | 25 | 25332 |
| 6.55%, 11/01/33 | 25 | 27600 |
| 5.40%, 07/15/34<sup>(a)</sup> | 50 | 51196 |
| Dick's Sporting Goods, Inc., 4.10%, 01/15/52 | 70 | 50020 |
| Genuine Parts Co. |  |  |
| 6.50%, 11/01/28 | 25 | 26555 |
| 4.95%, 08/15/29 | 75 | 76150 |
| 6.88%, 11/01/33 | 25 | 27758 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 35 | 35620 |
| 3.60%, 09/01/27<sup>(a)</sup> | 100 | 98657 |
| 4.35%, 06/01/28 | 171 | 171497 |
| 3.90%, 06/01/29 | 171 | 168000 |
| 1.75%, 03/15/31 | 78 | 67123 |
| 4.70%, 06/15/32 | 100 | 99294 |
| 5.00%, 08/19/34 | 50 | 49483 |
| Ross Stores, Inc., 1.88%, 04/15/31 | 171 | 146484 |
| TJX Cos., Inc. |  |  |
| 2.25%, 09/15/26 | 257 | 251712 |
| 4.50%, 04/15/50 | 87 | 76020 |
| Tractor Supply Co. |  |  |
| 1.75%, 11/01/30 | 69 | 59838 |
| 5.25%, 05/15/33<sup>(a)</sup> | 20 | 20415 |
|  |  | 2218079 |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |
| Apple, Inc. |  |  |
| 2.45%, 08/04/26 | 241 | 236886 |
| 2.05%, 09/11/26 | 206 | 201276 |
| 3.35%, 02/09/27 | 341 | 337503 |
| 3.20%, 05/11/27 | 257 | 253751 |
| 2.90%, 09/12/27 | 171 | 167326 |
| 3.00%, 11/13/27 | 171 | 167697 |
| 1.20%, 02/08/28 | 450 | 419674 |
| 4.00%, 05/10/28 | 1080 | 1083809 |
| 4.00%, 05/12/28 | 100 | 100190 |
| 1.40%, 08/05/28 | 470 | 435496 |
| 3.25%, 08/08/29 | 200 | 194245 |
| 2.20%, 09/11/29 | 212 | 196822 |
| 4.15%, 05/10/30 | 80 | 80835 |
| 1.65%, 05/11/30 | 240 | 213723 |
| 4.20%, 05/12/30 | 100 | 100446 |
| 1.65%, 02/08/31 | 427 | 372757 |
| 1.70%, 08/05/31 | 70 | 60877 |
| 4.50%, 05/12/32 | 100 | 101267 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| Apple, Inc. (continued) |  |  |
| 3.35%, 08/08/32 | $200 | $188740 |
| 4.30%, 05/10/33 | 580 | 581753 |
| 4.75%, 05/12/35 | 100 | 100802 |
| 4.50%, 02/23/36<sup>(a)</sup> | 87 | 86767 |
| 3.85%, 05/04/43 | 300 | 251276 |
| 4.45%, 05/06/44 | 87 | 79329 |
| 3.45%, 02/09/45 | 231 | 179519 |
| 4.38%, 05/13/45 | 87 | 76862 |
| 4.65%, 02/23/46 | 338 | 309013 |
| 3.85%, 08/04/46 | 130 | 105223 |
| 4.25%, 02/09/47 | 87 | 74575 |
| 3.75%, 09/12/47 | 300 | 236723 |
| 3.75%, 11/13/47 | 214 | 168773 |
| 2.95%, 09/11/49 | 214 | 143646 |
| 2.65%, 05/11/50 | 206 | 129219 |
| 2.40%, 08/20/50 | 177 | 104710 |
| 2.65%, 02/08/51 | 414 | 257049 |
| 2.70%, 08/05/51 | 200 | 125099 |
| 3.95%, 08/08/52 | 150 | 119561 |
| 4.85%, 05/10/53<sup>(a)</sup> | 80 | 76278 |
| 2.55%, 08/20/60<sup>(a)</sup> | 171 | 98581 |
| 2.80%, 02/08/61 | 127 | 75100 |
| 2.85%, 08/05/61 | 70 | 41953 |
| 4.10%, 08/08/62 | 150 | 118171 |
| Dell International LLC/EMC Corp. |  |  |
| 4.90%, 10/01/26 | 171 | 171763 |
| 5.25%, 02/01/28<sup>(a)</sup> | 200 | 204759 |
| 4.75%, 04/01/28 | 30 | 30351 |
| 5.30%, 10/01/29 | 214 | 220240 |
| 4.35%, 02/01/30 | 150 | 148665 |
| 5.00%, 04/01/30 | 40 | 40640 |
| 6.20%, 07/15/30 | 120 | 128412 |
| 5.30%, 04/01/32<sup>(a)</sup> | 275 | 281079 |
| 5.75%, 02/01/33<sup>(a)</sup> | 60 | 62984 |
| 5.40%, 04/15/34 | 50 | 50921 |
| 4.85%, 02/01/35<sup>(a)</sup> | 75 | 72375 |
| 5.50%, 04/01/35<sup>(a)</sup> | 75 | 75746 |
| 8.10%, 07/15/36<sup>(a)</sup> | 69 | 83165 |
| 3.38%, 12/15/41 | 171 | 127804 |
| 8.35%, 07/15/46<sup>(a)</sup> | 126 | 160715 |
| 3.45%, 12/15/51 | 102 | 69903 |
| Dell, Inc.<sup>(a)</sup> <br>|  |  |
| 7.10%, 04/15/28 | 71 | 75945 |
| 6.50%, 04/15/38 | 71 | 75628 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.45%, 09/25/26 | 100 | 100157 |
| 4.40%, 09/25/27 | 100 | 100087 |
| 5.25%, 07/01/28 | 220 | 225509 |
| 4.55%, 10/15/29 | 225 | 223874 |
| 4.85%, 10/15/31 | 50 | 49871 |
| 5.00%, 10/15/34 | 250 | 242505 |
| 6.20%, 10/15/35 | 87 | 92000 |
| 6.35%, 10/15/45 | 130 | 133362 |
| 5.60%, 10/15/54 | 200 | 184716 |
| HP, Inc. |  |  |
| 4.75%, 01/15/28 | 50 | 50575 |
| 4.00%, 04/15/29 | 90 | 88100 |
| 5.40%, 04/25/30 | 25 | 25680 |
| 2.65%, 06/17/31 | 171 | 151333 |
| 5.50%, 01/15/33<sup>(a)</sup> | 150 | 153118 |
| 6.10%, 04/25/35 | 25 | 25868 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| HP, Inc. (continued) |  |  |
| 6.00%, 09/15/41<sup>(a)</sup> | 112 | $112463 |
| NetApp, Inc. |  |  |
| 2.38%, 06/22/27 | 200 | 192337 |
| 5.70%, 03/17/35 | 80 | 82157 |
| Western Digital Corp. |  |  |
| 2.85%, 02/01/29 | 74 | 68602 |
| 3.10%, 02/01/32 | 80 | 70763 |
|  |  | 12907474 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| NIKE, Inc. |  |  |
| 2.75%, 03/27/27 | 341 | 333630 |
| 2.85%, 03/27/30 | 171 | 161092 |
| 3.25%, 03/27/40 | 171 | 136516 |
| 3.88%, 11/01/45 | 87 | 69083 |
| 3.38%, 11/01/46 | 257 | 185478 |
| PVH Corp., 5.50%, 06/13/30<sup>(a)</sup> | 25 | 25179 |
|  |  | 910978 |
| **Tobacco — 0.3%** | **Tobacco — 0.3%** | **Tobacco — 0.3%** |
| Altria Group, Inc. |  |  |
| 2.63%, 09/16/26 | 341 | 334377 |
| 6.20%, 11/01/28 | 25 | 26390 |
| 4.80%, 02/14/29 | 95 | 96054 |
| 3.40%, 05/06/30 | 76 | 72174 |
| 2.45%, 02/04/32 | 208 | 179395 |
| 5.63%, 02/06/35 | 70 | 71357 |
| 5.80%, 02/14/39 | 257 | 260386 |
| 3.40%, 02/04/41 | 171 | 126852 |
| 4.25%, 08/09/42 | 100 | 81289 |
| 4.50%, 05/02/43 | 71 | 59190 |
| 5.38%, 01/31/44 | 226 | 213367 |
| 3.88%, 09/16/46 | 100 | 73958 |
| 5.95%, 02/14/49<sup>(a)</sup> | 300 | 298336 |
| 4.45%, 05/06/50 | 114 | 89212 |
| 3.70%, 02/04/51 | 155 | 107268 |
| 4.00%, 02/04/61<sup>(a)</sup> | 121 | 85418 |
| BAT Capital Corp. |  |  |
| 3.22%, 09/06/26 | 171 | 168625 |
| 4.70%, 04/02/27 | 87 | 87415 |
| 3.56%, 08/15/27 | 333 | 327659 |
| 2.26%, 03/25/28 | 104 | 98395 |
| 3.46%, 09/06/29 | 87 | 83647 |
| 4.91%, 04/02/30 | 104 | 105395 |
| 6.34%, 08/02/30 | 100 | 107758 |
| 5.83%, 02/20/31 | 25 | 26307 |
| 2.73%, 03/25/31 | 100 | 90055 |
| 4.74%, 03/16/32 | 96 | 95443 |
| 5.35%, 08/15/32 | 75 | 76704 |
| 7.75%, 10/19/32 | 40 | 46232 |
| 6.42%, 08/02/33<sup>(a)</sup> | 90 | 97742 |
| 6.00%, 02/20/34 | 200 | 210824 |
| 5.63%, 08/15/35 | 75 | 76318 |
| 4.39%, 08/15/37 | 384 | 343379 |
| 3.73%, 09/25/40 | 50 | 39468 |
| 7.08%, 08/02/43 | 50 | 55069 |
| 4.54%, 08/15/47 | 304 | 245578 |
| 4.76%, 09/06/49 | 100 | 82440 |
| 5.28%, 04/02/50<sup>(a)</sup> | 87 | 76813 |
| 5.65%, 03/16/52 | 96 | 89447 |
| 7.08%, 08/02/53 | 125 | 139231 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tobacco (continued)** | **Tobacco (continued)** | **Tobacco (continued)** |
| BAT International Finance PLC |  |  |
| 4.45%, 03/16/28 | 96 | $96154 |
| 5.93%, 02/02/29 | 200 | 209882 |
| Philip Morris International, Inc. |  |  |
| 4.75%, 02/12/27 | 75 | 75668 |
| 3.13%, 08/17/27 | 171 | 167224 |
| 4.38%, 11/01/27<sup>(a)</sup> | 75 | 75341 |
| 5.13%, 11/17/27 | 200 | 204001 |
| 4.88%, 02/15/28 | 100 | 101684 |
| 4.13%, 04/28/28 | 65 | 64873 |
| 5.25%, 09/07/28 | 25 | 25714 |
| 4.88%, 02/13/29 | 75 | 76323 |
| 4.63%, 11/01/29 | 75 | 75699 |
| 5.63%, 11/17/29 | 155 | 162756 |
| 5.13%, 02/15/30 | 200 | 205765 |
| 4.38%, 04/30/30 | 50 | 49879 |
| 5.50%, 09/07/30 | 25 | 26133 |
| 1.75%, 11/01/30 | 41 | 35730 |
| 5.13%, 02/13/31 | 75 | 77246 |
| 4.75%, 11/01/31 | 75 | 75552 |
| 5.75%, 11/17/32 | 170 | 179724 |
| 5.38%, 02/15/33 | 300 | 309815 |
| 5.63%, 09/07/33 | 25 | 26196 |
| 5.25%, 02/13/34 | 275 | 280483 |
| 4.90%, 11/01/34<sup>(a)</sup> | 75 | 74643 |
| 4.88%, 04/30/35 | 40 | 39463 |
| 6.38%, 05/16/38<sup>(a)</sup> | 220 | 244225 |
| 4.38%, 11/15/41 | 150 | 130743 |
| 4.50%, 03/20/42 | 150 | 132143 |
| 3.88%, 08/21/42 | 62 | 50421 |
| 4.13%, 03/04/43 | 79 | 66107 |
| 4.88%, 11/15/43 | 237 | 217271 |
| 4.25%, 11/10/44 | 65 | 55193 |
| Reynolds American, Inc. |  |  |
| 5.70%, 08/15/35 | 82 | 83708 |
| 6.15%, 09/15/43 | 53 | 53618 |
| 5.85%, 08/15/45 | 200 | 192960 |
|  |  | 8887304 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| LKQ Corp., 5.75%, 06/15/28 | 100 | 103028 |
| WW Grainger, Inc., 4.45%, 09/15/34 | 45 | 43895 |
|  |  | 146923 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| FedEx Corp. |  |  |
| 3.10%, 08/05/29 | 100 | 94754 |
| 4.25%, 05/15/30<sup>(a)</sup> | 141 | 138221 |
| 2.40%, 05/15/31 | 109 | 96533 |
| 4.90%, 01/15/34<sup>(a)</sup> | 100 | 97221 |
| 3.90%, 02/01/35 | 67 | 59910 |
| 3.25%, 05/15/41 | 147 | 105428 |
| 3.88%, 08/01/42 | 50 | 38176 |
| 4.75%, 11/15/45<sup>(a)</sup> | 114 | 95000 |
| 4.55%, 04/01/46 | 130 | 104768 |
| 4.40%, 01/15/47 | 87 | 68397 |
| 4.05%, 02/15/48 | 87 | 64385 |
| 4.95%, 10/17/48<sup>(a)</sup> | 171 | 144403 |
| 5.25%, 05/15/50<sup>(a)</sup> | 150 | 132477 |
| Ryder System, Inc. |  |  |
| 1.75%, 09/01/26<sup>(a)</sup> | 86 | 83441 |
| 2.85%, 03/01/27 | 57 | 55519 |
| 5.30%, 03/15/27 | 40 | 40596 |
| 4.30%, 06/15/27<sup>(a)</sup> | 60 | 60041 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| Ryder System, Inc. (continued) |  |  |
| 5.65%, 03/01/28 | 50 | $51634 |
| 5.25%, 06/01/28 | 40 | 41039 |
| 6.30%, 12/01/28<sup>(a)</sup> | 50 | 52987 |
| 5.38%, 03/15/29 | 50 | 51365 |
| 4.90%, 12/01/29 | 100 | 101418 |
| 4.85%, 06/15/30 | 50 | 50461 |
| 6.60%, 12/01/33<sup>(a)</sup> | 45 | 49458 |
| United Parcel Service, Inc. |  |  |
| 2.40%, 11/15/26 | 141 | 137783 |
| 3.05%, 11/15/27 | 87 | 85077 |
| 3.40%, 03/15/29 | 100 | 97530 |
| 4.65%, 10/15/30 | 50 | 50689 |
| 4.88%, 03/03/33<sup>(a)</sup> | 60 | 61031 |
| 5.15%, 05/22/34<sup>(a)</sup> | 75 | 76868 |
| 5.25%, 05/14/35<sup>(a)</sup> | 45 | 45890 |
| 6.20%, 01/15/38 | 174 | 189921 |
| 5.20%, 04/01/40 | 171 | 167618 |
| 3.63%, 10/01/42 | 87 | 67912 |
| 3.40%, 11/15/46 | 78 | 56264 |
| 3.75%, 11/15/47 | 87 | 66123 |
| 3.40%, 09/01/49<sup>(a)</sup> | 75 | 52402 |
| 5.30%, 04/01/50<sup>(a)</sup> | 171 | 162104 |
| 5.05%, 03/03/53 | 110 | 100177 |
| 5.50%, 05/22/54 | 75 | 72727 |
| 5.95%, 05/14/55 | 130 | 133405 |
| 5.60%, 05/22/64 | 75 | 72168 |
| 6.05%, 05/14/65 | 75 | 76756 |
|  |  | 3650077 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Capital Corp. |  |  |
| 2.95%, 09/01/27 | 87 | 84800 |
| 3.75%, 09/01/28 | 257 | 253434 |
| 3.45%, 06/01/29 | 87 | 84293 |
| 2.30%, 06/01/31 | 155 | 136196 |
| 4.45%, 06/01/32 | 90 | 88846 |
| 5.15%, 03/01/34 | 50 | 50724 |
| 5.25%, 03/01/35 | 100 | 101333 |
| 4.30%, 09/01/45<sup>(a)</sup> | 87 | 72892 |
| 3.75%, 09/01/47 | 87 | 66134 |
| 4.15%, 06/01/49 | 87 | 69491 |
| 3.25%, 06/01/51 | 155 | 104692 |
| 5.45%, 03/01/54 | 50 | 48362 |
| Essential Utilities, Inc. |  |  |
| 4.80%, 08/15/27 | 250 | 252633 |
| 2.40%, 05/01/31 | 171 | 150803 |
| 5.38%, 01/15/34 | 25 | 25328 |
| 3.35%, 04/15/50 | 171 | 112908 |
| 5.30%, 05/01/52 | 61 | 55510 |
|  |  | 1758379 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| America Movil SAB de C.V. |  |  |
| 3.63%, 04/22/29 | 244 | 236003 |
| 6.38%, 03/01/35 | 100 | 109050 |
| 6.13%, 03/30/40 | 300 | 312480 |
| 4.38%, 07/16/42 | 229 | 193290 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 02/23/28 | 87 | 87635 |
| 5.00%, 04/15/29 | 25 | 25409 |
| 4.60%, 05/23/29<sup>(a)</sup> | 166 | 166825 |
| 4.85%, 08/15/30 | 50 | 50539 |
| 2.30%, 11/15/30 | 146 | 129603 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
| Motorola Solutions, Inc. (continued) |  |  |
| 2.75%, 05/24/31 | $102 | $91448 |
| 5.20%, 08/15/32 | 50 | 50836 |
| 5.40%, 04/15/34<sup>(a)</sup> | 175 | 178474 |
| 5.55%, 08/15/35 | 50 | 50980 |
| Orange SA, 9.00%, 03/01/31 | 437 | 530983 |
| Rogers Communications, Inc. |  |  |
| 2.90%, 11/15/26 | 171 | 167309 |
| 3.20%, 03/15/27 | 73 | 71573 |
| 3.80%, 03/15/32 | 58 | 53897 |
| 5.30%, 02/15/34<sup>(a)</sup> | 500 | 500531 |
| 7.50%, 08/15/38 | 100 | 115535 |
| 4.50%, 03/15/42 | 59 | 50275 |
| 5.00%, 03/15/44 | 87 | 77480 |
| 4.30%, 02/15/48 | 214 | 171601 |
| 3.70%, 11/15/49 | 71 | 52005 |
| 4.55%, 03/15/52 | 240 | 195430 |
| T-Mobile U.S., Inc. |  |  |
| 3.75%, 04/15/27 | 500 | 494779 |
| 5.38%, 04/15/27 | 100 | 100026 |
| 4.75%, 02/01/28 | 125 | 124976 |
| 2.05%, 02/15/28 | 87 | 82231 |
| 4.95%, 03/15/28 | 85 | 86435 |
| 4.80%, 07/15/28 | 80 | 81072 |
| 4.85%, 01/15/29 | 65 | 65905 |
| 2.63%, 02/15/29 | 100 | 93815 |
| 3.38%, 04/15/29 | 200 | 192429 |
| 4.20%, 10/01/29<sup>(a)</sup> | 75 | 74474 |
| 3.88%, 04/15/30 | 800 | 776974 |
| 2.55%, 02/15/31 | 259 | 231864 |
| 2.88%, 02/15/31 | 100 | 90997 |
| 3.50%, 04/15/31 | 225 | 211256 |
| 2.25%, 11/15/31 | 59 | 51158 |
| 2.70%, 03/15/32 | 130 | 114570 |
| 5.13%, 05/15/32 | 60 | 61188 |
| 5.20%, 01/15/33 | 200 | 203731 |
| 5.05%, 07/15/33 | 275 | 276864 |
| 5.75%, 01/15/34 | 315 | 329900 |
| 5.15%, 04/15/34 | 35 | 35446 |
| 4.70%, 01/15/35 | 100 | 96886 |
| 5.30%, 05/15/35 | 200 | 202507 |
| 4.38%, 04/15/40 | 214 | 189623 |
| 3.00%, 02/15/41 | 141 | 103178 |
| 4.50%, 04/15/50 | 295 | 243922 |
| 3.30%, 02/15/51 | 300 | 199120 |
| 3.40%, 10/15/52 | 341 | 227781 |
| 5.65%, 01/15/53<sup>(a)</sup> | 200 | 193497 |
| 5.75%, 01/15/54<sup>(a)</sup> | 330 | 323267 |
| 6.00%, 06/15/54 | 100 | 101796 |
| 5.25%, 06/15/55 | 250 | 228314 |
| 5.88%, 11/15/55 | 125 | 124948 |
| 3.60%, 11/15/60 | 174 | 116022 |
| 5.80%, 09/15/62 | 100 | 97955 |
| Vodafone Group PLC |  |  |
| 7.88%, 02/15/30 | 74 | 84545 |
| 6.15%, 02/27/37 | 31 | 33274 |
| 4.88%, 06/19/49 | 150 | 129050 |
| 4.25%, 09/17/50 | 205 | 159782 |
| 5.63%, 02/10/53<sup>(a)</sup> | 150 | 141518 |
| 5.75%, 06/28/54 | 200 | 191617 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
| Vodafone Group PLC (continued) |  |  |
| 5.13%, 06/19/59<sup>(a)</sup> | 104 | $90829 |
| 5.75%, 02/10/63 | 150 | 140636 |
| 5.88%, 06/28/64 | 125 | 120176 |
|  |  | 10989524 |
| **Total Corporate Bonds — 24.3%** <br>**(Cost: $824,725,210)** | **Total Corporate Bonds — 24.3%** <br>**(Cost: $824,725,210)** | 770793985 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Canada — 0.3%** | **Canada — 0.3%** |  |
| Canada Government International Bonds |  |  |
| 3.75%, 04/26/28<sup>(a)</sup> | 300 | 300094 |
| 4.63%, 04/30/29 | 400 | 411883 |
| 4.00%, 03/18/30 | 530 | 534060 |
| Export Development Canada |  |  |
| 3.75%, 09/07/27 | 300 | 299836 |
| 4.13%, 02/13/29 | 750 | 758147 |
| 4.00%, 06/20/30 | 120 | 121377 |
| 4.75%, 06/05/34 | 250 | 258975 |
| Province of Alberta Canada |  |  |
| 3.30%, 03/15/28 | 341 | 335816 |
| 4.50%, 06/26/29 | 200 | 204126 |
| 1.30%, 07/22/30 | 341 | 298859 |
| Province of British Columbia Canada |  |  |
| 0.90%, 07/20/26 | 341 | 330029 |
| 4.90%, 04/24/29 | 300 | 310138 |
| 4.20%, 07/06/33<sup>(a)</sup> | 400 | 392476 |
| 4.75%, 06/12/34 | 200 | 202894 |
| 4.80%, 06/11/35 | 270 | 273850 |
| Province of Manitoba Canada |  |  |
| 4.90%, 05/31/34 | 100 | 102414 |
| Series HB, 1.50%, 10/25/28 | 341 | 315549 |
| Province of New Brunswick Canada, 3.63%, <br> 02/24/28<br>| 171 | 169385 |
| Province of Ontario Canada |  |  |
| 3.10%, 05/19/27 | 400 | 394121 |
| 1.05%, 05/21/27 | 171 | 162147 |
| 4.20%, 01/18/29 | 500 | 504920 |
| 3.70%, 09/17/29 | 200 | 197966 |
| 2.00%, 10/02/29 | 171 | 157908 |
| 4.70%, 01/15/30 | 35 | 36036 |
| 1.13%, 10/07/30 | 341 | 294059 |
| 1.60%, 02/25/31 | 341 | 298228 |
| 5.05%, 04/24/34 | 200 | 207403 |
| 4.85%, 06/11/35 | 75 | 76434 |
| Province of Quebec Canada |  |  |
| 2.75%, 04/12/27 | 341 | 334161 |
| 3.63%, 04/13/28 | 500 | 496906 |
| 4.50%, 04/03/29 | 400 | 408078 |
| 1.35%, 05/28/30 | 341 | 300910 |
| Series PD, 7.50%, 09/15/29 | 500 | 567254 |
|  |  | 10056439 |
| **Chile — 0.1%** | **Chile — 0.1%** |  |
| Chile Government International Bonds |  |  |
| 2.75%, 01/31/27 | 300 | 292200 |
| 4.85%, 01/22/29 | 200 | 202800 |
| 2.45%, 01/31/31 | 417 | 372381 |
| 2.55%, 07/27/33 | 390 | 329160 |
| 3.50%, 01/31/34 | 200 | 179600 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Chile (continued)** | **Chile (continued)** |  |
| Chile Government International Bonds (continued) |  |  |
| 3.10%, 05/07/41 | 200 | $148800 |
| 4.34%, 03/07/42 | 200 | 173100 |
| 4.00%, 01/31/52 | 290 | 223880 |
| 5.33%, 01/05/54<sup>(a)</sup> | 287 | 270019 |
| 3.10%, 01/22/61 | 318 | 192867 |
| 3.25%, 09/21/71 | 200 | 121800 |
|  |  | 2506607 |
| **Hungary — 0.0%** | **Hungary — 0.0%** |  |
| Hungary Government International Bonds, <br> Series 30Y, 7.63%, 03/29/41<br>| 134 | 150640 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** |  |
| Indonesia Government International Bonds |  |  |
| 4.15%, 09/20/27<sup>(a)</sup> | 200 | 200081 |
| 4.10%, 04/24/28<sup>(a)</sup> | 522 | 522000 |
| 2.85%, 02/14/30 | 490 | 459223 |
| 2.15%, 07/28/31 | 400 | 348800 |
| 4.65%, 09/20/32 | 200 | 198958 |
| 5.60%, 01/15/35<sup>(a)</sup> | 200 | 209100 |
| 4.35%, 01/11/48 | 284 | 237992 |
| 5.35%, 02/11/49 | 200 | 193775 |
| 4.20%, 10/15/50<sup>(a)</sup> | 322 | 260015 |
| 3.05%, 03/12/51 | 211 | 139471 |
| 4.30%, 03/31/52 | 300 | 244575 |
| 5.10%, 02/10/54 | 200 | 185750 |
| 3.20%, 09/23/61 | 222 | 140193 |
|  |  | 3339933 |
| **Israel — 0.1%** | **Israel — 0.1%** |  |
| Israel Government International Bonds |  |  |
| Series 10Y, 3.25%, 01/17/28 | 318 | 306373 |
| Series 10Y, 2.75%, 07/03/30<sup>(a)</sup> | 200 | 180750 |
| Series 10Y, 4.50%, 01/17/33 | 200 | 190048 |
| Series 10Y, 5.50%, 03/12/34<sup>(a)</sup> | 400 | 404250 |
| Series 30Y, 4.50%, 01/30/43 | 415 | 343931 |
| Series 30Y, 4.13%, 01/17/48 | 322 | 242144 |
| Series 30Y, 5.75%, 03/12/54 | 200 | 185375 |
| State of Israel, Series 10Y, 2.50%, 01/15/30 | 490 | 442532 |
|  |  | 2295403 |
| **Italy — 0.0%** | **Italy — 0.0%** |  |
| Republic of Italy Government International Bonds |  |  |
| Series 10Y, 2.88%, 10/17/29 | 200 | 187532 |
| Series 10Y, 4.00%, 10/17/49 | 417 | 303790 |
| Series 30Y, 5.38%, 06/15/33<sup>(a)</sup> | 130 | 135881 |
| Series 30Y, 3.88%, 05/06/51<sup>(a)</sup> | 200 | 137030 |
|  |  | 764233 |
| **Japan — 0.1%** | **Japan — 0.1%** |  |
| Japan Bank for International Cooperation |  |  |
| 2.25%, 11/04/26 | 500 | 488156 |
| 2.75%, 11/16/27 | 500 | 486585 |
| 4.63%, 07/19/28 | 300 | 306209 |
| 3.25%, 07/20/28<sup>(a)</sup> | 690 | 677009 |
| 2.13%, 02/16/29 | 200 | 187652 |
| 2.00%, 10/17/29 | 200 | 184395 |
| 4.38%, 01/24/31 | 200 | 202667 |
| 1.88%, 04/15/31 | 514 | 455195 |
| Japan International Cooperation Agency |  |  |
| 2.13%, 10/20/26 | 500 | 487180 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Japan International Cooperation Agency (continued) |  |  |
| 2.75%, 04/27/27 | 300 | $292945 |
| 4.00%, 05/23/28 | 300 | 299960 |
| 4.75%, 05/21/29 | 200 | 204920 |
|  |  | 4272873 |
| **Mexico — 0.3%** | **Mexico — 0.3%** |  |
| Mexico Government International Bonds |  |  |
| 4.15%, 03/28/27 | 500 | 498000 |
| 4.50%, 04/22/29 | 300 | 296456 |
| 3.25%, 04/16/30 | 500 | 461000 |
| 6.00%, 05/13/30 | 200 | 207550 |
| 2.66%, 05/24/31 | 200 | 172950 |
| 4.75%, 04/27/32 | 211 | 200872 |
| 5.85%, 07/02/32 | 200 | 202300 |
| 4.88%, 05/19/33 | 200 | 189016 |
| 3.50%, 02/12/34 | 450 | 379800 |
| 6.75%, 09/27/34 | 213 | 226100 |
| 6.35%, 02/09/35 | 200 | 204500 |
| 6.00%, 05/07/36 | 500 | 493250 |
| 6.88%, 05/13/37 | 400 | 417000 |
| 6.63%, 01/29/38<sup>(b)</sup> | 200 | 202100 |
| 6.05%, 01/11/40 | 394 | 375427 |
| 4.28%, 08/14/41 | 518 | 398471 |
| 4.75%, 03/08/44 | 378 | 297959 |
| 5.55%, 01/21/45 | 260 | 233948 |
| 4.60%, 01/23/46 | 318 | 239931 |
| 4.35%, 01/15/47<sup>(a)</sup> | 200 | 144600 |
| 4.60%, 02/10/48<sup>(a)</sup> | 390 | 291213 |
| 4.50%, 01/31/50<sup>(a)</sup> | 273 | 199631 |
| 5.00%, 04/27/51<sup>(a)</sup> | 390 | 303420 |
| 4.40%, 02/12/52 | 200 | 140558 |
| 6.34%, 05/04/53 | 200 | 183900 |
| 6.40%, 05/07/54 | 250 | 230250 |
| 7.38%, 05/13/55 | 200 | 207000 |
| 3.77%, 05/24/61 | 200 | 117800 |
| 5.75%, 12/31/99 | 168 | 133056 |
|  |  | 7648058 |
| **Panama — 0.1%** | **Panama — 0.1%** |  |
| Panama Government International Bonds |  |  |
| 3.16%, 01/23/30 | 200 | 180400 |
| 2.25%, 09/29/32 | 690 | 526401 |
| 6.40%, 02/14/35 | 200 | 194200 |
| 6.70%, 01/26/36 | 462 | 459228 |
| 4.50%, 04/16/50 | 232 | 156150 |
| 4.30%, 04/29/53 | 200 | 128600 |
| 6.85%, 03/28/54<sup>(a)</sup> | 200 | 183175 |
| 4.50%, 04/01/56 | 392 | 254677 |
| 3.87%, 07/23/60 | 397 | 226290 |
| 4.50%, 01/19/63<sup>(a)</sup> | 200 | 128375 |
|  |  | 2437496 |
| **Peru — 0.1%** | **Peru — 0.1%** |  |
| Peruvian Government International Bonds |  |  |
| 4.13%, 08/25/27<sup>(a)</sup> | 520 | 518440 |
| 2.84%, 06/20/30 | 129 | 118100 |
| 2.78%, 01/23/31 | 341 | 306107 |
| 1.86%, 12/01/32<sup>(a)</sup> | 130 | 104000 |
| 8.75%, 11/21/33 | 77 | 94107 |
| 3.00%, 01/15/34 | 388 | 326114 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Peru (continued)** | **Peru (continued)** |  |
| Peruvian Government International Bonds (continued) |  |  |
| 5.50%, 03/30/36 | 100 | $100200 |
| 6.55%, 03/14/37 | 287 | 311102 |
| 3.30%, 03/11/41 | 141 | 104798 |
| 5.63%, 11/18/50 | 240 | 228451 |
| 3.55%, 03/10/51 | 100 | 68600 |
| 5.88%, 08/08/54 | 150 | 144840 |
| 6.20%, 06/30/55 | 100 | 100600 |
| 2.78%, 12/01/60 | 214 | 114918 |
| 3.60%, 01/15/72 | 75 | 46191 |
|  |  | 2686568 |
| **Philippines — 0.1%** | **Philippines — 0.1%** |  |
| Philippines Government International Bonds |  |  |
| 3.00%, 02/01/28 | 300 | 289800 |
| 7.75%, 01/14/31 | 257 | 298891 |
| 6.38%, 01/15/32 | 200 | 218750 |
| 5.00%, 07/17/33 | 500 | 503500 |
| 5.25%, 05/14/34 | 200 | 203360 |
| 6.38%, 10/23/34 | 250 | 275625 |
| 5.50%, 02/04/35 | 200 | 207848 |
| 5.00%, 01/13/37<sup>(a)</sup> | 522 | 518868 |
| 3.95%, 01/20/40 | 250 | 215625 |
| 3.70%, 03/01/41 | 200 | 162150 |
| 3.70%, 02/02/42<sup>(a)</sup> | 397 | 318096 |
| 5.95%, 10/13/47 | 400 | 411700 |
| 5.90%, 02/04/50 | 200 | 204250 |
|  |  | 3828463 |
| **Poland — 0.1%** | **Poland — 0.1%** |  |
| Republic of Poland Government International Bonds |  |  |
| 5.50%, 11/16/27<sup>(a)</sup> | 300 | 309270 |
| 4.88%, 02/12/30 | 200 | 203362 |
| 5.75%, 11/16/32 | 300 | 315918 |
| 4.88%, 10/04/33 | 300 | 297708 |
| 5.13%, 09/18/34 | 279 | 279558 |
| 5.38%, 02/12/35 | 400 | 407600 |
| 5.50%, 04/04/53 | 200 | 186050 |
| 5.50%, 03/18/54 | 376 | 347800 |
|  |  | 2347266 |
| **South Korea — 0.1%** | **South Korea — 0.1%** |  |
| Export-Import Bank of Korea |  |  |
| 1.13%, 12/29/26<sup>(a)</sup> | 200 | 191270 |
| 5.00%, 01/11/28 | 300 | 306270 |
| 4.50%, 09/15/32 | 200 | 198772 |
| 5.13%, 01/11/33 | 500 | 514990 |
| 5.13%, 09/18/33 | 500 | 516090 |
| Korea Development Bank |  |  |
| 4.38%, 02/15/28 | 500 | 503125 |
| 2.00%, 10/25/31<sup>(a)</sup> | 500 | 439695 |
| 5.63%, 10/23/33 | 500 | 533310 |
| Korea International Bonds<sup>(a)</sup> <br>|  |  |
| 4.13%, 06/10/44 | 250 | 215485 |
| 3.88%, 09/20/48 | 200 | 162912 |
|  |  | 3581919 |
| **Supranational — 0.7%** | **Supranational — 0.7%** |  |
| African Development Bank |  |  |
| 4.13%, 02/25/27 | 1000 | 1004025 |
| 4.38%, 11/03/27 | 500 | 506658 |
| 3.50%, 09/18/29 | 300 | 296215 |
| 4.00%, 03/18/30 | 225 | 226552 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** |  |
| Asian Development Bank |  |  |
| 2.63%, 01/12/27<sup>(a)</sup> | $171 | $167855 |
| 3.13%, 08/20/27 | 500 | 493522 |
| 2.50%, 11/02/27<sup>(a)</sup> | 341 | 331479 |
| 4.38%, 01/14/28 | 400 | 405950 |
| 2.75%, 01/19/28 | 130 | 126860 |
| 1.25%, 06/09/28 | 200 | 186162 |
| 5.82%, 06/16/28 | 681 | 717170 |
| 1.75%, 09/19/29 | 341 | 313828 |
| 1.88%, 01/24/30<sup>(a)</sup> | 500 | 459214 |
| 4.13%, 05/30/30 | 240 | 242975 |
| 1.50%, 03/04/31 | 500 | 438662 |
| 4.38%, 03/22/35 | 250 | 252105 |
| Asian Infrastructure Investment Bank |  |  |
| 4.00%, 01/18/28 | 500 | 502995 |
| 4.50%, 01/16/30 | 70 | 71830 |
| Corp. Andina de Fomento |  |  |
| 2.25%, 02/08/27<sup>(a)</sup> | 300 | 291259 |
| 5.00%, 01/22/30 | 250 | 257667 |
| Council of Europe Development Bank |  |  |
| 4.13%, 01/24/29 | 500 | 504797 |
| 4.50%, 01/15/30<sup>(a)</sup> | 50 | 51336 |
| European Bank for Reconstruction & Development, <br> 4.25%, 03/13/34<br>| 150 | 149844 |
| European Investment Bank |  |  |
| 0.75%, 10/26/26 | 247 | 237091 |
| 4.38%, 03/19/27 | 1000 | 1009135 |
| 3.25%, 11/15/27 | 500 | 494571 |
| 1.75%, 03/15/29<sup>(a)</sup> | 300 | 279248 |
| 4.75%, 06/15/29 | 500 | 517673 |
| 1.63%, 10/09/29 | 130 | 118990 |
| 3.75%, 11/15/29 | 300 | 299385 |
| 4.50%, 03/14/30 | 55 | 56595 |
| 0.88%, 05/17/30 | 500 | 434622 |
| 4.38%, 10/10/31 | 400 | 408647 |
| 4.25%, 08/16/32 | 170 | 172280 |
| 4.13%, 02/13/34 | 400 | 397487 |
| 4.63%, 02/12/35<sup>(a)</sup> | 340 | 349773 |
| Inter-American Development Bank |  |  |
| 2.38%, 07/07/27<sup>(a)</sup> | 171 | 166384 |
| 1.13%, 07/20/28<sup>(a)</sup> | 511 | 472348 |
| 3.13%, 09/18/28 | 300 | 294148 |
| 2.25%, 06/18/29<sup>(a)</sup> | 500 | 471443 |
| 4.50%, 02/15/30 | 50 | 51394 |
| 3.75%, 06/14/30 | 50 | 49790 |
| 1.13%, 01/13/31 | 427 | 368106 |
| 4.38%, 07/17/34 | 300 | 302551 |
| 3.20%, 08/07/42 | 130 | 103925 |
| 4.38%, 01/24/44<sup>(a)</sup> | 75 | 69545 |
| International Bank for Reconstruction & Development |  |  |
| 1.88%, 10/27/26 | 130 | 126629 |
| 3.13%, 06/15/27 | 400 | 394799 |
| 2.50%, 11/22/27<sup>(a)</sup> | 341 | 331279 |
| 0.75%, 11/24/27 | 500 | 465820 |
| 1.38%, 04/20/28 | 500 | 468646 |
| 1.13%, 09/13/28 | 1350 | 1242968 |
| 3.63%, 09/21/29 | 300 | 297839 |
| 3.88%, 10/16/29<sup>(a)</sup> | 500 | 501175 |
| 4.13%, 03/20/30 | 385 | 389717 |
| 0.75%, 08/26/30 | 800 | 684095 |
| 1.25%, 02/10/31 | 500 | 433050 |
| 1.63%, 11/03/31<sup>(a)</sup> | 750 | 650140 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** |  |
| International Bank for Reconstruction & <br> Development (continued)<br>|  |  |
| 4.63%, 01/15/32<sup>(a)</sup> | 80 | $82732 |
| 2.50%, 03/29/32<sup>(a)</sup> | 700 | 636633 |
| 4.00%, 05/06/32 | 40 | 39886 |
| 3.88%, 08/28/34 | 350 | 340011 |
| 4.75%, 02/15/35 | 87 | 89916 |
| International Finance Corp. |  |  |
| 0.75%, 10/08/26 | 341 | 327808 |
| 0.75%, 08/27/30 | 341 | 291566 |
| Nordic Investment Bank, 4.38%, 03/14/28<sup>(a)</sup> | 500 | 507734 |
|  |  | 23426534 |
| **Sweden — 0.0%** | **Sweden — 0.0%** |  |
| Svensk Exportkredit AB |  |  |
| 2.25%, 03/22/27 | 500 | 485921 |
| 4.13%, 06/14/28 | 500 | 503846 |
| 4.88%, 10/04/30 | 200 | 208097 |
|  |  | 1197864 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** |  |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 | 150 | 135900 |
| Uruguay Government International Bonds |  |  |
| 4.38%, 10/27/27<sup>(a)</sup> | 171 | 171427 |
| 4.38%, 01/23/31 | 427 | 426573 |
| 5.75%, 10/28/34 | 150 | 158400 |
| 7.63%, 03/21/36 | 300 | 357600 |
| 5.44%, 02/14/37 | 25 | 25613 |
| 5.10%, 06/18/50 | 384 | 354048 |
| 4.98%, 04/20/55 | 300 | 265800 |
|  |  | 1895361 |
| **Total Foreign Agency Obligations — 2.3%** <br>**(Cost: $76,320,344)** | **Total Foreign Agency Obligations — 2.3%** <br>**(Cost: $76,320,344)** | 72435657 |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Arizona — 0.0%** | **Arizona — 0.0%** |  |
| Salt River Project Agricultural Improvement & Power <br> District, RB, BAB, 4.84%, 01/01/41<sup>(a)</sup><br>| 85 | 80021 |
| **California — 0.1%** | **California — 0.1%** |  |
| Bay Area Toll Authority, RB, BAB, Series S-1, 7.04%, <br> 04/01/50<sup>(a)</sup><br>| 75 | 85900 |
| Bay Area Toll Authority, Refunding RB, Series F-3, <br> 3.13%, 04/01/55<br>| 95 | 61866 |
| California Health Facilities Financing Authority, RB, <br> M/F Housing<sup>(a)</sup> <br>|  |  |
| Sustainability Bonds, 4.19%, 06/01/37 | 65 | 60307 |
| Sustainability Bonds, 4.35%, 06/01/41 | 85 | 77201 |
| California State University, RB |  |  |
| Series B, 5.18%, 11/01/53 | 50 | 46720 |
| Series E, 2.90%, 11/01/51 | 75 | 51928 |
| California State University, Refunding RB, Series B, <br> 2.98%, 11/01/51<br>| 180 | 119241 |
| City of Los Angeles Department of Airports Customer <br> Facility Charge Revenue, Refunding ARB, Class A, <br> Sustainability Bonds, (AG), 4.24%, 05/15/48<sup>(a)</sup><br>| 60 | 51056 |
| City of San Francisco California Public Utilities <br> Commission Water Revenue, RB, BAB, 6.95%, <br> 11/01/50<br>| 75 | 84986 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| East Bay Municipal Utility District Water System <br> Revenue, RB, BAB, 5.87%, 06/01/40<br>| 75 | $79023 |
| Foothill-Eastern Transportation Corridor Agency, <br> Refunding RB<br>|  |  |
| Series A, 4.09%, 01/15/49 | 80 | 64716 |
| Series A, (AG), 3.92%, 01/15/53 | 65 | 48494 |
| Golden State Tobacco Securitization Corp., Refunding <br> RB<br>|  |  |
| Class B, (SAP), 2.75%, 06/01/34<sup>(a)</sup> | 60 | 52422 |
| Class B, (SAP), 3.29%, 06/01/42 | 150 | 112157 |
| Class B, (SAP), 3.00%, 06/01/46 | 30 | 26624 |
| Series A-1, 3.71%, 06/01/41 | 80 | 61415 |
| Subordinate, 3.85%, 06/01/50 | 55 | 51423 |
| Los Angeles Community College District, GO, BAB, <br> 6.75%, 08/01/49<br>| 100 | 111638 |
| Los Angeles County Public Works Financing <br> Authority, Refunding RB, BAB, 7.62%, 08/01/40<br>| 75 | 88115 |
| Los Angeles Department of Water & Power, RB, BAB, <br> 6.57%, 07/01/45<br>| 125 | 131289 |
| Regents of the University of California Medical Center <br> Pooled Revenue, RB<br>|  |  |
| Series N, 3.71%, 05/15/2120 | 100 | 61456 |
| Series Q, 4.13%, 05/15/32 | 70 | 67620 |
| Series Q, 4.56%, 05/15/53 | 85 | 71377 |
| Regents of the University of California Medical Center <br> Pooled Revenue, RB, BAB, Series H, 6.55%, <br> 05/15/48<br>| 65 | 69385 |
| San Diego County Regional Transportation <br> Commission, RB, BAB, 5.91%, 04/01/48<sup>(a)</sup><br>| 70 | 71101 |
| San Diego County Water Authority, RB, BAB, <br> Series B, 6.14%, 05/01/49<br>| 85 | 88704 |
| San Joaquin Hills Transportation Corridor Agency, <br> Refunding RB, Series B, (AG), 3.49%, 01/15/50<br>| 75 | 55756 |
| State of California, GO, BAB |  |  |
| 7.30%, 10/01/39 | 460 | 531933 |
| 7.35%, 11/01/39 | 280 | 325344 |
| 7.60%, 11/01/40 | 325 | 391598 |
| State of California, Refunding GO |  |  |
| 3.50%, 04/01/28 | 70 | 69104 |
| 4.60%, 04/01/28<sup>(f)</sup> | 65 | 66078 |
| 2.50%, 10/01/29<sup>(a)</sup> | 220 | 206446 |
| 5.75%, 10/01/31<sup>(a)</sup> | 250 | 267051 |
| 5.10%, 09/01/35 | 50 | 50912 |
| 5.20%, 03/01/43 | 55 | 53166 |
| University of California, RB |  |  |
| Series AD, 4.86%, 05/15/2112 | 75 | 62935 |
| Series AQ, 4.77%, 05/15/2115 | 72 | 58863 |
| Series BD, 3.35%, 07/01/29<sup>(a)</sup> | 110 | 107609 |
|  |  | 4142959 |
| **Colorado — 0.0%** | **Colorado — 0.0%** |  |
| Regional Transportation District Sales Tax Revenue, <br> RB, BAB, Series B, 5.84%, 11/01/50<br>| 75 | 76323 |
| **Connecticut — 0.0%** | **Connecticut — 0.0%** |  |
| State of Connecticut, GO, Series A, 5.85%, 03/15/32 | 110 | 117821 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |  |
| District of Columbia Water & Sewer Authority, RB, <br> Series A, Senior Lien, Sustainability Bonds, 4.81%, <br> 10/01/2114<sup>(a)</sup><br>| $70 | $59738 |
| Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, RB, BAB, 7.46%, 10/01/46<br>| 75 | 87966 |
|  |  | 147704 |
| **Florida — 0.0%** | **Florida — 0.0%** |  |
| County of Miami-Dade Florida Aviation Revenue, <br> Refunding RB, Series C, 4.28%, 10/01/41<br>| 125 | 112574 |
| County of Miami-Dade Florida Transit System, <br> Refunding RB, Series B, 2.60%, 07/01/42<br>| 60 | 45135 |
| State Board of Administration Finance Corp., RB |  |  |
| Series A, 2.15%, 07/01/30 | 165 | 148315 |
| Series A, 5.53%, 07/01/34 | 100 | 102765 |
|  |  | 408789 |
| **Georgia — 0.0%** | **Georgia — 0.0%** |  |
| City of Atlanta Georgia Water & Wastewater Revenue, <br> Refunding RB, 2.26%, 11/01/35<br>| 80 | 65718 |
| Municipal Electric Authority of Georgia, Refunding RB, <br> BAB, 6.66%, 04/01/57<br>| 115 | 122362 |
|  |  | 188080 |
| **Idaho — 0.0%** | **Idaho — 0.0%** |  |
| Idaho Energy Resources Authority, RB, 2.86%, <br> 09/01/46<sup>(a)</sup><br>| 85 | 58152 |
| **Illinois — 0.1%** | **Illinois — 0.1%** |  |
| Chicago O'Hare International Airport, ARB<sup>(a)</sup> <br>|  |  |
| Series C, Senior Lien, 4.47%, 01/01/49 | 65 | 56096 |
| Series C, Senior Lien, 4.57%, 01/01/54 | 65 | 56265 |
| Chicago Transit Authority Sales & Transfer Tax <br> Receipts Revenue, RB, Series A, 6.90%, 12/01/40<br>| 89 | 98722 |
| Illinois State Toll Highway Authority, RB, BAB, <br> Series A, 6.18%, 01/01/34<br>| 87 | 93195 |
| Metropolitan Water Reclamation District of Greater <br> Chicago, GOL, BAB, 5.72%, 12/01/38<br>| 70 | 72358 |
| Sales Tax Securitization Corp., Refunding RB, <br> Series B, 2nd Lien, 3.24%, 01/01/42<br>| 230 | 185172 |
| State of Illinois, GO, 5.10%, 06/01/33<sup>(a)</sup> | 694 | 695279 |
| State of Illinois, GO, BAB, 7.35%, 07/01/35<sup>(a)</sup> | 63 | 68279 |
|  |  | 1325366 |
| **Indiana — 0.0%** | **Indiana — 0.0%** |  |
| Indiana Finance Authority, Refunding RB, <br> Sustainability Bonds, 3.05%, 01/01/51<br>| 75 | 53439 |
| **Kansas — 0.0%** | **Kansas — 0.0%** |  |
| Kansas Development Finance Authority, RB, <br> Series K, (BAM), 2.77%, 05/01/51<br>| 55 | 37216 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** |  |
| Louisiana Local Government Environmental Facilities <br> & Community Development Authority, RB<br>|  |  |
| Class A-1, 3.62%, 02/01/29 | 62 | 61081 |
| Series A-3, 5.20%, 12/01/39 | 125 | 126552 |
| Series A-4, 4.48%, 08/01/39 | 110 | 104898 |
|  |  | 292531 |
| **Massachusetts — 0.0%** | **Massachusetts — 0.0%** |  |
| Commonwealth of Massachusetts, GOL, Series H, <br> 2.90%, 09/01/49<br>| 80 | 53744 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Massachusetts (continued)** | **Massachusetts (continued)** |  |
| Commonwealth of Massachusetts, GOL, BAB, 5.46%, <br> 12/01/39<br>| 180 | $182895 |
| Massachusetts School Building Authority, RB, BAB, <br> 5.72%, 08/15/39<br>| 115 | 118266 |
| Massachusetts School Building Authority, Refunding <br> RB, Series B, Sustainability Bonds, 1.75%, <br> 08/15/30<br>| 75 | 67884 |
|  |  | 422789 |
| **Michigan — 0.0%** | **Michigan — 0.0%** |  |
| Michigan Finance Authority, Refunding RB |  |  |
| 3.08%, 12/01/34 | 60 | 53536 |
| 3.38%, 12/01/40 | 70 | 57496 |
| Michigan State University, RB, Series A, 4.17%, <br> 08/15/2122<br>| 82 | 59583 |
| Michigan Strategic Fund, RB, 3.23%, 09/01/47<sup>(a)</sup> | 85 | 63016 |
| University of Michigan, RB |  |  |
| Series A, 3.50%, 04/01/52 | 60 | 43371 |
| Series A, 4.45%, 04/01/2122 | 74 | 58444 |
| Series B, Sustainability Bonds, 3.50%, 04/01/52 | 95 | 69539 |
|  |  | 404985 |
| **Minnesota — 0.0%** | **Minnesota — 0.0%** |  |
| University of Minnesota, RB, 4.05%, 04/01/52 | 64 | 50863 |
| **Missouri — 0.0%** | **Missouri — 0.0%** |  |
| Health & Educational Facilities Authority of the State <br> of Missouri, RB, Series A, 3.65%, 08/15/57<br>| 90 | 64798 |
| **Nevada — 0.0%** | **Nevada — 0.0%** |  |
| County of Clark Department of Aviation, ARB, BAB, <br> Series C, 6.82%, 07/01/45<br>| 95 | 106095 |
| **New Jersey — 0.0%** | **New Jersey — 0.0%** |  |
| New Jersey Economic Development Authority, RB, <br> Series A, (NPFGC), 7.43%, 02/15/29<br>| 249 | 262906 |
| New Jersey Transportation Trust Fund Authority, RB, <br> BAB, Series B, 6.56%, 12/15/40<br>| 75 | 82562 |
| New Jersey Turnpike Authority, RB, BAB, Series F, <br> 7.41%, 01/01/40<br>| 155 | 185045 |
| Rutgers The State University of New Jersey, RB, <br> Series P, 3.92%, 05/01/2119<br>| 74 | 49177 |
| Rutgers The State University of New Jersey, <br> Refunding RB, Series R, 3.27%, 05/01/43<br>| 80 | 63101 |
|  |  | 642791 |
| **New York — 0.1%** | **New York — 0.1%** |  |
| City of New York, GO |  |  |
| Series C-2, 4.61%, 09/01/37<sup>(a)</sup> | 100 | 97401 |
| Series B-1, Sustainability Bonds, 5.83%, 10/01/53 | 250 | 257501 |
| Series D-1, Sustainability Bonds, 5.11%, <br> 10/01/54<sup>(a)</sup><br>| 60 | 56040 |
| City of New York, GO, BAB |  |  |
| Series A-2, 5.21%, 10/01/31 | 90 | 91024 |
| Series F-1, 6.27%, 12/01/37 | 85 | 91520 |
| Metropolitan Transportation Authority Dedicated Tax <br> Fund, RB, BAB, 7.34%, 11/15/39<br>| 90 | 106303 |
| Metropolitan Transportation Authority, RB, BAB |  |  |
| 6.67%, 11/15/39 | 100 | 107618 |
| 6.81%, 11/15/40 | 50 | 54323 |
| New York City Municipal Water Finance Authority, <br> Refunding RB, BAB<br>|  |  |
| 5.72%, 06/15/42 | 85 | 85531 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| New York City Municipal Water Finance Authority, <br> Refunding RB, BAB (continued)<br>|  |  |
| 6.01%, 06/15/42 | 110 | $114043 |
| 5.44%, 06/15/43<sup>(a)</sup> | 75 | 73514 |
| New York State Dormitory Authority, RB |  |  |
| Series B, 5.23%, 07/01/35 | 100 | 102109 |
| Series B, 5.83%, 07/01/55 | 50 | 52133 |
| Port Authority of New York & New Jersey, ARB |  |  |
| Series 192, 4.81%, 10/15/65 | 80 | 71522 |
| Series 225, 3.18%, 07/15/60<sup>(a)</sup> | 70 | 44299 |
| Port Authority of New York & New Jersey, RB |  |  |
| Series 159, 6.04%, 12/01/29 | 75 | 80182 |
| Series 168, 4.93%, 10/01/51 | 220 | 202824 |
| Series 182, 5.31%, 08/01/46 | 75 | 71966 |
| Port Authority of New York & New Jersey, Refunding <br> ARB, Series 239, 5.07%, 07/15/53<br>| 50 | 47102 |
| Port Authority of New York & New Jersey, Refunding <br> RB, Series 174, 4.46%, 10/01/62<br>| 300 | 249833 |
|  |  | 2056788 |
| **North Carolina — 0.0%** | **North Carolina — 0.0%** |  |
| Charlotte-Mecklenburg Hospital Authority, RB, <br> Series S, 3.20%, 01/15/51<sup>(a)</sup><br>| 75 | 50636 |
| **Ohio — 0.0%** | **Ohio — 0.0%** |  |
| American Municipal Power, Inc., RB, Series B, 8.08%, <br> 02/15/50<sup>(a)</sup><br>| 100 | 126998 |
| JobsOhio Beverage System, Refunding RB, Series A, <br> 2.83%, 01/01/38<br>| 100 | 82831 |
| Ohio State University, RB, BAB, Series C, 4.91%, <br> 06/01/40<br>| 145 | 141374 |
| Ohio Turnpike & Infrastructure Commission, <br> Refunding RB, Series A, Junior Lien, 3.22%, <br> 02/15/48<br>| 95 | 68515 |
|  |  | 419718 |
| **Oregon — 0.0%** | **Oregon — 0.0%** |  |
| Oregon School Boards Association, GOL, Series B, <br> (NPFGC), 5.55%, 06/30/28<br>| 61 | 61467 |
| Oregon State University, RB, (BAM), 3.42%, <br> 03/01/60<br>| 62 | 40910 |
| State of Oregon, GO, 5.89%, 06/01/27 | 77 | 79046 |
|  |  | 181423 |
| **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |  |
| Commonwealth Financing Authority, RB, Series A, <br> 2.99%, 06/01/42<sup>(a)</sup><br>| 225 | 168171 |
| Pennsylvania Economic Development Financing <br> Authority, RB, 5.69%, 06/01/54<br>| 50 | 49712 |
| Pennsylvania State University, Refunding RB, <br> Series D, 2.79%, 09/01/43<br>| 100 | 75240 |
| University of Pittsburgh-of the Commonwealth System <br> of Higher Education, RB, 3.56%, 09/15/2119<sup>(a)</sup><br>| 62 | 39220 |
|  |  | 332343 |
| **South Carolina — 0.0%** | **South Carolina — 0.0%** |  |
| South Carolina Public Service Authority, RB, BAB, <br> Series C, 6.45%, 01/01/50<br>| 74 | 77692 |
| **Tennessee — 0.0%** | **Tennessee — 0.0%** |  |
| Metropolitan Government Nashville & Davidson <br> County Health & Educational Facilities Board, RB, <br> Series B, 4.05%, 07/01/26<br>| 62 | 61750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas — 0.1%** | **Texas — 0.1%** |  |
| City of San Antonio Texas Electric & Gas Systems <br> Revenue, RB, 4.43%, 02/01/42<br>| $65 | $61178 |
| City of San Antonio Texas Electric & Gas Systems <br> Revenue, RB, BAB, Junior Lien, 5.81%, 02/01/41<br>| 95 | 95743 |
| Dallas Area Rapid Transit, Refunding RB, Series A, <br> Senior Lien, 2.61%, 12/01/48<br>| 70 | 45859 |
| Dallas Fort Worth International Airport, Refunding RB |  |  |
| 2.84%, 11/01/46 | 65 | 46811 |
| Series A, 2.99%, 11/01/38<sup>(a)</sup> | 75 | 63532 |
| Series C, 2.92%, 11/01/50<sup>(a)</sup> | 160 | 109452 |
| Grand Parkway Transportation Corp., Refunding RB, <br> Subordinate, 3.24%, 10/01/52<br>| 200 | 132965 |
| North Texas Tollway Authority, RB, BAB, Series B, <br> 6.72%, 01/01/49<br>| 96 | 106475 |
| State of Texas, GO, BAB, 5.52%, 04/01/39 | 110 | 113198 |
| Texas Department of Transportation State Highway <br> Fund, RB, Series B, 5.18%, 04/01/30<br>| 110 | 112000 |
| Texas Natural Gas Securitization Finance Corp., RB<sup>(a)</sup> <br>|  |  |
| Series 2023-1, Class A1, 5.10%, 04/01/35 | 154 | 157819 |
| Series 2023-1, Class A2, 5.17%, 04/01/41 | 170 | 171620 |
| Texas Private Activity Bond Surface Transportation <br> Corp., RB, Series B, 3.92%, 12/31/49<br>| 80 | 62175 |
| Texas Transportation Commission, Refunding GO, <br> 2.47%, 10/01/44<br>| 185 | 128424 |
|  |  | 1407251 |
| **Virginia — 0.0%** | **Virginia — 0.0%** |  |
| University of Virginia, RB, Series C, 4.18%, <br> 09/01/2117<br>| 60 | 44802 |
| University of Virginia, Refunding RB |  |  |
| 2.26%, 09/01/50 | 120 | 67960 |
| Series U, 2.58%, 11/01/51 | 85 | 51395 |
|  |  | 164157 |
| **Wisconsin — 0.0%** | **Wisconsin — 0.0%** |  |
| State of Wisconsin, Refunding RB, Series A, 3.95%, <br> 05/01/36<br>| 110 | 102945 |
| **Total Municipal Bonds — 0.4%** <br>**(Cost: $15,886,428)** | **Total Municipal Bonds — 0.4%** <br>**(Cost: $15,886,428)** | 13475425 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** |
| Bank |  |  |
| Series 2018-BN12, Class AS, 4.47%, 05/15/61<sup>(c)</sup> | 239 | 235198 |
| Series 2019-BN18, Class A4, 3.58%, 05/15/62 | 341 | 323461 |
| Series 2019-BN21, Class A5, 2.85%, 10/17/52 | 936 | 863152 |
| Series 2020-BN25, Class C, 3.46%, 01/15/63<sup>(c)</sup> | 200 | 174403 |
| Series 2020-BN27, Class A5, 2.14%, 04/15/63 | 925 | 809736 |
| Series 2024-5YR11, Class A3, 5.89%, 11/15/57 | 500 | 523796 |
| Series 2024-5YR7, Class A3, 5.77%, 06/15/57 | 950 | 987338 |
| BBCMS Mortgage Trust |  |  |
| Series 2017-C1, Class A4, 3.67%, 02/15/50 | 392 | 384088 |
| Series 2021-C12, Class A5, 2.69%, 11/15/54 | 400 | 352723 |
| Series 2022-C17, Class A5, 4.44%, 09/15/55 | 500 | 485005 |
| Series 2022-C18, Class AS, 6.35%, 12/15/55<sup>(c)</sup> | 250 | 265082 |
| Series 2023-C21, Class A5, 6.00%, 09/15/56<sup>(c)</sup> | 940 | 1001210 |
| BBCMS Trust, Series 2021-C10, Class A5, 2.49%, <br> 07/15/54<br>| 1577 | 1410577 |
| Benchmark Mortgage Trust |  |  |
| 2.14%, 09/15/54 | 500 | 434466 |
| Series 2018-B5, Class A4, 4.21%, 07/15/51 | 511 | 504043 |
| Series 2019-B10, Class A4, 3.72%, 03/15/62 | 546 | 528063 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Benchmark Mortgage Trust (continued) |  |  |
| Series 2019-B11, Class A4, 3.28%, 05/15/52 | 681 | $651708 |
| Series 2019-B9, Class A5, 4.02%, 03/15/52 | 511 | 497407 |
| Series 2020-B19, Class B, 2.35%, 09/15/53 | 193 | 150033 |
| Series 2020-B21, Class A4, 1.70%, 12/17/53 | 612 | 532191 |
| Series 2020-B21, Class A5, 1.98%, 12/17/53 | 410 | 355297 |
| Series 2021-B29, Class A5, 2.39%, 09/15/54 | 567 | 495590 |
| Series 2024-V5, Class B, 6.06%, 01/10/57<sup>(c)</sup> | 200 | 203922 |
| Series 2025-V14, Class AM, 6.09%, 04/15/57<sup>(c)</sup> | 250 | 261530 |
| BMO Mortgage Trust |  |  |
| Series 2024-5C6, Class C, 5.88%, 09/15/57<sup>(c)</sup> | 125 | 124758 |
| Series 2024-5C8, Class A3, 5.63%, 12/15/57<sup>(c)</sup> | 100 | 103770 |
| Series 2024-5C8, Class C, 5.74%, 12/15/57<sup>(c)</sup> | 200 | 200837 |
| Series 2024-C9, Class C, 6.60%, 07/15/57<sup>(c)</sup> | 200 | 200592 |
| Series 2025-C11, Class A5, 5.69%, 02/15/58 | 500 | 522938 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2017-P7, Class A4, 3.71%, 04/14/50 | 384 | 375594 |
| Series 2019-C7, Class C, 4.05%, 12/15/72<sup>(c)</sup> | 200 | 180765 |
| CSAIL Commercial Mortgage Trust |  |  |
| Series 2016-C7, Class A5, 3.50%, 11/15/49 | 816 | 803407 |
| Series 2018-CX11, Class A5, 4.03%, 04/15/51<sup>(c)</sup> | 681 | 669255 |
| Series 2018-CX11, Class B, 4.45%, 04/15/51<sup>(c)</sup> | 250 | 242810 |
| Series 2020-C19, Class A3, 2.56%, 03/15/53 | 500 | 449715 |
| DBJPM Mortgage Trust, Series 2016-C3, Class A5, <br> 2.89%, 08/10/49<br>| 1275 | 1249156 |
| GS Mortgage Securities Trust, Series 2018-GS10, <br> Class A5, 4.16%, 07/10/51<sup>(c)</sup><br>| 511 | 499715 |
| JPMCC Commercial Mortgage Securities Trust, <br> Series 2017-JP7, Class A5, 3.45%, 09/15/50<br>| 597 | 580715 |
| JPMDB Commercial Mortgage Securities Trust, <br> Series 2017-C7, Class A5, 3.41%, 10/15/50<br>| 1021 | 990454 |
| Morgan Stanley Bank of America Merrill Lynch Trust, <br> Series 2016-C28, Class A4, 3.54%, 01/15/49<br>| 1151 | 1141140 |
| Morgan Stanley Capital I Trust |  |  |
| Series 2018-H3, Class A4, 3.91%, 07/15/51 | 456 | 447238 |
| Series 2019-H6, Class A4, 3.42%, 06/15/52 | 102 | 98064 |
| Series 2019-L3, Class AS, 3.49%, 11/15/52 | 132 | 123346 |
| Series 2020-L4, Class AS, 2.88%, 02/15/53 | 500 | 451208 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| Series 2018-C43, Class AS, 4.15%, 03/15/51<sup>(c)</sup> | 100 | 97605 |
| Series 2019-C49, Class A5, 4.02%, 03/15/52 | 655 | 642225 |
| Series 2020-C56, Class A5, 2.45%, 06/15/53 | 530 | 480827 |
| Series 2020-C58, Class A4, 2.09%, 07/15/53 | 481 | 420209 |
| **Total Non-Agency Mortgage-Backed Securities — 0.8%** <br>**(Cost: $24,734,589)** | **Total Non-Agency Mortgage-Backed Securities — 0.8%** <br>**(Cost: $24,734,589)** | 23526362 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.0%** | **Capital Trusts — 0.0%** | **Capital Trusts — 0.0%** |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |  |
| Apollo Global Management, Inc., 6.00%, <br> 12/15/54<sup>(a)(c)</sup><br>| 30 | 29254 |
| **Electric Utilities**<sup>(c)</sup> **— 0.0%** | **Electric Utilities**<sup>(c)</sup> **— 0.0%** |  |
| American Electric Power Co., Inc. |  |  |
| 6.95%, 12/15/54<sup>(a)</sup> | 50 | 52132 |
| 3.88%, 02/15/62 | 71 | 68122 |
| CenterPoint Energy, Inc. |  |  |
| 6.70%, 05/15/55 | 30 | 30276 |
| Series B, 6.85%, 02/15/55<sup>(a)</sup> | 75 | 77592 |
| CMS Energy Corp., 6.50%, 06/01/55 | 40 | 40096 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** |  |
| Dominion Energy, Inc. |  |  |
| 6.63%, 05/15/55 | 50 | $50744 |
| Series B, 7.00%, 06/01/54<sup>(a)</sup> | 100 | 107293 |
| Duke Energy Corp., 6.45%, 09/01/54 | 100 | 102781 |
| Sempra, 6.88%, 10/01/54 | 120 | 121013 |
| Southern Co., Series 2025, 6.38%, 03/15/55 | 50 | 51448 |
|  |  | 701497 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** |  |
| Goldman Sachs Capital I, 6.35%, 02/15/34 | 87 | 90357 |
| **Insurance — 0.0%** | **Insurance — 0.0%** |  |
| Corebridge Financial, Inc., 6.38%, 09/15/54<sup>(c)</sup> | 75 | 74751 |
| MetLife, Inc., 6.40%, 12/15/66 | 104 | 108906 |
| Prudential Financial, Inc., 6.50%, 03/15/54<sup>(a)(c)</sup> | 100 | 102725 |
|  |  | 286382 |
|  |  | 1107490 |
| **Total Preferred Securities — 0.0%** <br>**(Cost: $1,117,623)** | **Total Preferred Securities — 0.0%** <br>**(Cost: $1,117,623)** | 1107490 |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Agency Obligations — 0.3%** | **Agency Obligations — 0.3%** |  |
| Fannie Mae |  |  |
| 6.25%, 05/15/29 | 909 | 989995 |
| 7.13%, 01/15/30 | 1698 | 1931095 |
| 7.25%, 05/15/30 | 3487 | 4015905 |
| 0.88%, 08/05/30<sup>(a)</sup> | 1191 | 1028993 |
| 6.63%, 11/15/30 | 53 | 59965 |
| Federal Home Loan Banks, 5.50%, 07/15/36 | 370 | 403281 |
| Federal Home Loan Mortgage Corp. |  |  |
| 0.38%, 07/21/25 | 82 | 81821 |
| 6.75%, 03/15/31 | 477 | 545764 |
| 6.25%, 07/15/32 | 562 | 637198 |
| Tennessee Valley Authority |  |  |
| 1.50%, 09/15/31<sup>(a)</sup> | 70 | 60127 |
| 5.88%, 04/01/36 | 359 | 396902 |
| 3.50%, 12/15/42 | 74 | 60144 |
| 5.25%, 02/01/55 | 50 | 48771 |
|  |  | 10259961 |
| **Commercial Mortgage-Backed Securities — 0.7%** | **Commercial Mortgage-Backed Securities — 0.7%** |  |
| Fannie Mae-Aces |  |  |
| Series 2017-M15, Class A2, 3.06%, 09/25/27<sup>(c)</sup> | 547 | 534267 |
| Series 2018-M12, Class A2, 3.75%, 08/25/30<sup>(c)</sup> | 511 | 497817 |
| Series 2019-M22, Class A2, 2.52%, 08/25/29 | 747 | 702142 |
| Series 2019-M9, Class A2, 2.94%, 06/25/29 | 650 | 626322 |
| Series 2020-M46, Class A2, 1.32%, 05/25/30 | 913 | 809268 |
| Series 2021-M13, Class A2, 1.65%, 04/25/31<sup>(c)</sup> | 724 | 621962 |
| Series 2021-M17, Class A2, 1.71%, 07/25/31<sup>(c)</sup> | 511 | 442400 |
| Series 2021-M2S, Class A2, 1.87%, 10/25/31<sup>(c)</sup> | 1470 | 1273930 |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates<br>|  |  |
| Series K063, Class A2, 3.43%, 01/25/27<sup>(c)</sup> | 850 | 839898 |
| Series K066, Class A2, 3.12%, 06/25/27 | 597 | 586432 |
| Series K076, Class A2, 3.90%, 04/25/28 | 341 | 339501 |
| Series K088, Class A2, 3.69%, 01/25/29 | 87 | 85922 |
| Series K100, Class A2, 2.67%, 09/25/29 | 1698 | 1604821 |
| Series K101, Class A2, 2.52%, 10/25/29 | 960 | 901088 |
| Series K110, Class A2, 1.48%, 04/25/30 | 450 | 399671 |
| Series K111, Class A2, 1.35%, 05/25/30 | 171 | 150391 |
| Series K123, Class A2, 1.62%, 12/25/30 | 1698 | 1487780 |
| Series K126, Class A2, 2.07%, 01/25/31 | 1856 | 1662480 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates (continued)<br>|  |  |
| Series K-1521, Class A2, 2.18%, 08/25/36 | 813 | $636259 |
| Series K-154, Class A2, 4.35%, 01/25/33<sup>(c)</sup> | 1000 | 994066 |
| Series K-156, Class A2, 4.43%, 02/25/33<sup>(c)</sup> | 1500 | 1498743 |
| Series K739, Class A2, 1.34%, 09/25/27 | 495 | 468982 |
| Series K-752, Class A2, 4.28%, 07/25/30 | 5000 | 5022352 |
| Series K755, Class A2, 5.20%, 02/25/31 | 1110 | 1159598 |
|  |  | 23346092 |
| **Mortgage-Backed Securities — 24.4%** | **Mortgage-Backed Securities — 24.4%** |  |
| Fannie Mae Mortgage-Backed Securities |  |  |
| 3.00%, 02/01/47 | 157 | 140630 |
| 4.00%, 02/01/47 - 02/01/57 | 565 | 532973 |
| 3.50%, 11/01/51 | 883 | 815607 |
| (12-mo. RFUCCT US + 1.53%), 6.36%, <br> 05/01/43<sup>(c)</sup><br>| 6 | 5719 |
| (12-mo. RFUCCT US + 1.54%), 6.25%, <br> 06/01/43<sup>(c)</sup><br>| 8 | 7960 |
| (12-mo. RFUCCT US + 1.70%), 6.32%, <br> 08/01/42<sup>(c)</sup><br>| 2 | 1765 |
| (12-mo. RFUCCT US + 1.75%), 7.18%, <br> 08/01/41<sup>(c)</sup><br>| 1 | 563 |
| (12-mo. RFUCCT US + 1.83%), 6.75%, 11/01/40<sup>(c)</sup> | 1 | 721 |
| Freddie Mac Mortgage-Backed Securities |  |  |
| 3.00%, 03/01/27 - 10/01/47 | 6002 | 5410865 |
| 2.50%, 07/01/28 - 01/01/33 | 1154 | 1110938 |
| 3.50%, 03/01/32 - 06/01/49 | 5925 | 5504711 |
| 5.00%, 04/01/33 - 04/01/49 | 236 | 236899 |
| 4.00%, 05/01/33 - 01/01/49 | 2040 | 1940696 |
| 5.50%, 06/01/35 - 01/01/39 | 8 | 8009 |
| 4.50%, 06/01/38 - 01/01/49 | 870 | 852486 |
| (12-mo. RFUCCT US + 1.67%), 7.12%, <br> 08/01/41<sup>(c)</sup><br>| 1 | 925 |
| (12-mo. RFUCCT US + 1.85%), 6.94%, <br> 09/01/40<sup>(c)</sup><br>| 1 | 1183 |
| Ginnie Mae Mortgage-Backed Securities |  |  |
| 5.50%, 12/15/32 - 12/20/54<sup>(g)</sup> | 18888 | 18974190 |
| 6.00%, 03/15/35 - 01/20/55<sup>(g)</sup> | 11136 | 11322489 |
| 6.50%, 09/15/36 - 03/20/55<sup>(g)</sup> | 7309 | 7514906 |
| 4.50%, 07/15/39 - 11/20/54<sup>(g)</sup> | 15056 | 14502918 |
| 5.00%, 11/15/39 - 11/20/54<sup>(g)</sup> | 18647 | 18366157 |
| 4.00%, 03/15/41 - 07/15/54<sup>(g)</sup> | 13189 | 12361673 |
| 3.50%, 09/20/42 - 08/15/54<sup>(g)</sup> | 20516 | 18874846 |
| 3.00%, 01/20/43 - 07/15/54<sup>(g)</sup> | 24895 | 22143134 |
| 2.50%, 05/20/45 - 07/15/54<sup>(g)</sup> | 33688 | 28600040 |
| 2.00%, 07/20/50 - 07/15/54<sup>(g)</sup> | 35881 | 29231240 |
| 1.50%, 10/20/51 | 144 | 112118 |
| Uniform Mortgage-Backed Securities |  |  |
| 4.00%, 10/01/25 - 07/15/54<sup>(g)</sup> | 36787 | 34764469 |
| 3.50%, 02/01/26 - 07/15/54<sup>(g)</sup> | 39411 | 36216654 |
| 3.00%, 01/01/27 - 07/15/54<sup>(g)</sup> | 61737 | 54803962 |
| 2.50%, 09/01/28 - 07/14/55<sup>(g)</sup> | 121114 | 102816006 |
| 7.00%, 02/01/32 | 1 | 1397 |
| 6.50%, 07/01/32 - 04/01/55<sup>(g)</sup> | 22136 | 23040144 |
| 5.00%, 11/01/33 - 01/01/55<sup>(g)</sup> | 32720 | 32205346 |
| 6.00%, 03/01/34 - 05/01/55<sup>(g)</sup> | 46888 | 47833590 |
| 2.00%, 12/01/35 - 07/15/54<sup>(g)</sup> | 180946 | 148415134 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |  |
| Uniform Mortgage-Backed Securities (continued) |  |  |
| 1.50%, 03/01/36 - 11/01/51<sup>(g)</sup> | 25320 | $20653002 |
| 5.50%, 04/01/36 - 03/01/55<sup>(g)</sup> | 48795 | 49009245 |
| 4.50%, 07/15/39 - 07/15/54<sup>(g)</sup> | 24892 | 23983393 |
|  |  | 772318703 |
| **Total U.S. Government Sponsored Agency Securities — 25.4%** <br>**(Cost: $875,847,080)** | **Total U.S. Government Sponsored Agency Securities — 25.4%** <br>**(Cost: $875,847,080)** | 805924756 |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bonds |  |  |
| 6.75%, 08/15/26 | 1275 | 1315342 |
| 6.63%, 02/15/27 | 597 | 625451 |
| 5.25%, 11/15/28 - 02/15/29 | 2379 | 2498138 |
| 6.13%, 08/15/29 | 1275 | 1389700 |
| 5.38%, 02/15/31 | 1021 | 1098213 |
| 4.50%, 02/15/36 - 11/15/54 | 15929 | 15441462 |
| 4.75%, 02/15/37 - 05/15/55 | 19598 | 19573368 |
| 5.00%, 05/15/37 - 05/15/45<sup>(a)</sup> | 3625 | 3791591 |
| 4.38%, 02/15/38 - 08/15/43 | 7040 | 6809595 |
| 3.50%, 02/15/39 | 1139 | 1028437 |
| 4.25%, 05/15/39 - 08/15/54 | 20757 | 19124406 |
| 4.63%, 02/15/40 - 02/15/55 | 23253 | 22742484 |
| 1.13%, 05/15/40 - 08/15/40 | 12745 | 7877671 |
| 3.88%, 08/15/40 - 05/15/43 | 9857 | 8829695 |
| 1.38%, 11/15/40 - 08/15/50 | 12321 | 7067872 |
| 1.88%, 02/15/41 - 11/15/51 | 23742 | 14544398 |
| 2.25%, 05/15/41 - 02/15/52 | 19945 | 13092302 |
| 1.75%, 08/15/41 | 5091 | 3379947 |
| 2.00%, 11/15/41 - 08/15/51 | 21536 | 13088714 |
| 2.38%, 02/15/42 - 05/15/51 | 19140 | 12935337 |
| 3.00%, 05/15/42 - 08/15/52 | 33477 | 24949565 |
| 3.25%, 05/15/42 | 4100 | 3391309 |
| 2.75%, 08/15/42 - 11/15/47 | 7295 | 5278159 |
| 3.38%, 08/15/42 - 11/15/48 | 9439 | 7676427 |
| 4.00%, 11/15/42 - 11/15/52 | 9600 | 8539266 |
| 3.13%, 02/15/43 - 05/15/48 | 7721 | 6012533 |
| 2.88%, 05/15/43 - 05/15/52 | 20469 | 14935145 |
| 3.63%, 08/15/43 - 05/15/53 | 16144 | 13304003 |
| 3.75%, 11/15/43 | 4262 | 3723923 |
| 4.13%, 08/15/44 - 08/15/53 | 13347 | 12058234 |
| 2.50%, 02/15/45 - 05/15/46 | 10548 | 7352406 |
| 1.25%, 05/15/50 | 3072 | 1475520 |
| 1.63%, 11/15/50 | 8561 | 4510242 |
| U.S. Treasury Notes |  |  |
| 1.88%, 06/30/26 - 02/15/32<sup>(a)</sup> | 25836 | 23983151 |
| 4.50%, 07/15/26 - 11/15/33<sup>(a)</sup> | 43062 | 43866133 |
| 0.63%, 07/31/26 - 08/15/30 | 41537 | 37473207 |
| 1.50%, 08/15/26 - 02/15/30 | 22697 | 21395578 |
| 4.38%, 08/15/26 - 05/15/34 | 52326 | 53197208 |
| 0.75%, 08/31/26 - 01/31/28 | 18331 | 17199014 |
| 1.38%, 08/31/26 - 11/15/31 | 39850 | 35358644 |
| 4.63%, 09/15/26 - 02/15/35 | 73988 | 75645550 |
| 0.88%, 09/30/26 - 11/15/30 | 10351 | 9237012 |
| 1.63%, 09/30/26 - 05/15/31 | 23012 | 21521292 |
| 1.13%, 10/31/26 - 02/15/31 | 29554 | 27011704 |
| 2.00%, 11/15/26 | 2546 | 2482449 |
| 1.25%, 11/30/26 - 08/15/31 | 58647 | 53640443 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| U.S. Treasury Notes (continued) |  |  |
| 4.25%, 11/30/26 - 05/15/35 | 108880 | $110104254 |
| 1.75%, 12/31/26 - 01/31/29 | 13000 | 12216094 |
| 4.00%, 01/15/27 - 02/15/34 | 111439 | 112019608 |
| 4.13%, 01/31/27 - 11/15/32 | 100488 | 101443988 |
| 2.50%, 03/31/27 | 4267 | 4175826 |
| 3.88%, 03/31/27 - 08/15/34 | 95675 | 95419879 |
| 0.50%, 04/30/27 - 10/31/27 | 18628 | 17453729 |
| 2.75%, 04/30/27 - 08/15/32 | 24242 | 23119700 |
| 3.75%, 04/30/27 - 08/31/31 | 37070 | 36993752 |
| 2.38%, 05/15/27 - 05/15/29 | 14389 | 13809650 |
| 3.25%, 06/30/27 - 06/30/29 | 9500 | 9373007 |
| 0.38%, 07/31/27 - 09/30/27 | 10858 | 10101228 |
| 2.25%, 08/15/27 - 11/15/27 | 10350 | 10024684 |
| 3.13%, 08/31/27 - 08/31/29 | 30248 | 29706511 |
| 3.38%, 09/15/27 - 05/15/33 | 16450 | 15937826 |
| 3.50%, 01/31/28 - 02/15/33 | 29240 | 28677783 |
| 3.63%, 03/31/28 - 03/31/30 | 15000 | 14940469 |
| 2.88%, 05/15/28 - 05/15/32 | 28110 | 26938602 |
| 1.00%, 07/31/28 | 6786 | 6256109 |
| 4.88%, 10/31/28 - 10/31/30 | 13250 | 13774434 |
| 2.63%, 02/15/29 - 07/31/29 | 14249 | 13678070 |
| **Total U.S. Treasury Obligations — 44.8%** <br>**(Cost: $1,497,132,463)** | **Total U.S. Treasury Obligations — 44.8%** <br>**(Cost: $1,497,132,463)** | 1417637443 |
| **Total Long-Term Investments — 98.3%** <br>**(Cost: $3,326,021,669)** | **Total Long-Term Investments — 98.3%** <br>**(Cost: $3,326,021,669)** | 3115213477 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Foreign Agency Obligations — 0.0%** | **Foreign Agency Obligations — 0.0%** |  |
| Peruvian Government International Bonds, 3.23%, <br> 07/28/2121<br>| 87 | 46719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Money Market Funds — 7.7%** | **Money Market Funds — 7.7%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(h)(i)(j)</sup><br>| 244505025 | 244602827 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(h)(i)</sup><br>| 100000 | 100000 |
|  |  | 244702827 |
| **Total Short-Term Securities — 7.7%** <br>**(Cost: $244,684,589)** | **Total Short-Term Securities — 7.7%** <br>**(Cost: $244,684,589)** | 244749546 |
| **Total Investments Before TBA Sale Commitments — 106.0%** <br>**(Cost: $3,570,706,258)** | **Total Investments Before TBA Sale Commitments — 106.0%** <br>**(Cost: $3,570,706,258)** | 3359963023 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **TBA Sale Commitments**<sup>(g)</sup> | **TBA Sale Commitments**<sup>(g)</sup> | **TBA Sale Commitments**<sup>(g)</sup> |
| **Mortgage-Backed Securities — (0.2)%** | **Mortgage-Backed Securities — (0.2)%** |  |
| Ginnie Mae Mortgage-Backed Securities |  |  |
| 2.00%, 07/15/54 | $(2050)<br>| $(1669110)<br>|
| 3.50%, 07/15/54 | (1000)<br>| (909034)<br>|
| 5.00%, 07/15/54 | (675)<br>| (662949)<br>|
| 6.50%, 07/15/54 | (271)<br>| (278046)<br>|
| Uniform Mortgage-Backed Securities |  |  |
| 5.50%, 07/15/54 | (975)<br>| (974777)<br>|
| 6.00%, 07/15/54 | (2500)<br>| (2540307)<br>|
| **Total TBA Sale Commitments — (0.2)%** <br>**(Proceeds: $(7018703))** | **Total TBA Sale Commitments — (0.2)%** <br>**(Proceeds: $(7018703))** | (7034223)<br>|
| **Total Investments, Net of TBA Sale Commitments — 105.8%** <br>**(Cost: $3,563,687,555)** | **Total Investments, Net of TBA Sale Commitments — 105.8%** <br>**(Cost: $3,563,687,555)** | 3352928800 |
| **Liabilities in Excess of Other Assets — (5.8)%** | **Liabilities in Excess of Other Assets — (5.8)%** | (184468409)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3168460391 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> When-issued security.

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

<sup>(f)</sup> U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. 

<sup>(g)</sup> Represents or includes a TBA transaction.

<sup>(h)</sup> Affiliate of the Master Portfolio.

<sup>(i)</sup> Annualized 7-day yield as of period end.

<sup>(j)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**U.S. Total Bond Index Master Portfolio**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $274215392 | $— | $(29590676)<br>| $(2242)<br>| $(19647)<br>| $244602827 | 244505025 | $2834950 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 100000 |  |  |  |  | 100000 | 100000 | 2119 | &nbsp;&nbsp; — |
|  |  |  |  | $(2242)<br>| $(19647)<br>| $244702827 |  | $2837069 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Master Portfolio's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10312359 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10312359 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 770793985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 770793985 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72435657 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72435657 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13475425 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13475425 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23526362 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23526362 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1107490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1107490 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 805924756 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 805924756 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1417637443 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1417637443 |
| Short-Term Securities  |  |  |  |  |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46719 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46719 |
| Money Market Funds | &nbsp;&nbsp; 244702827 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 244702827 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7034223)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7034223)<br>|
|  | &nbsp;&nbsp; $244702827 | &nbsp;&nbsp;&nbsp;&nbsp; $3108225973 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3352928800 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | U.S. Total <br>Bond Index <br>Master Portfolio<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $3115260196 |
| Investments, at value — affiliated<sup>(c)</sup> | 244702827 |
| Receivables: |  |
| Investments sold | 23075990 |
| Securities lending income — affiliated | 24016 |
| TBA sale commitments | 7018703 |
| Contributions from investors | 19347018 |
| Dividends — unaffiliated | 438225 |
| Dividends — affiliated | 1196 |
| Interest — unaffiliated | 23731841 |
| Principal paydowns | 8 |
| Prepaid expenses | 4230 |
| Total assets | 3433604250 |
| **LIABILITIES** |  |
| Bank overdraft | 228885 |
| Cash received as collateral for TBA commitments | 984213 |
| Collateral on securities loaned | 116183105 |
| TBA sale commitments, at value<sup>(d)</sup> | 7034223 |
| Payables: |  |
| Investments purchased | 140548246 |
| Investment advisory fees | 95262 |
| Trustees' fees | 7661 |
| Professional fees | 62264 |
| Total liabilities | 265143859 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $3168460391 |
| **NET ASSETS CONSIST OF** |  |
| Investors' capital | $3379219146 |
| Net unrealized appreciation (depreciation) | (210758755) |
| NET ASSETS | $3168460391 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $3326107759 |
| <sup>(b)</sup> Securities loaned, at value | $101296520 |
| <sup>(c)</sup> Investments, at cost—affiliated | $244598499 |
| <sup>(d)</sup> Proceeds from TBA sale commitments | $7018703 |

---

*See notes to financial statements.*

Master Portfolio Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | U.S. Total <br>Bond Index <br>Master Portfolio<br>|
| **INVESTMENT INCOME** |  |
| Dividends — affiliated | &nbsp;&nbsp; $2602833 |
| Interest — unaffiliated | &nbsp;&nbsp; 56590288 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 234236 |
| Total investment income | &nbsp;&nbsp; 59427357 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 608810 |
| Trustees | &nbsp;&nbsp; 13927 |
| Professional | &nbsp;&nbsp; 12558 |
| Total expenses | &nbsp;&nbsp; 635295 |
| Less: |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (67017)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 568278 |
| Net investment income | &nbsp;&nbsp; 58859079 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized loss from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (8242425)<br>|
| Investments — affiliated | &nbsp;&nbsp; (2242)<br>|
|  | &nbsp;&nbsp; (8244667)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 70457503 |
| Investments — affiliated | &nbsp;&nbsp; (19647)<br>|
|  | &nbsp;&nbsp; 70437856 |
| Net realized and unrealized gain | &nbsp;&nbsp; 62193189 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $121052268 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | U.S. Total Bond Index Master Portfolio | U.S. Total Bond Index Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $58859079 | &nbsp;&nbsp;&nbsp; $104106589 |
| Net realized loss | &nbsp;&nbsp; (8244667)<br>| &nbsp;&nbsp;&nbsp; (11990706)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 70437856 | &nbsp;&nbsp;&nbsp; (53200032)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 121052268 | &nbsp;&nbsp;&nbsp; 38915851 |
| **CAPITAL TRANSACTIONS** |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 541435667 | &nbsp;&nbsp;&nbsp; 1196238084 |
| Value of withdrawals | &nbsp;&nbsp; (522350847)<br>| &nbsp;&nbsp;&nbsp; (829462414)<br>|
| Net increase in net assets derived from capital transactions | &nbsp;&nbsp; 19084820 | &nbsp;&nbsp;&nbsp; 366775670 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 140137088 | &nbsp;&nbsp;&nbsp; 405691521 |
| Beginning of period | &nbsp;&nbsp; 3028323303 | &nbsp;&nbsp;&nbsp; 2622631782 |
| End of period | &nbsp;&nbsp; $3168460391 | &nbsp;&nbsp;&nbsp; $3028323303 |

---

*See notes to financial statements.*

Master Portfolio Statements of Changes in Net Assets

------

Financial Highlights

(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | U.S. Total Bond Index Master Portfolio | U.S. Total Bond Index Master Portfolio | U.S. Total Bond Index Master Portfolio | U.S. Total Bond Index Master Portfolio | U.S. Total Bond Index Master Portfolio | U.S. Total Bond Index Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Total Return** |  |  |  |  |  |  |
| Total return | 4.08 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.60<br> %<br>| &nbsp;&nbsp;&nbsp; (13.02)%<br>| &nbsp;&nbsp;&nbsp; (1.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.65<br> %<br>|
| **Ratios to Average Net Assets**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.04 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.04 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>|
| Net investment income | 3.87 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3168460 | &nbsp;&nbsp;&nbsp; $3028323 | &nbsp;&nbsp;&nbsp; $2622632 | &nbsp;&nbsp;&nbsp; $2227328 | &nbsp;&nbsp;&nbsp; $17489502 | &nbsp;&nbsp;&nbsp; $14789131 |
| Portfolio turnover rate<sup>(d)(e)</sup> | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 105<br> %<br>| &nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp; 161 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; 175<br> %<br>| &nbsp;&nbsp;&nbsp; 186<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Not annualized.

<sup>(b)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Portfolio turnover rates include TBA transactions, if any.

<sup>(e)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>&nbsp;&nbsp;&nbsp; 93 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; 89<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

Master Investment Portfolio ("MIP") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. MIP is organized as a Delaware statutory trust. U.S. Total Bond Index Master Portfolio (the "Master Portfolio") is a series of MIP. The Master Portfolio is classified as diversified.

The Master Portfolio, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Cash:** The Master Portfolio may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Master Portfolio may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Master Portfolio is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Master Portfolio may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Indemnifications:** In the normal course of business, the Master Portfolio enters into contracts that contain a variety of representations that provide general indemnification. The Master Portfolio's maximum exposure under these arrangements is unknown because it involves future potential claims against the Master Portfolio, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Master Portfolio's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Master Portfolio. The CODM has concluded that the Master Portfolio operates as a single operating segment since the Master Portfolio has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Master Portfolio's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Master Portfolio's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Master Portfolio is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Master Portfolio (the "Board") has approved the designation of the Master Portfolio's Manager as the valuation designee for the Master Portfolio. The Master Portfolio determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Master Portfolio's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Master Portfolio might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that the Master Portfolio has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Multiple Class Pass-Through Securities:** Multiple class pass-through securities, including collateralized mortgage obligations ("CMOs") and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only ("IOs"), principal only ("POs"), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund's initial investment in the IOs may not fully recoup.

**Capital Securities and Trust Preferred Securities:** Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company's senior debt securities and are freely callable at the issuer's option.

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Master Portfolio may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Master Portfolio may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Master Portfolio may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Master Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Master Portfolio's maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Master Portfolio to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statement of Assets and Liabilities and Statement of Operations.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an "MSFTA"). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedule of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

**Mortgage Dollar Roll Transactions:** The Master Portfolio may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Securities Lending:** The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Master Portfolio 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 the Master Portfolio 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 Master Portfolio and any additional required collateral is delivered to the Master Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. ("BTC"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Master Portfolio, except in the event of borrower default. The securities on loan, if any, are disclosed in the Master Portfolio's Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Master Portfolio 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 Master Portfolio, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Master Portfolio 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

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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 Master Portfolio's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| Barclays Bank PLC | &nbsp;&nbsp; $9548417 | &nbsp;&nbsp; $(9548417)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 928334 | &nbsp;&nbsp; (928334)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 720398 | &nbsp;&nbsp; (720398)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 12664009 | &nbsp;&nbsp; (12664009)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 4969254 | &nbsp;&nbsp; (4969254)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 258862 | &nbsp;&nbsp; (258862)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 2063590 | &nbsp;&nbsp; (2063590)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Credit Agricole Corporate & Investment Bank SA | &nbsp;&nbsp; 6198404 | &nbsp;&nbsp; (6198404)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 3532889 | &nbsp;&nbsp; (3532889)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 13387257 | &nbsp;&nbsp; (13387257)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 2095735 | &nbsp;&nbsp; (2095735)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 14919176 | &nbsp;&nbsp; (14919176)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 75702 | &nbsp;&nbsp; (75702)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 718908 | &nbsp;&nbsp; (718908)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 3994252 | &nbsp;&nbsp; (3994252)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 1295052 | &nbsp;&nbsp; (1295052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 2829190 | &nbsp;&nbsp; (2829190)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 12250206 | &nbsp;&nbsp; (12250206)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 751330 | &nbsp;&nbsp; (751330)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Scotia Capital, Inc. | &nbsp;&nbsp; 154040 | &nbsp;&nbsp; (154040)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1173927 | &nbsp;&nbsp; (1173927)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 1305253 | &nbsp;&nbsp; (1305253)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 369555 | &nbsp;&nbsp; (369555)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 13466 | &nbsp;&nbsp; (13466)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 608555 | &nbsp;&nbsp; (608555)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 4470759 | &nbsp;&nbsp; (4470759)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $101296520 | &nbsp;&nbsp; $(101296520)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Master Portfolio is disclosed in the Master Portfolio's Statement 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 Master Portfolio benefits from a borrower default indemnity provided by BlackRock Finance, Inc.. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

***5.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** MIP, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Master Portfolio's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.

For such services, the Master Portfolio pays the Manager a monthly fee at an annual rate equal to 0.04% of the average daily value of the Master Portfolio's net assets.

**Administration:** MIP, on behalf of the Master Portfolio, entered into an Administration Agreement with BlackRock Advisors, LLC ("BAL"), BAL has agreed to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Master Portfolio's ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Master Portfolio. BAL may delegate certain of its administration duties to sub-administrators.

BAL is not entitled to compensation for providing administrative services to the Master Portfolio, for so long as BAL (or an affiliate) is entitled to compensation for providing administrative services to corresponding feeder funds that invest substantially all of their assets in the Master Portfolio, or BAL (or an affiliate) receives investment advisory fees from the Master Portfolio.

**Expense Waivers and Reimbursements:** The fees and expenses of MIP's trustees who are not "interested persons" of MIP, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Master Portfolio's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Master Portfolio. Each of BAL and BFA has contractually agreed to reimburse the Master Portfolio or provide an offsetting credit against the investment advisory fees paid by the Master Portfolio in an amount equal to these independent expenses through June 30, 2026. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $26,485.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Master Portfolio pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $40,532.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Master Portfolio's Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. For the six months ended June 30, 2025, there were no fees waived by the Manager pursuant to this arrangement.

**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 Master Portfolio, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Master Portfolio is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Master Portfolio bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Master Portfolio retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Master Portfolio 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 specified thresholds, the Master Portfolio, 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 the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended June 30, 2025, the Master Portfolio paid BTC $93,065 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Master Portfolio could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Master Portfolio did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of MIP are directors and/or officers of BlackRock or its affiliates.

***6.*** ***PURCHASES AND SALES*** 

For the six months ended June 30, 2025, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities  | U.S. Government Securities  | Other Securities  | Other Securities  |
| *Master Portfolio Name*  | *Purchases* | *Sales* | *Purchases* | *Sales* |
| U.S. Total Bond Index Master Portfolio | &nbsp;&nbsp; $1400460953 | &nbsp;&nbsp; $1373901063 | &nbsp;&nbsp; $89699037 | &nbsp;&nbsp; $69381323 |

---

For the six months ended June 30, 2025, purchases and sales related to mortgage dollar rolls were $594,888,977 and $595,084,732, respectively.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***7.*** ***INCOME TAX INFORMATION*** 

The Master Portfolio is disregarded as an entity separate from its owner for tax purposes. As such, the owner of the Master Portfolio is treated as the owner of the net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required. It is intended that the Master Portfolio's assets will be managed so the owner of the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master Portfolio's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Master Portfolio'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 Master Portfolio as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Master Portfolio's NAV.

As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Master Portfolio Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| U.S. Total Bond Index Master Portfolio | &nbsp;&nbsp; $3571810233 | &nbsp;&nbsp;&nbsp; $18697618 | &nbsp;&nbsp;&nbsp; $(230560348) | &nbsp;&nbsp;&nbsp; $(211862730) |

---

***8.*** ***BANK BORROWINGS*** 

MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30, 2025, the Master Portfolio did not borrow under the credit agreement.

***9.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the Master Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Master Portfolio and its investments. The Master Portfolio's prospectus provides details of the risks to which the Master Portfolio is subject.

BFA uses an indexing approach to try to achieve the Master Portfolio's investment objective. The Master Portfolio is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** The Master Portfolio may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Master Portfolio to reinvest in lower yielding securities. The Master Portfolio may also be exposed to reinvestment risk, which is the risk that income from the Master Portfolio's portfolio will decline if the Master Portfolio invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Master Portfolio portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**Counterparty Credit Risk:** The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Master Portfolio manages 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 Master Portfolio to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Master Portfolio's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Master Portfolio.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Master Portfolio's portfolio are disclosed in its Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Master Portfolio may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Master Portfolio's performance.

The Master Portfolio invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Master Portfolio invests.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***10.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Master Portfolio 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.

Master Portfolio Notes to Financial Statements

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Fund/Master Portfolio for the Fund's/Master Portfolio's allocable portion of the fees and expenses of the independent trustees of the Trust and MIP, counsel to such independent trustees and the independent registered public accounting firm.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund/Master Portfolio may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund/Master Portfolio and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans**

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans**

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Fund and/or MIP Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Trust/MIP**

400 Howard Street

San Francisco, CA 94105

Additional Information

------

Disclosure of Investment Advisory Agreement

The Board of Trustees of Master Investment Portfolio (the "Master Portfolio") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Master Portfolio, on behalf of U.S. Total Bond Index Master Portfolio (the "Master Fund") and BlackRock Fund Advisors (the "Manager" or "BlackRock"), the Master Portfolio's investment advisor. iShares U.S. Aggregate Bond Index Fund (the "Feeder Fund"), a series of BlackRock Funds III (the "Feeder Trust"), is a "feeder" fund that invests all of its investable assets in the Master Fund. Accordingly, the Board of Trustees of the Feeder Trust also considered the approval of the Agreement with respect to the Master Fund. For simplicity: (a) the Board of Trustees of the Master Portfolio and the Board of Trustees of the Feeder Trust are referred to herein collectively as the "Board," and the members are referred to as "Board Members"; (b) the shareholders of the Feeder Fund and the interest holders of the Master Fund are referred to as "shareholders"; and (c) the Master Fund and the Feeder Fund are referred to herein together as the "Fund".

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for the Master Portfolio on an annual basis. The Board Members who are not "interested persons" of the Master Portfolio, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Master Portfolio, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Master Fund, the Feeder Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) the Fund's operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper Classification or Morningstar category, regarding fees and expenses of the Fund, as applicable, as compared with a peer group of funds as determined by Broadridge ("Expense Peers"), and the investment performance of the 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 Agreement 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 Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Feeder Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's, the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement, and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the 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 Fund; (d) the 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 Fund; 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 portfolio holdings of the Master Fund. The Board noted the willingness of BlackRock's

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement (continued)

personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared the Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, 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 the Fund's portfolio management team discussing the Fund's performance and the Fund's investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Master 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 the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund 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, the custodian, fund accountant, transfer agent, and auditor for the Fund, as applicable; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Feeder Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

***B. The Investment Performance of the Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board noted that the Feeder Fund's investment results correspond directly to the investment results of the Master Fund. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of the Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-year period reported, the Fund's net performance was above the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund's above tolerance performance relative to its benchmark over the period.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund***

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of the Fund's 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 the Fund's total expense ratio, as well as the Fund's actual management fee rate, to those of the Fund's Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to

Disclosure of Investment Advisory Agreement

------

Disclosure of Investment Advisory Agreement (continued)

Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, 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 Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and the Fund's total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers. The Board also noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate the Fund for certain other fees and expenses.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the 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 Fund, 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 Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Feeder Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board of the Master Portfolio, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Master Portfolio, on behalf of the Master Fund for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board of the Master Portfolio, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Master Fund and its shareholders. The Board of the Feeder Trust, including the Independent Board Members, also considered the continuation of the Agreement with respect to the Master Fund and found the Agreement to be satisfactory. In arriving at its decision to approve the Agreement, the Board of the Master Portfolio did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ARB | Airport Revenue Bonds  |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| BMO | BMO Capital Markets |
| CMT | Constant Maturity Treasury |
| DAC | Designated Activity Company  |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| M/F | Multi-Family |
| NPFGC | National Public Finance Guarantee Corp. |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| RFUCCT | Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| SAB | Special Assessment Bonds |
| SAP | Subject to Appropriations |
| SCA | Societe en Commandite par Actions |
| SOFR | Secured Overnight Financing Rate  |
| TBA | To-Be-Announced |

---

Glossary of Terms Used in these Financial Statements

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

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 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.

![](g121005img0a2607012.jpg)

![](g121005imgc52af9871.jpg)

------

![](g121005img1805e5cb1.jpg)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Funds III** |
| • BlackRock Cash Funds: Institutional |
| • BlackRock Cash Funds: Treasury |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Fund Statements of Assets and Liabilities](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_FS-Footer-FundBookName-779_1)  | 3 |
| [Fund Statements of Operations](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_FS-Footer-FundBookName-779_2)  | 4 |
| [Fund Statements of Changes in Net Assets](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_FS-Footer-FundBookName-779_3)  | 5 |
| [Fund Financial Highlights](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_FIHI-Footer-FundBookName-779_1)  | 6 |
| [Fund Notes to Financial Statements](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_NTF-Footer-FundBookName-779_1)  | 9 |
| [Master Portfolio Schedules of Investments](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_MAST-Footer-FundBookName-777_1)  | 13 |
| [Master Portfolio Statements of Assets and Liabilities](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_MstFS-Footer-FundBookName-777_1)  | 24 |
| [Master Portfolio Statements of Operations](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_MstFS-Footer-FundBookName-777_2)  | 25 |
| [Master Portfolio Statements of Changes in Net Assets](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_MstFS-Footer-FundBookName-777_3)  | 26 |
| [Master Portfolio Financial Highlights](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_MstFIHI-Footer-FundBookName-777_1)  | 27 |
| [Master Portfolio Notes to Financial Statements](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_MstNTF-Footer-FundBookName-777_1)  | 29 |
| [Additional Information](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_ADDInfo-Footer-FundBookName-779_1)  | 34 |
| [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_IAA1-Footer-FundBookName-779_1)  | 35 |
| [Glossary of Terms Used in these Financial Statements](#xx_90c9ee6a-7d76-4b0e-b72f-7956e37d5436_Terms-Footer-FundBookName-777_1)  | 39 |

---

------

Statements of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Cash Funds: <br>Institutional<br>| BlackRock <br>Cash Funds: <br>Treasury<br>|
| **ASSETS** |  |  |
| Investments, at value — from the applicable Master Portfolio | $80198390490 | $21471437607 |
| Total assets | 80198390490 | 21471437607 |
| **LIABILITIES** |  |  |
| Payables: |  |  |
| Administration fees | 1289723 | 513951 |
| Income dividend distributions | 286726198 | 50920430 |
| Professional fees | 5706 | 5717 |
| Total liabilities | 288021627 | 51440098 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $79910368863 | $21419997509 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $79897668276 | $21417225393 |
| Accumulated earnings | 12700587 | 2772116 |
| NET ASSETS | $79910368863 | $21419997509 |
| **NET ASSET VALUE** |  |  |
| **Institutional** |  |  |
| Net assets | N/A | $5668125134 |
| Shares outstanding | N/A | 5667393274 |
| Net asset value | N/A | $1.00 |
| Shares authorized | N/A | Unlimited |
| Par value | N/A | No par value |
| **SL Agency** |  |  |
| Net assets | $79910368863 | $15751872375 |
| Shares outstanding | 79874748014 | 15749832120 |
| Net asset value | $1.0004 | $1.00 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |

---

*See notes to financial statements.*

Fund Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Cash Funds: <br>Institutional<br>| &nbsp;&nbsp; BlackRock <br>Cash Funds: <br>Treasury<br>|
| **INVESTMENT INCOME** |  |  |
| Net investment income allocated from the applicable Master Portfolio: |  |  |
| Interest — unaffiliated | &nbsp;&nbsp; $1682883076 | &nbsp;&nbsp;&nbsp; $436185827 |
| Expenses | &nbsp;&nbsp; (37095621)<br>| &nbsp;&nbsp;&nbsp; (10069251)<br>|
| Fees waived | &nbsp;&nbsp; 11200378 | &nbsp;&nbsp;&nbsp; 3081038 |
| Total investment income | &nbsp;&nbsp; 1656987833 | &nbsp;&nbsp;&nbsp; 429197614 |
| FUND EXPENSES |  |  |
| Administration — class specific | &nbsp;&nbsp; 7357585 | &nbsp;&nbsp;&nbsp; 2808363 |
| Professional | &nbsp;&nbsp; 5699 | &nbsp;&nbsp;&nbsp; 5703 |
| Total expenses | &nbsp;&nbsp; 7363284 | &nbsp;&nbsp;&nbsp; 2814066 |
| Less: |  |  |
| Fees waived and/or reimbursed by the Administrator | &nbsp;&nbsp; (5699)<br>| &nbsp;&nbsp;&nbsp; (5703)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 7357585 | &nbsp;&nbsp;&nbsp; 2808363 |
| Net investment income | &nbsp;&nbsp; 1649630248 | &nbsp;&nbsp;&nbsp; 426389251 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ALLOCATED FROM THE MASTER PORTFOLIO** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; 126077 | &nbsp;&nbsp;&nbsp; 591032 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (6658833)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (6532756)<br>| &nbsp;&nbsp;&nbsp; 591032 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1643097492 | &nbsp;&nbsp;&nbsp; $426980283 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Cash Funds: Institutional | BlackRock Cash Funds: Institutional | BlackRock Cash Funds: Treasury | BlackRock Cash Funds: Treasury |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1649630248 | &nbsp;&nbsp;&nbsp; $3686160199 | &nbsp;&nbsp;&nbsp; $426389251 | &nbsp;&nbsp;&nbsp; $1155491602 |
| Net realized gain | &nbsp;&nbsp; 126077 | &nbsp;&nbsp;&nbsp; 646718 | &nbsp;&nbsp;&nbsp; 591032 | &nbsp;&nbsp;&nbsp; 1973793 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (6658833)<br>| &nbsp;&nbsp;&nbsp; (5649054)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1643097492 | &nbsp;&nbsp;&nbsp; 3681157863 | &nbsp;&nbsp;&nbsp; 426980283 | &nbsp;&nbsp;&nbsp; 1157465395 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (112531578)<br>| &nbsp;&nbsp;&nbsp; (341208833)<br>|
| SL Agency | &nbsp;&nbsp; (1640457881)<br>| &nbsp;&nbsp;&nbsp; (3684940336)<br>| &nbsp;&nbsp;&nbsp; (311431656)<br>| &nbsp;&nbsp;&nbsp; (813583611)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1640457881)<br>| &nbsp;&nbsp;&nbsp; (3684940336)<br>| &nbsp;&nbsp;&nbsp; (423963234)<br>| &nbsp;&nbsp;&nbsp; (1154792444)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 11844567659 | &nbsp;&nbsp;&nbsp; 6138450089 | &nbsp;&nbsp;&nbsp; 339578246 | &nbsp;&nbsp;&nbsp; (1346624488)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 11847207270 | &nbsp;&nbsp;&nbsp; 6134667616 | &nbsp;&nbsp;&nbsp; 342595295 | &nbsp;&nbsp;&nbsp; (1343951537)<br>|
| Beginning of period | &nbsp;&nbsp; 68063161593 | &nbsp;&nbsp;&nbsp; 61928493977 | &nbsp;&nbsp;&nbsp; 21077402214 | &nbsp;&nbsp;&nbsp; 22421353751 |
| End of period | &nbsp;&nbsp; $79910368863 | &nbsp;&nbsp;&nbsp; $68063161593 | &nbsp;&nbsp;&nbsp; $21419997509 | &nbsp;&nbsp;&nbsp; $21077402214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Fund Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Cash Funds: Institutional | BlackRock Cash Funds: Institutional | BlackRock Cash Funds: Institutional | BlackRock Cash Funds: Institutional | BlackRock Cash Funds: Institutional | BlackRock Cash Funds: Institutional |
|  | SL Agency | SL Agency | SL Agency | SL Agency | SL Agency | SL Agency |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $1.0004 | &nbsp;&nbsp;&nbsp; $1.0005 | &nbsp;&nbsp;&nbsp; $1.0000 | &nbsp;&nbsp;&nbsp; $1.0003 | &nbsp;&nbsp;&nbsp; $1.0006 | &nbsp;&nbsp;&nbsp; $1.0004 |
| Net investment income | 0.0222 | &nbsp;&nbsp;&nbsp;&nbsp;0.0531 | &nbsp;&nbsp;&nbsp;&nbsp;0.0523 | &nbsp;&nbsp;&nbsp;&nbsp;0.0178 | &nbsp;&nbsp;&nbsp;&nbsp;0.0012 | &nbsp;&nbsp;&nbsp;&nbsp;0.0078 |
| Net realized and unrealized gain (loss) | 0.0000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.0005 | &nbsp;&nbsp;&nbsp; (0.0003 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (0.0003)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.0002 |
| Net increase from investment operations | 0.0222 | &nbsp;&nbsp;&nbsp;&nbsp;0.0530 | &nbsp;&nbsp;&nbsp;&nbsp;0.0528 | &nbsp;&nbsp;&nbsp;&nbsp;0.0175 | &nbsp;&nbsp;&nbsp;&nbsp;0.0009 | &nbsp;&nbsp;&nbsp;&nbsp;0.0080 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.0222)<br>| &nbsp;&nbsp;&nbsp; (0.0531)<br>| &nbsp;&nbsp;&nbsp; (0.0523)<br>| &nbsp;&nbsp;&nbsp; (0.0178)<br>| &nbsp;&nbsp;&nbsp; (0.0012)<br>| &nbsp;&nbsp;&nbsp; (0.0078)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.0000 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.0000 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.0000 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.0000 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.0000 )<sup>(d)</sup><br>|
| Total distributions | &nbsp;&nbsp; (0.0222)<br>| &nbsp;&nbsp;&nbsp; (0.0531)<br>| &nbsp;&nbsp;&nbsp; (0.0523)<br>| &nbsp;&nbsp;&nbsp; (0.0178)<br>| &nbsp;&nbsp;&nbsp; (0.0012)<br>| &nbsp;&nbsp;&nbsp; (0.0078)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $1.0004 | &nbsp;&nbsp;&nbsp; $1.0004 | &nbsp;&nbsp;&nbsp; $1.0005 | &nbsp;&nbsp;&nbsp; $1.0000 | &nbsp;&nbsp;&nbsp; $1.0003 | &nbsp;&nbsp;&nbsp; $1.0006 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.23 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| Total expenses | 0.09 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.09 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net investment income | 4.48 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $79910369 | &nbsp;&nbsp;&nbsp; $68063162 | &nbsp;&nbsp;&nbsp; $61928494 | &nbsp;&nbsp;&nbsp; $74327521 | &nbsp;&nbsp;&nbsp; $65665603 | &nbsp;&nbsp;&nbsp; $60592423 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $0.00005 per share.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Amount is greater than $(0.00005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Annualized.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Cash Funds: Treasury | BlackRock Cash Funds: Treasury | BlackRock Cash Funds: Treasury | BlackRock Cash Funds: Treasury | BlackRock Cash Funds: Treasury | BlackRock Cash Funds: Treasury |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Net investment income | 0.0212 | &nbsp;&nbsp;&nbsp;&nbsp;0.0507 | &nbsp;&nbsp;&nbsp;&nbsp;0.0494 | &nbsp;&nbsp;&nbsp;&nbsp;0.0155 | &nbsp;&nbsp;&nbsp;&nbsp;0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;0.0040 |
| Net realized and unrealized gain | 0.0001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0001 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0000 <br><sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.0001 |
| Net increase from investment operations | 0.0213 | &nbsp;&nbsp;&nbsp;&nbsp;0.0508 | &nbsp;&nbsp;&nbsp;&nbsp;0.0494 | &nbsp;&nbsp;&nbsp;&nbsp;0.0155 | &nbsp;&nbsp;&nbsp;&nbsp;0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;0.0041 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.0212)<br>| &nbsp;&nbsp;&nbsp; (0.0507)<br>| &nbsp;&nbsp;&nbsp; (0.0494)<br>| &nbsp;&nbsp;&nbsp; (0.0155)<br>| &nbsp;&nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp;&nbsp; (0.0040)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.0000 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.0000 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.0001)<br>|
| Total distributions | &nbsp;&nbsp; (0.0212)<br>| &nbsp;&nbsp;&nbsp; (0.0508)<br>| &nbsp;&nbsp;&nbsp; (0.0494)<br>| &nbsp;&nbsp;&nbsp; (0.0155)<br>| &nbsp;&nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp;&nbsp; (0.0041)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.14 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| Total expenses | 0.12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Net investment income | 4.27 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $5668125 | &nbsp;&nbsp;&nbsp; $5724776 | &nbsp;&nbsp;&nbsp; $6978477 | &nbsp;&nbsp;&nbsp; $4071845 | &nbsp;&nbsp;&nbsp; $4357983 | &nbsp;&nbsp;&nbsp; $9011269 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $0.00005 per share.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Amount is greater than $(0.00005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Amount is less than 0.005%.

*See notes to financial statements.*

Fund Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Cash Funds: Treasury (continued) | BlackRock Cash Funds: Treasury (continued) | BlackRock Cash Funds: Treasury (continued) | BlackRock Cash Funds: Treasury (continued) | BlackRock Cash Funds: Treasury (continued) | BlackRock Cash Funds: Treasury (continued) |
|  | SL Agency | SL Agency | SL Agency | SL Agency | SL Agency | SL Agency |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Net investment income | 0.0213 | &nbsp;&nbsp;&nbsp;&nbsp;0.0510 | &nbsp;&nbsp;&nbsp;&nbsp;0.0497 | &nbsp;&nbsp;&nbsp;&nbsp;0.0157 | &nbsp;&nbsp;&nbsp;&nbsp;0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;0.0042 |
| Net realized and unrealized gain | 0.0001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0001 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0000 <br><sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.0001 |
| Net increase from investment operations | 0.0214 | &nbsp;&nbsp;&nbsp;&nbsp;0.0511 | &nbsp;&nbsp;&nbsp;&nbsp;0.0497 | &nbsp;&nbsp;&nbsp;&nbsp;0.0157 | &nbsp;&nbsp;&nbsp;&nbsp;0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;0.0043 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.0213)<br>| &nbsp;&nbsp;&nbsp; (0.0510)<br>| &nbsp;&nbsp;&nbsp; (0.0497)<br>| &nbsp;&nbsp;&nbsp; (0.0157)<br>| &nbsp;&nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp;&nbsp; (0.0042)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.0000 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.0000 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.0001)<br>|
| Total distributions | &nbsp;&nbsp; (0.0213)<br>| &nbsp;&nbsp;&nbsp; (0.0511)<br>| &nbsp;&nbsp;&nbsp; (0.0497)<br>| &nbsp;&nbsp;&nbsp; (0.0157)<br>| &nbsp;&nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp;&nbsp; (0.0043)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.15 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| Total expenses | 0.09 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.09 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net investment income | 4.30 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $15751872 | &nbsp;&nbsp;&nbsp; $15352626 | &nbsp;&nbsp;&nbsp; $15442877 | &nbsp;&nbsp;&nbsp; $14479392 | &nbsp;&nbsp;&nbsp; $18813987 | &nbsp;&nbsp;&nbsp; $11008718 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $0.00005 per share.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Amount is greater than $(0.00005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Amount is less than 0.005%.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock Funds III (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 Delaware statutory 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*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock Cash Funds: Institutional | Institutional | Diversified |
| BlackRock Cash Funds: Treasury | Treasury | Diversified |

---

Each Fund seeks to achieve its investment objective by investing all of its assets in a corresponding series of Master Investment Portfolio ("MIP"): Money Market Master Portfolio and Treasury Money Market Master Portfolio (each, a "Master Portfolio" and together, the "Master Portfolios"). MIP is an affiliate of the Trust. Each Master Portfolio has the same investment objective and strategies as its corresponding Fund. The value of each Fund's investment in its corresponding Master Portfolio reflects the Fund's proportionate interest in the net assets of the Master Portfolio. The performance of each Fund is directly affected by the performance of the Master Portfolios. At June 30, 2025, the percentage of each Master Portfolio owned by its corresponding Fund was as follows: Institutional owned 100% of Money Market Master Portfolio and Treasury owned 97.1% of Treasury Money Market Master Portfolio. The financial statements of the Master Portfolios, including the Schedules of Investments, are included elsewhere in this report and should be read in conjunction with the Funds' financial statements.

Institutional only offers SL Agency Shares and is only available for certain eligible investors. Treasury offers multiple classes of shares. Institutional, Select, SL Agency, Capital, Premium and Trust Shares are sold without a sales charge and only to certain eligible investors. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, and differ principally with respect to administration fees.

The Board of Trustees of the Trust and Board of Trustees of MIP are referred to throughout this report as the "Board" and the members are referred to as "Trustees."

Treasury operates as a "government money market fund" under Rule 2a-7 under the 1940 Act. The Fund is not subject to discretionary liquidity fees.

Institutional prices and transacts its shares at a net asset value ("NAV") per share calculated to four decimal places, reflecting market-based values of its portfolio holdings (i.e., at a "floating" NAV).

With respect to Institutional, the Board, or its delegate, must impose a mandatory liquidity fee upon the sale of shares if the Fund's net redemptions on any business day exceed 5% of the Fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The Board, or its delegate, may also impose a discretionary liquidity fee of up to 2% upon the value of shares redeemed, at certain times, if such fee is determined to be in the best interests of such Fund.

The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, contributions to and withdrawals from each Master Portfolio are accounted for on a trade date basis. The Funds record their proportionate share of the Master Portfolio's income, expenses and realized and unrealized gains and losses on a daily basis. In addition, the Funds accrue their own expenses. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Distributions:** Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are distributed at least annually and 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.

**Liquidity Fees:** Any liquidity fees imposed on the value of shares redeemed are recorded as paid-in-capital. The liquidity fees are collected and retained by Institutional for the benefit of Institutional's remaining shareholders.

**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.

Fund Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**Other:** Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by BlackRock Advisors, LLC (the "Administrator"), are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's policy is to value its financial instruments at fair value. Each Fund records its investment in the Master Portfolio at fair value based on the Fund's proportionate interest in the net assets of the Master Portfolio. Valuation of securities held by the Master Portfolio is discussed in Note 3 of the Master Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

***4.*** ***ADMINISTRATION AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Administration:** The Trust, on behalf of each Fund, entered into an Administration Agreement with the Administrator, which has agreed to provide general administrative services (other than investment advice and related portfolio activities). The Administrator has agreed to bear all of the Funds' ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Funds. The Administrator is entitled to receive for these administrative services an annual fee based on the average daily net assets of each Fund as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Capital* | *Institutional* | *Premium* | *Select* | *SL Agency* | *Trust* |
| Institutional | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.02<br> % <br>| &nbsp;&nbsp; N/A |
| Treasury | 0.07 %<sup>(a)</sup><br>| 0.05<br> % <br>| 0.10 %<sup>(a)</sup><br>| 0.15 %<sup>(a)</sup><br>| 0.02 | 0.38 %<sup>(a)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> No shares outstanding as of June 30, 2025.

From time to time, the Administrator may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Funds and, accordingly, have a favorable impact on their performance. The Administrator may delegate certain of its administration duties to sub-administrators.

For the six months ended June 30, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *SL Agency* | *Total* |
| Institutional | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7357585 | &nbsp;&nbsp; $7357585 |
| Treasury | &nbsp;&nbsp; 1325663 | &nbsp;&nbsp; 1482700 | &nbsp;&nbsp; 2808363 |

---

As of June 30, 2025, the only investors for the SL Agency Shares of Institutional are investment companies for which (i) BFA, BlackRock Institutional Trust Company, N.A. ("BTC"), or an affiliate provides investment advisory or administration services, or (ii) BTC or BIM acts as securities lending agent and which have directed BTC or BIM on their behalf to invest securities lending cash collateral in SL Agency Shares of Institutional. Affiliated shareholders in the SL Agency Shares of the Funds represent a significant portion of the outstanding shares and net assets of Institutional and Treasury.

**Distribution Fees:** The Trust, on behalf of each Fund, entered into a Distribution Agreement with BlackRock Investments, LLC ("BRIL"), an affiliate of the Administrator. Shareholders of Capital, Institutional, Premium, Select, SL Agency and Trust Shares of the Funds do not pay any fees for distribution services.

**Expense Waivers and Reimbursements:** The Administrator contractually agreed to waive a portion of its administration fees for the Select Shares of Treasury through June 30, 2026. After giving effect to such contractual expense waiver, the administration fees for the Select Shares of Treasury will be 0.13%.

The fees and expenses of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Funds' independent registered public accounting firm (together, the "independent expenses") are paid directly by the Funds. The Administrator has contractually agreed to reimburse the Funds or provide an offsetting credit against the administration fees paid by the Funds in an amount equal to these independent expenses through June 30, 2026. These amounts are included in fees waived and/or reimbursed by the Administrator in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Administrator*<br>|
| Institutional | &nbsp;&nbsp; $5699 |
| Treasury | &nbsp;&nbsp; 5703 |

---

The Administrator has also voluntarily agreed to waive and/or reimburse a portion of their respective administration fees to enable the Fund to maintain minimum levels of daily net investment income if applicable. The Administrator may discontinue the waiver and/or reimbursement at any time. For the six months ended June 30, 2025, there were no fees waived and/or reimbursed by the Administrator under this agreement.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), each Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock, Inc. ("BlackRock") or its affiliates.

***5.*** ***INCOME TAX INFORMATION*** 

It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds' NAV.

***6.*** ***CAPITAL SHARE TRANSACTIONS*** 

The number of shares sold, reinvested and redeemed for Institutional were transacted at each class's floating NAV per share calculated to four decimal places.

Transactions in capital shares for each class of Institutional were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Institutional  |  |  |  |  |
| SL Agency |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 243269410265 | &nbsp;&nbsp;&nbsp; $243381385308 | &nbsp;&nbsp;&nbsp; 398683610782 | &nbsp;&nbsp;&nbsp; $398900161154 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57762 | &nbsp;&nbsp;&nbsp; 57779 |
| Shares redeemed | &nbsp;&nbsp; (231429551403) | &nbsp;&nbsp;&nbsp; (231536817649) | &nbsp;&nbsp;&nbsp; (392548720333) | &nbsp;&nbsp;&nbsp; (392761768844) |
|  | &nbsp;&nbsp; 11839858862 | &nbsp;&nbsp;&nbsp; $11844567659 | &nbsp;&nbsp;&nbsp; 6134948211 | &nbsp;&nbsp;&nbsp; $6138450089 |

---

The number of shares sold, reinvested and redeemed corresponds to the net proceeds from the sale of shares, reinvestment of all distributions and cost of shares redeemed, respectively, since shares are sold, reinvested and redeemed at $1.00 per share for Treasury.

Transactions in capital shares for each class of Treasury were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name / Share Class*  | *Six Months Ended* <br>*06/30/25* <br>| &nbsp;&nbsp; *Year Ended* <br>*12/31/24* <br>|
| Treasury |  |  |
| Institutional |  |  |
| Shares sold | &nbsp;&nbsp; 19905591444 | &nbsp;&nbsp;&nbsp; 43876461176 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 107252274 | &nbsp;&nbsp;&nbsp; 331467306 |
| Shares redeemed | &nbsp;&nbsp; (20070286714) | &nbsp;&nbsp;&nbsp; (45462678541) |
|  | &nbsp;&nbsp; (57442996) | &nbsp;&nbsp;&nbsp; (1254750059) |
| SL Agency |  |  |
| Shares sold | &nbsp;&nbsp; 188223375356 | &nbsp;&nbsp;&nbsp; 332874125380 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 15040645 | &nbsp;&nbsp;&nbsp; 45746759 |
| Shares redeemed | &nbsp;&nbsp; (187841394759) | &nbsp;&nbsp;&nbsp; (333011746568) |
|  | &nbsp;&nbsp; 397021242 | &nbsp;&nbsp;&nbsp; (91874429) |
|  | &nbsp;&nbsp; 339578246 | &nbsp;&nbsp;&nbsp; (1346624488) |

---

Fund Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***7.*** ***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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

June 30, 2025

**Money Market Master Portfolio**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Certificates of Deposit — 29.7%** | **Certificates of Deposit — 29.7%** |  |
| **Domestic — 3.7%** | **Domestic — 3.7%** |  |
| Bank of America N.A. |  |  |
| 4.43%, 11/07/25 | $129000 | $128994698 |
| 4.49%, 01/13/26<sup>(a)</sup> | 155000 | 155033620 |
| 4.50%, 01/02/26 | 150000 | 150023280 |
| 4.50%, 01/22/26 | 158000 | 158060261 |
| 4.51%, 10/31/25 | 144000 | 143983166 |
| 4.66%, 10/03/25<sup>(b)</sup> | 150000 | 150043905 |
| 4.67%, 08/11/25<sup>(b)</sup> | 100000 | 100020860 |
| 4.73%, 04/02/26<sup>(b)</sup> | 170000 | 169985558 |
| 4.74%, 04/27/26<sup>(b)</sup> | 165000 | 165065878 |
| 4.77%, 07/09/26<sup>(b)</sup> | 100000 | 100011124 |
| 4.81%, 05/01/26<sup>(b)</sup> | 200000 | 200157580 |
| 4.81%, 05/06/26<sup>(b)</sup> | 100000 | 100075590 |
| Citibank N.A. |  |  |
| 4.48%, 01/21/26 | 103000 | 103022887 |
| 4.48%, 02/25/26 | 102000 | 102049970 |
| (1-day SOFR + 0.29%), 4.69%, 01/22/26<sup>(b)</sup> | 112000 | 112012992 |
| (1-day SOFR + 0.34%), 4.74%, 09/19/25<sup>(b)</sup> | 100000 | 100032080 |
| (1-day SOFR + 0.39%), 4.79%, 03/27/26<sup>(b)</sup> | 165000 | 165145596 |
| (1-day SOFR + 0.41%), 4.81%, 04/22/26<sup>(b)</sup> | 110000 | 110108306 |
| Northern Trust Co/The, 4.53%, 10/15/25 | 185000 | 185019943 |
| State Street Bank and Trust Co., (1-day SOFR + <br> 0.32%), 4.72%, 11/12/25<sup>(b)</sup><br>| 200000 | 200058180 |
| Wells Fargo Bank N.A., (1-day SOFR + 0.31%), 4.70%, <br> 06/02/26<sup>(b)</sup><br>| 159000 | 159011528 |
|  |  | 2957917002 |
| **Yankee — 26.0%** | **Yankee — 26.0%** |  |
| Banco Santander SA/New York<sup>(a)</sup> <br>|  |  |
| 4.36%, 11/03/25 | 63000 | 62945486 |
| 4.40%, 12/03/25 | 189000 | 188951824 |
| 4.43%, 02/26/26 | 200000 | 200331660 |
| 4.46%, 11/06/25 | 220000 | 220015488 |
| 4.47%, 11/12/25 | 175000 | 175022120 |
| 4.50%, 07/08/25 | 190000 | 190001045 |
| (1-day SOFR + 0.25%), 4.64%, 07/08/25<sup>(b)</sup> | 175000 | 175004830 |
| (1-day SOFR + 0.34%), 4.74%, 02/05/26<sup>(b)</sup> | 226000 | 226106084 |
| Bank of Montreal/Chicago<sup>(a)</sup> <br>|  |  |
| 4.56%, 11/10/25 | 150000 | 149997045 |
| (1-day SOFR + 0.29%), 4.68%, 03/13/26<sup>(b)</sup> | 126000 | 126025136 |
| (1-day SOFR + 0.40%), 4.79%, 10/20/25<sup>(b)</sup> | 192000 | 192145058 |
| (1-day SOFR + 0.40%), 4.79%, 10/24/25<sup>(b)</sup> | 287000 | 287046896 |
| (1-day SOFR + 0.40%), 4.79%, 11/17/25<sup>(b)</sup> | 200000 | 200162020 |
| (1-day SOFR + 0.40%), 4.79%, 12/01/25<sup>(b)</sup> | 169000 | 169064438 |
| (1-day SOFR + 0.40%), 4.79%, 01/05/26<sup>(b)</sup> | 132000 | 132070749 |
| (1-day SOFR + 0.47%), 4.86%, 05/20/26<sup>(b)</sup> | 110000 | 110153901 |
| Bank of Montreal/New York, (1-day SOFR + 0.26%), <br> 4.65%, 10/06/25<sup>(a)(b)</sup><br>| 150000 | 150038625 |
| Bank of Nova Scotia/Houston<sup>(a)(b)</sup> <br>|  |  |
| (1-day SOFR + 0.31%), 4.76%, 02/05/26 | 178000 | 178100250 |
| (1-day SOFR + 0.39%), 4.84%, 06/01/26 | 200000 | 200096660 |
| (1-day SOFR + 0.40%), 4.85%, 04/10/26 | 100000 | 100068450 |
| Barclays Bank PLC/New York<sup>(a)</sup> <br>|  |  |
| 4.47%, 11/14/25 | 120000 | 120002436 |
| (1-day SOFR + 0.34%), 4.73%, 12/31/25<sup>(b)</sup> | 379000 | 379164069 |
| (1-day SOFR + 0.40%), 4.80%, 05/08/26<sup>(b)</sup> | 150000 | 150078375 |
| (1-day SOFR + 0.44%), 4.84%, 04/21/26<sup>(b)</sup> | 154000 | 154138076 |
| Bayerische Landesbank/ New York<sup>(a)</sup> <br>|  |  |
| 4.50%, 11/21/25 | 200000 | 200040780 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Yankee (continued)** | **Yankee (continued)** |  |
| Bayerische Landesbank/ New York<sup>(a)</sup> (continued) |  |  |
| 4.50%, 12/01/25 | $73000 | $73021849 |
| BNP Paribas SA/New York<sup>(a)</sup> <br>|  |  |
| 4.36%, 10/01/25 | 140000 | 139975598 |
| 4.40%, 11/03/25 | 100000 | 99986500 |
| 4.42%, 09/19/25 | 150000 | 149995875 |
| 4.42%, 10/02/25 | 100000 | 99989500 |
| (1-day SOFR + 0.28%), 4.67%, 08/07/25<sup>(b)</sup> | 171000 | 171028660 |
| Canadian Imperial Bank of Commerce/New York<sup>(a)</sup> <br>|  |  |
| 4.40%, 06/10/26 | 150000 | 150250590 |
| 4.50%, 10/09/25 | 136000 | 135968434 |
| 4.55%, 11/10/25 | 166000 | 165997078 |
| (1-day SOFR + 0.28%), 4.67%, 04/08/26<sup>(b)</sup> | 125000 | 125020788 |
| (1-day SOFR + 0.31%), 4.70%, 02/06/26<sup>(b)</sup> | 160000 | 160091984 |
| (1-day SOFR + 0.35%), 4.74%, 09/23/25<sup>(b)</sup> | 163000 | 163097670 |
| (1-day SOFR + 0.42%), 4.81%, 06/08/26<sup>(b)</sup> | 175000 | 175193415 |
| (1-day SOFR + 0.46%), 4.85%, 05/15/26<sup>(b)</sup> | 132000 | 132216105 |
| (1-day SOFR + 0.47%), 4.86%, 05/21/26<sup>(b)</sup> | 100000 | 100175596 |
| (1-day SOFR + 0.47%), 4.86%, 05/22/26<sup>(b)</sup> | 109000 | 109191987 |
| Cooperatieve Rabobank UA/New York, (1-day SOFR + <br> 0.32%), 4.71%, 02/04/26<sup>(b)</sup><br>| 148500 | 148592337 |
| Credit Agricole Corp. and Investment Bank SA/New <br> York<sup>(a)</sup> <br>|  |  |
| 4.43%, 10/30/25 | 135000 | 135016618 |
| 4.45%, 07/31/25 | 100000 | 100009060 |
| 4.47%, 11/24/25 | 200000 | 200080740 |
| 4.47%, 12/01/25 | 236000 | 236105256 |
| Credit Agricole Corp./New York<sup>(a)</sup> <br>|  |  |
| 4.38%, 09/03/25 | 79000 | 78995331 |
| 4.43%, 08/26/25 | 237000 | 237006589 |
| Credit Agricole Corporate and Investment Bank <br> SA/New York<sup>(a)</sup> <br>|  |  |
| 4.60%, 07/01/25 | 125000 | 125000538 |
| (1-day SOFR + 0.30%), 4.69%, 08/06/25<sup>(b)</sup> | 114000 | 114028147 |
| Credit Industriel Et Commercial SA/New York<sup>(a)</sup> <br>|  |  |
| 4.42%, 10/24/25 | 200000 | 199999200 |
| 4.46%, 12/12/25 | 150000 | 150057075 |
| 4.60%, 07/01/25 | 172000 | 172000654 |
| Deutsche Bank AG/New York, (1-day SOFR + 0.25%), <br> 4.64%, 07/17/25<sup>(a)(b)</sup><br>| 130000 | 130007878 |
| DG Bank/ New York, 4.42%, 09/02/25<sup>(a)</sup> | 189000 | 188998771 |
| DNB Bank ASA/New York, 4.40%, 08/28/25<sup>(a)</sup> | 155000 | 155011873 |
| KBC Bank NV/New York, 4.43%, 09/05/25<sup>(a)</sup> | 142000 | 141999304 |
| Landes Bank |  |  |
| 4.34%, 07/02/25 | 150000 | 149999805 |
| 4.36%, 09/04/25<sup>(a)</sup> | 158000 | 157982099 |
| 4.42%, 09/03/25<sup>(a)</sup> | 155000 | 154998977 |
| 4.50%, 08/14/25<sup>(a)</sup> | 50000 | 50003780 |
| Lloyds Bank Corporate Markets PLC/New York<sup>(a)(b)</sup> <br>|  |  |
| (1-day SOFR + 0.30%), 4.70%, 11/10/25 | 115000 | 115057293 |
| (1-day SOFR + 0.45%), 4.85%, 05/27/26 | 204000 | 204151980 |
| Lloyds Bank Corporate/New York, 4.38%, 03/26/26<sup>(a)</sup> | 171000 | 171085312 |
| Mitsubishi Corp./New York, 4.35%, 07/01/25 | 380000 | 380000114 |
| Mitsubishi UFJ Trust & Banking Corp./New York<sup>(a)(b)</sup> <br>|  |  |
| (1-day SOFR + 0.40%), 4.79%, 08/06/25 | 192000 | 192057658 |
| (1-day SOFR + 0.40%), 4.79%, 11/12/25 | 170000 | 170116144 |
| (1-day SOFR + 0.40%), 4.80%, 07/01/25 | 150000 | 150001170 |
| Mizuho Bank Ltd./New York<sup>(a)</sup> <br>|  |  |
| 4.60%, 11/07/25 | 169000 | 169016359 |
| (1-day SOFR + 0.25%), 4.65%, 07/07/25<sup>(b)</sup> | 200000 | 200006160 |
| (1-day SOFR + 0.35%), 4.75%, 01/30/26<sup>(b)</sup> | 193000 | 193096828 |
| (1-day SOFR + 0.35%), 4.75%, 02/06/26<sup>(b)</sup> | 100000 | 100047090 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Money Market Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Yankee (continued)** | **Yankee (continued)** |  |
| MUFG Bank Ltd./New York |  |  |
| 4.37%, 09/09/25<sup>(a)</sup> | $159000 | $158964432 |
| 4.46%, 02/27/26<sup>(a)</sup> | 200000 | 200156800 |
| 4.52%, 11/18/25<sup>(a)</sup> | 125000 | 125014338 |
| (1-day SOFR + 0.24%), 4.63%, 09/02/25<sup>(b)</sup> | 192000 | 192033216 |
| (1-day SOFR + 0.25%), 4.65%, 07/07/25<sup>(a)(b)</sup> | 175000 | 175004410 |
| Natixis/New York<sup>(a)</sup> <br>|  |  |
| 4.38%, 09/03/25 | 158000 | 157967215 |
| 4.43%, 11/05/25 | 100000 | 99993310 |
| Nordea Bank Abp/New York, (1-day SOFR + 0.38%), <br> 4.77%, 04/28/26<sup>(a)(b)</sup><br>| 200000 | 200162900 |
| Nordea Bank ABP/New York, 4.43%, 11/26/25<sup>(a)</sup> | 163000 | 163033855 |
| Oversea-Chinese Banking Corp Ltd./New York<sup>(a)(b)</sup> <br>|  |  |
| (1-day SOFR + 0.24%), 4.64%, 11/10/25 | 170000 | 170019856 |
| (1-day SOFR + 0.40%), 4.85%, 04/24/26 | 85000 | 85093840 |
| Royal Bank of Canada/New York<sup>(a)</sup> <br>|  |  |
| 4.50%, 10/07/25 | 100000 | 99995560 |
| 4.55%, 11/07/25 | 165000 | 165041860 |
| (1-day SOFR + 0.28%), 4.67%, 04/07/26<sup>(b)</sup> | 140000 | 140005432 |
| (1-day SOFR + 0.35%), 4.74%, 07/10/25<sup>(b)</sup> | 173000 | 173009307 |
| (1-day SOFR + 0.35%), 4.80%, 12/05/25<sup>(b)</sup> | 117000 | 117075219 |
| (1-day SOFR + 0.38%), 4.77%, 05/05/26<sup>(b)</sup> | 150000 | 150117075 |
| Skandinaviska Enskilda Banken/New York, 4.42%, <br> 11/24/25<sup>(a)</sup><br>| 200000 | 200029400 |
| Standard Chartered Bank/New York<sup>(a)</sup> <br>|  |  |
| 4.42%, 03/03/26 | 225000 | 225128970 |
| 4.50%, 10/07/25 | 200000 | 199961820 |
| 4.60%, 07/01/25 | 172000 | 172000826 |
| 4.67%, 02/12/26 | 152000 | 152232955 |
| (1-day SOFR + 0.30%), 4.69%, 09/30/25<sup>(b)</sup> | 200000 | 200074600 |
| (1-day SOFR + 0.37%), 4.76%, 01/28/26<sup>(b)</sup> | 175000 | 175280000 |
| (1-day SOFR + 0.40%), 4.79%, 11/06/25<sup>(b)</sup> | 203000 | 203157203 |
| Sumitomo Mitsui Banking Corp./New York |  |  |
| 4.36%, 12/12/25<sup>(a)</sup> | 157000 | 156930433 |
| 4.42%, 02/27/26<sup>(a)</sup> | 133000 | 133008246 |
| 4.43%, 12/18/25<sup>(a)</sup> | 150000 | 149981640 |
| 4.43%, 03/03/26 | 200000 | 200098540 |
| 4.43%, 03/04/26<sup>(a)</sup> | 50000 | 50025205 |
| 4.45%, 03/05/26 | 250000 | 250161350 |
| (1-day SOFR + 0.25%), 4.70%, 07/07/25<sup>(a)(b)</sup> | 150000 | 150003735 |
| (1-day SOFR + 0.25%), 4.70%, 11/19/25<sup>(a)(b)</sup> | 61000 | 61014597 |
| (1-day SOFR + 0.27%), 4.66%, 07/03/25<sup>(a)(b)</sup> | 200000 | 200002380 |
| (1-day SOFR + 0.30%), 4.69%, 02/27/26<sup>(a)(b)</sup> | 200000 | 200026000 |
| (1-day SOFR + 0.33%), 4.78%, 01/02/26<sup>(a)(b)</sup> | 163000 | 163062559 |
| Svenska Handelsbanken/New York<sup>(a)</sup> <br>|  |  |
| 4.41%, 10/28/25 | 150000 | 150000645 |
| 4.44%, 11/28/25 | 175000 | 175055142 |
| (1-day SOFR + 0.24%), 4.63%, 03/04/26<sup>(b)</sup> | 160000 | 159985936 |
| (1-day SOFR + 0.26%), 4.65%, 02/20/26<sup>(b)</sup> | 75000 | 75009323 |
| (1-day SOFR + 0.33%), 4.73%, 01/02/26<sup>(b)</sup> | 222000 | 222118348 |
| (1-day SOFR + 0.35%), 4.74%, 08/21/25<sup>(b)</sup> | 137000 | 137045594 |
| (1-day SOFR + 0.38%), 4.78%, 04/30/26<sup>(b)</sup> | 100000 | 100064940 |
| (1-day SOFR + 0.40%), 4.79%, 04/10/26<sup>(b)</sup> | 100000 | 100081100 |
| (1-day SOFR + 0.40%), 4.80%, 04/22/26<sup>(b)</sup> | 100000 | 100081210 |
| Toronto-Dominion Bank/New York<sup>(a)</sup> <br>|  |  |
| 4.50%, 10/07/25 | 140000 | 139986742 |
| 4.50%, 02/20/26 | 120000 | 120103020 |
| 5.10%, 08/25/25 | 186000 | 186140839 |
| 5.42%, 07/03/25 | 200000 | 200014080 |
| (1-day SOFR + 0.26%), 4.71%, 08/07/25<sup>(b)</sup> | 100000 | 100017810 |
| (1-day SOFR + 0.28%), 4.68%, 04/13/26<sup>(b)</sup> | 125000 | 124981525 |
| (1-day SOFR + 0.29%), 4.69%, 10/01/25<sup>(b)</sup> | 200000 | 200063540 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Yankee (continued)** | **Yankee (continued)** |  |
| Toronto-Dominion Bank/New York<sup>(a)</sup> (continued) |  |  |
| (1-day SOFR + 0.35%), 4.75%, 06/04/26<sup>(b)</sup> | 150000 | $150077433 |
| (1-day SOFR + 0.38%), 5.70%, 08/08/25<sup>(b)</sup> | 139000 | 139046426 |
| (1-day SOFR + 0.40%), 4.80%, 07/27/26<sup>(b)</sup> | 140000 | 140000000 |
| (1-day SOFR + 0.45%), 4.85%, 04/28/26<sup>(b)</sup> | 125000 | 125148150 |
| (1-day SOFR + 0.45%), 4.85%, 05/04/26<sup>(b)</sup> | 125000 | 125206891 |
| (1-day SOFR + 0.47%), 4.87%, 05/22/26<sup>(b)</sup> | 109000 | 109198932 |
| Westpac Banking Corp./New York<sup>(a)</sup> <br>|  |  |
| 4.46%, 01/23/26 | 100000 | 100035110 |
| (1-day SOFR + 0.28%), 4.67%, 10/20/25<sup>(b)</sup> | 173000 | 173065948 |
|  |  | 20825901038 |
|  |  | 23783818040 |
| **Commercial Paper — 20.3%** | **Commercial Paper — 20.3%** |  |
| Aquitaine Funding Co. LLC, 4.40%, 07/02/25<sup>(c)(d)</sup> | 1000000 | 999756900 |
| Australia & New Zealand Banking Group Ltd.<sup>(b)(d)</sup> <br>|  |  |
| (1-day SOFR + 0.24%), 4.63%, 03/12/26 | 100000 | 99989150 |
| (1-day SOFR + 0.26%), 4.65%, 08/21/25 | 100000 | 100022030 |
| (1-day SOFR + 0.27%), 4.66%, 11/06/25 | 150000 | 150052395 |
| Bank of Montreal<sup>(b)(d)</sup> <br>|  |  |
| (1-day SOFR + 0.28%), 4.73%, 04/08/26 | 125000 | 124994388 |
| (1-day SOFR + 0.35%), 4.74%, 03/19/26 | 159000 | 159100699 |
| BPCE SA<sup>(c)(d)</sup> <br>|  |  |
| 4.46%, 07/03/25 | 162000 | 161941761 |
| 4.50%, 08/13/25 | 150000 | 149198220 |
| Chesham Finance Ltd./Chesham Finance LLC<sup>(c)(d)</sup> <br>|  |  |
| 4.37%, 07/01/25 | 991500 | 991380425 |
| 4.40%, 07/03/25 | 666000 | 665758641 |
| Columbia Funding Co. LLC, (1-day SOFR + 0.37%), <br> 4.82%, 01/02/26<sup>(b)(d)</sup><br>| 150000 | 150013924 |
| Concord Minutemen Capital Co LLC, 4.58%, <br> 11/14/25<sup>(c)(d)</sup><br>| 136000 | 133741910 |
| Concord Minutemen Capital Co. LLC<sup>(b)(d)</sup> <br>|  |  |
| (1-day SOFR + 0.30%), 4.69%, 09/22/25 | 173000 | 173005190 |
| (1-day SOFR + 0.35%), 4.89%, 11/25/25 | 167000 | 167120073 |
| (1-day SOFR + 0.38%), 4.77%, 01/05/26 | 150000 | 150054000 |
| Consolidated Edison, Inc., 4.51%, 07/09/25<sup>(c)(d)</sup> | 25750 | 25720472 |
| Erste Finance Delaware LLC, 4.34%, 07/02/25<sup>(c)(d)</sup> | 149000 | 148964121 |
| First Abu Dhabi Bank<sup>(c)(d)</sup> <br>|  |  |
| 4.43%, 07/01/25 | 197000 | 196976360 |
| 4.48%, 07/29/25 | 106000 | 105632615 |
| 4.49%, 09/09/25 | 142000 | 140781484 |
| 4.48%, 10/01/25 | 133000 | 131495278 |
| Hqla Funding LLC, 4.41%, 07/01/25<sup>(c)(d)</sup> | 500000 | 499939000 |
| HSBC Bank PLC<sup>(b)(d)</sup> <br>|  |  |
| (1-day SOFR + 0.30%), 4.70%, 01/28/26 | 130000 | 130020878 |
| (1-day SOFR + 0.30%), 4.70%, 02/24/26 | 100000 | 100000350 |
| (1-day SOFR + 0.37%), 4.77%, 01/05/26 | 141000 | 141072206 |
| ING U.S. Funding LLC<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 0.24%), 4.63%, 11/14/25<sup>(d)</sup> | 150000 | 150023790 |
| (1-day SOFR + 0.25%), 4.65%, 10/03/25 | 140000 | 140027636 |
| (1-day SOFR + 0.25%), 4.65%, 10/17/25 | 130000 | 130032305 |
| (1-day SOFR + 0.26%), 4.66%, 08/19/25<sup>(d)</sup> | 100000 | 100018370 |
| (1-day SOFR + 0.30%), 4.70%, 02/06/26 | 165000 | 165046942 |
| Keurig Dr Pepper, Inc., 4.57%, 07/07/25<sup>(c)(d)</sup> | 102000 | 101908965 |
| Legacy Capital Co. LLC<sup>(b)(d)</sup> <br>|  |  |
| (1-day SOFR + 0.35%), 4.74%, 08/11/25 | 86000 | 86001634 |
| (1-day SOFR + 0.35%), 4.74%, 08/18/25 | 83000 | 83001909 |
| (1-day SOFR + 0.35%), 4.74%, 11/06/25 | 189000 | 189061616 |
| (1-day SOFR + 0.40%), 4.79%, 02/20/26 | 95000 | 95005700 |
| Lloyds Bank PLC<sup>(d)</sup> <br>|  |  |
| 4.55%, 10/29/25<sup>(c)</sup> | 130000 | 128080134 |
| (1-day SOFR + 0.24%), 4.64%, 10/15/25<sup>(b)</sup> | 231000 | 230962116 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Money Market Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Paper (continued)** | **Commercial Paper (continued)** |  |
| Lloyds Bank PLC<sup>(d)</sup> (continued) |  |  |
| (1-day SOFR + 0.26%), 4.66%, 11/21/25<sup>(b)</sup> | $218000 | $218066425 |
| Lockheed Martin Corp., 4.51%, 07/07/25<sup>(c)(d)</sup> | 329000 | 328715316 |
| Macquarie Bank Ltd.<sup>(d)</sup> <br>|  |  |
| 4.54%, 10/29/25<sup>(c)</sup> | 100000 | 98510080 |
| 4.47%, 01/12/26<sup>(c)</sup> | 185000 | 180678677 |
| (1-day SOFR + 0.26%), 4.57%, 11/03/25<sup>(b)</sup> | 98000 | 98013328 |
| (1-day SOFR + 0.27%), 4.67%, 08/20/25<sup>(b)</sup> | 100000 | 100021740 |
| (1-day SOFR + 0.30%), 4.70%, 03/20/26<sup>(b)</sup> | 149000 | 149002056 |
| (1-day SOFR + 0.30%), 4.70%, 03/23/26<sup>(b)</sup> | 150000 | 150032250 |
| (1-day SOFR + 0.37%), 4.77%, 08/22/25<sup>(b)</sup> | 120000 | 120044364 |
| (1-day SOFR + 0.40%), 4.80%, 12/11/25<sup>(b)</sup> | 168000 | 168127848 |
| (1-day SOFR + 0.43%), 4.83%, 04/22/26<sup>(b)</sup> | 123000 | 123128412 |
| Macquarie Group Ltd.<sup>(c)</sup> <br>|  |  |
| 4.61%, 07/23/25<sup>(a)</sup> | 71000 | 70800384 |
| 4.61%, 07/24/25<sup>(a)</sup> | 100000 | 99706350 |
| 4.56%, 10/01/25<sup>(d)</sup> | 133000 | 131465725 |
| National Bank of Canada |  |  |
| 4.54%, 10/31/25<sup>(c)</sup> | 259455 | 255605492 |
| 4.52%, 02/02/26<sup>(c)(d)</sup> | 161000 | 156909618 |
| (1-day SOFR + 0.33%), 4.72%, 02/04/26<sup>(b)(d)</sup> | 162000 | 162021075 |
| (1-day SOFR + 0.36%), 4.75%, 08/19/25<sup>(b)(d)</sup> | 134000 | 134045989 |
| (1-day SOFR + 0.38%), 4.77%, 05/29/26<sup>(b)(d)</sup> | 100000 | 100076760 |
| Old Line Funding LLC, (1-day SOFR + 0.23%), 4.63%, <br> 08/20/25<sup>(b)(d)</sup><br>| 145000 | 145019294 |
| Podium Funding Trust, (1-day SOFR + 0.23%), 4.63%, <br> 09/04/25<sup>(b)(d)</sup><br>| 99000 | 99011573 |
| Ranger Funding Co. LLC, 4.50%, 09/04/25<sup>(c)(d)</sup> | 165000 | 163662345 |
| Resolute Funding Co. LLC, 4.41%, 07/07/25<sup>(c)(d)</sup> | 1000000 | 999152200 |
| Ridgefield Funding Co. LLC, 4.50%, 11/19/25<sup>(c)(d)</sup> | 153589 | 150961138 |
| Royal Bank of Canada<sup>(d)</sup> <br>|  |  |
| 4.55%, 11/07/25<sup>(c)</sup> | 50000 | 49220600 |
| 4.40%, 05/27/26<sup>(c)</sup> | 100000 | 96289060 |
| (1-day SOFR + 0.34%), 4.73%, 01/02/26<sup>(b)</sup> | 159000 | 159101267 |
| (1-day SOFR + 0.38%), 4.77%, 05/01/26<sup>(b)</sup> | 170000 | 170132770 |
| Skandinaviska Enskilda Banken AB<sup>(b)(d)</sup> <br>|  |  |
| (1-day SOFR + 0.18%), 4.58%, 08/06/25 | 29000 | 29001630 |
| (1-day SOFR + 0.25%), 4.65%, 10/06/25 | 144000 | 144052834 |
| Societe Generale SA, 4.46%, 10/07/25<sup>(c)(d)</sup> | 200000 | 197590640 |
| Svenska Handelsbanken AB, (1-day SOFR + 0.26%), <br> 4.66%, 07/18/25<sup>(b)(d)</sup><br>| 100000 | 100008670 |
| Swedbank AB<sup>(b)(d)</sup> <br>|  |  |
| (1-day SOFR + 0.32%), 4.72%, 01/06/26 | 125000 | 125071125 |
| (1-day SOFR + 0.39%), 4.79%, 04/27/26 | 97000 | 97102820 |
| Toyota Motor Credit Corp. |  |  |
| 4.55%, 07/07/25<sup>(c)</sup> | 100000 | 99915810 |
| (1-day SOFR + 0.28%), 5.09%, 07/29/25<sup>(b)</sup> | 175000 | 175002800 |
| UBS AG/London<sup>(b)(d)</sup> <br>|  |  |
| (1-day SOFR + 0.31%), 4.62%, 03/03/26 | 193000 | 193058630 |
| (1-day SOFR + 0.31%), 4.64%, 03/25/26 | 150000 | 150009849 |
| (1-day SOFR + 0.31%), 0.31%, 03/31/26 | 107000 | 107002282 |
| (1-day SOFR + 0.38%), 4.69%, 11/10/25 | 219000 | 219042913 |
| (1-day SOFR + 0.40%), 4.71%, 05/01/26 | 125000 | 125059988 |
| (1-day SOFR + 0.45%), 4.78%, 04/14/26 | 142000 | 142108697 |
| Verto Capital Compartment B<sup>(c)(d)</sup> <br>|  |  |
| 4.40%, 07/01/25 | 418000 | 417949589 |
| 4.55%, 08/21/25 | 229000 | 227547888 |
| Verto Capital I Compartment A<sup>(d)</sup> <br>|  |  |
| 4.55%, 08/20/25<sup>(c)</sup> | 183000 | 181861886 |
| (1-day SOFR + 0.15%), 4.54%, 07/14/25<sup>(b)</sup> | 572000 | 572015673 |
| Washington Morgan Capital Co. LLC<sup>(b)(d)</sup> <br>|  |  |
| (1-day SOFR + 0.30%), 4.69%, 09/22/25 | 200000 | 199964200 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Paper (continued)** | **Commercial Paper (continued)** |  |
| Washington Morgan Capital Co. LLC<sup>(b)(d)</sup> (continued) |  |  |
| (1-day SOFR + 0.35%), 4.74%, 12/19/25 | 76000 | $75978796 |
| (1-day SOFR + 0.40%), 4.79%, 11/03/25 | 129000 | 129012126 |
| Western Union Co., 4.53%, 07/01/25<sup>(c)(d)</sup> | 23600 | 23597010 |
| Westpac Banking Corp., (1-day SOFR + 0.34%), <br> 4.73%, 04/30/26<sup>(b)(d)</sup><br>| 100000 | 100071140 |
|  |  | 16305452719 |
| **Corporate Bonds — 0.5%** | **Corporate Bonds — 0.5%** |  |
| **Automobiles — 0.5%** | **Automobiles — 0.5%** |  |
| Toyota Motor Credit Corp.<sup>(b)</sup> <br>|  |  |
| 4.99%, 12/09/25 | 131000 | 131022691 |
| 4.93%, 02/24/26 | 120605 | 120557913 |
| Series B, 5.00%, 09/17/25<sup>(d)</sup> | 157200 | 157226740 |
|  |  | 408807344 |
| **Municipal Bonds — 0.6%** | **Municipal Bonds — 0.6%** | **Municipal Bonds — 0.6%** |
| **Iowa — 0.1%** | **Iowa — 0.1%** |  |
| Iowa Student Loan Liquidity Corp., RB, Series 2023-1, <br> VRDN, 4.37%, 07/07/25<sup>(e)</sup><br>| 51137 | 51137000 |
| **Minnesota — 0.1%** | **Minnesota — 0.1%** |  |
| Ecmc Group, Inc., RB, VRDN, 4.37%, 07/07/25<sup>(e)</sup> | 86000 | 86000000 |
| **Montana — 0.0%** | **Montana — 0.0%** |  |
| Taxable Municipal Funding Trust, RB, Series 2018-4, <br> VRDN, (AG-CR), 4.45%, 07/07/25<sup>(d)(e)</sup><br>| 2900 | 2900000 |
| **New Hampshire — 0.0%** | **New Hampshire — 0.0%** |  |
| New Hampshire Business Finance Authority, RB, <br> Series A, VRDN, 4.52%, 07/07/25<sup>(d)(e)</sup><br>| 12500 | 12500000 |
| **New York — 0.3%** | **New York — 0.3%** |  |
| California State University, VRDN, 4.51%, <br> 07/07/25<sup>(d)(e)</sup><br>| 2000 | 2000000 |
| Jets Stadium Development LLC<sup>(d)(e)</sup> <br>|  |  |
| Series A-4A, VRDN, 4.80%, 07/07/25 | 37555 | 37555000 |
| Series A-4B, VRDN, 4.80%, 07/07/25 | 2300 | 2300000 |
| Series A-4C, VRDN, 4.80%, 07/07/25 | 32400 | 32400000 |
| Jets Stadium Finance Issuer 2015 LLC, RB, VRDN, <br> 4.80%, 07/07/25<sup>(d)(e)</sup><br>| 114180 | 114180000 |
| Taxable Municipal Funding Trust, RB, Series 2019, <br> VRDN, 4.45%, 07/07/25<sup>(d)(e)</sup><br>| 47935 | 47935000 |
|  |  | 236370000 |
| **Ohio — 0.0%** | **Ohio — 0.0%** |  |
| Mizuho Floater/Residual Trust, RB, Series 2020, <br> VRDN, 4.45%, 07/07/25<sup>(d)(e)</sup><br>| 28765 | 28765000 |
| **Texas — 0.1%** | **Texas — 0.1%** |  |
| North Texas Higher Education Authority, Inc., RB, <br> Series 2023-1, VRDN, 4.37%, 07/07/25<sup>(e)</sup><br>| 32700 | 32700000 |
|  |  | 450372000 |
| **Time Deposits — 11.9%** | **Time Deposits — 11.9%** |  |
| Canadian Imperial Bank of Commerce, 4.33%, <br> 07/01/25<br>| 1065000 | 1065000000 |
| Credit Agricole Corporate And Investment Bank SA, <br> 4.32%, 07/01/25<br>| 152000 | 152000000 |
| First Abu Dhabi Bank, 4.33%, 07/01/25 | 830000 | 830000000 |
| ING Bank NV, 4.34%, 07/01/25 | 1500000 | 1500000000 |
| KBC Bank NV/New York, 4.33%, 07/01/25 | 250000 | 250000000 |
| Landesbank Hessen Thueringen Giroze |  |  |
| 4.34%, 07/01/25 | 1300000 | 1300000000 |
| 4.37%, 07/01/25 | 650000 | 650000000 |
| 4.37%, 07/07/25 | 550000 | 550000000 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Money Market Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Time Deposits (continued)** | **Time Deposits (continued)** |  |
| Mizuho Bank Ltd, New York Branch, 4.33%, 07/01/25 | 1229000 | $1229000000 |
| Royal Bank of Canada, Toronto Branch, 4.33%, <br> 07/01/25<br>| 1300000 | 1300000000 |
| Skandinaviska Enskilda Banken, 4.33%, 07/01/25 | 746000 | 746000000 |
|  |  | 9572000000 |
| **U.S. Treasury Obligations — 2.1%** | **U.S. Treasury Obligations — 2.1%** |  |
| U.S. Treasury Bills<sup>(c)</sup> <br>|  |  |
| 4.50%, 08/07/25 | 718000 | 714858571 |
| 4.48%, 08/26/25 | 317000 | 314866061 |
| U.S. Treasury Notes<sup>(b)</sup> <br>|  |  |
| (3-mo. U.S. Treasury Money Market Yield + 0.13%), <br> 4.36%, 07/31/25<br>| 182000 | 181983727 |
| (3-mo. U.S. Treasury Money Market Yield + 0.17%), <br> 4.41%, 10/31/25<br>| 304000 | 304105971 |
| (3-mo. U.S. Treasury Money Market Yield + 0.15%), <br> 4.39%, 04/30/26<br>| 182000 | 182095879 |
|  |  | 1697910209 |
| **Total Short-Term Securities —65.1%** <br>**(Cost: $52,208,089,258)** | **Total Short-Term Securities —65.1%** <br>**(Cost: $52,208,089,258)** | 52218360312 |
| **Total Repurchase Agreements — 31.8%** <br>**(Cost: $25,528,005,000)** | **Total Repurchase Agreements — 31.8%** <br>**(Cost: $25,528,005,000)** | 25528005000 |
| **Total Investments — 96.9%** <br>**(Cost: $77,736,094,258**<sup>(f)</sup>**)** | **Total Investments — 96.9%** <br>**(Cost: $77,736,094,258**<sup>(f)</sup>**)** | 77746365312 |
| **Other Assets Less Liabilities — 3.1%** | **Other Assets Less Liabilities — 3.1%** | 2452025178 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $80198390490 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Issuer is a U.S. branch of foreign domiciled bank.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(c)</sup> Rates are the current rate or a range of current rates as of period end.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. 

<sup>(f)</sup> Cost for U.S. federal income tax purposes.

**Repurchase Agreements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Collateral | Collateral | Collateral |
| *Counterparty* | *Coupon* <br>*Rate*<br>| &nbsp;&nbsp; *Purchase* <br>*Date*<br>| *Maturity* <br>*Date*<br>| *Par* <br>*(000)*<br>| *At Value* | *Proceeds* <br>*Including* <br>*Interest*<br>| *Position* | *Original Par* | *Position* <br>*Received,* <br>*at Value*<br>|
| Bank of Nova Scotia | 4.55 %<sup>(a)</sup><br>| 06/30/25 | 07/01/25 | $210000 | $210000000 | $210026542 | Corporate Debt/Obligation, <br> 2.60% to 7.44%, due <br> 4/01/29 to 4/15/54<br>| $235091000 | $220527878 |
|  | 4.73 <br><sup>(a)</sup><br>| 06/30/25 | 08/04/25 | 130000 | 130000000 | 130597819 | Corporate Debt/Obligation, <br> 2.05% to 6.75%, due <br> 3/02/26 to 10/15/54<br>| 138985000 | 136517949 |
| Total Bank of Nova Scotia | Total Bank of Nova Scotia | Total Bank of Nova Scotia | Total Bank of Nova Scotia | Total Bank of Nova Scotia | $340000000 |  |  |  | $357045827 |
| Barclays Bank PLC | 4.39 | 06/30/25 | 07/01/25 | 350000 | 350000000 | 350042681 | U.S. Treasury Obligation, <br> 0.00% to 5.00%, due <br> 9/18/25 to 2/15/34<br>| 351376300 | 357000015 |
|  | 4.40 | 06/30/25 | 07/01/25 | 100000 | 100000000 | 100012222 | U.S. Government Sponsored <br> Agency Obligation, 0.00% <br> to 5.00%, due 11/15/26 to <br> 8/20/64<br>| 1452934490 | 104972281 |
|  | 4.41 <br><sup>(a)</sup><br>| 06/30/25 | 07/07/25 | 202000 | 202000000 | 202173215 | U.S. Government Sponsored <br> Agency Obligation, 0.00% <br> to 7.00%, due 11/15/26 to <br> 8/20/64<br>| 2566528859 | 210565282 |
|  | 4.43 <br><sup>(a)</sup><br>| 06/30/25 | 07/01/25 | 1439000 | 1439000000 | 1439177077 | Corporate Debt/Obligation, <br> 0.63% to 9.50%, due <br> 7/15/25 to 10/01/96<br>| 1532309987 | 1510948041 |
|  | 4.58 <br><sup>(a)</sup><br>| 06/30/25 | 08/04/25 | 104000 | 104000000 | 104463089 | Corporate Debt/Obligation, <br> 0.00% to 5.75%, due <br> 11/15/36 to 9/01/66<br>| 110570000 | 111280346 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Money Market Master Portfolio**

**Repurchase Agreements (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Collateral | Collateral | Collateral |
| *Counterparty* | *Coupon*<br> *Rate*<br>| &nbsp;&nbsp; *Purchase*<br> *Date*<br>| *Maturity*<br> *Date*<br>| *Par*<br> *(000)*<br>| *At Value* | *Proceeds*<br> *Including*<br> *Interest*<br>| *Position* | *Original Par* | *Position*<br> *Received,*<br> *at Value*<br>|
| Barclays Bank PLC<br> (continued)<br>| 4.73 %<sup>(a)</sup><br>| 06/30/25 | 08/05/25 | $70000 | $70000000 | $70331100 | Corporate Debt/Obligation, <br> 0.00% to 9.08%, due <br> 7/01/25 to 2/25/64<br>| $844977632 | $75028212 |
|  | 4.45 <br><sup>(a)</sup><br>| 06/30/25 | 07/01/25 | 307000 | 307000000 | 307037949 | Corporate Debt/Obligation, <br> 0.00% to 7.60%, due <br> 12/01/29 to 12/15/56<br>| 332420000 | 328490381 |
|  | 4.56 <br><sup>(a)</sup><br>| 06/30/25 | 07/07/25 | 100000 | 100000000 | 100088667 | Corporate Debt/Obligation, <br> 0.00% to 7.83%, due <br> 6/15/34 to 4/25/66<br>| 325744896 | 110711692 |
| Total Barclays Bank PLC | Total Barclays Bank PLC | Total Barclays Bank PLC | Total Barclays Bank PLC | Total Barclays Bank PLC | $2672000000 |  |  |  | $2808996250 |
| Barclays Capital, Inc. | 4.56 <br><sup>(a)</sup><br>| 06/30/25 | 08/04/25 | 274000 | 274000000 | 275214733 | U.S. Government Sponsored <br> Agency Obligation, 3.82% <br> to 5.25%, due 12/31/27 to <br> 2/01/55<br>| 279880400 | 279480043 |
|  | 4.73 <br><sup>(a)</sup><br>| 06/30/25 | 08/05/25 | 68000 | 68000000 | 68321640 | Corporate Debt/Obligation, <br> 0.00% to 10.75%, due <br> 7/01/25 to 2/25/69<br>| 3303056258 | 76980488 |
| Total Barclays Capital, Inc. | Total Barclays Capital, Inc. | Total Barclays Capital, Inc. | Total Barclays Capital, Inc. | Total Barclays Capital, Inc. | $342000000 |  |  |  | $356460531 |
| BNP Paribas S.A. | 4.43 <br><sup>(a)</sup><br>| 06/30/25 | 07/01/25 | 398000 | 398000000 | 398048976 | Corporate Debt/Obligation, <br> 0.13% to 9.31%, due <br> 12/12/25 to 12/31/79<br>| 439462001 | 418145580 |
|  | 4.76 <br><sup>(a)</sup><br>| 06/30/25 | 10/03/25 | 85000 | 85000000 | 86067694 | Corporate Debt/Obligation, <br> 3.88% to 12.25%, due <br> 10/31/26 to 2/15/31<br>| 100612659 | 97750001 |
| Total BNP Paribas S.A. | Total BNP Paribas S.A. | Total BNP Paribas S.A. | Total BNP Paribas S.A. | Total BNP Paribas S.A. | $483000000 |  |  |  | $515895581 |
| BofA Securities, Inc. | 4.62 <br><sup>(a)</sup><br>| 06/30/25 | 08/04/25 | 398000 | 398000000 | 399787683 | Corporate Debt/Obligation, <br> 0.00% to 9.33%, due <br> 7/01/25 to 1/25/69<br>| 3102751347 | 425860001 |
|  | 4.40 | 06/30/25 | 07/01/25 | 18800 | 18800000 | 18802298 | U.S. Government Sponsored <br> Agency Obligation, 0.00% <br> to 2.72%, due 10/20/49 to <br> 12/25/54<br>| 698888677 | 19740001 |
| Total BofA Securities, Inc. | Total BofA Securities, Inc. | Total BofA Securities, Inc. | Total BofA Securities, Inc. | Total BofA Securities, Inc. | $416800000 |  |  |  | $445600002 |
| Citigroup Global Markets, <br> Inc.<sup>(b)</sup><br>| 4.39 | 06/30/25 | 07/01/25 | 15000 | 15000000 | 15001829 | U.S. Treasury Obligation, <br> 1.50% to 3.75%, due <br> 1/31/27 to 4/30/27<br>| 15682870 | 15300002 |
|  | 4.40 | 06/30/25 | 07/01/25 | 660000 | 660000000 | 660080667 | U.S. Government Sponsored <br> Agency Obligation, 3.50% <br> to 4.50%, due 9/15/27 to <br> 9/25/52<br>| 703842532 | 673205388 |
|  | 4.46 <br><sup>(a)</sup><br>| 06/30/25 | 07/01/25 | 150000 | 150000000 | 150018583 | Corporate Debt/Obligation, <br> 0.00%, due 7/07/25<br>| 158197865 | 157500001 |
|  | 4.39 | 06/30/25 | 07/01/25 | 1850000 | 1850000000 | 1850225597 | U.S. Treasury Obligation, <br> 0.13% to 4.25%, due <br> 2/15/27 to 1/15/33<br>| 1769090800 | 1887000075 |
| Total Citigroup Global Markets, Inc. | Total Citigroup Global Markets, Inc. | Total Citigroup Global Markets, Inc. | Total Citigroup Global Markets, Inc. | Total Citigroup Global Markets, Inc. | $2675000000 |  |  |  | $2733005466 |
| Credit Agricole Corp.<sup>(b)</sup> | 4.39 | 06/30/25 | 07/01/25 | 150000 | 150000000 | 150018292 | U.S. Treasury Obligation, <br> 4.25% to 4.63%, due <br> 2/15/54 to 5/15/54<br>| 161536250 | 153000011 |
|  | 4.40 | 06/30/25 | 07/01/25 | 100000 | 100000000 | 100012222 | U.S. Treasury Obligation, <br> 1.63% to 4.50%, due <br> 9/30/26 to 11/15/33<br>| 101730200 | 102000001 |
|  | 4.52 <br><sup>(a)</sup><br>| 06/30/25 | 07/07/25 | 181000 | 181000000 | 181159079 | Corporate Debt/Obligation, <br> 0.00% to 9.38%, due <br> 9/22/25 to 12/31/79<br>| 212070959 | 192863474 |
| Total Credit Agricole Corp. | Total Credit Agricole Corp. | Total Credit Agricole Corp. | Total Credit Agricole Corp. | Total Credit Agricole Corp. | $431000000 |  |  |  | $447863486 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Money Market Master Portfolio**

**Repurchase Agreements (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Collateral | Collateral | Collateral |
| *Counterparty* | *Coupon*<br> *Rate*<br>| &nbsp;&nbsp; *Purchase*<br> *Date*<br>| *Maturity*<br> *Date*<br>| *Par*<br> *(000)*<br>| *At Value* | *Proceeds*<br> *Including*<br> *Interest*<br>| *Position* | *Original Par* | *Position*<br> *Received,*<br> *at Value*<br>|
| Deutsche Bank <br> Securities, Inc.<br>| 4.38<br> % <br>| 06/30/25 | 07/01/25 | $45000 | $45000000 | $45005475 | U.S. Treasury Obligation, <br> 4.50%, due 2/15/44<br>| $47034600 | $45900068 |
|  | 4.39 | 06/30/25 | 07/01/25 | 1350000 | 1350000000 | 1350164625 | U.S. Treasury Obligation, <br> 0.38% to 4.88%, due <br> 11/30/25 to 8/15/32<br>| 1377772200 | 1377000076 |
| Total Deutsche Bank Securities, Inc. | Total Deutsche Bank Securities, Inc. | Total Deutsche Bank Securities, Inc. | Total Deutsche Bank Securities, Inc. | Total Deutsche Bank Securities, Inc. | $1395000000 |  |  |  | $1422900144 |
| Federal Reserve Bank of <br> New York<br>| 4.25 | 06/30/25 | 07/01/25 | 193000 | 193000000 | 193022785 | U.S. Treasury Obligation, <br> 2.25%, due 8/15/27<br>| 197421800 | 193022825 |
| Fixed Income Clearing <br> Corporation - NOMU<br>| 4.39 | 06/30/25 | 07/01/25 | 4250000 | 4250000000 | 4250518264 | U.S. Treasury Obligation, <br> 0.00% to 6.63%, due <br> 7/29/25 to 11/15/54<br>| 4511479500 | 4335000061 |
| Fixed Income Clearing <br> Corporation - WFBK<br>| 4.40 | 06/30/25 | 07/01/25 | 525000 | 525000000 | 525064167 | U.S. Government Sponsored <br> Agency Obligation, 2.00% <br> to 7.00%, due 2/20/28 to <br> 6/20/55<br>| 1894804904 | 535500000 |
| Goldman Sachs & Co. | 4.40 | 06/30/25 | 07/01/25 | 385000 | 385000000 | 385047056 | U.S. Government Sponsored <br> Agency Obligation, 2.50% <br> to 6.00%, due 7/20/28 to <br> 8/20/64<br>| 457910550 | 392700001 |
|  | 4.81 <br><sup>(a)</sup><br>| 06/30/25 | 08/14/25 | 32500 | 32500000 | 32695406 | Corporate Debt/Obligation, <br> 2.49% to 8.13%, due <br> 1/15/26 to 5/15/67<br>| 35494198 | 34354109 |
| Total Goldman Sachs & Co. | Total Goldman Sachs & Co. | Total Goldman Sachs & Co. | Total Goldman Sachs & Co. | Total Goldman Sachs & Co. | $417500000 |  |  |  | $427054110 |
| J.P. Morgan Securities <br> LLC<br>| 4.40 | 06/30/25 | 07/01/25 | 109000 | 109000000 | 109013322 | U.S. Government Sponsored <br> Agency Obligation, 6.00% <br> to 6.50%, due 6/20/55 to <br> 5/20/65<br>| 108467361 | 111180001 |
|  | 4.42 <br><sup>(a)</sup><br>| 06/30/25 | 07/07/25 | 821000 | 821000000 | 821705604 | U.S. Government Sponsored <br> Agency Obligation, 2.00% <br> to 7.00%, due 6/20/47 to <br> 5/20/55<br>| 909275776 | 837420001 |
|  | 4.50 <br><sup>(a)</sup><br>| 06/30/25 | 07/07/25 | 275000 | 275000000 | 275240625 | Corporate Debt/Obligation, <br> 0.00%, due 12/31/2500<br>| 1374510 | 302500116 |
|  | 4.53 <br><sup>(a)</sup><br>| 06/30/25 | 07/07/25 | 650000 | 650000000 | 650572542 | Corporate Debt/Obligation, <br> 0.00% to 8.25%, due <br> 7/01/25 to 7/01/2116<br>| 688022443 | 678215569 |
|  | 4.58 <br><sup>(a)</sup><br>| 06/30/25 | 07/07/25 | 381405 | 381405000 | 381744662 | Corporate Debt/Obligation, <br> 0.00% to 6.75%, due <br> 8/15/25 to 1/15/30<br>| 330152000 | 427173707 |
|  | 4.58 <br><sup>(a)</sup><br>| 06/30/25 | 07/07/25 | 455000 | 455000000 | 455405203 | Corporate Debt/Obligation, <br> 2.80% to 14.75%, due <br> 5/01/26 to 6/22/50<br>| 509832898 | 521339407 |
|  | 4.70 <br><sup>(a)</sup><br>| 06/30/25 | 09/28/25 | 140000 | 140000000 | 141645000 | Corporate Debt/Obligation, <br> 0.00% to 9.02%, due <br> 10/15/28 to 12/26/69<br>| 1083494154 | 149792121 |
|  | 4.81 <br><sup>(a)</sup><br>| 06/30/25 | 09/28/25 | 435000 | 435000000 | 440230875 | Corporate Debt/Obligation, <br> 0.00% to 8.53%, due <br> 7/01/25 to 10/25/67<br>| 1846875024 | 465450001 |
|  | 4.39 | 06/30/25 | 07/01/25 | 3090000 | 3090000000 | 3090376808 | U.S. Treasury Obligation, <br> 0.75% to 4.00%, due <br> 7/15/28 to 11/15/52<br>| 3401681900 | 3151800093 |
|  | 4.45 <br><sup>(a)</sup><br>| 06/30/25 | 07/01/25 | 200000 | 200000000 | 200024722 | Corporate Debt/Obligation, <br> 0.00% to 4.40%, due <br> 7/01/25 to 10/28/25<br>| 208232974 | 206000002 |
|  | 4.53 <br><sup>(a)</sup><br>| 06/30/25 | 07/01/25 | 100000 | 100000000 | 100012583 | Corporate Debt/Obligation, <br> 0.00% to 7.75%, due <br> 7/01/25 to 5/12/61<br>| 100595472 | 104893841 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Money Market Master Portfolio**

**Repurchase Agreements (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Collateral | Collateral | Collateral |
| *Counterparty* | *Coupon*<br> *Rate*<br>| &nbsp;&nbsp; *Purchase*<br> *Date*<br>| *Maturity*<br> *Date*<br>| *Par*<br> *(000)*<br>| *At Value* | *Proceeds*<br> *Including*<br> *Interest*<br>| *Position* | *Original Par* | *Position*<br> *Received,*<br> *at Value*<br>|
| J.P. Morgan Securities <br> LLC(continued)<br> (continued)<br>| 4.55 %<sup>(a)</sup><br>| 06/30/25 | 07/01/25 | $163000 | $163000000 | $163020601 | Corporate Debt/Obligation, <br> 0.00% to 6.99%, due <br> 9/03/25 to 10/01/2118<br>| $172628090 | $170619893 |
|  | 4.64 <br><sup>(a)</sup><br>| 06/30/25 | 09/29/25 | 325000 | 325000000 | 328811889 | Corporate Debt/Obligation, <br> 0.00% to 7.85%, due <br> 7/25/25 to 12/31/79<br>| 341188735 | 338147795 |
|  | 4.81 <br><sup>(a)</sup><br>| 06/30/25 | 09/28/25 | 143000 | 143000000 | 144719575 | Corporate Debt/Obligation, <br> 0.00% to 9.85%, due <br> 5/15/26 to 4/25/66<br>| 195268902 | 152338701 |
|  | 4.81 <br><sup>(a)</sup><br>| 06/30/25 | 09/28/25 | 205000 | 205000000 | 207465125 | Corporate Debt/Obligation, <br> 1.22% to 7.65%, due <br> 5/10/26 to 1/27/70<br>| 360927544 | 218990149 |
| Total J.P. Morgan Securities LLC | Total J.P. Morgan Securities LLC | Total J.P. Morgan Securities LLC | Total J.P. Morgan Securities LLC | Total J.P. Morgan Securities LLC | $7492405000 |  |  |  | $7835861397 |
| Mizuho Security USA, <br> Inc.<br>| 4.48 <br><sup>(a)</sup><br>| 06/30/25 | 07/01/25 | 110000 | 110000000 | 110013689 | Corporate Debt/Obligation, <br> 5.00% to 5.25%, due <br> 3/01/49 to 6/01/53<br>| 112785000 | 117701524 |
|  | 4.78 <br><sup>(a)</sup><br>| 06/30/25 | 08/04/25 | 75000 | 75000000 | 75348542 | Corporate Debt/Obligation, <br> 0.09% to 10.17%, due <br> 1/23/26 to 3/25/70<br>| 1981748157 | 80328287 |
|  | 4.88 <br><sup>(a)</sup><br>| 06/30/25 | 09/29/25 | 110000 | 110000000 | 111356911 | Corporate Debt/Obligation, <br> 2.31% to 6.09%, due <br> 12/15/27 to 2/25/60<br>| 120228113 | 117700001 |
| Total Mizuho Security USA, Inc. | Total Mizuho Security USA, Inc. | Total Mizuho Security USA, Inc. | Total Mizuho Security USA, Inc. | Total Mizuho Security USA, Inc. | $295000000 |  |  |  | $315729812 |
| Natixis SA | 4.51 <br><sup>(a)</sup><br>| 06/30/25 | 07/01/25 | 134000 | 134000000 | 134016787 | Corporate Debt/Obligation, <br> 1.70% to 8.50%, due <br> 2/19/26 to 11/15/95<br>| 157005251 | 140700965 |
| Nomura Securities <br> International LLC<br>| 4.40 | 06/30/25 | 07/01/25 | 1202000 | 1202000000 | 1202146911 | U.S. Government Sponsored <br> Agency Obligation, 0.00% <br> to 7.50%, due 12/20/26 to <br> 6/15/64<br>| 2722909028 | 1226041175 |
| Santander U.S. Capital <br> Market LLC<br>| 4.84 | 06/26/25 | 07/01/25 | 43300 | 43300000 | 43329107 | U.S. Government Sponsored <br> Agency Obligation, 0.88% <br> to 6.75%, due 1/15/29 to <br> 1/01/55<br>| 44087638 | 44166000 |
| Scotia Capital (USA), <br> Inc.<br>| 4.73 <br><sup>(a)</sup><br>| 06/30/25 | 08/04/25 | 90000 | 90000000 | 90413875 | Corporate Debt/Obligation, <br> 3.88% to 9.88%, due <br> 8/15/25 to 12/10/54<br>| 98200000 | 98795172 |
| TD Securities (USA) LLC | 4.41 <br><sup>(a)</sup><br>| 06/30/25 | 07/01/25 | 498000 | 498000000 | 498061005 | Corporate Debt/Obligation, <br> 1.19% to 12.00%, due <br> 7/23/25 to 4/22/52<br>| 517885077 | 524002988 |
|  | 4.43 <br><sup>(a)</sup><br>| 06/30/25 | 07/07/25 | 445000 | 445000000 | 445383318 | Corporate Debt/Obligation, <br> 3.13% to 7.96%, due <br> 2/01/26 to 11/15/40<br>| 457892000 | 467250602 |
|  | 4.63 <br><sup>(a)</sup><br>| 06/30/25 | 08/04/25 | 86000 | 86000000 | 86387120 | Corporate Debt/Obligation, <br> 4.00% to 14.00%, due <br> 3/15/26 to 6/15/33<br>| 97384000 | 98866507 |
|  | 4.43 | 06/30/25 | 07/02/25 | 142000 | 142000000 | 142034948 | Corporate Debt/Obligation, <br> 4.38% to 10.00%, due <br> 4/15/26 to 11/15/66<br>| 158972075 | 161213745 |
| Total TD Securities (USA) LLC | Total TD Securities (USA) LLC | Total TD Securities (USA) LLC | Total TD Securities (USA) LLC | Total TD Securities (USA) LLC | $1171000000 |  |  |  | $1251333842 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Money Market Master Portfolio**

**Repurchase Agreements (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Collateral | Collateral | Collateral |
| *Counterparty* | *Coupon*<br> *Rate*<br>| &nbsp;&nbsp; *Purchase*<br> *Date*<br>| *Maturity*<br> *Date*<br>| *Par*<br> *(000)*<br>| *At Value* | *Proceeds*<br> *Including*<br> *Interest*<br>| *Position* | *Original Par* | *Position*<br> *Received,*<br> *at Value*<br>|
| U.S. Bancorp <br> Investments, Inc.<br>| 4.42 %<sup>(a)</sup><br>| 06/30/25 | 07/01/25 | $410000 | $410000000 | $410050339 | U.S. Treasury Obligation, <br> 0.00% to 4.63%, due <br> 8/05/25 to 2/15/55<br>| $406923500 | $418590725 |
| Wells Fargo Securities <br> LLC<br>| 4.81 <br><sup>(a)</sup><br>| 06/30/25 | 10/08/25 | 550000 | 550000000 | 557348611 | Corporate Debt/Obligation, <br> 0.00% to 8.25%, due <br> 7/01/25 to 12/31/79<br>| 4438983336 | 583498848 |
|  |  |  |  |  | $25528005000 |  |  |  | $26493062219 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. <br> <sup>(b)</sup> Traded in a joint account.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Master Portfolio's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Short-Term Securities  |  |  |  |  |
| Certificates of Deposit | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $23783818040 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $23783818040 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16305452719 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16305452719 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 408807344 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 408807344 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 450372000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 450372000 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9572000000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9572000000 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1697910209 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1697910209 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25528005000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25528005000 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $77746365312 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $77746365312 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

June 30, 2025

**Treasury Money Market Master Portfolio**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **U.S. Treasury Obligations — 43.3%** | **U.S. Treasury Obligations — 43.3%** |  |
| U.S. Treasury Bills<sup>(a)</sup> <br>|  |  |
| 4.58%, 07/10/25 | $403737 | $403295693 |
| 4.30%, 08/05/25 | 15800 | 15735791 |
| 4.37%, 08/12/25 | 9510 | 9462882 |
| 4.32%, 08/26/25 | 285718 | 283848740 |
| 4.32%, 08/28/25 | 38000 | 37744703 |
| 4.31%, 09/02/25 | 484100 | 480549100 |
| 4.27%, 09/04/25 | 404000 | 400990120 |
| 4.32%, 09/09/25 | 652664 | 647334686 |
| 4.36%, 09/16/25 | 124300 | 123172737 |
| 4.24%, 09/18/25 | 66275 | 65679436 |
| 4.35%, 09/23/25 | 216800 | 214660565 |
| 4.26%, 09/25/25 | 44863 | 44415773 |
| 4.34%, 10/14/25 | 253465 | 250344820 |
| 4.31%, 10/28/25 | 305000 | 300771139 |
| 4.23%, 10/30/25 | 396825 | 391383355 |
| 4.23%, 11/06/25 | 77900 | 76768032 |
| 4.29%, 11/20/25 | 338665 | 333124740 |
| 4.32%, 11/28/25 | 164650 | 161797441 |
| 4.30%, 12/04/25 | 139324 | 136818783 |
| 4.30%, 12/11/25 | 134715 | 132184003 |
| 4.30%, 12/18/25 | 256100 | 251075104 |
| 4.26%, 12/26/25 | 466785 | 457357552 |
| 4.26%, 01/02/26 | 194530 | 190465782 |
| 4.11%, 05/14/26 | 201237 | 194272736 |
| 4.12%, 06/11/26 | 134970 | 129873300 |
| U.S. Treasury Notes |  |  |
| (3-mo. U.S. Treasury Money Market Yield + 0.13%), <br> 4.36%, 07/31/25<sup>(b)</sup><br>| 489520 | 489519306 |
| (3-mo. U.S. Treasury Money Market Yield + 0.17%), <br> 4.41%, 10/31/25<sup>(b)</sup><br>| 598361 | 598352934 |
| 0.38%, 11/30/25 - 01/31/26 | 88895 | 87184573 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |  |
| U.S. Treasury Notes (continued) |  |  |
| 4.25%, 12/31/25 | 33190 | $33194168 |
| (3-mo. U.S. Treasury Money Market Yield + 0.25%), <br> 4.49%, 01/31/26<sup>(b)</sup><br>| 107975 | 107975000 |
| 0.50%, 02/28/26 | 13500 | 13186281 |
| 4.63%, 02/28/26 - 06/30/26 | 85210 | 85576890 |
| (3-mo. U.S. Treasury Money Market Yield + 0.15%), <br> 4.39%, 04/30/26<sup>(b)</sup><br>| 677677 | 677673112 |
| 1.63%, 05/15/26 | 31975 | 31321905 |
| 0.88%, 06/30/26 | 9560 | 9257008 |
| (3-mo. U.S. Treasury Money Market Yield + 0.18%), <br> 4.42%, 07/31/26<sup>(b)</sup><br>| 201690 | 201574792 |
| (3-mo. U.S. Treasury Money Market Yield + 0.21%), <br> 4.48%, 10/31/26<sup>(b)</sup><br>| 481395 | 481395000 |
| (3-mo. U.S. Treasury Money Market Yield + 0.10%), <br> 4.34%, 01/31/27<sup>(b)</sup><br>| 173225 | 173225188 |
| (3-mo. U.S. Treasury Money Market Yield + 0.16%), <br> 4.40%, 04/30/27<sup>(b)</sup><br>| 857410 | 857486902 |
| **Total Short-Term Securities —43.3%** <br>**(Cost: $9,580,050,072)** | **Total Short-Term Securities —43.3%** <br>**(Cost: $9,580,050,072)** | 9580050072 |
| **Total Repurchase Agreements — 54.3%** <br>**(Cost: $11,991,000,000)** | **Total Repurchase Agreements — 54.3%** <br>**(Cost: $11,991,000,000)** | 11991000000 |
| **Total Investments — 97.6%** <br>**(Cost: $21,571,050,072**<sup>(c)</sup>**)** | **Total Investments — 97.6%** <br>**(Cost: $21,571,050,072**<sup>(c)</sup>**)** | 21571050072 |
| **Other Assets Less Liabilities — 2.4%** | **Other Assets Less Liabilities — 2.4%** | 539276139 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $22110326211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rates are the current rate or a range of current rates as of period end.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(c)</sup> Cost for U.S. federal income tax purposes.

**Repurchase Agreements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Collateral | Collateral | Collateral |
| *Counterparty* | *Coupon* <br>*Rate*<br>| &nbsp;&nbsp; *Purchase* <br>*Date*<br>| *Maturity* <br>*Date*<br>| *Par* <br>*(000)*<br>| *At Value* | *Proceeds* <br>*Including* <br>*Interest*<br>| *Position* | *Original Par* | *Position* <br>*Received,* <br>*at Value*<br>|
| Bank of Nova Scotia | 4.41<br> % <br>| 06/30/25 | 07/01/25 | $75000 | $75000000 | $75009188 | U.S. Treasury Obligation, <br> 0.38% to 4.75%, due <br> 7/15/27 to 11/15/53<br>| $84202300 | $76509428 |
| Barclays Bank PLC | 4.35 | 06/30/25 | 07/01/25 | 1000000 | 1000000000 | 1000120833 | U.S. Treasury Obligation, <br> 0.38% to 4.25%, due <br> 10/31/26 to 8/15/53<br>| 1011755900 | 1020000001 |
|  | 4.39 | 06/30/25 | 07/01/25 | 750000 | 750000000 | 750091458 | U.S. Treasury Obligation, <br> 3.00% to 4.38%, due <br> 12/31/25 to 2/15/48<br>| 757240800 | 765000028 |
| Total Barclays Bank PLC | Total Barclays Bank PLC | Total Barclays Bank PLC | Total Barclays Bank PLC | Total Barclays Bank PLC | $1750000000 |  |  |  | $1785000029 |
| BNP Paribas S.A. | 4.39 | 06/30/25 | 07/01/25 | 15000 | 15000000 | 15001829 | U.S. Treasury Obligation, <br> 0.00% to 4.88%, due <br> 9/23/25 to 11/15/54<br>| 15479600 | 15300080 |
|  | 4.39 | 06/30/25 | 07/01/25 | 90000 | 90000000 | 90010975 | U.S. Treasury Obligation, <br> 0.13% to 4.25%, due <br> 5/31/26 to 2/15/31<br>| 102156400 | 91800001 |
| Total BNP Paribas S.A. | Total BNP Paribas S.A. | Total BNP Paribas S.A. | Total BNP Paribas S.A. | Total BNP Paribas S.A. | $105000000 |  |  |  | $107100081 |
| BofA Securities, Inc. | 4.39 | 06/30/25 | 07/01/25 | 5000 | 5000000 | 5000610 | U.S. Treasury Obligation, <br> 0.00% to 2.00%, due <br> 2/15/37 to 2/15/50<br>| 16309200 | 5100001 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Treasury Money Market Master Portfolio**

**Repurchase Agreements (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Collateral | Collateral | Collateral |
| *Counterparty* | *Coupon*<br> *Rate*<br>| &nbsp;&nbsp; *Purchase*<br> *Date*<br>| *Maturity*<br> *Date*<br>| *Par*<br> *(000)*<br>| *At Value* | *Proceeds*<br> *Including*<br> *Interest*<br>| *Position* | *Original Par* | *Position*<br> *Received,*<br> *at Value*<br>|
| Citigroup Global Markets, <br> Inc.<sup>(a)</sup><br>| 4.39<br> % <br>| 06/30/25 | 07/01/25 | $260000 | $260000000 | $260031706 | U.S. Treasury Obligation, <br> 1.50% to 3.75%, due <br> 1/31/27 to 4/30/27<br>| $271836430 | $265200064 |
|  | 4.39 | 06/30/25 | 07/01/25 | 1000 | 1000000 | 1000122 | U.S. Treasury Obligation, <br> 3.88%, due 1/15/26<br>| 1003600 | 1020026 |
|  | 4.39 | 06/30/25 | 07/01/25 | 1000000 | 1000000000 | 1000121944 | U.S. Treasury Obligation, <br> 4.13% to 4.38%, due <br> 11/30/26 to 11/30/28<br>| 1000328500 | 1020000057 |
| Total Citigroup Global Markets, Inc. | Total Citigroup Global Markets, Inc. | Total Citigroup Global Markets, Inc. | Total Citigroup Global Markets, Inc. | Total Citigroup Global Markets, Inc. | $1261000000 |  |  |  | $1286220147 |
| Credit Agricole Corp. | 4.39 | 06/30/25 | 07/01/25 | 450000 | 450000000 | 450054875 | U.S. Treasury Obligation, <br> 4.25% to 4.63%, due <br> 2/15/54 to 5/15/54<br>| 484608750 | 459000034 |
|  | 4.39 | 06/30/25 | 07/01/25 | 5000 | 5000000 | 5000610 | U.S. Treasury Obligation, <br> 3.50%, due 1/31/28<br>| 5056300 | 5100031 |
|  | 4.39 | 06/30/25 | 07/01/25 | 45000 | 45000000 | 45005488 | U.S. Treasury Obligation, <br> 4.13%, due 11/15/32<br>| 45491800 | 45900009 |
| Total Credit Agricole Corp. | Total Credit Agricole Corp. | Total Credit Agricole Corp. | Total Credit Agricole Corp. | Total Credit Agricole Corp. | $500000000 |  |  |  | $510000074 |
| Deutsche Bank <br> Securities, Inc.<br>| 4.38 | 06/30/25 | 07/01/25 | 505000 | 505000000 | 505061442 | U.S. Treasury Obligation, <br> 3.00% to 4.75%, due <br> 5/15/40 to 8/15/48<br>| 563971700 | 515100021 |
| Federal Reserve Bank of <br> New York<br>| 4.25 | 06/30/25 | 07/01/25 | 2000000 | 2000000000 | 2000236111 | U.S. Treasury Obligation, <br> 0.63%, due 5/15/30<br>| 2327945100 | 2000236194 |
| Fixed Income Clearing <br> Corporation - BNP<br>| 4.39 | 06/30/25 | 07/01/25 | 750000 | 750000000 | 750091458 | U.S. Treasury Obligation, <br> 0.00% to 6.63%, due <br> 7/15/25 to 5/15/53<br>| 759201800 | 765000000 |
| Fixed Income Clearing <br> Corporation - BNYM<br>| 4.39 | 06/30/25 | 07/01/25 | 750000 | 750000000 | 750091458 | U.S. Treasury Obligation, <br> 0.00% to 4.63%, due <br> 7/15/25 to 6/30/26<br>| 763085000 | 765000095 |
| Fixed Income Clearing <br> Corporation - JPM<br>| 4.39 | 06/30/25 | 07/01/25 | 750000 | 750000000 | 750091458 | U.S. Treasury Obligation, <br> 0.63% to 1.88%, due <br> 1/15/26 to 2/15/41<br>| 607627700 | 765000047 |
| Fixed Income Clearing <br> Corporation - SSB<br>| 4.40 | 06/30/25 | 07/01/25 | 1000000 | 1000000000 | 1000122222 | U.S. Treasury Obligation, <br> 0.00% to 4.63%, due <br> 9/23/25 to 5/15/49<br>| 1031083700 | 1022471408 |
| Fixed Income Clearing <br> Corporation - WFBK<br>| 4.39 | 06/30/25 | 07/01/25 | 1500000 | 1500000000 | 1500182917 | U.S. Treasury Obligation, <br> 0.50% to 5.00%, due <br> 8/15/26 to 11/15/53<br>| 1721764600 | 1530000098 |
| HSBC Securities (USA), <br> Inc.<br>| 4.39 <br><sup>(b)</sup><br>| 06/30/25 | 07/01/25 | 225000 | 225000000 | 225027438 | U.S. Treasury Obligation, <br> 0.00% to 2.88%, due <br> 8/15/26 to 2/15/54<br>| 352901027 | 229500001 |
| Natixis SA | 4.39 | 06/30/25 | 07/01/25 | 5000 | 5000000 | 5000610 | U.S. Treasury Obligation, <br> 0.00% to 4.00%, due <br> 9/04/25 to 5/15/49<br>| 5043800 | 5100096 |
|  | 4.39 <br><sup>(b)</sup><br>| 06/30/25 | 07/01/25 | 100000 | 100000000 | 100012194 | U.S. Treasury Obligation, <br> 0.00% to 4.75%, due <br> 9/23/25 to 5/15/55<br>| 110693500 | 102000003 |
| Total Natixis SA | Total Natixis SA | Total Natixis SA | Total Natixis SA | Total Natixis SA | $105000000 |  |  |  | $107100099 |
| Royal Bank of Canada | 4.40 | 06/30/25 | 07/01/25 | 500000 | 500000000 | 500061111 | U.S. Treasury Obligation, <br> 0.13% to 4.48%, due <br> 1/31/26 to 2/15/51<br>| 497193000 | 510000094 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Treasury Money Market Master Portfolio**

**Repurchase Agreements (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Collateral | Collateral | Collateral |
| *Counterparty* | *Coupon*<br> *Rate*<br>| &nbsp;&nbsp; *Purchase*<br> *Date*<br>| *Maturity*<br> *Date*<br>| *Par*<br> *(000)*<br>| *At Value* | *Proceeds*<br> *Including*<br> *Interest*<br>| *Position* | *Original Par* | *Position*<br> *Received,*<br> *at Value*<br>|
| Societe Generale SA | 4.39<br> % <br>| 06/30/25 | 07/01/25 | $105000 | $105000000 | $105012804 | U.S. Treasury Obligation, <br> 3.13% to 4.75%, due <br> 11/15/42 to 11/15/53<br>| $115830600 | $107100024 |
|  | 4.40 | 06/30/25 | 07/01/25 | 100000 | 100000000 | 100012222 | U.S. Treasury Obligation, <br> 3.13% to 4.63%, due <br> 5/15/44 to 5/15/48<br>| 129785400 | 102000054 |
| Total Societe Generale SA | Total Societe Generale SA | Total Societe Generale SA | Total Societe Generale SA | Total Societe Generale SA | $205000000 |  |  |  | $209100078 |
| TD Securities (USA) LLC | 4.40 | 06/30/25 | 07/01/25 | 5000 | 5000000 | 5000611 | U.S. Treasury Obligation, <br> 4.63%, due 5/15/54<br>| 5268000 | 5100063 |
|  |  |  |  |  | $11991000000 |  |  |  | $12193537958 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Traded in a joint account. <br> <sup>(b)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Master Portfolio's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Short-Term Securities  |  |  |  |  |
| U.S. Treasury Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9580050072 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9580050072 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11991000000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11991000000 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21571050072 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21571050072 |

---

*See notes to financial statements.*

Master Portfolio Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Money Market <br>Master <br>Portfolio<br>| Treasury <br>Money Market <br>Master <br>Portfolio<br>|
| **ASSETS** |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $52218360312 | $9580050072 |
| Cash | 2508670092 | 1002539045 |
| Repurchase agreements, at value<sup>(b)</sup> | 25528005000 | 11991000000 |
| Receivables: |  |  |
| Interest — unaffiliated | 262947452 | 29333846 |
| Total assets | 80517982856 | 22602922963 |
| **LIABILITIES** |  |  |
| Payables: |  |  |
| Investments purchased | 314835117 | 491236921 |
| Investment advisory fees | 4500624 | 1254380 |
| Trustees' fees | 55161 | 64866 |
| Professional fees | 201464 | 40585 |
| Total liabilities | 319592366 | 492596752 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $80198390490 | $22110326211 |
| **NET ASSETS CONSIST OF** |  |  |
| Investors' capital | $80188119436 | $22110326211 |
| Net unrealized appreciation (depreciation) | 10271054 |  |
| NET ASSETS | $80198390490 | $22110326211 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $52208089258 | $9580050072 |
| <sup>(b)</sup> Repurchase agreements, at cost | $25528005000 | $11991000000 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Money Market <br>Master <br>Portfolio<br>| &nbsp;&nbsp; Treasury <br>Money Market <br>Master <br>Portfolio<br>|
| **INVESTMENT INCOME** |  |  |
| Interest — unaffiliated | &nbsp;&nbsp; $1682883076 | &nbsp;&nbsp;&nbsp; $452856937 |
| Total investment income | &nbsp;&nbsp; 1682883076 | &nbsp;&nbsp;&nbsp; 452856937 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 36856363 | &nbsp;&nbsp;&nbsp; 10336111 |
| Trustees | &nbsp;&nbsp; 137129 | &nbsp;&nbsp;&nbsp; 91832 |
| Professional | &nbsp;&nbsp; 6494 | &nbsp;&nbsp;&nbsp; 6496 |
| Miscellaneous | &nbsp;&nbsp; 95635 | &nbsp;&nbsp;&nbsp; 19760 |
| Total expenses | &nbsp;&nbsp; 37095621 | &nbsp;&nbsp;&nbsp; 10454199 |
| Less: |  |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (11200378)<br>| &nbsp;&nbsp;&nbsp; (3199112)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 25895243 | &nbsp;&nbsp;&nbsp; 7255087 |
| Net investment income | &nbsp;&nbsp; 1656987833 | &nbsp;&nbsp;&nbsp; 445601850 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain from: |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; 126077 | &nbsp;&nbsp;&nbsp; 611539 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (6658833)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (6532756)<br>| &nbsp;&nbsp;&nbsp; 611539 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1650455077 | &nbsp;&nbsp;&nbsp; $446213389 |

---

*See notes to financial statements.*

Master Portfolio Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Money Market Master Portfolio | Money Market Master Portfolio | Treasury Money Market Master Portfolio | Treasury Money Market Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1656987833 | &nbsp;&nbsp;&nbsp; $3700063122 | &nbsp;&nbsp;&nbsp; $445601850 | &nbsp;&nbsp;&nbsp; $1242326058 |
| Net realized gain | &nbsp;&nbsp; 126077 | &nbsp;&nbsp;&nbsp; 646718 | &nbsp;&nbsp;&nbsp; 611539 | &nbsp;&nbsp;&nbsp; 2081108 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (6658833)<br>| &nbsp;&nbsp;&nbsp; (5649054)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1650455077 | &nbsp;&nbsp;&nbsp; 3695060786 | &nbsp;&nbsp;&nbsp; 446213389 | &nbsp;&nbsp;&nbsp; 1244407166 |
| **CAPITAL TRANSACTIONS** |  |  |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 243381385309 | &nbsp;&nbsp;&nbsp; 398900161154 | &nbsp;&nbsp;&nbsp; 208903645988 | &nbsp;&nbsp;&nbsp; 378268942158 |
| Value of withdrawals | &nbsp;&nbsp; (233188459329)<br>| &nbsp;&nbsp;&nbsp; (396482732319)<br>| &nbsp;&nbsp;&nbsp; (209376892463)<br>| &nbsp;&nbsp;&nbsp; (381428414353)<br>|
| Net increase (decrease) in net assets derived from capital transactions | &nbsp;&nbsp; 10192925980 | &nbsp;&nbsp;&nbsp; 2417428835 | &nbsp;&nbsp;&nbsp; (473246475)<br>| &nbsp;&nbsp;&nbsp; (3159472195)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 11843381057 | &nbsp;&nbsp;&nbsp; 6112489621 | &nbsp;&nbsp;&nbsp; (27033086)<br>| &nbsp;&nbsp;&nbsp; (1915065029)<br>|
| Beginning of period | &nbsp;&nbsp; 68355009433 | &nbsp;&nbsp;&nbsp; 62242519812 | &nbsp;&nbsp;&nbsp; 22137359297 | &nbsp;&nbsp;&nbsp; 24052424326 |
| End of period | &nbsp;&nbsp; $80198390490 | &nbsp;&nbsp;&nbsp; $68355009433 | &nbsp;&nbsp;&nbsp; $22110326211 | &nbsp;&nbsp;&nbsp; $22137359297 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Money Market Master Portfolio | Money Market Master Portfolio | Money Market Master Portfolio | Money Market Master Portfolio | Money Market Master Portfolio | Money Market Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Total Return** |  |  |  |  |  |  |
| Total return | 2.24 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| Total expenses | 0.10 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Net investment income | 4.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $80198390 | &nbsp;&nbsp;&nbsp; $68355009 | &nbsp;&nbsp;&nbsp; $62242520 | &nbsp;&nbsp;&nbsp; $74621618 | &nbsp;&nbsp;&nbsp; $65672660 | &nbsp;&nbsp;&nbsp; $60604344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Not annualized. <br> <sup>(b)</sup> Annualized.

*See notes to financial statements.*

Master Portfolio Financial Highlights

------

Financial Highlights

(unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Treasury Money Market Master Portfolio | Treasury Money Market Master Portfolio | Treasury Money Market Master Portfolio | Treasury Money Market Master Portfolio | Treasury Money Market Master Portfolio | Treasury Money Market Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Total Return** |  |  |  |  |  |  |
| Total return | 2.16 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| Total expenses | 0.10 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Net investment income | 4.31 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $22110326 | &nbsp;&nbsp;&nbsp; $22137359 | &nbsp;&nbsp;&nbsp; $24052424 | &nbsp;&nbsp;&nbsp; $19944280 | &nbsp;&nbsp;&nbsp; $24544723 | &nbsp;&nbsp;&nbsp; $21158682 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Not annualized. <br> <sup>(b)</sup> Annualized.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

Master Investment Portfolio ("MIP") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. MIP is organized as a Delaware statutory trust. The financial statements and these accompanying notes relate to two series of MIP: Money Market Master Portfolio and Treasury Money Market Master Portfolio (each, a "Master Portfolio" and together, the "Master Portfolios"). Each Master Portfolio is classified as diversified.

Treasury Money Market Master Portfolio operates as a "government money market fund" under Rule 2a-7 under the 1940 Act. The Master Portfolio is not subject to discretionary liquidity fees.

With respect to Money Market Master Portfolio, the Board of Trustees of MIP (the "Board"), or its delegate, must impose a mandatory liquidity fee upon the sale of shares if the Money Market Master Portfolio's net redemptions on any business day exceed 5% of the Money Market Master Portfolio's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The Board, or its delegate, may also impose a discretionary liquidity fee of up to 2% upon the value of shares redeemed, at certain times, if such fee is determined to be in the best interests of such Master Portfolio.

The Master Portfolios, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Cash:** The Master Portfolios may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Master Portfolios may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Master Portfolios are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Liquidity Fees:** Any liquidity fees imposed on the value of shares redeemed are recorded as paid-in-capital. The liquidity fees are collected and retained by Money Market Master Portfolio for the benefit of Money Market Master Portfolio's remaining shareholders.

**Indemnifications:** In the normal course of business, a Master Portfolio enters into contracts that contain a variety of representations that provide general indemnification. A Master Portfolio's maximum exposure under these arrangements is unknown because it involves future potential claims against a Master Portfolio, which cannot be predicted with any certainty.

**Other:** Expenses directly related to a Master Portfolio are charged to that Master Portfolio. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Master Portfolios' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Master Portfolio. The CODM has concluded that each Master Portfolio operates as a single operating segment since each Master Portfolio has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Master Portfolios' financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies (Money Market Master Portfolio):** The Master Portfolio's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Master Portfolio is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of the Master Portfolio's Manager as the valuation designee for the Master Portfolio. The Master Portfolio determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Investment Valuation Policies (Treasury Money Market Master Portfolio):** U.S. GAAP defines fair value as the price the Master Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Master Portfolio's investments are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments are valued at cost when purchased

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

and, thereafter, a constant proportionate accretion of discounts and amortization of premiums are recorded until the maturity of the security. The Master Portfolio seeks to maintain the net asset value ("NAV") per share of its feeder funds at $1.00, although there is no assurance that it will be able to do so on a continuing basis.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Money Market Master Portfolio's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investments are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;•Repurchase agreements are valued at amortized cost, which approximates market value.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that each Master Portfolio has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Repurchase Agreements:** Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain eligible collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Repurchase agreements may be traded bilaterally, in a tri-party arrangement or may be centrally cleared through a sponsoring agent. Subject to the custodial undertaking associated with a tri-party repurchase arrangement and for centrally cleared repurchase agreements, a third-party custodian maintains accounts to hold collateral for a fund and its counterparties. Typically, a fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or the fund, respectively. The Master Portfolios, along with other registered investment companies advised by the Manager, may transfer uninvested cash into a single joint trading account which is then invested in one or more repurchase agreements.

In the event the counterparty defaults and the fair value of the collateral declines, a fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by a fund under Master Repurchase Agreements (each, an "MRA"). The MRA permits a fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Based on the terms of the MRA, the fund receives collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects a fund's obligation under bankruptcy law to return the excess to the counterparty.

***5.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** MIP, on behalf of each Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolios' investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of each Master Portfolio's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Master Portfolio.

For such services, each Master Portfolio pays the Manager a monthly fee at an annual rate equal to 0.10% of the average daily value of each Master Portfolio's net assets.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**Administration:** MIP, on behalf of each Master Portfolio, entered into an Administration Agreement with BlackRock Advisors, LLC ("BAL"), BAL has agreed to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Master Portfolios' ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by each Master Portfolio. BAL may delegate certain of its administration duties to sub-administrators.

BAL is not entitled to compensation for providing administrative services to the Master Portfolios, for so long as BAL (or an affiliate) is entitled to compensation for providing administrative services to corresponding feeder funds that invest substantially all of their assets in the Master Portfolios, or BAL (or an affiliate) receives investment advisory fees from the Master Portfolios.

With respect to Money Market Master Portfolio, the Manager entered into a sub-advisory agreement with BlackRock International Limited ("BIL"), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Master Portfolio for which BIL acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Master Portfolio to the Manager.

**Expense Waivers and Reimbursements:** The Manager contractually agreed to waive a portion of its investment advisory fees equal to the annual rate of 0.03% of the average daily value of each Master Portfolio's net assets through June 30, 2026. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Master Portfolio Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Money Market Master Portfolio | &nbsp;&nbsp; $11056755 |
| Treasury Money Market Master Portfolio | &nbsp;&nbsp; 3100784 |

---

The Manager and BAL have also voluntarily agreed to waive a portion of their respective investment advisory and administration fees to enable the feeders that invest in the Master Portfolios to maintain minimum levels of daily net investment income, if applicable. The Manager and BAL may discontinue the waiver at any time. For the six months ended June 30, 2025, there were no fees waived and/or reimbursed by the Manager under this agreement.

The fees and expenses of the MIP's trustees who are not "interested persons" of MIP, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Master Portfolios' independent registered public accounting firm (together, the "independent expenses") are paid directly by the Master Portfolios. The Manager has contractually agreed to reimburse the Master Portfolios or provide an offsetting credit against the investment advisory fees paid by the Master Portfolios in an amount equal to these independent expenses through June 30, 2026. These amounts waived are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Master Portfolio Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Money Market Master Portfolio | &nbsp;&nbsp; $143623 |
| Treasury Money Market Master Portfolio | &nbsp;&nbsp; 98328 |

---

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Master Portfolios could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Master Portfolio's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Master Portfolios did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of MIP are directors and/or officers of BlackRock or its affiliates.

***6.*** ***INCOME TAX INFORMATION*** 

Treasury Money Market Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required. It is intended that the Master Portfolio's assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

Treasury Money Market Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master Portfolio's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Master Portfolio'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 Treasury Money Market Master Portfolio as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Master Portfolio's NAV.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

Money Market Master Portfolio is disregarded as an entity separate from its owner for tax purposes. As such, the owner of the Master Portfolio is treated as the owner of the net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required. It is intended that the Master Portfolio's assets will be managed so the owner of the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

***7.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Master Portfolios invest in securities or other instruments and may enter into certain transactions, and such activities subject each Master Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Master Portfolios and their investments. Each Master Portfolio's prospectus provides details of the risks to which each Master Portfolio is subject.

Certain obligations held by the Money Market Master Portfolio have a credit enhancement or liquidity feature that may, under certain circumstances, provide for repayment of principal and interest on the obligation when due. These enhancements, which may include letters of credit, stand-by bond purchase agreements and/or third-party insurance, are issued by financial institutions. The value of the obligations may be affected by changes in creditworthiness of the entities that provide the credit enhancements or liquidity features. The Money Market Master Portfolio monitors its exposure by reviewing the creditworthiness of the issuers, as well as the financial institutions issuing the credit enhancements and by limiting the amount of holdings with credit enhancements from one financial institution.

Certain affiliates indirectly invest in the Master Portfolios through the SL Agency Shares of BlackRock Cash Funds. As of period end, these affiliated investors represent a significant portion of the net assets of Money Market Master Portfolio and Treasury Money Market Master Portfolio.

**Market Risk:** Each Master Portfolio may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Master Portfolio to reinvest in lower yielding securities. Each Master Portfolio may also be exposed to reinvestment risk, which is the risk that income from each Master Portfolio's portfolio will decline if each Master Portfolio invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Master Portfolio portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**Valuation Risk:** The price the Money Market Master Portfolio could receive upon the sale of any particular portfolio investment may differ from the Money Market Master Portfolio'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 the Money Market Master Portfolio's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Money Market Master Portfolio, and the Money Market Master Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Master Portfolios may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Master Portfolios 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 Master Portfolios to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Master Portfolios' 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 Master Portfolios.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Master Portfolio's portfolio are disclosed in its Schedule of Investments.

The Master Portfolios invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Master Portfolios may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Master Portfolios' performance.

The Master Portfolios invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Master Portfolios invest.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***8.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Master Portfolios 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.

Master Portfolio Notes to Financial Statements

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Funds/Master Portfolios for the Funds'/Master Portfolios' allocable portion of the fees and expenses of the independent trustees of the Trust and MIP, counsel to such independent trustees and the independent registered public accounting firm.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds/Master Portfolios may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Funds/Master Portfolios and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**Fund and/or MIP Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser**

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

State Street Bank and Trust Company

North Quincy, MA 02171

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Trust/MIP**

400 Howard Street

San Francisco, CA 94105

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Trustees of Master Investment Portfolio (the "Master Portfolio") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Master Portfolio, on behalf of Money Market Master Portfolio and Treasury Money Market Master Portfolio (each, a "Master Fund" and collectively, the "Master Funds") and BlackRock Fund Advisors (the "Manager" or "BlackRock"), each Master Portfolio's investment advisor. Board of Trustees of Master Investment Portfolio also considered the approval to continue the sub-advisory agreement between the Manager and BlackRock International Limited (the "Sub-Advisor") with respect to Money Market Master Portfolio (the "Sub-Advisory Agreement").

BlackRock Cash Funds: Institutional and BlackRock Cash Funds: Treasury (each, a "Feeder Fund" and collectively, the "Feeder Funds"), each a series of BlackRock Funds III (the "Feeder Trust"), is a "feeder" fund that invests all of its investable assets in the corresponding Master Fund. Accordingly, the Board of Trustees of the Feeder Trust also considered the approval of (i) the Agreement with respect to each Master Fund; and (ii) the Sub-Advisory Agreement with respect to Money Market Master Portfolio.

For simplicity: (a) the Board of Trustees of the Master Portfolio and the Board of Trustees of the Feeder Trust are referred to herein collectively as the "Board", and the members are referred to as "Board Members"; (b) the shareholders of each Feeder Fund and the interest holders of each Master Fund are referred to as "shareholders"; (c) the Money Market Master Portfolio and BlackRock Cash Funds: Institutional are referred to herein together as the "Cash Funds: Institutional Fund"; (d) the Treasury Money Market Master Portfolio and BlackRock Cash Funds: Treasury are referred to herein together as the "Cash Funds: Treasury Fund"; and (e) the Master Funds and the Feeder Funds are referred to herein together as the "Funds" and each individually, as a "Fund". The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the "Agreements."

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for the Master Portfolio on an annual basis. The Board Members who are not "interested persons" of the Master Portfolio, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Master Portfolio, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to 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, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Master Fund, each Feeder Fund and their shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (c) the Funds' 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 the Funds' investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Funds' adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock's implementation of the Funds' valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to 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.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper Classification or Morningstar category, regarding fees and expenses of each Fund, as applicable, 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 each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding the Feeder Funds' shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's, the Funds' operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements, and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

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 each Fund; (d) the Funds' 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 each Fund; 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 portfolio holdings of each Master Fund. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared each Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, 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 the Funds' portfolio management team discussing the Funds' performance and the Funds' investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Funds' portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Master Funds' 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 each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund 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, the custodian, fund accountant, transfer agent, and auditor for each Fund, as applicable; (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 the Feeder Funds' distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisor with respect to Money Market Master Portfolio facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit Money Market Master Portfolio and its shareholders.

***B. The Investment Performance of each Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund, as applicable, throughout the year and at the April Meeting. The Board noted that each Feeder Fund's investment results correspond directly to the investment results of each Master Fund. The Board was provided with Fund performance reporting and analysis, relative to the applicable performance metrics, by BlackRock throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and a weighted average benchmark of similar funds, as defined by BlackRock ("Benchmark Weighted Average"). 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

In addition to reviewing each Fund's performance and current yield, the Board also reviews the liquidity, duration, credit quality and other risk factors of the pertinent Fund's portfolio. The Board noted that for each of the one- and three-year periods reported, each Fund outperformed its Benchmark Weighted Average. The Board noted that BlackRock believes that the Benchmark Weighted Average is an appropriate performance metric for the Funds, 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 each Fund***

The Board, including the Independent Board Members, reviewed the Funds' contractual management fee rate compared with those of the Funds' 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 the Funds' total expense ratio, as well as the Funds' actual management fee rate, to those of the Funds' Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund, as applicable, and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, 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 Cash Funds: Institutional Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and the Fund's total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers.

The Board noted that Cash Funds: Treasury Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and the Fund's 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 waive a portion of the advisory fees for each Fund. The Board further noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate each Fund for certain other fees and expenses.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered each Fund's asset levels and whether the current fee schedule was appropriate.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with each Fund, 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 each Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Feeder Fund shares if they believe that the Funds' fees and expenses are too high or if they are dissatisfied with the performance of a Fund, as applicable.

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board of the Master Portfolio, including the Independent Board Members, unanimously approved the continuation of (i) the Advisory Agreement between the Manager and the Master Portfolio, on behalf of each Master Fund; and (ii) the Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to Money Market Master Portfolio, each for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, (i) the Board of the Master Portfolio, including the Independent Board Members, was satisfied that the terms of (a) the Agreements, with respect to the Money Market Master Portfolio; and (b) the Advisory Agreement, with respect to Treasury Money Market Master Portfolio were fair and reasonable and in the best interest of each Master Fund and its shareholders; and (ii) the Board of the Feeder Trust, including the Independent Board Members, also considered the continuation of (a) the Agreements, with respect to Money Market Master Portfolio; and (b) the Advisory Agreement, with respect to Treasury Money Market Master Portfolio and found the Agreements to be satisfactory. In arriving at its decision to approve the Agreements, the Board of the Master Portfolio did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CR | Custodian Receipt |
| RB | Revenue Bonds |
| SOFR | Secured Overnight Financing Rate  |
| VRDN | Variable Rate Demand Note |

---

Glossary of Terms Used in these Financial Statements

------

Want to know more?

blackrock.com \| 888-204-3956

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. You could lose money by investing in the Funds. Because the share price of BlackRock Cash Funds: Institutional will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. BlackRock Cash Funds: Institutional may impose a fee upon sale of your shares and generally must impose a fee when net sales of Fund shares exceed certain levels. Although BlackRock Cash Funds: Treasury seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Funds is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds' sponsor is not required to reimburse the Funds for losses, and you should not expect that the sponsor will provide financial support to the Funds at any time, including during periods of market stress. Performance data quoted represents past performance and does not guarantee future results. Total return information assumes reinvestment of all distributions. Current performance may be higher or lower than the performance data quoted. For current month-end performance information, call (800) 626-1960. The Funds' current 7-day yield more closely reflects the current earnings of the Funds than the total returns quoted. Statements and other information herein are as dated and are subject to change.

![](g121005img0bedaf8c2.jpg)

![](g121005img1805e5cb1.jpg)

------

![](g121005img17c4608c1.jpg)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Funds III** |
| • iShares S&P 500 Index Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_RskDeriv-Footer-FundBookName-786_1)  | 3 |
| [Fund Statement of Assets and Liabilities](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_FS-Footer-FundBookName-786_1)  | 4 |
| [Fund Statement of Operations](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_FS-Footer-FundBookName-786_3)  | 6 |
| [Fund Statements of Changes in Net Assets](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_FS-Footer-FundBookName-786_4)  | 7 |
| [Fund Financial Highlights](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_FIHI-Footer-FundBookName-786_1)  | 8 |
| [Fund Notes to Financial Statements](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_NTF-Footer-FundBookName-786_1)  | 14 |
| [Master Portfolio Schedule of Investments](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_MAST-Footer-FundBookName-775_1)  | 18 |
| [Master Portfolio Statement of Assets and Liabilities](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_MstFS-Footer-FundBookName-775_1)  | 26 |
| [Master Portfolio Statement of Operations](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_MstFS-Footer-FundBookName-775_2)  | 27 |
| [Master Portfolio Statements of Changes in Net Assets](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_MstFS-Footer-FundBookName-775_3)  | 28 |
| [Master Portfolio Financial Highlights](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_MstFIHI-Footer-FundBookName-775_1)  | 29 |
| [Master Portfolio Notes to Financial Statements](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_MstNTF-Footer-FundBookName-775_1)  | 30 |
| [Additional Information](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_ADDInfo-Footer-FundBookName-786_1)  | 37 |
| [Disclosure of Investment Advisory Agreement](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_IAA1-Footer-FundBookName-786_1)  | 39 |
| [Glossary of Terms Used in these Financial Statements](#xx_8213ef69-6527-466c-9e1b-b80ad0cf618c_Terms-Footer-FundBookName-786_1)  | 42 |

---

------

Derivative Financial Instruments

The S&P 500 Index Master Portfolio (the "Master Portfolio") may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Master Portfolio must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Master Portfolio's 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 the Master Portfolio can realize on an investment and/or may result in lower distributions paid to shareholders. The Master Portfolio's investments in these instruments, if any, are discussed in detail in the Master Portfolio Notes to Financial Statements.

**iShares S&P 500 Index Fund**

Derivative Financial Instruments

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>S&P 500 <br>Index Fund<br>|
| **ASSETS** |  |
| Investments, at value — Master Portfolio | $49548467850 |
| Receivables: |  |
| Capital shares sold | 99070377 |
| Withdrawals from the Master Portfolio | 9003369 |
| Total assets | 49656541596 |
| **LIABILITIES** |  |
| Payables: |  |
| Administration fees | 1237726 |
| Capital gains distributions | 5066753 |
| Capital shares redeemed | 108073746 |
| Income dividend distributions | 30914381 |
| Professional fees | 5715 |
| Service and distribution fees | 1154258 |
| Total liabilities | 146452579 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $49510089017 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $18615889268 |
| Accumulated earnings | 30894199749 |
| NET ASSETS | $49510089017 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited) (continued)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>S&P 500 <br>Index Fund<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | $6609922665 |
| Shares outstanding | 9108317 |
| Net asset value | $725.70 |
| Shares authorized | Unlimited |
| Par value | No par value |
| **Service** |  |
| Net assets | $847706583 |
| Shares outstanding | 1168378 |
| Net asset value | $725.54 |
| Shares authorized | Unlimited |
| Par value | No par value |
| **Investor A** |  |
| Net assets | $3286717296 |
| Shares outstanding | 4529899 |
| Net asset value | $725.56 |
| Shares authorized | Unlimited |
| Par value | No par value |
| **Investor P** |  |
| Net assets | $2002663376 |
| Shares outstanding | 2762899 |
| Net asset value | $724.84 |
| Shares authorized | Unlimited |
| Par value | No par value |
| **Class G** |  |
| Net assets | $17878180218 |
| Shares outstanding | 24629982 |
| Net asset value | $725.87 |
| Shares authorized | Unlimited |
| Par value | No par value |
| **Class K** |  |
| Net assets | $18884898879 |
| Shares outstanding | 26016426 |
| Net asset value | $725.88 |
| Shares authorized | Unlimited |
| Par value | No par value |

---

*See notes to financial statements.*

Fund Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>S&P 500 <br>Index Fund<br>|
| **INVESTMENT INCOME** |  |
| Net investment income allocated from the Master Portfolio: |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $295374037 |
| Dividends — affiliated | &nbsp;&nbsp; 5962443 |
| Interest — unaffiliated | &nbsp;&nbsp; 234470 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 280411 |
| Foreign taxes withheld | &nbsp;&nbsp; (1675254)<br>|
| Expenses | &nbsp;&nbsp; (2430605)<br>|
| Fees waived | &nbsp;&nbsp; 213971 |
| Total investment income | &nbsp;&nbsp; 297959473 |
| FUND EXPENSES |  |
| Administration — class specific | &nbsp;&nbsp; 7191491 |
| Service — class specific | &nbsp;&nbsp; 6777679 |
| Professional | &nbsp;&nbsp; 5709 |
| Miscellaneous | &nbsp;&nbsp; 9385 |
| Total expenses | &nbsp;&nbsp; 13984264 |
| Less: |  |
| Fees waived and/or reimbursed by the Administrator | &nbsp;&nbsp; (5709)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 13978555 |
| Net investment income | &nbsp;&nbsp; 283980918 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ALLOCATED FROM THE MASTER PORTFOLIO** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (243274)<br>|
| Investments — affiliated | &nbsp;&nbsp; 48029621 |
| Futures contracts | &nbsp;&nbsp; 8434904 |
|  | &nbsp;&nbsp; 56221251 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 2704430431 |
| Investments — affiliated | &nbsp;&nbsp; (45418502)<br>|
| Futures contracts | &nbsp;&nbsp; 5765042 |
|  | &nbsp;&nbsp; 2664776971 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2720998222 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $3004979140 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares S&P 500 Index Fund | iShares S&P 500 Index Fund |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $283980918 | &nbsp;&nbsp;&nbsp; $540213865 |
| Net realized gain | &nbsp;&nbsp; 56221251 | &nbsp;&nbsp;&nbsp; 80168215 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2664776971 | &nbsp;&nbsp;&nbsp; 8416695698 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3004979140 | &nbsp;&nbsp;&nbsp; 9037077778 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Institutional | &nbsp;&nbsp; (40195301)<br>| &nbsp;&nbsp;&nbsp; (88012555)<br>|
| Service | &nbsp;&nbsp; (4672149)<br>| &nbsp;&nbsp;&nbsp; (10200602)<br>|
| Investor A | &nbsp;&nbsp; (16212377)<br>| &nbsp;&nbsp;&nbsp; (36082569)<br>|
| Investor P | &nbsp;&nbsp; (9877151)<br>| &nbsp;&nbsp;&nbsp; (21173036)<br>|
| Class G | &nbsp;&nbsp; (113959395)<br>| &nbsp;&nbsp;&nbsp; (212620915)<br>|
| Class K | &nbsp;&nbsp; (121379729)<br>| &nbsp;&nbsp;&nbsp; (251672173)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (306296102)<br>| &nbsp;&nbsp;&nbsp; (619761850)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 924203291 | &nbsp;&nbsp;&nbsp; 2004497522 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 3622886329 | &nbsp;&nbsp;&nbsp; 10421813450 |
| Beginning of period | &nbsp;&nbsp; 45887202688 | &nbsp;&nbsp;&nbsp; 35465389238 |
| End of period | &nbsp;&nbsp; $49510089017 | &nbsp;&nbsp;&nbsp; $45887202688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Fund Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Index Fund | iShares S&P 500 Index Fund | iShares S&P 500 Index Fund | iShares S&P 500 Index Fund | iShares S&P 500 Index Fund | iShares S&P 500 Index Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $687.93 | &nbsp;&nbsp;&nbsp; $558.73 | &nbsp;&nbsp;&nbsp; $449.87 | &nbsp;&nbsp;&nbsp; $560.36 | &nbsp;&nbsp;&nbsp; $444.18 | &nbsp;&nbsp;&nbsp; $382.63 |
| Net investment income<sup>(a)</sup> | 4.11 | &nbsp;&nbsp;&nbsp;&nbsp;8.07 | &nbsp;&nbsp;&nbsp;&nbsp;7.75 | &nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.59 | &nbsp;&nbsp;&nbsp;&nbsp;6.59 |
| Net realized and unrealized gain (loss) | 38.08 | &nbsp;&nbsp;&nbsp;&nbsp;130.38 | &nbsp;&nbsp;&nbsp;&nbsp;109.17 | &nbsp;&nbsp;&nbsp; (109.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;119.44 | &nbsp;&nbsp;&nbsp;&nbsp;62.05 |
| Net increase (decrease) from investment operations | 42.19 | &nbsp;&nbsp;&nbsp;&nbsp;138.45 | &nbsp;&nbsp;&nbsp;&nbsp;116.92 | &nbsp;&nbsp;&nbsp; (101.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;126.03 | &nbsp;&nbsp;&nbsp;&nbsp;68.64 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp;&nbsp; (8.15)<br>| &nbsp;&nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp;&nbsp; (7.25)<br>| &nbsp;&nbsp;&nbsp; (6.65)<br>| &nbsp;&nbsp;&nbsp; (6.60)<br>|
| From net realized gain | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp;&nbsp; (9.25)<br>| &nbsp;&nbsp;&nbsp; (8.06)<br>| &nbsp;&nbsp;&nbsp; (8.73)<br>| &nbsp;&nbsp;&nbsp; (9.85)<br>| &nbsp;&nbsp;&nbsp; (7.09)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $725.70 | &nbsp;&nbsp;&nbsp; $687.93 | &nbsp;&nbsp;&nbsp; $558.73 | &nbsp;&nbsp;&nbsp; $449.87 | &nbsp;&nbsp;&nbsp; $560.36 | &nbsp;&nbsp;&nbsp; $444.18 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.16 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.16<br> %<br>| &nbsp;&nbsp;&nbsp; (18.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.34<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.10 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.10 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Net investment income | 1.22 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6609923 | &nbsp;&nbsp;&nbsp; $6153378 | &nbsp;&nbsp;&nbsp; $5496007 | &nbsp;&nbsp;&nbsp; $4569115 | &nbsp;&nbsp;&nbsp; $5536376 | &nbsp;&nbsp;&nbsp; $4143093 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) |
|  | Service | Service | Service | Service | Service | Service |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $687.79 | &nbsp;&nbsp;&nbsp; $558.64 | &nbsp;&nbsp;&nbsp; $449.82 | &nbsp;&nbsp;&nbsp; $560.30 | &nbsp;&nbsp;&nbsp; $444.13 | &nbsp;&nbsp;&nbsp; $382.60 |
| Net investment income<sup>(a)</sup> | 3.69 | &nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;6.10 |
| Net realized and unrealized gain (loss) | 38.07 | &nbsp;&nbsp;&nbsp;&nbsp;130.33 | &nbsp;&nbsp;&nbsp;&nbsp;109.13 | &nbsp;&nbsp;&nbsp; (108.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;119.41 | &nbsp;&nbsp;&nbsp;&nbsp;62.12 |
| Net increase (decrease) from investment operations | 41.76 | &nbsp;&nbsp;&nbsp;&nbsp;137.64 | &nbsp;&nbsp;&nbsp;&nbsp;116.29 | &nbsp;&nbsp;&nbsp; (102.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;125.39 | &nbsp;&nbsp;&nbsp;&nbsp;68.22 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp;&nbsp; (7.39)<br>| &nbsp;&nbsp;&nbsp; (7.11)<br>| &nbsp;&nbsp;&nbsp; (6.69)<br>| &nbsp;&nbsp;&nbsp; (6.02)<br>| &nbsp;&nbsp;&nbsp; (6.20)<br>|
| From net realized gain | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (4.01)<br>| &nbsp;&nbsp;&nbsp; (8.49)<br>| &nbsp;&nbsp;&nbsp; (7.47)<br>| &nbsp;&nbsp;&nbsp; (8.17)<br>| &nbsp;&nbsp;&nbsp; (9.22)<br>| &nbsp;&nbsp;&nbsp; (6.69)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $725.54 | &nbsp;&nbsp;&nbsp; $687.79 | &nbsp;&nbsp;&nbsp; $558.64 | &nbsp;&nbsp;&nbsp; $449.82 | &nbsp;&nbsp;&nbsp; $560.30 | &nbsp;&nbsp;&nbsp; $444.13 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.10 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.00<br> %<br>| &nbsp;&nbsp;&nbsp; (18.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.21<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.22 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.22 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>|
| Net investment income | 1.09 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $847707 | &nbsp;&nbsp;&nbsp; $810398 | &nbsp;&nbsp;&nbsp; $696820 | &nbsp;&nbsp;&nbsp; $494070 | &nbsp;&nbsp;&nbsp; $523050 | &nbsp;&nbsp;&nbsp; $584228 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

*See notes to financial statements.*

Fund Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $687.82 | &nbsp;&nbsp;&nbsp; $558.70 | &nbsp;&nbsp;&nbsp; $449.87 | &nbsp;&nbsp;&nbsp; $560.31 | &nbsp;&nbsp;&nbsp; $444.11 | &nbsp;&nbsp;&nbsp; $382.52 |
| Net investment income<sup>(a)</sup> | 3.24 | &nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 |
| Net realized and unrealized gain (loss) | 38.08 | &nbsp;&nbsp;&nbsp;&nbsp;130.29 | &nbsp;&nbsp;&nbsp;&nbsp;109.15 | &nbsp;&nbsp;&nbsp; (108.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;119.41 | &nbsp;&nbsp;&nbsp;&nbsp;62.03 |
| Net increase (decrease) from investment operations | 41.32 | &nbsp;&nbsp;&nbsp;&nbsp;136.79 | &nbsp;&nbsp;&nbsp;&nbsp;115.63 | &nbsp;&nbsp;&nbsp; (102.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;124.73 | &nbsp;&nbsp;&nbsp;&nbsp;67.69 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp; (6.57)<br>| &nbsp;&nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp;&nbsp; (5.33)<br>| &nbsp;&nbsp;&nbsp; (5.61)<br>|
| From net realized gain | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp;&nbsp; (7.67)<br>| &nbsp;&nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp;&nbsp; (7.52)<br>| &nbsp;&nbsp;&nbsp; (8.53)<br>| &nbsp;&nbsp;&nbsp; (6.10)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $725.56 | &nbsp;&nbsp;&nbsp; $687.82 | &nbsp;&nbsp;&nbsp; $558.70 | &nbsp;&nbsp;&nbsp; $449.87 | &nbsp;&nbsp;&nbsp; $560.31 | &nbsp;&nbsp;&nbsp; $444.11 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.03 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.84<br> %<br>| &nbsp;&nbsp;&nbsp; (18.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.04<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.35 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.35 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 0.96 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3286717 | &nbsp;&nbsp;&nbsp; $3203535 | &nbsp;&nbsp;&nbsp; $2651885 | &nbsp;&nbsp;&nbsp; $2216470 | &nbsp;&nbsp;&nbsp; $2806390 | &nbsp;&nbsp;&nbsp; $2579349 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $687.15 | &nbsp;&nbsp;&nbsp; $558.16 | &nbsp;&nbsp;&nbsp; $449.44 | &nbsp;&nbsp;&nbsp; $559.78 | &nbsp;&nbsp;&nbsp; $443.73 | &nbsp;&nbsp;&nbsp; $382.22 |
| Net investment income<sup>(a)</sup> | 3.24 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;&nbsp;5.64 |
| Net realized and unrealized gain (loss) | 38.04 | &nbsp;&nbsp;&nbsp;&nbsp;130.17 | &nbsp;&nbsp;&nbsp;&nbsp;109.04 | &nbsp;&nbsp;&nbsp; (108.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;119.30 | &nbsp;&nbsp;&nbsp;&nbsp;62.00 |
| Net increase (decrease) from investment operations | 41.28 | &nbsp;&nbsp;&nbsp;&nbsp;136.66 | &nbsp;&nbsp;&nbsp;&nbsp;115.52 | &nbsp;&nbsp;&nbsp; (102.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;124.62 | &nbsp;&nbsp;&nbsp;&nbsp;67.64 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (3.21)<br>| &nbsp;&nbsp;&nbsp; (6.57)<br>| &nbsp;&nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp;&nbsp; (5.37)<br>| &nbsp;&nbsp;&nbsp; (5.64)<br>|
| From net realized gain | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp;&nbsp; (7.67)<br>| &nbsp;&nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp;&nbsp; (7.52)<br>| &nbsp;&nbsp;&nbsp; (8.57)<br>| &nbsp;&nbsp;&nbsp; (6.13)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $724.84 | &nbsp;&nbsp;&nbsp; $687.15 | &nbsp;&nbsp;&nbsp; $558.16 | &nbsp;&nbsp;&nbsp; $449.44 | &nbsp;&nbsp;&nbsp; $559.78 | &nbsp;&nbsp;&nbsp; $443.73 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.03 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.84<br> %<br>| &nbsp;&nbsp;&nbsp; (18.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.05<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.35 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.35 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 0.96 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2002663 | &nbsp;&nbsp;&nbsp; $1899610 | &nbsp;&nbsp;&nbsp; $1557633 | &nbsp;&nbsp;&nbsp; $1288233 | &nbsp;&nbsp;&nbsp; $1667178 | &nbsp;&nbsp;&nbsp; $1387865 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

*See notes to financial statements.*

Fund Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) |
|  | Class G | Class G | Class G | Class G | Class G | Class G |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $688.08 | &nbsp;&nbsp;&nbsp; $558.84 | &nbsp;&nbsp;&nbsp; $449.94 | &nbsp;&nbsp;&nbsp; $560.47 | &nbsp;&nbsp;&nbsp; $444.26 | &nbsp;&nbsp;&nbsp; $382.71 |
| Net investment income<sup>(a)</sup> | 4.39 | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;6.93 |
| Net realized and unrealized gain (loss) | 38.11 | &nbsp;&nbsp;&nbsp;&nbsp;130.39 | &nbsp;&nbsp;&nbsp;&nbsp;109.22 | &nbsp;&nbsp;&nbsp; (109.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;119.45 | &nbsp;&nbsp;&nbsp;&nbsp;62.05 |
| Net increase (decrease) from investment operations | 42.50 | &nbsp;&nbsp;&nbsp;&nbsp;139.06 | &nbsp;&nbsp;&nbsp;&nbsp;117.40 | &nbsp;&nbsp;&nbsp; (101.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;126.49 | &nbsp;&nbsp;&nbsp;&nbsp;68.98 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (4.33)<br>| &nbsp;&nbsp;&nbsp; (8.72)<br>| &nbsp;&nbsp;&nbsp; (8.14)<br>| &nbsp;&nbsp;&nbsp; (7.68)<br>| &nbsp;&nbsp;&nbsp; (7.08)<br>| &nbsp;&nbsp;&nbsp; (6.94)<br>|
| From net realized gain | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (4.71)<br>| &nbsp;&nbsp;&nbsp; (9.82)<br>| &nbsp;&nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp;&nbsp; (9.16)<br>| &nbsp;&nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp;&nbsp; (7.43)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $725.87 | &nbsp;&nbsp;&nbsp; $688.08 | &nbsp;&nbsp;&nbsp; $558.84 | &nbsp;&nbsp;&nbsp; $449.94 | &nbsp;&nbsp;&nbsp; $560.47 | &nbsp;&nbsp;&nbsp; $444.26 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.21 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.26<br> %<br>| &nbsp;&nbsp;&nbsp; (18.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.45<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.01 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.01 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| Net investment income | 1.30 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $17878180 | &nbsp;&nbsp;&nbsp; $15594421 | &nbsp;&nbsp;&nbsp; $11417572 | &nbsp;&nbsp;&nbsp; $9828084 | &nbsp;&nbsp;&nbsp; $10447837 | &nbsp;&nbsp;&nbsp; $7378823 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $688.09 | &nbsp;&nbsp;&nbsp; $558.86 | &nbsp;&nbsp;&nbsp; $449.96 | &nbsp;&nbsp;&nbsp; $560.49 | &nbsp;&nbsp;&nbsp; $444.27 | &nbsp;&nbsp;&nbsp; $382.72 |
| Net investment income<sup>(a)</sup> | 4.33 | &nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 |
| Net realized and unrealized gain (loss) | 38.11 | &nbsp;&nbsp;&nbsp;&nbsp;130.39 | &nbsp;&nbsp;&nbsp;&nbsp;109.21 | &nbsp;&nbsp;&nbsp; (109.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;119.47 | &nbsp;&nbsp;&nbsp;&nbsp;62.05 |
| Net increase (decrease) from investment operations | 42.44 | &nbsp;&nbsp;&nbsp;&nbsp;138.94 | &nbsp;&nbsp;&nbsp;&nbsp;117.31 | &nbsp;&nbsp;&nbsp; (101.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;126.41 | &nbsp;&nbsp;&nbsp;&nbsp;68.91 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (4.27)<br>| &nbsp;&nbsp;&nbsp; (8.61)<br>| &nbsp;&nbsp;&nbsp; (8.05)<br>| &nbsp;&nbsp;&nbsp; (7.59)<br>| &nbsp;&nbsp;&nbsp; (6.99)<br>| &nbsp;&nbsp;&nbsp; (6.87)<br>|
| From net realized gain | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (4.65)<br>| &nbsp;&nbsp;&nbsp; (9.71)<br>| &nbsp;&nbsp;&nbsp; (8.41)<br>| &nbsp;&nbsp;&nbsp; (9.07)<br>| &nbsp;&nbsp;&nbsp; (10.19)<br>| &nbsp;&nbsp;&nbsp; (7.36)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $725.88 | &nbsp;&nbsp;&nbsp; $688.09 | &nbsp;&nbsp;&nbsp; $558.86 | &nbsp;&nbsp;&nbsp; $449.96 | &nbsp;&nbsp;&nbsp; $560.49 | &nbsp;&nbsp;&nbsp; $444.27 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.20 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.24<br> %<br>| &nbsp;&nbsp;&nbsp; (18.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.42<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.03 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.03 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>|
| Net investment income | 1.28 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $18884899 | &nbsp;&nbsp;&nbsp; $18225861 | &nbsp;&nbsp;&nbsp; $13645473 | &nbsp;&nbsp;&nbsp; $10664731 | &nbsp;&nbsp;&nbsp; $12887257 | &nbsp;&nbsp;&nbsp; $10359743 |
| Portfolio turnover rate of the Master Portfolio | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

*See notes to financial statements.*

Fund Financial Highlights

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock Funds III (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 Delaware statutory trust. iShares S&P 500 Index Fund (the "Fund") is a series of the Trust. The Fund is classified as diversified.

The Fund seeks to achieve its investment objective by investing all of its assets in S&P 500 Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio ("MIP") and an affiliate of the Trust, which has the same investment objective and strategies as the Fund. The value of the Fund's investment in the Master Portfolio reflects the Fund's proportionate interest in the net assets of the Master Portfolio. The performance of the Fund is directly affected by the performance of the Master Portfolio. At June 30, 2025, the percentage of the Master Portfolio owned by the Fund was 98.8%. The financial statements of the Master Portfolio, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The 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, Service and Class K Shares are sold only to certain eligible investors. Service, Investor A and Investor P Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Investor P Shares are only available through registered representatives of an insurance company's broker-dealer that has entered into an agreement with the Fund's distributor to offer such shares. Class G Shares are available only to investors on eligible platforms. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
| Institutional, Service, Investor A, Class K and Class G Shares | No | No |  |
| Investor P Shares | Yes | No<sup>(a)</sup> |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Investor P Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

The Board of Trustees of the Trust and Board of Trustees of MIP are referred to throughout this report as the "Board" and the members are referred to as "Trustees."

The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The 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, contributions to and withdrawals from the Master Portfolio are accounted for on a trade date basis. The Fund records its proportionate share of the Master Portfolio's income, expenses and realized and unrealized gains and losses on a daily basis. Realized and unrealized gains and losses are adjusted utilizing partnership tax allocation rules. In addition, the Fund accrues its own expenses. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Distributions:** Distributions from net investment income are declared daily and paid quarterly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. 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, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by BlackRock Advisors, LLC ("BAL" or the "Administrator"), are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's policy is to value its financial instruments at fair value. The Fund records its investment in the Master Portfolio at fair value based on the Fund's proportionate interest in the net assets of the Master Portfolio. Valuation of securities held by the Master Portfolio is discussed in Note 3 of the Master Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

***4.*** ***ADMINISTRATION AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with BAL, an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Fund's ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Fund. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee based on the average daily net assets of the Fund as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Service* | *Investor A* | *Investor P* | *Class G* | *Class K* |
| Administration fees - class specific | 0.09<br> % <br>| 0.06<br> % <br>| 0.09<br> % <br>| 0.09<br> % <br>| 0.0025<br> % <br>| 0.02<br> % <br>|

---

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Fund and, accordingly, have a favorable impact on its performance.

The fees and expenses of the Trust's trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Fund's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Fund. BAL has contractually agreed to reimburse the Fund or provide an offsetting credit against the administration fees paid by the Fund in an amount equal to these independent expenses through June 30, 2026. The amount waived is included in fees waived and/or reimbursed by the Administrator in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $5,709.

For the six months ended June 30, 2025, the following table shows the class specific administration fees borne directly by each share class of the Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Service* | *Investor A* | *Investor P* | *Class G* | *Class K* | *Total* |
| Administration fees — class specific | &nbsp;&nbsp; $2745159 | &nbsp;&nbsp; $238660 | &nbsp;&nbsp; $1388024 | &nbsp;&nbsp; $837147 | &nbsp;&nbsp; $200757 | &nbsp;&nbsp; $1781744 | &nbsp;&nbsp; $7191491 |

---

**Service Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Administrator. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the 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 the Fund as follows:

---

| | |
|:---|:---|
| *Share Class* | *Service Fees* |
| Service | 0.15<br> % <br>|
| Investor A | 0.25 |
| Investor P | 0.25 |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Fund. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.

For the six months ended June 30, 2025, the following table shows the class specific service fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Service* | *Investor A* | *Investor P* | *Total* |
| Service fees — class specific | &nbsp;&nbsp; $596650 | &nbsp;&nbsp; $3855622 | &nbsp;&nbsp; $2325407 | &nbsp;&nbsp; $6777679 |

---

**Other Fees:** For the six months ended June 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor P Shares for a total of $98,832.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

Fund Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

During the period ended March 3, 2025, the Fund 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.

***5.*** ***INCOME TAX INFORMATION*** 

It is the 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.

The 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 the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the 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 Fund as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

***6.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| iShares S&P 500 Index Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2101515 | &nbsp;&nbsp;&nbsp; $1416309414 | &nbsp;&nbsp;&nbsp; 2441504 | &nbsp;&nbsp;&nbsp; $1531339574 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 56720 | &nbsp;&nbsp;&nbsp; 39405423 | &nbsp;&nbsp;&nbsp; 130509 | &nbsp;&nbsp;&nbsp; 86186341 |
| Shares redeemed | &nbsp;&nbsp; (1994632) | &nbsp;&nbsp;&nbsp; (1334874773) | &nbsp;&nbsp;&nbsp; (3463822) | &nbsp;&nbsp;&nbsp; (2234976503) |
|  | &nbsp;&nbsp; 163603 | &nbsp;&nbsp;&nbsp; $120840064 | &nbsp;&nbsp;&nbsp; (891809) | &nbsp;&nbsp;&nbsp; $(617450588) |
| Service |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 104949 | &nbsp;&nbsp;&nbsp; $71307420 | &nbsp;&nbsp;&nbsp; 160593 | &nbsp;&nbsp;&nbsp; $101574099 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 6667 | &nbsp;&nbsp;&nbsp; 4630763 | &nbsp;&nbsp;&nbsp; 15293 | &nbsp;&nbsp;&nbsp; 10109448 |
| Shares redeemed | &nbsp;&nbsp; (121506) | &nbsp;&nbsp;&nbsp; (82903294) | &nbsp;&nbsp;&nbsp; (244962) | &nbsp;&nbsp;&nbsp; (155643013) |
|  | &nbsp;&nbsp; (9890) | &nbsp;&nbsp;&nbsp; $(6965111) | &nbsp;&nbsp;&nbsp; (69076) | &nbsp;&nbsp;&nbsp; $(43959466) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 357820 | &nbsp;&nbsp;&nbsp; $242548082 | &nbsp;&nbsp;&nbsp; 816451 | &nbsp;&nbsp;&nbsp; $517651793 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 21972 | &nbsp;&nbsp;&nbsp; 15284063 | &nbsp;&nbsp;&nbsp; 51400 | &nbsp;&nbsp;&nbsp; 34012992 |
| Shares redeemed | &nbsp;&nbsp; (507423) | &nbsp;&nbsp;&nbsp; (344869503) | &nbsp;&nbsp;&nbsp; (956822) | &nbsp;&nbsp;&nbsp; (608553056) |
|  | &nbsp;&nbsp; (127631) | &nbsp;&nbsp;&nbsp; $(87037358) | &nbsp;&nbsp;&nbsp; (88971) | &nbsp;&nbsp;&nbsp; $(56888271) |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 144219 | &nbsp;&nbsp;&nbsp; $97433048 | &nbsp;&nbsp;&nbsp; 270564 | &nbsp;&nbsp;&nbsp; $171682131 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 14208 | &nbsp;&nbsp;&nbsp; 9874997 | &nbsp;&nbsp;&nbsp; 32017 | &nbsp;&nbsp;&nbsp; 21168515 |
| Shares redeemed | &nbsp;&nbsp; (160012) | &nbsp;&nbsp;&nbsp; (108296709) | &nbsp;&nbsp;&nbsp; (328745) | &nbsp;&nbsp;&nbsp; (207743615) |
|  | &nbsp;&nbsp; (1585) | &nbsp;&nbsp;&nbsp; $(988664) | &nbsp;&nbsp;&nbsp; (26164) | &nbsp;&nbsp;&nbsp; $(14892969) |
| Class G |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3859463 | &nbsp;&nbsp;&nbsp; $2544622583 | &nbsp;&nbsp;&nbsp; 4950045 | &nbsp;&nbsp;&nbsp; $3163424359 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 163971 | &nbsp;&nbsp;&nbsp; 113959394 | &nbsp;&nbsp;&nbsp; 320764 | &nbsp;&nbsp;&nbsp; 212620914 |
| Shares redeemed | &nbsp;&nbsp; (2057078) | &nbsp;&nbsp;&nbsp; (1402511703) | &nbsp;&nbsp;&nbsp; (3037972) | &nbsp;&nbsp;&nbsp; (1916217465) |
|  | &nbsp;&nbsp; 1966356 | &nbsp;&nbsp;&nbsp; $1256070274 | &nbsp;&nbsp;&nbsp; 2232837 | &nbsp;&nbsp;&nbsp; $1459827808 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3352790 | &nbsp;&nbsp;&nbsp; $2258948741 | &nbsp;&nbsp;&nbsp; 7140479 | &nbsp;&nbsp;&nbsp; $4503592369 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 163227 | &nbsp;&nbsp;&nbsp; 113330111 | &nbsp;&nbsp;&nbsp; 354588 | &nbsp;&nbsp;&nbsp; 234963747 |
| Shares redeemed | &nbsp;&nbsp; (3987014) | &nbsp;&nbsp;&nbsp; (2729994766) | &nbsp;&nbsp;&nbsp; (5424428) | &nbsp;&nbsp;&nbsp; (3460695108) |
|  | &nbsp;&nbsp; (470997) | &nbsp;&nbsp;&nbsp; $(357715914) | &nbsp;&nbsp;&nbsp; 2070639 | &nbsp;&nbsp;&nbsp; $1277861008 |
|  | &nbsp;&nbsp; 1519856 | &nbsp;&nbsp;&nbsp; $924203291 | &nbsp;&nbsp;&nbsp; 3227456 | &nbsp;&nbsp;&nbsp; $2004497522 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

As of June 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

<u> *Fund Name* </u> <u> *Investor P* </u> <br> iShares S&P 500 Index Fund 589

***7.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund 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.

Fund Notes to Financial Statements

------

Schedule of Investments (unaudited)

June 30, 2025

**S&P 500 Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 69556 | $57588195 |
| Boeing Co.<sup>(a)</sup> | 717555 | 150349299 |
| General Dynamics Corp. | 239618 | 69886986 |
| General Electric Co. | 1014344 | 261082002 |
| Howmet Aerospace, Inc. | 383974 | 71469081 |
| Huntington Ingalls Industries, Inc. | 38459 | 9286310 |
| L3Harris Technologies, Inc. | 179033 | 44908638 |
| Lockheed Martin Corp. | 198347 | 91862429 |
| Northrop Grumman Corp. | 128690 | 64342426 |
| RTX Corp. | 1270756 | 185555791 |
| Textron, Inc.<sup>(b)</sup> | 169946 | 13644964 |
| TransDigm Group, Inc. | 53656 | 81591460 |
|  |  | 1101567581 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |  |
| CH Robinson Worldwide, Inc. | 112964 | 10838896 |
| Expeditors International of Washington, Inc. | 130922 | 14957838 |
| FedEx Corp. | 209673 | 47660770 |
| United Parcel Service, Inc., Class B | 700007 | 70658707 |
|  |  | 144116211 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |  |
| Aptiv PLC<sup>(a)</sup> | 208150 | 14199993 |
| **Automobiles — 1.9%** | **Automobiles — 1.9%** |  |
| Ford Motor Co. | 3700747 | 40153105 |
| General Motors Co. | 919133 | 45230535 |
| Tesla, Inc.<sup>(a)</sup> | 2665475 | 846714788 |
|  |  | 932098428 |
| **Banks — 3.6%** | **Banks — 3.6%** |  |
| Bank of America Corp. | 6232941 | 294942768 |
| Citigroup, Inc. | 1776584 | 151222830 |
| Citizens Financial Group, Inc. | 407899 | 18253480 |
| Fifth Third Bancorp | 629678 | 25898656 |
| Huntington Bancshares, Inc. | 1376975 | 23078101 |
| JPMorgan Chase & Co. | 2643467 | 766367518 |
| KeyCorp. | 942811 | 16423768 |
| M&T Bank Corp. | 153453 | 29768347 |
| PNC Financial Services Group, Inc. | 376262 | 70142762 |
| Regions Financial Corp. | 854686 | 20102215 |
| Truist Financial Corp. | 1245630 | 53549634 |
| U.S. Bancorp | 1481992 | 67060138 |
| Wells Fargo & Co. | 3095369 | 248000964 |
|  |  | 1784811181 |
| **Beverages — 1.1%** | **Beverages — 1.1%** |  |
| Brown-Forman Corp., Class B | 171896 | 4625721 |
| Coca-Cola Co. | 3684558 | 260682478 |
| Constellation Brands, Inc., Class A | 144944 | 23579490 |
| Keurig Dr. Pepper, Inc. | 1290800 | 42673848 |
| Molson Coors Beverage Co., Class B | 161542 | 7768555 |
| Monster Beverage Corp.<sup>(a)</sup> | 668486 | 41873963 |
| PepsiCo, Inc. | 1304168 | 172202343 |
|  |  | 553406398 |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |  |
| AbbVie, Inc. | 1680198 | 311878353 |
| Amgen, Inc. | 511465 | 142806143 |
| Biogen, Inc.<sup>(a)</sup> | 138144 | 17349505 |
| Gilead Sciences, Inc. | 1183222 | 131183823 |
| Incyte Corp.<sup>(a)</sup> | 153646 | 10463292 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Moderna, Inc.<sup>(a)(b)</sup> | 333246 | $9194257 |
| Regeneron Pharmaceuticals, Inc. | 99279 | 52121475 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 244265 | 108746778 |
|  |  | 783743626 |
| **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** |  |
| Amazon.com, Inc.<sup>(a)</sup> | 8987439 | 1971754242 |
| eBay, Inc. | 440716 | 32815714 |
|  |  | 2004569956 |
| **Building Products — 0.6%** | **Building Products — 0.6%** |  |
| A O Smith Corp. | 112403 | 7370265 |
| Allegion PLC | 80857 | 11653111 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 105469 | 12307178 |
| Carrier Global Corp. | 762218 | 55786735 |
| Johnson Controls International PLC | 625933 | 66111043 |
| Lennox International, Inc. | 30444 | 17451719 |
| Masco Corp. | 199903 | 12865757 |
| Trane Technologies PLC | 212069 | 92761101 |
|  |  | 276306909 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |  |
| Ameriprise Financial, Inc. | 91033 | 48587043 |
| Bank of New York Mellon Corp. | 680519 | 62002086 |
| Blackrock, Inc.<sup>(c)</sup> | 138524 | 145346307 |
| Blackstone, Inc., Class A | 694039 | 103814354 |
| Cboe Global Markets, Inc. | 98357 | 22937836 |
| Charles Schwab Corp. | 1624599 | 148228413 |
| CME Group, Inc., Class A | 342770 | 94474267 |
| Coinbase Global, Inc., Class A<sup>(a)(b)</sup> | 200819 | 70385051 |
| FactSet Research Systems, Inc. | 35693 | 15964765 |
| Franklin Resources, Inc. | 295545 | 7048748 |
| Goldman Sachs Group, Inc. | 291866 | 206568162 |
| Intercontinental Exchange, Inc. | 545632 | 100107103 |
| Invesco Ltd. | 420219 | 6626854 |
| KKR & Co., Inc., Class A | 645788 | 85909178 |
| MarketAxess Holdings, Inc. | 35517 | 7932367 |
| Moody's Corp. | 147125 | 73796429 |
| Morgan Stanley | 1175038 | 165515853 |
| MSCI, Inc., Class A | 73595 | 42445180 |
| Nasdaq, Inc. | 393194 | 35159407 |
| Northern Trust Corp. | 184019 | 23331769 |
| Raymond James Financial, Inc. | 173210 | 26565218 |
| S&P Global, Inc. | 298581 | 157438775 |
| State Street Corp. | 273239 | 29056235 |
| T Rowe Price Group, Inc. | 209174 | 20185291 |
|  |  | 1699426691 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** |  |
| Air Products and Chemicals, Inc. | 211452 | 59642151 |
| Albemarle Corp. | 115941 | 7266023 |
| CF Industries Holdings, Inc. | 154882 | 14249144 |
| Corteva, Inc. | 651768 | 48576269 |
| Dow, Inc. | 676296 | 17908318 |
| DuPont de Nemours, Inc. | 400536 | 27472764 |
| Eastman Chemical Co. | 108897 | 8130250 |
| Ecolab, Inc. | 239632 | 64566446 |
| International Flavors & Fragrances, Inc. | 242173 | 17811824 |
| Linde PLC | 447751 | 210075814 |
| LyondellBasell Industries NV, Class A | 240310 | 13904337 |
| Mosaic Co. | 295160 | 10767437 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** |  |
| PPG Industries, Inc. | 217012 | $24685115 |
| Sherwin-Williams Co. | 219301 | 75299191 |
|  |  | 600355083 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |  |
| Cintas Corp. | 326096 | 72677016 |
| Copart, Inc.<sup>(a)(b)</sup> | 841220 | 41278665 |
| Republic Services, Inc. | 193009 | 47597949 |
| Rollins, Inc. | 266033 | 15009582 |
| Veralto Corp. | 235311 | 23754645 |
| Waste Management, Inc. | 349408 | 79951539 |
|  |  | 280269396 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |  |
| Arista Networks, Inc.<sup>(a)</sup> | 979596 | 100222467 |
| Cisco Systems, Inc. | 3784141 | 262543703 |
| F5, Inc.<sup>(a)</sup> | 54418 | 16016306 |
| Juniper Networks, Inc. | 320251 | 12787622 |
| Motorola Solutions, Inc. | 158770 | 66756434 |
|  |  | 458326532 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |  |
| Quanta Services, Inc.<sup>(b)</sup> | 141761 | 53596999 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |  |
| Martin Marietta Materials, Inc. | 57227 | 31415334 |
| Vulcan Materials Co. | 125552 | 32746473 |
|  |  | 64161807 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |  |
| American Express Co. | 526455 | 167928616 |
| Capital One Financial Corp. | 608532 | 129471268 |
| Synchrony Financial | 363908 | 24287220 |
|  |  | 321687104 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |  |
| Costco Wholesale Corp. | 422030 | 417784378 |
| Dollar General Corp. | 210439 | 24070013 |
| Dollar Tree, Inc.<sup>(a)</sup> | 188848 | 18703506 |
| Kroger Co. | 585632 | 42007383 |
| Sysco Corp. | 459550 | 34806317 |
| Target Corp. | 434369 | 42850502 |
| Walgreens Boots Alliance, Inc. | 693736 | 7964089 |
| Walmart, Inc. | 4109628 | 401839426 |
|  |  | 990025614 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |  |
| Amcor PLC | 2194472 | 20167198 |
| Avery Dennison Corp. | 75759 | 13293432 |
| Ball Corp. | 265212 | 14875741 |
| International Paper Co. | 497110 | 23279661 |
| Packaging Corp. of America | 84340 | 15893873 |
| Smurfit WestRock PLC | 472221 | 20376336 |
|  |  | 107886241 |
| **Distributors — 0.1%** | **Distributors — 0.1%** |  |
| Genuine Parts Co. | 130816 | 15869289 |
| LKQ Corp. | 244023 | 9031291 |
| Pool Corp. | 36020 | 10499110 |
|  |  | 35399690 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |  |
| AT&T, Inc. | 6844437 | 198078007 |
| Verizon Communications, Inc. | 4010248 | 173523431 |
|  |  | 371601438 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |  |
| Alliant Energy Corp. | 246036 | $14877797 |
| American Electric Power Co., Inc. | 506930 | 52599057 |
| Constellation Energy Corp. | 299275 | 96593999 |
| Duke Energy Corp. | 742357 | 87598126 |
| Edison International | 363655 | 18764598 |
| Entergy Corp. | 407681 | 33886445 |
| Evergy, Inc. | 218226 | 15042318 |
| Eversource Energy | 352978 | 22456460 |
| Exelon Corp. | 955674 | 41495365 |
| FirstEnergy Corp. | 491188 | 19775229 |
| NextEra Energy, Inc. | 1958164 | 135935745 |
| NRG Energy, Inc. | 186908 | 30013687 |
| PG&E Corp. | 2098477 | 29252769 |
| Pinnacle West Capital Corp. | 110533 | 9889387 |
| PPL Corp. | 709674 | 24050852 |
| Southern Co. | 1048182 | 96254553 |
| Xcel Energy, Inc. | 545940 | 37178514 |
|  |  | 765664901 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |  |
| AMETEK, Inc. | 219908 | 39794552 |
| Eaton Corp. PLC | 372204 | 132873106 |
| Emerson Electric Co. | 535048 | 71337950 |
| GE Vernova, Inc. | 259615 | 137375277 |
| Generac Holdings, Inc.<sup>(a)</sup> | 56807 | 8135330 |
| Hubbell, Inc. | 50828 | 20758664 |
| Rockwell Automation, Inc. | 107500 | 35708275 |
|  |  | 445983154 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |  |
| Amphenol Corp., Class A | 1150567 | 113618491 |
| CDW Corp./DE | 124610 | 22254100 |
| Corning, Inc. | 732913 | 38543894 |
| Jabil, Inc. | 101569 | 22152199 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 164952 | 27029035 |
| Ralliant Corp.<sup>(a)</sup> | 108045 | 5239102 |
| TE Connectivity PLC | 283499 | 47817776 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 44525 | 22810603 |
| Trimble, Inc.<sup>(a)</sup> | 227216 | 17263872 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 48675 | 15009423 |
|  |  | 331738495 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |  |
| Baker Hughes Co., Class A | 943712 | 36181918 |
| Halliburton Co. | 826038 | 16834654 |
| Schlumberger NV | 1300316 | 43950681 |
|  |  | 96967253 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** |  |
| Electronic Arts, Inc. | 218157 | 34839673 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 151555 | 22927241 |
| Netflix, Inc.<sup>(a)</sup> | 404802 | 542082502 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 156051 | 37896985 |
| TKO Group Holdings, Inc., Class A | 65096 | 11844217 |
| Walt Disney Co. | 1710011 | 212058464 |
| Warner Bros Discovery, Inc., Class A<sup>(a)(b)</sup> | 2158971 | 24741808 |
|  |  | 886390890 |
| **Financial Services — 4.3%** | **Financial Services — 4.3%** |  |
| Apollo Global Management, Inc. | 428268 | 60758381 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1744244 | 847301408 |
| Corpay, Inc.<sup>(a)</sup> | 66725 | 22140689 |
| Fidelity National Information Services, Inc. | 498785 | 40606087 |
| Fiserv, Inc.<sup>(a)</sup> | 527195 | 90893690 |
| Global Payments, Inc. | 231251 | 18509330 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| Jack Henry & Associates, Inc. | 68758 | $12388129 |
| Mastercard, Inc., Class A | 771551 | 433565369 |
| PayPal Holdings, Inc.<sup>(a)</sup> | 929743 | 69098500 |
| Visa, Inc., Class A | 1627484 | 577838194 |
|  |  | 2173099777 |
| **Food Products — 0.6%** | **Food Products — 0.6%** |  |
| Archer-Daniels-Midland Co. | 456985 | 24119668 |
| Bunge Global SA | 127571 | 10241400 |
| Conagra Brands, Inc. | 455522 | 9324535 |
| General Mills, Inc. | 524063 | 27151704 |
| Hershey Co. | 139780 | 23196491 |
| Hormel Foods Corp. | 281095 | 8503124 |
| J.M. Smucker Co. | 101205 | 9938331 |
| Kellanova | 253106 | 20129520 |
| Kraft Heinz Co. | 816670 | 21086420 |
| Lamb Weston Holdings, Inc. | 132939 | 6892887 |
| McCormick & Co., Inc. | 240072 | 18202259 |
| Mondelez International, Inc., Class A | 1230366 | 82975883 |
| The Campbell's Co. | 184501 | 5654956 |
| Tyson Foods, Inc., Class A | 276782 | 15483185 |
|  |  | 282900363 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |  |
| Atmos Energy Corp. | 152085 | 23437819 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |  |
| CSX Corp. | 1795892 | 58599956 |
| JB Hunt Transport Services, Inc. | 74597 | 10712129 |
| Norfolk Southern Corp. | 214442 | 54890719 |
| Old Dominion Freight Line, Inc. | 176868 | 28705676 |
| Uber Technologies, Inc.<sup>(a)(b)</sup> | 1989113 | 185584243 |
| Union Pacific Corp. | 568318 | 130758606 |
|  |  | 469251329 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |  |
| Abbott Laboratories | 1654927 | 225086621 |
| Align Technology, Inc.<sup>(a)(b)</sup> | 64605 | 12231665 |
| Baxter International, Inc. | 484238 | 14662727 |
| Becton Dickinson & Co. | 272620 | 46958795 |
| Boston Scientific Corp.<sup>(a)</sup> | 1409931 | 151440689 |
| Cooper Cos., Inc.<sup>(a)</sup> | 189981 | 13519048 |
| Dexcom, Inc.<sup>(a)</sup> | 374363 | 32678146 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 560731 | 43854771 |
| GE HealthCare Technologies, Inc. | 434760 | 32202673 |
| Hologic, Inc.<sup>(a)</sup> | 211755 | 13797956 |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 76497 | 41028401 |
| Insulet Corp.<sup>(a)</sup> | 67572 | 21229771 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 341194 | 185408231 |
| Medtronic PLC | 1219952 | 106343216 |
| ResMed, Inc. | 138859 | 35825622 |
| Solventum Corp.<sup>(a)(b)</sup> | 131883 | 10002007 |
| STERIS PLC | 93190 | 22386102 |
| Stryker Corp. | 327163 | 129435498 |
| Zimmer Biomet Holdings, Inc. | 187650 | 17115556 |
|  |  | 1155207495 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |  |
| Cardinal Health, Inc. | 226705 | 38086440 |
| Cencora, Inc. | 164084 | 49200588 |
| Centene Corp.<sup>(a)</sup> | 473890 | 25722749 |
| Cigna Group | 253859 | 83920708 |
| CVS Health Corp. | 1206134 | 83199123 |
| DaVita, Inc.<sup>(a)</sup> | 38704 | 5513385 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |  |
| Elevance Health, Inc. | 214693 | $83506989 |
| HCA Healthcare, Inc. | 165592 | 63438295 |
| Henry Schein, Inc.<sup>(a)</sup> | 115668 | 8449547 |
| Humana, Inc. | 114696 | 28040878 |
| Labcorp Holdings, Inc. | 78854 | 20699964 |
| McKesson Corp. | 119006 | 87205217 |
| Molina Healthcare, Inc.<sup>(a)</sup> | 51216 | 15257246 |
| Quest Diagnostics, Inc. | 105223 | 18901208 |
| UnitedHealth Group, Inc. | 862869 | 269189242 |
| Universal Health Services, Inc., Class B | 55381 | 10032268 |
|  |  | 890363847 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |  |
| Alexandria Real Estate Equities, Inc. | 150651 | 10941782 |
| Healthpeak Properties, Inc. | 656355 | 11492776 |
| Ventas, Inc. | 417414 | 26359694 |
| Welltower, Inc. | 582829 | 89598303 |
|  |  | 138392555 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |  |
| Host Hotels & Resorts, Inc. | 660984 | 10152714 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |  |
| Airbnb, Inc., Class A<sup>(a)</sup> | 410539 | 54330731 |
| Booking Holdings, Inc. | 30952 | 179188557 |
| Caesars Entertainment, Inc.<sup>(a)(b)</sup> | 195763 | 5557712 |
| Carnival Corp.<sup>(a)</sup> | 1006853 | 28312706 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 1281609 | 71962345 |
| Darden Restaurants, Inc. | 112338 | 24486314 |
| Domino's Pizza, Inc. | 33036 | 14886022 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 325004 | 80116736 |
| Expedia Group, Inc. | 116150 | 19592182 |
| Hilton Worldwide Holdings, Inc. | 226100 | 60219474 |
| Las Vegas Sands Corp. | 321475 | 13987377 |
| Marriott International, Inc., Class A | 215495 | 58875389 |
| McDonald's Corp. | 680137 | 198715627 |
| MGM Resorts International<sup>(a)</sup> | 197207 | 6781949 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 409414 | 8302916 |
| Royal Caribbean Cruises Ltd. | 237353 | 74324718 |
| Starbucks Corp. | 1080941 | 99046624 |
| Wynn Resorts Ltd. | 86072 | 8062364 |
| Yum! Brands, Inc. | 265993 | 39414843 |
|  |  | 1046164586 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** |  |
| D.R. Horton, Inc. | 264299 | 34073427 |
| Garmin Ltd. | 146497 | 30576854 |
| Lennar Corp., Class A | 220853 | 24428550 |
| Mohawk Industries, Inc.<sup>(a)</sup> | 51704 | 5420647 |
| NVR, Inc.<sup>(a)</sup> | 2795 | 20642920 |
| PulteGroup, Inc. | 189567 | 19991736 |
|  |  | 135134134 |
| **Household Products — 1.0%** | **Household Products — 1.0%** |  |
| Church & Dwight Co., Inc. | 235414 | 22625640 |
| Clorox Co. | 118503 | 14228655 |
| Colgate-Palmolive Co. | 770869 | 70071992 |
| Kimberly-Clark Corp. | 315338 | 40653375 |
| Procter & Gamble Co. | 2230122 | 355303037 |
|  |  | 502882699 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |  |
| AES Corp. | 692365 | $7283680 |
| Vistra Corp. | 324393 | 62870607 |
|  |  | 70154287 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |  |
| 3M Co. | 511217 | 77827676 |
| Honeywell International, Inc. | 611318 | 142363736 |
|  |  | 220191412 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |  |
| Prologis, Inc. | 882151 | 92731713 |
| **Insurance — 2.1%** | **Insurance — 2.1%** |  |
| Aflac, Inc. | 465171 | 49056934 |
| Allstate Corp. | 251835 | 50696904 |
| American International Group, Inc. | 550972 | 47157693 |
| Aon PLC, Class A | 205402 | 73279218 |
| Arch Capital Group Ltd. | 353301 | 32168056 |
| Arthur J Gallagher & Co. | 243329 | 77894479 |
| Assurant, Inc. | 48062 | 9491764 |
| Brown & Brown, Inc. | 266254 | 29519581 |
| Chubb Ltd. | 354488 | 102702263 |
| Cincinnati Financial Corp. | 149249 | 22226161 |
| Erie Indemnity Co., Class A | 23930 | 8298685 |
| Everest Group Ltd. | 40722 | 13839372 |
| Globe Life, Inc. | 77250 | 9601403 |
| Hartford Insurance Group, Inc. | 269620 | 34206689 |
| Loews Corp. | 164504 | 15078437 |
| Marsh & McLennan Cos., Inc. | 469838 | 102725380 |
| MetLife, Inc. | 539080 | 43352814 |
| Principal Financial Group, Inc. | 196636 | 15618797 |
| Progressive Corp. | 557615 | 148805139 |
| Prudential Financial, Inc. | 336552 | 36159147 |
| Travelers Cos., Inc. | 215509 | 57657278 |
| W.R. Berkley Corp. | 284739 | 20919774 |
| Willis Towers Watson PLC | 93882 | 28774833 |
|  |  | 1029230801 |
| **Interactive Media & Services — 6.6%** | **Interactive Media & Services — 6.6%** |  |
| Alphabet, Inc., Class A | 5535968 | 975603641 |
| Alphabet, Inc., Class C | 4465624 | 792157041 |
| Match Group, Inc. | 233169 | 7202591 |
| Meta Platforms, Inc., Class A | 2065190 | 1524296087 |
|  |  | 3299259360 |
| **IT Services — 1.1%** | **IT Services — 1.1%** |  |
| Accenture PLC, Class A | 595474 | 177981224 |
| Akamai Technologies, Inc.<sup>(a)</sup> | 138286 | 11029691 |
| Cognizant Technology Solutions Corp., Class A | 471436 | 36786151 |
| EPAM Systems, Inc.<sup>(a)</sup> | 55335 | 9784335 |
| Gartner, Inc.<sup>(a)</sup> | 73032 | 29520995 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 134248 | 24172695 |
| International Business Machines Corp. | 884558 | 260750007 |
| VeriSign, Inc. | 76415 | 22068652 |
|  |  | 572093750 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |  |
| Hasbro, Inc. | 122350 | 9031877 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |  |
| Agilent Technologies, Inc. | 271229 | 32007734 |
| Bio-Techne Corp. | 150908 | 7764217 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 45617 | 6921467 |
| Danaher Corp. | 605862 | 119681980 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 155925 | 24572221 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |  |
| Mettler-Toledo International, Inc.<sup>(a)(b)</sup> | 19755 | $23206594 |
| Revvity, Inc. | 112684 | 10898796 |
| Thermo Fisher Scientific, Inc. | 359071 | 145588928 |
| Waters Corp.<sup>(a)</sup> | 56450 | 19703308 |
| West Pharmaceutical Services, Inc. | 68328 | 14950166 |
|  |  | 405295411 |
| **Machinery — 1.5%** | **Machinery — 1.5%** |  |
| Caterpillar, Inc. | 447362 | 173670402 |
| Cummins, Inc. | 130606 | 42773465 |
| Deere & Co. | 240096 | 122086415 |
| Dover Corp. | 131694 | 24130292 |
| Fortive Corp. | 324135 | 16897158 |
| IDEX Corp. | 71398 | 12535347 |
| Illinois Tool Works, Inc. | 253618 | 62707050 |
| Ingersoll Rand, Inc.<sup>(b)</sup> | 385379 | 32055825 |
| Nordson Corp. | 51320 | 11001468 |
| Otis Worldwide Corp. | 374276 | 37060810 |
| PACCAR, Inc. | 498220 | 47360793 |
| Parker-Hannifin Corp. | 121426 | 84812418 |
| Pentair PLC | 155729 | 15987139 |
| Snap-on, Inc. | 49689 | 15462223 |
| Stanley Black & Decker, Inc. | 149224 | 10109926 |
| Westinghouse Air Brake Technologies Corp. | 162428 | 34004302 |
| Xylem, Inc. | 232194 | 30036616 |
|  |  | 772691649 |
| **Media — 0.5%** | **Media — 0.5%** |  |
| Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 90531 | 37009978 |
| Comcast Corp., Class A | 3542506 | 126432039 |
| Fox Corp., Class A | 205738 | 11529558 |
| Fox Corp., Class B | 124511 | 6428503 |
| Interpublic Group of Cos., Inc. | 359089 | 8790499 |
| News Corp., Class A | 352059 | 10463193 |
| News Corp., Class B | 113616 | 3898165 |
| Omnicom Group, Inc. | 185652 | 13355805 |
| Paramount Global, Class B<sup>(b)</sup> | 589637 | 7606317 |
|  |  | 225514057 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |  |
| Freeport-McMoRan, Inc. | 1366110 | 59220868 |
| Newmont Corp. | 1064026 | 61990155 |
| Nucor Corp. | 219490 | 28432735 |
| Steel Dynamics, Inc. | 130343 | 16685207 |
|  |  | 166328965 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |  |
| Ameren Corp. | 258145 | 24792246 |
| CenterPoint Energy, Inc. | 630498 | 23164496 |
| CMS Energy Corp. | 287618 | 19926175 |
| Consolidated Edison, Inc. | 329383 | 33053584 |
| Dominion Energy, Inc. | 807250 | 45625770 |
| DTE Energy Co. | 197028 | 26098329 |
| NiSource, Inc. | 454216 | 18323073 |
| Public Service Enterprise Group, Inc. | 475146 | 39997790 |
| Sempra | 603036 | 45692038 |
| WEC Energy Group, Inc. | 303228 | 31596358 |
|  |  | 308269859 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** |  |
| BXP, Inc. | 141672 | 9558610 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |  |
| APA Corp. | 349293 | 6388569 |
| Chevron Corp. | 1544884 | 221211940 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |  |
| ConocoPhillips | 1200801 | $107759882 |
| Coterra Energy, Inc. | 705210 | 17898230 |
| Devon Energy Corp. | 613848 | 19526505 |
| Diamondback Energy, Inc. | 179354 | 24643240 |
| EOG Resources, Inc. | 521773 | 62409269 |
| EQT Corp. | 567276 | 33083536 |
| Expand Energy Corp. | 200505 | 23447055 |
| Exxon Mobil Corp. | 4099660 | 441943348 |
| Hess Corp. | 262765 | 36403463 |
| Kinder Morgan, Inc. | 1837923 | 54034936 |
| Marathon Petroleum Corp. | 293697 | 48786009 |
| Occidental Petroleum Corp. | 647937 | 27219833 |
| ONEOK, Inc. | 595429 | 48604869 |
| Phillips 66 | 387553 | 46235073 |
| Targa Resources Corp. | 207979 | 36204984 |
| Texas Pacific Land Corp. | 18168 | 19192493 |
| Valero Energy Corp. | 297701 | 40016968 |
| Williams Cos., Inc. | 1167216 | 73312837 |
|  |  | 1388323039 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |  |
| Delta Air Lines, Inc. | 614050 | 30198979 |
| Southwest Airlines Co. | 544792 | 17673052 |
| United Airlines Holdings, Inc.<sup>(a)(b)</sup> | 314093 | 25011226 |
|  |  | 72883257 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |  |
| Estee Lauder Cos., Inc., Class A | 225191 | 18195433 |
| Kenvue, Inc. | 1827841 | 38256712 |
|  |  | 56452145 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |  |
| Bristol-Myers Squibb Co. | 1930999 | 89385944 |
| Eli Lilly & Co. | 748232 | 583269291 |
| Johnson & Johnson | 2288650 | 349591287 |
| Merck & Co., Inc. | 2388486 | 189072552 |
| Pfizer, Inc. | 5421303 | 131412385 |
| Viatris, Inc. | 1131153 | 10101196 |
| Zoetis, Inc., Class A | 423481 | 66041862 |
|  |  | 1418874517 |
| **Professional Services — 0.6%** | **Professional Services — 0.6%** |  |
| Automatic Data Processing, Inc. | 386113 | 119077249 |
| Broadridge Financial Solutions, Inc. | 111252 | 27037574 |
| Dayforce, Inc.<sup>(a)(b)</sup> | 149647 | 8288947 |
| Equifax, Inc. | 117889 | 30576870 |
| Jacobs Solutions, Inc. | 114192 | 15010538 |
| Leidos Holdings, Inc. | 122346 | 19301305 |
| Paychex, Inc. | 304580 | 44304207 |
| Paycom Software, Inc. | 44828 | 10373199 |
| Verisk Analytics, Inc. | 134251 | 41819187 |
|  |  | 315789076 |
| **Real Estate Management & Development**<sup>(a)</sup> **— 0.1%** | **Real Estate Management & Development**<sup>(a)</sup> **— 0.1%** |  |
| CBRE Group, Inc., Class A | 279266 | 39130752 |
| CoStar Group, Inc. | 400659 | 32212984 |
|  |  | 71343736 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |  |
| AvalonBay Communities, Inc. | 135065 | 27485728 |
| Camden Property Trust | 102602 | 11562219 |
| Equity Residential | 324892 | 21926961 |
| Essex Property Trust, Inc. | 61711 | 17488898 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Residential REITs (continued)** | **Residential REITs (continued)** |  |
| Invitation Homes, Inc. | 535630 | $17568664 |
| Mid-America Apartment Communities, Inc. | 111136 | 16449239 |
| UDR, Inc. | 290551 | 11863197 |
|  |  | 124344906 |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |  |
| Federal Realty Investment Trust | 75675 | 7188368 |
| Kimco Realty Corp. | 656566 | 13801017 |
| Realty Income Corp. | 832076 | 47935899 |
| Regency Centers Corp. | 158749 | 11307691 |
| Simon Property Group, Inc. | 291341 | 46835979 |
|  |  | 127068954 |
| **Semiconductors & Semiconductor Equipment — 12.7%** | **Semiconductors & Semiconductor Equipment — 12.7%** |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1542275 | 218848823 |
| Analog Devices, Inc. | 471771 | 112290933 |
| Applied Materials, Inc. | 772792 | 141475032 |
| Broadcom, Inc. | 4472481 | 1232839388 |
| Enphase Energy, Inc.<sup>(a)(b)</sup> | 124399 | 4932420 |
| First Solar, Inc.<sup>(a)(b)</sup> | 103606 | 17150937 |
| Intel Corp. | 4142277 | 92787005 |
| KLA Corp. | 125787 | 112672447 |
| Lam Research Corp. | 1216694 | 118432994 |
| Microchip Technology, Inc. | 514501 | 36205435 |
| Micron Technology, Inc. | 1061896 | 130878682 |
| Monolithic Power Systems, Inc. | 45244 | 33090557 |
| NVIDIA Corp. | 23197379 | 3664953907 |
| NXP Semiconductors NV | 241630 | 52793739 |
| ON Semiconductor Corp.<sup>(a)</sup> | 398283 | 20874012 |
| QUALCOMM, Inc. | 1043644 | 166210744 |
| Skyworks Solutions, Inc. | 143523 | 10695334 |
| Teradyne, Inc. | 150886 | 13567669 |
| Texas Instruments, Inc. | 864136 | 179411916 |
|  |  | 6360111974 |
| **Software — 11.4%** | **Software — 11.4%** |  |
| Adobe, Inc.<sup>(a)</sup> | 405400 | 156841152 |
| ANSYS, Inc.<sup>(a)</sup> | 83752 | 29415377 |
| Autodesk, Inc.<sup>(a)</sup> | 203504 | 62998733 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 259717 | 80031794 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 235632 | 120009734 |
| Fair Isaac Corp.<sup>(a)</sup> | 23154 | 42324586 |
| Fortinet, Inc.<sup>(a)</sup> | 604291 | 63885645 |
| Gen Digital, Inc. | 518802 | 15252779 |
| Intuit, Inc. | 265919 | 209445782 |
| Microsoft Corp. | 7069816 | 3516597177 |
| Oracle Corp. | 1547080 | 338238100 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 2023322 | 275819255 |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 629788 | 128879816 |
| PTC, Inc.<sup>(a)(b)</sup> | 115443 | 19895447 |
| Roper Technologies, Inc. | 102767 | 58252446 |
| Salesforce, Inc. | 912649 | 248870256 |
| ServiceNow, Inc.<sup>(a)</sup> | 197069 | 202602697 |
| Synopsys, Inc.<sup>(a)</sup> | 146868 | 75296286 |
| Tyler Technologies, Inc.<sup>(a)(b)</sup> | 40690 | 24122660 |
| Workday, Inc., Class A<sup>(a)</sup> | 205231 | 49255440 |
|  |  | 5718035162 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |  |
| American Tower Corp. | 444842 | 98318979 |
| Crown Castle, Inc. | 414031 | 42533405 |
| Digital Realty Trust, Inc. | 300963 | 52466880 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** |  |
| Equinix, Inc. | 93112 | $74067803 |
| Extra Space Storage, Inc. | 202326 | 29830945 |
| Iron Mountain, Inc. | 279466 | 28664827 |
| Public Storage | 149973 | 44005078 |
| SBA Communications Corp. | 102224 | 24006284 |
| VICI Properties, Inc. | 1002475 | 32680685 |
| Weyerhaeuser Co. | 691895 | 17774782 |
|  |  | 444349668 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |  |
| AutoZone, Inc.<sup>(a)</sup> | 15913 | 59072716 |
| Best Buy Co., Inc. | 181382 | 12176174 |
| CarMax, Inc.<sup>(a)</sup> | 145586 | 9784835 |
| Home Depot, Inc. | 945422 | 346629522 |
| Lowe's Cos., Inc. | 532391 | 118121591 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 811910 | 73177448 |
| Ross Stores, Inc. | 312786 | 39905238 |
| TJX Cos., Inc. | 1062004 | 131146874 |
| Tractor Supply Co. | 508631 | 26840458 |
| Ulta Beauty, Inc.<sup>(a)(b)</sup> | 43162 | 20192047 |
| Williams-Sonoma, Inc. | 117667 | 19223258 |
|  |  | 856270161 |
| **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** |  |
| Apple, Inc. | 14206918 | 2914833366 |
| Dell Technologies, Inc., Class C | 286401 | 35112762 |
| Hewlett Packard Enterprise Co. | 1263898 | 25846714 |
| HP, Inc. | 906957 | 22184168 |
| NetApp, Inc. | 192363 | 20496278 |
| Seagate Technology Holdings PLC | 203910 | 29430330 |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 478766 | 23464322 |
| Western Digital Corp. | 329823 | 21105374 |
|  |  | 3092473314 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 144294 | 14872383 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 104739 | 24883892 |
| NIKE, Inc., Class B | 1120608 | 79607992 |
| Ralph Lauren Corp., Class A | 38680 | 10609150 |
| Tapestry, Inc. | 199740 | 17539169 |
|  |  | 147512586 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** |  |
| Altria Group, Inc. | 1602246 | 93939683 |
| Philip Morris International, Inc. | 1480555 | 269653482 |
|  |  | 363593165 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |  |
| Fastenal Co. | 1090318 | $45793356 |
| United Rentals, Inc. | 61827 | 46580462 |
| WW Grainger, Inc. | 41792 | 43473710 |
|  |  | 135847528 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |  |
| American Water Works Co., Inc. | 185289 | 25775553 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |  |
| T-Mobile U.S., Inc. | 453614 | 108078072 |
| **Total Common Stocks — 99.6%** <br>**(Cost: $17,597,019,993)** | **Total Common Stocks — 99.6%** <br>**(Cost: $17,597,019,993)** | 49938767453 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |  |
| iShares Core S&P 500 ETF<sup>(c)</sup> | 69969 | 43443752 |
| **Total Investment Companies — 0.1%** <br>**(Cost: $30,792,207)** | **Total Investment Companies — 0.1%** <br>**(Cost: $30,792,207)** | 43443752 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $17,627,812,200)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $17,627,812,200)** | 49982211205 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(c)(d)(e)</sup><br>| 252270031 | 252370939 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(c)(d)(e)</sup><br>| 114394303 | 114394303 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $366,703,310)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $366,703,310)** | 366765242 |
| **Total Investments — 100.5%** <br>**(Cost: $17,994,515,510)** | **Total Investments — 100.5%** <br>**(Cost: $17,994,515,510)** | 50348976447 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (225966528)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $50123009919 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Master Portfolio.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $196905512 | $55494182 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28913)<br>| $158 | $252370939 | 252270031 | $283703 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 120252759 |  | &nbsp;&nbsp; (5858456 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 114394303 | 114394303 | 3432588 | &nbsp;&nbsp; — |
| Blackrock, Inc. | 138023886 | 5410155 | &nbsp;&nbsp; (2008641)<br>| &nbsp;&nbsp; (61577)<br>| 3982484 | 145346307 | 138524 | 1425555 | &nbsp;&nbsp; — |
| iShares Core S&P 500 ETF | 299532746 | 1928627386 | &nbsp;&nbsp; (2183465625)<br>| &nbsp;&nbsp; 48677041 | (49927796)<br>| 43443752 | 69969 | 1173438 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $48586551 | $(45945154)<br>| $555555301 |  | $6315284 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $139771 | &nbsp;&nbsp;&nbsp;&nbsp; $4147641 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4147641 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4147641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Master Portfolio 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 net unrealized appreciation (depreciation). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8525873 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8525873 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5828175 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5828175 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $174470782 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

For more information about the Master Portfolio's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Master Portfolio's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $49938767453 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $49938767453 |
| Investment Companies | &nbsp;&nbsp; 43443752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43443752 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 366765242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 366765242 |
|  | &nbsp;&nbsp; $50348976447 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $50348976447 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $4147641 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4147641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Master Portfolio Schedule of Investments

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | S&P 500 Index <br>Master Portfolio<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $49793421146 |
| Investments, at value — affiliated<sup>(c)</sup> | 555555301 |
| Cash | 294011 |
| Cash pledged for futures contracts | 9724000 |
| Receivables: |  |
| Securities lending income — affiliated | 46707 |
| Dividends — unaffiliated | 24841842 |
| Dividends — affiliated | 282608 |
| Variation margin on futures contracts | 670494 |
| Prepaid expenses | 25524 |
| Total assets | 50384861633 |
| **LIABILITIES** |  |
| Collateral on securities loaned | 252332182 |
| Payables: |  |
| Withdrawals to investors | 9003369 |
| Investment advisory fees | 397089 |
| Trustees' fees | 56740 |
| Professional fees | 62334 |
| Total liabilities | 261851714 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $50123009919 |
| **NET ASSETS CONSIST OF** |  |
| Investors' capital | $17764401341 |
| Net unrealized appreciation (depreciation) | 32358608578 |
| NET ASSETS | $50123009919 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $17540453646 |
| <sup>(b)</sup> Securities loaned, at value | $251404164 |
| <sup>(c)</sup> Investments, at cost—affiliated | $454061864 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | S&P 500 Index <br>Master Portfolio<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $298762656 |
| Dividends — affiliated | &nbsp;&nbsp; 6031581 |
| Interest — unaffiliated | &nbsp;&nbsp; 237227 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 283703 |
| Foreign taxes withheld | &nbsp;&nbsp; (1694921)<br>|
| Total investment income | &nbsp;&nbsp; 303620246 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 2313008 |
| Trustees | &nbsp;&nbsp; 131956 |
| Professional | &nbsp;&nbsp; 14255 |
| Total expenses | &nbsp;&nbsp; 2459219 |
| Less: |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (216491)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 2242728 |
| Net investment income | &nbsp;&nbsp; 301377518 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (210146)<br>|
| Investments — affiliated | &nbsp;&nbsp; 48586551 |
| Futures contracts | &nbsp;&nbsp; 8525873 |
|  | &nbsp;&nbsp; 56902278 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 2734623702 |
| Investments — affiliated | &nbsp;&nbsp; (45945154)<br>|
| Futures contracts | &nbsp;&nbsp; 5828175 |
|  | &nbsp;&nbsp; 2694506723 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2751409001 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $3052786519 |

---

*See notes to financial statements.*

Master Portfolio Statement of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $301377518 | &nbsp;&nbsp;&nbsp; $575273596 |
| Net realized gain | &nbsp;&nbsp; 56902278 | &nbsp;&nbsp;&nbsp; 85066881 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2694506723 | &nbsp;&nbsp;&nbsp; 8536342561 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3052786519 | &nbsp;&nbsp;&nbsp; 9196683038 |
| **CAPITAL TRANSACTIONS** |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 6663552598 | &nbsp;&nbsp;&nbsp; 10050282417 |
| Value of withdrawals | &nbsp;&nbsp; (6045234429)<br>| &nbsp;&nbsp;&nbsp; (8821440872)<br>|
| Net increase in net assets derived from capital transactions | &nbsp;&nbsp; 618318169 | &nbsp;&nbsp;&nbsp; 1228841545 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 3671104688 | &nbsp;&nbsp;&nbsp; 10425524583 |
| Beginning of period | &nbsp;&nbsp; 46451905231 | &nbsp;&nbsp;&nbsp; 36026380648 |
| End of period | &nbsp;&nbsp; $50123009919 | &nbsp;&nbsp;&nbsp; $46451905231 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Total Return** |  |  |  |  |  |  |
| Total return | 6.20 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.24<br> %<br>| &nbsp;&nbsp;&nbsp; (18.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.42<br> %<br>|
| **Ratios to Average Net Assets**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.01 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.01 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| Net investment income | 1.30 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $50123010 | &nbsp;&nbsp;&nbsp; $46451905 | &nbsp;&nbsp;&nbsp; $36026381 | &nbsp;&nbsp;&nbsp; $29544845 | &nbsp;&nbsp;&nbsp; $34489286 | &nbsp;&nbsp;&nbsp; $26992973 |
| Portfolio turnover rate | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Not annualized. <br> <sup>(b)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. <br> <sup>(c)</sup> Annualized.

*See notes to financial statements.*

Master Portfolio Financial Highlights

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

Master Investment Portfolio ("MIP") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. MIP is organized as a Delaware statutory trust. S&P 500 Index Master Portfolio (the "Master Portfolio") is a series of MIP. The Master Portfolio is classified as diversified.

The Master Portfolio, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Master Portfolio is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Taxes:** The Master Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Master Portfolio invests. These foreign taxes, if any, are paid by the Master Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

The Master Portfolio files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Master Portfolio may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Master Portfolio may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Master Portfolio may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Master Portfolio is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Master Portfolio may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Indemnifications:** In the normal course of business, the Master Portfolio enters into contracts that contain a variety of representations that provide general indemnification. The Master Portfolio's maximum exposure under these arrangements is unknown because it involves future potential claims against the Master Portfolio, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Master Portfolio's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Master Portfolio. The CODM has concluded that the Master Portfolio operates as a single operating segment since the Master Portfolio has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Master Portfolio's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Master Portfolio's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Master Portfolio is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of MIP (the "Board") has approved the designation of the Master Portfolio's Manager as the valuation designee for the Master Portfolio. The Master Portfolio determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Master Portfolio's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded funds ("ETFs") and closed-end funds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange ("NYSE"). Each business day, the Master Portfolio uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Master Portfolio might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that the Master Portfolio has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Master Portfolio 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 the Master Portfolio 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 Master Portfolio and any additional required collateral is delivered to the Master Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. ("BTC"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Master Portfolio, except in the event of borrower default. The securities on loan, if any, are disclosed in the Master Portfolio's Schedule of Investments. The market value of any

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Master Portfolio 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 Master Portfolio, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Master Portfolio 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 Master Portfolio's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<sup>(b)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $1796833 | &nbsp;&nbsp; $(1796833)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 14240457 | &nbsp;&nbsp; (14240457)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 3316609 | &nbsp;&nbsp; (3316334)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 275 |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 34036877 | &nbsp;&nbsp; (34036877)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 19716628 | &nbsp;&nbsp; (19716628)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 8727972 | &nbsp;&nbsp; (8727972)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 23940291 | &nbsp;&nbsp; (23940291)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 419030 | &nbsp;&nbsp; (419030)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 724633 | &nbsp;&nbsp; (724633)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 24933322 | &nbsp;&nbsp; (24933322)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 12230718 | &nbsp;&nbsp; (12230718)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 105313544 | &nbsp;&nbsp; (105313544)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 2007250 | &nbsp;&nbsp; (2007250)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $251404164 | &nbsp;&nbsp; $(251403889)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Master Portfolio is disclosed in the Master Portfolio's Statement of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of June 30, 2025. Additional collateral is delivered to the Master Portfolio on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Master Portfolio benefits from a borrower default indemnity provided by BlackRock Finance, Inc.. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Master Portfolio engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Master Portfolio and/or to manage its 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 Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Master Portfolio 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 Master Portfolio is 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 Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** MIP, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Master Portfolio's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.

For such services, the Master Portfolio pays the Manager a monthly fee at an annual rate equal to 0.01% of the average daily value of the Master Portfolio's net assets.

**Administration:** MIP, on behalf of the Master Portfolio, entered into an Administration Agreement with BlackRock Advisors, LLC ("BAL"), BAL has agreed to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Master Portfolio's ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Master Portfolio. BAL may delegate certain of its administration duties to sub-administrators.

BAL is not entitled to compensation for providing administrative services to the Master Portfolio, for so long as BAL (or an affiliate) is entitled to compensation for providing administrative services to corresponding feeder funds that invest substantially all of their assets in the Master Portfolio, or BAL (or an affiliate) receives investment advisory fees from the Master Portfolio.

The fees and expenses of the Master Portfolio's trustees who are not "interested persons" of MIP, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Master Portfolio's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Master Portfolio. BFA has contractually agreed to reimburse the Master Portfolio or provide an offsetting credit against the investment advisory fees paid by the Master Portfolio in an amount equal to the independent expenses through June 30, 2026. If the Master Portfolio does not pay administration fees, BAL agrees to cap the expenses of the Master Portfolio at the rate at which it pays an investment advisory fee to BFA. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $146,211.

**Expense Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Master Portfolio pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amounts waived were $55,999.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the Manager waived $14,281 in investment advisory fees pursuant to this arrangement.

**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 Master Portfolio, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Master Portfolio is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Master Portfolio bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Master Portfolio retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Master Portfolio retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Master Portfolio, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended June 30, 2025, the Master Portfolio paid BTC $118,570 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Master Portfolio could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Master Portfolio did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Master Portfolio are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** The Master Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Master Portfolio Name* | *Purchases* | *Sales* | *Net Realized* <br>*Gain (Loss)*<br>|
| S&P 500 Index Master Portfolio | &nbsp;&nbsp; $145849105 | $112922951 | $(16654429)<br>|

---

***7.*** ***PURCHASES AND SALES*** 

For the six months ended June 30, 2025, purchases and sales of investments, excluding short-term securities, were $4,048,190,930 and $3,154,715,251, respectively.

***8.*** ***INCOME TAX INFORMATION*** 

The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required. It is intended that the Master Portfolio's assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master Portfolio's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Master Portfolio'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 Master Portfolio as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Master Portfolio's NAV.

As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Master Portfolio Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| S&P 500 Index Master Portfolio | &nbsp;&nbsp; $17879644283 | &nbsp;&nbsp;&nbsp; $33223729201 | &nbsp;&nbsp;&nbsp; $(750249396) | &nbsp;&nbsp;&nbsp; $32473479805 |

---

***9.*** ***BANK BORROWINGS*** 

MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30, 2025, the Master Portfolio did not borrow under the credit agreement.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the Master Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Master Portfolio and its investments. The Master Portfolio's prospectus provides details of the risks to which the Master Portfolio is subject.

The Manager uses an indexing approach to try to achieve the Master Portfolio's investment objective. The Master Portfolio is not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio 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. The Master Portfolio 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 the Master Portfolio'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 the Master Portfolio may lose value, regardless of the individual results of the securities and other instruments in which the Master Portfolio invests. The Master Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Master Portfolio manages 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 Master Portfolio to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Master Portfolio's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Master Portfolio.

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 Master Portfolio 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, the Master Portfolio 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 Master Portfolio.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Master Portfolio's portfolio are disclosed in its Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Master Portfolio and could affect the income from, or the value or liquidity of, the Master Portfolio's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Master Portfolio invests.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***11.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Master Portfolio 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Fund/Master Portfolio for the Fund's/Master Portfolio's allocable portion of the fees and expenses of the independent trustees of the Trust and MIP, counsel to such independent trustees and the independent registered public accounting firm.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund/Master Portfolio may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund/Master Portfolio and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans**

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans**

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

Additional Information

------

Additional Information (continued)

**Fund and/or MIP Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Trust/MIP**

400 Howard Street

San Francisco, CA 94105

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement

The Board of Trustees of Master Investment Portfolio (the "Master Portfolio") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Master Portfolio, on behalf of S&P 500 Index Master Portfolio (the "Master Fund") and BlackRock Fund Advisors (the "Manager" or "BlackRock"), the Master Portfolio's investment advisor. iShares S&P 500 Index Fund (the "Feeder Fund"), a series of BlackRock Funds III (the "Feeder Trust"), is a "feeder" fund that invests all of its investable assets in the Master Fund. Accordingly, the Board of Trustees of the Feeder Trust also considered the approval of the Agreement with respect to the Master Fund. For simplicity: (a) the Board of Trustees of the Master Portfolio and the Board of Trustees of the Feeder Trust are referred to herein collectively as the "Board", and the members are referred to as "Board Members"; (b) the shareholders of the Feeder Fund and the interest holders of the Master Fund are referred to as "shareholders"; and (c) the Master Fund and the Feeder Fund are referred to herein together as the "Fund".

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for the Master Portfolio on an annual basis. The Board Members who are not "interested persons" of the Master Portfolio, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Master Portfolio, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Master Fund, the Feeder Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) the Fund's operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper Classification or Morningstar category, regarding fees and expenses of the Fund, as applicable, as compared with a peer group of funds as determined by Broadridge ("Expense Peers"), and the investment performance of the 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 Agreement 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 Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Feeder Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's, the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement, and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the 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 Fund; (d) the 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 Fund; 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 portfolio holdings of the Master Fund. The Board noted the willingness of BlackRock's

Disclosure of Investment Advisory Agreement

------

Disclosure of Investment Advisory Agreement (continued)

personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared the Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, 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 the Fund's portfolio management team discussing the Fund's performance and the Fund's investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Master 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 the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund 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, the custodian, fund accountant, transfer agent, and auditor for the Fund, as applicable; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Feeder Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

***B. The Investment Performance of the Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board noted that the Feeder Fund's investment results correspond directly to the investment results of the Master Fund. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of the Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the 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 Fund's net performance was below the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund's below tolerance performance relative to its benchmark over the period. The Board was informed that, among other things, the Fund's underperformance relative to its benchmark and breach of its lower tolerance, was the impact of post-notified flows which detracted from the Fund's performance. Post-notified activity is a source of performance variation because the flow of information is received after the close of the effective date of the activity introducing either a drag on or a boost to performance.

***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 Fund***

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of the Fund's 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 the Fund's total expense ratio, as well as the Fund's actual management fee rate, to those of the Fund's Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement (continued)

the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, 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 Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and the Fund's total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers. The Board also noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate the Fund for certain other fees and expenses.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the 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 Fund, 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 Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Feeder Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board of the Master Portfolio, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Master Portfolio, on behalf of the Master Fund for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board of the Master Portfolio, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Master Fund and its shareholders. The Board of the Feeder Trust, including the Independent Board Members, also considered the continuation of the Agreement with respect to the Master Fund and found the Agreement to be satisfactory. In arriving at its decision to approve the Agreement, the Board of the Master Portfolio did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

Disclosure of Investment Advisory Agreement

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ETF | Exchange-Traded Fund |
| MSCI | Morgan Stanley Capital International |
| S&P | Standard & Poor's |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

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 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.

![](g121005img182fb4332.jpg)

![](g121005img17c4608c1.jpg)

------

Schedule of Investments (unaudited)

June 30, 2025

**International Tilts Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 5.7%** | **Australia — 5.7%** |  |
| AGL Energy Ltd. | 82031 | $526019 |
| ANZ Group Holdings Ltd. | 130094 | 2494785 |
| Aristocrat Leisure Ltd. | 105568 | 4523036 |
| Aurizon Holdings Ltd. | 15283 | 30484 |
| BHP Group Ltd., Class DI | 153294 | 3687885 |
| Commonwealth Bank of Australia | 70922 | 8631794 |
| Evolution Mining Ltd. | 132289 | 688735 |
| Glencore PLC | 1240417 | 4833460 |
| JB Hi-Fi Ltd. | 7232 | 525523 |
| Macquarie Group Ltd. | 19076 | 2869138 |
| Medibank Pvt Ltd. | 18751 | 62270 |
| Northern Star Resources Ltd. | 206311 | 2548382 |
| Pro Medicus Ltd. | 79 | 14784 |
| Qantas Airways Ltd. | 176830 | 1249229 |
| QBE Insurance Group Ltd. | 8634 | 132956 |
| REA Group Ltd. | 9406 | 1489523 |
| Rio Tinto PLC | 6747 | 392703 |
| Santos Ltd. | 251750 | 1269289 |
| SEEK Ltd. | 39341 | 622601 |
| Sonic Healthcare Ltd. | 93214 | 1645338 |
| South32 Ltd. | 280762 | 536507 |
| Technology One Ltd. | 9242 | 249124 |
| Transurban Group<sup>(a)</sup> | 133106 | 1224703 |
| Wesfarmers Ltd. | 4996 | 278813 |
|  |  | 40527081 |
| **Austria — 0.2%** | **Austria — 0.2%** |  |
| BAWAG Group AG<sup>(b)</sup> | 9658 | 1235078 |
| **Belgium — 0.3%** | **Belgium — 0.3%** |  |
| Ageas SA/NV | 29628 | 2004264 |
| Anheuser-Busch InBev SA | 670 | 46096 |
|  |  | 2050360 |
| **Brazil — 0.0%** | **Brazil — 0.0%** |  |
| Yara International ASA | 3283 | 121152 |
| **China — 0.4%** | **China — 0.4%** |  |
| Prosus NV | 56819 | 3187914 |
| **Denmark — 1.3%** | **Denmark — 1.3%** |  |
| Danske Bank A/S | 8177 | 333980 |
| Demant A/S<sup>(c)</sup> | 2319 | 96891 |
| Genmab A/S<sup>(c)</sup> | 3996 | 829843 |
| GN Store Nord A/S<sup>(c)</sup> | 35877 | 553518 |
| Novo Nordisk A/S, Class B | 84791 | 5875508 |
| Tryg A/S | 9279 | 239873 |
| Vestas Wind Systems A/S | 71906 | 1080097 |
|  |  | 9009710 |
| **Finland — 0.4%** | **Finland — 0.4%** |  |
| Nokia OYJ | 2839 | 14730 |
| Nordea Bank Abp | 153527 | 2277989 |
| Sampo OYJ, A Shares | 3140 | 33794 |
| Wartsila OYJ Abp | 17879 | 422559 |
|  |  | 2749072 |
| **France — 9.9%** | **France — 9.9%** |  |
| Air Liquide SA | 6634 | 1367938 |
| Amundi SA<sup>(b)</sup> | 1781 | 144360 |
| AXA SA | 40027 | 1965527 |
| BNP Paribas SA | 34497 | 3094440 |
| Bureau Veritas SA | 84599 | 2887558 |
| Capgemini SE | 9275 | 1588218 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **France (continued)** | **France (continued)** |  |
| Carrefour SA | 82414 | $1162551 |
| Credit Agricole SA | 189320 | 3581611 |
| Danone SA | 50650 | 4144352 |
| Dassault Systemes SE | 103272 | 3742747 |
| Eiffage SA | 8424 | 1183684 |
| Engie SA | 187062 | 4396480 |
| Hermes International SCA | 2254 | 6110291 |
| Ipsen SA | 9515 | 1133406 |
| L'Oreal SA | 2310 | 989497 |
| LVMH Moet Hennessy Louis Vuitton SE | 16507 | 8639435 |
| Orange SA | 244834 | 3728378 |
| Safran SA | 30623 | 9986905 |
| Thales SA | 9840 | 2905502 |
| TotalEnergies SE | 80180 | 4900816 |
| Valeo SE | 70625 | 775237 |
| Veolia Environnement SA | 49535 | 1768493 |
| Vinci SA | 1118 | 164872 |
|  |  | 70362298 |
| **Germany — 10.9%** | **Germany — 10.9%** |  |
| adidas AG, Class N | 31527 | 7359346 |
| Allianz SE, Registered Shares | 27257 | 11061801 |
| Deutsche Bank AG, Class N, Registered Shares | 162412 | 4814773 |
| Deutsche Boerse AG, Class N | 1364 | 445604 |
| Deutsche Telekom AG, Class N, Registered Shares | 226872 | 8304332 |
| E.ON SE, Class N | 227549 | 4192734 |
| Evonik Industries AG | 1064 | 21981 |
| Fresenius Medical Care AG | 3921 | 225282 |
| GEA Group AG | 10783 | 755890 |
| Henkel AG & Co. KGaA | 1981 | 143673 |
| HUGO BOSS AG | 11796 | 546591 |
| Jenoptik AG | 2 | 46 |
| Mercedes-Benz Group AG, Class N | 41700 | 2429450 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Class N, Registered Shares<br>| 80 | 51947 |
| Nemetschek SE | 3725 | 540098 |
| Rational AG | 559 | 469727 |
| Rheinmetall AG | 1909 | 4042686 |
| SAP SE | 63513 | 19420981 |
| Schaeffler AG | 11 | 59 |
| Siemens AG, Class N, Registered Shares | 23442 | 6021273 |
| Siemens Energy AG<sup>(c)</sup> | 48477 | 5666037 |
| Siemens Healthineers AG<sup>(b)</sup> | 28474 | 1580715 |
|  |  | 78095026 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |  |
| AIA Group Ltd. | 689200 | 6243076 |
| CLP Holdings Ltd. | 45500 | 384282 |
| Jardine Matheson Holdings Ltd. | 6800 | 326826 |
| Link REIT | 235200 | 1259847 |
| Sun Hung Kai Properties Ltd. | 83000 | 956413 |
| Swire Pacific Ltd., Class A | 59500 | 510041 |
| Techtronic Industries Co. Ltd. | 167500 | 1848190 |
| WH Group Ltd.<sup>(b)</sup> | 1974500 | 1903007 |
|  |  | 13431682 |
| **Ireland — 0.2%** | **Ireland — 0.2%** |  |
| Kerry Group PLC, Class A | 15740 | 1739056 |
| **Israel — 0.8%** | **Israel — 0.8%** |  |
| Bank Hapoalim BM | 46381 | 890889 |
| Bank Leumi Le-Israel BM | 55347 | 1029761 |
| Elbit Systems Ltd.<sup>(d)</sup> | 771 | 343429 |
| Isracard Ltd. | 1271 | 6553 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**International Tilts Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Israel (continued)** | **Israel (continued)** |  |
| Israel Discount Bank Ltd., Class A | 43970 | $438588 |
| Mizrahi Tefahot Bank Ltd. | 19042 | 1242143 |
| Nice Ltd.<sup>(c)</sup> | 9695 | 1643429 |
|  |  | 5594792 |
| **Italy — 2.7%** | **Italy — 2.7%** |  |
| A2A SpA | 248325 | 668868 |
| Amplifon SpA<sup>(d)</sup> | 45391 | 1066044 |
| Banca Mediolanum SpA | 8093 | 139468 |
| Banca Monte dei Paschi di Siena SpA<sup>(d)</sup> | 239906 | 2034777 |
| BPER Banca SpA | 35473 | 321963 |
| Buzzi SpA | 7449 | 413122 |
| Coca-Cola HBC AG, Class DI | 5040 | 263303 |
| Enel SpA | 681103 | 6464150 |
| Ferrari NV | 578 | 283168 |
| Generali | 34620 | 1231486 |
| Infrastrutture Wireless Italiane SpA<sup>(b)</sup> | 1966 | 24040 |
| Intesa Sanpaolo SpA | 560171 | 3226816 |
| Italgas SpA | 3597 | 30512 |
| Leonardo SpA | 14947 | 843413 |
| MFE-MediaForEurope NV, Class A | 8 | 27 |
| Moncler SpA | 4211 | 240202 |
| Nexi SpA<sup>(b)</sup> | 144297 | 861786 |
| Recordati Industria Chimica e Farmaceutica SpA | 10210 | 641750 |
| UniCredit SpA | 1587 | 106461 |
| Unipol Assicurazioni SpA | 12812 | 253739 |
|  |  | 19115095 |
| **Japan — 23.0%** | **Japan — 23.0%** |  |
| Aeon Co. Ltd.<sup>(d)</sup> | 31700 | 971693 |
| Amada Co. Ltd. | 92200 | 1006179 |
| Asahi Group Holdings Ltd.<sup>(d)</sup> | 45500 | 608205 |
| Asahi Intecc Co. Ltd.<sup>(d)</sup> | 25500 | 403410 |
| Asahi Kasei Corp. | 117600 | 837166 |
| Astellas Pharma, Inc. | 191200 | 1872030 |
| Brother Industries Ltd. | 36900 | 636539 |
| Canon, Inc.<sup>(d)</sup> | 156600 | 4541982 |
| Chubu Electric Power Co., Inc. | 61300 | 758552 |
| Chugai Pharmaceutical Co. Ltd. | 23700 | 1237562 |
| Concordia Financial Group Ltd. | 19300 | 125252 |
| Cosmo Energy Holdings Co. Ltd. | 600 | 25685 |
| Dai-ichi Life Holdings, Inc. | 123700 | 940442 |
| Daikin Industries Ltd. | 10200 | 1197313 |
| Daito Trust Construction Co. Ltd. | 11000 | 1198103 |
| Daiwa House Industry Co. Ltd. | 42500 | 1460418 |
| Daiwa Securities Group, Inc. | 45100 | 320301 |
| Denso Corp. | 101500 | 1369771 |
| DMG Mori Co. Ltd.<sup>(d)</sup> | 6500 | 149567 |
| ENEOS Holdings, Inc. | 504900 | 2502704 |
| FANUC Corp. | 95400 | 2589850 |
| Fast Retailing Co. Ltd. | 2800 | 960019 |
| Fujitsu Ltd. | 22100 | 536132 |
| Hitachi Ltd. | 187800 | 5458281 |
| Horiba Ltd. | 1300 | 101131 |
| Hoya Corp. | 22900 | 2719652 |
| Hulic Co. Ltd.<sup>(d)</sup> | 36200 | 365141 |
| Inpex Corp.<sup>(d)</sup> | 33500 | 470245 |
| Japan Exchange Group, Inc. | 29600 | 299849 |
| Japan Post Bank Co. Ltd. | 47000 | 506685 |
| Japan Post Holdings Co. Ltd. | 64600 | 598339 |
| Japan Tobacco, Inc.<sup>(d)</sup> | 26200 | 771837 |
| Kakaku.com, Inc. | 36600 | 678715 |
| Kansai Electric Power Co., Inc. | 152800 | 1812181 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Keyence Corp. | 13400 | $5357695 |
| Kirin Holdings Co. Ltd.<sup>(d)</sup> | 9000 | 126123 |
| Komatsu Ltd. | 3500 | 115477 |
| Kubota Corp.<sup>(d)</sup> | 2700 | 30448 |
| Kyushu Electric Power Co., Inc. | 60400 | 540026 |
| LY Corp. | 141400 | 520720 |
| Mazda Motor Corp.<sup>(d)</sup> | 193500 | 1163940 |
| McDonald's Holdings Co. Japan Ltd. | 17500 | 723836 |
| MISUMI Group, Inc. | 1800 | 24045 |
| Mitsubishi Chemical Group Corp. | 301900 | 1586793 |
| Mitsubishi HC Capital, Inc. | 32200 | 237080 |
| Mitsubishi UFJ Financial Group, Inc. | 484400 | 6604110 |
| Mitsui & Co. Ltd. | 194300 | 3959827 |
| Mitsui Fudosan Co. Ltd. | 234100 | 2266341 |
| Mizuho Financial Group, Inc. | 121000 | 3358951 |
| MS&AD Insurance Group Holdings, Inc. | 73600 | 1645372 |
| Murata Manufacturing Co. Ltd. | 253300 | 3743947 |
| NEC Corp. | 101500 | 2961267 |
| NH Foods Ltd. | 500 | 17316 |
| Nippon Telegraph & Telephone Corp. | 4343000 | 4643145 |
| Nissan Chemical Corp. | 17000 | 518459 |
| Nomura Holdings, Inc. | 547200 | 3605884 |
| Nomura Real Estate Holdings, Inc. | 195500 | 1145086 |
| Nomura Research Institute Ltd. | 31400 | 1255919 |
| Obayashi Corp. | 75000 | 1136386 |
| Obic Co. Ltd. | 13500 | 524948 |
| Olympus Corp. | 112000 | 1330372 |
| Ono Pharmaceutical Co. Ltd. | 17200 | 186410 |
| ORIX Corp. | 92700 | 2091929 |
| Otsuka Corp. | 24100 | 490950 |
| Otsuka Holdings Co. Ltd. | 10600 | 525540 |
| Pan Pacific International Holdings Corp. | 15000 | 515926 |
| Panasonic Holdings Corp. | 267800 | 2865278 |
| Recruit Holdings Co. Ltd. | 102100 | 6004154 |
| Resona Holdings, Inc. | 69400 | 640965 |
| Sanwa Holdings Corp. | 13100 | 434470 |
| Secom Co. Ltd. | 27200 | 977157 |
| Sekisui House Ltd. | 6200 | 136458 |
| Shimadzu Corp. | 4100 | 101364 |
| Shimizu Corp. | 124400 | 1389518 |
| Shin-Etsu Chemical Co. Ltd. | 179400 | 5924139 |
| Shionogi & Co. Ltd. | 50000 | 900114 |
| Skylark Holdings Co. Ltd.<sup>(d)</sup> | 13100 | 274269 |
| SMC Corp. | 4200 | 1505121 |
| SoftBank Corp. | 1508000 | 2335818 |
| SoftBank Group Corp. | 24900 | 1810379 |
| Sojitz Corp. | 32900 | 808469 |
| Sompo Holdings, Inc. | 76700 | 2311338 |
| Sony Group Corp. | 336900 | 8759503 |
| Sumitomo Chemical Co. Ltd. | 328300 | 793701 |
| Sumitomo Corp. | 90200 | 2327765 |
| Sumitomo Mitsui Financial Group, Inc. | 271400 | 6834111 |
| Sumitomo Mitsui Trust Group, Inc. | 54300 | 1444240 |
| Sysmex Corp. | 3100 | 53962 |
| T&D Holdings, Inc. | 17300 | 379737 |
| Takashimaya Co. Ltd. | 10300 | 80500 |
| Takeda Pharmaceutical Co. Ltd. | 123500 | 3812813 |
| TDK Corp. | 121500 | 1418214 |
| Terumo Corp. | 98100 | 1800318 |
| Tohoku Electric Power Co., Inc. | 78800 | 575345 |
| Tokio Marine Holdings, Inc. | 65900 | 2792910 |
| Tokyo Electron Ltd. | 28800 | 5515469 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**International Tilts Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Tokyo Gas Co. Ltd. | 41200 | $1370398 |
| Tokyo Tatemono Co. Ltd.<sup>(d)</sup> | 21000 | 373736 |
| Tokyu Fudosan Holdings Corp. | 109600 | 783226 |
| Toyota Motor Corp. | 93100 | 1603460 |
| Toyota Tsusho Corp. | 70900 | 1605974 |
|  |  | 163729592 |
| **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |  |
| SES SA | 5 | 36 |
| **Mexico — 0.1%** | **Mexico — 0.1%** |  |
| Fresnillo PLC | 22099 | 439259 |
| **Netherlands — 4.6%** | **Netherlands — 4.6%** |  |
| Adyen NV<sup>(b)(c)</sup> | 750 | 1377403 |
| Aegon Ltd. | 10174 | 73728 |
| Argenx SE<sup>(c)</sup> | 1905 | 1054575 |
| ASM International NV | 300 | 192443 |
| ASML Holding NV | 20525 | 16447441 |
| ASR Nederland NV | 7154 | 475352 |
| Euronext NV<sup>(b)</sup> | 4448 | 762129 |
| Heineken NV | 1197 | 104430 |
| ING Groep NV | 276539 | 6061096 |
| Koninklijke Ahold Delhaize NV | 49065 | 2049270 |
| NN Group NV | 15075 | 1003077 |
| Wolters Kluwer NV, Class C | 18783 | 3141235 |
|  |  | 32742179 |
| **New Zealand — 1.0%** | **New Zealand — 1.0%** |  |
| Xero Ltd.<sup>(c)</sup> | 62135 | 7352388 |
| **Norway — 0.6%** | **Norway — 0.6%** |  |
| Aker BP ASA | 10297 | 263134 |
| Aker Carbon Capture ASA | 9 |  |
| Aker Horizons ASA<sup>(c)</sup> | 1 |  |
| Aker Solutions ASA | 13 | 45 |
| Gjensidige Forsikring ASA | 3332 | 84466 |
| Kongsberg Gruppen ASA | 76083 | 2950279 |
| Mowi ASA | 11105 | 214475 |
| Salmar ASA | 406 | 17594 |
| Telenor ASA | 13990 | 217855 |
| Var Energi ASA | 168616 | 540321 |
|  |  | 4288169 |
| **Singapore — 1.7%** | **Singapore — 1.7%** |  |
| DBS Group Holdings Ltd. | 165600 | 5846019 |
| Singapore Technologies Engineering Ltd. | 28000 | 171687 |
| Singapore Telecommunications Ltd. | 2114600 | 6375068 |
| STMicroelectronics NV | 1313 | 40259 |
|  |  | 12433033 |
| **Spain — 2.1%** | **Spain — 2.1%** |  |
| ACS Actividades de Construccion y Servicios SA | 12268 | 852720 |
| Banco Bilbao Vizcaya Argentaria SA | 41193 | 634301 |
| Banco Santander SA | 634036 | 5250375 |
| Bankinter SA | 83056 | 1084252 |
| Endesa SA | 26610 | 842874 |
| Industria de Diseno Textil SA | 68877 | 3593090 |
| Telefonica SA | 507546 | 2671256 |
|  |  | 14928868 |
| **Sweden — 2.4%** | **Sweden — 2.4%** |  |
| AddTech AB, B Shares | 12954 | 441622 |
| Alfa Laval AB | 21136 | 890219 |
| Assa Abloy AB, Class B | 59617 | 1863844 |
| Atlas Copco AB, A Shares | 205484 | 3321854 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Sweden (continued)** | **Sweden (continued)** |  |
| Atlas Copco AB, B Shares | 76575 | $1089860 |
| Evolution AB<sup>(b)</sup> | 21909 | 1740080 |
| Getinge AB, Class B | 20377 | 409389 |
| Hexagon AB, B shares | 48821 | 492096 |
| Sandvik AB | 70741 | 1624379 |
| Swedbank AB, A Shares | 64964 | 1720657 |
| Swedish Orphan Biovitrum AB<sup>(c)</sup> | 16623 | 505923 |
| Tele2 AB, B Shares | 3887 | 56740 |
| Telefonaktiebolaget LM Ericsson, B Shares | 273344 | 2335812 |
| Trelleborg AB | 330 | 12293 |
| Volvo AB, Class B | 17169 | 483095 |
|  |  | 16987863 |
| **Switzerland — 7.7%** | **Switzerland — 7.7%** |  |
| ABB Ltd., Class N, Registered Shares | 183848 | 11017794 |
| Accelleron Industries AG | 13726 | 967255 |
| Belimo Holding AG, Registered Shares | 1062 | 1082499 |
| Chocoladefabriken Lindt & Spruengli AG | 98 | 1651652 |
| Cie Financiere Richemont SA, Class A, Registered <br> Shares<br>| 193 | 36522 |
| Clariant AG, Class N, Registered Shares | 6326 | 67386 |
| Flughafen Zurich AG, Class N, Registered Shares | 943 | 268872 |
| Givaudan SA, Class N, Registered Shares | 1013 | 4912569 |
| Helvetia Holding AG, Registered Shares | 2744 | 644226 |
| Kuehne and Nagel International AG, Registered Shares | 403 | 87267 |
| Logitech International SA, Class N, Registered Shares | 28418 | 2577071 |
| Nestle SA, Class N, Registered Shares | 43003 | 4275631 |
| Novartis AG, Class N, Registered Shares | 132307 | 16059039 |
| Schindler Holding AG, Class N, Registered Shares | 766 | 278278 |
| SGS SA, Registered Shares | 28277 | 2871122 |
| Sonova Holding AG, Registered Shares | 2095 | 624782 |
| UBS Group AG, Registered Shares | 98389 | 3340478 |
| Zurich Insurance Group AG, Class N | 6181 | 4324987 |
|  |  | 55087430 |
| **United Kingdom — 12.1%** | **United Kingdom — 12.1%** |  |
| 3i Group PLC | 701 | 39671 |
| Ashtead Group PLC | 1448 | 92854 |
| AstraZeneca PLC | 84315 | 11734046 |
| BAE Systems PLC | 275247 | 7143447 |
| Barclays PLC | 1752563 | 8098183 |
| Barratt Redrow PLC | 49583 | 310488 |
| Beazley PLC | 28462 | 365452 |
| Berkeley Group Holdings PLC | 4749 | 251625 |
| British American Tobacco PLC | 10024 | 476604 |
| Centrica PLC | 54025 | 119869 |
| CK Hutchison Holdings Ltd. | 443000 | 2727852 |
| Compass Group PLC | 15875 | 537718 |
| Dunelm Group PLC | 3 | 49 |
| HSBC Holdings PLC | 706676 | 8548080 |
| IG Group Holdings PLC | 48060 | 702794 |
| IMI PLC | 3976 | 114410 |
| Imperial Brands PLC | 118982 | 4700994 |
| Informa PLC | 86134 | 953606 |
| InterContinental Hotels Group PLC | 74 | 8461 |
| International Consolidated Airlines Group SA | 314649 | 1475953 |
| Intertek Group PLC | 44297 | 2885442 |
| J Sainsbury PLC | 301395 | 1199510 |
| London Stock Exchange Group PLC | 58098 | 8496665 |
| Melrose Industries PLC | 5 | 36 |
| NatWest Group PLC | 452426 | 3177366 |
| Next PLC | 1230 | 210076 |
| Pearson PLC | 3692 | 54387 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**International Tilts Master Portfolio** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| RELX PLC | 37873 | $2052628 |
| Rightmove PLC | 67437 | 729899 |
| Rolls-Royce Holdings PLC | 575697 | 7629508 |
| Sage Group PLC | 163671 | 2810688 |
| Smith & Nephew PLC | 15895 | 243420 |
| Smiths Group PLC | 84748 | 2613995 |
| Standard Chartered PLC | 2271 | 37582 |
| Taylor Wimpey PLC | 13457 | 21945 |
| Unilever PLC | 55075 | 3361018 |
| Vodafone Group PLC | 2077930 | 2224323 |
| Weir Group PLC | 590 | 20178 |
|  |  | 86170822 |
| **United States — 7.6%** | **United States — 7.6%** |  |
| Amrize Ltd.<sup>(c)</sup> | 42468 | 2118449 |
| BP PLC | 330869 | 1648486 |
| Carnival PLC<sup>(c)</sup> | 4871 | 123737 |
| CSL Ltd. | 15545 | 2455497 |
| Experian PLC | 118337 | 6102195 |
| GSK PLC | 341370 | 6508716 |
| Holcim AG | 41291 | 3066234 |
| Roche Holding AG | 41118 | 13455270 |
| Sanofi SA | 57858 | 5601450 |
| Schneider Electric SE | 1226 | 329162 |
| Shell PLC | 341908 | 11929005 |
| Stellantis NV | 74422 | 745421 |
| Tenaris SA | 4013 | 75222 |
|  |  | 54158844 |
| **Total Common Stocks — 97.6%** <br>**(Cost: $591,711,076)** | **Total Common Stocks — 97.6%** <br>**(Cost: $591,711,076)** | 695536799 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** |
| **Germany — 0.1%** | **Germany — 0.1%** |  |
| Henkel AG & Co. KGaA | 15103 | 1186848 |
| Sartorius AG | 68 | 17319 |
|  |  | 1204167 |
| **Total Preferred Securities — 0.1%** <br>**(Cost: $1,247,110)** | **Total Preferred Securities — 0.1%** <br>**(Cost: $1,247,110)** | 1204167 |
| **Total Long-Term Investments — 97.7%** <br>**(Cost: $592,958,186)** | **Total Long-Term Investments — 97.7%** <br>**(Cost: $592,958,186)** | 696740966 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.47%<sup>(e)(f)(g)</sup><br>| 9686703 | $9690578 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(e)(f)</sup><br>| 13538138 | 13538138 |
| **Total Short-Term Securities — 3.3%** <br>**(Cost: $23,228,424)** | **Total Short-Term Securities — 3.3%** <br>**(Cost: $23,228,424)** | 23228716 |
| **Total Investments — 101.0%** <br>**(Cost: $616,186,610)** | **Total Investments — 101.0%** <br>**(Cost: $616,186,610)** | 719969682 |
| **Liabilities in Excess of Other Assets — (1.0)%** | **Liabilities in Excess of Other Assets — (1.0)%** | (7203760)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $712765922 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> All or a portion of this security is on loan.

<sup>(e)</sup> Affiliate of the Master Portfolio.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $2760544<br> $6931077 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(1166)<br>| $123 | $9690578 | 9686703 | $15586 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 6430160<br> 7107978 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 13538138 | 13538138 | 286211 | &nbsp;&nbsp; — |
|  |  |  | $(1166)<br>| $123 | $23228716 |  | $301797 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**International Tilts Master Portfolio** 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $14079 | &nbsp;&nbsp;&nbsp;&nbsp; $169783 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $169783 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $169783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Master Portfolio 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 net unrealized appreciation (depreciation). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1218631 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1218631 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $342745 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $342745 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $12596953 |

---

For more information about the Master Portfolio's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Master Portfolio's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $40527081 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $40527081 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1235078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1235078 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2050360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2050360 |
| Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121152 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121152 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3187914 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3187914 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9009710 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9009710 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**International Tilts Master Portfolio** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Common Stocks (continued) |  |  |  |  |
| Finland | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2749072 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2749072 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70362298 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70362298 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78095026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78095026 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13431682 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13431682 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1739056 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1739056 |
| Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5594792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5594792 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19115095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19115095 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163729592 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163729592 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| Mexico | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 439259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 439259 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32742179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32742179 |
| New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7352388 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7352388 |
| Norway | &nbsp;&nbsp; 2967873 | &nbsp;&nbsp;&nbsp;&nbsp; 1320296 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4288169 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12433033 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12433033 |
| Spain | &nbsp;&nbsp; 842874 | &nbsp;&nbsp;&nbsp;&nbsp; 14085994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14928868 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16987863 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16987863 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55087430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55087430 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86170822 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86170822 |
| United States | &nbsp;&nbsp; 2118449 | &nbsp;&nbsp;&nbsp;&nbsp; 52040395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54158844 |
| Preferred Securities |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1204167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1204167 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 23228716 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23228716 |
|  | &nbsp;&nbsp; $29157912 | &nbsp;&nbsp;&nbsp;&nbsp; $690811770 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $719969682 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $169783 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $169783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | International <br>Tilts Master <br>Portfolio<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $696740966 |
| Investments, at value — affiliated<sup>(c)</sup> | 23228716 |
| Cash pledged for futures contracts | 489910 |
| Foreign currency, at value<sup>(d)</sup> | 551181 |
| Receivables: |  |
| Investments sold | 37489 |
| Securities lending income — affiliated | 1849 |
| Contributions from investors | 13043793 |
| Dividends — unaffiliated | 899225 |
| Dividends — affiliated | 51591 |
| Variation margin on futures contracts | 8937 |
| Prepaid expenses | 2700 |
| Total assets | 735056357 |
| **LIABILITIES** |  |
| Collateral on securities loaned | 9691625 |
| Payables: |  |
| Investments purchased | 12361169 |
| Administration fees | 28205 |
| Investment advisory fees | 196589 |
| Trustees' fees | 1489 |
| Professional fees | 11358 |
| Total liabilities | 22290435 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $712765922 |
| **NET ASSETS CONSIST OF** |  |
| Investors' capital | $608791546 |
| Net unrealized appreciation (depreciation) | 103974376 |
| NET ASSETS | $712765922 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $592958185 |
| <sup>(b)</sup> Securities loaned, at value | $9223418 |
| <sup>(c)</sup> Investments, at cost—affiliated | $23228425 |
| <sup>(d)</sup> Foreign currency, at cost | $549521 |

---

*See notes to financial statements.*

Master Portfolio Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | International <br>Tilts Master <br>Portfolio<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $11301649 |
| Dividends — affiliated | &nbsp;&nbsp; 286211 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 15586 |
| Foreign taxes withheld | &nbsp;&nbsp; (1960847)<br>|
| Total investment income | &nbsp;&nbsp; 9642599 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 988395 |
| Administration | &nbsp;&nbsp; 123549 |
| Professional | &nbsp;&nbsp; 11408 |
| Trustees | &nbsp;&nbsp; 4895 |
| Total expenses | &nbsp;&nbsp; 1128247 |
| Less: |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (144498)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 983749 |
| Net investment income | &nbsp;&nbsp; 8658850 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 11861377 |
| Investments — affiliated | &nbsp;&nbsp; (1166)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 49774 |
| Futures contracts | &nbsp;&nbsp; 1218631 |
|  | &nbsp;&nbsp; 13128616 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 69222855 |
| Investments — affiliated | &nbsp;&nbsp; 123 |
| Foreign currency translations | &nbsp;&nbsp; 24304 |
| Futures contracts | &nbsp;&nbsp; 342745 |
|  | &nbsp;&nbsp; 69590027 |
| Net realized and unrealized gain | &nbsp;&nbsp; 82718643 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $91377493 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | International Tilts Master Portfolio | International Tilts Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $8658850 | &nbsp;&nbsp;&nbsp; $7440363 |
| Net realized gain | &nbsp;&nbsp; 13128616 | &nbsp;&nbsp;&nbsp; 22780058 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 69590027 | &nbsp;&nbsp;&nbsp; (10279089)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 91377493 | &nbsp;&nbsp;&nbsp; 19941332 |
| **CAPITAL TRANSACTIONS** |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 304782924 | &nbsp;&nbsp;&nbsp; 20002953 |
| Value of withdrawals | &nbsp;&nbsp; (3827592)<br>| &nbsp;&nbsp;&nbsp; — |
| Net increase in net assets derived from capital transactions | &nbsp;&nbsp; 300955332 | &nbsp;&nbsp;&nbsp; 20002953 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 392332825 | &nbsp;&nbsp;&nbsp; 39944285 |
| Beginning of period | &nbsp;&nbsp; 320433097 | &nbsp;&nbsp;&nbsp; 280488812 |
| End of period | &nbsp;&nbsp; $712765922 | &nbsp;&nbsp;&nbsp; $320433097 |

---

*See notes to financial statements.*

Master Portfolio Statements of Changes in Net Assets

------

Financial Highlights

(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | International Tilts Master Portfolio | International Tilts Master Portfolio | International Tilts Master Portfolio | International Tilts Master Portfolio | International Tilts Master Portfolio | International Tilts Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Total Return** |  |  |  |  |  |  |
| Total return | 20.71 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.06<br> %<br>| &nbsp;&nbsp;&nbsp; (13.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.88<br> %<br>|
| **Ratios to Average Net Assets**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.46 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.40 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | 3.50 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $712766 | &nbsp;&nbsp;&nbsp; $320433 | &nbsp;&nbsp;&nbsp; $280489 | &nbsp;&nbsp;&nbsp; $253275 | &nbsp;&nbsp;&nbsp; $286700 | &nbsp;&nbsp;&nbsp; $220214 |
| Portfolio turnover rate | &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 131<br> %<br>| &nbsp;&nbsp;&nbsp; 122<br> %<br>| &nbsp;&nbsp;&nbsp; 180<br> %<br>| &nbsp;&nbsp;&nbsp; 261<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Not annualized. <br> <sup>(b)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. <br> <sup>(c)</sup> Annualized.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

Master Investment Portfolio ("MIP") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. MIP is organized as a Delaware statutory trust. International Tilts Master Portfolio (the "Master Portfolio") is a series of MIP. The Master Portfolio is classified as diversified.

The Master Portfolio, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Master Portfolio is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

**Foreign Currency Translation:** The Master Portfolio'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.

The Master Portfolio does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement 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. The Master Portfolio 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. The Master Portfolio has elected to treat realized gains (losses) from certain forward foreign currency exchange contracts as capital gain (loss) for U.S. federal income tax purposes.

**Foreign Taxes:** The Master Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Master Portfolio invests. These foreign taxes, if any, are paid by the Master Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

The Master Portfolio files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Master Portfolio may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Collateralization:** If required by an exchange or counterparty agreement, the Master Portfolio may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Indemnifications:** In the normal course of business, the Master Portfolio enters into contracts that contain a variety of representations that provide general indemnification. The Master Portfolio's maximum exposure under these arrangements is unknown because it involves future potential claims against the Master Portfolio, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Master Portfolio's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Master Portfolio. The CODM has concluded that the Master Portfolio operates as a single operating segment since the Master Portfolio has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Master Portfolio's financial statements.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Master Portfolio's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Master Portfolio is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Master Portfolio (the "Board") has approved the designation of the Master Portfolio's Manager as the valuation designee for the Master Portfolio. The Master Portfolio determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Master Portfolio's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Master Portfolio uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Master Portfolio might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that the Master Portfolio has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**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 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:** The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Master Portfolio 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 the Master Portfolio 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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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 Master Portfolio and any additional required collateral is delivered to the Master Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. ("BTC"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Master Portfolio, except in the event of borrower default. The securities on loan, if any, are disclosed in the Master Portfolio's Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Master Portfolio 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 Master Portfolio, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Master Portfolio 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 Master Portfolio's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| BNP Paribas SA | &nbsp;&nbsp; $1065403 | &nbsp;&nbsp; $(1065403)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 935217 | &nbsp;&nbsp; (935217)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 3554590 | &nbsp;&nbsp; (3554590)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 1258909 | &nbsp;&nbsp; (1258909)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 1284654 | &nbsp;&nbsp; (1284654)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 892461 | &nbsp;&nbsp; (892461)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 201736 | &nbsp;&nbsp; (201736)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 30448 | &nbsp;&nbsp; (30448)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $9223418 | &nbsp;&nbsp; $(9223418)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Master Portfolio is disclosed in the Master Portfolio's Statement 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 Master Portfolio benefits from a borrower default indemnity provided by BlackRock Finance, Inc.. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Master Portfolio engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Master Portfolio and/or to manage its 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 Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Master Portfolio 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 Master Portfolio is 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 Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** MIP, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of the Master Portfolio's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.

For such services, the Master Portfolio pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Master Portfolio's net assets:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment* <br>*Advisory Fees*<br>|
| First $1 billion | 0.40<br> % <br>|
| $1 billion -$3 billion | 0.38 |
| $3 billion -$5 billion | 0.36 |
| $5 billion -$10 billion | 0.35 |
| Greater than $10 billion | 0.34 |

---

MIP, on behalf of the Master Portfolio, entered into an Administration Agreement with the Manager, which has agreed to provide general administrative services (other than investment advice and related portfolio activities). The Manager has agreed to bear all of the Master Portfolio's ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Master Portfolio. The Manager is entitled to receive for these administrative services an annual fee of 0.05% based on the average daily net assets of the Master Portfolio.

The Manager entered into separate sub-advisory agreements with BlackRock Fund Advisors ("BFA") and BlackRock International Limited ("BIL") (collectively, the "Sub-Advisers"), each an affiliate of the Manager. The Manager pays BFA and BIL for services they provide for that portion of the Master Portfolio for which BFA and BIL, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Master Portfolio to the Manager.

**Expense Waivers and Reimbursements:** The fees and expenses of MIP's trustees who are not "interested persons" of MIP, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Master Portfolio's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Master Portfolio. The Manager has contractually agreed to reimburse the Master Portfolio or provide an offsetting credit against the investment advisory fees paid by the Master Portfolio in an amount equal to these independent expenses through June 30, 2026. Such contractual arrangement may not be terminated prior to July 1, 2026 without the consent of the Board of MIP. This amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $16,303.

The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Master Portfolio pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $4,646.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. For the six months ended June 30, 2025, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.

The Manager has contractually agreed to waive administration fees through June 30, 2026. This waiver agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees or by a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the Manager waived $123,549.

**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 Master Portfolio, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Master Portfolio is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Master Portfolio bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Master Portfolio retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Master Portfolio 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 specified thresholds, the Master Portfolio, 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 the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended June 30, 2025, the Master Portfolio paid BTC $4,511 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Master Portfolio could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Master Portfolio did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of MIP are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** The Master Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Master Portfolio Name* | *Purchases* | *Sales* | *Net Realized* <br>*Gain (Loss)*<br>|
| International Tilts Master Portfolio | &nbsp;&nbsp; $77395831 | $51182720 | $1394008 |

---

***7.*** ***PURCHASES AND SALES*** 

For the six months ended June 30, 2025, purchases and sales of investments, excluding short-term securities, were $637,602,830 and $335,600,189, respectively.

***8.*** ***INCOME TAX INFORMATION*** 

The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required. It is intended that the Master Portfolio's assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master Portfolio's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Master Portfolio'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 Master Portfolio as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Master Portfolio's NAV.

As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Master Portfolio Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| International Tilts Master Portfolio | &nbsp;&nbsp; $619752658 | &nbsp;&nbsp; $108149152 | &nbsp;&nbsp; $(7762345)<br>| &nbsp;&nbsp; $100386807 |

---

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***9.*** ***BANK BORROWINGS*** 

MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30, 2025, the Master Portfolio did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the Master Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Master Portfolio and its investments. The Master Portfolio's prospectus provides details of the risks to which the Master Portfolio is subject.

The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio 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. The Master Portfolio 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 the Master Portfolio'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 the Master Portfolio may lose value, regardless of the individual results of the securities and other instruments in which the Master Portfolio invests. The Master Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Master Portfolio manages 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 Master Portfolio to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Master Portfolio's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Master Portfolio.

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 Master Portfolio 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, the Master Portfolio 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 Master Portfolio.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Master Portfolio's portfolio are disclosed in its Schedule of Investments.

The Master Portfolio invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Master Portfolio's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Master Portfolio's investments. 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 Schedule of Investments.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

The Master Portfolio invests a significant portion of its 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 as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Master Portfolio's 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. 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. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

The Master Portfolio invests a significant portion of its 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 Master Portfolio's investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Master Portfolio 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.

Master Portfolio Notes to Financial Statements

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Master Portfolio for the Master Portfolio's allocable portion of the fees and expenses of the independent trustees of MIP, counsel to such independent trustees and the independent registered public accounting firm.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements and other information regarding the Master Portfolio may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Master Portfolio and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

**Master Portfolio and MIP Service Providers**

**Investment Adviser and Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Master Portfolio and MIP Service Providers (continued)** 

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of MIP**

400 Howard Street

San Francisco, CA 94105

Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

The Board of Trustees (the "Board", the members of which are referred to as "Board Members") of Master Investment Portfolio (the "Master Fund") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Master Fund, on behalf of International Tilts Master Portfolio (the "Fund") and BlackRock Advisors, LLC (the "Manager"), the Fund's investment advisor. The Board also considered the approval to continue (i) the sub-advisory agreement between the Manager and BlackRock Fund Advisors ("BFA") with respect to the Fund (the "BFA Sub-Advisory Agreement") and (ii) the sub-advisory agreement between the Manager and BlackRock International Limited ("BIL", and together with BFA, the "Sub-Advisors") with respect to the Fund (the "BIL Sub-Advisory Agreement"). The Manager and the Sub-Advisors are referred to herein as "BlackRock". The Advisory Agreement, the BFA Sub-Advisory Agreement and the BIL Sub-Advisory Agreement are referred to herein as the "Agreements".

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for the Master Fund on an annual basis. The Board Members who are not "interested persons" of the Master Fund, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Master Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) the Fund's operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper Classification or Morningstar category, regarding fees and expenses of the Fund, as applicable, as compared with a peer group of funds as determined by Broadridge ("Expense Peers"), and the investment performance of the 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 Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's, the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the 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 Fund; (d) the 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 Fund; 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 portfolio holdings of the Master Fund. The Board noted the willingness of BlackRock's

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared the Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, 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 the Fund's portfolio management team discussing the Fund's performance and the Fund's investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Master 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 the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund 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, the custodian, fund accountant, transfer agent, and auditor for the Fund, as applicable; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.The Board noted that the engagement of BIL with respect to the Fund facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit the Fund and its shareholders.

***B. The Investment Performance of the Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board noted that the Fund's investment results correspond directly to the investment results of the Master Fund. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for each of the one-, three- and five-year periods reported, the Fund ranked in the first quartile against its Performance Peers.

***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 Fund***

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of the Fund's 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 the Fund's total expense ratio, as well as the Fund's actual management fee rate, to those of the Fund's Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

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 the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, 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 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 the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels. The Board additionally noted that BlackRock has contractually agreed to waive its administration fee payable by the Fund. The Board further noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate the Fund for certain other fees and expenses.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the 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 Fund, 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 Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of (i) the Advisory Agreement between the Manager and the Master Fund, on behalf of the Fund, (ii) the BFA Sub-Advisory Agreement between the Manager and BFA with respect to the Fund and (iii) the BIL Sub-Advisory Agreement between the Manager and BIL with respect to the Fund, each for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| MSCI | Morgan Stanley Capital International |
| REIT | Real Estate Investment Trust |
| SCA | Societe en Commandite par Actions |

---

Glossary of Terms Used in these Financial Statements

------

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

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

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

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

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

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

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

---

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

---

Item 16 – Controls and Procedures

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrants' 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 registrants' internal control over financial reporting.

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

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

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

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

[(a)(3) Section 302 Certifications are attached](d121005dex99cert.htm)

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

(a)(5) Change in Registrants' independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d121005dex99906cert.htm)

------

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

BlackRock Funds III and Master Investment Portfolio

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds III and Master Investment Portfolio |

---

Date: August 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrants 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 Funds III and Master Investment Portfolio |

---

Date: August 22, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds III and Master Investment Portfolio |

---

Date: August 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds III and Master Investment Portfolio certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds III and Master Investment Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrants as of, and for, the periods presented in this report;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, are made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrants' internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed to the registrants' auditors and the audit committee of the registrants' board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants' internal control over financial reporting.

Date: August 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds III and Master Investment Portfolio

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds III and Master Investment Portfolio, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds III and Master Investment Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrants as of, and for, the periods presented in this report;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, are made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrants' internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed to the registrants' auditors and the audit committee of the registrants' board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants' internal control over financial reporting.

Date: August 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds III and Master Investment Portfolio

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds III and Master Investment Portfolio (the "Registrants"), hereby certifies, to the best of their knowledge, that the Registrants' Report on Form N-CSR for the period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrants.

Date: August 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds III and Master Investment Portfolio

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds III and Master Investment Portfolio (the "Registrants"), hereby certifies, to the best of their knowledge, that the Registrants' Report on Form N-CSR for the period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrants.

Date: August 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds III and Master Investment Portfolio

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**