# EDGAR Filing Document

**Accession Number:** 0001025836
**File Stem:** 0001193125-26-093588
**Filing Date:** 2026-3
**Character Count:** 650287
**Document Hash:** d8c1747780f8edd2899e10f2721df03d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093588.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093588

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** QUANTITATIVE MASTER SERIES LLC
- **CENTRAL INDEX KEY:** 0001025836

**ORGANIZATION NAME:**
- **EIN:** 223483688
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07885
- **FILM NUMBER:** 26725594

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** QUANTITATIVE MASTER SERIES TRUST
- **DATE OF NAME CHANGE:** 19991216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INDEX MASTER SERIES TRUST
- **DATE OF NAME CHANGE:** 19990730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH INDEX TRUST
- **DATE OF NAME CHANGE:** 19961024

## Series and Classes Contracts Data

### Master Small Cap Index Series (Series ID: S000002716)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000007401 | Master Small Cap Index Series |  |

?xml version='1.0' encoding='ASCII'? Quantitative Master Series LLC

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:

811-07899 and 811-07885

Name of Fund:

---

| |
|:---|
| BlackRock Index Funds, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI EAFE International Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 Small-Cap Index Fund |
| Quantitative Master Series LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Master Small Cap Index Series |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Index Funds, Inc. and Quantitative Master Series LLC, 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

12/31/2025

Date of reporting period:

12/31/2025

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](g763078g1images_5650.jpg)

### iShares MSCI EAFE International Index Fund

### Institutional Shares \| MAIIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about iShares MSCI EAFE International Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $10 | 0.09% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 31.64%. 

* For the same period, the Fund's benchmark, the MSCI EAFE Index (Net) returned 31.22%. 

In 2025, European equities started the year in positive territory despite rising United States ("U.S.") tariff pressures. The European Central Bank ("ECB") cut rates by 25 basis points in both January 2025 and March 2025 to mitigate recession risks, with President Lagarde noting that euro area growth would likely remain weak amid persistent inflationary pressures. European Union finance ministers emphasized unity and deeper market integration to offset tariff-related disruptions. In Japan, equities were volatile throughout the first quarter, and the Nikkei 225 Index ended the period in negative territory as investors grew cautious about the new U.S. administration's tougher tariff stance and its implications for corporate earnings and broader economic conditions.

European equities continued to advance in the second quarter of 2025, supported by resilient investor sentiment despite slower economic momentum and persistent global trade tensions. The ECB held rates steady following the earlier cuts and reiterated its commitment to supporting growth as inflation remained elevated. Policymakers also highlighted the importance of fiscal discipline and reinforced the need for European Union cohesion. Japan experienced a strong rebound during the second quarter, with the Nikkei 225 Index closing near all-time highs on June 30, 2025, driven by new stimulus measures and a more stable Japanese Yen, although uncertainties around export demand and supply chain pressures continued to weigh on corporate outlooks.

Europe remained resilient during the third quarter of 2025, supported by firm domestic demand and a healthy labor market. The ECB maintained rates at 2.0% in both July 2025 and September 2025, pausing its year-long easing cycle as inflation hovered near target despite a slight uptick in September. Japanese equities extended their gains through the third quarter, supported by easing trade tensions, increasing investor interest in artificial intelligence ("AI"), and improved sentiment tied to anticipated political leadership changes. The Bank of Japan ("BOJ") kept rates unchanged at 0.5%, though some policymakers signaled openness to future increases.

European equities continued to rise in the fourth quarter of 2025, even as global volatility driven by AI-related market concerns briefly unsettled sentiment before rebound into year-end. The ECB retained rates at 2.0% in both October 2025 and December 2025, citing better-than-expected eurozone growth and inflation trending close to target while maintaining a cautious, data-dependent stance. Japan again delivered strong equity performance in the fourth quarter, supported by above-target inflation, notable wage growth, sustained AI-driven enthusiasm, and a weak yen that boosted export competitiveness. The BOJ held rates steady in October 2025 and raised them in December 2025 to 0.75%, reflecting growing confidence in Japan's improving economic backdrop despite continuing global trade uncertainty.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g763078g1chartimages_6656765.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 31.64% | 9.05% | 8.32% |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13317571383 |
| Number of Portfolio Holdings | &nbsp;&nbsp;702 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1176645 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

Prior to August 1, 2016, the Fund invested all of its assets in Master International Index Series, a series of Quantitative Master Series LLC. Master International Index Series invested in a statistically selected sample of equity securities included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index. On August 1, 2016, the Fund ceased to invest in the Master International Index Series as part of a "master/feeder" structure and instead began to operate as a stand-alone fund.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 21.9% |
| United Kingdom | 12.7% |
| France | 10.3% |
| Germany | 9.5% |
| Switzerland | 7.6% |
| Australia | 6.9% |
| United States | 4.7% |
| Netherlands | 4.5% |
| Spain | 3.7% |
| Italy | 3.3% |
| Other<sup>#</sup> | 14.4% |
| Other Assets Less Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| ASML Holding NV | 2.0% |
| Roche Holding AG | 1.4% |
| AstraZeneca PLC | 1.4% |
| HSBC Holdings PLC | 1.3% |
| Novartis AG, Class N | 1.3% |
| Nestle SA, Class N | 1.3% |
| SAP SE | 1.2% |
| Shell PLC | 1.0% |
| Siemens AG, Class N | 1.0% |
| Toyota Motor Corp. | 1.0% |

---

<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 Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by 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](g763078g1images_5649.jpg)

iShares MSCI EAFE International Index Fund

Institutional Shares \| MAIIX

Annual Shareholder Report — December 31, 2025

MAIIX-12/25-AR

![TSR - BLK Retail Logo](g763078g1images_5650.jpg)

### iShares MSCI EAFE International Index Fund

### Investor A Shares \| MDIIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about iShares MSCI EAFE International Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $39 | 0.34% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 31.39%. 

* For the same period, the Fund's benchmark, the MSCI EAFE Index (Net) returned 31.22%. 

In 2025, European equities started the year in positive territory despite rising United States ("U.S.") tariff pressures. The European Central Bank ("ECB") cut rates by 25 basis points in both January 2025 and March 2025 to mitigate recession risks, with President Lagarde noting that euro area growth would likely remain weak amid persistent inflationary pressures. European Union finance ministers emphasized unity and deeper market integration to offset tariff-related disruptions. In Japan, equities were volatile throughout the first quarter, and the Nikkei 225 Index ended the period in negative territory as investors grew cautious about the new U.S. administration's tougher tariff stance and its implications for corporate earnings and broader economic conditions.

European equities continued to advance in the second quarter of 2025, supported by resilient investor sentiment despite slower economic momentum and persistent global trade tensions. The ECB held rates steady following the earlier cuts and reiterated its commitment to supporting growth as inflation remained elevated. Policymakers also highlighted the importance of fiscal discipline and reinforced the need for European Union cohesion. Japan experienced a strong rebound during the second quarter, with the Nikkei 225 Index closing near all-time highs on June 30, 2025, driven by new stimulus measures and a more stable Japanese Yen, although uncertainties around export demand and supply chain pressures continued to weigh on corporate outlooks.

Europe remained resilient during the third quarter of 2025, supported by firm domestic demand and a healthy labor market. The ECB maintained rates at 2.0% in both July 2025 and September 2025, pausing its year-long easing cycle as inflation hovered near target despite a slight uptick in September. Japanese equities extended their gains through the third quarter, supported by easing trade tensions, increasing investor interest in artificial intelligence ("AI"), and improved sentiment tied to anticipated political leadership changes. The Bank of Japan ("BOJ") kept rates unchanged at 0.5%, though some policymakers signaled openness to future increases.

European equities continued to rise in the fourth quarter of 2025, even as global volatility driven by AI-related market concerns briefly unsettled sentiment before rebound into year-end. The ECB retained rates at 2.0% in both October 2025 and December 2025, citing better-than-expected eurozone growth and inflation trending close to target while maintaining a cautious, data-dependent stance. Japan again delivered strong equity performance in the fourth quarter, supported by above-target inflation, notable wage growth, sustained AI-driven enthusiasm, and a weak yen that boosted export competitiveness. The BOJ held rates steady in October 2025 and raised them in December 2025 to 0.75%, reflecting growing confidence in Japan's improving economic backdrop despite continuing global trade uncertainty.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g763078g1chartimages_6656764.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 31.39% | 8.79% | 8.05% |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13317571383 |
| Number of Portfolio Holdings | &nbsp;&nbsp;702 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1176645 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

Average annual total returns reflect reductions for service fees.

Prior to August 1, 2016, the Fund invested all of its assets in Master International Index Series, a series of Quantitative Master Series LLC. Master International Index Series invested in a statistically selected sample of equity securities included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index. On August 1, 2016, the Fund ceased to invest in the Master International Index Series as part of a "master/feeder" structure and instead began to operate as a stand-alone fund.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 21.9% |
| United Kingdom | 12.7% |
| France | 10.3% |
| Germany | 9.5% |
| Switzerland | 7.6% |
| Australia | 6.9% |
| United States | 4.7% |
| Netherlands | 4.5% |
| Spain | 3.7% |
| Italy | 3.3% |
| Other<sup>#</sup> | 14.4% |
| Other Assets Less Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| ASML Holding NV | 2.0% |
| Roche Holding AG | 1.4% |
| AstraZeneca PLC | 1.4% |
| HSBC Holdings PLC | 1.3% |
| Novartis AG, Class N | 1.3% |
| Nestle SA, Class N | 1.3% |
| SAP SE | 1.2% |
| Shell PLC | 1.0% |
| Siemens AG, Class N | 1.0% |
| Toyota Motor Corp. | 1.0% |

---

<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 Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by 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](g763078g1images_5649.jpg)

iShares MSCI EAFE International Index Fund

Investor A Shares \| MDIIX

Annual Shareholder Report — December 31, 2025

MDIIX-12/25-AR

![TSR - BLK Retail Logo](g763078g1images_5650.jpg)

### iShares MSCI EAFE International Index Fund

### Investor P Shares \| BTMPX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about iShares MSCI EAFE International Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor P Shares | $39 | 0.34% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor P Shares returned 31.30%. 

* For the same period, the Fund's benchmark, the MSCI EAFE Index (Net) returned 31.22%. 

In 2025, European equities started the year in positive territory despite rising United States ("U.S.") tariff pressures. The European Central Bank ("ECB") cut rates by 25 basis points in both January 2025 and March 2025 to mitigate recession risks, with President Lagarde noting that euro area growth would likely remain weak amid persistent inflationary pressures. European Union finance ministers emphasized unity and deeper market integration to offset tariff-related disruptions. In Japan, equities were volatile throughout the first quarter, and the Nikkei 225 Index ended the period in negative territory as investors grew cautious about the new U.S. administration's tougher tariff stance and its implications for corporate earnings and broader economic conditions.

European equities continued to advance in the second quarter of 2025, supported by resilient investor sentiment despite slower economic momentum and persistent global trade tensions. The ECB held rates steady following the earlier cuts and reiterated its commitment to supporting growth as inflation remained elevated. Policymakers also highlighted the importance of fiscal discipline and reinforced the need for European Union cohesion. Japan experienced a strong rebound during the second quarter, with the Nikkei 225 Index closing near all-time highs on June 30, 2025, driven by new stimulus measures and a more stable Japanese Yen, although uncertainties around export demand and supply chain pressures continued to weigh on corporate outlooks.

Europe remained resilient during the third quarter of 2025, supported by firm domestic demand and a healthy labor market. The ECB maintained rates at 2.0% in both July 2025 and September 2025, pausing its year-long easing cycle as inflation hovered near target despite a slight uptick in September. Japanese equities extended their gains through the third quarter, supported by easing trade tensions, increasing investor interest in artificial intelligence ("AI"), and improved sentiment tied to anticipated political leadership changes. The Bank of Japan ("BOJ") kept rates unchanged at 0.5%, though some policymakers signaled openness to future increases.

European equities continued to rise in the fourth quarter of 2025, even as global volatility driven by AI-related market concerns briefly unsettled sentiment before rebound into year-end. The ECB retained rates at 2.0% in both October 2025 and December 2025, citing better-than-expected eurozone growth and inflation trending close to target while maintaining a cautious, data-dependent stance. Japan again delivered strong equity performance in the fourth quarter, supported by above-target inflation, notable wage growth, sustained AI-driven enthusiasm, and a weak yen that boosted export competitiveness. The BOJ held rates steady in October 2025 and raised them in December 2025 to 0.75%, reflecting growing confidence in Japan's improving economic backdrop despite continuing global trade uncertainty.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g763078g1chartimages_6656828.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor P Shares | 31.30% | 8.78% | 8.05% |
| Investor P Shares (with sales charge) | 24.41 | 7.62 | 7.46 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13317571383 |
| Number of Portfolio Holdings | &nbsp;&nbsp;702 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1176645 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

Prior to August 1, 2016, the Fund invested all of its assets in Master International Index Series, a series of Quantitative Master Series LLC. Master International Index Series invested in a statistically selected sample of equity securities included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index. On August 1, 2016, the Fund ceased to invest in the Master International Index Series as part of a "master/feeder" structure and instead began to operate as a stand-alone fund.

Performance shown prior to the Investor P Shares inception date of August 6, 2018 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor P Shares fees.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 21.9% |
| United Kingdom | 12.7% |
| France | 10.3% |
| Germany | 9.5% |
| Switzerland | 7.6% |
| Australia | 6.9% |
| United States | 4.7% |
| Netherlands | 4.5% |
| Spain | 3.7% |
| Italy | 3.3% |
| Other<sup>#</sup> | 14.4% |
| Other Assets Less Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| ASML Holding NV | 2.0% |
| Roche Holding AG | 1.4% |
| AstraZeneca PLC | 1.4% |
| HSBC Holdings PLC | 1.3% |
| Novartis AG, Class N | 1.3% |
| Nestle SA, Class N | 1.3% |
| SAP SE | 1.2% |
| Shell PLC | 1.0% |
| Siemens AG, Class N | 1.0% |
| Toyota Motor Corp. | 1.0% |

---

<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 Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by 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](g763078g1images_5649.jpg)

iShares MSCI EAFE International Index Fund

Investor P Shares \| BTMPX

Annual Shareholder Report — December 31, 2025

BTMPX-12/25-AR

![TSR - BLK Retail Logo](g763078g1images_5650.jpg)

### iShares MSCI EAFE International Index Fund

### Class G Shares \| BTMGX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about iShares MSCI EAFE International Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class G Shares | $3 | 0.03% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class G Shares returned 31.76%. 

* For the same period, the Fund's benchmark, the MSCI EAFE Index (Net) returned 31.22%. 

In 2025, European equities started the year in positive territory despite rising United States ("U.S.") tariff pressures. The European Central Bank ("ECB") cut rates by 25 basis points in both January 2025 and March 2025 to mitigate recession risks, with President Lagarde noting that euro area growth would likely remain weak amid persistent inflationary pressures. European Union finance ministers emphasized unity and deeper market integration to offset tariff-related disruptions. In Japan, equities were volatile throughout the first quarter, and the Nikkei 225 Index ended the period in negative territory as investors grew cautious about the new U.S. administration's tougher tariff stance and its implications for corporate earnings and broader economic conditions.

European equities continued to advance in the second quarter of 2025, supported by resilient investor sentiment despite slower economic momentum and persistent global trade tensions. The ECB held rates steady following the earlier cuts and reiterated its commitment to supporting growth as inflation remained elevated. Policymakers also highlighted the importance of fiscal discipline and reinforced the need for European Union cohesion. Japan experienced a strong rebound during the second quarter, with the Nikkei 225 Index closing near all-time highs on June 30, 2025, driven by new stimulus measures and a more stable Japanese Yen, although uncertainties around export demand and supply chain pressures continued to weigh on corporate outlooks.

Europe remained resilient during the third quarter of 2025, supported by firm domestic demand and a healthy labor market. The ECB maintained rates at 2.0% in both July 2025 and September 2025, pausing its year-long easing cycle as inflation hovered near target despite a slight uptick in September. Japanese equities extended their gains through the third quarter, supported by easing trade tensions, increasing investor interest in artificial intelligence ("AI"), and improved sentiment tied to anticipated political leadership changes. The Bank of Japan ("BOJ") kept rates unchanged at 0.5%, though some policymakers signaled openness to future increases.

European equities continued to rise in the fourth quarter of 2025, even as global volatility driven by AI-related market concerns briefly unsettled sentiment before rebound into year-end. The ECB retained rates at 2.0% in both October 2025 and December 2025, citing better-than-expected eurozone growth and inflation trending close to target while maintaining a cautious, data-dependent stance. Japan again delivered strong equity performance in the fourth quarter, supported by above-target inflation, notable wage growth, sustained AI-driven enthusiasm, and a weak yen that boosted export competitiveness. The BOJ held rates steady in October 2025 and raised them in December 2025 to 0.75%, reflecting growing confidence in Japan's improving economic backdrop despite continuing global trade uncertainty.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g763078g1chartimages_6656688.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class G Shares | 31.76% | 9.09% | 8.34% |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13317571383 |
| Number of Portfolio Holdings | &nbsp;&nbsp;702 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1176645 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

Prior to August 1, 2016, the Fund invested all of its assets in Master International Index Series, a series of Quantitative Master Series LLC. Master International Index Series invested in a statistically selected sample of equity securities included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index. On August 1, 2016, the Fund ceased to invest in the Master International Index Series as part of a "master/feeder" structure and instead began to operate as a stand-alone fund.

Performance shown prior to the Class G Shares inception date of October 16, 2023 is that of Institutional Shares. The performance of Class G Shares would be substantially similar to Institutional Shares because Class G Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class G Shares and Institutional Shares have different expenses. The actual returns of Class G Shares would have been higher than those of the Institutional Shares because Class G Shares have lower expenses than the Institutional Shares.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 21.9% |
| United Kingdom | 12.7% |
| France | 10.3% |
| Germany | 9.5% |
| Switzerland | 7.6% |
| Australia | 6.9% |
| United States | 4.7% |
| Netherlands | 4.5% |
| Spain | 3.7% |
| Italy | 3.3% |
| Other<sup>#</sup> | 14.4% |
| Other Assets Less Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| ASML Holding NV | 2.0% |
| Roche Holding AG | 1.4% |
| AstraZeneca PLC | 1.4% |
| HSBC Holdings PLC | 1.3% |
| Novartis AG, Class N | 1.3% |
| Nestle SA, Class N | 1.3% |
| SAP SE | 1.2% |
| Shell PLC | 1.0% |
| Siemens AG, Class N | 1.0% |
| Toyota Motor Corp. | 1.0% |

---

<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 Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by 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](g763078g1images_5649.jpg)

iShares MSCI EAFE International Index Fund

Class G Shares \| BTMGX

Annual Shareholder Report — December 31, 2025

BTMGX-12/25-AR

![TSR - BLK Retail Logo](g763078g1images_5650.jpg)

### iShares MSCI EAFE International Index Fund

### Class K Shares \| BTMKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about iShares MSCI EAFE International Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $5 | 0.04% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 31.73%. 

* For the same period, the Fund's benchmark, the MSCI EAFE Index (Net) returned 31.22%. 

In 2025, European equities started the year in positive territory despite rising United States ("U.S.") tariff pressures. The European Central Bank ("ECB") cut rates by 25 basis points in both January 2025 and March 2025 to mitigate recession risks, with President Lagarde noting that euro area growth would likely remain weak amid persistent inflationary pressures. European Union finance ministers emphasized unity and deeper market integration to offset tariff-related disruptions. In Japan, equities were volatile throughout the first quarter, and the Nikkei 225 Index ended the period in negative territory as investors grew cautious about the new U.S. administration's tougher tariff stance and its implications for corporate earnings and broader economic conditions.

European equities continued to advance in the second quarter of 2025, supported by resilient investor sentiment despite slower economic momentum and persistent global trade tensions. The ECB held rates steady following the earlier cuts and reiterated its commitment to supporting growth as inflation remained elevated. Policymakers also highlighted the importance of fiscal discipline and reinforced the need for European Union cohesion. Japan experienced a strong rebound during the second quarter, with the Nikkei 225 Index closing near all-time highs on June 30, 2025, driven by new stimulus measures and a more stable Japanese Yen, although uncertainties around export demand and supply chain pressures continued to weigh on corporate outlooks.

Europe remained resilient during the third quarter of 2025, supported by firm domestic demand and a healthy labor market. The ECB maintained rates at 2.0% in both July 2025 and September 2025, pausing its year-long easing cycle as inflation hovered near target despite a slight uptick in September. Japanese equities extended their gains through the third quarter, supported by easing trade tensions, increasing investor interest in artificial intelligence ("AI"), and improved sentiment tied to anticipated political leadership changes. The Bank of Japan ("BOJ") kept rates unchanged at 0.5%, though some policymakers signaled openness to future increases.

European equities continued to rise in the fourth quarter of 2025, even as global volatility driven by AI-related market concerns briefly unsettled sentiment before rebound into year-end. The ECB retained rates at 2.0% in both October 2025 and December 2025, citing better-than-expected eurozone growth and inflation trending close to target while maintaining a cautious, data-dependent stance. Japan again delivered strong equity performance in the fourth quarter, supported by above-target inflation, notable wage growth, sustained AI-driven enthusiasm, and a weak yen that boosted export competitiveness. The BOJ held rates steady in October 2025 and raised them in December 2025 to 0.75%, reflecting growing confidence in Japan's improving economic backdrop despite continuing global trade uncertainty.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g763078g1chartimages_6656701.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 31.73% | 9.12% | 8.37% |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13317571383 |
| Number of Portfolio Holdings | &nbsp;&nbsp;702 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1176645 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

Prior to August 1, 2016, the Fund invested all of its assets in Master International Index Series, a series of Quantitative Master Series LLC. Master International Index Series invested in a statistically selected sample of equity securities included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index. On August 1, 2016, the Fund ceased to invest in the Master International Index Series as part of a "master/feeder" structure and instead began to operate as a stand-alone fund.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 21.9% |
| United Kingdom | 12.7% |
| France | 10.3% |
| Germany | 9.5% |
| Switzerland | 7.6% |
| Australia | 6.9% |
| United States | 4.7% |
| Netherlands | 4.5% |
| Spain | 3.7% |
| Italy | 3.3% |
| Other<sup>#</sup> | 14.4% |
| Other Assets Less Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| ASML Holding NV | 2.0% |
| Roche Holding AG | 1.4% |
| AstraZeneca PLC | 1.4% |
| HSBC Holdings PLC | 1.3% |
| Novartis AG, Class N | 1.3% |
| Nestle SA, Class N | 1.3% |
| SAP SE | 1.2% |
| Shell PLC | 1.0% |
| Siemens AG, Class N | 1.0% |
| Toyota Motor Corp. | 1.0% |

---

<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 Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by 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](g763078g1images_5649.jpg)

iShares MSCI EAFE International Index Fund

Class K Shares \| BTMKX

Annual Shareholder Report — December 31, 2025

BTMKX-12/25-AR

![TSR - BLK Retail Logo](g763078g1images_5650.jpg)

### iShares Russell 2000 Small-Cap Index Fund

### Institutional Shares \| MASKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about iShares Russell 2000 Small-Cap Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. The Fund invests all of its assets in the Master Small Cap Index Series (the "Series"), a series of Quantitative Master Series LLC. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $13(a) | 0.12%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 12.78%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index returned 17.15% and the Russell 2000<sup>®</sup> Index returned 12.81%. 

Domestic United States ("U.S.") equities ended the first quarter in negative territory as the U.S. administration introduced broad shifts in global trade policy, including reciprocal tariffs that elevated economic uncertainty and pushed U.S. equity markets briefly into correction territory. Markets remained highly sensitive to tariff announcements expected in April 2025. The Federal Open Market Committee ("FOMC") held interest rates at 4.25%–4.50% in January and reaffirmed expectations for two rate cuts in 2025, though policymakers maintained a firmly data-dependent stance given persistent inflation and a still-resilient labor market.

U.S. equities rebounded in the second quarter and finished in positive territory as volatility eased following an early-April 2025 spike that drove the Chicago Board Options Exchange Volatility Index ("VIX") to multi-year highs. Sentiment improved after the U.S. administration announced a 90-day pause on most proposed tariffs, temporarily alleviating trade pressures ahead of the July 2025 deadline. On April 9th, just after significant market volatility and rising economic concerns, President Trump and the White House suspended additional tariffs above a 10% base rate for most countries, with the pause set to expire in early July.

The FOMC kept rates unchanged at 4.25%–4.50% in both May and June, noting cautious progress toward the 2% inflation target. Strong corporate earnings and continued enthusiasm around artificial intelligence ("AI") supported equity gains even as reciprocal tariffs on more than 60 countries, while additional trade deals were being agreed on, China tariffs were paused to allow for negotiations to continue. This added uncertainty to longer-term economic forecasts.

U.S. equities continued to advance through the third quarter, supported by solid earnings momentum and receding market volatility. The FOMC maintained its data-driven approach, holding rates steady in July 2025 and delivering the first rate cut of the year in September, lowering the target range to 4.00%–4.25%. The committee cited slowing job growth and a meaningful decline in hiring as key drivers of the "risk-management" cut, while tariff-related inflation pressures remained a central consideration for future policy decisions. Despite mixed macroeconomic signals, investor sentiment remained broadly constructive.

Equity markets posted modest gains in the fourth quarter amid elevated volatility driven by concerns about an emerging AI bubble. Fears escalated throughout the quarter with investors worrying about lofty valuations and heavy capital expenditures, weighing on sentiment before stabilizing on signs of real revenue growth. The longest U.S. government shutdown in history, lasting 43 days, had a muted impact on markets, while renewed tariff negotiations with China in October 2025 added another layer of uncertainty. Labor conditions weakened as unemployment rose to 4.6% in November and inflation remained above the Federal Reserve's 2% target, prompting the FOMC to cut rates by 25 bps in both October and December, ending the year with a 3.50%–3.75% target range and a continued commitment to data dependent policymaking heading into 2026.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g763078g1chartimages_6656903.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 12.78% | 6.05% | 9.60% |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Index | 12.81 | 6.09 | 9.62 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3182739573 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$268174 |
| Portfolio Turnover Rate of the Series | &nbsp;&nbsp;21% |

---

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

Additional information

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

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

![TSR - BLK Retail Logo Footer](g763078g1images_5649.jpg)

iShares Russell 2000 Small-Cap Index Fund

Institutional Shares \| MASKX

Annual Shareholder Report — December 31, 2025

MASKX-12/25-AR

![TSR - BLK Retail Logo](g763078g1images_5650.jpg)

### iShares Russell 2000 Small-Cap Index Fund

### Investor A Shares \| MDSKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about iShares Russell 2000 Small-Cap Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. The Fund invests all of its assets in the Master Small Cap Index Series (the "Series"), a series of Quantitative Master Series LLC. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $39(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 12.50%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index returned 17.15% and the Russell 2000<sup>®</sup> Index returned 12.81%. 

Domestic United States ("U.S.") equities ended the first quarter in negative territory as the U.S. administration introduced broad shifts in global trade policy, including reciprocal tariffs that elevated economic uncertainty and pushed U.S. equity markets briefly into correction territory. Markets remained highly sensitive to tariff announcements expected in April 2025. The Federal Open Market Committee ("FOMC") held interest rates at 4.25%–4.50% in January and reaffirmed expectations for two rate cuts in 2025, though policymakers maintained a firmly data-dependent stance given persistent inflation and a still-resilient labor market.

U.S. equities rebounded in the second quarter and finished in positive territory as volatility eased following an early-April 2025 spike that drove the Chicago Board Options Exchange Volatility Index ("VIX") to multi-year highs. Sentiment improved after the U.S. administration announced a 90-day pause on most proposed tariffs, temporarily alleviating trade pressures ahead of the July 2025 deadline. On April 9th, just after significant market volatility and rising economic concerns, President Trump and the White House suspended additional tariffs above a 10% base rate for most countries, with the pause set to expire in early July.

The FOMC kept rates unchanged at 4.25%–4.50% in both May and June, noting cautious progress toward the 2% inflation target. Strong corporate earnings and continued enthusiasm around artificial intelligence ("AI") supported equity gains even as reciprocal tariffs on more than 60 countries, while additional trade deals were being agreed on, China tariffs were paused to allow for negotiations to continue. This added uncertainty to longer-term economic forecasts.

U.S. equities continued to advance through the third quarter, supported by solid earnings momentum and receding market volatility. The FOMC maintained its data-driven approach, holding rates steady in July 2025 and delivering the first rate cut of the year in September, lowering the target range to 4.00%–4.25%. The committee cited slowing job growth and a meaningful decline in hiring as key drivers of the "risk-management" cut, while tariff-related inflation pressures remained a central consideration for future policy decisions. Despite mixed macroeconomic signals, investor sentiment remained broadly constructive.

Equity markets posted modest gains in the fourth quarter amid elevated volatility driven by concerns about an emerging AI bubble. Fears escalated throughout the quarter with investors worrying about lofty valuations and heavy capital expenditures, weighing on sentiment before stabilizing on signs of real revenue growth. The longest U.S. government shutdown in history, lasting 43 days, had a muted impact on markets, while renewed tariff negotiations with China in October 2025 added another layer of uncertainty. Labor conditions weakened as unemployment rose to 4.6% in November and inflation remained above the Federal Reserve's 2% target, prompting the FOMC to cut rates by 25 bps in both October and December, ending the year with a 3.50%–3.75% target range and a continued commitment to data dependent policymaking heading into 2026.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g763078g1chartimages_6656902.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 12.50% | 5.78% | 9.33% |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Index | 12.81 | 6.09 | 9.62 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3182739573 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$268174 |
| Portfolio Turnover Rate of the Series | &nbsp;&nbsp;21% |

---

Average annual total returns reflect reductions for service fees.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

Additional information

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

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

![TSR - BLK Retail Logo Footer](g763078g1images_5649.jpg)

iShares Russell 2000 Small-Cap Index Fund

Investor A Shares \| MDSKX

Annual Shareholder Report — December 31, 2025

MDSKX-12/25-AR

![TSR - BLK Retail Logo](g763078g1images_5650.jpg)

### iShares Russell 2000 Small-Cap Index Fund

### Investor P Shares \| BDBPX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about iShares Russell 2000 Small-Cap Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. The Fund invests all of its assets in the Master Small Cap Index Series (the "Series"), a series of Quantitative Master Series LLC. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor P Shares | $39(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor P Shares returned 12.47%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index returned 17.15% and the Russell 2000<sup>®</sup> Index returned 12.81%. 

Domestic United States ("U.S.") equities ended the first quarter in negative territory as the U.S. administration introduced broad shifts in global trade policy, including reciprocal tariffs that elevated economic uncertainty and pushed U.S. equity markets briefly into correction territory. Markets remained highly sensitive to tariff announcements expected in April 2025. The Federal Open Market Committee ("FOMC") held interest rates at 4.25%–4.50% in January and reaffirmed expectations for two rate cuts in 2025, though policymakers maintained a firmly data-dependent stance given persistent inflation and a still-resilient labor market.

U.S. equities rebounded in the second quarter and finished in positive territory as volatility eased following an early-April 2025 spike that drove the Chicago Board Options Exchange Volatility Index ("VIX") to multi-year highs. Sentiment improved after the U.S. administration announced a 90-day pause on most proposed tariffs, temporarily alleviating trade pressures ahead of the July 2025 deadline. On April 9th, just after significant market volatility and rising economic concerns, President Trump and the White House suspended additional tariffs above a 10% base rate for most countries, with the pause set to expire in early July.

The FOMC kept rates unchanged at 4.25%–4.50% in both May and June, noting cautious progress toward the 2% inflation target. Strong corporate earnings and continued enthusiasm around artificial intelligence ("AI") supported equity gains even as reciprocal tariffs on more than 60 countries, while additional trade deals were being agreed on, China tariffs were paused to allow for negotiations to continue. This added uncertainty to longer-term economic forecasts.

U.S. equities continued to advance through the third quarter, supported by solid earnings momentum and receding market volatility. The FOMC maintained its data-driven approach, holding rates steady in July 2025 and delivering the first rate cut of the year in September, lowering the target range to 4.00%–4.25%. The committee cited slowing job growth and a meaningful decline in hiring as key drivers of the "risk-management" cut, while tariff-related inflation pressures remained a central consideration for future policy decisions. Despite mixed macroeconomic signals, investor sentiment remained broadly constructive.

Equity markets posted modest gains in the fourth quarter amid elevated volatility driven by concerns about an emerging AI bubble. Fears escalated throughout the quarter with investors worrying about lofty valuations and heavy capital expenditures, weighing on sentiment before stabilizing on signs of real revenue growth. The longest U.S. government shutdown in history, lasting 43 days, had a muted impact on markets, while renewed tariff negotiations with China in October 2025 added another layer of uncertainty. Labor conditions weakened as unemployment rose to 4.6% in November and inflation remained above the Federal Reserve's 2% target, prompting the FOMC to cut rates by 25 bps in both October and December, ending the year with a 3.50%–3.75% target range and a continued commitment to data dependent policymaking heading into 2026.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g763078g1chartimages_6656841.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor P Shares | 12.47% | 5.78% | 9.32% |
| Investor P Shares (with sales charge) | 6.56 | 4.65 | 8.73 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Index | 12.81 | 6.09 | 9.62 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3182739573 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$268174 |
| Portfolio Turnover Rate of the Series | &nbsp;&nbsp;21% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

Performance shown prior to the Investor P Shares inception date of August 6, 2018 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor P Shares fees.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

Additional information

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

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

![TSR - BLK Retail Logo Footer](g763078g1images_5649.jpg)

iShares Russell 2000 Small-Cap Index Fund

Investor P Shares \| BDBPX

Annual Shareholder Report — December 31, 2025

BDBPX-12/25-AR

![TSR - BLK Retail Logo](g763078g1images_5650.jpg)

### iShares Russell 2000 Small-Cap Index Fund

### Class K Shares \| BDBKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about iShares Russell 2000 Small-Cap Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. The Fund invests all of its assets in the Master Small Cap Index Series (the "Series"), a series of Quantitative Master Series LLC. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $7(a) | 0.07%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 12.83%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index returned 17.15% and the Russell 2000<sup>®</sup> Index returned 12.81%. 

Domestic United States ("U.S.") equities ended the first quarter in negative territory as the U.S. administration introduced broad shifts in global trade policy, including reciprocal tariffs that elevated economic uncertainty and pushed U.S. equity markets briefly into correction territory. Markets remained highly sensitive to tariff announcements expected in April 2025. The Federal Open Market Committee ("FOMC") held interest rates at 4.25%–4.50% in January and reaffirmed expectations for two rate cuts in 2025, though policymakers maintained a firmly data-dependent stance given persistent inflation and a still-resilient labor market.

U.S. equities rebounded in the second quarter and finished in positive territory as volatility eased following an early-April 2025 spike that drove the Chicago Board Options Exchange Volatility Index ("VIX") to multi-year highs. Sentiment improved after the U.S. administration announced a 90-day pause on most proposed tariffs, temporarily alleviating trade pressures ahead of the July 2025 deadline. On April 9th, just after significant market volatility and rising economic concerns, President Trump and the White House suspended additional tariffs above a 10% base rate for most countries, with the pause set to expire in early July.

The FOMC kept rates unchanged at 4.25%–4.50% in both May and June, noting cautious progress toward the 2% inflation target. Strong corporate earnings and continued enthusiasm around artificial intelligence ("AI") supported equity gains even as reciprocal tariffs on more than 60 countries, while additional trade deals were being agreed on, China tariffs were paused to allow for negotiations to continue. This added uncertainty to longer-term economic forecasts.

U.S. equities continued to advance through the third quarter, supported by solid earnings momentum and receding market volatility. The FOMC maintained its data-driven approach, holding rates steady in July 2025 and delivering the first rate cut of the year in September, lowering the target range to 4.00%–4.25%. The committee cited slowing job growth and a meaningful decline in hiring as key drivers of the "risk-management" cut, while tariff-related inflation pressures remained a central consideration for future policy decisions. Despite mixed macroeconomic signals, investor sentiment remained broadly constructive.

Equity markets posted modest gains in the fourth quarter amid elevated volatility driven by concerns about an emerging AI bubble. Fears escalated throughout the quarter with investors worrying about lofty valuations and heavy capital expenditures, weighing on sentiment before stabilizing on signs of real revenue growth. The longest U.S. government shutdown in history, lasting 43 days, had a muted impact on markets, while renewed tariff negotiations with China in October 2025 added another layer of uncertainty. Labor conditions weakened as unemployment rose to 4.6% in November and inflation remained above the Federal Reserve's 2% target, prompting the FOMC to cut rates by 25 bps in both October and December, ending the year with a 3.50%–3.75% target range and a continued commitment to data dependent policymaking heading into 2026.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g763078g1chartimages_6656964.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 12.83% | 6.11% | 9.66% |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Index | 12.81 | 6.09 | 9.62 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3182739573 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$268174 |
| Portfolio Turnover Rate of the Series | &nbsp;&nbsp;21% |

---

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

Additional information

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

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

![TSR - BLK Retail Logo Footer](g763078g1images_5649.jpg)

iShares Russell 2000 Small-Cap Index Fund

Class K Shares \| BDBKX

Annual Shareholder Report — December 31, 2025

BDBKX-12/25-AR

![TSR - BLK Retail Logo](g763078g1images_5650.jpg)

### Master Small Cap Index Series

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about Master Small Cap Index Series (the "Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series, which is included within the iShares Russell 2000 Small-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 Series costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Master Small Cap Index Series | $2 | 0.02% |

---

---

| | |
|:---|:---|
| **Key Series statistics** |  |
| Net Assets | &nbsp;&nbsp;$4809236398 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1981 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$428243 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

#### What did the Series invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Health Care | 18.9% |
| Financials | 17.8% |
| Industrials | 17.5% |
| Information Technology | 14.8% |
| Consumer Discretionary | 9.0% |
| Real Estate | 5.7% |
| Energy | 4.8% |
| Materials | 4.4% |
| Utilities | 3.0% |
| Communication Services | 2.8% |
| Other\* | 2.5% |
| Short-Term Securities | 11.9% |
| Liabilities in Excess of Other Assets | (13.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)(c)</sup>* | *Percent of<br> Net Assets* |
| Credo Technology Group Holding Ltd. | 0.8% |
| Bloom Energy Corp., Class A | 0.7% |
| iShares Russell 2000 ETF | 0.7% |
| Fabrinet | 0.6% |
| IonQ, Inc. | 0.5% |
| EchoStar Corp., Class A | 0.5% |
| Nextpower, Inc., Class A | 0.4% |
| Kratos Defense & Security Solutions, Inc. | 0.4% |
| Guardant Health, Inc. | 0.4% |
| Hecla Mining Co. | 0.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Series for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes underlying investments in equity swaps.</sup> |
| <sup><sup>(c)</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 Series, 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](g763078g1images_5649.jpg)

Master Small Cap Index Series

Annual Shareholder Report — December 31, 2025

12/25-AR

------

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

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrants (or the "Funds") have adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrants' principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrants undertake to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.  |

---

Item 3 – Audit Committee Financial Expert – The registrants' board of directors (the "board of directors"), has determined that (i) the registrants have the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Claire A. Walton

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

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | **(b) Audit-Related Fees<sup>1</sup>** | **(b) Audit-Related Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current <br>Fiscal</u>**<br> **Year**<br> **End<sup>3</sup>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End<sup>3</sup></u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End<sup>3</sup></u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End<sup>3</sup></u>** | **<u>Previous <br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE International Index Fund | $34440 | $34272 | $0 | $4000 | $16300 | $16300 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 Small-Cap Index Fund | $8303 | $8262 | $0 | $0 | $11288 | $10750 | $388 | $0 |
| &nbsp;&nbsp;&nbsp;Master Small Cap Index Series | $30033 | $29886 | $0 | $0 | $28875 | $27500 | $388 | $0 |

---

The following table presents fees billed by D&T that were required to be approved by the registrants' audit committee (the "Committee") for services that relate directly to the operations

------

or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (c) Tax Fees<sup>2</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (d) All Other Fees<sup>3</sup> | $2149000 | $2149000 |

---

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

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

<sup>3</sup> Non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

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

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

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

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **Current Fiscal <br>Year End** | **<u>Previous Fiscal</u> <br><u>Year End</u>** |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE International Index Fund | $16300 | $20300 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 Small-Cap Index Fund | $11676 | $10750 |
| &nbsp;&nbsp;&nbsp;Master Small Cap Index Series | $29263 | $27500 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **<u>Current Fiscal Year</u> <br><u>End</u>** | **<u>Previous Fiscal</u> <br><u>Year End</u>** |
| &nbsp;&nbsp;&nbsp; $2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

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 Statements 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.

------

![](g763078img38767d3b1.jpg)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information<br>

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

---

| |
|:---|
| **BlackRock Funds**<sup>SM</sup> |
| • iShares Municipal Bond Index Fund |
| • iShares Short-Term TIPS Bond Index Fund |
| **BlackRock Index Funds, Inc.** |
| • iShares MSCI EAFE International Index Fund |
| • iShares Russell 2000 Small-Cap Index Fund |

---

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

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

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**Table of Contents**

**Page**

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| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_20485d8b-8e49-434c-aeda-e700078fe452_RskDeriv-Footer-FundBookName-919_1)  | 3 |
| [Fund Schedules of Investments](#xx_20485d8b-8e49-434c-aeda-e700078fe452_SOI-Footer-FundBookName-891_1)  | 4 |
| [Fund Statements of Assets and Liabilities](#xx_20485d8b-8e49-434c-aeda-e700078fe452_FS-Footer-FundBookName-891_1)  | 24 |
| [Fund Statements of Operations](#xx_20485d8b-8e49-434c-aeda-e700078fe452_FS-Footer-FundBookName-891_3)  | 26 |
| [Fund Statements of Changes in Net Assets](#xx_20485d8b-8e49-434c-aeda-e700078fe452_FS-Footer-FundBookName-891_5)  | 28 |
| [Fund Financial Highlights](#xx_20485d8b-8e49-434c-aeda-e700078fe452_FIHI-Footer-FundBookName-891_1)  | 30 |
| [Fund Notes to Financial Statements](#xx_20485d8b-8e49-434c-aeda-e700078fe452_NTF-Footer-FundBookName-891_1)  | 46 |
| [Fund Report of Independent Registered Public Accounting Firm](#xx_20485d8b-8e49-434c-aeda-e700078fe452_AUDIT-1-Footer-FundBookName-891_1)  | 60 |
| [Important Tax Information](#xx_20485d8b-8e49-434c-aeda-e700078fe452_TAX-1-Footer-FundBookName-919_1)  | 61 |
| [Series Schedule of Investments](#xx_20485d8b-8e49-434c-aeda-e700078fe452_MAST-Footer-FundBookName-895_1)  | 63 |
| [Series Statement of Assets and Liabilities](#xx_20485d8b-8e49-434c-aeda-e700078fe452_MstFS-Footer-FundBookName-895_1)  | 86 |
| [Series Statement of Operations](#xx_20485d8b-8e49-434c-aeda-e700078fe452_MstFS-Footer-FundBookName-895_2)  | 87 |
| [Series Statements of Changes in Net Assets](#xx_20485d8b-8e49-434c-aeda-e700078fe452_MstFS-Footer-FundBookName-895_3)  | 88 |
| [Series Financial Highlights](#xx_20485d8b-8e49-434c-aeda-e700078fe452_MstFIHI-Footer-FundBookName-895_1)  | 89 |
| [Series Notes to Financial Statements](#xx_20485d8b-8e49-434c-aeda-e700078fe452_MstNTF-Footer-FundBookName-895_1)  | 90 |
| [Series Report of Independent Registered Public Accounting Firm](#xx_20485d8b-8e49-434c-aeda-e700078fe452_MstAUDIT-Footer-FundBookName-895_1)  | 98 |
| [Additional Information](#xx_20485d8b-8e49-434c-aeda-e700078fe452_ADDInfo-Footer-FundBookName-919_1)  | 99 |
| [Glossary of Terms Used in these Financial Statements](#xx_20485d8b-8e49-434c-aeda-e700078fe452_Terms-Footer-FundBookName-919_1)  | 101 |

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Derivative Financial Instruments

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

Derivative Financial Instruments

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Schedule of Investments

December 31, 2025

**iShares Municipal Bond Index Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 5.0%** | **Alabama — 5.0%** |  |
| **Corporate — 4.0%** | **Corporate — 4.0%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| Series B, 4.00%, 10/01/52 | $500 | $502098 |
| Series D, 5.00%, 03/01/55 | 1000 | 1069120 |
| Energy Southeast A Cooperative District, RB, Series B, <br> 5.25%, 07/01/54<sup>(a)</sup><br>| 500 | 544039 |
| Lower Alabama Gas District, Refunding RB, Series A, <br> 5.00%, 12/01/33<br>| 1000 | 1057036 |
| Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<sup>(a)</sup><br>| 500 | 536477 |
| Southeast Energy Authority A Cooperative District, RB |  |  |
| Series A, 5.00%, 11/01/35 | 1000 | 1061809 |
| Series A, 5.25%, 01/01/54<sup>(a)</sup> | 1000 | 1053679 |
| Series A, 5.00%, 01/01/56<sup>(a)</sup> | 1000 | 1041925 |
| Series B, 5.25%, 03/01/55<sup>(a)</sup> | 500 | 527577 |
| Series C, 5.00%, 10/01/55<sup>(a)</sup> | 1000 | 1080380 |
|  |  | 8474140 |
| **State — 0.0%** | **State — 0.0%** |  |
| Alabama Public School and College Authority, Refunding <br> RB, Series A, Sustainability Bonds, 5.00%, 11/01/28<br>| 65 | 69426 |
| **Transportation — 0.5%** | **Transportation — 0.5%** |  |
| Alabama Federal Aid Highway Finance Authority, <br> Refunding RB, Series B, 5.00%, 09/01/32<br>| 1000 | 1148371 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| County of Jefferson Alabama Sewer Revenue, Refunding <br> RB<br>|  |  |
| 5.00%, 10/01/32 | 530 | 590962 |
| 5.50%, 10/01/53 | 415 | 433969 |
|  |  | 1024931 |
| **Total Municipal Bonds in Alabama** | **Total Municipal Bonds in Alabama** | 10716868 |
| **Arizona — 0.3%** | **Arizona — 0.3%** |  |
| **County/City/Special District/School District — 0.0%** | **County/City/Special District/School District — 0.0%** |  |
| Maricopa County Union High School District No. 210-<br> Phoenix, GO, Series B, 5.00%, 07/01/27<br>| 60 | 62287 |
| **Education — 0.2%** | **Education — 0.2%** |  |
| Arizona Board of Regents, RB, Series A, Sustainability <br> Bonds, 5.00%, 07/01/54<br>| 500 | 522277 |
| **Health — 0.1%** | **Health — 0.1%** |  |
| Yuma Industrial Development Authority, Refunding RB, <br> Series A, 5.25%, 08/01/54<br>| 130 | 133757 |
| **Total Municipal Bonds in Arizona** | **Total Municipal Bonds in Arizona** | 718321 |
| **California — 12.9%** | **California — 12.9%** |  |
| **Corporate**<sup>(a)</sup> **— 1.5%** | **Corporate**<sup>(a)</sup> **— 1.5%** |  |
| California Community Choice Financing Authority, RB |  |  |
| Series B, Sustainability Bonds, 5.00%, 01/01/55 | 1000 | 1042247 |
| Series B-1, Sustainability Bonds, 4.00%, 02/01/52 | 500 | 507058 |
| Series G, Sustainability Bonds, 5.00%, 11/01/55 | 1000 | 1040482 |
| Central Valley Energy Authority, RB, 5.00%, 12/01/55 | 500 | 544647 |
|  |  | 3134434 |
| **County/City/Special District/School District — 3.3%** | **County/City/Special District/School District — 3.3%** |  |
| California State Public Works Board, Refunding RB, <br> Series B, 5.00%, 10/01/26<sup>(b)</sup><br>| 15 | 15288 |
| El Camino Community College District Fountation, GO, <br> CAB, Series C, Election 2002, 0.00%, 08/01/38<sup>(c)</sup><br>| 680 | 444761 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| Lodi Unified School District, GO, Series 2020, Election <br> 2016, 3.00%, 08/01/43<br>| 975 | $811991 |
| Long Beach Community College District, GO, Series E, <br> 5.00%, 08/01/52<br>| 355 | 376968 |
| Los Angeles County Facilities, Inc., RB, Series A, 4.00%, <br> 12/01/48<br>| 1000 | 952308 |
| Los Angeles Unified School District, GO |  |  |
| Series B-1, Election 2008, 5.00%, 07/01/33 | 1500 | 1577426 |
| Series QRR, Sustainability Bonds, 5.25%, 07/01/49 | 1100 | 1190572 |
| Municipal Improvement Corp of Los Angeles, RB, 5.00%, <br> 05/01/39<br>| 500 | 571988 |
| Poway Unified School District, Refunding GO, 0.00%, <br> 08/01/46<sup>(c)</sup><br>| 500 | 197730 |
| Sacramento City Financing Authority, Refunding RB, <br> Series E, (AMBAC), 5.25%, 12/01/30<br>| 250 | 276360 |
| San Bernardino Community College District, GO, CAB, <br> Series F, Election 2008, 0.00%, 08/01/49<sup>(c)</sup><br>| 500 | 148207 |
| Stockton Unified School District, GO, Series A, Election <br> 2022, (BAM), 5.00%, 08/01/49<br>| 500 | 533491 |
|  |  | 7097090 |
| **Education — 2.1%** | **Education — 2.1%** |  |
| California Educational Facilities Authority, RB |  |  |
| Series A, 5.00%, 10/01/55 | 270 | 286266 |
| Series V-4, 5.00%, 03/01/55<sup>(a)</sup> | 220 | 252708 |
| Series V-5, 5.00%, 03/01/55<sup>(a)</sup> | 255 | 308767 |
| California Infrastructure & Economic Development Bank, <br> RB, Series B, 5.00%, 11/01/49<br>| 750 | 761979 |
| California Infrastructure & Economic Development Bank, <br> Refunding RB, Series A, Sustainability Bonds, 3.25%, <br> 08/01/29<br>| 1000 | 1008356 |
| California State University, Refunding RB, Series A, <br> 4.00%, 11/01/35<br>| 500 | 501134 |
| University of California, RB |  |  |
| 5.25%, 05/15/40 | 170 | 207723 |
| 5.50%, 05/15/40 | 500 | 593005 |
| Series CC, 5.00%, 05/15/45 | 500 | 542623 |
|  |  | 4462561 |
| **State — 3.2%** | **State — 3.2%** |  |
| California State Public Works Board, RB, Series A, 5.25%, <br> 04/01/42<br>| 1000 | 1133616 |
| California State Public Works Board, Refunding RB |  |  |
| Series B, 5.00%, 10/01/26 | 235 | 239574 |
| Series C, 5.00%, 09/01/28 | 500 | 534894 |
| State of California, Refunding GO |  |  |
| 5.00%, 08/01/26 | 5 | 5018 |
| 5.00%, 10/01/28 | 1000 | 1071946 |
| 5.00%, 08/01/31 | 1000 | 1013438 |
| 5.00%, 09/01/31 | 565 | 573688 |
| 4.00%, 09/01/32 | 250 | 251914 |
| 3.00%, 10/01/37 | 825 | 790239 |
| 5.00%, 09/01/43 | 500 | 544496 |
| 3.00%, 04/01/52 | 1000 | 761494 |
|  |  | 6920317 |
| **Transportation — 1.7%** | **Transportation — 1.7%** |  |
| City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| AMT, Subordinate, 3.00%, 11/15/31<sup>(d)</sup> | 55 | 54707 |
| AMT, Subordinate, 3.00%, 05/15/40 | 1210 | 1023646 |
| Foothill-Eastern Transportation Corridor Agency, RB, <br> Series A, Senior Lien, 4.00%, 01/15/46<br>| 1000 | 958457 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| Foothill-Eastern Transportation Corridor Agency, <br> Refunding RB, CAB<sup>(c)</sup> <br>|  |  |
| Series A, (AGM), 0.00%, 01/15/36 | 500 | $362131 |
| Series A, (AGM), 0.00%, 01/15/37 | 1000 | 690844 |
| San Francisco City & County Airport Comm-San Francisco <br> International Airport, Refunding RB, Series 2020, <br> Class A, AMT, 5.00%, 05/01/38<br>| 455 | 479746 |
|  |  | 3569531 |
| **Utilities — 1.1%** | **Utilities — 1.1%** |  |
| Los Angeles Department of Water & Power Water System <br> Revenue, Refunding RB, Series A, 5.00%, 01/01/30<br>| 320 | 344274 |
| Los Angeles Department of Water & Power, Refunding RB |  |  |
| Series A, 5.00%, 07/01/28 | 250 | 263995 |
| Series A, 5.00%, 07/01/29 | 835 | 901000 |
| Series B, 5.00%, 07/01/38 | 675 | 755389 |
|  |  | 2264658 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | 27448591 |
| **Colorado — 2.9%** | **Colorado — 2.9%** |  |
| **Corporate — 0.1%** | **Corporate — 0.1%** |  |
| Public Authority for Colorado Energy, RB, 6.50%, <br> 11/15/38<br>| 225 | 271663 |
| **County/City/Special District/School District — 0.6%** | **County/City/Special District/School District — 0.6%** |  |
| Adams & Arapahoe Counties Joint School District 28J <br> Aurora, GO, (SAW), 5.50%, 12/01/39<br>| 500 | 596509 |
| Denver City & County School District No. 1, GO, Series A, <br> (SAW), 5.25%, 12/01/40<br>| 500 | 574741 |
|  |  | 1171250 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| Colorado Health Facilities Authority, Refunding RB, <br> Series A, 5.00%, 08/01/44<br>| 1000 | 1014548 |
| **State — 0.5%** | **State — 0.5%** |  |
| State of Colorado, COP |  |  |
| Series A, 5.00%, 11/01/49 | 535 | 557088 |
| Series N, 4.00%, 03/15/43 | 500 | 490982 |
|  |  | 1048070 |
| **Transportation — 1.2%** | **Transportation — 1.2%** |  |
| City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB<br>|  |  |
| Series A, AMT, 5.00%, 12/01/35 | 1000 | 1039726 |
| Series D, AMT, 5.50%, 11/15/29 | 1000 | 1097796 |
| E-470 Public Highway Authority, Refunding RB, Series A, <br> (NPFGC), 0.00%, 09/01/28<sup>(c)</sup><br>| 500 | 464503 |
|  |  | 2602025 |
| **Total Municipal Bonds in Colorado** | **Total Municipal Bonds in Colorado** | 6107556 |
| **Connecticut — 1.1%** | **Connecticut — 1.1%** |  |
| **State — 0.9%** | **State — 0.9%** |  |
| State of Connecticut Special Tax Revenue, RB, Series A, <br> 4.00%, 05/01/36<br>| 1000 | 1029762 |
| State of Connecticut, GO |  |  |
| Series G, Sustainability Bonds, 3.00%, 11/15/42 | 100 | 87654 |
| Series G, Sustainability Bonds, 3.00%, 11/15/43 | 100 | 85690 |
| State of Connecticut, Refunding GO |  |  |
| Series B, 5.00%, 08/01/28 | 30 | 31896 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **State (continued)** | **State (continued)** |  |
| State of Connecticut, Refunding GO (continued) |  |  |
| Series E, 5.00%, 09/01/32 | 500 | $572571 |
| Series C, Sustainability Bonds, 5.00%, 03/01/28 | 20 | 21062 |
|  |  | 1828635 |
| **Transportation — 0.2%** | **Transportation — 0.2%** |  |
| State of Connecticut Special Tax Revenue, RB, Series A, <br> 4.00%, 09/01/36<br>| 430 | 430766 |
| **Total Municipal Bonds in Connecticut** | **Total Municipal Bonds in Connecticut** | 2259401 |
| **Delaware — 0.5%** | **Delaware — 0.5%** |  |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| Delaware State Housing Authority, RB, S/F Housing, <br> Series B, (FHLMC, FNMA, GNMA), 6.00%, 01/01/55<br>| 935 | 1025402 |
| **District of Columbia — 2.9%** | **District of Columbia — 2.9%** |  |
| **County/City/Special District/School District — 0.6%** | **County/City/Special District/School District — 0.6%** |  |
| District of Columbia Income Tax Revenue, Refunding RB, <br> Series A, 3.00%, 03/01/41<br>| 290 | 256902 |
| District of Columbia, GO, Series D, 4.00%, 06/01/34 | 1000 | 1012886 |
|  |  | 1269788 |
| **Education — 0.5%** | **Education — 0.5%** |  |
| District of Columbia, Refunding RB, 5.00%, 04/01/60<sup>(a)</sup> | 1000 | 1129035 |
| **Transportation — 1.3%** | **Transportation — 1.3%** |  |
| Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 4.00%, <br> 10/01/51<br>| 1500 | 1328297 |
| Washington Metropolitan Area Transit Authority Dedicated <br> Revenue, RB, Series A, 4.00%, 07/15/45<br>| 1500 | 1419102 |
|  |  | 2747399 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| District of Columbia Water & Sewer Authority, RB, <br> Subordinate, 3.00%, 10/01/57<sup>(a)</sup><br>| 1000 | 992408 |
| **Total Municipal Bonds in District of Columbia** | **Total Municipal Bonds in District of Columbia** | 6138630 |
| **Florida — 5.1%** | **Florida — 5.1%** |  |
| **County/City/Special District/School District — 2.5%** | **County/City/Special District/School District — 2.5%** |  |
| City of Hollywood Florida, GO, 5.00%, 07/01/47 | 500 | 518247 |
| County of Miami-Dade Florida Transit System, RB, <br> Series A, 4.00%, 07/01/50<br>| 1500 | 1322165 |
| County of Miami-Dade Florida, Refunding RB, CAB, <br> 0.00%, 10/01/31<sup>(c)</sup><br>| 250 | 203549 |
| Florida Insurance Assistance Interlocal Agency, Inc., <br> Refunding RB<br>|  |  |
| Series A-1, 5.00%, 09/01/26 | 500 | 501668 |
| Series A-1, 5.00%, 09/01/28 | 500 | 507542 |
| Lee County School Board, COP, Series A, 5.25%, <br> 08/01/50<br>| 570 | 600760 |
| Orange County School Board, COP, Series A, 5.00%, <br> 08/01/33<br>| 940 | 1079059 |
| Orange County School Board, Refunding COP, Series C, <br> 5.00%, 08/01/28<br>| 50 | 53016 |
| Palm Beach County School District, Refunding COP, <br> Sereis A, 5.00%, 08/01/27<br>| 55 | 56988 |
| School Board of Miami-Dade County, Refunding COP, <br> Series D, 5.00%, 02/01/27<br>| 500 | 500908 |
|  |  | 5343902 |

---

Fund Schedules of Investments

------

Schedule of Investments (continued)

December 31, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Education — 0.3%** | **Education — 0.3%** |  |
| Miami-Dade County Educational Facilities Authority, <br> Refunding RB, Series A, 5.25%, 04/01/47<br>| $565 | $599994 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| City of Tampa Florida, RB, Series B, 5.00%, 07/01/50 | 1000 | 1007947 |
| **Transportation — 1.6%** | **Transportation — 1.6%** |  |
| Central Florida Expressway Authority, Refunding RB, <br> Series B, Senior Lien, 5.00%, 07/01/26<sup>(d)</sup><br>| 1000 | 1012200 |
| County of Lee Florida Airport Revenue, ARB, AMT, 5.25%, <br> 10/01/54<br>| 500 | 512035 |
| Greater Orlando Aviation Authority, ARB |  |  |
| Series A, AMT, 5.00%, 10/01/33 | 500 | 513772 |
| Series A, AMT, 5.00%, 10/01/54 | 850 | 853185 |
| Greater Orlando Aviation Authority, RB, AMT, Subordinate <br> Lien, 5.25%, 10/01/45<br>| 435 | 458529 |
|  |  | 3349721 |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| Tampa Bay Water, RB, Series A, 5.25%, 10/01/54 | 500 | 530582 |
| **Total Municipal Bonds in Florida** | **Total Municipal Bonds in Florida** | 10832146 |
| **Georgia — 2.2%** | **Georgia — 2.2%** |  |
| **Corporate — 1.2%** | **Corporate — 1.2%** |  |
| Main Street Natural Gas, Inc., RB |  |  |
| Series A, 5.00%, 05/15/49 | 375 | 390207 |
| Series A, 5.00%, 05/01/54<sup>(a)</sup> | 1000 | 1074379 |
| Series B, 5.00%, 12/01/54<sup>(a)</sup> | 500 | 534997 |
| Series D, 5.00%, 04/01/54<sup>(a)</sup> | 500 | 537183 |
|  |  | 2536766 |
| **Education — 0.2%** | **Education — 0.2%** |  |
| Private Colleges & Universities Authority, Refunding RB, <br> Series A, 5.00%, 09/01/29<br>| 410 | 445267 |
| **State — 0.3%** | **State — 0.3%** |  |
| State of Georgia, GO, Series A, 5.00%, 02/01/29 | 650 | 651265 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| County of DeKalb GA Water & Sewerage Revenue, RB, <br> Series A, 5.00%, 10/01/50<br>| 250 | 261950 |
| Municipal Electric Authority of Georgia, Refunding RB |  |  |
| Class A, Subordinate, (BAM), 5.25%, 01/01/54 | 500 | 522287 |
| Series A, Subordinate, 5.00%, 01/01/36 | 325 | 365466 |
|  |  | 1149703 |
| **Total Municipal Bonds in Georgia** | **Total Municipal Bonds in Georgia** | 4783001 |
| **Illinois — 6.0%** | **Illinois — 6.0%** |  |
| **County/City/Special District/School District — 0.7%** | **County/City/Special District/School District — 0.7%** |  |
| City of Chicago Illinois, GO, Series A, 5.50%, 01/01/39 | 150 | 157285 |
| City of Chicago Illinois, Refunding GO |  |  |
| Series B, 5.00%, 01/01/33 | 500 | 531583 |
| Series B, 5.00%, 01/01/34 | 675 | 718835 |
|  |  | 1407703 |
| **Education — 0.2%** | **Education — 0.2%** |  |
| Illinois Finance Authority, Refunding RB, Series A, 5.25%, <br> 05/15/48<br>| 450 | 472047 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| Illinois Finance Authority, Refunding RB, 5.00%, 12/01/40 | 1000 | 1009403 |
| **State — 3.0%** | **State — 3.0%** |  |
| Metropolitan Pier & Exposition Authority, Refunding RB<sup>(c)</sup> <br>|  |  |
| Series B, (AGM), 0.00%, 06/15/44 | 1000 | 433921 |
| Series B, (AGM), 0.00%, 06/15/46 | 1105 | 423014 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **State (continued)** | **State (continued)** |  |
| State of Illinois Sales Tax Revenue, RB, Series A, 5.00%, <br> 06/15/29<br>| 1000 | $1071289 |
| State of Illinois, GO |  |  |
| 5.50%, 05/01/30 | 500 | 535078 |
| Series B, 5.00%, 05/01/34 | 530 | 599333 |
| Series C, 5.00%, 11/01/29 | 1000 | 1036140 |
| Series D, 5.00%, 11/01/26 | 500 | 509062 |
| State of Illinois, Refunding GO |  |  |
| 5.00%, 02/01/32 | 500 | 555017 |
| 5.00%, 02/01/39 | 500 | 542977 |
| Series A, 5.00%, 10/01/28 | 500 | 528324 |
| Series D, 5.00%, 07/01/34 | 190 | 209045 |
|  |  | 6443200 |
| **Transportation — 1.0%** | **Transportation — 1.0%** |  |
| Chicago O'Hare International Airport, Refunding ARB, <br> Series B, Senior Lien, 4.00%, 01/01/44<br>| 1000 | 932088 |
| Chicago Transit Authority Capital Grant Receipts <br> Revenue, Refunding RB, 5.00%, 06/01/28<br>| 190 | 198742 |
| Illinois State Toll Highway Authority, Refunding RB, <br> Series A, 5.00%, 01/01/30<br>| 250 | 267112 |
| Regional Transportation Authority, RB, Series A, (AGM), <br> 5.75%, 06/01/34<br>| 730 | 836833 |
|  |  | 2234775 |
| **Utilities — 0.6%** | **Utilities — 0.6%** |  |
| Illinois Finance Authority, RB, Sustainability Bonds, 5.00%, <br> 07/01/36<br>| 1085 | 1185077 |
| **Total Municipal Bonds in Illinois** | **Total Municipal Bonds in Illinois** | 12752205 |
| **Indiana — 0.4%** | **Indiana — 0.4%** |  |
| **County/City/Special District/School District — 0.2%** | **County/City/Special District/School District — 0.2%** |  |
| Indianapolis Local Public Improvement Bond Bank, <br> Refunding RB, Series A, 5.00%, 06/01/30<br>| 400 | 438948 |
| **Health — 0.2%** | **Health — 0.2%** |  |
| Indiana Finance Authority, Refunding RB, 5.25%, <br> 03/01/54<br>| 500 | 515021 |
| **Total Municipal Bonds in Indiana** | **Total Municipal Bonds in Indiana** | 953969 |
| **Kansas — 0.1%** | **Kansas — 0.1%** |  |
| **Health — 0.1%** | **Health — 0.1%** |  |
| University of Kansas Hospital Authority, Refunding RB, <br> Series A, 5.00%, 03/01/27<sup>(d)</sup><br>| 155 | 159147 |
| **Kentucky — 2.0%** | **Kentucky — 2.0%** |  |
| **Corporate — 0.4%** | **Corporate — 0.4%** |  |
| Kentucky Public Energy Authority, RB, Series A-1, 4.00%, <br> 08/01/52<sup>(a)</sup><br>| 25 | 25242 |
| Kentucky Public Energy Authority, Refunding RB, <br> Series B, 5.00%, 01/01/55<sup>(a)</sup><br>| 500 | 537870 |
| Louisville/Jefferson County Metropolitan Government, <br> Refunding RB, 2.00%, 10/01/33<br>| 400 | 348931 |
|  |  | 912043 |
| **County/City/Special District/School District — 0.3%** | **County/City/Special District/School District — 0.3%** |  |
| Scott County School District Finance Corp., RB, 5.00%, <br> 09/01/41<br>| 500 | 534949 |
| **Housing — 0.3%** | **Housing — 0.3%** |  |
| Kentucky Housing Corp., RB, S/F Housing, Series A, <br> (FHLMC, FNMA, GNMA), 6.25%, 07/01/55<br>| 495 | 546122 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **State — 0.3%** | **State — 0.3%** |  |
| Kentucky State Property & Building Commission, RB |  |  |
| Series A, 5.00%, 04/01/28 | $145 | $152730 |
| Series A, 5.00%, 09/01/28 | 20 | 21262 |
| Series A, 5.00%, 09/01/43 | 500 | 538219 |
|  |  | 712211 |
| **Transportation — 0.2%** | **Transportation — 0.2%** |  |
| Kenton County Airport Board, ARB, Series A, AMT, 5.25%, <br> 01/01/54<br>| 500 | 513556 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| Kentucky Municipal Energy Agency, RB, (AGM), 5.00%, <br> 01/01/50<br>| 500 | 515108 |
| Louisville and Jefferson County Metropolitan Sewer <br> District, Refunding RB, Series A, 5.00%, 05/15/37<br>| 500 | 571846 |
|  |  | 1086954 |
| **Total Municipal Bonds in Kentucky** | **Total Municipal Bonds in Kentucky** | 4305835 |
| **Louisiana — 0.6%** | **Louisiana — 0.6%** |  |
| **Corporate — 0.6%** | **Corporate — 0.6%** |  |
| Parish of St. John the Baptist Louisiana, Refunding RB, <br> Series C, 3.30%, 06/01/37<sup>(a)</sup><br>| 1250 | 1265229 |
| **Maine — 0.2%** | **Maine — 0.2%** |  |
| **Education — 0.2%** | **Education — 0.2%** |  |
| Maine Health & Higher Educational Facilities Authority, <br> RB, Series B, 5.25%, 10/01/54<br>| 500 | 524098 |
| **Maryland — 1.0%** | **Maryland — 1.0%** |  |
| **Housing — 0.4%** | **Housing — 0.4%** |  |
| Maryland Community Development Administration, <br> Refunding RB, S/F Housing, Series E, Sustainability <br> Bonds, (FHLMC, FNMA, GNMA), 6.25%, 03/01/54<br>| 890 | 965251 |
| **State — 0.2%** | **State — 0.2%** |  |
| State of Maryland, GO, Series A, 5.00%, 03/15/31 | 400 | 411353 |
| **Transportation — 0.4%** | **Transportation — 0.4%** |  |
| State of Maryland Department of Transportation, ARB, <br> 5.00%, 10/01/29<br>| 825 | 839909 |
| **Total Municipal Bonds in Maryland** | **Total Municipal Bonds in Maryland** | 2216513 |
| **Massachusetts — 2.8%** | **Massachusetts — 2.8%** |  |
| **Education — 0.8%** | **Education — 0.8%** |  |
| Massachusetts Development Finance Agency, Refunding <br> RB<br>|  |  |
| Series B, 5.00%, 02/15/33 | 530 | 613762 |
| Series B, 5.00%, 02/15/34 | 455 | 533363 |
| Series B, 4.00%, 02/15/36 | 485 | 534867 |
|  |  | 1681992 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| Massachusetts Development Finance Agency, RB |  |  |
| Series M, 5.00%, 07/01/32 | 500 | 564601 |
| Series M, 5.00%, 07/01/34 | 500 | 565711 |
|  |  | 1130312 |
| **State — 1.5%** | **State — 1.5%** |  |
| Commonwealth of Massachusetts, GOL |  |  |
| Series B, 3.00%, 02/01/48 | 1000 | 770785 |
| Series E, 4.00%, 04/01/46 | 530 | 501666 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **State (continued)** | **State (continued)** |  |
| Commonwealth of Massachusetts, GOL (continued) |  |  |
| Series G, 4.00%, 09/01/32 | 1325 | $1332539 |
| Commonwealth of Massachusetts, Refunding GOL, <br> Series A, (AMBAC), 5.50%, 08/01/30<br>| 500 | 558684 |
|  |  | 3163674 |
| **Total Municipal Bonds in Massachusetts** | **Total Municipal Bonds in Massachusetts** | 5975978 |
| **Michigan — 2.5%** | **Michigan — 2.5%** |  |
| **Education — 0.3%** | **Education — 0.3%** |  |
| University of Michigan, Refunding RB, 5.00%, 04/01/26<sup>(d)</sup> | 585 | 588396 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| Michigan Finance Authority, Refunding RB, Series A, <br> 5.00%, 12/01/41<br>| 1000 | 1043917 |
| **Housing — 0.6%** | **Housing — 0.6%** |  |
| Michigan State Housing Development Authority, RB, S/F <br> Housing, Series D, Sustainability Bonds, 6.25%, <br> 06/01/55<br>| 985 | 1082491 |
| Michigan State Housing Development Authority, <br> Refunding RB, S/F Housing, Series B, Sustainability <br> Bonds, 5.75%, 06/01/54<br>| 205 | 220152 |
|  |  | 1302643 |
| **State — 0.6%** | **State — 0.6%** |  |
| Michigan State Building Authority, Refunding RB |  |  |
| Series I, 5.00%, 10/15/30 | 250 | 254796 |
| Series I, 5.00%, 10/15/32 | 250 | 254577 |
| Series I, 3.00%, 10/15/51 | 1000 | 734163 |
|  |  | 1243536 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| Great Lakes Water Authority Water Supply System <br> Revenue, Refunding RB, Series A, Senior Lien, 5.00%, <br> 07/01/32<br>| 1000 | 1142724 |
| **Total Municipal Bonds in Michigan** | **Total Municipal Bonds in Michigan** | 5321216 |
| **Minnesota — 0.8%** | **Minnesota — 0.8%** |  |
| **County/City/Special District/School District — 0.0%** | **County/City/Special District/School District — 0.0%** |  |
| Metropolitan Council, GO, Series C, 5.00%, 12/01/26 | 45 | 46004 |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| Minnesota Housing Finance Agency, RB, S/F Housing, <br> Series U, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.25%, 07/01/55<br>| 970 | 1090193 |
| **State — 0.3%** | **State — 0.3%** |  |
| State of Minnesota, GO, Series A, 5.00%, 08/01/41 | 500 | 562191 |
| **Total Municipal Bonds in Minnesota** | **Total Municipal Bonds in Minnesota** | 1698388 |
| **Missouri — 0.8%** | **Missouri — 0.8%** |  |
| **Health — 0.1%** | **Health — 0.1%** |  |
| Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB, Series A, 5.00%, 06/01/28<br>| 105 | 110302 |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| Missouri Housing Development Commission, RB, S/F <br> Housing, Series G, (FHLMC, FNMA, GNMA), 5.50%, <br> 05/01/55<br>| 960 | 1031014 |

---

Fund Schedules of Investments

------

Schedule of Investments (continued)

December 31, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| Missouri Joint Municipal Electric Utility Commission, RB, <br> 5.25%, 01/01/56<br>| $500 | $524210 |
| **Total Municipal Bonds in Missouri** | **Total Municipal Bonds in Missouri** | 1665526 |
| **Nevada — 0.3%** | **Nevada — 0.3%** |  |
| **County/City/Special District/School District — 0.3%** | **County/City/Special District/School District — 0.3%** |  |
| Clark County School District, GOL, Series B, 5.00%, <br> 06/15/28<br>| 130 | 137558 |
| County of Clark NV, Refunding RB, Series C, 5.00%, <br> 07/01/27<br>| 60 | 62233 |
| Washoe County School District, GOL, Series A, 4.00%, <br> 10/01/54<br>| 490 | 448531 |
| **Total Municipal Bonds in Nevada** | **Total Municipal Bonds in Nevada** | 648322 |
| **New Hampshire — 0.5%** | **New Hampshire — 0.5%** |  |
| **Housing — 0.3%** | **Housing — 0.3%** |  |
| New Hampshire Housing Finance Authority, RB, S/F <br> Housing, Series A, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 6.50%, 01/01/56<br>| 495 | 561910 |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| New Hampshire Business Finance Authority, RB, Series A, <br> Sustainability Bonds, 5.50%, 06/01/55<br>| 500 | 520037 |
| **Total Municipal Bonds in New Hampshire** | **Total Municipal Bonds in New Hampshire** | 1081947 |
| **New Jersey — 3.6%** | **New Jersey — 3.6%** |  |
| **Education — 0.9%** | **Education — 0.9%** |  |
| New Jersey Educational Facilities Authority, RB |  |  |
| Series A, 5.00%, 07/01/64<sup>(a)</sup> | 1000 | 1112261 |
| Series A1, 5.00%, 03/01/36 | 650 | 755277 |
|  |  | 1867538 |
| **Health — 0.4%** | **Health — 0.4%** |  |
| New Jersey Health Care Facilities Financing Authority, <br> RB, 4.00%, 07/01/51<br>| 1000 | 915897 |
| **State — 1.1%** | **State — 1.1%** |  |
| Garden State Preservation Trust, RB, Series A, (AGM), <br> 5.75%, 11/01/28<br>| 770 | 814934 |
| State of New Jersey, GO, Series A, 4.00%, 06/01/31 | 1500 | 1610446 |
|  |  | 2425380 |
| **Transportation — 1.2%** | **Transportation — 1.2%** |  |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| 5.00%, 12/15/28<sup>(d)</sup> | 175 | 188019 |
| Series A, 0.00%, 12/15/32<sup>(c)</sup> | 250 | 200575 |
| Series AA, 3.00%, 06/15/50 | 1000 | 734871 |
| New Jersey Transportation Trust Fund Authority, RB, CAB, <br> Series A, 0.00%, 12/15/38<sup>(c)</sup><br>| 530 | 323806 |
| New Jersey Transportation Trust Fund Authority, <br> Refunding RB, Series A, 4.00%, 12/15/31<br>| 1000 | 1028501 |
|  |  | 2475772 |
| **Total Municipal Bonds in New Jersey** | **Total Municipal Bonds in New Jersey** | 7684587 |
| **New York — 17.6%** | **New York — 17.6%** |  |
| **County/City/Special District/School District — 4.9%** | **County/City/Special District/School District — 4.9%** |  |
| Battery Park City Authority, Refunding RB, Sustainability <br> Bonds, 5.00%, 11/01/50<br>| 725 | 761360 |
| City of New York GO |  |  |
| 5.00%, 08/01/28 | 35 | 37185 |
| Series C, 4.00%, 08/01/40 | 1840 | 1841386 |
| Series D-1, 5.00%, 12/01/35 | 500 | 526479 |
| Series D-1, 4.00%, 12/01/41 | 1000 | 983083 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| City of New York, Refunding GO |  |  |
| Series B-1, 5.00%, 08/01/31 | 1000 | $1119370 |
| Sub-Series F-1, 5.00%, 08/01/27 | 380 | 395103 |
| Nassau County Interim Finance Authority, Refunding RB, <br> Series A, 4.00%, 11/15/34<br>| 310 | 332712 |
| New York City Industrial Development Agency, Refunding <br> RB<br>|  |  |
| (AGM), 5.00%, 03/01/30 | 360 | 392033 |
| (AGM), 4.00%, 03/01/45 | 300 | 281345 |
| New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| Series A-1, 5.00%, 08/01/36 | 500 | 521610 |
| Subordinate, 4.00%, 05/01/42 | 1000 | 973093 |
| Series B, Subordinate, 5.00%, 05/01/35 | 170 | 194789 |
| Sub-Series A, Subordinate, 5.00%, 05/01/32 | 950 | 1077707 |
| New York City Transitional Finance Authority Future Tax <br> Secured Revenue, Refunding RB<br>|  |  |
| Series E-1, Subordinate, 5.00%, 11/01/28 | 205 | 219022 |
| Series G-1, Subordinate, 5.00%, 11/01/28 | 240 | 256417 |
| Series J-1, Subordinate, 5.00%, 11/01/30 | 305 | 338850 |
| New York State Dormitory Authority, RB, Class A, (AGM <br> SAW), 5.00%, 10/01/30<br>| 230 | 256322 |
| New York State Dormitory Authority, Refunding RB, <br> Series E, 5.00%, 09/15/28<sup>(d)</sup><br>| 5 | 5320 |
|  |  | 10513186 |
| **Education — 0.6%** | **Education — 0.6%** |  |
| New York State Dormitory Authority, RB, Series A, 4.00%, <br> 07/01/41<br>| 1000 | 994177 |
| New York State Dormitory Authority, Refunding RB, <br> Series A, 5.50%, 07/01/54<br>| 290 | 313754 |
|  |  | 1307931 |
| **State — 4.4%** | **State — 4.4%** |  |
| Empire State Development Corp., RB, Class A, 4.00%, <br> 03/15/47<br>| 1000 | 919272 |
| Empire State Development Corp., Refunding RB |  |  |
| Series A, 5.00%, 03/15/39 | 1000 | 1059883 |
| Series E, 3.00%, 03/15/47 | 715 | 548616 |
| Series E, 3.00%, 03/15/50 | 1130 | 840815 |
| New York City Transitional Finance Authority Building Aid <br> Revenue, Refunding RB, Series S-2A, Subordinate, <br> (SAW), 4.00%, 07/15/36<br>| 1455 | 1471407 |
| New York State Dormitory Authority, RB, Series A, 5.00%, <br> 03/15/35<br>| 740 | 774681 |
| New York State Dormitory Authority, Refunding RB |  |  |
| Series A, 4.00%, 03/15/43 | 500 | 482739 |
| Series A, 5.00%, 03/15/43 | 250 | 270842 |
| Series A, 3.00%, 03/15/51 | 1000 | 733374 |
| Series D, 4.00%, 02/15/47 | 1000 | 919489 |
| Series E, 3.00%, 03/15/41 | 1500 | 1302905 |
|  |  | 9324023 |
| **Transportation — 6.9%** | **Transportation — 6.9%** |  |
| Metropolitan Transportation Authority, RB, Series A-1, <br> Sustainability Bonds, 4.00%, 11/15/48<br>| 500 | 443914 |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| 5.00%, 11/15/30 | 500 | 551536 |
| Series A, 5.00%, 11/15/44 | 1000 | 1052832 |
| Series B, 5.00%, 11/15/37 | 1075 | 1088003 |
| New York State Thruway Authority, Refunding RB |  |  |
| Series A-1, 4.00%, 03/15/44 | 1000 | 966603 |
| Series B, Subordinate, 4.00%, 01/01/50 | 1000 | 898352 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| New York Transportation Development Corp., RB |  |  |
| AMT, Sustainability Bonds, 5.25%, 06/30/49 | 100 | $100654 |
| AMT, Sustainability Bonds, 5.50%, 06/30/60 | 1000 | 1008098 |
| New York Transportation Development Corp., Refunding <br> RB<br>|  |  |
| Series A, AMT, Sustainability Bonds, 5.50%, 12/31/54 | 1000 | 1020099 |
| Series A, AMT, Sustainability Bonds, 5.50%, 12/31/60 | 2000 | 2021577 |
| Port Authority of New York & New Jersey, Refunding ARB |  |  |
| Series 238, AMT, 5.00%, 07/15/36 | 1545 | 1697925 |
| Series 238, AMT, 5.00%, 07/15/37 | 280 | 305273 |
| Triborough Bridge & Tunnel Authority, RB |  |  |
| Class A, 5.00%, 12/01/44 | 500 | 535751 |
| Series A, 4.00%, 11/15/42 | 215 | 210711 |
| Series A, 5.25%, 12/01/54 | 640 | 674655 |
| Triborough Bridge & Tunnel Authority, Refunding RB |  |  |
| Series A, 5.00%, 11/15/31 | 1000 | 1006957 |
| Series B, 5.00%, 11/15/38 | 1000 | 1023456 |
|  |  | 14606396 |
| **Utilities — 0.8%** | **Utilities — 0.8%** |  |
| Long Island Power Authority, RB, Series B, 3.00%, <br> 09/01/55<sup>(a)</sup><br>| 465 | 465899 |
| Long Island Power Authority, Refunding RB, Series A, <br> 5.00%, 09/01/42<br>| 240 | 262212 |
| New York Power Authority, Refunding RB, Series A, <br> Sustainability Bonds, 4.00%, 11/15/50<br>| 1000 | 916853 |
|  |  | 1644964 |
| **Total Municipal Bonds in New York** | **Total Municipal Bonds in New York** | 37396500 |
| **North Carolina — 1.1%** | **North Carolina — 1.1%** |  |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| North Carolina Housing Finance Agency, RB, S/F <br> Housing, Series 55A, (FHLMC, FNMA, GNMA), 6.25%, <br> 07/01/55<br>| 980 | 1075536 |
| **Transportation**<sup>(c)</sup> **— 0.3%** | **Transportation**<sup>(c)</sup> **— 0.3%** |  |
| North Carolina Turnpike Authority, RB, Series B, (AGM), <br> 0.00%, 01/01/34<br>| 500 | 381519 |
| North Carolina Turnpike Authority, RB, CAB, 0.00%, <br> 01/01/49<br>| 1000 | 331198 |
|  |  | 712717 |
| **Utilities — 0.3%** | **Utilities — 0.3%** |  |
| North Carolina Municipal Power Agency No. 1, Refunding <br> RB, Series A, 5.00%, 01/01/28<br>| 650 | 651965 |
| **Total Municipal Bonds in North Carolina** | **Total Municipal Bonds in North Carolina** | 2440218 |
| **North Dakota — 0.5%** | **North Dakota — 0.5%** |  |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| North Dakota Housing Finance Agency, RB, S/F Housing, <br> Series D, Sustainability Bonds, 6.00%, 07/01/55<br>| 990 | 1100902 |
| **Ohio — 1.5%** | **Ohio — 1.5%** |  |
| **Corporate — 0.5%** | **Corporate — 0.5%** |  |
| Ohio Air Quality Development Authority, Refunding RB, <br> Series A, AMT, 4.25%, 11/01/39<sup>(a)</sup><br>| 1000 | 1015624 |
| **County/City/Special District/School District — 0.2%** | **County/City/Special District/School District — 0.2%** |  |
| JobsOhio Beverage System, Refunding RB, Senior Lien, <br> 5.00%, 01/01/53<br>| 375 | 391496 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Education — 0.1%** | **Education — 0.1%** |  |
| Ohio Higher Educational Facility Commission, RB, <br> Sustainability Bonds, 5.25%, 10/01/53<br>| $205 | $213664 |
| **Utilities — 0.7%** | **Utilities — 0.7%** |  |
| American Municipal Power, Inc., Refunding RB, 5.00%, <br> 02/15/33<br>| 1000 | 1084491 |
| Ohio Water Development Authority, RB, 5.25%, 12/01/45 | 380 | 417029 |
|  |  | 1501520 |
| **Total Municipal Bonds in Ohio** | **Total Municipal Bonds in Ohio** | 3122304 |
| **Oklahoma — 0.8%** | **Oklahoma — 0.8%** |  |
| **Transportation — 0.5%** | **Transportation — 0.5%** |  |
| Oklahoma Turnpike Authority, RB, Series A, 5.50%, <br> 01/01/54<br>| 1000 | 1085092 |
| **Utilities — 0.3%** | **Utilities — 0.3%** |  |
| Grand River Dam Authority, Refunding RB, Series A, <br> 5.00%, 06/01/42<br>| 500 | 542805 |
| **Total Municipal Bonds in Oklahoma** | **Total Municipal Bonds in Oklahoma** | 1627897 |
| **Oregon — 0.0%** | **Oregon — 0.0%** |  |
| **Utilities — 0.0%** | **Utilities — 0.0%** |  |
| City of Portland OR Sewer System Revenue, Refunding <br> RB, Series A, 2nd Lien, 5.00%, 03/01/28<br>| 45 | 47416 |
| **Pennsylvania — 4.5%** | **Pennsylvania — 4.5%** |  |
| **County/City/Special District/School District — 0.4%** | **County/City/Special District/School District — 0.4%** |  |
| County of Allegheny Pennsylvania, GO, Series C-80, <br> 5.00%, 12/01/49<br>| 250 | 259691 |
| Pennsylvania Economic Development Financing Authority, <br> RB, AMT, 5.50%, 06/30/43<br>| 500 | 524956 |
|  |  | 784647 |
| **Health — 1.5%** | **Health — 1.5%** |  |
| Geisinger Authority, Refunding RB, 5.00%, 04/01/50 | 1000 | 1010077 |
| Northampton County General Purpose Authority, <br> Refunding RB, Series A2, 5.00%, 08/15/34<br>| 975 | 1097719 |
| Pennsylvania Higher Educational Facilities Authority, RB, <br> 5.00%, 08/15/49<br>| 1000 | 1018657 |
|  |  | 3126453 |
| **State — 0.8%** | **State — 0.8%** |  |
| Commonwealth of Pennsylvania, GO |  |  |
| 5.00%, 10/01/31 | 1000 | 1132923 |
| 5.00%, 10/01/40 | 500 | 541954 |
|  |  | 1674877 |
| **Transportation — 1.7%** | **Transportation — 1.7%** |  |
| Allegheny County Airport Authority, ARB, Series A, AMT, <br> (AGM), 5.50%, 01/01/53<br>| 835 | 868526 |
| Delaware River Port Authority, ARB, Series A, 5.00%, <br> 01/01/39<br>| 125 | 131174 |
| Pennsylvania Economic Development Financing Authority, <br> RB<br>|  |  |
| 5.00%, 12/31/38 | 1000 | 1002481 |
| AMT, (AGM), 5.00%, 12/31/57 | 750 | 739709 |
| Pennsylvania Turnpike Commission, RB |  |  |
| Series A, Subordinate, 4.00%, 12/01/46 | 425 | 400309 |
| Series A, Subordinate, 4.00%, 12/01/50 | 480 | 443808 |
|  |  | 3586007 |

---

Fund Schedules of Investments

------

Schedule of Investments (continued)

December 31, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utilities — 0.1%** | **Utilities — 0.1%** |  |
| Philadelphia Gas Works Co., Refunding RB, Series A, <br> 5.25%, 08/01/49<br>| $305 | $321215 |
| **Total Municipal Bonds in Pennsylvania** | **Total Municipal Bonds in Pennsylvania** | 9493199 |
| **Rhode Island — 0.1%** | **Rhode Island — 0.1%** |  |
| **Housing — 0.1%** | **Housing — 0.1%** |  |
| Rhode Island Housing & Mortgage Finance Corp., RB, S/F <br> Housing, Series 81-A, Sustainability Bonds, (GNMA), <br> 5.45%, 10/01/53<br>| 175 | 182654 |
| **South Carolina — 1.3%** | **South Carolina — 1.3%** |  |
| **Health — 0.2%** | **Health — 0.2%** |  |
| South Carolina Jobs-Economic Development Authority, <br> RB, Series A, 5.50%, 11/01/45<br>| 360 | 391927 |
| **Housing — 0.3%** | **Housing — 0.3%** |  |
| South Carolina State Housing Finance & Development <br> Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, <br> GNMA), 6.50%, 07/01/55<br>| 490 | 555908 |
| **Utilities — 0.8%** | **Utilities — 0.8%** |  |
| South Carolina Public Service Authority, RB, Series A, <br> 5.50%, 12/01/54<br>| 500 | 533408 |
| South Carolina Public Service Authority, Refunding RB |  |  |
| Series A, 4.00%, 12/01/40 | 750 | 743390 |
| Series A, 5.25%, 12/01/50 | 400 | 420395 |
| Series B, 5.00%, 12/01/28 | 40 | 42687 |
|  |  | 1739880 |
| **Total Municipal Bonds in South Carolina** | **Total Municipal Bonds in South Carolina** | 2687715 |
| **Tennessee — 0.0%** | **Tennessee — 0.0%** |  |
| **County/City/Special District/School District — 0.0%** | **County/City/Special District/School District — 0.0%** |  |
| Metropolitan Gov't of Nashville & Davidson County <br> Refunding GO, 4.00%, 07/01/28<br>| 35 | 36264 |
| **Texas — 9.1%** | **Texas — 9.1%** |  |
| **Corporate — 0.3%** | **Corporate — 0.3%** |  |
| Texas Municipal Gas Acquisition & Supply Corp. IV, RB, <br> Series A, 5.50%, 01/01/54<sup>(a)</sup><br>| 500 | 531342 |
| Texas Municipal Gas Acquisition and Supply Corp. I, RB, <br> Series D, Senior Lien, 6.25%, 12/15/26<br>| 135 | 139255 |
|  |  | 670597 |
| **County/City/Special District/School District — 3.3%** | **County/City/Special District/School District — 3.3%** |  |
| Aldine Independent School District, Refunding GO, <br> Series B, (PSF), 5.00%, 02/15/28<br>| 25 | 26279 |
| Anna Independent School District, GO, (PSF), 5.25%, <br> 02/15/55<br>| 500 | 531686 |
| Arlington Independent School District Refunding GO, <br> (PSF), 5.00%, 02/15/28<br>| 25 | 26252 |
| City of Austin Texas, Refunding GOL, 5.00%, 09/01/28 | 20 | 21293 |
| City of Dallas, GOL, Series A, 5.00%, 02/15/27 | 125 | 128422 |
| City of Dallas, Refunding GOL, Series A, 5.00%, 02/15/28 | 40 | 42003 |
| City of Fort Worth Texas, GOL, 5.00%, 03/01/27 | 85 | 87370 |
| City of Houston, Refunding GOL, Series A, 5.00%, <br> 03/01/28<br>| 140 | 147277 |
| City of San Antonio Texas, Refunding GO, 5.00%, <br> 08/01/28<br>| 20 | 21243 |
| City of San Antonio, GOL, 5.00%, 02/01/28 | 70 | 73515 |
| Conroe Independent School District, Refunding GO, <br> Series A, (PSF), 5.00%, 02/15/28<br>| 50 | 52599 |
| County of Williamson Texas, GOL, 5.00%, 02/15/28 | 50 | 52546 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| Cypress-Fairbanks Independent School District, <br> Refunding GO, Series A, (PSF), 5.00%, 02/15/28<br>| 35 | $36760 |
| Dallas County Utility & Reclamation District, Refunding <br> GO, 5.00%, 02/15/28<br>| 500 | 522720 |
| Dallas Independent School District, GO, Series A-5, <br> (PSF), 5.00%, 02/15/55<sup>(a)</sup><br>| 500 | 542915 |
| Denton Independent School District, GO, Series B2, <br> (PSF), 4.00%, 08/15/55<sup>(a)</sup><br>| 230 | 243346 |
| Eagle Mountain & Saginaw Independent School District, <br> GO, (PSF), 5.25%, 08/15/50<br>| 1115 | 1197012 |
| Fort Worth Independent School District, Refunding GO, <br> (PSF), 5.00%, 02/15/28<br>| 110 | 115556 |
| Grayson County Junior College District, GOL, 4.00%, <br> 02/15/49<br>| 500 | 459348 |
| Lamar Consolidated Independent School District, <br> Refunding GO, Series A, (PSF), 5.00%, 02/15/27<br>| 30 | 30814 |
| Leander Independent School District, Refunding GO, <br> CAB, Series A, (PSF), 0.00%, 08/15/35<sup>(c)</sup><br>| 210 | 151547 |
| Midland Independent School District, GO, (PSF), 5.00%, <br> 02/15/28<br>| 35 | 36797 |
| Northwest Independent School District, GO, Series A, <br> (PSF), 5.00%, 02/15/49<br>| 250 | 258865 |
| Plano Independent School District, GO, 5.00%, 02/15/28 | 20 | 21023 |
| Plano Independent School District, Refunding GO, <br> Series B, (PSF), 5.00%, 02/15/28<br>| 50 | 52493 |
| Prosper Independent School District, GO, Series A, (PSF), <br> 4.00%, 02/15/54<br>| 500 | 452224 |
| Spring Independent School District, Refunding GO |  |  |
| (PSF), 5.25%, 08/15/49 | 1000 | 1071276 |
| (PSF), 5.25%, 08/15/55 | 600 | 639220 |
|  |  | 7042401 |
| **Education — 1.1%** | **Education — 1.1%** |  |
| Board of Regents of the University of Texas System, RB, <br> Series E, 5.00%, 08/15/27<br>| 400 | 416170 |
| Board of Regents of the University of Texas System, <br> Refunding RB<br>|  |  |
| Series A, 5.00%, 08/15/27 | 145 | 150862 |
| Series B, 5.00%, 08/15/35 | 310 | 365720 |
| Series C, 5.00%, 08/15/28 | 25 | 26578 |
| Brazos Higher Education Authority, Inc., RB, Series 1A, <br> AMT, 5.13%, 04/01/43<br>| 415 | 435638 |
| Houston Higher Education Finance Corp., Refunding RB, <br> 5.00%, 05/15/34<br>| 500 | 584057 |
| Texas Tech University System, Refunding RB, Series A, <br> 4.25%, 02/15/55<br>| 250 | 238081 |
|  |  | 2217106 |
| **Health**<sup>(a)</sup> **— 0.1%** | **Health**<sup>(a)</sup> **— 0.1%** |  |
| Harris County Cultural Education Facilities Finance Corp., <br> Refunding RB, 5.00%, 10/01/51<br>| 120 | 132880 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., RB, Class F, 5.00%, 11/15/52<br>| 15 | 16315 |
|  |  | 149195 |
| **State — 0.1%** | **State — 0.1%** |  |
| State of Texas, Refunding GO, 5.00%, 10/01/41 | 250 | 278479 |
| **Transportation — 1.9%** | **Transportation — 1.9%** |  |
| Central Texas Turnpike System, RB, Series A, (AMBAC), <br> 0.00%, 08/15/30<sup>(c)</sup><br>| 270 | 235416 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| Central Texas Turnpike System, Refunding RB |  |  |
| Series C, 5.00%, 08/15/33 | 500 | $571232 |
| Series C, 5.00%, 08/15/41 | 250 | 272728 |
| Dallas Fort Worth International Airport, Refunding RB, <br> Series A, 4.00%, 11/01/34<br>| 1250 | 1297598 |
| Grand Parkway Transportation Corp., Refunding RB, <br> 4.00%, 10/01/49<br>| 500 | 457457 |
| North Texas Tollway Authority, Refunding RB |  |  |
| Series B, 5.00%, 01/01/34 | 160 | 183663 |
| Series D, (AGM), 0.00%, 01/01/28<sup>(c)</sup> | 100 | 94344 |
| Port Authority of Houston of Harris County Texas, ARB, <br> 1st Lien, 5.00%, 10/01/48<br>| 455 | 471487 |
| Texas Transportation Finance Corp., Refunding RB, <br> Subordinate, 5.00%, 10/01/42<br>| 500 | 547905 |
|  |  | 4131830 |
| **Utilities — 2.3%** | **Utilities — 2.3%** |  |
| City of Austin Texas Electric Utility Revenue, Refunding <br> RB, Series A, 5.00%, 11/15/45<br>| 1000 | 1000000 |
| City of Austin TX Electric Utility Revenue Refunding RB, <br> 5.00%, 11/15/28<br>| 30 | 32052 |
| City of Garland Texas Electric Utility System Revenue, <br> Refunding RB, 4.00%, 03/01/49<br>| 1000 | 890855 |
| City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB, 4.00%, 02/01/28<br>| 25 | 25790 |
| Lower Colorado River Authority, Refunding RB |  |  |
| (AGM), 5.00%, 05/15/28 | 50 | 52807 |
| (AGM), 5.25%, 05/15/53 | 220 | 229831 |
| Texas Water Development Board, RB |  |  |
| Series A, 4.00%, 10/15/37 | 1180 | 1192003 |
| Series A, 4.00%, 10/15/41 | 475 | 479363 |
| Series A, 5.00%, 10/15/53 | 910 | 946740 |
|  |  | 4849441 |
| **Total Municipal Bonds in Texas** | **Total Municipal Bonds in Texas** | 19339049 |
| **Utah — 0.7%** | **Utah — 0.7%** |  |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| Utah Housing Corp., RB, S/F Housing, Series G, (FHLMC, <br> FNMA, GNMA), 6.25%, 07/01/55<br>| 965 | 1077969 |
| **State — 0.0%** | **State — 0.0%** |  |
| Utah State Building Ownership Authority, Refunding RB, <br> 5.00%, 05/15/28<br>| 50 | 52926 |
| **Transportation — 0.2%** | **Transportation — 0.2%** |  |
| City of Salt Lake City UT Airport Revenue, ARB, Series A, <br> AMT, 5.25%, 07/01/48<br>| 315 | 326464 |
| **Utilities — 0.0%** | **Utilities — 0.0%** |  |
| Intermountain Power Agency, Refunding RB, Series A, <br> 5.00%, 07/01/27<br>| 100 | 103617 |
| **Total Municipal Bonds in Utah** | **Total Municipal Bonds in Utah** | 1560976 |
| **Virginia — 2.0%** | **Virginia — 2.0%** |  |
| **Health — 0.4%** | **Health — 0.4%** |  |
| Fairfax County Industrial Development Authority, <br> Refunding RB, 4.00%, 05/15/42<br>| 1000 | 983290 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **State — 0.3%** | **State — 0.3%** |  |
| Virginia College Building Authority, RB, 5.00%, 02/01/27 | $50 | $51353 |
| Virginia College Building Authority, Refunding RB, <br> Series E, 5.00%, 02/01/28<br>| 500 | 525752 |
|  |  | 577105 |
| **Transportation — 1.3%** | **Transportation — 1.3%** |  |
| Virginia Commonwealth Transportation Board, Refunding <br> RB<br>|  |  |
| 5.00%, 05/15/34 | 580 | 678783 |
| Series A, 5.00%, 05/15/31 | 1000 | 1044660 |
| Virginia Small Business Financing Authority, Refunding <br> RB, AMT, Senior Lien, 5.00%, 07/01/36<br>| 1000 | 1061575 |
|  |  | 2785018 |
| **Total Municipal Bonds in Virginia** | **Total Municipal Bonds in Virginia** | 4345413 |
| **Washington — 2.2%** | **Washington — 2.2%** |  |
| **County/City/Special District/School District — 0.0%** | **County/City/Special District/School District — 0.0%** |  |
| King County School District No. 414 Lake Washington, <br> GOL, 5.00%, 12/01/26<br>| 80 | 81699 |
| **State — 0.5%** | **State — 0.5%** |  |
| State of Washington, Refunding GO, Series B, 5.00%, <br> 07/01/30<br>| 1000 | 1000000 |
| **Transportation — 1.4%** | **Transportation — 1.4%** |  |
| County of Spokane Washington Airport Revenue, ARB, <br> Series B, AMT, 5.25%, 01/01/54<br>| 925 | 950079 |
| Port of Seattle Wasington, Refunding ARB |  |  |
| AMT, Intermediate Lien, 4.00%, 08/01/47 | 1000 | 890021 |
| Series B, AMT, Intermediate Lien, 5.25%, 07/01/49 | 1000 | 1033088 |
|  |  | 2873188 |
| **Utilities — 0.3%** | **Utilities — 0.3%** |  |
| Douglas County Public Utility District No. 1 Wells <br> Hydroelectric Project Revenue, RB, Series B, 3.00%, <br> 09/01/52<br>| 500 | 375338 |
| Energy Northwest, Refunding RB, Series A, 5.00%, <br> 07/01/39<br>| 260 | 293479 |
|  |  | 668817 |
| **Total Municipal Bonds in Washington** | **Total Municipal Bonds in Washington** | 4623704 |
| **Wisconsin — 2.1%** | **Wisconsin — 2.1%** |  |
| **Health — 1.2%** | **Health — 1.2%** |  |
| Wisconsin Health & Educational Facilities Authority, RB, <br> 5.25%, 08/15/55<br>| 1000 | 1031317 |
| Wisconsin Health & Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| Series A, 5.00%, 08/15/30 | 500 | 545950 |
| Series A, 5.00%, 11/15/39 | 1000 | 1003161 |
|  |  | 2580428 |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| Wisconsin Housing & Economic Development Authority <br> Home Ownership Revenue, RB, S/F Housing, Series C, <br> Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, <br> 03/01/55<br>| 985 | 1075902 |
| **State — 0.0%** | **State — 0.0%** |  |
| State of Wisconsin, GO, Series B, 5.00%, 05/01/27 | 20 | 20670 |

---

Fund Schedules of Investments

------

Schedule of Investments (continued)

December 31, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation — 0.4%** | **Transportation — 0.4%** |  |
| Public Finance Authority, RB |  |  |
| AMT, 5.75%, 06/30/60 | $250 | $257983 |
| AMT, 5.75%, 12/31/65 | 500 | 514838 |
|  |  | 772821 |
| **Total Municipal Bonds in Wisconsin** | **Total Municipal Bonds in Wisconsin** | 4449821 |
| **Total Long-Term Investments — 98.0%** <br>**(Cost: $211,734,531)** | **Total Long-Term Investments — 98.0%** <br>**(Cost: $211,734,531)** | 208736908 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |  |
| BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.84%<sup>(e)(f)</sup><br>| 1781235 | 1781413 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $1,781,413)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $1,781,413)** | 1781413 |
| **Total Investments — 98.8%** <br>**(Cost: $213,515,944)** | **Total Investments — 98.8%** <br>**(Cost: $213,515,944)** | 210518321 |
| **Other Assets Less Liabilities — 1.2%** | **Other Assets Less Liabilities — 1.2%** | 2504259 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $213022580 |

---

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

<sup>(a)</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>(b)</sup> Security is collateralized by municipal bonds or U.S. Treasury obligations.

<sup>(c)</sup> Zero-coupon bond.

<sup>(d)</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>(e)</sup> Affiliate of the Fund.

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $2193006 | $—<br> $(411593 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $1781413 | 1781235 | $88155 | $— |

---

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $208736908 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $208736908 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1781413 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1781413 |
|  | &nbsp;&nbsp; $1781413 | &nbsp;&nbsp;&nbsp;&nbsp; $208736908 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $210518321 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

December 31, 2025

**iShares Short-Term TIPS Bond Index Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| 2.38%, 01/15/27 | 22576 | $22765303 |
| 1.75%, 01/15/28 | 21315 | 21477499 |
| 3.63%, 04/15/28 | 21867 | 22949910 |
| 2.50%, 01/15/29 | 19747 | 20390138 |
| 3.88%, 04/15/29 | 25059 | 27006631 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.38%, 01/15/27 - 07/15/27 | 95318 | 94193255 |
| 0.13%, 04/15/27 - 07/15/30 | 165026 | 158208572 |
| 1.63%, 10/15/27 - 04/15/30 | 182374 | 183777226 |
| 0.50%, 01/15/28 | 51524 | 50623990 |
| 1.25%, 04/15/28 | 56325 | 56104935 |
| 0.75%, 07/15/28 | 44749 | 44229671 |
| 2.38%, 10/15/28 | 57985 | 59728867 |
| 0.88%, 01/15/29 | 38626 | 38046283 |
| 2.13%, 04/15/29 | 59058 | 60331155 |
| 0.25%, 07/15/29 | 45553 | 43909108 |
| 1.13%, 10/15/30 | 65412 | 64446328 |
| **Total Long-Term Investments — 81.4%** <br>**(Cost: $965,764,264)** | **Total Long-Term Investments — 81.4%** <br>**(Cost: $965,764,264)** | 968188871 |

---

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

---

| | |
|:---|:---|
|  | <br>*Shares*<br>|
| **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.72%<sup>(a)(b)</sup><br>| 6048837 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **U.S. Treasury Obligations — 18.2%** | **U.S. Treasury Obligations — 18.2%** |  |
| U.S. Treasury Inflation-Indexed Bonds, 2.00%, <br> 01/15/26<br>| $23523 | $23464383 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.63%, 01/15/26 | 48953 | 48812365 |
| 0.13%, 04/15/26 - 10/15/26 | 145243 | 144114386 |
|  |  | 216391134 |
| **Total Short-Term Securities — 18.7%** <br>**(Cost: $222,871,061)** | **Total Short-Term Securities — 18.7%** <br>**(Cost: $222,871,061)** | 222439971 |
| **Total Investments — 100.1%** <br>**(Cost: $1,188,635,325)** | **Total Investments — 100.1%** <br>**(Cost: $1,188,635,325)** | 1190628842 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (1426301)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1189202541 |

---

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

<sup>(a)</sup> Affiliate of the Fund. <br> <sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <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>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $1395239<br> $4653598 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $6048837 | 6048837<br> $517253 <br><sup>(b)</sup><br>| &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. 

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| U.S. Treasury Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $968188871 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $968188871 |

---

Fund Schedules of Investments

------

Schedule of Investments (continued)

December 31, 2025

**iShares Short-Term TIPS Bond Index Fund** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $6048837 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6048837 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216391134 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216391134 |
|  | &nbsp;&nbsp; $6048837 | &nbsp;&nbsp;&nbsp;&nbsp; $1184580005 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1190628842 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

December 31, 2025

**iShares MSCI EAFE International Index Fund** 

**(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** |
| **Australia — 6.9%** | **Australia — 6.9%** |  |
| ANZ Group Holdings Ltd. | 1922659 | $46485292 |
| APA Group<sup>(a)</sup> | 853449 | 5099532 |
| Aristocrat Leisure Ltd. | 361567 | 13997839 |
| ASX Ltd. | 126726 | 4339379 |
| BHP Group Ltd., Class DI | 3276859 | 98892745 |
| Brambles Ltd. | 881694 | 13463737 |
| CAR Group Ltd. | 240875 | 4933427 |
| Cochlear Ltd. | 41724 | 7244088 |
| Coles Group Ltd. | 864358 | 12354495 |
| Commonwealth Bank of Australia | 1078423 | 115109814 |
| Computershare Ltd. | 337926 | 7658606 |
| CSL Ltd. | 313014 | 36022105 |
| Evolution Mining Ltd. | 1286954 | 10770181 |
| Fortescue Ltd. | 1087666 | 15904393 |
| Glencore PLC | 6585688 | 36001720 |
| Goodman Group | 1319278 | 27148315 |
| Insurance Australia Group Ltd. | 1519188 | 8062655 |
| Lottery Corp. Ltd. | 1431756 | 4919462 |
| Lynas Rare Earths Ltd.<sup>(b)(c)</sup> | 584446 | 4793294 |
| Macquarie Group Ltd. | 234136 | 31638820 |
| Medibank Pvt Ltd. | 1782453 | 5688450 |
| National Australia Bank Ltd. | 1976235 | 55565278 |
| Northern Star Resources Ltd. | 872311 | 15350620 |
| Origin Energy Ltd. | 1112838 | 8498193 |
| Pro Medicus Ltd. | 37001 | 5434083 |
| Qantas Airways Ltd. | 479806 | 3314826 |
| QBE Insurance Group Ltd. | 969861 | 12840416 |
| REA Group Ltd. | 34029 | 4148304 |
| Rio Tinto Ltd. | 239622 | 23376465 |
| Rio Tinto PLC | 728755 | 58701957 |
| Santos Ltd. | 2085998 | 8567581 |
| Scentre Group | 3338756 | 9333113 |
| SGH Ltd. | 129670 | 4002143 |
| Sigma Healthcare Ltd. | 3351542 | 6561039 |
| Sonic Healthcare Ltd. | 302575 | 4555865 |
| South32 Ltd. | 2874912 | 6805221 |
| Stockland | 1562886 | 5958834 |
| Suncorp Group Ltd. | 695575 | 8165411 |
| Telstra Group Ltd. | 2594740 | 8418791 |
| Transurban Group<sup>(a)</sup> | 2009239 | 19014622 |
| Vicinity Ltd. | 2522525 | 4294602 |
| Washington H Soul Pattinson & Co. Ltd. | 222021 | 5493536 |
| Wesfarmers Ltd. | 731283 | 39396432 |
| Westpac Banking Corp. | 2198674 | 56421305 |
| WiseTech Global Ltd. | 129153 | 5871879 |
| Woodside Energy Group Ltd. | 1226569 | 19125401 |
| Woolworths Group Ltd. | 784612 | 15350934 |
|  |  | 925095200 |
| **Austria — 0.3%** | **Austria — 0.3%** |  |
| Erste Group Bank AG | 197751 | 23712200 |
| OMV AG | 95411 | 5309376 |
| Raiffeisen Bank International AG | 84891 | 3782457 |
| Verbund AG | 44989 | 3266707 |
|  |  | 36070740 |
| **Belgium — 0.9%** | **Belgium — 0.9%** |  |
| Ageas SA | 96102 | 6732989 |
| Anheuser-Busch InBev SA | 636990 | 40882644 |
| D'ieteren Group | 13793 | 2484412 |
| Elia Group SA | 31914 | 4106781 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Belgium (continued)** | **Belgium (continued)** |  |
| Financiere de Tubize SA | 12924 | $3154026 |
| Groupe Bruxelles Lambert NV | 52828 | 4697698 |
| KBC Group NV | 147500 | 19209802 |
| Lotus Bakeries NV | 258 | 2374792 |
| Sofina SA | 10654 | 3080906 |
| Syensqo SA | 46799 | 3748515 |
| UCB SA | 81203 | 22625297 |
|  |  | 113097862 |
| **Brazil — 0.0%** | **Brazil — 0.0%** |  |
| Yara International ASA | 105102 | 4300985 |
| **Chile — 0.1%** | **Chile — 0.1%** |  |
| Antofagasta PLC | 252756 | 11102441 |
| **China — 0.6%** | **China — 0.6%** |  |
| BOC Hong Kong Holdings Ltd. | 2367034 | 12012668 |
| Prosus NV | 843181 | 52208885 |
| SITC International Holdings Co. Ltd. | 858000 | 3070261 |
| Wharf Holdings Ltd. | 676426 | 1889453 |
| Wilmar International Ltd. | 1223683 | 2926625 |
| Yangzijiang Shipbuilding Holdings Ltd. | 1690600 | 4567141 |
|  |  | 76675033 |
| **Denmark — 1.9%** | **Denmark — 1.9%** |  |
| AP Moller - Maersk A/S, Class A | 1869 | 4287025 |
| AP Moller - Maersk A/S, Class B | 2547 | 5844219 |
| Carlsberg A/S, Class B | 60877 | 7967790 |
| Coloplast A/S, Class B | 80234 | 6878877 |
| Danske Bank A/S | 443015 | 22122522 |
| Demant A/S<sup>(b)</sup> | 55861 | 1882207 |
| DSV A/S | 131269 | 33060924 |
| Genmab A/S<sup>(b)</sup> | 39354 | 12199104 |
| Novo Nordisk A/S, Class B | 2077910 | 105388392 |
| Novonesis Novozymes B, Class B | 226323 | 14480262 |
| Orsted A/S<sup>(b)(d)</sup> | 340432 | 6498630 |
| Pandora A/S | 52731 | 5831308 |
| Rockwool AS, B Shares | 60751 | 2134418 |
| Tryg A/S | 215920 | 5646610 |
| Vestas Wind Systems A/S | 648623 | 17543434 |
|  |  | 251765722 |
| **Finland — 1.2%** | **Finland — 1.2%** |  |
| Elisa OYJ | 91838 | 4069871 |
| Fortum OYJ | 290123 | 6161022 |
| Kesko OYJ, B Shares | 176025 | 3971881 |
| Kone OYJ, Class B | 218307 | 15465510 |
| Metso OYJ | 427369 | 7435860 |
| Neste OYJ | 270764 | 6125522 |
| Nokia OYJ | 3420567 | 22052634 |
| Nordea Bank Abp | 2017933 | 37965889 |
| Orion OYJ, Class B | 69511 | 5186049 |
| Sampo OYJ, A Shares | 1555112 | 18815000 |
| Stora Enso OYJ, Class R | 376093 | 4695759 |
| UPM-Kymmene OYJ | 342811 | 9910463 |
| Wartsila OYJ Abp | 323198 | 11442701 |
|  |  | 153298161 |
| **France — 10.3%** | **France — 10.3%** |  |
| Accor SA | 125398 | 7069490 |
| Aeroports de Paris SA | 21913 | 2859553 |
| Air Liquide SA | 372786 | 70066585 |
| Airbus SE | 382926 | 88924521 |
| Alstom SA<sup>(b)</sup> | 223658 | 6598336 |
| Amundi SA<sup>(d)</sup> | 39694 | 3280700 |

---

Fund Schedules of Investments

------

Schedule of Investments (continued)

December 31, 2025

**iShares MSCI EAFE International Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **France (continued)** | **France (continued)** |  |
| AXA SA | 1138026 | $54603625 |
| BioMerieux | 26692 | 3453804 |
| BNP Paribas SA | 653673 | 61842025 |
| Bollore SE | 453486 | 2548608 |
| Bouygues SA | 122589 | 6372830 |
| Bureau Veritas SA | 204582 | 6508332 |
| Capgemini SE | 104551 | 17360498 |
| Carrefour SA | 379601 | 6333858 |
| Cie de Saint-Gobain SA | 289449 | 29434611 |
| Cie Generale des Etablissements Michelin SCA | 430627 | 14273640 |
| Covivio SA/France | 35694 | 2369385 |
| Credit Agricole SA | 680223 | 14004337 |
| Danone SA | 417153 | 37626788 |
| Dassault Aviation SA | 12700 | 4071691 |
| Dassault Systemes SE | 430471 | 12026600 |
| Edenred SE | 155766 | 3443357 |
| Eiffage SA | 43955 | 6297842 |
| Engie SA | 1173112 | 30816874 |
| EssilorLuxottica SA | 194279 | 61430594 |
| FDJ UNITED, Class A | 70786 | 1959410 |
| Gecina SA | 29191 | 2772346 |
| Getlink SE | 193654 | 3574666 |
| Hermes International SCA | 20410 | 50674951 |
| Ipsen SA | 24256 | 3384425 |
| Kering SA | 47639 | 16646861 |
| Klepierre SA | 138860 | 5494035 |
| Legrand SA | 169198 | 25153421 |
| L'Oreal SA | 154947 | 66521176 |
| LVMH Moet Hennessy Louis Vuitton SE | 161343 | 121609975 |
| Orange SA | 1195961 | 19956468 |
| Pernod Ricard SA | 129735 | 11108727 |
| Publicis Groupe SA | 147007 | 15266329 |
| Renault SA | 124428 | 5150358 |
| Rexel SA | 144784 | 5678737 |
| Safran SA | 232050 | 80826927 |
| Sanofi SA | 713072 | 68993394 |
| Sartorius Stedim Biotech | 18906 | 4643719 |
| Schneider Electric SE | 353735 | 96773135 |
| Societe Generale SA | 462629 | 37243474 |
| Sodexo SA | 56358 | 2887559 |
| Thales SA | 59523 | 16057269 |
| TotalEnergies SE | 1281298 | 83538053 |
| Unibail-Rodamco-Westfield | 77414 | 8418530 |
| Veolia Environnement SA | 404354 | 14070496 |
| Vinci SA | 321881 | 45283208 |
|  |  | 1367306133 |
| **Germany — 9.2%** | **Germany — 9.2%** |  |
| adidas AG, Class N | 109831 | 21734017 |
| Allianz SE, Registered Shares | 249150 | 115201278 |
| BASF SE | 573254 | 30163814 |
| Bayer AG, Class N, Registered Shares | 630997 | 27369974 |
| Bayerische Motoren Werke AG | 186197 | 20190337 |
| Beiersdorf AG | 63967 | 7024675 |
| Brenntag SE, Class N<sup>(c)</sup> | 79070 | 4589545 |
| Commerzbank AG | 496231 | 20943241 |
| Continental AG | 70954 | 5631119 |
| CTS Eventim AG & Co. KGaA | 40434 | 3701421 |
| Daimler Truck Holding AG | 305391 | 13227252 |
| Deutsche Bank AG, Class N, Registered Shares | 1192730 | 45966761 |
| Deutsche Boerse AG, Class N | 121345 | 31892045 |
| Deutsche Lufthansa AG, Registered Shares | 383116 | 3763706 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** |  |
| Deutsche Post AG, Class N | 616594 | $33620220 |
| Deutsche Telekom AG, Class N, Registered Shares | 2373581 | 77262560 |
| E.ON SE, Class N | 1448527 | 27427743 |
| Evonik Industries AG | 163443 | 2550704 |
| Fresenius Medical Care AG | 142134 | 6789108 |
| Fresenius SE & Co. KGaA | 271319 | 15544352 |
| GEA Group AG | 94132 | 6361651 |
| Hannover Rueck SE, Class N | 38729 | 12051734 |
| Heidelberg Materials AG | 85953 | 22283900 |
| Henkel AG & Co. KGaA | 66384 | 5052234 |
| Hensoldt AG | 40937 | 3506226 |
| Hochtief AG | 10028 | 3925777 |
| Infineon Technologies AG, Class N | 838774 | 36596497 |
| Knorr-Bremse AG | 46853 | 5197978 |
| LEG Immobilien SE | 48087 | 3507266 |
| Mercedes-Benz Group AG, Class N | 463844 | 32154633 |
| Merck KGaA | 83010 | 11847449 |
| MTU Aero Engines AG, Class N | 34571 | 14330648 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Class N, Registered Shares<br>| 85912 | 56537515 |
| Nemetschek SE | 37251 | 4030194 |
| Rational AG | 3311 | 2556395 |
| Rheinmetall AG | 29680 | 54148009 |
| RWE AG | 406095 | 21517693 |
| SAP SE | 673725 | 163693972 |
| Scout24 SE<sup>(d)</sup> | 48297 | 4850947 |
| Siemens AG, Class N, Registered Shares | 490344 | 137333765 |
| Siemens Energy AG<sup>(b)</sup> | 500018 | 70146800 |
| Siemens Healthineers AG<sup>(d)</sup> | 217726 | 11412675 |
| Symrise AG | 85285 | 6909920 |
| Talanx AG<sup>(b)</sup> | 41569 | 5521981 |
| Vonovia SE | 475656 | 13689077 |
| Zalando SE<sup>(b)(d)</sup> | 144690 | 4269376 |
|  |  | 1228028184 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |  |
| AIA Group Ltd. | 6777283 | 69759208 |
| CK Asset Holdings Ltd. | 1243089 | 6286157 |
| CK Infrastructure Holdings Ltd. | 405344 | 3003692 |
| CLP Holdings Ltd. | 1057261 | 9457091 |
| Futu Holdings Ltd., ADR<sup>(b)</sup> | 39231 | 6442123 |
| Hang Seng Bank Ltd. | 479348 | 9456372 |
| Henderson Land Development Co. Ltd. | 951774 | 3446643 |
| HKT Trust & HKT Ltd., Class SS<sup>(a)</sup> | 2478417 | 3669936 |
| Hong Kong & China Gas Co. Ltd. | 7207383 | 6497282 |
| Hong Kong Exchanges & Clearing Ltd. | 748943 | 39185708 |
| Hongkong Land Holdings Ltd. | 720493 | 5005062 |
| Jardine Matheson Holdings Ltd. | 104486 | 7130670 |
| Link REIT | 1676091 | 7483777 |
| MTR Corp. Ltd. | 1013533 | 3881758 |
| Power Assets Holdings Ltd. | 892118 | 6321753 |
| Prudential PLC | 1653276 | 25432474 |
| Sino Land Co. Ltd. | 2371975 | 3121158 |
| Sun Hung Kai Properties Ltd. | 931088 | 11337196 |
| Swire Pacific Ltd., Class A | 236200 | 1904091 |
| Techtronic Industries Co. Ltd. | 941131 | 10825949 |
| WH Group Ltd.<sup>(d)</sup> | 5408607 | 6025262 |
| Wharf Real Estate Investment Co. Ltd. | 1094245 | 3458452 |
|  |  | 249131814 |
| **Ireland — 0.5%** | **Ireland — 0.5%** |  |
| AerCap Holdings NV | 118238 | 16997895 |
| AIB Group PLC | 1345970 | 14388886 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**iShares MSCI EAFE International Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** |  |
| Bank of Ireland Group PLC | 615604 | $11773610 |
| Kerry Group PLC, Class A | 106173 | 9702368 |
| Kingspan Group PLC | 98597 | 8495998 |
|  |  | 61358757 |
| **Israel — 0.9%** | **Israel — 0.9%** |  |
| Azrieli Group Ltd. | 27296 | 3094715 |
| Bank Hapoalim BM | 805957 | 18228374 |
| Bank Leumi Le-Israel BM | 963199 | 21226683 |
| Check Point Software Technologies Ltd.<sup>(b)(c)</sup> | 56223 | 10432740 |
| Elbit Systems Ltd. | 17917 | 10286615 |
| ICL Group Ltd. | 497308 | 2859684 |
| Isracard Ltd. | 1 | 3 |
| Israel Discount Bank Ltd., Class A | 789674 | 8385972 |
| Mizrahi Tefahot Bank Ltd. | 99876 | 6978051 |
| Nice Ltd.<sup>(b)</sup> | 40624 | 4592013 |
| Nova Ltd.<sup>(b)</sup> | 18882 | 6312117 |
| Phoenix Financial Ltd. | 145611 | 6022333 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(b)(c)</sup> | 740702 | 23117309 |
| Wix.com Ltd.<sup>(b)</sup> | 35916 | 3731313 |
|  |  | 125267922 |
| **Italy — 3.3%** | **Italy — 3.3%** |  |
| Banca Mediolanum SpA | 141436 | 3211518 |
| Banca Monte dei Paschi di Siena SpA | 1271493 | 13537832 |
| Banco BPM SpA | 727163 | 11041914 |
| BPER Banca SpA | 940179 | 12704148 |
| Coca-Cola HBC AG, Class DI | 140573 | 7272343 |
| Davide Campari-Milano NV | 395137 | 2552703 |
| Enel SpA | 5250931 | 54595677 |
| Eni SpA | 1318108 | 24986212 |
| Ferrari NV | 81326 | 30221889 |
| FinecoBank Banca Fineco SpA | 391995 | 10156415 |
| Generali | 554409 | 23167874 |
| Infrastrutture Wireless Italiane SpA<sup>(d)</sup> | 176829 | 1636410 |
| Intesa Sanpaolo SpA | 9178525 | 63424543 |
| Leonardo SpA | 259936 | 14868478 |
| Moncler SpA | 150268 | 9605158 |
| Nexi SpA<sup>(d)</sup> | 324178 | 1597840 |
| Poste Italiane SpA<sup>(d)</sup> | 293725 | 7373636 |
| Prysmian SpA | 181754 | 18131285 |
| Recordati Industria Chimica e Farmaceutica SpA | 73271 | 4159506 |
| Ryanair Holdings PLC | 546073 | 18827273 |
| Snam SpA | 1295179 | 8606296 |
| Telecom Italia SpA/Milano<sup>(b)</sup> | 7409035 | 4450999 |
| Terna - Rete Elettrica Nazionale | 905277 | 9630967 |
| UniCredit SpA | 904495 | 74916329 |
| Unipol Assicurazioni SpA | 231596 | 5556368 |
|  |  | 436233613 |
| **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** |  |
| Endeavour Mining PLC | 124614 | 6510770 |
| **Japan — 21.9%** | **Japan — 21.9%** |  |
| Advantest Corp. | 492100 | 62224973 |
| Aeon Co. Ltd. | 1430238 | 22593621 |
| AGC, Inc. | 127248 | 4220017 |
| Aisin Corp. | 340738 | 6384150 |
| Ajinomoto Co., Inc. | 581308 | 12288844 |
| ANA Holdings, Inc. | 103111 | 1958253 |
| Asahi Group Holdings Ltd. | 981306 | 10285853 |
| Asahi Kasei Corp. | 792268 | 7042271 |
| Asics Corp. | 450200 | 10807713 |
| Astellas Pharma, Inc. | 1166243 | 15522123 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Bandai Namco Holdings, Inc. | 379912 | $10111767 |
| Bridgestone Corp. | 733482 | 16502809 |
| Canon, Inc. | 599648 | 17742736 |
| Capcom Co. Ltd. | 223500 | 5191686 |
| Central Japan Railway Co. | 494200 | 13689333 |
| Chiba Bank Ltd. | 366370 | 4088805 |
| Chubu Electric Power Co., Inc. | 439611 | 6772872 |
| Chugai Pharmaceutical Co. Ltd. | 431330 | 22628244 |
| Concordia Financial Group Ltd. | 665270 | 5499795 |
| Dai Nippon Printing Co. Ltd. | 254236 | 4376413 |
| Daifuku Co. Ltd. | 207728 | 6538380 |
| Dai-ichi Life Holdings, Inc. | 2257900 | 18764417 |
| Daiichi Sankyo Co. Ltd. | 1161062 | 24654613 |
| Daikin Industries Ltd. | 169468 | 21673569 |
| Daito Trust Construction Co. Ltd. | 190350 | 3624638 |
| Daiwa House Industry Co. Ltd. | 360076 | 11961299 |
| Daiwa Securities Group, Inc. | 869552 | 7620571 |
| Denso Corp. | 1125560 | 15546358 |
| Disco Corp. | 59177 | 18028985 |
| East Japan Railway Co. | 621432 | 16379008 |
| Ebara Corp. | 298200 | 7028505 |
| Eisai Co. Ltd. | 167315 | 4967723 |
| ENEOS Holdings, Inc. | 1753163 | 12403810 |
| FANUC Corp. | 607355 | 23635665 |
| Fast Retailing Co. Ltd. | 123023 | 44606698 |
| Fuji Electric Co. Ltd. | 86794 | 6582024 |
| FUJIFILM Holdings Corp. | 719024 | 15256546 |
| Fujikura Ltd. | 161500 | 17909610 |
| Fujitsu Ltd. | 1130740 | 31076019 |
| Hankyu Hanshin Holdings, Inc. | 147863 | 3718861 |
| Hikari Tsushin, Inc. | 11406 | 3195948 |
| Hitachi Ltd. | 2952465 | 92593924 |
| Honda Motor Co. Ltd. | 2384605 | 23404114 |
| Hoya Corp. | 222178 | 33697645 |
| Hulic Co. Ltd. | 292867 | 3204307 |
| Idemitsu Kosan Co. Ltd. | 530500 | 4016562 |
| IHI Corp. | 657300 | 11555717 |
| Inpex Corp. | 566100 | 11322296 |
| Isuzu Motors Ltd. | 346082 | 5401342 |
| ITOCHU Corp. | 3829865 | 48397276 |
| Japan Airlines Co. Ltd. | 92162 | 1709211 |
| Japan Exchange Group, Inc. | 643472 | 6868133 |
| Japan Post Bank Co. Ltd. | 1157500 | 16294211 |
| Japan Post Holdings Co. Ltd. | 1149129 | 12124930 |
| Japan Post Insurance Co. Ltd. | 124800 | 3753177 |
| Japan Tobacco, Inc. | 770741 | 27702196 |
| JFE Holdings, Inc. | 367412 | 4684092 |
| JX Advanced Metals Corp. | 359400 | 4492884 |
| Kajima Corp. | 272777 | 10171170 |
| Kansai Electric Power Co., Inc. | 611051 | 9596361 |
| Kao Corp. | 299907 | 11969755 |
| Kawasaki Heavy Industries Ltd. | 97400 | 6459227 |
| Kawasaki Kisen Kaisha Ltd. | 222400 | 3095857 |
| KDDI Corp. | 1891350 | 32734923 |
| Keyence Corp. | 125380 | 45353044 |
| Kikkoman Corp. | 438720 | 3983845 |
| Kioxia Holdings Corp.<sup>(b)</sup> | 121800 | 8106403 |
| Kirin Holdings Co. Ltd. | 500455 | 7491316 |
| Kobe Bussan Co. Ltd. | 97500 | 2346892 |
| Komatsu Ltd. | 612854 | 19447355 |
| Konami Group Corp. | 64499 | 8759427 |
| Kubota Corp. | 625289 | 8860765 |

---

Fund Schedules of Investments

------

Schedule of Investments (continued)

December 31, 2025

**iShares MSCI EAFE International Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Kyocera Corp. | 824600 | $11559821 |
| Kyowa Kirin Co. Ltd. | 153097 | 2464051 |
| Lasertec Corp. | 51500 | 9812942 |
| LY Corp. | 1844927 | 4909253 |
| M3, Inc. | 280813 | 3777727 |
| Makita Corp. | 151639 | 4596022 |
| Marubeni Corp. | 906664 | 25250569 |
| MatsukiyoCocokara & Co. | 212900 | 3686062 |
| Minebea Mitsumi, Inc. | 235708 | 4742815 |
| Mitsubishi Chemical Group Corp. | 875109 | 5122565 |
| Mitsubishi Corp. | 2073691 | 47430865 |
| Mitsubishi Electric Corp. | 1221521 | 35615694 |
| Mitsubishi Estate Co. Ltd. | 682882 | 16590694 |
| Mitsubishi HC Capital, Inc. | 560573 | 4689328 |
| Mitsubishi Heavy Industries Ltd. | 2067850 | 50481258 |
| Mitsubishi UFJ Financial Group, Inc. | 7363370 | 116864567 |
| Mitsui & Co. Ltd. | 1586100 | 47102929 |
| Mitsui Fudosan Co. Ltd. | 1697660 | 19292668 |
| Mitsui OSK Lines Ltd. | 220000 | 6614163 |
| Mizuho Financial Group, Inc. | 1619951 | 59119392 |
| MonotaRO Co. Ltd. | 158600 | 2525421 |
| MS&AD Insurance Group Holdings, Inc. | 826472 | 19403090 |
| Murata Manufacturing Co. Ltd. | 1071675 | 22149323 |
| NEC Corp. | 835170 | 28258383 |
| Nexon Co. Ltd. | 239348 | 5846432 |
| NIDEC Corp. | 534640 | 7259348 |
| Nintendo Co. Ltd. | 709020 | 47869140 |
| Nippon Building Fund, Inc. | 4866 | 4435031 |
| Nippon Paint Holdings Co. Ltd. | 613280 | 4106360 |
| Nippon Sanso Holdings Corp. | 112193 | 3351661 |
| Nippon Steel Corp. | 3106280 | 12711062 |
| Nippon Yusen KK | 281266 | 9110648 |
| Nissan Motor Co. Ltd.<sup>(b)(c)</sup> | 1448115 | 3598461 |
| Nitori Holdings Co. Ltd. | 259615 | 4531358 |
| Nitto Denko Corp. | 453930 | 10807938 |
| Nomura Holdings, Inc. | 1934718 | 16117110 |
| Nomura Research Institute Ltd. | 242663 | 9234446 |
| NTT, Inc. | 19192500 | 19374645 |
| Obayashi Corp. | 418434 | 8756946 |
| Obic Co. Ltd. | 207970 | 6527898 |
| Olympus Corp. | 733912 | 9305454 |
| Oracle Corp. Japan | 24335 | 2045333 |
| Oriental Land Co. Ltd. | 693920 | 12837503 |
| ORIX Corp. | 747000 | 21847709 |
| Osaka Gas Co. Ltd. | 232808 | 8089349 |
| Otsuka Corp. | 144264 | 2972645 |
| Otsuka Holdings Co. Ltd. | 283655 | 16043300 |
| Pan Pacific International Holdings Corp. | 1223680 | 7289339 |
| Panasonic Holdings Corp. | 1498057 | 19420854 |
| Rakuten Group, Inc.<sup>(b)</sup> | 972700 | 6233030 |
| Recruit Holdings Co. Ltd. | 908094 | 51027212 |
| Renesas Electronics Corp. | 1146508 | 15703545 |
| Resona Holdings, Inc. | 1334499 | 12701378 |
| Ryohin Keikaku Co. Ltd. | 325600 | 5749269 |
| Sanrio Co. Ltd. | 115000 | 3598375 |
| SBI Holdings, Inc. | 360194 | 7762178 |
| SCREEN Holdings Co. Ltd. | 52200 | 5084503 |
| Secom Co. Ltd. | 269714 | 9584064 |
| Seibu Holdings, Inc. | 135700 | 3728568 |
| Sekisui Chemical Co. Ltd. | 244478 | 4111448 |
| Sekisui House Ltd. | 383299 | 8552642 |
| Seven & i Holdings Co. Ltd. | 1421977 | 20429556 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| SG Holdings Co. Ltd. | 209304 | $1915458 |
| Shimadzu Corp. | 150663 | 4010888 |
| Shimano, Inc. | 48270 | 5047642 |
| Shin-Etsu Chemical Co. Ltd. | 1087330 | 33773714 |
| Shionogi & Co. Ltd. | 485663 | 8790414 |
| Shiseido Co. Ltd. | 254078 | 3697573 |
| SMC Corp. | 36841 | 12747014 |
| SoftBank Corp. | 18387000 | 25244576 |
| SoftBank Group Corp. | 2466000 | 69179474 |
| Sompo Holdings, Inc. | 572526 | 19432788 |
| Sony Financial Group, Inc.<sup>(b)</sup> | 3963140 | 4199957 |
| Sony Group Corp. | 3963140 | 101658387 |
| Subaru Corp. | 376746 | 8111802 |
| Sumitomo Corp. | 700040 | 24230118 |
| Sumitomo Electric Industries Ltd. | 458980 | 18486455 |
| Sumitomo Metal Mining Co. Ltd. | 158115 | 6331484 |
| Sumitomo Mitsui Financial Group, Inc. | 2370181 | 76228369 |
| Sumitomo Mitsui Trust Group, Inc. | 411552 | 12541983 |
| Sumitomo Realty & Development Co. Ltd. | 398498 | 10004665 |
| Suntory Beverage & Food Ltd. | 88140 | 2650682 |
| Suzuki Motor Corp. | 1005176 | 15032875 |
| Sysmex Corp. | 319866 | 3141146 |
| T&D Holdings, Inc. | 314506 | 7259789 |
| Taisei Corp. | 100010 | 9478035 |
| Takeda Pharmaceutical Co. Ltd. | 1021808 | 31742716 |
| TDK Corp. | 1248770 | 17667281 |
| Terumo Corp. | 856112 | 12443736 |
| TIS, Inc. | 137400 | 4616031 |
| Toho Co. Ltd. | 72182 | 3677301 |
| Tokio Marine Holdings, Inc. | 1180061 | 43622252 |
| Tokyo Electron Ltd. | 288779 | 64318952 |
| Tokyo Gas Co. Ltd. | 212355 | 8418699 |
| Tokyo Metro Co. Ltd.<sup>(c)</sup> | 184000 | 1873008 |
| Tokyu Corp. | 324065 | 3787192 |
| TOPPAN Holdings, Inc. | 155300 | 4616552 |
| Toray Industries, Inc. | 897814 | 5853552 |
| Toyota Industries Corp. | 104600 | 11858134 |
| Toyota Motor Corp. | 6107245 | 131165869 |
| Toyota Tsusho Corp. | 444943 | 15003117 |
| Trend Micro, Inc.<sup>(b)</sup> | 80934 | 3361373 |
| Tsuruha Holdings, Inc.<sup>(c)</sup> | 169900 | 3121630 |
| Unicharm Corp. | 724606 | 4140209 |
| West Japan Railway Co. | 289380 | 5765936 |
| Yamaha Motor Co. Ltd. | 598581 | 4439251 |
| Yokogawa Electric Corp. | 147963 | 4745253 |
| Zensho Holdings Co. Ltd.<sup>(c)</sup> | 62400 | 3575736 |
| ZOZO, Inc. | 287453 | 2370576 |
|  |  | 2919898866 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |  |
| ArcelorMittal SA<sup>(b)</sup> | 301615 | 13850011 |
| CVC Capital Partners PLC<sup>(d)</sup> | 140567 | 2354148 |
| Eurofins Scientific SE | 76155 | 5569093 |
|  |  | 21773252 |
| **Macau — 0.1%** | **Macau — 0.1%** |  |
| Galaxy Entertainment Group Ltd. | 1270058 | 6262423 |
| Sands China Ltd. | 1548860 | 3906880 |
|  |  | 10169303 |
| **Mexico — 0.0%** | **Mexico — 0.0%** |  |
| Fresnillo PLC | 142462 | 6352444 |
| **Netherlands — 4.5%** | **Netherlands — 4.5%** |  |
| ABN AMRO Bank NV<sup>(d)</sup> | 375787 | 13129574 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**iShares MSCI EAFE International Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** |  |
| Adyen NV<sup>(b)(d)</sup> | 16271 | $26238199 |
| Akzo Nobel NV | 110128 | 7662758 |
| Argenx SE<sup>(b)</sup> | 39724 | 33508915 |
| ASM International NV | 30099 | 18221777 |
| ASML Holding NV | 250429 | 269842296 |
| ASR Nederland NV | 95074 | 6764590 |
| BE Semiconductor Industries NV | 52325 | 8180278 |
| Euronext NV | 50402 | 7571281 |
| EXOR NV | 60254 | 5118226 |
| Heineken Holding NV | 82906 | 6070942 |
| Heineken NV | 184979 | 15262046 |
| IMCD NV | 37719 | 3423465 |
| ING Groep NV | 1947162 | 54731273 |
| JDE Peet's NV | 108303 | 4050302 |
| Koninklijke Ahold Delhaize NV | 586364 | 24044961 |
| Koninklijke KPN NV | 2497804 | 11671529 |
| Koninklijke Philips NV | 497012 | 13533236 |
| Magnum Ice Cream Co. NV<sup>(b)</sup> | 315998 | 5015557 |
| Nebius Group NV, Class A<sup>(b)</sup> | 136859 | 11455783 |
| NN Group NV | 172774 | 13328584 |
| Randstad NV | 70580 | 2679574 |
| Universal Music Group NV | 706657 | 18422431 |
| Wolters Kluwer NV, Class C | 153196 | 15867492 |
|  |  | 595795069 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** |  |
| Auckland International Airport Ltd. | 1042001 | 4997434 |
| Contact Energy Ltd. | 556207 | 2958929 |
| Fisher & Paykel Healthcare Corp. Ltd. | 376544 | 8181146 |
| Infratil Ltd.<sup>(c)</sup> | 593887 | 3789688 |
| Meridian Energy Ltd. | 854183 | 2758829 |
| Xero Ltd.<sup>(b)(c)</sup> | 106747 | 8086498 |
|  |  | 30772524 |
| **Norway — 0.5%** | **Norway — 0.5%** |  |
| Aker BP ASA | 200935 | 5113022 |
| DNB Bank ASA | 575412 | 16031418 |
| Equinor ASA | 494887 | 11670329 |
| Gjensidige Forsikring ASA | 127566 | 3812734 |
| Kongsberg Gruppen ASA | 284058 | 7279060 |
| Mowi ASA | 297807 | 7163723 |
| Norsk Hydro ASA | 906243 | 6995444 |
| Orkla ASA | 454725 | 5063698 |
| Salmar ASA | 43981 | 2688035 |
| Telenor ASA | 397797 | 5785731 |
|  |  | 71603194 |
| **Poland — 0.0%** | **Poland — 0.0%** |  |
| InPost SA<sup>(b)(c)</sup> | 144111 | 1770939 |
| **Portugal — 0.2%** | **Portugal — 0.2%** |  |
| Banco Comercial Portugues SA | 4875690 | 5132430 |
| Banco Espirito Santo SA, Class N, Registered <br> Shares<sup>(b)(e)</sup><br>| 47542 | 1 |
| EDP SA | 2025539 | 9329195 |
| Galp Energia SGPS SA, Class B | 268630 | 4625895 |
| Jeronimo Martins SGPS SA | 180804 | 4302473 |
|  |  | 23389994 |
| **Singapore — 1.7%** | **Singapore — 1.7%** |  |
| CapitaLand Ascendas REIT | 2527475 | 5556833 |
| CapitaLand Integrated Commercial Trust | 3927047 | 7288775 |
| CapitaLand Investment Ltd. | 1537530 | 3235773 |
| DBS Group Holdings Ltd. | 1368069 | 59927742 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Singapore (continued)** | **Singapore (continued)** |  |
| Grab Holdings Ltd., Class A<sup>(b)</sup> | 1530444 | $7636916 |
| Keppel Ltd. | 938242 | 7543151 |
| Oversea-Chinese Banking Corp. Ltd. | 2174887 | 33413274 |
| Sea Ltd., Class A, ADR<sup>(b)</sup> | 246522 | 31448811 |
| Sembcorp Industries Ltd.<sup>(c)</sup> | 583500 | 2727637 |
| Singapore Airlines Ltd. | 1010199 | 5015601 |
| Singapore Exchange Ltd. | 505926 | 6659971 |
| Singapore Technologies Engineering Ltd. | 1000779 | 6539184 |
| Singapore Telecommunications Ltd. | 4800846 | 16985385 |
| STMicroelectronics NV | 434878 | 11365577 |
| United Overseas Bank Ltd. | 811005 | 22088139 |
|  |  | 227432769 |
| **South Korea — 0.0%** | **South Korea — 0.0%** |  |
| Delivery Hero SE<sup>(b)(d)</sup> | 122034 | 3216810 |
| **Spain — 3.7%** | **Spain — 3.7%** |  |
| Acciona SA | 16263 | 3539468 |
| ACS Actividades de Construccion y Servicios SA | 117235 | 11637368 |
| Aena SME SA<sup>(d)</sup> | 482450 | 13480068 |
| Amadeus IT Group SA | 290735 | 21517589 |
| Banco Bilbao Vizcaya Argentaria SA | 3718409 | 87223458 |
| Banco de Sabadell SA | 3473373 | 13688037 |
| Banco Santander SA | 9603849 | 113041991 |
| Bankinter SA | 434044 | 7194360 |
| CaixaBank SA | 2534598 | 30988303 |
| Cellnex Telecom SA<sup>(d)</sup> | 318283 | 10249242 |
| EDP Renovaveis SA | 205958 | 2908597 |
| Endesa SA | 206870 | 7446570 |
| Grifols SA , Class A | 196844 | 2460485 |
| Iberdrola SA | 4095122 | 88673274 |
| Industria de Diseno Textil SA | 700623 | 46216359 |
| Mapfre SA | 596068 | 2991183 |
| Naturgy Energy Group SA | 149622 | 4555740 |
| Redeia Corp. SA | 180542 | 3218480 |
| Repsol SA | 748580 | 13967312 |
| Telefonica SA | 2368148 | 9721126 |
|  |  | 494719010 |
| **Sweden — 3.2%** | **Sweden — 3.2%** |  |
| AddTech AB, B Shares | 167575 | 5901755 |
| Alfa Laval AB | 184493 | 9250722 |
| Assa Abloy AB, Class B | 646672 | 24981482 |
| Atlas Copco AB, A Shares | 1733017 | 30852149 |
| Atlas Copco AB, B Shares | 1003779 | 16047119 |
| Beijer Ref AB, Class B | 249294 | 4000629 |
| Boliden AB<sup>(b)</sup> | 183947 | 10189978 |
| Epiroc AB, Class A | 423612 | 9549005 |
| Epiroc AB, Class B | 247954 | 4988482 |
| EQT AB | 318623 | 12447336 |
| Essity AB, Class B | 386841 | 11122201 |
| Evolution AB<sup>(d)</sup> | 95240 | 6466938 |
| Fastighets AB Balder, B shares<sup>(b)</sup> | 456914 | 3372621 |
| H & M Hennes & Mauritz AB, B Shares | 366485 | 7345782 |
| Hexagon AB, B shares | 1334823 | 15722478 |
| Holmen AB, B Shares | 48563 | 1862804 |
| Industrivarden AB, C Shares | 99175 | 4439395 |
| Industrivarden AB, Class A | 77758 | 3483428 |
| Indutrade AB | 177445 | 4599515 |
| Investment AB Latour, B Shares | 94384 | 2293036 |
| Investor AB, B Shares | 1175493 | 41889371 |
| L E Lundbergforetagen AB, B Shares | 48228 | 2662735 |
| Lifco AB, B Shares | 150547 | 5705541 |

---

Fund Schedules of Investments

------

Schedule of Investments (continued)

December 31, 2025

**iShares MSCI EAFE International Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Sweden (continued)** | **Sweden (continued)** |  |
| Nibe Industrier AB, B Shares | 979831 | $3745287 |
| Saab AB, Class B | 205107 | 11900353 |
| Sagax AB, Class B | 139805 | 2990143 |
| Sandvik AB | 688250 | 22231224 |
| Securitas AB, B Shares | 313390 | 4983878 |
| Skandinaviska Enskilda Banken AB, Class A | 976757 | 20593636 |
| Skanska AB, B Shares | 219120 | 5970651 |
| SKF AB, B Shares | 218663 | 5787750 |
| Svenska Cellulosa AB SCA, Class B | 389019 | 5159103 |
| Svenska Handelsbanken AB, A Shares | 933166 | 13519271 |
| Swedbank AB, A Shares | 545303 | 18919297 |
| Swedish Orphan Biovitrum AB<sup>(b)</sup> | 123858 | 4444904 |
| Tele2 AB, B Shares | 352476 | 5906294 |
| Telefonaktiebolaget LM Ericsson, B Shares | 1784171 | 17363612 |
| Telia Co. AB | 1518172 | 6488614 |
| Trelleborg AB, B Shares | 130731 | 5526198 |
| Volvo AB, B Shares | 1020261 | 32469420 |
|  |  | 427174137 |
| **Switzerland — 7.6%** | **Switzerland — 7.6%** |  |
| ABB Ltd., Class N, Registered Shares | 1015789 | 74881423 |
| Alcon AG | 320950 | 25396145 |
| Avolta AG, Class N | 57209 | 3374176 |
| Banque Cantonale Vaudoise, Registered Shares | 19123 | 2417527 |
| Barry Callebaut AG, Class N, Registered Shares | 2312 | 3779913 |
| Belimo Holding AG, Registered Shares | 6341 | 6195559 |
| BKW AG | 13713 | 2908673 |
| Chocoladefabriken Lindt & Spruengli AG | 612 | 8942466 |
| Chocoladefabriken Lindt & Spruengli AG, Class N, <br> Registered Shares<br>| 69 | 10119258 |
| Cie Financiere Richemont SA, Class A, Registered <br> Shares<br>| 346842 | 74796794 |
| DSM-Firmenich AG | 118866 | 9588904 |
| EMS-Chemie Holding AG, Registered Shares | 4572 | 3153907 |
| Galderma Group AG | 99618 | 20285480 |
| Geberit AG, Class N, Registered Shares | 21886 | 16997153 |
| Givaudan SA, Class N, Registered Shares | 5931 | 23464501 |
| Helvetia Holding AG, Registered Shares | 50559 | 13297678 |
| Julius Baer Group Ltd., Class N | 133622 | 10439990 |
| Kuehne & Nagel International AG, Registered Shares | 30846 | 6615083 |
| Logitech International SA, Class N, Registered <br> Shares<br>| 97688 | 9917087 |
| Lonza Group AG, Registered Shares | 45311 | 30549566 |
| Nestle SA, Class N, Registered Shares | 1662342 | 165002604 |
| Novartis AG, Class N, Registered Shares | 1225170 | 168823382 |
| Partners Group Holding AG | 14577 | 17885695 |
| Sandoz Group AG | 268475 | 19492944 |
| Schindler Holding AG | 26156 | 9836357 |
| Schindler Holding AG, Class N, Registered Shares | 14984 | 5301964 |
| SGS SA, Registered Shares | 103552 | 11878216 |
| Sika AG, Registered Shares | 97920 | 19880250 |
| Sonova Holding AG, Registered Shares | 32553 | 8420374 |
| Straumann Holding AG, Registered Shares | 71830 | 8390023 |
| Swatch Group AG | 18473 | 3884055 |
| Swiss Life Holding AG, Class N, Registered Shares | 18451 | 21252671 |
| Swiss Prime Site AG, Registered Shares | 51092 | 7932941 |
| Swisscom AG, Class N, Registered Shares | 16636 | 12083677 |
| UBS Group AG, Registered Shares | 2048371 | 94582648 |
| VAT Group AG<sup>(d)</sup> | 17409 | 8358058 |
| Zurich Insurance Group AG, Class N | 94002 | 71131516 |
|  |  | 1011258658 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |  |
| NMC Health PLC<sup>(b)(e)</sup> | 45379 | $1 |
| **United Kingdom — 12.7%** | **United Kingdom — 12.7%** |  |
| 3i Group PLC | 640886 | 28102092 |
| Admiral Group PLC | 167225 | 7153527 |
| Anglo American PLC | 718813 | 29731905 |
| Ashtead Group PLC | 271994 | 18544339 |
| Associated British Foods PLC | 209674 | 5988988 |
| AstraZeneca PLC | 1000496 | 185151076 |
| Auto Trader Group PLC<sup>(d)</sup> | 564520 | 4453703 |
| Aviva PLC | 1961500 | 18035834 |
| BAE Systems PLC | 1934821 | 44530020 |
| Barclays PLC | 9008684 | 57665744 |
| Barratt Redrow PLC | 889857 | 4571362 |
| British American Tobacco PLC | 1410444 | 79959024 |
| BT Group PLC | 3816744 | 9455760 |
| Bunzl PLC | 209624 | 5853538 |
| Centrica PLC | 3201967 | 7300671 |
| CK Hutchison Holdings Ltd. | 1731617 | 11772321 |
| Coca-Cola Europacific Partners PLC | 134079 | 12160965 |
| Compass Group PLC | 1090235 | 34544165 |
| DCC PLC | 64117 | 3994405 |
| Diageo PLC | 1429260 | 30797583 |
| Entain PLC | 389200 | 4000685 |
| Haleon PLC | 5796385 | 29291345 |
| Halma PLC | 243841 | 11573880 |
| Hikma Pharmaceuticals PLC | 107464 | 2240295 |
| HSBC Holdings PLC | 11106704 | 174774344 |
| Imperial Brands PLC | 502438 | 21097468 |
| Informa PLC | 835068 | 9908272 |
| InterContinental Hotels Group PLC | 93409 | 13126653 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| 805163 | 4470595 |
| Intertek Group PLC | 102001 | 6325755 |
| J Sainsbury PLC | 1094407 | 4794421 |
| JD Sports Fashion PLC | 1681620 | 1906095 |
| Kingfisher PLC | 1116686 | 4700748 |
| Land Securities Group PLC | 451842 | 3778109 |
| Legal & General Group PLC | 3675934 | 12937802 |
| Lloyds Banking Group PLC | 38196951 | 50523649 |
| London Stock Exchange Group PLC | 306120 | 36822729 |
| M&G PLC | 1468594 | 5653806 |
| Marks & Spencer Group PLC | 1317215 | 5861656 |
| Melrose Industries PLC | 815500 | 6431800 |
| National Grid PLC | 3145353 | 48244929 |
| NatWest Group PLC | 5188409 | 45514169 |
| Next PLC | 75066 | 13819663 |
| Pearson PLC | 386171 | 5460083 |
| Phoenix Group Holdings PLC | 454255 | 4497053 |
| Reckitt Benckiser Group PLC | 435583 | 35247098 |
| RELX PLC | 1186504 | 47800469 |
| Rentokil Initial PLC | 1621476 | 9674523 |
| Rolls-Royce Holdings PLC | 5445193 | 84213806 |
| Sage Group PLC | 637043 | 9265459 |
| Schroders PLC | 477628 | 2610936 |
| Segro PLC | 820975 | 7953709 |
| Severn Trent PLC | 173005 | 6496523 |
| Shell PLC | 3737168 | 137723074 |
| Smith & Nephew PLC | 536259 | 8918494 |
| Smiths Group PLC | 215579 | 6818816 |
| Spirax Group PLC | 47042 | 4299499 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**iShares MSCI EAFE International Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| SSE PLC | 778010 | $22809630 |
| Standard Chartered PLC | 1255594 | 30637042 |
| Tesco PLC | 4193853 | 24940131 |
| Unilever PLC | 1404436 | 91761930 |
| United Utilities Group PLC | 438707 | 7048454 |
| Vodafone Group PLC | 12356221 | 16470947 |
| Whitbread PLC | 113444 | 3888315 |
| Wise PLC, Class A<sup>(b)</sup> | 429312 | 5143167 |
|  |  | 1691245048 |
| **United States — 4.1%** | **United States — 4.1%** |  |
| Aegon Ltd. | 848857 | 6600964 |
| BP PLC | 10150917 | 59199774 |
| Buzzi SpA | 49712 | 3005144 |
| CyberArk Software Ltd.<sup>(b)</sup> | 30539 | 13622226 |
| Experian PLC | 589737 | 26589211 |
| Ferrovial SE | 328010 | 21251979 |
| GSK PLC | 2643817 | 64819031 |
| Holcim AG | 334767 | 32589667 |
| Monday.com Ltd.<sup>(b)</sup> | 27845 | 4108808 |
| Qiagen NV | 138830 | 6313560 |
| Roche Holding AG | 474018 | 195948422 |
| Spotify Technology SA<sup>(b)</sup> | 100884 | 58584348 |
| Stellantis NV | 1296394 | 14196419 |
| Swiss Re AG | 193728 | 32273077 |
| Tenaris SA | 262929 | 5073440 |
|  |  | 544176070 |
| **Total Common Stocks — 98.6%** <br>**(Cost: $7,715,587,287)** | **Total Common Stocks — 98.6%** <br>**(Cost: $7,715,587,287)** | 13125991425 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** |
| **Germany — 0.3%** | **Germany — 0.3%** |  |
| Bayerische Motoren Werke AG | 35279 | 3759342 |
| Dr. Ing hc F Porsche AG<sup>(c)(d)</sup> | 72928 | 3884314 |
| Henkel AG & Co. KGaA | 108990 | 8891927 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** |  |
| Porsche Automobil Holding SE | 97568 | $4552073 |
| Sartorius AG | 16889 | 4863429 |
| Volkswagen AG | 132531 | 16173906 |
|  |  | 42124991 |
| **Total Preferred Securities — 0.3%** <br>**(Cost: $45,377,395)** | **Total Preferred Securities — 0.3%** <br>**(Cost: $45,377,395)** | 42124991 |
| **Total Long-Term Investments — 98.9%** <br>**(Cost: $7,760,964,682)** | **Total Long-Term Investments — 98.9%** <br>**(Cost: $7,760,964,682)** | 13168116416 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(f)(g)(h)</sup><br>| 39318879 | 39338538 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.72%<sup>(f)(g)</sup><br>| 39888114 | 39888114 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $79,226,652)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $79,226,652)** | 79226652 |
| **Total Investments — 99.5%** <br>**(Cost: $7,840,191,334)** | **Total Investments — 99.5%** <br>**(Cost: $7,840,191,334)** | 13247343068 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | 70228315 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $13317571383 |

---

&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> Non-income producing security.

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

<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> Affiliate of the Fund.

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

<sup>(h)</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 Fund during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <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>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $32246301<br> $7090265 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(1227)<br>| $3199 | $39338538 | 39318879 | $156199 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 34615049<br> 5273065 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 39888114 | 39888114 | 815195 | &nbsp;&nbsp; — |
|  |  |  | $(1227)<br>| $3199 | $79226652 |  | $971394 | &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. 

Fund Schedules of Investments

------

Schedule of Investments (continued)

December 31, 2025

**iShares MSCI EAFE International Index Fund** 

**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  |  |  |  |  |
| Nikkei 225 Index | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; $20612 | &nbsp;&nbsp;&nbsp;&nbsp; $17025 |
| SPI 200 Index | &nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp;&nbsp;&nbsp; 17080 | &nbsp;&nbsp;&nbsp;&nbsp; 67891 |
| Euro Stoxx 50 Index | &nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 47227 | &nbsp;&nbsp;&nbsp;&nbsp; 530754 |
| FTSE 100 Index | &nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 29651 | &nbsp;&nbsp;&nbsp;&nbsp; 335904 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $951574 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <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; $951574 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $951574 |

---

&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 Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements 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; $30992771 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30992771 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2643101 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2643101 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $124672907 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $925095200 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $925095200 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36070740 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36070740 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**iShares MSCI EAFE International Index Fund** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Common Stocks (continued) |  |  |  |  |
| Belgium | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $113097862 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $113097862 |
| Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4300985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4300985 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11102441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11102441 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76675033 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76675033 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251765722 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251765722 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153298161 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153298161 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1367306133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1367306133 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1228028184 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1228028184 |
| Hong Kong | &nbsp;&nbsp; 12763876 | &nbsp;&nbsp;&nbsp;&nbsp; 236367938 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249131814 |
| Ireland | &nbsp;&nbsp; 16997895 | &nbsp;&nbsp;&nbsp;&nbsp; 44360862 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61358757 |
| Israel | &nbsp;&nbsp; 37281362 | &nbsp;&nbsp;&nbsp;&nbsp; 87986560 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125267922 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 436233613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 436233613 |
| Ivory Coast | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6510770 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6510770 |
| Japan | &nbsp;&nbsp; 22613625 | &nbsp;&nbsp;&nbsp;&nbsp; 2897285241 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2919898866 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21773252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21773252 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10169303 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10169303 |
| Mexico | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6352444 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6352444 |
| Netherlands | &nbsp;&nbsp; 16471340 | &nbsp;&nbsp;&nbsp;&nbsp; 579323729 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 595795069 |
| New Zealand | &nbsp;&nbsp; 4997434 | &nbsp;&nbsp;&nbsp;&nbsp; 25775090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30772524 |
| Norway | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71603194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71603194 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1770939 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1770939 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23389993 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 23389994 |
| Singapore | &nbsp;&nbsp; 39085727 | &nbsp;&nbsp;&nbsp;&nbsp; 188347042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227432769 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3216810 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3216810 |
| Spain | &nbsp;&nbsp; 7446570 | &nbsp;&nbsp;&nbsp;&nbsp; 487272440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 494719010 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 427174137 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 427174137 |
| Switzerland | &nbsp;&nbsp; 11878216 | &nbsp;&nbsp;&nbsp;&nbsp; 999380442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1011258658 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| United Kingdom | &nbsp;&nbsp; 16955386 | &nbsp;&nbsp;&nbsp;&nbsp; 1674289662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1691245048 |
| United States | &nbsp;&nbsp; 76315382 | &nbsp;&nbsp;&nbsp;&nbsp; 467860688 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 544176070 |
| Preferred Securities |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42124991 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42124991 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 79226652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79226652 |
|  | &nbsp;&nbsp; $342033465 | &nbsp;&nbsp;&nbsp;&nbsp; $12905309601 | &nbsp;&nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp;&nbsp; $13247343068 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $598645 | &nbsp;&nbsp;&nbsp;&nbsp; $352929 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $951574 |

---

&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.*

Fund Schedules of Investments

------

Statements of Assets and Liabilities

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Municipal Bond <br>Index Fund<br>| iShares <br>Short-Term <br>TIPS Bond <br>Index Fund<br>| iShares MSCI <br>EAFE International <br>Index Fund<br>| iShares Russell <br>2000 Small-Cap <br>Index Fund<br>|
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $208736908 | $1184580005 | $13168116416 | $— |
| Investments, at value — Master Small Cap Index Series |  |  |  | 3183166847 |
| Investments, at value — affiliated<sup>(c)</sup> | 1781413 | 6048837 | 79226652 |  |
| Cash pledged for futures contracts |  |  | 7250391 |  |
| Foreign currency, at value<sup>(d)</sup> |  |  | 80835256 |  |
| Receivables: |  |  |  |  |
| Investments sold | 65000 | 23438640 | 12755 |  |
| Securities lending income — affiliated |  | 25 | 12801 |  |
| Capital shares sold | 69603 | 1854973 | 25295826 | 2155943 |
| Dividends — unaffiliated |  |  | 32083344 |  |
| Dividends — affiliated | 5611 | 7482 | 60845 |  |
| Interest — unaffiliated | 2725774 | 3682778 |  |  |
| Withdrawals from the Master Portfolio |  |  |  | 772323 |
| Prepaid expenses | 59454 | 18548 |  | 34448 |
| Total assets | 213443763 | 1219631288 | 13392894286 | 3186129561 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned |  |  | 39340091 |  |
| Payables: |  |  |  |  |
| Investments purchased |  | 28425082 | 282088 |  |
| Accounting services fees | 2256 | 2256 |  | 1241 |
| Administration fees |  |  | 374323 | 108974 |
| Capital shares redeemed | 208245 | 1739489 | 34400027 | 2928266 |
| Custodian fees | 891 | 1789 |  |  |
| Income dividend distributions | 22386 | 170624 |  |  |
| Investment advisory fees | 17901 | 9696 | 110883 |  |
| Directors' and Officer's fees | 1726 | 3067 | 20724 | 146 |
| Recoupment of past waived fees | 19201 |  |  |  |
| Other accrued expenses | 5818 | 5259 | 92614 | 5157 |
| Printing and postage fees | 37130 | 17260 |  | 7602 |
| Professional fees | 34599 | 21693 | 171467 | 26871 |
| Service fees | 39794 | 1338 | 133971 | 119309 |
| Transfer agent fees | 31236 | 31194 | 18408 | 192422 |
| Variation margin on futures contracts |  |  | 378307 |  |
| Total liabilities | 421183 | 30428747 | 75322903 | 3389988 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $213022580 | $1189202541 | $13317571383 | $3182739573 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $220774994 | $1195896614 | $9638635623 | $2283770165 |
| Accumulated earnings (loss) | (7752414) | (6694073) | 3678935760 | 898969408 |
| NET ASSETS | $213022580 | $1189202541 | $13317571383 | $3182739573 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $211734531 | $1182586488 | $7760964682 | $— |
| <sup>(b)</sup> Securities loaned, at value | $— | $— | $37835085 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $1781413 | $6048837 | $79226652 | $— |
| <sup>(d)</sup> Foreign currency, at cost | $— | $— | $80495897 | $— |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Municipal Bond <br>Index Fund<br>| iShares <br>Short-Term <br>TIPS Bond <br>Index Fund<br>| iShares MSCI <br>EAFE International <br>Index Fund<br>| iShares Russell <br>2000 Small-Cap <br>Index Fund<br>|
| **NET ASSET VALUE** |  |  |  |  |
| **Institutional** |  |  |  |  |
| Net assets | $32040250 | $633609017 | $1612032961 | $464462227 |
| Shares outstanding | 2907650 | 65189540 | 83291821 | 17402202 |
| Net asset value | $11.02 | $9.72 | $19.35 | $26.69 |
| Shares authorized | Unlimited | Unlimited | 1.208 billion | 208 million |
| Par value | $0.001 | $0.001 | $0.0001 | $0.0001 |
| **Investor A** |  |  |  |  |
| Net assets | $17570703 | $5739016 | $474813451 | $238658350 |
| Shares outstanding | 1594493 | 589547 | 24733696 | 8931838 |
| Net asset value | $11.02 | $9.73 | $19.20 | $26.72 |
| Shares authorized | Unlimited | Unlimited | 208 million | 208 million |
| Par value | $0.001 | $0.001 | $0.0001 | $0.0001 |
| **Investor P** |  |  |  |  |
| Net assets | $163169887 | N/A | $171062189 | $321078426 |
| Shares outstanding | 14807669 | N/A | 8944470 | 12064285 |
| Net asset value | $11.02 | N/A | $19.12 | $26.61 |
| Shares authorized | Unlimited | N/A | 2 billion | 2 billion |
| Par value | $0.001 | N/A | $0.0001 | $0.0001 |
| **Class G** |  |  |  |  |
| Net assets | N/A | N/A | $3663671836 | N/A |
| Shares outstanding | N/A | N/A | 189126769 | N/A |
| Net asset value | N/A | N/A | $19.37 | N/A |
| Shares authorized | N/A | N/A | 800 million | N/A |
| Par value | N/A | N/A | $0.0001 | N/A |
| **Class K** |  |  |  |  |
| Net assets | $241740 | $549854508 | $7395990946 | $2158540570 |
| Shares outstanding | 21940 | 56497848 | 381645501 | 80564898 |
| Net asset value | $11.02 | $9.73 | $19.38 | $26.79 |
| Shares authorized | Unlimited | Unlimited | 1.208 billion | 1.208 billion |
| Par value | $0.001 | $0.001 | $0.0001 | $0.0001 |

---

*See notes to financial statements.*

Fund Statements of Assets and Liabilities

------

Statements of Operations

Year Ended December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Municipal Bond <br>Index Fund<br>| &nbsp;&nbsp; iShares <br>Short-Term <br>TIPS Bond <br>Index Fund<br>| &nbsp;&nbsp; iShares MSCI <br>EAFE International <br>Index Fund<br>| &nbsp;&nbsp; iShares Russell <br>2000 Small-Cap <br>Index Fund<br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $368683462 | &nbsp;&nbsp;&nbsp; $— |
| Dividends — affiliated | &nbsp;&nbsp; 88155 | &nbsp;&nbsp;&nbsp; 517176 | &nbsp;&nbsp;&nbsp; 815195 | &nbsp;&nbsp;&nbsp; — |
| Interest — unaffiliated | &nbsp;&nbsp; 7776004 | &nbsp;&nbsp;&nbsp; 37553982 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Securities lending income — affiliated — net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 156199 | &nbsp;&nbsp;&nbsp; — |
| Other income — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 80793 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (26366601)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5586893 | &nbsp;&nbsp;&nbsp; — |
| Net investment income allocated from the Master Small Cap Index Series: |  |  |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31498368 |
| Dividends — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1107933 |
| Interest — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66654 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2855817 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (99270)<br>|
| Expenses | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (501328)<br>|
| Fees waived | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16283 |
| Total investment income | &nbsp;&nbsp; 7864159 | &nbsp;&nbsp;&nbsp; 38071235 | &nbsp;&nbsp;&nbsp; 348955941 | &nbsp;&nbsp;&nbsp; 34944457 |
| EXPENSES |  |  |  |  |
| Service — class specific | &nbsp;&nbsp; 461297 | &nbsp;&nbsp;&nbsp; 13131 | &nbsp;&nbsp;&nbsp; 1482484 | &nbsp;&nbsp;&nbsp; 1310543 |
| Investment advisory | &nbsp;&nbsp; 217703 | &nbsp;&nbsp;&nbsp; 81788 | &nbsp;&nbsp;&nbsp; 1190303 | &nbsp;&nbsp;&nbsp; — |
| Professional | &nbsp;&nbsp; 187748 | &nbsp;&nbsp;&nbsp; 119361 | &nbsp;&nbsp;&nbsp; 192596 | &nbsp;&nbsp;&nbsp; 78768 |
| Transfer agent — class specific | &nbsp;&nbsp; 124136 | &nbsp;&nbsp;&nbsp; 172189 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 752622 |
| Registration | &nbsp;&nbsp; 54039 | &nbsp;&nbsp;&nbsp; 60912 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 99923 |
| Printing and postage | &nbsp;&nbsp; 40470 | &nbsp;&nbsp;&nbsp; 32687 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5829 |
| Recoupment of past waived and/or reimbursed fees — class specific | &nbsp;&nbsp; 18256 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accounting services | &nbsp;&nbsp; 9025 | &nbsp;&nbsp;&nbsp; 9025 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4964 |
| Directors and Officer | &nbsp;&nbsp; 8223 | &nbsp;&nbsp;&nbsp; 12677 | &nbsp;&nbsp;&nbsp; 87055 | &nbsp;&nbsp;&nbsp; 800 |
| Custodian | &nbsp;&nbsp; 4071 | &nbsp;&nbsp;&nbsp; 9733 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Recoupment of past waived and/or reimbursed fees | &nbsp;&nbsp; 946 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Administration | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1137584 |
| Administration — class specific | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4050878 | &nbsp;&nbsp;&nbsp; — |
| Miscellaneous | &nbsp;&nbsp; 17607 | &nbsp;&nbsp;&nbsp; 16373 | &nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 20199 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 1143521 | &nbsp;&nbsp;&nbsp; 527876 | &nbsp;&nbsp;&nbsp; 7003636 | &nbsp;&nbsp;&nbsp; 3411232 |
| Interest expense — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1143521 | &nbsp;&nbsp;&nbsp; 528377 | &nbsp;&nbsp;&nbsp; 7004491 | &nbsp;&nbsp;&nbsp; 3411232 |
| Less: |  |  |  |  |
| Fees waived and/or reimbursed by the Administrator | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3637)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (139114)<br>| &nbsp;&nbsp;&nbsp; (48482)<br>| &nbsp;&nbsp;&nbsp; (136789)<br>| &nbsp;&nbsp;&nbsp; — |
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (12842)<br>| &nbsp;&nbsp;&nbsp; (7141)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (182308)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 991565 | &nbsp;&nbsp;&nbsp; 472754 | &nbsp;&nbsp;&nbsp; 6867702 | &nbsp;&nbsp;&nbsp; 3225287 |
| Net investment income | &nbsp;&nbsp; 6872594 | &nbsp;&nbsp;&nbsp; 37598481 | &nbsp;&nbsp;&nbsp; 342088239 | &nbsp;&nbsp;&nbsp; 31719170 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (2331056)<br>| &nbsp;&nbsp;&nbsp; (170197)<br>| &nbsp;&nbsp;&nbsp; (60314935)<br>| &nbsp;&nbsp;&nbsp; — |
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1227)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3169519 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30992771 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) allocated from the Master Small Cap Index Series from: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 90773965 |
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1487722 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1768963)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (36014)<br>|
|  | &nbsp;&nbsp; (2331056)<br>| &nbsp;&nbsp;&nbsp; (170197)<br>| &nbsp;&nbsp;&nbsp; (26153872)<br>| &nbsp;&nbsp;&nbsp; 90456710 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Municipal Bond<br> Index Fund<br>| &nbsp;&nbsp; iShares<br> Short-Term<br> TIPS Bond<br> Index Fund<br>| &nbsp;&nbsp; iShares MSCI<br> EAFE International<br> Index Fund<br>| &nbsp;&nbsp; iShares Russell<br> 2000 Small-Cap<br> Index Fund<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; $2406234 | &nbsp;&nbsp;&nbsp; $3139455 | &nbsp;&nbsp;&nbsp; $2903076734 | &nbsp;&nbsp;&nbsp; $— |
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3199 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3601502 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2643101 | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) allocated from Master Small Cap Index Series on: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 231541126 |
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2354024 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 310882 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 318217 |
|  | &nbsp;&nbsp; 2406234 | &nbsp;&nbsp;&nbsp; 3139455 | &nbsp;&nbsp;&nbsp; 2909324536 | &nbsp;&nbsp;&nbsp; 234524249 |
| Net realized and unrealized gain | &nbsp;&nbsp; 75178 | &nbsp;&nbsp;&nbsp; 2969258 | &nbsp;&nbsp;&nbsp; 2883170664 | &nbsp;&nbsp;&nbsp; 324980959 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $6947772 | &nbsp;&nbsp;&nbsp; $40567739 | &nbsp;&nbsp;&nbsp; $3225258903 | &nbsp;&nbsp;&nbsp; $356700129 |

---

*See notes to financial statements.*

Fund Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Municipal Bond Index Fund | iShares Municipal Bond Index Fund | iShares Short-Term TIPS Bond <br>Index Fund | iShares Short-Term TIPS Bond <br>Index Fund |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $6872594 | &nbsp;&nbsp;&nbsp; $6776868 | &nbsp;&nbsp;&nbsp; $37598481 | &nbsp;&nbsp;&nbsp; $13653471 |
| Net realized loss | &nbsp;&nbsp; (2331056)<br>| &nbsp;&nbsp;&nbsp; (603446)<br>| &nbsp;&nbsp;&nbsp; (170197)<br>| &nbsp;&nbsp;&nbsp; (1007153)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2406234 | &nbsp;&nbsp;&nbsp; (3764543)<br>| &nbsp;&nbsp;&nbsp; 3139455 | &nbsp;&nbsp;&nbsp; 1527951 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 6947772 | &nbsp;&nbsp;&nbsp; 2408879 | &nbsp;&nbsp;&nbsp; 40567739 | &nbsp;&nbsp;&nbsp; 14174269 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| From net investment income |  |  |  |  |
| Institutional | &nbsp;&nbsp; (1110054)<br>| &nbsp;&nbsp;&nbsp; (1162452)<br>| &nbsp;&nbsp;&nbsp; (15972067)<br>| &nbsp;&nbsp;&nbsp; (5354694)<br>|
| Investor A | &nbsp;&nbsp; (505606)<br>| &nbsp;&nbsp;&nbsp; (476540)<br>| &nbsp;&nbsp;&nbsp; (232602)<br>| &nbsp;&nbsp;&nbsp; (85625)<br>|
| Investor P | &nbsp;&nbsp; (5248156)<br>| &nbsp;&nbsp;&nbsp; (5134779)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class K | &nbsp;&nbsp; (8043)<br>| &nbsp;&nbsp;&nbsp; (3430)<br>| &nbsp;&nbsp;&nbsp; (21393457)<br>| &nbsp;&nbsp;&nbsp; (8212648)<br>|
| Return of capital |  |  |  |  |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7241)<br>| &nbsp;&nbsp;&nbsp; (4211)<br>|
| Investor A | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp; (72)<br>|
| Class K | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9268)<br>| &nbsp;&nbsp;&nbsp; (6510)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (6871859)<br>| &nbsp;&nbsp;&nbsp; (6777201)<br>| &nbsp;&nbsp;&nbsp; (37614735)<br>| &nbsp;&nbsp;&nbsp; (13663760)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (20668584)<br>| &nbsp;&nbsp;&nbsp; (21743333)<br>| &nbsp;&nbsp;&nbsp; 733584030 | &nbsp;&nbsp;&nbsp; 174310493 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (20592671)<br>| &nbsp;&nbsp;&nbsp; (26111655)<br>| &nbsp;&nbsp;&nbsp; 736537034 | &nbsp;&nbsp;&nbsp; 174821002 |
| Beginning of year | &nbsp;&nbsp; 233615251 | &nbsp;&nbsp;&nbsp; 259726906 | &nbsp;&nbsp;&nbsp; 452665507 | &nbsp;&nbsp;&nbsp; 277844505 |
| End of year | &nbsp;&nbsp; $213022580 | &nbsp;&nbsp;&nbsp; $233615251 | &nbsp;&nbsp;&nbsp; $1189202541 | &nbsp;&nbsp;&nbsp; $452665507 |

---

&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 Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares MSCI EAFE International Index Fund | iShares MSCI EAFE International Index Fund | iShares Russell 2000 Small-Cap Index Fund | iShares Russell 2000 Small-Cap Index Fund |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $342088239 | &nbsp;&nbsp;&nbsp; $300377124 | &nbsp;&nbsp;&nbsp; $31719170 | &nbsp;&nbsp;&nbsp; $35580959 |
| Net realized gain (loss) | &nbsp;&nbsp; (26153872)<br>| &nbsp;&nbsp;&nbsp; (57363544)<br>| &nbsp;&nbsp;&nbsp; 90456710 | &nbsp;&nbsp;&nbsp; 70086171 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2909324536 | &nbsp;&nbsp;&nbsp; 103232249 | &nbsp;&nbsp;&nbsp; 234524249 | &nbsp;&nbsp;&nbsp; 194596740 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3225258903 | &nbsp;&nbsp;&nbsp; 346245829 | &nbsp;&nbsp;&nbsp; 356700129 | &nbsp;&nbsp;&nbsp; 300263870 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (57569090)<br>| &nbsp;&nbsp;&nbsp; (35110836)<br>| &nbsp;&nbsp;&nbsp; (12341529)<br>| &nbsp;&nbsp;&nbsp; (19874643)<br>|
| Investor A | &nbsp;&nbsp; (16079119)<br>| &nbsp;&nbsp;&nbsp; (12043204)<br>| &nbsp;&nbsp;&nbsp; (6775950)<br>| &nbsp;&nbsp;&nbsp; (9913008)<br>|
| Investor P | &nbsp;&nbsp; (5815342)<br>| &nbsp;&nbsp;&nbsp; (4162363)<br>| &nbsp;&nbsp;&nbsp; (9097245)<br>| &nbsp;&nbsp;&nbsp; (13243145)<br>|
| Class G | &nbsp;&nbsp; (132445307)<br>| &nbsp;&nbsp;&nbsp; (103106795)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class K | &nbsp;&nbsp; (268325701)<br>| &nbsp;&nbsp;&nbsp; (184909666)<br>| &nbsp;&nbsp;&nbsp; (66362092)<br>| &nbsp;&nbsp;&nbsp; (89277168)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (480234559)<br>| &nbsp;&nbsp;&nbsp; (339332864)<br>| &nbsp;&nbsp;&nbsp; (94576816)<br>| &nbsp;&nbsp;&nbsp; (132307964)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 279741990 | &nbsp;&nbsp;&nbsp; 770122500 | &nbsp;&nbsp;&nbsp; 51546035 | &nbsp;&nbsp;&nbsp; (66811632)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 3024766334 | &nbsp;&nbsp;&nbsp; 777035465 | &nbsp;&nbsp;&nbsp; 313669348 | &nbsp;&nbsp;&nbsp; 101144274 |
| Beginning of year | &nbsp;&nbsp; 10292805049 | &nbsp;&nbsp;&nbsp; 9515769584 | &nbsp;&nbsp;&nbsp; 2869070225 | &nbsp;&nbsp;&nbsp; 2767925951 |
| End of year | &nbsp;&nbsp; $13317571383 | &nbsp;&nbsp;&nbsp; $10292805049 | &nbsp;&nbsp;&nbsp; $3182739573 | &nbsp;&nbsp;&nbsp; $2869070225 |

---

&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 Municipal Bond Index Fund | iShares Municipal Bond Index Fund | iShares Municipal Bond Index Fund | iShares Municipal Bond Index Fund | iShares Municipal Bond Index Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $12.29 |
| Net investment income<sup>(a)</sup> | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.03 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net increase (decrease) from investment operations | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.02 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 3.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.58<br> %<br>| &nbsp;&nbsp;&nbsp; (8.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.30 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>|
| Net investment income | 3.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $32040 | &nbsp;&nbsp;&nbsp; $38690 | &nbsp;&nbsp;&nbsp; $41268 | &nbsp;&nbsp;&nbsp; $37235 | &nbsp;&nbsp;&nbsp; $11794 |
| Portfolio turnover rate | &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

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

<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 $(0.005) per share.

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

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

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratio would have been 0.29%.

<sup>(h)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

*See notes to financial statements.*

2025 BlackRock 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 Municipal Bond Index Fund (continued) | iShares Municipal Bond Index Fund (continued) | iShares Municipal Bond Index Fund (continued) | iShares Municipal Bond Index Fund (continued) | iShares Municipal Bond Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $12.29 |
| Net investment income<sup>(a)</sup> | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.03 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net increase (decrease) from investment operations | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.02 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.31<br> %<br>| &nbsp;&nbsp;&nbsp; (8.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.60 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 3.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $17571 | &nbsp;&nbsp;&nbsp; $16185 | &nbsp;&nbsp;&nbsp; $19071 | &nbsp;&nbsp;&nbsp; $20060 | &nbsp;&nbsp;&nbsp; $23348 |
| Portfolio turnover rate | &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

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

<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 $(0.005) per share.

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

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

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

*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 Municipal Bond Index Fund (continued) | iShares Municipal Bond Index Fund (continued) | iShares Municipal Bond Index Fund (continued) | iShares Municipal Bond Index Fund (continued) | iShares Municipal Bond Index Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $12.29 |
| Net investment income<sup>(a)</sup> | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.03 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net increase (decrease) from investment operations | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.02 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.32<br> %<br>| &nbsp;&nbsp;&nbsp; (8.84)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.56 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Net investment income | 3.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $163170 | &nbsp;&nbsp;&nbsp; $178504 | &nbsp;&nbsp;&nbsp; $199290 | &nbsp;&nbsp;&nbsp; $222859 | &nbsp;&nbsp;&nbsp; $292983 |
| Portfolio turnover rate | &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

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

<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 $(0.005) per share.

<sup>(e)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the expense ratio would have been 0.55%.

<sup>(h)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

*See notes to financial statements.*

2025 BlackRock 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 Municipal Bond Index Fund (continued) | iShares Municipal Bond Index Fund (continued) | iShares Municipal Bond Index Fund (continued) | iShares Municipal Bond Index Fund (continued) | iShares Municipal Bond Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $12.29 |
| Net investment income<sup>(a)</sup> | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.03 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net increase (decrease) from investment operations | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.02 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 3.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.63<br> %<br>| &nbsp;&nbsp;&nbsp; (8.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 3.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $242 | &nbsp;&nbsp;&nbsp; $236 | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $102 | &nbsp;&nbsp;&nbsp; $106 |
| Portfolio turnover rate | &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

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

<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 $(0.005) per share.

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

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

*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 Short-Term TIPS Bond Index Fund | iShares Short-Term TIPS Bond Index Fund | iShares Short-Term TIPS Bond Index Fund | iShares Short-Term TIPS Bond Index Fund | iShares Short-Term TIPS Bond Index Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp; $9.57 | &nbsp;&nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp; $10.37 | &nbsp;&nbsp;&nbsp; $10.30 |
| Net investment income<sup>(a)</sup> | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net increase (decrease) from investment operations | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| Return of capital | &nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp; $9.57 | &nbsp;&nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp; $10.37 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 6.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41<br> %<br>| &nbsp;&nbsp;&nbsp; (2.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.18<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Net investment income | 4.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $633609 | &nbsp;&nbsp;&nbsp; $128401 | &nbsp;&nbsp;&nbsp; $120828 | &nbsp;&nbsp;&nbsp; $23581 | &nbsp;&nbsp;&nbsp; $18004 |
| Portfolio turnover rate | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|

---

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

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

<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 $(0.005) per share.

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

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

*See notes to financial statements.*

2025 BlackRock 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 Short-Term TIPS Bond Index Fund (continued) | iShares Short-Term TIPS Bond Index Fund (continued) | iShares Short-Term TIPS Bond Index Fund (continued) | iShares Short-Term TIPS Bond Index Fund (continued) | iShares Short-Term TIPS Bond Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $9.58 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.34 |
| Net investment income<sup>(a)</sup> | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net increase (decrease) from investment operations | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| Return of capital | &nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.73 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $9.58 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $10.41 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 5.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.22<br> %<br>| &nbsp;&nbsp;&nbsp; (3.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.89<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| Net investment income | 4.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.79<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $5739 | &nbsp;&nbsp;&nbsp; $2524 | &nbsp;&nbsp;&nbsp; $2093 | &nbsp;&nbsp;&nbsp; $2514 | &nbsp;&nbsp;&nbsp; $1908 |
| Portfolio turnover rate | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|

---

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

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

<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 $(0.005) per share.

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

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

*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 Short-Term TIPS Bond Index Fund (continued) | iShares Short-Term TIPS Bond Index Fund (continued) | iShares Short-Term TIPS Bond Index Fund (continued) | iShares Short-Term TIPS Bond Index Fund (continued) | iShares Short-Term TIPS Bond Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $9.58 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.34 |
| Net investment income<sup>(a)</sup> | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net increase (decrease) from investment operations | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| Return of capital | &nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.73 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $9.58 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $10.41 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 6.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.51<br> %<br>| &nbsp;&nbsp;&nbsp; (2.86)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.19<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Net investment income | 4.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.69<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $549855 | &nbsp;&nbsp;&nbsp; $321740 | &nbsp;&nbsp;&nbsp; $154923 | &nbsp;&nbsp;&nbsp; $109665 | &nbsp;&nbsp;&nbsp; $84806 |
| Portfolio turnover rate | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|

---

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

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

<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 $(0.005) per share.

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

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

*See notes to financial statements.*

2025 BlackRock 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 EAFE International Index Fund | iShares MSCI EAFE International Index Fund | iShares MSCI EAFE International Index Fund | iShares MSCI EAFE International Index Fund | iShares MSCI EAFE International Index Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $15.25 | &nbsp;&nbsp;&nbsp; $15.19 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $15.85 | &nbsp;&nbsp;&nbsp; $14.68 |
| Net investment income<sup>(a)</sup> | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Net increase (decrease) from investment operations | 4.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $19.35 | &nbsp;&nbsp;&nbsp; $15.25 | &nbsp;&nbsp;&nbsp; $15.19 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $15.85 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 31.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.33<br> %<br>| &nbsp;&nbsp;&nbsp; (14.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.28<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.09<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 | 0.09<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 and excluding professional fees for foreign <br> withholding taxes<br>| 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 | 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1612033 | &nbsp;&nbsp;&nbsp; $1055134 | &nbsp;&nbsp;&nbsp; $1126850 | &nbsp;&nbsp;&nbsp; $1036641 | &nbsp;&nbsp;&nbsp; $1058978 |
| Portfolio turnover rate | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|

---

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

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

<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> Where applicable, assumes the reinvestment of distributions.

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

*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 EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $15.13 | &nbsp;&nbsp;&nbsp; $15.08 | &nbsp;&nbsp;&nbsp; $13.16 | &nbsp;&nbsp;&nbsp; $15.74 | &nbsp;&nbsp;&nbsp; $14.58 |
| Net investment income<sup>(a)</sup> | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Net increase (decrease) from investment operations | 4.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $19.20 | &nbsp;&nbsp;&nbsp; $15.13 | &nbsp;&nbsp;&nbsp; $15.08 | &nbsp;&nbsp;&nbsp; $13.16 | &nbsp;&nbsp;&nbsp; $15.74 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 31.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.02<br> %<br>| &nbsp;&nbsp;&nbsp; (14.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.01<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.34<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 | 0.34<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 and excluding professional fees for foreign withholding <br> taxes<br>| 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|
| Net investment income | 2.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $474813 | &nbsp;&nbsp;&nbsp; $394057 | &nbsp;&nbsp;&nbsp; $385832 | &nbsp;&nbsp;&nbsp; $348314 | &nbsp;&nbsp;&nbsp; $385287 |
| Portfolio turnover rate | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|

---

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

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

<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> Where applicable, assumes the reinvestment of distributions.

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

*See notes to financial statements.*

2025 BlackRock 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 EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $15.08 | &nbsp;&nbsp;&nbsp; $15.02 | &nbsp;&nbsp;&nbsp; $13.12 | &nbsp;&nbsp;&nbsp; $15.69 | &nbsp;&nbsp;&nbsp; $14.53 |
| Net investment income<sup>(a)</sup> | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Net increase (decrease) from investment operations | 4.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $19.12 | &nbsp;&nbsp;&nbsp; $15.08 | &nbsp;&nbsp;&nbsp; $15.02 | &nbsp;&nbsp;&nbsp; $13.12 | &nbsp;&nbsp;&nbsp; $15.69 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 31.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.92<br> %<br>| &nbsp;&nbsp;&nbsp; (14.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.05<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.34<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 | 0.34<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 and excluding professional fees for foreign withholding <br> taxes<br>| 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|
| Net investment income | 2.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $171062 | &nbsp;&nbsp;&nbsp; $135186 | &nbsp;&nbsp;&nbsp; $137725 | &nbsp;&nbsp;&nbsp; $123463 | &nbsp;&nbsp;&nbsp; $153682 |
| Portfolio turnover rate | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|

---

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

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

<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> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

*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 EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) |
|  | Class G | Class G | Class G |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Period from <br>10/16/23<sup>(a)</sup> <br>to 12/31/23 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Period from <br>10/16/23<sup>(a)</sup> <br>to 12/31/23 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.26 | &nbsp;&nbsp;&nbsp; $15.20 | &nbsp;&nbsp;&nbsp; $14.14 |
| Net investment income<sup>(b)</sup> | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain<sup>(c)</sup> | 4.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Net increase from investment operations | 4.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $19.37 | &nbsp;&nbsp;&nbsp; $15.26 | &nbsp;&nbsp;&nbsp; $15.20 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | 31.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.85 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 %<sup>(h)</sup><br>|
| Net investment income | 2.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3663672 | &nbsp;&nbsp;&nbsp; $3110802 | &nbsp;&nbsp;&nbsp; $2737539 |
| Portfolio turnover rate | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 17<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> 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>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

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

<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 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 EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) | iShares MSCI EAFE International Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $15.27 | &nbsp;&nbsp;&nbsp; $15.21 | &nbsp;&nbsp;&nbsp; $13.27 | &nbsp;&nbsp;&nbsp; $15.86 | &nbsp;&nbsp;&nbsp; $14.69 |
| Net investment income<sup>(a)</sup> | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Net increase (decrease) from investment operations | 4.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $19.38 | &nbsp;&nbsp;&nbsp; $15.27 | &nbsp;&nbsp;&nbsp; $15.21 | &nbsp;&nbsp;&nbsp; $13.27 | &nbsp;&nbsp;&nbsp; $15.86 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 31.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.34<br> %<br>| &nbsp;&nbsp;&nbsp; (14.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.33<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.04<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 | 0.04<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 and excluding professional fees for foreign <br> withholding taxes<br>| 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>|
| Net investment income | 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $7395991 | &nbsp;&nbsp;&nbsp; $5597626 | &nbsp;&nbsp;&nbsp; $5127824 | &nbsp;&nbsp;&nbsp; $6236454 | &nbsp;&nbsp;&nbsp; $6929470 |
| Portfolio turnover rate | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|

---

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

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

<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> Where applicable, assumes the reinvestment of distributions.

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

*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 2000 Small-Cap Index Fund | iShares Russell 2000 Small-Cap Index Fund | iShares Russell 2000 Small-Cap Index Fund | iShares Russell 2000 Small-Cap Index Fund | iShares Russell 2000 Small-Cap Index Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.40 | &nbsp;&nbsp;&nbsp; $22.90 | &nbsp;&nbsp;&nbsp; $20.17 | &nbsp;&nbsp;&nbsp; $25.76 | &nbsp;&nbsp;&nbsp; $24.19 |
| Net investment income<sup>(a)</sup> | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp; (5.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.28 |
| Net increase (decrease) from investment operations | 3.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp; (5.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.53 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| From net realized gain | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>|
| Total distributions | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (1.96)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $26.69 | &nbsp;&nbsp;&nbsp; $24.40 | &nbsp;&nbsp;&nbsp; $22.90 | &nbsp;&nbsp;&nbsp; $20.17 | &nbsp;&nbsp;&nbsp; $25.76 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.90<br> %<br>| &nbsp;&nbsp;&nbsp; (20.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.73<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)(f)(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 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>|
| Net investment income | 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $464462 | &nbsp;&nbsp;&nbsp; $438850 | &nbsp;&nbsp;&nbsp; $400743 | &nbsp;&nbsp;&nbsp; $390670 | &nbsp;&nbsp;&nbsp; $479451 |
| Portfolio turnover rate of the Series | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

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

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

<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> Where applicable, assumes the reinvestment of distributions.

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

<sup>(f)</sup> Includes the Fund's share of the Series' 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.

*See notes to financial statements.*

2025 BlackRock 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 2000 Small-Cap Index Fund (continued) | iShares Russell 2000 Small-Cap Index Fund (continued) | iShares Russell 2000 Small-Cap Index Fund (continued) | iShares Russell 2000 Small-Cap Index Fund (continued) | iShares Russell 2000 Small-Cap Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.43 | &nbsp;&nbsp;&nbsp; $22.93 | &nbsp;&nbsp;&nbsp; $20.20 | &nbsp;&nbsp;&nbsp; $25.79 | &nbsp;&nbsp;&nbsp; $24.22 |
| Net investment income<sup>(a)</sup> | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp; (5.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.28 |
| Net increase (decrease) from investment operations | 3.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp; (5.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.46 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| From net realized gain | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>|
| Total distributions | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $26.72 | &nbsp;&nbsp;&nbsp; $24.43 | &nbsp;&nbsp;&nbsp; $22.93 | &nbsp;&nbsp;&nbsp; $20.20 | &nbsp;&nbsp;&nbsp; $25.79 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.60<br> %<br>| &nbsp;&nbsp;&nbsp; (20.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.38<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)(f)(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| Net investment income | 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $238658 | &nbsp;&nbsp;&nbsp; $226997 | &nbsp;&nbsp;&nbsp; $206977 | &nbsp;&nbsp;&nbsp; $194549 | &nbsp;&nbsp;&nbsp; $243110 |
| Portfolio turnover rate of the Series | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

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

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

<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> Where applicable, assumes the reinvestment of distributions.

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

<sup>(f)</sup> Includes the Fund's share of the Series' 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.

*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 2000 Small-Cap Index Fund (continued) | iShares Russell 2000 Small-Cap Index Fund (continued) | iShares Russell 2000 Small-Cap Index Fund (continued) | iShares Russell 2000 Small-Cap Index Fund (continued) | iShares Russell 2000 Small-Cap Index Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.34 | &nbsp;&nbsp;&nbsp; $22.85 | &nbsp;&nbsp;&nbsp; $20.13 | &nbsp;&nbsp;&nbsp; $25.70 | &nbsp;&nbsp;&nbsp; $24.14 |
| Net investment income<sup>(a)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.27 |
| Net increase (decrease) from investment operations | 3.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp; (5.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.45 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| From net realized gain | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>|
| Total distributions | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $26.61 | &nbsp;&nbsp;&nbsp; $24.34 | &nbsp;&nbsp;&nbsp; $22.85 | &nbsp;&nbsp;&nbsp; $20.13 | &nbsp;&nbsp;&nbsp; $25.70 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.62<br> %<br>| &nbsp;&nbsp;&nbsp; (20.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.42<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)(f)(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| Net investment income | 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $321078 | &nbsp;&nbsp;&nbsp; $304046 | &nbsp;&nbsp;&nbsp; $287808 | &nbsp;&nbsp;&nbsp; $266391 | &nbsp;&nbsp;&nbsp; $354746 |
| Portfolio turnover rate of the Series | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

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

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

<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> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

<sup>(f)</sup> Includes the Fund's share of the Series' 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.

*See notes to financial statements.*

2025 BlackRock 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 2000 Small-Cap Index Fund (continued) | iShares Russell 2000 Small-Cap Index Fund (continued) | iShares Russell 2000 Small-Cap Index Fund (continued) | iShares Russell 2000 Small-Cap Index Fund (continued) | iShares Russell 2000 Small-Cap Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.49 | &nbsp;&nbsp;&nbsp; $22.98 | &nbsp;&nbsp;&nbsp; $20.24 | &nbsp;&nbsp;&nbsp; $25.84 | &nbsp;&nbsp;&nbsp; $24.26 |
| Net investment income<sup>(a)</sup> | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp; (5.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| Net increase (decrease) from investment operations | 3.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp; (5.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.56 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| From net realized gain | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>|
| Total distributions | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (1.98)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $26.79 | &nbsp;&nbsp;&nbsp; $24.49 | &nbsp;&nbsp;&nbsp; $22.98 | &nbsp;&nbsp;&nbsp; $20.24 | &nbsp;&nbsp;&nbsp; $25.84 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.95<br> %<br>| &nbsp;&nbsp;&nbsp; (20.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.78<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)(f)(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 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>|
| Total expenses after fees waived and/or reimbursed | 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 | 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $2158541 | &nbsp;&nbsp;&nbsp; $1899178 | &nbsp;&nbsp;&nbsp; $1872398 | &nbsp;&nbsp;&nbsp; $1752177 | &nbsp;&nbsp;&nbsp; $2288892 |
| Portfolio turnover rate of the Series | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

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

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

<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> Where applicable, assumes the reinvestment of distributions.

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

<sup>(f)</sup> Includes the Fund's share of the Series' 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.

*See notes to financial statements.*

Fund Financial Highlights

------

Notes to Financial Statements

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

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

BlackRock Funds<sup>SM</sup> (the "Trust") and BlackRock Index Funds, Inc. (the "Corporation"), are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. The Trust is organized as a Massachusetts business trust. The Corporation is organized as a Maryland corporation. The following, each of which is a series of one of the Trust or the Corporation are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | | |
|:---|:---|:---|:---|
| *Registrant Name*  | *Fund Name*  | *Herein Referred To As*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock Funds<sup>SM</sup> | iShares Municipal Bond Index Fund | Municipal Bond Index | Diversified |
|  | iShares Short-Term TIPS Bond Index Fund | Short-Term TIPS Bond Index | Diversified |
| BlackRock Index Funds, Inc. | iShares MSCI EAFE International Index Fund | International Index | Diversified |
|  | iShares Russell 2000 Small-Cap Index Fund | Small Cap Index | Diversified |

---

Small Cap Index seeks to achieve its investment objective by investing all of its assets in Master Small Cap Index Series (the "Series"), a series of Quantitative Master Series LLC (the "Master LLC"), and an affiliate of Small Cap Index, which has the same investment objective and strategies as Small Cap Index. The value of Small Cap Index's investment in the Series reflects Small Cap Index's proportionate interest in the net assets of the Series. The performance of Small Cap Index is directly affected by the performance of the Series. At December 31, 2025, the percentage of the Series owned by Small Cap Index was 66.2%. The financial statements of the Series, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with Small Cap Index's financial statements.

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A 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 and Investor A Shares | No | No |  |
| 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 the Board of Directors of the Corporation are collectively referred to throughout this report as the "Board", and the directors/trustees thereof are collectively referred to throughout this report as "Directors".

The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA") for Municipal Bond Index and BlackRock Advisors, LLC ("BAL") for Short-Term TIPS Bond Index, International Index and Small Cap Index ("BFA" and together with "BAL", 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 Municipal Bond Index, Short-Term TIPS Bond Index and International Index, 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 International Index 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. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

For Small Cap Index, for financial reporting purposes, contributions to and withdrawals from the Series are accounted for on a trade date basis. Small Cap Index records its proportionate share of the Series' 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, Small Cap Index 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 Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the 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 Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** International Index 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 Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, International Index recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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 Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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

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

**Distributions:** Distributions paid by International Index and Small Cap Index are recorded on the ex-dividend dates. Distributions from net investment income for Municipal Bond Index and Short-Term TIPS Bond Index 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, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

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

**Recent Accounting Standard:** The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund's financial position or results of operations.

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

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund's Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. Small Cap Index's policy is to value its financial instruments at 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. Small Cap Index records its investment in the Series at fair value based on Small Cap Index's proportionate interest in the net assets of the Series. Valuation of securities held by the Series is discussed in Note 3 of the Series' Notes to Financial Statements, which are included elsewhere in this report.

Fund Notes to Financial Statements

------

Notes to Financial Statements (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments (except ETF options, equity index options or those that are customized) 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;•Fixed-income investments and certain derivative instruments 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. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. 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;•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 Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

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

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

&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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund 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***

**Inflation-Indexed Bonds:** Inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond is included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**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:** Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or

Fund Notes to Financial Statements

------

Notes to Financial Statements (continued)

insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Funds' securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities* <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>|
| International Index |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $14029394 | &nbsp;&nbsp; $(14029394)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 3140230 | &nbsp;&nbsp; (3140230)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 5428558 | &nbsp;&nbsp; (5428558)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 3199840 | &nbsp;&nbsp; (3199840)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 918667 | &nbsp;&nbsp; (918667)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 8429974 | &nbsp;&nbsp; (8429974)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 1897966 | &nbsp;&nbsp; (1897966)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 790456 | &nbsp;&nbsp; (790456)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $37835085 | &nbsp;&nbsp; $(37835085)<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 each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

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

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

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

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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

**Investment Advisory:** Each of the Trust and the Corporation, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, majority-owned subsidiary of BlackRock, to provide investment advisory and, with respect to Municipal Bond Index, Short-Term TIPS Bond Index and International Index, administrative services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

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

---

| | | | |
|:---|:---|:---|:---|
|  | *Municipal Bond Index* | *Short-Term TIPS Bond Index* | *International Index* |
| Investment advisory fees | 0.10<br> % <br>| 0.01<br> % <br>| 0.01<br> % <br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

With respect to the Short-Term TIPS Bond Index, International Index and Small Cap Index, the Manager entered into a sub-advisory agreement with BFA. The Manager pays BFA for services it provides for that portion of Short-Term TIPS Bond Index, International Index and Small Cap Index for which BFA acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each fund to the Manager.

**Service Fees:** The Corporation and the Trust, on behalf of each Fund, entered into a Distribution Agreement and Distribution and Service Plans with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Municipal Bond Index | Municipal Bond Index | Short-Term TIPS Bond Index | Short-Term TIPS Bond Index | International Index | International Index | Small Cap Index | Small Cap Index |
| *Share Class* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
| Investor A | 0.25<br> % <br>| &nbsp;&nbsp; N/A | 0.25<br> % <br>| &nbsp;&nbsp; N/A | 0.25<br> % <br>| &nbsp;&nbsp; N/A | 0.25<br> % <br>| &nbsp;&nbsp; N/A |
| Investor P | 0.25 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.25 | &nbsp;&nbsp; N/A | 0.25 | &nbsp;&nbsp; N/A |

---

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

For the year ended December 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor P* | *Total* |
| Municipal Bond Index | &nbsp;&nbsp; $40553 | &nbsp;&nbsp; $420744 | &nbsp;&nbsp; $461297 |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 13131 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13131 |
| International Index | &nbsp;&nbsp; 1094425 | &nbsp;&nbsp; 388059 | &nbsp;&nbsp; 1482484 |
| Small Cap Index | &nbsp;&nbsp; 562120 | &nbsp;&nbsp; 748423 | &nbsp;&nbsp; 1310543 |

---

**Administration:** The Corporation, on behalf of Small Cap Index and International Index, entered into an Administration Agreement with BlackRock Advisors, LLC (the "Administrator"), an indirect, majority-owned subsidiary of BlackRock, to provide administrative services (other than investment advice and related portfolio activities). For such services, Small Cap Index pays the Administrator a monthly fee at an annual rate of 0.04% of the average daily net assets of Small Cap Index. Small Cap Index does not pay an investment advisory fee or investment management fee. For International Index, the Administrator is entitled to receive for these administrative services an annual fee of 0.08% based on the average daily net assets of International Index's Institutional, Investor A and Investor P Shares, 0.015% of the average daily net assets of Class G Shares,and 0.03% of the average daily net assets of Class K Shares.

For the year ended December 31, 2025, the following table shows the class specific administration fees borne directly by each share class of International Index:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor P* | *Class G* | *Class K* | *Total* |
| International Index | &nbsp;&nbsp; $1099536 | &nbsp;&nbsp; $350216 | &nbsp;&nbsp; $124179 | &nbsp;&nbsp; $503738 | &nbsp;&nbsp; $1973209 | &nbsp;&nbsp; $4050878 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended December 31, 2025, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended December 31, 2025, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor P* | *Class K* | *Total* |
| Municipal Bond Index | &nbsp;&nbsp; $93 | $4323 | $462 | $34 | $4912 |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 284 | 957 |  | 2955 | 4196 |
| Small Cap Index | &nbsp;&nbsp; 5287 | 23614 | 3357 | 7658 | 39916 |

---

For the year ended December 31, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor P* | *Class K* | *Total* |
| Municipal Bond Index | &nbsp;&nbsp; $17001 | $15806 | $91225 | $104 | $124136 |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 130435 | 4843 |  | 36911 | 172189 |
| Small Cap Index | &nbsp;&nbsp; 260266 | 201505 | 225423 | 65428 | 752622 |

---

**Other Fees:** For the year ended December 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor P Shares as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor P* |
| Municipal Bond Index | &nbsp;&nbsp; $4499 |
| International Index | &nbsp;&nbsp; 11048 |
| Small Cap Index | &nbsp;&nbsp; 15619 |

---

Fund Notes to Financial Statements

------

Notes to Financial Statements (continued)

For the year ended December 31, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor P* |
| Municipal Bond Index | &nbsp;&nbsp; $163 |

---

**Expense Limitations, Waivers, Reimbursements, and Recoupments:** With respect to Municipal Bond Index, Short-Term TIPS Bond Index and International Index, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the directors who are not "interested persons" of the Trust or the Corporation, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitations described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Municipal Bond Index | &nbsp;&nbsp; $3650 |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 8552 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026, with respect to Municipal Bond Index, Short-Term TIPS Bond Index and International Index. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2025, the Manager of International Index waived $13,658 in investment advisory fees pursuant to these arrangements.

With respect to Municipal Bond Index, Short-Term TIPS Bond Index and Small Cap Index, 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, ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor P* | *Class K* |
| Municipal Bond Index | 0.25<br> % <br>| 0.50<br> % <br>| 0.50<br> % <br>| 0.20<br> % <br>|
| Short-Term TIPS Bond Index | 0.11 | 0.36 | &nbsp;&nbsp; — | 0.06 |
| Small Cap Index | 0.12 | 0.37 | 0.37 | 0.07 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026 with respect to Municipal Bond Index, Short-Term TIPS Bond Index and Small-Cap Index, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts of fees waived and/or reimbursed are included in fees waived and/or reimbursed by the Manager/Administrator in the Statements of Operations. For the year ended December 31, 2025, the Funds waived the following amounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>| *Fees Waived and/or Reimbursed* <br>*by the Administrator* <br>|
| Municipal Bond Index | &nbsp;&nbsp; $135464 | &nbsp;&nbsp; $— |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 39930 | &nbsp;&nbsp; — |
| Small Cap Index | &nbsp;&nbsp; — | &nbsp;&nbsp; 3637 |

---

With respect to International Index, the fees and expenses of the Fund's Independent Directors, counsel to the Independent Directors and the Fund's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Fund. The Manager has contractually agreed to reimburse the Fund or provide an offsetting credit for such independent expenses through June 30, 2035. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2025, the amount waived and/or reimbursed was $123,131.

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager - class specific respectively, in the Statements of Operations. For the year ended December 31, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* |
| *Fund Name*  | *Institutional* | *Investor A* | *Investor P* | *Class K* | *Total* |
| Municipal Bond Index | &nbsp;&nbsp; $407 | &nbsp;&nbsp; $5828 | &nbsp;&nbsp; $6542 | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $12842 |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; — | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5913 | &nbsp;&nbsp; 7141 |
| Small Cap Index | &nbsp;&nbsp; 46250 | &nbsp;&nbsp; 75696 | &nbsp;&nbsp; 57956 | &nbsp;&nbsp; 2406 | &nbsp;&nbsp; 182308 |

---

With respect to the contractual expense limitation, if during the Fund's fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Manager or an affiliate continues to serve as the Fund's investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective November 16, 2025 for Municipal Bond Index, the repayment arrangement between the Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under the Fund's contractual caps on net expenses will be terminated.

For the year ended December 31, 2025, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Fund Level* | *Institutional* | *Investor A* | *Investor P* |
| Municipal Bond Index | &nbsp;&nbsp; $946 | &nbsp;&nbsp; $2113 | &nbsp;&nbsp; $191 | &nbsp;&nbsp; $15952 |

---

The following fund level and class specific waivers and/or reimbursements previously recorded by the Funds, which were subject to recoupment by the Administrator, expired on November 16, 2025:

---

| | |
|:---|:---|
|  | *Expired* |
| *Fund Name/Fund Level/Share Class*  | *11/16/25* |
| Municipal Bond Index |  |
| Fund Level | &nbsp;&nbsp; $87703 |
| Institutional | &nbsp;&nbsp; — |
| Investor A | &nbsp;&nbsp; 16431 |
| Investor P | &nbsp;&nbsp; 13072 |
| Class K | &nbsp;&nbsp; 107 |

---

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

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

Pursuant to the current securities lending agreement, each Fund retains 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, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 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 Short-Term TIPS Bond Index and International Index is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended December 31, 2025, each Fund paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name*  | *Amounts* |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; $33 |
| International Index | &nbsp;&nbsp; 41231 |

---

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

Fund Notes to Financial Statements

------

Notes to Financial Statements (continued)

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

**Directors and Officers:** Certain directors and/or officers of the Trust and the Corporation are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust's and the Corporation's Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

**Other Transactions:** International Index 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 directors. For the year ended December 31, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| International Index | &nbsp;&nbsp;&nbsp; $190371883 | &nbsp;&nbsp;&nbsp; $65390034 | &nbsp;&nbsp;&nbsp; $(3121516)<br>|

---

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

For the year ended December 31, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities  | U.S. Government Securities  | Other Securities  | Other Securities  |
| *Fund Name*  | *Purchases* | *Sales* | *Purchases* | *Sales* |
| Municipal Bond Index | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79929689 | &nbsp;&nbsp; $98290655 |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 735427774 | &nbsp;&nbsp; 89597243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Index | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1112765471 | &nbsp;&nbsp; 924920706 |

---

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

It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*12/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*12/31/24*<br>|
| Municipal Bond Index |  |  |
| Tax-exempt income | &nbsp;&nbsp; $6871859 | &nbsp;&nbsp;&nbsp; $6777201 |
| Short-Term TIPS Bond Index |  |  |
| Ordinary income | &nbsp;&nbsp; $37598126 | &nbsp;&nbsp;&nbsp; $13652967 |
| Return of capital | &nbsp;&nbsp; 16609 | &nbsp;&nbsp;&nbsp; 10793 |
|  | &nbsp;&nbsp; $37614735 | &nbsp;&nbsp;&nbsp; $13663760 |
| International Index |  |  |
| Ordinary income | &nbsp;&nbsp; $480234559 | &nbsp;&nbsp;&nbsp; $339332864 |
| Small Cap Index |  |  |
| Ordinary income | &nbsp;&nbsp; $58629339 | &nbsp;&nbsp;&nbsp; $76447475 |
| Long-term capital gains | &nbsp;&nbsp; 35947477 | &nbsp;&nbsp;&nbsp; 55860489 |
|  | &nbsp;&nbsp; $94576816 | &nbsp;&nbsp;&nbsp; $132307964 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

As of December 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Tax-Exempt Income*<br>| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term* <br>*Capital Gains*<br>| *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<sup>(c)</sup> <br>| *Total* |
| Municipal Bond Index | &nbsp;&nbsp; $275388 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5026507)<br>| &nbsp;&nbsp; $(3001295)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7752414)<br>|
| Short-Term TIPS Bond Index | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6549316)<br>| &nbsp;&nbsp; (144757)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6694073)<br>|
| International Index | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1305545194)<br>| &nbsp;&nbsp; 5025602080 | &nbsp;&nbsp; (41121126)<br>| &nbsp;&nbsp; 3678935760 |
| Small Cap Index | &nbsp;&nbsp; — | &nbsp;&nbsp; 4025703 | &nbsp;&nbsp; 1667623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 893276082 | &nbsp;&nbsp; — | &nbsp;&nbsp; 898969408 |

---

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

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures and foreign currency contracts, timing and recognition of partnership income, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, characterization of corporate actions and amortization methods for premiums on fixed income securities. 

<sup>(c)</sup> The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of December 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Municipal Bond Index | &nbsp;&nbsp; $213519616 | &nbsp;&nbsp; $2145567 | &nbsp;&nbsp; $(5146862)<br>| &nbsp;&nbsp; $(3001295)<br>|
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 1190773599 | &nbsp;&nbsp; 2798922 | &nbsp;&nbsp; (2943679)<br>| &nbsp;&nbsp; (144757)<br>|
| International Index | &nbsp;&nbsp; 8224278226 | &nbsp;&nbsp; 5293672716 | &nbsp;&nbsp; (270535713)<br>| &nbsp;&nbsp; 5023137003 |

---

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

The Trust and the International Index Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2025, the Funds did not borrow under the credit agreement.

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

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

The Manager uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.

International Index 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:** Municipal Bond Index and Short-Term TIPS Bond Index 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 Fund to reinvest in lower yielding securities. Municipal Bond Index and Short-Term TIPS Bond Index may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund 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.

Fund Notes to Financial Statements

------

Notes to Financial Statements (continued)

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

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

Certain Funds invest a significant portion of their 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 Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

The Funds 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 Funds 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 Funds' performance.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries 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 Funds' investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. 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.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have experienced volatility and adverse trends due to concerns in several Asian countries regarding

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

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

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Municipal Bond Index  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 323284 | &nbsp;&nbsp;&nbsp; $3516757 | &nbsp;&nbsp;&nbsp; 651221 | &nbsp;&nbsp;&nbsp; $7204758 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 101791 | &nbsp;&nbsp;&nbsp; 1107025 | &nbsp;&nbsp;&nbsp; 104950 | &nbsp;&nbsp;&nbsp; 1159403 |
| Shares redeemed | &nbsp;&nbsp; (1037130) | &nbsp;&nbsp;&nbsp; (11152783) | &nbsp;&nbsp;&nbsp; (924944) | &nbsp;&nbsp;&nbsp; (10264620) |
|  | &nbsp;&nbsp; (612055) | &nbsp;&nbsp;&nbsp; $(6529001) | &nbsp;&nbsp;&nbsp; (168773) | &nbsp;&nbsp;&nbsp; $(1900459) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 309720 | &nbsp;&nbsp;&nbsp; $3383110 | &nbsp;&nbsp;&nbsp; 239184 | &nbsp;&nbsp;&nbsp; $2636911 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 42070 | &nbsp;&nbsp;&nbsp; 457546 | &nbsp;&nbsp;&nbsp; 38842 | &nbsp;&nbsp;&nbsp; 429040 |
| Shares redeemed | &nbsp;&nbsp; (229664) | &nbsp;&nbsp;&nbsp; (2479087) | &nbsp;&nbsp;&nbsp; (510322) | &nbsp;&nbsp;&nbsp; (5652115) |
|  | &nbsp;&nbsp; 122126 | &nbsp;&nbsp;&nbsp; $1361569 | &nbsp;&nbsp;&nbsp; (232296) | &nbsp;&nbsp;&nbsp; $(2586164) |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 533636 | &nbsp;&nbsp;&nbsp; $5819096 | &nbsp;&nbsp;&nbsp; 470797 | &nbsp;&nbsp;&nbsp; $5211356 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 482518 | &nbsp;&nbsp;&nbsp; 5245504 | &nbsp;&nbsp;&nbsp; 464832 | &nbsp;&nbsp;&nbsp; 5134740 |
| Shares redeemed | &nbsp;&nbsp; (2447868) | &nbsp;&nbsp;&nbsp; (26570566) | &nbsp;&nbsp;&nbsp; (2509805) | &nbsp;&nbsp;&nbsp; (27744274) |
|  | &nbsp;&nbsp; (1431714) | &nbsp;&nbsp;&nbsp; $(15505966) | &nbsp;&nbsp;&nbsp; (1574176) | &nbsp;&nbsp;&nbsp; $(17398178) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 12746 | &nbsp;&nbsp;&nbsp; $140981 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp; 4814 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 487 |
|  | &nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp; $4814 | &nbsp;&nbsp;&nbsp; 12790 | &nbsp;&nbsp;&nbsp; $141468 |
|  | &nbsp;&nbsp; (1921200) | &nbsp;&nbsp;&nbsp; $(20668584) | &nbsp;&nbsp;&nbsp; (1962455) | &nbsp;&nbsp;&nbsp; $(21743333) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Short-Term TIPS Bond Index  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 53321860 | &nbsp;&nbsp;&nbsp; $520476631 | &nbsp;&nbsp;&nbsp; 549027 | &nbsp;&nbsp;&nbsp; $5272362 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1628816 | &nbsp;&nbsp;&nbsp; 15915704 | &nbsp;&nbsp;&nbsp; 559288 | &nbsp;&nbsp;&nbsp; 5351695 |
| Shares redeemed | &nbsp;&nbsp; (3135933) | &nbsp;&nbsp;&nbsp; (30637353) | &nbsp;&nbsp;&nbsp; (356559) | &nbsp;&nbsp;&nbsp; (3418989) |
|  | &nbsp;&nbsp; 51814743 | &nbsp;&nbsp;&nbsp; $505754982 | &nbsp;&nbsp;&nbsp; 751756 | &nbsp;&nbsp;&nbsp; $7205068 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 595102 | &nbsp;&nbsp;&nbsp; $5789224 | &nbsp;&nbsp;&nbsp; 186535 | &nbsp;&nbsp;&nbsp; $1793440 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 23271 | &nbsp;&nbsp;&nbsp; 227688 | &nbsp;&nbsp;&nbsp; 8473 | &nbsp;&nbsp;&nbsp; 81211 |
| Shares redeemed | &nbsp;&nbsp; (291383) | &nbsp;&nbsp;&nbsp; (2834032) | &nbsp;&nbsp;&nbsp; (150794) | &nbsp;&nbsp;&nbsp; (1448615) |
|  | &nbsp;&nbsp; 326990 | &nbsp;&nbsp;&nbsp; $3182880 | &nbsp;&nbsp;&nbsp; 44214 | &nbsp;&nbsp;&nbsp; $426036 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 29527916 | &nbsp;&nbsp;&nbsp; $288060358 | &nbsp;&nbsp;&nbsp; 22013809 | &nbsp;&nbsp;&nbsp; $211894541 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 2183407 | &nbsp;&nbsp;&nbsp; 21358956 | &nbsp;&nbsp;&nbsp; 854748 | &nbsp;&nbsp;&nbsp; 8193469 |
| Shares redeemed | &nbsp;&nbsp; (8685014) | &nbsp;&nbsp;&nbsp; (84773146) | &nbsp;&nbsp;&nbsp; (5562016) | &nbsp;&nbsp;&nbsp; (53408621) |
|  | &nbsp;&nbsp; 23026309 | &nbsp;&nbsp;&nbsp; $224646168 | &nbsp;&nbsp;&nbsp; 17306541 | &nbsp;&nbsp;&nbsp; $166679389 |
|  | &nbsp;&nbsp; 75168042 | &nbsp;&nbsp;&nbsp; $733584030 | &nbsp;&nbsp;&nbsp; 18102511 | &nbsp;&nbsp;&nbsp; $174310493 |

---

Fund Notes to Financial Statements

------

Notes to Financial Statements (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| International Index  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 37076635 | &nbsp;&nbsp;&nbsp; $654033252 | &nbsp;&nbsp;&nbsp; 17655501 | &nbsp;&nbsp;&nbsp; $281634780 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 2742918 | &nbsp;&nbsp;&nbsp; 52472020 | &nbsp;&nbsp;&nbsp; 2016989 | &nbsp;&nbsp;&nbsp; 31830136 |
| Shares redeemed | &nbsp;&nbsp; (25728265) | &nbsp;&nbsp;&nbsp; (456617882) | &nbsp;&nbsp;&nbsp; (24662947) | &nbsp;&nbsp;&nbsp; (396372761) |
|  | &nbsp;&nbsp; 14091288 | &nbsp;&nbsp;&nbsp; $249887390 | &nbsp;&nbsp;&nbsp; (4990457) | &nbsp;&nbsp;&nbsp; $(82907845) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7195327 | &nbsp;&nbsp;&nbsp; $126698609 | &nbsp;&nbsp;&nbsp; 7315334 | &nbsp;&nbsp;&nbsp; $115631152 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 822296 | &nbsp;&nbsp;&nbsp; 15598948 | &nbsp;&nbsp;&nbsp; 745310 | &nbsp;&nbsp;&nbsp; 11672203 |
| Shares redeemed | &nbsp;&nbsp; (9327833) | &nbsp;&nbsp;&nbsp; (163205614) | &nbsp;&nbsp;&nbsp; (7608681) | &nbsp;&nbsp;&nbsp; (120945013) |
|  | &nbsp;&nbsp; (1310210) | &nbsp;&nbsp;&nbsp; $(20908057) | &nbsp;&nbsp;&nbsp; 451963 | &nbsp;&nbsp;&nbsp; $6358342 |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 695374 | &nbsp;&nbsp;&nbsp; $12350891 | &nbsp;&nbsp;&nbsp; 682480 | &nbsp;&nbsp;&nbsp; $10776927 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 307177 | &nbsp;&nbsp;&nbsp; 5805654 | &nbsp;&nbsp;&nbsp; 266183 | &nbsp;&nbsp;&nbsp; 4155512 |
| Shares redeemed | &nbsp;&nbsp; (1024821) | &nbsp;&nbsp;&nbsp; (18025538) | &nbsp;&nbsp;&nbsp; (1149459) | &nbsp;&nbsp;&nbsp; (18185064) |
|  | &nbsp;&nbsp; (22270) | &nbsp;&nbsp;&nbsp; $131007 | &nbsp;&nbsp;&nbsp; (200796) | &nbsp;&nbsp;&nbsp; $(3252625) |
| Class G |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 31695713 | &nbsp;&nbsp;&nbsp; $547722505 | &nbsp;&nbsp;&nbsp; 40243875 | &nbsp;&nbsp;&nbsp; $647160599 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 6919614 | &nbsp;&nbsp;&nbsp; 132441405 | &nbsp;&nbsp;&nbsp; 6531899 | &nbsp;&nbsp;&nbsp; 103104192 |
| Shares redeemed | &nbsp;&nbsp; (53348947) | &nbsp;&nbsp;&nbsp; (916138254) | &nbsp;&nbsp;&nbsp; (23007744) | &nbsp;&nbsp;&nbsp; (364861036) |
|  | &nbsp;&nbsp; (14733620) | &nbsp;&nbsp;&nbsp; $(235974344) | &nbsp;&nbsp;&nbsp; 23768030 | &nbsp;&nbsp;&nbsp; $385403755 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 98547934 | &nbsp;&nbsp;&nbsp; $1754119529 | &nbsp;&nbsp;&nbsp; 104880817 | &nbsp;&nbsp;&nbsp; $1678374997 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 13866936 | &nbsp;&nbsp;&nbsp; 265551681 | &nbsp;&nbsp;&nbsp; 11573953 | &nbsp;&nbsp;&nbsp; 182829784 |
| Shares redeemed | &nbsp;&nbsp; (97452918) | &nbsp;&nbsp;&nbsp; (1733065216) | &nbsp;&nbsp;&nbsp; (86981704) | &nbsp;&nbsp;&nbsp; (1396683908) |
|  | &nbsp;&nbsp; 14961952 | &nbsp;&nbsp;&nbsp; $286605994 | &nbsp;&nbsp;&nbsp; 29473066 | &nbsp;&nbsp;&nbsp; $464520873 |
|  | &nbsp;&nbsp; 12987140 | &nbsp;&nbsp;&nbsp; $279741990 | &nbsp;&nbsp;&nbsp; 48501806 | &nbsp;&nbsp;&nbsp; $770122500 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Small Cap Index  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4593258 | &nbsp;&nbsp;&nbsp; $117669520 | &nbsp;&nbsp;&nbsp; 5780867 | &nbsp;&nbsp;&nbsp; $144665823 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 451059 | &nbsp;&nbsp;&nbsp; 12183570 | &nbsp;&nbsp;&nbsp; 761566 | &nbsp;&nbsp;&nbsp; 19605950 |
| Shares redeemed | &nbsp;&nbsp; (5629747) | &nbsp;&nbsp;&nbsp; (137766726) | &nbsp;&nbsp;&nbsp; (6055248) | &nbsp;&nbsp;&nbsp; (141523046) |
|  | &nbsp;&nbsp; (585430) | &nbsp;&nbsp;&nbsp; $(7913636) | &nbsp;&nbsp;&nbsp; 487185 | &nbsp;&nbsp;&nbsp; $22748727 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2060390 | &nbsp;&nbsp;&nbsp; $50249132 | &nbsp;&nbsp;&nbsp; 2390802 | &nbsp;&nbsp;&nbsp; $57796606 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 244380 | &nbsp;&nbsp;&nbsp; 6606209 | &nbsp;&nbsp;&nbsp; 373455 | &nbsp;&nbsp;&nbsp; 9624344 |
| Shares redeemed | &nbsp;&nbsp; (2664863) | &nbsp;&nbsp;&nbsp; (66045402) | &nbsp;&nbsp;&nbsp; (2497675) | &nbsp;&nbsp;&nbsp; (60080685) |
|  | &nbsp;&nbsp; (360093) | &nbsp;&nbsp;&nbsp; $(9190061) | &nbsp;&nbsp;&nbsp; 266582 | &nbsp;&nbsp;&nbsp; $7340265 |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 878039 | &nbsp;&nbsp;&nbsp; $21301942 | &nbsp;&nbsp;&nbsp; 1063920 | &nbsp;&nbsp;&nbsp; $25226989 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 337637 | &nbsp;&nbsp;&nbsp; 9090140 | &nbsp;&nbsp;&nbsp; 515503 | &nbsp;&nbsp;&nbsp; 13232950 |
| Shares redeemed | &nbsp;&nbsp; (1645010) | &nbsp;&nbsp;&nbsp; (40543811) | &nbsp;&nbsp;&nbsp; (1682977) | &nbsp;&nbsp;&nbsp; (40242898) |
|  | &nbsp;&nbsp; (429334) | &nbsp;&nbsp;&nbsp; $(10151729) | &nbsp;&nbsp;&nbsp; (103554) | &nbsp;&nbsp;&nbsp; $(1782959) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 21100461 | &nbsp;&nbsp;&nbsp; $519067047 | &nbsp;&nbsp;&nbsp; 19476180 | &nbsp;&nbsp;&nbsp; $468584073 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 2444586 | &nbsp;&nbsp;&nbsp; 66280320 | &nbsp;&nbsp;&nbsp; 3451302 | &nbsp;&nbsp;&nbsp; 89159398 |
| Shares redeemed | &nbsp;&nbsp; (20534742) | &nbsp;&nbsp;&nbsp; (506545906) | &nbsp;&nbsp;&nbsp; (26857694) | &nbsp;&nbsp;&nbsp; (652861136) |
|  | &nbsp;&nbsp; 3010305 | &nbsp;&nbsp;&nbsp; $78801461 | &nbsp;&nbsp;&nbsp; (3930212) | &nbsp;&nbsp;&nbsp; $(95117665) |
|  | &nbsp;&nbsp; 1635448 | &nbsp;&nbsp;&nbsp; $51546035 | &nbsp;&nbsp;&nbsp; (3279999) | &nbsp;&nbsp;&nbsp; $(66811632) |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

As of December 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional*  | *Investor A* | *Investor P* | *Class K* | *Class G* |
| Municipal Bond Index | &nbsp;&nbsp; 8707 | &nbsp;&nbsp; 871 | &nbsp;&nbsp; 871 | &nbsp;&nbsp; 8707 | &nbsp;&nbsp; — |
| International Index | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5356 |
| Small Cap Index | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9191 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

***12.*** ***FOREIGN WITHHOLDINGS TAX CLAIMS*** 

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which International Index is able to pass through to shareholders as a foreign tax credit in the current year, International Index will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by International Index.

Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of December 31, 2025, and have not been recorded in the applicable Fund's net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

***13.*** ***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.

Fund Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of iShares Municipal Bond Index Fund, iShares Short-Term TIPS Bond Index Fund, iShares MSCI EAFE International Index Fund, and iShares Russell 2000 Small-Cap Index Fund and the Board of Trustees/Directors of BlackRock Funds<sup>SM</sup> and BlackRock Index Funds, Inc.:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of iShares Municipal Bond Index Fund and iShares Short-Term TIPS Bond Index Fund of BlackRock Funds<sup>SM</sup> and iShares MSCI EAFE International Index Fund and iShares Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. (collectively, the "Funds"), including the schedules of investments of iShares Municipal Bond Index Fund, iShares Short-Term TIPS Bond Index Fund, and iShares MSCI EAFE International Index Fund, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2026

We have served as the auditor of one or more BlackRock investment companies since 1992.

2025 BlackRock Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, is hereby designated as tax-exempt interest dividends for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Exempt-Interest* <br>*Dividends*<br>|
| Municipal Bond Index | &nbsp;&nbsp; $6874776 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Dividend* <br>*Income*<br>|
| International Index | &nbsp;&nbsp; $342775734 |
| Small Cap Index | &nbsp;&nbsp; 25995397 |

---

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Business* <br>*Income*<br>|
| Small Cap Index | &nbsp;&nbsp; $5330901 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| Small Cap Index | &nbsp;&nbsp; $35947477 |

---

The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| International Index | &nbsp;&nbsp; $363370316 | &nbsp;&nbsp; $18495856 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Federal Obligation* <br>*Interest*<br>|
| Short-Term TIPS Bond Index | &nbsp;&nbsp; $37328118 |
| Small Cap Index | &nbsp;&nbsp; 354644 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name*  | *Dividends-Received* <br>*Deduction*<br>|
| Small Cap Index | 41.50<br> % <br>|

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2025:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *Fund Name*  | *Interest* <br>*Dividends*<br>|
| Short-Term TIPS Bond Index | &nbsp;&nbsp; $37598405 |
| Small Cap Index | &nbsp;&nbsp; 750805 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>| &nbsp;&nbsp; *Qualified* <br>*Short-Term* <br>*Capital Gains*<br>|
| Short-Term TIPS Bond Index | &nbsp;&nbsp; $37597132 | &nbsp;&nbsp; $— |

---

Important Tax Information

------

Important Tax Information (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Interest-*<br> *Related*<br> *Dividends*<br>| &nbsp;&nbsp; *Qualified*<br> *Short-Term*<br> *Capital Gains*<br>|
| Small Cap Index | &nbsp;&nbsp; $752157 | &nbsp;&nbsp; $20719234 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

December 31, 2025

**Master Small Cap Index Series**

**(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** |
| **Advertising Agencies — 0.1%** | **Advertising Agencies — 0.1%** |  |
| Advantage Solutions, Inc., Class A <sup>(a)(b)</sup> | 155463 | $136808 |
| Boston Omaha Corp., Class A <sup>(a)(b)</sup> | 37221 | 460424 |
| Emerald Holding, Inc. | 22223 | 99337 |
| National CineMedia, Inc. | 106219 | 413192 |
| Nexxen International Ltd. <sup>(a)(b)</sup> | 65515 | 428468 |
| Pursuit Attractions and Hospitality, Inc. <sup>(a)</sup> | 35355 | 1190756 |
| QuinStreet, Inc. <sup>(a)</sup> | 91137 | 1309639 |
| Stagwell, Inc., Class A <sup>(a)</sup> | 192006 | 938909 |
| TechTarget, Inc. <sup>(a)</sup> | 44588 | 240775 |
| Thryv Holdings, Inc. <sup>(a)</sup> | 64077 | 387666 |
|  |  | 5605974 |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |  |
| AAR Corp. <sup>(a)</sup> | 65109 | 5390375 |
| AeroVironment, Inc. <sup>(a)(b)</sup> | 63056 | 15252616 |
| AerSale Corp. <sup>(a)</sup> | 54986 | 390950 |
| AIRO Group Holdings, Inc. <sup>(a)(b)</sup> | 11887 | 97236 |
| Amprius Technologies, Inc. <sup>(a)</sup> | 162248 | 1280137 |
| Archer Aviation, Inc., Class A <sup>(a)(b)</sup> | 1056964 | 7948369 |
| Astronics Corp. <sup>(a)</sup> | 51482 | 2792384 |
| Byrna Technologies, Inc. <sup>(a)(b)</sup> | 29174 | 489831 |
| Cadre Holdings, Inc. | 48436 | 1978126 |
| Ducommun, Inc. <sup>(a)</sup> | 23446 | 2230418 |
| Eve Holding, Inc., Class A <sup>(a)(b)</sup> | 162291 | 647541 |
| Firefly Aerospace, Inc. <sup>(a)(b)</sup> | 36396 | 814178 |
| Intuitive Machines, Inc., Class A <sup>(a)(b)</sup> | 179852 | 2918998 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 277982 | 21101614 |
| Mercury Systems, Inc. <sup>(a)</sup> | 86767 | 6334859 |
| Moog, Inc., Class A | 46903 | 11423226 |
| National Presto Industries, Inc. | 8911 | 951338 |
| Park Aerospace Corp. | 29903 | 638130 |
| Red Cat Holdings, Inc. <sup>(a)(b)</sup> | 145267 | 1151967 |
| Redwire Corp. <sup>(a)(b)</sup> | 123931 | 941876 |
| Satellogic, Inc., Class A <sup>(a)</sup> | 119439 | 223351 |
| V2X, Inc. <sup>(a)</sup> | 39118 | 2133887 |
| Voyager Technologies, Inc., Class A <sup>(a)</sup> | 23047 | 602449 |
|  |  | 87733856 |
| **Agriculture, Fishing & Ranching — 0.4%** | **Agriculture, Fishing & Ranching — 0.4%** |  |
| Alico, Inc. <sup>(b)</sup> | 9133 | 332259 |
| Andersons, Inc. | 53857 | 2863577 |
| Cadiz, Inc. <sup>(a)(b)</sup> | 95258 | 534397 |
| Calavo Growers, Inc. | 28814 | 626704 |
| Cal-Maine Foods, Inc. | 73756 | 5868765 |
| Dole PLC | 139872 | 2096681 |
| Fresh Del Monte Produce, Inc. | 56819 | 2024461 |
| Limoneira Co. | 27723 | 350003 |
| Tejon Ranch Co. <sup>(a)</sup> | 34680 | 546904 |
| Vital Farms, Inc. <sup>(a)(b)</sup> | 58254 | 1860633 |
|  |  | 17104384 |
| **Air Transport**<sup>(a)</sup> **— 0.5%** | **Air Transport**<sup>(a)</sup> **— 0.5%** |  |
| Allegiant Travel Co. | 24707 | 2106766 |
| Frontier Group Holdings, Inc. <sup>(b)</sup> | 146673 | 690830 |
| JetBlue Airways Corp. | 502977 | 2288545 |
| Joby Aviation, Inc., Class A <sup>(b)</sup> | 810971 | 10704817 |
| SkyWest, Inc. | 67453 | 6772956 |
| Sun Country Airlines Holdings, Inc. | 88648 | 1275645 |
|  |  | 23839559 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Airlines — 0.0%** | **Airlines — 0.0%** |  |
| Strata Critical Medical, Inc., Class A <sup>(a)(b)</sup> | 100633 | $484045 |
| **Alternative Energy**<sup>(a)</sup> **— 0.2%** | **Alternative Energy**<sup>(a)</sup> **— 0.2%** |  |
| Ameresco, Inc., Class A | 53693 | 1572668 |
| Centrus Energy Corp., Class A <sup>(b)</sup> | 28099 | 6821313 |
| Green Plains, Inc. | 109956 | 1077569 |
| Lightbridge Corp. | 38523 | 486931 |
| OPAL Fuels, Inc., Class A <sup>(b)</sup> | 36625 | 86252 |
| REX American Resources Corp. | 47713 | 1542084 |
| Verde Clean Fuels, Inc., Class A <sup>(b)</sup> | 6336 | 13052 |
|  |  | 11599869 |
| **Aluminum — 0.1%** | **Aluminum — 0.1%** |  |
| Century Aluminum Co. <sup>(a)</sup> | 88038 | 3449329 |
| Kaiser Aluminum Corp. | 27014 | 3102828 |
|  |  | 6552157 |
| **Asset Management & Custodian — 0.6%** | **Asset Management & Custodian — 0.6%** |  |
| Acadian Asset Management, Inc. | 45051 | 2117397 |
| Artisan Partners Asset Management, Inc., Class A | 103849 | 4230808 |
| Cohen & Steers, Inc. | 46845 | 2940929 |
| Diamond Hill Investment Group, Inc., Class A | 3984 | 675288 |
| GCM Grosvenor, Inc., Class A | 83256 | 942458 |
| Open Lending Corp. <sup>(a)</sup> | 177310 | 274831 |
| PJT Partners, Inc., Class A | 38307 | 6404930 |
| Silvercrest Asset Management Group, Inc., Class A | 13702 | 208133 |
| StepStone Group, Inc., Class A | 116297 | 7462779 |
| Virtus Investment Partners, Inc. | 11006 | 1795629 |
| Westwood Holdings Group, Inc. | 12907 | 222129 |
| WisdomTree, Inc. | 204747 | 2495866 |
|  |  | 29771177 |
| **Auto Components — 0.4%** | **Auto Components — 0.4%** |  |
| Atmus Filtration Technologies, Inc. | 139199 | 7225820 |
| Holley, Inc. <sup>(a)</sup> | 101282 | 418295 |
| Phinia, Inc. | 63464 | 3978558 |
| Solid Power, Inc., Class A <sup>(a)(b)</sup> | 262201 | 1114354 |
| Visteon Corp. | 45729 | 4348828 |
|  |  | 17085855 |
| **Auto Parts — 0.6%** | **Auto Parts — 0.6%** |  |
| Adient PLC <sup>(a)(b)</sup> | 135827 | 2603804 |
| American Axle & Manufacturing Holdings, Inc. <sup>(a)(b)</sup> | 199197 | 1276853 |
| Cooper-Standard Holdings, Inc. <sup>(a)</sup> | 28605 | 939102 |
| Dana, Inc. | 195307 | 4640494 |
| Dorman Products, Inc. <sup>(a)</sup> | 46012 | 5668218 |
| Faraday Future Intelligent Electric, Inc. <sup>(a)(b)</sup> | 154204 | 157288 |
| Fox Factory Holding Corp. <sup>(a)(b)</sup> | 71358 | 1220936 |
| Garrett Motion, Inc. | 263519 | 4593136 |
| Gentherm, Inc. <sup>(a)</sup> | 51878 | 1886803 |
| Livewire Group, Inc. <sup>(a)(b)</sup> | 63640 | 281289 |
| Standard Motor Products, Inc. | 36131 | 1331427 |
| Strattec Security Corp. <sup>(a)</sup> | 6717 | 511432 |
| XPEL, Inc. <sup>(a)(b)</sup> | 41140 | 2053298 |
|  |  | 27164080 |
| **Auto Services**<sup>(a)</sup> **— 0.1%** | **Auto Services**<sup>(a)</sup> **— 0.1%** |  |
| Goodyear Tire & Rubber Co. | 442325 | 3874767 |
| Hertz Global Holdings, Inc. <sup>(b)</sup> | 201935 | 1037946 |
|  |  | 4912713 |
| **Back Office Support, HR & Consulting — 0.9%** | **Back Office Support, HR & Consulting — 0.9%** |  |
| ASGN, Inc. <sup>(a)</sup> | 69448 | 3345310 |
| Barrett Business Services, Inc. | 42586 | 1542039 |

---

Series Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Back Office Support, HR & Consulting (continued)** | **Back Office Support, HR & Consulting (continued)** |  |
| CBIZ, Inc. <sup>(a)</sup> | 82336 | $4153851 |
| Conduent, Inc. <sup>(a)</sup> | 254909 | 489425 |
| CRA International, Inc. | 10619 | 2131180 |
| Forrester Research, Inc. <sup>(a)(b)</sup> | 20111 | 163301 |
| Hackett Group, Inc. | 43596 | 855790 |
| HireQuest, Inc. | 8825 | 92751 |
| Huron Consulting Group, Inc. <sup>(a)(b)</sup> | 28266 | 4887474 |
| ICF International, Inc. | 30910 | 2636623 |
| Insperity, Inc. | 60840 | 2355725 |
| Kelly Services, Inc., Class A | 53364 | 469603 |
| Kforce, Inc. | 30482 | 942504 |
| Korn Ferry | 88011 | 5810486 |
| Liquidity Services, Inc. <sup>(a)</sup> | 40300 | 1221493 |
| Maximus, Inc. | 94358 | 8144983 |
| Resources Connection, Inc. | 58941 | 297063 |
| Target Hospitality Corp. <sup>(a)</sup> | 56241 | 450490 |
| TriNet Group, Inc. | 50537 | 2988253 |
| TrueBlue, Inc. <sup>(a)</sup> | 47578 | 216480 |
| TTEC Holdings, Inc. <sup>(a)</sup> | 31604 | 113774 |
|  |  | 43308598 |
| **Banks: Diversified — 10.0%** | **Banks: Diversified — 10.0%** |  |
| 1st Source Corp. | 30878 | 1929566 |
| ACNB Corp. | 17831 | 862129 |
| Alerus Financial Corp. | 38267 | 861773 |
| AlTi Global, Inc., Class A <sup>(a)(b)</sup> | 73739 | 342149 |
| Amalgamated Financial Corp. | 39041 | 1250483 |
| Ambac Financial Group, Inc. <sup>(a)</sup> | 79059 | 615079 |
| Amerant Bancorp, Inc., Class A | 58777 | 1146739 |
| Ameris Bancorp | 110310 | 8192724 |
| Ames National Corp. | 14384 | 330257 |
| Arrow Financial Corp. | 27876 | 875306 |
| Associated Banc-Corp. | 277398 | 7145773 |
| Atlantic Union Bankshares Corp. | 237711 | 8391198 |
| Axos Financial, Inc. <sup>(a)</sup> | 90694 | 7814195 |
| Banc of California, Inc. | 215877 | 4164267 |
| BancFirst Corp. | 34612 | 3669564 |
| Banco Latinoamericano de Comercio Exterior SA, <br> Class E<br>| 47301 | 2109625 |
| Bancorp, Inc. <sup>(a)</sup> | 70259 | 4743888 |
| Bank First Corp. | 14914 | 1816824 |
| Bank of Hawaii Corp. | 65226 | 4459502 |
| Bank of Marin Bancorp | 25102 | 652903 |
| Bank of NT Butterfield & Son Ltd. | 69537 | 3464333 |
| Bank7 Corp. | 6987 | 286327 |
| BankFinancial Corp. | 19330 | 231960 |
| BankUnited, Inc. | 126878 | 5654952 |
| Bankwell Financial Group, Inc. | 11311 | 518270 |
| Banner Corp. | 56044 | 3511717 |
| Bar Harbor Bankshares | 25785 | 800624 |
| BayCom Corp. | 17309 | 508885 |
| BCB Bancorp, Inc. | 24969 | 201500 |
| Beacon Financial Corp. | 138094 | 3641539 |
| Blue Foundry Bancorp <sup>(a)</sup> | 32552 | 404621 |
| Blue Ridge Bankshares, Inc. | 111299 | 475247 |
| Bridgewater Bancshares, Inc. <sup>(a)</sup> | 33266 | 583153 |
| Burke & Herbert Financial Services Corp. | 22617 | 1409265 |
| Business First Bancshares, Inc. | 47514 | 1242016 |
| BV Financial, Inc. <sup>(a)</sup> | 15009 | 272263 |
| Byline Bancorp, Inc. | 53327 | 1554482 |
| C&F Financial Corp. | 5286 | 383711 |
| Cadence Bank | 289986 | 12423000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks: Diversified (continued)** | **Banks: Diversified (continued)** |  |
| California BanCorp <sup>(b)</sup> | 38433 | $717544 |
| Camden National Corp. | 28807 | 1249648 |
| Capital Bancorp, Inc. | 20280 | 571288 |
| Capital City Bank Group, Inc. | 23702 | 1008994 |
| Capitol Federal Financial, Inc. | 206775 | 1408138 |
| Carter Bankshares, Inc. <sup>(a)</sup> | 39219 | 771046 |
| Cathay General Bancorp | 112546 | 5446101 |
| CB Financial Services, Inc. | 8079 | 281634 |
| Central Pacific Financial Corp. | 44301 | 1380419 |
| CF Bankshares, Inc. | 6657 | 166092 |
| Chain Bridge Bancorp, Inc., Class A <sup>(a)</sup> | 4054 | 140431 |
| Chemung Financial Corp. | 7215 | 402597 |
| ChoiceOne Financial Services, Inc. | 24787 | 731712 |
| Citizens & Northern Corp. | 26174 | 527930 |
| Citizens Community Bancorp, Inc. | 16624 | 296240 |
| Citizens Financial Services, Inc. | 7552 | 430615 |
| City Holding Co. | 23494 | 2800485 |
| Civista Bancshares, Inc. | 32334 | 718462 |
| CNB Financial Corp. | 46711 | 1222427 |
| Coastal Financial Corp. <sup>(a)</sup> | 21083 | 2415901 |
| CoastalSouth Bancshares, Inc. <sup>(a)(b)</sup> | 7856 | 182652 |
| Colony Bankcorp, Inc. | 27614 | 492082 |
| Columbia Financial, Inc. <sup>(a)</sup> | 47154 | 732773 |
| Commercial Bancgroup, Inc. <sup>(a)</sup> | 11685 | 286984 |
| Community Financial System, Inc. | 88262 | 5069769 |
| Community Trust Bancorp, Inc. | 26526 | 1498719 |
| Community West Bancshares | 28875 | 649688 |
| ConnectOne Bancorp, Inc. | 77572 | 2033938 |
| Customers Bancorp, Inc. <sup>(a)</sup> | 52875 | 3866220 |
| CVB Financial Corp. | 217896 | 4052866 |
| Dime Community Bancshares, Inc. | 67613 | 2034475 |
| Eagle Bancorp Montana, Inc. | 12833 | 255377 |
| Eagle Bancorp, Inc. | 44576 | 954818 |
| Eagle Financial Services, Inc. | 7961 | 316808 |
| Eastern Bankshares, Inc. | 369283 | 6805886 |
| ECB Bancorp, Inc. <sup>(a)</sup> | 13331 | 231826 |
| Enterprise Financial Services Corp. | 60319 | 3257226 |
| Equity Bancshares, Inc., Class A | 23693 | 1057892 |
| Esquire Financial Holdings, Inc. | 12203 | 1245560 |
| Farmers & Merchants Bancorp, Inc./Archbold | 20879 | 516129 |
| Farmers National Banc Corp. | 62588 | 833672 |
| FB Bancorp, Inc. <sup>(a)</sup> | 30898 | 397039 |
| FB Financial Corp. | 69102 | 3855892 |
| Fidelity D&D Bancorp, Inc. | 8180 | 356075 |
| Financial Institutions, Inc. | 32558 | 1014833 |
| Finward Bancorp | 5946 | 209240 |
| Finwise Bancorp <sup>(a)</sup> | 15701 | 281676 |
| First Bancorp, Inc. | 17796 | 470526 |
| First BanCorp./Puerto Rico | 267756 | 5550582 |
| First Bancorp/Southern Pines NC | 68106 | 3459104 |
| First Bank | 35195 | 579310 |
| First Busey Corp. | 140428 | 3340782 |
| First Business Financial Services, Inc. | 13138 | 713393 |
| First Commonwealth Financial Corp. | 171821 | 2896902 |
| First Community Bankshares, Inc. | 26707 | 900827 |
| First Community Corp. | 12815 | 379965 |
| First Financial Bancorp | 157411 | 3938423 |
| First Financial Bankshares, Inc. | 224280 | 6699244 |
| First Financial Corp. | 19543 | 1180788 |
| First Foundation, Inc. <sup>(a)</sup> | 106587 | 656576 |
| First Internet Bancorp | 13608 | 283999 |
| First Interstate BancSystem, Inc., Class A | 149124 | 5159690 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks: Diversified (continued)** | **Banks: Diversified (continued)** |  |
| First Merchants Corp. | 96077 | $3600966 |
| First Mid Bancshares, Inc. | 35522 | 1385358 |
| First National Corp. | 13505 | 340866 |
| First Savings Financial Group, Inc. | 9600 | 305856 |
| First United Corp. | 10430 | 390499 |
| First Western Financial, Inc. <sup>(a)</sup> | 14276 | 382740 |
| Firstsun Capital Bancorp <sup>(a)(b)</sup> | 21838 | 821873 |
| Five Star Bancorp | 26674 | 954396 |
| Flagstar Financial, Inc. | 506504 | 6376885 |
| Flushing Financial Corp. | 53862 | 817087 |
| Franklin Financial Services Corp. | 7262 | 364552 |
| FS Bancorp, Inc. | 11843 | 487576 |
| Fulton Financial Corp. | 303966 | 5875663 |
| FVCBankcorp, Inc. | 27370 | 380717 |
| GBank Financial Holdings, Inc. <sup>(a)(b)</sup> | 15596 | 528548 |
| German American Bancorp, Inc. | 59276 | 2322434 |
| Glacier Bancorp, Inc. | 214007 | 9427008 |
| Great Southern Bancorp, Inc. | 13263 | 816470 |
| Greene County Bancorp, Inc. | 11856 | 263559 |
| Hancock Whitney Corp. | 141297 | 8997793 |
| Hanmi Financial Corp. | 51330 | 1387450 |
| Hanover Bancorp, Inc. <sup>(b)</sup> | 8207 | 189664 |
| Hawthorn Bancshares, Inc. | 10071 | 351276 |
| HBT Financial, Inc. | 18413 | 475976 |
| Heritage Commerce Corp. | 102227 | 1227746 |
| Heritage Financial Corp. | 56716 | 1341333 |
| Hilltop Holdings, Inc. | 73626 | 2498866 |
| Hingham Institution For Savings | 2701 | 766976 |
| Hippo Holdings, Inc. <sup>(a)</sup> | 30610 | 920749 |
| Home Bancorp, Inc. | 11855 | 685219 |
| Home BancShares, Inc. | 314071 | 8724892 |
| Hope Bancorp, Inc. | 201691 | 2210533 |
| Horizon Bancorp, Inc. | 74712 | 1267116 |
| Independent Bank Corp. | 116071 | 7139087 |
| International Bancshares Corp. | 90912 | 6040193 |
| Investar Holding Corp. | 16238 | 433879 |
| John Marshall Bancorp, Inc. | 21945 | 438681 |
| Kearny Financial Corp. | 94511 | 700327 |
| Lakeland Financial Corp. | 42215 | 2408788 |
| Landmark Bancorp, Inc. | 8259 | 216303 |
| LCNB Corp. | 22628 | 370873 |
| LINKBANCORP, Inc. | 37128 | 306677 |
| Live Oak Bancshares, Inc. | 58837 | 2021051 |
| MainStreet Bancshares, Inc. | 12185 | 248087 |
| Mechanics Bancorp, Class A | 82094 | 1201035 |
| Mercantile Bank Corp. | 27217 | 1309138 |
| Merchants Bancorp | 43535 | 1482802 |
| Meridian Corp. | 15715 | 276270 |
| Metrocity Bankshares, Inc. | 31877 | 846016 |
| Metropolitan Bank Holding Corp. | 15386 | 1174875 |
| Mid Penn Bancorp, Inc. | 31006 | 961806 |
| Middlefield Banc Corp. | 12358 | 426845 |
| Midland States Bancorp, Inc. | 35490 | 751323 |
| MidWestOne Financial Group, Inc. | 27547 | 1060560 |
| MVB Financial Corp. | 19753 | 510220 |
| National Bank Holdings Corp., Class A | 61984 | 2356012 |
| National Bankshares, Inc. | 9995 | 335132 |
| NB Bancorp, Inc. | 66433 | 1316702 |
| NBT Bancorp, Inc. | 84204 | 3496150 |
| Nicolet Bankshares, Inc. | 22447 | 2722821 |
| Northeast Bank | 12355 | 1284055 |
| Northeast Community Bancorp, Inc. | 21967 | 496674 |
| Northfield Bancorp, Inc. | 57864 | 661386 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks: Diversified (continued)** | **Banks: Diversified (continued)** |  |
| Northpointe Bancshares, Inc. | 34757 | $583222 |
| Northrim BanCorp, Inc. | 36732 | 977439 |
| Northwest Bancshares, Inc. | 238476 | 2861712 |
| Norwood Financial Corp. | 14266 | 400161 |
| Oak Valley Bancorp | 11976 | 359999 |
| OceanFirst Financial Corp. | 91964 | 1650754 |
| OFG Bancorp | 74183 | 3040019 |
| Ohio Valley Banc Corp. | 6583 | 263188 |
| Old National Bancorp | 583958 | 13028103 |
| Old Second Bancorp, Inc. | 85760 | 1672320 |
| OP Bancorp | 20411 | 288203 |
| Orange County Bancorp, Inc. | 19291 | 550758 |
| Origin Bancorp, Inc. | 50416 | 1896146 |
| Orrstown Financial Services, Inc. | 31639 | 1120653 |
| Park National Corp. | 24466 | 3723236 |
| Parke Bancorp, Inc. | 16355 | 409529 |
| Pathward Financial, Inc. | 37126 | 2635946 |
| Patriot National Bancorp, Inc. <sup>(a)(b)</sup> | 76133 | 138562 |
| PCB Bancorp | 18482 | 400135 |
| Peapack-Gladstone Financial Corp. | 27271 | 759497 |
| Peoples Bancorp of North Carolina, Inc. | 7362 | 266504 |
| Peoples Bancorp, Inc. | 58214 | 1748166 |
| Peoples Financial Services Corp. | 15884 | 773710 |
| Pioneer Bancorp, Inc. <sup>(a)</sup> | 20424 | 275316 |
| Plumas Bancorp | 11035 | 493154 |
| Ponce Financial Group, Inc. <sup>(a)</sup> | 34752 | 568195 |
| Preferred Bank | 11147 | 1052611 |
| Primis Financial Corp. | 35857 | 498771 |
| Princeton Bancorp, Inc. | 9003 | 312314 |
| Provident Financial Services, Inc. | 212671 | 4200252 |
| QCR Holdings, Inc. | 27559 | 2295665 |
| RBB Bancorp | 27401 | 565557 |
| Red River Bancshares, Inc. | 7620 | 544297 |
| Renasant Corp. | 157192 | 5536302 |
| Republic Bancorp, Inc., Class A | 14296 | 986281 |
| Rhinebeck Bancorp, Inc. <sup>(a)</sup> | 7824 | 94044 |
| Richmond Mutual BanCorp, Inc. | 15778 | 221523 |
| Riverview Bancorp, Inc. | 35407 | 177743 |
| Root, Inc., Class A <sup>(a)(b)</sup> | 19549 | 1412024 |
| S&T Bancorp, Inc. | 62702 | 2467324 |
| SB Financial Group, Inc. | 10292 | 229203 |
| Seacoast Banking Corp. of Florida | 143892 | 4521087 |
| ServisFirst Bancshares, Inc. | 86014 | 6174945 |
| Shore Bancshares, Inc. | 52902 | 935307 |
| Sierra Bancorp | 21020 | 686934 |
| Simmons First National Corp., Class A | 239243 | 4509731 |
| SmartFinancial, Inc. | 24857 | 919460 |
| Sound Financial Bancorp, Inc. | 3710 | 161867 |
| South Plains Financial, Inc. | 22291 | 864891 |
| Southern First Bancshares, Inc. <sup>(a)</sup> | 13464 | 693665 |
| Southern Missouri Bancorp, Inc. | 16399 | 969509 |
| Southside Bancshares, Inc. | 48131 | 1462701 |
| SR Bancorp, Inc. <sup>(b)</sup> | 13635 | 214615 |
| Stellar Bancorp, Inc. | 78407 | 2425913 |
| Sterling Bancorp, Inc. <sup>(a)(b)(c)</sup> | 44132 |  |
| Stock Yards Bancorp, Inc. | 44403 | 2883975 |
| Texas Capital Bancshares, Inc. <sup>(a)</sup> | 75855 | 6867912 |
| Third Coast Bancshares, Inc. <sup>(a)</sup> | 22303 | 847737 |
| Timberland Bancorp, Inc. | 13448 | 481438 |
| Tompkins Financial Corp. | 22690 | 1645479 |
| Towne Bank | 122005 | 4071307 |
| TriCo Bancshares | 51312 | 2430649 |
| Triumph Financial, Inc. <sup>(a)(b)</sup> | 38013 | 2380754 |

---

Series Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks: Diversified (continued)** | **Banks: Diversified (continued)** |  |
| TrustCo Bank Corp. | 30684 | $1268170 |
| Trustmark Corp. | 93494 | 3641591 |
| UMB Financial Corp. | 121158 | 13938016 |
| Union Bankshares, Inc. | 6306 | 149641 |
| United Bankshares, Inc. | 233168 | 8953651 |
| United Community Banks, Inc. | 207118 | 6466224 |
| United Security Bancshares | 23988 | 241559 |
| Unity Bancorp, Inc. | 12024 | 621881 |
| Univest Financial Corp. | 48306 | 1581538 |
| USCB Financial Holdings, Inc., Class A | 18411 | 339131 |
| Valley National Bancorp | 808661 | 9445161 |
| Virginia National Bankshares Corp. | 8507 | 339004 |
| WaFd, Inc. | 129402 | 4144746 |
| Washington Trust Bancorp, Inc. | 32937 | 973288 |
| Waterstone Financial, Inc. | 26185 | 433362 |
| WesBanco, Inc. | 157835 | 5246435 |
| West BanCorp, Inc. | 25846 | 573523 |
| Westamerica BanCorp | 39403 | 1884646 |
| WSFS Financial Corp. | 93997 | 5192394 |
|  |  | 483274524 |
| **Banks: Savings, Thrift & Mortgage Lending — 0.0%** | **Banks: Savings, Thrift & Mortgage Lending — 0.0%** |  |
| First Capital, Inc. <sup>(b)</sup> | 5651 | 334539 |
| Western New England Bancorp, Inc. | 31856 | 402023 |
|  |  | 736562 |
| **Beverage: Soft Drinks**<sup>(a)</sup> **— 0.0%** | **Beverage: Soft Drinks**<sup>(a)</sup> **— 0.0%** |  |
| National Beverage Corp. | 40422 | 1289058 |
| Zevia PBC, Class A | 54672 | 126839 |
|  |  | 1415897 |
| **Biotechnology — 9.9%** | **Biotechnology — 9.9%** |  |
| 4D Molecular Therapeutics, Inc. <sup>(a)(b)</sup> | 67699 | 507743 |
| Aardvark Therapeutics, Inc. <sup>(a)(b)</sup> | 21553 | 282883 |
| Abeona Therapeutics, Inc. <sup>(a)(b)</sup> | 75671 | 398786 |
| Actuate Therapeutics, Inc. <sup>(a)(b)</sup> | 10193 | 62381 |
| ADC Therapeutics SA <sup>(a)</sup> | 123379 | 435528 |
| ADMA Biologics, Inc. <sup>(a)</sup> | 386295 | 7046021 |
| Agios Pharmaceuticals, Inc. <sup>(a)</sup> | 95392 | 2596570 |
| Akebia Therapeutics, Inc. <sup>(a)(b)</sup> | 421156 | 678061 |
| Aldeyra Therapeutics, Inc. <sup>(a)(b)</sup> | 100597 | 521092 |
| Alector, Inc. <sup>(a)</sup> | 130452 | 203505 |
| Allogene Therapeutics, Inc. <sup>(a)</sup> | 262695 | 359892 |
| Altimmune, Inc. <sup>(a)</sup> | 134085 | 484047 |
| Amicus Therapeutics, Inc. <sup>(a)</sup> | 496396 | 7068679 |
| Amylyx Pharmaceuticals, Inc. <sup>(a)</sup> | 150205 | 1814476 |
| AnaptysBio, Inc. <sup>(a)(b)</sup> | 30751 | 1490808 |
| Anavex Life Sciences Corp. <sup>(a)(b)</sup> | 140902 | 501611 |
| ANI Pharmaceuticals, Inc. <sup>(a)</sup> | 30621 | 2417222 |
| Annexon, Inc. <sup>(a)</sup> | 167954 | 843129 |
| Apogee Therapeutics, Inc. <sup>(a)</sup> | 63907 | 4823700 |
| Arbutus Biopharma Corp. <sup>(a)</sup> | 248061 | 1193173 |
| Arcellx, Inc. <sup>(a)(b)</sup> | 57057 | 3720116 |
| Arcturus Therapeutics Holdings, Inc. <sup>(a)</sup> | 39170 | 240112 |
| Arcus Biosciences, Inc. <sup>(a)</sup> | 133126 | 3172393 |
| Arcutis Biotherapeutics, Inc. <sup>(a)</sup> | 183673 | 5333864 |
| Ardelyx, Inc. <sup>(a)</sup> | 400907 | 2337288 |
| ArriVent Biopharma, Inc. <sup>(a)(b)</sup> | 49957 | 1005135 |
| ARS Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 102840 | 1198086 |
| Arvinas, Inc. <sup>(a)</sup> | 108323 | 1284711 |
| Astria Therapeutics, Inc. <sup>(a)</sup> | 65938 | 863128 |
| aTyr Pharma, Inc. <sup>(a)(b)</sup> | 150707 | 118019 |
| Aura Biosciences, Inc. <sup>(a)(b)</sup> | 78975 | 430414 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Aurinia Pharmaceuticals, Inc. <sup>(a)</sup> | 199220 | $3177559 |
| Avidity Biosciences, Inc. <sup>(a)</sup> | 192867 | 13911497 |
| Avita Medical, Inc. <sup>(a)(b)</sup> | 20457 | 70577 |
| Beam Therapeutics, Inc. <sup>(a)</sup> | 159236 | 4414022 |
| Benitec Biopharma, Inc. <sup>(a)(b)</sup> | 25069 | 337679 |
| Bicara Therapeutics, Inc. <sup>(a)</sup> | 52448 | 882700 |
| BioCryst Pharmaceuticals, Inc. <sup>(a)</sup> | 346877 | 2705641 |
| Biohaven Ltd. <sup>(a)</sup> | 153564 | 1733738 |
| Bioventus, Inc., Class A <sup>(a)</sup> | 79898 | 594441 |
| Bridgebio Pharma, Inc. <sup>(a)(b)</sup> | 264447 | 20227551 |
| Bright Minds Biosciences, Inc. <sup>(a)</sup> | 7968 | 621823 |
| Candel Therapeutics, Inc. <sup>(a)(b)</sup> | 68151 | 385053 |
| Capricor Therapeutics, Inc. <sup>(a)</sup> | 63111 | 1821383 |
| Cardiff Oncology, Inc. <sup>(a)(b)</sup> | 99174 | 278679 |
| Cartesian Therapeutics, Inc. <sup>(a)</sup> | 17556 | 126579 |
| Castle Biosciences, Inc. <sup>(a)</sup> | 46712 | 1817097 |
| Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | 191752 | 4475492 |
| Celcuity, Inc. <sup>(a)(b)</sup> | 53494 | 5335492 |
| Celldex Therapeutics, Inc. <sup>(a)(b)</sup> | 107597 | 2922335 |
| CG oncology, Inc. <sup>(a)(b)</sup> | 92561 | 3843133 |
| Cidara Therapeutics, Inc. <sup>(a)</sup> | 32663 | 7214930 |
| Cogent Biosciences, Inc. <sup>(a)</sup> | 231620 | 8227142 |
| Coherus Oncology, Inc. <sup>(a)(b)</sup> | 197178 | 279993 |
| Collegium Pharmaceutical, Inc. <sup>(a)</sup> | 52120 | 2413156 |
| Compass Therapeutics, Inc. <sup>(a)(b)</sup> | 221492 | 1189412 |
| Crinetics Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 150670 | 7013688 |
| CRISPR Therapeutics AG <sup>(a)(b)</sup> | 145245 | 7616648 |
| Cullinan Therapeutics, Inc. <sup>(a)(b)</sup> | 89263 | 923872 |
| Cytokinetics, Inc. <sup>(a)</sup> | 194646 | 12367807 |
| Day One Biopharmaceuticals, Inc. <sup>(a)(b)</sup> | 124704 | 1162241 |
| Denali Therapeutics, Inc. <sup>(a)</sup> | 223387 | 3688119 |
| Design Therapeutics, Inc. <sup>(a)</sup> | 36523 | 342586 |
| DiaMedica Therapeutics, Inc. <sup>(a)(b)</sup> | 57147 | 454890 |
| Dianthus Therapeutics, Inc. <sup>(a)</sup> | 41422 | 1707001 |
| Disc Medicine, Inc. <sup>(a)</sup> | 39843 | 3163933 |
| Douglas Elliman, Inc. <sup>(a)</sup> | 127047 | 301101 |
| Dynavax Technologies Corp. <sup>(a)</sup> | 167935 | 2582840 |
| Dyne Therapeutics, Inc. <sup>(a)</sup> | 206225 | 4033761 |
| Editas Medicine, Inc. <sup>(a)(b)</sup> | 142742 | 292621 |
| Eledon Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 101546 | 153334 |
| Emergent BioSolutions, Inc. <sup>(a)</sup> | 85455 | 1056224 |
| Entrada Therapeutics, Inc. <sup>(a)</sup> | 52170 | 536308 |
| Erasca, Inc. <sup>(a)</sup> | 306274 | 1139339 |
| EyePoint Pharmaceuticals, Inc. <sup>(a)</sup> | 127927 | 2337226 |
| Fate Therapeutics, Inc. <sup>(a)(b)</sup> | 177479 | 174391 |
| Fennec Pharmaceuticals, Inc. <sup>(a)</sup> | 38082 | 293231 |
| Foghorn Therapeutics, Inc. <sup>(a)</sup> | 64254 | 346972 |
| Fulcrum Therapeutics, Inc. <sup>(a)</sup> | 72283 | 817521 |
| Geron Corp. <sup>(a)(b)</sup> | 916854 | 1210247 |
| Gossamer Bio, Inc. <sup>(a)(b)</sup> | 329052 | 1020061 |
| GRAIL, Inc. <sup>(a)(b)</sup> | 58399 | 4998370 |
| Greenwich Lifesciences, Inc. <sup>(a)(b)</sup> | 11902 | 250061 |
| Guardant Health, Inc. <sup>(a)</sup> | 202493 | 20682635 |
| Gyre Therapeutics, Inc. <sup>(a)(b)</sup> | 10961 | 77385 |
| Heron Therapeutics, Inc. <sup>(a)(b)</sup> | 265032 | 344542 |
| Humacyte, Inc. <sup>(a)(b)</sup> | 217142 | 208565 |
| Ideaya Biosciences, Inc. <sup>(a)(b)</sup> | 134633 | 4654263 |
| ImmunityBio, Inc. <sup>(a)(b)</sup> | 499590 | 989188 |
| Immunome, Inc. <sup>(a)(b)</sup> | 158596 | 3406642 |
| Immunovant, Inc. <sup>(a)(b)</sup> | 115750 | 2942365 |
| Inhibikase Therapeutics, Inc. <sup>(a)(b)</sup> | 104776 | 214791 |
| Inhibrx Biosciences, Inc. <sup>(a)</sup> | 15494 | 1224026 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Inmune Bio, Inc. <sup>(a)(b)</sup> | 24339 | $37969 |
| Intellia Therapeutics, Inc. <sup>(a)(b)</sup> | 165286 | 1485921 |
| Iovance Biotherapeutics, Inc. <sup>(a)(b)</sup> | 520563 | 1421137 |
| Jade Biosciences, Inc. | 78342 | 1208817 |
| Janux Therapeutics, Inc. <sup>(a)</sup> | 73409 | 1013044 |
| KalVista Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 63349 | 1023086 |
| Keros Therapeutics, Inc. <sup>(a)</sup> | 48684 | 991206 |
| Kodiak Sciences, Inc. <sup>(a)</sup> | 54297 | 1518144 |
| Korro Bio, Inc. <sup>(a)</sup> | 10341 | 82831 |
| Krystal Biotech, Inc. <sup>(a)(b)</sup> | 41313 | 10185307 |
| Kura Oncology, Inc. <sup>(a)</sup> | 137018 | 1423617 |
| Kymera Therapeutics, Inc. <sup>(a)</sup> | 94632 | 7363316 |
| Larimar Therapeutics, Inc. <sup>(a)(b)</sup> | 70068 | 266959 |
| LENZ Therapeutics, Inc. <sup>(a)(b)</sup> | 27138 | 434208 |
| Lexeo Therapeutics, Inc. <sup>(a)</sup> | 106794 | 1060464 |
| Ligand Pharmaceuticals, Inc. <sup>(a)</sup> | 32268 | 6100911 |
| Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> | 30995 | 18049628 |
| MannKind Corp. <sup>(a)</sup> | 512336 | 2904945 |
| MapLight Therapeutics, Inc. <sup>(a)(b)</sup> | 28580 | 502008 |
| MaxCyte, Inc. <sup>(a)</sup> | 178783 | 277114 |
| MeiraGTx Holdings PLC <sup>(a)(b)</sup> | 71233 | 566302 |
| MiMedx Group, Inc. <sup>(a)</sup> | 199358 | 1349654 |
| Mineralys Therapeutics, Inc. <sup>(a)(b)</sup> | 79199 | 2874132 |
| Mirum Pharmaceuticals, Inc. <sup>(a)</sup> | 69097 | 5457972 |
| Monopar Therapeutics, Inc. <sup>(a)(b)</sup> | 7737 | 505226 |
| Monte Rosa Therapeutics, Inc. <sup>(a)(b)</sup> | 79317 | 1243691 |
| Myriad Genetics, Inc. <sup>(a)</sup> | 150778 | 927285 |
| Neurogene, Inc. <sup>(a)(b)</sup> | 16828 | 346657 |
| Nkarta, Inc. <sup>(a)</sup> | 88805 | 164289 |
| Novavax, Inc. <sup>(a)(b)</sup> | 255948 | 1719971 |
| Nurix Therapeutics, Inc. <sup>(a)</sup> | 169665 | 3218545 |
| Nuvalent, Inc., Class A <sup>(a)</sup> | 83413 | 8390514 |
| Nuvectis Pharma, Inc. <sup>(a)</sup> | 22303 | 168388 |
| Olema Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 99221 | 2480525 |
| Omeros Corp. <sup>(a)(b)</sup> | 110490 | 1897666 |
| OPKO Health, Inc. <sup>(a)(b)</sup> | 699855 | 881817 |
| ORIC Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 111979 | 915988 |
| Oruka Therapeutics, Inc. <sup>(a)(b)</sup> | 65311 | 1979576 |
| Pacific Biosciences of California, Inc. <sup>(a)(b)</sup> | 472014 | 882666 |
| Palvella Therapeutics, Inc. <sup>(a)</sup> | 11885 | 1244003 |
| Personalis, Inc. <sup>(a)(b)</sup> | 86881 | 691573 |
| Perspective Therapeutics, Inc. <sup>(a)</sup> | 93889 | 258195 |
| Phathom Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 66177 | 1097876 |
| Praxis Precision Medicines, Inc. <sup>(a)</sup> | 37529 | 11061297 |
| Precigen, Inc. <sup>(a)</sup> | 256581 | 1072509 |
| Prime Medicine, Inc. <sup>(a)</sup> | 168459 | 584553 |
| Protagonist Therapeutics, Inc. <sup>(a)(b)</sup> | 96995 | 8471543 |
| Protalix BioTherapeutics, Inc. <sup>(a)(b)</sup> | 120799 | 217438 |
| Protara Therapeutics, Inc. <sup>(a)(b)</sup> | 55960 | 298267 |
| Prothena Corp. PLC <sup>(a)</sup> | 66028 | 630567 |
| PTC Therapeutics, Inc. <sup>(a)(b)</sup> | 129504 | 9837124 |
| Pulse Biosciences, Inc. <sup>(a)(b)</sup> | 31317 | 429982 |
| Puma Biotechnology, Inc. <sup>(a)</sup> | 67080 | 399126 |
| Quantum-Si, Inc., Class A <sup>(a)(b)</sup> | 244375 | 268813 |
| RadNet, Inc. <sup>(a)</sup> | 113807 | 8120129 |
| Rapport Therapeutics, Inc. <sup>(a)</sup> | 48175 | 1461629 |
| Recursion Pharmaceuticals, Inc., Class A <sup>(a)(b)</sup> | 623757 | 2551166 |
| REGENXBIO, Inc. <sup>(a)</sup> | 79442 | 1143965 |
| Relay Therapeutics, Inc. <sup>(a)(b)</sup> | 229429 | 1940969 |
| Replimune Group, Inc. <sup>(a)</sup> | 111726 | 1085977 |
| Rezolute, Inc. <sup>(a)</sup> | 131555 | 310470 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)</sup> | 87974 | 9416737 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Rigel Pharmaceuticals, Inc. <sup>(a)</sup> | 30035 | $1286399 |
| Rocket Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 131134 | 460280 |
| Sana Biotechnology, Inc. <sup>(a)(b)</sup> | 279663 | 1138228 |
| Savara, Inc. <sup>(a)</sup> | 207177 | 1249277 |
| Scholar Rock Holding Corp. <sup>(a)(b)</sup> | 137078 | 6038286 |
| SELLAS Life Sciences Group, Inc. <sup>(a)(b)</sup> | 212163 | 799855 |
| Septerna, Inc. <sup>(a)(b)</sup> | 36349 | 1013410 |
| Sionna Therapeutics, Inc. <sup>(a)(b)</sup> | 27162 | 1117445 |
| Soleno Therapeutics, Inc. <sup>(a)</sup> | 79040 | 3659552 |
| Solid Biosciences, Inc. <sup>(a)</sup> | 97015 | 547165 |
| Spyre Therapeutics, Inc. <sup>(a)</sup> | 116631 | 3820832 |
| Stoke Therapeutics, Inc. <sup>(a)(b)</sup> | 76292 | 2421508 |
| Tango Therapeutics, Inc. <sup>(a)(b)</sup> | 180025 | 1595021 |
| Taysha Gene Therapies, Inc. <sup>(a)(b)</sup> | 361235 | 1986792 |
| Tectonic Therapeutic, Inc. <sup>(a)(b)</sup> | 19034 | 397049 |
| Tevogen Bio Holdings, Inc. <sup>(a)(b)</sup> | 38654 | 12798 |
| Tonix Pharmaceuticals Holding Corp. <sup>(a)(b)</sup> | 19672 | 307277 |
| Travere Therapeutics, Inc. <sup>(a)(b)</sup> | 137128 | 5239661 |
| TriSalus Life Sciences, Inc. <sup>(a)(b)</sup> | 27644 | 192955 |
| TuHURA Biosciences, Inc. <sup>(a)(b)</sup> | 44500 | 33673 |
| Twist Bioscience Corp. <sup>(a)</sup> | 100823 | 3198106 |
| Tyra Biosciences, Inc. <sup>(a)(b)</sup> | 41730 | 1097082 |
| Upstream Bio, Inc. <sup>(a)(b)</sup> | 54967 | 1492354 |
| UroGen Pharma Ltd. <sup>(a)</sup> | 62333 | 1459839 |
| Vanda Pharmaceuticals, Inc. <sup>(a)</sup> | 93404 | 823823 |
| Vaxcyte, Inc. <sup>(a)</sup> | 190768 | 8802036 |
| Vera Therapeutics, Inc., Class A <sup>(a)</sup> | 92207 | 4669362 |
| Veracyte, Inc. <sup>(a)(b)</sup> | 130603 | 5498386 |
| Verastem, Inc. <sup>(a)(b)</sup> | 90476 | 698475 |
| Vericel Corp. <sup>(a)</sup> | 85062 | 3063083 |
| Vir Biotechnology, Inc. <sup>(a)(b)</sup> | 148552 | 895769 |
| Viridian Therapeutics, Inc. <sup>(a)</sup> | 132135 | 4112041 |
| Xencor, Inc. <sup>(a)</sup> | 119801 | 1834153 |
| Xenon Pharmaceuticals, Inc. <sup>(a)</sup> | 126613 | 5674795 |
| XOMA Royalty Corp. <sup>(a)</sup> | 17340 | 461071 |
| Zenas Biopharma, Inc. <sup>(a)(b)</sup> | 31935 | 1159560 |
| Zevra Therapeutics, Inc. <sup>(a)(b)</sup> | 91121 | 816444 |
| Zymeworks, Inc. <sup>(a)</sup> | 83824 | 2207086 |
|  |  | 474364804 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** |  |
| Aspen Aerogels, Inc. <sup>(a)</sup> | 106295 | 300815 |
| BlueLinx Holdings, Inc. <sup>(a)</sup> | 13252 | 814070 |
| Gibraltar Industries, Inc. <sup>(a)</sup> | 50379 | 2490738 |
| Griffon Corp. | 63967 | 4711169 |
| Masterbrand, Inc. <sup>(a)</sup> | 209541 | 2313333 |
| Patrick Industries, Inc. | 54169 | 5873545 |
| Quanex Building Products Corp. | 74903 | 1152008 |
|  |  | 17655678 |
| **Building Products — 0.1%** | **Building Products — 0.1%** |  |
| Janus International Group, Inc. <sup>(a)(b)</sup> | 228167 | 1492212 |
| JELD-WEN Holding, Inc. <sup>(a)</sup> | 142434 | 350388 |
| Tecnoglass, Inc. | 45919 | 2310644 |
|  |  | 4153244 |
| **Cable Television Services — 0.1%** | **Cable Television Services — 0.1%** |  |
| Altice USA, Inc., Class A <sup>(a)</sup> | 452967 | 747395 |
| AMC Networks, Inc., Class A <sup>(a)</sup> | 53969 | 513785 |
| Cable One, Inc. | 8816 | 994885 |
| Liberty Latin America Ltd., Class A <sup>(a)</sup> | 52140 | 385315 |
| Liberty Latin America Ltd., Class C <sup>(a)(b)</sup> | 214441 | 1599730 |
|  |  | 4241110 |

---

Series Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |  |
| Bakkt Holdings, Inc., Class A <sup>(a)(b)</sup> | 18821 | $188963 |
| BGC Group, Inc., Class A | 604367 | 5396997 |
| Forge Global Holdings, Inc. <sup>(a)</sup> | 17674 | 787554 |
| Marex Group PLC | 90372 | 3466670 |
| MarketWise, Inc., Class A | 3174 | 47674 |
| Miami International Holdings, Inc. <sup>(a)(b)</sup> | 39869 | 1769386 |
| P10, Inc., Class A | 101089 | 991683 |
| Patria Investments Ltd., Class A | 110225 | 1751475 |
| Perella Weinberg Partners, Class A | 103448 | 1789650 |
| Victory Capital Holdings, Inc., Class A | 73776 | 4654528 |
| Webull Corp. <sup>(a)(b)</sup> | 462331 | 3592312 |
|  |  | 24436892 |
| **Casinos & Gambling — 0.1%** | **Casinos & Gambling — 0.1%** |  |
| Accel Entertainment, Inc., Class A <sup>(a)</sup> | 84026 | 958736 |
| Bally's Corp. <sup>(a)(b)</sup> | 12708 | 209936 |
| Brightstar Lottery PLC | 177717 | 2751059 |
| Inspired Entertainment, Inc. <sup>(a)(b)</sup> | 48138 | 450572 |
| Monarch Casino & Resort, Inc. | 21114 | 2020610 |
|  |  | 6390913 |
| **Cement — 0.0%** | **Cement — 0.0%** |  |
| Concrete Pumping Holdings, Inc. | 38751 | 260019 |
| **Chemicals**<sup>(a)</sup> **— 0.0%** | **Chemicals**<sup>(a)</sup> **— 0.0%** |  |
| ASP Isotopes, Inc. <sup>(b)</sup> | 128602 | 688021 |
| Intrepid Potash, Inc. | 19120 | 530197 |
|  |  | 1218218 |
| **Chemicals: Diversified — 0.6%** | **Chemicals: Diversified — 0.6%** |  |
| AdvanSix, Inc. | 44230 | 765179 |
| American Vanguard Corp. <sup>(a)</sup> | 40717 | 155539 |
| Codexis, Inc. <sup>(a)</sup> | 137295 | 223791 |
| Core Molding Technologies, Inc. <sup>(a)</sup> | 13705 | 274785 |
| CSW Industrials, Inc. | 27164 | 7973449 |
| Innospec, Inc. | 41392 | 3168144 |
| Koppers Holdings, Inc. | 33424 | 905122 |
| Lifecore Biomedical, Inc. <sup>(a)</sup> | 43364 | 354718 |
| LSB Industries, Inc. <sup>(a)</sup> | 89749 | 762866 |
| Orion SA | 96296 | 508443 |
| Perimeter Solutions, Inc. <sup>(a)(b)</sup> | 231996 | 6386850 |
| PureCycle Technologies, Inc. <sup>(a)(b)</sup> | 213824 | 1836748 |
| Quaker Chemical Corp. | 22936 | 3149342 |
| Rayonier Advanced Materials, Inc. <sup>(a)</sup> | 110470 | 650668 |
| Stepan Co. | 36804 | 1743037 |
|  |  | 28858681 |
| **Chemicals: Specialty — 1.1%** | **Chemicals: Specialty — 1.1%** |  |
| Arq, Inc. <sup>(a)</sup> | 50743 | 165930 |
| Avient Corp. | 153250 | 4787530 |
| Balchem Corp. | 54737 | 8394466 |
| Cabot Corp. | 88719 | 5880295 |
| Chemours Co. | 250604 | 2954621 |
| Ecovyst, Inc. <sup>(a)</sup> | 189387 | 1842735 |
| Flotek Industries, Inc. <sup>(a)</sup> | 24687 | 425357 |
| FutureFuel Corp. | 41279 | 131680 |
| Hawkins, Inc. | 32543 | 4623059 |
| HB Fuller Co. | 90834 | 5400990 |
| Ingevity Corp. <sup>(a)</sup> | 61521 | 3640813 |
| Mativ Holdings, Inc. | 93148 | 1131748 |
| Minerals Technologies, Inc. | 52494 | 3199509 |
| Oil-Dri Corp. of America | 16386 | 801931 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Chemicals: Specialty (continued)** | **Chemicals: Specialty (continued)** |  |
| Rogers Corp. <sup>(a)</sup> | 30081 | $2754517 |
| Sensient Technologies Corp. | 70476 | 6621220 |
| Solesence, Inc. <sup>(a)(b)</sup> | 32586 | 51975 |
| Trinseo PLC | 58984 | 29315 |
| Tronox Holdings PLC | 200300 | 835251 |
| Valhi, Inc. | 3801 | 45802 |
|  |  | 53718744 |
| **Coal — 0.6%** | **Coal — 0.6%** |  |
| Alpha Metallurgical Resources, Inc. <sup>(a)</sup> | 19413 | 3880271 |
| Core Natural Resources, Inc. <sup>(b)</sup> | 84940 | 7518039 |
| Hallador Energy Co. <sup>(a)</sup> | 53782 | 1024009 |
| NACCO Industries, Inc., Class A | 7217 | 353922 |
| Peabody Energy Corp. | 203978 | 6058147 |
| Ramaco Resources, Inc., Class A <sup>(a)</sup> | 70183 | 1263294 |
| SunCoke Energy, Inc. | 144532 | 1040630 |
| Warrior Met Coal, Inc. <sup>(b)</sup> | 86888 | 7660915 |
|  |  | 28799227 |
| **Commercial Banks — 0.0%** | **Commercial Banks — 0.0%** |  |
| HomeTrust Bancshares, Inc. | 26635 | 1143707 |
| **Commercial Finance & Mortgage Companies — 0.3%** | **Commercial Finance & Mortgage Companies — 0.3%** |  |
| Federal Agricultural Mortgage Corp., Class C | 15471 | 2716244 |
| Finance Of America Cos., Inc., Class A <sup>(a)(b)</sup> | 7691 | 186199 |
| loanDepot, Inc., Class A <sup>(a)(b)</sup> | 141458 | 292818 |
| Medallion Financial Corp. | 27247 | 280372 |
| PennyMac Financial Services, Inc., Class A | 48743 | 6426277 |
| RE/MAX Holdings, Inc., Class A <sup>(a)</sup> | 33004 | 250500 |
| Velocity Financial, Inc. <sup>(a)</sup> | 14180 | 294377 |
| Walker & Dunlop, Inc. | 55800 | 3356370 |
|  |  | 13803157 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |  |
| Acme United Corp. <sup>(b)</sup> | 5755 | 231984 |
| ACV Auctions, Inc., Class A <sup>(a)</sup> | 284051 | 2278089 |
| Information Services Group, Inc. | 63549 | 367313 |
| National Research Corp., Class A | 21600 | 405432 |
| Perma-Fix Environmental Services, Inc. <sup>(a)(b)</sup> | 30367 | 382321 |
| Spire Global, Inc., Class A <sup>(a)(b)</sup> | 47548 | 356610 |
| Vestis Corp. | 192744 | 1285603 |
| Virco Mfg. Corp. | 20824 | 133065 |
|  |  | 5440417 |
| **Commercial Services: Rental & Leasing — 0.6%** | **Commercial Services: Rental & Leasing — 0.6%** |  |
| DNOW, Inc. <sup>(a)</sup> | 313512 | 4154034 |
| GATX Corp. | 59861 | 10152426 |
| Greenbrier Cos., Inc. | 50407 | 2356023 |
| Herc Holdings, Inc. | 54477 | 8083297 |
| McGrath RentCorp | 41508 | 4355435 |
| Rush Enterprises, Inc., Class B | 15228 | 856727 |
| Willis Lease Finance Corp. | 4781 | 648495 |
|  |  | 30606437 |
| **Commercial Vehicles & Parts — 0.6%** | **Commercial Vehicles & Parts — 0.6%** |  |
| Blue Bird Corp. <sup>(a)</sup> | 52566 | 2470602 |
| Hyliion Holdings Corp. <sup>(a)(b)</sup> | 235217 | 432799 |
| Miller Industries, Inc. | 19191 | 717168 |
| Modine Manufacturing Co. <sup>(a)</sup> | 87376 | 11665570 |
| Motorcar Parts of America, Inc. <sup>(a)</sup> | 22299 | 275169 |
| REV Group, Inc. | 80895 | 4919225 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Commercial Vehicles & Parts (continued)** | **Commercial Vehicles & Parts (continued)** |  |
| Rush Enterprises, Inc., Class A | 101869 | $5494814 |
| Wabash National Corp. | 61212 | 529484 |
|  |  | 26504831 |
| **Communications Equipment**<sup>(a)</sup> **— 0.1%** | **Communications Equipment**<sup>(a)</sup> **— 0.1%** |  |
| BK Technologies Corp. <sup>(b)</sup> | 4705 | 350946 |
| CommScope Holding Co., Inc. | 361405 | 6552273 |
|  |  | 6903219 |
| **Communications Technology — 0.9%** | **Communications Technology — 0.9%** |  |
| 908 Devices, Inc. <sup>(a)</sup> | 40367 | 211927 |
| ADTRAN Holdings, Inc. <sup>(a)</sup> | 127135 | 1104803 |
| Anterix, Inc. <sup>(a)</sup> | 17976 | 392416 |
| Bandwidth, Inc., Class A <sup>(a)</sup> | 49534 | 765300 |
| Bel Fuse, Inc., Class B | 17202 | 2917975 |
| Calix, Inc. <sup>(a)</sup> | 100324 | 5310149 |
| Digi International, Inc. <sup>(a)</sup> | 61558 | 2664846 |
| Extreme Networks, Inc. <sup>(a)</sup> | 223242 | 3716979 |
| Harmonic, Inc. <sup>(a)</sup> | 190790 | 1886913 |
| Inseego Corp. <sup>(a)(b)</sup> | 21510 | 220908 |
| InterDigital, Inc. | 43190 | 13750832 |
| NETGEAR, Inc. <sup>(a)</sup> | 47009 | 1153131 |
| Powerfleet, Inc. NJ <sup>(a)(b)</sup> | 215369 | 1145763 |
| Ribbon Communications, Inc. <sup>(a)</sup> | 156409 | 450458 |
| Viasat, Inc. <sup>(a)</sup> | 206027 | 7099691 |
|  |  | 42792091 |
| **Computer Services Software & Systems — 3.9%** | **Computer Services Software & Systems — 3.9%** |  |
| A10 Networks, Inc. | 120199 | 2126320 |
| ACI Worldwide, Inc. <sup>(a)(b)</sup> | 172522 | 8248277 |
| Adeia, Inc. | 182847 | 3154111 |
| Alarm.com Holdings, Inc. <sup>(a)</sup> | 78749 | 4017774 |
| Angi, Inc., Class A <sup>(a)(b)</sup> | 59407 | 768133 |
| Appian Corp., Class A <sup>(a)</sup> | 64672 | 2290682 |
| Asure Software, Inc. <sup>(a)(b)</sup> | 39669 | 373682 |
| Blackbaud, Inc. <sup>(a)</sup> | 63312 | 4008916 |
| BlackLine, Inc. <sup>(a)(b)</sup> | 86804 | 4799393 |
| Box, Inc., Class A <sup>(a)</sup> | 234231 | 7005849 |
| Bumble, Inc., Class A <sup>(a)</sup> | 124446 | 444272 |
| Cantaloupe, Inc. <sup>(a)</sup> | 90998 | 966399 |
| Cargurus, Inc., Class A <sup>(a)</sup> | 136847 | 5248082 |
| Cleanspark, Inc. <sup>(a)(b)</sup> | 462599 | 4681502 |
| Commerce.com, Inc., Series 1 <sup>(a)</sup> | 112390 | 463047 |
| Commvault Systems, Inc. <sup>(a)</sup> | 74545 | 9344961 |
| CSG Systems International, Inc. | 46827 | 3591163 |
| Diebold Nixdorf, Inc. <sup>(a)</sup> | 41214 | 2798018 |
| Digimarc Corp. <sup>(a)(b)</sup> | 26177 | 171721 |
| Digital Turbine, Inc. <sup>(a)</sup> | 188431 | 942155 |
| DigitalOcean Holdings, Inc. <sup>(a)</sup> | 113993 | 5485343 |
| Domo, Inc., Class B <sup>(a)</sup> | 52621 | 443595 |
| ePlus, Inc. | 43813 | 3842400 |
| Eventbrite, Inc., Class A <sup>(a)</sup> | 134894 | 600278 |
| EverQuote, Inc., Class A <sup>(a)</sup> | 49185 | 1327995 |
| Evolent Health, Inc., Class A <sup>(a)</sup> | 198588 | 794352 |
| fuboTV, Inc., Class A <sup>(a)(b)</sup> | 579150 | 1459458 |
| Getty Images Holdings, Inc., Class A <sup>(a)(b)</sup> | 167994 | 225112 |
| Grid Dynamics Holdings, Inc., Class A <sup>(a)</sup> | 114350 | 1032581 |
| Grindr, Inc. <sup>(a)</sup> | 57822 | 782910 |
| Groupon, Inc. <sup>(a)(b)</sup> | 41966 | 739021 |
| LiveRamp Holdings, Inc. <sup>(a)</sup> | 109436 | 3214135 |
| Magnite, Inc. <sup>(a)</sup> | 233348 | 3787238 |
| MARA Holdings, Inc. <sup>(a)(b)</sup> | 619630 | 5564277 |
| Mitek Systems, Inc. <sup>(a)</sup> | 75850 | 800218 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Computer Services Software & Systems (continued)** | **Computer Services Software & Systems (continued)** |  |
| NCR Atleos Corp. <sup>(a)</sup> | 123633 | $4711654 |
| NCR Voyix Corp. <sup>(a)</sup> | 234689 | 2393828 |
| NetScout Systems, Inc. <sup>(a)</sup> | 118590 | 3209045 |
| Nextdoor Holdings, Inc., Class A <sup>(a)</sup> | 366819 | 770320 |
| OneSpan, Inc. | 61703 | 792267 |
| PagerDuty, Inc. <sup>(a)</sup> | 144280 | 1891511 |
| PAR Technology Corp. <sup>(a)(b)</sup> | 67847 | 2461489 |
| Progress Software Corp. <sup>(a)</sup> | 72351 | 3108199 |
| Q2 Holdings, Inc. <sup>(a)</sup> | 103729 | 7485085 |
| Qualys, Inc. <sup>(a)</sup> | 60921 | 8096401 |
| Rackspace Technology, Inc. <sup>(a)</sup> | 112741 | 109460 |
| Rapid7, Inc. <sup>(a)</sup> | 108261 | 1645567 |
| Red Violet, Inc. | 18756 | 1068154 |
| Rimini Street, Inc. <sup>(a)</sup> | 83422 | 323677 |
| Riot Platforms, Inc. <sup>(a)(b)</sup> | 581340 | 7365578 |
| Schrodinger, Inc./United States <sup>(a)(b)</sup> | 95878 | 1714299 |
| Shutterstock, Inc. | 41018 | 783444 |
| Simulations Plus, Inc. <sup>(a)</sup> | 27866 | 507997 |
| SoundThinking, Inc. <sup>(a)</sup> | 16244 | 130439 |
| SPS Commerce, Inc. <sup>(a)</sup> | 63505 | 5660201 |
| Telos Corp. <sup>(a)</sup> | 91933 | 468858 |
| Tenable Holdings, Inc. <sup>(a)</sup> | 202454 | 4763743 |
| Travelzoo <sup>(a)(b)</sup> | 11008 | 78377 |
| TripAdvisor, Inc. <sup>(a)(b)</sup> | 190725 | 2776956 |
| TSS, Inc. <sup>(a)(b)</sup> | 31623 | 223575 |
| Tucows, Inc., Class A <sup>(a)</sup> | 10808 | 242315 |
| Unisys Corp. <sup>(a)</sup> | 113622 | 313597 |
| Upwork, Inc. <sup>(a)</sup> | 204451 | 4052219 |
| Varonis Systems, Inc. <sup>(a)(b)</sup> | 193838 | 6357886 |
| Verra Mobility Corp., Class A <sup>(a)</sup> | 266260 | 5966887 |
| Vivid Seats, Inc., Class A <sup>(a)(b)</sup> | 5353 | 38595 |
| Workiva, Inc., Class A <sup>(a)</sup> | 83793 | 7227146 |
| Yelp, Inc. <sup>(a)</sup> | 100911 | 3066685 |
| Yext, Inc. <sup>(a)</sup> | 175758 | 1416609 |
|  |  | 186765433 |
| **Computer Technology — 0.4%** | **Computer Technology — 0.4%** |  |
| 3D Systems Corp. <sup>(a)(b)</sup> | 231426 | 409624 |
| Corsair Gaming, Inc. <sup>(a)</sup> | 74705 | 443748 |
| Immersion Corp. | 51829 | 352437 |
| Impinj, Inc. <sup>(a)</sup> | 44957 | 7822968 |
| Insight Enterprises, Inc. <sup>(a)</sup> | 49196 | 4007998 |
| PC Connection, Inc. | 18958 | 1095014 |
| Synaptics, Inc. <sup>(a)</sup> | 64559 | 4778657 |
|  |  | 18910446 |
| **Construction — 1.9%** | **Construction — 1.9%** |  |
| Arcosa, Inc. | 80959 | 8607561 |
| Bowman Consulting Group Ltd. <sup>(a)</sup> | 22242 | 734431 |
| Centuri Holdings, Inc. <sup>(a)</sup> | 132653 | 3349488 |
| Construction Partners, Inc., Class A <sup>(a)</sup> | 78238 | 8492735 |
| Dycom Industries, Inc. <sup>(a)</sup> | 46736 | 15792094 |
| Frontdoor, Inc. <sup>(a)</sup> | 122289 | 7054853 |
| Granite Construction, Inc. | 72982 | 8418474 |
| Great Lakes Dredge & Dock Corp. <sup>(a)</sup> | 114077 | 1496690 |
| Knife River Corp. <sup>(a)</sup> | 95344 | 6707450 |
| Orion Group Holdings, Inc. <sup>(a)</sup> | 61851 | 614799 |
| Primoris Services Corp. | 90217 | 11199538 |
| Smith-Midland Corp. <sup>(a)(b)</sup> | 4660 | 169344 |
| Southland Holdings, Inc. <sup>(a)</sup> | 20079 | 66662 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 49739 | 15231574 |

---

Series Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Construction (continued)** | **Construction (continued)** |  |
| Titan America SA <sup>(b)</sup> | 42120 | $694138 |
| Tutor Perini Corp. | 74228 | 4974761 |
|  |  | 93604592 |
| **Consumer Electronics**<sup>(a)</sup> **— 0.1%** | **Consumer Electronics**<sup>(a)</sup> **— 0.1%** |  |
| Sonos, Inc. | 200401 | 3519041 |
| Vuzix Corp. <sup>(b)</sup> | 111273 | 420612 |
|  |  | 3939653 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |  |
| Consumer Portfolio Services, Inc. <sup>(a)</sup> | 13862 | 129332 |
| NerdWallet, Inc., Class A <sup>(a)</sup> | 71679 | 971250 |
| OppFi, Inc., Class A | 42025 | 439582 |
| Upstart Holdings, Inc. <sup>(a)(b)</sup> | 141448 | 6185521 |
|  |  | 7725685 |
| **Consumer Lending — 0.4%** | **Consumer Lending — 0.4%** |  |
| Encore Capital Group, Inc. <sup>(a)</sup> | 37468 | 2036386 |
| Enova International, Inc. <sup>(a)</sup> | 40211 | 6321169 |
| LendingTree, Inc. <sup>(a)</sup> | 19251 | 1022036 |
| Marcus & Millichap, Inc. | 39965 | 1090645 |
| Navient Corp. | 112980 | 1468740 |
| Nelnet, Inc., Class A | 18945 | 2518927 |
| Oportun Financial Corp. <sup>(a)</sup> | 77003 | 407346 |
| PRA Group, Inc. <sup>(a)</sup> | 66886 | 1183213 |
| PROG Holdings, Inc. | 66004 | 1946458 |
| Regional Management Corp. | 16600 | 643250 |
| World Acceptance Corp. <sup>(a)</sup> | 4380 | 614908 |
|  |  | 19253078 |
| **Consumer Services: Miscellaneous — 0.4%** | **Consumer Services: Miscellaneous — 0.4%** |  |
| Cars.com, Inc. <sup>(a)</sup> | 89702 | 1094364 |
| FirstCash Holdings, Inc. | 66052 | 10527368 |
| OPENLANE, Inc. <sup>(a)</sup> | 175484 | 5225914 |
|  |  | 16847646 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |  |
| Ardagh Metal Packaging SA | 237837 | 975132 |
| Greif, Inc., Class A | 42836 | 2899997 |
| Greif, Inc., Class B | 8075 | 603122 |
| Myers Industries, Inc. | 63373 | 1186342 |
| O-I Glass, Inc. <sup>(a)</sup> | 255353 | 3769010 |
| Ranpak Holdings Corp., Class A <sup>(a)(b)</sup> | 75481 | 408352 |
| UFP Technologies, Inc. <sup>(a)(b)</sup> | 12653 | 2809346 |
|  |  | 12651301 |
| **Cosmetics — 0.1%** | **Cosmetics — 0.1%** |  |
| Interparfums, Inc. | 31000 | 2629730 |
| **Diversified Consumer Services**<sup>(a)</sup> **— 0.0%** | **Diversified Consumer Services**<sup>(a)</sup> **— 0.0%** |  |
| Nerdy, Inc., Class A <sup>(b)</sup> | 98837 | 102790 |
| Phoenix Education Partners, Inc. | 8380 | 253914 |
| Zspace, Inc. | 4189 | 1973 |
|  |  | 358677 |
| **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** |  |
| Cannae Holdings, Inc. | 80127 | 1260398 |
| Compass Diversified Holdings | 114527 | 549730 |
| European Wax Center, Inc., Class A <sup>(a)</sup> | 48027 | 172897 |
| Jackson Financial, Inc., Class A | 115475 | 12315409 |
| MBIA, Inc. <sup>(a)</sup> | 72954 | 522351 |
| Moelis & Co., Class A | 113721 | 7817181 |
| Piper Sandler Cos. | 29157 | 9904924 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |  |
| SWK Holdings Corp. | 4902 | $84314 |
| Tiptree, Inc. | 40243 | 735240 |
|  |  | 33362444 |
| **Diversified Manufacturing Operations — 0.6%** | **Diversified Manufacturing Operations — 0.6%** |  |
| Custom Truck One Source, Inc. <sup>(a)</sup> | 104435 | 601546 |
| Enerpac Tool Group Corp., Class A | 88542 | 3385846 |
| Enviri Corp. <sup>(a)</sup> | 127856 | 2291180 |
| Federal Signal Corp. | 100148 | 10875071 |
| Luxfer Holdings PLC | 47305 | 640037 |
| OSI Systems, Inc. <sup>(a)</sup> | 26921 | 6866470 |
| Standex International Corp. | 20023 | 4350597 |
| TriMas Corp. | 53226 | 1886862 |
|  |  | 30897609 |
| **Diversified Materials & Processing — 0.4%** | **Diversified Materials & Processing — 0.4%** |  |
| Ascent Industries Co. <sup>(a)</sup> | 13783 | 223147 |
| Belden, Inc. | 65277 | 7608034 |
| Insteel Industries, Inc. | 32237 | 1020946 |
| NL Industries, Inc. | 14377 | 78642 |
| Tredegar Corp. <sup>(a)</sup> | 43465 | 312079 |
| Uranium Energy Corp. <sup>(a)(b)</sup> | 795698 | 9293752 |
|  |  | 18536600 |
| **Diversified Media — 0.0%** | **Diversified Media — 0.0%** |  |
| EW Scripps Co., Class A <sup>(a)</sup> | 114140 | 455419 |
| **Diversified Retail — 0.3%** | **Diversified Retail — 0.3%** |  |
| Bed Bath and Beyond, Inc. <sup>(a)</sup> | 95321 | 520453 |
| Gaia, Inc., Class A <sup>(a)</sup> | 29520 | 107158 |
| Global Industrial Co. | 23359 | 682550 |
| PriceSmart, Inc. | 42697 | 5237641 |
| Revolve Group, Inc., Class A <sup>(a)</sup> | 68154 | 2057569 |
| Savers Value Village, Inc. <sup>(a)(b)</sup> | 64443 | 601898 |
| Stitch Fix, Inc., Class A <sup>(a)</sup> | 195717 | 1027514 |
| Winmark Corp. | 5030 | 2036848 |
|  |  | 12271631 |
| **Diversified Telecommunication Services**<sup>(a)</sup> **— 0.9%** | **Diversified Telecommunication Services**<sup>(a)</sup> **— 0.9%** |  |
| BlackSky Technology, Inc., Class A <sup>(b)</sup> | 54035 | 1013156 |
| EchoStar Corp., Class A <sup>(b)</sup> | 226077 | 24574570 |
| Globalstar, Inc. <sup>(b)</sup> | 83595 | 5102639 |
| Lumen Technologies, Inc. | 1590247 | 12356219 |
|  |  | 43046584 |
| **Drug & Grocery Store Chains — 0.1%** | **Drug & Grocery Store Chains — 0.1%** |  |
| Ingles Markets, Inc., Class A | 25052 | 1717315 |
| Village Super Market, Inc., Class A | 15287 | 541083 |
| Weis Markets, Inc. | 23222 | 1488298 |
|  |  | 3746696 |
| **Education Services — 0.8%** | **Education Services — 0.8%** |  |
| Adtalem Global Education, Inc. <sup>(a)</sup> | 59725 | 6179746 |
| American Public Education, Inc. <sup>(a)</sup> | 30145 | 1139481 |
| Coursera, Inc. <sup>(a)</sup> | 233797 | 1720746 |
| Franklin Covey Co. <sup>(a)</sup> | 19361 | 324878 |
| Graham Holdings Co., Class B | 5354 | 5881904 |
| HealthStream, Inc. | 37697 | 869670 |
| KinderCare Learning Cos., Inc. <sup>(a)</sup> | 48010 | 207403 |
| Laureate Education, Inc., Class A <sup>(a)</sup> | 211974 | 7137165 |
| Lincoln Educational Services Corp. <sup>(a)</sup> | 51343 | 1239933 |
| Perdoceo Education Corp. | 110501 | 3240994 |
| Strategic Education, Inc. | 38920 | 3121384 |
| Stride, Inc. <sup>(a)(b)</sup> | 71223 | 4624509 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Education Services (continued)** | **Education Services (continued)** |  |
| Udemy, Inc. <sup>(a)</sup> | 168349 | $984842 |
| Universal Technical Institute, Inc. <sup>(a)</sup> | 77317 | 2020293 |
|  |  | 38692948 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |  |
| Complete Solaria, Inc. <sup>(a)(b)</sup> | 104465 | 164010 |
| Enovix Corp. <sup>(a)(b)</sup> | 280296 | 2048964 |
| Eos Energy Enterprises, Inc., Class A <sup>(a)(b)</sup> | 514119 | 5891804 |
| Fluence Energy, Inc., Class A <sup>(a)(b)</sup> | 108061 | 2137447 |
| LSI Industries, Inc. | 45510 | 833743 |
| NANO Nuclear Energy, Inc. <sup>(a)(b)</sup> | 67792 | 1627686 |
| Net Power, Inc., Class A <sup>(a)(b)</sup> | 72004 | 164169 |
| NuScale Power Corp., Class A <sup>(a)(b)</sup> | 210950 | 2989161 |
| Power Solutions International, Inc. <sup>(a)(b)</sup> | 11355 | 648825 |
| Shoals Technologies Group, Inc., Class A <sup>(a)</sup> | 282834 | 2404089 |
| SKYX Platforms Corp. <sup>(a)</sup> | 106078 | 230189 |
| T1 Energy, Inc. <sup>(a)</sup> | 184516 | 1232567 |
|  |  | 20372654 |
| **Electronic Components — 0.8%** | **Electronic Components — 0.8%** |  |
| Aeva Technologies, Inc. <sup>(a)(b)</sup> | 53094 | 705088 |
| American Superconductor Corp. <sup>(a)</sup> | 73361 | 2111330 |
| Array Technologies, Inc. <sup>(a)(b)</sup> | 256607 | 2365916 |
| Methode Electronics, Inc. | 59814 | 397165 |
| MicroVision, Inc. <sup>(a)(b)</sup> | 425038 | 351974 |
| Novanta, Inc. <sup>(a)</sup> | 60180 | 7160818 |
| NVE Corp. | 8451 | 501398 |
| Sanmina Corp. <sup>(a)</sup> | 87126 | 13074999 |
| ScanSource, Inc. <sup>(a)</sup> | 35179 | 1374092 |
| TTM Technologies, Inc. <sup>(a)(b)</sup> | 171343 | 11822667 |
|  |  | 39865447 |
| **Electronic Entertainment — 0.0%** | **Electronic Entertainment — 0.0%** |  |
| Turtle Beach Corp. <sup>(a)</sup> | 24688 | 346373 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |  |
| Bel Fuse, Inc., Class A | 2560 | 388608 |
| Climb Global Solutions, Inc. | 6630 | 681498 |
| Daktronics, Inc. <sup>(a)</sup> | 64827 | 1281630 |
| Evolv Technologies Holdings, Inc., Class A <sup>(a)(b)</sup> | 258837 | 1853273 |
| Frequency Electronics, Inc. <sup>(a)(b)</sup> | 11403 | 613937 |
| KULR Technology Group, Inc. <sup>(a)(b)</sup> | 57133 | 169114 |
| Mirion Technologies, Inc., Class A <sup>(a)</sup> | 399788 | 9363035 |
| M-Tron Industries, Inc. <sup>(a)</sup> | 4253 | 226344 |
| Neonode, Inc. <sup>(a)</sup> | 18195 | 31659 |
| Ouster, Inc. <sup>(a)</sup> | 86139 | 1864048 |
| Richardson Electronics Ltd. | 20035 | 217981 |
| Xperi, Inc. <sup>(a)(b)</sup> | 77607 | 454777 |
|  |  | 17145904 |
| **Electronics**<sup>(a)</sup> **— 0.7%** | **Electronics**<sup>(a)</sup> **— 0.7%** |  |
| Agilysys, Inc. | 43144 | 5127233 |
| Integer Holdings Corp. | 57459 | 4506510 |
| Nextpower, Inc., Class A | 243264 | 21190727 |
| nLight, Inc. | 77224 | 2896672 |
|  |  | 33721142 |
| **Energy Equipment**<sup>(a)</sup> **— 0.8%** | **Energy Equipment**<sup>(a)</sup> **— 0.8%** |  |
| Bloom Energy Corp., Class A | 364500 | 31671405 |
| Expro Group Holdings NV | 150937 | 2015009 |
| Sunrun, Inc. | 372846 | 6860366 |
|  |  | 40546780 |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |  |
| Atlas Energy Solutions, Inc. | 131451 | 1238268 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |  |
| Borr Drilling Ltd. <sup>(b)</sup> | 421065 | $1696892 |
| Core Laboratories, Inc. | 81958 | 1313787 |
| Energy Services of America Corp. | 20475 | 167281 |
| Flowco Holdings, Inc., Class A | 31441 | 589204 |
| Forum Energy Technologies, Inc. <sup>(a)</sup> | 17049 | 629960 |
| Innovex International, Inc. <sup>(a)</sup> | 67184 | 1469314 |
| Kodiak Gas Services, Inc. | 140877 | 5268800 |
| Mammoth Energy Services, Inc. <sup>(a)</sup> | 45251 | 83714 |
| Ranger Energy Services, Inc., Class A | 34167 | 477655 |
| SEACOR Marine Holdings, Inc. <sup>(a)</sup> | 38831 | 233763 |
| Seadrill Ltd. <sup>(a)</sup> | 105951 | 3665905 |
| Valaris Ltd. <sup>(a)</sup> | 103722 | 5227589 |
|  |  | 22062132 |
| **Engineering & Contracting Services — 1.0%** | **Engineering & Contracting Services — 1.0%** |  |
| Argan, Inc. | 22561 | 7068813 |
| Exponent, Inc. | 84738 | 5885901 |
| Fluor Corp. <sup>(a)</sup> | 268491 | 10640298 |
| IES Holdings, Inc. <sup>(a)</sup> | 15062 | 5859419 |
| Legence Corp., Class A <sup>(a)</sup> | 62742 | 2700416 |
| Limbach Holdings, Inc. <sup>(a)(b)</sup> | 18067 | 1406516 |
| Mistras Group, Inc. <sup>(a)</sup> | 20531 | 259717 |
| MYR Group, Inc. <sup>(a)</sup> | 25707 | 5616980 |
| Uniti Group, Inc. <sup>(a)</sup> | 283132 | 1984755 |
| VSE Corp. <sup>(b)</sup> | 38293 | 6615882 |
| Willdan Group, Inc. <sup>(a)(b)</sup> | 23464 | 2432278 |
|  |  | 50470975 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** |  |
| AMC Entertainment Holdings, Inc., Class A <sup>(a)</sup> | 875113 | 1365176 |
| Atlanta Braves Holdings, Inc., Class A <sup>(a)</sup> | 11710 | 497558 |
| Atlanta Braves Holdings, Inc., Class C <sup>(a)(b)</sup> | 77905 | 3073352 |
| Cinemark Holdings, Inc. | 173285 | 4027144 |
| CuriosityStream, Inc., Class A | 55374 | 210421 |
| Golden Entertainment, Inc. | 33233 | 903605 |
| Golden Matrix Group, Inc. <sup>(a)(b)</sup> | 39654 | 31755 |
| IMAX Corp. <sup>(a)(b)</sup> | 73822 | 2728461 |
| Lionsgate Studios Corp. <sup>(a)</sup> | 338101 | 3086862 |
| Madison Square Garden Entertainment Corp., <br> Class A <sup>(a)</sup><br>| 65679 | 3539442 |
| Playstudios, Inc., Class A <sup>(a)</sup> | 158927 | 103541 |
| Playtika Holding Corp. | 97455 | 384947 |
| Reservoir Media, Inc. <sup>(a)</sup> | 32658 | 247221 |
| Starz Entertainment Corp. <sup>(a)(b)</sup> | 21913 | 256382 |
|  |  | 20455867 |
| **Environmental, Maintenance, & Security Service — 0.5%** | **Environmental, Maintenance, & Security Service — 0.5%** |  |
| ABM Industries, Inc. | 101554 | 4295734 |
| BrightView Holdings, Inc. <sup>(a)(b)</sup> | 120646 | 1528585 |
| Brink's Co. | 70185 | 8192695 |
| Healthcare Services Group, Inc. <sup>(a)</sup> | 117416 | 2244994 |
| IBEX Holdings Ltd. <sup>(a)</sup> | 17298 | 660438 |
| Montrose Environmental Group, Inc. <sup>(a)</sup> | 54310 | 1348517 |
| UniFirst Corp. | 24295 | 4686505 |
|  |  | 22957468 |
| **Financial Data & Systems — 0.3%** | **Financial Data & Systems — 0.3%** |  |
| Atlanticus Holdings Corp. <sup>(a)(b)</sup> | 9254 | 619555 |
| Cass Information Systems, Inc. | 20705 | 859672 |
| Donnelley Financial Solutions, Inc. <sup>(a)</sup> | 42591 | 1988574 |
| EVERTEC, Inc. | 108687 | 3161705 |
| Green Dot Corp., Class A <sup>(a)</sup> | 91741 | 1175202 |
| I3 Verticals, Inc., Class A <sup>(a)(b)</sup> | 38597 | 972258 |
| International Money Express, Inc. <sup>(a)</sup> | 46963 | 721352 |

---

Series Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Financial Data & Systems (continued)** | **Financial Data & Systems (continued)** |  |
| LendingClub Corp. <sup>(a)</sup> | 187645 | $3553996 |
| Priority Technology Holdings, Inc. <sup>(a)(b)</sup> | 38188 | 208125 |
| Repay Holdings Corp., Class A <sup>(a)</sup> | 106349 | 388174 |
| Value Line, Inc. | 1578 | 60642 |
|  |  | 13709255 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** |  |
| Acacia Research Corp. <sup>(a)</sup> | 63257 | 236581 |
| Better Home & Finance Holding Co. <sup>(a)(b)</sup> | 8509 | 277223 |
| Burford Capital Ltd. | 331626 | 2958104 |
| Enact Holdings, Inc. | 46153 | 1829505 |
| Ispire Technology, Inc. <sup>(a)(b)</sup> | 30845 | 86366 |
| Jefferson Capital, Inc. | 13148 | 293726 |
| Karat Packaging, Inc. | 15822 | 357103 |
| NewtekOne, Inc. | 34145 | 387546 |
| Onity Group, Inc. <sup>(a)</sup> | 10557 | 483405 |
| Pagseguro Digital Ltd., Class A | 303363 | 2924419 |
| Paysign, Inc. <sup>(a)</sup> | 61000 | 314150 |
| Security National Financial Corp., Class A <sup>(a)</sup> | 26785 | 241333 |
| Turning Point Brands, Inc. | 28913 | 3134169 |
| Universal Corp. | 39721 | 2095283 |
|  |  | 15618913 |
| **Food & Staples Retailing — 0.0%** | **Food & Staples Retailing — 0.0%** |  |
| Grocery Outlet Holding Corp. <sup>(a)(b)</sup> | 160767 | 1623747 |
| Natural Grocers by Vitamin Cottage, Inc. | 22119 | 554081 |
|  |  | 2177828 |
| **Food Products**<sup>(a)</sup> **— 0.1%** | **Food Products**<sup>(a)</sup> **— 0.1%** |  |
| Beyond Meat, Inc. <sup>(b)</sup> | 649016 | 532193 |
| Forafric Global PLC <sup>(b)</sup> | 9653 | 106473 |
| Hain Celestial Group, Inc. | 154776 | 165610 |
| Lifeway Foods, Inc. <sup>(b)</sup> | 7054 | 170918 |
| Mama's Creations, Inc. | 61985 | 836178 |
| SunOpta, Inc. | 165120 | 627456 |
| Triller Group, Inc. <sup>(b)</sup> | 178534 | 5713 |
| Westrock Coffee Co. <sup>(b)</sup> | 60970 | 248148 |
|  |  | 2692689 |
| **Foods — 0.6%** | **Foods — 0.6%** |  |
| B&G Foods, Inc. | 133269 | 573057 |
| Chefs' Warehouse, Inc. <sup>(a)</sup> | 61711 | 3846446 |
| HF Foods Group, Inc. <sup>(a)(b)</sup> | 68482 | 147236 |
| J & J Snack Foods Corp. | 25364 | 2292145 |
| John B Sanfilippo & Son, Inc. | 13255 | 935803 |
| Marzetti Co. | 33497 | 5507577 |
| Medifast, Inc. <sup>(a)(b)</sup> | 17787 | 189965 |
| Mission Produce, Inc. <sup>(a)(b)</sup> | 71623 | 830827 |
| Seneca Foods Corp., Class A <sup>(a)</sup> | 7876 | 871322 |
| Simply Good Foods Co. <sup>(a)(b)</sup> | 154073 | 3093786 |
| Tootsie Roll Industries, Inc. | 30478 | 1116409 |
| TreeHouse Foods, Inc. <sup>(a)</sup> | 85022 | 2005669 |
| United Natural Foods, Inc. <sup>(a)</sup> | 99922 | 3364374 |
| Utz Brands, Inc., Class A | 122070 | 1267086 |
| Vita Coco Co., Inc. <sup>(a)</sup> | 78898 | 4182383 |
|  |  | 30224085 |
| **Forest Products — 0.3%** | **Forest Products — 0.3%** |  |
| Boise Cascade Co. | 62897 | 4629219 |
| UFP Industries, Inc. | 96958 | 8828026 |
|  |  | 13457245 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Forms & Bulk Printing Services — 0.1%** | **Forms & Bulk Printing Services — 0.1%** |  |
| Deluxe Corp. | 74379 | $1660883 |
| Ennis, Inc. | 43358 | 780878 |
| Quad/Graphics, Inc., Class A | 47800 | 299706 |
|  |  | 2741467 |
| **Fruit & Grain Processing — 0.0%** | **Fruit & Grain Processing — 0.0%** |  |
| MGP Ingredients, Inc. | 24442 | 593941 |
| **Funeral Parlors & Cemeteries — 0.1%** | **Funeral Parlors & Cemeteries — 0.1%** |  |
| Carriage Services, Inc. | 23569 | 996969 |
| Hillenbrand, Inc. | 116585 | 3698076 |
| Matthews International Corp., Class A | 51431 | 1343378 |
|  |  | 6038423 |
| **Gas Pipeline — 0.1%** | **Gas Pipeline — 0.1%** |  |
| Kinetik Holdings, Inc., Class A | 74743 | 2694485 |
| NextDecade Corp. <sup>(a)(b)</sup> | 226971 | 1196137 |
|  |  | 3890622 |
| **Gold — 0.5%** | **Gold — 0.5%** |  |
| Caledonia Mining Corp. PLC | 27096 | 709102 |
| Coeur Mining, Inc. <sup>(a)(b)</sup> | 1067558 | 19034559 |
| Novagold Resources, Inc. <sup>(a)</sup> | 505046 | 4707029 |
|  |  | 24450690 |
| **Health Care Equipment & Services — 0.1%** | **Health Care Equipment & Services — 0.1%** |  |
| Embecta Corp. | 97745 | 1161211 |
| Figs, Inc., Class A <sup>(a)</sup> | 144851 | 1645507 |
|  |  | 2806718 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |  |
| Adaptive Biotechnologies Corp. <sup>(a)(b)</sup> | 248241 | 4031434 |
| ICU Medical, Inc. <sup>(a)</sup> | 40292 | 5748460 |
| Inogen, Inc. <sup>(a)</sup> | 41210 | 276931 |
| Integra LifeSciences Holdings Corp. <sup>(a)(b)</sup> | 115285 | 1431840 |
| Nano-X Imaging Ltd. <sup>(a)(b)</sup> | 111322 | 311702 |
| OmniAb, Inc. <sup>(a)(b)</sup> | 161213 | 298244 |
| OmniAb, Inc., 12.50 Earnout Shares <sup>(a)(c)</sup> | 9003 |  |
| OmniAb, Inc., 15.00 Earnout Shares <sup>(a)(c)</sup> | 9003 |  |
| PROCEPT BioRobotics Corp. <sup>(a)(b)</sup> | 88957 | 2798587 |
| Shoulder Innovations, Inc. <sup>(a)(b)</sup> | 8097 | 115787 |
| Strawberry Fields REIT, Inc. | 11732 | 153689 |
|  |  | 15166674 |
| **Health Care Facilities — 0.8%** | **Health Care Facilities — 0.8%** |  |
| Astrana Health, Inc. <sup>(a)(b)</sup> | 69758 | 1730696 |
| Brookdale Senior Living, Inc. <sup>(a)</sup> | 390442 | 4212869 |
| CVRx, Inc. <sup>(a)(b)</sup> | 23044 | 163613 |
| Enovis Corp. <sup>(a)</sup> | 96229 | 2563541 |
| Ensign Group, Inc. <sup>(b)</sup> | 93645 | 16312959 |
| Joint Corp. <sup>(a)(b)</sup> | 26114 | 227714 |
| LifeStance Health Group, Inc. <sup>(a)</sup> | 281549 | 1982105 |
| National HealthCare Corp. | 21468 | 2943048 |
| QuidelOrtho Corp. <sup>(a)</sup> | 112968 | 3226366 |
| RxSight, Inc. <sup>(a)</sup> | 62053 | 646592 |
| Select Medical Holdings Corp. | 179159 | 2660511 |
| Sight Sciences, Inc. <sup>(a)(b)</sup> | 71563 | 567495 |
| U.S. Physical Therapy, Inc. | 25759 | 2011520 |
|  |  | 39249029 |
| **Health Care Management Services**<sup>(a)</sup> **— 0.4%** | **Health Care Management Services**<sup>(a)</sup> **— 0.4%** |  |
| Enhabit, Inc. <sup>(b)</sup> | 85284 | 786318 |
| Hims & Hers Health, Inc., Class A <sup>(b)</sup> | 341795 | 11098084 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Management Services (continued)** | **Health Care Management Services (continued)** |  |
| Option Care Health, Inc. | 266231 | $8482120 |
| TruBridge, Inc. | 17308 | 381987 |
|  |  | 20748509 |
| **Health Care Providers & Services**<sup>(a)</sup> **— 0.2%** | **Health Care Providers & Services**<sup>(a)</sup> **— 0.2%** |  |
| agilon health, Inc. <sup>(b)</sup> | 520188 | 358254 |
| Clover Health Investments Corp., Class A <sup>(b)</sup> | 685025 | 1609809 |
| Delcath Systems, Inc. | 52189 | 527109 |
| DocGo, Inc. <sup>(b)</sup> | 146901 | 128950 |
| GeneDx Holdings Corp., Class A | 31456 | 4091167 |
| Oncology Institute, Inc. <sup>(b)</sup> | 102261 | 364049 |
| PACS Group, Inc. | 73414 | 2818363 |
| Sonida Senior Living, Inc. | 9844 | 321013 |
| Talkspace, Inc. <sup>(b)</sup> | 245248 | 890250 |
|  |  | 11108964 |
| **Health Care Services — 1.6%** | **Health Care Services — 1.6%** |  |
| Addus HomeCare Corp. <sup>(a)</sup> | 30654 | 3291933 |
| AirSculpt Technologies, Inc. <sup>(a)</sup> | 19556 | 38721 |
| Alignment Healthcare, Inc. <sup>(a)</sup> | 282031 | 5570112 |
| AMN Healthcare Services, Inc. <sup>(a)</sup> | 65159 | 1026906 |
| Ardent Health, Inc. <sup>(a)</sup> | 40589 | 358401 |
| Aveanna Healthcare Holdings, Inc. <sup>(a)</sup> | 117803 | 962451 |
| BrightSpring Health Services, Inc. <sup>(a)(b)</sup> | 182490 | 6834250 |
| Butterfly Network, Inc., Class A <sup>(a)(b)</sup> | 332786 | 1264587 |
| CapsoVision, Inc. <sup>(a)(b)</sup> | 9075 | 97012 |
| Claritev Corp., Class A <sup>(a)(b)</sup> | 13354 | 570884 |
| Concentra Group Holdings Parent, Inc. | 192745 | 3793222 |
| CorVel Corp. <sup>(a)</sup> | 49285 | 3335116 |
| Cross Country Healthcare, Inc. <sup>(a)</sup> | 53912 | 436687 |
| Definitive Healthcare Corp., Class A <sup>(a)</sup> | 60601 | 173925 |
| Fortrea Holdings, Inc. <sup>(a)(b)</sup> | 152708 | 2634213 |
| Ginkgo Bioworks Holdings, Inc., Class A <sup>(a)(b)</sup> | 67356 | 559728 |
| Health Catalyst, Inc. <sup>(a)</sup> | 100811 | 240938 |
| HealthEquity, Inc. <sup>(a)</sup> | 142244 | 13030973 |
| HeartFlow, Inc. <sup>(a)(b)</sup> | 32866 | 958044 |
| LifeMD, Inc. <sup>(a)(b)</sup> | 60923 | 207747 |
| NeoGenomics, Inc. <sup>(a)</sup> | 219342 | 2579462 |
| Nutex Health, Inc. <sup>(a)</sup> | 5946 | 978831 |
| Omnicell, Inc. <sup>(a)</sup> | 76140 | 3449142 |
| OptimizeRx Corp. <sup>(a)</sup> | 28162 | 345266 |
| Pediatrix Medical Group, Inc. <sup>(a)</sup> | 144851 | 3098363 |
| Pennant Group, Inc. <sup>(a)</sup> | 56760 | 1597794 |
| Phibro Animal Health Corp., Class A | 35241 | 1316604 |
| Phreesia, Inc. <sup>(a)</sup> | 96587 | 1634252 |
| Privia Health Group, Inc. <sup>(a)</sup> | 195642 | 4638672 |
| Progyny, Inc. <sup>(a)</sup> | 123908 | 3181957 |
| Surgery Partners, Inc. <sup>(a)(b)</sup> | 131260 | 2027967 |
| Teladoc Health, Inc. <sup>(a)(b)</sup> | 299554 | 2096878 |
| Viemed Healthcare, Inc. <sup>(a)</sup> | 59015 | 438481 |
| Waystar Holding Corp. <sup>(a)</sup> | 183338 | 6004319 |
|  |  | 78773838 |
| **Health Care: Miscellaneous — 0.0%** | **Health Care: Miscellaneous — 0.0%** |  |
| Absci Corp. <sup>(a)(b)</sup> | 223692 | 780685 |
| **Home Building — 1.1%** | **Home Building — 1.1%** |  |
| Beazer Homes USA, Inc. <sup>(a)</sup> | 44344 | 898853 |
| Century Communities, Inc. | 43778 | 2598224 |
| Dream Finders Homes, Inc., Class A <sup>(a)(b)</sup> | 50651 | 866132 |
| Forestar Group, Inc. <sup>(a)</sup> | 32824 | 808455 |
| Green Brick Partners, Inc. <sup>(a)</sup> | 52050 | 3261453 |
| Hovnanian Enterprises, Inc., Class A <sup>(a)</sup> | 8226 | 802364 |
| Installed Building Products, Inc. <sup>(b)</sup> | 38670 | 10030611 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Home Building (continued)** | **Home Building (continued)** |  |
| KB Home | 105263 | $5937886 |
| Legacy Housing Corp. <sup>(a)(b)</sup> | 14759 | 288096 |
| LGI Homes, Inc. <sup>(a)</sup> | 34994 | 1503342 |
| M/I Homes, Inc. <sup>(a)</sup> | 43490 | 5564546 |
| Meritage Homes Corp. | 116130 | 7641354 |
| Taylor Morrison Home Corp., Class A <sup>(a)</sup> | 160078 | 9423792 |
| Tri Pointe Homes, Inc. <sup>(a)</sup> | 140498 | 4421472 |
|  |  | 54046580 |
| **Hotel/Motel — 0.2%** | **Hotel/Motel — 0.2%** |  |
| First Watch Restaurant Group, Inc. <sup>(a)</sup> | 93151 | 1404717 |
| Krispy Kreme, Inc. | 129405 | 520208 |
| Marcus Corp. | 38905 | 603417 |
| Red Rock Resorts, Inc., Class A | 81431 | 5044650 |
| Xponential Fitness, Inc., Class A <sup>(a)</sup> | 40656 | 334599 |
|  |  | 7907591 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |  |
| Genius Sports Ltd. <sup>(a)</sup> | 364596 | 4017848 |
| Global Business Travel Group I, Class A <sup>(a)</sup> | 221122 | 1691583 |
| Sabre Corp. <sup>(a)</sup> | 620151 | 843405 |
| Serve Robotics, Inc. <sup>(a)(b)</sup> | 105835 | 1098567 |
| Six Flags Entertainment Corp. <sup>(a)</sup> | 155931 | 2391982 |
| Super Group SGHC Ltd. | 265507 | 3172809 |
|  |  | 13216194 |
| **Household Appliances — 0.0%** | **Household Appliances — 0.0%** |  |
| Hamilton Beach Brands Holding Co., Class A | 12990 | 213686 |
| Traeger, Inc. <sup>(a)</sup> | 61250 | 66150 |
|  |  | 279836 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** |  |
| Cricut, Inc., Class A | 78746 | 389793 |
| Waldencast PLC, Class A <sup>(a)</sup> | 73371 | 137937 |
|  |  | 527730 |
| **Household Equipment & Products — 0.5%** | **Household Equipment & Products — 0.5%** |  |
| Central Garden & Pet Co. <sup>(a)</sup> | 15307 | 492120 |
| Central Garden & Pet Co., Class A <sup>(a)</sup> | 84839 | 2476451 |
| Energizer Holdings, Inc. | 106099 | 2110309 |
| Helen of Troy Ltd. <sup>(a)(b)</sup> | 39539 | 840204 |
| Novocure Ltd. <sup>(a)</sup> | 166276 | 2149949 |
| Spectrum Brands Holdings, Inc. | 40027 | 2364795 |
| Zurn Elkay Water Solutions Corp. | 250613 | 11650998 |
|  |  | 22084826 |
| **Household Furnishings — 0.2%** | **Household Furnishings — 0.2%** |  |
| American Woodmark Corp. <sup>(a)</sup> | 24813 | 1337421 |
| Apogee Enterprises, Inc. | 36198 | 1317969 |
| Bassett Furniture Industries, Inc. | 14121 | 236668 |
| Ethan Allen Interiors, Inc. | 39365 | 899096 |
| Flexsteel Industries, Inc. | 6290 | 248392 |
| La-Z-Boy, Inc. | 69781 | 2600738 |
| Leggett & Platt, Inc. | 226466 | 2491126 |
| Lovesac Co. <sup>(a)(b)</sup> | 24496 | 361316 |
| Sleep Number Corp. <sup>(a)(b)</sup> | 26793 | 226669 |
|  |  | 9719395 |
| **Independent Power Producers & Energy Traders — 0.0%** | **Independent Power Producers & Energy Traders — 0.0%** |  |
| Montauk Renewables, Inc. <sup>(a)(b)</sup> | 108509 | 181210 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |  |
| Brookfield Business Corp., Class A <sup>(b)</sup> | 38188 | 1370185 |
| **Insurance — 0.6%** | **Insurance — 0.6%** |  |
| Ategrity Specialty Holdings LLC <sup>(a)</sup> | 10681 | 224408 |
| F&G Annuities & Life, Inc. | 61759 | 1905265 |

---

Series Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** |  |
| Fidelis Insurance Holdings Ltd. | 93239 | $1824687 |
| GoHealth, Inc., Class A <sup>(a)(b)</sup> | 6637 | 14270 |
| Hamilton Insurance Group Ltd., Class B <sup>(a)(b)</sup> | 75866 | 2116661 |
| James River Group Holdings, Inc. | 63900 | 406404 |
| Kingsway Financial Services, Inc. <sup>(a)(b)</sup> | 38967 | 524106 |
| Lemonade, Inc. <sup>(a)(b)</sup> | 100933 | 7184411 |
| Marqeta, Inc., Class A <sup>(a)</sup> | 608757 | 2891596 |
| Mercury General Corp. | 44748 | 4208997 |
| Oscar Health, Inc., Class A <sup>(a)</sup> | 331400 | 4762218 |
| Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | 60236 | 3078662 |
|  |  | 29141685 |
| **Insurance: Life — 0.2%** | **Insurance: Life — 0.2%** |  |
| Citizens, Inc., Class A <sup>(a)(b)</sup> | 78346 | 378411 |
| CNO Financial Group, Inc. | 160422 | 6813122 |
| Selectquote, Inc. <sup>(a)</sup> | 228989 | 322875 |
| Trupanion, Inc. <sup>(a)</sup> | 62445 | 2333570 |
|  |  | 9847978 |
| **Insurance: Multi-Line — 0.3%** | **Insurance: Multi-Line — 0.3%** |  |
| Abacus Global Management, Inc., Class A | 67746 | 579228 |
| Baldwin Insurance Group, Inc., Class A <sup>(a)(b)</sup> | 118998 | 2859522 |
| Crawford & Co., Class A | 27975 | 314719 |
| eHealth, Inc. <sup>(a)</sup> | 49860 | 229356 |
| Goosehead Insurance, Inc., Class A | 39511 | 2909985 |
| Horace Mann Educators Corp. | 67055 | 3096600 |
| SiriusPoint Ltd. <sup>(a)</sup> | 120308 | 2633542 |
|  |  | 12622952 |
| **Insurance: Property-Casualty — 1.4%** | **Insurance: Property-Casualty — 1.4%** |  |
| American Coastal Insurance Corp. | 40475 | 511199 |
| American Integrity Insurance Group, Inc. <sup>(a)</sup> | 13442 | 279997 |
| AMERISAFE, Inc. | 31968 | 1227891 |
| Aspen Insurance Holdings Ltd., Class A <sup>(a)</sup> | 25907 | 961150 |
| Bowhead Specialty Holdings, Inc. <sup>(a)</sup> | 26947 | 769067 |
| Donegal Group, Inc., Class A | 27352 | 546493 |
| Employers Holdings, Inc. | 38492 | 1661700 |
| Essent Group Ltd. | 157983 | 10270475 |
| Genworth Financial, Inc., Class A <sup>(a)</sup> | 675592 | 6100596 |
| Greenlight Capital Re Ltd., Class A <sup>(a)</sup> | 44360 | 646769 |
| HCI Group, Inc. | 17880 | 3427417 |
| Heritage Insurance Holdings, Inc. <sup>(a)</sup> | 37628 | 1100995 |
| Investors Title Co. | 2443 | 609871 |
| Kestrel Group Ltd. <sup>(a)(b)</sup> | 2947 | 30177 |
| Kingstone Cos., Inc. | 19150 | 322294 |
| NI Holdings, Inc. <sup>(a)</sup> | 13658 | 181651 |
| NMI Holdings, Inc., Class A <sup>(a)</sup> | 129644 | 5288179 |
| Palomar Holdings, Inc. <sup>(a)</sup> | 44097 | 5942512 |
| ProAssurance Corp. <sup>(a)</sup> | 85903 | 2075416 |
| Radian Group, Inc. | 226022 | 8134532 |
| Safety Insurance Group, Inc. | 25266 | 1968474 |
| Selective Insurance Group, Inc. | 101390 | 8483301 |
| Slide Insurance Holdings, Inc. <sup>(a)</sup> | 44887 | 874399 |
| Stewart Information Services Corp. | 46888 | 3294351 |
| United Fire Group, Inc. | 36201 | 1315906 |
| Universal Insurance Holdings, Inc. | 44077 | 1489803 |
|  |  | 67514615 |
| **Internet & Catalog Retail**<sup>(a)</sup> **— 0.0%** | **Internet & Catalog Retail**<sup>(a)</sup> **— 0.0%** |  |
| BARK, Inc., Class A <sup>(b)</sup> | 167474 | 100903 |
| ThredUp, Inc., Class A | 153677 | 981996 |
|  |  | 1082899 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Internet Software & Services**<sup>(a)</sup> **— 0.3%** | **Internet Software & Services**<sup>(a)</sup> **— 0.3%** |  |
| eGain Corp. | 30296 | $311746 |
| Flywire Corp. | 195443 | 2767473 |
| MediaAlpha, Inc., Class A | 53639 | 694625 |
| Remitly Global, Inc. | 280636 | 3872777 |
| TrueCar, Inc. | 144542 | 326665 |
| Xometry, Inc., Class A <sup>(b)</sup> | 72449 | 4308542 |
|  |  | 12281828 |
| **IT Services — 0.6%** | **IT Services — 0.6%** |  |
| Backblaze, Inc., Class A <sup>(a)</sup> | 99755 | 464858 |
| BigBear.ai Holdings, Inc. <sup>(a)(b)</sup> | 717094 | 3872308 |
| Bread Financial Holdings, Inc. | 43293 | 3204981 |
| Core Scientific, Inc. <sup>(a)</sup> | 483707 | 7042774 |
| Crexendo, Inc. <sup>(a)</sup> | 25059 | 162132 |
| CSP, Inc. | 12022 | 150275 |
| Fastly, Inc., Class A <sup>(a)</sup> | 231376 | 2355408 |
| Kohl's Corp. | 184169 | 3758889 |
| Payoneer Global, Inc. <sup>(a)</sup> | 469540 | 2638815 |
| Paysafe Ltd. <sup>(a)(b)</sup> | 55484 | 448865 |
| StoneCo Ltd., Class A <sup>(a)</sup> | 418712 | 6192750 |
| Whitefiber, Inc. <sup>(a)(b)</sup> | 18487 | 292095 |
|  |  | 30584150 |
| **Leisure Time — 1.0%** | **Leisure Time — 1.0%** |  |
| 10X Genomics, Inc., Class A <sup>(a)</sup> | 184571 | 3010353 |
| Acushnet Holdings Corp. | 46007 | 3672279 |
| American Outdoor Brands, Inc. <sup>(a)(b)</sup> | 21287 | 164549 |
| Clarus Corp. | 50875 | 170431 |
| Escalade, Inc. | 17369 | 234308 |
| Hilton Grand Vacations, Inc. <sup>(a)</sup> | 99170 | 4437857 |
| Johnson Outdoors, Inc., Class A | 8590 | 364645 |
| Latham Group, Inc. <sup>(a)</sup> | 81448 | 517195 |
| Life Time Group Holdings, Inc. <sup>(a)</sup> | 251938 | 6696512 |
| Lindblad Expeditions Holdings, Inc. <sup>(a)(b)</sup> | 63375 | 913867 |
| Marriott Vacations Worldwide Corp. | 46791 | 2699373 |
| OneSpaWorld Holdings Ltd. | 160215 | 3322859 |
| Outdoor Holding Co. <sup>(a)(b)</sup> | 143187 | 244850 |
| Peloton Interactive, Inc., Class A <sup>(a)</sup> | 641799 | 3953482 |
| Polaris, Inc. | 88881 | 5621723 |
| Portillo's, Inc., Class A <sup>(a)(b)</sup> | 93315 | 423650 |
| RCI Hospitality Holdings, Inc. | 14458 | 344679 |
| Smith & Wesson Brands, Inc. | 74294 | 733282 |
| Sphere Entertainment Co., Class A <sup>(a)(b)</sup> | 46838 | 4453357 |
| Sturm Ruger & Co., Inc. | 23564 | 769365 |
| Topgolf Callaway Brands Corp. <sup>(a)</sup> | 217420 | 2537291 |
| United Parks & Resorts, Inc. <sup>(a)</sup> | 46161 | 1675644 |
|  |  | 46961551 |
| **Life Sciences Tools & Services**<sup>(a)</sup> **— 0.1%** | **Life Sciences Tools & Services**<sup>(a)</sup> **— 0.1%** |  |
| Maravai LifeSciences Holdings, Inc., Class A <sup>(b)</sup> | 190588 | 619411 |
| WaVe Life Sciences Ltd. | 188821 | 3209957 |
|  |  | 3829368 |
| **Luxury Items — 0.1%** | **Luxury Items — 0.1%** |  |
| Movado Group, Inc. | 26701 | 550575 |
| Signet Jewelers Ltd. | 66791 | 5535638 |
|  |  | 6086213 |
| **Machinery**<sup>(a)</sup> **— 0.1%** | **Machinery**<sup>(a)</sup> **— 0.1%** |  |
| Hillman Solutions Corp. | 335792 | 2907959 |
| Microvast Holdings, Inc. <sup>(b)</sup> | 344765 | 965342 |
|  |  | 3873301 |
| **Machinery: Agricultural — 0.5%** | **Machinery: Agricultural — 0.5%** |  |
| Aebi Schmidt Holding AG | 65071 | 823148 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Machinery: Agricultural (continued)** | **Machinery: Agricultural (continued)** |  |
| Alamo Group, Inc. | 17482 | $2934703 |
| Lindsay Corp. | 18588 | 2190967 |
| SPX Technologies, Inc. <sup>(a)</sup> | 80398 | 16084424 |
| Titan International, Inc. <sup>(a)</sup> | 83460 | 653492 |
| Titan Machinery, Inc. <sup>(a)</sup> | 34639 | 520971 |
|  |  | 23207705 |
| **Machinery: Construction & Handling — 0.2%** | **Machinery: Construction & Handling — 0.2%** |  |
| Astec Industries, Inc. | 39249 | 1700266 |
| Douglas Dynamics, Inc. | 38938 | 1271326 |
| Manitowoc Co., Inc. <sup>(a)</sup> | 59527 | 713729 |
| Terex Corp. | 107500 | 5738350 |
|  |  | 9423671 |
| **Machinery: Industrial — 1.2%** | **Machinery: Industrial — 1.2%** |  |
| AirJoule Technologies Corp., Class A <sup>(a)(b)</sup> | 37227 | 146674 |
| Alliance Laundry Holdings, Inc. <sup>(a)(b)</sup> | 74070 | 1507325 |
| Chart Industries, Inc. <sup>(a)</sup> | 75414 | 15552629 |
| Columbus McKinnon Corp. | 47817 | 824843 |
| DXP Enterprises, Inc. <sup>(a)</sup> | 22044 | 2420211 |
| Enpro, Inc. | 35240 | 7545941 |
| EVI Industries, Inc. | 9494 | 233932 |
| Gencor Industries, Inc. <sup>(a)</sup> | 18815 | 243842 |
| Graham Corp. <sup>(a)</sup> | 17620 | 1131733 |
| Hyster-Yale, Inc., Class A | 19701 | 585317 |
| JBT Marel Corp. | 87094 | 13122453 |
| Kadant, Inc. | 19641 | 5598078 |
| Kennametal, Inc. | 126439 | 3592132 |
| Mayville Engineering Co., Inc. <sup>(a)</sup> | 22995 | 430466 |
| Palladyne AI Corp. <sup>(a)(b)</sup> | 44233 | 188433 |
| Proto Labs, Inc. <sup>(a)</sup> | 40686 | 2058305 |
| Richtech Robotics, Inc., Class B <sup>(a)(b)</sup> | 259427 | 837949 |
| Tennant Co. | 30619 | 2256620 |
|  |  | 58276883 |
| **Machinery: Specialty — 0.1%** | **Machinery: Specialty — 0.1%** |  |
| Albany International Corp., Class A | 49072 | 2487950 |
| **Manufactured Housing**<sup>(a)</sup> **— 0.3%** | **Manufactured Housing**<sup>(a)</sup> **— 0.3%** |  |
| Cavco Industries, Inc. | 12984 | 7670168 |
| Champion Homes, Inc. | 94289 | 7967421 |
|  |  | 15637589 |
| **Marine — 0.5%** | **Marine — 0.5%** |  |
| Ardmore Shipping Corp. | 58979 | 624588 |
| Calumet, Inc. <sup>(a)(b)</sup> | 116793 | 2320677 |
| Costamare Bulkers Holdings Ltd. <sup>(a)</sup> | 14820 | 228376 |
| Costamare, Inc. | 74100 | 1170039 |
| DHT Holdings, Inc. | 221512 | 2704662 |
| Dorian LPG Ltd. | 62698 | 1526069 |
| Genco Shipping & Trading Ltd. | 51762 | 953974 |
| Himalaya Shipping Ltd. | 49893 | 454026 |
| International Seaways, Inc. | 66419 | 3224642 |
| Navigator Holdings Ltd. | 50956 | 882558 |
| Nordic American Tankers Ltd. | 351745 | 1210003 |
| Pangaea Logistics Solutions Ltd. | 50973 | 350694 |
| Safe Bulkers, Inc. | 78325 | 377527 |
| Scorpio Tankers, Inc. | 75710 | 3848339 |
| SFL Corp. Ltd. | 207407 | 1619849 |
| Teekay Corp. Ltd. | 89180 | 805295 |
| Teekay Tankers Ltd., Class A | 40425 | 2159503 |
|  |  | 24460821 |
| **Media — 0.1%** | **Media — 0.1%** |  |
| Arena Group Holdings, Inc. <sup>(a)(b)</sup> | 22358 | 89432 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Media (continued)** | **Media (continued)** |  |
| Gambling.com Group Ltd. <sup>(a)</sup> | 27432 | $149779 |
| Newsmax, Inc., Class B <sup>(a)(b)</sup> | 80422 | 621662 |
| PubMatic, Inc., Class A <sup>(a)(b)</sup> | 58543 | 519276 |
| Rumble, Inc., Class A <sup>(a)(b)</sup> | 179113 | 1131994 |
| Sinclair, Inc., Class A | 66940 | 1024182 |
| Teads Holding Co. <sup>(a)</sup> | 64524 | 45419 |
| VTEX, Class A <sup>(a)(b)</sup> | 100063 | 376237 |
| Webtoon Entertainment, Inc. <sup>(a)(b)</sup> | 32631 | 425182 |
| ZipRecruiter, Inc., Class A <sup>(a)</sup> | 111988 | 436753 |
|  |  | 4819916 |
| **Medical & Dental Instruments & Supplies — 1.2%** | **Medical & Dental Instruments & Supplies — 1.2%** |  |
| Alphatec Holdings, Inc. <sup>(a)</sup> | 197177 | 4148604 |
| AngioDynamics, Inc. <sup>(a)</sup> | 69058 | 886705 |
| Anika Therapeutics, Inc. <sup>(a)(b)</sup> | 22850 | 219589 |
| Artivion, Inc. <sup>(a)</sup> | 71327 | 3253224 |
| AtriCure, Inc. <sup>(a)(b)</sup> | 80171 | 3171565 |
| Avanos Medical, Inc. <sup>(a)</sup> | 74718 | 839083 |
| Axogen, Inc. <sup>(a)</sup> | 73354 | 2400876 |
| BioLife Solutions, Inc. <sup>(a)</sup> | 63717 | 1540677 |
| Ceribell, Inc. <sup>(a)</sup> | 43171 | 946740 |
| Cerus Corp. <sup>(a)</sup> | 305358 | 629037 |
| Community Health Systems, Inc. <sup>(a)</sup> | 216621 | 675858 |
| CONMED Corp. | 52753 | 2141772 |
| LeMaitre Vascular, Inc. | 34441 | 2793165 |
| LENSAR, Inc. <sup>(a)(b)</sup> | 16303 | 189604 |
| LivaNova PLC <sup>(a)</sup> | 90863 | 5590800 |
| Merit Medical Systems, Inc. <sup>(a)</sup> | 97471 | 8591094 |
| Neogen Corp. <sup>(a)</sup> | 358210 | 2503888 |
| Ocular Therapeutix, Inc. <sup>(a)</sup> | 314967 | 3823699 |
| OraSure Technologies, Inc. <sup>(a)</sup> | 124041 | 300179 |
| Organogenesis Holdings, Inc., Class A <sup>(a)</sup> | 116345 | 602667 |
| Orthofix Medical, Inc. <sup>(a)</sup> | 67228 | 1019176 |
| OrthoPediatrics Corp. <sup>(a)</sup> | 28227 | 501312 |
| Owens & Minor, Inc. <sup>(a)(b)</sup> | 127375 | 356650 |
| Pro-Dex, Inc. <sup>(a)(b)</sup> | 3665 | 141029 |
| Pulmonx Corp. <sup>(a)</sup> | 62367 | 137831 |
| Sanara Medtech, Inc. <sup>(a)</sup> | 5191 | 121210 |
| Semler Scientific, Inc. <sup>(a)</sup> | 20450 | 312681 |
| STAAR Surgical Co. <sup>(a)</sup> | 83547 | 1929100 |
| TransMedics Group, Inc. <sup>(a)(b)</sup> | 55741 | 6780893 |
| Treace Medical Concepts, Inc. <sup>(a)(b)</sup> | 83872 | 205486 |
| Utah Medical Products, Inc. | 5035 | 281759 |
|  |  | 57035953 |
| **Medical Equipment — 1.1%** | **Medical Equipment — 1.1%** |  |
| Accuray, Inc. <sup>(a)</sup> | 173647 | 143189 |
| AdaptHealth Corp. <sup>(a)</sup> | 173278 | 1725849 |
| Alpha Teknova, Inc. <sup>(a)(b)</sup> | 18795 | 71421 |
| Anteris Technologies Global Corp. <sup>(a)(b)</sup> | 57014 | 284500 |
| Beta Bionics, Inc. <sup>(a)</sup> | 64334 | 1960257 |
| CareDx, Inc. <sup>(a)</sup> | 86819 | 1635670 |
| ClearPoint Neuro, Inc. <sup>(a)(b)</sup> | 45135 | 617447 |
| Cytek Biosciences, Inc. <sup>(a)</sup> | 199155 | 1005733 |
| Electromed, Inc. <sup>(a)</sup> | 11954 | 348100 |
| Glaukos Corp. <sup>(a)</sup> | 93174 | 10520276 |
| Haemonetics Corp. <sup>(a)</sup> | 80338 | 6439091 |
| iRadimed Corp. | 13891 | 1351316 |
| iRhythm Technologies, Inc. <sup>(a)</sup> | 53142 | 9429516 |
| Kestra Medical Technologies Ltd. <sup>(a)</sup> | 33243 | 881604 |
| KORU Medical Systems, Inc. <sup>(a)</sup> | 73581 | 427506 |
| Lantheus Holdings, Inc. <sup>(a)</sup> | 111691 | 7433036 |
| Lucid Diagnostics, Inc. <sup>(a)(b)</sup> | 119929 | 130723 |

---

Series Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Medical Equipment (continued)** | **Medical Equipment (continued)** |  |
| Myomo, Inc. <sup>(a)(b)</sup> | 56401 | $51325 |
| Neuronetics, Inc. <sup>(a)(b)</sup> | 62649 | 86456 |
| Quanterix Corp. <sup>(a)</sup> | 75825 | 482247 |
| SANUWAVE Health, Inc. <sup>(a)</sup> | 12152 | 362616 |
| SI-BONE, Inc. <sup>(a)</sup> | 64922 | 1280262 |
| Standard BioTools, Inc. <sup>(a)</sup> | 509005 | 651526 |
| Stereotaxis, Inc. <sup>(a)(b)</sup> | 89447 | 205728 |
| Tactile Systems Technology, Inc. <sup>(a)</sup> | 36086 | 1046494 |
| Tandem Diabetes Care, Inc. <sup>(a)</sup> | 113698 | 2499082 |
| Varex Imaging Corp. <sup>(a)</sup> | 66910 | 779502 |
|  |  | 51850472 |
| **Medical Services**<sup>(a)</sup> **— 0.1%** | **Medical Services**<sup>(a)</sup> **— 0.1%** |  |
| Alumis, Inc. | 95271 | 929845 |
| BioAge Labs, Inc. | 41098 | 543726 |
| Fulgent Genetics, Inc. | 34731 | 912383 |
| Innovage Holding Corp. | 40236 | 208825 |
| NeuroPace, Inc. | 41656 | 643169 |
| Outset Medical, Inc. <sup>(b)</sup> | 30700 | 113897 |
|  |  | 3351845 |
| **Metal Fabricating — 0.2%** | **Metal Fabricating — 0.2%** |  |
| CompX International, Inc., Class A | 2464 | 57337 |
| Distribution Solutions Group, Inc. <sup>(a)(b)</sup> | 17355 | 475353 |
| DMC Global, Inc. <sup>(a)</sup> | 30851 | 206393 |
| Eastern Co. | 10372 | 204225 |
| L B Foster Co., Class A <sup>(a)</sup> | 16188 | 436267 |
| Mueller Water Products, Inc., Class A | 260048 | 6194343 |
| Worthington Enterprises, Inc. | 53371 | 2752343 |
|  |  | 10326261 |
| **Metals & Minerals: Diversified — 0.9%** | **Metals & Minerals: Diversified — 0.9%** |  |
| Compass Minerals International, Inc. <sup>(a)</sup> | 59599 | 1170525 |
| Constellium SE, Class A <sup>(a)</sup> | 227174 | 4282230 |
| Energy Fuels, Inc. <sup>(a)(b)</sup> | 380338 | 5530115 |
| Hecla Mining Co. | 1059843 | 20338387 |
| Materion Corp. | 34451 | 4282948 |
| Perpetua Resources Corp. <sup>(a)(b)</sup> | 143934 | 3484642 |
| United States Lime & Minerals, Inc. | 18153 | 2173640 |
|  |  | 41262487 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |  |
| American Battery Technology Co. <sup>(a)(b)</sup> | 140574 | 469517 |
| Contango ORE, Inc. <sup>(a)(b)</sup> | 14339 | 378693 |
| Critical Metals Corp. <sup>(a)(b)</sup> | 55785 | 387148 |
| Ferroglobe PLC | 207124 | 961055 |
| Friedman Industries, Inc. | 11522 | 236086 |
| Idaho Strategic Resources, Inc. <sup>(a)(b)</sup> | 21751 | 876565 |
| Lifezone Metals Ltd. <sup>(a)(b)</sup> | 47441 | 202573 |
| NioCorp Developments Ltd. <sup>(a)(b)</sup> | 181483 | 961860 |
| SSR Mining, Inc. <sup>(a)</sup> | 339478 | 7441358 |
| U.S. Antimony Corp. <sup>(a)(b)</sup> | 158700 | 796674 |
| U.S. Gold Corp. <sup>(a)(b)</sup> | 19072 | 370187 |
| USA Rare Earth, Inc., Class A <sup>(a)(b)</sup> | 149063 | 1773850 |
| Vox Royalty Corp. | 69490 | 329383 |
|  |  | 15184949 |
| **Mining — 0.0%** | **Mining — 0.0%** |  |
| Dakota Gold Corp. <sup>(a)(b)</sup> | 149126 | 847036 |
| **Office Supplies & Equipment — 0.3%** | **Office Supplies & Equipment — 0.3%** |  |
| ACCO Brands Corp. | 151145 | 563771 |
| Eastman Kodak Co. <sup>(a)</sup> | 80382 | 680032 |
| HNI Corp. | 107619 | 4524303 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Office Supplies & Equipment (continued)** | **Office Supplies & Equipment (continued)** |  |
| MillerKnoll, Inc. | 113725 | $2078893 |
| Pitney Bowes, Inc. | 182104 | 1924839 |
| Transocean Ltd. <sup>(a)</sup> | 1548770 | 6396420 |
|  |  | 16168258 |
| **Oil & Gas Producers — 0.1%** | **Oil & Gas Producers — 0.1%** |  |
| Crescent Energy Co., Class A | 392871 | 3296188 |
| HighPeak Energy, Inc. <sup>(b)</sup> | 25444 | 120605 |
| Kosmos Energy Ltd. <sup>(a)(b)</sup> | 810621 | 735557 |
|  |  | 4152350 |
| **Oil Well Equipment & Services — 0.8%** | **Oil Well Equipment & Services — 0.8%** |  |
| Bristow Group, Inc. <sup>(a)</sup> | 48031 | 1758895 |
| Cactus, Inc., Class A | 114138 | 5213824 |
| Helix Energy Solutions Group, Inc. <sup>(a)</sup> | 240981 | 1510951 |
| Helmerich & Payne, Inc. | 161143 | 4621581 |
| Liberty Energy, Inc., Class A | 263328 | 4861035 |
| Matrix Service Co. <sup>(a)</sup> | 44635 | 522229 |
| Nabors Industries Ltd. <sup>(a)</sup> | 23981 | 1302168 |
| National Energy Services Reunited Corp. <sup>(a)</sup> | 99219 | 1553770 |
| Natural Gas Services Group, Inc. | 17649 | 593889 |
| NPK International, Inc. <sup>(a)</sup> | 137324 | 1636902 |
| Oceaneering International, Inc. <sup>(a)</sup> | 158761 | 3815027 |
| Oil States International, Inc. <sup>(a)</sup> | 100460 | 680114 |
| Patterson-UTI Energy, Inc. | 578491 | 3534580 |
| ProPetro Holding Corp. <sup>(a)</sup> | 136951 | 1302404 |
| RPC, Inc. | 145111 | 789404 |
| Select Water Solutions, Inc., Class A | 154346 | 1623720 |
| Solaris Energy Infrastructure, Inc., Class A | 71658 | 3294118 |
| TETRA Technologies, Inc. <sup>(a)(b)</sup> | 216640 | 2029917 |
|  |  | 40644528 |
| **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** |  |
| Archrock, Inc. | 288048 | 7495009 |
| Diversified Energy Co. | 99056 | 1434331 |
| Empire Petroleum Corp. <sup>(a)(b)</sup> | 23127 | 70306 |
| Encore Energy Corp. <sup>(a)</sup> | 313309 | 777006 |
| Epsilon Energy Ltd. | 33364 | 154809 |
| Excelerate Energy, Inc., Class A | 39905 | 1119335 |
| FLEX LNG Ltd. | 52937 | 1320778 |
| Granite Ridge Resources, Inc. | 88964 | 418131 |
| Gulfport Energy Corp. <sup>(a)</sup> | 26600 | 5532534 |
| Kolibri Global Energy, Inc. <sup>(a)</sup> | 45056 | 177070 |
| New Fortress Energy, Inc., Class A <sup>(a)(b)</sup> | 293117 | 334153 |
| NextNRG, Inc. <sup>(a)(b)</sup> | 30364 | 44028 |
| Noble Corp. PLC | 210539 | 5945621 |
| Plug Power, Inc. <sup>(a)(b)</sup> | 1882151 | 3707838 |
| ProFrac Holding Corp., Class A <sup>(a)</sup> | 21051 | 81888 |
| Sable Offshore Corp., Class A <sup>(a)(b)</sup> | 127680 | 1151674 |
| Summit Midstream Corp. <sup>(a)</sup> | 17147 | 457482 |
| VAALCO Energy, Inc. | 179754 | 654305 |
| Vitesse Energy, Inc. | 49330 | 950096 |
|  |  | 31826394 |
| **Oil: Crude Producers — 1.1%** | **Oil: Crude Producers — 1.1%** |  |
| BKV Corp. <sup>(a)(b)</sup> | 29032 | 788219 |
| California Resources Corp. | 122893 | 5494546 |
| CNX Resources Corp. <sup>(a)</sup> | 217491 | 7997144 |
| Comstock Resources, Inc. <sup>(a)</sup> | 121962 | 2827079 |
| CVR Energy, Inc. <sup>(a)</sup> | 52899 | 1345751 |
| Evolution Petroleum Corp. | 50265 | 177938 |
| Gevo, Inc. <sup>(a)(b)</sup> | 400947 | 801894 |
| Infinity Natural Resources, Inc., Class A <sup>(a)(b)</sup> | 29041 | 427774 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil: Crude Producers (continued)** | **Oil: Crude Producers (continued)** |  |
| Magnolia Oil & Gas Corp., Class A | 301741 | $6605110 |
| Murphy Oil Corp. | 225351 | 7042219 |
| Northern Oil & Gas, Inc. | 159818 | 3431292 |
| ONE Gas, Inc. | 99863 | 7714417 |
| PrimeEnergy Resources Corp. <sup>(a)(b)</sup> | 864 | 147744 |
| Riley Exploration Permian, Inc. | 22744 | 600442 |
| SandRidge Energy, Inc. | 63010 | 909234 |
| SM Energy Co. | 192803 | 3605416 |
| Talos Energy, Inc. <sup>(a)</sup> | 203729 | 2245094 |
| W&T Offshore, Inc. <sup>(b)</sup> | 177258 | 288930 |
|  |  | 52450243 |
| **Oil: Refining & Marketing — 0.2%** | **Oil: Refining & Marketing — 0.2%** |  |
| Clean Energy Fuels Corp. <sup>(a)</sup> | 294569 | 618595 |
| Delek U.S. Holdings, Inc. | 99502 | 2951229 |
| Par Pacific Holdings, Inc. <sup>(a)</sup> | 83200 | 2923648 |
| PBF Energy, Inc., Class A | 141525 | 3838158 |
|  |  | 10331630 |
| **Paints & Coatings — 0.0%** | **Paints & Coatings — 0.0%** |  |
| Kronos Worldwide, Inc. | 38686 | 170992 |
| **Paper — 0.0%** | **Paper — 0.0%** |  |
| Clearwater Paper Corp. <sup>(a)</sup> | 26493 | 460978 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |  |
| Magnera Corp. <sup>(a)</sup> | 51133 | 774154 |
| Sylvamo Corp. | 56802 | 2735016 |
|  |  | 3509170 |
| **Personal Care — 0.2%** | **Personal Care — 0.2%** |  |
| Beauty Health Co., Class A <sup>(a)(b)</sup> | 198105 | 275366 |
| Edgewell Personal Care Co. | 75379 | 1285212 |
| FitLife Brands, Inc. <sup>(a)(b)</sup> | 6764 | 110050 |
| Honest Co., Inc. <sup>(a)(b)</sup> | 161787 | 417410 |
| Lifevantage Corp. | 18335 | 112944 |
| Nu Skin Enterprises, Inc., Class A | 84488 | 812775 |
| Olaplex Holdings, Inc. <sup>(a)</sup> | 226582 | 303620 |
| WD-40 Co. | 22686 | 4466873 |
|  |  | 7784250 |
| **Personal Products**<sup>(a)</sup> **— 0.1%** | **Personal Products**<sup>(a)</sup> **— 0.1%** |  |
| Herbalife Ltd. <sup>(b)</sup> | 172439 | 2222739 |
| Nature's Sunshine Products, Inc. | 29598 | 638725 |
| USANA Health Sciences, Inc. | 19674 | 386200 |
|  |  | 3247664 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |  |
| ACADIA Pharmaceuticals, Inc. <sup>(a)</sup> | 207274 | 5536289 |
| Aclaris Therapeutics, Inc. <sup>(a)</sup> | 157263 | 473362 |
| Alkermes PLC <sup>(a)</sup> | 270346 | 7564281 |
| Amneal Pharmaceuticals, Inc., Class A <sup>(a)</sup> | 248294 | 3128504 |
| Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> | 59235 | 1586313 |
| Aquestive Therapeutics, Inc. <sup>(a)(b)</sup> | 146317 | 945208 |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup> | 221118 | 14680024 |
| Atea Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 132612 | 473425 |
| Avadel Pharmaceuticals PLC <sup>(a)</sup> | 148153 | 3192697 |
| Axsome Therapeutics, Inc. <sup>(a)</sup> | 68173 | 12451117 |
| Biote Corp., Class A <sup>(a)</sup> | 45951 | 119473 |
| CorMedix, Inc. <sup>(a)(b)</sup> | 119791 | 1393169 |
| Corvus Pharmaceuticals, Inc. <sup>(a)</sup> | 101456 | 781211 |
| Edgewise Therapeutics, Inc. <sup>(a)(b)</sup> | 113260 | 2810547 |
| Enanta Pharmaceuticals, Inc. <sup>(a)</sup> | 46159 | 727927 |
| Enliven Therapeutics, Inc. <sup>(a)</sup> | 64386 | 991544 |
| Esperion Therapeutics, Inc. <sup>(a)</sup> | 350550 | 1297035 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |  |
| Eton Pharmaceuticals, Inc. <sup>(a)</sup> | 44417 | $751091 |
| Evolus, Inc. <sup>(a)</sup> | 86490 | 575158 |
| Guardian Pharmacy Services, Inc., Class A <sup>(a)</sup> | 32801 | 986982 |
| Harmony Biosciences Holdings, Inc. <sup>(a)</sup> | 74426 | 2785021 |
| Harrow, Inc. <sup>(a)(b)</sup> | 52830 | 2588670 |
| Indivior PLC <sup>(a)</sup> | 202137 | 7252676 |
| Innoviva, Inc. <sup>(a)</sup> | 106765 | 2134232 |
| Ironwood Pharmaceuticals, Inc., Class A <sup>(a)</sup> | 272189 | 917277 |
| Journey Medical Corp. <sup>(a)(b)</sup> | 21029 | 162134 |
| LB Pharmaceuticals, Inc. <sup>(a)</sup> | 31231 | 695202 |
| Liquidia Corp. <sup>(a)(b)</sup> | 108033 | 3726058 |
| Maze Therapeutics, Inc. <sup>(a)</sup> | 32793 | 1358614 |
| MBX Biosciences, Inc. <sup>(a)</sup> | 48208 | 1520480 |
| MediWound Ltd. <sup>(a)(b)</sup> | 13186 | 243414 |
| Mind Medicine MindMed, Inc. <sup>(a)</sup> | 159340 | 2133563 |
| Niagen Bioscience, Inc. <sup>(a)(b)</sup> | 90460 | 575326 |
| Nuvation Bio, Inc., Class A <sup>(a)(b)</sup> | 408324 | 3658583 |
| Pacira BioSciences, Inc. <sup>(a)</sup> | 74452 | 1926818 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 82049 | 5061603 |
| SIGA Technologies, Inc. | 70201 | 428928 |
| Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 89894 | 4467732 |
| Syndax Pharmaceuticals, Inc. <sup>(a)</sup> | 141361 | 2969995 |
| Tarsus Pharmaceuticals, Inc. <sup>(a)</sup> | 64885 | 5312784 |
| Terns Pharmaceuticals, Inc. <sup>(a)</sup> | 142891 | 5772796 |
| TG Therapeutics, Inc. <sup>(a)(b)</sup> | 242004 | 7214139 |
| Theravance Biopharma, Inc. <sup>(a)(b)</sup> | 61547 | 1151544 |
| Third Harmonic Bio, Inc. <sup>(a)(c)</sup> | 33837 | 1015 |
| Trevi Therapeutics, Inc. <sup>(a)</sup> | 148721 | 1861987 |
| Tvardi Therapeutics, Inc. <sup>(a)</sup> | 5915 | 25434 |
| Voyager Therapeutics, Inc. <sup>(a)</sup> | 76599 | 301034 |
| Xeris Biopharma Holdings, Inc. <sup>(a)</sup> | 251634 | 1975327 |
|  |  | 128687743 |
| **Power Transmission Equipment — 0.5%** | **Power Transmission Equipment — 0.5%** |  |
| Advanced Energy Industries, Inc. <sup>(b)</sup> | 62852 | 13159323 |
| Powell Industries, Inc. | 15847 | 5051707 |
| Vicor Corp. <sup>(a)</sup> | 38331 | 4201077 |
|  |  | 22412107 |
| **Printing & Copying Services**<sup>(a)(b)</sup> **— 0.3%** | **Printing & Copying Services**<sup>(a)(b)</sup> **— 0.3%** |  |
| Casella Waste Systems, Inc., Class A | 104820 | 10266071 |
| Cimpress PLC | 29439 | 1960343 |
|  |  | 12226414 |
| **Producer Durables: Miscellaneous — 0.0%** | **Producer Durables: Miscellaneous — 0.0%** |  |
| First Advantage Corp. <sup>(a)(b)</sup> | 134502 | 1954314 |
| Park-Ohio Holdings Corp. | 15750 | 329805 |
|  |  | 2284119 |
| **Production Technology Equipment**<sup>(a)</sup> **— 0.1%** | **Production Technology Equipment**<sup>(a)</sup> **— 0.1%** |  |
| Azenta, Inc. | 69404 | 2308377 |
| Ichor Holdings Ltd. | 57066 | 1051726 |
| Photronics, Inc. | 94692 | 3030144 |
|  |  | 6390247 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** |  |
| Alight, Inc., Class A | 729291 | 1422117 |
| Falcon's Beyond Global, Inc., Class A <sup>(a)(b)</sup> | 24660 | 370147 |
| Innodata, Inc. <sup>(a)(b)</sup> | 51229 | 2610118 |
| Legalzoom.com, Inc. <sup>(a)</sup> | 201792 | 2003795 |
| McGraw Hill, Inc. <sup>(a)</sup> | 39395 | 650017 |
| Planet Labs PBC, Class A <sup>(a)(b)</sup> | 395356 | 7796420 |
| RCM Technologies, Inc. <sup>(a)</sup> | 8507 | 173926 |

---

Series Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Professional Services (continued)** | **Professional Services (continued)** |  |
| Resolute Holdings Management, Inc. <sup>(a)</sup> | 7364 | $1520150 |
| Skillsoft Corp., Class A <sup>(a)(b)</sup> | 7724 | 71833 |
| TIC Solutions, Inc. <sup>(a)(b)</sup> | 338016 | 3417342 |
|  |  | 20035865 |
| **Publishing — 0.1%** | **Publishing — 0.1%** |  |
| Daily Journal Corp. <sup>(a)</sup> | 2156 | 1050662 |
| Gannett Co., Inc. <sup>(a)(b)</sup> | 246283 | 1268357 |
| John Wiley & Sons, Inc., Class A | 69268 | 2121679 |
| Scholastic Corp. | 33608 | 995805 |
|  |  | 5436503 |
| **Radio & TV Broadcasters — 0.1%** | **Radio & TV Broadcasters — 0.1%** |  |
| Entravision Communications Corp., Class A | 112738 | 330322 |
| Gray Media, Inc. | 146229 | 707749 |
| iHeartMedia, Inc., Class A <sup>(a)</sup> | 202788 | 843598 |
| TEGNA, Inc. | 266791 | 5178413 |
|  |  | 7060082 |
| **Railroad Equipment — 0.1%** | **Railroad Equipment — 0.1%** |  |
| Trinity Industries, Inc. | 134041 | 3544044 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** |  |
| Anywhere Real Estate, Inc. <sup>(a)</sup> | 175851 | 2490050 |
| eXp World Holdings, Inc. | 145842 | 1319870 |
| Kennedy-Wilson Holdings, Inc. | 203769 | 1970446 |
| Newmark Group, Inc., Class A | 245117 | 4250329 |
| RMR Group, Inc., Class A | 26150 | 389635 |
| St. Joe Co. | 64226 | 3813098 |
| Stratus Properties, Inc. <sup>(a)</sup> | 13596 | 328751 |
|  |  | 14562179 |
| **Real Estate Investment Trusts (REITs) — 6.1%** | **Real Estate Investment Trusts (REITs) — 6.1%** |  |
| Acadia Realty Trust | 218665 | 4491379 |
| ACRES Commercial Realty Corp. <sup>(a)(b)</sup> | 10666 | 227612 |
| Advanced Flower Capital, Inc. | 34569 | 98522 |
| AG Mortgage Investment Trust, Inc. | 49618 | 422745 |
| Alexander & Baldwin, Inc. | 122875 | 2536140 |
| Alexander's, Inc. | 3702 | 806814 |
| Alpine Income Property Trust, Inc. | 22965 | 383975 |
| American Assets Trust, Inc. | 87945 | 1664799 |
| American Healthcare REIT, Inc. | 281955 | 13268802 |
| Angel Oak Mortgage REIT, Inc. | 18691 | 160930 |
| Apartment Investment and Management Co., Class A | 225780 | 1341133 |
| Apollo Commercial Real Estate Finance, Inc. | 237952 | 2303375 |
| Apple Hospitality REIT, Inc. | 371199 | 4398708 |
| Arbor Realty Trust, Inc. | 285682 | 2216892 |
| Ares Commercial Real Estate Corp. | 91669 | 438178 |
| Armada Hoffler Properties, Inc. | 134370 | 889529 |
| ARMOUR Residential REIT, Inc. | 188969 | 3342862 |
| Blackstone Mortgage Trust, Inc., Class A | 265053 | 5070464 |
| Braemar Hotels & Resorts, Inc. | 99900 | 286713 |
| Brandywine Realty Trust | 293045 | 855691 |
| BRC, Inc., Class A <sup>(a)(b)</sup> | 164992 | 183141 |
| BrightSpire Capital, Inc., Class A | 222030 | 1243368 |
| Broadstone Net Lease, Inc. | 316267 | 5493558 |
| BRT Apartments Corp. | 19244 | 282887 |
| CareTrust REIT, Inc. | 374801 | 13552804 |
| CBL & Associates Properties, Inc. | 31230 | 1155510 |
| Centerspace | 28207 | 1881971 |
| Chatham Lodging Trust | 77050 | 524711 |
| Chicago Atlantic Real Estate Finance, Inc. | 28627 | 350967 |
| Chimera Investment Corp. | 135997 | 1690443 |
| City Office REIT, Inc. | 67799 | 473915 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Real Estate Investment Trusts (REITs) (continued)** | **Real Estate Investment Trusts (REITs) (continued)** |  |
| Claros Mortgage Trust, Inc. <sup>(a)</sup> | 148958 | $455811 |
| Clipper Realty, Inc. | 23277 | 88918 |
| Community Healthcare Trust, Inc. | 46905 | 770180 |
| COPT Defense Properties | 189988 | 5281666 |
| CoreCivic, Inc. <sup>(a)</sup> | 176107 | 3365405 |
| CTO Realty Growth, Inc. | 52763 | 971367 |
| Curbline Properties Corp. | 164532 | 3818788 |
| DiamondRock Hospitality Co. | 342795 | 3071443 |
| Diversified Healthcare Trust | 375590 | 1821612 |
| Douglas Emmett, Inc. | 224611 | 2468475 |
| Dynex Capital, Inc. | 248866 | 3486613 |
| Easterly Government Properties, Inc. | 68527 | 1452087 |
| Ellington Financial, Inc. | 156665 | 2127511 |
| Elme Communities | 148595 | 2585553 |
| Empire State Realty Trust, Inc., Class A | 232359 | 1514981 |
| Essential Properties Realty Trust, Inc. | 331273 | 9825557 |
| Farmland Partners, Inc. | 60691 | 588096 |
| Four Corners Property Trust, Inc. | 168958 | 3896172 |
| Franklin BSP Realty Trust, Inc. | 137002 | 1374130 |
| Franklin Street Properties Corp. | 129826 | 122789 |
| FrontView REIT, Inc. | 30652 | 452424 |
| GEO Group, Inc. <sup>(a)</sup> | 225544 | 3635769 |
| Getty Realty Corp. | 88365 | 2418550 |
| Gladstone Commercial Corp. | 75121 | 801541 |
| Gladstone Land Corp. | 57841 | 529245 |
| Global Medical REIT, Inc. | 20968 | 707460 |
| Global Net Lease, Inc. | 330419 | 2841603 |
| HA Sustainable Infrastructure Capital, Inc. | 204238 | 6419200 |
| Hudson Pacific Properties, Inc. <sup>(a)</sup> | 78199 | 846895 |
| Independence Realty Trust, Inc. | 400358 | 6998258 |
| Industrial Logistics Properties Trust | 91434 | 506544 |
| Innovative Industrial Properties, Inc. | 47333 | 2241691 |
| InvenTrust Properties Corp. | 131890 | 3720617 |
| Invesco Mortgage Capital, Inc. | 117216 | 985787 |
| JBG SMITH Properties | 98953 | 1683191 |
| Kite Realty Group Trust | 362686 | 8693583 |
| KKR Real Estate Finance Trust, Inc. | 96343 | 791939 |
| Ladder Capital Corp., Class A | 191483 | 2104398 |
| LTC Properties, Inc. | 74771 | 2570627 |
| Lument Finance Trust, Inc. | 79064 | 111480 |
| LXP Industrial Trust | 96648 | 4791808 |
| Macerich Co. | 423434 | 7816592 |
| MFA Financial, Inc. | 176742 | 1645468 |
| Mobile Infrastructure Corp., Class A <sup>(a)</sup> | 24950 | 63623 |
| Modiv Industrial, Inc. | 16206 | 233204 |
| National Health Investors, Inc. | 78658 | 6007111 |
| NET Lease Office Properties | 25627 | 660920 |
| NETSTREIT Corp. | 142422 | 2512324 |
| New York Mortgage Trust, Inc. | 145450 | 1061785 |
| NexPoint Diversified Real Estate Trust | 58356 | 223503 |
| Nexpoint Real Estate Finance, Inc. | 14959 | 210623 |
| NexPoint Residential Trust, Inc. | 37757 | 1136486 |
| One Liberty Properties, Inc. | 31795 | 645121 |
| Orchid Island Capital, Inc. | 259643 | 1869430 |
| Outfront Media, Inc. | 246368 | 5937469 |
| Peakstone Realty Trust | 63012 | 904222 |
| Pebblebrook Hotel Trust | 192493 | 2179021 |
| PennyMac Mortgage Investment Trust | 149354 | 1874393 |
| Phillips Edison & Co., Inc. | 210536 | 7488766 |
| Piedmont Realty Trust, Inc., Class A | 213272 | 1778689 |
| Plymouth Industrial REIT, Inc. | 69016 | 1510070 |
| Postal Realty Trust, Inc., Class A | 38787 | 626022 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Real Estate Investment Trusts (REITs) (continued)** | **Real Estate Investment Trusts (REITs) (continued)** |  |
| PotlatchDeltic Corp. | 128277 | $5102859 |
| Ready Capital Corp. | 227511 | 495974 |
| Redwood Trust, Inc. | 208898 | 1155206 |
| Rithm Property Trust, Inc. <sup>(a)</sup> | 12161 | 201629 |
| RLJ Lodging Trust | 228925 | 1705491 |
| Ryman Hospitality Properties, Inc. | 102983 | 9744251 |
| Sabra Health Care REIT, Inc. | 396402 | 7507854 |
| Safehold, Inc. | 94205 | 1289666 |
| Saul Centers, Inc. | 21328 | 672472 |
| Service Properties Trust | 260850 | 479964 |
| Seven Hills Realty Trust | 32346 | 287879 |
| Sila Realty Trust, Inc. | 94564 | 2204287 |
| SITE Centers Corp. | 82082 | 526966 |
| SL Green Realty Corp. | 119798 | 5495134 |
| Smartstop Self Storage REIT, Inc. | 53092 | 1642666 |
| Summit Hotel Properties, Inc. | 181040 | 881665 |
| Sunrise Realty Trust, Inc. | 17966 | 169419 |
| Sunstone Hotel Investors, Inc. | 308112 | 2754521 |
| Tanger, Inc. | 187309 | 6250501 |
| Terreno Realty Corp. | 170519 | 10011171 |
| TPG RE Finance Trust, Inc. | 118753 | 1022463 |
| Two Harbors Investment Corp. | 178197 | 1871069 |
| UMH Properties, Inc. | 132702 | 2111289 |
| Universal Health Realty Income Trust | 22184 | 869835 |
| Urban Edge Properties | 210332 | 4036271 |
| Veris Residential, Inc. | 125810 | 1872053 |
| Whitestone REIT | 77159 | 1071739 |
| Xenia Hotels & Resorts, Inc. | 160935 | 2275621 |
|  |  | 295073059 |
| **Real Estate Management & Development**<sup>(a)</sup> **— 0.3%** | **Real Estate Management & Development**<sup>(a)</sup> **— 0.3%** |  |
| American Realty Investors, Inc. | 2920 | 46895 |
| Compass, Inc., Class A | 817885 | 8645044 |
| Cushman & Wakefield Ltd. | 254184 | 4115239 |
| Maui Land & Pineapple Co., Inc. | 13250 | 224455 |
| Real Brokerage, Inc. <sup>(b)</sup> | 224221 | 818407 |
| Seaport Entertainment Group, Inc. | 12931 | 255646 |
| Transcontinental Realty Investors, Inc. | 4204 | 246439 |
|  |  | 14352125 |
| **Recreational Vehicles & Boats — 0.2%** | **Recreational Vehicles & Boats — 0.2%** |  |
| Camping World Holdings, Inc., Class A | 102020 | 992655 |
| LCI Industries | 39294 | 4767934 |
| Malibu Boats, Inc., Class A <sup>(a)</sup> | 31681 | 893721 |
| Marine Products Corp. | 15070 | 132013 |
| MasterCraft Boat Holdings, Inc. <sup>(a)</sup> | 27610 | 522105 |
| Winnebago Industries, Inc. | 46293 | 1875792 |
|  |  | 9184220 |
| **Rental & Leasing Services: Consumer — 0.0%** | **Rental & Leasing Services: Consumer — 0.0%** |  |
| Upbound Group, Inc. | 89782 | 1576572 |
| **Restaurants — 0.7%** | **Restaurants — 0.7%** |  |
| Biglari Holdings, Inc., Class B <sup>(a)</sup> | 1173 | 389940 |
| BJ's Restaurants, Inc. <sup>(a)</sup> | 33126 | 1305164 |
| Black Rock Coffee Bar, Inc., Class A <sup>(a)</sup> | 27738 | 617170 |
| Bloomin' Brands, Inc. | 140952 | 869674 |
| Brinker International, Inc. <sup>(a)</sup> | 73819 | 10594503 |
| Cheesecake Factory, Inc. | 76497 | 3861569 |
| Cracker Barrel Old Country Store, Inc. | 38038 | 966165 |
| Dave & Buster's Entertainment, Inc. <sup>(a)</sup> | 45681 | 740489 |
| Denny's Corp. <sup>(a)</sup> | 87571 | 544692 |
| Dine Brands Global, Inc. | 26275 | 844478 |
| El Pollo Loco Holdings, Inc. <sup>(a)</sup> | 44154 | 461851 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Restaurants (continued)** | **Restaurants (continued)** |  |
| Jack in the Box, Inc. | 27367 | $518605 |
| Kura Sushi USA, Inc., Class A <sup>(a)(b)</sup> | 10738 | 561920 |
| Nathan's Famous, Inc. | 4516 | 422562 |
| Navan, Inc., Class A <sup>(a)(b)</sup> | 63317 | 1081454 |
| Papa John's International, Inc. | 53841 | 2072340 |
| Rush Street Interactive, Inc., Class A <sup>(a)</sup> | 150837 | 2930763 |
| Shake Shack, Inc., Class A <sup>(a)</sup> | 64815 | 5261034 |
| Sweetgreen, Inc., Class A <sup>(a)(b)</sup> | 176127 | 1190618 |
|  |  | 35234991 |
| **Scientific Instruments: Control & Filter — 0.8%** | **Scientific Instruments: Control & Filter — 0.8%** |  |
| Arlo Technologies, Inc. <sup>(a)</sup> | 167866 | 2348445 |
| ESCO Technologies, Inc. | 43344 | 8468984 |
| Gorman-Rupp Co. | 36084 | 1723011 |
| Helios Technologies, Inc. | 56114 | 3001538 |
| Napco Security Technologies, Inc. | 57418 | 2394331 |
| Resideo Technologies, Inc. <sup>(a)</sup> | 215295 | 7561160 |
| Thermon Group Holdings, Inc. <sup>(a)</sup> | 55706 | 2070035 |
| Watts Water Technologies, Inc., Class A | 45793 | 12639784 |
|  |  | 40207288 |
| **Scientific Instruments: Electrical — 0.5%** | **Scientific Instruments: Electrical — 0.5%** |  |
| Allient, Inc. | 24324 | 1307415 |
| Atkore, Inc. | 56109 | 3548894 |
| AZZ, Inc. | 49497 | 5305088 |
| EnerSys | 62237 | 9133280 |
| Franklin Electric Co., Inc. | 64688 | 6179645 |
| Preformed Line Products Co. | 4045 | 836142 |
|  |  | 26310464 |
| **Scientific Instruments: Gauges & Meters — 0.4%** | **Scientific Instruments: Gauges & Meters — 0.4%** |  |
| Badger Meter, Inc. | 49467 | 8627540 |
| Itron, Inc. <sup>(a)</sup> | 75740 | 7033216 |
| Mesa Laboratories, Inc. | 8898 | 698493 |
| Transcat, Inc. <sup>(a)</sup> | 15833 | 898206 |
| Vishay Precision Group, Inc. <sup>(a)</sup> | 20034 | 771309 |
|  |  | 18028764 |
| **Scientific Instruments: Pollution Control — 0.1%** | **Scientific Instruments: Pollution Control — 0.1%** |  |
| CECO Environmental Corp. <sup>(a)</sup> | 49496 | 2962336 |
| **Securities Brokerage & Services**<sup>(a)</sup> **— 0.2%** | **Securities Brokerage & Services**<sup>(a)</sup> **— 0.2%** |  |
| Siebert Financial Corp. <sup>(b)</sup> | 24502 | 86002 |
| StoneX Group, Inc. | 81676 | 7769838 |
|  |  | 7855840 |
| **Semiconductors & Components — 1.7%** | **Semiconductors & Components — 1.7%** |  |
| Aeluma, Inc. <sup>(a)</sup> | 16661 | 286069 |
| Alpha & Omega Semiconductor Ltd. <sup>(a)</sup> | 40633 | 804940 |
| Ambiq Micro, Inc. <sup>(a)(b)</sup> | 7821 | 222899 |
| Atomera, Inc. <sup>(a)(b)</sup> | 50700 | 112047 |
| Blaize Holdings, Inc. <sup>(a)(b)</sup> | 122911 | 239676 |
| CEVA, Inc. <sup>(a)</sup> | 40106 | 863081 |
| Diodes, Inc. <sup>(a)</sup> | 77621 | 3829820 |
| FormFactor, Inc. <sup>(a)</sup> | 129864 | 7243814 |
| Kopin Corp. <sup>(a)(b)</sup> | 259032 | 606135 |
| Kulicke & Soffa Industries, Inc. | 84939 | 3869821 |
| MaxLinear, Inc. <sup>(a)</sup> | 137960 | 2404643 |
| Penguin Solutions, Inc. <sup>(a)</sup> | 86107 | 1684253 |
| Power Integrations, Inc. | 93273 | 3314922 |
| Rambus, Inc. <sup>(a)</sup> | 179901 | 16531103 |
| Semtech Corp. <sup>(a)</sup> | 145343 | 10710326 |
| Silicon Laboratories, Inc. <sup>(a)</sup> | 54193 | 7083025 |
| SiTime Corp. <sup>(a)(b)</sup> | 35919 | 12686232 |
| SkyWater Technology, Inc. <sup>(a)(b)</sup> | 45921 | 833925 |

---

Series Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Semiconductors & Components (continued)** | **Semiconductors & Components (continued)** |  |
| Ultra Clean Holdings, Inc. <sup>(a)</sup> | 73248 | $1855372 |
| Veeco Instruments, Inc. <sup>(a)</sup> | 97066 | 2774146 |
| Vishay Intertechnology, Inc. | 204564 | 2964132 |
|  |  | 80920381 |
| **Semiconductors & Semiconductor Equipment**<sup>(a)</sup> **— 1.4%** | **Semiconductors & Semiconductor Equipment**<sup>(a)</sup> **— 1.4%** |  |
| ACM Research, Inc., Class A | 84879 | 3348477 |
| Aehr Test Systems <sup>(b)</sup> | 47573 | 960499 |
| Ambarella, Inc. | 67882 | 4808761 |
| Axcelis Technologies, Inc. | 51372 | 4127226 |
| Cohu, Inc. | 78050 | 1816223 |
| Credo Technology Group Holding Ltd. | 255773 | 36803177 |
| indie Semiconductor, Inc., Class A <sup>(b)</sup> | 326034 | 1150900 |
| Navitas Semiconductor Corp. <sup>(b)</sup> | 270827 | 1933705 |
| Rigetti Computing, Inc. | 532619 | 11797511 |
|  |  | 66746479 |
| **Shipping — 0.2%** | **Shipping — 0.2%** |  |
| A-Mark Precious Metals, Inc. | 30697 | 1045233 |
| Golar LNG Ltd. | 162863 | 6060132 |
| Tidewater, Inc. <sup>(a)</sup> | 82014 | 4142527 |
|  |  | 11247892 |
| **Software — 2.7%** | **Software — 2.7%** |  |
| Airship AI Holdings, Inc., Class A <sup>(a)(b)</sup> | 34670 | 100196 |
| Alkami Technology, Inc. <sup>(a)(b)</sup> | 114824 | 2648990 |
| Amplitude, Inc., Class A <sup>(a)</sup> | 157060 | 1818755 |
| Arteris, Inc. <sup>(a)</sup> | 48714 | 755067 |
| Asana, Inc., Class A <sup>(a)</sup> | 145387 | 1993256 |
| AudioEye, Inc. <sup>(a)</sup> | 11936 | 119241 |
| AvePoint, Inc., Class A <sup>(a)</sup> | 248831 | 3456262 |
| Bit Digital, Inc. <sup>(a)(b)</sup> | 534087 | 1009424 |
| Bitdeer Technologies Group, Class A <sup>(a)</sup> | 152065 | 1704649 |
| Blend Labs, Inc., Class A <sup>(a)</sup> | 326453 | 992417 |
| Braze, Inc., Class A <sup>(a)</sup> | 141714 | 4859373 |
| C3.ai, Inc., Class A <sup>(a)(b)</sup> | 212137 | 2859607 |
| Carlsmed, Inc. <sup>(a)</sup> | 11392 | 140691 |
| Cerence, Inc. <sup>(a)</sup> | 70514 | 753795 |
| Cipher Mining, Inc. <sup>(a)(b)</sup> | 540928 | 7984097 |
| Clear Secure, Inc., Class A | 144397 | 5065447 |
| Clearwater Analytics Holdings, Inc., Class A <sup>(a)(b)</sup> | 465183 | 11220214 |
| Consensus Cloud Solutions, Inc. <sup>(a)</sup> | 30873 | 673649 |
| CS Disco, Inc. <sup>(a)</sup> | 39536 | 306799 |
| Dave, Inc., Class A <sup>(a)</sup> | 17121 | 3790761 |
| D-Wave Quantum, Inc. <sup>(a)(b)</sup> | 558105 | 14594446 |
| EverCommerce, Inc. <sup>(a)(b)</sup> | 25117 | 304167 |
| Expensify, Inc., Class A <sup>(a)</sup> | 103602 | 156439 |
| Five9, Inc. <sup>(a)</sup> | 129063 | 2587713 |
| Freshworks, Inc., Class A <sup>(a)</sup> | 337465 | 4133946 |
| GigaCloud Technology, Inc., Class A <sup>(a)(b)</sup> | 41340 | 1623835 |
| Hut 8 Corp. <sup>(a)</sup> | 160320 | 7365101 |
| Ibotta, Inc., Class A <sup>(a)</sup> | 22305 | 506993 |
| Intapp, Inc. <sup>(a)(b)</sup> | 96190 | 4407426 |
| Jamf Holding Corp. <sup>(a)</sup> | 124425 | 1618769 |
| Kaltura, Inc. <sup>(a)</sup> | 139267 | 228398 |
| Life360, Inc. <sup>(a)(b)</sup> | 34709 | 2226235 |
| Mercurity Fintech Holding, Inc., ADR <sup>(a)(b)</sup> | 55433 | 275502 |
| N-able, Inc. <sup>(a)</sup> | 123088 | 920698 |
| NextNav, Inc. <sup>(a)(b)</sup> | 149825 | 2493088 |
| Omada Health, Inc. <sup>(a)</sup> | 15447 | 243754 |
| ON24, Inc. <sup>(a)</sup> | 64874 | 516397 |
| Pagaya Technologies Ltd., Class A <sup>(a)</sup> | 77249 | 1614504 |
| PDF Solutions, Inc. <sup>(a)</sup> | 54188 | 1545984 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** |  |
| Porch Group, Inc. <sup>(a)</sup> | 137121 | $1251915 |
| Prairie Operating Co. <sup>(a)(b)</sup> | 37423 | 63245 |
| ReposiTrak, Inc. <sup>(b)</sup> | 20667 | 255651 |
| Rezolve AI PLC <sup>(a)(b)</sup> | 246191 | 632711 |
| SEMrush Holdings, Inc., Class A <sup>(a)</sup> | 87994 | 1046249 |
| Sezzle, Inc. <sup>(a)(b)</sup> | 27064 | 1717887 |
| Silvaco Group, Inc. <sup>(a)(b)</sup> | 10322 | 41804 |
| SoundHound AI, Inc., Class A <sup>(a)(b)</sup> | 623142 | 6212726 |
| Sprinklr, Inc., Class A <sup>(a)</sup> | 188306 | 1465021 |
| Sprout Social, Inc., Class A <sup>(a)</sup> | 87475 | 985843 |
| Synchronoss Technologies, Inc. <sup>(a)</sup> | 18658 | 159712 |
| Terawulf, Inc. <sup>(a)(b)</sup> | 505153 | 5804208 |
| Vertex, Inc., Class A <sup>(a)(b)</sup> | 109932 | 2195342 |
| Via Transportation, Inc., Class A <sup>(a)(b)</sup> | 17453 | 506311 |
| Viant Technology, Inc., Class A <sup>(a)</sup> | 25737 | 309873 |
| Weave Communications, Inc. <sup>(a)</sup> | 101046 | 766939 |
| WM Technology, Inc., Class A <sup>(a)</sup> | 135262 | 111605 |
| Zeta Global Holdings Corp., Class A <sup>(a)(b)</sup> | 313335 | 6376367 |
|  |  | 129519494 |
| **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** |  |
| 1-800-Flowers.com, Inc., Class A <sup>(a)(b)</sup> | 35787 | 140643 |
| Abercrombie & Fitch Co., Class A <sup>(a)</sup> | 77635 | 9771918 |
| Academy Sports & Outdoors, Inc. | 110592 | 5525176 |
| Advance Auto Parts, Inc. | 99729 | 3919350 |
| Alta Equipment Group, Inc., Class A | 34740 | 159804 |
| American Eagle Outfitters, Inc. | 265898 | 7011730 |
| America's Car-Mart, Inc. <sup>(a)</sup> | 12217 | 308601 |
| Arhaus, Inc., Class A <sup>(a)</sup> | 85895 | 962883 |
| Arko Corp., Class A | 131383 | 596479 |
| Asbury Automotive Group, Inc. <sup>(a)</sup> | 32383 | 7530019 |
| Barnes & Noble Education, Inc. <sup>(a)(b)</sup> | 25936 | 238352 |
| Boot Barn Holdings, Inc. <sup>(a)</sup> | 51292 | 9051499 |
| Buckle, Inc. | 52660 | 2813097 |
| Build-A-Bear Workshop, Inc. <sup>(b)</sup> | 21029 | 1288447 |
| Caleres, Inc. | 56637 | 689272 |
| Citi Trends, Inc. <sup>(a)</sup> | 8165 | 339337 |
| Designer Brands, Inc., Class A | 49935 | 371017 |
| Driven Brands Holdings, Inc. <sup>(a)(b)</sup> | 100629 | 1491322 |
| Envela Corp. <sup>(a)</sup> | 11311 | 151341 |
| EVgo, Inc., Class A <sup>(a)(b)</sup> | 213306 | 620721 |
| Genesco, Inc. <sup>(a)(b)</sup> | 17780 | 440411 |
| Group 1 Automotive, Inc. | 20517 | 8069336 |
| Haverty Furniture Cos., Inc. | 23055 | 538565 |
| J Jill, Inc. | 9861 | 135293 |
| Lands' End, Inc. <sup>(a)(b)</sup> | 12804 | 185914 |
| MarineMax, Inc. <sup>(a)</sup> | 32428 | 785730 |
| Mister Car Wash, Inc. <sup>(a)</sup> | 161584 | 898407 |
| Monro, Inc. | 51639 | 1034846 |
| National Vision Holdings, Inc. <sup>(a)</sup> | 131962 | 3407259 |
| OneWater Marine, Inc., Class A <sup>(a)(b)</sup> | 20628 | 223195 |
| Petco Health & Wellness Co., Inc. <sup>(a)</sup> | 128619 | 361419 |
| RealReal, Inc. <sup>(a)</sup> | 162875 | 2570168 |
| Sally Beauty Holdings, Inc. <sup>(a)</sup> | 165345 | 2357820 |
| Shoe Carnival, Inc. | 30847 | 520697 |
| Sonic Automotive, Inc., Class A | 25129 | 1554480 |
| Urban Outfitters, Inc. <sup>(a)</sup> | 102036 | 7679229 |
| Victoria's Secret & Co. <sup>(a)</sup> | 115485 | 6255822 |
| Warby Parker, Inc., Class A <sup>(a)(b)</sup> | 166136 | 3620103 |
| Zumiez, Inc. <sup>(a)</sup> | 22014 | 573465 |
|  |  | 94193167 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Steel — 0.5%** | **Steel — 0.5%** |  |
| Commercial Metals Co. | 185654 | $12850970 |
| Ivanhoe Electric, Inc. <sup>(a)(b)</sup> | 180440 | 2883431 |
| Metallus, Inc. <sup>(a)</sup> | 62755 | 1076876 |
| NWPX Infrastructure, Inc. <sup>(a)</sup> | 16563 | 1035022 |
| Olympic Steel, Inc. | 16884 | 722382 |
| Omega Flex, Inc. | 6068 | 178642 |
| Ryerson Holding Corp. | 45447 | 1143446 |
| Worthington Steel, Inc. | 56361 | 1951218 |
|  |  | 21841987 |
| **Technology Hardware & Equipment — 0.7%** | **Technology Hardware & Equipment — 0.7%** |  |
| CompoSecure, Inc., Class A <sup>(a)</sup> | 97189 | 1873804 |
| CPI Card Group, Inc. <sup>(a)</sup> | 8386 | 123106 |
| IonQ, Inc. <sup>(a)(b)</sup> | 564147 | 25313276 |
| Quantum Computing, Inc. <sup>(a)(b)</sup> | 341369 | 3502446 |
| Xerox Holdings Corp. | 195772 | 463980 |
|  |  | 31276612 |
| **Technology: Miscellaneous — 0.8%** | **Technology: Miscellaneous — 0.8%** |  |
| Benchmark Electronics, Inc. | 60161 | 2572484 |
| CTS Corp. | 47987 | 2057203 |
| Fabrinet <sup>(a)</sup> | 60232 | 27422425 |
| Kimball Electronics, Inc. <sup>(a)(b)</sup> | 40643 | 1130688 |
| Plexus Corp. <sup>(a)</sup> | 44802 | 6585894 |
|  |  | 39768694 |
| **Telecommunications Equipment**<sup>(a)</sup> **— 0.3%** | **Telecommunications Equipment**<sup>(a)</sup> **— 0.3%** |  |
| Applied Optoelectronics, Inc. <sup>(b)</sup> | 102224 | 3563529 |
| Clearfield, Inc. <sup>(b)</sup> | 20534 | 598566 |
| Knowles Corp. | 142413 | 3051910 |
| Viavi Solutions, Inc. | 369061 | 6576667 |
|  |  | 13790672 |
| **Textile Products — 0.1%** | **Textile Products — 0.1%** |  |
| Interface, Inc., Class A | 95521 | 2666946 |
| **Textiles Apparel & Shoes — 0.5%** | **Textiles Apparel & Shoes — 0.5%** |  |
| Capri Holdings Ltd. <sup>(a)</sup> | 192840 | 4705296 |
| Carter's, Inc. | 60316 | 1956048 |
| G-III Apparel Group Ltd. | 61561 | 1782807 |
| Kontoor Brands, Inc. | 91845 | 5610811 |
| Lakeland Industries, Inc. <sup>(b)</sup> | 15868 | 140273 |
| Oxford Industries, Inc. | 24165 | 826443 |
| Rocky Brands, Inc. | 11794 | 345918 |
| Steven Madden Ltd. | 119654 | 4982392 |
| Superior Group of Cos., Inc. | 18728 | 181287 |
| Torrid Holdings, Inc. <sup>(a)(b)</sup> | 34457 | 33713 |
| Weyco Group, Inc. | 10947 | 334869 |
| Wolverine World Wide, Inc. | 136269 | 2473282 |
|  |  | 23373139 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |  |
| Ermenegildo Zegna NV | 107055 | 1097314 |
| **Toys — 0.0%** | **Toys — 0.0%** |  |
| Funko, Inc., Class A <sup>(a)(b)</sup> | 52685 | 179129 |
| JAKKS Pacific, Inc. | 13151 | 221989 |
|  |  | 401118 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |  |
| Hudson Technologies, Inc. <sup>(a)</sup> | 66535 | 455765 |
| **Transportation Miscellaneous — 0.3%** | **Transportation Miscellaneous — 0.3%** |  |
| CryoPort, Inc. <sup>(a)(b)</sup> | 84661 | 812746 |
| Forward Air Corp. <sup>(a)</sup> | 35250 | 881250 |
| Hub Group, Inc., Class A | 99604 | 4244126 |
| Matson, Inc. | 52414 | 6475750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Transportation Miscellaneous (continued)** | **Transportation Miscellaneous (continued)** |  |
| Radiant Logistics, Inc. <sup>(a)</sup> | 58602 | $370951 |
| Sky Harbour Group Corp., Class A <sup>(a)(b)</sup> | 36855 | 330589 |
| Universal Logistics Holdings, Inc. | 11874 | 180366 |
| World Kinect Corp. | 90303 | 2115799 |
| XCF Global, Inc., Class A <sup>(a)(b)</sup> | 132715 | 36231 |
|  |  | 15447808 |
| **Truckers — 0.3%** | **Truckers — 0.3%** |  |
| ArcBest Corp. <sup>(b)</sup> | 38025 | 2821075 |
| Covenant Logistics Group, Inc., Class A | 27928 | 615533 |
| FRP Holdings, Inc. <sup>(a)</sup> | 19908 | 453703 |
| FTAI Infrastructure, Inc. | 189994 | 875872 |
| Heartland Express, Inc. | 69576 | 628271 |
| Marten Transport Ltd. | 100288 | 1141278 |
| PAMT Corp. <sup>(a)(b)</sup> | 9810 | 118505 |
| Proficient Auto Logistics, Inc. <sup>(a)(b)</sup> | 36549 | 352332 |
| RXO, Inc. <sup>(a)</sup> | 275178 | 3478250 |
| Werner Enterprises, Inc. | 97355 | 2921624 |
|  |  | 13406443 |
| **Utilities: Electrical — 1.4%** | **Utilities: Electrical — 1.4%** |  |
| Avista Corp. | 137025 | 5280943 |
| Black Hills Corp. | 122303 | 8490274 |
| Genie Energy Ltd., Class B | 36842 | 507683 |
| Hawaiian Electric Industries, Inc. <sup>(a)</sup> | 295220 | 3631206 |
| MGE Energy, Inc. | 61354 | 4811381 |
| Northwestern Energy Group, Inc. | 102863 | 6638778 |
| Oklo, Inc., Class A <sup>(a)</sup> | 181211 | 13003701 |
| Otter Tail Corp. | 64163 | 5185012 |
| Portland General Electric Co. | 187628 | 9004268 |
| TXNM Energy, Inc. | 167968 | 9889956 |
| Unitil Corp. | 27463 | 1330308 |
|  |  | 67773510 |
| **Utilities: Gas Distributors — 0.9%** | **Utilities: Gas Distributors — 0.9%** |  |
| Brookfield Infrastructure Corp., Class A | 200854 | 9118772 |
| Chesapeake Utilities Corp. | 38746 | 4833951 |
| New Jersey Resources Corp. | 168456 | 7769191 |
| Northwest Natural Holding Co. | 68857 | 3218376 |
| RGC Resources, Inc. | 14548 | 309872 |
| Southwest Gas Holdings, Inc. | 107951 | 8638239 |
| Spire, Inc. | 97285 | 8045469 |
|  |  | 41933870 |
| **Utilities: Miscellaneous — 0.2%** | **Utilities: Miscellaneous — 0.2%** |  |
| Ormat Technologies, Inc. | 101815 | 11247503 |
| **Utilities: Telecommunications — 0.6%** | **Utilities: Telecommunications — 0.6%** |  |
| 8x8, Inc. <sup>(a)</sup> | 213226 | 420055 |
| Applied Digital Corp. <sup>(a)(b)</sup> | 396294 | 9717129 |
| ATN International, Inc. | 17660 | 402648 |
| Aviat Networks, Inc. <sup>(a)</sup> | 20745 | 443528 |
| Cogent Communications Holdings, Inc. | 76054 | 1639724 |
| DigitalBridge Group, Inc., Class A | 294044 | 4510635 |
| Gogo, Inc. <sup>(a)</sup> | 131412 | 612380 |
| IDT Corp., Class B | 27530 | 1409812 |
| Ooma, Inc. <sup>(a)</sup> | 44315 | 519815 |
| Shenandoah Telecommunications Co. | 84048 | 971595 |
| Spok Holdings, Inc. | 32252 | 425404 |
| Telephone and Data Systems, Inc. | 165921 | 6802761 |
| Ziff Davis, Inc. <sup>(a)</sup> | 67768 | 2382045 |
|  |  | 30257531 |
| **Utilities: Water — 0.3%** | **Utilities: Water — 0.3%** |  |
| American States Water Co. | 64223 | 4654883 |
| California Water Service Group | 99051 | 4291880 |

---

Series Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Utilities: Water (continued)** | **Utilities: Water (continued)** |  |
| Consolidated Water Co. Ltd. | 25850 | $912246 |
| Energy Recovery, Inc. <sup>(a)</sup> | 83967 | 1132715 |
| Global Water Resources, Inc. | 19002 | 160567 |
| H2O America | 53531 | 2622484 |
| Middlesex Water Co. | 30386 | 1532062 |
| Pure Cycle Corp. <sup>(a)</sup> | 32746 | 359878 |
| York Water Co. | 24296 | 773585 |
|  |  | 16440300 |
| **Total Common Stocks — 100.6%** <br>**(Cost: $3,160,941,045)** | **Total Common Stocks — 100.6%** <br>**(Cost: $3,160,941,045)** | 4837062797 |
| **Equity Funds** | **Equity Funds** | **Equity Funds** |
| iShares Russell 2000 ETF<sup>(b)(d)</sup> | 126383 | 31110439 |
| **Total Equity Funds — 0.6%** <br>**(Cost: $27,219,811)**<br>|  | 31110439 |
| **Rights** | **Rights** | **Rights** |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |  |
| Chinook Therapeutics, CVR <sup>(c)</sup> | 100285 | 17048 |
| Contra Aduro Biotech I, CVR <sup>(c)</sup> | 21953 | 11196 |
| Contra Akero Therapeutics, CVR <sup>(a)(c)</sup> | 118869 | 77265 |
| GTX, Inc., CVR <sup>(b)(c)</sup> | 944 |  |
| Icosavax, Inc., CVR | 48841 | 15141 |
| Inhibrx, Inc., CVR <sup>(c)</sup> | 64018 | 104990 |
| **Total Rights — 0.0%** <br>**(Cost: $135,953)** | **Total Rights — 0.0%** <br>**(Cost: $135,953)** | 225640 |
| **Warrants** | **Warrants** | **Warrants** |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |  |
| Pulse Biosciences, Inc., (Expires 06/27/29) <sup>(a)(b)</sup> | 3239 | 4421 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | 4421 |
| **Total Long-Term Investments —101.2%** <br>**(Cost: $3,188,296,809)** | **Total Long-Term Investments —101.2%** <br>**(Cost: $3,188,296,809)** | 4868403297 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 11.9%** | **Money Market Funds — 11.9%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(d)(e)(f)</sup><br>| 461727047 | $461957910 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.72%<sup>(d)(e)</sup><br>| 107573158 | 107573158 |
| **Total Short-Term Securities —11.9%** <br>**(Cost: $569,293,073)** | **Total Short-Term Securities —11.9%** <br>**(Cost: $569,293,073)** | 569531068 |
| **Total Investments — 113.1%** <br>**(Cost: $3,757,589,882)** | **Total Investments — 113.1%** <br>**(Cost: $3,757,589,882)** | 5437934365 |
| **Liabilities in Excess of Other Assets — (13.1)%** | **Liabilities in Excess of Other Assets — (13.1)%** | (628697967)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4809236398 |

---

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

<sup>(d)</sup> Affiliate of the Series.

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

<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 Series for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Series during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <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>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $357192485 | $104750081 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $6388 | $8956 | $461957910 | 461727047 | $4555275 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 118267017 |  | &nbsp;&nbsp; (10693859 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 107573158 | 107573158 | 1345496 | &nbsp;&nbsp; — |
| iShares Russell 2000 ETF | 38015063 | 218429258 | &nbsp;&nbsp; (231066418)<br>| &nbsp;&nbsp; 2241313 | 3491223 | 31110439 | 126383 | 328407 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $2247701 | $3500179 | $600641507 |  | $6229178 | &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 Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

**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; 178 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; $22232 | &nbsp;&nbsp;&nbsp;&nbsp; $(344385)<br>|

---

**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> |
| Arbor Realty Trust, Inc. | Goldman Sachs Bank USA | $265101 | 08/19/26 | (2.25)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $(19614)<br>|
| Arbor Realty Trust, Inc. | JPMorgan Chase Bank N.A. | 46286 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6019)<br>|
| Bread Financial Holdings, Inc. | Goldman Sachs Bank USA | 193310 | 08/19/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (832)<br>|
| Bread Financial Holdings, Inc. | HSBC Bank PLC | 43090 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 958 |
| Bread Financial Holdings, Inc. | JPMorgan Chase Bank N.A. | 2160506 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 48031 |
| Cadence Bank | HSBC Bank PLC | 976951 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 31545 |
| Douglas Emmett, Inc. | Goldman Sachs Bank USA | 369496 | 08/19/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (21530)<br>|
| Douglas Emmett, Inc. | HSBC Bank PLC | 78125 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5239)<br>|
| Douglas Emmett, Inc. | JPMorgan Chase Bank N.A. | 133350 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8943)<br>|
| Fulton Financial Corp. | HSBC Bank PLC | 6963 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 73 |
| Genworth Financial, Inc., Class A | JPMorgan Chase Bank N.A. | 17675 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 691 |
| Moelis & Co., Class A | HSBC Bank PLC | 362739 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 5844 |
| Moelis & Co., Class A | JPMorgan Chase Bank N.A. | 326005 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 5253 |
| Pitney Bowes, Inc. | Goldman Sachs Bank USA | 184477 | 08/19/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 7823 |
| Pitney Bowes, Inc. | HSBC Bank PLC | 563310 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 41790 |
| Pitney Bowes, Inc. | JPMorgan Chase Bank N.A. | 154272 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 11445 |
| Preferred Bank/Los Angeles CA | Goldman Sachs Bank USA | 263763 | 08/19/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (16546)<br>|
| Preferred Bank/Los Angeles CA | HSBC Bank PLC | 553792 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1754)<br>|
| Provident Financial Services, Inc. | JPMorgan Chase Bank N.A. | 7644 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (99)<br>|
| SiriusPoint Ltd. | Goldman Sachs Bank USA | 605966 | 08/18/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (11674)<br>|
| SiriusPoint Ltd. | HSBC Bank PLC | 553148 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6908 |
| United Community Banks, Inc. | JPMorgan Chase Bank N.A. | 5306 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 68113 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; 1012 |
| 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; $69125 |

---

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

<sup>(a)</sup> The Series 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. 

**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; $— | &nbsp;&nbsp;&nbsp; $161375 | &nbsp;&nbsp;&nbsp; $(92250)<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** |  |  |  |  |  |  |  |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $161375 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $161375 |

---

Series Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *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* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $344385 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $344385 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92250 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $436635 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $436635 |

---

&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 Series 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 December 31, 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; $(2977462)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2977462)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (106808)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (106808)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3084270)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3084270)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $537093 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $537093 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 533532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 533532 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1070625 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1070625 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $26897206 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 8811867 |

---

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

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

The Series' derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $175298 |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 161375 | &nbsp;&nbsp;&nbsp;&nbsp; 92250 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 161375 | &nbsp;&nbsp;&nbsp;&nbsp; 267548 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (175298)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $161375 | &nbsp;&nbsp;&nbsp;&nbsp; $92250 |

---

&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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Master Small Cap Index Series**

The following table presents the Series' 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 Series:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *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)</sup><br>|
| Goldman Sachs Bank USA | &nbsp;&nbsp; $7823 | &nbsp;&nbsp; $(7823)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| HSBC Bank PLC | &nbsp;&nbsp; 87118 | &nbsp;&nbsp; (6993)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (80125)<br>| &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 65422 | &nbsp;&nbsp; (15061)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50361 |
|  | &nbsp;&nbsp; $160363 | &nbsp;&nbsp; $(29877)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(80125)<br>| &nbsp;&nbsp; $50361 |

---

&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>(d)</sup><br>|
| Goldman Sachs Bank USA | &nbsp;&nbsp; $70196 | &nbsp;&nbsp; $(7823)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62373 |
| HSBC Bank PLC | &nbsp;&nbsp; 6993 | &nbsp;&nbsp; (6993)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 15061 | &nbsp;&nbsp; (15061)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $92250 | &nbsp;&nbsp; $(29877)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62373 |

---

&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 represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</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 Series' policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Series' financial instruments categorized in the fair value hierarchy. The breakdown of the Series' 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; $4837061782 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1015 | &nbsp;&nbsp;&nbsp;&nbsp; $4837062797 |
| Equity Funds | &nbsp;&nbsp; 31110439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31110439 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15141 | &nbsp;&nbsp;&nbsp;&nbsp; 210499 | &nbsp;&nbsp;&nbsp;&nbsp; 225640 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4421 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4421 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 569531068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 569531068 |
|  | &nbsp;&nbsp; $5437703289 | &nbsp;&nbsp;&nbsp;&nbsp; $19562 | &nbsp;&nbsp;&nbsp;&nbsp; $211514 | &nbsp;&nbsp;&nbsp;&nbsp; $5437934365 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $161375 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $161375 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (344385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (436635)<br>|
|  | &nbsp;&nbsp; $(344385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $69125 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(275260)<br>|

---

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

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

*See notes to financial statements.*

Series Schedule of Investments

------

Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
|  | Master Small Cap <br>Index Series<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $4837292858 |
| Investments, at value — affiliated<sup>(c)</sup> | 600641507 |
| Cash pledged for futures contracts | 1886000 |
| Receivables: |  |
| Investments sold | 2768347 |
| Securities lending income — affiliated | 334078 |
| Swaps | 1098369 |
| Dividends — unaffiliated | 4552826 |
| Dividends — affiliated | 134781 |
| Unrealized appreciation on OTC swaps | 161375 |
| Other assets | 4174 |
| Total assets | 5448874315 |
| **LIABILITIES** |  |
| Bank overdraft | 84333216 |
| Cash received as collateral for OTC derivatives | 410000 |
| Collateral on securities loaned | 461804382 |
| Payables: |  |
| Investments purchased | 178015 |
| Swaps | 115251 |
| Accounting services fees | 2256 |
| Withdrawals to investors | 92347910 |
| Custodian fees | 28352 |
| Investment advisory fees | 40146 |
| Directors' fees | 8696 |
| Other accrued expenses | 26741 |
| Professional fees | 75404 |
| Variation margin on futures contracts | 175298 |
| Unrealized depreciation on OTC swaps | 92250 |
| Total liabilities | 639637917 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $4809236398 |
| **NET ASSETS CONSIST OF** |  |
| Investors' capital | $3129167175 |
| Net unrealized appreciation (depreciation) | 1680069223 |
| NET ASSETS | $4809236398 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $3161076999 |
| <sup>(b)</sup> Securities loaned, at value | $443060046 |
| <sup>(c)</sup> Investments, at cost—affiliated | $596512883 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statement of Operations

Year Ended December 31, 2025

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

---

| | |
|:---|:---|
|  | Master Small Cap <br>Index Series<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $50117072 |
| Dividends — affiliated | &nbsp;&nbsp; 1673903 |
| Interest — unaffiliated | &nbsp;&nbsp; 106377 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 4555275 |
| Foreign taxes withheld | &nbsp;&nbsp; (158599)<br>|
| Total investment income | &nbsp;&nbsp; 56294028 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 454244 |
| Custodian | &nbsp;&nbsp; 134244 |
| Professional | &nbsp;&nbsp; 96364 |
| Directors | &nbsp;&nbsp; 35962 |
| Printing and postage | &nbsp;&nbsp; 11042 |
| Accounting services | &nbsp;&nbsp; 9025 |
| Miscellaneous | &nbsp;&nbsp; 55688 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 796569 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 4046 |
| Total expenses | &nbsp;&nbsp; 800615 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (26001)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 774614 |
| Net investment income | &nbsp;&nbsp; 55519414 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 161096302 |
| Investments — affiliated | &nbsp;&nbsp; 2247701 |
| Futures contracts | &nbsp;&nbsp; (2977462)<br>|
| Swaps | &nbsp;&nbsp; (106808)<br>|
|  | &nbsp;&nbsp; 160259733 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 343195828 |
| Investments — affiliated | &nbsp;&nbsp; 3500179 |
| Futures contracts | &nbsp;&nbsp; 537093 |
| Swaps | &nbsp;&nbsp; 533532 |
|  | &nbsp;&nbsp; 347766632 |
| Net realized and unrealized gain | &nbsp;&nbsp; 508026365 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $563545779 |

---

*See notes to financial statements.*

Series Statement of Operations

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | Master Small Cap Index Series | Master Small Cap Index Series |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $55519414 | &nbsp;&nbsp;&nbsp; $67570574 |
| Net realized gain | &nbsp;&nbsp; 160259733 | &nbsp;&nbsp;&nbsp; 111479971 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 347766632 | &nbsp;&nbsp;&nbsp; 391739768 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 563545779 | &nbsp;&nbsp;&nbsp; 570790313 |
| **CAPITAL TRANSACTIONS** |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 885284462 | &nbsp;&nbsp;&nbsp; 1370613082 |
| Value of withdrawals | &nbsp;&nbsp; (1198007128)<br>| &nbsp;&nbsp;&nbsp; (1951674939)<br>|
| Net decrease in net assets derived from capital transactions | &nbsp;&nbsp; (312722666)<br>| &nbsp;&nbsp;&nbsp; (581061857)<br>|
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 250823113 | &nbsp;&nbsp;&nbsp; (10271544)<br>|
| Beginning of year | &nbsp;&nbsp; 4558413285 | &nbsp;&nbsp;&nbsp; 4568684829 |
| End of year | &nbsp;&nbsp; $4809236398 | &nbsp;&nbsp;&nbsp; $4558413285 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Master Small Cap Index Series | Master Small Cap Index Series | Master Small Cap Index Series | Master Small Cap Index Series | Master Small Cap Index Series |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Total Return** |  |  |  |  |  |
| Total return | 12.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.04<br> %<br>| &nbsp;&nbsp;&nbsp; (20.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.84<br> %<br>|
| **Ratios to Average Net Assets**<sup>(a)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| Net investment income | 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $4809236 | &nbsp;&nbsp;&nbsp; $4558413 | &nbsp;&nbsp;&nbsp; $4568685 | &nbsp;&nbsp;&nbsp; $3640363 | &nbsp;&nbsp;&nbsp; $4568935 |
| Portfolio turnover rate | &nbsp;&nbsp; 21 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 32 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 29 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

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

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

<sup>(b)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

Series Financial Highlights

------

Notes to Financial Statements

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

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

Quantitative Master Series LLC (the "Master LLC") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Master LLC is organized as a Delaware statutory trust. Master Small Cap Index Series ("the "Series") is a series of the Master LLC. The Series is classified as a diversified fund under the 1940 Act. The Series' Limited Liability Company Agreement permits the Board of Directors of the Master LLC (the "Board") to issue non-transferable interests, subject to certain limitations.

The Series, 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 Series 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 Series 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 Taxes:** The Series 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 Series invests. These foreign taxes, if any, are paid by the Series 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 December 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, the Series recognizes tax reclaims when the Fund determines that it is more likely than not that the Series will sustain its position that it is due the reclaim.

The Series files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Series 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 Series may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Series may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Series 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 Series 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 Series enters into contracts that contain a variety of representations that provide general indemnification. The Series's maximum exposure under these arrangements is unknown because it involves future potential claims against the Series, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Series are charged to the Series. 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 Series' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Series. The CODM has concluded that the Series operates as a single operating segment since the Series 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 Series's financial statements.

**Recent Accounting Standard:** The Series adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Series' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect the Series's financial position or results of operations.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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

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

**Investment Valuation Policies:** The Series' investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Series 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 Series' Manager as the valuation designee for the Series. The Series 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 Series' assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments (except ETF options, equity index options or those that are customized) 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.

&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 New York Stock Exchange ("NYSE"). Each business day, the Series 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 Series 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.

Series Notes to Financial Statements

------

Notes to Financial Statements (continued)

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 Series. Certain information made available by a Private Company is as of a date that is earlier than the date the Series is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Series 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 Series 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***

**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 Series may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Series 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 Series 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 Series and any additional required collateral is delivered to the Series, or excess collateral returned by the Series, on the next business day. During the term of the loan, the Series 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 Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Series' 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 Series 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 Series, 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 Series 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 Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

As of period end, the following table is a summary of the Series' 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 Capital, Inc. | &nbsp;&nbsp; $2151934 | &nbsp;&nbsp; $(2151934)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 69067362 | &nbsp;&nbsp; (69067362)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 64797095 | &nbsp;&nbsp; (64797095)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 2158195 | &nbsp;&nbsp; (2158195)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 60044638 | &nbsp;&nbsp; (60044638)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 21976029 | &nbsp;&nbsp; (21976029)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 115654473 | &nbsp;&nbsp; (115654473)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 11713311 | &nbsp;&nbsp; (11713311)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mizuho Securities USA LLC | &nbsp;&nbsp; 5041 | &nbsp;&nbsp; (5041)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 47180556 | &nbsp;&nbsp; (47180556)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 39694 | &nbsp;&nbsp; (39694)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 225011 | &nbsp;&nbsp; (225011)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 172444 | &nbsp;&nbsp; (172444)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 130269 | &nbsp;&nbsp; (130269)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 8015454 | &nbsp;&nbsp; (8015454)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 3881549 | &nbsp;&nbsp; (3881549)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 428088 | &nbsp;&nbsp; (428088)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 16732846 | &nbsp;&nbsp; (16732846)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 533415 | &nbsp;&nbsp; (533415)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Virtu Americas LLC | &nbsp;&nbsp; 486116 | &nbsp;&nbsp; (486116)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 3589640 | &nbsp;&nbsp; (3589640)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 14076886 | &nbsp;&nbsp; (14076886)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $443060046 | &nbsp;&nbsp; $(443060046)<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 Series is disclosed in the Series'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 Series 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 Series 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 Series.

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

The Series engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Series 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 Series 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 Series 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 Series 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.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Series 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

Series Notes to Financial Statements

------

Notes to Financial Statements (continued)

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 Series' 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 Series' counterparty on the swap. The Series is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Series 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 Series 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 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;•Total return swaps — 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).

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 instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Series receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Series has the ability to trade in and out of these long and short positions within the swap and 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, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Series and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Series and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Series 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 Series 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 Series 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 Series and the counterparty.

Cash collateral that has been pledged to cover obligations of the Series 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 Series, if any, is 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 Series. Any additional required collateral is delivered to/pledged by the Series 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 Series 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 Series from the counterparties are not fully collateralized, the Series bears the risk of loss from counterparty non-performance. Likewise, to the extent the Series has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Series 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 Series does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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

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

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

For such services, the Series pays the Manager a monthly fee at an annual rate equal to 0.01% of the average daily value of the Series' net assets.

With respect to the Series, the Manager entered into a sub-advisory agreement with BlackRock Fund Advisors ("BFA"), an affiliate of the Manager. The Manager pays BFA for services it provides for that portion of the Series for which BFA acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Series to the Manager.

**Expense Limitations, Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Series 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 directors who are not "interested persons" of the Series, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of the Series. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2025, the amount waived was $22,658.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Series' 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 Directors, or by a vote of a majority of the outstanding voting securities of the Series. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2025, the Manager waived $3,343 in investment advisory fees pursuant to this arrangement.

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 ("expense limitation"). The expense limitation as a percentage of average daily net assets is 0.07%.

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Series. For the year ended December 31, 2025, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.

**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 Series, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Series 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 Series 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 Series 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 Series 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 Series, 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 Series is shown as securities lending income — affiliated — net in the Statement of Operations. For the year ended December 31, 2025, the Series paid BTC $1,243,309 for securities lending agent services.

**Interfund Lending:**Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Series 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 Series' investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

Series Notes to Financial Statements

------

Notes to Financial Statements (continued)

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

**Directors and Officers:** Certain directors and/or officers of Master LLC are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** The Series 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 directors. For the year ended December 31, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Series Name* | *Purchases* | *Sales* | *Net Realized* <br>*Gain (Loss)*<br>|
| Master Small Cap Index Series | &nbsp;&nbsp; $2946018 | $— | $— |

---

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

For the year ended December 31, 2025, purchases and sales of investments, excluding short-term securities, were $936,795,183 and $1,114,443,829, respectively.

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

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

The Series 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 Series'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 Series'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 Series as of December 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Series' 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 Series' NAV.

As of December 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Series 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>|
| Master Small Cap Index Series | &nbsp;&nbsp; $3942157582 | &nbsp;&nbsp;&nbsp; $2057275281 | &nbsp;&nbsp;&nbsp; $(561498498) | &nbsp;&nbsp;&nbsp; $1495776783 |

---

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

The Master LLC, on behalf of the Series, 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 Series may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Series, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2025, the Series did not borrow under the credit agreement.

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

In the normal course of business, the Series invests in securities or other instruments and may enter into certain transactions, and such activities subject the Series 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 or 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 Series and its investments. The Series' prospectus provides details of the risks to which the Series is subject.

The Series 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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

**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 Series may invest in illiquid investments. An illiquid investment is any investment that the Series 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 Series 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 Series' 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 Series may lose value, regardless of the individual results of the securities and other instruments in which the Series invests. The Series'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 Series could receive upon the sale of any particular portfolio investment may differ from the Series'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 Series'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 Series, and the Series could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Series 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 Series 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 Series to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Series' 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 Series.

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 Series 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 Series 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 Series.

**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 Series' portfolio are disclosed in its Schedule of Investments.

The Series 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 Series 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 Series 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.

Series Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Investors of Master Small Cap Index Series and the Board of Directors of Quantitative Master Series LLC:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Master Small Cap Index Series of Quantitative Master Series LLC (the "Fund"), including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2026

We have served as the auditor of one or more BlackRock investment companies since 1992.

2025 BlackRock Annual Financial Statements and Additional Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

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

Compensation to the independent directors/trustees of the Corporation and the Trust is paid by the Corporation and the Trust, on behalf of the Funds.

**Dividend Policy**

Each Fund's dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly/quarterly basis. In order to provide shareholders with a more stable level of dividend distributions, the distributions paid by a Fund for any particular month/quarter may be more or less than the amount of net investment income earned by a Fund during such month/quarter. The portion of distributions that exceeds a Fund current and accumulated earnings and profits, which are measured on a tax basis, will constitute a nontaxable return of capital. The Funds' current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

**General Information**

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

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

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

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

2. Select "Access Your Account"

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

**BlackRock's Mutual Fund Family**

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

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans**

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans**

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Additional Information

------

Additional Information (continued)

**Retirement Plans**

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

**Fund and Service Providers**

**Investment Adviser**

BlackRock Fund Advisors<sup>(a)</sup>

San Francisco, CA 94105

BlackRock Advisors, LLC<sup>(b)</sup>

Wilmington, DE 19809

**Administrator**

BlackRock Advisors, LLC<sup>(c)</sup>

Wilmington, DE 19809

**Sub-Adviser**

BlackRock Fund Advisors<sup>(b)</sup>

San Francisco, CA 94105

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

<sup>(a)</sup> For Municipal Bond Index.

<sup>(b)</sup> For Short-Term TIPS Bond Index, International Index, Small Cap Index and Master Small Cap Index Series.

<sup>(c)</sup> For International Index and Small Cap Index.

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

**Legal Counsel**

Ropes & Gray LLP

New York, NY 10036

**Address of the Funds/Corporation/Master LLC**

100 Bellevue Parkway

Wilmington, DE 19809

2025 BlackRock 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**  |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| ADR | American Depositary Receipt |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | AMBAC Assurance Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAM | Build America Mutual Assurance Co. |
| CAB | Capital Appreciation Bonds |
| COP | Certificates of Participation |
| CVR | Contingent Value Right |
| ETF | Exchange-Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| FTSE | Financial Times Stock Exchange |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| NPFGC | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| S/F | Single-Family |
| SAN | State Aid Notes  |
| SAW | State Aid Withholding |
| SCA | Societe en Commandite par Actions |
| UT | Unlimited Tax |

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Glossary of Terms Used in these Financial Statements

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Want to know more?

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the 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.

![](g763078img9169170f2.jpg)

![](g763078img38767d3b1.jpg)

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Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

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

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

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

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

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

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

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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 (the "Exchange Act").

&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 – See Item 2](#item2)

(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

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(a)(3) [Section 302 Certifications are attached](d763078dex99cert.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](d763078dex99906cert.htm)

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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 its behalf by the undersigned, thereunto duly authorized.

BlackRock Index Funds, Inc. and Quantitative Master Series LLC

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| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Index Funds, Inc. and Quantitative Master Series LLC |

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Date: February 24, 2026

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.

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| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Index Funds, Inc. and Quantitative Master Series LLC |

---

Date: February 24, 2026

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| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Index Funds, Inc. and Quantitative Master Series LLC |

---

Date: February 24, 2026

## 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 Index Funds, Inc. and Quantitative Master Series LLC, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Index Funds, Inc. and Quantitative Master Series LLC;

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 directors (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: February 24, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Index Funds, Inc. and Quantitative Master Series LLC

------

**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 Index Funds, Inc. and Quantitative Master Series LLC, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Index Funds, Inc. and Quantitative Master Series LLC;

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 directors (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: February 24, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Index Funds, Inc. and Quantitative Master Series LLC

## 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 Index Funds, Inc. and Quantitative Master Series LLC (the "Registrants"), hereby certifies, to the best of their knowledge, that the Registrants' Report on Form N-CSR for the period ended December 31, 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: February 24, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Index Funds, Inc. and Quantitative Master Series LLC

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Index Funds, Inc. and Quantitative Master Series LLC (the "Registrants"), hereby certifies, to the best of their knowledge, that the Registrants' Report on Form N-CSR for the period ended December 31, 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: February 24, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Index Funds, Inc. and Quantitative Master Series LLC

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**.**