Quantitative Master Series N-CSRS Certified semi-annual shareholder report (management investment company)

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.

iShares MSCI EAFE International Index Fund

iShares Russell 2000 Small-Cap Index Fund

Quantitative Master Series LLC

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, 55 East 52^nd Street, New York, NY 10055

Registrants’ telephone number, including area code: (800) 441-7762

Date of fiscal year end: 12/31/2018

Date of reporting period: 06/30/2018

Item 1 – Report to Stockholders

JUNE 30, 2018

  SEMI-ANNUAL REPORT (UNAUDITED)  

BlackRock Index Funds, Inc.

^Ø  iShares MSCI EAFE International Index Fund

^Ø  iShares Russell 2000 Small-Cap Index Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended June 30, 2018, the strongest corporate profits in seven years drove the equity market higher, while rising interest rates constrained bond returns. Though the market’s appetite for risk remained healthy, risk taking was tempered somewhat, as shorter-term, higher-quality securities led the bond market, and U.S. equities outperformed most international stock markets.

Strong equity performance worldwide was driven by synchronized economic growth across the most influential economies. However, volatility in emerging market stocks rose, as U.S.-China trade relations and debt concerns weighed heavily on the Chinese stock market.

Short-term U.S. Treasury interest rates rose the fastest, while longer-term rates slightly increased, leading to a substantial flattening of the yield curve. The annual return for the three-month U.S. Treasury bill surpassed 1.0%, but remained well below the annual headline inflation rate of 2.9%. In contrast, the ten-year U.S. Treasury — a bellwether of the bond market — posted a negative return, as rising inflation expectations drove yields higher. Although the fundamentals in credit markets remained relatively solid, investment-grade bonds declined slightly, and high-yield bonds posted modest returns.

In response to rising growth and inflation, the U.S. Federal Reserve (the “Fed”) increased short-term interest rates three times during the reporting period. The Fed also announced plans to reduce its $4.4 trillion balance sheet by $420 billion in 2018, which began the process of gradually reversing its unprecedented stimulus measures after the financial crisis. Meanwhile, the European Central Bank announced that its bond-purchasing program would conclude at the end of the year, while also expressing an open-ended commitment to low interest rates. In contrast, the Bank of Japan continued to expand its balance sheet through bond purchasing while lowering its expectations for inflation.

The U.S. economy continued to gain momentum despite the Fed’s modest reduction of economic stimulus; unemployment declined to 4.0%, wages increased, and the number of job openings reached a record high. Strong economic performance may justify a more rapid pace of rate hikes in 2018, as the headline inflation rate and investors’ expectations for inflation have already surpassed the Fed’s target of 2.0%.

While U.S. monetary policy is seeking to restrain economic growth and inflation, fiscal policy has produced new sources of growth that could nourish the economy for the next few years. Corporate tax cuts and repatriation of capital held abroad could encourage a virtuous cycle of business spending. Lower individual tax rates coupled with the robust job market may refresh consumer spending. Proposed infrastructure spending would deliver growth from the government sector, generate demand, and improve economic activity in other sectors.

We continue to believe the primary risks to economic expansion are trade protectionism, rapidly rising interest rates, and geopolitical tension. Given the deflationary forces of technology and globalization, a substantial increase in inflation is unlikely to materialize as long as the unemployment rate remains above 3.0%. However, we are closely monitoring trade protectionism and the rise of populism in Western nations. In particular, the outcome of trade negotiations between the United States and China is likely to influence the global growth trajectory and set the tone for free trade in many other nations.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of June 30, 2018
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	2.65%	14.37%
U.S. small cap equities (Russell 2000® Index)	7.66	17.57
International equities (MSCI Europe, Australasia, Far East Index)	(2.75)	6.84
Emerging market equities (MSCI Emerging Markets Index)	(6.66)	8.20
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	0.81	1.36
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	(2.68)	(2.69)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.62)	(0.40)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(0.02)	1.61
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	0.16	2.62
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGEISNOT PARTOF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summaries		4
About Fund Performance		8
Disclosure of Expenses		8
Derivative Financial Instruments		8
Fund Financial Statements:
Schedule of Investments		9
Statements of Assets and Liabilities		20
Statements of Operations		21
Statements of Changes in Net Assets		22
Fund Financial Highlights		24
Fund Notes to Financial Statements		30
Series Portfolio Information		39
Series Financial Statements:
Schedule of Investments		40
Statement of Assets and Liabilities		61
Statement of Operations		62
Statements of Changes in Net Assets		63
Series Financial Highlights		64
Series Notes to Financial Statements		65
Disclosure of Investment Advisory Agreement		71
Director and Officer Information		75
Additional Information		76
Glossary of Terms Used in this Report		78

3

Fund Summary  as of June 30, 2018 iShares MSCI EAFE International Index Fund

Investment Objective

iShares MSCI EAFE International Index Fund’s (the “Fund”) investment objective is to match the performance of the MSCI EAFE Index (Europe, Australasia, Far East) (the “MSCI EAFE Index”) in U.S. dollars with net dividends as closely as possible before the deduction of Fund expenses.

At a meeting held on May 17, 2018, the Board of Directors of BlackRock Index Funds, Inc. (the “Corporation”) and, at a meeting held on May 23, 2018, the Board of Trustees of State Farm Mutual Fund Trust each approved a reorganization of the State Farm International Index Fund (the “Target Fund”), with and into the Fund. The reorganization is subject to shareholder approval by the Target Fund’s shareholders and certain other conditions.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended June 30, 2018, the Fund’s Institutional Shares returned (2.54)%, Investor A Shares returned (2.63)% and Class K Shares returned (2.47)%. The benchmark MSCI EAFE Index returned (2.75)% for the same period. The MSCI EAFE Index is a free-float adjusted, market-capitalization weighted index designed to measure equity performance of developed markets, excluding the United States and Canada.

Describe the market environment.

European equity markets fell in-line with the broader market amid increased market volatility and trade protectionism worries. From a single country standpoint, the United Kingdom detracted the most from the Index’s total return in the first quarter of 2018. Rising gilt yields diminished the attractiveness of defensive sectors, while ongoing political uncertainty weighed on broader market sentiment. In the Eurozone, Italy contributed the highest amount to the Index’s total return out of other Eurozone members after the Italian elections did not meaningfully impact risk-sentiment. Separately, sovereign bonds in the region sold-off. The benchmark 10-year German bund yield increased 0.07% while the same tenor of gilts increased 0.16%. On the economic front, GDP growth stabilized while the Purchasing Managers Index was slightly weaker. Still, consumer confidence indicators remained relatively elevated by historical standards as the unemployment rate continued its downward trajectory across the region.

In Asia-Pacific, Japan contributed the most to the MSCI EAFE Index’s total return (in U.S. dollar terms). However, this was due to local currency appreciation, as the yen rallied over 6% against the USD amid a flurry of safe haven bids and as the Bank of Japan announced a slight reduction in long-end bond purchasing. The local equity market declined roughly 5.8%, as measured by the Japanese Nikkei 225 Index, as the country faced both domestic and international headwinds. Internationally, U.S. protectionism weighed on Japanese sentiment, as fears of a slowdown in global trade weighed heavily on export sensitive names. Domestically, the Moritomo Gakuen land sale controversy resurfaced, pushing Prime Minister Abe’s approval rating to all-time lows.

The uncertainty stemming from U.S. trade protectionism weighed on developed market equity markets throughout the second quarter of 2018. The fluid headlines regarding the acrimonious G7 summit in Quebec, the U.S. imposition of steel and aluminum imports, and the U.S. withdrawal from the Iranian nuclear deal all increased trade war fears. Elsewhere, European fragmentation remained an important risk factor throughout the period. The formation of Italy’s populist coalition government intensified European political risk. Momentum for eurozone reform also showed signs of weakness as negotiations over immigration policy within the German coalition government broke down. Additionally, a stronger U.S. dollar — attributed to increased trade tensions, interest rate differentials, and favorable U.S. growth conditions — also weighed on unhedged developed market equity returns in the quarter.

From a sector standpoint, energy shares outperformed as Brent crude remained in a high trading range throughout the second quarter of 2018. Commodities rallied approximately 13%, as the U.S. announcement of their departure from the Iran nuclear deal and re-imposition of Iranian sanctions provided an upside surprise. Separately, shares of companies in the financial sector underperformed amid subdued European rates, uncertainty stemming from anti-eurozone populism, and regulatory concerns weighed on sentiment.

From a single country standpoint, Australia contributed the most to the index’s total return over the second quarter of 2018. Shares of the firms in the materials and energy sectors outperformed as the country was spared from the U.S. steel and aluminum tariffs. The United Kingdom also contributed significantly to the index’s total return over the quarter, with the energy sector in the lead. Relatively strong U.K. growth was also supportive, apparent from the country reaching its lowest unemployment rate since 1975. From a pure performance perspective, Israeli equities outperformed, as a large jump in shares of an Israeli multinational pharmaceutical company contributed meaningfully to the country’s equity market. Less positively, Japanese equities weighed the most on the Index’s total return as cyclicals and export sensitive names were particularly hit by U.S. protectionism headlines.

Describe recent portfolio activity.

During the six-month period, as changes were made to the composition of the MSCI EAFE Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the benchmark index.

Describe portfolio positioning at period end.

The Fund remains positioned to match the risk characteristics of its benchmark index, irrespective of the market’s future direction.

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

4 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of June 30, 2018 (continued) iShares MSCI EAFE International Index Fund

Performance Summary for the Period Ended June 30, 2018

	6-Month Total Returns			Average Annual Total Returns (a)(b)
				1 Year			5 Years			10 Years
Institutional		(2.54	)%		6.38	%		6.18	%		2.59	%
Investor A		(2.63	)		6.20			5.90			2.32
Class K		(2.47	)		6.49			6.22			2.61
MSCI EAFE Index(c)		(2.75	)		6.84			6.44			2.84

^(a) See “About Fund Performance” on page 8 for a detailed description of share classes, including any related fees, and how performance was calculated for certain share classes.

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

^(c)  A free-float adjusted, market-capitalization weighted index designed to measure equity performance of developed markets, excluding the United States and Canada.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual						Hypothetical (b)
	Beginning Account Value (01/01/18)		Ending Account Value (06/30/18)		Expenses Paid During the Period (a)		Beginning Account Value (01/01/18)		Ending Account Value (06/30/18)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	974.60	$	0.49	$	1,000.00	$	1,024.30	$	0.50		0.10	%
Investor A		1,000.00		973.70		1.76		1,000.00		1,023.01		1.81		0.36
Class K		1,000.00		975.30		0.24		1,000.00		1,024.55		0.25		0.05

^(a)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

Portfolio Information

TEN LARGEST HOLDINGS

Security	Percent of Net Assets
Nestle SA		2	%
HSBC Holdings PLC		1
Novartis AG, Registered Shares		1
Royal Dutch Shell PLC, Class A		1
Roche Holding AG		1
BP PLC		1
Toyota Motor Corp.		1
TOTAL SA		1
Royal Dutch Shell PLC, Class B		1
British American Tobacco PLC		1

GEOGRAPHIC ALLOCATION

Country	Percent of Net Assets
Japan		23	%
United Kingdom		15
France		10
Germany		9
Switzerland		8
Australia		7
Netherlands		6
Hong Kong		4
Spain		3
Sweden		2
Italy		2
Denmark		2
Singapore		1
Belgium		1
Finland		1
Short-Term Securities		1
Other(a)		3
Other Assets Less Liabilities		2

^(a)  Includes holdings within countries that are 1% or less of net assets. Please refer to the Schedule of Investments for such countries.

FUND SUMMARY 5

Fund Summary  as of June 30, 2018 iShares Russell 2000 Small-Cap Index Fund

Investment Objective

iShares Russell 2000 Small-Cap Index Fund’s (the “Fund”) investment objective is to match the performance of the Russell 2000^® Index as closely as possible before the deduction of Fund expenses.

At a meeting held on May 17, 2018, the Board of Directors of BlackRock Index Funds, Inc. (the “Corporation”) and, at a meeting held on May 23, 2018, the Board of Trustees of State Farm Mutual Fund Trust each approved a reorganization of the State Farm Small Cap Index Fund (the “Target Fund”), with and into the Fund. The reorganization is subject to shareholder approval by the Target Fund’s shareholders and certain other conditions.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended June 30, 2018, the Fund’s Institutional Shares returned 7.71%, Investor A Shares returned 7.55%, and Class K Shares returned 7.74%. The benchmark Russell 2000^® Index returned 7.66% for the same period.

The Fund invests all of its assets in Master Small Cap Index Series (the “Series”), a series of Quantitative Master Series LLC.

Describe the market environment.

In the beginning of 2018, the low volatility regime that helped global equity markets reach record highs in 2017 continued to support U.S. markets. Further fueled by tax-reform optimism, January saw markets rally, led higher by momentum and information technology names. However, as the first quarter of 2018 progressed, a combination of economic over-heating concerns, the return of volatility, rising yields and the specter of trade wars weighed on markets.

Contrary to what the U.S. equity market’s lackluster performance would suggest, the U.S. economy remained healthy in the first quarter of 2018. The unemployment rate remained at multi-decade lows, consumer confidence was high by historical standards, and both the Institute for Supply Management Index manufacturing and non-manufacturing components accelerated. This supported the Fed’s decision to increase interest rates in March and to revise higher their rate hike expectations for 2019. The combination of increased interest rate expectations, a strong economic backdrop, in addition to technical issues regarding the deficit, drove selling in U.S. Treasuries. The ten-year U.S. Treasury yield increased by 0.33% in the first quarter of 2018 to 2.75%.

Despite the fluid headlines and ongoing threats regarding the topic of U.S. protectionism in the second quarter of 2018, investors found confidence in strong U.S. economic data and earnings growth. On the macroeconomic front, the U.S. unemployment rate struck 3.8%, the lowest level since 1975. Economic reports throughout the second quarter of 2018 also indicated strong economic conditions. Additionally, the core personal consumption expenditure hit the Fed’s target rate of 2%, supporting their decision to raise rates in June. The Fed has also signaled the likelihood of two additional hikes this year. Both of these factors were supportive for the index broadly and pushed volatility lower in the second quarter of 2018. The average level of the CBOE Volatility Index was 15.3 in the second quarter, lower than the 17.4 experienced in the first quarter of 2018.

Elsewhere, while deregulation provided a tailwind for regional banks, investor sentiment on the broader sector was fraught by the narrowing term structure of the U.S. Treasury curve, uncertainty ahead of the Comprehensive Capital Analysis and Review stress tests (an annual exercise by the Fed to assess the largest bank holding companies operating in the United States), and global protectionism.

Describe recent portfolio activity.

During the period, as changes were made to the composition of the Russell 2000^® Index, the Series purchased and sold securities to maintain its objective of replicating the risks and return of the benchmark index.

Describe portfolio positioning at period end.

The Series remains positioned to match the risk characteristics of its benchmark index, irrespective of the market’s future direction.

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

6 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of June 30, 2018 (continued) iShares Russell 2000 Small-Cap Index Fund

Performance Summary for the Period Ended June 30, 2018

	6-Month Total Returns			Average Annual Total Returns (a)(b)
				1 Year			5 Years			10 Years
Institutional		7.71	%		17.56	%		12.43	%		10.47	%
Investor A		7.55			17.30			12.16			10.21
Class K		7.74			17.68			12.50			10.52
Russell 2000® Index(c)		7.66			17.57			12.46			10.60

^(a)  See “About Fund Performance” on page 8 for a detailed description of share classes, including related fees, if any, and how performance was calculated for certain share classes.

^(b)  The Fund invests all of its assets in the Series. The Series may invest in a statistically selected sample of the stocks included in the Russell 2000® Index and in derivative instruments linked to the Russell 2000® Index.

^(c)  An unmanaged index that is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual						Hypothetical (b)
	Beginning Account Value (01/01/18)		Ending Account Value (06/30/18)		Expenses Paid During the Period (a)		Beginning Account Value (01/01/18)		Ending Account Value (06/30/18)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,077.10	$	0.62	$	1,000.00	$	1,024.20	$	0.60		0.12	%
Investor A		1,000.00		1,075.50		1.90		1,000.00		1,022.96		1.86		0.37
Class K		1,000.00		1,077.40		0.36		1,000.00		1,024.45		0.35		0.07

^(a)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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.

^(b)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

FUND SUMMARY 7

About Fund Performance

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares’ performance shown prior to the March 31, 2011 inception date is that of Institutional Shares. The performance of the Funds’ Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. These shares are subject to an ongoing service fee of 0.25% per year. These shares are generally available through financial intermediaries.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in the performance tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (“BAL” or the “Manager” and/or “Administrator”), each Fund’s investment adviser and/or administrator, has contractually agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver and/or reimbursement, each Fund’s performance would have been lower. The Manager and/or Administrator is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of these Funds may incur the following charges: (a) transactional expenses and (b) operating expenses, including investment advisory fees, administration fees, service fees, including 12b-1 fees, acquired fund fees and expenses and other fund expenses. The expense examples on the previous pages (which are based on a hypothetical investment of $1,000 invested on January 1, 2018 and held through June 30, 2018) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

Derivative Financial Instruments

International Index and the Series 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. International Index’s and the Series’ 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 International Index or the Series can realize on an investment and/or may result in lower distributions paid to shareholders. International Index’s and the Series’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

8 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited)  June 30, 2018 iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 96.6%
Australia — 6.9%
AGL Energy Ltd.		507,456	$	8,443,444
Alumina Ltd.		1,870,081		3,869,916
Amcor Ltd.		896,131		9,547,992
AMP Ltd.		2,215,385		5,826,909
APA Group(a)		912,933		6,651,098
Aristocrat Leisure Ltd.		444,676		10,155,226
ASX Ltd.		149,798		7,140,532
Aurizon Holdings Ltd.		1,583,376		5,063,542
AusNet Services		1,362,477		1,618,219
Australia & New Zealand Banking Group Ltd.		2,261,417		47,330,477
Bank of Queensland Ltd.		303,773		2,287,216
Bendigo & Adelaide Bank Ltd.		376,166		3,013,523
BGP Holdings PLC(b)		783,183		9
BHP Billiton Ltd.		2,485,100		62,182,220
BHP Billiton PLC		1,634,251		36,676,549
BlueScope Steel Ltd.		441,248		5,631,459
Boral Ltd.		880,837		4,249,611
Brambles Ltd.		1,231,183		8,083,040
Caltex Australia Ltd.		201,807		4,856,635
Challenger Ltd.		425,204		3,721,065
CIMIC Group Ltd.		74,710		2,335,454
Coca-Cola Amatil Ltd.		392,145		2,667,231
Cochlear Ltd.		44,528		6,592,445
Commonwealth Bank of Australia		1,356,203		73,143,511
Computershare Ltd.		357,103		4,864,619
Crown Resorts Ltd.		281,972		2,813,468
CSL Ltd.		349,952		49,813,226
Dexus		787,234		5,658,444
Domino’s Pizza Enterprises Ltd.(c)		43,030		1,661,843
Flight Centre Travel Group Ltd.		43,011		2,024,699
Fortescue Metals Group Ltd.		1,204,677		3,911,551
Goodman Group		1,254,034		8,939,793
GPT Group		1,395,854		5,222,629
Harvey Norman Holdings Ltd.		367,765		903,497
Healthscope Ltd.		1,359,653		2,218,550
Incitec Pivot Ltd.		1,228,234		3,295,334
Insurance Australia Group Ltd.		1,857,401		11,717,786
Lend Lease Group(a)		465,386		6,813,994
Macquarie Group Ltd.		250,195		22,801,825
Medibank Pvt Ltd.		2,130,956		4,601,229
Mirvac Group		2,874,519		4,613,628
National Australia Bank Ltd.		2,104,067		42,722,258
Newcrest Mining Ltd.		605,941		9,838,744
Oil Search Ltd.		1,061,042		6,970,988
Orica Ltd.		296,247		3,889,257
Origin Energy Ltd.(d)		1,379,566		10,232,447
QBE Insurance Group Ltd.		1,055,053		7,595,590
Ramsay Health Care Ltd.		109,845		4,386,458
REA Group Ltd.		40,018		2,685,646
Santos Ltd.(d)		1,375,114		6,369,040
Scentre Group		4,119,764		13,385,334
SEEK Ltd.		261,732		4,217,838
Sonic Healthcare Ltd.		310,763		5,637,261
South32 Ltd.		4,035,929		10,777,241
Stockland		1,881,808		5,529,124
Suncorp Group Ltd.		1,002,818		10,814,882
Sydney Airport(a)		840,624		4,450,214
Tabcorp Holdings Ltd.		1,477,838		4,871,840
Telstra Corp. Ltd.		3,220,924		6,229,715
TPG Telecom Ltd.(c)		244,536		934,746
Transurban Group(a)		1,721,421		15,243,711
Treasury Wine Estates Ltd.		547,571		7,035,208

Security	Shares		Value
Australia (continued)
Vicinity Centres		2,546,364	$	4,883,473
Wesfarmers Ltd.		877,328		32,010,432
Westpac Banking Corp.		2,634,035		57,203,250
Woodside Petroleum Ltd.		696,685		18,257,665
Woolworths Group Ltd.		1,009,572		22,799,878
				781,935,678
Austria — 0.2%
ANDRITZ AG		56,330		2,985,562
Erste Group Bank AG(d)		232,795		9,705,201
OMV AG		115,918		6,556,057
Raiffeisen Bank International AG		115,482		3,538,290
Voestalpine AG		88,695		4,078,467
				26,863,577
Belgium — 1.1%
Ageas		145,824		7,341,227
Anheuser-Busch InBev SA		589,579		59,467,824
Colruyt SA		46,487		2,653,031
Groupe Bruxelles Lambert SA		62,245		6,548,186
KBC Group NV		194,338		14,925,170
Proximus SADP		117,665		2,646,534
Solvay SA		55,948		7,046,008
Telenet Group Holding NV(d)		38,261		1,781,293
UCB SA		97,826		7,668,608
Umicore SA		162,058		9,251,474
				119,329,355
Chile — 0.0%
Antofagasta PLC		291,525		3,787,553
China — 0.0%
Minth Group Ltd.		614,000		2,597,042
Yangzijiang Shipbuilding Holdings Ltd.		1,756,083		1,162,295
				3,759,337
Denmark — 1.6%
AP Moeller — Maersk A/S, Class A		2,865		3,385,757
AP Moeller — Maersk A/S, Class B		5,130		6,346,321
Carlsberg A/S, Class B		81,664		9,608,462
Chr Hansen Holding A/S		73,448		6,761,685
Coloplast A/S, Class B		89,137		8,899,641
Danske Bank A/S		585,920		18,253,685
DSV A/S		147,016		11,835,040
Genmab A/S(d)		46,706		7,186,560
H Lundbeck A/S		57,902		4,058,146
ISS A/S		124,805		4,274,813
Novo Nordisk A/S, Class B		1,366,710		63,129,099
Novozymes A/S, Class B		178,265		9,016,326
Orsted A/S(e)		146,375		8,844,137
Pandora A/S		80,981		5,644,164
Tryg A/S		91,189		2,135,499
Vestas Wind Systems A/S		161,586		9,975,725
William Demant Holding A/S(d)		85,086		3,414,678
				182,769,738
Finland — 1.0%
Elisa OYJ		110,057		5,084,344
Fortum OYJ		347,607		8,279,689
Kone OYJ, Class B		261,710		13,306,783
Metso OYJ		80,623		2,689,190
Neste OYJ		99,198		7,761,137
Nokia OYJ		4,357,473		24,993,926
Nokian Renkaat OYJ		93,605		3,685,972
Orion OYJ, Class B		80,578		2,167,147
Sampo OYJ, Class A		343,027		16,705,653
Stora Enso OYJ, Class R		426,164		8,302,503

SCHEDULES OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) June 30, 2018 iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
UPM-Kymmene OYJ		412,987	$	14,704,443
Wartsila OYJ		348,142		6,815,484
				114,496,271
France — 10.4%
Accor SA		143,685		7,037,103
Aeroports de Paris		22,972		5,189,151
Air Liquide SA		331,515		41,553,811
Airbus SE		449,494		52,453,610
Alstom SA		123,426		5,662,590
Amundi SA(e)		48,979		3,385,662
Arkema SA		51,168		6,037,836
Atos SE		75,317		10,241,367
AXA SA		1,501,254		36,681,305
BioMerieux		32,055		2,880,087
BNP Paribas SA		869,693		53,796,498
Bollore SA		677,349		3,145,568
Bouygues SA		169,440		7,280,495
Bureau Veritas SA		205,050		5,466,069
Capgemini SE		123,849		16,596,979
Carrefour SA		439,782		7,094,092
Casino Guichard-Perrachon SA		45,669		1,767,424
Cie de Saint-Gobain		385,492		17,171,718
Cie Generale des Etablissements Michelin SCA		131,962		15,964,504
CNP Assurances		130,820		2,972,168
Covivio		26,057		2,707,401
Credit Agricole SA		880,888		11,691,605
Danone SA		467,076		34,102,375
Dassault Aviation SA		2,015		3,831,451
Dassault Systemes SA		100,276		14,032,984
Edenred		182,147		5,753,423
Eiffage SA		60,666		6,590,964
Electricite de France SA		453,031		6,216,424
Engie SA		1,413,257		21,617,872
Essilor International Cie Generale d’Optique SA		161,074		22,710,812
Eurazeo SA		35,240		2,667,399
Eutelsat Communications SA		137,740		2,850,560
Faurecia SA		59,651		4,240,373
Gecina SA		34,988		5,845,034
Getlink SE, Registered Shares		361,736		4,959,349
Hermes International		24,506		14,969,598
ICADE		24,757		2,318,948
Iliad SA		20,082		3,168,641
Imerys SA		26,700		2,154,878
Ingenico Group SA		47,977		4,301,821
Ipsen SA		30,059		4,701,497
JCDecaux SA		49,182		1,642,267
Kering SA		58,626		33,023,997
Klepierre SA		158,105		5,940,498
L’Oreal SA		194,949		48,060,114
Legrand SA		205,843		15,077,390
LVMH Moet Hennessy Louis Vuitton SE		215,756		71,635,039
Natixis SA		728,542		5,154,836
Orange SA		1,543,698		25,767,616
Pernod Ricard SA		164,300		26,814,552
Peugeot SA		455,082		10,369,166
Publicis Groupe SA		160,607		11,021,249
Remy Cointreau SA		18,808		2,434,959
Renault SA		148,733		12,600,866
Rexel SA		212,316		3,047,819
Safran SA		258,147		31,262,852
Sanofi		873,287		70,089,578
Schneider Electric SE		415,687		34,571,333
SCOR SE		131,165		4,850,617
SEB SA		17,273		3,013,548

Security	Shares		Value
France (continued)
SES SA		281,871	$	5,152,519
Societe BIC SA		19,849		1,840,465
Societe Generale SA		593,883		24,960,836
Sodexo SA		70,025		6,990,180
Suez		282,785		3,658,110
Teleperformance		44,708		7,890,763
Thales SA		84,285		10,843,589
TOTAL SA		1,864,216		113,205,887
UbiSoft Entertainment SA(d)		60,546		6,618,175
Unibail-Rodamco-Westfield(d)		30,042		6,614,909
Unibail-Rodamco-Westfield		76,875		16,927,006
Valeo SA		185,436		10,110,634
Veolia Environnement SA		414,117		8,849,275
Vinci SA		389,310		37,370,299
Vivendi SA		802,278		19,626,053
Wendel SA		21,474		2,954,634
				1,183,803,076
Germany — 8.7%
1&1 Drillisch AG		41,032		2,327,553
adidas AG		145,696		31,720,591
Allianz SE, Registered Shares		340,651		70,192,701
Axel Springer SE		37,569		2,714,926
BASF SE		710,688		67,848,350
Bayer AG, Registered Shares		695,134		76,342,055
Bayerische Motoren Werke AG		256,192		23,157,813
Beiersdorf AG		77,996		8,840,694
Brenntag AG		119,547		6,642,226
Commerzbank AG(d)		775,226		7,395,149
Continental AG		85,117		19,370,733
Covestro AG(e)		148,853		13,230,581
Daimler AG, Registered Shares		703,634		45,072,759
Delivery Hero AG(d)(e)		73,299		3,885,212
Deutsche Bank AG, Registered Shares(c)		1,519,240		16,253,543
Deutsche Boerse AG		149,337		19,854,959
Deutsche Lufthansa AG, Registered Shares		178,993		4,288,245
Deutsche Post AG, Registered Shares		760,586		24,711,703
Deutsche Telekom AG, Registered Shares(d)		2,578,981		39,856,602
Deutsche Wohnen SE, Bearer Shares		274,430		13,253,304
E.ON SE		1,703,137		18,146,066
Evonik Industries AG		126,201		4,317,806
Fraport AG Frankfurt Airport Services Worldwide		32,197		3,097,497
Fresenius Medical Care AG & Co. KGaA		166,884		16,803,780
Fresenius SE & Co. KGaA		321,912		25,773,768
GEA Group AG		134,052		4,514,629
Hannover Rueck SE		46,657		5,800,477
HeidelbergCement AG		116,727		9,801,150
Henkel AG & Co. KGaA		81,148		9,010,012
Hochtief AG		14,926		2,691,649
HUGO BOSS AG		48,907		4,435,326
Infineon Technologies AG		879,259		22,334,321
Innogy SE(e)		107,468		4,591,426
K+S AG, Registered Shares		151,208		3,719,579
KION Group AG		55,682		3,996,821
LANXESS AG		67,277		5,230,507
Linde AG		143,714		34,143,404
MAN SE		29,025		3,284,430
Merck KGaA		100,003		9,735,027
METRO AG		139,325		1,717,018
MTU Aero Engines AG		39,777		7,618,940
Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares		119,955		25,219,675
OSRAM Licht AG		75,694		3,082,626
ProSiebenSat.1 Media SE, Registered Shares		184,087		4,658,319
Puma SE		6,419		3,754,237

10 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
RWE AG		400,943	$	9,111,238
SAP SE		760,461		87,770,651
Sartorius AG		27,521		4,097,083
Siemens AG, Registered Shares		591,932		77,990,485
Siemens Healthineers AG(d)(e)		115,142		4,744,839
Symrise AG		95,422		8,346,979
Telefonica Deutschland Holding AG		590,637		2,323,540
Thyssenkrupp AG		337,186		8,173,347
TUI AG		340,875		7,455,618
Uniper SE		158,469		4,718,069
United Internet AG, Registered Shares		95,173		5,433,593
Volkswagen AG		25,116		4,128,891
Vonovia SE		375,699		17,856,735
Wirecard AG		90,830		14,534,655
Zalando SE(d)(e)		86,138		4,800,641
				995,924,553
Hong Kong — 3.5%
AIA Group Ltd.		9,342,800		81,388,973
ASM Pacific Technology Ltd.		227,904		2,872,392
Bank of East Asia Ltd.		973,732		3,880,958
BOC Hong Kong Holdings Ltd.		2,863,400		13,457,794
CK Asset Holdings Ltd.		2,002,939		15,855,880
CK Hutchison Holdings Ltd.		2,089,439		22,118,836
CK Infrastructure Holdings Ltd.		549,000		4,064,092
CLP Holdings Ltd.		1,270,687		13,687,053
Dairy Farm International Holdings Ltd.		269,500		2,366,124
Galaxy Entertainment Group Ltd.		1,836,000		14,152,714
Hang Lung Group Ltd.		641,000		1,794,788
Hang Lung Properties Ltd.		1,566,000		3,216,680
Hang Seng Bank Ltd.		591,753		14,776,271
Henderson Land Development Co. Ltd.		1,002,337		5,285,600
HK Electric Investments & HK Electric Investments Ltd.(c)(e)		1,858,000		1,771,418
HKT Trust & HKT Ltd.(a)		2,929,560		3,736,987
Hong Kong & China Gas Co. Ltd.		7,143,755		13,655,524
Hong Kong Exchanges & Clearing Ltd.		910,402		27,246,088
Hongkong Land Holdings Ltd.		918,700		6,567,719
Hysan Development Co. Ltd.		492,791		2,750,509
Jardine Matheson Holdings Ltd.		168,600		10,624,021
Jardine Strategic Holdings Ltd.		167,300		6,094,480
Kerry Properties Ltd.		504,500		2,410,969
Li & Fung Ltd.(c)		4,137,980		1,515,670
Link REIT		1,678,914		15,310,661
Melco Resorts & Entertainment Ltd. — ADR		197,186		5,521,208
MGM China Holdings Ltd.(c)		735,200		1,699,957
MTR Corp. Ltd.		1,133,000		6,258,287
New World Development Co. Ltd.		4,829,359		6,755,835
NWS Holdings Ltd.		1,239,220		2,138,569
PCCW Ltd.		3,003,000		1,689,738
Power Assets Holdings Ltd.		1,073,500		7,505,032
Sands China Ltd.		1,874,200		9,992,084
Shangri-La Asia Ltd.		1,079,905		2,023,115
Sino Land Co. Ltd.		2,494,349		4,053,245
SJM Holdings Ltd.		1,691,000		2,097,231
Sun Hung Kai Properties Ltd.		1,233,324		18,581,183
Swire Pacific Ltd., Class A		378,577		4,001,498
Swire Properties Ltd.		905,400		3,339,082
Techtronic Industries Co. Ltd.		1,064,500		5,912,116
WH Group Ltd.(e)		6,812,500		5,512,583
Wharf Holdings Ltd.		940,357		3,011,324
Wharf Real Estate Investment Co. Ltd.		939,357		6,670,146
Wheelock & Co. Ltd.		615,000		4,273,959
Wynn Macau Ltd.		1,172,800		3,758,407

Security	Shares		Value
Hong Kong (continued)
Yue Yuen Industrial Holdings Ltd.		549,785	$	1,549,660
				396,946,460
Ireland — 0.7%
AerCap Holdings NV(d)		108,636		5,882,639
AIB Group PLC		630,089		3,412,181
Bank of Ireland Group PLC		748,354		5,807,394
CRH PLC		649,128		22,832,637
DCC PLC		68,718		6,231,288
James Hardie Industries PLC		344,987		5,784,083
Kerry Group PLC, Class A		122,694		12,838,072
Paddy Power Betfair PLC		65,152		7,228,028
Ryanair Holdings PLC(d)		9,354		172,233
Ryanair Holdings PLC, ADR(d)		17,450		1,993,314
Smurfit Kappa Group PLC		174,344		7,038,474
				79,220,343
Isle of Man — 0.1%
GVC Holdings PLC		411,129		5,685,078
Israel — 0.5%
Azrieli Group Ltd.		34,725		1,726,036
Bank Hapoalim BM		825,185		5,594,119
Bank Leumi Le-Israel BM		1,119,903		6,626,556
Bezeq The Israeli Telecommunication Corp. Ltd.		1,766,569		1,990,920
Check Point Software Technologies Ltd.(c)(d)		101,173		9,882,579
Elbit Systems Ltd.		19,122		2,251,417
Frutarom Industries Ltd.		29,177		2,869,560
Israel Chemicals Ltd.		549,178		2,516,119
Mizrahi Tefahot Bank Ltd.		91,528		1,683,903
NICE Ltd.(d)		47,044		4,868,875
Teva Pharmaceutical Industries Ltd. — ADR		747,484		18,178,811
				58,188,895
Italy — 2.0%
Assicurazioni Generali SpA		906,357		15,152,448
Atlantia SpA		383,379		11,302,859
Davide Campari-Milano SpA		449,404		3,688,674
Enel SpA		6,293,312		34,872,379
Eni SpA		1,968,408		36,496,979
Ferrari NV		95,034		12,845,665
Intesa Sanpaolo SpA		11,152,540		32,359,819
Leonardo SpA		216,669		2,132,539
Luxottica Group SpA		137,982		8,884,066
Mediobanca Banca di Credito Finanziario SpA		467,537		4,324,730
Moncler SpA		142,583		6,469,704
Pirelli & C SpA(d)(e)		318,767		2,654,447
Poste Italiane SpA(e)		404,250		3,374,123
Prysmian SpA		169,597		4,208,176
Recordati SpA		76,018		3,012,222
Snam SpA		1,902,461		7,928,324
Telecom Italia SpA(d)		8,878,761		6,578,100
Telecom Italia SpA, Non-Convertible Savings Shares		4,664,105		3,035,295
Terna — Rete Elettrica Nazionale SpA		1,085,339		5,861,558
UniCredit SpA		1,553,073		25,741,251
				230,923,358
Japan — 23.3%
ABC-Mart, Inc.		20,800		1,136,876
Acom Co. Ltd.		328,100		1,259,573
Aeon Co. Ltd.		472,300		10,103,549
AEON Financial Service Co. Ltd.		76,500		1,630,523
Aeon Mall Co. Ltd.		92,350		1,656,671
Air Water, Inc.		111,300		2,041,179
Aisin Seiki Co. Ltd.		125,400		5,709,783
Ajinomoto Co., Inc.		364,600		6,901,538

SCHEDULES OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) June 30, 2018 iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Alfresa Holdings Corp.		141,600	$	3,325,093
Alps Electric Co. Ltd.		148,700		3,818,966
Amada Holdings Co. Ltd.		252,800		2,426,210
ANA Holdings, Inc.		90,500		3,320,686
Aozora Bank Ltd.		91,500		3,472,571
Asahi Glass Co. Ltd.		145,620		5,664,035
Asahi Group Holdings Ltd.		280,600		14,391,331
Asahi Kasei Corp.		976,800		12,387,239
Asics Corp.		135,500		2,287,388
Astellas Pharma, Inc.		1,520,700		23,142,886
Bandai Namco Holdings, Inc.		154,600		6,368,206
Bank of Kyoto Ltd.		41,100		1,897,644
Benesse Holdings, Inc.		47,400		1,680,909
Bridgestone Corp.		471,400		18,414,217
Brother Industries Ltd.		172,500		3,398,435
Calbee, Inc.(c)		62,100		2,336,051
Canon, Inc.		774,000		25,380,639
Casio Computer Co. Ltd.		152,500		2,476,755
Central Japan Railway Co.		111,600		23,104,464
Chiba Bank Ltd.		468,800		3,306,402
Chubu Electric Power Co., Inc.		469,200		7,035,364
Chugai Pharmaceutical Co. Ltd.		171,800		8,995,539
Chugoku Electric Power Co., Inc.		201,900		2,608,161
Coca-Cola Bottlers Japan Holdings Inc.		99,900		3,996,948
Concordia Financial Group Ltd.		872,200		4,432,366
Credit Saison Co. Ltd.		132,700		2,084,843
CyberAgent, Inc.		80,600		4,833,850
CYBERDYNE, Inc.(c)(d)		64,800		757,600
Dai Nippon Printing Co. Ltd.		188,200		4,205,639
Dai-ichi Life Holdings, Inc.		834,300		14,848,567
Daicel Corp.		231,500		2,557,347
Daifuku Co. Ltd.		77,600		3,390,473
Daiichi Sankyo Co. Ltd.		438,900		16,767,496
Daikin Industries Ltd.		193,500		23,125,777
Daito Trust Construction Co. Ltd.		57,300		9,321,201
Daiwa House Industry Co. Ltd.		438,200		14,908,363
Daiwa House REIT Investment Corp.		1,422		3,377,192
Daiwa Securities Group, Inc.		1,295,000		7,505,645
DeNA Co. Ltd.		80,700		1,511,165
Denso Corp.		337,900		16,487,570
Dentsu, Inc.		167,413		7,924,974
Disco Corp.		23,100		3,932,612
Don Quijote Holdings Co. Ltd.		91,300		4,382,280
East Japan Railway Co.		238,749		22,863,892
Eisai Co. Ltd.		195,100		13,733,092
Electric Power Development Co. Ltd.		118,400		3,055,938
FamilyMart UNY Holdings Co. Ltd.		58,800		6,191,898
FANUC Corp.		150,000		29,731,763
Fast Retailing Co. Ltd.		45,100		20,670,922
Fuji Electric Co. Ltd.		466,800		3,545,866
FUJIFILM Holdings Corp.		298,700		11,650,092
Fujitsu Ltd.		1,522,000		9,210,406
Fukuoka Financial Group, Inc.		584,000		2,930,686
Hakuhodo DY Holdings, Inc.		187,900		3,012,772
Hamamatsu Photonics KK		108,700		4,666,214
Hankyu Hanshin Holdings, Inc.		177,100		7,113,944
Hikari Tsushin, Inc.		16,600		2,913,287
Hino Motors Ltd.		171,500		1,828,751
Hirose Electric Co. Ltd.		23,310		2,882,851
Hisamitsu Pharmaceutical Co., Inc.		45,600		3,842,273
Hitachi Chemical Co. Ltd.		76,500		1,540,065
Hitachi Construction Machinery Co. Ltd.		79,600		2,580,632
Hitachi High-Technologies Corp.		51,300		2,086,894
Hitachi Ltd.		3,740,000		26,348,234

Security	Shares		Value
Japan (continued)
Hitachi Metals Ltd.		155,000	$	1,607,161
Honda Motor Co. Ltd.		1,261,500		36,988,422
Hoshizaki Corp.		43,600		4,406,322
Hoya Corp.		295,100		16,740,713
Hulic Co. Ltd.		230,900		2,464,412
Idemitsu Kosan Co. Ltd.		104,200		3,705,518
IHI Corp.		113,700		3,954,941
Iida Group Holdings Co. Ltd.		121,000		2,329,437
Inpex Corp.		763,600		7,930,656
Isetan Mitsukoshi Holdings Ltd.		259,605		3,238,803
Isuzu Motors Ltd.		426,700		5,656,831
ITOCHU Corp.		1,093,700		19,780,474
J. Front Retailing Co. Ltd.		175,200		2,661,458
Japan Airlines Co. Ltd.		94,480		3,347,525
Japan Airport Terminal Co. Ltd.		31,500		1,473,171
Japan Exchange Group, Inc.		398,700		7,395,139
Japan Post Bank Co. Ltd.		313,400		3,643,756
Japan Post Holdings Co. Ltd.		1,228,200		13,441,133
Japan Prime Realty Investment Corp.		565		2,052,585
Japan Real Estate Investment Corp.		1,013		5,358,797
Japan Retail Fund Investment Corp.		1,950		3,517,503
Japan Tobacco, Inc.		851,100		23,785,191
JFE Holdings, Inc.		380,300		7,182,993
JGC Corp.		159,800		3,214,376
JSR Corp.		152,000		2,583,127
JTEKT Corp.		169,700		2,303,416
JXTG Holdings, Inc.		2,519,010		17,476,326
Kajima Corp.		689,800		5,329,848
Kakaku.com, Inc.		118,600		2,670,632
Kamigumi Co. Ltd.		83,200		1,726,885
Kaneka Corp.		211,000		1,889,647
Kansai Electric Power Co., Inc.		544,800		7,945,399
Kansai Paint Co. Ltd.		137,100		2,845,164
Kao Corp.		383,000		29,192,862
Kawasaki Heavy Industries Ltd.		109,900		3,232,228
KDDI Corp.		1,401,300		38,318,402
Keihan Holdings Co. Ltd.		81,200		2,911,323
Keikyu Corp.		169,300		2,773,037
Keio Corp.		79,600		3,846,293
Keisei Electric Railway Co. Ltd.		105,000		3,601,733
Keyence Corp.		75,284		42,461,242
Kikkoman Corp.		116,200		5,866,779
Kintetsu Group Holdings Co. Ltd.		137,300		5,598,453
Kirin Holdings Co. Ltd.		636,500		17,061,306
Kobayashi Pharmaceutical Co. Ltd.		39,200		3,383,567
Kobe Steel Ltd.		219,300		2,004,081
Koito Manufacturing Co. Ltd.		80,900		5,343,695
Komatsu Ltd.		714,500		20,340,789
Konami Holdings Corp.		77,800		3,953,147
Konica Minolta, Inc.		337,200		3,127,300
Kose Corp.		22,700		4,882,641
Kubota Corp.		763,900		11,989,361
Kuraray Co. Ltd.		247,100		3,398,470
Kurita Water Industries Ltd.		80,800		2,301,365
Kyocera Corp.		248,400		13,969,493
Kyowa Hakko Kirin Co. Ltd.		205,100		4,128,294
Kyushu Electric Power Co., Inc.		293,500		3,277,139
Kyushu Railway Co.		123,800		3,785,250
Lawson, Inc.		41,900		2,616,739
LINE Corp.(d)		57,300		2,365,744
Lion Corp.		173,600		3,176,574
LIXIL Group Corp.		203,500		4,067,044
M3, Inc.		162,700		6,470,289
Mabuchi Motor Co. Ltd.		32,400		1,537,795

12 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Makita Corp.		173,300	$	7,752,234
Marubeni Corp.		1,210,300		9,214,474
Marui Group Co. Ltd.		141,400		2,974,359
Maruichi Steel Tube Ltd.		39,600		1,341,970
Mazda Motor Corp.		432,380		5,303,830
McDonald’s Holdings Co. Japan Ltd.		48,000		2,447,695
Mebuki Financial Group, Inc.		702,700		2,357,119
Medipal Holdings Corp.		140,600		2,824,268
MEIJI Holdings Co. Ltd.		97,500		8,234,286
MINEBEA MITSUMI, Inc.		297,400		5,011,715
MISUMI Group, Inc.		211,700		6,159,369
Mitsubishi Chemical Holdings Corp.		990,700		8,273,118
Mitsubishi Corp.		1,045,800		28,999,041
Mitsubishi Electric Corp.		1,412,200		18,736,951
Mitsubishi Estate Co. Ltd.		914,800		15,969,571
Mitsubishi Gas Chemical Co., Inc.		125,700		2,840,529
Mitsubishi Heavy Industries Ltd.		234,920		8,539,658
Mitsubishi Materials Corp.		80,900		2,219,499
Mitsubishi Motors Corp.		543,200		4,330,011
Mitsubishi Tanabe Pharma Corp.		175,200		3,024,849
Mitsubishi UFJ Financial Group, Inc.		9,142,074		51,788,751
Mitsubishi UFJ Lease & Finance Co. Ltd.		293,600		1,799,877
Mitsui & Co. Ltd.		1,320,600		21,991,001
Mitsui Chemicals, Inc.		139,500		3,707,732
Mitsui Fudosan Co. Ltd.		690,400		16,630,540
Mitsui OSK Lines Ltd.		81,200		1,952,719
Mizuho Financial Group, Inc.		18,663,364		31,438,158
MS&AD Insurance Group Holdings, Inc.		367,270		11,406,887
Murata Manufacturing Co. Ltd.		139,400		23,401,961
Nabtesco Corp.		88,100		2,706,863
Nagoya Railroad Co. Ltd.		138,400		3,569,988
NEC Corp.		191,800		5,256,053
Nexon Co. Ltd.(d)		312,800		4,538,526
NGK Insulators Ltd.		195,600		3,475,434
NGK Spark Plug Co. Ltd.		129,500		3,681,524
NH Foods Ltd.		71,000		2,870,264
Nidec Corp.		173,000		25,878,994
Nikon Corp.		258,100		4,101,832
Nintendo Co. Ltd.		87,700		28,627,831
Nippon Building Fund, Inc.		1,013		5,843,262
Nippon Electric Glass Co. Ltd.		69,200		1,918,214
Nippon Express Co. Ltd.		59,400		4,304,275
Nippon Paint Holdings Co. Ltd.		116,500		5,010,099
Nippon Prologis REIT, Inc.		1,349		2,799,726
Nippon Steel & Sumitomo Metal Corp.		588,300		11,534,873
Nippon Telegraph & Telephone Corp.		535,300		24,317,598
Nippon Yusen KK		123,600		2,448,731
Nissan Chemical Industries Ltd.		99,100		4,616,278
Nissan Motor Co. Ltd.		1,796,200		17,477,363
Nisshin Seifun Group, Inc.		146,740		3,109,290
Nissin Foods Holdings Co. Ltd.		47,500		3,441,578
Nitori Holdings Co. Ltd.		62,500		9,723,639
Nitto Denko Corp.		125,410		9,468,123
NOK Corp.		60,700		1,172,398
Nomura Holdings, Inc.		2,678,300		12,960,442
Nomura Real Estate Holdings, Inc.		91,900		2,034,744
Nomura Real Estate Master Fund, Inc.		2,958		4,175,906
Nomura Research Institute Ltd.		87,370		4,227,071
NSK Ltd.		277,300		2,854,205
NTT Data Corp.		473,500		5,446,646
NTT DOCOMO, Inc.		1,056,100		26,911,905
Obayashi Corp.		502,500		5,217,666
Obic Co. Ltd.		47,600		3,932,548
Odakyu Electric Railway Co. Ltd.		225,600		4,838,200

Security	Shares		Value
Japan (continued)
Oji Holdings Corp.		662,000	$	4,102,405
Olympus Corp.		225,400		8,431,676
Omron Corp.		149,000		6,940,992
Ono Pharmaceutical Co. Ltd.		294,300		6,889,802
Oracle Corp. Japan		32,400		2,640,762
Oriental Land Co. Ltd.		154,800		16,230,262
ORIX Corp.		1,042,600		16,433,563
Osaka Gas Co. Ltd.		282,400		5,847,359
Otsuka Corp.		80,600		3,155,276
Otsuka Holdings Co. Ltd.		305,500		14,777,861
Panasonic Corp.		1,708,300		23,035,441
Park24 Co. Ltd.		80,300		2,183,799
Pola Orbis Holdings, Inc.		76,600		3,366,225
Rakuten, Inc.		666,000		4,495,276
Recruit Holdings Co. Ltd.		853,000		23,558,706
Renesas Electronics Corp.(d)		644,200		6,297,574
Resona Holdings, Inc.		1,618,456		8,626,009
Ricoh Co. Ltd.		518,700		4,750,114
Rinnai Corp.		24,800		2,185,654
Rohm Co. Ltd.		72,500		6,058,421
Ryohin Keikaku Co. Ltd.		19,200		6,745,409
Sankyo Co. Ltd.		29,600		1,157,502
Santen Pharmaceutical Co. Ltd.		278,000		4,836,201
SBI Holdings, Inc.		157,740		4,044,500
Secom Co. Ltd.		162,500		12,461,128
Sega Sammy Holdings, Inc.		145,432		2,489,136
Seibu Holdings, Inc.		153,000		2,576,477
Seiko Epson Corp.		221,500		3,845,554
Sekisui Chemical Co. Ltd.		304,900		5,186,528
Sekisui House Ltd.		476,100		8,414,772
Seven & i Holdings Co. Ltd.		583,000		25,427,932
Seven Bank Ltd.		430,600		1,314,875
SG Holdings Co. Ltd.		77,000		1,684,514
Sharp Corp.(c)		117,600		2,860,341
Shimadzu Corp.		171,800		5,183,372
Shimamura Co. Ltd.		19,100		1,679,233
Shimano, Inc.		57,400		8,423,141
Shimizu Corp.		421,700		4,364,612
Shin-Etsu Chemical Co. Ltd.		284,200		25,256,403
Shinsei Bank Ltd.		116,200		1,782,899
Shionogi & Co. Ltd.		216,500		11,109,457
Shiseido Co. Ltd.		294,000		23,330,649
Shizuoka Bank Ltd.		349,400		3,141,562
Showa Shell Sekiyu KK		135,500		2,018,799
SMC Corp.		44,300		16,217,812
Softbank Group Corp.		638,700		45,608,349
Sohgo Security Services Co. Ltd.		58,200		2,738,174
Sompo Holdings, Inc.		257,075		10,372,972
Sony Corp.		979,500		50,164,453
Sony Financial Holdings, Inc.		145,900		2,779,847
Stanley Electric Co. Ltd.		102,100		3,476,510
Start Today Co. Ltd.		137,900		4,989,298
Subaru Corp.		476,100		13,847,371
Sumco Corp.		182,300		3,661,391
Sumitomo Chemical Co. Ltd.		1,153,000		6,520,942
Sumitomo Corp.		870,900		14,282,608
Sumitomo Dainippon Pharma Co. Ltd.		123,200		2,603,948
Sumitomo Electric Industries Ltd.		583,600		8,679,663
Sumitomo Heavy Industries Ltd.		85,600		2,884,121
Sumitomo Metal Mining Co. Ltd.		176,000		6,717,344
Sumitomo Mitsui Financial Group, Inc.		1,039,750		40,556,473
Sumitomo Mitsui Trust Holdings, Inc.		256,782		10,130,973
Sumitomo Realty & Development Co. Ltd.		276,000		10,163,692
Sumitomo Rubber Industries Ltd.		117,100		1,856,148

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) June 30, 2018 iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sundrug Co. Ltd.		60,600	$	2,454,997
Suntory Beverage & Food Ltd.		106,500		4,553,161
Suruga Bank Ltd.		140,500		1,251,486
Suzuken Co. Ltd.		61,500		2,600,800
Suzuki Motor Corp.		266,000		14,658,751
Sysmex Corp.		129,300		12,047,475
T&D Holdings, Inc.		430,800		6,461,164
Taiheiyo Cement Corp.		92,500		3,042,910
Taisei Corp.		165,100		9,091,960
Taisho Pharmaceutical Holdings Co. Ltd.		27,300		3,193,647
Taiyo Nippon Sanso Corp.		98,400		1,408,618
Takashimaya Co. Ltd.		210,000		1,796,634
Takeda Pharmaceutical Co. Ltd.		550,900		23,175,300
TDK Corp.		103,400		10,528,482
Teijin Ltd.		134,500		2,463,733
Temp Holdings Co. Ltd.		142,900		3,182,437
Terumo Corp.		235,100		13,458,982
THK Co. Ltd.		91,500		2,612,484
Tobu Railway Co. Ltd.		153,700		4,697,392
Toho Co. Ltd.		90,800		3,041,257
Toho Gas Co. Ltd.		65,800		2,279,440
Tohoku Electric Power Co., Inc.		348,300		4,255,576
Tokio Marine Holdings, Inc.		520,900		24,369,394
Tokyo Century Corp.		34,000		1,924,712
Tokyo Electric Power Co. Holdings, Inc.(d)		1,084,400		5,048,472
Tokyo Electron Ltd.		121,400		20,838,709
Tokyo Gas Co. Ltd.		304,000		8,071,885
Tokyo Tatemono Co. Ltd.		151,100		2,072,597
Tokyu Corp.		386,800		6,656,115
Tokyu Fudosan Holdings Corp.		416,000		2,934,449
Toppan Printing Co. Ltd.		418,000		3,270,040
Toray Industries, Inc.		1,073,000		8,469,034
Toshiba Corp.(d)		5,159,000		15,487,576
Tosoh Corp.		210,000		3,247,058
TOTO Ltd.		109,600		5,072,910
Toyo Seikan Group Holdings Ltd.		108,000		1,895,377
Toyo Suisan Kaisha Ltd.		64,900		2,315,541
Toyoda Gosei Co. Ltd.		43,000		1,088,316
Toyota Industries Corp.		113,500		6,353,249
Toyota Motor Corp.		1,767,388		114,295,174
Toyota Tsusho Corp.		165,000		5,513,757
Trend Micro, Inc.		88,000		5,009,584
Tsuruha Holdings, Inc.		29,900		3,745,088
Unicharm Corp.		312,200		9,386,050
United Urban Investment Corp.		2,246		3,490,085
USS Co. Ltd.		170,400		3,239,739
West Japan Railway Co.		127,400		9,379,744
Yahoo! Japan Corp.		1,038,200		3,439,416
Yakult Honsha Co. Ltd.		82,800		5,536,091
Yamada Denki Co. Ltd.(c)		499,100		2,479,262
Yamaguchi Financial Group, Inc.		151,000		1,698,694
Yamaha Corp.		109,900		5,703,557
Yamaha Motor Co. Ltd.		215,600		5,412,362
Yamato Holdings Co. Ltd.		245,500		7,225,711
Yamazaki Baking Co. Ltd.		93,700		2,456,850
Yaskawa Electric Corp.		185,700		6,539,443
Yokogawa Electric Corp.		165,300		2,935,252
Yokohama Rubber Co. Ltd.		94,600		1,962,203
				2,659,640,164
Luxembourg — 0.3%
ArcelorMittal		513,965		14,995,317
Eurofins Scientific SE		8,852		4,909,410
RTL Group SA		28,675		1,943,219

Security	Shares		Value
Luxembourg (continued)
Tenaris SA		365,384	$	6,668,263
				28,516,209
Mexico — 0.0%
Fresnillo PLC		157,552		2,374,262
Netherlands — 5.4%
ABN AMRO Group NV CVA(e)		327,303		8,464,635
Aegon NV		1,378,312		8,229,370
Akzo Nobel NV		195,469		16,671,991
ASML Holding NV		317,160		62,761,124
CNH Industrial NV		770,613		8,140,357
EXOR NV		83,915		5,615,362
Heineken Holding NV		89,147		8,525,656
Heineken NV		200,561		20,093,897
ING Groep NV		3,006,751		43,160,448
Koninklijke Ahold Delhaize NV		964,739		23,035,641
Koninklijke DSM NV		140,381		14,043,577
Koninklijke KPN NV		2,601,617		7,074,260
Koninklijke Philips NV		728,044		30,845,728
Koninklijke Vopak NV		56,102		2,585,849
NN Group NV		237,295		9,623,832
NXP Semiconductors NV(d)		265,901		29,055,002
QIAGEN NV(d)		176,600		6,401,604
Randstad NV		92,172		5,410,052
Royal Dutch Shell PLC, Class A		3,557,111		123,107,731
Royal Dutch Shell PLC, Class B		2,898,133		103,790,846
Unilever NV CVA		1,194,119		66,532,656
Wolters Kluwer NV		224,638		12,619,427
				615,789,045
New Zealand — 0.2%
a2 Milk Co. Ltd.(d)		566,041		4,383,946
Auckland International Airport Ltd.		741,565		3,402,519
Fisher & Paykel Healthcare Corp. Ltd.		454,154		4,576,531
Fletcher Building Ltd.		660,277		3,098,496
Meridian Energy Ltd.		1,026,590		2,168,425
Ryman Healthcare Ltd.		309,098		2,503,708
Spark New Zealand Ltd.		1,419,834		3,583,315
				23,716,940
Norway — 0.7%
Aker BP ASA		86,094		3,166,809
DNB ASA		756,186		14,725,255
Gjensidige Forsikring ASA		147,880		2,421,015
Marine Harvest ASA		322,384		6,409,924
Norsk Hydro ASA		1,040,599		6,211,591
Orkla ASA		630,732		5,518,202
Schibsted ASA, Class B		81,163		2,289,679
Statoil ASA		899,975		23,797,634
Telenor ASA		580,889		11,896,894
Yara International ASA		137,414		5,685,116
				82,122,119
Portugal — 0.2%
EDP — Energias de Portugal SA		1,950,401		7,730,438
Galp Energia SGPS SA		387,859		7,378,493
Jeronimo Martins SGPS SA		194,770		2,805,562
				17,914,493
Singapore — 1.2%
Ascendas Real Estate Investment Trust		1,926,046		3,729,867
CapitaLand Commercial Trust		2,021,960		2,462,180
CapitaLand Ltd.		1,984,449		4,593,007
CapitaLand Mall Trust		2,027,900		3,082,487
City Developments Ltd.		288,935		2,314,344

14 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
ComfortDelGro Corp. Ltd.		1,633,016	$	2,810,392
DBS Group Holdings Ltd.		1,388,807		27,008,154
Genting Singapore Ltd.		4,904,827		4,391,845
Golden Agri-Resources Ltd.		4,730,351		1,056,189
Jardine Cycle & Carriage Ltd.		76,156		1,779,224
Keppel Corp. Ltd.		1,125,577		5,888,103
Oversea-Chinese Banking Corp. Ltd.		2,433,798		20,730,473
SATS Ltd.		510,700		1,870,665
Sembcorp Industries Ltd.		828,690		1,669,382
Singapore Airlines Ltd.		436,609		3,419,282
Singapore Exchange Ltd.		653,700		3,435,129
Singapore Press Holdings Ltd.		816,785		1,556,516
Singapore Technologies Engineering Ltd.		1,208,013		2,911,832
Singapore Telecommunications Ltd.		6,317,432		14,263,477
Suntec Real Estate Investment Trust		1,647,200		2,088,570
United Overseas Bank Ltd.		1,034,747		20,279,726
UOL Group Ltd.		388,899		2,171,776
Venture Corp. Ltd.		217,800		2,845,559
Wilmar International Ltd.		1,530,870		3,432,849
				139,791,028
Spain — 2.9%
ACS Actividades de Construccion y Servicios SA		200,609		8,093,759
Aena SME SA(e)		53,605		9,705,017
Amadeus IT Group SA		339,546		26,699,318
Banco Bilbao Vizcaya Argentaria SA		5,159,389		36,386,926
Banco de Sabadell SA		4,353,959		7,270,286
Banco Santander SA		12,485,620		66,728,957
Bankia SA		954,817		3,560,576
Bankinter SA		544,954		5,287,686
CaixaBank SA		2,776,943		11,952,752
Enagas SA		113,026		3,296,543
Endesa SA		259,619		5,709,436
Ferrovial SA		385,057		7,879,265
Gas Natural SDG SA		278,657		7,366,529
Grifols SA		231,982		6,953,154
Iberdrola SA		4,483,620		34,576,560
Industria de Diseno Textil SA		844,046		28,743,223
Mapfre SA		957,059		2,876,670
Red Electrica Corp. SA		324,891		6,600,487
Repsol SA		1,023,690		19,981,487
Siemens Gamesa Renewable Energy SA		174,013		2,326,061
Telefonica SA		3,615,749		30,688,435
				332,683,127
Sweden — 2.5%
Alfa Laval AB		222,168		5,244,909
Assa Abloy AB, Class B		775,545		16,450,544
Atlas Copco AB, A Shares		519,596		15,047,774
Atlas Copco AB, B Shares		301,939		7,866,055
Boliden AB		217,088		7,006,181
Electrolux AB, Class B		180,611		4,098,714
Epiroc AB, Class A(d)		519,596		5,452,517
Epiroc AB, Class B(d)		301,939		2,764,284
Essity AB, Class B		469,171		11,542,345
Hennes & Mauritz AB, Class B(c)		678,132		10,094,027
Hexagon AB, Class B		200,034		11,115,313
Husqvarna AB, Class B		323,009		3,055,711
ICA Gruppen AB		58,761		1,797,695
Industrivarden AB, Class C		121,322		2,340,318
Investor AB, Class B		352,438		14,276,072
Kinnevik AB, Class B		181,301		6,178,218
L E Lundbergforetagen AB, B Shares		63,300		1,937,482
Lundin Petroleum AB		154,032		4,888,985
Millicom International Cellular SA		51,169		3,007,309

Security	Shares		Value
Sweden (continued)
Nordea Bank AB		2,350,289	$	22,545,351
Sandvik AB		873,542		15,427,606
Securitas AB, Class B		242,285		3,973,000
Skandinaviska Enskilda Banken AB, Class A		1,259,317		11,918,650
Skanska AB, Class B		263,178		4,763,709
SKF AB, Class B		287,663		5,325,297
Svenska Handelsbanken AB, Class A		1,181,648		13,087,277
Swedbank AB, Class A		700,727		14,929,858
Swedish Match AB		140,671		6,952,199
Tele2 AB, Class B		279,837		3,277,562
Telefonaktiebolaget LM Ericsson, Class B		2,377,318		18,315,327
Telia Co. AB		2,177,809		9,926,206
Volvo AB, Class B		1,211,737		19,258,278
				283,864,773
Switzerland — 8.2%
ABB Ltd., Registered Shares		1,425,995		31,106,531
Adecco SA, Registered Shares		125,813		7,424,738
Baloise Holding AG, Registered Shares		37,796		5,482,579
Barry Callebaut AG, Registered Shares		1,699		3,044,467
Chocoladefabriken Lindt & Spruengli AG		814		5,276,038
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		78		5,925,509
Cie Financiere Richemont SA, Registered Shares		403,906		34,143,968
Clariant AG, Registered Shares(d)		154,106		3,687,522
Coca-Cola HBC AG(d)		160,678		5,348,109
Credit Suisse Group AG, Registered Shares(d)		1,977,757		29,573,527
Dufry AG, Registered Shares(d)		25,010		3,180,842
EMS-Chemie Holding AG, Registered Shares		6,334		4,052,541
Ferguson PLC		188,188		15,225,871
Geberit AG, Registered Shares		28,661		12,271,606
Givaudan SA, Registered Shares		7,145		16,182,115
Glencore PLC(d)		8,929,109		42,393,526
Julius Baer Group Ltd.(d)		173,176		10,143,166
Kuehne + Nagel International AG, Registered Shares		42,018		6,307,803
LafargeHolcim Ltd., Registered Shares(d)		375,685		18,266,656
Lonza Group AG, Registered Shares(d)		57,621		15,226,139
Nestle SA, Registered Shares		2,408,086		186,628,598
Novartis AG, Registered Shares		1,721,104		130,375,224
Pargesa Holding SA, Bearer Shares		29,397		2,488,188
Partners Group Holding AG		13,429		9,817,207
Roche Holding AG		543,620		120,606,434
Schindler Holding AG, Participation Certificates		31,555		6,774,948
Schindler Holding AG, Registered Shares		15,640		3,285,431
SGS SA, Registered Shares		4,135		10,987,495
Sika AG, Registered Shares		101,640		14,043,546
Sonova Holding AG, Registered Shares		42,968		7,686,269
STMicroelectronics NV		528,421		11,732,684
Straumann Holding AG, Registered Shares		7,986		6,056,469
Swatch Group AG, Bearer Shares		23,863		11,296,303
Swatch Group AG, Registered Shares		43,192		3,729,492
Swiss Life Holding AG, Registered Shares(d)		26,481		9,182,321
Swiss Prime Site AG, Registered Shares(d)		55,308		5,081,678
Swiss Re AG		243,355		21,247,046
Swisscom AG, Registered Shares		20,041		8,944,973
Temenos Group AG, Registered Shares(d)		46,598		7,007,712
UBS Group AG, Registered Shares(d)		2,981,968		45,714,623
Vifor Pharma AG		35,206		5,615,838
Zurich Insurance Group AG		117,105		34,631,442
				937,197,174
United Arab Emirates — 0.1%
Mediclinic International PLC		301,814		2,090,920
NMC Health PLC		82,863		3,900,177
				5,991,097

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) June 30, 2018 iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom — 14.9%
3i Group PLC		752,792	$	8,912,401
Admiral Group PLC		155,566		3,909,731
Anglo American PLC		815,133		18,096,703
Ashtead Group PLC		382,752		11,398,099
Associated British Foods PLC		275,657		9,939,724
AstraZeneca PLC		979,895		67,776,573
Auto Trader Group PLC(e)		737,107		4,131,037
Aviva PLC		3,105,312		20,604,013
Babcock International Group PLC		186,632		2,005,262
BAE Systems PLC		2,465,845		20,977,710
Barclays PLC		13,203,374		32,635,232
Barratt Developments PLC		783,470		5,311,076
Berkeley Group Holdings PLC		99,213		4,942,096
BP PLC		15,412,356		117,265,175
British American Tobacco PLC		1,774,742		89,399,736
British Land Co. PLC		722,269		6,389,901
BT Group PLC		6,525,653		18,720,429
Bunzl PLC		256,787		7,755,258
Burberry Group PLC		323,651		9,198,339
Carnival PLC		140,829		8,049,072
Centrica PLC		4,416,834		9,171,028
Coca-Cola European Partners PLC		168,659		6,854,302
Compass Group PLC		1,225,232		26,116,586
ConvaTec Group PLC(e)		1,141,030		3,185,475
Croda International PLC		101,667		6,423,029
Diageo PLC		1,903,591		68,388,232
Direct Line Insurance Group PLC		1,065,981		4,810,422
easyJet PLC		124,400		2,736,787
Experian PLC		710,841		17,535,461
Fiat Chrysler Automobiles NV(d)		834,169		15,735,964
G4S PLC		1,196,217		4,213,586
GlaxoSmithKline PLC		3,836,487		77,347,157
Hammerson PLC		614,547		4,223,434
Hargreaves Lansdown PLC		220,207		5,708,140
HSBC Holdings PLC		15,483,918		144,687,138
Imperial Brands PLC		737,970		27,406,810
Informa PLC		966,983		10,629,153
InterContinental Hotels Group PLC		139,658		8,681,869
International Consolidated Airlines Group SA		475,414		4,160,358
Intertek Group PLC		124,879		9,389,722
Investec PLC		509,094		3,599,675
ITV PLC		2,798,694		6,398,488
J. Sainsbury PLC		1,345,634		5,694,411
John Wood Group PLC		523,885		4,326,243
Johnson Matthey PLC		150,516		7,167,049
Kingfisher PLC		1,671,924		6,538,239
Land Securities Group PLC		573,715		7,227,845
Legal & General Group PLC		4,610,543		16,126,931
Lloyds Banking Group PLC		55,778,089		46,280,004
London Stock Exchange Group PLC		241,464		14,214,866
Marks & Spencer Group PLC		1,257,175		4,883,457
Meggitt PLC		600,764		3,898,475
Melrose Industries PLC		3,747,924		10,486,930
Merlin Entertainments PLC(e)		513,907		2,620,254
Micro Focus International PLC		329,059		5,709,608
Mondi PLC		284,159		7,666,064
National Grid PLC		2,605,931		28,798,317
Next PLC		111,019		8,836,973
Pearson PLC		628,461		7,318,866
Persimmon PLC		239,015		7,961,518
Prudential PLC		2,001,923		45,636,488
Quilter PLC(d)(e)		1,272,273		2,433,327
Randgold Resources Ltd.		73,002		5,618,768
Reckitt Benckiser Group PLC		517,354		42,508,306
RELX NV		747,436		15,889,621

Security	Shares		Value
United Kingdom (continued)
RELX PLC		819,014	$	17,490,015
Rio Tinto Ltd.		319,113		19,716,486
Rio Tinto PLC		929,816		51,250,051
Rolls-Royce Holdings PLC(d)		1,288,473		16,782,465
Royal Bank of Scotland Group PLC(d)		3,703,554		12,468,137
Royal Mail PLC		696,390		4,633,029
RSA Insurance Group PLC		781,602		6,990,112
Sage Group PLC		838,304		6,923,713
Schroders PLC		101,512		4,212,423
Segro PLC		776,031		6,834,392
Severn Trent PLC		182,818		4,766,756
Shire PLC		704,159		39,671,515
Sky PLC		798,071		15,369,902
Smith & Nephew PLC		677,017		12,470,866
Smiths Group PLC		306,220		6,840,174
SSE PLC		784,982		14,012,364
St. James’s Place PLC		399,522		6,028,029
Standard Chartered PLC		2,168,299		19,695,562
Standard Life Aberdeen PLC		2,074,592		8,883,746
Taylor Wimpey PLC		2,511,889		5,913,045
Tesco PLC		7,527,985		25,471,650
Travis Perkins PLC		193,502		3,625,972
Unilever PLC		953,100		52,649,677
United Utilities Group PLC		533,375		5,362,172
Vodafone Group PLC		20,640,008		49,996,108
Weir Group PLC		186,413		4,895,623
Whitbread PLC		146,231		7,622,648
WM Morrison Supermarkets PLC		1,729,398		5,736,413
Worldpay, Inc., Class A(d)		2		163
WPP PLC		982,632		15,438,695
				1,694,414,846
Total Common Stocks — 96.6% (Cost — $10,009,104,390)				11,007,648,549
Preferred Securities — 0.5%
Preferred Stocks
Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, 0.00%		41,916		3,334,331
Fuchs Petrolub SE, Preference Shares, 0.00%		49,154		2,418,690
Henkel AG & Co. KGaA, Preference Shares, 0.00%		137,857		17,590,369
Porsche Automobil Holding SE, Preference Shares, 0.00%		118,483		7,523,134
Schaeffler AG, Preference Shares, 0.00%		128,445		1,667,107
Volkswagen AG, Preference Shares, 0.00%		143,599		23,724,026
				56,257,657
Total Preferred Securities — 0.5% (Cost — $54,664,682)				56,257,657
Rights — 0.0%
Italy — 0.0%
Intesa Sanpaolo SpA (Expires 17/07/18)(d)		11,152,540		130
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA (Expires 11/07/18)(d)		200,609		206,627
Repsol SA (Expires 07/06/18)(d)		1,023,690		581,116
				787,743
Total Rights — 0.0% (Cost — $795,026)				787,873
Total Long-Term Investments — 97.1% (Cost — $10,064,564,098)				11,064,694,079

16 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.70%(f)(g)(h)		46,069,350	$	46,078,565
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.73%(g)(h)		17,972,556		17,972,556
Total Short-Term Securities — 0.5% (Cost — $64,048,672)				64,051,121
Total Investments — 97.6% (Cost — $10,128,612,770)				11,128,745,200
Other Assets Less Liabilities — 2.4%				268,009,264
Net Assets — 100.0%			$	11,396,754,464

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

^(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)  Security, or a portion of the security, is on loan.

^(d)  Non-income producing security.

^(e)  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.

^(f)  All or a portion of security was purchased with the cash collateral from loaned securities.

^(g)  Annualized 7-day yield as of period end.

^(h)  During the six months ended June 30, 2018, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate	Shares Held at 12/31/17		Shares Purchased		Shares Sold			Shares/ Investment Value Held at 06/30/18		Value at 06/30/18		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		49,359,160		—		(3,289,810	)(b)		46,069,350	$	46,078,565	$	435,414	(c)	$	39	$	4,076
BlackRock Cash Funds: Treasury, SL Agency Shares		31,372,620		—		(13,400,064	)(b)		17,972,556		17,972,556		232,401			—		—
iShares MSCI EAFE ETF		—		2,699,998		(2,699,998	)		—		—		—			—		—
										$	64,051,121	$	667,815		$	39	$	4,076

^(a) Includes net capital gain distributions, if applicable.

^(b) Represents net shares/investment value sold.

^(c)  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
NIikkei 225 Index		736		09/13/18	$73,922	$	(1,607,184	)
SPI 200 Index		328		09/20/18	37,309		291,356
Euro Stoxx 50 Index		2,865		09/21/18	113,454		(2,327,478	)
FTSE 100 Index		725		09/21/18	72,733		(388,404	)
						$	(4,031,710	)

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) June 30, 2018 iShares MSCI EAFE International Index Fund

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	—	$	—	$	291,356	$	—	$	—	$	—	$	291,356
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	—	$	—	$	4,323,066	$	—	$	—	$	—	$	4,323,066

^(a) Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the six months ended June 30, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	5,284,911		$	—	$	3	$	—	$	5,284,914
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(4,328,745	)	$	—	$	—	$	—	$	(4,328,745	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	233,148,369

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Australia	$	—	$	781,935,669	$	9	$	781,935,678
Austria		—		26,863,577		—		26,863,577
Belgium		2,653,031		116,676,324		—		119,329,355
Chile		—		3,787,553		—		3,787,553
China		—		3,759,337		—		3,759,337
Denmark		—		182,769,738		—		182,769,738
Finland		—		114,496,271		—		114,496,271
France		25,382,380		1,158,420,696		—		1,183,803,076
Germany		2,862,152		993,062,401		—		995,924,553
Hong Kong		14,797,658		382,148,802		—		396,946,460
Ireland		27,942,053		51,278,290		—		79,220,343
Isle of Man		—		5,685,078		—		5,685,078
Israel		28,061,390		30,127,505		—		58,188,895
Italy		—		230,923,358		—		230,923,358
Japan		4,175,906		2,655,464,258		—		2,659,640,164
Luxembourg		—		28,516,209		—		28,516,209
Mexico		—		2,374,262		—		2,374,262
Netherlands		29,055,002		586,734,043		—		615,789,045

18 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 iShares MSCI EAFE International Index Fund

	Level 1			Level 2		Level 3		Total
New Zealand	$	—		$	23,716,940	$	—	$	23,716,940
Norway		—			82,122,119		—		82,122,119
Portugal		—			17,914,493		—		17,914,493
Singapore		4,391,845			135,399,183		—		139,791,028
Spain		—			332,683,127		—		332,683,127
Sweden		8,216,801			275,647,972		—		283,864,773
Switzerland		—			937,197,174		—		937,197,174
United Arab Emirates		—			5,991,097		—		5,991,097
United Kingdom		9,287,792			1,685,127,054		—		1,694,414,846
Preferred Stocks		—			56,257,657		—		56,257,657
Rights		787,743			130		—		787,873
Short-Term Securities		64,051,121			—		—		64,051,121
	$	221,664,874		$	10,907,080,317	$	9	$	11,128,745,200
Derivative Financial Instruments(a)
Assets:
Equity contracts	$	291,356		$	—	$	—	$	291,356
Liabilities:
Equity contracts		(4,323,066	)		—		—		(4,323,066	)
	$	(4,031,710	)	$	—	$	—	$	(4,031,710	)

^(a) Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

Transfers between Level 1 and Level 2 were as follows:

	Transfers Into Level 1 (a)		Transfers Out of Level 1 (a)			Transfers Into Level 2 (a)		Transfers Out of Level 2 (a)
Assets:
Investments:
Common Stocks:
Austria	$	—	$	—		$	10,381,762	$	(10,381,762	)
Belgium		2,031,552		(2,031,552	)		3,299,932		(3,299,932	)
Denmark		—		—			20,833,994		(20,833,994	)
Finland		—		—			9,830,051		(9,830,051	)
France		2,181,324		(2,181,324	)		32,406,257		(32,406,257	)
Germany							37,444,687		(37,444,687	)
Hong Kong		8,213,977		(8,213,977	)		38,900,745		(38,900,745	)
Ireland		—		—			8,816,368		(8,816,368	)
Israel		—		—			2,670,427		(2,670,427	)
Italy		—		—			10,082,828		(10,082,828	)
Japan		—		—			30,653,740		(30,653,740	)
Netherlands		—		—			4,465,620		(4,465,620	)
New Zealand		—		—			5,233,827		(5,233,827
Portugal		—		—			8,818,657		(8,818,657	)
Singapore		—		—			1,985,599		(1,985,599	)
Sweden		—		—			3,146,139		(3,146,139	)
Switzerland		—		—			18,884,582		(18,884,582	)
United Arab Emirates		—		—			2,021,307		(2,021,307	)
United Kingdom		—		—			118,964,191		(118,964,191	)
	$	12,426,853	$	(12,426,853	)	$	368,840,713	$	(368,840,713	)

^(a) External pricing service used to reflect any significant market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 19

Statements of Assets and Liabilities  (unaudited)

June 30, 2018

	iShares MSCI EAFE International Index Fund			iShares Russell 2000 Small-Cap Index Fund
ASSETS
Investments at value — unaffiliated (including securities loaned at value of $43,934,311)(a)	$	11,064,694,079		$	—
Investments at value — Master Small Cap Index Series		—			1,231,518,841
Investments at value — affiliated(b)		64,051,121			—
Foreign currency at value(c)		249,536,243			—
Cash pledged for futures contracts		15,052,765			—
Receivables:
Investments sold		8,019,336			—
Capital shares sold		31,119,200			6,804,641
Dividends — unaffiliated		39,788,339			—
Dividends — affiliated		22,644			—
Variation margin on futures contracts		1,617,300			—
Receivable from Manager		193,577			14,755
Securities lending income — affiliated		62,335			—
Withdrawals from the Master Small Cap Index Series		—			5,881,440
Prepaid expenses		177,482			64,345
Total assets		11,474,334,421			1,244,284,022
LIABILITIES
Cash collateral on securities loaned at value		46,079,473			—
Payables:
Board realignment and consolidation		193,577			14,755
Investments purchased		7,862,691			—
Capital shares redeemed		21,998,648			12,686,484
Investment advisory fees		95,055			27
Directors’ and Officer’s fees		45,175			—
Professional fees		119,677			—
Service fees		73,108			60,411
Other affiliates		12,576			—
Other accrued expenses		1,099,977			99,651
Total liabilities		77,579,957			12,861,328
NET ASSETS	$	11,396,754,464		$	1,231,422,694
NET ASSETS CONSIST OF
Paid-in capital	$	10,483,342,262		$	1,011,278,294
Undistributed net investment income		215,462,550			7,221,358
Accumulated net realized gain (loss)		(296,267,772	)		82,201,604
Net unrealized appreciation (depreciation)		994,217,424			130,721,438
NET ASSETS	$	11,396,754,464		$	1,231,422,694
NET ASSET VALUE
Institutional:
Net assets	$	754,976,001		$	143,953,697
Shares outstanding		54,610,520			6,776,370
Net asset value	$	13.82		$	21.24
Shares Authorized		1.208 billion			208 million
Investor A:
Net assets	$	351,689,700		$	299,443,773
Shares outstanding		25,633,165			14,103,366
Net asset value	$	13.72		$	21.23
Shares authorized		208 million			208 million
Class K:
Net assets	$	10,290,088,763		$	788,025,224
Shares outstanding		743,803,279			36,995,131
Net asset value	$	13.83		$	21.30
Shares authorized		1.208 billion			1.208 billion
(a) Investments at cost — unaffiliated	$	10,064,564,098		$	—
(b) Investments at cost — affiliated	$	64,048,672		$	—
(c) Foreign currency at cost	$	251,058,618		$	—

See notes to financial statements.

20 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended June 30, 2018

	iShares MSCI EAFE International Index Fund			iShares Russell 2000 Small-Cap Index Fund
INVESTMENT INCOME
Dividends — unaffiliated	$	263,191,808		$	—
Securities lending income — affiliated — net		435,414			—
Dividends — affiliated		232,401			—
Interest — unaffiliated		2,784			—
Foreign taxes withheld		(24,439,159	)		—
Net investment income allocated from the Master Small Cap Index Series:
Dividends — unaffiliated		—			6,178,959
Dividends — affiliated		—			795,402
Securities lending income — affiliated — net		—			662,727
Interest — unaffiliated		—			7,387
Foreign taxes withheld		—			(881	)
Expenses		—			(226,319	)
Fees waived		—			9,235
Total investment income		239,423,248			7,426,510
EXPENSES
Board realignment and consolidation		193,577			14,755
Investment advisory		571,841			—
Administration		—			213,171
Service and distribution — class specific		458,769			344,719
Transfer agent — class specific		667,298			153,141
Accounting services		758,991			27
Custodian		539,024			—
Directors and Officer		98,771			164
Printing		41,750			13,125
Registration		297,895			67,263
Professional		77,307			32,021
Miscellaneous		94,736			6,427
Total expenses		3,799,959			844,813
Less:
Fees waived and/or reimbursed by the Manager		(215,301	)		—
Fees waived and/or reimbursed by the Administrator		—			(190,650	)
Transfer agent fees waived and/or reimbursed — class specific		(6,732	)		(46,467	)
Total expenses after fees waived and/or reimbursed		3,577,926			607,696
Net investment income		235,845,322			6,818,814
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) allocated from the Master Small Cap Index Series from:
Investments — unaffiliated		—			58,182,332
Futures contracts		—			1,309,292
Net realized gain (loss) from:
Investments — unaffiliated		(67,256,518	)		—
Investments — affiliated		39			—
Futures contracts		5,284,914			—
Litigation proceeds		4,493			—
Foreign currency transactions		(4,643,965	)		—
Payment from affiliate		61,270			—
		(66,549,767	)		59,491,624
Net change in unrealized appreciation (depreciation) allocated from the Master Small Cap Index Series from:
Investments — unaffiliated		—			15,157,259
Futures contracts		—			(64,792	)
Net change in unrealized appreciation (depreciation) from:
Investments — unaffiliated		(459,879,223	)		—
Investments — affiliated		4,076			—
Futures contracts		(4,328,745	)		—
Foreign currency translations		(3,340,837	)		—
		(467,544,729	)		15,092,467
Net realized and unrealized gain (loss)		(534,094,496	)		74,584,091
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(298,249,174	)	$	81,402,905

See notes to financial statements.

FINANCIAL STATEMENTS 21

Statements of Changes in Net Assets

	iShares MSCI EAFE International Index Fund
	Six Months Ended 06/30/18 (unaudited)			Year Ended 12/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	235,845,322		$	225,974,925
Net realized gain (loss)		(66,549,767	)		6,317,117
Net change in unrealized appreciation (depreciation)		(467,544,729	)		1,445,707,977
Net increase (decrease) in net assets resulting from operations		(298,249,174	)		1,678,000,019
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income:
Institutional		—			(16,771,562	)
Investor A		—			(8,109,165	)
Class K		—			(227,191,990	)
Decrease in net assets resulting from distributions to shareholders		—			(252,072,717	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,105,913,487			4,232,876,805
NET ASSETS
Total increase in net assets		807,664,313			5,658,804,107
Beginning of period		10,589,090,151			4,930,286,044
End of period	$	11,396,754,464		$	10,589,090,151
Undistributed (distributions in excess of) net investment income, end of period	$	215,462,550		$	(20,382,772	)

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

22 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Russell 2000 Small-Cap Index Fund
	Six Months Ended 06/30/18 (unaudited)		Year Ended 12/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,818,814	$	8,186,098
Net realized gain		59,491,624		16,647,042
Net change in unrealized appreciation (depreciation)		15,092,467		70,891,697
Net increase in net assets resulting from operations		81,402,905		95,724,837
DISTRIBUTIONS(a)
From net investment income:
Institutional		—		(1,680,080	)
Investor A		—		(2,063,099	)
Class K		—		(4,819,656	)
From net realized gain:
Institutional		—		(3,410,143	)
Investor A		—		(5,150,199	)
Class K		—		(9,528,915	)
Decrease in net assets resulting from distributions to shareholders		—		(26,652,092	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		257,858,474		416,788,798
NET ASSETS
Total increase in net assets		339,261,379		485,861,543
Beginning of period		892,161,315		406,299,772
End of period	$	1,231,422,694	$	892,161,315
Undistributed net investment income, end of period	$	7,221,358	$	402,544

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 23

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI EAFE International Index Fund
	Institutional
	Six Months Ended 06/30/18 (unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	14.18		$	11.60		$	11.81		$	12.21		$	13.11		$	11.06
Net investment income(a)		0.29			0.39			0.28			0.34			0.24			0.32
Net realized and unrealized gain (loss)		(0.65	)		2.53			(0.16	)		(0.46	)		(1.04	)		2.04
Net increase (decrease) from investment operations		(0.36	)		2.92			0.12			(0.12	)		(0.80	)		2.36
Distributions from net investment income(b)		—			(0.34	)		(0.33	)		(0.28	)		(0.10	)		(0.31	)
Net asset value, end of period	$	13.82		$	14.18		$	11.60		$	11.81		$	12.21		$	13.11
Total Return(c)
Based on net asset value		(2.54	)%(d)		25.24	%		0.99	%		(0.91	)%		(6.13	)%		21.52	%
Ratios to Average Net Assets
Total expenses		0.10	%(e)		0.09	%		0.15	%(f)(g)		0.12	%(f)(g)		0.16	%(f)(g)		0.40	%(f)(g)
Total expenses after fees waived and paid indirectly		0.10	%(e)		0.09	%		0.11	%(f)(g)		0.09	%(f)(g)		0.11	%(f)(g)		0.35	%(f)(g)
Net investment income		4.14	%(e)		2.92	%		2.44	%(f)(g)		2.68	%(f)(g)		1.91	%(f)(g)		2.64	%(f)(g)
Supplemental Data
Net assets, end of period (000)	$	754,976		$	705,986		$	649,763		$	2,702,936		$	1,764,794		$	71,826
Portfolio turnover rate of the Series		6	%		23	%		42	%(h)		9	%(i)		6	%(i)		8	%(i)

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Annualized.

^(f)�� Includes the Fund’s share of the Master Portfolio’s allocated fees waived of less than 0.01%.

^(g)  Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income.

^(h)  Portfolio turnover rate includes transactions from Master International Index prior to August 1, 2016.

⁽ⁱ⁾  Portfolio turnover rate of Master International Index.

See notes to financial statements.

24 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE International Index Fund (continued)
	Investor A
	Six Months Ended 06/30/18 (unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	14.09		$	11.54		$	11.75		$	12.12		$	13.02		$	10.99
Net investment income(a)		0.26			0.34			0.32			0.32			0.41			0.29
Net realized and unrealized gain (loss)		(0.63	)		2.52			(0.23	)		(0.46	)		(1.25	)		2.02
Net increase (decrease) from investment operations		(0.37	)		2.86			0.09			(0.14	)		(0.84	)		2.31
Distributions from net investment income(b)		—			(0.31	)		(0.30	)		(0.23	)		(0.06	)		(0.28	)
Net asset value, end of period	$	13.72		$	14.09		$	11.54		$	11.75		$	12.12		$	13.02
Total Return(c)
Based on net asset value		(2.63	)%(d)		24.84	%		0.78	%		(1.14	)%		(6.45	)%		21.20	%
Ratios to Average Net Assets
Total expenses		0.36	%(e)		0.36	%		0.38	%(f)(g)		0.42	%(f)(g)		0.52	%(f)(g)		0.69	%(f)(g)
Total expenses after fees waived and paid indirectly		0.36	%(e)		0.35	%		0.37	%(f)(g)		0.37	%(f)(g)		0.43	%(f)(g)		0.60	%(f)(g)
Net investment income		3.74	%(e)		2.60	%		2.78	%(f)(g)		2.54	%(f)(g)		3.13	%(f)(g)		2.41	%(f)(g)
Supplemental Data
Net assets, end of period (000)	$	351,690		$	373,846		$	238,053		$	168,008		$	332,475		$	308,624
Portfolio turnover rate of the Series		6	%		23	%		42	%(h)		9	%(i)		6	%(i)		8	%(i)

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Annualized.

^(f)  Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income.

^(g)  Includes the Fund’s share of the Master Portfolio’s allocated fees waived of less than 0.01%.

^(h)  Portfolio turnover rate includes transactions from Master International Index prior to August 1, 2016.

⁽ⁱ⁾  Portfolio turnover rate of Master International Index.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 25

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE International Index Fund (continued)
	Class K
	Six Months Ended 06/30/18 (unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	14.18		$	11.61		$	11.82		$	12.21		$	13.11		$	11.06
Net investment income(a)		0.29			0.38			0.38			0.28			0.34			0.28
Net realized and unrealized gain (loss)		(0.64	)		2.54			(0.26	)		(0.38	)		(1.14	)		2.09
Net increase (decrease) from investment operations		(0.35	)		2.92			0.12			(0.10	)		(0.80	)		2.37
Distributions from net investment income(b)		—			(0.35	)		(0.33	)		(0.29	)		(0.10	)		(0.32	)
Net asset value, end of period	$	13.83		$	14.18		$	11.61		$	11.82		$	12.21		$	13.11
Total Return(c)
Based on net asset value		(2.47	)%(d)		25.17	%		1.03	%		(0.81	)%		(6.12	)%		21.57	%
Ratios to Average Net Assets
Total expenses		0.05	%(e)		0.06	%		0.07	%(f)(g)		0.12	%(f)(g)		0.15	%(f)(g)		0.36	%(f)(g)
Total expenses after fees waived and paid indirectly		0.05	%(e)		0.06	%		0.07	%(f)(g)		0.07	%(f)(g)		0.11	%(f)(g)		0.30	%(f)(g)
Net investment income		4.14	%(e)		2.80	%		3.25	%(f)(g)		2.25	%(f)(g)		2.65	%(f)(g)		2.29	%(f)(g)
Supplemental Data
Net assets, end of period (000)	$	10,290,089		$	9,509,257		$	4,042,470		$	113,314		$	16,014		$	2,336
Portfolio turnover rate of the Series		6	%		23	%		42	%(h)		9	%(i)		6	%(i)		8	%(i)

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Annualized.

^(f)  Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income.

^(g)  Includes the Fund’s share of the Master Portfolio’s allocated fees waived of less than 0.01%.

^(h)  Portfolio turnover rate includes transactions from Master International Index prior to August 1, 2016.

⁽ⁱ⁾  Portfolio turnover rate of Master International Index.

See notes to financial statements.

26 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Russell 2000 Small-Cap Index Fund
	Institutional
	Six Months Ended 06/30/18 (unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	19.72		$	17.76		$	15.32		$	16.60		$	17.51		$	12.99
Net investment income(a)		0.13			0.25			0.23			0.24			0.20			0.22
Net realized and unrealized gain (loss)		1.39			2.34			3.03			(0.97	)		0.56			4.83
Net increase (decrease) from investment operations		1.52			2.59			3.26			(0.73	)		0.76			5.05
Distributions(b)
From net investment income		—			(0.21	)		(0.22	)		(0.14	)		(0.26	)		(0.19	)
From net realized gain		—			(0.42	)		(0.60	)		(0.41	)		(1.41	)		(0.34	)
Total distributions		—			(0.63	)		(0.82	)		(0.55	)		(1.67	)		(0.53	)
Net asset value, end of period	$	21.24		$	19.72		$	17.76		$	15.32		$	16.60		$	17.51
Total Return(c)
Based on net asset value		7.71	%(d)		14.55	%		21.33	%		(4.43	)%		4.81	%		39.14	%
Ratios to Average Net Assets(e)(f)
Total expenses		0.18	%(h)		0.18	%		0.19	%(g)		0.22	%		0.35	%		0.51	%
Total expenses after fees waived and/or reimbursed		0.12	%(h)		0.11	%		0.14	%(g)		0.16	%		0.23	%		0.29	%
Net investment income		1.28	%(h)		1.36	%		1.44	%(g)		1.47	%		1.17	%		1.45	%
Supplemental Data
Net assets, end of period (000)	$	143,954		$	167,351		$	229,491		$	148,148		$	46,988		$	60,707
Portfolio turnover rate of the Series		19	%		30	%		39	%		37	%		21	%		22	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

^(f)  Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.

^(g)  Excludes expenses incurred indirectly of 0.01% as a result of the Series’ investments in underlying funds.

^(h)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 27

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Russell 2000 Small-Cap Index Fund (continued)
	Investor A
	Six Months Ended 06/30/18 (unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	19.74		$	17.78		$	15.34		$	16.61		$	17.52		$	13.01
Net investment income(a)		0.11			0.21			0.18			0.18			0.16			0.19
Net realized and unrealized gain (loss)		1.38			2.34			3.03			(0.95	)		0.56			4.82
Net increase (decrease) from investment operations		1.49			2.55			3.21			(0.77	)		0.72			5.01
Distributions(b)
From net investment income		—			(0.17	)		(0.17	)		(0.09	)		(0.22	)		(0.16	)
From net realized gain		—			(0.42	)		(0.60	)		(0.41	)		(1.41	)		(0.34	)
Total distributions		—			(0.59	)		(0.77	)		(0.50	)		(1.63	)		(0.50	)
Net asset value, end of period	$	21.23		$	19.74		$	17.78		$	15.34		$	16.61		$	17.52
Total Return(c)
Based on net asset value		7.55	%(d)		14.35	%		21.04	%		(4.66	)%		4.54	%		38.72	%
Ratios to Average Net Assets(e)(f)
Total expenses		0.42	%(h)		0.45	%		0.49	%(g)		0.53	%		0.63	%		0.77	%
Total expenses after fees waived and/or reimbursed		0.37	%(h)		0.37	%		0.41	%(g)		0.43	%		0.48	%		0.55	%
Net investment income		1.06	%(h)		1.13	%		1.14	%(g)		1.09	%		0.95	%		1.20	%
Supplemental Data
Net assets, end of period (000)	$	299,444		$	249,980		$	116,722		$	87,930		$	83,859		$	83,118
Portfolio turnover rate of the Series		19	%		30	%		39	%		37	%		21	%		22	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

^(f)  Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.

^(g)  Excludes expenses incurred indirectly of 0.01% as a result of the Series’ investments in underlying funds.

^(h)  Annualized.

See notes to financial statements.

28 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Russell 2000 Small-Cap Index Fund (continued)
	Class K
	Six Months Ended 06/30/18 (unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	19.77		$	17.79		$	15.35		$	16.62		$	17.53		$	13.01
Net investment income(a)		0.14			0.27			0.24			0.25			0.23			0.25
Net realized and unrealized gain (loss)		1.39			2.34			3.02			(0.97	)		0.54			4.81
Net increase (decrease) from investment operations		1.53			2.61			3.26			(0.72	)		0.77			5.06
Distributions(b)
From net investment income		—			(0.21	)		(0.22	)		(0.14	)		(0.27	)		(0.20	)
From net realized gain		—			(0.42	)		(0.60	)		(0.41	)		(1.41	)		(0.34	)
Total distributions		—			(0.63	)		(0.82	)		(0.55	)		(1.68	)		(0.54	)
Net asset value, end of period	$	21.30		$	19.77		$	17.79		$	15.35		$	16.62		$	17.53
Total Return(c)
Based on net asset value		7.74	%(d)		14.69	%		21.32	%		(4.41	)%		4.87	%		39.14	%
Ratios to Average Net Assets(e)(f)
Total expenses		0.11	%(h)		0.14	%		0.17	%(g)		0.21	%		0.32	%		0.49	%
Total expenses after fees waived and/or reimbursed		0.07	%(h)		0.07	%		0.10	%(g)		0.13	%		0.18	%		0.25	%
Net investment income		1.37	%(h)		1.40	%		1.48	%(g)		1.50	%		1.35	%		1.57	%
Supplemental Data
Net assets, end of period (000)	$	788,025		$	474,830		$	60,086		$	8,338		$	2,617		$	1,196
Portfolio turnover rate of the Series		19	%		30	%		39	%		37	%		21	%		22	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

^(f)  Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.

^(g)  Excludes expenses incurred indirectly of 0.01% as a result of the Series’ investments in underlying funds.

^(h)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 29

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares MSCI EAFE International Index Fund and iShares Russell 2000 Small-Cap Index Fund are each a series of BlackRock Index Funds, Inc. (the “Corporation”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Corporation is organized as a Maryland corporation. The following are referred to herein collectively as the “Funds” or individually, a “Fund”:

Fund Name	Herein Referred To As	Diversification Classification
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 objectives by investing all of its assets in Master Small Cap Index Series (the “Series”), a series of Quantitative Master Series LLC (the “Master LLC”), an affiliate of Small Cap Index, which has the same investment objectives 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. As of June 30, 2018, the percentage of the Series owned by Small Cap Index was 72.8%. 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.

Prior to August 1, 2016, International Index invested all of its assets in Master International Index Series (“Master International Index”), an affiliate of International Index, which had the same investment objective and strategies as International Index. The value of International Index’s investment in Master International Index reflected International Index’s proportionate interest in the net assets of Master International Index. The performance of International Index was directly affected by the performance of Master International Index.

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 certain expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold without a sales charge and only to certain eligible investors. Investor A Shares are sold without a sales charge and are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures. The Board of Directors of the Corporation and Board of Directors of the Master LLC are referred to throughout this report as the “Board of Directors” or the “Board” and the members are referred to as “Directors.”

Share Class	Initial Sales Charge	CDSC	Conversion Privilege
Institutional Shares	No	No	None
Investor A Shares	No	No	None
Class K Shares	No	No	None

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager” and/or the “Administrator”) or its affiliates, are included in a complex of open-end funds referred to as the Equity-Liquidity 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 International Index, for financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when International Index is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. 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.

Foreign Currency Translation: International Index’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

International Index does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments.

Segregation and Collateralization: In cases where International Index enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, International Index may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, International Index may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

30 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Distributions: Distributions paid by the Funds are recorded on the ex-dividend date. 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. Other operating expenses shared by several funds, including other funds managed by the Manager and/or Administrator, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on its relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (or if the reporting date falls on a day the NYSE is closed, investments are valued at fair value as of the period end). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair value of their financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Small Cap Index’s policy is to value its financial instruments at fair value. 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.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of International Index’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of International Index’s net assets. Each business day, International Index uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Investments in open-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• International Index values its investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

• Futures contracts traded on exchanges are valued at their last sale price.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

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

The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of International Index’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

NOTESTO FINANCIAL STATEMENTS 31

Notes to Financial Statements  (unaudited) (continued)

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 third party pricing services utilize one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii)   recapitalizations and other transactions across the capital structure; and (iii)  market multiples of comparable issuers.
Income approach	(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii)   quoted prices for similar investments or assets in active markets; and (iii)  other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii)   changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)  relevant news and other public sources; and (iv)  known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

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

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that International Index has the ability to access

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including International Index’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification

is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with International Index’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a 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: International Index may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with International Index 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 International Index is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S.

32 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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 International Index and any additional required collateral is delivered to International Index, or excess collateral returned by International Index, on the next business day. During the term of the loan, International Index 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.

The market value of any securities on loan, all of which were classified as common stocks in International Index’s Schedule of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value-unaffiliated, and collateral on securities loaned at value, respectively. As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedule of Investments.

Securities lending transactions are entered into by International Index 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, International Index, 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 International Index 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 International Index’s securities lending agreements by counterparty which are subject to offset under an MSLA:

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Non-cash Collateral Received, at Fair Value (a)		Net Amount
JP Morgan Securities LLC	$	1,661,843	$	(1,661,843	)		—		—
Credit Suisse Securities (USA) LLC		10,094,027		(10,094,027	)		—		—
Citigroup Global Markets Inc.		6,896,235		(6,896,235	)		—		—
Macquarie Bank Limited		934,746		(934,746	)		—		—
Morgan Stanley & Co LLC		23,569,203		(23,569,203	)		—		—
BMO Capital Markets		146,048		( 146,048	)		—		—
BNP Paribas Securities Corp		632,209		(632,209	)		—		—
	$	43,934,311	$	(43,934,311	)		—		—

^(a)  Cash collateral with a value of $ 46,079,473 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes in the table above.

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, International Index benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value on the securities loaned in the event of borrower default. International Index could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

5. DERIVATIVE FINANCIAL INSTRUMENTS

International Index engages in various portfolio investment strategies using derivative contracts both to increase the returns of International Index 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 OTC.

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

Futures contracts are agreements between International Index 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, International Index 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.

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

NOTESTO FINANCIAL STATEMENTS 33

Notes to Financial Statements  (unaudited) (continued)

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

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

Investment Advisory: The Corporation, on behalf of International Index, entered into an Investment Advisory Agreement with the Manager, International Index’s investment adviser, an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative services. The Manager is responsible for the management of International Index’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of International Index. For such services, International Index pays the Manager a monthly fee at an annual rate of 0.01% of the average daily value of International Index’s net assets.

With respect to International Index, the Manager entered into a separate 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 International Index for which BFA acts as sub-adviser a monthly fee that is a percentage of the investment advisory fees paid by International Index to the Manager.

Administration: The Corporation, on behalf of Small Cap Index, entered into an Administration Agreement with 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.

Service Fees: The Corporation, on behalf of the Funds, entered into a Distribution Agreement and a Distribution Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager and/or Administrator. Pursuant to the Distribution Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution 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:

	International Index			Small Cap Index
Investor A		0.25	%		0.25	%

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

For the six months ended June 30, 2018, the following table shows the class specific service fees borne directly by each share class of each Fund:

	International Index		Small Cap Index
Investor A	$	458,769	$	344,719

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide International Index with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to sub-accounts their service. 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, 2018, International Index paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statement of Operations:

	Institutional		Investor A		Class K		Total
International Index	$	—	$	2	$	—	$	2

The Manager and/or Administrator maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing subscriptions and redemptions transactions based upon instructions from shareholders. For the six months ended June 30, 2018, each Fund reimbursed the Manager and/or Administrator the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

	Institutional		Investor A		Class K		Total
International Index	$	—	$	3,401	$	24,158	$	27,559
Small Cap Index		594		2,406		724		3,724

For the six months ended June 30, 2018, the following table shows the class specific transfer agent fees borne directly by each class of each Fund:

	Institutional		Investor A		Class K		Total
International Index	$	206,286	$	115,865	$	345,147	$	667,298
Small Cap Index		54,662		91,235		7,244		153,141

Expense Limitations, Waivers and Reimbursements: With respect to International Index, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2018, the Manager waived $10,705 in advisory fees pursuant to this agreement.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of International Index’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through April 30, 2020. The contractual agreement may be terminated

34 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Corporation, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of International Index. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six month ended June 30, 2018, there were $182 in fees waived by the Manager.

With respect to each Fund, the Manager and/or Administrator 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 each Fund’s average daily net assets are as follows:

Institutional	0.12	%
Investor A	0.37	%
Class K	0.07	%

The Manager and/or Administrator has agreed not to reduce or discontinue these contractual expense limitations through April 30, 2019, 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 Funds. For the six months ended June 30, 2018, the Manager and/or Administrator waived and/or reimbursed the following amounts, which are shown as fees waived by the Manager and fees waived and/or reimbursed by the Administrator in the Statements of Operations.

	Institutional		Investor A		Class K		Total
International Index	$	343	$	180	$	4,632	$	5,155
Small Cap Index		25,786		46,287		103,822		175,895

For the six months ended June 30, 2018, for International Index, the Manager waived and/or reimbursed $5,682, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

These amounts waived and/or reimbursed are shown as fees waived and/or reimbursed by the Administrator and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Statements of Operations. For the six months ended June 30, 2018, class specific expense waivers and/or reimbursements are as follows:

Transfer Agent fees waived and/or reimbursed

	Institutional		Investor A		Class K		Total
International Index	$	136	$	340	$	6,256	$	6,732
Small Cap Index		16,948		22,293		7,225		46,467

International Index and Small Cap Index have begun to incur expenses in connection with a potential realignment and consolidation of the boards of directors of certain BlackRock-advised funds, including International Index and Small Cap Index. The Manager has voluntarily agreed to reimburse the Funds for all or a portion of such expenses, which amounts are included in fees waived and/or reimbursed by the Manager and/or Administrator in the Statements of Operations. For the six months ended June 30, 2018, the amount waived and/or reimbursed was $193,577 and $14,755 for International Index and Small Cap Index, respectively.

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 International Index, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. International Index 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 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 International Index bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. International Index retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent

Pursuant to a securities lending agreement, International Index retains 80% of securities lending income, 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 Equity-Liquidity Complex in a calendar year exceeds a specified threshold, International Index, 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, 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 International Index is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended June 30, 2018, International Index paid BTC $108,459 for securities lending agent services.

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.

NOTESTO FINANCIAL STATEMENTS 35

Notes to Financial Statements  (unaudited) (continued)

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended June 30, 2018, the Funds did not participate in the Interfund Lending Program.

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

Other Transactions: International Index may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended June 30, 2018, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Purchases		Sales		Net Realized Gain (Loss)
$	136,467,781	$	3,343,005	$	(1,002,385	)

7. PURCHASES AND SALES

For International Index, for the six months ended June 30, 2018, purchases and sales of investments, excluding short-term securities, were $1,792,597,292 and $715,811,814 respectively.

8. INCOME TAX INFORMATION

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

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for each of the four years ended December 31, 2017. 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, 2018, 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.

As of December 31, 2017, International Index had a capital loss carryforward of $150,288,997, with no expiration dates, available to offset future realized capital gains.

As of June 30, 2018, International Index’s gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows

Tax cost	$	10,233,963,394
Gross unrealized appreciation	$	1,409,112,110.00
Gross unrealized depreciation		(518,362,014.00	)
Net unrealized appreciation (depreciation)	$	890,750,096.00

The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation of RIC shareholders. While management does not anticipate significant impact to the Funds or to their shareholders, there is uncertainty in the application of certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Funds’ financial statements, if any, cannot be fully determined.

9. BANK BORROWINGS

International Index, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, International Index may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including International Index, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2019 unless extended or renewed. Prior to April 19, 2018, the aggregate commitment amount was $2.1 billion and the fee was 0.12% per annum. Participating Funds paid an

36 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. 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, 2018, International Index did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, International Index invests in securities or other instruments and may enter into certain transactions, and such activities subject International Index to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. International Index’s prospectus provides details of the risks to which International Index 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 and which may be subject to redemption gates or liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. International Index may invest in illiquid investments and may experience difficulty in selling those 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 International Index’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 International Index may lose value, regardless of the individual results of the securities and other instruments in which International Index invests.

The price International Index could receive upon the sale of any particular portfolio investment may differ from International Index’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 International Index’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by International Index, and International Index could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. International Index’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Counterparty Credit Risk: International Index 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. International Index 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 International Index to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of International Index’s 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 International Index.

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 International Index 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, International Index 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 International Index.

Concentration Risk: International Index invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of International Index’s investments.

The United Kingdom voted on June 23, 2016 to withdraw from the European Union, which may introduce significant new uncertainties and instability in the financial markets across Europe.

International Index invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of International Index’s investments.

NOTESTO FINANCIAL STATEMENTS 37

Notes to Financial Statements  (unaudited) (continued)

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 06/30/18						Year Ended 12/31/17
International Index	Shares			Amount			Shares			Amount
Institutional
Shares sold		14,620,605		$	207,968,990			30,738,054		$	398,951,656
Shares issued in reinvestment of distributions		—			—			1,130,219			15,777,865
Shares redeemed		(9,805,773	)		(138,961,476	)		(38,067,918	)		(484,936,705	)
Net decrease		4,814,832		$	69,007,514			(6,199,645	)	$	(70,207,184	)
Investor A
Shares sold		5,617,752		$	79,903,962			13,993,190		$	183,930,491
Shares issued in reinvestment of distributions		—			—			582,140			8,074,281
Shares redeemed		(6,520,915	)		(92,354,905	)		(8,668,305	)		(113,718,058	)
Net increase		(903,163	)	$	(12,450,943	)		5,907,025		$	78,286,714
Class K
Shares sold		148,660,191		$	2,125,703,821			392,934,379		$	5,166,209,906
Shares issued in reinvestment of distributions		—			—			15,812,889			220,747,921
Shares redeemed		(75,284,959	)		(1,076,346,905	)		(86,492,579	)		(1,162,160,552	)
Net increase		73,375,232		$	1,049,356,916			322,254,689		$	4,224,797,275
Total Net Increase		77,286,901		$	1,105,913,487			321,962,069		$	4,232,876,805
Small Cap Index
Institutional
Shares sold		1,394,849		$	28,389,895			5,506,971		$	102,815,594
Shares issued in reinvestment of distributions		—			—			254,423			4,993,789
Shares redeemed		(3,103,115	)		(63,454,264	)		(10,197,970	)		(187,582,203	)
Net increase (decrease)		(1,708,266	)	$	(35,064,369	)		(4,436,576	)	$	(79,772,820	)
Investor A
Shares sold		3,280,135		$	66,191,171			8,622,112		$	159,274,178
Shares issued in reinvestment of distributions		—			—			360,085			7,076,447
Shares redeemed		(1,841,528	)		(37,417,486	)		(2,883,561	)		(54,280,644	)
Net increase		1,438,607		$	28,773,685			6,098,636		$	112,069,981
Class K
Shares sold		17,759,344		$	361,920,898			22,566,145		$	420,218,465
Shares issued in reinvestment of distributions		—			—			729,051			14,348,570
Shares redeemed		(4,778,804	)		(97,771,740	)		(2,657,575	)		(50,075,398	)
Net increase		12,980,540		$	264,149,158			20,637,621		$	384,491,637
Total Net Increase		12,710,881		$	257,858,474			22,299,681		$	416,788,798

12. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds financial statements was completed through the date the financial statements were issued and the following items were noted:

International Index paid net investment income distributions in the following amounts per share on July 20, 2018 to the shareholders of record on July 18, 2018.

Small Cap Index paid net investment income, short-term capital gain and long-term capital gain distributions in the following amounts per share on July 20, 2018 to the shareholders of record on July 18, 2018.

Excise Tax Distributions Declared
	Net Investment Income		Short-Term Capital Gain		Long-Term Capital Gain
International Index
Institutional	$	0.006833	$	—	$	—
Investor A		0.006833		—		—
Class K		0.006833		—		—
Small Cap Index
Institutional		0.006848		0.005213		0.005190
Investor A		0.006848		0.005213		0.005190
Class K		0.006848		0.005213		0.005190

38 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Series Portfolio Informationas of June 30, 2018 Master Small Cap Index Series

TEN LARGEST HOLDINGS

Security	Percent of Net Assets
iShares Russell 2000 ETF		0.3	%
Five Below, Inc.		0.2
Etsy, Inc.		0.2
Blackbaud, Inc.		0.2
LivaNova PLC		0.2
Haemonetics Corp.		0.2
Entegris, Inc.		0.2
FibroGen, Inc.		0.2
Medidata Solutions, Inc.		0.2
Loxo Oncology, Inc.		0.2

SECTOR ALLOCATION

Sector	Percent of Net Assets
Financials		18	%
Health Care		15
Industrials		15
Information Technology		15
Consumer Discretionary		13
Real Estate		7
Energy		5
Materials		4
Utilities		3
Consumer Staples		3
Telecommunication Services		1
Short-Term Securities		9
Liabilities in Excess of Other Assets		(8	)

For Series compliance purposes, the Series’ sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

SERIES PORTFOLIO INFORMATION 39

Schedule of Investments  (unaudited) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.0%
Advertising Agencies — 0.3%
Boston Omaha Corp., Class A(a)		3,629	$	76,463
Cardlytics, Inc.(a)		3,494		76,029
Clear Channel Outdoor Holdings, Inc., Class A		31,898		137,161
Emerald Expositions Events, Inc.		18,186		374,632
Fluent, Inc.(a)		23,764		58,222
MDC Partners, Inc., Class A(a)		45,421		208,937
National CineMedia, Inc.		57,489		482,908
QuinStreet, Inc.(a)		27,918		354,559
Trade Desk, Inc., Class A(a)(b)		24,055		2,256,359
Viad Corp.		15,066		817,330
				4,842,600
Aerospace — 1.0%
AAR Corp.		24,536		1,140,679
Aerojet Rocketdyne Holdings, Inc.(a)		52,090		1,536,134
Aerovironment, Inc.(a)(b)		15,845		1,131,808
Astronics Corp.(a)		16,221		583,469
Axon Enterprise, Inc.(a)		40,157		2,537,119
Cubic Corp.		20,116		1,291,447
Ducommun, Inc.(a)		7,910		261,742
Esterline Technologies Corp.(a)		19,637		1,449,211
Kaman Corp.		20,553		1,432,339
KLX, Inc.(a)		38,442		2,763,980
Kratos Defense & Security Solutions, Inc.(a)(b)		65,497		753,870
Moog, Inc., Class A		24,988		1,948,065
Triumph Group, Inc.		38,534		755,266
				17,585,129
Agriculture, Fishing & Ranching — 0.4%
Alico, Inc.		2,636		83,561
Andersons, Inc.		20,657		706,469
Cadiz, Inc.(a)(b)		16,325		213,858
Cal-Maine Foods, Inc.(a)		22,970		1,053,175
Calavo Growers, Inc.		11,935		1,147,550
Fresh Del Monte Produce, Inc.		22,635		1,008,389
Limoneira Co.		8,607		211,818
Sanderson Farms, Inc.		15,736		1,654,641
				6,079,461
Air Transport — 0.6%
Air Transport Services Group, Inc.(a)		44,066		995,451
Allegiant Travel Co.		10,000		1,389,500
Atlas Air Worldwide Holdings, Inc.(a)		18,567		1,331,254
Bristow Group, Inc.(a)		24,825		350,281
Era Group, Inc.(a)		15,153		196,231
Hawaiian Holdings, Inc.		37,927		1,363,476
PHI, Inc.(a)		8,869		90,198
SkyWest, Inc.		39,166		2,032,715
Spirit Airlines, Inc.(a)(b)		52,849		1,921,061
				9,670,167
Alternative Energy — 0.1%
Ameresco, Inc., Class A(a)		13,245		158,940
EP Energy Corp., Class A(a)		34,582		103,746
Green Brick Partners, Inc.(a)		17,516		171,657
Green Plains, Inc.		31,729		580,641
Infrastructure and Energy Alternatives, Inc.(a)		12,518		116,542
REX American Resources Corp.(a)		4,146		335,702
TerraForm Power, Inc.		54,109		633,075
Vivint Solar, Inc.(a)		22,614		111,939
				2,212,242
Aluminum — 0.1%
Century Aluminum Co.(a)		39,664		624,708
Kaiser Aluminum Corp.		12,125		1,262,334
				1,887,042

Security	Shares		Value
Asset Management & Custodian — 0.7%
Arlington Asset Investment Corp., Class A(b)		22,590	$	232,903
Artisan Partners Asset Management, Inc., Class A		39,476		1,190,201
Ashford, Inc.(a)		590		38,232
B. Riley Financial, Inc.		15,414		347,586
BrightSphere Investment Group PLC		63,792		909,674
Cohen & Steers, Inc.		18,906		788,569
Cowen, Inc., Class A(a)(b)		21,601		299,174
Diamond Hill Investment Group, Inc.		3,098		602,344
Federated Investors, Inc., Class B		31,798		741,529
Financial Engines, Inc.		48,725		2,187,753
GAMCO Investors, Inc., Class A		6,013		160,908
Hamilton Lane, Inc., Class A		11,675		560,050
Oppenheimer Holdings, Inc., Class A		8,381		234,668
PJT Partners, Inc., Class A		16,519		881,949
Pzena Investment Management, Inc., Class A		13,814		127,227
Silvercrest Asset Management Group, Inc., Class A		6,963		113,497
Virtus Investment Partners, Inc.		5,480		701,166
Waddell & Reed Financial, Inc., Class A		62,195		1,117,644
Westwood Holdings Group, Inc.		6,931		412,672
WisdomTree Investments, Inc.		83,837		761,240
				12,408,986
Auto Parts — 0.8%
American Axle & Manufacturing Holdings, Inc.(a)		87,184		1,356,583
Dana, Inc.		113,085		2,283,186
Dorman Products, Inc.(a)		19,977		1,364,629
Fox Factory Holding Corp.(a)		28,220		1,313,641
Gentherm, Inc.(a)(b)		27,647		1,086,527
Meritor, Inc.(a)		65,492		1,347,171
Standard Motor Products, Inc.		15,507		749,608
Stoneridge, Inc.(a)		20,272		712,358
Superior Industries International, Inc.		18,502		331,186
Tenneco, Inc.		38,104		1,675,052
Tower International, Inc.		15,089		479,830
				12,699,771
Auto Services — 0.1%
Cooper Tire & Rubber Co.		40,027		1,052,710
Back Office Support, HR & Consulting — 1.9%
ASGN, Inc.(a)		38,963		3,046,517
Barrett Business Services, Inc.		5,483		529,493
BG Staffing, Inc.		5,857		136,175
CBIZ, Inc.(a)		41,328		950,544
ConvergeOne Holdings, Inc.(b)		18,150		170,429
Convergys Corp.		70,655		1,726,808
CRA International, Inc.		5,799		295,111
Exela Technologies, Inc.(a)		34,352		163,172
ExlService Holdings, Inc.(a)		24,697		1,398,097
Forrester Research, Inc.		7,360		308,752
FTI Consulting, Inc.(a)		29,009		1,754,464
GP Strategies Corp.(a)		9,095		160,072
Hackett Group, Inc.		17,969		288,762
Heidrick & Struggles International, Inc.		14,234		498,190
Huron Consulting Group, Inc.(a)		16,214		663,153
ICF International, Inc.		13,457		956,120
Insperity, Inc.		29,163		2,777,776
Kelly Services, Inc., Class A		23,557		528,855
Kforce, Inc.		17,103		586,633
Korn/Ferry International		43,275		2,680,021
Liquidity Services, Inc.(a)		18,077		118,404
MAXIMUS, Inc.		49,190		3,055,191
Navigant Consulting, Inc.(a)		33,610		744,125
NV5 Global, Inc.(a)(b)		6,341		439,431
Paylocity Holding Corp.(a)		22,586		1,329,412
PFSweb, Inc.(a)		10,793		104,908

40 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Back Office Support, HR & Consulting (continued)
PRGX Global, Inc.(a)		14,323	$	138,933
Resources Connection, Inc.		22,327		377,326
ServiceSource International, Inc.(a)		55,512		218,717
Sykes Enterprises, Inc.(a)		29,643		853,126
TriNet Group, Inc.(a)		32,491		1,817,547
TrueBlue, Inc.(a)		31,100		838,145
TTEC Holdings, Inc.		10,691		369,374
WageWorks, Inc.(a)		29,826		1,491,300
				31,515,083
Banks: Diversified — 9.4%
1st Constitution Bancorp		4,716		107,996
1st Source Corp.		13,856		740,326
Access National Corp.		11,432		326,955
ACNB Corp.		5,264		179,239
Allegiance Bancshares, Inc.(a)		8,596		372,637
Ambac Financial Group, Inc.(a)		13,338		264,759
American National Bankshares, Inc.		5,873		234,920
Ameris Bancorp		29,663		1,582,521
Ames National Corp.		6,736		207,806
Arrow Financial Corp.		8,614		313,550
Atlantic Capital Bancshares, Inc.(a)		18,463		362,798
Auburn National BanCorp., Inc.		1,533		76,052
BancFirst Corp.		14,423		853,842
Banco Latinoamericano de Comercio Exterior SA		23,805		585,841
Bancorp, Inc.(a)		38,703		404,833
BancorpSouth Bank		73,672		2,427,492
Bank of Commerce Holdings		11,185		142,609
Bank of Marin Bancorp		4,918		397,620
Bank of NT Butterfield & Son Ltd.		40,636		1,857,878
The Bank of Princeton(a)		3,832		127,414
Bankwell Financial Group, Inc.		4,769		153,323
Banner Corp.		23,710		1,425,682
Bar Harbor Bankshares		11,207		339,460
Baycom Corp.(a)		7,733		191,392
BCB Bancorp, Inc.		10,036		150,540
Beneficial Bancorp, Inc.		51,389		832,502
Boston Private Financial Holdings, Inc.		62,441		992,812
Bridge Bancorp, Inc.		12,658		455,055
Bridgewater Bancshares, Inc.(a)		3,503		44,558
Bryn Mawr Bank Corp.		14,531		672,785
Business First Bancshares, Inc.		6,517		171,723
Byline Bancorp, Inc.(a)		12,771		285,304
C&F Financial Corp.		2,707		169,323
Cadence BanCorp		35,343		1,020,352
Cambridge Bancorp		2,370		205,100
Camden National Corp.		11,687		534,213
Capital City Bank Group, Inc.		7,851		185,519
Capitol Federal Financial, Inc.		101,335		1,333,569
Capstar Financial Holdings, Inc.(a)		5,655		104,787
Carolina Financial Corp.		14,351		615,945
Cathay General Bancorp		59,906		2,425,594
CB Financial Services, Inc.		3,159		108,670
CBTX, Inc.		13,689		452,421
CenterState Bank Corp.		63,361		1,889,425
Central Pacific Financial Corp.		13,878		397,605
Central Valley Community Bancorp		7,728		163,524
Century Bancorp, Inc., Class A		2,339		178,700
Charter Financial Corp.		8,600		207,690
Chemical Financial Corp.		54,388		3,027,780
Chemung Financial Corp.		2,210		110,743
Citizens & Northern Corp.		8,229		212,802
City Holding Co.		11,389		856,794
Civista Bancshares, Inc.		7,558		183,206
CNB Financial Corp.		10,277		308,927

Security	Shares		Value
Banks: Diversified (continued)
CoBiz Financial, Inc.		29,301	$	629,385
Codorus Valley Bancorp, Inc.		6,265		192,210
Columbia Banking System, Inc.		56,040		2,292,036
Columbia Financial, Inc.(a)		37,113		614,220
Community Bank System, Inc.		37,665		2,224,872
Community Bankers Trust Corp.(a)(b)		15,012		134,357
Community Financial Corp.		3,382		119,588
Community Trust Bancorp, Inc.		11,923		595,554
ConnectOne Bancorp, Inc.		23,028		573,397
County Bancorp, Inc.		3,751		103,153
Customers Bancorp, Inc.(a)		22,252		631,512
CVB Financial Corp.		84,217		1,888,145
Eagle Bancorp, Inc.(a)		24,707		1,514,539
Enterprise Bancorp, Inc.		7,485		302,619
Enterprise Financial Services Corp.		19,934		1,075,439
Equity Bancshares, Inc., Class A(a)		9,762		404,928
Esquire Financial Holdings, Inc.(a)		3,433		90,597
Evans Bancorp, Inc.		3,549		163,609
Farmers & Merchants Bancorp, Inc./Archbold		6,573		265,221
Farmers Capital Bank Corp.		5,281		275,140
Farmers National Banc Corp.		17,825		284,309
FB Financial Corp.		10,012		407,689
Fidelity D&D Bancorp, Inc.(b)		1,523		94,411
Fidelity Southern Corp.		16,229		412,379
Financial Institutions, Inc.		11,176		367,690
First Bancorp, Inc.		8,037		226,804
First BanCorp, Puerto Rico(a)		168,384		1,288,138
First Bancorp/Southern Pines NC		21,680		886,929
First Bancshares, Inc.		8,832		317,510
First Bank/Hamilton		8,970		124,683
First Busey Corp.		32,484		1,030,392
First Business Financial Services, Inc.		6,638		172,588
First Choice Bancorp		4,458		136,236
First Commonwealth Financial Corp.		74,035		1,148,283
First Community Bancshares, Inc.		12,612		401,818
First Community Corp.		4,892		122,789
First Connecticut Bancorp, Inc.		10,296		315,058
First Financial Bancorp		73,188		2,243,212
First Financial Bankshares, Inc.(b)		48,736		2,480,662
First Financial Corp.		11,405		517,217
First Foundation, Inc.(a)		24,129		447,352
First Guaranty Bancshares, Inc.		2,919		75,952
First Internet Bancorp		6,048		206,237
First Interstate Bancsystem, Inc., Class A		26,434		1,115,515
First Merchants Corp.		38,452		1,784,173
First Mid-Illinois Bancshares, Inc.		8,709		342,264
First Midwest Bancorp, Inc.		79,355		2,021,172
First Northwest Bancorp(a)		7,943		126,850
First of Long Island Corp.		17,837		443,249
First Savings Financial Group, Inc.		969		71,212
First United Corp.		4,827		98,712
Flagstar Bancorp, Inc.(a)		22,259		762,593
FNB Bancorp.		4,183		153,391
Franklin Financial Network, Inc.(a)		9,934		373,518
FS Bancorp, Inc.		2,187		138,328
Fulton Financial Corp.		133,150		2,196,975
German American Bancorp, Inc.		15,813		566,896
Glacier Bancorp, Inc.		65,137		2,519,499
Great Western Bancorp, Inc.		46,642		1,958,498
Guaranty Bancorp		18,937		564,323
Guaranty Bancshares, Inc.		6,179		203,536
Hancock Holding Co.		64,975		3,031,084
Hanmi Financial Corp.		23,787		674,361
HarborOne Bancorp, Inc.(a)(b)		10,015		189,684

SCHEDULES OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks: Diversified (continued)
Heartland Financial USA, Inc.		23,676	$	1,298,629
Heritage Commerce Corp.		36,376		618,028
Home BancShares, Inc.		121,371		2,738,130
Hope Bancorp, Inc.		102,842		1,833,673
Horizon Bancorp		27,105		560,802
Howard Bancorp, Inc.(a)		9,428		169,704
Iberiabank Corp.		42,680		3,235,144
Independent Bank Corp.		37,294		2,075,916
Independent Bank Group, Inc.		15,861		1,059,515
International Bancshares Corp.		43,290		1,852,812
Investar Holding Corp.		6,304		174,306
Lakeland Bancorp, Inc.		33,774		670,414
Lakeland Financial Corp.		18,329		883,275
LCNB Corp.		6,538		128,799
Level One Bancorp, Inc.		1,232		33,486
Live Oak Bancshares, Inc.(b)		18,953		580,909
Luther Burbank Corp.		12,379		142,420
Macatawa Bank Corp.		18,620		226,047
MB Financial, Inc.		63,065		2,945,135
MBT Financial Corp.		12,361		131,645
Mercantile Bank Corp.		12,297		454,497
Merchants Bancorp		11,870		338,651
Metropolitan Bank Holding Corp.(a)		4,805		252,166
Mid Penn Bancorp, Inc.		2,452		85,575
Middlefield Banc Corp.		2,133		108,143
Midland States Bancorp, Inc.		15,513		531,475
MidSouth Bancorp, Inc.(b)		12,344		163,558
MVB Financial Corp.(b)		5,412		97,687
National Bank Holdings Corp., Class A		23,456		905,167
National Bankshares, Inc.		5,181		240,398
National Commerce Corp.(a)		10,728		496,706
NBT Bancorp, Inc.		32,567		1,242,431
Nicolet Bankshares, Inc.(a)(b)		6,019		331,707
Northeast Bancorp		6,318		137,732
Northrim BanCorp, Inc.		5,367		212,265
Norwood Financial Corp.		4,063		146,349
Oak Valley Bancorp		3,735		85,419
OFG Bancorp		33,551		471,392
Ohio Valley Banc Corp.		3,217		168,732
Old Line Bancshares, Inc.		11,203		391,097
Old National Bancorp		116,479		2,166,509
Old Second Bancorp, Inc.		22,641		326,030
OP Bancorp(a)		6,796		86,445
Opus Bank		14,643		420,254
Origin Bancorp, Inc.(b)		11,959		489,601
Orrstown Financial Services, Inc.		5,312		138,112
Pacific Mercantile Bancorp(a)(b)		10,562		102,980
Pacific Premier Bancorp, Inc.(a)(b)		36,118		1,377,902
Park National Corp.		10,762		1,199,102
Parke Bancorp, Inc.		5,409		127,923
PCSB Financial Corp.		12,135		241,122
Peapack Gladstone Financial Corp.		13,425		464,371
Penns Woods Bancorp, Inc.		2,976		133,265
People’s Utah Bancorp		11,178		399,055
Peoples Bancorp of North Carolina, Inc.		2,922		93,592
Peoples Bancorp, Inc.		13,362		504,816
Peoples Financial Services Corp.		5,295		248,971
Preferred Bank		10,392		638,692
Premier Financial Bancorp, Inc.		8,057		150,424
Provident Financial Services, Inc.		49,398		1,359,927
QCR Holdings, Inc.		9,464		449,067
RBB Bancorp		10,107		324,637
Reliant Bancorp Inc.		7,179		201,371
Renasant Corp.		38,139		1,736,087

Security	Shares		Value
Banks: Diversified (continued)
Republic Bancorp, Inc., Class A		7,100	$	321,630
Republic First Bancorp, Inc.(a)		32,229		252,998
S&T Bancorp, Inc.		25,745		1,113,214
Sandy Spring Bancorp, Inc.		25,733		1,055,310
SB One Bancorp		4,244		126,047
Seacoast Banking Corp. of Florida(a)		34,006		1,073,909
Select Bancorp, Inc.(a)		5,251		70,731
ServisFirst Bancshares, Inc.		37,398		1,560,619
Shore Bancshares, Inc.		8,635		164,238
Sierra Bancorp		9,951		281,016
Simmons First National Corp., Class A		69,417		2,075,568
SmartFinancial, Inc.(a)		8,007		206,260
South State Corp.		28,059		2,420,089
Southern First Bancshares, Inc.(a)		5,118		226,216
Southern National Bancorp of Virginia, Inc.		14,814		264,282
Southside Bancshares, Inc.		24,602		828,595
Spirit of Texas Bancshares, Inc.(a)		1,760		36,256
State Bank Financial Corp.		32,609		1,089,141
Stock Yards Bancorp, Inc.		16,114		614,749
Summit Financial Group, Inc.		8,223		220,705
Tompkins Financial Corp.		12,096		1,038,804
TowneBank		51,299		1,646,698
Trico Bancshares		15,440		578,228
TriState Capital Holdings, Inc.(a)(b)		17,704		462,074
Triumph Bancorp, Inc.(a)		17,806		725,594
TrustCo Bank Corp. NY		70,543		627,833
Trustmark Corp.		52,882		1,725,540
UMB Financial Corp.		34,867		2,657,911
Union Bankshares Corp.		50,522		1,964,295
Union Bankshares, Inc.		2,711		140,701
United Bankshares, Inc.		77,350		2,815,540
United Community Banks, Inc.		58,339		1,789,257
United Community Financial Corp.		37,077		407,476
United Security Bancshares		8,765		98,168
Unity Bancorp, Inc.		5,290		120,348
Univest Corp. of Pennsylvania		21,997		604,918
Valley National Bancorp		246,660		2,999,386
Veritex Holdings, Inc.(a)		16,753		520,516
Washington Trust Bancorp, Inc.		11,452		665,361
WesBanco, Inc.		35,055		1,578,877
West BanCorp., Inc.		11,243		282,761
Westamerica BanCorp		19,333		1,092,508
				159,254,163
Banks: Savings, Thrift & Mortgage Lending — 1.6%
Banc of California, Inc.		31,994		625,483
BankFinancial Corp.		9,957		175,741
Berkshire Hills Bancorp, Inc.		31,941		1,296,805
BofI Holding, Inc.(a)(b)		45,961		1,880,264
Brookline Bancorp, Inc.		65,075		1,210,395
BSB Bancorp, Inc.(a)		6,161		211,938
Dime Community Bancshares, Inc.		23,669		461,545
Entegra Financial Corp.(a)		4,639		135,923
ESSA Bancorp, Inc.		7,564		119,738
First Defiance Financial Corp.		7,387		495,372
First Financial Northwest, Inc.		6,511		127,095
Flushing Financial Corp.		21,166		552,433
Great Southern Bancorp, Inc.		7,972		455,998
Greene County Bancorp, Inc.		2,931		99,361
Heritage Financial Corp.		28,481		992,563
Hingham Institution for Savings		1,039		228,268
Home Bancorp, Inc.		5,624		261,797
HomeStreet, Inc.(a)		18,517		499,033
Investors Bancorp, Inc.		191,004		2,442,941
Kearny Financial Corp.		72,561		975,945

42 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks: Savings, Thrift & Mortgage Lending (continued)
Ladder Capital Corp.		64,836	$	1,012,738
LegacyTexas Financial Group, Inc.		38,534		1,503,597
Malvern Bancorp, Inc.(a)		4,717		114,859
Meridian Bancorp, Inc.		39,201		750,699
MutualFirst Financial, Inc.		4,111		155,190
Northfield Bancorp, Inc.		31,457		522,815
Northwest Bancshares, Inc.		75,095		1,305,902
OceanFirst Financial Corp.		37,781		1,131,919
Oconee Federal Financial Corp.		624		18,059
Ocwen Financial Corp.(a)		98,133		388,607
Oritani Financial Corp.		29,288		474,466
Ponce de Leon Federal Bank(a)		5,512		86,594
Provident Bancorp, Inc.(a)		3,169		83,028
Prudential Bancorp, Inc.		5,921		114,275
Riverview Bancorp, Inc.		16,272		137,336
SI Financial Group, Inc.		8,489		125,213
Southern Missouri Bancorp, Inc.		5,458		212,971
Sterling Bancorp, Inc.		13,848		185,009
Territorial Bancorp, Inc.		5,600		173,600
Timberland Bancorp, Inc.		4,977		185,841
United Financial Bancorp, Inc.		38,088		667,302
Washington Federal, Inc.		63,877		2,088,778
Waterstone Financial, Inc.		19,420		331,111
Western New England Bancorp, Inc.		18,281		201,091
WSFS Financial Corp.		22,916		1,221,423
				26,441,061
Beverage: Brewers & Distillers — 0.2%
Boston Beer Co., Inc., Class A(a)(b)		6,430		1,927,071
Castle Brands, Inc.(a)		79,609		94,735
Craft Brew Alliance, Inc.(a)		10,122		209,019
Primo Water Corp.(a)		19,888		347,841
				2,578,666
Beverage: Soft Drinks — 0.1%
Celsius Holdings, Inc.(a)		15,708		72,257
Coca-Cola Bottling Co. Consolidated		3,461		467,685
Farmer Bros Co.(a)		7,221		220,601
National Beverage Corp.(a)		8,819		942,751
				1,703,294
Biotechnology — 6.0%
Acceleron Pharma, Inc.(a)(b)		32,089		1,556,958
Acorda Therapeutics, Inc.(a)		31,574		906,174
ADMA Biologics, Inc.(a)		13,665		61,629
Aduro Biotech, Inc.(a)(b)		47,544		332,808
Adverum Biotechnologies, Inc.(a)		40,146		212,774
Aeglea BioTherapeutics, Inc.(a)		11,946		126,389
Agenus, Inc.(a)		58,855		133,601
Aimmune Therapeutics, Inc.(a)(b)		32,168		864,997
Akcea Therapeutics, Inc.(a)(b)		8,899		210,995
Akebia Therapeutics, Inc.(a)		37,337		372,623
Albireo Pharma, Inc.(a)		6,697		237,743
Alder Biopharmaceuticals, Inc.(a)(b)		43,341		684,788
Aldeyra Therapeutics, Inc.(a)		11,586		92,109
Allena Pharmaceuticals, Inc.(a)		8,497		110,716
AMAG Pharmaceuticals, Inc.(a)(b)		25,542		498,069
Amicus Therapeutics, Inc.(a)(b)		146,870		2,294,109
AnaptysBio, Inc.(a)		14,581		1,035,834
ANI Pharmaceuticals, Inc.(a)		6,233		416,364
Apellis Pharmaceuticals, Inc.(a)		26,808		589,776
Arbutus Biopharma Corp.(a)		25,797		188,318
Arcus Biosciences, Inc.(a)		3,610		44,186
Ardelyx, Inc.(a)		23,750		87,875
Arena Pharmaceuticals, Inc.(a)		36,916		1,609,538
ArQule, Inc.(a)		64,234		355,214

Security	Shares		Value
Biotechnology (continued)
Array BioPharma, Inc.(a)(b)		157,264	$	2,638,890
Arsanis, Inc.(a)		2,817		10,226
Assembly Biosciences, Inc.(a)		12,602		494,124
Atara Biotherapeutics, Inc.(a)(b)		30,231		1,110,989
Athenex, Inc.(a)		31,083		580,009
Athersys, Inc.(a)		88,005		173,370
Audentes Therapeutics, Inc.(a)		23,775		908,443
AVEO Pharmaceuticals, Inc.(a)		74,900		169,274
Avid Bioservices, Inc.(a)		36,896		144,632
Bellicum Pharmaceuticals, Inc.(a)		29,473		217,511
BioCryst Pharmaceuticals, Inc.(a)(b)		73,057		418,617
Biohaven Pharmaceutical Holding Co. Ltd.(a)		20,334		803,600
BioTelemetry, Inc.(a)		25,517		1,148,265
BioTime, Inc.(a)		70,544		145,321
Blueprint Medicines Corp.(a)		30,806		1,955,565
Calithera Biosciences, Inc.(a)		25,571		127,855
Calyxt, Inc.(a)		3,362		62,769
CASI Pharmaceuticals, Inc.(a)		35,272		290,289
Catalyst Biosciences, Inc.(a)		8,700		101,529
Catalyst Pharmaceutical, Inc.(a)		70,776		220,821
Celcuity, Inc.(a)(b)		4,234		105,088
Cellular Biomedicine Group, Inc.(a)		6,787		132,686
ChemoCentryx, Inc.(a)		16,249		213,999
Clearside Biomedical, Inc.(a)		20,683		221,101
Clovis Oncology, Inc.(a)		36,909		1,678,252
Codexis, Inc.(a)(b)		37,692		542,765
Cohbar, Inc.(a)		16,379		107,282
Coherus Biosciences, Inc.(a)		34,802		487,228
Collegium Pharmaceutical, Inc.(a)		21,773		519,286
Corbus Pharmaceuticals Holdings, Inc.(a)		38,893		196,410
Corium International, Inc.(a)(b)		19,717		157,933
CTI BioPharma Corp.(a)		34,773		173,170
Cue Biopharma, Inc.(a)(b)		12,511		148,380
Cymabay Therapeutics, Inc.(a)		43,668		586,025
Cytokinetics, Inc.(a)		34,020		282,366
CytomX Therapeutics, Inc.(a)		28,600		653,796
CytoSorbents Corp.(a)		18,107		206,420
Deciphera Pharmaceuticals, Inc.(a)		5,727		225,357
Denali Therapeutics, Inc.(a)(b)		12,675		193,294
Dermira, Inc.(a)(b)		25,969		238,915
Dova Pharmaceuticals, Inc.(a)		8,724		261,022
Dynavax Technologies Corp.(a)(b)		46,319		706,365
Editas Medicine, Inc.(a)(b)		35,880		1,285,580
Emergent Biosolutions, Inc.(a)		35,694		1,802,190
Enzo Biochem, Inc.(a)		35,215		182,766
Epizyme, Inc.(a)(b)		38,862		526,580
Evelo Biosciences, Inc.(a)(b)		3,900		46,020
Fate Therapeutics, Inc.(a)		40,441		458,601
Fennec Pharmaceuticals, Inc.(a)		8,215		85,765
FibroGen, Inc.(a)		57,613		3,606,574
Five Prime Therapeutics, Inc.(a)		24,669		390,017
Fortress Biotech, Inc.(a)		27,724		82,617
Foundation Medicine, Inc.(a)		11,764		1,608,139
G1 Therapeutics, Inc.(a)		15,160		658,854
GenMark Diagnostics, Inc.(a)(b)		36,878		235,282
Genomic Health, Inc.(a)		15,501		781,250
Geron Corp.(a)(b)		118,228		405,522
Global Blood Therapeutics, Inc.(a)		38,508		1,740,562
GlycoMimetics, Inc.(a)		24,901		401,653
GTx, Inc.(a)		3,348		51,258
Halozyme Therapeutics, Inc.(a)		98,501		1,661,712
Harvard Bioscience, Inc.(a)		21,119		112,987
Heron Therapeutics, Inc.(a)(b)		49,030		1,904,815
Homology Medicines, Inc.(a)		7,549		154,000

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Idera Pharmaceuticals, Inc.(a)		112,677	$	148,734
ImmunoGen, Inc.(a)(b)		100,467		977,544
Immunomedics, Inc.(a)		101,357		2,399,120
Innovate Biopharmaceuticals, Inc.(a)(b)		12,490		294,389
Inovio Pharmaceuticals, Inc.(a)		62,084		243,369
Insmed, Inc.(a)(b)		56,937		1,346,560
Insys Therapeutics, Inc.(a)(b)		21,949		158,911
Intellia Therapeutics, Inc.(a)(b)		24,669		674,944
Intercept Pharmaceuticals, Inc.(a)		17,145		1,438,637
Intrexon Corp.(a)		51,605		719,374
Invitae Corp.(a)		47,298		347,640
Iovance Biotherapeutics, Inc.(a)(b)		61,071		781,709
Jounce Therapeutics, Inc.(a)		10,803		82,751
Kadmon Holdings, Inc.(a)		51,150		204,088
Kala Pharmaceuticals, Inc.(a)(b)		9,206		126,398
Karyopharm Therapeutics, Inc.(a)		35,986		611,402
Keryx Biopharmaceuticals, Inc.(a)(b)		70,366		264,576
Kindred Biosciences, Inc.(a)		19,694		209,741
Kura Oncology, Inc.(a)		18,443		335,663
Lexicon Pharmaceuticals, Inc.(a)		33,434		401,208
Ligand Pharmaceuticals, Inc.(a)(b)		16,261		3,368,791
Loxo Oncology, Inc.(a)(b)		20,367		3,533,267
MacroGenics, Inc.(a)		29,115		601,225
Madrigal Pharmaceuticals, Inc.(a)		4,323		1,209,100
MannKind Corp.(a)(b)		103,582		196,806
Marinus Pharmaceuticals, Inc.(a)		26,772		189,278
MediciNova, Inc.(a)(b)		28,944		230,394
Menlo Therapeutics, Inc.(a)		4,198		34,088
Mersana Therapeutics, Inc.(a)(b)		9,182		163,990
Minerva Neurosciences, Inc.(a)(b)		22,202		183,166
Miragen Therapeutics, Inc.(a)		17,972		115,200
Mirati Therapeutics, Inc.(a)		13,447		662,937
Molecular Templates, Inc.(a)		6,393		33,435
Momenta Pharmaceuticals, Inc.(a)		57,018		1,166,018
Mustang Bio, Inc.(a)		9,604		66,172
Myriad Genetics, Inc.(a)		51,070		1,908,486
NantKwest, Inc.(a)		16,787		51,368
Natera, Inc.(a)		21,855		411,311
Neos Therapeutics, Inc.(a)		20,567		128,544
NewLink Genetics Corp.(a)		24,502		116,629
Novavax, Inc.(a)		283,155		379,428
Nymox Pharmaceutical Corp.(a)		22,158		74,451
Odonate Therapeutics, Inc.(a)		5,407		119,387
Omeros Corp.(a)(b)		34,065		617,939
OPKO Health, Inc.(a)(b)		239,121		1,123,869
Organovo Holdings, Inc.(a)(b)		79,322		111,051
Ovid therapeutics, Inc.(a)(b)		11,692		91,198
Pacific Biosciences of California, Inc.(a)		90,134		319,976
Palatin Technologies, Inc.(a)		119,024		115,429
PDL BioPharma, Inc.(a)		115,664		270,654
Pfenex, Inc.(a)		14,122		76,400
Pieris Pharmaceuticals, Inc.(a)		38,490		195,144
Progenics Pharmaceuticals, Inc.(a)		55,606		447,072
Proteostasis Therapeutics, Inc.(a)		18,277		50,993
Prothena Corp. PLC(a)		30,531		445,142
PTC Therapeutics, Inc.(a)		33,663		1,135,453
Pulse Biosciences, Inc.(a)(b)		7,786		117,880
Puma Biotechnology, Inc.(a)		21,776		1,288,050
Ra Pharmaceuticals, Inc.(a)		10,507		104,545
RadNet, Inc.(a)		30,373		455,595
Recro Pharma, Inc.(a)(b)		15,749		79,060
REGENXBIO, Inc.(a)		22,022		1,580,078
Repligen Corp.(a)(b)		29,122		1,369,899
resTORbio, Inc.(a)(b)		4,329		39,610

Security	Shares		Value
Biotechnology (continued)
Retrophin, Inc.(a)(b)		29,946	$	816,328
Rhythm Pharmaceuticals, Inc.(a)		9,042		282,653
Rigel Pharmaceuticals, Inc.(a)		122,414		346,432
Rocket Pharmaceuticals, Inc.(a)(b)		15,458		303,440
Rockwell Medical, Inc.(a)(b)		36,905		181,942
RTI Surgical, Inc.(a)		45,686		210,156
Sangamo Therapeutics, Inc.(a)(b)		75,405		1,070,751
Savara, Inc.(a)		18,402		208,311
Selecta Biosciences, Inc.(a)(b)		13,253		175,602
Seres Therapeutics, Inc.(a)		14,042		120,761
Sienna Biopharmaceuticals, Inc.(a)(b)		11,704		177,784
Solid Biosciences, Inc.(a)		6,758		240,787
Sorrento Therapeutics, Inc.(a)		64,545		464,724
Spark Therapeutics, Inc.(a)(b)		24,311		2,011,978
Spero Therapeutics, Inc.(a)		3,800		55,746
Spring Bank Pharmaceuticals, Inc.(a)		6,182		73,257
Stemline Therapeutics, Inc.(a)		20,878		335,092
Surface Oncology, Inc.(a)		5,345		87,177
Syneos Health, Inc.(a)(b)		43,106		2,021,671
Synergy Pharmaceuticals, Inc.(a)(b)		188,074		327,249
Synlogic, Inc.(a)		11,178		109,880
Syros Pharmaceuticals, Inc.(a)		18,087		184,668
Tocagen, Inc.(a)(b)		14,746		137,728
Tyme Technologies, Inc.(a)		28,273		89,343
UNITY Biotechnology, Inc.(a)		3,527		53,117
Unum Therapeutics, Inc.(a)		2,575		36,951
Vanda Pharmaceuticals, Inc.(a)		38,101		725,824
Veracyte, Inc.(a)		17,556		163,973
Verastem, Inc.(a)		39,149		269,345
Vericel Corp.(a)		27,362		265,411
Viking Therapeutics, Inc.(a)		32,306		306,584
Vital Therapies, Inc.(a)		18,728		128,287
Xencor, Inc.(a)		36,553		1,352,826
XOMA Corp.(a)		4,297		89,721
ZIOPHARM Oncology, Inc.(a)(b)		100,487		303,471
				101,439,806
Building Materials — 1.1%
Armstrong Flooring, Inc.(a)		16,457		231,056
BlueLinx Holdings, Inc.(a)		6,602		247,773
Builders FirstSource, Inc.(a)(b)		88,585		1,620,220
Caesarstone Ltd.(b)		17,179		259,403
Continental Building Products, Inc.(a)		28,197		889,615
Gibraltar Industries, Inc.(a)		23,694		888,525
Griffon Corp.		21,623		384,889
Louisiana-Pacific Corp.		111,006		3,021,583
Masonite International Corp.(a)		21,161		1,520,418
NCI Building Systems, Inc.(a)		33,958		713,118
Patrick Industries, Inc.(a)		18,768		1,066,961
PGT Innovations, Inc.(a)(b)		36,515		761,338
Quanex Building Products Corp.		26,743		480,037
Simpson Manufacturing Co., Inc.		31,741		1,973,973
Summit Materials, Inc., Class A(a)		85,787		2,251,909
Trex Co., Inc.(a)		45,166		2,826,940
				19,137,758
Building: Climate Control — 0.1%
AAON, Inc.		30,788		1,023,701
Comfort Systems USA, Inc.		27,460		1,257,668
				2,281,369
Building: Roofing, Wallboard & Plumbing — 0.2%
Beacon Roofing Supply, Inc.(a)(b)		52,070		2,219,223
Forterra, Inc.(a)		14,583		141,893
Foundation Building Materials, Inc.(a)		10,500		161,490
JELD-WEN Holding, Inc.(a)		54,192		1,549,349
				4,071,955

44 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Cable Television Services — 0.2%
Liberty Latin America, Ltd., Class A(a)		32,157	$	614,842
Liberty Latin America, Ltd., Class C(a)(b)		87,921		1,703,909
Roku, Inc.(a)		33,539		1,429,432
WideOpenWest, Inc.(a)		22,764		219,900
				3,968,083
Casinos & Gambling — 0.5%
Boyd Gaming Corp.		66,402		2,301,493
Century Casinos, Inc.(a)		33,129		289,879
Eldorado Resorts, Inc.(a)		52,445		2,050,599
Monarch Casino & Resort, Inc.(a)		8,411		370,505
Penn National Gaming, Inc.(a)		37,096		1,246,055
Scientific Games Corp., Class A(a)		42,052		2,066,856
				8,325,387
Cement — 0.0%
US Concrete, Inc.(a)		12,214		641,235
Chemicals: Diversified — 1.0%
AdvanSix, Inc.(a)		22,858		837,289
AgroFresh Solutions, Inc.(a)		23,198		162,618
American Vanguard Corp.		21,340		489,753
CSW Industrials, Inc.(a)		13,436		710,093
GCP Applied Technologies, Inc.(a)(b)		55,715		1,612,949
Hawkins, Inc.		7,647		270,321
Ingevity Corp.(a)		32,360		2,616,630
Innophos Holdings, Inc.		14,808		704,861
KMG Chemicals, Inc.		10,916		805,382
Landec Corp.(a)		20,319		302,753
LSB Industries, Inc.(a)		15,507		82,187
Marrone Bio Innovations, Inc.(a)		38,512		70,862
Nexeo Solutions, Inc.(a)		23,762		216,947
OMNOVA Solutions, Inc.(a)		31,529		327,902
PolyOne Corp.		60,855		2,630,153
Rayonier Advanced Materials, Inc.		38,321		654,906
Sensient Technologies Corp.		31,968		2,287,310
Tronox Ltd., Class A		72,497		1,426,741
				16,209,657
Chemicals: Specialty — 0.5%
Advanced Emissions Solutions, Inc.		2,275		25,844
Amyris, Inc.(a)		17,690		113,039
Balchem Corp.		24,550		2,409,337
FutureFuel Corp.		18,292		256,271
Innospec, Inc.		18,949		1,450,546
Kraton Corp.(a)		23,086		1,065,188
PQ Group Holdings, Inc.(a)		27,137		488,466
Quaker Chemical Corp.		10,477		1,622,573
Stepan Co.		15,097		1,177,717
Valhi, Inc.		18,357		87,379
				8,696,360
Coal — 0.3%
Arch Coal, Inc., Class A		14,405		1,129,784
Cloud Peak Energy, Inc.(a)		51,615		180,136
CONSOL Energy, Inc.(a)		20,942		803,126
Hallador Energy Co.		12,927		92,299
Peabody Energy Corp.		61,607		2,801,886
Ramaco Resources, Inc.(a)		4,174		29,051
Warrior Met Coal, Inc.		26,908		741,854
				5,778,136
Commercial Banks — 0.1%
Blue Hills Bancorp, Inc.		17,676		392,407
Green Bancorp, Inc.		16,603		358,625
HomeTrust Bancshares, Inc.(a)		12,365		348,075
				1,099,107

Security	Shares		Value
Commercial Finance & Mortgage Companies — 0.2%
Federal Agricultural Mortgage Corp., Class C		7,943	$	710,740
Impac Mortgage Holdings, Inc.(a)		6,777		64,585
Meta Financial Group, Inc.(b)		7,045		686,183
Nationstar Mortgage Holdings, Inc.(a)		22,942		402,173
On Deck Capital, Inc.(a)		38,688		270,816
PennyMac Financial Services, Inc.(a)(f)		3,162		62,133
RE/MAX Holdings, Inc., Class A		13,501		708,127
Walker & Dunlop, Inc.		20,704		1,152,178
				4,056,935
Commercial Services & Supplies — 0.2%
Hill International, Inc.(a)(b)		35,369		208,677
Information Services Group, Inc.(a)		25,187		103,267
National Research Corp., Class A		8,027		300,210
Weight Watchers International, Inc.(a)		29,371		2,969,408
				3,581,562
Commercial Services: Rental & Leasing — 0.9%
Aircastle Ltd.		36,571		749,706
CAI International, Inc.(a)		13,909		323,245
GATX Corp.		28,971		2,150,518
GMS, Inc.(a)		24,719		669,638
H&E Equipment Services, Inc.		23,861		897,412
Herc Holdings, Inc.(a)		18,123		1,021,050
Marlin Business Services Corp.		6,772		202,144
McGrath RentCorp		18,989		1,201,434
Mobile Mini, Inc.		33,038		1,549,482
NOW, Inc.(a)		80,806		1,077,144
PHH Corp.(a)		25,584		277,842
Rush Enterprises, Inc., Class B(a)		3,130		137,407
SiteOne Landscape Supply, Inc.(a)(b)		30,457		2,557,474
Triton International Ltd.		40,817		1,251,449
Willis Lease Finance Corp.(a)		3,353		105,921
Willscot Corp.(a)		25,002		370,030
				14,541,896
Commercial Vehicles & Parts — 0.4%
Blue Bird Corp.(a)		11,192		250,141
Commercial Vehicle Group, Inc.(a)		22,763		167,081
Cooper-Standard Holding, Inc.(a)		13,898		1,816,052
Miller Industries, Inc.		7,661		195,739
Modine Manufacturing Co.(a)		37,641		686,948
Motorcar Parts of America, Inc.(a)		14,147		264,690
Navistar International Corp.(a)		37,816		1,539,868
REV Group, Inc.		22,380		380,684
Rush Enterprises, Inc., Class A(a)		23,248		1,008,498
Spartan Motors, Inc.		26,034		393,113
Wabash National Corp.		42,529		793,591
				7,496,405
Communications Equipment — 0.0%
Aerohive Networks, Inc.(a)		20,656		82,004
Communications Technology — 1.6%
ADTRAN, Inc.		36,203		537,615
Anixter International, Inc.(a)		22,785		1,442,291
Avaya Holdings Corp.(a)		77,976		1,565,758
Bel Fuse, Inc., Class B		7,822		163,480
Calix, Inc.(a)		30,582		238,540
Casa Systems, Inc.(a)		10,842		177,050
Ciena Corp.(a)		109,235		2,895,820
Comtech Telecommunications Corp.		18,322		584,105
DASAN Zhone Solutions, Inc.(a)		3,778		36,873
Digi International, Inc.(a)		19,455		256,806
Extreme Networks, Inc.(a)		86,634		689,607
Finisar Corp.(a)(b)		89,336		1,608,048
Harmonic, Inc.(a)		61,231		260,232

SCHEDULES OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Technology (continued)
Infinera Corp.(a)		110,808	$	1,100,323
Intelsat SA(a)(b)		29,661		494,152
InterDigital, Inc.		26,528		2,146,115
KVH Industries, Inc.(a)(b)		12,526		167,848
Loral Space & Communications, Inc.(a)		9,453		355,433
Lumentum Holdings, Inc.(a)(b)		47,823		2,768,952
Maxar Technologies, Ltd.		43,262		2,185,596
NeoPhotonics Corp.(a)		27,408		170,752
NETGEAR, Inc.(a)		23,269		1,454,312
Ooma, Inc.(a)(b)		14,132		199,968
Plantronics, Inc.		25,712		1,960,540
Quantenna Communications, Inc.(a)(b)		24,510		380,885
Ribbon Communications, Inc.(a)		38,478		273,963
TeleNav, Inc.(a)		22,033		123,385
ViaSat, Inc.(a)(b)		42,170		2,771,412
				27,009,861
Computer Services Software & Systems — 5.7%
A10 Networks, Inc.(a)(b)		39,385		245,369
ACI Worldwide, Inc.(a)(b)		89,010		2,195,877
Acxiom Corp.(a)		60,565		1,813,922
Alarm.com Holdings, Inc.(a)(b)		22,905		924,904
Altair Engineering, Inc., Class A(a)		18,436		630,142
Alteryx, Inc., Class A(a)(b)		20,790		793,346
American Software, Inc., Class A		20,438		297,782
Appfolio, Inc., Class A(a)		10,960		670,204
Asure Software, Inc.(a)		7,214		115,063
Avid Technology, Inc.(a)		19,459		101,187
Benefitfocus, Inc.(a)		14,744		495,398
Blackbaud, Inc.		36,627		3,752,436
Blackline, Inc.(a)		24,041		1,044,101
Blucora, Inc.(a)		34,895		1,291,115
Bottomline Technologies, Inc.(a)		32,037		1,596,404
Box, Inc., Class A(a)		97,621		2,439,549
Brightcove, Inc.(a)		24,738		238,722
CACI International, Inc., Class A(a)		18,664		3,145,817
Carbon Black, Inc.(a)		5,813		151,138
Cargurus, Inc.(a)		38,133		1,324,740
Cision Ltd.(a)		28,959		432,937
Cloudera, Inc.(a)		80,987		1,104,663
CommVault Systems, Inc.(a)		30,263		1,992,819
Cornerstone OnDemand, Inc.(a)		41,876		1,986,179
Coupa Software, Inc.(a)		40,908		2,546,114
CSG Systems International, Inc.		24,945		1,019,502
Digimarc Corp.(a)		8,177		219,144
Ebix, Inc.(b)		17,968		1,370,060
Endurance International Group Holdings, Inc.(a)		52,228		519,669
Envestnet, Inc.(a)		34,266		1,882,917
ePlus, Inc.(a)		10,134		953,609
Everbridge, Inc.(a)(b)		19,412		920,517
Evolent Health, Inc., Class A(a)(b)		52,754		1,110,472
ForeScout Technologies, Inc.(a)		21,358		731,725
Groupon, Inc.(a)		341,540		1,468,622
Hortonworks, Inc.(a)		54,272		988,836
HubSpot, Inc.(a)(b)		27,940		3,503,676
Imperva, Inc.(a)		25,855		1,247,504
Inovalon Holdings, Inc., Class A(a)		51,180		507,962
Internap Corp.(a)		13,744		143,212
KEYW Holding Corp.(a)(b)		38,149		333,422
Leaf Group Ltd.(a)		11,693		126,869
LendingClub Corp.(a)(b)		239,851		909,035
Limelight Networks, Inc.(a)		79,527		355,486
LivePerson, Inc.(a)		44,540		939,794
Majesco(a)(b)		1,856		11,414
Mantech International Corp., Class A		20,759		1,113,513

Security	Shares		Value
Computer Services Software & Systems (continued)
Meet Group, Inc.(a)(b)		51,801	$	232,068
Mercury Systems, Inc.(a)(b)		36,390		1,385,003
MicroStrategy, Inc., Class A(a)		7,183		917,628
MINDBODY, Inc., Class A(a)		31,887		1,230,838
Mitek Systems, Inc.(a)		26,089		232,192
Monotype Imaging Holdings, Inc.		30,296		615,009
Netscout Systems, Inc.(a)		65,735		1,952,329
New Relic, Inc.(a)		33,947		3,414,729
NIC, Inc.		48,797		758,793
OneSpan, Inc.(a)		24,059		472,759
PAR Technology Corp.(a)		8,231		145,524
PDF Solutions, Inc.(a)		21,569		258,397
Perficient, Inc.(a)		25,837		681,322
Perspecta, Inc.		109,615		2,252,588
Presidio, Inc.(a)		23,800		311,780
Progress Software Corp.		35,277		1,369,453
PROS Holdings, Inc.(a)		20,551		751,550
Q2 Holdings, Inc.(a)(b)		28,886		1,647,946
QAD, Inc., Class A		7,340		368,101
Rapid7, Inc.(a)		26,554		749,354
Reis, Inc.		6,710		146,278
Remark Holdings, Inc.(a)		18,017		70,446
Rimini Street, Inc.(a)		5,432		35,580
SailPoint Technologies Holding, Inc.(a)		28,923		709,770
Science Applications International Corp.		32,303		2,614,282
SecureWorks Corp., Class A(a)		6,251		77,825
SendGrid, Inc.(a)		6,756		179,169
ShotSpotter, Inc.(a)		5,325		201,977
Shutterstock, Inc.(a)		14,147		671,417
Simulations Plus, Inc.		8,439		187,768
SPS Commerce, Inc.(a)		12,626		927,758
SYNNEX Corp.		23,179		2,237,005
Syntel, Inc.(a)		28,292		907,890
TechTarget, Inc.(a)		14,914		423,558
Telaria, Inc.(a)		31,719		128,145
TiVo Corp.		95,589		1,285,672
Travelzoo, Inc.(a)		3,522		60,226
Tucows, Inc., Class A(a)(b)		7,109		431,161
Unisys Corp.(a)		38,257		493,515
Upland Software, Inc.(a)		11,567		397,558
Varonis Systems, Inc.(a)		22,408		1,669,396
VeriFone Systems, Inc.(a)		84,335		1,924,525
Verint Systems, Inc.(a)		49,501		2,195,369
Veritone, Inc.(a)		5,225		87,885
VirnetX Holding Corp.(a)(b)		42,876		145,778
Virtusa Corp.(a)		22,132		1,077,386
Web.com Group, Inc.(a)(b)		30,069		777,284
Workiva, Inc.(a)(b)		20,920		510,448
Yelp, Inc.(a)		61,980		2,428,376
Yext, Inc.(a)		60,121		1,162,740
Zix Corp.(a)		40,941		220,672
Zscaler, Inc.(a)		10,268		367,081
				96,208,191
Computer Technology — 0.5%
3D Systems Corp.(a)(b)		81,863		1,130,528
Cray, Inc.(a)(b)		29,798		733,031
Diebold Nixdorf, Inc.(a)		57,946		692,455
Immersion Corp.(a)		22,488		347,215
Impinj, Inc.(a)(b)		14,024		310,070
Insight Enterprises, Inc.(a)		27,205		1,331,141
PC Connection, Inc.		8,284		275,029
Safeguard Scientifics, Inc.(a)		12,119		155,123
Stratasys Ltd.(a)		37,115		710,381
Super Micro Computer, Inc.(a)		28,631		677,123

46 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Computer Technology (continued)
Synaptics, Inc.(a)		25,800	$	1,299,546
USA Technologies, Inc.(a)(b)		41,679		583,506
				8,245,148
Construction — 0.5%
Aegion Corp.(a)		23,272		599,254
EMCOR Group, Inc.		44,078		3,357,862
Granite Construction, Inc.		34,412		1,915,372
Great Lakes Dredge & Dock Corp.(a)(b)		42,187		221,482
Orion Group Holdings, Inc.(a)		18,309		151,232
Primoris Services Corp.		31,072		846,091
Sterling Construction Co., Inc.(a)		20,370		265,421
Tutor Perini Corp.(a)		27,855		513,925
				7,870,639
Consumer Electronics — 0.1%
Fitbit, Inc., Series A(a)		161,841		1,056,822
Universal Electronics, Inc.(a)		10,510		347,356
Vuzix Corp.(a)		15,894		118,410
XO Group, Inc.(a)		17,894		572,608
ZAGG, Inc.(a)		22,745		393,488
				2,488,684
Consumer Lending — 0.8%
Curo Group Holdings Corp.(a)		7,173		178,966
Elevate Credit, Inc.(a)		16,757		141,764
Encore Capital Group, Inc.(a)(b)		19,827		725,668
Enova International, Inc.(a)		25,035		915,029
Ezcorp, Inc., Class A(a)(b)		38,171		459,961
FirstCash, Inc.		34,195		3,072,421
LendingTree, Inc.(a)		5,803		1,240,681
Marcus & Millichap, Inc.(a)		14,502		565,723
MGIC Investment Corp.(a)		281,858		3,021,518
MoneyGram International, Inc.(a)		20,943		140,109
Nelnet, Inc., Class A		13,988		817,039
PRA Group, Inc.(a)(b)		34,724		1,338,610
Regional Management Corp.(a)		7,439		260,514
World Acceptance Corp.(a)(b)		4,995		554,495
				13,432,498
Consumer Services: Miscellaneous — 0.3%
Cars.com, Inc.(a)(b)		55,897		1,586,916
Chuy’s Holdings, Inc.(a)(b)		12,786		392,530
Core-Mark Holding Co., Inc.		34,651		786,578
Del Frisco’s Restaurant Group, Inc.(a)		15,546		195,880
Nutrisystem, Inc.		23,034		886,809
Sotheby’s(a)		28,745		1,562,003
				5,410,716
Containers & Packaging — 0.1%
Greif, Inc., Class A		19,221		1,016,599
Greif, Inc., Class B		4,145		238,752
Myers Industries, Inc.		22,642		434,726
UFP Technologies, Inc.(a)		4,162		128,398
Veritiv Corp.(a)		8,749		348,647
				2,167,122
Cosmetics — 0.1%
elf Beauty, Inc.(a)		17,142		261,244
Inter Parfums, Inc.		13,130		702,455
Revlon, Inc., Class A(a)(b)		6,042		106,037
				1,069,736
Diversified Financial Services — 0.8%
Altisource Portfolio Solutions SA(a)		7,727		225,397
Associated Capital Group, Inc., Class A		3,120		118,404
Cannae Holdings, Inc.(a)		51,498		955,288
FCB Financial Holdings, Inc., Class A(a)		32,940		1,936,872

Security	Shares		Value
Diversified Financial Services (continued)
Greenhill & Co., Inc.		16,394	$	465,590
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		40,642		802,679
Houlihan Lokey, Inc.		23,321		1,194,502
HRG Group, Inc.(a)		92,524		1,211,139
MBIA, Inc.(a)(b)		65,858		595,356
MidWestOne Financial Group, Inc.		7,996		270,105
Moelis & Co., Class A		30,843		1,808,942
Piper Jaffray Cos.		12,085		928,732
Stifel Financial Corp.		53,942		2,818,469
Tiptree, Inc., Class A		20,861		141,855
				13,473,330
Diversified Manufacturing Operations — 0.5%
Barnes Group, Inc.		37,611		2,215,288
Federal Signal Corp.		47,148		1,098,077
Harsco Corp.(a)		59,878		1,323,304
Lydall, Inc.(a)		12,206		532,792
OSI Systems, Inc.(a)		12,457		963,300
Raven Industries, Inc.		26,992		1,037,842
Standex International Corp.		9,458		966,608
TriMas Corp.(a)		34,694		1,020,003
				9,157,214
Diversified Materials & Processing — 0.4%
Belden, Inc.		30,148		1,842,646
Cabot Microelectronics Corp.		19,896		2,140,014
Encore Wire Corp.		15,174		720,006
Energous Corp.(a)(b)		17,146		254,275
Insteel Industries, Inc.(b)		13,516		451,434
Koppers Holdings, Inc.(a)		15,153		581,118
NL Industries, Inc.(a)		4,662		40,559
Synalloy Corp.		5,538		110,483
Tredegar Corp.		19,154		450,119
Uranium Energy Corp.(a)		116,134		186,976
				6,777,630
Diversified Media — 0.0%
EW Scripps Co., Class A		34,160		457,403
Hemisphere Media Group, Inc.(a)(b)		11,721		153,545
				610,948
Diversified Retail — 0.7%
Big Lots, Inc.		32,800		1,370,384
Dillard’s, Inc., Class A(b)		8,780		829,710
Duluth Holdings, Inc., Class B(a)(b)		6,153		146,380
Etsy, Inc.(a)		91,146		3,845,450
Gaia, Inc.(a)(b)		7,862		159,206
Hudson Ltd., Class A(a)		28,927		505,933
JC Penney Co., Inc.(a)(b)		238,265		557,540
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		38,502		2,791,395
Overstock.com, Inc.(a)		15,399		518,176
PriceSmart, Inc.		17,032		1,541,396
Sears Holdings Corp.(a)(b)		29,655		70,282
Winmark Corp.		1,712		254,147
				12,589,999
Drug & Grocery Store Chains — 0.3%
Diplomat Pharmacy, Inc.(a)		44,255		1,131,158
Ingles Markets, Inc., Class A		10,758		342,104
PetMed Express, Inc.		14,947		658,415
Rite Aid Corp.(a)(b)		810,892		1,402,843
Smart & Final Stores, Inc.(a)		17,746		98,490
SuperValu, Inc.(a)(b)		30,649		628,918
Village Super Market, Inc., Class A		5,864		172,754
Weis Markets, Inc.		7,063		376,740
				4,811,422

SCHEDULES OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Education Services — 0.6%
Adtalem Global Education, Inc.(a)		46,044	$	2,214,716
American Public Education, Inc.(a)		12,197		513,494
Cambium Learning Group, Inc.(a)		10,735		119,695
Capella Education Co.		8,661		854,841
Career Education Corp.(a)		50,919		823,360
Chegg, Inc.(a)		82,147		2,282,865
Franklin Covey Co.(a)		6,861		168,438
HealthStream, Inc.		19,174		523,642
Houghton Mifflin Harcourt Co.(a)		76,309		583,764
K12, Inc.(a)		28,778		471,096
Laureate Education, Inc., Class A(a)		37,717		540,485
Rosetta Stone, Inc.(a)		15,512		248,657
Strayer Education, Inc.(b)		8,555		966,800
				10,311,853
Electronic Components — 0.8%
Acacia Research Corp.(a)		15,133		62,802
AVX Corp.		35,731		559,905
Babcock & Wilcox Enterprises, Inc.(a)(b)		23,817		56,684
KEMET Corp.(a)		41,479		1,001,718
Methode Electronics, Inc.		26,893		1,083,788
Novanta, Inc.(a)		25,598		1,594,755
NVE Corp.		3,619		440,722
Park Electrochemical Corp.		15,523		359,978
Rogers Corp.(a)		14,251		1,588,416
Sanmina Corp.(a)		52,371		1,534,470
ScanSource, Inc.(a)		20,300		818,090
Sparton Corp.(a)		7,543		143,242
Tech Data Corp.(a)		29,156		2,394,291
TTM Technologies, Inc.(a)(b)		72,928		1,285,721
				12,924,582
Electronic Entertainment — 0.1%
Glu Mobile, Inc.(a)		80,519		516,127
PlayAGS, Inc.(a)		11,782		318,939
PolarityTE, Inc.(a)(b)		6,390		150,420
Turtle Beach Corp.(a)		5,819		118,242
				1,103,728
Electronics — 0.4%
Agilysys, Inc.(a)		11,202		173,631
Control4 Corp.(a)		19,245		467,846
Daktronics, Inc.		26,102		222,128
II-VI, Inc.(a)		47,605		2,068,437
Integer Holdings Corp.(a)		23,287		1,505,505
iRobot Corp.(a)(b)		20,140		1,526,008
Iteris, Inc.(a)		20,246		97,991
nLight, Inc.(a)		5,092		168,341
				6,229,887
Energy Equipment — 0.3%
Enphase Energy, Inc.(a)		64,001		430,727
FuelCell Energy, Inc.(a)		58,807		77,625
Matador Resources Co.(a)(b)		76,687		2,304,444
SunPower Corp.(a)(b)		44,546		341,668
Sunrun, Inc.(a)		74,816		983,831
TPI Composites, Inc.(a)		10,742		314,096
				4,452,391
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.(a)		57,472		336,211
Engineering & Contracting Services — 0.8%
Argan, Inc.		11,982		490,663
Dycom Industries, Inc.(a)(b)		22,494		2,125,908
Engility Holdings, Inc.(a)		13,564		415,601
Exponent, Inc.		40,183		1,940,839

Security	Shares		Value
Engineering & Contracting Services (continued)
HC2 Holdings, Inc.(a)(b)		32,369	$	189,359
IES Holdings, Inc.(a)(b)		5,192		86,966
KBR, Inc.		108,416		1,942,815
MasTec, Inc.(a)(b)		49,671		2,520,803
Mistras Group, Inc.(a)		13,778		260,128
MYR Group, Inc.(a)		11,942		423,463
Tetra Tech, Inc.		42,492		2,485,782
VSE Corp.		6,467		308,993
Willdan Group, Inc.(a)(b)		6,041		187,090
				13,378,410
Entertainment — 0.4%
AMC Entertainment Holdings, Inc., Class A		39,297		624,822
Empire Resorts, Inc.(a)(b)		3,280		64,944
Golden Entertainment, Inc.(a)		15,065		406,604
IMAX Corp.(a)		41,033		908,881
LiveXLive Media, Inc.(a)		20,370		117,535
Pinnacle Entertainment, Inc.(a)		43,315		1,461,015
Reading International, Inc., Class A(a)		12,638		201,576
World Wrestling Entertainment, Inc., Class A		32,313		2,353,033
				6,138,410
Environmental, Maintenance, & Security Service — 0.7%
ABM Industries, Inc.		51,791		1,511,261
Brink’s Co.		38,334		3,057,136
Healthcare Services Group, Inc.		56,391		2,435,527
MSA Safety, Inc.		26,167		2,520,929
SP Plus Corp.(a)		16,588		617,074
UniFirst Corp.		11,624		2,056,286
				12,198,213
Fertilizers — 0.0%
Intrepid Potash, Inc.(a)		67,450		276,545
Financial Data & Systems — 0.3%
Cardtronics PLC, Class A(a)		29,527		713,963
Cass Information Systems, Inc.		9,057		623,303
Donnelley Financial Solutions, Inc.(a)		24,929		433,016
Everi Holdings, Inc.(a)		49,111		353,599
EVERTEC, Inc.(a)		45,674		997,977
Green Dot Corp., Class A(a)(b)		36,674		2,691,505
				5,813,363
Food & Staples Retailing — 0.0%
Natural Grocers by Vitamin Cottage, Inc.(a)(b)		6,789		86,492
Foods — 1.0%
B&G Foods, Inc.(b)		50,821		1,519,548
Chefs’ Warehouse, Inc.(a)(b)		15,828		451,098
Dean Foods Co.		67,694		711,464
Freshpet, Inc.(a)		19,531		536,126
Hostess Brands, Inc.(a)(b)		77,041		1,047,758
J&J Snack Foods Corp.		11,045		1,684,031
John B Sanfilippo & Son, Inc.		6,310		469,780
Lancaster Colony Corp.		14,342		1,985,220
Medifast, Inc.		9,043		1,448,327
Natural Health Trends Corp.		5,587		139,787
Nature’s Sunshine Products, Inc.(a)		7,892		73,790
Performance Food Group Co.(a)		77,495		2,844,066
Seneca Foods Corp., Class A(a)		5,912		159,624
The Simply Good Foods Co.(a)		43,526		628,515
SpartanNash Co.		26,493		676,101
Tootsie Roll Industries, Inc.(b)		12,964		399,939
United Natural Foods, Inc.(a)(b)		38,907		1,659,773
				16,434,947

48 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Forest Products — 0.2%
Boise Cascade Co.		29,054	$	1,298,714
Universal Forest Products, Inc.		46,593		1,706,235
				3,004,949
Forms & Bulk Printing Services — 0.3%
Deluxe Corp.		36,512		2,417,459
Ennis, Inc.		19,303		392,816
InnerWorkings, Inc.(a)(b)		34,786		302,290
LSC Communications, Inc.		25,833		404,545
Multi-Color Corp.		10,615		686,260
Quad/Graphics, Inc.		24,454		509,377
RR Donnelley & Sons Co.		52,506		302,435
				5,015,182
Fruit & Grain Processing — 0.1%
MGP Ingredients, Inc.		10,404		923,979
Funeral Parlors & Cemeteries — 0.2%
Carriage Services, Inc.		11,227		275,623
Hillenbrand, Inc.		48,035		2,264,850
Matthews International Corp., Class A		23,593		1,387,269
				3,927,742
Gas Pipeline — 0.1%
NextDecade Corp.(a)		5,604		38,331
SemGroup Corp., Class A		62,367		1,584,122
				1,622,453
Glass — 0.1%
Apogee Enterprises, Inc.		22,128		1,065,906
Gold — 0.1%
Coeur Mining, Inc.(a)(b)		138,306		1,051,125
Gold Resource Corp.		39,220		258,460
Klondex Mines Ltd.(a)		99,999		230,998
				1,540,583
Health Care Equipment & Supplies — 0.2%
Inogen, Inc.(a)		13,515		2,518,250
Nuvectra Corp.(a)		10,279		211,028
				2,729,278
Health Care Facilities — 0.6%
AAC Holdings, Inc.(a)		8,289		77,668
Apollo Medical Holdings, Inc.(a)(b)		14,566		376,677
Brookdale Senior Living, Inc.(a)		138,938		1,262,947
Capital Senior Living Corp.(a)		18,764		200,212
Ensign Group, Inc.		36,698		1,314,522
Genesis Healthcare, Inc.(a)(b)		44,122		101,039
Kindred Healthcare, Inc.(a)		66,025		594,225
LifePoint Health, Inc.(a)		27,813		1,357,274
National Healthcare Corp.		8,986		632,435
Select Medical Holdings Corp.(a)		84,442		1,532,622
Tenet Healthcare Corp.(a)		64,018		2,149,084
U.S. Physical Therapy, Inc.		9,233		886,368
				10,485,073
Health Care Management Services — 0.2%
BioScrip, Inc.(a)(b)		93,618		274,301
Computer Programs & Systems, Inc.		8,561		281,657
Magellan Health, Inc.(a)		18,367		1,762,314
Triple-S Management Corp., Class B(a)		16,508		644,802
				2,963,074
Health Care Services — 2.0%
Accelerate Diagnostics, Inc.(a)(b)		19,710		439,533
Addus HomeCare Corp.(a)		5,377		307,833
Allscripts Healthcare Solutions, Inc.(a)(b)		139,915		1,678,980
Amedisys, Inc.(a)		21,973		1,877,813

Security	Shares		Value
Health Care Services (continued)
AMN Healthcare Services, Inc.(a)		35,158	$	2,060,259
Cara Therapeutics, Inc.(a)		20,117		385,241
Care.com, Inc.(a)		14,354		299,712
Civitas Solutions, Inc.(a)		12,791		209,772
CorVel Corp.(a)		6,949		375,246
Cross Country Healthcare, Inc.(a)		27,796		312,705
Flexion Therapeutics, Inc.(a)(b)		25,179		650,877
Globus Medical, Inc., Class A(a)		54,685		2,759,405
HealthEquity, Inc.(a)		41,445		3,112,519
HMS Holdings Corp.(a)		65,651		1,419,375
LHC Group, Inc.(a)(b)		23,644		2,023,690
Medidata Solutions, Inc.(a)		44,333		3,571,466
MiMedx Group, Inc.(a)(b)		84,492		539,904
NantHealth, Inc.(a)(b)		17,115		56,651
NeoGenomics, Inc.(a)(b)		41,047		538,126
Omnicell, Inc.(a)		29,954		1,571,087
Phibro Animal Health Corp., Class A		15,121		696,322
Quality Systems, Inc.(a)		40,196		783,822
R1 RCM, Inc.(a)		76,213		661,529
Ryman Hospitality Properties, Inc.		34,139		2,838,658
Surgery Partners, Inc.(a)		13,201		196,695
T2 Biosystems, Inc.(a)		18,842		145,837
Tabula Rasa HealthCare, Inc.(a)		12,852		820,343
Teladoc, Inc.(a)(b)		47,830		2,776,532
Tetraphase Pharmaceuticals, Inc.(a)(b)		37,965		135,535
Tivity Health, Inc.(a)		31,282		1,101,126
				34,346,593
Health Care: Miscellaneous — 0.1%
Medpace Holdings, Inc.(a)		8,894		382,442
Providence Service Corp.(a)		8,539		670,738
				1,053,180
Home Building — 0.8%
Beazer Homes USA, Inc.(a)		24,038		354,560
Century Communities, Inc.(a)		18,905		596,453
Hovnanian Enterprises, Inc., Class A(a)		84,967		138,496
Installed Building Products, Inc.(a)		16,352		924,706
KB Home		67,309		1,833,497
LGI Homes, Inc.(a)(b)		13,749		793,730
M/I Homes, Inc.(a)		20,427		540,907
MDC Holdings, Inc.		33,815		1,040,487
Meritage Homes Corp.(a)		30,755		1,351,682
New Home Co., Inc.(a)(b)		10,233		102,023
Taylor Morrison Home Corp., Class A(a)		87,642		1,821,201
Tile Shop Holdings, Inc.		28,170		216,909
TopBuild Corp.(a)		27,337		2,141,581
TRI Pointe Group, Inc.(a)(b)		112,840		1,846,062
William Lyon Homes, Class A(a)		23,318		540,978
				14,243,272
Hotel/Motel — 0.2%
Belmond Ltd., Class A(a)		74,059		825,758
Marcus Corp.		14,739		479,017
Red Lion Hotels Corp.(a)		13,890		161,819
Red Rock Resorts, Inc., Class A		55,855		1,871,142
				3,337,736
Household Appliances — 0.0%
Hamilton Beach Brands Holding Co.		4,656		135,257
National Presto Industries, Inc.		3,700		458,800
				594,057
Household Equipment & Products — 0.4%
Central Garden & Pet Co.(a)		7,734		336,274
Central Garden & Pet Co., Class A(a)		27,172		1,099,651
Helen of Troy Ltd.(a)(b)		20,644		2,032,402

SCHEDULES OF INVESTMENTS 49

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Equipment & Products (continued)
Novocure Ltd.(a)		55,801	$	1,746,571
Tupperware Brands Corp.		39,818		1,642,095
				6,856,993
Household Furnishings — 0.4%
American Woodmark Corp.(a)		11,115		1,017,578
Bassett Furniture Industries, Inc.		7,935		218,609
Ethan Allen Interiors, Inc.		18,925		463,662
Flexsteel Industries, Inc.		5,973		238,323
Hooker Furniture Corp.		8,363		392,225
Kirkland’s, Inc.(a)		11,776		137,073
La-Z-Boy, Inc.		34,920		1,068,552
Lifetime Brands, Inc.		8,130		102,844
Purple Innovation, Inc.(a)		4,086		34,731
RH(a)(b)		14,728		2,057,502
Sleep Number Corp.(a)(b)		27,137		787,516
				6,518,615
Insurance: Life — 0.7%
American Equity Investment Life Holding Co.		63,987		2,303,532
Citizens, Inc.(a)(b)		42,637		332,142
CNO Financial Group, Inc.		85,595		1,629,729
FBL Financial Group, Inc., Class A		9,546		751,748
FGL Holdings(a)		119,774		1,004,904
Health Insurance Innovations, Inc., Class A(a)		8,518		275,557
Independence Holding Co.		4,912		163,324
National Western Life Group, Inc., Class A		2,278		699,938
Primerica, Inc.		29,402		2,928,439
Third Point Reinsurance Ltd.(a)		66,691		833,638
Trupanion, Inc.(a)(b)		19,358		747,219
				11,670,170
Insurance: Multi-Line — 0.3%
Crawford & Co., Class B		11,672		100,963
eHealth, Inc.(a)		13,994		309,267
Goosehead Insurance, Inc.(a)		7,485		186,826
Horace Mann Educators Corp.		30,675		1,368,105
James River Group Holdings Ltd.		19,613		770,595
Kemper Corp.		29,656		2,243,476
Maiden Holdings Ltd.		25,079		194,362
PICO Holdings, Inc.(a)		10,254		119,459
				5,293,053
Insurance: Property-Casualty — 1.9%
AMERISAFE, Inc.		12,024		694,386
AmTrust Financial Services, Inc.		82,772		1,205,988
Argo Group International Holdings Ltd.		25,787		1,499,514
Baldwin & Lyons, Inc., Class B		9,102		222,089
Donegal Group, Inc., Class A		9,440		128,478
EMC Insurance Group, Inc.		8,144		226,240
Employers Holdings, Inc.		25,084		1,008,377
Enstar Group Ltd.(a)		9,499		1,969,143
Essent Group Ltd.(a)		73,073		2,617,475
FedNat Holding Co.		8,091		186,659
Genworth Financial, Inc., Class A(a)		392,022		1,764,099
Global Indemnity Ltd.		5,995		233,685
Greenlight Capital Re Ltd., Class A(a)		32,002		454,429
Hallmark Financial Services, Inc.(a)		8,938		89,201
HCI Group, Inc.		5,634		234,205
Heritage Insurance Holdings, Inc.		15,682		261,419
Hilltop Holdings, Inc.		59,145		1,305,330
Infinity Property & Casualty Corp.		7,841		1,116,166
Investors Title Co.		1,078		199,064
Kingstone Cos., Inc.		7,598		128,406
Kinsale Capital Group, Inc.		16,207		889,116
National General Holdings Corp.		49,847		1,312,472

Security	Shares		Value
Insurance: Property-Casualty (continued)
Navigators Group, Inc.		14,925	$	850,725
NI Holdings, Inc.(a)		12,360		209,502
NMI Holdings, Inc., Class A(a)		49,949		814,169
ProAssurance Corp.		39,492		1,399,992
Radian Group, Inc.		164,596		2,669,747
RLI Corp.		30,426		2,013,897
Safety Insurance Group, Inc.		12,417		1,060,412
Selective Insurance Group, Inc.		44,128		2,427,040
State Auto Financial Corp.		13,430		401,691
Stewart Information Services Corp.		19,176		825,910
United Fire Group, Inc.		8,094		441,204
United Insurance Holdings Corp.		16,215		317,490
Universal Insurance Holdings, Inc.		25,923		909,897
WMIH Corp.(a)		150,979		202,312
				32,289,929
International Trade & Diversified Logistic — 0.0%
CryoPort, Inc.(a)(b)		18,373		289,926
Radiant Logistics, Inc.(a)		28,176		110,168
Vectrus, Inc.(a)		8,521		262,617
				662,711
Internet Software & Services — 0.1%
Amber Road, Inc.(a)		17,131		161,203
ChannelAdvisor Corp.(a)		18,819		264,407
eGain Corp.(a)		12,990		196,149
Gogo, Inc.(a)(b)		41,769		202,997
Quotient Technology, Inc.(a)(b)		59,106		774,289
TrueCar, Inc.(a)		67,628		682,366
				2,281,411
Leisure Time — 1.3%
Acushnet Holdings Corp.		25,790		630,823
American Outdoor Brands Corp.(a)		39,612		476,532
Bluegreen Vacations Corp.(b)		6,435		153,153
Callaway Golf Co.		73,438		1,393,119
Churchill Downs, Inc.		9,122		2,704,673
Clarus Corp.(a)		11,358		93,704
Drive Shack, Inc.(a)		36,850		284,482
Escalade, Inc.		7,421		104,636
ILG, Inc.		80,696		2,665,389
International Speedway Corp., Class A		19,426		868,342
Johnson Outdoors, Inc., Class A		3,692		312,085
Liberty Expedia Holdings, Inc., Class A(a)		41,954		1,843,459
Liberty TripAdvisor Holdings, Inc., Series A(a)		54,890		883,729
Lindblad Expeditions Holdings, Inc.(a)		15,358		203,494
Marriott Vacations Worldwide Corp.		16,586		1,873,555
Nautilus, Inc.(a)		21,421		336,310
Planet Fitness, Inc., Class A(a)		67,409		2,961,951
RCI Hospitality Holdings, Inc.		6,946		219,841
SeaWorld Entertainment, Inc.(a)		43,585		951,025
Speedway Motorsports, Inc.		9,668		167,836
Sturm Ruger & Co., Inc.		12,823		718,088
Town Sports International Holdings, Inc.(a)		10,780		156,849
Travelport Worldwide Ltd.		96,849		1,795,580
Vista Outdoor, Inc.(a)		45,017		697,313
				22,495,968
Life Sciences Tools & Services — 0.0%
WaVe Life Sciences Ltd.(a)		13,083		500,425
Luxury Items — 0.2%
Movado Group, Inc.		11,888		574,190
Signet Jewelers Ltd.		45,030		2,510,423
				3,084,613

50 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery: Agricultural — 0.1%
Alamo Group, Inc.		7,198	$	650,411
Lindsay Corp.		7,912		767,385
Titan International, Inc.(b)		36,274		389,220
Titan Machinery, Inc.(a)		14,442		224,573
				2,031,589
Machinery: Construction & Handling — 0.2%
Astec Industries, Inc.		16,967		1,014,627
Douglas Dynamics, Inc.		16,661		799,728
The Manitowoc Co., Inc.(a)		26,263		679,161
NACCO Industries, Inc., Class A		2,551		86,096
				2,579,612
Machinery: Engines — 0.0%
Briggs & Stratton Corp.		30,539		537,792
Machinery: Industrial — 1.5%
Actuant Corp., Class A		45,530		1,336,305
Altra Industrial Motion Corp.		21,623		931,951
Applied Industrial Technologies, Inc.		29,147		2,044,662
Chart Industries, Inc.(a)		22,901		1,412,534
Columbus McKinnon Corp.		16,468		714,052
DXP Enterprises, Inc.(a)		12,920		493,544
EnPro Industries, Inc.		16,227		1,135,079
EnviroStar, Inc.		2,595		104,579
Gencor Industries, Inc.(a)		6,738		108,819
Graham Corp.		7,569		195,356
Hyster-Yale Materials Handling, Inc.		7,574		486,629
John Bean Technologies Corp.		23,916		2,126,132
Kadant, Inc.		8,161		784,680
Kennametal, Inc.		63,764		2,289,128
Manitex International, Inc.(a)		10,285		128,357
Milacron Holdings Corp.(a)		51,535		975,558
MTS Systems Corp.		13,460		708,669
Omega Flex, Inc.		1,995		157,824
Proto Labs, Inc.(a)		21,012		2,499,377
SPX Corp.(a)		34,811		1,220,126
SPX FLOW, Inc.(a)		31,396		1,374,203
Tennant Co.		13,971		1,103,709
Twin Disc, Inc.(a)		6,345		157,483
Woodward, Inc.		40,640		3,123,590
				25,612,346
Machinery: Specialty — 0.1%
Albany International Corp., Class A		22,901		1,377,495
Hurco Cos., Inc.		4,843		216,724
				1,594,219
Manufactured Housing — 0.1%
Cavco Industries, Inc.(a)		6,350		1,318,578
Skyline Corp.		5,076		177,863
				1,496,441
Medical & Dental Instruments & Supplies — 2.2%
American Renal Associates Holdings, Inc.(a)		10,064		158,709
AngioDynamics, Inc.(a)		29,606		658,437
Anika Therapeutics, Inc.(a)		10,452		334,464
Antares Pharma, Inc.(a)(b)		106,883		275,758
AtriCure, Inc.(a)(b)		24,807		671,029
Atrion Corp.		1,058		634,165
Avanos Medical, Inc.(a)		36,855		2,109,949
AxoGen, Inc.(a)		26,315		1,322,329
Cardiovascular Systems, Inc.(a)(b)		25,963		839,643
Cerus Corp.(a)		97,122		647,804
Community Health Systems, Inc.(a)		64,105		212,829
CONMED Corp.		18,883		1,382,236
Cotiviti Holdings, Inc.(a)		30,741		1,356,600

Security	Shares		Value
Medical & Dental Instruments & Supplies (continued)
CryoLife, Inc.(a)		26,372	$	734,460
Cutera, Inc.(a)		9,874		397,922
Endologix, Inc.(a)(b)		63,860		361,448
Intersect ENT, Inc.(a)		21,962		822,477
Invacare Corp.		25,102		466,897
K2M Group Holdings, Inc.(a)		30,351		682,898
LeMaitre Vascular, Inc.		11,369		380,634
LivaNova PLC(a)		37,173		3,710,609
Meridian Bioscience, Inc.		31,190		495,921
Merit Medical Systems, Inc.(a)		37,794		1,935,053
NanoString Technologies, Inc.(a)(b)		16,077		219,933
Neogen Corp.(a)		38,411		3,080,178
NuVasive, Inc.(a)		38,308		1,996,613
Ocular Therapeutix, Inc.(a)		23,806		160,691
OraSure Technologies, Inc.(a)		44,744		736,934
Orthofix International NV(a)		13,103		744,512
OrthoPediatrics Corp.(a)		5,054		134,639
Owens & Minor, Inc.		46,463		776,397
Patterson Cos., Inc.		63,635		1,442,605
Quidel Corp.(a)		25,442		1,691,893
Quorum Health Corp.(a)		20,944		104,720
SeaSpine Holdings Corp.(a)		8,083		102,007
Senseonics Holdings, Inc.(a)(b)		49,172		202,097
Sientra, Inc.(a)		17,175		335,084
STAAR Surgical Co.(a)		32,487		1,007,097
Surmodics, Inc.(a)		9,621		531,079
TransEnterix, Inc.(a)(b)		115,533		503,724
Utah Medical Products, Inc.		2,637		290,466
ViewRay, Inc.(a)(b)		36,652		253,632
Wright Medical Group NV(a)		82,613		2,144,633
				37,051,205
Medical Equipment — 1.0%
Abaxis, Inc.		17,064		1,416,483
Accuray, Inc.(a)		65,121		266,996
CareDx, Inc.(a)		23,931		292,915
Fluidigm Corp.(a)(b)		17,424		103,847
FONAR Corp.(a)		4,220		112,041
Glaukos Corp.(a)(b)		24,515		996,289
Haemonetics Corp.(a)		41,076		3,683,696
Helius Medical Technologies, Inc.(a)(b)		9,613		91,516
Inspire Medical Systems, Inc.(a)(b)		5,703		203,369
IntriCon Corp.(a)		4,496		181,189
iRadimed Corp.(a)		2,517		52,228
iRhythm Technologies, Inc.(a)(b)		17,632		1,430,484
Lantheus Holdings, Inc.(a)		27,713		403,224
Luminex Corp.		30,854		911,119
Natus Medical, Inc.(a)(b)		23,966		826,827
Nevro Corp.(a)		22,506		1,797,104
NxStage Medical, Inc.(a)		48,869		1,363,445
Oxford Immunotec Global PLC(a)(b)		18,950		244,265
Quanterix Corp.(a)		3,169		45,507
Tactile Systems Technology, Inc.(a)		12,873		669,396
Tandem Diabetes Care, Inc.(a)		33,142		729,787
Varex Imaging Corp.(a)		31,254		1,159,211
				16,980,938
Metal Fabricating — 0.8%
Advanced Drainage Systems, Inc.		33,061		943,891
DMC Global, Inc.		10,524		472,528
Eastern Co.		3,632		101,878
Global Brass & Copper Holdings, Inc.		16,459		515,990
Haynes International, Inc.		9,171		336,942
Lawson Products, Inc.(a)		4,821		117,391
LB Foster Co., Class A(a)		7,496		172,033

SCHEDULES OF INVESTMENTS 51

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Metal Fabricating (continued)
MRC Global, Inc.(a)		62,466	$	1,353,638
Mueller Industries, Inc.		42,774		1,262,261
Mueller Water Products, Inc., Series A		119,883		1,405,029
NN, Inc.		21,512		406,577
Northwest Pipe Co.(a)(b)		7,606		147,328
RBC Bearings, Inc.(a)		18,003		2,318,966
Rexnord Corp.(a)(b)		80,244		2,331,891
Worthington Industries, Inc.		32,101		1,347,279
				13,233,622
Metals & Minerals: Diversified — 0.7%
Cleveland-Cliffs, Inc.(a)(b)		229,487		1,934,575
Commercial Metals Co.		90,453		1,909,463
Compass Minerals International, Inc.		26,214		1,723,570
Energy Fuels, Inc.(a)		53,269		120,921
Ferroglobe PLC(c)		23,038		—
Hecla Mining Co.(b)		294,791		1,025,873
Materion Corp.		14,904		807,052
Minerals Technologies, Inc.		27,704		2,087,496
Oil-Dri Corp. of America		4,094		172,521
Ring Energy, Inc.(a)		42,563		537,145
SunCoke Energy, Inc.(a)		47,744		639,770
U.S. Silica Holdings, Inc.		60,282		1,548,645
United States Lime & Minerals, Inc.		1,389		116,537
				12,623,568
Office Supplies & Equipment — 0.5%
ACCO Brands Corp.		79,128		1,095,923
Eastman Kodak Co.(a)(b)		9,990		37,962
Electronics for Imaging, Inc.(a)		35,096		1,142,726
Essendant, Inc.		27,794		367,436
Herman Miller, Inc.		46,312		1,569,977
HNI Corp.		34,116		1,269,115
Kimball International, Inc., Class B		27,913		451,074
Knoll, Inc.		36,947		768,867
Pitney Bowes, Inc.		146,682		1,257,065
Steelcase, Inc., Class A		64,432		869,832
				8,829,977
Offshore Drilling & Other Services — 0.2%
Diamond Offshore Drilling, Inc.(a)(b)		47,862		998,401
Noble Corp. PLC(a)		180,585		1,143,103
Ocean Rig UDW, Inc., Class A(a)		40,622		1,197,537
SEACOR Marine Holdings, Inc.(a)		12,304		284,099
				3,623,140
Oil Well Equipment & Services — 1.3%
Basic Energy Services, Inc.(a)		14,271		158,551
C&J Energy Services, Inc.(a)		50,829		1,199,564
Cactus, Inc., Class A(a)		20,044		677,287
Covia Holdings Corp.(a)(b)		22,673		420,811
Dawson Geophysical Co.(a)		14,978		118,326
Dril-Quip, Inc.(a)		30,062		1,545,187
Flotek Industries, Inc.(a)		39,078		126,222
Forum Energy Technologies, Inc.(a)		64,835		800,712
Frank’s International NV(b)		54,377		424,141
FTS International, Inc.(a)		16,793		239,132
Helix Energy Solutions Group, Inc.(a)		111,153		925,904
Independence Contract Drilling, Inc.(a)		22,105		91,073
ION Geophysical Corp.(a)		7,880		191,484
Keane Group, Inc.(a)		41,535		567,783
Key Energy Services, Inc.(a)		7,402		120,208
Liberty Oilfield Services, Inc.(a)(b)		11,466		214,643
Mammoth Energy Services, Inc.(a)		6,347		215,544
Matrix Service Co.(a)		20,105		368,927
McDermott International, Inc.(a)(b)		136,885		2,689,790

Security	Shares		Value
Oil Well Equipment & Services (continued)
Natural Gas Services Group, Inc.(a)(b)		9,403	$	221,911
NCS Multistage Holdings, Inc.(a)(b)		8,526		123,883
Newpark Resources, Inc.(a)		65,558		711,304
Nine Energy Service, Inc.(a)		6,219		205,973
Oceaneering International, Inc.(b)		76,367		1,944,304
Oil States International, Inc.(a)		46,967		1,507,641
Profire Energy, Inc.(a)		17,327		58,565
ProPetro Holding Corp.(a)		52,847		828,641
Quintana Energy Services, Inc.(a)		6,370		53,954
RigNet, Inc.(a)		9,022		92,927
Rowan Cos. PLC, Class A(a)		99,045		1,606,510
SEACOR Holdings, Inc.(a)		12,741		729,677
Select Energy Services, Inc., Class A(a)		33,591		488,077
Smart Sand, Inc.(a)(b)		18,431		97,869
Solaris Oilfield Infrastructure, Inc., Class A(a)(b)		19,393		277,126
Superior Energy Services, Inc.(a)		115,055		1,120,636
TETRA Technologies, Inc.(a)		93,251		414,967
				21,579,254
Oil, Gas & Consumable Fuels — 0.2%
Archrock, Inc.		99,962		1,199,544
Ardmore Shipping Corp.(a)		25,295		207,419
CARBO Ceramics, Inc.(a)(b)		14,009		128,463
DHT Holdings, Inc.		69,834		327,521
Dorian LPG Ltd.(a)		20,129		153,786
Exterran Corp.(a)		24,782		620,541
Frontline Ltd.(a)		56,346		329,061
Plug Power, Inc.(a)(b)		157,207		317,558
				3,283,893
Oil: Crude Producers — 2.0%
Abraxas Petroleum Corp.(a)		118,773		343,254
Approach Resources, Inc.(a)(b)		40,705		99,320
Bonanza Creek Energy, Inc.(a)		14,069		532,793
California Resources Corp.(a)		33,658		1,529,420
Callon Petroleum Co.(a)(b)		174,560		1,874,774
Carrizo Oil & Gas, Inc.(a)		60,428		1,682,920
CVR Energy, Inc.(b)		12,074		446,617
Denbury Resources, Inc.(a)		338,921		1,630,210
Earthstone Energy, Inc., Class A(a)		12,857		113,785
Eclipse Resources Corp.(a)		70,384		112,614
Energy XXI Gulf Coast, Inc.(a)(b)		26,570		234,879
Evolution Petroleum Corp.		19,874		195,759
Goodrich Petroleum Corp.(a)		6,161		76,212
Gulfport Energy Corp.(a)		135,212		1,699,615
Halcon Resources Corp.(a)(b)		100,888		442,898
HighPoint Resources Corp.(a)		80,815		491,355
Isramco, Inc.(a)		766		94,141
Jagged Peak Energy, Inc.(b)		47,798		622,330
Laredo Petroleum, Inc.(a)		118,812		1,142,971
Lilis Energy, Inc.(a)		32,883		170,992
Midstates Petroleum Co., Inc.(a)		10,870		147,941
Northern Oil and Gas, Inc.(a)		80,417		253,314
Oasis Petroleum, Inc.(a)		207,142		2,686,632
ONE Gas, Inc.		39,572		2,957,611
Overseas Shipholding Group, Inc., Class A(a)		42,309		164,159
Panhandle Oil and Gas, Inc., Class A		11,965		228,532
PDC Energy, Inc.(a)		51,364		3,104,954
Penn Virginia Corp.(a)		9,266		786,591
Resolute Energy Corp.(a)(b)		17,725		553,020
Rosehill Resources, Inc.(a)		2,024		16,435
Sanchez Energy Corp.(b)		21,518		97,261
SandRidge Energy, Inc.(a)		23,577		418,256
SilverBow Resources, Inc.(a)		5,576		161,035
Southwestern Energy Co.(a)		452,788		2,399,776

52 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil: Crude Producers (continued)
SRC Energy, Inc.(a)(b)		187,605	$	2,067,407
Talos Energy, Inc.(a)		15,649		502,802
Tellurian, Inc.(a)(b)		60,068		499,766
Ultra Petroleum Corp.(a)		120,155		277,558
Unit Corp.(a)		39,337		1,005,454
W&T Offshore, Inc.(a)		69,435		496,460
WildHorse Resource Development Corp.(a)		20,554		521,249
Zion Oil & Gas, Inc.(a)		39,039		158,303
				33,041,375
Oil: Integrated — 0.0%
Alta Mesa Resources, Inc.(a)		71,410		486,302
Oil: Refining & Marketing — 0.3%
Adams Resources & Energy, Inc.		1,785		76,755
Clean Energy Fuels Corp.(a)		103,892		383,361
Delek US Holdings, Inc.		63,987		3,210,228
Par Pacific Holdings, Inc.(a)		24,203		420,648
Renewable Energy Group, Inc.(a)		27,021		482,325
Trecora Resources(a)(b)		15,285		226,982
World Fuel Services Corp.		52,746		1,076,546
				5,876,845
Paints & Coatings — 0.3%
Chase Corp.		5,255		616,149
Ferro Corp.(a)		62,779		1,308,942
HB Fuller Co.		38,854		2,085,683
Kronos Worldwide, Inc.		17,914		403,602
				4,414,376
Paper — 0.4%
Clearwater Paper Corp.(a)		11,868		274,151
KapStone Paper and Packaging Corp.		67,096		2,314,812
Neenah, Inc.		12,423		1,054,092
PH Glatfelter Co.		34,360		673,112
Schweitzer-Mauduit International, Inc.		24,318		1,063,183
Verso Corp., Class A(a)		26,379		574,007
				5,953,357
Personal Care — 0.3%
Edgewell Personal Care Co.(a)		42,263		2,132,591
USANA Health Sciences, Inc.(a)		9,407		1,084,627
WD-40 Co.		10,565		1,545,131
				4,762,349
Pharmaceuticals — 2.8%
Abeona Therapeutics, Inc.(a)		23,565		377,040
ACADIA Pharmaceuticals, Inc.(a)(b)		78,206		1,194,206
Achaogen, Inc.(a)(b)		23,368		202,367
Achillion Pharmaceuticals, Inc.(a)		101,422		287,024
Aclaris Therapeutics, Inc.(a)(b)		25,227		503,783
Adamas Pharmaceuticals, Inc.(a)(b)		16,318		421,494
Aerie Pharmaceuticals, Inc.(a)		27,647		1,867,555
Akorn, Inc.(a)		72,928		1,209,876
Amneal Pharmaceuticals, Inc.(a)		64,628		1,060,545
Amphastar Pharmaceuticals, Inc.(a)		26,673		407,030
Ampio Pharmaceuticals, Inc.(a)		57,766		127,085
Aratana Therapeutics, Inc.(a)		35,640		151,470
Arrowhead Pharmaceuticals, Inc.(a)		68,800		935,680
Biospecifics Technologies Corp.(a)		7,008		314,379
Cambrex Corp.(a)		24,563		1,284,645
Chimerix, Inc.(a)		50,621		240,956
ChromaDex Corp.(a)		27,899		103,505
Concert Pharmaceuticals, Inc.(a)		15,885		267,345
Corcept Therapeutics, Inc.(a)(b)		72,713		1,143,048
Corvus Pharmaceuticals, Inc.(a)		10,141		111,348
Depomed, Inc.(a)		44,531		297,022
Dicerna Pharmaceuticals, Inc.(a)		32,856		402,486

Security	Shares		Value
Pharmaceuticals (continued)
Durect Corp.(a)		117,140	$	182,738
Eagle Pharmaceuticals, Inc.(a)		7,754		586,668
Eloxx Pharmaceuticals, Inc.(a)		15,921		271,771
Enanta Pharmaceuticals, Inc.(a)		12,472		1,445,505
Endo International PLC(a)		172,948		1,630,900
Endocyte, Inc.(a)		48,225		665,505
Esperion Therapeutics, Inc.(a)(b)		17,003		666,348
Evolus, Inc.(a)		4,280		119,797
Heska Corp.(a)		4,869		505,354
Horizon Pharma PLC(a)		128,543		2,128,672
Immune Design Corp.(a)(b)		27,958		127,209
Innoviva, Inc.(a)		51,716		713,681
Intra-Cellular Therapies, Inc.(a)		33,269		587,863
Ironwood Pharmaceuticals, Inc.(a)(b)		108,795		2,080,160
La Jolla Pharmaceutical Co.(a)(b)		15,909		464,066
Lannett Co., Inc.(a)		21,601		293,774
Mallinckrodt PLC(a)		64,334		1,200,472
Medicines Co.(a)(b)		53,376		1,958,899
Melinta Therapeutics, Inc.(a)		14,365		91,218
MyoKardia, Inc.(a)(b)		22,675		1,125,814
Optinose, Inc.(a)(b)		11,887		332,598
Pacira Pharmaceuticals, Inc.(a)		29,916		958,808
Paratek Pharmaceuticals, Inc.(a)		24,011		244,912
PetIQ, Inc.(a)(b)		7,383		198,307
Portola Pharmaceuticals, Inc.(a)(b)		50,386		1,903,079
Prestige Brands Holdings, Inc.(a)(b)		41,501		1,592,808
Radius Health, Inc.(a)(b)		30,065		886,016
Reata Pharmaceuticals, Inc., Class A(a)		11,785		412,121
Revance Therapeutics, Inc.(a)		24,358		668,627
scPharmaceuticals, Inc.(a)		3,949		22,351
SIGA Technologies, Inc.(a)		38,308		227,550
Spectrum Pharmaceuticals, Inc.(a)		73,630		1,543,285
Supernus Pharmaceuticals, Inc.(a)		37,806		2,262,689
Syndax Pharmaceuticals, Inc.(a)(b)		11,152		78,287
Teligent, Inc.(a)(b)		28,979		100,267
TG Therapeutics, Inc.(a)		43,932		577,706
TherapeuticsMD, Inc.(a)(b)		125,275		781,716
Theravance Biopharma, Inc.(a)		32,318		732,972
Ultragenyx Pharmaceutical, Inc.(a)		36,516		2,806,985
Voyager Therapeutics, Inc.(a)		15,910		310,881
Zafgen, Inc.(a)		16,579		169,603
Zogenix, Inc.(a)(b)		26,278		1,161,488
Zomedica Pharmaceuticals Corp.(a)		17,530		39,443
				47,768,802
Photography — 0.0%
GoPro, Inc., Class A(a)		83,514		537,830
Plastics — 0.2%
A. Schulman, Inc.		19,926		886,707
Core Molding Technologies, Inc.		651		9,296
Trinseo SA		33,527		2,378,741
				3,274,744
Power Transmission Equipment — 0.3%
Advanced Energy Industries, Inc.(a)		29,298		1,701,921
Generac Holdings, Inc.(a)		46,491		2,404,979
Maxwell Technologies, Inc.(a)(b)		27,175		141,310
Powell Industries, Inc.		6,623		230,679
Vicor Corp.(a)		12,789		556,961
				5,035,850
Precious Metals & Minerals — 0.1%
Tahoe Resources, Inc.(b)		241,949		1,190,389
Printing & Copying Services — 0.2%
Casella Waste Systems, Inc., Class A(a)		29,640		759,080

SCHEDULES OF INVESTMENTS 53

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Printing & Copying Services (continued)
Cimpress NV(a)(b)		16,877	$	2,446,490
				3,205,570
Producer Durables: Miscellaneous — 0.1%
Advanced Disposal Services, Inc.(a)		56,549		1,401,284
Park-Ohio Holdings Corp.		6,938		258,788
				1,660,072
Production Technology Equipment — 0.6%
ACM Research, Inc., Class A(a)		5,808		62,610
Axcelis Technologies, Inc.(a)		23,858		472,388
Brooks Automation, Inc.		53,507		1,745,398
Cohu, Inc.		20,519		502,921
Electro Scientific Industries, Inc.(a)		23,471		370,138
Entegris, Inc.		108,260		3,670,014
Ichor Holdings Ltd.(a)		18,831		399,594
Nanometrics, Inc.(a)		16,499		584,229
Photronics, Inc.(a)		50,008		398,814
Rudolph Technologies, Inc.(a)		23,396		692,522
Ultra Clean Holdings, Inc.(a)(b)		29,333		486,928
Veeco Instruments, Inc.(a)		36,626		521,920
Xperi Corp.		39,139		630,138
				10,537,614
Publishing — 0.4%
Daily Journal Corp.(a)(b)		715		164,593
Eros International PLC(a)(b)		24,175		314,275
Meredith Corp.		30,650		1,563,150
New Media Investment Group, Inc.		44,291		818,497
New York Times Co., Class A		100,492		2,602,743
Scholastic Corp.		21,380		947,348
				6,410,606
Radio & TV Broadcasters — 0.8%
Beasley Broadcasting Group, Inc., Class A		2,179		24,405
Central European Media Enterprises Ltd., Class A(a)(b)		65,749		272,858
Entercom Communications Corp., Class A		101,456		765,993
Entravision Communications Corp., Class A		47,530		237,650
Gannett Co., Inc.		86,076		921,013
Gray Television, Inc.(a)		59,794		944,745
Liberty Media Corp-Liberty Braves, Class A(a)		7,567		194,548
Liberty Media Corp-Liberty Braves, Class C(a)(b)		28,491		736,777
MSG Networks, Inc., Class A(a)		45,246		1,083,642
Nexstar Media Group, Inc., Class A		34,635		2,542,209
Pandora Media, Inc.(a)		190,410		1,500,431
Saga Communications, Inc., Class A		2,754		106,029
Sinclair Broadcast Group, Inc., Class A		53,922		1,733,592
TEGNA, Inc.		168,966		1,833,281
TRONC, Inc.(a)		13,012		224,847
				13,122,020
Railroad Equipment — 0.1%
American Railcar Industries, Inc.		5,628		222,193
FreightCar America, Inc.(a)		9,145		153,545
Greenbrier Cos., Inc.		24,777		1,306,987
				1,682,725
Real Estate — 0.4%
AV Homes, Inc.(a)		8,318		178,005
Consolidated-Tomoka Land Co.		3,018		185,637
HFF, Inc., Class A		29,601		1,016,795
Kennedy-Wilson Holdings, Inc.		96,282		2,036,364
Newmark Group, Inc., Class A		17,165		244,258
Redfin Corp.(a)(b)		54,954		1,268,888
RMR Group, Inc., Class A		5,398		423,473
St. Joe Co.(a)(b)		27,593		495,294
Stratus Properties, Inc.(a)(b)		4,692		143,341

Security	Shares		Value
Real Estate (continued)
Tejon Ranch Co.(a)		15,218	$	369,798
Trinity Place Holdings, Inc.(a)		13,604		89,106
				6,450,959
Real Estate Investment Trusts (REITs) — 7.4%
Acadia Realty Trust		62,485		1,710,214
AG Mortgage Investment Trust, Inc.		21,197		398,292
Agree Realty Corp.		22,315		1,177,563
Alexander & Baldwin, Inc.		53,724		1,262,514
Alexander’s, Inc.		1,631		624,070
American Assets Trust, Inc.		29,154		1,116,307
Americold Realty Trust		40,101		883,024
Anworth Mortgage Asset Corp.		71,983		357,756
Apollo Commercial Real Estate Finance, Inc.(b)		94,546		1,728,301
Arbor Realty Trust, Inc.		16,524		172,345
Ares Commercial Real Estate Corp.		18,805		259,697
Armada Hoffler Properties, Inc.		34,087		507,896
ARMOUR Residential REIT, Inc.(b)		30,185		688,520
Ashford Hospitality Trust, Inc.		63,213		512,025
Blackstone Mortgage Trust, Inc., Class A(b)		77,513		2,436,234
Bluerock Residential Growth REIT, Inc.		18,573		165,671
Braemar Hotels & Resorts, Inc.		22,315		254,837
BRT Apartments Corp.		5,976		76,194
Capstead Mortgage Corp.		75,060		671,787
CareTrust REIT, Inc.		55,074		919,185
Catchmark Timber Trust, Inc., Class A		35,480		451,660
CBL & Associates Properties, Inc.(b)		127,474		710,030
Cedar Realty Trust, Inc.		70,828		334,308
Chatham Lodging Trust		33,967		720,780
Cherry Hill Mortgage Investment Corp.		8,914		159,204
Chesapeake Lodging Trust(b)		47,005		1,487,238
City Office REIT, Inc.		25,459		326,639
Clipper Realty, Inc.		10,631		90,789
Colony Credit Real Estate, Inc.		66,989		1,388,682
Community Healthcare Trust, Inc.		12,664		378,274
CoreCivic, Inc.		91,242		2,179,771
CorEnergy Infrastructure Trust, Inc.(b)		9,556		359,306
Cousins Properties, Inc.		318,637		3,087,593
CYS Investments, Inc.		119,320		894,900
DiamondRock Hospitality Co.		154,028		1,891,464
Dynex Capital, Inc.		39,386		257,191
Easterly Government Properties, Inc.		33,146		654,965
EastGroup Properties, Inc.		26,263		2,509,692
Education Realty Trust, Inc.		56,555		2,347,032
Exantas Capital Corp.		22,819		232,297
Farmland Partners, Inc.		24,943		219,498
First Industrial Realty Trust, Inc.		95,033		3,168,400
Four Corners Property Trust, Inc.		48,452		1,193,373
Franklin Street Properties Corp.		78,562		672,491
Front Yard Residential Corp.		37,235		387,989
Geo Group, Inc.		92,830		2,556,538
Getty Realty Corp.		23,718		668,136
Gladstone Commercial Corp.		21,943		421,744
Gladstone Land Corp.		8,246		104,477
Global Medical REIT, Inc.		13,306		117,891
Global Net Lease, Inc.		51,240		1,046,833
Government Properties Income Trust(b)		50,009		792,643
Gramercy Property Trust		122,097		3,335,690
Granite Point Mortgage Trust, Inc.		31,625		580,319
Great Ajax Corp.		11,562		151,231
Healthcare Realty Trust, Inc.		94,151		2,737,911
Hersha Hospitality Trust		28,211		605,126
Independence Realty Trust, Inc.		64,517		665,170
Industrial Logistics Properties Trust		14,983		334,870
InfraREIT, Inc.		32,855		728,395

54 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Innovative Industrial Properties, Inc.		4,712	$	172,553
Invesco Mortgage Capital, Inc.		89,548		1,423,813
Investors Real Estate Trust		87,407		483,361
iStar, Inc.(a)(b)		51,000		550,290
Jernigan Capital, Inc.		10,395		198,129
Kite Realty Group Trust		67,069		1,145,539
KKR Real Estate Finance Trust, Inc.		11,972		236,806
LaSalle Hotel Properties		84,295		2,885,418
Lexington Realty Trust		177,437		1,549,025
LTC Properties, Inc.		31,708		1,355,200
Mack-Cali Realty Corp.		74,645		1,513,801
MedEquities Realty Trust, Inc.		22,096		243,498
Monmouth Real Estate Investment Corp.		56,346		931,399
MTGE Investment Corp.		33,766		661,814
National Health Investors, Inc.		31,041		2,287,101
National Storage Affiliates Trust		37,494		1,155,565
New Senior Investment Group, Inc.		54,965		416,085
New York Mortgage Trust, Inc.		88,214		530,166
NexPoint Residential Trust, Inc.		12,664		360,291
NorthStar Realty Europe Corp.		34,913		505,889
One Liberty Properties, Inc.		11,021		291,065
Orchid Island Capital, Inc.		38,953		292,927
Owens Realty Mortgage, Inc.		244		4,070
Pebblebrook Hotel Trust		52,602		2,040,958
Pennsylvania Real Estate Investment Trust(b)		51,578		566,842
PennyMac Mortgage Investment Trust(f)		43,975		835,085
Physicians Realty Trust		140,835		2,244,910
Piedmont Office Realty Trust, Inc., Class A		98,503		1,963,165
PotlatchDeltic Corp.		47,023		2,391,120
Preferred Apartment Communities, Inc., Class A		28,630		486,424
PS Business Parks, Inc.		15,367		1,974,659
QTS Realty Trust, Inc., Class A		39,330		1,553,535
Quality Care Properties, Inc.(a)		73,092		1,572,209
Ramco-Gershenson Properties Trust		59,996		792,547
Redwood Trust, Inc.(b)		56,720		934,178
Retail Opportunity Investments Corp.		87,434		1,675,235
Rexford Industrial Realty, Inc.		61,779		1,939,243
RLJ Lodging Trust		132,288		2,916,950
Sabra Health Care REIT, Inc.		135,367		2,941,525
Safety Income and Growth, Inc.		5,659		107,351
Saul Centers, Inc.		9,155		490,525
Select Income REIT		47,490		1,067,100
Seritage Growth Properties, Class A(b)		25,616		1,086,887
STAG Industrial, Inc.		77,218		2,102,646
Summit Hotel Properties, Inc.		78,310		1,120,616
Sunstone Hotel Investors, Inc.		171,779		2,854,967
Sutherland Asset Management Corp.		14,495		235,544
Tanger Factory Outlet Centers, Inc.		68,364		1,605,870
Terreno Realty Corp.		42,581		1,604,026
Tier REIT, Inc.		35,992		855,890
TPG RE Finance Trust, Inc.		29,786		605,252
UMH Properties, Inc.		25,134		385,807
Universal Health Realty Income Trust		9,477		606,338
Urban Edge Properties		84,839		1,940,268
Urstadt Biddle Properties, Inc., Class A		22,354		505,871
Washington Prime Group, Inc.(b)		144,430		1,171,327
Washington Real Estate Investment Trust		59,615		1,808,123
Western Asset Mortgage Capital Corp.		31,996		333,398
Whitestone REIT(b)		29,626		369,732
Xenia Hotels & Resorts, Inc.		82,896		2,019,347
				125,772,247
Real Estate Management & Development — 0.1%
American Realty Investors, Inc.(a)		2,038		32,221
BBX Capital Corp.		49,060		443,012

Security	Shares		Value
Real Estate Management & Development (continued)
CorePoint Lodging, Inc.(a)		32,721	$	847,474
Forestar Group, Inc.(a)		8,524		176,873
Maui Land & Pineapple Co., Inc.(a)(b)		5,852		65,542
Spirit MTA REIT(a)		31,307		322,462
Transcontinental Realty Investors, Inc.(a)		1,585		53,018
				1,940,602
Recreational Vehicles & Boats — 0.3%
Camping World Holdings, Inc., Class A(b)		24,577		613,933
LCI Industries		18,212		1,641,812
Malibu Boats, Inc., Class A(a)		14,966		627,674
Marine Products Corp.		5,911		105,098
MCBC Holdings, Inc.(a)		14,205		411,235
Winnebago Industries, Inc.		24,255		984,753
				4,384,505
Rental & Leasing Services: Consumer — 0.2%
Avis Budget Group, Inc.(a)		52,705		1,712,913
Hertz Global Holdings, Inc.(a)		41,548		637,346
Rent-A-Center, Inc.(b)		34,058		501,334
				2,851,593
Restaurants — 1.6%
Biglari Holdings, Inc., Class A(a)		77		73,150
Biglari Holdings, Inc., Class B(a)(b)		771		141,471
BJ’s Restaurants, Inc.		15,255		915,300
Bloomin’ Brands, Inc.		65,200		1,310,520
Bojangles’, Inc.(a)		13,799		198,706
Brinker International, Inc.		33,883		1,612,831
Carrols Restaurant Group, Inc.(a)(b)		25,161		373,641
Cheesecake Factory, Inc.		32,859		1,809,216
Cracker Barrel Old Country Store, Inc.(b)		14,730		2,300,973
Dave & Buster’s Entertainment, Inc.(a)		30,874		1,469,602
Del Taco Restaurants, Inc.(a)		22,937		325,247
Denny’s Corp.(a)		46,001		732,796
Dine Brands Global, Inc.		12,485		933,878
El Pollo Loco Holdings, Inc.(a)		16,885		192,489
Ellie Mae, Inc.(a)(b)		26,094		2,709,601
Fiesta Restaurant Group, Inc.(a)		17,586		504,718
Habit Restaurants, Inc., Class A(a)		13,890		138,900
J Alexander’s Holdings, Inc.(a)		9,999		111,489
Jack in the Box, Inc.		22,681		1,930,607
Nathan’s Famous, Inc.		2,200		207,020
Noodles & Co.(a)(b)		9,575		117,772
Papa John’s International, Inc.		16,910		857,675
Potbelly Corp.(a)		17,267		223,608
Red Robin Gourmet Burgers, Inc.(a)		10,522		490,325
Ruth’s Hospitality Group, Inc.		21,197		594,576
Shake Shack, Inc., Class A(a)		18,321		1,212,484
Sonic Corp.		28,136		968,441
Texas Roadhouse, Inc.		51,288		3,359,877
Wingstop, Inc.(b)		21,675		1,129,701
Zoe’s Kitchen, Inc.(a)		13,496		131,721
				27,078,335
Scientific Instruments: Control & Filter — 0.4%
Brady Corp., Class A		38,252		1,474,615
CIRCOR International, Inc.(a)		12,400		458,304
Energy Recovery, Inc.(a)(b)		28,978		234,142
ESCO Technologies, Inc.		19,036		1,098,377
Gorman-Rupp Co.		13,010		455,350
Napco Security Technologies, Inc.(a)		8,270		121,155
Sun Hydraulics Corp.		21,210		1,022,110
Thermon Group Holdings, Inc.(a)		28,769		657,947
Watts Water Technologies, Inc., Class A		21,734		1,703,946
				7,225,946

SCHEDULES OF INVESTMENTS 55

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Scientific Instruments: Electrical — 0.4%
Allied Motion Technologies, Inc.		5,129	$	245,576
Atkore International Group, Inc.(a)		29,211		606,712
AZZ, Inc.		19,006		825,811
EnerSys		32,090		2,395,198
Franklin Electric Co., Inc.		36,787		1,659,094
Preformed Line Products Co.		2,424		215,203
				5,947,594
Scientific Instruments: Gauges & Meters — 0.2%
Badger Meter, Inc.		22,618		1,011,024
FARO Technologies, Inc.(a)		12,599		684,756
Itron, Inc.(a)		26,517		1,592,346
Mesa Laboratories, Inc.		2,420		510,814
Vishay Precision Group, Inc.(a)		7,916		301,995
				4,100,935
Scientific Instruments: Pollution Control — 0.4%
CECO Environmental Corp.(a)		22,391		137,481
Covanta Holding Corp.		91,897		1,516,300
Darling Ingredients, Inc.(a)		124,409		2,473,251
Evoqua Water Technologies Corp.(a)		58,991		1,209,316
Heritage-Crystal Clean, Inc.(a)(b)		10,588		212,819
Team, Inc.(a)(b)		22,589		521,806
U.S. Ecology, Inc.		16,442		1,047,355
				7,118,328
Securities Brokerage & Services — 0.1%
Gain Capital Holdings, Inc.		21,928		165,556
INTL. FCStone, Inc.(a)(b)		12,157		628,638
Investment Technology Group, Inc.		23,643		494,612
Ladenburg Thalmann Financial Services, Inc.		81,119		275,805
Siebert Financial Corp.(a)		4,311		44,921
				1,609,532
Semiconductors & Components — 1.6%
Acacia Communications, Inc.(a)(b)		20,299		706,608
Adesto Technologies Corp.(a)		13,102		110,057
Alpha & Omega Semiconductor Ltd.(a)		15,004		213,657
Amkor Technology, Inc.(a)(b)		78,154		671,343
Aquantia Corp.(a)(b)		15,520		179,722
AXT, Inc.(a)		29,619		208,814
CEVA, Inc.(a)		15,826		477,945
Cirrus Logic, Inc.(a)		49,498		1,897,258
Cree, Inc.(a)		77,231		3,210,493
Diodes, Inc.(a)		29,482		1,016,245
FormFactor, Inc.(a)		54,667		727,071
Inphi Corp.(a)(b)		32,177		1,049,292
Integrated Device Technology, Inc.(a)(b)		101,729		3,243,121
Kopin Corp.(a)(b)		45,026		128,774
Lattice Semiconductor Corp.(a)		86,555		567,801
MACOM Technology Solutions Holdings, Inc.(a)(b)		33,656		775,434
MaxLinear, Inc., Class A(a)		46,746		728,770
Power Integrations, Inc.		22,394		1,635,882
Rambus, Inc.(a)		78,770		987,776
Semtech Corp.(a)		49,814		2,343,749
Sigma Designs, Inc.(a)		26,853		163,803
Silicon Laboratories, Inc.(a)		32,755		3,262,398
SMART Global Holdings, Inc.(a)		7,373		234,977
Vishay Intertechnology, Inc.		100,957		2,342,202
				26,883,192
Semiconductors & Semiconductor Equipment — 0.1%
Ambarella, Inc.(a)(b)		24,349		940,115
Xcerra Corp.(a)		38,838		542,567
				1,482,682

Security	Shares		Value
Shipping — 0.5%
Eagle Bulk Shipping, Inc.(a)		35,471	$	192,962
GasLog Ltd.		30,598		584,422
Genco Shipping & Trading Ltd.(a)		6,370		98,735
Golar LNG Ltd.		72,789		2,144,364
Gulfmark Offshore, Inc.(a)		2,696		90,316
International Seaways, Inc.(a)(b)		16,107		372,716
Matson, Inc.		32,996		1,266,386
Nordic American Tankers Ltd.(b)		105,079		281,612
Safe Bulkers, Inc.(a)		42,162		143,351
Scorpio Tankers, Inc.		217,962		612,473
Ship Finance International Ltd.		67,434		1,008,138
Teekay Corp.(b)		51,817		401,582
Teekay Tankers Ltd., Class A		131,949		154,380
Tidewater, Inc.(a)		17,759		513,768
				7,865,205
Software — 0.3%
Castlight Health, Inc., Class B(a)(b)		56,219		238,931
Five9, Inc.(a)		44,325		1,532,315
Instructure, Inc.(a)		24,853		1,057,495
MobileIron, Inc.(a)		52,149		232,063
Model N, Inc.(a)		19,337		359,668
Park City Group, Inc.(a)		8,977		70,919
pdvWireless, Inc.(a)(b)		7,386		184,281
Qualys, Inc.(a)		25,097		2,115,677
				5,791,349
Specialty Retail — 2.9%
1-800-Flowers.com, Inc., Class A(a)		20,328		255,116
Aaron’s, Inc.		53,761		2,335,915
Abercrombie & Fitch Co., Class A		50,851		1,244,832
America’s Car-Mart, Inc.(a)		4,384		271,370
American Eagle Outfitters, Inc.		123,309		2,866,934
Asbury Automotive Group, Inc.(a)		16,477		1,129,498
Ascena Retail Group, Inc.(a)		140,452		559,701
At Home Group, Inc.(a)		19,657		769,572
Barnes & Noble Education, Inc.(a)		27,081		152,737
Barnes & Noble, Inc.		43,997		279,381
Bed Bath & Beyond, Inc.		103,395		2,060,145
Big 5 Sporting Goods Corp.(b)		14,737		112,001
BMC Stock Holdings, Inc.(a)		52,723		1,099,275
Boot Barn Holdings, Inc.(a)		14,076		292,077
Buckle, Inc.		21,257		571,813
Caleres, Inc.		31,542		1,084,729
Carvana Co.(a)(b)		21,183		881,213
Cato Corp., Class A		16,509		406,452
Chico’s FAS, Inc.		96,649		786,723
Children’s Place, Inc.		12,370		1,494,296
Citi Trends, Inc.		9,071		248,908
Conn’s, Inc.(a)(b)		14,626		482,658
Container Store Group, Inc.(a)		12,814		107,766
DSW, Inc., Class A		53,162		1,372,643
Express, Inc.(a)		55,965		512,080
Five Below, Inc.(a)		41,599		4,064,638
Francesca’s Holdings Corp.(a)		27,788		209,799
GameStop Corp., Class A		78,791		1,147,985
Genesco, Inc.(a)		14,421		572,514
GNC Holdings, Inc., Class A(a)		60,646		213,474
Group 1 Automotive, Inc.		14,983		943,929
Guess?, Inc.		43,552		932,013
Haverty Furniture Cos., Inc.		14,034		303,134
Hibbett Sports, Inc.(a)		14,904		341,302
J. Jill, Inc.(a)		10,613		99,125
Lands’ End, Inc.(a)		7,792		217,397
Lithia Motors, Inc., Class A		18,599		1,758,907

56 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Lumber Liquidators Holdings, Inc.(a)		21,106	$	513,931
MarineMax, Inc.(a)		16,619		314,930
Monro, Inc.		25,049		1,455,347
Murphy USA, Inc.(a)(b)		23,944		1,778,800
National Vision Holdings, Inc.(a)		26,717		977,041
New York & Co., Inc.(a)		20,615		105,549
Office Depot, Inc.		434,045		1,106,815
Party City Holdco, Inc.(a)		26,112		398,208
Pier 1 Imports, Inc.(a)		55,329		131,683
Regis Corp.(a)		25,989		429,858
Sally Beauty Holdings, Inc.(a)		90,964		1,458,153
Shoe Carnival, Inc.		7,691		249,573
Shutterfly, Inc.(a)(b)		24,548		2,210,056
Sonic Automotive, Inc., Class A		17,934		369,440
Sportsman’s Warehouse Holdings, Inc.(a)		30,363		155,459
Stamps.com, Inc.(a)		13,216		3,344,309
Systemax, Inc.		9,024		309,794
Tailored Brands, Inc.		39,050		996,556
Tilly’s, Inc., Class A		10,598		160,560
Zumiez, Inc.(a)(b)		14,083		352,779
				49,000,893
Steel — 0.5%
AK Steel Holding Corp.(a)(b)		236,300		1,025,542
Allegheny Technologies, Inc.(a)		96,690		2,428,853
Carbonite, Inc.(a)		19,806		691,229
Carpenter Technology Corp.		36,199		1,902,981
Olympic Steel, Inc.		7,448		152,014
Ryerson Holding Corp.(a)		11,697		130,422
Schnitzer Steel Industries, Inc., Class A		19,909		670,933
Shiloh Industries, Inc.(a)		10,800		93,960
TimkenSteel Corp.(a)		28,705		469,327
Universal Stainless & Alloy Products, Inc.(a)		4,944		117,024
				7,682,285
Technology: Miscellaneous — 0.3%
Apptio, Inc., Class A(a)		24,959		903,516
Benchmark Electronics, Inc.		37,252		1,085,896
CTS Corp.		24,677		888,372
Fabrinet(a)		27,267		1,005,879
Kimball Electronics, Inc.(a)		19,343		353,977
Plexus Corp.(a)		25,117		1,495,466
				5,733,106
Telecommunications Equipment — 0.4%
Applied Optoelectronics, Inc.(a)(b)		13,960		626,804
CalAmp Corp.(a)(b)		25,836		605,338
Clearfield, Inc.(a)		8,541		94,378
Knowles Corp.(a)(b)		65,578		1,003,343
Oclaro, Inc.(a)		131,699		1,176,072
Viavi Solutions, Inc.(a)		176,405		1,806,387
Vocera Communications, Inc.(a)		22,063		659,463
				5,971,785
Textile Products — 0.1%
Culp, Inc.		8,455		207,570
Interface, Inc.		44,676		1,025,314
Unifi, Inc.(a)		11,861		375,994
				1,608,878
Textiles Apparel & Shoes — 0.8%
Crocs, Inc.(a)		50,444		888,319
Deckers Outdoor Corp.(a)		24,292		2,742,324
Fossil Group, Inc.(a)		33,500		900,145
G-III Apparel Group Ltd.(a)		33,552		1,489,709
Oxford Industries, Inc.		13,337		1,106,704
Perry Ellis International, Inc.(a)(b)		9,713		263,902

Security	Shares		Value
Textiles Apparel & Shoes (continued)
Rocky Brands, Inc.		4,988	$	149,640
Steven Madden Ltd.		44,424		2,358,915
Superior Group of Cos., Inc.		6,722		139,213
Vera Bradley, Inc.(a)		17,158		240,898
Weyco Group, Inc.		4,296		156,374
Wolverine World Wide, Inc.		70,851		2,463,489
				12,899,632
Tobacco — 0.2%
22nd Century Group Inc.(a)(b)		85,069		209,270
Alliance One International, Inc.(a)		6,175		97,874
Turning Point Brands, Inc.		5,716		182,340
Universal Corp.		19,108		1,262,083
Vector Group Ltd.		73,600		1,404,288
				3,155,855
Toys — 0.0%
Funko, Inc., Class A(a)		7,314		91,791
Transportation Miscellaneous — 0.2%
Costamare, Inc.		36,030		287,519
Echo Global Logistics, Inc.(a)		20,743		606,733
General Finance Corp.(a)		6,749		91,449
Hub Group, Inc., Class A(a)		24,432		1,216,713
Scorpio Bulkers, Inc.		45,036		319,756
Textainer Group Holdings Ltd.(a)		20,294		322,675
Wesco Aircraft Holdings, Inc.(a)		40,846		459,517
				3,304,362
Truckers — 0.5%
ArcBest Corp.		20,118		919,393
Covenant Transportation Group, Inc., Class A(a)		9,592		302,148
Daseke, Inc.(a)(b)		29,957		297,473
Forward Air Corp.		23,194		1,370,302
FRP Holdings, Inc.(a)		5,120		331,520
Heartland Express, Inc.		34,196		634,336
Marten Transport Ltd.		28,341		664,596
PAM Transportation Services, Inc.(a)		1,561		73,320
Saia, Inc.(a)		20,338		1,644,327
Universal Logistics Holdings, Inc.		5,598		146,947
USA Truck, Inc.(a)		5,797		136,056
Werner Enterprises, Inc.		37,334		1,401,892
YRC Worldwide, Inc.(a)		25,108		252,335
				8,174,645
Utilities: Electrical — 1.6%
ALLETE, Inc.		39,051		3,022,938
Atlantic Power Corp.(a)		87,942		193,472
Avista Corp.		49,849		2,625,048
Black Hills Corp.		40,960		2,507,162
El Paso Electric Co.		31,388		1,855,031
Genie Energy Ltd., Class B		756		3,750
IDACORP, Inc.		38,211		3,524,583
MGE Energy, Inc.		26,907		1,696,486
NorthWestern Corp.		38,515		2,204,984
NRG Yield, Inc., Class A		23,078		393,480
NRG Yield, Inc., Class C		52,493		902,880
Otter Tail Corp.		30,568		1,455,037
Pattern Energy Group, Inc.		60,108		1,127,025
PNM Resources, Inc.		60,779		2,364,303
Portland General Electric Co.		68,212		2,916,745
Spark Energy, Inc., Class A		9,750		95,062
Unitil Corp.		10,862		554,396
				27,442,382
Utilities: Gas Distributors — 1.0%
Chesapeake Utilities Corp.		11,876		949,486

SCHEDULES OF INVESTMENTS 57

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Utilities: Gas Distributors (continued)
New Jersey Resources Corp.		66,394	$	2,971,132
Northwest Natural Gas Co.		21,777		1,389,373
RGC Resources, Inc.		5,180		151,152
South Jersey Industries, Inc.		65,454		2,190,745
Southwest Gas Holdings, Inc.		36,749		2,802,846
Spire, Inc.		37,536		2,651,919
WGL Holdings, Inc.		38,877		3,450,334
				16,556,987
Utilities: Miscellaneous — 0.1%
Ormat Technologies, Inc.		29,945		1,592,775
Utilities: Telecommunications — 0.9%
8x8, Inc.(a)		71,071		1,424,974
ATN International, Inc.		7,613		401,738
Boingo Wireless, Inc.(a)		29,886		675,125
Cincinnati Bell, Inc.(a)		31,177		489,479
Cogent Communications Holdings, Inc.		33,266		1,776,404
Consolidated Communications Holdings, Inc.		52,052		643,363
Frontier Communications Corp.(b)		60,028		321,750
Fusion Connect, Inc.(a)(b)		14,833		58,442
GTT Communications, Inc.(a)(b)		26,015		1,170,675
Hawaiian Telcom Holdco, Inc.(a)		6,170		178,436
Iridium Communications, Inc.(a)		71,258		1,147,254
j2 Global, Inc.		35,673		3,089,639
NII Holdings, Inc.(a)		65,206		254,303
ORBCOMM, Inc.(a)		53,242		537,744
Shenandoah Telecommunications Co.		34,660		1,133,382
Spok Holdings, Inc.		13,726		206,576
Vonage Holdings Corp.(a)		171,140		2,205,995
Windstream Holdings, Inc.(b)		30,679		161,678
				15,876,957
Utilities: Water — 0.4%
American States Water Co.		28,526		1,630,546
AquaVenture Holdings Ltd.(a)		7,696		119,904
Artesian Resources Corp., Class A		5,686		220,446
California Water Service Group		37,281		1,452,095
Connecticut Water Service, Inc.		8,836		577,168
Consolidated Water Co. Ltd.		10,515		135,643
Global Water Resources, Inc.		7,636		71,778
Middlesex Water Co.		11,609		489,552
Pure Cycle Corp.(a)		11,615		110,923
SJW Group		12,735		843,312
York Water Co.		9,579		304,612
				5,955,979
Total Common Stocks — 99.0% (Cost — $1,382,791,597)				1,672,422,883

Security	Investment Value (000)		Value
Investment Companies — 0.3%
iShares Russell 2000 ETF(f)	$	30,680	$	5,024,463
Total Investment Companies — 0.3% (Cost — $4,764,582)				5,024,463
	Shares
Rights — 0.0%
Biotechnology — 0.0%
Dyax Corp., CVR (Expires 12/31/19)(a)(c)		39,009		89,331
Total Rights — 0.0% (Cost — $43,300)				89,331
Total Long-Term Investments — 99.3% (Cost — $1,387,599,479)				1,677,536,677
Short-Term Securities — 9.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.70%(d)(e)(f)		134,160,368		134,187,200
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.73%(d)(f)		19,317,055		19,317,055
Total Short-Term Securities — 9.1% (Cost — $153,488,143)				153,504,255
Total Investments — 108.4% (Cost — $1,541,087,622)				1,831,040,932
Liabilities in Excess of Other Assets — (8.4)%				(141,203,591	)
Net Assets — 100.0%			$	1,689,837,341

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Annualized 7-day yield as of period end.

^(e)  All or a portion of security was purchased with the cash collateral from loaned securities.

58 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series

^(f)  During the six months ended June 30, 2018, investments in issuers considered to be affiliates of the Master Series for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliated Persons and/or related parties	Shares Held at 12/31/17		Shares Purchased			Shares Sold			Shares Held at 06/30/18		Value at 06/30/18		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		102,254,881		31,905,487	(b)		—			134,160,368	$	134,187,200	$	926,995	(c)	$	(15,763	)	$	29,056
BlackRock Cash Funds: Treasury, SL Agency Shares		17,833,717		1,483,338	(b)		—			19,317,055		19,317,055		133,896			—			—
PennyMac Financial Services, Inc.		3,162		—			—			3,162		62,133		—			—			(8,537	)
PennyMac Mortgage Investment Trust		39,124		4,851	(b)		—			43,975		835,085		20,668			(11,795	)		133,341
iShares Russell 2000 ETF		38,224		363,595			(371,139	)		30,680		5,024,464		9,527			608,860			2,290
											$	159,425,937	$	1,091,086		$	581,302		$	156,150

^(a) Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased.

^(c)  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
Russell 2000 E-Mini Index		92		09/21/18	$	7,579	$	(110,275	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	—	$	—	$	110,275	$	—	$	—	$	—	$	110,275

^(a)  Includes cummulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the six months ended June 30, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	1,818,826		$	—	$	—	$	—	$	1,818,826
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(83,580	)	$	—	$	—	$	—	$	(83,580	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,856,370

SCHEDULES OF INVESTMENTS 59

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Small Cap Index Series

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Series’ policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Series’ investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments(a):
Common Stocks	$	1,671,979,985		$	442,898	$	—	$	1,672,422,883
Investment Companies		5,024,463			—		—		5,024,463
Rights		—			—		89,331		89,331
Short-Term Securities		153,504,255			—		—		153,504,255
	$	1,830,508,703		$	442,898	$	89,331	$	1,831,040,932
Derivative Financial Instruments(b)
Liabilities:
Equity contracts	$	(110,275	)	$	—	$	—	$	(110,275	)

^(a)  See above Schedule of Investments for values in each industry.

^(b)  Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

During the six months ended June 30, 2018, there were no transfers between levels.

See notes to financial statements.

60 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Assets and Liabilities  (unaudited)

June 30, 2018

	Master Small Cap Index Series
ASSETS
Investments at value — unaffiliated (including securities loaned at value of $130,003,711) (cost — $1,381,975,070)	$	1,671,614,995
Investments at value — affiliated (cost — $159,112,552)		159,425,937
Cash pledged for futures contracts		637,000
Receivables:
Contributions from investors		21,633,124
Investments sold		9,617,007
Dividends — unaffiliated		1,563,695
Securities lending income — affiliated		168,124
Dividends — affiliated		31,778
Prepaid expenses		1,584
Total assets		1,864,693,244
LIABILITIES
Cash collateral on securities loaned at value		134,197,151
Bank overdraft		19,429
Payables:
Investments purchased		40,350,707
Other accrued expenses		230,670
Variation margin on futures contracts		40,199
Investment advisory fees		12,454
Directors’ fees		4,136
Other affiliates		1,157
Total liabilities		174,855,903
NET ASSETS	$	1,689,837,341
NET ASSETS CONSIST OF
Investors’ capital	$	1,399,994,306
Net unrealized appreciation (depreciation)		289,843,035
NET ASSETS	$	1,689,837,341

See notes to financial statements.

FINANCIAL STATEMENTS 61

Statement of Operations  (unaudited)

Six Months Ended June 30, 2018

	Master Small Cap Index Series
INVESTMENT INCOME
Dividends — unaffiliated	$	8,631,198
Dividends — affiliated		1,091,086
Securities lending income — affiliated — net		926,995
Interest — unaffiliated		10,498
Foreign taxes withheld		(1,247	)
Total investment income		10,658,530
EXPENSES
Investment advisory		74,545
Accounting services		102,145
Custodian		84,798
Professional		30,068
Directors		15,984
Printing		5,186
Miscellaneous		5,294
Total expenses		318,020
Less fees waived and/or reimbursed by the Manager		(13,070	)
Total expenses after fees waived and/or reimbursed		304,950
Net investment income		10,353,580
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		68,042,636
Investments — affiliated		581,302
Futures contracts		1,818,826
		70,442,764
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		32,630,697
Investments — affiliated		156,150
Futures contracts		(83,580	)
		32,703,267
Net realized and unrealized gain		103,146,031
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	113,499,611

See notes to financial statements.

62 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

	Master Small Cap Index Series
	Six Months Ended 06/30/18 (unaudited)			Year Ended 12/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,353,581		$	13,432,150
Net realized gain		70,442,764			27,266,025
Net change in unrealized appreciation (depreciation)		32,703,266			102,622,171
Net increase in net assets resulting from operations		113,499,611			143,320,346
CAPITAL TRANSACTIONS
Proceeds from contributions		543,948,929			800,555,671
Value of withdrawals		(245,766,461	)		(332,410,762	)
Net increase in net assets derived from capital share transactions		298,182,468			468,144,909
NET ASSETS
Total increase in net assets		411,682,079			611,465,255
Beginning of period		1,278,155,262			666,690,007
End of period	$	1,689,837,341		$	1,278,155,262

See notes to financial statements.

FINANCIAL STATEMENTS 63

Financial Highlights

(For a share outstanding throughout each period)

	Master Small Cap Index Series
	Six Months Ended 06/30/18 (unaudited)			Year Ended December 31,
				2017			2016			2015			2014				2013
Total Return
Total return		7.77	%(a)		14.69	%		21.49	%		(4.33	)%		5.05	%	��		39.11	%
Ratios to Average Net Assets
Total expenses		0.04	%(b)		0.06	%		0.07	%(c)		0.08	%		0.09	%			0.07	%
Total expenses after fees waived and paid indirectly		0.04	%(b)		0.05	%		0.06	%(c)		0.07	%		0.08	%			0.06	%
Net investment income		1.39	% (b)		1.41	%		1.49	%(c)		1.39	%		1.45	%			1.46	%
Supplemental Data
Net assets, end of period (000)	$	1,689,837		$	1,278,155		$	666,690		$	465,442		$	700,935			$	859,398
Portfolio turnover rate		19	%		30	%		39	%		37	%		21	%			22	%

^(a) Aggregate total return.

^(b)  Annualized.

^(c)  Excludes expenses incurred indirectly of 0.01% as a result of the Series’ investments in underlying funds.

See notes to financial statements.

64 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) Master Small Cap Index Series

1. ORGANIZATION

Master Small Cap Index Series (“Master Small Cap Index” or the “Series”) is a series of Quantitative Master Series LLC (the “Master LLC”) which 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 classified as diversified. The Series Limited Liability Company Agreement permits the Board of Directors of the Master LLC ( the “Board”) to issue non-transferable interests, subject to certain limitations.

The Series, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is included in a complex of open-end funds referred to as the Equity-Liquidity 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 entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Series is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: The Series’ books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Series does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Series reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Segregation and Collateralization: In cases where the Series enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, the Series may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the 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 or obligations.

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.

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) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time) (or if the reporting date falls on a day the NYSE is closed, investments are valued at fair value as of the period end). U.S. GAAP defines fair value as the price the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Series determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Series’ assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the

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Notes to Financial Statements  (unaudited) (continued) Master Small Cap Index Series

computation of the Series’ net assets. Each business day, the Series uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Investments in open-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• The Series values its investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

• Futures contracts traded on exchanges are valued at their last sale price.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Series’ pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

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 third party pricing services utilize one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii)   recapitalizations and other transactions across the capital structure; and (iii)  market multiples of comparable issuers.
Income approach	(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii)   quoted prices for similar investments or assets in active markets; and (iii)  other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii)   changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)  relevant news and other public sources; and (iv)  known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

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

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Series has the ability to access

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

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Notes to Financial Statements  (unaudited) (continued) Master Small Cap Index Series

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Series’ own assumptions used in determining the fair value of investments and derivative financial investments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Series’ policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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.

The market value of any securities on loan, all of which were classified as common stocks in the Series’ Schedule of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value-unaffiliated, and collateral on securities loaned at value, respectively. As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments.

Securities lending transactions are entered into by the 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 lending agreements by counterparty which are subject to offset under an MSLA:

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount
BNP Paribas Securities Corp.	$	1,817,178	$	(1,817,178	)	$	—
Citigroup Global Markets Inc.		41,777,340		(41,777,340	)		—
HSBC Bank Plc		1,987,298		(1,987,298	)		—
Jefferies LLC		4,610,155		(4,610,155	)		—
JPMorgan Securities LLC		54,738,614		(54,738,614	)		—
Merrill Lynch, Pierce, Fenner & Smith		9,482,946		(9,482,946	)		—
Scotia Capital (USA) Inc		1,507,861		(1,507,861	)		—
Wells Fargo Bank, National Association		571,833		(571,833	)		—
Wells Fargo Securities LLC		13,510,486		(13,510,486	)		—
	$	130,003,711	$	(130,003,711	)	$	—

^(a)  Cash collateral with a value of $134,197,151 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes.

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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if 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 loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

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Notes to Financial Statements  (unaudited) (continued) Master Small Cap Index 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 OTC.

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

Futures contracts are agreements between the 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.

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

Investment Advisory: The Master LLC, on behalf of the Series, entered into an Investment Advisory Agreement with the Manager, the Series’ investment adviser, 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.

With respect to the Series, the Manager entered into a separate 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 a percentage of the investment advisory fees paid by the Series to the Manager.

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.

Waivers and Reimbursements: The Manager voluntarily 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”). The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation caps 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, 2018, the amount waived was $6,069.

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 April 30, 2020. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Master LLC 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, 2018, the Manager waived $472 in investment advisory fees pursuant to this arrangement.

For the six months ended June 30, 2018, the Series reimbursed the Manager for certain accounting services, which is included in accounting services in the Statement of Operations. The reimbursement was $6,952.

With respect to the Series, 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 this contractual expense limitation prior to May 1, 2019, unless approved by the Board, including a majority of the independent 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.

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. 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 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%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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Notes to Financial Statements  (unaudited) (continued) Master Small Cap Index Series

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Series retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, the Series retains 71.5% of securities lending income, and this amount retained can never be less than 65% 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 Equity-Liquidity Complex in a calendar year exceeds a specified threshold, 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 75% of securities lending income, and this amount retained can never be less than 65% 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 Statements of Operations. For the six months ended June 30, 2018, the Series paid BTC $369,501 for securities lending agent services.

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Series may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Series’ investment policies and restrictions. The Series is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the series investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended June 30, 2018, the Series did not participate in the Interfund Lending Program.

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

Other Transactions: The Series may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended June 30, 2018, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

Purchases		Sales		Net Realized Gain (Loss)
	$60,305,048		$87,679,344		$49,515,255

7. PURCHASES AND SALES

For the six months ended June 30, 2018, purchases and sales of investments, excluding short-term securities, were $601,734,747 and $282,890,859 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 each of the four years ended December 31, 2017. 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, 2018, 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.

As of June 30, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	1,553,998,008
Gross unrealized appreciation	$	336,202,780
Gross unrealized depreciation		(59,270,131	)
Net unrealized appreciation (depreciation)	$	276,932,649

The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation of RIC shareholders. While management does not anticipate significant impact to the Series or to its investors, there is uncertainty in the application of

NOTESTO FINANCIAL STATEMENTS 69

Notes to Financial Statements  (unaudited) (continued) Master Small Cap Index Series

certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Series’ financial statements, if any, cannot be fully determined.

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 a party to a 364-day, $2.25 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) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. Prior to April 19, 2018, the aggregate commitment amount was $2.1 billion and the fee was 0.12% per annum. The agreement expires in April 2019 unless extended or renewed. Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. 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, 2018, 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 or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. 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 and which may be subject to redemption gates or liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Series may invest in illiquid investments and may experience difficulty in selling those 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 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. 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.

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. 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 Statements 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.

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.

70 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Disclosure of Investment Advisory Agreements

The Board of Directors of Quantitative Master Series LLC (the “Master LLC”) met in person on April 19, 2018 (the “April Meeting”) and May 17-18, 2018 (the “May Meeting”) to consider the approval of the investment advisory agreement (the “Master LLC Agreement”) between the Master LLC, on behalf of Master Small Cap Index Series (the “Master Portfolio”), a series of the Master LLC, and BlackRock Advisors, LLC (the “Manager”), the Master LLC’s investment advisor. The Board of Directors of the Master LLC also considered the approval of the sub-advisory agreement between the Manager and BlackRock Fund Advisors (the “Sub-Advisor”) with respect to the Master Portfolio (the “Master Portfolio Sub-Advisory Agreement”). 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 Portfolio. Accordingly, the Board of Directors of the Corporation also considered the approval of the Master LLC Agreement and the Master Portfolio Sub-Advisory Agreement.

The Board of Directors of the Corporation also met in person at the April Meeting and the May Meeting to consider the approval of the investment advisory agreement (the “Corporation Agreement”) between the Corporation, on behalf of iShares MSCI EAFE International Index Fund (“International Index Fund”), a series of the Corporation, and the Manager, the Corporation’s investment advisor. The Board of Directors of the Corporation also considered the approval of the sub-advisory agreement between the Manager and the Sub-Advisor with respect to International Index Fund (the “International Index Fund Sub-Advisory Agreement”).

The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Master Portfolio, Small-Cap Index Fund and International Index Fund are referred to herein, as pertinent, individually as a “Fund” or collectively as the “Funds.” The Master LLC Agreement, the Corporation Agreement, the Master Portfolio Sub-Advisory Agreement and the International Index Fund Sub-Advisory Agreement are referred to herein as the “Agreements.” For simplicity: (a) the Board of Directors of the Master LLC and the Board of Directors of the Corporation are referred to herein individually as the “Board” and collectively as the “Boards,” and the members are referred to as “Board Members;” and (b) the shareholders of each of Small-Cap Index Fund and International Index Fund and the interest holders of the Master Portfolio are referred to as “shareholders.”

Activities and Composition of the Boards

On the date of the May Meeting, each Board consisted of thirteen individuals, eleven of whom were not “interested persons” of the Master LLC or the Corporation as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Master LLC or the Corporation, as pertinent, and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of each Board is an Independent Board Member. Each Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight and Contract Committee and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreements

Pursuant to the 1940 Act, each Board is required to consider the continuation of the pertinent Agreement on an annual basis. The Boards have four quarterly meetings per year, each typically extending for two days, and additional in-person and telephonic meetings throughout the year, as needed. Each Board also has a fifth one-day meeting to consider specific information surrounding the consideration of renewing the pertinent Agreement. The Board’s consideration of the Agreement is a year-long deliberative process, during which 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; accounting, administrative and shareholder services; oversight of Fund service providers; marketing and promotional services; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements.

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

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April Meeting, the Boards requested and received materials specifically relating to the Agreements. The Boards are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided 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 the fees and expenses of each Fund, as applicable, as compared

DISCLOSUREOF INVESTMENT ADVISORY AGREEMENTS 71

Disclosure of Investment Advisory Agreements  (continued)

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

At the April Meeting, each Board reviewed materials relating to its consideration of the pertinent Agreement. As a result of the discussions that occurred during the April Meeting, and as a culmination of each Board’s year-long deliberative process, the Boards presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written information in advance of the May Meeting.

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

Each Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates, securities lending and cash management, services related to the valuation and pricing of portfolio holdings of the applicable Fund, and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. Each Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Boards did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: 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 the applicable Fund. Throughout the year, each Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmark, 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 objective(s), strategies and outlook.

Each Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the applicable Fund’s portfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. 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, the Boards considered the quality of the administrative and other non-investment advisory services provided to the Funds. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of other service providers, including, among others, the custodian, fund accountant, transfer agent, and auditor for the Funds, 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 Boards in their consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing 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 & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Funds and BlackRock: The Boards, including the Independent Board Members, also reviewed and considered the performance history of the Master Portfolio/Small-Cap Index Fund and International Index Fund, as applicable. The Boards noted that Small-Cap Index Fund’s investment results correspond directly to the investment results of the Master Portfolio. In preparation for the April Meeting, the Boards were provided with reports independently prepared by Broadridge, which included a comprehensive analysis of the performance of Small-Cap Index Fund and International Index Fund, as applicable, as of December 31, 2017. 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 their review, the Boards received and reviewed information regarding the investment performance of Small-Cap Index Fund and International Index Fund as compared to each of these Fund’s Performance Peers and the performance of each of these Funds as compared with its benchmark. Each Board and its Performance Oversight and Contract Committee regularly review, and meet with Fund management to discuss, the performance of the pertinent Fund throughout the year.

In evaluating performance, the Boards 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. Further, the Boards recognized that it is possible that long-term performance can be impacted by even one period of significant outperformance or underperformance so that a single investment theme has the ability to affect long-term performance disproportionately.

72 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Disclosure of Investment Advisory Agreements  (continued)

The Boards noted that for the past five one-year periods reported, Small-Cap Index Fund’s net performance was within the tolerance range of its benchmark for all periods. BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund.

The Board of the Corporation noted that for the past five one-year periods reported, International Index Fund’s net performance was within the tolerance range of its benchmark for four of the five periods. BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds: The Boards, including the Independent Board Members, reviewed, as pertinent, the contractual management fee rate of the Master Portfolio/Small-Cap Index Fund and International Index Fund 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 Small-Cap Index Fund and International Index Fund, as well as the actual management fee rate of the Master Portfolio/Small-Cap Index Fund and International Index Fund, 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 that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Boards considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Boards received and reviewed statements relating to BlackRock’s financial condition. 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 Funds. The Boards reviewed BlackRock’s estimated profitability with respect to the Funds and other funds the Boards currently oversee for the year ended December 31, 2017 compared to available aggregate estimated profitability data provided for the prior two years. The Boards reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Boards reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Boards recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. As a result, calculating and comparing profitability at individual fund levels is difficult.

The Boards noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Boards reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. The Boards considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

In addition, each Board considered the estimated cost of the services provided to the applicable Fund by BlackRock, and BlackRock’s and its affiliates’ estimated profits relating to the management and distribution of the applicable Fund and the other funds advised by BlackRock and its affiliates. As part of its analysis, each Board reviewed BlackRock’s methodology in allocating its costs of managing each Fund, to the applicable Fund. 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 that Board. The Boards further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk and liability profile in servicing the Funds 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 Boards noted that the Master Portfolio’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 Boards have contractually agreed to a cap on the Master Portfolio’s total expenses as a percentage of the Master Portfolio’s average daily net assets and have 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 Board of the Corporation 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 ranked in the first and second quartiles, respectively, relative to International Index Fund’s Expense Peers. The Board also noted that BlackRock and the Board have contractually agreed to a cap on International Index 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 economies of scale might be realized as the assets of the applicable Fund increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and expense caps had been approved by the pertinent Board. Each Board also considered the extent to which the applicable Fund benefits from such economies in a variety of ways and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. Each Board considered the applicable Fund’s asset levels and whether the current fee schedule was appropriate. In their consideration, the Board Members took into account the existence of any expense caps and further considered the continuation and/or implementation, as applicable, of such caps.

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 risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. The Boards 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.

DISCLOSUREOF INVESTMENT ADVISORY AGREEMENTS 73

Disclosure of Investment Advisory Agreements  (continued)

In connection with their consideration of the Agreements, 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 open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

The Board of the Master LLC, including the Independent Board Members, approved the continuation of the Master LLC Agreement between the Manager and the Master LLC with respect to the Master Portfolio, and the Master Portfolio Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to the Master Portfolio, each for a one-year term ending June 30, 2019. The Board of the Corporation, including the Independent Board Members, approved the continuation of the Corporation Agreement between the Manager and the Corporation with respect to International Index Fund, and the International Index Fund Sub-Advisory Agreement with respect to International Index Fund, each for a one-year term ending June 30, 2019.

Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, each of the Board of the Master LLC and the Board of the Corporation, 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 Board of the Corporation, including the Independent Board Members, also considered the continuation of the Master LLC Agreement with respect to the Master Portfolio and the Master Portfolio Sub-Advisory Agreement with respect to the Master Portfolio and found these Agreements to be satisfactory. In arriving at their decisions to approve the applicable Agreements, the Board of the Master LLC and the Board of the Corporation did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

74 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Director and Officer Information

Rodney D. Johnson, Chair of the Board^(a) and Director

Mark Stalnecker, Chair Elect^(a) of the Board and Director

Susan J. Carter, Director

Collette Chilton, Director

Neil A. Cotty, Director

Cynthia A. Montgomery, Director

Joseph P. Platt, Director

Robert C. Robb, Jr., Director

Kenneth L. Urish, Director

Claire A. Walton, Director

Frederick W. Winter, Director

Robert Fairbairn, Director

John M. Perlowski, Director, President and Chief Executive Officer

Thomas Callahan, Vice President

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

John MacKessy, Anti-Money Laundering Compliance Officer

Benjamin Archibald, Secretary

^(a)  Mr. Stalnecker was approved as Chair Elect of the Board effective January 1, 2018. It is expected that, effective January 1, 2019, Mr. Stalnecker will assume the position of Chair of the Board and Mr. Johnson will retire as Chair of the Board.

Effective February 22, 2018, Barbara G. Novick resigned, and Robert Fairbairn was appointed, as an interested Director of the Corporation/Master LLC.

Effective May 17, 2018, John MacKessy replaced Fernanda Piedra as the Anti-Money Laundering Compliance Officer of the Corporation/Master LLC.

Investment Adviser and Administrator^(b)

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock Fund Advisors

San Francisco, CA 94105

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Corporation/Master LLC

100 Bellevue Parkway

Wilmington, DE 19809

^(b)  iShares Russell 2000 Small-Cap Index Fund.

DIRECTORAND OFFICER INFORMATION 75

Additional Information

General Information

Householding

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

Availability of Quarterly Schedule of Investments

The Funds/Series file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’/Series’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room or how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Funds’/Series’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds/Series use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds/Series voted proxies relating to securities held in the Funds’/Series’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762; and (2) on the SEC’s website at http://www.sec.gov.

BlackRock’s Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit http://www.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 reach us on the Web at http://www.blackrock.com.

Automatic Investment Plans

Investor Class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor Class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Retirement Plans

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

76 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Information  (continued)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

ADDITIONAL INFORMATION 77

Glossary of Terms Used in this Report

Currency
NOK	Norwegian Krone
Portfolio Abbreviations
ADR	American Depositary Receipts
CVA	Certificaten Van Aandelen (Dutch Certificate)
ETF	Exchange-Traded Fund
FTSE	Financial Times Stock Exchange
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

78 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless preceded or accompanied by that 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.

Index2-6/18-SAR

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

(a) The registrants’ Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

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

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(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 of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrants’ internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of 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 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

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

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

2

(a)(4) – Not Applicable

(b) – Certifications – Attached hereto

3

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each registrant has 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: September 4, 2018

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 each registrant and in the capacities and on the dates indicated.

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

Date: September 4, 2018

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Index Funds, Inc. and Quantitative Master Series LLC

Date: September 4, 2018

4