# EDGAR Filing Document

**Accession Number:** 0001025836
**File Stem:** 0001193125-25-196028
**Filing Date:** 2025-9
**Character Count:** 620351
**Document Hash:** a23e5ffabfb4167b842158f2b669297c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196028.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-196028

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07885
- **FILM NUMBER:** 251293406

**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:

6/30/2025

Item 1 — Report to Stockholders

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

![TSR - BLK Retail Logo](g117616images_5145.jpg)

### iShares MSCI EAFE International Index Fund

### Institutional Shares \| MAIIX

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

------

This semi-annual shareholder report contains important information about iShares MSCI EAFE International Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months ?
(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 | $5 | 0.09%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12110785950 |
| Number of Portfolio Holdings | &nbsp;&nbsp;703 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 21.4% |
| United Kingdom | 11.2% |
| Germany | 10.2% |
| France | 9.3% |
| Switzerland | 7.7% |
| United States | 7.6% |
| Australia | 6.8% |
| Netherlands | 4.2% |
| Spain | 3.1% |
| Italy | 3.1% |
| Other<sup>#</sup> | 14.3% |
| Other Assets Less Liabilities | 1.1% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| SAP SE | 1.7% |
| ASML Holding NV | 1.6% |
| Nestle SA, Class N | 1.3% |
| Novartis AG, Class N | 1.2% |
| Roche Holding AG | 1.2% |
| Novo Nordisk A/S, Class B | 1.2% |
| AstraZeneca PLC | 1.1% |
| HSBC Holdings PLC | 1.1% |
| Shell PLC | 1.1% |
| Commonwealth Bank of Australia | 1.1% |

---

<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**.

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](g117616images_5144.jpg)

iShares MSCI EAFE International Index Fund

Institutional Shares \| MAIIX

Semi-Annual Shareholder Report — June 30, 2025

MAIIX-06/25-SAR

![TSR - BLK Retail Logo](g117616images_5145.jpg)

### iShares MSCI EAFE International Index Fund

### Investor A Shares \| MDIIX

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

------

This semi-annual shareholder report contains important information about iShares MSCI EAFE International Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months ?
(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 | $19 | 0.34%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12110785950 |
| Number of Portfolio Holdings | &nbsp;&nbsp;703 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 21.4% |
| United Kingdom | 11.2% |
| Germany | 10.2% |
| France | 9.3% |
| Switzerland | 7.7% |
| United States | 7.6% |
| Australia | 6.8% |
| Netherlands | 4.2% |
| Spain | 3.1% |
| Italy | 3.1% |
| Other<sup>#</sup> | 14.3% |
| Other Assets Less Liabilities | 1.1% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| SAP SE | 1.7% |
| ASML Holding NV | 1.6% |
| Nestle SA, Class N | 1.3% |
| Novartis AG, Class N | 1.2% |
| Roche Holding AG | 1.2% |
| Novo Nordisk A/S, Class B | 1.2% |
| AstraZeneca PLC | 1.1% |
| HSBC Holdings PLC | 1.1% |
| Shell PLC | 1.1% |
| Commonwealth Bank of Australia | 1.1% |

---

<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**.

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](g117616images_5144.jpg)

iShares MSCI EAFE International Index Fund

Investor A Shares \| MDIIX

Semi-Annual Shareholder Report — June 30, 2025

MDIIX-06/25-SAR

![TSR - BLK Retail Logo](g117616images_5145.jpg)

### iShares MSCI EAFE International Index Fund

### Investor P Shares \| BTMPX

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

------

This semi-annual shareholder report contains important information about iShares MSCI EAFE International Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months ?
(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 | $19 | 0.34%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12110785950 |
| Number of Portfolio Holdings | &nbsp;&nbsp;703 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 21.4% |
| United Kingdom | 11.2% |
| Germany | 10.2% |
| France | 9.3% |
| Switzerland | 7.7% |
| United States | 7.6% |
| Australia | 6.8% |
| Netherlands | 4.2% |
| Spain | 3.1% |
| Italy | 3.1% |
| Other<sup>#</sup> | 14.3% |
| Other Assets Less Liabilities | 1.1% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| SAP SE | 1.7% |
| ASML Holding NV | 1.6% |
| Nestle SA, Class N | 1.3% |
| Novartis AG, Class N | 1.2% |
| Roche Holding AG | 1.2% |
| Novo Nordisk A/S, Class B | 1.2% |
| AstraZeneca PLC | 1.1% |
| HSBC Holdings PLC | 1.1% |
| Shell PLC | 1.1% |
| Commonwealth Bank of Australia | 1.1% |

---

<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**.

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](g117616images_5144.jpg)

iShares MSCI EAFE International Index Fund

Investor P Shares \| BTMPX

Semi-Annual Shareholder Report — June 30, 2025

BTMPX-06/25-SAR

![TSR - BLK Retail Logo](g117616images_5145.jpg)

### iShares MSCI EAFE International Index Fund

### Class G Shares \| BTMGX

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

------

This semi-annual shareholder report contains important information about iShares MSCI EAFE International Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months ?
(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 | $2 | 0.03%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12110785950 |
| Number of Portfolio Holdings | &nbsp;&nbsp;703 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 21.4% |
| United Kingdom | 11.2% |
| Germany | 10.2% |
| France | 9.3% |
| Switzerland | 7.7% |
| United States | 7.6% |
| Australia | 6.8% |
| Netherlands | 4.2% |
| Spain | 3.1% |
| Italy | 3.1% |
| Other<sup>#</sup> | 14.3% |
| Other Assets Less Liabilities | 1.1% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| SAP SE | 1.7% |
| ASML Holding NV | 1.6% |
| Nestle SA, Class N | 1.3% |
| Novartis AG, Class N | 1.2% |
| Roche Holding AG | 1.2% |
| Novo Nordisk A/S, Class B | 1.2% |
| AstraZeneca PLC | 1.1% |
| HSBC Holdings PLC | 1.1% |
| Shell PLC | 1.1% |
| Commonwealth Bank of Australia | 1.1% |

---

<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**.

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](g117616images_5144.jpg)

iShares MSCI EAFE International Index Fund

Class G Shares \| BTMGX

Semi-Annual Shareholder Report — June 30, 2025

BTMGX-06/25-SAR

![TSR - BLK Retail Logo](g117616images_5145.jpg)

### iShares MSCI EAFE International Index Fund

### Class K Shares \| BTMKX

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

------

This semi-annual shareholder report contains important information about iShares MSCI EAFE International Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months ?
(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 | $2 | 0.04%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12110785950 |
| Number of Portfolio Holdings | &nbsp;&nbsp;703 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 21.4% |
| United Kingdom | 11.2% |
| Germany | 10.2% |
| France | 9.3% |
| Switzerland | 7.7% |
| United States | 7.6% |
| Australia | 6.8% |
| Netherlands | 4.2% |
| Spain | 3.1% |
| Italy | 3.1% |
| Other<sup>#</sup> | 14.3% |
| Other Assets Less Liabilities | 1.1% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| SAP SE | 1.7% |
| ASML Holding NV | 1.6% |
| Nestle SA, Class N | 1.3% |
| Novartis AG, Class N | 1.2% |
| Roche Holding AG | 1.2% |
| Novo Nordisk A/S, Class B | 1.2% |
| AstraZeneca PLC | 1.1% |
| HSBC Holdings PLC | 1.1% |
| Shell PLC | 1.1% |
| Commonwealth Bank of Australia | 1.1% |

---

<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**.

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](g117616images_5144.jpg)

iShares MSCI EAFE International Index Fund

Class K Shares \| BTMKX

Semi-Annual Shareholder Report — June 30, 2025

BTMKX-06/25-SAR

![TSR - BLK Retail Logo](g117616images_5145.jpg)

### iShares Russell 2000 Small-Cap Index Fund

### Institutional Shares \| MASKX

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

------

This semi-annual shareholder report contains important information about iShares Russell 2000 Small-Cap Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the 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 six months ?
(based on a hypothetical $10,000 investment)

---

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

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2756036586 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Series | &nbsp;&nbsp;15% |

---

Additional information

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

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

![TSR - BLK Retail Logo Footer](g117616images_5144.jpg)

iShares Russell 2000 Small-Cap Index Fund

Institutional Shares \| MASKX

Semi-Annual Shareholder Report — June 30, 2025

MASKX-06/25-SAR

![TSR - BLK Retail Logo](g117616images_5145.jpg)

### iShares Russell 2000 Small-Cap Index Fund

### Investor A Shares \| MDSKX

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

------

This semi-annual shareholder report contains important information about iShares Russell 2000 Small-Cap Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the 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 six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** |
| Investor A Shares | $18(a) 0.37%<sup>(a)(b)</sup> |

---

<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> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2756036586 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Series | &nbsp;&nbsp;15% |

---

Additional information

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

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

![TSR - BLK Retail Logo Footer](g117616images_5144.jpg)

iShares Russell 2000 Small-Cap Index Fund

Investor A Shares \| MDSKX

Semi-Annual Shareholder Report — June 30, 2025

MDSKX-06/25-SAR

![TSR - BLK Retail Logo](g117616images_5145.jpg)

### iShares Russell 2000 Small-Cap Index Fund

### Investor P Shares \| BDBPX

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

------

This semi-annual shareholder report contains important information about iShares Russell 2000 Small-Cap Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the 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 six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** |
| Investor P Shares | $18(a) 0.37%<sup>(a)(b)</sup> |

---

<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> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2756036586 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Series | &nbsp;&nbsp;15% |

---

Additional information

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

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

![TSR - BLK Retail Logo Footer](g117616images_5144.jpg)

iShares Russell 2000 Small-Cap Index Fund

Investor P Shares \| BDBPX

Semi-Annual Shareholder Report — June 30, 2025

BDBPX-06/25-SAR

![TSR - BLK Retail Logo](g117616images_5145.jpg)

### iShares Russell 2000 Small-Cap Index Fund

### Class K Shares \| BDBKX

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

------

This semi-annual shareholder report contains important information about iShares Russell 2000 Small-Cap Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. The Fund invests all of its assets in the 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 six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** |
| Class K Shares | $3(a) 0.07%<sup>(a)(b)</sup> |

---

<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> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2756036586 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Portfolio Turnover Rate of the Series | &nbsp;&nbsp;15% |

---

Additional information

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

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

![TSR - BLK Retail Logo Footer](g117616images_5144.jpg)

iShares Russell 2000 Small-Cap Index Fund

Class K Shares \| BDBKX

Semi-Annual Shareholder Report — June 30, 2025

BDBKX-06/25-SAR

![TSR - BLK Retail Logo](g117616images_5145.jpg)

### Master Small Cap Index Series

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

------

This semi-annual shareholder report contains important information about Master Small Cap Index Series (the "Series") for the period of January 1, 2025 to June 30, 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 six months ?
(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 | $1 | 0.02%(a) |

---

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

---

| | |
|:---|:---|
| **Key Series statistics** |  |
| Net Assets | &nbsp;&nbsp;$4389661376 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2157 |
| Portfolio Turnover Rate | &nbsp;&nbsp;15% |

---

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

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Financials | 19.1% |
| Industrials | 17.0% |
| Health Care | 15.8% |
| Information Technology | 14.5% |
| Consumer Discretionary | 10.0% |
| Real Estate | 6.0% |
| Energy | 4.8% |
| Materials | 3.8% |
| Utilities | 3.2% |
| Communication Services | 2.7% |
| Other\* | 2.8% |
| Short-Term Securities | 9.4% |
| Liabilities in Excess of Other Assets | (9.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)(c)</sup>* | *Percent of<br> Net Assets* |
| iShares Russell 2000 ETF | 0.6% |
| Credo Technology Group Holding Ltd. | 0.5% |
| Fabrinet | 0.4% |
| IonQ, Inc. | 0.4% |
| Hims & Hers Health, Inc., Class A | 0.4% |
| HealthEquity, Inc. | 0.4% |
| Ensign Group, Inc. | 0.3% |
| Fluor Corp. | 0.3% |
| Blueprint Medicines Corp. | 0.3% |
| AeroVironment, Inc. | 0.3% |

---

---

| |
|:---|
| <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](g117616images_5144.jpg)

Master Small Cap Index Series

Semi-Annual Shareholder Report — June 30, 2025

06/25-SAR

------

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

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

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

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

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments

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

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

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

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

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

------

![](g117616img1a92b4721.jpg)

June 30, 2025

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

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

---

| |
|:---|
| **BlackRock Funds**<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>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_RskDeriv-Footer-FundBookName-919_1)  | 3 |
| [Fund Schedules of Investments](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_SOI-Footer-FundBookName-891_1)  | 4 |
| [Fund Statements of Assets and Liabilities](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_FS-Footer-FundBookName-891_1)  | 23 |
| [Fund Statements of Operations](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_FS-Footer-FundBookName-891_3)  | 25 |
| [Fund Statements of Changes in Net Assets](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_FS-Footer-FundBookName-891_5)  | 27 |
| [Fund Financial Highlights](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_FIHI-Footer-FundBookName-891_1)  | 29 |
| [Fund Notes to Financial Statements](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_NTF-Footer-FundBookName-891_1)  | 45 |
| [Series Schedule of Investments](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_MAST-Footer-FundBookName-895_1)  | 58 |
| [Series Statement of Assets and Liabilities](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_MstFS-Footer-FundBookName-895_1)  | 83 |
| [Series Statement of Operations](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_MstFS-Footer-FundBookName-895_2)  | 84 |
| [Series Statements of Changes in Net Assets](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_MstFS-Footer-FundBookName-895_3)  | 85 |
| [Series Financial Highlights](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_MstFIHI-Footer-FundBookName-895_1)  | 86 |
| [Series Notes to Financial Statements](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_MstNTF-Footer-FundBookName-895_1)  | 87 |
| [Additional Information](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_ADDInfo-Footer-FundBookName-919_1)  | 95 |
| [Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_IAA1-Footer-FundBookName-806_1)  | 97 |
| [Glossary of Terms Used in these Financial Statements](#xx_d2559bc0-b902-4b4e-8ad0-c4dcb392f25e_Terms-Footer-FundBookName-919_1)  | 101 |

---

------

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

------

Schedule of Investments (unaudited)

June 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 6.2%** | **Alabama — 6.2%** |  |
| **Corporate**<sup>(a)</sup> **— 3.2%** | **Corporate**<sup>(a)</sup> **— 3.2%** |  |
| Black Belt Energy Gas District, RB |  |  |
| Series A, 4.00%, 12/01/52 | $1000 | $992640 |
| Series B, 4.00%, 10/01/52 | 500 | 501261 |
| Series B, 5.00%, 10/01/55 | 1000 | 1052795 |
| Series D, 5.00%, 03/01/55 | 1000 | 1058008 |
| Energy Southeast A Cooperative District, RB, Series B, <br> 5.25%, 07/01/54<br>| 500 | 534866 |
| Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<br>| 500 | 527090 |
| Southeast Energy Authority A Cooperative District, RB |  |  |
| Series A, 5.25%, 01/01/54 | 1000 | 1048930 |
| Series C, 5.00%, 10/01/55 | 1000 | 1053849 |
|  |  | 6769439 |
| **State — 0.2%** | **State — 0.2%** |  |
| Alabama Public School and College Authority, Refunding <br> RB, Series A, Sustainability Bonds, 4.00%, 11/01/38<br>| 395 | 386881 |
| **Transportation — 0.5%** | **Transportation — 0.5%** |  |
| Alabama Federal Aid Highway Finance Authority, <br> Refunding RB, Series B, 5.00%, 09/01/32<br>| 1000 | 1130960 |
| **Utilities — 2.3%** | **Utilities — 2.3%** |  |
| County of Jefferson Alabama Sewer Revenue, Refunding <br> RB<br>|  |  |
| 5.00%, 10/01/32 | 530 | 580474 |
| 5.50%, 10/01/53 | 415 | 425418 |
| Southeast Energy Authority A Cooperative District, RB |  |  |
| Series A, 5.00%, 11/01/35 | 2250 | 2324570 |
| Series A, 5.00%, 01/01/56<sup>(a)</sup> | 1000 | 1020329 |
| Series B, 5.25%, 03/01/55<sup>(a)</sup> | 500 | 522348 |
|  |  | 4873139 |
| **Total Municipal Bonds in Alabama** | **Total Municipal Bonds in Alabama** | 13160419 |
| **Arizona — 0.2%** | **Arizona — 0.2%** |  |
| **Education — 0.2%** | **Education — 0.2%** |  |
| Arizona Board of Regents, RB, Series A, Sustainability <br> Bonds, 5.00%, 07/01/54<br>| 500 | 506905 |
| **California — 14.9%** | **California — 14.9%** |  |
| **Corporate**<sup>(a)</sup> **— 1.7%** | **Corporate**<sup>(a)</sup> **— 1.7%** |  |
| California Community Choice Financing Authority, RB |  |  |
| Series B, Sustainability Bonds, 5.00%, 01/01/55 | 1000 | 1033096 |
| Series B-1, Sustainability Bonds, 4.00%, 02/01/52 | 500 | 496958 |
| Series G, Sustainability Bonds, 5.00%, 11/01/55 | 1000 | 1031839 |
| Series H, Sustainability Bonds, 5.00%, 01/01/56 | 1000 | 1072011 |
|  |  | 3633904 |
| **County/City/Special District/School District — 2.4%** | **County/City/Special District/School District — 2.4%** |  |
| Contra Costa Community College District, GO, Series A, <br> Election 2014, 4.00%, 08/01/39<br>| 1000 | 968027 |
| El Camino Community College District Fountation, GO, <br> CAB, Series C, Election 2002, 0.00%, 08/01/38<sup>(b)</sup><br>| 680 | 397033 |
| Lodi Unified School District, GO, Series 2022, Election <br> 2016, 3.00%, 08/01/43<br>| 975 | 757212 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| Los Angeles County Facilities, Inc., RB, Series A, 4.00%, <br> 12/01/48<br>| 1000 | $916246 |
| Los Angeles Unified School District, GO, Series B-1, <br> Election 2008, 5.00%, 07/01/33<br>| 1500 | 1568246 |
| Poway Unified School District, Refunding GO, 0.00%, <br> 08/01/46<sup>(b)</sup><br>| 500 | 176401 |
| Sacramento City Financing Authority, Refunding RB, <br> Series E, (AMBAC), 5.25%, 12/01/30<br>| 250 | 274911 |
|  |  | 5058076 |
| **Education — 1.8%** | **Education — 1.8%** |  |
| California Educational Facilities Authority, RB<sup>(a)</sup> <br>|  |  |
| Series V-4, 5.00%, 03/01/55 | 220 | 247813 |
| Series V-5, 5.00%, 03/01/55 | 255 | 290961 |
| California Infrastructure & Economic Development Bank, <br> RB, Series B, 5.00%, 11/01/49<br>| 750 | 741931 |
| California Infrastructure & Economic Development Bank, <br> Refunding RB, Series A, Sustainability Bonds, 3.25%, <br> 08/01/29<br>| 1000 | 1005298 |
| California State University, Refunding RB |  |  |
| Series A, 4.00%, 11/01/35 | 500 | 500113 |
| Series A, 4.00%, 11/01/38 | 500 | 489275 |
| Series A, 5.00%, 11/01/43 | 540 | 540276 |
|  |  | 3815667 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| California Health Facilities Financing Authority, Refunding <br> RB, Series A, 5.00%, 08/15/51<br>| 1000 | 1017869 |
| **State — 4.3%** | **State — 4.3%** |  |
| California State Public Works Board, RB, Series A, 5.25%, <br> 04/01/42<br>| 1000 | 1085530 |
| California State Public Works Board, Refunding RB |  |  |
| Series B, 5.00%, 10/01/26<sup>(c)</sup> | 250 | 257231 |
| Series C, 5.00%, 09/01/28 | 500 | 537005 |
| State of California, Refunding GO |  |  |
| 5.00%, 08/01/26 | 540 | 541011 |
| 5.00%, 10/01/28 | 1000 | 1075385 |
| 5.00%, 08/01/31 | 1000 | 1021360 |
| 5.00%, 09/01/31 | 565 | 577888 |
| 4.00%, 09/01/32 | 250 | 251564 |
| 3.00%, 10/01/37 | 825 | 740879 |
| 5.00%, 08/01/39 | 1125 | 1229358 |
| 5.00%, 09/01/43 | 500 | 528404 |
| 3.00%, 04/01/52 | 1000 | 735188 |
| Series C, 5.00%, 09/01/28 | 500 | 501244 |
|  |  | 9082047 |
| **Transportation — 2.3%** | **Transportation — 2.3%** |  |
| Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/38 | 500 | 491292 |
| City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| AMT, Subordinate, 3.00%, 11/15/31<sup>(d)</sup> | 55 | 53694 |
| AMT, Subordinate, 3.00%, 05/15/40 | 1210 | 956254 |
| Foothill-Eastern Transportation Corridor Agency, RB, <br> Series A, Senior Lien, 4.00%, 01/15/46<br>| 1000 | 940836 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 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>(b)</sup> <br>|  |  |
| Series A, (AG), 0.00%, 01/15/36 | 500 | $338996 |
| Series A, (AG), 0.00%, 01/15/37 | 1000 | 644262 |
| Riverside County Transportation Commission, Refunding <br> RB, Series B1, Senior Lien, 4.00%, 06/01/37<br>| 1154 | 1133035 |
| 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 | 465517 |
|  |  | 5023886 |
| **Utilities — 1.9%** | **Utilities — 1.9%** |  |
| California Municipal Finance Authority, RB, Series A, AMT, <br> 4.10%, 12/01/44<sup>(a)</sup><br>| 1000 | 1000071 |
| Central Valley Energy Authority, RB, 5.00%, 12/01/55<sup>(a)</sup> | 500 | 532947 |
| Los Angeles Department of Water & Power, RB, Series B, <br> 5.00%, 07/01/47<br>| 200 | 202729 |
| Los Angeles Department of Water & Power, Refunding RB |  |  |
| Series A, 5.00%, 07/01/28 | 250 | 262823 |
| Series A, 5.00%, 07/01/29 | 835 | 888909 |
| Series B, 5.00%, 07/01/38 | 675 | 714536 |
| San Diego Public Facilities Financing Authority, Refunding <br> RB, Series A, Subordinate, 5.00%, 08/01/43<br>| 500 | 505065 |
|  |  | 4107080 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | 31738529 |
| **Colorado — 2.4%** | **Colorado — 2.4%** |  |
| **County/City/Special District/School District — 0.3%** | **County/City/Special District/School District — 0.3%** |  |
| Adams & Arapahoe Joint School District 28J Aurora, GO, <br> (SAW), 5.50%, 12/01/39<br>| 500 | 570511 |
| **Health — 0.4%** | **Health — 0.4%** |  |
| Colorado Health Facilities Authority, Refunding RB, <br> Series A, 5.00%, 08/01/44<br>| 1000 | 984859 |
| **State — 0.5%** | **State — 0.5%** |  |
| State of Colorado, COP |  |  |
| Series A, 5.00%, 11/01/49 | 535 | 550484 |
| Series N, 4.00%, 03/15/43 | 500 | 452785 |
|  |  | 1003269 |
| **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 | 1020728 |
| Series D, AMT, 5.50%, 11/15/29 | 1000 | 1089572 |
| E-470 Public Highway Authority, Refunding RB, Series A, <br> (NPFGC), 0.00%, 09/01/28<sup>(b)</sup><br>| 500 | 452868 |
|  |  | 2563168 |
| **Total Municipal Bonds in Colorado** | **Total Municipal Bonds in Colorado** | 5121807 |
| **Connecticut — 1.8%** | **Connecticut — 1.8%** |  |
| **State — 1.6%** | **State — 1.6%** |  |
| State of Connecticut Special Tax Revenue, RB |  |  |
| Series A, 4.00%, 05/01/36 | 1000 | 998489 |
| Series A, 4.00%, 05/01/39 | 500 | 481269 |
| State of Connecticut, GO |  |  |
| Series B, 5.00%, 06/15/28 | 400 | 400627 |
| Series B, 4.00%, 06/15/33 | 850 | 850635 |
| Series G, Sustainability Bonds, 3.00%, 11/15/42 | 100 | 78454 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **State (continued)** | **State (continued)** |  |
| State of Connecticut, GO (continued) |  |  |
| Series G, Sustainability Bonds, 3.00%, 11/15/43 | 100 | $76875 |
| State of Connecticut, Refunding GO, Series E, 5.00%, <br> 09/01/32<br>| 500 | 563869 |
|  |  | 3450218 |
| **Transportation — 0.2%** | **Transportation — 0.2%** |  |
| State of Connecticut Special Tax Revenue, RB, Series A, <br> 4.00%, 09/01/36<br>| 430 | 424194 |
| **Total Municipal Bonds in Connecticut** | **Total Municipal Bonds in Connecticut** | 3874412 |
| **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>| 970 | 1057462 |
| **District of Columbia — 2.3%** | **District of Columbia — 2.3%** |  |
| **County/City/Special District/School District — 0.1%** | **County/City/Special District/School District — 0.1%** |  |
| District of Columbia Income Tax Revenue, Refunding RB, <br> Series A, 3.00%, 03/01/41<br>| 290 | 235466 |
| **State — 0.5%** | **State — 0.5%** |  |
| District of Columbia, GO, Series D, 4.00%, 06/01/34 | 1000 | 1000394 |
| **Transportation — 1.2%** | **Transportation — 1.2%** |  |
| Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 4.00%, <br> 10/01/51<br>| 1500 | 1268734 |
| Washington Metropolitan Area Transit Authority Dedicated <br> Revenue, RB, Series A, 4.00%, 07/15/45<br>| 1500 | 1336242 |
|  |  | 2604976 |
| **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 | 986681 |
| **Total Municipal Bonds in District of Columbia** | **Total Municipal Bonds in District of Columbia** | 4827517 |
| **Florida — 4.4%** | **Florida — 4.4%** |  |
| **County/City/Special District/School District — 2.1%** | **County/City/Special District/School District — 2.1%** |  |
| City of Hollywood Florida, GO, 5.00%, 07/01/47 | 500 | 508577 |
| County of Miami-Dade Florida Transit System, RB, <br> Series A, 4.00%, 07/01/50<br>| 1500 | 1282090 |
| Florida Insurance Assistance Interlocal Agency, Inc., <br> Refunding RB<br>|  |  |
| Series A-1, 5.00%, 09/01/26 | 500 | 506272 |
| Series A-1, 5.00%, 09/01/28 | 500 | 511524 |
| Orange County School Board, COP, Series A, 5.00%, <br> 08/01/33<br>| 940 | 1051473 |
| School Board of Miami-Dade County, Refunding COP, <br> Series D, 5.00%, 02/01/27<br>| 500 | 505575 |
|  |  | 4365511 |
| **Education — 0.3%** | **Education — 0.3%** |  |
| Miami-Dade County Educational Facilities Authority, <br> Refunding RB, Series A, 5.25%, 04/01/47<br>| 565 | 575376 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| City of Tampa Florida, RB, Series B, 5.00%, 07/01/50 | 1000 | 993132 |
| **Transportation — 1.3%** | **Transportation — 1.3%** |  |
| Central Florida Expressway Authority, Refunding RB, <br> Series B, Senior Lien, 5.00%, 07/01/26<sup>(d)</sup><br>| 1000 | 1023020 |
| County of Lee Florida Airport Revenue, ARB, AMT, 5.25%, <br> 10/01/54<br>| 500 | 500714 |

---

Fund Schedules of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| Greater Orlando Aviation Authority, ARB |  |  |
| Series A, AMT, 5.00%, 10/01/33 | 500 | $510034 |
| Series A, AMT, 5.00%, 10/01/54 | 850 | 838466 |
|  |  | 2872234 |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| Tampa Bay Water, RB, Series A, 5.25%, 10/01/54 | 500 | 520052 |
| **Total Municipal Bonds in Florida** | **Total Municipal Bonds in Florida** | 9326305 |
| **Georgia — 1.9%** | **Georgia — 1.9%** |  |
| **Corporate — 1.2%** | **Corporate — 1.2%** |  |
| Main Street Natural Gas, Inc., RB |  |  |
| Series A, 5.00%, 05/15/49 | 375 | 374718 |
| Series A, 5.00%, 05/01/54<sup>(a)</sup> | 1000 | 1056717 |
| Series B, 5.00%, 12/01/54<sup>(a)</sup> | 500 | 528398 |
| Series D, 5.00%, 04/01/54<sup>(a)</sup> | 500 | 530171 |
|  |  | 2490004 |
| **Education — 0.2%** | **Education — 0.2%** |  |
| Private Colleges & Universities Authority, Refunding RB, <br> Series A, 5.00%, 09/01/29<br>| 410 | 443302 |
| **State — 0.3%** | **State — 0.3%** |  |
| State of Georgia, GO, Series A, 5.00%, 02/01/29 | 650 | 658477 |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| Municipal Electric Authority of Georgia, Refunding RB, <br> Series A, Subordinate, 5.00%, 01/01/36<br>| 325 | 355363 |
| **Total Municipal Bonds in Georgia** | **Total Municipal Bonds in Georgia** | 3947146 |
| **Illinois — 7.4%** | **Illinois — 7.4%** |  |
| **County/City/Special District/School District — 1.0%** | **County/City/Special District/School District — 1.0%** |  |
| City of Chicago Illinois, GO |  |  |
| Series A, 5.50%, 01/01/39 | 150 | 154316 |
| Series A, 5.25%, 01/01/45 | 600 | 583522 |
| City of Chicago Illinois, Refunding GO |  |  |
| Series A, 5.00%, 11/15/25 | 170 | 171132 |
| Series B, 5.00%, 01/01/33 | 500 | 529798 |
| Series B, 5.00%, 01/01/34 | 675 | 714835 |
|  |  | 2153603 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| Illinois Finance Authority, Refunding RB, 5.00%, 12/01/40 | 1000 | 1000765 |
| **State — 3.4%** | **State — 3.4%** |  |
| Metropolitan Pier & Exposition Authority, Refunding RB<sup>(b)</sup> <br>|  |  |
| Series B, (AG), 0.00%, 06/15/44 | 1000 | 382133 |
| Series B, (AG), 0.00%, 06/15/46 | 1105 | 378267 |
| State of Illinois Sales Tax Revenue, RB, Series A, 5.00%, <br> 06/15/29<br>| 1000 | 1069699 |
| State of Illinois, GO |  |  |
| 5.50%, 05/01/30 | 500 | 529097 |
| Series B, 5.00%, 05/01/34 | 530 | 576061 |
| Series C, 5.00%, 11/01/29 | 1000 | 1033742 |
| Series D, 5.00%, 11/01/26 | 500 | 512241 |
| State of Illinois, Refunding GO |  |  |
| 5.00%, 02/01/32 | 500 | 541518 |
| 5.00%, 02/01/39 | 1500 | 1565005 |
| Series A, 5.00%, 10/01/28 | 500 | 525395 |
| Series D, 5.00%, 07/01/34 | 190 | 203289 |
|  |  | 7316447 |
| **Transportation — 2.0%** | **Transportation — 2.0%** |  |
| Chicago O'Hare International Airport, Refunding ARB |  |  |
| Series B, Senior Lien, 4.00%, 01/01/44 | 1000 | 886541 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| Chicago O'Hare International Airport, Refunding <br> ARB (continued)<br>|  |  |
| Series B, Senior Lien, 5.00%, 01/01/48 | 1000 | $1000183 |
| Chicago Transit Authority Capital Grant Receipts <br> Revenue, Refunding RB, 5.00%, 06/01/28<br>| 190 | 198720 |
| Illinois State Toll Highway Authority, RB, Series B, 5.00%, <br> 01/01/41<br>| 1000 | 993958 |
| Illinois State Toll Highway Authority, Refunding RB, <br> Series A, 5.00%, 01/01/30<br>| 250 | 267632 |
| Regional Transportation Authority, RB, Series A, (AG), <br> 5.75%, 06/01/34<br>| 730 | 822749 |
|  |  | 4169783 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| Illinois Finance Authority, RB, Sustainability Bonds, 5.00%, <br> 07/01/36<br>| 1085 | 1162184 |
| **Total Municipal Bonds in Illinois** | **Total Municipal Bonds in Illinois** | 15802782 |
| **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 | 435567 |
| **Health — 0.2%** | **Health — 0.2%** |  |
| Indiana Finance Authority, Refunding RB, 5.25%, <br> 03/01/54<br>| 500 | 496432 |
| **Total Municipal Bonds in Indiana** | **Total Municipal Bonds in Indiana** | 931999 |
| **Kansas — 1.0%** | **Kansas — 1.0%** |  |
| **Health — 0.3%** | **Health — 0.3%** |  |
| University of Kansas Hospital Authority, Refunding RB |  |  |
| Series A, 5.00%, 03/01/27<sup>(d)</sup> | 155 | 160647 |
| Series A, 5.00%, 03/01/47 | 425 | 423730 |
|  |  | 584377 |
| **Transportation — 0.7%** | **Transportation — 0.7%** |  |
| State of Kansas Department of Transportation, RB |  |  |
| Series B, 5.00%, 09/01/27 | 1000 | 1003120 |
| Series B, 5.00%, 09/01/34 | 500 | 501560 |
|  |  | 1504680 |
| **Total Municipal Bonds in Kansas** | **Total Municipal Bonds in Kansas** | 2089057 |
| **Kentucky — 1.4%** | **Kentucky — 1.4%** |  |
| **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 | 24893 |
| Kentucky Public Energy Authority, Refunding RB, <br> Series B, 5.00%, 01/01/55<sup>(a)</sup><br>| 500 | 528273 |
| Louisville/Jefferson County Metropolitan Government, <br> Refunding RB, 2.00%, 10/01/33<br>| 400 | 332317 |
|  |  | 885483 |
| **County/City/Special District/School District — 0.2%** | **County/City/Special District/School District — 0.2%** |  |
| Scott County School District Finance Corp., RB, (BAM), <br> 5.00%, 09/01/41<br>| 500 | 517924 |
| **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>| 500 | 550567 |
| **Transportation — 0.2%** | **Transportation — 0.2%** |  |
| Kenton County Airport Board, ARB, Series A, AMT, 5.25%, <br> 01/01/54<br>| 500 | 505150 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utilities — 0.3%** | **Utilities — 0.3%** |  |
| Louisville and Jefferson County Metropolitan Sewer <br> District, Refunding RB, Series A, 5.00%, 05/15/37<br>| $500 | $545306 |
| **Total Municipal Bonds in Kentucky** | **Total Municipal Bonds in Kentucky** | 3004430 |
| **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 | 1247214 |
| **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 | 508778 |
| **Maryland — 1.6%** | **Maryland — 1.6%** |  |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| Maryland Community Development Administration, <br> Refunding RB, S/F Housing, Series E, Sustainability <br> Bonds, (FHLMC, FNMA, GNMA), 6.25%, 03/01/54<br>| 935 | 1013786 |
| **State — 0.2%** | **State — 0.2%** |  |
| State of Maryland, GO, Series A, 5.00%, 03/15/31 | 400 | 412713 |
| **Transportation — 0.9%** | **Transportation — 0.9%** |  |
| State of Maryland Department of Transportation, ARB |  |  |
| 4.00%, 12/15/28 | 405 | 405269 |
| 5.00%, 10/01/29 | 825 | 846651 |
| 4.00%, 11/01/29 | 695 | 695031 |
|  |  | 1946951 |
| **Total Municipal Bonds in Maryland** | **Total Municipal Bonds in Maryland** | 3373450 |
| **Massachusetts — 3.2%** | **Massachusetts — 3.2%** |  |
| **Education — 0.7%** | **Education — 0.7%** |  |
| Massachusetts Development Finance Agency, Refunding <br> RB<br>|  |  |
| Series B, 5.00%, 02/15/33 | 530 | 592405 |
| Series B, 5.00%, 02/15/34 | 455 | 511432 |
| Series B, 4.00%, 02/15/36 | 485 | 495427 |
|  |  | 1599264 |
| **Health — 1.0%** | **Health — 1.0%** |  |
| Massachusetts Development Finance Agency, RB |  |  |
| 5.00%, 07/01/32 | 500 | 547888 |
| 5.00%, 07/01/34 | 500 | 547221 |
| Massachusetts Development Finance Agency, Refunding <br> RB, 5.00%, 07/01/34<br>| 1000 | 1029226 |
|  |  | 2124335 |
| **State — 1.5%** | **State — 1.5%** |  |
| Commonwealth of Massachusetts, GOL |  |  |
| Series B, 3.00%, 02/01/48 | 1000 | 728398 |
| Series E, 4.00%, 04/01/46 | 530 | 479075 |
| Series G, 4.00%, 09/01/32 | 1325 | 1332385 |
| Commonwealth of Massachusetts, Refunding GOL, <br> Series A, (AMBAC), 5.50%, 08/01/30<br>| 500 | 557262 |
|  |  | 3097120 |
| **Total Municipal Bonds in Massachusetts** | **Total Municipal Bonds in Massachusetts** | 6820719 |
| **Michigan — 2.0%** | **Michigan — 2.0%** |  |
| **Education — 0.3%** | **Education — 0.3%** |  |
| University of Michigan, Refunding RB, 5.00%, 04/01/26<sup>(d)</sup> | 585 | 594601 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health — 0.5%** | **Health — 0.5%** |  |
| Michigan Finance Authority, Refunding RB, Series A, <br> 5.00%, 12/01/41<br>| $1000 | $1017559 |
| **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>| 1000 | 1097084 |
| Michigan State Housing Development Authority, <br> Refunding RB, S/F Housing, Series B, Sustainability <br> Bonds, 5.75%, 06/01/54<br>| 220 | 235120 |
|  |  | 1332204 |
| **State — 0.6%** | **State — 0.6%** |  |
| Michigan State Building Authority, Refunding RB |  |  |
| Series I, 5.00%, 10/15/30 | 250 | 256196 |
| Series I, 5.00%, 10/15/32 | 250 | 255537 |
| Series I, 3.00%, 10/15/51 | 1000 | 705124 |
|  |  | 1216857 |
| **Total Municipal Bonds in Michigan** | **Total Municipal Bonds in Michigan** | 4161221 |
| **Minnesota — 0.5%** | **Minnesota — 0.5%** |  |
| **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>| 995 | 1109365 |
| **Missouri — 0.6%** | **Missouri — 0.6%** |  |
| **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 | 110911 |
| **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>| 985 | 1052805 |
| **Total Municipal Bonds in Missouri** | **Total Municipal Bonds in Missouri** | 1163716 |
| **Nevada — 0.2%** | **Nevada — 0.2%** |  |
| **County/City/Special District/School District — 0.2%** | **County/City/Special District/School District — 0.2%** |  |
| Washoe County School District, GOL, Series A, 4.00%, <br> 10/01/54<br>| 490 | 417481 |
| **New Hampshire — 0.3%** | **New Hampshire — 0.3%** |  |
| **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>| 500 | 565311 |
| **New Jersey — 3.7%** | **New Jersey — 3.7%** |  |
| **Education — 0.3%** | **Education — 0.3%** |  |
| New Jersey Educational Facilities Authority, RB, <br> Series A1, 5.00%, 03/01/36<br>| 650 | 725021 |
| **Health — 0.4%** | **Health — 0.4%** |  |
| New Jersey Health Care Facilities Financing Authority, <br> RB, 4.00%, 07/01/51<br>| 1000 | 871389 |
| **State — 1.7%** | **State — 1.7%** |  |
| Garden State Preservation Trust, RB, Series A, (AG), <br> 5.75%, 11/01/28<br>| 1000 | 1050982 |
| New Jersey Economic Development Authority, RB, <br> Series EEE, 5.00%, 06/15/48<br>| 1000 | 987048 |
| State of New Jersey, GO, Series A, 4.00%, 06/01/31 | 1500 | 1586184 |
|  |  | 3624214 |

---

Fund Schedules of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation — 1.3%** | **Transportation — 1.3%** |  |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| 5.00%, 12/15/28<sup>(d)</sup> | $175 | $188656 |
| 5.00%, 06/15/46 | 325 | 325078 |
| Series A, 0.00%, 12/15/32<sup>(b)</sup> | 250 | 191251 |
| Series AA, 3.00%, 06/15/50 | 1000 | 702122 |
| New Jersey Transportation Trust Fund Authority, RB, CAB, <br> Series A, 0.00%, 12/15/38<sup>(b)</sup><br>| 530 | 292619 |
| New Jersey Transportation Trust Fund Authority, <br> Refunding RB, Series A, 4.00%, 12/15/31<br>| 1000 | 1017358 |
|  |  | 2717084 |
| **Total Municipal Bonds in New Jersey** | **Total Municipal Bonds in New Jersey** | 7937708 |
| **New York — 15.9%** | **New York — 15.9%** |  |
| **County/City/Special District/School District — 3.9%** | **County/City/Special District/School District — 3.9%** |  |
| City of New York, GO |  |  |
| Series C, 4.00%, 08/01/40 | 1840 | 1745424 |
| Series D, 5.00%, 12/01/35 | 500 | 519895 |
| Series D, 4.00%, 12/01/41 | 1000 | 925556 |
| City of New York, Refunding GO, Sub-Series F-1, 5.00%, <br> 08/01/27<br>| 380 | 398485 |
| Nassau County Interim Finance Authority, Refunding RB, <br> Series A, 4.00%, 11/15/34<br>| 310 | 324255 |
| New York City Industrial Development Agency, Refunding <br> RB<br>|  |  |
| (AG), 5.00%, 03/01/30 | 360 | 389444 |
| (AG), 4.00%, 03/01/45 | 300 | 270761 |
| New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| Series A-1, 5.00%, 08/01/36 | 500 | 517388 |
| Subordinate, 4.00%, 05/01/42 | 1000 | 922931 |
| Series A-1, Subordinate, 4.00%, 08/01/38 | 1000 | 978653 |
| New York City Transitional Finance Authority Future Tax <br> Secured Revenue, Refunding RB, Series E-1, <br> Subordinate, 5.00%, 11/01/28<br>| 205 | 220442 |
| New York City Transitional Finance Authority, RB, <br> Series B, Subordinate, 5.00%, 05/01/35<br>| 170 | 188395 |
| New York City Transitional Finance Authority, Refunding <br> RB<br>|  |  |
| Series J-1, 5.00%, 11/01/30 | 305 | 338396 |
| Series G-1, Subordinate, 5.00%, 11/01/28 | 240 | 258078 |
| New York State Dormitory Authority, RB, (AG SAW), <br> 5.00%, 10/01/30<br>| 230 | 254293 |
| New York State Dormitory Authority, Refunding RB, <br> Series E, 5.00%, 09/15/28<sup>(d)</sup><br>| 5 | 5380 |
|  |  | 8257776 |
| **Education — 0.6%** | **Education — 0.6%** |  |
| New York State Dormitory Authority, RB, Series A, 4.00%, <br> 07/01/41<br>| 1000 | 925288 |
| New York State Dormitory Authority, Refunding RB, <br> Series A, 5.50%, 07/01/54<br>| 285 | 300311 |
|  |  | 1225599 |
| **State — 4.1%** | **State — 4.1%** |  |
| Empire State Development Corp., RB, Series A, Class A, <br> 4.00%, 03/15/47<br>| 1000 | 882117 |
| Empire State Development Corp., Refunding RB |  |  |
| Series A, 5.00%, 03/15/39 | 1000 | 1036056 |
| Series E, 3.00%, 03/15/47 | 715 | 520593 |
| Series E, 3.00%, 03/15/50 | 1130 | 802700 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **State (continued)** | **State (continued)** |  |
| 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 | $1451572 |
| New York State Dormitory Authority, RB, Series A, 5.00%, <br> 03/15/35<br>| 740 | 766089 |
| New York State Dormitory Authority, Refunding RB |  |  |
| Series A, 4.00%, 03/15/43 | 500 | 453208 |
| Series A, 3.00%, 03/15/51 | 1000 | 695551 |
| Series D, 4.00%, 02/15/47 | 1000 | 889732 |
| Series E, 3.00%, 03/15/41 | 1500 | 1201205 |
|  |  | 8698823 |
| **Transportation — 6.8%** | **Transportation — 6.8%** |  |
| Metropolitan Transportation Authority, RB |  |  |
| Series A, Sustainability Bonds, 4.00%, 11/15/48 | 500 | 422142 |
| Series D-1, Sustainability Bonds, 5.00%, 11/15/44 | 300 | 302471 |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| Series A, 5.00%, 11/15/44 | 1000 | 1013725 |
| Series B, 5.00%, 11/15/37 | 1075 | 1084970 |
| New York State Thruway Authority, Refunding RB |  |  |
| Series A-1, 4.00%, 03/15/44 | 1000 | 903639 |
| Series B, Subordinate, 4.00%, 01/01/50 | 1000 | 859546 |
| New York Transportation Development Corp., RB |  |  |
| AMT, Sustainability Bonds, 5.25%, 06/30/49 | 100 | 99534 |
| AMT, Sustainability Bonds, 5.50%, 06/30/60 | 1000 | 999862 |
| New York Transportation Development Corp., Refunding <br> RB<br>|  |  |
| Series A, AMT, Sustainability Bonds, 5.50%, 12/31/54 | 1000 | 1007385 |
| Series A, AMT, Sustainability Bonds, 5.50%, 12/31/60 | 2000 | 1999699 |
| Port Authority of New York & New Jersey, Refunding ARB |  |  |
| Series 238, AMT, 5.00%, 07/15/36 | 1545 | 1628986 |
| Series 238, AMT, 5.00%, 07/15/37 | 280 | 292214 |
| Triborough Bridge & Tunnel Authority, RB |  |  |
| Class A, 5.00%, 12/01/44 | 500 | 517882 |
| Series A, 4.00%, 11/15/42 | 215 | 194873 |
| Series A, 5.25%, 12/01/54 | 640 | 660468 |
| Triborough Bridge & Tunnel Authority, Refunding RB |  |  |
| Series A, 5.00%, 11/15/31 | 1000 | 1015854 |
| Series A, 5.00%, 11/15/40 | 600 | 600463 |
| Series B, 5.00%, 11/15/38 | 1000 | 1020509 |
|  |  | 14624222 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| Long Island Power Authority, Refunding RB, Series A, <br> 5.00%, 09/01/42<br>| 240 | 251883 |
| New York Power Authority, Refunding RB, Series A, <br> Sustainability Bonds, 4.00%, 11/15/50<br>| 1000 | 860623 |
|  |  | 1112506 |
| **Total Municipal Bonds in New York** | **Total Municipal Bonds in New York** | 33918926 |
| **North Carolina — 0.8%** | **North Carolina — 0.8%** |  |
| **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>| 1000 | 1096215 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation**<sup>(b)</sup> **— 0.3%** | **Transportation**<sup>(b)</sup> **— 0.3%** |  |
| North Carolina Turnpike Authority, RB, Series B, (AG), <br> 0.00%, 01/01/34<br>| $500 | $363136 |
| North Carolina Turnpike Authority, RB, CAB, 0.00%, <br> 01/01/49<br>| 1000 | 290234 |
|  |  | 653370 |
| **Total Municipal Bonds in North Carolina** | **Total Municipal Bonds in North Carolina** | 1749585 |
| **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>| 1000 | 1102973 |
| **Ohio — 1.0%** | **Ohio — 1.0%** |  |
| **Utilities — 1.0%** | **Utilities — 1.0%** |  |
| American Municipal Power, Inc., Refunding RB, 5.00%, <br> 02/15/33<br>| 1000 | 1074938 |
| Ohio Air Quality Development Authority, Refunding RB, <br> Series A, AMT, 4.25%, 11/01/39<sup>(a)</sup><br>| 1000 | 1010555 |
| **Total Municipal Bonds in Ohio** | **Total Municipal Bonds in Ohio** | 2085493 |
| **Oklahoma — 0.2%** | **Oklahoma — 0.2%** |  |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| Grand River Dam Authority, Refunding RB, Series A, <br> 5.00%, 06/01/42<br>| 500 | 522534 |
| **Pennsylvania — 5.3%** | **Pennsylvania — 5.3%** |  |
| **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 | 255311 |
| Pennsylvania Economic Development Financing Authority, <br> RB, AMT, 5.50%, 06/30/43<br>| 500 | 513851 |
|  |  | 769162 |
| **Health — 1.4%** | **Health — 1.4%** |  |
| Geisinger Authority, Refunding RB, 5.00%, 04/01/50 | 1000 | 988027 |
| Northampton County General Purpose Authority, <br> Refunding RB, Series A2, 5.00%, 08/15/34<br>| 975 | 1060868 |
| Pennsylvania Higher Educational Facilities Authority, RB, <br> 5.00%, 08/15/49<br>| 1000 | 990831 |
|  |  | 3039726 |
| **State — 1.3%** | **State — 1.3%** |  |
| Commonwealth of Pennsylvania, GO |  |  |
| 5.00%, 10/01/31 | 1000 | 1116894 |
| 5.00%, 10/01/40 | 500 | 527885 |
| Series 1, 5.00%, 03/15/29 | 1000 | 1000608 |
|  |  | 2645387 |
| **Transportation — 2.1%** | **Transportation — 2.1%** |  |
| Allegheny County Airport Authority, ARB, Series A, AMT, <br> (AG), 5.50%, 01/01/53<br>| 835 | 859995 |
| Delaware River Port Authority, ARB, Series A, 5.00%, <br> 01/01/39<br>| 125 | 129284 |
| Pennsylvania Economic Development Financing Authority, <br> RB<br>|  |  |
| 5.00%, 12/31/38 | 1000 | 996092 |
| AMT, (AG), 5.00%, 12/31/57 | 750 | 731114 |
| Pennsylvania Turnpike Commission, RB |  |  |
| Series A-1, 5.00%, 12/01/47 | 1000 | 1002654 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| Pennsylvania Turnpike Commission, RB (continued) |  |  |
| Series A, Subordinate, 4.00%, 12/01/46 | 425 | $380041 |
| Series A, Subordinate, 4.00%, 12/01/50 | 480 | 415080 |
|  |  | 4514260 |
| **Utilities — 0.1%** | **Utilities — 0.1%** |  |
| City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, RB, Series C, (AG), 5.25%, 09/01/54<br>| 215 | 222103 |
| **Total Municipal Bonds in Pennsylvania** | **Total Municipal Bonds in Pennsylvania** | 11190638 |
| **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 | 179089 |
| **South Carolina — 0.8%** | **South Carolina — 0.8%** |  |
| **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>| 500 | 565050 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| South Carolina Public Service Authority, Refunding RB |  |  |
| Series A, 4.00%, 12/01/40 | 750 | 704973 |
| Series A, 5.25%, 12/01/50 | 400 | 409011 |
| Series B, 5.00%, 12/01/28 | 40 | 42753 |
|  |  | 1156737 |
| **Total Municipal Bonds in South Carolina** | **Total Municipal Bonds in South Carolina** | 1721787 |
| **Texas — 7.8%** | **Texas — 7.8%** |  |
| **Corporate — 0.4%** | **Corporate — 0.4%** |  |
| Texas Municipal Gas Acquisition & Supply Corp. IV, RB, <br> Series A, 5.50%, 01/01/54<sup>(a)</sup><br>| 500 | 531093 |
| Texas Municipal Gas Acquisition and Supply Corp. I, RB, <br> Series D, Senior Lien, 6.25%, 12/15/26<br>| 255 | 261710 |
|  |  | 792803 |
| **County/City/Special District/School District — 1.3%** | **County/City/Special District/School District — 1.3%** |  |
| Dallas County Utility & Reclamation District, Refunding <br> GO, 5.00%, 02/15/28<br>| 500 | 525099 |
| Dallas Independent School District, GO, Series A-5, <br> (PSF), 5.00%, 02/15/55<sup>(a)</sup><br>| 500 | 541602 |
| Grayson County Junior College District, GOL, 4.00%, <br> 02/15/49<br>| 500 | 430998 |
| Leander Independent School District, Refunding GO, <br> CAB, Series A, (PSF), 0.00%, 08/15/35<sup>(b)</sup><br>| 210 | 142768 |
| Lewisville Independent School District, Refunding GO, <br> Series B, 5.00%, 08/15/28<br>| 570 | 571377 |
| Northwest Independent School District, GO, Series A, <br> (PSF), 5.00%, 02/15/49<br>| 250 | 255234 |
| Prosper Independent School District, GO, Series A, (PSF), <br> 4.00%, 02/15/54<br>| 500 | 430562 |
|  |  | 2897640 |
| **Education — 1.0%** | **Education — 1.0%** |  |
| Board of Regents of the University of Texas System, RB, <br> Series E, 5.00%, 08/15/27<br>| 400 | 419453 |
| Board of Regents of the University of Texas System, <br> Refunding RB, Series B, 5.00%, 08/15/35<br>| 310 | 351631 |
| Brazos Higher Education Authority, Inc., RB, Series 1A, <br> AMT, 5.13%, 04/01/43<br>| 520 | 535642 |

---

Fund Schedules of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Education (continued)** | **Education (continued)** |  |
| Houston Higher Education Finance Corp., Refunding RB, <br> 5.00%, 05/15/34<br>| 500 | $564899 |
| Texas Tech University System, Refunding RB, Series A, <br> 4.25%, 02/15/55<br>| 250 | 226183 |
|  |  | 2097808 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, Series A, 5.00%, 11/15/45<br>| 1000 | 1000377 |
| **Transportation — 2.6%** | **Transportation — 2.6%** |  |
| Central Texas Turnpike System, RB, Series A, (AMBAC), <br> 0.00%, 08/15/30<sup>(b)</sup><br>| 270 | 228334 |
| Central Texas Turnpike System, Refunding RB |  |  |
| Series C, 5.00%, 08/15/33 | 500 | 557025 |
| Series C, 5.00%, 08/15/41 | 250 | 260698 |
| Dallas Fort Worth International Airport, Refunding RB, <br> Series A, 4.00%, 11/01/34<br>| 1250 | 1269679 |
| Grand Parkway Transportation Corp., Refunding RB, <br> 4.00%, 10/01/49<br>| 500 | 430684 |
| North Texas Tollway Authority, Refunding RB |  |  |
| Series A, 5.00%, 01/01/38 | 1000 | 1024097 |
| Series A, 5.00%, 01/01/43 | 1000 | 1008851 |
| Series B, 5.00%, 01/01/34 | 160 | 178214 |
| Series D, (AG), 0.00%, 01/01/28<sup>(b)</sup> | 100 | 92401 |
| Port Authority of Houston of Harris County Texas, ARB, <br> 1st Lien, 5.00%, 10/01/48<br>| 455 | 461253 |
|  |  | 5511236 |
| **Utilities — 2.0%** | **Utilities — 2.0%** |  |
| City of Austin Texas Electric Utility Revenue, Refunding <br> RB, Series A, 5.00%, 11/15/45<br>| 1000 | 1000988 |
| City of Garland Texas Electric Utility System Revenue, <br> Refunding RB, 4.00%, 03/01/49<br>| 1000 | 859600 |
| Texas Water Development Board, RB |  |  |
| Series A, 4.00%, 10/15/37 | 1180 | 1152877 |
| Series A, 4.00%, 10/15/41 | 475 | 447731 |
| Series A, 5.00%, 10/15/53 | 910 | 923707 |
|  |  | 4384903 |
| **Total Municipal Bonds in Texas** | **Total Municipal Bonds in Texas** | 16684767 |
| **Utah — 0.9%** | **Utah — 0.9%** |  |
| **Housing — 0.8%** | **Housing — 0.8%** |  |
| Utah Housing Corp., RB, S/F Housing |  |  |
| Series A, (FHLMC, FNMA, GNMA), 6.50%, 07/01/55 | 495 | 550590 |
| Series G, (FHLMC, FNMA, GNMA), 6.25%, 07/01/55 | 990 | 1098966 |
|  |  | 1649556 |
| **Transportation — 0.1%** | **Transportation — 0.1%** |  |
| City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.25%, 07/01/48<br>| 315 | 317779 |
| **Total Municipal Bonds in Utah** | **Total Municipal Bonds in Utah** | 1967335 |
| **Virginia — 2.1%** | **Virginia — 2.1%** |  |
| **County/City/Special District/School District — 0.4%** | **County/City/Special District/School District — 0.4%** |  |
| City of Alexandria Virginia, GO, Series A, (SAW), 3.00%, <br> 07/15/46<br>| 1000 | 739679 |
| **Health — 0.4%** | **Health — 0.4%** |  |
| Fairfax County Industrial Development Authority, <br> Refunding RB, 4.00%, 05/15/42<br>| 1000 | 926907 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation — 1.3%** | **Transportation — 1.3%** |  |
| Virginia Commonwealth Transportation Board, Refunding <br> RB<br>|  |  |
| 5.00%, 05/15/34 | $580 | $662264 |
| Series A, 5.00%, 05/15/31 | 1000 | 1046395 |
| Virginia Small Business Financing Authority, Refunding <br> RB, AMT, Senior Lien, 5.00%, 07/01/36<br>| 1000 | 1029520 |
|  |  | 2738179 |
| **Total Municipal Bonds in Virginia** | **Total Municipal Bonds in Virginia** | 4404765 |
| **Washington — 2.1%** | **Washington — 2.1%** |  |
| **State — 0.5%** | **State — 0.5%** |  |
| State of Washington, Refunding GO, Series B, 5.00%, <br> 07/01/30<br>| 1000 | 1009999 |
| **Transportation — 1.3%** | **Transportation — 1.3%** |  |
| County of Spokane Washington Airport Revenue, ARB, <br> Series B, AMT, 5.25%, 01/01/54<br>| 1000 | 1009614 |
| Port of Seattle Washington, Refunding ARB |  |  |
| AMT, Intermediate Lien, 4.00%, 08/01/47 | 1000 | 842893 |
| Series B, AMT, Intermediate Lien, 5.25%, 07/01/49 | 1000 | 1023984 |
|  |  | 2876491 |
| **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 | 356836 |
| Energy Northwest, Refunding RB, Series A, 5.00%, <br> 07/01/39<br>| 260 | 279944 |
|  |  | 636780 |
| **Total Municipal Bonds in Washington** | **Total Municipal Bonds in Washington** | 4523270 |
| **Wisconsin — 1.5%** | **Wisconsin — 1.5%** |  |
| **Health — 1.0%** | **Health — 1.0%** |  |
| Wisconsin Health & Educational Facilities Authority, RB, <br> 5.25%, 08/15/55<br>| 1000 | 1021191 |
| Wisconsin Health & Educational Facilities Authority, <br> Refunding RB, Series A, 5.00%, 11/15/39<br>| 1000 | 1002654 |
|  |  | 2023845 |
| **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>| 1000 | 1089712 |
| **Total Municipal Bonds in Wisconsin** | **Total Municipal Bonds in Wisconsin** | 3113557 |
| **Total Long-Term Investments — 96.7%** <br>**(Cost: $215,344,669)** | **Total Long-Term Investments — 96.7%** <br>**(Cost: $215,344,669)** | 205858452 |

---

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** |  |
| BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.13%<sup>(e)(f)</sup><br>| 4842274 | $4842758 |
| **Total Short-Term Securities — 2.3%** <br>**(Cost: $4,842,758)** | **Total Short-Term Securities — 2.3%** <br>**(Cost: $4,842,758)** | 4842758 |
| **Total Investments — 99.0%** <br>**(Cost: $220,187,427)** | **Total Investments — 99.0%** <br>**(Cost: $220,187,427)** | 210701210 |
| **Other Assets Less Liabilities — 1.0%** | **Other Assets Less Liabilities — 1.0%** | 2096454 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $212797664 |

---

&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> Zero-coupon bond.

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

<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 six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $2193006<br> $2649752 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $4842758 | 4842274 | $50579 | $— |

---

&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; $205858452 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $205858452 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 4842758 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4842758 |
|  | &nbsp;&nbsp; $4842758 | &nbsp;&nbsp;&nbsp;&nbsp; $205858452 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $210701210 |

---

*See notes to financial statements.*

Fund Schedules of Investments

------

Schedule of Investments (unaudited)

June 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| *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 | 11981 | $12179548 |
| 1.75%, 01/15/28 | 11259 | 11399160 |
| 3.63%, 04/15/28 | 11501 | 12227543 |
| 2.50%, 01/15/29 | 10448 | 10869836 |
| 3.88%, 04/15/29 | 13250 | 14464179 |
| 1.63%, 04/15/30 | 28718 | 28922506 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.13%, 07/15/26 - 01/15/30 | 114852 | 111995799 |
| 0.38%, 01/15/27 - 07/15/27 | 50989 | 50298437 |
| 1.63%, 10/15/27 | 30149 | 30519602 |
| 0.50%, 01/15/28 | 27045 | 26535897 |
| 1.25%, 04/15/28 | 29751 | 29693913 |
| 0.75%, 07/15/28 | 23637 | 23346603 |
| 2.38%, 10/15/28 | 30636 | 31779912 |
| 0.88%, 01/15/29 | 20208 | 19895246 |
| 0.25%, 07/15/29 | 24413 | 23436411 |
| U.S. Treasury Notes |  |  |
| 2.13%, 04/15/29 | 31653 | 32498576 |
| 1.63%, 10/15/29 | 32655 | 33056567 |
| **Total Long-Term Investments — 79.5%** <br>**(Cost: $497,336,848)** | **Total Long-Term Investments — 79.5%** <br>**(Cost: $497,336,848)** | 503119735 |

---

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

---

| | |
|:---|:---|
|  | <br>*Shares*<br>|
| **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.0%** | **Money Market Funds — 1.0%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(a)(b)</sup><br>| 6457074 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **U.S. Treasury Obligations — 18.0%** | **U.S. Treasury Obligations — 18.0%** |  |
| U.S. Treasury Inflation-Indexed Bonds, 2.00%, 01/15/26 | $12372 | $12392909 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.38%, 07/15/25 | 29907 | 29886158 |
| 0.13%, 10/15/25 - 04/15/26 | 47704 | 47373863 |
| 0.63%, 01/15/26 | 24503 | 24367245 |
|  |  | 114020175 |
| **Total Short-Term Securities — 19.0%** <br>**(Cost: $120,438,660)** | **Total Short-Term Securities — 19.0%** <br>**(Cost: $120,438,660)** | 120477249 |
| **Total Investments — 98.5%** <br>**(Cost: $617,775,508)** | **Total Investments — 98.5%** <br>**(Cost: $617,775,508)** | 623596984 |
| **Other Assets Less Liabilities — 1.5%** | **Other Assets Less Liabilities — 1.5%** | 9221651 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $632818635 |

---

&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 six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $1395239<br> $5061835 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $6457074 | 6457074<br> $193517 <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; $503119735 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $503119735 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 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; $6457074 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6457074 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114020175 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114020175 |
|  | &nbsp;&nbsp; $6457074 | &nbsp;&nbsp;&nbsp;&nbsp; $617139910 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $623596984 |

---

*See notes to financial statements.*

Fund Schedules of Investments

------

Schedule of Investments (unaudited)

June 30, 2025

**iShares MSCI EAFE International Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 6.8%** | **Australia — 6.8%** |  |
| ANZ Group Holdings Ltd. | 1879415 | $36041140 |
| APA Group<sup>(a)</sup> | 818316 | 4399892 |
| Aristocrat Leisure Ltd. | 355353 | 15225017 |
| ASX Ltd. | 124277 | 5706234 |
| BHP Group Ltd., Class DI | 3210609 | 77239530 |
| BlueScope Steel Ltd. | 279920 | 4265571 |
| Brambles Ltd. | 868273 | 13409431 |
| CAR Group Ltd. | 240875 | 5932093 |
| Cochlear Ltd. | 41212 | 8150747 |
| Coles Group Ltd. | 849539 | 11648980 |
| Commonwealth Bank of Australia | 1058480 | 128825777 |
| Computershare Ltd. | 334155 | 8766248 |
| Evolution Mining Ltd. | 1266522 | 6593886 |
| Fortescue Ltd. | 1073378 | 10789843 |
| Glencore PLC | 6485439 | 25271427 |
| Goodman Group | 1287345 | 29022700 |
| Insurance Australia Group Ltd. | 1499230 | 8912954 |
| Lottery Corp. Ltd. | 1403250 | 4922635 |
| Macquarie Group Ltd. | 229020 | 34445895 |
| Medibank Pvt Ltd. | 1752789 | 5820836 |
| National Australia Bank Ltd. | 1937069 | 50204559 |
| Northern Star Resources Ltd. | 860903 | 10633993 |
| Origin Energy Ltd. | 1100837 | 7824674 |
| Pro Medicus Ltd. | 36511 | 6832472 |
| Qantas Airways Ltd. | 465812 | 3290763 |
| QBE Insurance Group Ltd. | 954199 | 14693826 |
| REA Group Ltd. | 33416 | 5291717 |
| Reece Ltd. | 144884 | 1369030 |
| Rio Tinto Ltd. | 235295 | 16656586 |
| Rio Tinto PLC | 714746 | 41601124 |
| Santos Ltd. | 2058594 | 10379150 |
| Scentre Group | 3297117 | 7743988 |
| SGH Ltd. | 129670 | 4618082 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | 2920597 | 5748598 |
| Sonic Healthcare Ltd. | 286649 | 5059695 |
| South32 Ltd. | 2874912 | 5493659 |
| Stockland | 1509169 | 5333583 |
| Suncorp Group Ltd. | 686374 | 9781955 |
| Telstra Group Ltd. | 2563313 | 8173438 |
| Transurban Group<sup>(a)</sup> | 1967484 | 18102737 |
| Vicinity Ltd. | 2459422 | 4014919 |
| Washington H Soul Pattinson & Co. Ltd. | 151529 | 4189102 |
| Wesfarmers Ltd. | 719278 | 40140996 |
| Westpac Banking Corp. | 2165205 | 48254897 |
| WiseTech Global Ltd. | 116602 | 8362212 |
| Woodside Energy Group Ltd. | 1203519 | 18590650 |
| Woolworths Group Ltd. | 774304 | 15860701 |
|  |  | 823637942 |
| **Austria — 0.2%** | **Austria — 0.2%** |  |
| Erste Group Bank AG | 195171 | 16613989 |
| Mondi PLC | 281190 | 4594785 |
| OMV AG | 93624 | 5091383 |
| Verbund AG<sup>(b)</sup> | 43663 | 3354473 |
|  |  | 29654630 |
| **Belgium — 0.8%** | **Belgium — 0.8%** |  |
| Ageas SA/NV | 94733 | 6408461 |
| Anheuser-Busch InBev SA | 625209 | 43014626 |
| D'ieteren Group | 13793 | 2970314 |
| Elia Group SA/NV | 31045 | 3585523 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Belgium (continued)** | **Belgium (continued)** |  |
| Groupe Bruxelles Lambert NV | 52828 | $4509444 |
| KBC Group NV | 145576 | 15024839 |
| Lotus Bakeries NV | 258 | 2486069 |
| Sofina SA | 9751 | 3225131 |
| Syensqo SA | 46799 | 3625253 |
| UCB SA | 80144 | 15768955 |
|  |  | 100618615 |
| **Brazil — 0.0%** | **Brazil — 0.0%** |  |
| Yara International ASA | 105102 | 3878545 |
| **Chile — 0.1%** | **Chile — 0.1%** |  |
| Antofagasta PLC | 248689 | 6183119 |
| **China — 0.6%** | **China — 0.6%** |  |
| BOC Hong Kong Holdings Ltd. | 2345534 | 10210678 |
| Prosus NV | 827588 | 46433054 |
| SITC International Holdings Co. Ltd. | 858000 | 2748897 |
| Wharf Holdings Ltd.<sup>(b)</sup> | 676426 | 2059450 |
| Wilmar International Ltd. | 1223683 | 2762193 |
| Yangzijiang Shipbuilding Holdings Ltd. | 1646500 | 2873306 |
|  |  | 67087578 |
| **Denmark — 2.3%** | **Denmark — 2.3%** |  |
| AP Moller - Maersk A/S, Class A | 1869 | 3448230 |
| AP Moller - Maersk A/S, Class B | 2853 | 5305718 |
| Carlsberg A/S, Class B | 60877 | 8625254 |
| Coloplast A/S, Class B | 80234 | 7638511 |
| Danske Bank A/S | 437195 | 17856706 |
| Demant A/S<sup>(c)</sup> | 55861 | 2333958 |
| DSV A/S | 129544 | 31071676 |
| Genmab A/S<sup>(c)</sup> | 39644 | 8232805 |
| Novo Nordisk A/S, Class B | 2041384 | 141455680 |
| Novonesis Novozymes B, Class B | 223350 | 16035832 |
| Orsted A/S<sup>(c)(d)</sup> | 107289 | 4621862 |
| Pandora A/S | 51976 | 9157923 |
| ROCKWOOL A/S, - B Shares | 60751 | 2847537 |
| Tryg A/S | 215920 | 5581789 |
| Vestas Wind Systems A/S | 640102 | 9614942 |
|  |  | 273828423 |
| **Finland — 1.1%** | **Finland — 1.1%** |  |
| Elisa OYJ | 89938 | 4998887 |
| Fortum OYJ | 284597 | 5336705 |
| Kesko OYJ | 171797 | 4237230 |
| Kone OYJ, Class B | 215459 | 14194601 |
| Metso OYJ | 395254 | 5122424 |
| Neste OYJ | 270764 | 3669437 |
| Nokia OYJ | 3375903 | 17516304 |
| Nordea Bank Abp | 1987215 | 29485713 |
| Orion OYJ, Class B | 69511 | 5229556 |
| Sampo OYJ, A Shares | 1534822 | 16518533 |
| Stora Enso OYJ, Class R | 367412 | 3994352 |
| UPM-Kymmene OYJ | 338338 | 9239340 |
| Wartsila OYJ Abp | 319678 | 7555386 |
|  |  | 127098468 |
| **France — 9.3%** | **France — 9.3%** |  |
| Accor SA | 123570 | 6476115 |
| Aeroports de Paris SA | 21913 | 2747283 |
| Air Liquide SA | 365850 | 75438658 |
| Airbus SE | 375845 | 78627028 |
| Alstom SA<sup>(c)</sup> | 219737 | 5128868 |
| Amundi SA<sup>(d)</sup> | 39694 | 3217430 |
| Arkema SA | 36603 | 2702896 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 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 | 1120703 | $55032158 |
| BioMerieux | 25963 | 3591117 |
| BNP Paribas SA | 643723 | 57743048 |
| Bollore SE | 453486 | 2850339 |
| Bouygues SA | 120415 | 5445733 |
| Bureau Veritas SA | 201398 | 6874177 |
| Capgemini SE | 97756 | 16739389 |
| Carrefour SA | 344055 | 4853319 |
| Cie de Saint-Gobain SA | 283838 | 33343934 |
| Cie Generale des Etablissements Michelin SCA | 425007 | 15807800 |
| Covivio SA/France | 35694 | 2263146 |
| Credit Agricole SA | 669322 | 12662427 |
| Danone SA | 409235 | 33484971 |
| Dassault Aviation SA | 12390 | 4380757 |
| Dassault Systemes SE | 424221 | 15374466 |
| Edenred SE | 152509 | 4737008 |
| Eiffage SA | 43201 | 6070316 |
| Engie SA | 1157806 | 27211680 |
| EssilorLuxottica SA | 188095 | 51649516 |
| Eurazeo SE | 26665 | 1906354 |
| FDJ UNITED, Class A<sup>(d)</sup> | 64892 | 2546385 |
| Gecina SA | 29191 | 3213472 |
| Getlink SE | 193654 | 3738301 |
| Hermes International SCA | 20032 | 54304056 |
| Ipsen SA | 24256 | 2889322 |
| Kering SA | 47190 | 10280608 |
| Klepierre SA | 136403 | 5393278 |
| Legrand SA | 166239 | 22280775 |
| L'Oreal SA | 152417 | 65288392 |
| LVMH Moet Hennessy Louis Vuitton SE | 174443 | 91299996 |
| Orange SA | 1180358 | 17974712 |
| Pernod Ricard SA | 127932 | 12761395 |
| Publicis Groupe SA | 145089 | 16387049 |
| Renault SA | 121849 | 5622724 |
| Rexel SA | 141712 | 4370778 |
| Safran SA | 227759 | 74277749 |
| Sartorius Stedim Biotech | 18424 | 4408172 |
| Societe Generale SA | 456593 | 26119038 |
| Sodexo SA | 56358 | 3468635 |
| Teleperformance SE | 34523 | 3353127 |
| Thales SA | 58747 | 17346496 |
| TotalEnergies SE | 1292248 | 78985655 |
| Unibail-Rodamco-Westfield | 76129 | 7318101 |
| Veolia Environnement SA | 398199 | 14216455 |
| Vinci SA | 313495 | 46231226 |
|  |  | 1130435830 |
| **Germany — 9.9%** | **Germany — 9.9%** |  |
| adidas AG, Class N | 108398 | 25303341 |
| Allianz SE, Registered Shares | 244254 | 99126432 |
| BASF SE | 565775 | 27982951 |
| Bayer AG, Registered Shares | 622764 | 18762202 |
| Bayerische Motoren Werke AG | 183768 | 16366259 |
| Beiersdorf AG | 63128 | 7935063 |
| Brenntag SE, Class N | 77505 | 5134702 |
| Commerzbank AG | 561985 | 17709848 |
| Continental AG | 69814 | 6093210 |
| Covestro AG<sup>(c)</sup> | 114586 | 8152590 |
| CTS Eventim AG & Co. KGaA | 39556 | 4918815 |
| Daimler Truck Holding AG | 301182 | 14289265 |
| Deutsche Bank AG, Class N, Registered Shares | 1173259 | 34781767 |
| Deutsche Boerse AG, Class N | 119364 | 38994973 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** |  |
| Deutsche Lufthansa AG, Registered Shares | 383116 | $3252517 |
| Deutsche Post AG, Class N | 608550 | 28187953 |
| Deutsche Telekom AG, Class N, Registered Shares | 2207785 | 80812876 |
| E.ON SE, Class N | 1423195 | 26223268 |
| Evonik Industries AG | 163443 | 3376500 |
| Fresenius Medical Care AG | 130198 | 7480546 |
| Fresenius SE & Co. KGaA | 267780 | 13475438 |
| GEA Group AG | 92651 | 6494847 |
| Hannover Rueck SE, Class N | 38224 | 12044899 |
| Heidelberg Materials AG | 84644 | 19933385 |
| Henkel AG & Co. KGaA | 65007 | 4714653 |
| Infineon Technologies AG, Class N | 827831 | 35325233 |
| Knorr-Bremse AG | 45909 | 4453033 |
| LEG Immobilien SE<sup>(b)</sup> | 46885 | 4173306 |
| Mercedes-Benz Group AG, Class N | 456090 | 26571891 |
| Merck KGaA | 81927 | 10622524 |
| MTU Aero Engines AG, Class N | 34120 | 15157935 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Class N, Registered Shares<br>| 84605 | 54936952 |
| Nemetschek SE | 36558 | 5300648 |
| Rational AG | 3189 | 2679712 |
| Rheinmetall AG | 28276 | 59880032 |
| RWE AG | 400797 | 16748590 |
| SAP SE | 660484 | 201962534 |
| Scout24 SE<sup>(d)</sup> | 47543 | 6563253 |
| Siemens AG, Class N, Registered Shares | 480707 | 123473602 |
| Siemens Energy AG<sup>(c)</sup> | 429735 | 50227832 |
| Siemens Healthineers AG<sup>(d)</sup> | 214041 | 11882347 |
| Symrise AG | 84172 | 8826650 |
| Talanx AG | 40789 | 5287958 |
| Vonovia SE | 469450 | 16643587 |
| Zalando SE<sup>(c)(d)</sup> | 141557 | 4671004 |
|  |  | 1196936923 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |  |
| AIA Group Ltd. | 6764483 | 61275657 |
| CK Asset Holdings Ltd. | 1220089 | 5391357 |
| CK Infrastructure Holdings Ltd. | 405344 | 2684290 |
| CLP Holdings Ltd. | 1045261 | 8828019 |
| Futu Holdings Ltd., ADR | 35180 | 4347896 |
| Hang Seng Bank Ltd. | 472448 | 7089635 |
| Henderson Land Development Co. Ltd. | 922774 | 3240779 |
| HKT Trust & HKT Ltd., Class SS<sup>(a)</sup> | 2414417 | 3609725 |
| Hong Kong & China Gas Co. Ltd. | 7097383 | 5967410 |
| Hong Kong Exchanges & Clearing Ltd. | 748943 | 40283048 |
| Hongkong Land Holdings Ltd. | 704293 | 4063771 |
| Jardine Matheson Holdings Ltd. | 102686 | 4935366 |
| Link REIT | 1657491 | 8878338 |
| MTR Corp. Ltd. | 984533 | 3540275 |
| Power Assets Holdings Ltd. | 892118 | 5735928 |
| Prudential PLC | 1650378 | 20656527 |
| Sino Land Co. Ltd. | 2279975 | 2428478 |
| Sun Hung Kai Properties Ltd. | 922088 | 10625260 |
| Swire Pacific Ltd., Class A | 224700 | 1926153 |
| Techtronic Industries Co. Ltd. | 871631 | 9617551 |
| WH Group Ltd.<sup>(d)</sup> | 5311107 | 5118802 |
| Wharf Real Estate Investment Co. Ltd. | 1094245 | 3106115 |
|  |  | 223350380 |
| **Ireland — 0.4%** | **Ireland — 0.4%** |  |
| AerCap Holdings NV | 116438 | 13623246 |
| AIB Group PLC | 1328409 | 10963159 |

---

Fund Schedules of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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 | 639684 | $9115577 |
| Kerry Group PLC, Class A | 94816 | 10475882 |
| Kingspan Group PLC | 97353 | 8295388 |
|  |  | 52473252 |
| **Israel — 0.8%** | **Israel — 0.8%** |  |
| Azrieli Group Ltd. | 27296 | 2513657 |
| Bank Hapoalim BM | 784298 | 15064844 |
| Bank Leumi Le-Israel BM | 941232 | 17512127 |
| Check Point Software Technologies Ltd.<sup>(b)(c)</sup> | 56223 | 12439339 |
| Elbit Systems Ltd. | 16822 | 7493081 |
| ICL Group Ltd. | 479861 | 3294375 |
| Israel Discount Bank Ltd., Class A | 766917 | 7649783 |
| Mizrahi Tefahot Bank Ltd. | 97883 | 6385081 |
| Nice Ltd.<sup>(c)</sup> | 39068 | 6622536 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(b)(c)</sup> | 716189 | 12003328 |
| Wix.com Ltd.<sup>(c)</sup> | 33942 | 5378449 |
|  |  | 96356600 |
| **Italy — 3.1%** | **Italy — 3.1%** |  |
| Banca Mediolanum SpA | 141436 | 2437396 |
| Banco BPM SpA | 718774 | 8389911 |
| BPER Banca SpA | 630823 | 5725525 |
| Coca-Cola HBC AG, Class DI | 138673 | 7244636 |
| Davide Campari-Milano NV<sup>(b)</sup> | 395137 | 2660205 |
| DiaSorin SpA | 14732 | 1576767 |
| Enel SpA | 5155775 | 48931957 |
| Eni SpA | 1353338 | 21861989 |
| Ferrari NV | 79904 | 39145846 |
| FinecoBank Banca Fineco SpA | 387316 | 8592044 |
| Generali | 545970 | 19420978 |
| Infrastrutture Wireless Italiane SpA<sup>(d)</sup> | 176829 | 2162258 |
| Intesa Sanpaolo SpA | 9571830 | 55137683 |
| Leonardo SpA | 256545 | 14476040 |
| Mediobanca Banca di Credito Finanziario SpA | 316933 | 7375336 |
| Moncler SpA | 148419 | 8466043 |
| Nexi SpA<sup>(d)</sup> | 308278 | 1841131 |
| Poste Italiane SpA<sup>(d)</sup> | 288895 | 6207158 |
| Prysmian SpA | 178125 | 12611107 |
| Recordati Industria Chimica e Farmaceutica SpA | 73271 | 4605449 |
| Ryanair Holdings PLC | 537761 | 15253969 |
| Snam SpA | 1278281 | 7738317 |
| Telecom Italia SpA/Milano<sup>(b)(c)</sup> | 6356063 | 3140626 |
| Terna - Rete Elettrica Nazionale | 895076 | 9202246 |
| UniCredit SpA | 885109 | 59376085 |
| Unipol Assicurazioni SpA | 226360 | 4483007 |
|  |  | 378063709 |
| **Japan — 21.4%** | **Japan — 21.4%** |  |
| Advantest Corp. | 485600 | 35998011 |
| Aeon Co. Ltd. | 469346 | 14386756 |
| AGC, Inc. | 123948 | 3636099 |
| Aisin Corp. | 334238 | 4275707 |
| Ajinomoto Co., Inc. | 572508 | 15528219 |
| ANA Holdings, Inc. | 103111 | 2018918 |
| Asahi Group Holdings Ltd. | 915906 | 12243041 |
| Asahi Kasei Corp. | 777468 | 5534608 |
| Asics Corp. | 406200 | 10358248 |
| Astellas Pharma, Inc. | 1147043 | 11230641 |
| Bandai Namco Holdings, Inc. | 376512 | 13493892 |
| Bridgestone Corp. | 359541 | 14702414 |
| Canon, Inc. | 591748 | 17162891 |
| Capcom Co. Ltd. | 220000 | 7513326 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Central Japan Railway Co. | 489600 | $10944805 |
| Chiba Bank Ltd. | 355370 | 3284231 |
| Chubu Electric Power Co., Inc. | 406311 | 5027866 |
| Chugai Pharmaceutical Co. Ltd. | 425730 | 22230692 |
| Concordia Financial Group Ltd. | 649470 | 4214909 |
| Dai Nippon Printing Co. Ltd. | 247336 | 3754520 |
| Daifuku Co. Ltd. | 204428 | 5259101 |
| Dai-ichi Life Holdings, Inc. | 2223500 | 16904391 |
| Daiichi Sankyo Co. Ltd. | 1086362 | 25168927 |
| Daikin Industries Ltd. | 167168 | 19622791 |
| Daito Trust Construction Co. Ltd. | 37070 | 4037606 |
| Daiwa House Industry Co. Ltd. | 355276 | 12208270 |
| Daiwa Securities Group, Inc. | 841852 | 5978851 |
| Denso Corp. | 1199360 | 16185705 |
| Dentsu Group, Inc. | 128182 | 2840249 |
| Disco Corp. | 57977 | 17175301 |
| East Japan Railway Co. | 575232 | 12373775 |
| Eisai Co. Ltd. | 167315 | 4805357 |
| ENEOS Holdings, Inc. | 1731363 | 8582075 |
| FANUC Corp. | 599355 | 16270853 |
| Fast Retailing Co. Ltd. | 120623 | 41357271 |
| Fuji Electric Co. Ltd. | 85194 | 3923345 |
| FUJIFILM Holdings Corp. | 709624 | 15367312 |
| Fujikura Ltd. | 160000 | 8416868 |
| Fujitsu Ltd. | 1115840 | 27069576 |
| Hankyu Hanshin Holdings, Inc. | 144463 | 3927033 |
| Hikari Tsushin, Inc. | 11006 | 3249701 |
| Hitachi Ltd. | 2897065 | 84201254 |
| Honda Motor Co. Ltd. | 2671705 | 25762839 |
| Hoshizaki Corp. | 68730 | 2368302 |
| Hoya Corp. | 218778 | 25982532 |
| Hulic Co. Ltd. | 292867 | 2954084 |
| Idemitsu Kosan Co. Ltd. | 515400 | 3125580 |
| IHI Corp. | 92900 | 10048406 |
| Inpex Corp. | 558700 | 7842564 |
| Isuzu Motors Ltd. | 338482 | 4287866 |
| ITOCHU Corp. | 751473 | 39350874 |
| Japan Airlines Co. Ltd. | 92162 | 1879727 |
| Japan Exchange Group, Inc. | 634672 | 6429241 |
| Japan Post Bank Co. Ltd. | 1137100 | 12258537 |
| Japan Post Holdings Co. Ltd. | 1128229 | 10449899 |
| Japan Post Insurance Co. Ltd. | 121200 | 2743998 |
| Japan Tobacco, Inc. | 760641 | 22408041 |
| JFE Holdings, Inc. | 367412 | 4273977 |
| Kajima Corp. | 252877 | 6595463 |
| Kansai Electric Power Co., Inc. | 603951 | 7162752 |
| Kao Corp. | 295307 | 13231403 |
| Kawasaki Kisen Kaisha Ltd. | 222400 | 3149642 |
| KDDI Corp. | 1939350 | 33299763 |
| Keyence Corp. | 122980 | 49170849 |
| Kikkoman Corp. | 427220 | 3962823 |
| Kirin Holdings Co. Ltd. | 493555 | 6916494 |
| Kobe Bussan Co. Ltd. | 94000 | 2919223 |
| Komatsu Ltd. | 572654 | 18893883 |
| Konami Group Corp. | 63699 | 10070918 |
| Kubota Corp. | 615889 | 6945320 |
| Kyocera Corp. | 815400 | 9793243 |
| Kyowa Kirin Co. Ltd. | 147097 | 2517899 |
| Lasertec Corp. | 50600 | 6783467 |
| LY Corp. | 1814227 | 6681082 |
| M3, Inc. | 280813 | 3857444 |
| Makita Corp. | 151639 | 4670170 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**iShares MSCI EAFE International Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Marubeni Corp. | 894764 | $18036859 |
| MatsukiyoCocokara & Co. | 208100 | 4280723 |
| MEIJI Holdings Co. Ltd. | 152468 | 3371647 |
| MINEBEA MITSUMI, Inc. | 229808 | 3360650 |
| Mitsubishi Chemical Group Corp. | 855809 | 4498150 |
| Mitsubishi Corp. | 2162291 | 43206638 |
| Mitsubishi Electric Corp. | 1205521 | 25929511 |
| Mitsubishi Estate Co. Ltd. | 673882 | 12633342 |
| Mitsubishi HC Capital, Inc. | 560573 | 4127343 |
| Mitsubishi Heavy Industries Ltd. | 2026950 | 50723163 |
| Mitsubishi UFJ Financial Group, Inc. | 7251270 | 98860828 |
| Mitsui & Co. Ltd. | 1562000 | 31833508 |
| Mitsui Fudosan Co. Ltd. | 1664860 | 16117643 |
| Mitsui OSK Lines Ltd. | 216800 | 7241062 |
| Mizuho Financial Group, Inc. | 1510451 | 41930006 |
| MonotaRO Co. Ltd. | 158600 | 3122175 |
| MS&AD Insurance Group Holdings, Inc. | 815472 | 18230367 |
| Murata Manufacturing Co. Ltd. | 1057575 | 15631681 |
| NEC Corp. | 778270 | 22706060 |
| Nexon Co. Ltd. | 207548 | 4180347 |
| NIDEC Corp. | 529140 | 10282823 |
| Nintendo Co. Ltd. | 698220 | 67049915 |
| Nippon Building Fund, Inc. | 4866 | 4493164 |
| Nippon Paint Holdings Co. Ltd. | 600280 | 4827607 |
| Nippon Sanso Holdings Corp. | 109593 | 4147163 |
| Nippon Steel Corp. | 613056 | 11594073 |
| Nippon Telegraph & Telephone Corp. | 18940400 | 20249371 |
| Nippon Yusen KK | 277566 | 9985419 |
| Nissan Motor Co. Ltd.<sup>(c)</sup> | 1404515 | 3398335 |
| Nissin Foods Holdings Co. Ltd. | 123723 | 2570364 |
| Nitori Holdings Co. Ltd. | 50823 | 4891727 |
| Nitto Denko Corp. | 447930 | 8650186 |
| Nomura Holdings, Inc. | 1905118 | 12554157 |
| Nomura Research Institute Ltd. | 239463 | 9577901 |
| NTT Data Group Corp. | 160007 | 4429110 |
| Obayashi Corp. | 412134 | 6244580 |
| Obic Co. Ltd. | 205170 | 7978048 |
| Olympus Corp. | 709112 | 8423060 |
| Omron Corp. | 110928 | 2990224 |
| Ono Pharmaceutical Co. Ltd. | 236631 | 2564552 |
| Oracle Corp. Japan | 24335 | 2900502 |
| Oriental Land Co. Ltd./Japan | 684720 | 15770316 |
| ORIX Corp. | 731600 | 16509766 |
| Osaka Gas Co. Ltd. | 228708 | 5866341 |
| Otsuka Corp. | 144264 | 2938857 |
| Otsuka Holdings Co. Ltd. | 279955 | 13879970 |
| Pan Pacific International Holdings Corp. | 241536 | 8307643 |
| Panasonic Holdings Corp. | 1477957 | 15813133 |
| Rakuten Group, Inc.<sup>(c)</sup> | 955600 | 5265526 |
| Recruit Holdings Co. Ltd. | 888894 | 52272832 |
| Renesas Electronics Corp. | 1067108 | 13201646 |
| Resona Holdings, Inc. | 1313399 | 12130308 |
| Ricoh Co. Ltd. | 336581 | 3176450 |
| Sanrio Co. Ltd. | 113100 | 5469020 |
| SBI Holdings, Inc. | 172897 | 6024618 |
| SCREEN Holdings Co. Ltd. | 50900 | 4138749 |
| SCSK Corp. | 99000 | 2982639 |
| Secom Co. Ltd. | 266214 | 9563711 |
| Sekisui Chemical Co. Ltd. | 239078 | 4329863 |
| Sekisui House Ltd. | 378199 | 8323906 |
| Seven & i Holdings Co. Ltd. | 1403277 | 22586185 |
| SG Holdings Co. Ltd. | 199804 | 2225415 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Shimadzu Corp. | 150663 | $3724839 |
| Shimano, Inc. | 48270 | 6998205 |
| Shin-Etsu Chemical Co. Ltd. | 1132330 | 37391750 |
| Shionogi & Co. Ltd. | 479263 | 8627825 |
| Shiseido Co. Ltd. | 254078 | 4537998 |
| SMC Corp. | 36041 | 12915729 |
| SoftBank Corp. | 18138700 | 28095952 |
| SoftBank Group Corp. | 603700 | 43892611 |
| Sompo Holdings, Inc. | 565026 | 17026938 |
| Sony Group Corp. | 3889840 | 101137029 |
| Subaru Corp. | 371746 | 6444730 |
| Sumitomo Corp. | 690840 | 17828308 |
| Sumitomo Electric Industries Ltd. | 452980 | 9713428 |
| Sumitomo Metal Mining Co. Ltd. | 158115 | 3896740 |
| Sumitomo Mitsui Financial Group, Inc. | 2334081 | 58774386 |
| Sumitomo Mitsui Trust Group, Inc. | 411552 | 10946225 |
| Sumitomo Realty & Development Co. Ltd. | 196849 | 7602177 |
| Suntory Beverage & Food Ltd. | 88140 | 2818666 |
| Suzuki Motor Corp. | 996176 | 12010124 |
| Sysmex Corp. | 319866 | 5567973 |
| T&D Holdings, Inc. | 310306 | 6811248 |
| Taisei Corp. | 98510 | 5737276 |
| Takeda Pharmaceutical Co. Ltd. | 1008408 | 31132563 |
| TDK Corp. | 1232070 | 14381395 |
| Terumo Corp. | 844612 | 15500205 |
| TIS, Inc. | 134400 | 4503697 |
| Toho Co. Ltd. | 70482 | 4158144 |
| Tokio Marine Holdings, Inc. | 1162061 | 49249341 |
| Tokyo Electron Ltd. | 283279 | 54250577 |
| Tokyo Gas Co. Ltd. | 209055 | 6953604 |
| Tokyo Metro Co. Ltd. | 184000 | 2141147 |
| Tokyu Corp. | 316165 | 3761139 |
| TOPPAN Holdings, Inc. | 151400 | 4113085 |
| Toray Industries, Inc. | 882714 | 6042399 |
| Toyota Industries Corp. | 102600 | 11579715 |
| Toyota Motor Corp. | 5994245 | 103238792 |
| Toyota Tsusho Corp. | 405343 | 9181525 |
| Trend Micro, Inc./Japan | 80934 | 5597869 |
| Unicharm Corp. | 709706 | 5124633 |
| West Japan Railway Co. | 285080 | 6517232 |
| Yakult Honsha Co. Ltd. | 162264 | 3055919 |
| Yamaha Motor Co. Ltd. | 584981 | 4377456 |
| Yokogawa Electric Corp. | 144463 | 3859163 |
| Zensho Holdings Co. Ltd. | 60900 | 3686053 |
| ZOZO, Inc. | 256653 | 2773058 |
|  |  | 2589533457 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |  |
| ArcelorMittal SA | 295084 | 9370187 |
| CVC Capital Partners PLC<sup>(d)</sup> | 135654 | 2789243 |
| Eurofins Scientific SE | 74893 | 5337274 |
|  |  | 17496704 |
| **Macau — 0.1%** | **Macau — 0.1%** |  |
| Galaxy Entertainment Group Ltd. | 1394058 | 6214148 |
| Sands China Ltd. | 1548860 | 3237010 |
|  |  | 9451158 |
| **Netherlands — 4.2%** | **Netherlands — 4.2%** |  |
| ABN AMRO Bank NV<sup>(d)</sup> | 291095 | 7948627 |
| Adyen NV<sup>(c)(d)</sup> | 15936 | 29267054 |
| Aegon Ltd. | 834441 | 6046953 |
| Akzo Nobel NV | 108616 | 7620897 |
| Argenx SE<sup>(c)</sup> | 38267 | 21183950 |

---

Fund Schedules of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**iShares MSCI EAFE International Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** |  |
| ASM International NV | 29706 | $19055739 |
| ASML Holding NV | 249101 | 199613836 |
| ASR Nederland NV | 93566 | 6217049 |
| BE Semiconductor Industries NV | 51604 | 7717555 |
| Euronext NV<sup>(d)</sup> | 49800 | 8532829 |
| EXOR NV | 56393 | 5692734 |
| Heineken Holding NV | 81565 | 6086353 |
| Heineken NV | 182566 | 15927574 |
| IMCD NV | 37719 | 5073030 |
| ING Groep NV | 1990485 | 43626832 |
| JDE Peet's NV | 108303 | 3093629 |
| Koninklijke Ahold Delhaize NV | 577439 | 24117571 |
| Koninklijke KPN NV | 2465216 | 12025793 |
| Koninklijke Philips NV | 527509 | 12666732 |
| NN Group NV | 170521 | 11346319 |
| Randstad NV | 68486 | 3165489 |
| Universal Music Group NV | 695900 | 22575380 |
| Wolters Kluwer NV, Class C | 151197 | 25285912 |
|  |  | 503887837 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** |  |
| Auckland International Airport Ltd. | 1042001 | 4919248 |
| Contact Energy Ltd. | 518579 | 2845876 |
| Fisher & Paykel Healthcare Corp. Ltd. | 371523 | 8160396 |
| Infratil Ltd. | 578817 | 3734947 |
| Meridian Energy Ltd. | 824932 | 2966739 |
| Xero Ltd.<sup>(c)</sup> | 92430 | 10937173 |
|  |  | 33564379 |
| **Norway — 0.6%** | **Norway — 0.6%** |  |
| Aker BP ASA | 200935 | 5134771 |
| DNB Bank ASA | 567674 | 15698783 |
| Equinor ASA | 531108 | 13412628 |
| Gjensidige Forsikring ASA | 127566 | 3233790 |
| Kongsberg Gruppen ASA | 277380 | 10755995 |
| Mowi ASA | 292569 | 5650503 |
| Norsk Hydro ASA | 890750 | 5100789 |
| Orkla ASA | 445637 | 4853649 |
| Salmar ASA | 41768 | 1810054 |
| Telenor ASA | 391643 | 6098742 |
|  |  | 71749704 |
| **Poland — 0.0%** | **Poland — 0.0%** |  |
| InPost SA<sup>(c)</sup> | 144111 | 2398253 |
| **Portugal — 0.1%** | **Portugal — 0.1%** |  |
| Banco Espirito Santo SA, Class N, Registered <br> Shares<sup>(c)(e)</sup><br>| 47542 | 1 |
| EDP SA | 2002555 | 8699656 |
| Galp Energia SGPS SA, Class B | 263248 | 4818977 |
| Jeronimo Martins SGPS SA | 180804 | 4577576 |
|  |  | 18096210 |
| **Singapore — 1.8%** | **Singapore — 1.8%** |  |
| CapitaLand Ascendas REIT | 2393575 | 5050810 |
| CapitaLand Integrated Commercial Trust | 3705347 | 6327153 |
| CapitaLand Investment Ltd./Singapore | 1488130 | 3102246 |
| DBS Group Holdings Ltd. | 1347269 | 47561357 |
| Genting Singapore Ltd. | 3919125 | 2204265 |
| Grab Holdings Ltd., Class A<sup>(b)(c)</sup> | 1466788 | 7377944 |
| Keppel Ltd.<sup>(b)</sup> | 922142 | 5384914 |
| Oversea-Chinese Banking Corp. Ltd. | 2146487 | 27525081 |
| Sea Ltd., Class A, ADR<sup>(c)</sup> | 241963 | 38699562 |
| Sembcorp Industries Ltd. | 566800 | 3053402 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Singapore (continued)** | **Singapore (continued)** |  |
| Singapore Airlines Ltd. | 951399 | $5218187 |
| Singapore Exchange Ltd. | 505926 | 5923999 |
| Singapore Technologies Engineering Ltd. | 1000779 | 6136459 |
| Singapore Telecommunications Ltd. | 4710946 | 14202496 |
| STMicroelectronics NV | 429824 | 13179261 |
| United Overseas Bank Ltd. | 801505 | 22685558 |
|  |  | 213632694 |
| **South Africa — 0.2%** | **South Africa — 0.2%** |  |
| Anglo American PLC | 709369 | 20910695 |
| **South Korea — 0.0%** | **South Korea — 0.0%** |  |
| Delivery Hero SE<sup>(c)(d)</sup> | 118087 | 3205143 |
| **Spain — 3.1%** | **Spain — 3.1%** |  |
| Acciona SA | 15773 | 2844887 |
| ACS Actividades de Construccion y Servicios SA | 113979 | 7922409 |
| Aena SME SA<sup>(d)</sup> | 475430 | 12691021 |
| Amadeus IT Group SA | 285574 | 24126170 |
| Banco Bilbao Vizcaya Argentaria SA | 3653381 | 56255764 |
| Banco de Sabadell SA | 3448588 | 10978754 |
| Banco Santander SA | 9584084 | 79364627 |
| Bankinter SA | 426406 | 5566506 |
| CaixaBank SA | 2501529 | 21675284 |
| Cellnex Telecom SA<sup>(d)</sup> | 312796 | 12179732 |
| EDP Renovaveis SA | 205958 | 2304610 |
| Endesa SA | 203655 | 6450791 |
| Grifols SA , Class A<sup>(c)</sup> | 189740 | 2315204 |
| Iberdrola SA | 3666340 | 70533175 |
| Industria de Diseno Textil SA | 691482 | 36072375 |
| Redeia Corp. SA | 180542 | 3863191 |
| Repsol SA | 735477 | 10757382 |
| Telefonica SA | 2331177 | 12269176 |
|  |  | 378171058 |
| **Sweden — 3.0%** | **Sweden — 3.0%** |  |
| AddTech AB, B Shares | 164757 | 5616822 |
| Alfa Laval AB | 182147 | 7671776 |
| Assa Abloy AB, Class B | 635363 | 19863758 |
| Atlas Copco AB, A Shares | 1702710 | 27526012 |
| Atlas Copco AB, B Shares | 989449 | 14082412 |
| Beijer Ref AB, Class B | 243711 | 3846004 |
| Boliden AB<sup>(c)</sup> | 173653 | 5426562 |
| Epiroc AB, Class A | 418704 | 9110933 |
| Epiroc AB, Class B | 247954 | 4753909 |
| EQT AB | 238327 | 7994915 |
| Essity AB, Class B | 386841 | 10711184 |
| Evolution AB<sup>(d)</sup> | 93790 | 7449089 |
| Fastighets AB Balder, B shares<sup>(c)</sup> | 456914 | 3405961 |
| H&M Hennes & Mauritz AB, B Shares | 359813 | 5067650 |
| Hexagon AB, B shares | 1316104 | 13265793 |
| Holmen AB, Class B | 48563 | 1923683 |
| Industrivarden AB, C Shares | 96473 | 3493455 |
| Industrivarden AB, Class A | 75207 | 2734032 |
| Indutrade AB | 173398 | 4734651 |
| Investment AB Latour, Class B | 94384 | 2489400 |
| Investor AB, B Shares | 1093841 | 32414207 |
| L E Lundbergforetagen AB, B Shares | 48228 | 2407426 |
| Lifco AB, B Shares | 147770 | 5988647 |
| Nibe Industrier AB, B Shares | 958793 | 4093720 |
| Saab AB, Class B | 203046 | 11352962 |
| Sagax AB, Class B | 139805 | 3203521 |
| Sandvik AB | 675888 | 15519973 |
| Securitas AB, Class B | 313390 | 4692178 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**iShares MSCI EAFE International Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Sweden (continued)** | **Sweden (continued)** |  |
| Skandinaviska Enskilda Banken AB, Class A | 1005928 | $17533856 |
| Skanska AB, B Shares | 215205 | 5013113 |
| SKF AB, B Shares | 218663 | 5022755 |
| Svenska Cellulosa AB SCA, Class B | 381169 | 4956250 |
| Svenska Handelsbanken AB, A Shares | 924604 | 12377934 |
| Swedbank AB, A Shares | 534474 | 14156249 |
| Swedish Orphan Biovitrum AB<sup>(c)</sup> | 123858 | 3769635 |
| Tele2 AB, B Shares | 346512 | 5058180 |
| Telefonaktiebolaget LM Ericsson, B Shares | 1760893 | 15047397 |
| Telia Co. AB | 1488657 | 5354435 |
| Trelleborg AB | 128016 | 4768736 |
| Volvo AB, Class B | 1006939 | 28332853 |
|  |  | 362232028 |
| **Switzerland — 7.7%** | **Switzerland — 7.7%** |  |
| ABB Ltd., Class N, Registered Shares | 1002537 | 60080862 |
| Alcon AG | 316763 | 28091467 |
| Avolta AG, Class N | 55468 | 3021402 |
| Baloise Holding AG, Class N, Registered Shares | 26389 | 6223897 |
| Banque Cantonale Vaudoise, Registered Shares | 19123 | 2205509 |
| Barry Callebaut AG, Class N, Registered Shares | 2312 | 2527175 |
| BKW AG | 13713 | 3006569 |
| Chocoladefabriken Lindt & Spruengli AG | 594 | 10011033 |
| Chocoladefabriken Lindt & Spruengli AG, Class N, <br> Registered Shares<br>| 68 | 11337342 |
| Cie Financiere Richemont SA, Class A, Registered <br> Shares<br>| 340025 | 64343870 |
| DSM-Firmenich AG | 117890 | 12541750 |
| EMS-Chemie Holding AG, Registered Shares | 4440 | 3356653 |
| Galderma Group AG | 67542 | 9817613 |
| Geberit AG, Class N, Registered Shares | 21191 | 16688860 |
| Givaudan SA, Class N, Registered Shares | 5853 | 28384274 |
| Helvetia Holding AG, Registered Shares | 23475 | 5511370 |
| Julius Baer Group Ltd., Class N | 130752 | 8869541 |
| Kuehne and Nagel International AG, Registered <br> Shares<br>| 30373 | 6577052 |
| Logitech International SA, Class N, Registered <br> Shares<br>| 96491 | 8750234 |
| Lonza Group AG, Registered Shares | 45785 | 32743759 |
| Nestle SA, Class N, Registered Shares | 1660833 | 165130550 |
| Novartis AG, Class N, Registered Shares | 1202513 | 145957536 |
| Partners Group Holding AG | 14386 | 18821583 |
| Sandoz Group AG | 264973 | 14521415 |
| Schindler Holding AG | 25889 | 9640286 |
| Schindler Holding AG, Class N, Registered Shares | 14984 | 5443487 |
| SGS SA, Registered Shares | 96102 | 9757776 |
| SIG Group AG | 192873 | 3567580 |
| Sika AG, Registered Shares | 96642 | 26294719 |
| Sonova Holding AG, Registered Shares | 32128 | 9581386 |
| Straumann Holding AG, Registered Shares | 70974 | 9289766 |
| Swatch Group AG<sup>(b)</sup> | 18473 | 3015918 |
| Swiss Life Holding AG, Class N, Registered Shares | 18211 | 18436150 |
| Swiss Prime Site AG, Registered Shares | 49126 | 7374999 |
| Swisscom AG, Class N, Registered Shares | 16419 | 11658942 |
| Temenos AG, Class N, Registered Shares | 36164 | 2597844 |
| UBS Group AG, Registered Shares | 2084906 | 70786184 |
| VAT Group AG<sup>(d)</sup> | 17115 | 7252173 |
| Zurich Insurance Group AG, Class N | 92572 | 64774743 |
|  |  | 927993269 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |  |
| NMC Health PLC<sup>(c)(e)</sup> | 45379 | $1 |
| **United Kingdom — 11.2%** | **United Kingdom — 11.2%** |  |
| 3i Group PLC | 616981 | 34916305 |
| Admiral Group PLC | 165028 | 7410840 |
| Ashtead Group PLC | 273233 | 17521337 |
| Associated British Foods PLC | 209674 | 5924198 |
| AstraZeneca PLC | 980783 | 136494722 |
| Auto Trader Group PLC<sup>(d)</sup> | 564520 | 6394195 |
| Aviva PLC | 1697222 | 14429313 |
| BAE Systems PLC | 1903796 | 49408949 |
| Barclays PLC | 9045816 | 41798597 |
| Barratt Redrow PLC | 870200 | 5449183 |
| British American Tobacco PLC | 1252979 | 59574532 |
| BT Group PLC | 3778672 | 10061548 |
| Bunzl PLC | 209624 | 6679974 |
| Centrica PLC | 3201967 | 7104433 |
| CK Hutchison Holdings Ltd. | 1699617 | 10465698 |
| Coca-Cola Europacific Partners PLC | 145724 | 13511529 |
| Compass Group PLC | 1073173 | 36350484 |
| Croda International PLC | 84228 | 3381586 |
| DCC PLC | 62555 | 4059855 |
| Diageo PLC | 1406762 | 35473038 |
| Entain PLC | 381276 | 4722339 |
| Halma PLC | 240637 | 10576980 |
| Hikma Pharmaceuticals PLC | 107464 | 2932586 |
| HSBC Holdings PLC | 11178397 | 135215904 |
| Imperial Brands PLC | 494790 | 19549215 |
| Informa PLC | 848111 | 9389604 |
| InterContinental Hotels Group PLC | 93786 | 10723032 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| 786125 | 3703610 |
| Intertek Group PLC | 102001 | 6644197 |
| J Sainsbury PLC | 1118303 | 4450688 |
| JD Sports Fashion PLC | 1681620 | 2050690 |
| Kingfisher PLC | 1142805 | 4563898 |
| Land Securities Group PLC | 451842 | 3924613 |
| Legal & General Group PLC | 3704567 | 12962039 |
| Lloyds Banking Group PLC | 38043702 | 40003544 |
| London Stock Exchange Group PLC | 301460 | 44087658 |
| M&G PLC | 1439430 | 5087976 |
| Marks & Spencer Group PLC | 1294625 | 6300965 |
| Melrose Industries PLC | 815500 | 5939435 |
| National Grid PLC | 3100896 | 45516994 |
| NatWest Group PLC | 5109430 | 35883282 |
| Next PLC | 73825 | 12608854 |
| Pearson PLC | 379232 | 5586462 |
| Phoenix Group Holdings PLC | 443566 | 4012996 |
| Reckitt Benckiser Group PLC | 431286 | 29382198 |
| RELX PLC | 1168442 | 63326831 |
| Rentokil Initial PLC | 1591932 | 7680700 |
| Rolls-Royce Holdings PLC | 5362305 | 71064721 |
| Sage Group PLC | 637043 | 10939808 |
| Schroders PLC | 458455 | 2279951 |
| Segro PLC | 809499 | 7577832 |
| Severn Trent PLC | 170203 | 6394893 |
| Smith & Nephew PLC | 523968 | 8024164 |
| Smiths Group PLC | 212297 | 6548158 |
| Spirax Group PLC | 47042 | 3846727 |

---

Fund Schedules of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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 | 703691 | $17719019 |
| Standard Chartered PLC | 1276857 | 21130107 |
| Tesco PLC | 4253384 | 23451120 |
| Unilever PLC | 1570642 | 95850308 |
| United Utilities Group PLC | 432214 | 6786948 |
| Vodafone Group PLC | 12616204 | 13505031 |
| Whitbread PLC | 111068 | 4310106 |
| Wise PLC, Class A<sup>(c)</sup> | 422301 | 6032729 |
| WPP PLC | 683797 | 4814605 |
|  |  | 1353513833 |
| **United States — 7.2%** | **United States — 7.2%** |  |
| Amrize Ltd.<sup>(c)</sup> | 330399 | 16481432 |
| BP PLC | 10131036 | 50475774 |
| CSL Ltd. | 306913 | 48480150 |
| CyberArk Software Ltd.<sup>(c)</sup> | 29681 | 12076605 |
| Experian PLC | 582981 | 30062141 |
| Ferrovial SE | 323017 | 17230608 |
| GSK PLC | 2603573 | 49640909 |
| Haleon PLC | 5708152 | 29337766 |
| Holcim AG | 330399 | 24535143 |
| James Hardie Industries PLC<sup>(c)</sup> | 366489 | 9841445 |
| Monday.com Ltd.<sup>(b)(c)</sup> | 23933 | 7526450 |
| QIAGEN NV | 136724 | 6587312 |
| Roche Holding AG | 464511 | 152050580 |
| Sanofi SA | 702217 | 67984266 |
| Schneider Electric SE | 345887 | 92865450 |
| Shell PLC | 3786191 | 132098374 |
| Spotify Technology SA<sup>(c)</sup> | 97109 | 74515620 |
| Stellantis NV | 1275356 | 12774139 |
| Swiss Re AG | 191200 | 33075122 |
| Tenaris SA | 257409 | 4825052 |
|  |  | 872464338 |
| **Total Common Stocks — 98.2%** <br>**(Cost: $7,486,316,810)** | **Total Common Stocks — 98.2%** <br>**(Cost: $7,486,316,810)** | 11887904775 |
| **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 | 2929775 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** |  |
| Dr. Ing hc F Porsche AG<sup>(b)(d)</sup> | 72928 | $3604386 |
| Henkel AG & Co. KGaA | 106523 | 8370960 |
| Porsche Automobil Holding SE | 97568 | 3873314 |
| Sartorius AG | 16477 | 4196657 |
| Volkswagen AG | 130715 | 13818342 |
|  |  | 36793434 |
| **Total Preferred Securities — 0.3%** <br>**(Cost: $44,876,365)** | **Total Preferred Securities — 0.3%** <br>**(Cost: $44,876,365)** | 36793434 |
| **Total Long-Term Investments — 98.5%** <br>**(Cost: $7,531,193,175)** | **Total Long-Term Investments — 98.5%** <br>**(Cost: $7,531,193,175)** | 11924698209 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(f)(g)(h)</sup><br>| 40257235 | 40273338 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(f)(g)</sup><br>| 6688388 | 6688388 |
| **Total Short-Term Securities — 0.4%** <br>**(Cost: $46,961,725)** | **Total Short-Term Securities — 0.4%** <br>**(Cost: $46,961,725)** | 46961726 |
| **Total Investments — 98.9%** <br>**(Cost: $7,578,154,900)** | **Total Investments — 98.9%** <br>**(Cost: $7,578,154,900)** | 11971659935 |
| **Other Assets Less Liabilities — 1.1%** | **Other Assets Less Liabilities — 1.1%** | 139126015 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $12110785950 |

---

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

<sup>(a)</sup> A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. 

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

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

<sup>(d)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

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

<sup>(f)</sup> 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 six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $32246301 | $8028555 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4717)<br>| $3199 | $40273338 | 40257235 | $65849 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 34615049 |  | &nbsp;&nbsp; (27926661 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 6688388 | 6688388 | 336513 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(4717)<br>| $3199 | $46961726 |  | $402362 | &nbsp;&nbsp; $— |

---

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

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**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; 217 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; $30392 | &nbsp;&nbsp;&nbsp;&nbsp; $1562000 |
| SPI 200 Index | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 17980 | &nbsp;&nbsp;&nbsp;&nbsp; 20751 |
| Euro Stoxx 50 Index | &nbsp;&nbsp; 897 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 56286 | &nbsp;&nbsp;&nbsp;&nbsp; 92019 |
| FTSE 100 Index | &nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30535 | &nbsp;&nbsp;&nbsp;&nbsp; (330707)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $1344063 |

---

**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; $1674770 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1674770 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $330707 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $330707 |

---

&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 June 30, 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; $14786067 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14786067 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3035590 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3035590 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $108497621 |

---

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

Fund Schedules of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**iShares MSCI EAFE International Index Fund** 

**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; $823637942 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $823637942 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29654630 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29654630 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100618615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100618615 |
| Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3878545 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3878545 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6183119 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6183119 |
| China | &nbsp;&nbsp; 4808347 | &nbsp;&nbsp;&nbsp;&nbsp; 62279231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67087578 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 273828423 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 273828423 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127098468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127098468 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1130435830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1130435830 |
| Germany | &nbsp;&nbsp; 8152590 | &nbsp;&nbsp;&nbsp;&nbsp; 1188784333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1196936923 |
| Hong Kong | &nbsp;&nbsp; 8411667 | &nbsp;&nbsp;&nbsp;&nbsp; 214938713 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 223350380 |
| Ireland | &nbsp;&nbsp; 13623246 | &nbsp;&nbsp;&nbsp;&nbsp; 38850006 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52473252 |
| Israel | &nbsp;&nbsp; 29821116 | &nbsp;&nbsp;&nbsp;&nbsp; 66535484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96356600 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 378063709 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 378063709 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2589533457 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2589533457 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17496704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17496704 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9451158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9451158 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 503887837 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 503887837 |
| New Zealand | &nbsp;&nbsp; 7885987 | &nbsp;&nbsp;&nbsp;&nbsp; 25678392 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33564379 |
| Norway | &nbsp;&nbsp; 12566049 | &nbsp;&nbsp;&nbsp;&nbsp; 59183655 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71749704 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2398253 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2398253 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18096209 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 18096210 |
| Singapore | &nbsp;&nbsp; 46077506 | &nbsp;&nbsp;&nbsp;&nbsp; 167555188 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 213632694 |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20910695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20910695 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3205143 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3205143 |
| Spain | &nbsp;&nbsp; 6450791 | &nbsp;&nbsp;&nbsp;&nbsp; 371720267 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 378171058 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 362232028 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 362232028 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 927993269 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 927993269 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| United Kingdom | &nbsp;&nbsp; 13511529 | &nbsp;&nbsp;&nbsp;&nbsp; 1340002304 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1353513833 |
| United States | &nbsp;&nbsp; 110600107 | &nbsp;&nbsp;&nbsp;&nbsp; 761864231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 872464338 |
| Preferred Securities |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36793434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36793434 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 46961726 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46961726 |
|  | &nbsp;&nbsp; $308870661 | &nbsp;&nbsp;&nbsp;&nbsp; $11662789272 | &nbsp;&nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp;&nbsp; $11971659935 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $112770 | &nbsp;&nbsp;&nbsp;&nbsp; $1562000 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1674770 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (330707)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (330707)<br>|
|  | &nbsp;&nbsp; $112770 | &nbsp;&nbsp;&nbsp;&nbsp; $1231293 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1344063 |

---

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)

June 30, 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> | $205858452 | $617139910 | $11924698209 | $— |
| Investments, at value — Master Small Cap Index Series |  |  |  | 2756447131 |
| Investments, at value — affiliated<sup>(c)</sup> | 4842758 | 6457074 | 46961726 |  |
| Cash pledged for futures contracts |  |  | 10520897 |  |
| Foreign currency, at value<sup>(d)</sup> |  |  | 102304644 |  |
| Receivables: |  |  |  |  |
| Investments sold | 30092 | 4541616 | 9654 |  |
| Securities lending income — affiliated |  |  | 19008 |  |
| Capital shares sold | 359083 | 13708665 | 43617916 | 4957414 |
| Dividends — unaffiliated |  |  | 39423567 |  |
| Dividends — affiliated | 7031 | 16850 | 47581 |  |
| Interest — unaffiliated | 2728276 | 1862864 |  |  |
| From the Manager | 77319 | 34488 |  |  |
| Variation margin on futures contracts |  |  | 786408 |  |
| Withdrawals from the Master Portfolio |  |  |  | 63371636 |
| Prepaid expenses | 27582 | 36269 |  | 60324 |
| Total assets | 213930593 | 643797736 | 12168389610 | 2824836505 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned |  |  | 40278380 |  |
| Payables: |  |  |  |  |
| Investments purchased | 468802 | 10184979 | 2593809 |  |
| Accounting services fees | 5979 | 5979 |  | 3312 |
| Administration fees |  |  | 325954 | 88698 |
| Capital shares redeemed | 515141 | 674708 | 13579150 | 68328559 |
| Custodian fees | 2539 | 3056 |  |  |
| Income dividend distributions | 4684 | 36236 |  |  |
| Investment advisory fees |  |  | 96815 |  |
| Directors' and Officer's fees | 1667 | 1750 | 26750 | 1312 |
| Other accrued expenses | 33293 | 27067 | 88703 | 39834 |
| Professional fees | 27581 | 20966 | 267487 | 4219 |
| Service fees | 38668 | 1270 | 121070 | 100917 |
| Transfer agent fees | 34575 | 23090 | 18408 | 233068 |
| Variation margin on futures contracts |  |  | 207134 |  |
| Total liabilities | 1132929 | 10979101 | 57603660 | 68799919 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $212797664 | $632818635 | $12110785950 | $2756036586 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $226331034 | $635512500 | $9080341336 | $2167018884 |
| Accumulated earnings (loss) | (13533370) | (2693865) | 3030444614 | 589017702 |
| NET ASSETS | $212797664 | $632818635 | $12110785950 | $2756036586 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $215344669 | $611318434 | $7531193174 | $— |
| <sup>(b)</sup> Securities loaned, at value | $— | $— | $38915979 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $4842758 | $6457074 | $46961726 | $— |
| <sup>(d)</sup> Foreign currency, at cost | $— | $— | $100239912 | $— |

---

Fund Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 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 | $30533088 | $135548551 | $1441011291 | $358702300 |
| Shares outstanding | 2847569 | 13910657 | 78377578 | 14968873 |
| Net asset value | $10.72 | $9.74 | $18.39 | $23.96 |
| Shares authorized | Unlimited | Unlimited | 1.208 billion | 208 million |
| Par value | $0.001 | $0.001 | $0.0001 | $0.0001 |
| **Investor A** |  |  |  |  |
| Net assets | $15774591 | $6237789 | $450284171 | $218573989 |
| Shares outstanding | 1471104 | 639179 | 24711597 | 9120547 |
| Net asset value | $10.72 | $9.76 | $18.22 | $23.97 |
| Shares authorized | Unlimited | Unlimited | 208 million | 208 million |
| Par value | $0.001 | $0.001 | $0.0001 | $0.0001 |
| **Investor P** |  |  |  |  |
| Net assets | $166257160 | N/A | $158846768 | $291854225 |
| Shares outstanding | 15505710 | N/A | 8748769 | 12225193 |
| Net asset value | $10.72 | N/A | $18.16 | $23.87 |
| 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 | $3364727521 | N/A |
| Shares outstanding | N/A | N/A | 182808713 | N/A |
| Net asset value | N/A | N/A | $18.41 | 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 | $232825 | $491032295 | $6695916199 | $1886906072 |
| Shares outstanding | 21716 | 50325992 | 363675889 | 78430029 |
| Net asset value | $10.72 | $9.76 | $18.41 | $24.06 |
| 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.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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; $244519465 | &nbsp;&nbsp;&nbsp; $— |
| Dividends — affiliated | &nbsp;&nbsp; 50579 | &nbsp;&nbsp;&nbsp; 193465 | &nbsp;&nbsp;&nbsp; 336514 | &nbsp;&nbsp;&nbsp; — |
| Interest — unaffiliated | &nbsp;&nbsp; 3954731 | &nbsp;&nbsp;&nbsp; 13231676 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Securities lending income — affiliated — net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 65848 | &nbsp;&nbsp;&nbsp; — |
| Other income — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 63185 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19115884)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5109980 | &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; 10671112 |
| Dividends — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 478321 |
| Interest — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32346 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1111597 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (50704)<br>|
| Expenses | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (241911)<br>|
| Fees waived | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7147 |
| Total investment income | &nbsp;&nbsp; 4005310 | &nbsp;&nbsp;&nbsp; 13425193 | &nbsp;&nbsp;&nbsp; 230979108 | &nbsp;&nbsp;&nbsp; 12007908 |
| EXPENSES |  |  |  |  |
| Service — class specific | &nbsp;&nbsp; 232637 | &nbsp;&nbsp;&nbsp; 5352 | &nbsp;&nbsp;&nbsp; 697358 | &nbsp;&nbsp;&nbsp; 616256 |
| Professional | &nbsp;&nbsp; 148152 | &nbsp;&nbsp;&nbsp; 87645 | &nbsp;&nbsp;&nbsp; 126155 | &nbsp;&nbsp;&nbsp; 45692 |
| Investment advisory | &nbsp;&nbsp; 110442 | &nbsp;&nbsp;&nbsp; 26208 | &nbsp;&nbsp;&nbsp; 551019 | &nbsp;&nbsp;&nbsp; — |
| Transfer agent — class specific | &nbsp;&nbsp; 65547 | &nbsp;&nbsp;&nbsp; 50525 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 363632 |
| Registration | &nbsp;&nbsp; 31742 | &nbsp;&nbsp;&nbsp; 29541 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49874 |
| Printing and postage | &nbsp;&nbsp; 24798 | &nbsp;&nbsp;&nbsp; 20921 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9743 |
| Directors and Officer | &nbsp;&nbsp; 4539 | &nbsp;&nbsp;&nbsp; 5275 | &nbsp;&nbsp;&nbsp; 45587 | &nbsp;&nbsp;&nbsp; 560 |
| Accounting services | &nbsp;&nbsp; 4475 | &nbsp;&nbsp;&nbsp; 4475 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2484 |
| Custodian | &nbsp;&nbsp; 2421 | &nbsp;&nbsp;&nbsp; 2507 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Administration | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 531754 |
| Administration — class specific | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1855262 | &nbsp;&nbsp;&nbsp; — |
| Miscellaneous | &nbsp;&nbsp; 9966 | &nbsp;&nbsp;&nbsp; 7816 | &nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 14661 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 634719 | &nbsp;&nbsp;&nbsp; 240265 | &nbsp;&nbsp;&nbsp; 3275701 | &nbsp;&nbsp;&nbsp; 1634656 |
| Interest expense — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 634719 | &nbsp;&nbsp;&nbsp; 240265 | &nbsp;&nbsp;&nbsp; 3276206 | &nbsp;&nbsp;&nbsp; 1634656 |
| Less: |  |  |  |  |
| Fees waived and/or reimbursed by the Administrator | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (64675)<br>| &nbsp;&nbsp;&nbsp; (3637)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (115598)<br>| &nbsp;&nbsp;&nbsp; (43319)<br>| &nbsp;&nbsp;&nbsp; (5553)<br>| &nbsp;&nbsp;&nbsp; — |
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (10391)<br>| &nbsp;&nbsp;&nbsp; (7014)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (102656)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 508730 | &nbsp;&nbsp;&nbsp; 189932 | &nbsp;&nbsp;&nbsp; 3205978 | &nbsp;&nbsp;&nbsp; 1528363 |
| Net investment income | &nbsp;&nbsp; 3496580 | &nbsp;&nbsp;&nbsp; 13235261 | &nbsp;&nbsp;&nbsp; 227773130 | &nbsp;&nbsp;&nbsp; 10479545 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (1642101)<br>| &nbsp;&nbsp;&nbsp; 1436 | &nbsp;&nbsp;&nbsp; (48409712)<br>| &nbsp;&nbsp;&nbsp; — |
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4717)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4334809 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14786067 | &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; 72122880 |
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1400569 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3546167)<br>|
| Litigation proceeds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 99645 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (607833)<br>|
|  | &nbsp;&nbsp; (1642101)<br>| &nbsp;&nbsp;&nbsp; 1436 | &nbsp;&nbsp;&nbsp; (29293553)<br>| &nbsp;&nbsp;&nbsp; 69469094 |

---

Fund Statements of Operations

------

Statements of Operations (unaudited) (continued)

Six Months Ended June 30, 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; $(4082360)<br>| &nbsp;&nbsp;&nbsp; $6967414 | &nbsp;&nbsp;&nbsp; $1889430035 | &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; 5584797 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3035590 | &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; (128655563)<br>|
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (378655)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 729702 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 527484 |
|  | &nbsp;&nbsp; (4082360)<br>| &nbsp;&nbsp;&nbsp; 6967414 | &nbsp;&nbsp;&nbsp; 1898053621 | &nbsp;&nbsp;&nbsp; (127777032)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (5724461)<br>| &nbsp;&nbsp;&nbsp; 6968850 | &nbsp;&nbsp;&nbsp; 1868760068 | &nbsp;&nbsp;&nbsp; (58307938)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(2227881)<br>| &nbsp;&nbsp;&nbsp; $20204111 | &nbsp;&nbsp;&nbsp; $2096533198 | &nbsp;&nbsp;&nbsp; $(47828393)<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares 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 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3496580 | &nbsp;&nbsp;&nbsp; $6776868 | &nbsp;&nbsp;&nbsp; $13235261 | &nbsp;&nbsp;&nbsp; $13653471 |
| Net realized gain (loss) | &nbsp;&nbsp; (1642101)<br>| &nbsp;&nbsp;&nbsp; (603446)<br>| &nbsp;&nbsp;&nbsp; 1436 | &nbsp;&nbsp;&nbsp; (1007153)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (4082360)<br>| &nbsp;&nbsp;&nbsp; (3764543)<br>| &nbsp;&nbsp;&nbsp; 6967414 | &nbsp;&nbsp;&nbsp; 1527951 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (2227881)<br>| &nbsp;&nbsp;&nbsp; 2408879 | &nbsp;&nbsp;&nbsp; 20204111 | &nbsp;&nbsp;&nbsp; 14174269 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| From net investment income |  |  |  |  |
| Institutional | &nbsp;&nbsp; (579412)<br>| &nbsp;&nbsp;&nbsp; (1162452)<br>| &nbsp;&nbsp;&nbsp; (3233642)<br>| &nbsp;&nbsp;&nbsp; (5354694)<br>|
| Investor A | &nbsp;&nbsp; (246291)<br>| &nbsp;&nbsp;&nbsp; (476540)<br>| &nbsp;&nbsp;&nbsp; (106128)<br>| &nbsp;&nbsp;&nbsp; (85625)<br>|
| Investor P | &nbsp;&nbsp; (2647508)<br>| &nbsp;&nbsp;&nbsp; (5134779)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class K | &nbsp;&nbsp; (3951)<br>| &nbsp;&nbsp;&nbsp; (3430)<br>| &nbsp;&nbsp;&nbsp; (9894520)<br>| &nbsp;&nbsp;&nbsp; (8212648)<br>|
| Return of capital |  |  |  |  |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4211)<br>|
| Investor A | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (72)<br>|
| Class K | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6510)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (3477162)<br>| &nbsp;&nbsp;&nbsp; (6777201)<br>| &nbsp;&nbsp;&nbsp; (13234290)<br>| &nbsp;&nbsp;&nbsp; (13663760)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (15112544)<br>| &nbsp;&nbsp;&nbsp; (21743333)<br>| &nbsp;&nbsp;&nbsp; 173183307 | &nbsp;&nbsp;&nbsp; 174310493 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (20817587)<br>| &nbsp;&nbsp;&nbsp; (26111655)<br>| &nbsp;&nbsp;&nbsp; 180153128 | &nbsp;&nbsp;&nbsp; 174821002 |
| Beginning of period | &nbsp;&nbsp; 233615251 | &nbsp;&nbsp;&nbsp; 259726906 | &nbsp;&nbsp;&nbsp; 452665507 | &nbsp;&nbsp;&nbsp; 277844505 |
| End of period | &nbsp;&nbsp; $212797664 | &nbsp;&nbsp;&nbsp; $233615251 | &nbsp;&nbsp;&nbsp; $632818635 | &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.*

Fund Statements of Changes in Net Assets

------

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 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $227773130 | &nbsp;&nbsp;&nbsp; $300377124 | &nbsp;&nbsp;&nbsp; $10479545 | &nbsp;&nbsp;&nbsp; $35580959 |
| Net realized gain (loss) | &nbsp;&nbsp; (29293553)<br>| &nbsp;&nbsp;&nbsp; (57363544)<br>| &nbsp;&nbsp;&nbsp; 69469094 | &nbsp;&nbsp;&nbsp; 70086171 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1898053621 | &nbsp;&nbsp;&nbsp; 103232249 | &nbsp;&nbsp;&nbsp; (127777032)<br>| &nbsp;&nbsp;&nbsp; 194596740 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 2096533198 | &nbsp;&nbsp;&nbsp; 346245829 | &nbsp;&nbsp;&nbsp; (47828393)<br>| &nbsp;&nbsp;&nbsp; 300263870 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (35110836)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19874643)<br>|
| Investor A | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12043204)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9913008)<br>|
| Investor P | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4162363)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13243145)<br>|
| Class G | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (103106795)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class K | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (184909666)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (89277168)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (339332864)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (132307964)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (278552297)<br>| &nbsp;&nbsp;&nbsp; 770122500 | &nbsp;&nbsp;&nbsp; (65205246)<br>| &nbsp;&nbsp;&nbsp; (66811632)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 1817980901 | &nbsp;&nbsp;&nbsp; 777035465 | &nbsp;&nbsp;&nbsp; (113033639)<br>| &nbsp;&nbsp;&nbsp; 101144274 |
| Beginning of period | &nbsp;&nbsp; 10292805049 | &nbsp;&nbsp;&nbsp; 9515769584 | &nbsp;&nbsp;&nbsp; 2869070225 | &nbsp;&nbsp;&nbsp; 2767925951 |
| End of period | &nbsp;&nbsp; $12110785950 | &nbsp;&nbsp;&nbsp; $10292805049 | &nbsp;&nbsp;&nbsp; $2756036586 | &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.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Municipal Bond Index Fund | 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 | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $12.29 | &nbsp;&nbsp;&nbsp; $12.02 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.18)<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>| &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>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.18)<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>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $12.29 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.81 )%<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 4.97<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.35 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.25 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>|
| Net investment income | 3.37 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $30533 | &nbsp;&nbsp;&nbsp; $38690 | &nbsp;&nbsp;&nbsp; $41268 | &nbsp;&nbsp;&nbsp; $37235 | &nbsp;&nbsp;&nbsp; $11794 | &nbsp;&nbsp;&nbsp; $6115 |
| Portfolio turnover rate | &nbsp;&nbsp; 20<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; 8<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> Not annualized.

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

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

<sup>(i)</sup> Includes 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) | iShares Municipal Bond Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $12.29 | &nbsp;&nbsp;&nbsp; $12.02 |
| Net investment income<sup>(a)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.17)<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>| &nbsp;&nbsp;&nbsp; (0.27)<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>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.17)<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>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $12.29 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.94 )%<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.66 %<sup>(h)</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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.50 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 3.13 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $15775 | &nbsp;&nbsp;&nbsp; $16185 | &nbsp;&nbsp;&nbsp; $19071 | &nbsp;&nbsp;&nbsp; $20060 | &nbsp;&nbsp;&nbsp; $23348 | &nbsp;&nbsp;&nbsp; $23315 |
| Portfolio turnover rate | &nbsp;&nbsp; 20<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; 8<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> 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 Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares 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) | iShares Municipal Bond Index Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $12.29 | &nbsp;&nbsp;&nbsp; $12.02 |
| Net investment income<sup>(a)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.17)<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>| &nbsp;&nbsp;&nbsp; (0.27)<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>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.17)<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>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $12.29 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.94 )%<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 4.69<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.61 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<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; 0.49<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 | 3.13 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $166257 | &nbsp;&nbsp;&nbsp; $178504 | &nbsp;&nbsp;&nbsp; $199290 | &nbsp;&nbsp;&nbsp; $222859 | &nbsp;&nbsp;&nbsp; $292983 | &nbsp;&nbsp;&nbsp; $316772 |
| Portfolio turnover rate | &nbsp;&nbsp; 20<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; 8<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> Not annualized.

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

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

<sup>(i)</sup> Includes 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) | iShares Municipal Bond Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $12.29 | &nbsp;&nbsp;&nbsp; $12.02 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.18)<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>| &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>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.18)<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>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $12.29 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.79 )%<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.34 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.20 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 3.43 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $233 | &nbsp;&nbsp;&nbsp; $236 | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $102 | &nbsp;&nbsp;&nbsp; $106 | &nbsp;&nbsp;&nbsp; $107 |
| Portfolio turnover rate | &nbsp;&nbsp; 20<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; 8<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> 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 Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares 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 | iShares Short-Term TIPS Bond Index Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp; $9.57 | &nbsp;&nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp; $10.37 | &nbsp;&nbsp;&nbsp; $10.30 | &nbsp;&nbsp;&nbsp; $9.98 |
| Net investment income<sup>(a)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net increase (decrease) from investment operations | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.24)<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>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>|
| Return of capital | &nbsp;&nbsp; — | &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; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.24)<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>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp; $9.57 | &nbsp;&nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp; $10.37 | &nbsp;&nbsp;&nbsp; $10.30 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.94 %<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 4.89<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.12 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.10 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Net investment income | 4.89 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $135549 | &nbsp;&nbsp;&nbsp; $128401 | &nbsp;&nbsp;&nbsp; $120828 | &nbsp;&nbsp;&nbsp; $23581 | &nbsp;&nbsp;&nbsp; $18004 | &nbsp;&nbsp;&nbsp; $16549 |
| Portfolio turnover rate | &nbsp;&nbsp; 7<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; 22<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> 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.*

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) | iShares Short-Term TIPS Bond Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $9.58 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp; $9.97 |
| Net investment income<sup>(a)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net increase (decrease) from investment operations | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.23)<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>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>|
| Return of capital | &nbsp;&nbsp; — | &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; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.23)<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>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $9.58 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.34 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.92 %<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 4.64<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.43 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.36 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| Net investment income | 4.95 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6238 | &nbsp;&nbsp;&nbsp; $2524 | &nbsp;&nbsp;&nbsp; $2093 | &nbsp;&nbsp;&nbsp; $2514 | &nbsp;&nbsp;&nbsp; $1908 | &nbsp;&nbsp;&nbsp; $1475 |
| Portfolio turnover rate | &nbsp;&nbsp; 7<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; 22<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> 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 Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares 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) | iShares Short-Term TIPS Bond Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $9.58 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp; $9.98 |
| Net investment income<sup>(a)</sup> | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net increase (decrease) from investment operations | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.24)<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>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>|
| Return of capital | &nbsp;&nbsp; — | &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; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.24)<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>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $9.58 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.34 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.07 %<sup>(f)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 4.87<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.08 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.06 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<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 | 5.11 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $491032 | &nbsp;&nbsp;&nbsp; $321740 | &nbsp;&nbsp;&nbsp; $154923 | &nbsp;&nbsp;&nbsp; $109665 | &nbsp;&nbsp;&nbsp; $84806 | &nbsp;&nbsp;&nbsp; $41536 |
| Portfolio turnover rate | &nbsp;&nbsp; 7<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; 22<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> 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.*

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 | 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 | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.25 | &nbsp;&nbsp;&nbsp; $15.19 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $15.85 | &nbsp;&nbsp;&nbsp; $14.68 | &nbsp;&nbsp;&nbsp; $13.86 |
| Net investment income<sup>(a)</sup> | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net increase (decrease) from investment operations | 3.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $18.39 | &nbsp;&nbsp;&nbsp; $15.25 | &nbsp;&nbsp;&nbsp; $15.19 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $15.85 | &nbsp;&nbsp;&nbsp; $14.68 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 20.59 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 8.03<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.09 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.09 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding professional <br> fees for foreign withholding taxes<br>| 0.09 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net investment income | 4.17 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1441011 | &nbsp;&nbsp;&nbsp; $1055134 | &nbsp;&nbsp;&nbsp; $1126850 | &nbsp;&nbsp;&nbsp; $1036641 | &nbsp;&nbsp;&nbsp; $1058978 | &nbsp;&nbsp;&nbsp; $1004855 |
| Portfolio turnover rate | &nbsp;&nbsp; 6<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; 8<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> Not annualized.

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | iShares MSCI EAFE International Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.13 | &nbsp;&nbsp;&nbsp; $15.08 | &nbsp;&nbsp;&nbsp; $13.16 | &nbsp;&nbsp;&nbsp; $15.74 | &nbsp;&nbsp;&nbsp; $14.58 | &nbsp;&nbsp;&nbsp; $13.78 |
| Net investment income<sup>(a)</sup> | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net increase (decrease) from investment operations | 3.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $18.22 | &nbsp;&nbsp;&nbsp; $15.13 | &nbsp;&nbsp;&nbsp; $15.08 | &nbsp;&nbsp;&nbsp; $13.16 | &nbsp;&nbsp;&nbsp; $15.74 | &nbsp;&nbsp;&nbsp; $14.58 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 20.42 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 7.68<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.34 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.34 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding professional fees for <br> foreign withholding taxes<br>| 0.34 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 3.86 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $450284 | &nbsp;&nbsp;&nbsp; $394057 | &nbsp;&nbsp;&nbsp; $385832 | &nbsp;&nbsp;&nbsp; $348314 | &nbsp;&nbsp;&nbsp; $385287 | &nbsp;&nbsp;&nbsp; $351999 |
| Portfolio turnover rate | &nbsp;&nbsp; 6<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; 8<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> Not annualized.

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

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

*See notes to financial statements.*

Fund Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI 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) | iShares MSCI EAFE International Index Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.08 | &nbsp;&nbsp;&nbsp; $15.02 | &nbsp;&nbsp;&nbsp; $13.12 | &nbsp;&nbsp;&nbsp; $15.69 | &nbsp;&nbsp;&nbsp; $14.53 | &nbsp;&nbsp;&nbsp; $13.73 |
| Net investment income<sup>(a)</sup> | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net increase (decrease) from investment operations | 3.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $18.16 | &nbsp;&nbsp;&nbsp; $15.08 | &nbsp;&nbsp;&nbsp; $15.02 | &nbsp;&nbsp;&nbsp; $13.12 | &nbsp;&nbsp;&nbsp; $15.69 | &nbsp;&nbsp;&nbsp; $14.53 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 20.42 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 7.68<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.34 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.34 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding professional fees for <br> foreign withholding taxes<br>| 0.34 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| Net investment income | 3.86 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $158847 | &nbsp;&nbsp;&nbsp; $135186 | &nbsp;&nbsp;&nbsp; $137725 | &nbsp;&nbsp;&nbsp; $123463 | &nbsp;&nbsp;&nbsp; $153682 | &nbsp;&nbsp;&nbsp; $146759 |
| Portfolio turnover rate | &nbsp;&nbsp; 6<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; 8<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> Not annualized.

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Period from <br>10/16/23<sup>(a)</sup> <br>to 12/31/23 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Period from <br>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> | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain<sup>(c)</sup> | 2.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Net increase from investment operations | 3.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $18.41 | &nbsp;&nbsp;&nbsp; $15.26 | &nbsp;&nbsp;&nbsp; $15.20 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | 20.64 %<sup>(f)</sup><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 %<sup>(h)</sup><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 %<sup>(h)</sup><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 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 %<sup>(h)</sup><br>|
| Net investment income | 4.11 %<sup>(h)</sup><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; $3364728 | &nbsp;&nbsp;&nbsp; $3110802 | &nbsp;&nbsp;&nbsp; $2737539 |
| Portfolio turnover rate | &nbsp;&nbsp; 6<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.*

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) | iShares MSCI EAFE International Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.27 | &nbsp;&nbsp;&nbsp; $15.21 | &nbsp;&nbsp;&nbsp; $13.27 | &nbsp;&nbsp;&nbsp; $15.86 | &nbsp;&nbsp;&nbsp; $14.69 | &nbsp;&nbsp;&nbsp; $13.87 |
| Net investment income<sup>(a)</sup> | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net increase (decrease) from investment operations | 3.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $18.41 | &nbsp;&nbsp;&nbsp; $15.27 | &nbsp;&nbsp;&nbsp; $15.21 | &nbsp;&nbsp;&nbsp; $13.27 | &nbsp;&nbsp;&nbsp; $15.86 | &nbsp;&nbsp;&nbsp; $14.69 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 20.56 %<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 8.07<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.04 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.04 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding professional <br> fees for foreign withholding taxes<br>| 0.04 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Net investment income | 4.16 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6695916 | &nbsp;&nbsp;&nbsp; $5597626 | &nbsp;&nbsp;&nbsp; $5127824 | &nbsp;&nbsp;&nbsp; $6236454 | &nbsp;&nbsp;&nbsp; $6929470 | &nbsp;&nbsp;&nbsp; $5143404 |
| Portfolio turnover rate | &nbsp;&nbsp; 6<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; 8<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> Not annualized.

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | iShares Russell 2000 Small-Cap Index Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.40 | &nbsp;&nbsp;&nbsp; $22.90 | &nbsp;&nbsp;&nbsp; $20.17 | &nbsp;&nbsp;&nbsp; $25.76 | &nbsp;&nbsp;&nbsp; $24.19 | &nbsp;&nbsp;&nbsp; $20.46 |
| Net investment income<sup>(a)</sup> | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp; (5.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp; (5.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.96 | &nbsp;&nbsp;&nbsp; $24.40 | &nbsp;&nbsp;&nbsp; $22.90 | &nbsp;&nbsp;&nbsp; $20.17 | &nbsp;&nbsp;&nbsp; $25.76 | &nbsp;&nbsp;&nbsp; $24.19 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (1.80 )%<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 19.97<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.14 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.12 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Net investment income | 0.77 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $358702 | &nbsp;&nbsp;&nbsp; $438850 | &nbsp;&nbsp;&nbsp; $400743 | &nbsp;&nbsp;&nbsp; $390670 | &nbsp;&nbsp;&nbsp; $479451 | &nbsp;&nbsp;&nbsp; $331429 |
| Portfolio turnover rate of the Series | &nbsp;&nbsp; 15<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; 27<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> Not annualized.

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

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

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

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

*See notes to financial statements.*

Fund Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares 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) | iShares Russell 2000 Small-Cap Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.43 | &nbsp;&nbsp;&nbsp; $22.93 | &nbsp;&nbsp;&nbsp; $20.20 | &nbsp;&nbsp;&nbsp; $25.79 | &nbsp;&nbsp;&nbsp; $24.22 | &nbsp;&nbsp;&nbsp; $20.49 |
| Net investment income<sup>(a)</sup> | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp; (5.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp; (5.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.97 | &nbsp;&nbsp;&nbsp; $24.43 | &nbsp;&nbsp;&nbsp; $22.93 | &nbsp;&nbsp;&nbsp; $20.20 | &nbsp;&nbsp;&nbsp; $25.79 | &nbsp;&nbsp;&nbsp; $24.22 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (1.88 )%<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 19.66<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.41 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| Net investment income | 0.55 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $218574 | &nbsp;&nbsp;&nbsp; $226997 | &nbsp;&nbsp;&nbsp; $206977 | &nbsp;&nbsp;&nbsp; $194549 | &nbsp;&nbsp;&nbsp; $243110 | &nbsp;&nbsp;&nbsp; $257905 |
| Portfolio turnover rate of the Series | &nbsp;&nbsp; 15<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; 27<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> Not annualized.

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

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

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares 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) | iShares Russell 2000 Small-Cap Index Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.34 | &nbsp;&nbsp;&nbsp; $22.85 | &nbsp;&nbsp;&nbsp; $20.13 | &nbsp;&nbsp;&nbsp; $25.70 | &nbsp;&nbsp;&nbsp; $24.14 | &nbsp;&nbsp;&nbsp; $20.43 |
| Net investment income<sup>(a)</sup> | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp; (5.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.87 | &nbsp;&nbsp;&nbsp; $24.34 | &nbsp;&nbsp;&nbsp; $22.85 | &nbsp;&nbsp;&nbsp; $20.13 | &nbsp;&nbsp;&nbsp; $25.70 | &nbsp;&nbsp;&nbsp; $24.14 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (1.93 )%<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 19.65<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.39 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| Net investment income | 0.55 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $291854 | &nbsp;&nbsp;&nbsp; $304046 | &nbsp;&nbsp;&nbsp; $287808 | &nbsp;&nbsp;&nbsp; $266391 | &nbsp;&nbsp;&nbsp; $354746 | &nbsp;&nbsp;&nbsp; $329486 |
| Portfolio turnover rate of the Series | &nbsp;&nbsp; 15<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; 27<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> Not annualized.

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

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

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

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

*See notes to financial statements.*

Fund Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares 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) | iShares Russell 2000 Small-Cap Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.49 | &nbsp;&nbsp;&nbsp; $22.98 | &nbsp;&nbsp;&nbsp; $20.24 | &nbsp;&nbsp;&nbsp; $25.84 | &nbsp;&nbsp;&nbsp; $24.26 | &nbsp;&nbsp;&nbsp; $20.52 |
| Net investment income<sup>(a)</sup> | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp; (5.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp; (5.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.06 | &nbsp;&nbsp;&nbsp; $24.49 | &nbsp;&nbsp;&nbsp; $22.98 | &nbsp;&nbsp;&nbsp; $20.24 | &nbsp;&nbsp;&nbsp; $25.84 | &nbsp;&nbsp;&nbsp; $24.26 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (1.76 )%<sup>(e)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 20.00<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)(g)(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.07 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Net investment income | 0.86 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1886906 | &nbsp;&nbsp;&nbsp; $1899178 | &nbsp;&nbsp;&nbsp; $1872398 | &nbsp;&nbsp;&nbsp; $1752177 | &nbsp;&nbsp;&nbsp; $2288892 | &nbsp;&nbsp;&nbsp; $1835475 |
| Portfolio turnover rate of the Series | &nbsp;&nbsp; 15<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; 27<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> Not annualized.

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

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

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

&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 June 30, 2025, the percentage of the Series owned by Small Cap Index was 62.8%. 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 "BAL" or together 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 (the "trade dates"). 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

Fund Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (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 June 30, 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 each 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 their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

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

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (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 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 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.

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.

Fund Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**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 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the 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*<sup>(b)</sup> <br>|
| International Index |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $2060791 | &nbsp;&nbsp; $(2060791)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 4624125 | &nbsp;&nbsp; (4618387)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5738 |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 7526450 | &nbsp;&nbsp; (7517717)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 8733 |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 9103072 | &nbsp;&nbsp; (9103072)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 9927 | &nbsp;&nbsp; (9927)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 12673837 | &nbsp;&nbsp; (12673837)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 2917777 | &nbsp;&nbsp; (2917777)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $38915979 | &nbsp;&nbsp; $(38901508)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $14471 |

---

&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. 

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, 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 the Funds.

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

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

---

With respect to the Short-Term TIPS Bond Index, International Index and Small Cap Index, 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 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 the Series to the Manager.

Fund Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**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 on going 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 six months ended June 30, 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; $19794 | &nbsp;&nbsp; $212843 | &nbsp;&nbsp; $232637 |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 5352 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5352 |
| International Index | &nbsp;&nbsp; 515921 | &nbsp;&nbsp; 181437 | &nbsp;&nbsp; 697358 |
| Small Cap Index | &nbsp;&nbsp; 263506 | &nbsp;&nbsp; 352750 | &nbsp;&nbsp; 616256 |

---

**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, wholly-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 six months ended June 30, 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; $485414 | &nbsp;&nbsp; $165095 | &nbsp;&nbsp; $58060 | &nbsp;&nbsp; $240650 | &nbsp;&nbsp; $906043 | &nbsp;&nbsp; $1855262 |

---

**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 six months ended June 30, 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 six months ended June 30, 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; $59 | $2115 | $336 | $15 | $2525 |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 172 | 578 |  | 1528 | 2278 |
| Small Cap Index | &nbsp;&nbsp; 3174 | 14567 | 1974 | 4441 | 24156 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor P* | *Class K* | *Total* |
| Municipal Bond Index | &nbsp;&nbsp; $8970 | $7957 | $48581 | $39 | $65547 |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 31425 | 2314 |  | 16786 | 50525 |
| Small Cap Index | &nbsp;&nbsp; 128056 | 97147 | 106751 | 31678 | 363632 |

---

**Other Fees:** For the six months ended June 30, 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; $3586 |
| International Index | &nbsp;&nbsp; 5125 |
| Small Cap Index | &nbsp;&nbsp; 7731 |

---

For the six months ended June 30, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor P* |
| Municipal Bond Index | &nbsp;&nbsp; $88 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**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 six months ended June 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Municipal Bond Index | &nbsp;&nbsp; $2038 |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 3388 |

---

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 six months ended June 30, 2025, the Manager of International Index waived $5,553 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, which constitute extraordinary expenses not incurred in the ordinary course of each Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *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 six months ended June 30, 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; $113560 | &nbsp;&nbsp; $— |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 39931 | &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, 2034. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amount waived and/or reimbursed was $64,675.

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 six months ended June 30, 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; $334 | &nbsp;&nbsp; $3999 | &nbsp;&nbsp; $6019 | &nbsp;&nbsp; $39 | &nbsp;&nbsp; $10391 |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; — | &nbsp;&nbsp; 1101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5913 | &nbsp;&nbsp; 7014 |
| Small Cap Index | &nbsp;&nbsp; 29245 | &nbsp;&nbsp; 40322 | &nbsp;&nbsp; 30683 | &nbsp;&nbsp; 2406 | &nbsp;&nbsp; 102656 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) each 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 a Fund's investment adviser or administrator.

Fund Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective 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.

As of June 30, 2025, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement were as follows:

---

| | |
|:---|:---|
|  | *Expiring* |
| *Fund Name/Fund Level/Share Class* | *11/16/25* |
| Municipal Bond Index |  |
| Fund Level | &nbsp;&nbsp; $202209 |
| Institutional | &nbsp;&nbsp; 2447 |
| Investor A | &nbsp;&nbsp; 20621 |
| Investor P | &nbsp;&nbsp; 35043 |
| Class K | &nbsp;&nbsp; 146 |

---

**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 six months ended June 30, 2025, each Fund paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name*  | *Amounts* |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; $22 |
| International Index | &nbsp;&nbsp; 17696 |

---

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

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

**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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**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 six months ended June 30, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| International Index | &nbsp;&nbsp;&nbsp; $110405706 | &nbsp;&nbsp;&nbsp; $41899850 | &nbsp;&nbsp;&nbsp; $(3783489)<br>|

---

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

For the six months ended June 30, 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; $43752900 | &nbsp;&nbsp; $60251470 |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 178196557 | &nbsp;&nbsp; 35408920 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Index | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 702993687 | &nbsp;&nbsp; 767942459 |

---

***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 June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds' NAV.

As of December 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<br>|
| Municipal Bond Index | &nbsp;&nbsp; $(2695540)<br>| &nbsp;&nbsp; $— |
| Short-Term TIPS Bond Index | &nbsp;&nbsp; (5632786)<br>| &nbsp;&nbsp; — |
| International Index | &nbsp;&nbsp; (1263575261)<br>| &nbsp;&nbsp; (2495988)<br>|
| Small Cap Index | &nbsp;&nbsp; — | &nbsp;&nbsp; (15173684)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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; $220188645 | &nbsp;&nbsp; $464452 | &nbsp;&nbsp; $(9951887)<br>| &nbsp;&nbsp; $(9487435)<br>|
| Short-Term TIPS Bond Index | &nbsp;&nbsp; 620660470 | &nbsp;&nbsp; 5864555 | &nbsp;&nbsp; (2928041)<br>| &nbsp;&nbsp; 2936514 |
| International Index | &nbsp;&nbsp; 7880392809 | &nbsp;&nbsp; 4642793921 | &nbsp;&nbsp; (550182732)<br>| &nbsp;&nbsp; 4092611189 |

---

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

The Trust and iShares MSCI EAFE 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 six months ended June 30, 2025, the Funds did not borrow under the credit agreement.

Fund Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

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.

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.

**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.

**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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Municipal Bond Index  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 122443 | &nbsp;&nbsp;&nbsp; $1317318 | &nbsp;&nbsp;&nbsp; 651221 | &nbsp;&nbsp;&nbsp; $7204758 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 53582 | &nbsp;&nbsp;&nbsp; 581059 | &nbsp;&nbsp;&nbsp; 104950 | &nbsp;&nbsp;&nbsp; 1159403 |
| Shares redeemed | &nbsp;&nbsp; (848161) | &nbsp;&nbsp;&nbsp; (9099418) | &nbsp;&nbsp;&nbsp; (924944) | &nbsp;&nbsp;&nbsp; (10264620) |
|  | &nbsp;&nbsp; (672136) | &nbsp;&nbsp;&nbsp; $(7201041) | &nbsp;&nbsp;&nbsp; (168773) | &nbsp;&nbsp;&nbsp; $(1900459) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 118984 | &nbsp;&nbsp;&nbsp; $1293893 | &nbsp;&nbsp;&nbsp; 239184 | &nbsp;&nbsp;&nbsp; $2636911 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 20602 | &nbsp;&nbsp;&nbsp; 223212 | &nbsp;&nbsp;&nbsp; 38842 | &nbsp;&nbsp;&nbsp; 429040 |
| Shares redeemed | &nbsp;&nbsp; (140849) | &nbsp;&nbsp;&nbsp; (1520488) | &nbsp;&nbsp;&nbsp; (510322) | &nbsp;&nbsp;&nbsp; (5652115) |
|  | &nbsp;&nbsp; (1263) | &nbsp;&nbsp;&nbsp; $(3383) | &nbsp;&nbsp;&nbsp; (232296) | &nbsp;&nbsp;&nbsp; $(2586164) |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 215313 | &nbsp;&nbsp;&nbsp; $2334998 | &nbsp;&nbsp;&nbsp; 470797 | &nbsp;&nbsp;&nbsp; $5211356 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 245595 | &nbsp;&nbsp;&nbsp; 2661268 | &nbsp;&nbsp;&nbsp; 464832 | &nbsp;&nbsp;&nbsp; 5134740 |
| Shares redeemed | &nbsp;&nbsp; (1194581) | &nbsp;&nbsp;&nbsp; (12906755) | &nbsp;&nbsp;&nbsp; (2509805) | &nbsp;&nbsp;&nbsp; (27744274) |
|  | &nbsp;&nbsp; (733673) | &nbsp;&nbsp;&nbsp; $(7910489) | &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; 219 | &nbsp;&nbsp;&nbsp; 2369 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 487 |
|  | &nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp; $2369 | &nbsp;&nbsp;&nbsp; 12790 | &nbsp;&nbsp;&nbsp; $141468 |
|  | &nbsp;&nbsp; (1406853) | &nbsp;&nbsp;&nbsp; $(15112544) | &nbsp;&nbsp;&nbsp; (1962455) | &nbsp;&nbsp;&nbsp; $(21743333) |

---

Fund Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Short-Term TIPS Bond Index  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 443406 | &nbsp;&nbsp;&nbsp; $4311905 | &nbsp;&nbsp;&nbsp; 549027 | &nbsp;&nbsp;&nbsp; $5272362 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 332054 | &nbsp;&nbsp;&nbsp; 3244680 | &nbsp;&nbsp;&nbsp; 559288 | &nbsp;&nbsp;&nbsp; 5351695 |
| Shares redeemed | &nbsp;&nbsp; (239600) | &nbsp;&nbsp;&nbsp; (2326403) | &nbsp;&nbsp;&nbsp; (356559) | &nbsp;&nbsp;&nbsp; (3418989) |
|  | &nbsp;&nbsp; 535860 | &nbsp;&nbsp;&nbsp; $5230182 | &nbsp;&nbsp;&nbsp; 751756 | &nbsp;&nbsp;&nbsp; $7205068 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 498984 | &nbsp;&nbsp;&nbsp; $4847705 | &nbsp;&nbsp;&nbsp; 186535 | &nbsp;&nbsp;&nbsp; $1793440 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 10623 | &nbsp;&nbsp;&nbsp; 103947 | &nbsp;&nbsp;&nbsp; 8473 | &nbsp;&nbsp;&nbsp; 81211 |
| Shares redeemed | &nbsp;&nbsp; (132985) | &nbsp;&nbsp;&nbsp; (1285240) | &nbsp;&nbsp;&nbsp; (150794) | &nbsp;&nbsp;&nbsp; (1448615) |
|  | &nbsp;&nbsp; 376622 | &nbsp;&nbsp;&nbsp; $3666412 | &nbsp;&nbsp;&nbsp; 44214 | &nbsp;&nbsp;&nbsp; $426036 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 19412820 | &nbsp;&nbsp;&nbsp; $189159648 | &nbsp;&nbsp;&nbsp; 22013809 | &nbsp;&nbsp;&nbsp; $211894541 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1014232 | &nbsp;&nbsp;&nbsp; 9921783 | &nbsp;&nbsp;&nbsp; 854748 | &nbsp;&nbsp;&nbsp; 8193469 |
| Shares redeemed | &nbsp;&nbsp; (3572599) | &nbsp;&nbsp;&nbsp; (34794718) | &nbsp;&nbsp;&nbsp; (5562016) | &nbsp;&nbsp;&nbsp; (53408621) |
|  | &nbsp;&nbsp; 16854453 | &nbsp;&nbsp;&nbsp; $164286713 | &nbsp;&nbsp;&nbsp; 17306541 | &nbsp;&nbsp;&nbsp; $166679389 |
|  | &nbsp;&nbsp; 17766935 | &nbsp;&nbsp;&nbsp; $173183307 | &nbsp;&nbsp;&nbsp; 18102511 | &nbsp;&nbsp;&nbsp; $174310493 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| International Index  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 22320624 | &nbsp;&nbsp;&nbsp; $373069487 | &nbsp;&nbsp;&nbsp; 17655501 | &nbsp;&nbsp;&nbsp; $281634780 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2016989 | &nbsp;&nbsp;&nbsp; 31830136 |
| Shares redeemed | &nbsp;&nbsp; (13143579) | &nbsp;&nbsp;&nbsp; (216281066) | &nbsp;&nbsp;&nbsp; (24662947) | &nbsp;&nbsp;&nbsp; (396372761) |
|  | &nbsp;&nbsp; 9177045 | &nbsp;&nbsp;&nbsp; $156788421 | &nbsp;&nbsp;&nbsp; (4990457) | &nbsp;&nbsp;&nbsp; $(82907845) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3933478 | &nbsp;&nbsp;&nbsp; $65326835 | &nbsp;&nbsp;&nbsp; 7315334 | &nbsp;&nbsp;&nbsp; $115631152 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 745310 | &nbsp;&nbsp;&nbsp; 11672203 |
| Shares redeemed | &nbsp;&nbsp; (5265787) | &nbsp;&nbsp;&nbsp; (86749187) | &nbsp;&nbsp;&nbsp; (7608681) | &nbsp;&nbsp;&nbsp; (120945013) |
|  | &nbsp;&nbsp; (1332309) | &nbsp;&nbsp;&nbsp; $(21422352) | &nbsp;&nbsp;&nbsp; 451963 | &nbsp;&nbsp;&nbsp; $6358342 |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 318419 | &nbsp;&nbsp;&nbsp; $5277502 | &nbsp;&nbsp;&nbsp; 682480 | &nbsp;&nbsp;&nbsp; $10776927 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 266183 | &nbsp;&nbsp;&nbsp; 4155512 |
| Shares redeemed | &nbsp;&nbsp; (536390) | &nbsp;&nbsp;&nbsp; (8849554) | &nbsp;&nbsp;&nbsp; (1149459) | &nbsp;&nbsp;&nbsp; (18185064) |
|  | &nbsp;&nbsp; (217971) | &nbsp;&nbsp;&nbsp; $(3572052) | &nbsp;&nbsp;&nbsp; (200796) | &nbsp;&nbsp;&nbsp; $(3252625) |
| Class G |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 20288756 | &nbsp;&nbsp;&nbsp; $330070830 | &nbsp;&nbsp;&nbsp; 40243875 | &nbsp;&nbsp;&nbsp; $647160599 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6531899 | &nbsp;&nbsp;&nbsp; 103104192 |
| Shares redeemed | &nbsp;&nbsp; (41340432) | &nbsp;&nbsp;&nbsp; (687910126) | &nbsp;&nbsp;&nbsp; (23007744) | &nbsp;&nbsp;&nbsp; (364861036) |
|  | &nbsp;&nbsp; (21051676) | &nbsp;&nbsp;&nbsp; $(357839296) | &nbsp;&nbsp;&nbsp; 23768030 | &nbsp;&nbsp;&nbsp; $385403755 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 51994268 | &nbsp;&nbsp;&nbsp; $868495415 | &nbsp;&nbsp;&nbsp; 104880817 | &nbsp;&nbsp;&nbsp; $1678374997 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11573953 | &nbsp;&nbsp;&nbsp; 182829784 |
| Shares redeemed | &nbsp;&nbsp; (55001928) | &nbsp;&nbsp;&nbsp; (921002433) | &nbsp;&nbsp;&nbsp; (86981704) | &nbsp;&nbsp;&nbsp; (1396683908) |
|  | &nbsp;&nbsp; (3007660) | &nbsp;&nbsp;&nbsp; $(52507018) | &nbsp;&nbsp;&nbsp; 29473066 | &nbsp;&nbsp;&nbsp; $464520873 |
|  | &nbsp;&nbsp; (16432571) | &nbsp;&nbsp;&nbsp; $(278552297) | &nbsp;&nbsp;&nbsp; 48501806 | &nbsp;&nbsp;&nbsp; $770122500 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Small Cap Index  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1347010 | &nbsp;&nbsp;&nbsp; $31031339 | &nbsp;&nbsp;&nbsp; 5780867 | &nbsp;&nbsp;&nbsp; $144665823 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 761566 | &nbsp;&nbsp;&nbsp; 19605950 |
| Shares redeemed | &nbsp;&nbsp; (4365769) | &nbsp;&nbsp;&nbsp; (104465718) | &nbsp;&nbsp;&nbsp; (6055248) | &nbsp;&nbsp;&nbsp; (141523046) |
|  | &nbsp;&nbsp; (3018759) | &nbsp;&nbsp;&nbsp; $(73434379) | &nbsp;&nbsp;&nbsp; 487185 | &nbsp;&nbsp;&nbsp; $22748727 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1193908 | &nbsp;&nbsp;&nbsp; $27582881 | &nbsp;&nbsp;&nbsp; 2390802 | &nbsp;&nbsp;&nbsp; $57796606 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 373455 | &nbsp;&nbsp;&nbsp; 9624344 |
| Shares redeemed | &nbsp;&nbsp; (1365292) | &nbsp;&nbsp;&nbsp; (31596265) | &nbsp;&nbsp;&nbsp; (2497675) | &nbsp;&nbsp;&nbsp; (60080685) |
|  | &nbsp;&nbsp; (171384) | &nbsp;&nbsp;&nbsp; $(4013384) | &nbsp;&nbsp;&nbsp; 266582 | &nbsp;&nbsp;&nbsp; $7340265 |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 493000 | &nbsp;&nbsp;&nbsp; $11180742 | &nbsp;&nbsp;&nbsp; 1063920 | &nbsp;&nbsp;&nbsp; $25226989 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 515503 | &nbsp;&nbsp;&nbsp; 13232950 |
| Shares redeemed | &nbsp;&nbsp; (761426) | &nbsp;&nbsp;&nbsp; (17377467) | &nbsp;&nbsp;&nbsp; (1682977) | &nbsp;&nbsp;&nbsp; (40242898) |
|  | &nbsp;&nbsp; (268426) | &nbsp;&nbsp;&nbsp; $(6196725) | &nbsp;&nbsp;&nbsp; (103554) | &nbsp;&nbsp;&nbsp; $(1782959) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 11788811 | &nbsp;&nbsp;&nbsp; $270152769 | &nbsp;&nbsp;&nbsp; 19476180 | &nbsp;&nbsp;&nbsp; $468584073 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3451302 | &nbsp;&nbsp;&nbsp; 89159398 |
| Shares redeemed | &nbsp;&nbsp; (10913375) | &nbsp;&nbsp;&nbsp; (251713527) | &nbsp;&nbsp;&nbsp; (26857694) | &nbsp;&nbsp;&nbsp; (652861136) |
|  | &nbsp;&nbsp; 875436 | &nbsp;&nbsp;&nbsp; $18439242 | &nbsp;&nbsp;&nbsp; (3930212) | &nbsp;&nbsp;&nbsp; $(95117665) |
|  | &nbsp;&nbsp; (2583133) | &nbsp;&nbsp;&nbsp; $(65205246) | &nbsp;&nbsp;&nbsp; (3279999) | &nbsp;&nbsp;&nbsp; $(66811632) |

---

As of June 30, 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 June 30, 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

------

Schedule of Investments (unaudited)

June 30, 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> | 183157 | $241767 |
| Boston Omaha Corp., Class A <sup>(a)(b)</sup> | 37221 | 522583 |
| National CineMedia, Inc. | 115363 | 558934 |
| Nexxen International Ltd. <sup>(a)</sup> | 61157 | 636644 |
| Stagwell, Inc., Class A <sup>(a)</sup> | 200063 | 900284 |
| TechTarget, Inc. <sup>(a)</sup> | 44588 | 346449 |
| Thryv Holdings, Inc. <sup>(a)</sup> | 64077 | 779176 |
|  |  | 3985837 |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |  |
| AAR Corp. <sup>(a)</sup> | 61072 | 4201143 |
| AeroVironment, Inc. <sup>(a)(b)</sup> | 48305 | 13764510 |
| AerSale Corp. <sup>(a)</sup> | 54986 | 330466 |
| Amprius Technologies, Inc. <sup>(a)</sup> | 161480 | 679831 |
| Archer Aviation, Inc., Class A <sup>(a)(b)</sup> | 932187 | 10114229 |
| Astronics Corp. <sup>(a)</sup> | 50862 | 1702860 |
| Byrna Technologies, Inc. <sup>(a)(b)</sup> | 29174 | 900893 |
| Cadre Holdings, Inc. | 49345 | 1571638 |
| Ducommun, Inc. <sup>(a)</sup> | 23446 | 1937343 |
| Eve Holding, Inc., Class A <sup>(a)(b)</sup> | 88021 | 603824 |
| Intuitive Machines, Inc., Class A <sup>(a)(b)</sup> | 189612 | 2061082 |
| Joby Aviation, Inc., Class A <sup>(a)(b)</sup> | 789210 | 8326165 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)(b)</sup> | 281624 | 13081435 |
| Mercury Systems, Inc. <sup>(a)(b)</sup> | 89392 | 4814653 |
| Moog, Inc., Class A | 48120 | 8708276 |
| National Presto Industries, Inc. | 8911 | 872922 |
| Park Aerospace Corp. | 29903 | 441667 |
| Red Cat Holdings, Inc. <sup>(a)(b)</sup> | 129722 | 944376 |
| Redwire Corp. <sup>(a)(b)</sup> | 58203 | 948709 |
| Satellogic, Inc. <sup>(a)(b)</sup> | 119439 | 432369 |
| Triumph Group, Inc. <sup>(a)</sup> | 126898 | 3267624 |
| V2X, Inc. <sup>(a)</sup> | 28616 | 1389307 |
| VirTra, Inc. <sup>(a)</sup> | 4227 | 29885 |
|  |  | 81125207 |
| **Agriculture, Fishing & Ranching — 0.5%** | **Agriculture, Fishing & Ranching — 0.5%** |  |
| Alico, Inc. <sup>(b)</sup> | 9133 | 298466 |
| Andersons, Inc. | 56063 | 2060315 |
| Cadiz, Inc. <sup>(a)</sup> | 95258 | 284821 |
| Calavo Growers, Inc. | 28814 | 766164 |
| Cal-Maine Foods, Inc. | 78555 | 7826435 |
| Dole PLC | 113436 | 1586970 |
| Fresh Del Monte Produce, Inc. | 56819 | 1842072 |
| Ispire Technology, Inc. <sup>(a)(b)</sup> | 30845 | 78963 |
| Limoneira Co. | 27723 | 433865 |
| Tejon Ranch Co. <sup>(a)</sup> | 34680 | 588173 |
| Turning Point Brands, Inc. | 29445 | 2231048 |
| Vital Farms, Inc. <sup>(a)</sup> | 58254 | 2243944 |
|  |  | 20241236 |
| **Air Transport — 0.3%** | **Air Transport — 0.3%** |  |
| Allegiant Travel Co. | 24707 | 1357650 |
| Frontier Group Holdings, Inc. <sup>(a)(b)</sup> | 146673 | 532423 |
| JetBlue Airways Corp. <sup>(a)(b)</sup> | 547431 | 2315633 |
| SkyWest, Inc. <sup>(a)</sup> | 69202 | 7125730 |
| Spirit Aviation Holdings, Inc. <sup>(a)</sup> | 27876 | 139101 |
| Sun Country Airlines Holdings, Inc. <sup>(a)</sup> | 88648 | 1041614 |
| Wheels Up Experience, Inc., Class A <sup>(a)(b)</sup> | 15287 | 16357 |
|  |  | 12528508 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Airlines — 0.0%** | **Airlines — 0.0%** |  |
| Blade Air Mobility, Inc., Class A <sup>(a)(b)</sup> | 100633 | $405551 |
| **Alternative Energy — 0.1%** | **Alternative Energy — 0.1%** |  |
| Aemetis, Inc. <sup>(a)</sup> | 2337 | 5796 |
| FutureFuel Corp. | 41279 | 160162 |
| Green Plains, Inc. <sup>(a)</sup> | 109956 | 663035 |
| Lightbridge Corp. <sup>(a)</sup> | 25146 | 336202 |
| OPAL Fuels, Inc. <sup>(a)</sup> | 36625 | 88632 |
| REX American Resources Corp. <sup>(a)</sup> | 25335 | 1234068 |
| Verde Clean Fuels, Inc. <sup>(a)</sup> | 6336 | 21796 |
|  |  | 2509691 |
| **Aluminum — 0.2%** | **Aluminum — 0.2%** |  |
| Century Aluminum Co. <sup>(a)</sup> | 90870 | 1637477 |
| Constellium SE, Class A <sup>(a)</sup> | 243368 | 3236795 |
| Kaiser Aluminum Corp. | 27578 | 2203482 |
|  |  | 7077754 |
| **Asset Management & Custodian — 0.5%** | **Asset Management & Custodian — 0.5%** |  |
| Acadian Asset Management, Inc. | 48161 | 1697194 |
| Artisan Partners Asset Management, Inc., Class A | 107158 | 4750314 |
| Cohen & Steers, Inc. | 47441 | 3574679 |
| GCM Grosvenor, Inc., Class A | 73310 | 847464 |
| Hamilton Lane, Inc., Class A | 4750 | 675070 |
| Silvercrest Asset Management Group, Inc., Class A | 13702 | 217314 |
| StepStone Group, Inc., Class A | 107258 | 5952819 |
| Virtus Investment Partners, Inc. | 11238 | 2038573 |
| Westwood Holdings Group, Inc. | 9932 | 154939 |
| WisdomTree, Inc. | 204747 | 2356638 |
|  |  | 22265004 |
| **Auto Parts — 0.7%** | **Auto Parts — 0.7%** |  |
| Adient PLC <sup>(a)</sup> | 142263 | 2768438 |
| American Axle & Manufacturing Holdings, Inc. <sup>(a)</sup> | 199197 | 812724 |
| Cooper-Standard Holdings, Inc. <sup>(a)</sup> | 28605 | 615008 |
| Dana, Inc. | 226439 | 3883429 |
| Dorman Products, Inc. <sup>(a)(b)</sup> | 47205 | 5790637 |
| Faraday Future Intelligent Electric, Inc. <sup>(a)</sup> | 154204 | 259063 |
| Fox Factory Holding Corp. <sup>(a)</sup> | 72943 | 1892141 |
| Garrett Motion, Inc. | 220033 | 2312547 |
| Gentherm, Inc. <sup>(a)</sup> | 51878 | 1467629 |
| Holley, Inc. <sup>(a)</sup> | 74884 | 149768 |
| Luminar Technologies, Inc., Class A <sup>(a)(b)</sup> | 69694 | 200022 |
| Phinia, Inc. | 67417 | 2999382 |
| Solid Power, Inc., Class A <sup>(a)(b)</sup> | 260968 | 571520 |
| Standard Motor Products, Inc. | 36131 | 1109944 |
| Strattec Security Corp. <sup>(a)(b)</sup> | 5406 | 336307 |
| Visteon Corp. <sup>(a)</sup> | 46984 | 4383607 |
| XPEL, Inc. <sup>(a)</sup> | 41140 | 1476926 |
|  |  | 31029092 |
| **Auto Services — 0.1%** | **Auto Services — 0.1%** |  |
| Goodyear Tire & Rubber Co. <sup>(a)</sup> | 446641 | 4631667 |
| **Back Office Support, HR & Consulting — 1.2%** | **Back Office Support, HR & Consulting — 1.2%** |  |
| Acacia Research Corp. <sup>(a)</sup> | 63257 | 226460 |
| Alight, Inc., Class A | 737434 | 4173877 |
| Barrett Business Services, Inc. | 42586 | 1775410 |
| CBIZ, Inc. <sup>(a)(b)</sup> | 89626 | 6427081 |
| Conduent, Inc. <sup>(a)</sup> | 254909 | 672960 |
| CRA International, Inc. | 11347 | 2126087 |
| ExlService Holdings, Inc. <sup>(a)</sup> | 17873 | 782659 |
| First Advantage Corp. <sup>(a)</sup> | 134502 | 2234078 |
| Forrester Research, Inc. <sup>(a)(b)</sup> | 20111 | 199099 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |  |
| Heidrick & Struggles International, Inc. | 34768 | $1590984 |
| HireQuest, Inc. | 8825 | 88338 |
| Huron Consulting Group, Inc. <sup>(a)</sup> | 29148 | 4009016 |
| ICF International, Inc. | 31373 | 2657607 |
| Information Services Group, Inc. | 63549 | 305035 |
| Insperity, Inc. | 61674 | 3707841 |
| Kelly Services, Inc., Class A | 53364 | 624892 |
| Kforce, Inc. | 30482 | 1253725 |
| Korn Ferry | 88404 | 6482665 |
| Maximus, Inc. | 96806 | 6795781 |
| Rekor Systems, Inc. <sup>(a)</sup> | 6778 | 7863 |
| Resources Connection, Inc. | 58941 | 316513 |
| TriNet Group, Inc. | 51173 | 3742793 |
| TrueBlue, Inc. <sup>(a)</sup> | 47578 | 308305 |
| Willdan Group, Inc. <sup>(a)</sup> | 24080 | 1505241 |
|  |  | 52014310 |
| **Banks: Diversified — 10.6%** | **Banks: Diversified — 10.6%** |  |
| 1st Source Corp. | 33048 | 2051289 |
| ACNB Corp. | 17831 | 763880 |
| Alerus Financial Corp. | 38267 | 828098 |
| AlTi Global, Inc. <sup>(a)(b)</sup> | 73739 | 306017 |
| Amalgamated Financial Corp. | 40584 | 1266221 |
| Amerant Bancorp, Inc., Class A | 63688 | 1161032 |
| Ameris Bancorp | 113171 | 7322164 |
| Ames National Corp. | 14384 | 256179 |
| Arrow Financial Corp. | 27876 | 736484 |
| Associated Banc-Corp. | 284592 | 6941199 |
| Atlantic Union Bankshares Corp. | 243877 | 7628473 |
| Axos Financial, Inc. <sup>(a)</sup> | 89102 | 6775316 |
| Banc of California, Inc. | 236142 | 3317795 |
| BancFirst Corp. | 35704 | 4413728 |
| Banco Latinoamericano de Comercio Exterior SA | 50435 | 2032531 |
| Bancorp, Inc. <sup>(a)(b)</sup> | 78248 | 4457789 |
| Bank First Corp. | 15692 | 1846164 |
| Bank of Hawaii Corp. | 67354 | 4548416 |
| Bank of Marin Bancorp | 26912 | 614670 |
| Bank of NT Butterfield & Son Ltd. | 74442 | 3296292 |
| Bank7 Corp. | 6987 | 292266 |
| BankFinancial Corp. | 19330 | 223648 |
| BankUnited, Inc. | 126878 | 4515588 |
| Bankwell Financial Group, Inc. | 11311 | 407535 |
| Banner Corp. | 58279 | 3738598 |
| Bar Harbor Bankshares | 25785 | 772519 |
| BayCom Corp. | 17309 | 479632 |
| BCB Bancorp, Inc. | 24969 | 210239 |
| Berkshire Hills Bancorp, Inc. | 72456 | 1814298 |
| Blue Foundry Bancorp <sup>(a)(b)</sup> | 32552 | 311523 |
| Blue Ridge Bankshares, Inc. <sup>(a)(b)</sup> | 111299 | 399563 |
| Bridgewater Bancshares, Inc. <sup>(a)</sup> | 33266 | 529262 |
| Brookline Bancorp, Inc. | 148377 | 1565377 |
| Burke & Herbert Financial Services Corp., Class C | 23345 | 1394397 |
| Business First Bancshares, Inc. | 49345 | 1216354 |
| BV Financial, Inc. <sup>(a)</sup> | 15009 | 228587 |
| Byline Bancorp, Inc. | 46646 | 1246848 |
| C&F Financial Corp. | 5286 | 326305 |
| Cadence Bank | 289986 | 9273752 |
| California BanCorp <sup>(a)(b)</sup> | 38433 | 605704 |
| Camden National Corp. | 28807 | 1168988 |
| Capital Bancorp, Inc. | 20280 | 681002 |
| Capital City Bank Group, Inc. | 23702 | 932674 |
| Capitol Federal Financial, Inc. | 213994 | 1305363 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks: Diversified (continued)** | **Banks: Diversified (continued)** |  |
| Carter Bankshares, Inc. <sup>(a)</sup> | 39219 | $680057 |
| Cathay General Bancorp | 115439 | 5255938 |
| CB Financial Services, Inc. | 8079 | 230252 |
| Central Pacific Financial Corp. | 40646 | 1139307 |
| CF Bankshares, Inc. | 6657 | 159568 |
| Chain Bridge Bancorp, Inc. <sup>(a)</sup> | 4054 | 104472 |
| Chemung Financial Corp. | 7215 | 349711 |
| ChoiceOne Financial Services, Inc. | 24787 | 711387 |
| Citizens & Northern Corp. | 26174 | 495736 |
| Citizens Community Bancorp, Inc. | 16624 | 229411 |
| Citizens Financial Services, Inc. | 7552 | 443453 |
| City Holding Co. | 24601 | 3011654 |
| Civista Bancshares, Inc. | 25568 | 593178 |
| CNB Financial Corp. | 35517 | 811919 |
| Coastal Financial Corp. <sup>(a)</sup> | 22354 | 2165432 |
| Colony Bankcorp, Inc. | 27614 | 454803 |
| Columbia Financial, Inc. <sup>(a)</sup> | 47154 | 684205 |
| Community Financial System, Inc. | 90551 | 5149635 |
| Community Trust Bancorp, Inc. | 26461 | 1400316 |
| Community West Bancshares | 28875 | 563351 |
| ConnectOne Bancorp, Inc. | 81258 | 1881935 |
| Customers Bancorp, Inc. <sup>(a)</sup> | 50942 | 2992333 |
| CVB Financial Corp. | 226119 | 4474895 |
| Dime Community Bancshares, Inc. | 67613 | 1821494 |
| Eagle Bancorp Montana, Inc. | 12833 | 213926 |
| Eagle Bancorp, Inc. | 49212 | 958650 |
| Eagle Financial Services, Inc. | 7961 | 243766 |
| Eastern Bankshares, Inc. | 336329 | 5135744 |
| ECB Bancorp, Inc. <sup>(a)</sup> | 13331 | 205831 |
| Enterprise Bancorp, Inc. | 17072 | 676734 |
| Enterprise Financial Services Corp. | 62879 | 3464633 |
| Equity Bancshares, Inc., Class A | 27030 | 1102824 |
| Esquire Financial Holdings, Inc. | 12203 | 1155136 |
| ESSA Bancorp, Inc. <sup>(b)</sup> | 15158 | 294065 |
| Farmers & Merchants Bancorp, Inc. | 22611 | 571606 |
| Farmers National Banc Corp. | 62588 | 863089 |
| FB Bancorp, Inc. <sup>(a)</sup> | 30898 | 347603 |
| FB Financial Corp. | 60787 | 2753651 |
| Fidelity D&D Bancorp, Inc. | 8180 | 376280 |
| Financial Institutions, Inc. | 32558 | 836089 |
| Finward Bancorp | 5946 | 164229 |
| Finwise Bancorp <sup>(a)</sup> | 14133 | 212136 |
| First Bancorp, Inc. | 17796 | 452196 |
| First BanCorp./Puerto Rico | 278221 | 5795343 |
| First Bancorp/Southern Pines NC | 68967 | 3040755 |
| First Bank/Hamilton | 35195 | 544467 |
| First Busey Corp. | 146422 | 3350867 |
| First Business Financial Services, Inc. | 13138 | 665571 |
| First Capital, Inc. | 5481 | 226310 |
| First Commonwealth Financial Corp. | 171437 | 2782423 |
| First Community Bankshares, Inc. | 26707 | 1046113 |
| First Community Corp. | 12815 | 312430 |
| First Financial Bancorp | 163071 | 3956102 |
| First Financial Bankshares, Inc. | 230096 | 8278854 |
| First Financial Corp. | 19543 | 1059035 |
| First Foundation, Inc. | 106587 | 543594 |
| First Internet Bancorp | 13608 | 366055 |
| First Interstate BancSystem, Inc., Class A | 150581 | 4339744 |
| First Merchants Corp. | 100294 | 3841260 |
| First Mid Bancshares, Inc. | 35418 | 1327821 |
| First National Corp. | 13505 | 262942 |
| First Savings Financial Group, Inc. | 9600 | 240384 |

---

Series Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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 United Corp. | 10430 | $323434 |
| First Western Financial, Inc. <sup>(a)</sup> | 14276 | 322067 |
| Firstsun Capital Bancorp <sup>(a)</sup> | 21838 | 758871 |
| Five Star Bancorp | 26674 | 761276 |
| Flagstar Financial, Inc. | 519641 | 5508195 |
| Flushing Financial Corp. | 53862 | 639881 |
| Franklin Financial Services Corp. | 7262 | 251447 |
| FS Bancorp, Inc. | 11843 | 466377 |
| Fulton Financial Corp. | 303966 | 5483547 |
| FVCBankcorp, Inc. <sup>(a)</sup> | 27370 | 322966 |
| GBank Financial Holdings, Inc. <sup>(a)</sup> | 14474 | 512524 |
| German American Bancorp, Inc. | 61738 | 2377530 |
| Glacier Bancorp, Inc. | 195534 | 8423605 |
| Great Southern Bancorp, Inc. | 14846 | 872648 |
| Greene County Bancorp, Inc. | 11856 | 263440 |
| Guaranty Bancshares, Inc. | 15520 | 658669 |
| Hancock Whitney Corp. | 147310 | 8455594 |
| Hanmi Financial Corp. | 51330 | 1266824 |
| Hanover Bancorp, Inc. | 8207 | 187858 |
| HarborOne Bancorp, Inc. | 65616 | 766395 |
| Hawthorn Bancshares, Inc. | 9033 | 263222 |
| HBT Financial, Inc. | 22122 | 557696 |
| Heritage Commerce Corp. | 102227 | 1015114 |
| Heritage Financial Corp. | 56716 | 1352109 |
| Hilltop Holdings, Inc. | 78485 | 2382020 |
| Hingham Institution For Savings <sup>(b)</sup> | 2701 | 670793 |
| Hippo Holdings, Inc. <sup>(a)</sup> | 30610 | 854937 |
| Home Bancorp, Inc. | 11855 | 613852 |
| Home BancShares, Inc. | 322216 | 9170267 |
| HomeStreet, Inc. <sup>(a)</sup> | 30829 | 402935 |
| HomeTrust Bancshares, Inc. | 27751 | 1038165 |
| Hope Bancorp, Inc. | 199920 | 2145142 |
| Horizon Bancorp, Inc. | 74712 | 1149071 |
| Independent Bank Corp. | 106258 | 5672428 |
| International Bancshares Corp. | 93270 | 6208051 |
| Investar Holding Corp. | 16238 | 313718 |
| John Marshall Bancorp, Inc. | 21945 | 406641 |
| Kearny Financial Corp. | 94511 | 610541 |
| Lakeland Financial Corp. | 43707 | 2685795 |
| Landmark Bancorp, Inc./Manhattan KS | 7866 | 207977 |
| LCNB Corp. | 22628 | 328785 |
| LINKBANCORP, Inc. | 37128 | 271406 |
| Live Oak Bancshares, Inc. <sup>(b)</sup> | 58601 | 1746310 |
| MainStreet Bancshares, Inc. | 12185 | 230297 |
| Mercantile Bank Corp. | 27217 | 1263141 |
| Merchants Bancorp | 44949 | 1486463 |
| Meridian Corp. | 15715 | 202566 |
| Metrocity Bankshares, Inc. | 31877 | 911045 |
| Metropolitan Bank Holding Corp. <sup>(a)(b)</sup> | 16639 | 1164730 |
| Mid Penn Bancorp, Inc. | 34128 | 962410 |
| Middlefield Banc Corp. | 12358 | 372099 |
| Midland States Bancorp, Inc. | 35490 | 614687 |
| MidWestOne Financial Group, Inc. | 35547 | 1022687 |
| MVB Financial Corp. | 19753 | 445035 |
| National Bank Holdings Corp., Class A | 64539 | 2427312 |
| National Bankshares, Inc. | 9995 | 271864 |
| NB Bancorp, Inc. <sup>(a)</sup> | 59865 | 1069189 |
| NBT Bancorp, Inc. | 87571 | 3638575 |
| Nicolet Bankshares, Inc. | 23096 | 2851894 |
| Northeast Bank | 11964 | 1064676 |
| Northeast Community Bancorp, Inc. | 21967 | 510623 |
| Northfield Bancorp, Inc. | 66329 | 761457 |
| Northpointe Bancshares, Inc. | 18286 | 250701 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks: Diversified (continued)** | **Banks: Diversified (continued)** |  |
| Northrim BanCorp, Inc. | 9183 | $856407 |
| Northwest Bancshares, Inc. | 216025 | 2760800 |
| Norwood Financial Corp. | 14266 | 367777 |
| Oak Valley Bancorp | 11976 | 326226 |
| OceanFirst Financial Corp. | 99346 | 1749483 |
| OFG Bancorp | 76353 | 3267908 |
| Ohio Valley Banc Corp. | 5158 | 166242 |
| Old National Bancorp | 548204 | 11698673 |
| Old Point Financial Corp. | 6943 | 272513 |
| Old Second Bancorp, Inc. | 75032 | 1331068 |
| OP Bancorp | 20411 | 265139 |
| Orange County Bancorp, Inc. | 16312 | 421502 |
| Origin Bancorp, Inc. | 50416 | 1801868 |
| Orrstown Financial Services, Inc. | 31639 | 1007069 |
| Pacific Premier Bancorp, Inc. | 164193 | 3462830 |
| Park National Corp. | 25365 | 4242550 |
| Parke Bancorp, Inc. | 18428 | 375378 |
| Pathward Financial, Inc. | 40192 | 3179991 |
| Patriot National Bancorp, Inc. <sup>(a)</sup> | 76133 | 115722 |
| PCB Bancorp | 18482 | 387752 |
| Peapack-Gladstone Financial Corp. | 28797 | 813515 |
| Penns Woods Bancorp, Inc. | 12786 | 388183 |
| Peoples Bancorp of North Carolina, Inc. | 7362 | 212394 |
| Peoples Bancorp, Inc. | 59712 | 1823604 |
| Peoples Financial Services Corp. | 15884 | 784193 |
| Pioneer Bancorp, Inc. <sup>(a)</sup> | 20424 | 245701 |
| Plumas Bancorp | 9736 | 432863 |
| Ponce Financial Group, Inc. <sup>(a)</sup> | 34752 | 480968 |
| Preferred Bank/Los Angeles CA | 11147 | 964717 |
| Primis Financial Corp. | 40053 | 434575 |
| Princeton Bancorp, Inc. | 9003 | 274952 |
| Provident Bancorp, Inc. <sup>(a)(b)</sup> | 26739 | 333970 |
| Provident Financial Services, Inc. | 212671 | 3728123 |
| QCR Holdings, Inc. | 28222 | 1916274 |
| RBB Bancorp | 27401 | 471571 |
| Red River Bancshares, Inc. | 7620 | 447294 |
| Renasant Corp. | 161268 | 5794359 |
| Republic Bancorp, Inc., Class A | 14296 | 1045181 |
| Rhinebeck Bancorp, Inc. <sup>(a)</sup> | 7824 | 91776 |
| Richmond Mutual BanCorp, Inc. <sup>(b)</sup> | 15140 | 208932 |
| Riverview Bancorp, Inc. | 35407 | 194739 |
| S&T Bancorp, Inc. | 65154 | 2464124 |
| SB Financial Group, Inc. | 10292 | 196577 |
| Seacoast Banking Corp. of Florida | 145448 | 4017274 |
| ServisFirst Bancshares, Inc. | 88245 | 6839870 |
| Shore Bancshares, Inc. | 52902 | 831619 |
| Sierra Bancorp | 22421 | 665680 |
| Simmons First National Corp., Class A | 214739 | 4071451 |
| SmartFinancial, Inc. | 24857 | 839669 |
| Sound Financial Bancorp, Inc. | 3710 | 170660 |
| South Plains Financial, Inc. | 22291 | 803368 |
| Southern First Bancshares, Inc. <sup>(a)</sup> | 13464 | 512036 |
| Southern Missouri Bancorp, Inc. | 16399 | 898337 |
| Southern States Bancshares, Inc. | 13960 | 507725 |
| Southside Bancshares, Inc. | 48131 | 1416495 |
| SR Bancorp, Inc. | 13635 | 184073 |
| Stellar Bancorp, Inc. | 80440 | 2250711 |
| Sterling Bancorp, Inc. <sup>(a)(b)(c)</sup> | 44132 |  |
| Stock Yards Bancorp, Inc. | 44984 | 3552836 |
| Texas Capital Bancshares, Inc. <sup>(a)</sup> | 77822 | 6179067 |
| Third Coast Bancshares, Inc. <sup>(a)</sup> | 22303 | 728639 |
| Timberland Bancorp, Inc. | 13448 | 419578 |
| Tompkins Financial Corp. | 23363 | 1465561 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks: Diversified (continued)** | **Banks: Diversified (continued)** |  |
| Towne Bank/Portsmouth VA | 120894 | $4132157 |
| TriCo Bancshares | 52345 | 2119449 |
| Triumph Financial, Inc. <sup>(a)</sup> | 38013 | 2094896 |
| TrustCo Bank Corp./New York | 30684 | 1025459 |
| Trustmark Corp. | 97136 | 3541579 |
| UMB Financial Corp. | 124300 | 13071388 |
| Union Bankshares, Inc. | 6306 | 167866 |
| United Bankshares, Inc. | 242131 | 8820832 |
| United Community Banks, Inc. | 204113 | 6080526 |
| United Security Bancshares | 23857 | 206363 |
| Unity Bancorp, Inc. | 12024 | 566090 |
| Univest Financial Corp. | 49826 | 1496773 |
| USCB Financial Holdings, Inc., Class A | 18411 | 304518 |
| Valley National Bancorp | 829634 | 7408632 |
| Veritex Holdings, Inc. | 90172 | 2353489 |
| Virginia National Bankshares Corp. | 8507 | 314759 |
| WaFd, Inc. | 127767 | 3741018 |
| Walker & Dunlop, Inc. | 56381 | 3973733 |
| Washington Trust Bancorp, Inc. | 32937 | 931458 |
| Waterstone Financial, Inc. | 26185 | 361615 |
| WesBanco, Inc. | 161928 | 5121783 |
| West BanCorp, Inc. | 25846 | 507357 |
| Westamerica BanCorp | 43366 | 2100649 |
| Western New England Bancorp, Inc. | 31856 | 294031 |
| WSFS Financial Corp. | 100088 | 5504840 |
|  |  | 466629425 |
| **Beverage: Soft Drinks — 0.1%** | **Beverage: Soft Drinks — 0.1%** |  |
| National Beverage Corp. | 40422 | 1747847 |
| Vita Coco Co., Inc. <sup>(a)</sup> | 69652 | 2514437 |
| Zevia PBC, Class A <sup>(a)</sup> | 54672 | 176044 |
|  |  | 4438328 |
| **Biotechnology — 7.7%** | **Biotechnology — 7.7%** |  |
| 4D Molecular Therapeutics, Inc. <sup>(a)</sup> | 74234 | 275408 |
| 89bio, Inc. <sup>(a)</sup> | 216238 | 2123457 |
| Aardvark Therapeutics, Inc. <sup>(a)</sup> | 7362 | 99534 |
| Abeona Therapeutics, Inc. <sup>(a)</sup> | 75671 | 429811 |
| Absci Corp. <sup>(a)(b)</sup> | 189080 | 485936 |
| ACADIA Pharmaceuticals, Inc. <sup>(a)</sup> | 212749 | 4588996 |
| Acrivon Therapeutics, Inc. <sup>(a)</sup> | 2990 | 3558 |
| Actinium Pharmaceuticals, Inc. <sup>(a)</sup> | 3978 | 5569 |
| Actuate Therapeutics, Inc. <sup>(a)</sup> | 7840 | 47902 |
| Acumen Pharmaceuticals, Inc. <sup>(a)</sup> | 3736 | 4334 |
| ADC Therapeutics SA <sup>(a)(b)</sup> | 139596 | 374117 |
| ADMA Biologics, Inc. <sup>(a)</sup> | 396314 | 7216878 |
| Adverum Biotechnologies, Inc. <sup>(a)</sup> | 3245 | 6977 |
| Agenus, Inc. <sup>(a)</sup> | 2605 | 11905 |
| Agios Pharmaceuticals, Inc. <sup>(a)</sup> | 96562 | 3211652 |
| Akebia Therapeutics, Inc. <sup>(a)</sup> | 433148 | 1576659 |
| Akero Therapeutics, Inc. <sup>(a)</sup> | 119483 | 6375613 |
| Aldeyra Therapeutics, Inc. <sup>(a)(b)</sup> | 82675 | 316645 |
| Alector, Inc. <sup>(a)</sup> | 148836 | 208370 |
| Alkermes PLC <sup>(a)</sup> | 277357 | 7935184 |
| Allogene Therapeutics, Inc. <sup>(a)(b)</sup> | 262695 | 296845 |
| Altimmune, Inc. <sup>(a)(b)</sup> | 134085 | 518909 |
| ALX Oncology Holdings, Inc. <sup>(a)</sup> | 10053 | 4173 |
| Amicus Therapeutics, Inc. <sup>(a)</sup> | 475978 | 2727354 |
| Amylyx Pharmaceuticals, Inc. <sup>(a)</sup> | 110221 | 706517 |
| AnaptysBio, Inc. <sup>(a)(b)</sup> | 33325 | 739815 |
| Anavex Life Sciences Corp. <sup>(a)(b)</sup> | 144832 | 1335351 |
| ANI Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 31307 | 2042782 |
| Anika Therapeutics, Inc. <sup>(a)</sup> | 22850 | 241753 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Annexon, Inc. <sup>(a)(b)</sup> | 167954 | $403090 |
| Apogee Therapeutics, Inc. <sup>(a)(b)</sup> | 54305 | 2358466 |
| Applied Therapeutics, Inc. <sup>(a)</sup> | 40120 | 12481 |
| Arbutus Biopharma Corp. <sup>(a)(b)</sup> | 248061 | 766509 |
| Arcellx, Inc. <sup>(a)(b)</sup> | 62582 | 4121025 |
| Arcturus Therapeutics Holdings, Inc. <sup>(a)</sup> | 39170 | 509602 |
| Arcus Biosciences, Inc. <sup>(a)</sup> | 119429 | 972152 |
| Arcutis Biotherapeutics, Inc. <sup>(a)</sup> | 183479 | 2572376 |
| Ardelyx, Inc. <sup>(a)</sup> | 400907 | 1571555 |
| ArriVent Biopharma, Inc. <sup>(a)(b)</sup> | 39372 | 857128 |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 206221 | 3258292 |
| ARS Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 95000 | 1657750 |
| Artiva Biotherapeutics, Inc. <sup>(a)</sup> | 5077 | 7666 |
| Astria Therapeutics, Inc. <sup>(a)</sup> | 77714 | 416547 |
| Atossa Therapeutics, Inc. <sup>(a)</sup> | 3957 | 3284 |
| aTyr Pharma, Inc. <sup>(a)</sup> | 136390 | 691497 |
| Aura Biosciences, Inc. <sup>(a)(b)</sup> | 64094 | 401228 |
| Aurinia Pharmaceuticals, Inc. <sup>(a)</sup> | 204070 | 1728473 |
| Avidity Biosciences, Inc. <sup>(a)(b)</sup> | 195629 | 5555864 |
| Beam Therapeutics, Inc. <sup>(a)(b)</sup> | 165654 | 2817775 |
| Benitec Biopharma, Inc. <sup>(a)</sup> | 19006 | 222370 |
| Bicara Therapeutics, Inc. <sup>(a)(b)</sup> | 59272 | 550637 |
| BioCryst Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 358073 | 3208334 |
| Biohaven Ltd. <sup>(a)</sup> | 156743 | 2211644 |
| Biomea Fusion, Inc. <sup>(a)</sup> | 3169 | 5704 |
| Black Diamond Therapeutics, Inc. <sup>(a)</sup> | 2210 | 5481 |
| Blueprint Medicines Corp. <sup>(a)</sup> | 109433 | 14027122 |
| Bridgebio Pharma, Inc. <sup>(a)</sup> | 267307 | 11542316 |
| Bright Minds Biosciences, Inc. <sup>(a)</sup> | 7968 | 208044 |
| C4 Therapeutics, Inc. <sup>(a)</sup> | 8426 | 12049 |
| Cabaletta Bio, Inc. <sup>(a)</sup> | 3191 | 4850 |
| CAMP4 Therapeutics Corp. <sup>(a)</sup> | 4673 | 6776 |
| Candel Therapeutics, Inc. <sup>(a)(b)</sup> | 68151 | 344844 |
| Capricor Therapeutics, Inc. <sup>(a)(b)</sup> | 63111 | 626692 |
| Cardiff Oncology, Inc. <sup>(a)(b)</sup> | 99174 | 312398 |
| Cargo Therapeutics, Inc. <sup>(a)</sup> | 59246 | 244094 |
| Caribou Biosciences, Inc. <sup>(a)</sup> | 13996 | 17635 |
| Cartesian Therapeutics, Inc. <sup>(a)(b)</sup> | 17556 | 182407 |
| Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | 197904 | 4294517 |
| Celcuity, Inc. <sup>(a)(b)</sup> | 49051 | 654831 |
| Celldex Therapeutics, Inc. <sup>(a)</sup> | 111376 | 2266502 |
| Century Therapeutics, Inc. <sup>(a)</sup> | 12870 | 7190 |
| CervoMed, Inc. <sup>(a)</sup> | 2106 | 13236 |
| CG oncology, Inc. <sup>(a)(b)</sup> | 95140 | 2473640 |
| Cibus, Inc., Class A <sup>(a)</sup> | 7088 | 9781 |
| Cidara Therapeutics, Inc. <sup>(a)</sup> | 29127 | 1418776 |
| Climb Bio, Inc. <sup>(a)</sup> | 4226 | 5240 |
| Cogent Biosciences, Inc. <sup>(a)(b)</sup> | 183929 | 1320610 |
| Coherus Oncology, Inc. <sup>(a)(b)</sup> | 197178 | 144196 |
| Compass Therapeutics, Inc. <sup>(a)(b)</sup> | 172862 | 449441 |
| Corbus Pharmaceuticals Holdings, Inc. <sup>(a)</sup> | 4974 | 34321 |
| Crinetics Pharmaceuticals, Inc. <sup>(a)</sup> | 154577 | 4445635 |
| CRISPR Therapeutics AG <sup>(a)(b)</sup> | 106847 | 5197038 |
| Cullinan Therapeutics, Inc. <sup>(a)</sup> | 89263 | 672150 |
| Cytokinetics, Inc. <sup>(a)</sup> | 199695 | 6597923 |
| Day One Biopharmaceuticals, Inc. <sup>(a)</sup> | 124704 | 810576 |
| Denali Therapeutics, Inc. <sup>(a)</sup> | 226378 | 3167028 |
| Design Therapeutics, Inc. <sup>(a)(b)</sup> | 50544 | 170333 |
| DiaMedica Therapeutics, Inc. <sup>(a)</sup> | 45767 | 178491 |
| Dianthus Therapeutics, Inc. <sup>(a)(b)</sup> | 33398 | 622205 |
| Disc Medicine, Inc. <sup>(a)(b)</sup> | 41888 | 2218388 |
| Douglas Elliman, Inc. <sup>(a)</sup> | 127047 | 294749 |

---

Series Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Dynavax Technologies Corp. <sup>(a)</sup> | 182285 | $1808267 |
| Dyne Therapeutics, Inc. <sup>(a)(b)</sup> | 162602 | 1547971 |
| Editas Medicine, Inc. <sup>(a)</sup> | 142742 | 314032 |
| Eledon Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 101546 | 275190 |
| Elevation Oncology, Inc. <sup>(a)</sup> | 9597 | 3523 |
| Emergent BioSolutions, Inc. <sup>(a)</sup> | 85185 | 543480 |
| Enanta Pharmaceuticals, Inc. <sup>(a)</sup> | 38224 | 288973 |
| Entrada Therapeutics, Inc. <sup>(a)</sup> | 42607 | 286319 |
| Erasca, Inc. <sup>(a)</sup> | 306274 | 388968 |
| EyePoint Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 105969 | 997168 |
| Fate Therapeutics, Inc. <sup>(a)</sup> | 177479 | 198776 |
| Fennec Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 38082 | 316081 |
| Fibrobiologics, Inc. <sup>(a)</sup> | 12142 | 7555 |
| Foghorn Therapeutics, Inc. <sup>(a)(b)</sup> | 43578 | 204817 |
| Fulcrum Therapeutics, Inc. <sup>(a)(b)</sup> | 91595 | 630174 |
| Galectin Therapeutics, Inc. <sup>(a)(b)</sup> | 8614 | 18176 |
| Generation Bio Co. <sup>(a)</sup> | 19779 | 6331 |
| Geron Corp. <sup>(a)</sup> | 1013585 | 1429155 |
| Gossamer Bio, Inc. <sup>(a)(b)</sup> | 329052 | 404734 |
| GRAIL, Inc. <sup>(a)</sup> | 47988 | 2467543 |
| Greenwich Lifesciences, Inc. <sup>(a)(b)</sup> | 11902 | 107951 |
| Guardant Health, Inc. <sup>(a)(b)</sup> | 204197 | 10626412 |
| Gyre Therapeutics, Inc. <sup>(a)(b)</sup> | 23521 | 172879 |
| Harvard Bioscience, Inc. <sup>(a)</sup> | 18188 | 8072 |
| Heron Therapeutics, Inc. <sup>(a)(b)</sup> | 265032 | 548616 |
| Humacyte, Inc. <sup>(a)(b)</sup> | 217142 | 453827 |
| Ideaya Biosciences, Inc. <sup>(a)(b)</sup> | 143230 | 3010695 |
| IGM Biosciences, Inc. <sup>(a)</sup> | 5974 | 6691 |
| ImmunityBio, Inc. <sup>(a)(b)</sup> | 398539 | 1052143 |
| Immunome, Inc. <sup>(a)(b)</sup> | 120636 | 1121915 |
| Immunovant, Inc. <sup>(a)(b)</sup> | 118374 | 1893984 |
| Inhibikase Therapeutics, Inc. <sup>(a)</sup> | 99332 | 193697 |
| Inhibrx Biosciences, Inc. <sup>(a)</sup> | 15494 | 221099 |
| Inmune Bio, Inc. <sup>(a)(b)</sup> | 24339 | 56223 |
| Inovio Pharmaceuticals, Inc. <sup>(a)</sup> | 2795 | 5688 |
| Intellia Therapeutics, Inc. <sup>(a)(b)</sup> | 172939 | 1622168 |
| Invivyd, Inc. <sup>(a)</sup> | 28432 | 20329 |
| Iovance Biotherapeutics, Inc. <sup>(a)(b)</sup> | 438240 | 753773 |
| iTeos Therapeutics, Inc. <sup>(a)</sup> | 45379 | 452429 |
| Jade Biosciences, Inc. <sup>(b)</sup> | 45112 | 450669 |
| Janux Therapeutics, Inc. <sup>(a)</sup> | 68216 | 1575790 |
| Jasper Therapeutics, Inc. <sup>(a)</sup> | 825 | 4579 |
| KalVista Pharmaceuticals, Inc. <sup>(a)</sup> | 66313 | 749668 |
| Keros Therapeutics, Inc. <sup>(a)(b)</sup> | 56925 | 759949 |
| Kiniksa Pharmaceuticals International PLC <sup>(a)</sup> | 6843 | 189346 |
| Kodiak Sciences, Inc. <sup>(a)</sup> | 54297 | 202528 |
| Korro Bio, Inc. <sup>(a)(b)</sup> | 10341 | 129159 |
| Krystal Biotech, Inc. <sup>(a)</sup> | 42522 | 5845074 |
| Kura Oncology, Inc. <sup>(a)</sup> | 137018 | 790594 |
| Kymera Therapeutics, Inc. <sup>(a)</sup> | 80840 | 3527858 |
| Kyverna Therapeutics, Inc. <sup>(a)</sup> | 4297 | 13192 |
| Larimar Therapeutics, Inc. <sup>(a)</sup> | 70068 | 202497 |
| LENZ Therapeutics, Inc. <sup>(a)(b)</sup> | 30829 | 903598 |
| Lexeo Therapeutics, Inc. <sup>(a)</sup> | 40158 | 161435 |
| Ligand Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 32613 | 3707446 |
| MacroGenics, Inc. <sup>(a)</sup> | 9929 | 12014 |
| Madrigal Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 28862 | 8734796 |
| MannKind Corp. <sup>(a)</sup> | 524577 | 1961918 |
| MeiraGTx Holdings PLC <sup>(a)(b)</sup> | 71233 | 464439 |
| Mersana Therapeutics, Inc. <sup>(a)</sup> | 49831 | 14750 |
| Metagenomi, Inc. <sup>(a)</sup> | 2806 | 4153 |
| Metsera, Inc. <sup>(a)(b)</sup> | 30754 | 874951 |
| MiMedx Group, Inc. <sup>(a)</sup> | 205688 | 1256754 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Mineralys Therapeutics, Inc. <sup>(a)(b)</sup> | 67795 | $917266 |
| Mirum Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 74316 | 3781941 |
| Monopar Therapeutics, Inc. <sup>(a)(b)</sup> | 7043 | 251999 |
| Monte Rosa Therapeutics, Inc. <sup>(a)(b)</sup> | 71171 | 320981 |
| Myriad Genetics, Inc. <sup>(a)</sup> | 150778 | 800631 |
| Nektar Therapeutics <sup>(a)</sup> | 1488 | 38450 |
| Neurogene, Inc. <sup>(a)(b)</sup> | 16828 | 251579 |
| Nkarta, Inc. <sup>(a)</sup> | 88805 | 147416 |
| Novavax, Inc. <sup>(a)(b)</sup> | 255948 | 1612472 |
| Nurix Therapeutics, Inc. <sup>(a)</sup> | 129390 | 1473752 |
| Nuvalent, Inc., Class A <sup>(a)(b)</sup> | 73464 | 5605303 |
| Nuvectis Pharma, Inc. <sup>(a)(b)</sup> | 22303 | 166603 |
| Ocugen, Inc. <sup>(a)(b)</sup> | 49869 | 48393 |
| Olema Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 103173 | 439517 |
| Omeros Corp. <sup>(a)(b)</sup> | 96518 | 289554 |
| Organogenesis Holdings, Inc., Class A <sup>(a)(b)</sup> | 116345 | 425823 |
| ORIC Pharmaceuticals, Inc. <sup>(a)</sup> | 77737 | 789031 |
| Oruka Therapeutics, Inc. | 42420 | 475528 |
| Outlook Therapeutics, Inc. <sup>(a)</sup> | 1986 | 3178 |
| Ovid therapeutics, Inc. <sup>(a)</sup> | 26240 | 8657 |
| Palvella Therapeutics, Inc. <sup>(a)</sup> | 11786 | 265656 |
| PepGen, Inc. <sup>(a)</sup> | 7276 | 8076 |
| Personalis, Inc. <sup>(a)</sup> | 68962 | 452391 |
| Perspective Therapeutics, Inc. <sup>(a)(b)</sup> | 93889 | 322978 |
| Phathom Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 66870 | 641283 |
| Praxis Precision Medicines, Inc. <sup>(a)</sup> | 29076 | 1222646 |
| Precigen, Inc. <sup>(a)(b)</sup> | 230938 | 327932 |
| Prelude Therapeutics, Inc. <sup>(a)</sup> | 6054 | 4900 |
| Prime Medicine, Inc. <sup>(a)(b)</sup> | 97433 | 240660 |
| ProKidney Corp., Class A <sup>(a)</sup> | 17464 | 10340 |
| Protagonist Therapeutics, Inc. <sup>(a)(b)</sup> | 99511 | 5499973 |
| Protalix BioTherapeutics, Inc. <sup>(a)(b)</sup> | 120799 | 178783 |
| Protara Therapeutics, Inc. <sup>(a)</sup> | 55960 | 169559 |
| Prothena Corp. PLC <sup>(a)</sup> | 73244 | 444591 |
| PTC Therapeutics, Inc. <sup>(a)</sup> | 132863 | 6489029 |
| Puma Biotechnology, Inc. <sup>(a)</sup> | 67080 | 230084 |
| Pyxis Oncology, Inc. <sup>(a)</sup> | 8879 | 9767 |
| Q32 Bio, Inc. <sup>(a)</sup> | 2739 | 4081 |
| RadNet, Inc. <sup>(a)</sup> | 113720 | 6471805 |
| Rapport Therapeutics, Inc. <sup>(a)(b)</sup> | 29040 | 330185 |
| Recursion Pharmaceuticals, Inc., Class A <sup>(a)(b)</sup> | 588312 | 2976859 |
| REGENXBIO, Inc. <sup>(a)</sup> | 79442 | 652219 |
| Relay Therapeutics, Inc. <sup>(a)</sup> | 229429 | 793824 |
| Renovaro, Inc. <sup>(a)</sup> | 48821 | 14104 |
| Replimune Group, Inc. <sup>(a)</sup> | 111983 | 1040322 |
| Revolution Medicines, Inc. <sup>(a)</sup> | 20086 | 738964 |
| Rezolute, Inc. <sup>(a)</sup> | 115975 | 517249 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)</sup> | 93034 | 5878818 |
| Rigel Pharmaceuticals, Inc. <sup>(a)</sup> | 30035 | 562556 |
| Rocket Pharmaceuticals, Inc. <sup>(a)</sup> | 131134 | 321278 |
| Sage Therapeutics, Inc. <sup>(a)</sup> | 98478 | 898119 |
| Sana Biotechnology, Inc. <sup>(a)(b)</sup> | 224246 | 612192 |
| Savara, Inc. <sup>(a)(b)</sup> | 207177 | 472364 |
| Scholar Rock Holding Corp. <sup>(a)</sup> | 138778 | 4915517 |
| SELLAS Life Sciences Group, Inc. <sup>(a)(b)</sup> | 139077 | 304579 |
| Septerna, Inc. <sup>(a)(b)</sup> | 32007 | 338314 |
| Shattuck Labs, Inc. <sup>(a)</sup> | 17434 | 13804 |
| Sionna Therapeutics, Inc. <sup>(a)</sup> | 16093 | 279214 |
| Skye Bioscience, Inc. <sup>(a)</sup> | 5171 | 21615 |
| Soleno Therapeutics, Inc. <sup>(a)</sup> | 68690 | 5754848 |
| Solid Biosciences, Inc. <sup>(a)</sup> | 113639 | 553422 |
| SpringWorks Therapeutics, Inc. <sup>(a)</sup> | 126058 | 5923465 |
| Spyre Therapeutics, Inc. <sup>(a)(b)</sup> | 86400 | 1293408 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Stoke Therapeutics, Inc. <sup>(a)(b)</sup> | 71005 | $805907 |
| Sutro Biopharma, Inc. <sup>(a)</sup> | 14326 | 10227 |
| Syndax Pharmaceuticals, Inc. <sup>(a)</sup> | 141074 | 1321158 |
| Tango Therapeutics, Inc. <sup>(a)(b)</sup> | 131127 | 671370 |
| Taysha Gene Therapies, Inc. <sup>(a)(b)</sup> | 297219 | 686576 |
| Tectonic Therapeutic, Inc. <sup>(a)(b)</sup> | 17309 | 343930 |
| Tenaya Therapeutics, Inc. <sup>(a)</sup> | 19333 | 11816 |
| Tevogen Bio Holdings, Inc. <sup>(a)(b)</sup> | 38654 | 48318 |
| TG Therapeutics, Inc. <sup>(a)</sup> | 248280 | 8935597 |
| Tonix Pharmaceuticals Holding Corp. <sup>(a)(b)</sup> | 9861 | 354799 |
| Tourmaline Bio, Inc. <sup>(a)</sup> | 32535 | 520235 |
| Travere Therapeutics, Inc. <sup>(a)</sup> | 152747 | 2260656 |
| TriSalus Life Sciences, Inc. <sup>(a)</sup> | 27644 | 150660 |
| TScan Therapeutics, Inc. <sup>(a)</sup> | 4337 | 6289 |
| TuHURA Biosciences, Inc. <sup>(a)</sup> | 40418 | 90132 |
| Tyra Biosciences, Inc. <sup>(a)(b)</sup> | 41730 | 399356 |
| Upstream Bio, Inc. <sup>(a)(b)</sup> | 60380 | 662972 |
| UroGen Pharma Ltd. <sup>(a)</sup> | 64617 | 885253 |
| Vanda Pharmaceuticals, Inc. <sup>(a)</sup> | 93404 | 440867 |
| Vaxcyte, Inc. <sup>(a)</sup> | 215012 | 6990040 |
| Vera Therapeutics, Inc., Class A <sup>(a)(b)</sup> | 89163 | 2100680 |
| Veracyte, Inc. <sup>(a)</sup> | 133976 | 3621371 |
| Verastem, Inc. <sup>(a)(b)</sup> | 66109 | 274352 |
| Vericel Corp. <sup>(a)</sup> | 86142 | 3665342 |
| Verve Therapeutics, Inc. <sup>(a)</sup> | 116782 | 1311462 |
| Vir Biotechnology, Inc. <sup>(a)</sup> | 156928 | 790917 |
| Viridian Therapeutics, Inc. <sup>(a)(b)</sup> | 118750 | 1660125 |
| Voyager Therapeutics, Inc. <sup>(a)</sup> | 76599 | 238223 |
| Werewolf Therapeutics, Inc. <sup>(a)</sup> | 10534 | 11482 |
| X4 Pharmaceuticals, Inc. <sup>(a)</sup> | 1983 | 3768 |
| XBiotech, Inc. <sup>(a)</sup> | 2791 | 8289 |
| Xencor, Inc. <sup>(a)(b)</sup> | 113542 | 892440 |
| Xenon Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 129897 | 4065776 |
| XOMA Royalty Corp. <sup>(a)</sup> | 14283 | 359932 |
| Y-mAbs Therapeutics, Inc. <sup>(a)(b)</sup> | 63465 | 286227 |
| Zenas Biopharma, Inc. <sup>(a)(b)</sup> | 26476 | 256552 |
| Zentalis Pharmaceuticals, Inc. <sup>(a)</sup> | 17132 | 19873 |
| Zevra Therapeutics, Inc. <sup>(a)(b)</sup> | 91121 | 802776 |
| Zura Bio Ltd. <sup>(a)</sup> | 7355 | 7723 |
| Zymeworks, Inc. <sup>(a)(b)</sup> | 83824 | 1051991 |
|  |  | 335873245 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** |  |
| Aspen Aerogels, Inc. <sup>(a)</sup> | 106295 | 629266 |
| Caesarstone Ltd. <sup>(a)</sup> | 6166 | 12147 |
| Gibraltar Industries, Inc. <sup>(a)</sup> | 51038 | 3011242 |
| Griffon Corp. | 67575 | 4890403 |
| Masterbrand, Inc. <sup>(a)</sup> | 216764 | 2369230 |
| Patrick Industries, Inc. | 55604 | 5130581 |
| Quanex Building Products Corp. | 81253 | 1535682 |
| SmartRent, Inc., Class A <sup>(a)</sup> | 12298 | 12175 |
|  |  | 17590726 |
| **Building Products — 1.1%** | **Building Products — 1.1%** |  |
| American Woodmark Corp. <sup>(a)</sup> | 25608 | 1366699 |
| Apogee Enterprises, Inc. | 36198 | 1469639 |
| AZZ, Inc. | 50781 | 4797789 |
| Janus International Group, Inc. <sup>(a)</sup> | 233195 | 1898207 |
| JELD-WEN Holding, Inc. <sup>(a)(b)</sup> | 142434 | 558341 |
| SPX Technologies, Inc. <sup>(a)(b)</sup> | 78045 | 13086586 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Building Products (continued)** | **Building Products (continued)** |  |
| Tecnoglass, Inc. | 41612 | $3219104 |
| UFP Industries, Inc. | 103308 | 10264683 |
| Zurn Elkay Water Solutions Corp. | 257113 | 9402622 |
|  |  | 46063670 |
| **Cable Television Services — 0.1%** | **Cable Television Services — 0.1%** |  |
| Altice USA, Inc., Class A <sup>(a)</sup> | 452967 | 969349 |
| AMC Networks, Inc., Class A <sup>(a)</sup> | 53969 | 338386 |
| Cable One, Inc. | 8816 | 1197301 |
| Liberty Latin America Ltd., Class A <sup>(a)</sup> | 52140 | 318054 |
| Liberty Latin America Ltd., Class C <sup>(a)(b)</sup> | 214441 | 1333823 |
| WideOpenWest, Inc. <sup>(a)</sup> | 89511 | 363415 |
|  |  | 4520328 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |  |
| Bakkt Holdings, Inc. <sup>(a)</sup> | 6664 | 92963 |
| BGC Group, Inc., Class A | 612843 | 6269384 |
| Diamond Hill Investment Group, Inc., Class A | 4563 | 663050 |
| Donnelley Financial Solutions, Inc. <sup>(a)(b)</sup> | 45510 | 2805692 |
| Forge Global Holdings, Inc. <sup>(a)(b)</sup> | 17674 | 336513 |
| Marex Group PLC | 55169 | 2177520 |
| MarketWise, Inc., Class A | 3174 | 62813 |
| Moelis & Co., Class A | 113721 | 7087093 |
| Open Lending Corp. <sup>(a)(b)</sup> | 177310 | 343981 |
| P10, Inc., Class A | 94252 | 963255 |
| Patria Investments Ltd., Class A | 99478 | 1398661 |
| Perella Weinberg Partners, Class A | 105630 | 2051335 |
| PJT Partners, Inc., Class A | 39301 | 6485058 |
| Victory Capital Holdings, Inc., Class A | 75699 | 4819755 |
|  |  | 35557073 |
| **Casinos & Gambling — 0.4%** | **Casinos & Gambling — 0.4%** |  |
| Accel Entertainment, Inc., Class A <sup>(a)</sup> | 92498 | 1088701 |
| Bally's Corp. <sup>(a)</sup> | 12708 | 121743 |
| Everi Holdings, Inc. <sup>(a)</sup> | 146330 | 2083739 |
| Full House Resorts, Inc. <sup>(a)</sup> | 7413 | 27132 |
| Inspired Entertainment, Inc. <sup>(a)</sup> | 36190 | 295672 |
| International Game Technology PLC | 191305 | 3024532 |
| Monarch Casino & Resort, Inc. | 22034 | 1904619 |
| Red Rock Resorts, Inc., Class A | 83543 | 4346742 |
| Super Group SGHC Ltd. | 272171 | 2985716 |
|  |  | 15878596 |
| **Cement — 0.0%** | **Cement — 0.0%** |  |
| Concrete Pumping Holdings, Inc. | 38751 | 238319 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** |  |
| Intrepid Potash, Inc. <sup>(a)</sup> | 19120 | 683158 |
| **Chemicals: Diversified — 0.6%** | **Chemicals: Diversified — 0.6%** |  |
| AdvanSix, Inc. | 44230 | 1050462 |
| American Vanguard Corp. | 40717 | 159611 |
| ASP Isotopes, Inc. <sup>(a)(b)</sup> | 95627 | 703815 |
| Codexis, Inc. <sup>(a)</sup> | 137295 | 335000 |
| Core Molding Technologies, Inc. <sup>(a)</sup> | 13705 | 227366 |
| CSW Industrials, Inc. | 27869 | 7993665 |
| Innospec, Inc. | 42887 | 3606368 |
| Koppers Holdings, Inc. | 33424 | 1074582 |
| Lifecore Biomedical, Inc. <sup>(a)</sup> | 43364 | 352116 |
| LSB Industries, Inc. <sup>(a)</sup> | 89749 | 700042 |
| Northern Technologies International Corp. | 3672 | 27209 |
| Orion SA | 96296 | 1010145 |
| PureCycle Technologies, Inc. <sup>(a)(b)</sup> | 225068 | 3083432 |

---

Series Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Chemicals: Diversified (continued)** | **Chemicals: Diversified (continued)** |  |
| Quaker Chemical Corp. | 23630 | $2645142 |
| Rayonier Advanced Materials, Inc. <sup>(a)</sup> | 110470 | 425309 |
| Stepan Co. | 36804 | 2008762 |
| Trinseo PLC | 58984 | 184030 |
|  |  | 25587056 |
| **Chemicals: Specialty — 1.3%** | **Chemicals: Specialty — 1.3%** |  |
| Arq, Inc. <sup>(a)</sup> | 50743 | 272490 |
| Avient Corp. | 157225 | 5079940 |
| Balchem Corp. | 56156 | 8940035 |
| Cabot Corp. | 92762 | 6957150 |
| Chemours Co. | 261085 | 2989423 |
| Ecovyst, Inc. <sup>(a)</sup> | 184638 | 1519571 |
| Flotek Industries, Inc. <sup>(a)</sup> | 22662 | 334491 |
| Hawkins, Inc. | 33387 | 4744293 |
| HB Fuller Co. | 93901 | 5648145 |
| Ingevity Corp. <sup>(a)</sup> | 62323 | 2685498 |
| Kronos Worldwide, Inc. | 38686 | 239853 |
| Mativ Holdings, Inc. | 93148 | 635269 |
| Minerals Technologies, Inc. | 53938 | 2970366 |
| Oil-Dri Corp. of America | 16386 | 966610 |
| Perimeter Solutions, Inc. <sup>(a)</sup> | 238013 | 3313141 |
| Rogers Corp. <sup>(a)</sup> | 31576 | 2162324 |
| Sensient Technologies Corp. | 72303 | 7123292 |
| Solesence, Inc. <sup>(a)</sup> | 30327 | 132226 |
| Tronox Holdings PLC | 200300 | 1015521 |
| Valhi, Inc. | 3801 | 61424 |
|  |  | 57791062 |
| **Coal — 0.4%** | **Coal — 0.4%** |  |
| Alpha Metallurgical Resources, Inc. <sup>(a)</sup> | 20287 | 2281882 |
| Core Natural Resources, Inc. | 90484 | 6310354 |
| Hallador Energy Co. <sup>(a)</sup> | 53782 | 851369 |
| NACCO Industries, Inc., Class A | 7217 | 319785 |
| Peabody Energy Corp. | 210739 | 2828117 |
| Ramaco Resources, Inc., Class A | 61636 | 809897 |
| Ramaco Resources, Inc., Class B | 1667 | 13636 |
| SunCoke Energy, Inc. | 144532 | 1241530 |
| Warrior Met Coal, Inc. | 89142 | 4085378 |
|  |  | 18741948 |
| **Commercial Finance & Mortgage Companies — 0.3%** | **Commercial Finance & Mortgage Companies — 0.3%** |  |
| Enact Holdings, Inc. | 48606 | 1805713 |
| Federal Agricultural Mortgage Corp., Class C | 15958 | 3100320 |
| Finance Of America Cos., Inc. <sup>(a)</sup> | 7691 | 179354 |
| loanDepot, Inc., Class A <sup>(a)(b)</sup> | 141458 | 179652 |
| Medallion Financial Corp. | 31815 | 303197 |
| Mr. Cooper Group, Inc. <sup>(a)</sup> | 6786 | 1012539 |
| PennyMac Financial Services, Inc., Class A | 50007 | 4982698 |
| Velocity Financial, Inc. <sup>(a)</sup> | 19406 | 359787 |
|  |  | 11923260 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |  |
| Acme United Corp. | 5026 | 208328 |
| ACV Auctions, Inc., Class A <sup>(a)(b)</sup> | 287162 | 4657768 |
| CoreCivic, Inc. <sup>(a)</sup> | 184484 | 3887078 |
| GEO Group, Inc. <sup>(a)</sup> | 233839 | 5600444 |
| LanzaTech Global, Inc. <sup>(a)</sup> | 36502 | 9899 |
| Liquidity Services, Inc. <sup>(a)</sup> | 40300 | 950677 |
| National Research Corp., Class A | 21600 | 362880 |
| Perma-Fix Environmental Services, Inc. <sup>(a)(b)</sup> | 30367 | 319461 |
| Quest Resource Holding Corp. <sup>(a)</sup> | 3151 | 6365 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |  |
| Spire Global, Inc. <sup>(a)(b)</sup> | 47548 | $565821 |
| Vestis Corp. | 199928 | 1145587 |
| Virco Mfg. Corp. | 20824 | 166176 |
|  |  | 17880484 |
| **Commercial Services: Rental & Leasing — 0.5%** | **Commercial Services: Rental & Leasing — 0.5%** |  |
| FTAI Aviation Ltd. | 36591 | 4209429 |
| GATX Corp. | 61413 | 9430580 |
| Greenbrier Cos., Inc. | 52525 | 2418776 |
| McGrath RentCorp | 41882 | 4856637 |
| Rush Enterprises, Inc., Class B | 15228 | 799166 |
| Willis Lease Finance Corp. | 6190 | 883808 |
|  |  | 22598396 |
| **Commercial Vehicles & Parts — 0.5%** | **Commercial Vehicles & Parts — 0.5%** |  |
| Blue Bird Corp. <sup>(a)</sup> | 55247 | 2384460 |
| Hyliion Holdings Corp. <sup>(a)</sup> | 235217 | 310486 |
| Miller Industries, Inc. | 19191 | 853232 |
| Modine Manufacturing Co. <sup>(a)</sup> | 89642 | 8829737 |
| Motorcar Parts of America, Inc. <sup>(a)</sup> | 31616 | 354099 |
| REV Group, Inc. | 87886 | 4182495 |
| Rush Enterprises, Inc., Class A | 107024 | 5512806 |
| Shyft Group, Inc. | 58298 | 731057 |
| Wabash National Corp. | 72466 | 770314 |
|  |  | 23928686 |
| **Communications Equipment**<sup>(a)</sup> **— 0.1%** | **Communications Equipment**<sup>(a)</sup> **— 0.1%** |  |
| BK Technologies Corp. | 4705 | 221746 |
| CommScope Holding Co., Inc. | 364856 | 3021008 |
|  |  | 3242754 |
| **Communications Technology — 0.8%** | **Communications Technology — 0.8%** |  |
| ADTRAN Holdings, Inc. <sup>(a)</sup> | 127135 | 1140401 |
| Anterix, Inc. <sup>(a)(b)</sup> | 22414 | 574919 |
| Aviat Networks, Inc. <sup>(a)(b)</sup> | 20745 | 498917 |
| Bandwidth, Inc., Class A <sup>(a)</sup> | 42637 | 677928 |
| Calix, Inc. <sup>(a)</sup> | 100842 | 5363786 |
| Clearfield, Inc. <sup>(a)</sup> | 20534 | 891381 |
| Digi International, Inc. <sup>(a)</sup> | 61558 | 2145912 |
| Extreme Networks, Inc. <sup>(a)</sup> | 225696 | 4051243 |
| Harmonic, Inc. <sup>(a)</sup> | 190790 | 1806781 |
| Inseego Corp. <sup>(a)</sup> | 21510 | 177243 |
| InterDigital, Inc. | 44310 | 9935631 |
| NETGEAR, Inc. <sup>(a)</sup> | 47009 | 1366552 |
| Powerfleet, Inc. <sup>(a)(b)</sup> | 215369 | 928240 |
| Ribbon Communications, Inc. <sup>(a)</sup> | 156409 | 627200 |
| Viasat, Inc. <sup>(a)</sup> | 193849 | 2830196 |
|  |  | 33016330 |
| **Computer Services Software & Systems — 5.2%** | **Computer Services Software & Systems — 5.2%** |  |
| 3D Systems Corp. <sup>(a)(b)</sup> | 231426 | 356396 |
| A10 Networks, Inc. | 125587 | 2430109 |
| ACI Worldwide, Inc. <sup>(a)</sup> | 180398 | 8282072 |
| Adeia, Inc. | 186224 | 2633207 |
| Angi, Inc., Class A <sup>(a)</sup> | 75062 | 1145446 |
| Appian Corp., Class A <sup>(a)(b)</sup> | 67386 | 2012146 |
| ASGN, Inc. <sup>(a)</sup> | 73190 | 3654377 |
| Blackbaud, Inc. <sup>(a)</sup> | 65481 | 4204535 |
| BlackLine, Inc. <sup>(a)</sup> | 90136 | 5103500 |
| Box, Inc., Class A <sup>(a)</sup> | 241317 | 8245802 |
| Bumble, Inc., Class A <sup>(a)</sup> | 124446 | 820099 |
| Cantaloupe, Inc. <sup>(a)</sup> | 90877 | 998738 |
| Cargurus, Inc., Class A <sup>(a)</sup> | 140728 | 4710166 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Computer Services Software & Systems (continued)** | **Computer Services Software & Systems (continued)** |  |
| Commvault Systems, Inc. <sup>(a)</sup> | 75684 | $13193992 |
| CoreCard Corp. <sup>(a)</sup> | 8121 | 235265 |
| Corsair Gaming, Inc. <sup>(a)</sup> | 74705 | 704468 |
| Cricut, Inc., Class A | 78746 | 533110 |
| CSG Systems International, Inc. | 47531 | 3104250 |
| Diebold Nixdorf, Inc. <sup>(a)(b)</sup> | 43534 | 2411784 |
| Digimarc Corp. <sup>(a)(b)</sup> | 26177 | 345798 |
| Digital Turbine, Inc. <sup>(a)</sup> | 167928 | 990775 |
| Domo, Inc., Class B <sup>(a)</sup> | 61154 | 854321 |
| D-Wave Quantum, Inc. <sup>(a)(b)</sup> | 492675 | 7212762 |
| E2open Parent Holdings, Inc., Class A <sup>(a)</sup> | 312854 | 1010518 |
| eGain Corp. <sup>(a)</sup> | 30296 | 189350 |
| ePlus, Inc. <sup>(a)</sup> | 45050 | 3248105 |
| EverQuote, Inc., Class A <sup>(a)</sup> | 47445 | 1147220 |
| Everspin Technologies, Inc. <sup>(a)</sup> | 6884 | 43300 |
| fuboTV, Inc. <sup>(a)</sup> | 571255 | 2205044 |
| Getty Images Holdings, Inc., Class A <sup>(a)(b)</sup> | 167994 | 278870 |
| Grid Dynamics Holdings, Inc., Class A <sup>(a)</sup> | 114350 | 1320743 |
| Grindr, Inc. <sup>(a)</sup> | 57822 | 1312559 |
| Groupon, Inc. <sup>(a)(b)</sup> | 43350 | 1450058 |
| Insight Enterprises, Inc. <sup>(a)(b)</sup> | 47465 | 6554205 |
| Integral Ad Science Holding Corp. <sup>(a)</sup> | 124697 | 1036232 |
| IonQ, Inc. <sup>(a)(b)</sup> | 405701 | 17432972 |
| MARA Holdings, Inc. <sup>(a)(b)</sup> | 593416 | 9304763 |
| MediaAlpha, Inc., Class A <sup>(a)</sup> | 53639 | 587347 |
| Mitek Systems, Inc. <sup>(a)</sup> | 75850 | 750915 |
| NCR Atleos Corp. <sup>(a)(b)</sup> | 125260 | 3573668 |
| NCR Voyix Corp. <sup>(a)(b)</sup> | 237884 | 2790379 |
| NetScout Systems, Inc. <sup>(a)</sup> | 118590 | 2942218 |
| Nextdoor Holdings, Inc., Class A <sup>(a)(b)</sup> | 366819 | 608920 |
| NextNav, Inc. <sup>(a)</sup> | 152556 | 2318851 |
| OneSpan, Inc. | 61703 | 1029823 |
| PagerDuty, Inc. <sup>(a)</sup> | 144280 | 2204598 |
| PAR Technology Corp. <sup>(a)(b)</sup> | 68554 | 4755591 |
| PlayAGS, Inc. <sup>(a)</sup> | 68795 | 859250 |
| Progress Software Corp. | 73245 | 4675961 |
| PROS Holdings, Inc. <sup>(a)(b)</sup> | 74799 | 1171352 |
| Qualys, Inc. <sup>(a)</sup> | 62501 | 8929518 |
| QuinStreet, Inc. <sup>(a)</sup> | 91137 | 1467306 |
| Rackspace Technology, Inc. <sup>(a)</sup> | 112741 | 144309 |
| Rapid7, Inc. <sup>(a)</sup> | 108261 | 2504077 |
| Red Violet, Inc. | 18756 | 922795 |
| Rigetti Computing, Inc. <sup>(a)(b)</sup> | 483918 | 5739268 |
| Rimini Street, Inc. <sup>(a)</sup> | 83422 | 314501 |
| Riot Platforms, Inc. <sup>(a)(b)</sup> | 565217 | 6386952 |
| Sapiens International Corp. NV | 52940 | 1548495 |
| Shutterstock, Inc. | 41018 | 777701 |
| Simulations Plus, Inc. | 27866 | 486262 |
| SPS Commerce, Inc. <sup>(a)</sup> | 65152 | 8866536 |
| System1, Inc. <sup>(a)</sup> | 652 | 3606 |
| Telos Corp. <sup>(a)</sup> | 98985 | 313782 |
| Tenable Holdings, Inc. <sup>(a)</sup> | 204339 | 6902571 |
| Travelzoo <sup>(a)</sup> | 11008 | 140132 |
| TripAdvisor, Inc. <sup>(a)</sup> | 198339 | 2588324 |
| TrueCar, Inc. <sup>(a)</sup> | 144542 | 274630 |
| TSS, Inc. <sup>(a)</sup> | 31623 | 911691 |
| TTEC Holdings, Inc. <sup>(a)</sup> | 31604 | 152015 |
| Tucows, Inc., Class A <sup>(a)(b)</sup> | 12899 | 254239 |
| Unisys Corp. <sup>(a)</sup> | 113622 | 514708 |
| Varonis Systems, Inc. <sup>(a)</sup> | 188791 | 9581143 |
| Verint Systems, Inc. <sup>(a)</sup> | 104974 | 2064839 |
| WNS Holdings Ltd. <sup>(a)(b)</sup> | 69218 | 4377346 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Computer Services Software & Systems (continued)** | **Computer Services Software & Systems (continued)** |  |
| Workiva, Inc., Class A <sup>(a)</sup> | 85966 | $5884373 |
| Yelp, Inc. <sup>(a)</sup> | 105718 | 3622956 |
| Yext, Inc. <sup>(a)(b)</sup> | 175758 | 1493943 |
| Ziff Davis, Inc. <sup>(a)</sup> | 71708 | 2170601 |
| ZipRecruiter, Inc., Class A <sup>(a)(b)</sup> | 111988 | 561060 |
|  |  | 228885609 |
| **Computer Technology — 0.1%** | **Computer Technology — 0.1%** |  |
| Immersion Corp. | 51829 | 408412 |
| Impinj, Inc. <sup>(a)(b)</sup> | 44399 | 4931397 |
|  |  | 5339809 |
| **Construction — 2.0%** | **Construction — 2.0%** |  |
| Arcosa, Inc. | 83058 | 7201959 |
| Bowman Consulting Group Ltd. <sup>(a)(b)</sup> | 22407 | 644201 |
| Centuri Holdings, Inc. <sup>(a)</sup> | 28996 | 650670 |
| Construction Partners, Inc., Class A <sup>(a)</sup> | 80267 | 8530777 |
| Dycom Industries, Inc. <sup>(a)</sup> | 47948 | 11718012 |
| Frontdoor, Inc. <sup>(a)</sup> | 127258 | 7500586 |
| Granite Construction, Inc. | 74875 | 7001561 |
| Great Lakes Dredge & Dock Corp. <sup>(a)</sup> | 114077 | 1390599 |
| IES Holdings, Inc. <sup>(a)</sup> | 15453 | 4577642 |
| Knife River Corp. <sup>(a)</sup> | 97817 | 7985780 |
| Limbach Holdings, Inc. <sup>(a)</sup> | 18067 | 2531187 |
| MYR Group, Inc. <sup>(a)</sup> | 26374 | 4785562 |
| Orion Group Holdings, Inc. <sup>(a)</sup> | 61851 | 560989 |
| Primoris Services Corp. | 92556 | 7213815 |
| Smith-Midland Corp. <sup>(a)(b)</sup> | 4660 | 156390 |
| Southland Holdings, Inc. <sup>(a)</sup> | 20079 | 83930 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 51029 | 11773921 |
| Titan America SA | 42120 | 525658 |
| Tutor Perini Corp. <sup>(a)(b)</sup> | 76153 | 3562437 |
|  |  | 88395676 |
| **Consumer Electronics — 0.0%** | **Consumer Electronics — 0.0%** |  |
| Vuzix Corp. <sup>(a)(b)</sup> | 111273 | 324917 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |  |
| Bread Financial Holdings, Inc. | 43293 | 2472896 |
| Cass Information Systems, Inc. | 20705 | 899632 |
| Consumer Portfolio Services, Inc. <sup>(a)</sup> | 13862 | 136263 |
| Dave, Inc., Class A <sup>(a)</sup> | 15855 | 4255641 |
| EVERTEC, Inc. | 110027 | 3966473 |
| Green Dot Corp., Class A <sup>(a)</sup> | 91741 | 988968 |
| Marqeta, Inc., Class A <sup>(a)</sup> | 657682 | 3834286 |
| NerdWallet, Inc., Class A <sup>(a)</sup> | 71679 | 786319 |
| OppFi, Inc., Class A | 42025 | 587930 |
| Payoneer Global, Inc. <sup>(a)</sup> | 476130 | 3261490 |
| Paysafe Ltd. <sup>(a)(b)</sup> | 55484 | 700208 |
| Priority Technology Holdings, Inc. <sup>(a)</sup> | 38188 | 297103 |
| Remitly Global, Inc. <sup>(a)</sup> | 265179 | 4977410 |
| Repay Holdings Corp., Class A <sup>(a)(b)</sup> | 133078 | 641436 |
| StoneCo Ltd., Class A <sup>(a)</sup> | 414646 | 6650922 |
| Upstart Holdings, Inc. <sup>(a)</sup> | 143983 | 9312820 |
|  |  | 43769797 |
| **Consumer Lending — 0.4%** | **Consumer Lending — 0.4%** |  |
| Atlanticus Holdings Corp. <sup>(a)</sup> | 9254 | 506656 |
| Encore Capital Group, Inc. <sup>(a)</sup> | 40536 | 1569149 |
| Enova International, Inc. <sup>(a)</sup> | 41837 | 4665662 |
| LendingClub Corp. <sup>(a)</sup> | 196258 | 2360984 |
| LendingTree, Inc. <sup>(a)</sup> | 17528 | 649763 |
| Marcus & Millichap, Inc. | 41829 | 1284569 |
| Navient Corp. | 120629 | 1700869 |
| Nelnet, Inc., Class A | 23759 | 2877690 |

---

Series Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Consumer Lending (continued)** | **Consumer Lending (continued)** |  |
| Oportun Financial Corp. <sup>(a)</sup> | 58007 | $415330 |
| PRA Group, Inc. <sup>(a)</sup> | 66886 | 986568 |
| Regional Management Corp. | 14018 | 409466 |
| World Acceptance Corp. <sup>(a)</sup> | 5846 | 965291 |
|  |  | 18391997 |
| **Consumer Services: Miscellaneous — 0.0%** | **Consumer Services: Miscellaneous — 0.0%** |  |
| Cars.com, Inc. <sup>(a)</sup> | 99422 | 1178151 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |  |
| Ardagh Metal Packaging SA | 237837 | 1017942 |
| Clearwater Paper Corp. <sup>(a)</sup> | 28007 | 762911 |
| Greif, Inc., Class A | 42836 | 2783912 |
| Greif, Inc., Class B | 8075 | 557256 |
| Karat Packaging, Inc. | 11366 | 320067 |
| Myers Industries, Inc. | 63373 | 918275 |
| O-I Glass, Inc. <sup>(a)(b)</sup> | 265041 | 3906704 |
| Ranpak Holdings Corp. <sup>(a)</sup> | 75481 | 269467 |
| UFP Technologies, Inc. <sup>(a)</sup> | 12859 | 3139653 |
|  |  | 13676187 |
| **Cosmetics — 0.1%** | **Cosmetics — 0.1%** |  |
| Interparfums, Inc. | 31358 | 4117619 |
| **Diversified Consumer Services**<sup>(a)(b)</sup> **— 0.0%** | **Diversified Consumer Services**<sup>(a)(b)</sup> **— 0.0%** |  |
| Nerdy, Inc., Class A | 98837 | 161104 |
| Zspace, Inc. | 4189 | 13656 |
|  |  | 174760 |
| **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |  |
| Burford Capital Ltd. | 328057 | 4678093 |
| European Wax Center, Inc., Class A <sup>(a)(b)</sup> | 56084 | 315753 |
| MBIA, Inc. <sup>(a)</sup> | 72954 | 316620 |
| Piper Sandler Cos. | 29914 | 8314297 |
| SWK Holdings Corp. | 4902 | 72256 |
| Tiptree, Inc. | 40243 | 948930 |
|  |  | 14645949 |
| **Diversified Manufacturing Operations — 0.6%** | **Diversified Manufacturing Operations — 0.6%** |  |
| Enerpac Tool Group Corp., Class A | 93441 | 3789967 |
| Enviri Corp. <sup>(a)</sup> | 132664 | 1151524 |
| Federal Signal Corp. | 102745 | 10934123 |
| OSI Systems, Inc. <sup>(a)</sup> | 27427 | 6167235 |
| Standex International Corp. | 20269 | 3171693 |
| TriMas Corp. | 57563 | 1646877 |
|  |  | 26861419 |
| **Diversified Materials & Processing — 0.1%** | **Diversified Materials & Processing — 0.1%** |  |
| Ascent Industries Co. <sup>(a)(b)</sup> | 13783 | 173804 |
| NL Industries, Inc. | 14377 | 92013 |
| Tredegar Corp. <sup>(a)</sup> | 43465 | 382492 |
| Uranium Energy Corp. <sup>(a)(b)</sup> | 727897 | 4949699 |
|  |  | 5598008 |
| **Diversified Media — 0.0%** | **Diversified Media — 0.0%** |  |
| EW Scripps Co., Class A <sup>(a)</sup> | 114140 | 335572 |
| **Diversified Retail — 0.4%** | **Diversified Retail — 0.4%** |  |
| Beyond, Inc. <sup>(a)(b)</sup> | 95321 | 655809 |
| Blink Charging Co. <sup>(a)</sup> | 19669 | 18487 |
| FirstCash Holdings, Inc. | 67765 | 9157762 |
| Gaia, Inc., Class A <sup>(a)</sup> | 29520 | 129593 |
| PriceSmart, Inc. | 43902 | 4611466 |
| Savers Value Village, Inc. <sup>(a)</sup> | 39036 | 398167 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Diversified Retail (continued)** | **Diversified Retail (continued)** |  |
| Stitch Fix, Inc., Class A <sup>(a)</sup> | 172609 | $638653 |
| Winmark Corp. | 5030 | 1899378 |
|  |  | 17509315 |
| **Diversified Telecommunication Services**<sup>(a)</sup> **— 0.4%** | **Diversified Telecommunication Services**<sup>(a)</sup> **— 0.4%** |  |
| AST SpaceMobile, Inc., Class A | 47607 | 2224675 |
| BlackSky Technology, Inc., Class A <sup>(b)</sup> | 48492 | 997965 |
| EchoStar Corp., Class A <sup>(b)</sup> | 231941 | 6424766 |
| Globalstar, Inc. <sup>(b)</sup> | 84267 | 1984488 |
| Lumen Technologies, Inc. | 1631491 | 7145931 |
|  |  | 18777825 |
| **Drug & Grocery Store Chains — 0.1%** | **Drug & Grocery Store Chains — 0.1%** |  |
| Ingles Markets, Inc., Class A | 25052 | 1587796 |
| Village Super Market, Inc., Class A | 15287 | 588550 |
| Weis Markets, Inc. | 28403 | 2058933 |
|  |  | 4235279 |
| **Education Services — 1.0%** | **Education Services — 1.0%** |  |
| Adtalem Global Education, Inc. <sup>(a)</sup> | 62961 | 8010528 |
| American Public Education, Inc. <sup>(a)</sup> | 30145 | 918217 |
| Chegg, Inc. <sup>(a)</sup> | 12716 | 15386 |
| Coursera, Inc. <sup>(a)</sup> | 237467 | 2080211 |
| Franklin Covey Co. <sup>(a)</sup> | 19361 | 441818 |
| Graham Holdings Co., Class B | 5493 | 5197312 |
| KinderCare Learning Cos., Inc. <sup>(a)</sup> | 48010 | 484901 |
| Laureate Education, Inc., Class A <sup>(a)</sup> | 220112 | 5146219 |
| Lincoln Educational Services Corp. <sup>(a)</sup> | 51343 | 1183456 |
| Perdoceo Education Corp. | 105218 | 3439576 |
| Strategic Education, Inc. | 41188 | 3506334 |
| Stride, Inc. <sup>(a)</sup> | 73071 | 10609179 |
| Udemy, Inc. <sup>(a)</sup> | 168349 | 1183493 |
| Universal Technical Institute, Inc. <sup>(a)</sup> | 76672 | 2598414 |
|  |  | 44815044 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |  |
| Allient, Inc. | 24324 | 883204 |
| American Superconductor Corp. <sup>(a)(b)</sup> | 66182 | 2428218 |
| Array Technologies, Inc. <sup>(a)(b)</sup> | 262628 | 1549505 |
| Atkore, Inc. | 58842 | 4151303 |
| Bloom Energy Corp., Class A <sup>(a)(b)</sup> | 350213 | 8377095 |
| Complete Solaria, Inc. <sup>(a)(b)</sup> | 104465 | 192216 |
| Energy Vault Holdings, Inc. <sup>(a)</sup> | 10168 | 7288 |
| Enovix Corp. <sup>(a)(b)</sup> | 280296 | 2898261 |
| Eos Energy Enterprises, Inc., Class A <sup>(a)(b)</sup> | 385583 | 1974185 |
| Fluence Energy, Inc., Class A <sup>(a)(b)</sup> | 131569 | 882828 |
| FuelCell Energy, Inc. <sup>(a)(b)</sup> | 493 | 2766 |
| LSI Industries, Inc. | 45510 | 774125 |
| NANO Nuclear Energy, Inc. <sup>(a)(b)</sup> | 46346 | 1598474 |
| Net Power, Inc., Class A <sup>(a)(b)</sup> | 38138 | 94201 |
| NuScale Power Corp., Class A <sup>(a)(b)</sup> | 208559 | 8250594 |
| Plug Power, Inc. <sup>(a)(b)</sup> | 1584059 | 2360248 |
| Power Solutions International, Inc. <sup>(a)</sup> | 11355 | 734441 |
| Shoals Technologies Group, Inc., Class A <sup>(a)(b)</sup> | 282834 | 1202044 |
| SKYX Platforms Corp. <sup>(a)</sup> | 106078 | 110851 |
| SolarMax Technology, Inc. <sup>(a)</sup> | 1010 | 1101 |
| Sunrun, Inc. <sup>(a)</sup> | 358421 | 2931884 |
| T1 Energy, Inc. <sup>(a)(b)</sup> | 184516 | 226955 |
| Thermon Group Holdings, Inc. <sup>(a)</sup> | 57443 | 1612999 |
| TPI Composites, Inc. <sup>(a)</sup> | 8553 | 7350 |
|  |  | 43252136 |
| **Electronic Components — 0.5%** | **Electronic Components — 0.5%** |  |
| Aeva Technologies, Inc. <sup>(a)(b)</sup> | 52156 | 1970975 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electronic Components (continued)** | **Electronic Components (continued)** |  |
| Methode Electronics, Inc. | 59814 | $568831 |
| MicroVision, Inc. <sup>(a)(b)</sup> | 425038 | 484543 |
| NVE Corp. | 8451 | 622078 |
| Sanmina Corp. <sup>(a)</sup> | 89386 | 8744633 |
| ScanSource, Inc. <sup>(a)</sup> | 37263 | 1557966 |
| TTM Technologies, Inc. <sup>(a)</sup> | 173195 | 7069820 |
|  |  | 21018846 |
| **Electronic Entertainment — 0.0%** | **Electronic Entertainment — 0.0%** |  |
| Turtle Beach Corp. <sup>(a)(b)</sup> | 27865 | 385373 |
| **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** |  |
| Advanced Energy Industries, Inc. <sup>(b)</sup> | 64482 | 8543865 |
| Atmus Filtration Technologies, Inc. | 143658 | 5232024 |
| Badger Meter, Inc. | 50750 | 12431213 |
| Bel Fuse, Inc., Class A <sup>(b)</sup> | 2956 | 265597 |
| Bel Fuse, Inc., Class B <sup>(b)</sup> | 17798 | 1738687 |
| Belden, Inc. | 67749 | 7845334 |
| Benchmark Electronics, Inc. | 61279 | 2379464 |
| Climb Global Solutions, Inc. | 6630 | 708813 |
| Daktronics, Inc. <sup>(a)</sup> | 71108 | 1075153 |
| Evolv Technologies Holdings, Inc., Class A <sup>(a)</sup> | 197686 | 1233561 |
| Frequency Electronics, Inc. | 11403 | 258962 |
| Insteel Industries, Inc. | 32237 | 1199539 |
| Kimball Electronics, Inc. <sup>(a)</sup> | 42278 | 813006 |
| Knowles Corp. <sup>(a)</sup> | 149301 | 2630684 |
| KULR Technology Group, Inc. <sup>(a)(b)</sup> | 57133 | 407358 |
| Lightwave Logic, Inc. <sup>(a)</sup> | 19695 | 24422 |
| Mesa Laboratories, Inc. | 8898 | 838370 |
| Mirion Technologies, Inc., Class A <sup>(a)(b)</sup> | 359214 | 7733877 |
| M-Tron Industries, Inc. <sup>(a)</sup> | 3924 | 164808 |
| Neonode, Inc. <sup>(a)</sup> | 13646 | 347973 |
| nLight, Inc. <sup>(a)</sup> | 81115 | 1596343 |
| Novanta, Inc. <sup>(a)(b)</sup> | 61741 | 7960267 |
| Ouster, Inc. <sup>(a)</sup> | 88053 | 2135285 |
| PC Connection, Inc. | 18958 | 1247057 |
| Richardson Electronics Ltd. | 20035 | 193338 |
| Standard BioTools, Inc. <sup>(a)(b)</sup> | 509005 | 610806 |
| Stoneridge, Inc. <sup>(a)</sup> | 7198 | 50674 |
| Vishay Precision Group, Inc. <sup>(a)(b)</sup> | 20034 | 562955 |
| Xperi, Inc. <sup>(a)</sup> | 77607 | 613871 |
|  |  | 70843306 |
| **Electronics — 0.3%** | **Electronics — 0.3%** |  |
| NEXTracker, Inc., Class A <sup>(a)</sup> | 242613 | 13190869 |
| **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** |  |
| Archrock, Inc. | 282840 | 7022917 |
| Aris Water Solutions, Inc., Class A | 53510 | 1265512 |
| Atlas Energy Solutions, Inc. | 134522 | 1798559 |
| Borr Drilling Ltd. <sup>(b)</sup> | 380447 | 696218 |
| Bristow Group, Inc. <sup>(a)</sup> | 49305 | 1625586 |
| ChampionX Corp. | 328120 | 8150501 |
| Core Laboratories, Inc. <sup>(b)</sup> | 81958 | 944156 |
| DMC Global, Inc. <sup>(a)</sup> | 30851 | 248659 |
| DNOW, Inc. <sup>(a)</sup> | 184026 | 2729106 |
| Energy Services of America Corp. | 18522 | 184109 |
| Expro Group Holdings NV <sup>(a)(b)</sup> | 178925 | 1536966 |
| Flowco Holdings, Inc., Class A | 33407 | 594979 |
| Forum Energy Technologies, Inc. <sup>(a)</sup> | 19935 | 388134 |
| Geospace Technologies Corp. <sup>(a)</sup> | 4850 | 69161 |
| Helix Energy Solutions Group, Inc. <sup>(a)</sup> | 248004 | 1547545 |
| Innovex International, Inc. <sup>(a)</sup> | 67184 | 1049414 |
| Kodiak Gas Services, Inc. | 92243 | 3161168 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |  |
| Liberty Energy, Inc., Class A | 272811 | $3131870 |
| Mammoth Energy Services, Inc. <sup>(a)</sup> | 45251 | 126703 |
| Nabors Industries Ltd. <sup>(a)(b)</sup> | 24501 | 686518 |
| Natural Gas Services Group, Inc. <sup>(a)</sup> | 17649 | 455521 |
| Noble Corp. PLC | 215999 | 5734773 |
| ProFrac Holding Corp., Class A <sup>(a)(b)</sup> | 21051 | 163356 |
| ProPetro Holding Corp. <sup>(a)</sup> | 136951 | 817597 |
| Ranger Energy Services, Inc., Class A | 25809 | 308159 |
| SEACOR Marine Holdings, Inc. <sup>(a)</sup> | 38831 | 198038 |
| Seadrill Ltd. <sup>(a)(b)</sup> | 107426 | 2819932 |
| Select Water Solutions, Inc., Class A | 153849 | 1329255 |
| Sitio Royalties Corp., Class A | 132786 | 2440607 |
| Solaris Energy Infrastructure, Inc., Class A | 63202 | 1787985 |
| TETRA Technologies, Inc. <sup>(a)</sup> | 216640 | 727910 |
| Tidewater, Inc. <sup>(a)</sup> | 86484 | 3989507 |
| Transocean Ltd. <sup>(a)(b)</sup> | 1274192 | 3300157 |
| Valaris Ltd. <sup>(a)(b)</sup> | 108982 | 4589232 |
|  |  | 65619810 |
| **Engineering & Contracting Services — 0.7%** | **Engineering & Contracting Services — 0.7%** |  |
| 908 Devices, Inc. <sup>(a)(b)</sup> | 40367 | 287817 |
| Ameresco, Inc., Class A <sup>(a)</sup> | 55595 | 844488 |
| Argan, Inc. | 22677 | 4999825 |
| Exponent, Inc. | 86936 | 6494989 |
| Fluor Corp. <sup>(a)</sup> | 286282 | 14677678 |
| Mistras Group, Inc. <sup>(a)</sup> | 28139 | 225393 |
| VSE Corp. | 34729 | 4548804 |
|  |  | 32078994 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** |  |
| AMC Entertainment Holdings, Inc., Class A <sup>(a)(b)</sup> | 754242 | 2338150 |
| Atlanta Braves Holdings, Inc., Class A <sup>(a)(b)</sup> | 11710 | 576249 |
| Atlanta Braves Holdings, Inc., Class C <sup>(a)(b)</sup> | 78935 | 3691790 |
| Cinemark Holdings, Inc. | 182236 | 5499883 |
| CuriosityStream, Inc. | 55374 | 311756 |
| Eventbrite, Inc., Class A <sup>(a)</sup> | 134894 | 354771 |
| Golden Entertainment, Inc. | 33233 | 978047 |
| Golden Matrix Group, Inc. <sup>(a)(b)</sup> | 39654 | 67412 |
| IMAX Corp. <sup>(a)</sup> | 73822 | 2064063 |
| Lionsgate Studios Corp. <sup>(a)(b)</sup> | 328709 | 1909799 |
| LiveOne, Inc. <sup>(a)</sup> | 10601 | 8003 |
| Madison Square Garden Entertainment Corp. <sup>(a)</sup> | 67511 | 2698415 |
| Marcus Corp. | 38905 | 655938 |
| Playstudios, Inc., Class A <sup>(a)</sup> | 158927 | 208194 |
| Playtika Holding Corp. | 97455 | 460962 |
| Reservoir Media, Inc. <sup>(a)</sup> | 32658 | 250487 |
| Sphere Entertainment Co., Class A <sup>(a)(b)</sup> | 46838 | 1957828 |
| Starz Entertainment Corp. <sup>(a)(b)</sup> | 21913 | 352142 |
| Vivid Seats, Inc., Class A <sup>(a)(b)</sup> | 130153 | 219959 |
|  |  | 24603848 |
| **Environmental, Maintenance, & Security Service — 0.5%** | **Environmental, Maintenance, & Security Service — 0.5%** |  |
| ABM Industries, Inc. | 106516 | 5028620 |
| BrightView Holdings, Inc. <sup>(a)(b)</sup> | 102707 | 1710071 |
| Brink's Co. | 74064 | 6613175 |
| Healthcare Services Group, Inc. <sup>(a)</sup> | 124169 | 1866260 |
| Montrose Environmental Group, Inc. <sup>(a)(b)</sup> | 54310 | 1188846 |
| UniFirst Corp. | 25841 | 4863793 |
|  |  | 21270765 |

---

Series Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Financial Data & Systems — 0.0%** | **Financial Data & Systems — 0.0%** |  |
| I3 Verticals, Inc., Class A <sup>(a)(b)</sup> | 38597 | $1060645 |
| Value Line, Inc. | 1578 | 61779 |
|  |  | 1122424 |
| **Financial Services — 0.4%** | **Financial Services — 0.4%** |  |
| Better Home & Finance Holding Co. <sup>(a)</sup> | 8509 | 105427 |
| Cannae Holdings, Inc. | 97280 | 2028288 |
| Compass Diversified Holdings | 114527 | 719230 |
| HA Sustainable Infrastructure Capital, Inc. | 209269 | 5620965 |
| International Money Express, Inc. <sup>(a)</sup> | 51204 | 516648 |
| NewtekOne, Inc. | 42736 | 482062 |
| Onity Group, Inc. <sup>(a)</sup> | 10557 | 402961 |
| Pagseguro Digital Ltd., Class A | 303363 | 2924419 |
| Paysign, Inc. <sup>(a)</sup> | 61000 | 439200 |
| Security National Financial Corp., Class A <sup>(a)</sup> | 23549 | 231958 |
| Universal Corp. | 41418 | 2412184 |
|  |  | 15883342 |
| **Food & Staples Retailing — 0.1%** | **Food & Staples Retailing — 0.1%** |  |
| Grocery Outlet Holding Corp. <sup>(a)</sup> | 164202 | 2039389 |
| Natural Grocers by Vitamin Cottage, Inc. | 22119 | 868171 |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> | 4576 | 753392 |
|  |  | 3660952 |
| **Food Products — 0.3%** | **Food Products — 0.3%** |  |
| B&G Foods, Inc. | 133269 | 563728 |
| Beyond Meat, Inc. <sup>(a)(b)</sup> | 127606 | 445345 |
| Forafric Global PLC <sup>(a)</sup> | 9653 | 75293 |
| Hain Celestial Group, Inc. <sup>(a)</sup> | 154776 | 235259 |
| Krispy Kreme, Inc. | 142712 | 415292 |
| Lifeway Foods, Inc. <sup>(a)</sup> | 7054 | 173881 |
| Mama's Creations, Inc. <sup>(a)</sup> | 53309 | 442465 |
| Mission Produce, Inc. <sup>(a)</sup> | 83564 | 979370 |
| Simply Good Foods Co. <sup>(a)</sup> | 160406 | 5067226 |
| SunOpta, Inc. <sup>(a)</sup> | 165120 | 957696 |
| TreeHouse Foods, Inc. <sup>(a)</sup> | 87132 | 1692103 |
| Triller Group, Inc. <sup>(a)</sup> | 160681 | 149514 |
| WK Kellogg Co. | 106449 | 1696797 |
|  |  | 12893969 |
| **Foods — 0.5%** | **Foods — 0.5%** |  |
| Chefs' Warehouse, Inc. <sup>(a)</sup> | 62367 | 3979638 |
| HF Foods Group, Inc. <sup>(a)</sup> | 68482 | 217773 |
| J & J Snack Foods Corp. | 26907 | 3051523 |
| John B Sanfilippo & Son, Inc. | 13255 | 838246 |
| Lancaster Colony Corp. | 34366 | 5937414 |
| Seneca Foods Corp., Class A <sup>(a)</sup> | 7876 | 798863 |
| SpartanNash Co. | 58244 | 1542883 |
| Tootsie Roll Industries, Inc. | 28293 | 946401 |
| United Natural Foods, Inc. <sup>(a)</sup> | 100453 | 2341559 |
| Utz Brands, Inc., Class A | 125471 | 1574661 |
|  |  | 21228961 |
| **Forest Products — 0.1%** | **Forest Products — 0.1%** |  |
| Boise Cascade Co. | 65235 | 5663703 |
| **Forms & Bulk Printing Services — 0.1%** | **Forms & Bulk Printing Services — 0.1%** |  |
| Deluxe Corp. | 74379 | 1183370 |
| Ennis, Inc. | 43358 | 786514 |
| Quad/Graphics, Inc., Class A | 55685 | 314620 |
|  |  | 2284504 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Fruit & Grain Processing — 0.0%** | **Fruit & Grain Processing — 0.0%** |  |
| MGP Ingredients, Inc. | 24442 | $732527 |
| Westrock Coffee Co. <sup>(a)(b)</sup> | 60970 | 349358 |
|  |  | 1081885 |
| **Funeral Parlors & Cemeteries — 0.1%** | **Funeral Parlors & Cemeteries — 0.1%** |  |
| Carriage Services, Inc. | 23569 | 1078046 |
| Hillenbrand, Inc. | 119687 | 2402118 |
| Matthews International Corp., Class A | 51431 | 1229715 |
|  |  | 4709879 |
| **Gold**<sup>(a)</sup> **— 0.3%** | **Gold**<sup>(a)</sup> **— 0.3%** |  |
| Coeur Mining, Inc. | 1095246 | 9703879 |
| i-80 Gold Corp. | 27057 | 16191 |
| Novagold Resources, Inc. | 412578 | 1687444 |
|  |  | 11407514 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |  |
| Integra LifeSciences Holdings Corp. <sup>(a)</sup> | 115285 | 1414547 |
| Nano-X Imaging Ltd. <sup>(a)(b)</sup> | 111322 | 575535 |
| OmniAb, Inc., 12.50 Earnout Shares <sup>(a)(c)</sup> | 9003 |  |
| OmniAb, Inc., 15.00 Earnout Shares <sup>(a)(c)</sup> | 9003 |  |
| Strawberry Fields REIT, Inc. | 16047 | 169135 |
|  |  | 2159217 |
| **Health Care Facilities — 0.7%** | **Health Care Facilities — 0.7%** |  |
| Brookdale Senior Living, Inc. <sup>(a)</sup> | 391481 | 2724708 |
| CVRx, Inc. <sup>(a)</sup> | 23044 | 135499 |
| Enovis Corp. <sup>(a)</sup> | 97703 | 3063966 |
| Ensign Group, Inc. | 96073 | 14820221 |
| National HealthCare Corp. | 21468 | 2297291 |
| QuidelOrtho Corp. <sup>(a)</sup> | 114843 | 3309775 |
| Select Medical Holdings Corp. | 193768 | 2941398 |
| Sight Sciences, Inc. <sup>(a)(b)</sup> | 71563 | 295555 |
|  |  | 29588413 |
| **Health Care Management Services**<sup>(a)(b)</sup> **— 0.4%** | **Health Care Management Services**<sup>(a)(b)</sup> **— 0.4%** |  |
| Hims & Hers Health, Inc., Class A | 325913 | 16246762 |
| TruBridge, Inc. | 17308 | 405353 |
|  |  | 16652115 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |  |
| AdaptHealth Corp. <sup>(a)</sup> | 158146 | 1491317 |
| agilon health, Inc. <sup>(a)(b)</sup> | 520188 | 1196432 |
| Alignment Healthcare, Inc. <sup>(a)(b)</sup> | 217991 | 3051874 |
| Clover Health Investments Corp. <sup>(a)(b)</sup> | 699553 | 1951753 |
| Delcath Systems, Inc. <sup>(a)</sup> | 49931 | 679062 |
| DocGo, Inc. <sup>(a)</sup> | 175488 | 275516 |
| Oncology Institute, Inc. <sup>(a)</sup> | 102261 | 209635 |
| Option Care Health, Inc. <sup>(a)</sup> | 281764 | 9151695 |
| Premier, Inc., Class A | 156366 | 3429106 |
| Privia Health Group, Inc. <sup>(a)</sup> | 196652 | 4522996 |
| Sonida Senior Living, Inc. <sup>(a)</sup> | 6812 | 169959 |
| Talkspace, Inc. <sup>(a)</sup> | 212133 | 589730 |
| U.S. Physical Therapy, Inc. | 25759 | 2014354 |
|  |  | 28733429 |
| **Health Care Services — 0.9%** | **Health Care Services — 0.9%** |  |
| AirSculpt Technologies, Inc. <sup>(a)(b)</sup> | 19556 | 94455 |
| AMN Healthcare Services, Inc. <sup>(a)</sup> | 65159 | 1346837 |
| Ardent Health Partners, Inc. <sup>(a)</sup> | 40589 | 554446 |
| Butterfly Network, Inc. <sup>(a)(b)</sup> | 332786 | 665572 |
| Claritev Corp. <sup>(a)(b)</sup> | 12099 | 546028 |
| CorVel Corp. <sup>(a)</sup> | 49780 | 5116388 |
| Cross Country Healthcare, Inc. <sup>(a)</sup> | 53912 | 703552 |
| Definitive Healthcare Corp., Class A <sup>(a)</sup> | 60601 | 236344 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Services (continued)** | **Health Care Services (continued)** |  |
| Evolent Health, Inc., Class A <sup>(a)(b)</sup> | 198588 | $2236101 |
| Fortrea Holdings, Inc. <sup>(a)</sup> | 158267 | 781839 |
| Ginkgo Bioworks Holdings, Inc. <sup>(a)(b)</sup> | 60635 | 682144 |
| Health Catalyst, Inc. <sup>(a)</sup> | 100811 | 380057 |
| HealthStream, Inc. | 41933 | 1160286 |
| LifeMD, Inc. <sup>(a)</sup> | 60923 | 829771 |
| NeoGenomics, Inc. <sup>(a)</sup> | 219342 | 1603390 |
| Nutex Health, Inc. <sup>(a)</sup> | 5946 | 740218 |
| OptimizeRx Corp. <sup>(a)</sup> | 31635 | 427073 |
| Pennant Group, Inc. <sup>(a)</sup> | 58705 | 1752344 |
| Performant Healthcare, Inc. <sup>(a)</sup> | 113124 | 452496 |
| Phreesia, Inc. <sup>(a)(b)</sup> | 96587 | 2748866 |
| Progyny, Inc. <sup>(a)</sup> | 117422 | 2583284 |
| Schrodinger, Inc./United States <sup>(a)</sup> | 95878 | 1929065 |
| Surgery Partners, Inc. <sup>(a)</sup> | 131260 | 2917910 |
| Teladoc Health, Inc. <sup>(a)</sup> | 299554 | 2609115 |
| Waystar Holding Corp. <sup>(a)</sup> | 156659 | 6402653 |
|  |  | 39500234 |
| **Home Building — 1.2%** | **Home Building — 1.2%** |  |
| Beazer Homes USA, Inc. <sup>(a)</sup> | 49240 | 1101499 |
| Century Communities, Inc. | 45889 | 2584468 |
| Dream Finders Homes, Inc., Class A <sup>(a)(b)</sup> | 52315 | 1314676 |
| Forestar Group, Inc. <sup>(a)</sup> | 32824 | 656480 |
| Green Brick Partners, Inc. <sup>(a)</sup> | 54137 | 3404135 |
| Hovnanian Enterprises, Inc., Class A <sup>(a)</sup> | 8620 | 901221 |
| Installed Building Products, Inc. | 40087 | 7228488 |
| KB Home | 119666 | 6338708 |
| LGI Homes, Inc. <sup>(a)</sup> | 35804 | 1844622 |
| M/I Homes, Inc. <sup>(a)</sup> | 45264 | 5075000 |
| Meritage Homes Corp. | 121550 | 8140203 |
| Taylor Morrison Home Corp., Class A <sup>(a)</sup> | 168669 | 10359650 |
| Tri Pointe Homes, Inc. <sup>(a)</sup> | 152943 | 4886529 |
| United Homes Group, Inc., Class A <sup>(a)</sup> | 2767 | 8024 |
|  |  | 53843703 |
| **Hotel/Motel**<sup>(a)</sup> **— 0.1%** | **Hotel/Motel**<sup>(a)</sup> **— 0.1%** |  |
| First Watch Restaurant Group, Inc. | 70752 | 1134862 |
| Hilton Grand Vacations, Inc. | 104735 | 4349645 |
|  |  | 5484507 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |  |
| Genius Sports Ltd. <sup>(a)</sup> | 378698 | 3938459 |
| Pursuit Attractions and Hospitality, Inc. <sup>(a)</sup> | 35355 | 1019285 |
| Serve Robotics, Inc. <sup>(a)(b)</sup> | 60932 | 697062 |
| Six Flags Entertainment Corp. | 164096 | 4993441 |
| Target Hospitality Corp. <sup>(a)</sup> | 56241 | 400436 |
| United Parks & Resorts, Inc. <sup>(a)</sup> | 47064 | 2219068 |
|  |  | 13267751 |
| **Household Appliances — 0.0%** | **Household Appliances — 0.0%** |  |
| Hamilton Beach Brands Holding Co., Class A | 12990 | 232391 |
| Traeger, Inc. <sup>(a)</sup> | 61250 | 104738 |
|  |  | 337129 |
| **Household Equipment & Products — 0.2%** | **Household Equipment & Products — 0.2%** |  |
| Central Garden & Pet Co. <sup>(a)</sup> | 16539 | 581842 |
| Central Garden & Pet Co., Class A <sup>(a)</sup> | 89591 | 2803302 |
| Energizer Holdings, Inc. | 113298 | 2284088 |
| Helen of Troy Ltd. <sup>(a)</sup> | 39539 | 1122117 |
| Spectrum Brands Holdings, Inc. | 44314 | 2348642 |
|  |  | 9139991 |
| **Household Furnishings — 0.2%** | **Household Furnishings — 0.2%** |  |
| Arhaus, Inc., Class A <sup>(a)</sup> | 89629 | 777084 |
| Bassett Furniture Industries, Inc. | 14121 | 214639 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Household Furnishings (continued)** | **Household Furnishings (continued)** |  |
| Ethan Allen Interiors, Inc. | 39365 | $1096315 |
| Flexsteel Industries, Inc. | 7490 | 269865 |
| GoPro, Inc., Class A <sup>(a)</sup> | 6888 | 5216 |
| Hooker Furnishings Corp. | 2635 | 27878 |
| La-Z-Boy, Inc. | 70981 | 2638364 |
| Leggett & Platt, Inc. | 226466 | 2020077 |
| Lovesac Co. <sup>(a)(b)</sup> | 24496 | 445827 |
| Purple Innovation, Inc. <sup>(a)</sup> | 22822 | 16642 |
| Sleep Number Corp. <sup>(a)</sup> | 37416 | 252745 |
| Sonos, Inc. <sup>(a)</sup> | 201158 | 2174518 |
|  |  | 9939170 |
| **Independent Power Producers & Energy Traders**<sup>(a)(b)</sup> **— 0.0%** | **Independent Power Producers & Energy Traders**<sup>(a)(b)</sup> **— 0.0%** |  |
| Montauk Renewables, Inc. | 108509 | 240890 |
| Stem, Inc. | 1754 | 10927 |
|  |  | 251817 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |  |
| Brookfield Business Corp., Class A | 40850 | 1274520 |
| **Insurance — 0.5%** | **Insurance — 0.5%** |  |
| F&G Annuities & Life, Inc. | 36900 | 1180062 |
| Fidelis Insurance Holdings Ltd. | 103303 | 1712764 |
| GoHealth, Inc., Class A <sup>(a)</sup> | 6637 | 36835 |
| Hamilton Insurance Group Ltd., Class B <sup>(a)</sup> | 77967 | 1685647 |
| Kingsway Financial Services, Inc. <sup>(a)(b)</sup> | 31412 | 425319 |
| Lemonade, Inc. <sup>(a)</sup> | 95145 | 4168302 |
| Mercury General Corp. | 45949 | 3094206 |
| Oscar Health, Inc., Class A <sup>(a)</sup> | 313176 | 6714493 |
| Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | 61124 | 3532356 |
|  |  | 22549984 |
| **Insurance: Life — 0.5%** | **Insurance: Life — 0.5%** |  |
| Citizens, Inc. <sup>(a)</sup> | 78346 | 273427 |
| CNO Financial Group, Inc. | 169634 | 6544480 |
| Jackson Financial, Inc., Class A | 122624 | 10887785 |
| Selectquote, Inc. <sup>(a)</sup> | 228989 | 544994 |
| Trupanion, Inc. <sup>(a)</sup> | 63439 | 3511349 |
|  |  | 21762035 |
| **Insurance: Multi-Line — 0.7%** | **Insurance: Multi-Line — 0.7%** |  |
| Baldwin Insurance Group, Inc. <sup>(a)</sup> | 120191 | 5145377 |
| Crawford & Co., Class A | 27975 | 295975 |
| eHealth, Inc. <sup>(a)</sup> | 49860 | 216891 |
| Essent Group Ltd. | 170008 | 10324586 |
| Genworth Financial, Inc., Class A <sup>(a)</sup> | 710096 | 5524547 |
| Goosehead Insurance, Inc., Class A | 40778 | 4302487 |
| Horace Mann Educators Corp. | 71163 | 3057874 |
| Roadzen, Inc. <sup>(a)</sup> | 7132 | 6989 |
| SiriusPoint Ltd. <sup>(a)</sup> | 120308 | 2453080 |
|  |  | 31327806 |
| **Insurance: Property-Casualty — 1.4%** | **Insurance: Property-Casualty — 1.4%** |  |
| Ambac Financial Group, Inc. <sup>(a)</sup> | 79059 | 561319 |
| American Coastal Insurance Corp. | 40475 | 450082 |
| AMERISAFE, Inc. | 32941 | 1440510 |
| Bowhead Specialty Holdings, Inc. <sup>(a)</sup> | 26947 | 1011321 |
| Donegal Group, Inc., Class A | 27352 | 547724 |
| Employers Holdings, Inc. | 41150 | 1941457 |
| Enstar Group Ltd. <sup>(a)</sup> | 20369 | 6851317 |
| Greenlight Capital Re Ltd., Class A <sup>(a)</sup> | 47585 | 683796 |
| HCI Group, Inc. | 14572 | 2217858 |
| Heritage Insurance Holdings, Inc. <sup>(a)</sup> | 39576 | 987025 |
| Investors Title Co. | 2443 | 516206 |
| James River Group Holdings Ltd. | 63900 | 374454 |
| Kestrel Group Ltd. <sup>(a)(b)</sup> | 2947 | 78154 |

---

Series Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance: Property-Casualty (continued)** | **Insurance: Property-Casualty (continued)** |  |
| Kingstone Cos., Inc. <sup>(a)(b)</sup> | 14389 | $221734 |
| NI Holdings, Inc. <sup>(a)</sup> | 13658 | 174003 |
| NMI Holdings, Inc., Class A <sup>(a)</sup> | 134574 | 5677677 |
| Palomar Holdings, Inc. <sup>(a)</sup> | 45091 | 6955287 |
| ProAssurance Corp. <sup>(a)</sup> | 85903 | 1961166 |
| Radian Group, Inc. | 241861 | 8711833 |
| Root, Inc., Class A <sup>(a)</sup> | 18107 | 2317153 |
| Safety Insurance Group, Inc. | 25266 | 2005868 |
| Selective Insurance Group, Inc. | 104020 | 9013333 |
| Stewart Information Services Corp. | 47519 | 3093487 |
| United Fire Group, Inc. | 36201 | 1038969 |
| Universal Insurance Holdings, Inc. | 44077 | 1222255 |
|  |  | 60053988 |
| **Internet Software & Services**<sup>(a)</sup> **— 0.1%** | **Internet Software & Services**<sup>(a)</sup> **— 0.1%** |  |
| 1stdibs.com, Inc. | 4415 | 12141 |
| Flywire Corp. | 200512 | 2345991 |
|  |  | 2358132 |
| **IT Services — 0.3%** | **IT Services — 0.3%** |  |
| Backblaze, Inc., Class A <sup>(a)</sup> | 79035 | 434693 |
| BigBear.ai Holdings, Inc. <sup>(a)(b)</sup> | 493997 | 3354240 |
| BigCommerce Holdings, Inc., Series 1 <sup>(a)</sup> | 112390 | 561950 |
| Couchbase, Inc. <sup>(a)(b)</sup> | 74589 | 1818480 |
| Crexendo, Inc. <sup>(a)</sup> | 22220 | 134875 |
| CSP, Inc. | 11029 | 142715 |
| DigitalOcean Holdings, Inc. <sup>(a)</sup> | 110614 | 3159136 |
| Fastly, Inc., Class A <sup>(a)</sup> | 237438 | 1676312 |
| Hackett Group, Inc. | 43596 | 1108210 |
| Kohl's Corp. | 189049 | 1603136 |
|  |  | 13993747 |
| **Leisure Time — 0.9%** | **Leisure Time — 0.9%** |  |
| 10X Genomics, Inc., Class A <sup>(a)</sup> | 182358 | 2111706 |
| Acushnet Holdings Corp. | 47946 | 3491428 |
| American Outdoor Brands, Inc. <sup>(a)</sup> | 17360 | 181412 |
| Clarus Corp. | 50875 | 176536 |
| Escalade, Inc. | 17369 | 242819 |
| Global Business Travel Group I, Class A <sup>(a)(b)</sup> | 163721 | 1031442 |
| Johnson Outdoors, Inc., Class A | 8590 | 260019 |
| Latham Group, Inc. <sup>(a)(b)</sup> | 67712 | 432003 |
| Life Time Group Holdings, Inc. <sup>(a)</sup> | 232168 | 7041655 |
| Lindblad Expeditions Holdings, Inc. <sup>(a)</sup> | 63375 | 739586 |
| Livewire Group, Inc. <sup>(a)(b)</sup> | 63640 | 292744 |
| Malibu Boats, Inc., Class A <sup>(a)</sup> | 32974 | 1033405 |
| Marriott Vacations Worldwide Corp. | 54703 | 3955574 |
| MasterCraft Boat Holdings, Inc. <sup>(a)(b)</sup> | 27610 | 512994 |
| OneSpaWorld Holdings Ltd. | 162190 | 3307054 |
| Outdoor Holding Co. <sup>(a)(b)</sup> | 143187 | 183279 |
| Peloton Interactive, Inc., Class A <sup>(a)</sup> | 630450 | 4375323 |
| Polaris, Inc. | 91187 | 3706752 |
| Portillo's, Inc., Class A <sup>(a)(b)</sup> | 93315 | 1088986 |
| RCI Hospitality Holdings, Inc. | 14458 | 551139 |
| Sabre Corp. <sup>(a)</sup> | 620151 | 1959677 |
| Smith & Wesson Brands, Inc. | 74294 | 644872 |
| Sturm Ruger & Co., Inc. | 28175 | 1011483 |
| Topgolf Callaway Brands Corp. <sup>(a)</sup> | 225735 | 1817167 |
| Xponential Fitness, Inc., Class A <sup>(a)</sup> | 40656 | 304513 |
|  |  | 40453568 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Luxury Items — 0.0%** | **Luxury Items — 0.0%** |  |
| Movado Group, Inc. | 26701 | $407190 |
| **Machinery**<sup>(a)</sup> **— 0.1%** | **Machinery**<sup>(a)</sup> **— 0.1%** |  |
| Hillman Solutions Corp. | 335792 | 2397555 |
| Microvast Holdings, Inc. | 344765 | 1251497 |
|  |  | 3649052 |
| **Machinery: Agricultural — 0.2%** | **Machinery: Agricultural — 0.2%** |  |
| Alamo Group, Inc. | 17685 | 3862050 |
| Lindsay Corp. | 18588 | 2681319 |
|  |  | 6543369 |
| **Machinery: Construction & Handling — 0.2%** | **Machinery: Construction & Handling — 0.2%** |  |
| Astec Industries, Inc. | 39249 | 1636291 |
| Manitowoc Co., Inc. <sup>(a)</sup> | 59527 | 715514 |
| Terex Corp. | 111429 | 5202620 |
|  |  | 7554425 |
| **Machinery: Industrial — 1.3%** | **Machinery: Industrial — 1.3%** |  |
| AirJoule Technologies Corp. <sup>(a)(b)</sup> | 33719 | 156119 |
| Albany International Corp., Class A | 51678 | 3624178 |
| Chart Industries, Inc. <sup>(a)(b)</sup> | 77370 | 12738971 |
| Columbus McKinnon Corp. | 47817 | 730166 |
| Douglas Dynamics, Inc. | 38938 | 1147503 |
| DXP Enterprises, Inc. <sup>(a)(b)</sup> | 22537 | 1975368 |
| Enpro, Inc. | 36154 | 6925299 |
| Gencor Industries, Inc. <sup>(a)</sup> | 18815 | 263410 |
| Graham Corp. <sup>(a)</sup> | 17620 | 872366 |
| Helios Technologies, Inc. | 57363 | 1914203 |
| Hyster-Yale, Inc., Class A | 19701 | 783706 |
| JBT Marel Corp. | 89353 | 10745592 |
| Kadant, Inc. | 20151 | 6396935 |
| Kennametal, Inc. | 132695 | 3046677 |
| Luxfer Holdings PLC | 47305 | 576175 |
| Mayville Engineering Co., Inc. <sup>(a)</sup> | 22995 | 367000 |
| Palladyne AI Corp <sup>(a)</sup> | 44233 | 383058 |
| Proto Labs, Inc. <sup>(a)</sup> | 40686 | 1629067 |
| Richtech Robotics, Inc., Class B, Class B <sup>(a)(b)</sup> | 119825 | 233659 |
| Tennant Co. | 32478 | 2516395 |
| Titan International, Inc. <sup>(a)(b)</sup> | 83460 | 857134 |
|  |  | 57882981 |
| **Manufactured Housing — 0.4%** | **Manufactured Housing — 0.4%** |  |
| Cavco Industries, Inc. <sup>(a)</sup> | 13051 | 5669746 |
| Champion Homes, Inc. <sup>(a)</sup> | 92399 | 5785101 |
| LCI Industries | 42140 | 3842747 |
|  |  | 15297594 |
| **Marine — 0.5%** | **Marine — 0.5%** |  |
| Ardmore Shipping Corp. | 58979 | 566199 |
| Calumet, Inc. <sup>(a)</sup> | 108066 | 1702580 |
| Costamare Bulkers Holdings Ltd. <sup>(a)</sup> | 14820 | 128489 |
| Costamare, Inc. | 74100 | 675051 |
| DHT Holdings, Inc. | 217958 | 2356126 |
| Dorian LPG Ltd. | 62698 | 1528577 |
| Genco Shipping & Trading Ltd. | 67261 | 879101 |
| Golden Ocean Group Ltd. | 177227 | 1297302 |
| Himalaya Shipping Ltd. | 49893 | 287883 |
| International Seaways, Inc. | 68527 | 2499865 |
| Navigator Holdings Ltd. | 56655 | 801668 |
| Nordic American Tankers Ltd. | 351745 | 925089 |
| Pangaea Logistics Solutions Ltd. | 50973 | 239573 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Marine (continued)** | **Marine (continued)** |  |
| Safe Bulkers, Inc. | 98648 | $356119 |
| Scorpio Tankers, Inc. | 74459 | 2913581 |
| SFL Corp. Ltd. | 207407 | 1727700 |
| Teekay Corp. Ltd. | 89180 | 735735 |
| Teekay Tankers Ltd., Class A | 41401 | 1727250 |
|  |  | 21347888 |
| **Media — 0.4%** | **Media — 0.4%** |  |
| Arena Group Holdings, Inc. <sup>(a)</sup> | 20509 | 127156 |
| Cardlytics, Inc. <sup>(a)</sup> | 4634 | 7623 |
| Emerald Holding, Inc. | 30744 | 149108 |
| Entravision Communications Corp., Class A | 112738 | 261552 |
| Gambling.com Group Ltd. <sup>(a)(b)</sup> | 27432 | 326166 |
| Magnite, Inc. <sup>(a)</sup> | 239400 | 5774328 |
| Newsmax, Inc. <sup>(a)</sup> | 13161 | 199126 |
| PubMatic, Inc., Class A <sup>(a)</sup> | 69521 | 864841 |
| Rumble, Inc. <sup>(a)(b)</sup> | 136511 | 1225869 |
| Sinclair, Inc. | 66940 | 925111 |
| Teads Holding Co. <sup>(a)(b)</sup> | 64524 | 160020 |
| TEGNA, Inc. | 276753 | 4638380 |
| Vimeo, Inc. <sup>(a)</sup> | 272627 | 1101413 |
| VTEX, Class A <sup>(a)(b)</sup> | 100063 | 660416 |
| Webtoon Entertainment, Inc. <sup>(a)(b)</sup> | 25570 | 232176 |
|  |  | 16653285 |
| **Medical & Dental Instruments & Supplies — 1.4%** | **Medical & Dental Instruments & Supplies — 1.4%** |  |
| Alphatec Holdings, Inc. <sup>(a)</sup> | 200997 | 2231067 |
| AngioDynamics, Inc. <sup>(a)</sup> | 69058 | 685055 |
| Artivion, Inc. <sup>(a)</sup> | 65166 | 2026663 |
| AtriCure, Inc. <sup>(a)</sup> | 82498 | 2703459 |
| Avanos Medical, Inc. <sup>(a)</sup> | 78479 | 960583 |
| Axogen, Inc. <sup>(a)</sup> | 72867 | 790607 |
| BioLife Solutions, Inc. <sup>(a)</sup> | 65729 | 1415803 |
| Castle Biosciences, Inc. <sup>(a)</sup> | 49217 | 1005011 |
| Ceribell, Inc. <sup>(a)</sup> | 43171 | 808593 |
| Cerus Corp. <sup>(a)</sup> | 305358 | 430555 |
| Community Health Systems, Inc. <sup>(a)</sup> | 216621 | 736511 |
| CONMED Corp. | 52753 | 2747376 |
| ICU Medical, Inc. <sup>(a)</sup> | 41337 | 5462685 |
| InfuSystem Holdings, Inc. <sup>(a)</sup> | 2287 | 14271 |
| Inmode Ltd. <sup>(a)</sup> | 5840 | 84330 |
| LeMaitre Vascular, Inc. | 36156 | 3002756 |
| LENSAR, Inc. <sup>(a)</sup> | 14729 | 193981 |
| LivaNova PLC <sup>(a)</sup> | 93744 | 4220355 |
| Merit Medical Systems, Inc. <sup>(a)(b)</sup> | 99999 | 9347906 |
| Neogen Corp. <sup>(a)</sup> | 371834 | 1777366 |
| Orthofix Medical, Inc. <sup>(a)</sup> | 67228 | 749592 |
| OrthoPediatrics Corp. <sup>(a)</sup> | 28227 | 606316 |
| Owens & Minor, Inc. <sup>(a)</sup> | 132304 | 1203966 |
| PROCEPT BioRobotics Corp. <sup>(a)</sup> | 89812 | 5173171 |
| Pro-Dex, Inc. <sup>(a)</sup> | 3665 | 159941 |
| Pulmonx Corp. <sup>(a)</sup> | 62367 | 161531 |
| Sanara Medtech, Inc. <sup>(a)(b)</sup> | 5191 | 147372 |
| Semler Scientific, Inc. <sup>(a)(b)</sup> | 14500 | 561730 |
| STAAR Surgical Co. <sup>(a)</sup> | 83547 | 1401919 |
| Stereotaxis, Inc. <sup>(a)(b)</sup> | 89447 | 189628 |
| Surmodics, Inc. <sup>(a)</sup> | 23785 | 706652 |
| TransMedics Group, Inc. <sup>(a)</sup> | 56833 | 7616190 |
| Treace Medical Concepts, Inc. <sup>(a)</sup> | 83872 | 493167 |
| Utah Medical Products, Inc. | 5805 | 330421 |
|  |  | 60146529 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Medical Equipment — 1.6%** | **Medical Equipment — 1.6%** |  |
| Accuray, Inc. <sup>(a)</sup> | 173647 | $237896 |
| Adaptive Biotechnologies Corp. <sup>(a)</sup> | 255238 | 2973523 |
| Akoya Biosciences, Inc. <sup>(a)</sup> | 6857 | 8914 |
| Alpha Teknova, Inc. <sup>(a)</sup> | 18795 | 92283 |
| Anteris Technologies Global Corp. <sup>(a)(b)</sup> | 25559 | 96869 |
| Avita Medical, Inc. <sup>(a)(b)</sup> | 43220 | 228634 |
| Beta Bionics, Inc. <sup>(a)(b)</sup> | 22522 | 327920 |
| Bioventus, Inc., Class A <sup>(a)</sup> | 79898 | 528925 |
| CareDx, Inc. <sup>(a)</sup> | 94438 | 1845319 |
| ClearPoint Neuro, Inc. <sup>(a)</sup> | 42958 | 512919 |
| Electromed, Inc. <sup>(a)</sup> | 11535 | 253655 |
| Embecta Corp. | 97745 | 947149 |
| Fractyl Health, Inc. <sup>(a)</sup> | 1206 | 1954 |
| Glaukos Corp. <sup>(a)</sup> | 95590 | 9873491 |
| Haemonetics Corp. <sup>(a)(b)</sup> | 86189 | 6430561 |
| Inogen, Inc. <sup>(a)</sup> | 41210 | 289706 |
| Integer Holdings Corp. <sup>(a)(b)</sup> | 58949 | 7248959 |
| iRadimed Corp. | 13891 | 830543 |
| iRhythm Technologies, Inc. <sup>(a)</sup> | 54520 | 8393899 |
| Kestra Medical Technologies Ltd. <sup>(a)</sup> | 22783 | 377742 |
| KORU Medical Systems, Inc. <sup>(a)(b)</sup> | 73581 | 263420 |
| Lantheus Holdings, Inc. <sup>(a)(b)</sup> | 115407 | 9447217 |
| Lucid Diagnostics, Inc. <sup>(a)</sup> | 119929 | 137918 |
| MaxCyte, Inc. <sup>(a)</sup> | 178783 | 389747 |
| Myomo, Inc. <sup>(a)</sup> | 56401 | 121826 |
| Nautilus Biotechnology, Inc. <sup>(a)</sup> | 14339 | 10394 |
| Neuronetics, Inc. <sup>(a)</sup> | 62649 | 218645 |
| Novocure Ltd. <sup>(a)</sup> | 173689 | 3091664 |
| OmniAb, Inc. <sup>(a)(b)</sup> | 161213 | 280511 |
| Omnicell, Inc. <sup>(a)</sup> | 79262 | 2330303 |
| OraSure Technologies, Inc. <sup>(a)(b)</sup> | 124041 | 372123 |
| Pacific Biosciences of California, Inc. <sup>(a)(b)</sup> | 472014 | 585297 |
| Pulse Biosciences, Inc. <sup>(a)(b)</sup> | 31315 | 472543 |
| Quanterix Corp. <sup>(a)</sup> | 62000 | 412300 |
| Quantum-Si, Inc., Class A <sup>(a)</sup> | 244375 | 478975 |
| RxSight, Inc. <sup>(a)(b)</sup> | 62053 | 806689 |
| SANUWAVE Health, Inc. <sup>(a)</sup> | 9114 | 299486 |
| SI-BONE, Inc. <sup>(a)</sup> | 64922 | 1221832 |
| Tactile Systems Technology, Inc. <sup>(a)</sup> | 39447 | 399993 |
| Tandem Diabetes Care, Inc. <sup>(a)</sup> | 112518 | 2097336 |
| Twist Bioscience Corp. <sup>(a)</sup> | 101008 | 3716084 |
| Varex Imaging Corp. <sup>(a)(b)</sup> | 66910 | 580110 |
| Zimvie, Inc. <sup>(a)</sup> | 46395 | 433793 |
| Zynex, Inc. <sup>(a)</sup> | 4487 | 11576 |
|  |  | 69680643 |
| **Medical Services — 0.9%** | **Medical Services — 0.9%** |  |
| Addus HomeCare Corp. <sup>(a)</sup> | 31046 | 3576189 |
| Alumis, Inc. <sup>(a)</sup> | 82466 | 247398 |
| Astrana Health, Inc. <sup>(a)</sup> | 69758 | 1735579 |
| Aveanna Healthcare Holdings, Inc. <sup>(a)</sup> | 79006 | 413201 |
| BioAge Labs, Inc. <sup>(a)</sup> | 41098 | 169735 |
| BrightSpring Health Services, Inc. <sup>(a)</sup> | 144465 | 3407929 |
| Concentra Group Holdings Parent, Inc. | 199781 | 4109495 |
| Cytek Biosciences, Inc. <sup>(a)</sup> | 199155 | 677127 |
| Enhabit, Inc. <sup>(a)</sup> | 85284 | 822138 |
| Fulgent Genetics, Inc. <sup>(a)</sup> | 34731 | 690452 |
| GeneDx Holdings Corp., Class A <sup>(a)</sup> | 32053 | 2958812 |
| HealthEquity, Inc. <sup>(a)</sup> | 145933 | 15287941 |
| Innovage Holding Corp. <sup>(a)</sup> | 40236 | 148471 |
| Joint Corp. <sup>(a)(b)</sup> | 26114 | 301355 |
| LifeStance Health Group, Inc. <sup>(a)</sup> | 226503 | 1171020 |

---

Series Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Medical Services (continued)** | **Medical Services (continued)** |  |
| Maravai LifeSciences Holdings, Inc., Class A <sup>(a)(b)</sup> | 190588 | $459317 |
| ModivCare, Inc. <sup>(a)</sup> | 4208 | 13129 |
| NeuroPace, Inc. <sup>(a)(b)</sup> | 39101 | 435585 |
| OPKO Health, Inc. <sup>(a)</sup> | 626780 | 827350 |
| Outset Medical, Inc. <sup>(a)</sup> | 23066 | 443098 |
| PACS Group, Inc. <sup>(a)</sup> | 76338 | 986287 |
| Pediatrix Medical Group, Inc. <sup>(a)</sup> | 148136 | 2125752 |
| Quipt Home Medical Corp. <sup>(a)</sup> | 10049 | 17988 |
| Viemed Healthcare, Inc. <sup>(a)</sup> | 59015 | 407794 |
|  |  | 41433142 |
| **Metal Fabricating — 0.3%** | **Metal Fabricating — 0.3%** |  |
| Distribution Solutions Group, Inc. <sup>(a)</sup> | 17355 | 476742 |
| Eastern Co. | 10372 | 236689 |
| GrafTech International Ltd. <sup>(a)</sup> | 39248 | 38173 |
| L B Foster Co., Class A <sup>(a)</sup> | 16188 | 354031 |
| Mueller Water Products, Inc., Class A | 266793 | 6413704 |
| Olympic Steel, Inc. | 16884 | 550249 |
| Worthington Enterprises, Inc. | 54064 | 3440633 |
| Xometry, Inc., Class A <sup>(a)(b)</sup> | 74135 | 2505022 |
|  |  | 14015243 |
| **Metals & Minerals: Diversified — 0.4%** | **Metals & Minerals: Diversified — 0.4%** |  |
| Caledonia Mining Corp. PLC | 27096 | 523495 |
| Compass Minerals International, Inc. <sup>(a)</sup> | 59599 | 1197344 |
| Critical Metals Corp. <sup>(a)</sup> | 55785 | 199710 |
| Energy Fuels, Inc./Canada <sup>(a)(b)</sup> | 360877 | 2075043 |
| Hecla Mining Co. <sup>(b)</sup> | 1026189 | 6146872 |
| Materion Corp. | 35200 | 2793824 |
| Perpetua Resources Corp. <sup>(a)</sup> | 79771 | 968420 |
| U.S. Lime & Minerals, Inc. | 18153 | 1811669 |
|  |  | 15716377 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |  |
| American Battery Technology Co. <sup>(a)(b)</sup> | 140574 | 227730 |
| Centrus Energy Corp., Class A <sup>(a)(b)</sup> | 25282 | 4631157 |
| Contango ORE, Inc. <sup>(a)</sup> | 16601 | 323387 |
| Encore Energy Corp. <sup>(a)</sup> | 313309 | 896064 |
| Ferroglobe PLC | 207124 | 760145 |
| Friedman Industries, Inc. | 10888 | 180305 |
| Idaho Strategic Resources, Inc. <sup>(a)</sup> | 20073 | 262555 |
| Ivanhoe Electric, Inc. <sup>(a)(b)</sup> | 144240 | 1308257 |
| Lifezone Metals Ltd. <sup>(a)</sup> | 47441 | 195457 |
| MAC Copper Ltd. <sup>(a)</sup> | 123667 | 1495134 |
| NioCorp Developments Ltd. <sup>(a)(b)</sup> | 89754 | 209127 |
| SSR Mining, Inc. <sup>(a)</sup> | 348282 | 4437113 |
| U.S. Gold Corp. <sup>(a)</sup> | 18537 | 226151 |
| United States Antimony Corp. <sup>(a)(b)</sup> | 158700 | 345966 |
| Ur-Energy, Inc. <sup>(a)</sup> | 33471 | 35145 |
| Vox Royalty Corp. | 69490 | 219588 |
|  |  | 15753281 |
| **Mining**<sup>(a)</sup> **— 0.0%** | **Mining**<sup>(a)</sup> **— 0.0%** |  |
| Dakota Gold Corp. | 149126 | 550275 |
| Piedmont Lithium, Inc. <sup>(b)</sup> | 31291 | 182114 |
|  |  | 732389 |
| **Office Supplies & Equipment — 0.3%** | **Office Supplies & Equipment — 0.3%** |  |
| ACCO Brands Corp. | 151145 | 541099 |
| CompX International, Inc. | 2464 | 65468 |
| Eastman Kodak Co. <sup>(a)(b)</sup> | 103343 | 583888 |
| HNI Corp. | 79339 | 3901892 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Office Supplies & Equipment (continued)** | **Office Supplies & Equipment (continued)** |  |
| MillerKnoll, Inc. | 115813 | $2249088 |
| Pitney Bowes, Inc. | 201004 | 2192954 |
| Steelcase, Inc., Class A | 143369 | 1495339 |
|  |  | 11029728 |
| **Oil & Gas Producers — 0.1%** | **Oil & Gas Producers — 0.1%** |  |
| Crescent Energy Co., Class A | 310062 | 2666534 |
| HighPeak Energy, Inc. <sup>(b)</sup> | 25444 | 249351 |
| Kosmos Energy Ltd. <sup>(a)(b)</sup> | 810621 | 1394268 |
|  |  | 4310153 |
| **Oil Well Equipment & Services — 0.4%** | **Oil Well Equipment & Services — 0.4%** |  |
| Cactus, Inc., Class A | 117234 | 5125470 |
| Helmerich & Payne, Inc. | 165322 | 2506281 |
| Matrix Service Co. <sup>(a)(b)</sup> | 44635 | 603019 |
| National Energy Services Reunited Corp. <sup>(a)</sup> | 96827 | 582899 |
| NPK International, Inc. <sup>(a)</sup> | 137469 | 1169861 |
| Oceaneering International, Inc. <sup>(a)</sup> | 160723 | 3330181 |
| Oil States International, Inc. <sup>(a)</sup> | 100460 | 538466 |
| Patterson-UTI Energy, Inc. | 604050 | 3582016 |
| RPC, Inc. | 145111 | 686375 |
|  |  | 18124568 |
| **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** |  |
| Empire Petroleum Corp. <sup>(a)(b)</sup> | 31400 | 165792 |
| Epsilon Energy Ltd. | 33364 | 246226 |
| Excelerate Energy, Inc., Class A | 39905 | 1170015 |
| FLEX LNG Ltd. <sup>(b)</sup> | 52937 | 1163555 |
| Golar LNG Ltd. | 170922 | 7040277 |
| Granite Ridge Resources, Inc. | 88964 | 566701 |
| Gulfport Energy Corp. <sup>(a)(b)</sup> | 26045 | 5239473 |
| Kinetik Holdings, Inc., Class A | 75772 | 3337757 |
| Kolibri Global Energy, Inc. <sup>(a)</sup> | 59988 | 410918 |
| New Fortress Energy, Inc., Class A <sup>(b)</sup> | 293117 | 973148 |
| NextDecade Corp. <sup>(a)</sup> | 231830 | 2065605 |
| NextNRG, Inc. <sup>(a)</sup> | 27535 | 76272 |
| Summit Midstream Corp. <sup>(a)</sup> | 17147 | 420616 |
|  |  | 22876355 |
| **Oil: Crude Producers — 1.2%** | **Oil: Crude Producers — 1.2%** |  |
| Berry Corp. | 128575 | 356153 |
| BKV Corp. <sup>(a)(b)</sup> | 29032 | 700252 |
| California Resources Corp. | 111758 | 5103988 |
| CNX Resources Corp. <sup>(a)</sup> | 243627 | 8205357 |
| Comstock Resources, Inc. <sup>(a)</sup> | 126690 | 3505512 |
| Diversified Energy Co. PLC | 95283 | 1397802 |
| Evolution Petroleum Corp. | 50265 | 236245 |
| Gevo, Inc. <sup>(a)(b)</sup> | 400947 | 529250 |
| Infinity Natural Resources, Inc., Class A <sup>(a)</sup> | 21623 | 395917 |
| Magnolia Oil & Gas Corp., Class A | 318646 | 7163162 |
| Murphy Oil Corp. | 231196 | 5201910 |
| Northern Oil & Gas, Inc. | 158016 | 4479754 |
| PrimeEnergy Resources Corp. <sup>(a)</sup> | 864 | 126472 |
| Riley Exploration Permian, Inc. | 22744 | 596575 |
| Sable Offshore Corp., Class A <sup>(a)</sup> | 116633 | 2563593 |
| SandRidge Energy, Inc. | 63010 | 681768 |
| SM Energy Co. | 196381 | 4852575 |
| Talos Energy, Inc. <sup>(a)</sup> | 208653 | 1769377 |
| VAALCO Energy, Inc. | 179754 | 648912 |
| Vital Energy, Inc. <sup>(a)</sup> | 47998 | 772288 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |  |
| Vitesse Energy, Inc. | 51099 | $1128777 |
| W&T Offshore, Inc. <sup>(b)</sup> | 177258 | 292476 |
|  |  | 50708115 |
| **Oil: Refining & Marketing — 0.2%** | **Oil: Refining & Marketing — 0.2%** |  |
| Clean Energy Fuels Corp. <sup>(a)(b)</sup> | 294569 | 574410 |
| CVR Energy, Inc. | 52899 | 1420338 |
| Delek U.S. Holdings, Inc. | 104004 | 2202805 |
| Par Pacific Holdings, Inc. <sup>(a)</sup> | 91299 | 2422162 |
| PBF Energy, Inc., Class A | 143307 | 3105463 |
|  |  | 9725178 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |  |
| Magnera Corp. <sup>(a)</sup> | 57678 | 696750 |
| Sylvamo Corp. | 58812 | 2946481 |
|  |  | 3643231 |
| **Personal Care — 0.4%** | **Personal Care — 0.4%** |  |
| Beauty Health Co., Class A <sup>(a)(b)</sup> | 198105 | 378381 |
| Edgewell Personal Care Co. | 79794 | 1867978 |
| FitLife Brands, Inc. <sup>(a)</sup> | 6764 | 88067 |
| Herbalife Ltd. <sup>(a)</sup> | 172439 | 1486424 |
| Honest Co., Inc. <sup>(a)(b)</sup> | 161787 | 823496 |
| Lifevantage Corp. <sup>(b)</sup> | 13966 | 182675 |
| Medifast, Inc. <sup>(a)</sup> | 17787 | 249907 |
| Nu Skin Enterprises, Inc., Class A | 84488 | 675059 |
| Olaplex Holdings, Inc. <sup>(a)(b)</sup> | 226582 | 317215 |
| Prestige Consumer Healthcare, Inc. <sup>(a)(b)</sup> | 84881 | 6777748 |
| USANA Health Sciences, Inc. <sup>(a)</sup> | 19674 | 600647 |
| Waldencast PLC, Class A <sup>(a)</sup> | 73371 | 179759 |
| WD-40 Co. | 23346 | 5324989 |
|  |  | 18952345 |
| **Personal Products — 0.0%** | **Personal Products — 0.0%** |  |
| Nature's Sunshine Products, Inc. <sup>(a)</sup> | 21567 | 318976 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |  |
| Aclaris Therapeutics, Inc. <sup>(a)</sup> | 157263 | 223313 |
| Alto Neuroscience, Inc. <sup>(a)</sup> | 7937 | 17461 |
| Amneal Pharmaceuticals, Inc., Class A <sup>(a)</sup> | 257234 | 2081023 |
| Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> | 64868 | 1489369 |
| Aquestive Therapeutics, Inc. <sup>(a)(b)</sup> | 127289 | 421327 |
| Arvinas, Inc. <sup>(a)</sup> | 108323 | 797257 |
| Atea Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 132612 | 477403 |
| Avadel Pharmaceuticals PLC <sup>(a)(b)</sup> | 152718 | 1351554 |
| Axsome Therapeutics, Inc. <sup>(a)(b)</sup> | 69181 | 7221805 |
| Biote Corp., Class A <sup>(a)</sup> | 45951 | 184723 |
| Cassava Sciences, Inc. <sup>(a)</sup> | 5362 | 9705 |
| Collegium Pharmaceutical, Inc. <sup>(a)</sup> | 55512 | 1641490 |
| Corcept Therapeutics, Inc. <sup>(a)</sup> | 10052 | 737817 |
| CorMedix, Inc. <sup>(a)</sup> | 111357 | 1371918 |
| Corvus Pharmaceuticals, Inc. <sup>(a)</sup> | 90746 | 362984 |
| Edgewise Therapeutics, Inc. <sup>(a)</sup> | 124809 | 1636246 |
| Enliven Therapeutics, Inc. <sup>(a)(b)</sup> | 55089 | 1105085 |
| Esperion Therapeutics, Inc. <sup>(a)(b)</sup> | 326059 | 320972 |
| Eton Pharmaceuticals, Inc. <sup>(a)</sup> | 40334 | 574760 |
| Evolus, Inc. <sup>(a)(b)</sup> | 95336 | 878045 |
| Guardian Pharmacy Services, Inc., Class A <sup>(a)(b)</sup> | 22096 | 470866 |
| Harmony Biosciences Holdings, Inc. <sup>(a)</sup> | 74426 | 2351862 |
| Harrow, Inc. <sup>(a)(b)</sup> | 52830 | 1613428 |
| Indivior PLC <sup>(a)</sup> | 189291 | 2790149 |
| Innoviva, Inc. <sup>(a)</sup> | 109090 | 2191618 |
| Ironwood Pharmaceuticals, Inc., Class A <sup>(a)</sup> | 244129 | 175089 |
| Journey Medical Corp. <sup>(a)</sup> | 19501 | 140017 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |  |
| Liquidia Corp. <sup>(a)(b)</sup> | 108033 | $1346091 |
| Maze Therapeutics, Inc. <sup>(a)(b)</sup> | 15032 | 184443 |
| MBX Biosciences, Inc. <sup>(a)(b)</sup> | 27627 | 315224 |
| MediWound Ltd. <sup>(a)</sup> | 13186 | 255413 |
| Mind Medicine MindMed, Inc. <sup>(a)(b)</sup> | 124941 | 810867 |
| Neumora Therapeutics, Inc. <sup>(a)</sup> | 33424 | 24510 |
| Niagen Bioscience, Inc. <sup>(a)</sup> | 90460 | 1303529 |
| Nuvation Bio, Inc., Class A <sup>(a)(b)</sup> | 432390 | 843161 |
| Ocular Therapeutix, Inc. <sup>(a)</sup> | 243549 | 2260135 |
| Pacira BioSciences, Inc. <sup>(a)</sup> | 78475 | 1875552 |
| Phibro Animal Health Corp., Class A | 35241 | 900055 |
| Pliant Therapeutics, Inc. <sup>(a)</sup> | 22876 | 26536 |
| scPharmaceuticals, Inc. <sup>(a)</sup> | 67137 | 255792 |
| SIGA Technologies, Inc. | 70201 | 457711 |
| Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 93475 | 2946332 |
| Tarsus Pharmaceuticals, Inc. <sup>(a)</sup> | 66085 | 2677103 |
| Telomir Pharmaceuticals, Inc. <sup>(a)</sup> | 3298 | 4123 |
| Terns Pharmaceuticals, Inc. <sup>(a)</sup> | 119806 | 446876 |
| Theravance Biopharma, Inc. <sup>(a)</sup> | 61967 | 683496 |
| Third Harmonic Bio, Inc. <sup>(a)</sup> | 33837 | 183735 |
| Trevi Therapeutics, Inc. <sup>(a)</sup> | 126779 | 693481 |
| Tvardi Therapeutics, Inc. <sup>(a)</sup> | 5915 | 137997 |
| Ventyx Biosciences, Inc. <sup>(a)</sup> | 9171 | 19626 |
| Veru, Inc. <sup>(a)</sup> | 18198 | 10588 |
| WaVe Life Sciences Ltd. <sup>(a)</sup> | 194200 | 1262300 |
| Xeris Biopharma Holdings, Inc. <sup>(a)(b)</sup> | 259750 | 1213033 |
|  |  | 53774995 |
| **Power Transmission Equipment**<sup>(b)</sup> **— 0.1%** | **Power Transmission Equipment**<sup>(b)</sup> **— 0.1%** |  |
| Powell Industries, Inc. | 16331 | 3436859 |
| Vicor Corp. <sup>(a)</sup> | 39121 | 1774529 |
|  |  | 5211388 |
| **Printing & Copying Services**<sup>(a)(b)</sup> **— 0.3%** | **Printing & Copying Services**<sup>(a)(b)</sup> **— 0.3%** |  |
| Casella Waste Systems, Inc., Class A | 107538 | 12407734 |
| Cimpress PLC | 25678 | 1206866 |
|  |  | 13614600 |
| **Producer Durables: Miscellaneous — 0.0%** | **Producer Durables: Miscellaneous — 0.0%** |  |
| Park-Ohio Holdings Corp. | 15750 | 281295 |
| **Production Technology Equipment**<sup>(a)</sup> **— 0.1%** | **Production Technology Equipment**<sup>(a)</sup> **— 0.1%** |  |
| Azenta, Inc. | 57296 | 1763571 |
| Photronics, Inc. | 106035 | 1996639 |
|  |  | 3760210 |
| **Professional Services**<sup>(a)</sup> **— 0.5%** | **Professional Services**<sup>(a)</sup> **— 0.5%** |  |
| Acuren Corp. <sup>(b)</sup> | 179343 | 1979947 |
| Asure Software, Inc. <sup>(b)</sup> | 39669 | 387169 |
| FiscalNote Holdings, Inc., Class A | 8294 | 4449 |
| IBEX Holdings Ltd. | 17298 | 503372 |
| Innodata, Inc. <sup>(b)</sup> | 51630 | 2644489 |
| Legalzoom.com, Inc. | 189454 | 1688035 |
| NV5 Global, Inc. | 98216 | 2267807 |
| Planet Labs PBC, Class A | 366175 | 2233667 |
| RCM Technologies, Inc. | 7656 | 180452 |
| Resolute Holdings Management, Inc. | 7364 | 234691 |
| Skillsoft Corp. | 7724 | 123352 |
| Upwork, Inc. | 212822 | 2860328 |
| Verra Mobility Corp., Class A <sup>(b)</sup> | 273165 | 6935659 |
|  |  | 22043417 |
| **Publishing — 0.1%** | **Publishing — 0.1%** |  |
| Daily Journal Corp. <sup>(a)</sup> | 2156 | 910371 |

---

Series Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Publishing (continued)** | **Publishing (continued)** |  |
| Gannett Co., Inc. <sup>(a)</sup> | 246283 | $881693 |
| John Wiley & Sons, Inc., Class A | 70383 | 3141194 |
| Scholastic Corp. | 37089 | 778127 |
|  |  | 5711385 |
| **Radio & TV Broadcasters — 0.0%** | **Radio & TV Broadcasters — 0.0%** |  |
| Gray Media, Inc. | 146229 | 662417 |
| iHeartMedia, Inc., Class A <sup>(a)(b)</sup> | 170960 | 300890 |
|  |  | 963307 |
| **Railroad Equipment — 0.1%** | **Railroad Equipment — 0.1%** |  |
| Trinity Industries, Inc. | 140620 | 3798146 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** |  |
| Anywhere Real Estate, Inc. <sup>(a)</sup> | 182855 | 661935 |
| Cushman & Wakefield PLC <sup>(a)</sup> | 254184 | 2813817 |
| eXp World Holdings, Inc. | 133994 | 1219345 |
| Kennedy-Wilson Holdings, Inc. | 209692 | 1425906 |
| Newmark Group, Inc., Class A | 236274 | 2870729 |
| RMR Group, Inc., Class A | 28709 | 469392 |
| St. Joe Co. | 65129 | 3106653 |
| Stratus Properties, Inc. <sup>(a)</sup> | 9162 | 172979 |
|  |  | 12740756 |
| **Real Estate Investment Trusts (REITs) — 6.3%** | **Real Estate Investment Trusts (REITs) — 6.3%** |  |
| Acadia Realty Trust | 225726 | 4191732 |
| ACRES Commercial Realty Corp. <sup>(a)</sup> | 10666 | 191348 |
| Advanced Flower Capital, Inc. | 34569 | 154869 |
| AG Mortgage Investment Trust, Inc. | 49618 | 374616 |
| Alexander's, Inc. | 3702 | 834135 |
| Alpine Income Property Trust, Inc. | 22965 | 337815 |
| American Assets Trust, Inc. | 90126 | 1779989 |
| American Healthcare REIT, Inc. | 272306 | 10004522 |
| Angel Oak Mortgage REIT, Inc. | 18691 | 176069 |
| Apartment Investment and Management Co., Class A | 225780 | 1952997 |
| Apollo Commercial Real Estate Finance, Inc. | 237952 | 2303375 |
| Apple Hospitality REIT, Inc. | 383051 | 4470205 |
| Arbor Realty Trust, Inc. | 285682 | 3056797 |
| Ares Commercial Real Estate Corp., Class C | 91669 | 437261 |
| Armada Hoffler Properties, Inc. | 134370 | 923122 |
| ARMOUR Residential REIT, Inc. | 142952 | 2403023 |
| Blackstone Mortgage Trust, Inc., Class A | 278204 | 5355427 |
| Braemar Hotels & Resorts, Inc. | 117414 | 287664 |
| Brandywine Realty Trust | 293045 | 1257163 |
| BRC, Inc., Class A <sup>(a)(b)</sup> | 87662 | 114837 |
| BrightSpire Capital, Inc., Class A | 222030 | 1121252 |
| Broadstone Net Lease, Inc. | 324469 | 5207727 |
| BRT Apartments Corp. | 19244 | 300976 |
| CareTrust REIT, Inc. | 323152 | 9888451 |
| CBL & Associates Properties, Inc. | 31230 | 792930 |
| Centerspace | 28207 | 1697779 |
| Chatham Lodging Trust | 83106 | 579249 |
| Chicago Atlantic Real Estate Finance, Inc. | 28627 | 399633 |
| Chimera Investment Corp. | 135997 | 1886278 |
| City Office REIT, Inc. | 67799 | 362047 |
| Claros Mortgage Trust, Inc. | 148958 | 424530 |
| Clipper Realty, Inc. | 23277 | 85427 |
| Community Healthcare Trust, Inc. | 46905 | 780030 |
| COPT Defense Properties | 194915 | 5375756 |
| CTO Realty Growth, Inc. | 52763 | 910689 |
| Curbline Properties Corp. | 166489 | 3800944 |
| DiamondRock Hospitality Co. | 354179 | 2713011 |
| Diversified Healthcare Trust | 375590 | 1344612 |
| Douglas Emmett, Inc. | 224611 | 3378149 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Real Estate Investment Trusts (REITs) (continued)** | **Real Estate Investment Trusts (REITs) (continued)** |  |
| Dynex Capital, Inc. | 182732 | $2232985 |
| Easterly Government Properties, Inc. | 68527 | 1521299 |
| Ellington Financial, Inc. | 160025 | 2078725 |
| Elme Communities | 151457 | 2408166 |
| Empire State Realty Trust, Inc., Class A | 232359 | 1879784 |
| Essential Properties Realty Trust, Inc. | 339865 | 10845092 |
| Farmland Partners, Inc. | 70916 | 816243 |
| Four Corners Property Trust, Inc. | 170668 | 4592676 |
| Franklin BSP Realty Trust, Inc. | 141357 | 1511106 |
| Franklin Street Properties Corp. | 129826 | 212915 |
| FrontView REIT, Inc. | 30652 | 367824 |
| Getty Realty Corp. | 88365 | 2442409 |
| Gladstone Commercial Corp. | 75121 | 1076484 |
| Gladstone Land Corp. | 57841 | 588243 |
| Global Medical REIT, Inc. | 104842 | 726555 |
| Global Net Lease, Inc. | 338062 | 2552368 |
| Hudson Pacific Properties, Inc. | 547399 | 1499873 |
| Independence Realty Trust, Inc. | 397779 | 7036711 |
| Industrial Logistics Properties Trust | 91434 | 416025 |
| Innovative Industrial Properties, Inc. | 47333 | 2613728 |
| InvenTrust Properties Corp. | 133455 | 3656667 |
| Invesco Mortgage Capital, Inc. | 105239 | 825074 |
| JBG SMITH Properties | 126316 | 2185267 |
| Kite Realty Group Trust | 377773 | 8556558 |
| KKR Real Estate Finance Trust, Inc. | 101267 | 888112 |
| Ladder Capital Corp., Class A | 195508 | 2101711 |
| LTC Properties, Inc. | 77618 | 2686359 |
| Lument Finance Trust, Inc. | 79064 | 174731 |
| LXP Industrial Trust | 498631 | 4118692 |
| Macerich Co. | 434416 | 7028851 |
| MFA Financial, Inc. | 176742 | 1671979 |
| Mobile Infrastructure Corp. <sup>(a)</sup> | 22455 | 101721 |
| Modiv Industrial, Inc. | 16206 | 228180 |
| National Health Investors, Inc. | 79064 | 5543968 |
| NET Lease Office Properties <sup>(a)</sup> | 25627 | 834159 |
| NETSTREIT Corp. | 141243 | 2391244 |
| New York Mortgage Trust, Inc. | 145450 | 974515 |
| NexPoint Diversified Real Estate Trust | 55506 | 232570 |
| Nexpoint Real Estate Finance, Inc. | 14959 | 206285 |
| NexPoint Residential Trust, Inc. | 37757 | 1258063 |
| One Liberty Properties, Inc. | 31795 | 758629 |
| Orchid Island Capital, Inc. | 186851 | 1309826 |
| Outfront Media, Inc. | 238265 | 3888485 |
| Paramount Group, Inc. | 318455 | 1942576 |
| Peakstone Realty Trust | 63012 | 832389 |
| Pebblebrook Hotel Trust | 201061 | 2008599 |
| PennyMac Mortgage Investment Trust | 149354 | 1920692 |
| Phillips Edison & Co., Inc. | 215996 | 7566340 |
| Piedmont Office Realty Trust, Inc., Class A | 213272 | 1554753 |
| Plymouth Industrial REIT, Inc. | 69016 | 1108397 |
| Postal Realty Trust, Inc., Class A | 38787 | 571333 |
| PotlatchDeltic Corp. | 134785 | 5171700 |
| Ready Capital Corp. | 272424 | 1190493 |
| Redwood Trust, Inc. | 226782 | 1340282 |
| Rithm Property Trust, Inc. | 72970 | 197019 |
| RLJ Lodging Trust | 255294 | 1858540 |
| Ryman Hospitality Properties, Inc. | 100640 | 9930149 |
| Sabra Health Care REIT, Inc. | 406683 | 7499235 |
| Safehold, Inc. | 97320 | 1514299 |
| Saul Centers, Inc. | 21328 | 728138 |
| Service Properties Trust | 278091 | 664638 |
| Seven Hills Realty Trust | 21564 | 260277 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |  |
| Sila Realty Trust, Inc. | 96448 | $2282924 |
| SITE Centers Corp. | 82082 | 928347 |
| SL Green Realty Corp. | 122905 | 7607820 |
| Smartstop Self Storage REIT, Inc. | 49045 | 1776900 |
| Summit Hotel Properties, Inc. | 181040 | 921494 |
| Sunrise Realty Trust, Inc. | 17966 | 190440 |
| Sunstone Hotel Investors, Inc. | 329526 | 2860286 |
| Tanger, Inc. | 191173 | 5846070 |
| Terreno Realty Corp. | 174941 | 9808942 |
| TPG RE Finance Trust, Inc. | 118753 | 916773 |
| Two Harbors Investment Corp. | 178197 | 1919182 |
| UMH Properties, Inc. | 135303 | 2271737 |
| Uniti Group, Inc. | 404063 | 1745552 |
| Universal Health Realty Income Trust | 22184 | 886695 |
| Urban Edge Properties | 217586 | 4060155 |
| Veris Residential, Inc. | 135172 | 2012711 |
| Whitestone REIT | 77159 | 962944 |
| Xenia Hotels & Resorts, Inc. | 175191 | 2202151 |
|  |  | 277758265 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |  |
| Alexander & Baldwin, Inc. | 122875 | 2190861 |
| American Realty Investors, Inc. <sup>(a)</sup> | 2920 | 41230 |
| Compass, Inc., Class A <sup>(a)</sup> | 779490 | 4895197 |
| FRP Holdings, Inc. <sup>(a)</sup> | 19908 | 535326 |
| Legacy Housing Corp. <sup>(a)</sup> | 14759 | 334439 |
| Maui Land & Pineapple Co., Inc. <sup>(a)</sup> | 13250 | 241018 |
| Offerpad Solutions, Inc., Class A <sup>(a)</sup> | 4912 | 4470 |
| RE/MAX Holdings, Inc., Class A <sup>(a)</sup> | 33004 | 269973 |
| Real Brokerage, Inc. <sup>(a)</sup> | 185484 | 836533 |
| Seaport Entertainment Group, Inc. <sup>(a)</sup> | 12931 | 242327 |
| Sky Harbour Group Corp., Class A <sup>(a)(b)</sup> | 36855 | 360073 |
| Star Holdings <sup>(a)</sup> | 4057 | 31685 |
| Transcontinental Realty Investors, Inc. <sup>(a)</sup> | 2068 | 88118 |
|  |  | 10071250 |
| **Recreational Vehicles & Boats — 0.0%** | **Recreational Vehicles & Boats — 0.0%** |  |
| Marine Products Corp. | 15070 | 128246 |
| Winnebago Industries, Inc. | 47697 | 1383213 |
|  |  | 1511459 |
| **Rental & Leasing Services: Consumer — 0.3%** | **Rental & Leasing Services: Consumer — 0.3%** |  |
| Alta Equipment Group, Inc., Class A | 34740 | 219557 |
| Custom Truck One Source, Inc. <sup>(a)(b)</sup> | 104435 | 515909 |
| Herc Holdings, Inc. | 55889 | 7360023 |
| Hertz Global Holdings, Inc. <sup>(a)</sup> | 201935 | 1379216 |
| PROG Holdings, Inc. | 68624 | 2014114 |
| Upbound Group, Inc. | 89782 | 2253528 |
|  |  | 13742347 |
| **Restaurants — 1.1%** | **Restaurants — 1.1%** |  |
| Biglari Holdings, Inc., Class B <sup>(a)(b)</sup> | 1173 | 342762 |
| BJ's Restaurants, Inc. <sup>(a)</sup> | 37148 | 1656801 |
| Bloomin' Brands, Inc. | 145548 | 1253168 |
| Brinker International, Inc. <sup>(a)</sup> | 75734 | 13657112 |
| Cheesecake Factory, Inc. | 79097 | 4956218 |
| Cracker Barrel Old Country Store, Inc. | 38038 | 2323361 |
| Dave & Buster's Entertainment, Inc. <sup>(a)</sup> | 47120 | 1417370 |
| Denny's Corp. <sup>(a)</sup> | 87571 | 359041 |
| Dine Brands Global, Inc. | 26275 | 639271 |
| El Pollo Loco Holdings, Inc. <sup>(a)</sup> | 44154 | 486136 |
| Jack in the Box, Inc. | 32404 | 565774 |
| Kura Sushi USA, Inc., Class A <sup>(a)</sup> | 10738 | 924327 |
| Nathan's Famous, Inc. | 4516 | 499379 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Restaurants (continued)** | **Restaurants (continued)** |  |
| ONE Group Hospitality, Inc. <sup>(a)</sup> | 3622 | $14669 |
| Papa John's International, Inc. | 55938 | 2737606 |
| Potbelly Corp. <sup>(a)</sup> | 43649 | 534700 |
| Rush Street Interactive, Inc., Class A <sup>(a)</sup> | 150837 | 2247471 |
| Shake Shack, Inc., Class A <sup>(a)</sup> | 66496 | 9349338 |
| Sweetgreen, Inc., Class A <sup>(a)(b)</sup> | 179422 | 2669799 |
|  |  | 46634303 |
| **Scientific Instruments: Control & Filter — 0.6%** | **Scientific Instruments: Control & Filter — 0.6%** |  |
| Arlo Technologies, Inc. <sup>(a)</sup> | 167866 | 2847007 |
| ESCO Technologies, Inc. | 44468 | 8532075 |
| Gorman-Rupp Co. | 36084 | 1325005 |
| Napco Security Technologies, Inc. | 60934 | 1809131 |
| Watts Water Technologies, Inc., Class A | 46980 | 11551912 |
|  |  | 26065130 |
| **Scientific Instruments: Electrical — 0.3%** | **Scientific Instruments: Electrical — 0.3%** |  |
| EnerSys | 67546 | 5793420 |
| Franklin Electric Co., Inc. | 68298 | 6129063 |
| Preformed Line Products Co. | 4045 | 646431 |
|  |  | 12568914 |
| **Scientific Instruments: Gauges & Meters**<sup>(a)</sup> **— 0.3%** | **Scientific Instruments: Gauges & Meters**<sup>(a)</sup> **— 0.3%** |  |
| FARO Technologies, Inc. | 32021 | 1406362 |
| Itron, Inc. | 77704 | 10228178 |
| Transcat, Inc. <sup>(b)</sup> | 15833 | 1361005 |
|  |  | 12995545 |
| **Scientific Instruments: Pollution Control — 0.0%** | **Scientific Instruments: Pollution Control — 0.0%** |  |
| CECO Environmental Corp. <sup>(a)</sup> | 50577 | 1431835 |
| **Securities Brokerage & Services**<sup>(a)</sup> **— 0.2%** | **Securities Brokerage & Services**<sup>(a)</sup> **— 0.2%** |  |
| Siebert Financial Corp. | 24502 | 108299 |
| StoneX Group, Inc. | 77294 | 7044575 |
|  |  | 7152874 |
| **Semiconductors & Components — 1.6%** | **Semiconductors & Components — 1.6%** |  |
| Aeluma, Inc. <sup>(a)(b)</sup> | 12496 | 204559 |
| Alpha & Omega Semiconductor Ltd. <sup>(a)</sup> | 40633 | 1042643 |
| Atomera, Inc. <sup>(a)</sup> | 47707 | 240443 |
| CEVA, Inc. <sup>(a)</sup> | 40106 | 881530 |
| Diodes, Inc. <sup>(a)</sup> | 78480 | 4150807 |
| FormFactor, Inc. <sup>(a)</sup> | 133232 | 4584513 |
| Kopin Corp. <sup>(a)(b)</sup> | 259032 | 396319 |
| Kulicke & Soffa Industries, Inc. | 88856 | 3074418 |
| MaxLinear, Inc. <sup>(a)</sup> | 137960 | 1960412 |
| PDF Solutions, Inc. <sup>(a)</sup> | 54188 | 1158539 |
| Penguin Solutions, Inc. <sup>(a)(b)</sup> | 89737 | 1777690 |
| Power Integrations, Inc. | 97071 | 5426269 |
| Rambus, Inc. <sup>(a)</sup> | 184567 | 11815979 |
| Semtech Corp. <sup>(a)</sup> | 149113 | 6730961 |
| Silicon Laboratories, Inc. <sup>(a)</sup> | 55181 | 8131472 |
| SiTime Corp. <sup>(a)</sup> | 36095 | 7691123 |
| Synaptics, Inc. <sup>(a)</sup> | 66717 | 4324596 |
| Veeco Instruments, Inc. <sup>(a)</sup> | 99144 | 2014606 |
| Vishay Intertechnology, Inc. | 207165 | 3289780 |
|  |  | 68896659 |
| **Semiconductors & Semiconductor Equipment**<sup>(a)</sup> **— 0.4%** | **Semiconductors & Semiconductor Equipment**<sup>(a)</sup> **— 0.4%** |  |
| ACM Research, Inc., Class A | 86397 | 2237682 |
| Aehr Test Systems <sup>(b)</sup> | 47573 | 615119 |
| Ambarella, Inc. | 69644 | 4601031 |
| Axcelis Technologies, Inc. <sup>(b)</sup> | 55725 | 3883475 |
| Cohu, Inc. | 78050 | 1501682 |
| Ichor Holdings Ltd. | 57066 | 1120776 |
| indie Semiconductor, Inc., Class A <sup>(b)</sup> | 336062 | 1196381 |

---

Series Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |  |
| Navitas Semiconductor Corp. <sup>(b)</sup> | 232104 | $1520281 |
| QuickLogic Corp. | 4737 | 29180 |
| SkyWater Technology, Inc. <sup>(b)</sup> | 45921 | 451863 |
| Ultra Clean Holdings, Inc. | 76418 | 1724754 |
| Wolfspeed, Inc. | 270796 | 107994 |
|  |  | 18990218 |
| **Software — 3.2%** | **Software — 3.2%** |  |
| Agilysys, Inc. <sup>(a)</sup> | 44263 | 5074310 |
| Airship AI Holdings, Inc., Class A <sup>(a)(b)</sup> | 34670 | 204206 |
| Alarm.com Holdings, Inc. <sup>(a)</sup> | 81434 | 4606721 |
| Alkami Technology, Inc. <sup>(a)</sup> | 116657 | 3516042 |
| Amplitude, Inc., Class A <sup>(a)(b)</sup> | 150941 | 1871668 |
| Arteris, Inc. <sup>(a)</sup> | 48714 | 464244 |
| Asana, Inc., Class A <sup>(a)</sup> | 161773 | 2183936 |
| AudioEye, Inc. <sup>(a)</sup> | 11936 | 139054 |
| AvePoint, Inc., Class A <sup>(a)(b)</sup> | 227269 | 4388564 |
| AvidXchange Holdings, Inc. <sup>(a)</sup> | 292180 | 2860442 |
| Bit Digital, Inc. <sup>(a)(b)</sup> | 314339 | 688402 |
| Bitdeer Technologies Group <sup>(a)(b)</sup> | 140257 | 1610150 |
| Blend Labs, Inc., Class A <sup>(a)</sup> | 358809 | 1184070 |
| Braze, Inc., Class A <sup>(a)</sup> | 130510 | 3667331 |
| C3.ai, Inc., Class A <sup>(a)(b)</sup> | 207021 | 5086506 |
| Cerence, Inc. <sup>(a)</sup> | 70514 | 719948 |
| Cipher Mining, Inc. <sup>(a)(b)</sup> | 459524 | 2196525 |
| Cleanspark, Inc. <sup>(a)(b)</sup> | 473946 | 5227624 |
| Clear Secure, Inc., Class A | 143106 | 3972623 |
| Clearwater Analytics Holdings, Inc., Class A <sup>(a)</sup> | 421964 | 9253671 |
| Consensus Cloud Solutions, Inc. <sup>(a)</sup> | 30815 | 710594 |
| Core Scientific, Inc. <sup>(a)(b)</sup> | 472112 | 8058952 |
| CS Disco, Inc. <sup>(a)(b)</sup> | 49561 | 216582 |
| EverCommerce, Inc. <sup>(a)</sup> | 25117 | 263729 |
| Expensify, Inc., Class A <sup>(a)</sup> | 103602 | 268329 |
| Five9, Inc. <sup>(a)</sup> | 128267 | 3396510 |
| Freshworks, Inc., Class A <sup>(a)</sup> | 348797 | 5200563 |
| GigaCloud Technology, Inc., Class A <sup>(a)(b)</sup> | 45896 | 907823 |
| Hut 8 Corp. <sup>(a)(b)</sup> | 163330 | 3037938 |
| Ibotta, Inc., Class A <sup>(a)(b)</sup> | 22305 | 816363 |
| Intapp, Inc. <sup>(a)</sup> | 94826 | 4894918 |
| Jamf Holding Corp. <sup>(a)</sup> | 116829 | 1111044 |
| Kaltura, Inc. <sup>(a)</sup> | 139267 | 279927 |
| Life360, Inc. <sup>(a)</sup> | 27869 | 1818452 |
| LiveRamp Holdings, Inc. <sup>(a)</sup> | 110767 | 3659742 |
| Mercurity Fintech Holding, Inc. <sup>(a)</sup> | 55125 | 212231 |
| Meridianlink, Inc. <sup>(a)</sup> | 55735 | 904579 |
| N-able, Inc. <sup>(a)</sup> | 123088 | 997013 |
| Olo, Inc., Class A <sup>(a)</sup> | 200083 | 1780739 |
| ON24, Inc. <sup>(a)</sup> | 64874 | 352266 |
| Pagaya Technologies Ltd., Class A <sup>(a)(b)</sup> | 72819 | 1552501 |
| Porch Group, Inc. <sup>(a)</sup> | 137121 | 1616657 |
| Prairie Operating Co. <sup>(a)(b)</sup> | 37423 | 112082 |
| Q2 Holdings, Inc. <sup>(a)(b)</sup> | 106420 | 9959848 |
| ReposiTrak, Inc. | 20667 | 406107 |
| Rezolve AI PLC <sup>(a)(b)</sup> | 157459 | 484186 |
| SEMrush Holdings, Inc., Class A <sup>(a)</sup> | 79692 | 721213 |
| Sezzle, Inc. <sup>(a)(b)</sup> | 25245 | 4525166 |
| Silvaco Group, Inc. <sup>(a)(b)</sup> | 10322 | 48720 |
| SoundHound AI, Inc., Class A <sup>(a)(b)</sup> | 626358 | 6720821 |
| SoundThinking, Inc. <sup>(a)</sup> | 16244 | 212065 |
| Sprinklr, Inc., Class A <sup>(a)</sup> | 188306 | 1593069 |
| Sprout Social, Inc., Class A <sup>(a)</sup> | 89568 | 1872867 |
| Synchronoss Technologies, Inc. <sup>(a)(b)</sup> | 18658 | 127807 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** |  |
| Terawulf, Inc. <sup>(a)(b)</sup> | 462221 | $2024528 |
| Vertex, Inc., Class A <sup>(a)(b)</sup> | 111225 | 3930135 |
| Viant Technology, Inc., Class A <sup>(a)</sup> | 25737 | 340501 |
| Weave Communications, Inc. <sup>(a)</sup> | 101046 | 840703 |
| WM Technology, Inc., Class A <sup>(a)</sup> | 135262 | 121195 |
| Zeta Global Holdings Corp., Class A <sup>(a)(b)</sup> | 321823 | 4985038 |
|  |  | 139999540 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |  |
| 1-800-Flowers.com, Inc., Class A <sup>(a)(b)</sup> | 43700 | 215004 |
| Abercrombie & Fitch Co., Class A <sup>(a)(b)</sup> | 80612 | 6678704 |
| Academy Sports & Outdoors, Inc. | 113460 | 5084143 |
| Advance Auto Parts, Inc. | 102648 | 4772106 |
| American Eagle Outfitters, Inc. | 281674 | 2709704 |
| America's Car-Mart, Inc. <sup>(a)</sup> | 12217 | 684641 |
| Arko Corp., Class A | 131383 | 555750 |
| Asbury Automotive Group, Inc. <sup>(a)</sup> | 33597 | 8014228 |
| BARK, Inc., Class A <sup>(a)(b)</sup> | 214991 | 189085 |
| Barnes & Noble Education, Inc. <sup>(a)</sup> | 25936 | 305267 |
| Boot Barn Holdings, Inc. <sup>(a)</sup> | 52622 | 7998544 |
| Buckle, Inc. | 53092 | 2407722 |
| Build-A-Bear Workshop, Inc. | 21029 | 1084255 |
| Caleres, Inc. | 56637 | 692104 |
| Camping World Holdings, Inc., Class A | 104426 | 1795083 |
| Citi Trends, Inc. <sup>(a)</sup> | 8165 | 272629 |
| Designer Brands, Inc., Class A | 65228 | 155243 |
| Driven Brands Holdings, Inc. <sup>(a)</sup> | 103253 | 1813123 |
| EVgo, Inc., Class A <sup>(a)</sup> | 213306 | 778567 |
| Foot Locker, Inc. <sup>(a)</sup> | 146347 | 3585502 |
| Genesco, Inc. <sup>(a)(b)</sup> | 17780 | 350088 |
| Group 1 Automotive, Inc. | 21557 | 9414157 |
| GrowGeneration Corp. <sup>(a)</sup> | 21890 | 20469 |
| Haverty Furniture Cos., Inc. | 23055 | 469169 |
| J Jill, Inc. | 9861 | 144365 |
| Lands' End, Inc. <sup>(a)(b)</sup> | 23374 | 250336 |
| Leslie's, Inc. <sup>(a)</sup> | 29584 | 12422 |
| MarineMax, Inc. <sup>(a)</sup> | 32428 | 815240 |
| Mister Car Wash, Inc. <sup>(a)(b)</sup> | 161584 | 971120 |
| Monro, Inc. | 51639 | 769937 |
| National Vision Holdings, Inc. <sup>(a)</sup> | 133754 | 3077680 |
| ODP Corp. <sup>(a)</sup> | 47185 | 855464 |
| OneWater Marine, Inc., Class A <sup>(a)(b)</sup> | 20628 | 276209 |
| Petco Health & Wellness Co., Inc. <sup>(a)(b)</sup> | 142962 | 404582 |
| RealReal, Inc. <sup>(a)</sup> | 162875 | 780171 |
| Revolve Group, Inc., Class A <sup>(a)</sup> | 70250 | 1408513 |
| Sally Beauty Holdings, Inc. <sup>(a)</sup> | 173621 | 1607730 |
| Shoe Carnival, Inc. | 30847 | 577147 |
| Signet Jewelers Ltd. | 71649 | 5699678 |
| Sonic Automotive, Inc., Class A | 25129 | 2008561 |
| Tile Shop Holdings, Inc. <sup>(a)</sup> | 48468 | 308256 |
| Tilly's, Inc., Class A <sup>(a)</sup> | 5337 | 7365 |
| Urban Outfitters, Inc. <sup>(a)</sup> | 108564 | 7875233 |
| Victoria's Secret & Co. <sup>(a)</sup> | 116388 | 2155506 |
| Warby Parker, Inc., Class A <sup>(a)</sup> | 167992 | 3684065 |
| Zumiez, Inc. <sup>(a)(b)</sup> | 26120 | 346351 |
|  |  | 94081218 |
| **Steel — 0.4%** | **Steel — 0.4%** |  |
| Carpenter Technology Corp. | 4927 | 1361724 |
| Commercial Metals Co. | 193958 | 9486486 |
| Metallus, Inc. <sup>(a)</sup> | 62755 | 967054 |
| NWPX Infrastructure, Inc. <sup>(a)</sup> | 16563 | 679249 |
| Omega Flex, Inc. | 6068 | 196482 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Steel (continued)** | **Steel (continued)** |  |
| Radius Recycling, Inc., Class A | 45442 | $1349173 |
| Ryerson Holding Corp. | 45447 | 980292 |
| Worthington Steel, Inc. | 56361 | 1681248 |
|  |  | 16701708 |
| **Technology Hardware & Equipment — 0.1%** | **Technology Hardware & Equipment — 0.1%** |  |
| CompoSecure, Inc., Class A | 76165 | 1073165 |
| CPI Card Group, Inc. <sup>(a)</sup> | 8386 | 198916 |
| Quantum Computing, Inc. <sup>(a)(b)</sup> | 147216 | 2822131 |
| Xerox Holdings Corp. | 195772 | 1031718 |
|  |  | 5125930 |
| **Technology: Miscellaneous — 0.6%** | **Technology: Miscellaneous — 0.6%** |  |
| CTS Corp. | 50573 | 2154915 |
| Fabrinet <sup>(a)</sup> | 61794 | 18209456 |
| Plexus Corp. <sup>(a)</sup> | 45964 | 6219389 |
|  |  | 26583760 |
| **Telecommunications Equipment**<sup>(a)</sup> **— 0.1%** | **Telecommunications Equipment**<sup>(a)</sup> **— 0.1%** |  |
| Applied Optoelectronics, Inc. <sup>(b)</sup> | 91473 | 2349942 |
| Viavi Solutions, Inc. | 378632 | 3812824 |
|  |  | 6162766 |
| **Textile Products — 0.0%** | **Textile Products — 0.0%** |  |
| Interface, Inc., Class A | 98770 | 2067256 |
| **Textiles Apparel & Shoes — 0.6%** | **Textiles Apparel & Shoes — 0.6%** |  |
| Capri Holdings Ltd. <sup>(a)</sup> | 198993 | 3522176 |
| Carter's, Inc. | 61696 | 1858900 |
| Figs, Inc., Class A <sup>(a)(b)</sup> | 153323 | 864742 |
| G-III Apparel Group Ltd. <sup>(a)(b)</sup> | 67347 | 1508573 |
| Hanesbrands, Inc. <sup>(a)</sup> | 602815 | 2760893 |
| Kontoor Brands, Inc. | 94337 | 6223412 |
| Lakeland Industries, Inc. <sup>(b)</sup> | 15868 | 215963 |
| Oxford Industries, Inc. | 24165 | 972641 |
| Rocky Brands, Inc. | 11794 | 261709 |
| Steven Madden Ltd. | 118712 | 2846714 |
| Superior Group of Cos., Inc. | 22753 | 234356 |
| Torrid Holdings, Inc. <sup>(a)</sup> | 34457 | 101648 |
| Vera Bradley, Inc. <sup>(a)</sup> | 1879 | 4153 |
| Weyco Group, Inc. | 10947 | 363003 |
| Wolverine World Wide, Inc. | 136269 | 2463743 |
|  |  | 24202626 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |  |
| Ermenegildo Zegna NV | 107055 | 915320 |
| **Toys — 0.0%** | **Toys — 0.0%** |  |
| Funko, Inc., Class A <sup>(a)</sup> | 52685 | 250780 |
| JAKKS Pacific, Inc. | 13151 | 273278 |
|  |  | 524058 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |  |
| A-Mark Precious Metals, Inc. | 30220 | 670280 |
| BlueLinx Holdings, Inc. <sup>(a)</sup> | 13785 | 1025328 |
| EVI Industries, Inc. | 9494 | 207254 |
| Global Industrial Co. | 23359 | 630927 |
| GMS, Inc. <sup>(a)</sup> | 65990 | 7176412 |
| Hudson Technologies, Inc. <sup>(a)</sup> | 66535 | 540264 |
| MRC Global, Inc. <sup>(a)</sup> | 145370 | 1993023 |
| OPENLANE, Inc. <sup>(a)</sup> | 182122 | 4452883 |
| Resideo Technologies, Inc. <sup>(a)</sup> | 254026 | 5603813 |
| ThredUp, Inc., Class A <sup>(a)</sup> | 157644 | 1180754 |
| Titan Machinery, Inc. <sup>(a)(b)</sup> | 36918 | 731346 |
|  |  | 24212284 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Transportation Miscellaneous — 0.3%** | **Transportation Miscellaneous — 0.3%** |  |
| CryoPort, Inc. <sup>(a)</sup> | 84661 | $631571 |
| Forward Air Corp. <sup>(a)(b)</sup> | 38461 | 943833 |
| Hub Group, Inc., Class A | 103103 | 3446734 |
| Matson, Inc. | 55612 | 6192396 |
| Radiant Logistics, Inc. <sup>(a)</sup> | 58602 | 356300 |
| Universal Logistics Holdings, Inc. | 11874 | 301362 |
| World Kinect Corp. | 94454 | 2677771 |
|  |  | 14549967 |
| **Truckers — 0.3%** | **Truckers — 0.3%** |  |
| ArcBest Corp. | 39450 | 3038044 |
| Covenant Logistics Group, Inc., Class A | 27928 | 673344 |
| FTAI Infrastructure, Inc. | 167047 | 1030680 |
| Heartland Express, Inc. | 80233 | 693213 |
| Marten Transport Ltd. | 100288 | 1302741 |
| PAMT Corp. <sup>(a)</sup> | 9810 | 126255 |
| Proficient Auto Logistics, Inc. <sup>(a)(b)</sup> | 36549 | 265346 |
| RXO, Inc. <sup>(a)</sup> | 278021 | 4370490 |
| Werner Enterprises, Inc. | 102622 | 2807738 |
|  |  | 14307851 |
| **Utilities: Electrical — 1.5%** | **Utilities: Electrical — 1.5%** |  |
| ALLETE, Inc. | 100075 | 6411805 |
| Avista Corp. | 137732 | 5226929 |
| Black Hills Corp. | 124352 | 6976147 |
| Genie Energy Ltd., Class B | 36842 | 990313 |
| Hawaiian Electric Industries, Inc. <sup>(a)</sup> | 299319 | 3181761 |
| MGE Energy, Inc. | 63128 | 5583040 |
| Northwestern Energy Group, Inc. | 105642 | 5419435 |
| Oklo, Inc., Class A <sup>(a)(b)</sup> | 175589 | 9831228 |
| Otter Tail Corp. | 65917 | 5081542 |
| Portland General Electric Co. | 188597 | 7662696 |
| TXNM Energy, Inc. | 158560 | 8930099 |
| Unitil Corp. | 27463 | 1432196 |
|  |  | 66727191 |
| **Utilities: Gas Distributors — 1.1%** | **Utilities: Gas Distributors — 1.1%** |  |
| Brookfield Infrastructure Corp., Class A | 206063 | 8572221 |
| Chesapeake Utilities Corp. | 39110 | 4701804 |
| New Jersey Resources Corp. | 172825 | 7746017 |
| Northwest Natural Holding Co. | 68971 | 2739528 |
| ONE Gas, Inc. | 102453 | 7362273 |
| RGC Resources, Inc. | 14548 | 325584 |
| Southwest Gas Holdings, Inc. | 110750 | 8238692 |
| Spire, Inc. | 98674 | 7202215 |
|  |  | 46888334 |
| **Utilities: Miscellaneous — 0.2%** | **Utilities: Miscellaneous — 0.2%** |  |
| Ormat Technologies, Inc. | 104456 | 8749235 |
| **Utilities: Telecommunications — 1.0%** | **Utilities: Telecommunications — 1.0%** |  |
| 8x8, Inc. <sup>(a)(b)</sup> | 213226 | 417923 |
| Applied Digital Corp. <sup>(a)(b)</sup> | 302323 | 3044393 |
| ATN International, Inc. | 17660 | 286975 |
| Cogent Communications Holdings, Inc. | 76989 | 3711640 |
| Credo Technology Group Holding Ltd. <sup>(a)(b)</sup> | 250644 | 23207128 |
| DigitalBridge Group, Inc. | 296983 | 3073774 |
| Gogo, Inc. <sup>(a)</sup> | 118692 | 1742399 |
| IDT Corp., Class B <sup>(b)</sup> | 28204 | 1926897 |
| Ooma, Inc. <sup>(a)</sup> | 44315 | 571663 |
| Shenandoah Telecommunications Co. | 84048 | 1148096 |
| Spok Holdings, Inc. | 32252 | 570215 |
| Telephone and Data Systems, Inc. | 169018 | 6013660 |
|  |  | 45714763 |

---

Series Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Utilities: Water — 0.4%** | **Utilities: Water — 0.4%** |  |
| 374Water, Inc. <sup>(a)</sup> | 28113 | $9117 |
| American States Water Co. | 66167 | 5072362 |
| California Water Service Group | 102288 | 4652058 |
| Consolidated Water Co. Ltd. | 25850 | 776017 |
| Energy Recovery, Inc. <sup>(a)</sup> | 91095 | 1164194 |
| Global Water Resources, Inc. | 19002 | 193630 |
| Middlesex Water Co. | 30386 | 1646314 |
| Pure Cycle Corp. <sup>(a)</sup> | 36868 | 395225 |
| SJW Group | 54440 | 2829247 |
| York Water Co. | 24296 | 767754 |
|  |  | 17505918 |
| **Total Common Stocks — 99.2%** <br>**(Cost: $3,237,777,139)** | **Total Common Stocks — 99.2%** <br>**(Cost: $3,237,777,139)** | 4353142030 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Equity Funds — 0.5%** | **Equity Funds — 0.5%** |  |
| iShares Russell 2000 ETF <sup>(b)(d)</sup> | 113319 | 24453107 |
| **Total Investment Companies — 0.5%** <br>**(Cost: $20,295,154)** | **Total Investment Companies — 0.5%** <br>**(Cost: $20,295,154)** | 24453107 |
| **Rights** | **Rights** | **Rights** |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |  |
| AstraZeneca, CVR | 48841 | 15141 |
| Chinook Therapeutics, CVR <sup>(c)</sup> | 100285 | 16046 |
| Contra Aduro Biotech I, CVR <sup>(c)</sup> | 21953 | 10537 |
| GTX, Inc., CVR <sup>(b)(c)</sup> | 944 | 968 |
| Inhibrx, Inc., CVR <sup>(c)</sup> | 64018 | 73621 |
| **Total Rights — 0.0%** <br>**(Cost: $58,688)** | **Total Rights — 0.0%** <br>**(Cost: $58,688)** | 116313 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **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> | 3243 | $6632 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | 6632 |
| **Total Long-Term Investments —99.7%** <br>**(Cost: $3,258,130,981)** | **Total Long-Term Investments —99.7%** <br>**(Cost: $3,258,130,981)** | 4377718082 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 9.4%** | **Money Market Funds — 9.4%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(d)(e)(f)</sup><br>| 411305914 | 411470436 |
| **Total Short-Term Securities —9.4%** <br>**(Cost: $411,278,214)** | **Total Short-Term Securities —9.4%** <br>**(Cost: $411,278,214)** | 411470436 |
| **Total Investments — 109.1%** <br>**(Cost: $3,669,409,195)** | **Total Investments — 109.1%** <br>**(Cost: $3,669,409,195)** | 4789188518 |
| **Liabilities in Excess of Other Assets — (9.1)%** | **Liabilities in Excess of Other Assets — (9.1)%** | (399527142)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4389661376 |

---

&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 six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | &nbsp;&nbsp; *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $357192485 | $54310554 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $4215 | $(36818)<br>| $411470436 | 411305914 | $1795611 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<sup>(c)</sup><br>| 118267017 |  | &nbsp;&nbsp; (118267017 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  |  | 604175 | &nbsp;&nbsp; — |
| iShares Russell 2000 ETF | 38015063 | 148213536 | &nbsp;&nbsp; (163299408)<br>| &nbsp;&nbsp; (2234631)<br>| 3758547 | 24453107 | 113319 | 157555 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(2230416)<br>| $3721729 | $435923543 |  | $2557341 | &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. 

<sup>(c)</sup> As of period end, the entity is no longer held.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 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; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $27396 | &nbsp;&nbsp;&nbsp;&nbsp; $316967 |

---

**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 | $328371 | 08/19/26 | (2.25)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $10123 |
| Arbor Realty Trust, Inc. | JPMorgan Chase Bank N.A. | 95232 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1240 |
| BankUnited, Inc. | HSBC Bank PLC | 78913 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (116)<br>|
| Berkshire Hills Bancorp, Inc. | JPMorgan Chase Bank N.A. | 203187 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (463)<br>|
| Bread Financial Holdings, Inc. | Goldman Sachs Bank USA | 136630 | 08/19/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 11882 |
| Bread Financial Holdings, Inc. | HSBC Bank PLC | 30470 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3516 |
| Bread Financial Holdings, Inc. | JPMorgan Chase Bank N.A. | 1707034 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 197004 |
| Cadence Bank | HSBC Bank PLC | 310593 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9303 |
| Cadence Bank | JPMorgan Chase Bank N.A. | 1770 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 53 |
| Central Pacific Financial Corp. | Goldman Sachs Bank USA | 31108 | 08/19/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2416 |
| Central Pacific Financial Corp. | HSBC Bank PLC | 40903 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1451 |
| Central Pacific Financial Corp. | JPMorgan Chase Bank N.A. | 70057 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2484 |
| Douglas Emmett, Inc. | Goldman Sachs Bank USA | 475840 | 08/19/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 356 |
| Douglas Emmett, Inc. | HSBC Bank PLC | 96960 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2785 |
| Douglas Emmett, Inc. | JPMorgan Chase Bank N.A. | 207195 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 5952 |
| Employers Holdings, Inc. | Goldman Sachs Bank USA | 40478 | 08/18/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 285 |
| Employers Holdings, Inc. | JPMorgan Chase Bank N.A. | 25052 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 48 |
| First BanCorp. | HSBC Bank PLC | 19429 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 547 |
| First BanCorp. | JPMorgan Chase Bank N.A. | 41533 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1168 |
| Fulton Financial Corp. | HSBC Bank PLC | 147601 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1356 |
| Genworth Financial, Inc. | Goldman Sachs Bank USA | 7561 | 08/19/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 632 |
| Genworth Financial, Inc. | HSBC Bank PLC | 31910 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4018 |
| Horace Mann Educators Corp. | HSBC Bank PLC | 32121 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (22)<br>|
| Independent Bank Corp./MI | Goldman Sachs Bank USA | 40025 | 08/18/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2886 |
| Moelis & Co., Class A | HSBC Bank PLC | 313516 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 20644 |
| Moelis & Co., Class A | JPMorgan Chase Bank N.A. | 504452 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3836)<br>|
| OFG Bancorp. | Goldman Sachs Bank USA | 40945 | 08/18/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2283 |
| Pitney Bowes, Inc. | Goldman Sachs Bank USA | 191572 | 08/19/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 6913 |
| Pitney Bowes, Inc. | HSBC Bank PLC | 602811 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 21754 |
| Pitney Bowes, Inc. | JPMorgan Chase Bank N.A. | 406223 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1494 |
| Preferred Bank/Los Angeles CA | Goldman Sachs Bank USA | 211639 | 08/19/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 14936 |
| Preferred Bank/Los Angeles CA | HSBC Bank PLC | 606795 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 14685 |
| Provident Financial Services, Inc. | JPMorgan Chase Bank N.A. | 149419 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 24 |
| SiriusPoint Ltd. | Goldman Sachs Bank USA | 531034 | 08/18/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 22534 |
| SiriusPoint Ltd. | HSBC Bank PLC | 553727 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 13666 |
| United Community Banks, Inc. | JPMorgan Chase Bank N.A. | 79892 | 02/09/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (442)<br>|
| WaFd, Inc. | Goldman Sachs Bank USA | 312900 | 08/18/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 14655 |
| WSFS Financial Corp. | Goldman Sachs Bank USA | 19040 | 08/19/26 | 0.40% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1365 |
| WSFS Financial Corp. | HSBC Bank PLC | 37641 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1244 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 390823 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; 2125 |
| 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; $392948 |

---

&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. 

Series Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

**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; $397827 | &nbsp;&nbsp;&nbsp; $(4879)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $316967 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $316967 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 397827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 397827 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $714794 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $714794 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4879 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4879 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5791623)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5791623)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1254410)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1254410)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7046033)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7046033)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1198445 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1198445 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 857355 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 857355 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2055800 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2055800 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $33715738 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 9409839 |

---

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

**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; $12536 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 397827 | &nbsp;&nbsp;&nbsp;&nbsp; 4879 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 410363 | &nbsp;&nbsp;&nbsp;&nbsp; 4879 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (12536)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $397827 | &nbsp;&nbsp;&nbsp;&nbsp; $4879 |

---

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

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

The following table presents the 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; $91266 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $91266 |
| HSBC Bank PLC | &nbsp;&nbsp; 94969 | &nbsp;&nbsp; (138)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp; 44831 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 209467 | &nbsp;&nbsp; (4741)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 204726 |
|  | &nbsp;&nbsp; $395702 | &nbsp;&nbsp; $(4879)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50000)<br>| &nbsp;&nbsp; $340823 |

---

&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*<br>|
| HSBC Bank PLC | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $(138)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 4741 | &nbsp;&nbsp; (4741)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4879 | &nbsp;&nbsp; $(4879)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&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.

**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; $4353142030 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4353142030 |
| Investment Companies | &nbsp;&nbsp; 24453107 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24453107 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15141 | &nbsp;&nbsp;&nbsp;&nbsp; 101172 | &nbsp;&nbsp;&nbsp;&nbsp; 116313 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6632 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6632 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 411470436 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 411470436 |
|  | &nbsp;&nbsp; $4789065573 | &nbsp;&nbsp;&nbsp;&nbsp; $21773 | &nbsp;&nbsp;&nbsp;&nbsp; $101172 | &nbsp;&nbsp;&nbsp;&nbsp; $4789188518 |

---

Series Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**Master Small Cap Index Series**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $316967 | &nbsp;&nbsp;&nbsp;&nbsp; $397827 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $714794 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4879)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4879)<br>|
|  | &nbsp;&nbsp; $316967 | &nbsp;&nbsp;&nbsp;&nbsp; $392948 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $709915 |

---

&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.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

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

---

| | |
|:---|:---|
|  | Master Small Cap <br>Index Series<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $4353264975 |
| Investments, at value — affiliated<sup>(c)</sup> | 435923543 |
| Cash | 13223467 |
| Cash pledged for futures contracts | 1214000 |
| Receivables: |  |
| Investments sold | 70654562 |
| Securities lending income — affiliated | 413290 |
| Swaps | 245809 |
| Dividends — unaffiliated | 4197481 |
| Dividends — affiliated | 63831 |
| Variation margin on futures contracts | 12536 |
| Unrealized appreciation on OTC swaps | 397827 |
| Prepaid expenses | 4700 |
| Other assets | 4174 |
| Total assets | 4879620195 |
| **LIABILITIES** |  |
| Cash received as collateral for OTC derivatives | 50000 |
| Collateral on securities loaned | 411364854 |
| Payables: |  |
| Investments purchased | 14860069 |
| Swaps | 110972 |
| Accounting services fees | 5979 |
| Withdrawals to investors | 63371636 |
| Custodian fees | 83473 |
| Investment advisory fees | 34533 |
| Directors' fees | 13580 |
| Other accrued expenses | 42015 |
| Professional fees | 16829 |
| Unrealized depreciation on OTC swaps | 4879 |
| Total liabilities | 489958819 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $4389661376 |
| **NET ASSETS CONSIST OF** |  |
| Investors' capital | $3269172138 |
| Net unrealized appreciation (depreciation) | 1120489238 |
| NET ASSETS | $4389661376 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $3237835826 |
| <sup>(b)</sup> Securities loaned, at value | $404533491 |
| <sup>(c)</sup> Investments, at cost—affiliated | $431573369 |

---

*See notes to financial statements.*

Series Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

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

---

| | |
|:---|:---|
|  | Master Small Cap <br>Index Series<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $17385586 |
| Dividends — affiliated | &nbsp;&nbsp; 761730 |
| Interest — unaffiliated | &nbsp;&nbsp; 52184 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 1795611 |
| Foreign taxes withheld | &nbsp;&nbsp; (81924)<br>|
| Total investment income | &nbsp;&nbsp; 19913187 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 214509 |
| Custodian | &nbsp;&nbsp; 68520 |
| Professional | &nbsp;&nbsp; 44570 |
| Directors | &nbsp;&nbsp; 21404 |
| Printing and postage | &nbsp;&nbsp; 6676 |
| Accounting services | &nbsp;&nbsp; 4475 |
| Miscellaneous | &nbsp;&nbsp; 26960 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 387114 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 3141 |
| Total expenses | &nbsp;&nbsp; 390255 |
| Less: |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (11548)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 378707 |
| Net investment income | &nbsp;&nbsp; 19534480 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 121296911 |
| Investments — affiliated | &nbsp;&nbsp; (2230416)<br>|
| Futures contracts | &nbsp;&nbsp; (5791623)<br>|
| Swaps | &nbsp;&nbsp; (1254410)<br>|
|  | &nbsp;&nbsp; 112020462 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (217590882)<br>|
| Investments — affiliated | &nbsp;&nbsp; 3721729 |
| Futures contracts | &nbsp;&nbsp; 1198445 |
| Swaps | &nbsp;&nbsp; 857355 |
|  | &nbsp;&nbsp; (211813353)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (99792891)<br>|
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(80258411)<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | Master Small Cap Index Series | Master Small Cap Index Series |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $19534480 | &nbsp;&nbsp;&nbsp; $67570574 |
| Net realized gain | &nbsp;&nbsp; 112020462 | &nbsp;&nbsp;&nbsp; 111479971 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (211813353)<br>| &nbsp;&nbsp;&nbsp; 391739768 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (80258411)<br>| &nbsp;&nbsp;&nbsp; 570790313 |
| **CAPITAL TRANSACTIONS** |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 463212139 | &nbsp;&nbsp;&nbsp; 1370613082 |
| Value of withdrawals | &nbsp;&nbsp; (551705637)<br>| &nbsp;&nbsp;&nbsp; (1951674939)<br>|
| Net decrease in net assets derived from capital transactions | &nbsp;&nbsp; (88493498)<br>| &nbsp;&nbsp;&nbsp; (581061857)<br>|
| *NET ASSETS* |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (168751909)<br>| &nbsp;&nbsp;&nbsp; (10271544)<br>|
| Beginning of period | &nbsp;&nbsp; 4558413285 | &nbsp;&nbsp;&nbsp; 4568684829 |
| End of period | &nbsp;&nbsp; $4389661376 | &nbsp;&nbsp;&nbsp; $4558413285 |

---

*See notes to financial statements.*

Series Statements of Changes in Net Assets

------

Financial Highlights

(unaudited)

&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 | Master Small Cap Index Series |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Total Return** |  |  |  |  |  |  |
| Total return | &nbsp;&nbsp; (1.72 )%<sup>(a)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 20.08<br> %<br>|
| **Ratios to Average Net Assets**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.02 %<sup>(c)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.02 %<sup>(c)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>|
| Net investment income | 0.91 %<sup>(c)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $4389661 | &nbsp;&nbsp;&nbsp; $4558413 | &nbsp;&nbsp;&nbsp; $4568685 | &nbsp;&nbsp;&nbsp; $3640363 | &nbsp;&nbsp;&nbsp; $4568935 | &nbsp;&nbsp;&nbsp; $3895218 |
| Portfolio turnover rate | &nbsp;&nbsp; 15 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 32 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 29 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

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

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

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

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

<sup>(d)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

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

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

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 diversified. The Series' Limited Liability Company Agreement permits the Board of Directors of 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 June 30, 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' 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' financial statements.

***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

Series Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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 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.

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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**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.

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*<sup>(b)</sup> <br>|
| Barclays Capital, Inc. | &nbsp;&nbsp; $5996570 | &nbsp;&nbsp; $(5967558)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $29012 |
| BNP Paribas SA | &nbsp;&nbsp; 62714152 | &nbsp;&nbsp; (62714152)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 64035803 | &nbsp;&nbsp; (64035803)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 481405 | &nbsp;&nbsp; (481405)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 27536504 | &nbsp;&nbsp; (27536504)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 2791775 | &nbsp;&nbsp; (2778893)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 12882 |
| ING Financial Markets LLC | &nbsp;&nbsp; 578522 | &nbsp;&nbsp; (578522)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 115678368 | &nbsp;&nbsp; (115678368)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 14613797 | &nbsp;&nbsp; (14613797)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

Series Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities*<br> *Loaned at Value*<br>| *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net*<br> *Amount*<sup>(b)</sup><br>|
| Morgan Stanley | &nbsp;&nbsp; $33185295 | &nbsp;&nbsp; $(33185295)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 230352 | &nbsp;&nbsp; (230352)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 7710 | &nbsp;&nbsp; (7710)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 390551 | &nbsp;&nbsp; (380280)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 10271 |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 3813012 | &nbsp;&nbsp; (3813012)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 960807 | &nbsp;&nbsp; (960807)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 50550381 | &nbsp;&nbsp; (50550381)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 1243841 | &nbsp;&nbsp; (1243841)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Virtu Americas LLC | &nbsp;&nbsp; 1584410 | &nbsp;&nbsp; (1584410)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 4394264 | &nbsp;&nbsp; (4394264)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 13745972 | &nbsp;&nbsp; (13745972)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $404533491 | &nbsp;&nbsp; $(404481326)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $52165 |

---

&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' Statement of Assets and Liabilities. 

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the 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 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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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.

***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, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative services. The Manager is responsible for the management of the Series' 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.

Series Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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 six months ended June 30, 2025, the amount waived was $10,019.

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 six months ended June 30, 2025, the Manager waived $1,529 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, which constitute extraordinary expenses not incurred in the ordinary course of the Series' business ("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 six months ended June 30, 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 six months ended June 30, 2025, the Series paid BTC $497,002 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.

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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**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 six months ended June 30, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

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

---

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

For the six months ended June 30, 2025, purchases and sales of investments, excluding short-term securities, were $637,494,082 and $701,443,737, 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 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' 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 June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the 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 June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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; $3871346859 | &nbsp;&nbsp;&nbsp; $1545146118 | &nbsp;&nbsp;&nbsp; $(626594544) | &nbsp;&nbsp;&nbsp; $918551574 |

---

***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 six months ended June 30, 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 and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the 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.

**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

Series Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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' 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' 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' 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to 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**

Sidley Austin LLP

New York, NY 10019

**Address of the Funds/Corporation/Master LLC**

100 Bellevue Parkway

Wilmington, DE 19809

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Board of Trustees (the "Trust Board") of BlackRock Funds (the "Trust") met on April 22, 2025 and May 20-21, 2025 to consider the approval to continue (i) the investment advisory agreement (the "Trust BAL Advisory Agreement") between the Trust, on behalf of iShares Short-Term TIPS Bond Index Fund (the "Short-Term TIPS Bond Index Fund"), and BlackRock Advisors, LLC ("BAL"), the Fund's investment advisor; and (ii) the investment advisory agreement (the "Trust BFA Advisory Agreement") between the Trust, on behalf of iShares Municipal Bond Index Fund ("Municipal Bond Index Fund"), and BlackRock Fund Advisors ("BFA"), the Fund's investment advisor. The Trust Board also considered the approval to continue the sub-advisory agreement (the "Short-Term TIPS Bond Index Fund Sub-Advisory Agreement") between BAL and BFA with respect to Short-Term TIPS Bond Index Fund.

The Board of Directors (the "Master LLC Board") of Quantitative Master Series LLC (the "Master LLC") met on April 22, 2025 and May 20-21, 2025 to consider the approval to continue the investment advisory agreement (the "Master LLC Advisory Agreement") between the Master LLC, on behalf of Master Small Cap Index Series (the "Master Fund") and BAL, the Master LLC's investment advisor. The Master LLC Board also considered the approval to continue the sub-advisory agreement (the "Master Fund Sub-Advisory Agreement") between BAL and BFA with respect to the Master Fund. iShares Russell 2000 Small-Cap Index Fund ("Small-Cap Index Fund"), a series of BlackRock Index Funds, Inc. (the "Corporation"), is a "feeder" fund that invests all of its investable assets in the Master Fund. Accordingly, the Board of Directors of the Corporation (the "Corporation Board") also considered the approval of the Master LLC Advisory Agreement and the Master Fund Sub-Advisory Agreement with respect to the Master Fund.

The Corporation Board also met on April 22, 2025 and May 20-21, 2025 to consider the approval to continue the investment advisory agreement (the "Corporation Advisory Agreement") between the Corporation, on behalf of iShares MSCI EAFE International Index Fund ("International Index Fund") and BAL, the Corporation's investment advisor. The Corporation Board also considered the approval to continue the sub-advisory agreement between BAL and BFA with respect to International Index Fund (the "International Index Fund Sub-Advisory Agreement").

BAL and BFA are referred to herein as "BlackRock." Municipal Bond Index Fund, Short-Term TIPS Bond Index Fund, the Master Fund, Small-Cap Index Fund and International Index Fund are referred to herein, as pertinent, individually as a "Fund" or collectively as the "Funds." The Trust BAL Advisory Agreement, the Trust BFA Advisory Agreement, the Master LLC Advisory Agreement, the Corporation Advisory Agreement, the Short-Term TIPS Bond Index Fund Sub-Advisory Agreement, the Master Fund Sub-Advisory Agreement and the International Index Fund Sub-Advisory Agreement are referred to herein as the "Agreements." For simplicity: (a) the Trust Board, the Master LLC Board and the Corporation Board are referred to herein individually as the "Board" and collectively as the "Boards", and the members are referred to as "Board Members"; (b); the meeting held on April 22, 2025 is referred to as the "April Meeting" and the meeting held on May 20-21, 2025 is referred to as the "May Meeting"; and (c) the shareholders of each of Municipal Bond Index Fund, Short-Term TIPS Bond Index Fund, Small-Cap Index Fund and International Index Fund and the interest holders of the Master Fund are referred to as "shareholders."

**The Approval Process** 

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

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

Prior to and in preparation for the April Meeting, each Board received and reviewed materials specifically relating to the renewal of the pertinent Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Boards to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper Classification or Morningstar category, regarding fees and expenses of the pertinent

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

------

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

Fund, as applicable, as compared with a peer group of funds as determined by Broadridge ("Expense Peers"), and the investment performance of each of Municipal Bond Index Fund, Short-Term TIPS Bond Index Fund, Small-Cap Index Fund and International Index Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers, and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the pertinent Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the applicable Fund; (g) a summary of aggregate amounts paid by the applicable Fund to BlackRock; (h) sales and redemption data regarding each of Municipal Bond Index Fund's, Short-Term TIPS Bond Index Fund's, Small-Cap Index Fund's and International Index Fund's shares; and (i) various additional information requested by each Board as appropriate regarding BlackRock's and each Fund's operations.

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

At the May Meeting, each Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the applicable Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the applicable Fund; (d) the Funds' fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the applicable Fund; and (g) other factors deemed relevant by the Board Members.

Each Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of portfolio holdings of the applicable Fund. Each Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Boards evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to each Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

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

Each Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, each Board compared the Funds' performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Boards met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. Each Board also reviewed the materials provided by the applicable Fund's portfolio management team discussing the Fund's performance and the Fund's investment strategies and outlook.

Each Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. Each Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. Each Board engaged in a review of BlackRock's compensation structure with respect to the applicable Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, each Board considered the nature and quality of the administrative and other non-investment advisory services provided to the applicable Fund. BlackRock and its affiliates provide the applicable Fund with certain administrative, shareholder and other services (in addition to any such services provided to the applicable Fund by third parties) and officers and other personnel as are necessary for the operations of the applicable Fund. In particular, BlackRock and its affiliates provide the applicable Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third party service providers including, among others, the custodian, fund accountant, transfer agent, and auditor for the pertinent Fund, as applicable; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the applicable Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each of Municipal Bond Index Fund's, Short-Term TIPS Bond Index Fund's, Small-Cap Index Fund's and International Index Fund's distribution partners, and shareholder call center and other services. The Boards reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Boards also considered the operation of BlackRock's business continuity plans.

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

Each Board, including the Independent Board Members, reviewed and considered the performance history of the Funds, as applicable throughout the year and at the April Meeting. The Master LLC Board noted that Small-Cap Index Fund's investment results correspond directly to the investment results of the Master Fund. Each Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, each Board was also provided with reports independently prepared by Broadridge, which included an analysis of Municipal Bond Index Fund's, Short-Term TIPS Bond Index Fund's, Small-Cap Index Fund's and International Index Fund's performance as of December 31, 2024, as compared to its Performance Peers.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, each Board received and reviewed information regarding the investment performance of each of Municipal Bond Index Fund, Short-Term TIPS Bond Index Fund, Small-Cap Index Fund and International Index Fund, as applicable, as compared to each Fund's Performance Peers and the performance of each Fund as compared with its benchmark. Each Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss the performance of the pertinent Fund throughout the year.

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

The Trust Board noted that for the one-year period reported, Municipal Bond Index Fund's net performance was within the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board.

The Master LLC Board and the Corporation Board noted that for the one-year period reported, Small-Cap Index Fund's net performance was within the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board.

The Trust Board noted that for the one-year period reported, Short-Term TIPS Bond Index Fund's net performance was above the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund's above tolerance performance relative to its benchmark over the period.

The Corporation Board noted that for the one-year period reported, International Index Fund's net performance was above the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund's above tolerance performance relative to its benchmark over the period.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds***

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

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

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

Each Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the pertinent Agreement and to continue to provide the high quality of services that is expected by the Board. The Boards further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the applicable Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Trust Board noted that Municipal Bond Index Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers. The Board also noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

------

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Corporation Board noted that International Index Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers. The Board also noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate the Fund for certain other fees and expenses.

The Master LLC Board and the Corporation Board noted that the Master Fund's/Small-Cap Index Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and Small-Cap Index Fund's total expense ratio each ranked in the first quartile relative to Small-Cap Index Fund's Expense Peers. The Boards also noted that BlackRock and the Master LLC Board have contractually agreed to a cap on the Master Fund's total expenses as a percentage of the Master Fund's average daily net assets and has contractually agreed to a cap on Small-Cap Index Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

The Trust Board noted that Short-Term TIPS Bond Index Fund's contractual management fee rate ranked first out of four funds, and that the actual management fee rate and total expense ratio ranked first out of four funds and third out of four funds, respectively, relative to the Fund's Expense Peers. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

***D. Economies of Scale***

Each Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the applicable Fund in a variety of ways as the assets of the Fund increase. The Boards considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. Each Board considered the applicable Fund's asset levels and whether the current fee schedule was appropriate.

***E. Other Factors Deemed Relevant by the Board Members***

Each Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the applicable Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year each Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. Each Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Boards also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

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

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

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, (i) the Trust Board, including the Independent Board Members, unanimously approved the continuation of the Trust BAL Advisory Agreement between BAL and the Trust, on behalf of Short-Term TIPS Bond Index Fund, the Trust BFA Advisory Agreement between BFA and the Trust, on behalf of Municipal Bond Index Fund and the Short-Term TIPS Bond Index Fund Sub-Advisory Agreement between BAL and BFA, with respect to Short-Term TIPS Bond Index Fund, each for a one-year term ending June 30, 2026; (ii) the Master LLC Board, including the Independent Board Members, unanimously approved the continuation of the Master LLC Advisory Agreement between BAL and the Master LLC, on behalf of the Master Fund, and the Master Fund Sub-Advisory Agreement between BAL and BFA with respect to the Master Fund, each for a one-year term ending June 30, 2026; and (iii) the Corporation Board, including the Independent Board Members, unanimously approved the continuation of the Corporation Advisory Agreement between BAL and the Corporation, on behalf of International Index Fund and the International Index Fund Sub-Advisory Agreement between BAL and BFA with respect to International Index Fund, each for a one-year term ending June 30, 2026.

Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, each of the Trust Board, the Master LLC Board and the Corporation Board, including the Independent Board Members, was satisfied that the terms of the pertinent Agreements were fair and reasonable and in the best interest of the applicable Fund and its shareholders. The Corporation Board, including the Independent Board Members, also considered the continuation of the Master LLC Advisory Agreement with respect to the Master Fund and the Master Fund Sub-Advisory Agreement with respect to the Master Fund and found the Agreements to be satisfactory. In arriving at its decision to approve the applicable Agreements, the Trust Board, the Master LLC Board and the Corporation Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| ADR | American Depositary Receipt |
| 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 |

---

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.

![](g117616img560702662.jpg)

![](g117616img1a92b4721.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 – See Item 7

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

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

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

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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.

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

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

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

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

[(a)(3) Section 302 Certifications are attached](d117616dex99cert.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](d117616dex99906cert.htm)

------

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

BlackRock Index Funds, Inc. and Quantitative Master Series LLC

---

| | |
|:---|:---|
| 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: August 22, 2025

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

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Index Funds, Inc. and Quantitative Master Series LLC |

---

Date: August 22, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Index Funds, Inc. and Quantitative Master Series LLC |

---

Date: August 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock 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: August 22, 2025

<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: August 22, 2025

<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 June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrants.

Date: August 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock 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 June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrants.

Date: August 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock 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**.**