Quantitative Master Series NCSR Certified annual shareholder report (management investment company)

Quantitative Master Series N-CSRCertified 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, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 12/31/2022

Date of reporting period: 12/31/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		DECEMBER 31, 2022

2022 Annual Report

BlackRock Funds^SM

· iShares Municipal Bond Index Fund

· iShares Short-Term TIPS Bond Index Fund

BlackRock Index Funds, Inc.

· iShares MSCI EAFE International Index Fund

· iShares Russell 2000 Small-Cap Index Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended December 31, 2022, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the year as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and heightened uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a level more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but this prospect has not yet been fully priced in by markets. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of December 31, 2022

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		2.31%		(18.11)%

U.S. small cap equities (Russell 2000^® Index)		3.91		(20.44)

International equities (MSCI Europe, Australasia, Far East Index)		6.36		(14.45)

Emerging market equities (MSCI Emerging Markets Index)		(2.99)		(20.09)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.32		1.47

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(5.58)		(16.28)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(2.97)		(13.01)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		0.50		(8.53)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		3.50		(11.18)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page

The Markets in Review		2
Annual Report:
Fund Summary		4
About Fund Performance		15
Disclosure of Expenses		16
Derivative Financial Instruments		16
Fund Financial Statements:
Fund Schedules of Investments		17
Fund Statements of Assets and Liabilities		36
Fund Statements of Operations		38
Fund Statements of Changes in Net Assets		40
Fund Financial Highlights		42
Fund Notes to Financial Statements		57
Fund Report of Independent Registered Public Accounting Firm		71
Important Tax Information		72
Series Portfolio Information		73
Series Financial Statements:
Series Schedule of Investments		74
Series Statement of Assets and Liabilities		99
Series Statement of Operations		100
Series Statements of Changes in Net Assets		101
Series Financial Highlights		102
Series Notes to Financial Statements		103
Series Report of Independent Registered Public Accounting Firm		111
Statement Regarding Liquidity Risk Management Program		112
Director and Officer Information		113
Additional Information		118
Glossary of Terms Used in this Report		120

LOGO


		3


Fund Summary as of December 31, 2022		iShares Municipal Bond Index Fund

Investment Objective

iShares Municipal Bond Index Fund’s (the “Fund”) investment objective is to seek to provide investment results that correspond to the total return performance of fixed-income securities in the aggregate, as represented by the ICE BofA US Municipal Securities Index (the “Underlying Index”).

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended December 31, 2022, the Fund’s Institutional Shares returned (8.61)%, Investor A shares returned (8.85)%, Investor P Shares returned (8.84)% and Class K Shares returned (8.58)%. The Fund’s benchmark, the ICE BofA US Municipal Securities Index, returned (9.04)% for the same period.

Returns for the Fund’s respective share classes differ from the benchmark index based on individual share-class expenses.

Describe the market environment.

The broad U.S. municipal bond market returned (9.04)% for 2022 as gauged by the ICE BofA US Municipal Securities Index. Historically high inflation and policy tightening in response by the Fed to contain prices were the principal drivers of bond market returns for the year. Inflation had already breeched the Fed’s 2% target in late 2021 but spiked in the wake of Russia’s late-February 2022 invasion of Ukraine. U.S. year-over-year consumer price inflation broke the 8% mark in March 2022 and peaked at 9.1% in June. The Fed responded aggressively by raising its benchmark overnight lending rate seven times in 2022, leaving the fed funds target range at 4.25%-4.50% at year-end, as compared to 0.0%-0.25% entering the year.

The 10-year U.S. Treasury yield finished the year at 3.88%, an increase of 236 basis points from its 1.52% starting point at the end of 2021. The two-year Treasury note began 2022 at 0.73% and ended the year at 4.41% for an increase of 368 basis points. As a result, the Treasury curve ended 2022 significantly inverted (meaning that yields were higher for shorter maturities), a development which has historically been a precursor to recession. Yield increases and corresponding price declines were more modest along the municipal curve as the two-year yield finished at 2.60% vs. 0.24% or 236 basis points higher while the 10-year finished at 2.63% vs. 1.03% or 160 basis points higher.

Describe recent portfolio activity.

During the reporting period, the Fund maintained its objective of seeking to provide investment results that correspond to the total return performance of the Index by selecting securities in accordance with their relative proportion within the Index. Other factors considered in security selection included transaction costs and maturity.

Describe portfolio positioning at period end.

The Fund remained positioned to attempt to match the risk characteristics of the Index, irrespective of the market’s future direction.

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

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

Assuming transaction costs and other operating expenses, including administration fees, if any. On November 19, 2018, the Fund acquired all of the assets and assumed certain stated liabilities of the State Farm Tax Advantaged Bond Fund (the “Predecessor Fund”), a series of State Farm Mutual Fund Trust, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization; accordingly the Fund assumed the performance and financial history of the Predecessor Fund upon completion of the Reorganization.

^(b)	The Fund generally invests at least 80% of its assets, plus the amount of any borrowings for investment purposes, in securities or other financial instruments that are components of or have economic characteristics similar to the securities in the Underlying Index.

^(c)	An index that tracks the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market


4		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of December 31, 2022 (continued)		iShares Municipal Bond Index Fund

Performance


							Average Annual Total Returns^(a)


							1 Year						5 Years						10 Years


	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge

Institutional		3.21	%		3.21	%		(8.61	)%		N/A			1.18	%		N/A			1.79	%		N/A
Investor A		2.97			2.96			(8.85	)		N/A			0.97			N/A			1.68			N/A
Investor P		2.87			2.87			(8.84	)		(12.49	)%		0.97			0.15	%		1.68			1.26	%
Class K		3.26			3.19			(8.58	)		N/A			1.21			N/A			1.80			N/A
ICE BofA US Municipal Securities Index		—			—			(9.04	)		N/A			1.20			N/A			2.18			N/A

^(a)

Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. On November 19, 2018, the Fund acquired all of the assets and assumed certain stated liabilities of the State Farm Tax Advantaged Bond Fund (the “Predecessor Fund”), a series of State Farm Mutual Fund Trust, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization; accordingly the Fund assumed the performance and financial history of the Predecessor Fund upon completion of the Reorganization.

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

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

Expense Example


	Actual					Hypothetical 5% Return


		Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

Institutional		$ 1,000.00	$ 1,003.50	$ 1.16			$ 1,000.00	$ 1,024.05	$ 1.17		0.23	%
Investor A		1,000.00	1,002.10	2.52			1,000.00	1,022.68	2.55		0.50
Investor P		1,000.00	1,002.20	2.42			1,000.00	1,022.79	2.45		0.48
Class K		1,000.00	1,003.60	1.01			1,000.00	1,024.20	1.02		0.20

^(a)

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


FUND SUMMARY		5


Fund Summary as of December 31, 2022 (continued)		iShares Municipal Bond Index Fund

Portfolio Information


SECTOR ALLOCATION

Sector^(a)(b)	Percent of Total Investments

State		31.3	%
Transportation		26.4
County/City/Special District/School District		15.4
Utilities		15.0
Health		6.1
Education		4.9
Tobacco		0.9


CALL/MATURITY SCHEDULE

Calendar Year Ended December 31,^(a)(c)	Percentage

2023		7.5	%
2024		7.8
2025		11.5
2026		13.6
2027		1.0


CREDIT QUALITY ALLOCATION

Credit Rating^(a)(d)	Percent of Total Investments

AAA/Aaa		22.2	%
AA/Aa		60.0
A		14.6
BBB/Baa		2.6
N/R^(e)		0.6

^(a)	Excludes short-term securities.

^(b)

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

^(c)	Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

^(d)

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(e)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments.


6		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of December 31, 2022		iShares Short-Term TIPS Bond Index Fund

Investment Objective

iShares Short-Term TIPS Bond Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of U.S. 0-5 Year Treasury Inflation-Protected Securities (TIPS).

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended December 31, 2022, the Fund’s Institutional Shares returned (2.81)%, and Investor A shares returned (3.15)% and Class K Shares returned (2.86)%. The Fund’s benchmark, the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L), the (“Underlying Index”), returned (2.74)% for the same period.

Returns for the Fund’s respective share classes differ from the Underlying Index based on individual share-class expenses.

What factors influenced performance?

Returns for Treasury inflation-protected securities (“TIPS”) are influenced by changes in inflation expectations as well as the direction of nominal Treasury yields. For the 12-month period, the Bloomberg US TIPS Index posted a return of (11.85)% while the Fund’s benchmark, the Bloomberg US TIPS 0-5 Years Index (Series L), returned (1.40)%, with rising longer-term nominal Treasury yields weighing on returns for both indexes. The 10-year breakeven rate (the level of expected inflation required to compensate for TIPS lower yield relative to comparable maturity Treasuries) finished the year modestly lower after rising in the immediate aftermath of Russia’s invasion of Ukraine.

For much of the period, investors primarily focused on the impact of Russia’s war on Ukraine and Fed hiking of its benchmark overnight lending rate, along with persistently high inflation readings. Inflation had already breeched the Fed’s 2% target in late 2021 but spiked in the wake of Russia’s late-February 2022 invasion of Ukraine. U.S. year-over-year consumer price inflation broke the 8% mark in March and peaked at 9.1% in June 2022. The Fed responded aggressively by raising its benchmark overnight lending rate seven times in 2022, leaving the fed funds target range at 4.25%-4.50% at year-end, as compared to 0.0%-0.25% entering the year.

The 10-year U.S. Treasury yield finished the year at 3.88%, an increase of 236 basis points from its 1.52% starting point at the end of 2021. The two-year Treasury note began 2022 at 0.73% and ended the year at 4.41% for an increase of 368 basis points. As a result, the Treasury curve ended 2022 significantly inverted (meaning that yields were higher for shorter maturities), a development which has historically been a precursor to recession. Against this backdrop of rising rates, TIPS returns for the 12 months were negative.

The Master Portfolio held a small amount of cash committed for pending transactions. The cash balance did not have a material impact on performance.

Describe recent portfolio activity.

During the period, the Fund maintained its objective of seeking to provide investment results that correspond to the total return performance of the benchmark Index by selecting securities in accordance with their relative proportion within the Index. Other factors considered in security selection included transaction costs and maturity.

Describe portfolio positioning at period end.

The Fund remains positioned to attempt to match the risk and return characteristics of the Index, irrespective of the future direction of inflation expectations.


FUND SUMMARY		7


Fund Summary as of December 31, 2022 (continued)		iShares Short-Term TIPS Bond Index Fund

GROWTH OF $10,000 INVESTMENT

LOGO

The Fund commenced operations on February 16, 2016.

^(a)

Assuming transaction costs and other operating expenses, including investment advisory fees, if any.

^(b)

The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Underlying Index. From time to time when conditions warrant, however, the Fund may invest at least 80% of its assets in securities of the Underlying Index. The Fund may invest a portion of the remainder of its assets in securities not included in the Underlying Index, but which BlackRock Advisors, LLC believes will help the Fund track the Underlying Index.

^(c)

An index that measures the performance of the inflation-protected public obligations of the U.S. Treasury that have a remaining maturity of less than five years.

Performance


	Average Annual Total Returns^(a)


		1 Year		5 Years		Since Inception	^(b)

Institutional		(2.81	)%	2.45	%	2.27	%
Investor A		(3.15	)	2.15		1.99
Class K		(2.86	)	2.46		2.28

Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L)		(2.74	)	2.57		2.38

^(a)

Average annual total returns reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related fees.

^(b)

The Fund commenced operations on February 16, 2016.

Past performance is not an indication of future results.

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

Expense Example


	Actual					Hypothetical 5% Return


		Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

Institutional		$ 1,000.00	$ 985.80	$ 0.50			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%
Investor A		1,000.00	983.60	1.80			1,000.00	1,023.39	1.84		0.36
Class K		1,000.00	985.10	0.30			1,000.00	1,024.90	0.31		0.06

^(a)

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


8		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of December 31, 2022 (continued)		iShares Short-Term TIPS Bond Index Fund

Portfolio Information

ALLOCATION BY MATURITY



Period	Percent of Total Investments	^(a)

1-2 Years	23.0	%
2-3 Years	28.2
3-4 Years	22.6
4-5 Years	26.2

^(a)	Exclude short-term securities.

FIVE LARGEST FUND HOLDINGS



Holding	Percent of Total Investments

U.S. Treasury Inflation-Indexed Notes, 0.63%, 01/15/24		5.2	%
U.S. Treasury Inflation-Indexed Notes, 0.38%, 07/15/25		5.1
U.S. Treasury Inflation-Indexed Notes, 0.13%, 07/15/24		4.7
U.S. Treasury Inflation-Indexed Notes, 1.63%, 10/15/27		4.7
U.S. Treasury Inflation-Indexed Notes, 0.13%, 10/15/25		4.6


FUND SUMMARY		9


Fund Summary as of December 31, 2022		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.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended December 31, 2022, the Fund’s Institutional Shares returned (14.18)%, Investor A Shares returned (14.36)%, Investor P Shares returned (14.36)%, and Class K Shares returned (14.07)%. The MSCI EAFE Index returned (14.45)% for the same period.

Returns for the Fund’s respective share classes differ from the benchmark index based on individual share-class expenses.

Describe the market environment.

As developed markets started recovering from the Omicron Variant, investors’ attention shifted to rising inflation rates, the spike in commodity prices, and the financial and economic implications of the Russian invasion of Ukraine in February 2022. Those concerns dampened investors’ sentiment and market performance over the first quarter.

In response to rising inflation rates, the European Central Bank (“ECB”) announced their plan to end bond purchasing by the end of September 2022. Annual inflation in the eurozone rose from 5.9% in February 2022 to 7.5% in March 2022, fueled by increasing commodity prices. In the U.K., the Bank of England raised the interest rate by 0.5% over the quarter on top of an additional 0.15% raise in December 2021. The U.K. equity market proved more resilient than its developed markets peers, supported by its exposure to energy and materials.

In Japan, the manufacturing sector continued to suffer from supply chain disruption and the semiconductor shortage. The yen weakened and reached a six-year low against the U.S. dollar in March 2022.

Rising inflation and recession fears weighed down on developed markets performance. Global geopolitical tension intensified as the war in Ukraine continued with no sign of resolution. European countries were directly impacted by the reduction in gas supply from Russia and increased gas prices — peaking in the first half of June 2022 and driving inflation higher. Germany announced its energy emergency plan to prioritize industrial users with the allocation of gas supply. Similarly, the U.K. unveiled its new measures to help households facing larger energy bills in the upcoming fall.

Going into the second quarter of 2022, rising inflation and recession fears as a result of the ongoing elevated inflation, the Bank of England (“BoE”) raised the U.K. base rate to 1.25% in June 2022 while the ECB indicated a first-rate hike would likely be in July 2022 along with an end to asset purchase plan early in the third quarter of 2022. In Japan, the Yen weakened against the U.S. dollar breaching the 130 level for the first time in the last two decades as Bank of Japan (“BoJ”) kept its accommodative monetary policy unchanged.

Developed equity markets came under downward pressure over the quarter as recession fears remained elevated. Central banks’ hawkish tone on bringing inflation rates down, despite inherent risk to the growth outlook, weighed down on both equity and bond markets over the quarter. The energy crisis in Europe intensified worries over supply and high costs.

In the Eurozone, recession loomed amid the intensifying energy crisis. This increased geopolitical tension and weakened the euro, which dropped to parity with the U.S. dollar for the first time since the 1980’s. Inflation continued to rise particularly in the form of high gas and electricity prices. The ECB hiked policy rates by 0.75% in September 2022 with an expectation to bring the rates to 2% by year end.

In the U.K., the BoE used further tightening to contain inflation. U.K. markets reacted negatively to the fiscal policy announced by the newly formed government.

The Japanese Yen depreciated over the third quarter as the BoJ kept the policy rate unchanged. The Ministry of Finance intervened in the currency markets for the first time since 1998 which weighed down on investor sentiment and pushed equities into negative territory.

Ongoing concerns about an economic recession, tighter monetary policy, and geopolitical tension remained elevated. Developed markets posted strong positive gains over the fourth quarter on the back of optimism that inflation rates across developed markets had already peaked, and central banks would slow down the pace of tightening. However, in December 2022 central banks reiterated their plans to further tighten their monetary policy in their battle against high inflation rates.

In Europe, easing inflation pressures and the resolution of the fiscal and political turmoil in the U.K. supported the market performance during the fourth quarter. The BoE and the ECB raised interest rates over the quarter to 3.5% and 2.0% respectively.

In Japan, companies reported strong earnings supported by a weakened yen against the U.S. dollar. The BoJ surprised the market by loosening its yield curve control by 25 basis points as it dealt with the highest inflation in over 40 years.

In the fourth quarter of 2022, from a sector perspective within the MSCI EAFE Index, energy (+27.67)%, financials (-4.54)%, and materials (-10.41)% were among the best performers. While real estate (-20.89)%, consumer discretionary (-22.32)%, and information technology (-32.37)% were among the worst performers.

Describe recent portfolio activity.

During the 12-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 matching the risks and return of the benchmark index.


10		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of December 31, 2022 (continued)		iShares MSCI EAFE International Index Fund

Describe portfolio positioning at period end.

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

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)	Assuming transaction costs and other operating expenses, including administration fees, if any.

^(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)	An equity index which captures large- and mid-cap representation across certain developed markets countries around the world, excluding the United States and Canada. The index covers approximately 85% of the free float adjusted market capitalization in each country.

Performance


	Average Annual Total Returns^(a)


	1 Year						5 Years						10 Years


	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge

Institutional		(14.18	)%		N/A			1.71	%		N/A			4.52	%		N/A
Investor A		(14.36	)		N/A			1.46			N/A			4.25			N/A
Investor P		(14.36	)		(18.85	)%		1.47			0.38	%		4.27			3.71	%
Class K		(14.07	)		N/A			1.79			N/A			4.58			N/A


MSCI EAFE Index		(14.45	)		N/A			1.54			N/A			4.67			N/A

^(a)

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

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

Expense Example


	Actual					Hypothetical 5% Return


		Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

Institutional		$ 1,000.00	$ 1,059.60	$ 0.47			$ 1,000.00	$ 1,024.75	$ 0.46		0.09	%
Investor A		1,000.00	1,059.10	1.76			1,000.00	1,023.49	1.73		0.34
Investor P		1,000.00	1,059.20	1.76			1,000.00	1,023.49	1.73		0.34
Class K		1,000.00	1,060.80	0.16			1,000.00	1,025.05	0.15		0.03

^(a)

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


FUND SUMMARY		11


Fund Summary as of December 31, 2022 (continued)		iShares MSCI EAFE International Index Fund

Portfolio Information


TEN LARGEST HOLDINGS

Security	Percent of Net Assets

Nestle SA, Registered Shares		2.2	%
Novo Nordisk A/S, Class B		1.6
ASML Holding NV		1.5
Roche Holding AG		1.5
AstraZeneca PLC		1.5
Shell PLC		1.4
LVMH Moet Hennessy Louis Vuitton SE		1.4
Novartis AG, Registered Shares		1.4
BHP Group Ltd., Class DI		1.1
TotalEnergies SE		1.1


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Net Assets

Japan		21.7	%
United Kingdom		13.6
France		11.4
Switzerland		10.2
Australia		8.8
Germany		8.0
Netherlands		4.6
Sweden		3.0
Denmark		2.9
Hong Kong		2.8
Spain		2.5
Italy		1.9
Singapore		1.5
Finland		1.3
United States		1.1
Ireland		1.0
Other		3.9
Liabilities in Excess of Other Assets		(0.2	)


12		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of December 31, 2022		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 (the “Underlying Index”) as closely as possible before the deduction of Fund expenses.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended December 31, 2022, the Fund’s Institutional Shares returned (20.39)%, Investor A Shares returned (20.57)%, Investor P Shares returned (20.57)%, and Class K Shares returned (20.32)%. The Russell 2000^® Index returned (20.44)% for the same period.

Returns for the Fund’s respective share classes differ from the benchmark index based on individual share-class expenses. 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.

Geopolitical tension after the Russian invasion of Ukraine in February 2022 fueled existing concerns over rising inflation, interest rate hikes, and rallying commodity prices. On the other hand, economic data in the United States remained strong with robust employment numbers and corporate earnings results. This provided comfort to investors but added to U.S. policy makers challenges. Investors were concerned that the Fed may dampen growth in an effort to get inflation under control.

Commodity prices spiked in the first quarter 2022 and pushed expectations for a higher inflation rate. The Fed hiked the interest rate by 25 basis points and signaled hikes at all six-remaining meetings for the year in efforts to tackle the highest inflation rate in four decades.

Concerns about high inflation, growth outlook and recession fears increased in the United States during the second quarter. While the unemployment rate remained low and wage growth strong, consumer sentiment went down as consumers struggled with higher prices and borrowing costs. The increased expectation of an interest rate hike weighed down on U.S. equity market valuations.

As the Fed continued to grapple with inflation, their messaging evolved over the second quarter 2022. Initially, Chairman Jerome Powel adopted a more hawkish tone stating that they would not hesitate to raise interest rates beyond neutral to achieve its inflation target and would be willing to accept an increase in unemployment rate. But as risks to growth increased over the quarter and recession fears intensified, the number and magnitude of future rate hikes beyond July 2022 remained unclear.

The U.S. equity market rallied in July 2022 on the back of softened tone from the Fed signaling slower rate rise in 2023. However, the Fed’s hawkish tone later in the quarter at the Jackson Hole conference reaffirmed its commitment to fighting inflation. In their battle against the high inflation rate, the U.S. congress passed a new bill which aimed to reduce inflation by curbing the deficit.

U.S. economic data showed a decline in growth over the first two quarters of the year, but other economic data released over the quarter highlighted the resilience of the U.S. economy. The Labor market added 315,000 payroll jobs across the economy generating considerable household income gains.

The U.S. equity market rallied over the fourth quarter, despite tighter monetary policy. It posted positive return in October and November 2022 while contractionary monetary policy targeted a higher inflation rate. The Fed reiterated their plan in December 2022 to continue tightening monetary policy as inflation remained well above target. Market performance dampened in December 2022.

In the fourth quarter of 2022, from a Global Industry Classification Standard sector perspective, energy (+53.31)%, utilities (-1.34)%, and consumer staples (-9.07)% were among the best performers. While consumer discretionary (-30.24)%, information technology (-32.75)%, and communication services (-40.95)% were among the worst performers.

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 matching 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.


FUND SUMMARY		13


Fund Summary as of December 31, 2022 (continued)		iShares Russell 2000 Small-Cap Index Fund

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

Assuming transaction costs and other operating expenses, including administration fees, if any.

^(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 Underlying Index and in derivative instruments linked to the Underlying Index.

^(c)

An index that measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

Performance


	Average Annual Total Returns^(a)


	1 Year						5 Years						10 Years


	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge

Institutional		(20.39	)%		N/A			4.14	%		N/A			9.02	%		N/A
Investor A		(20.57	)		N/A			3.87			N/A			8.75			N/A
Investor P		(20.57	)		(24.74	)%		3.88			2.76	%		8.75			8.17	%
Class K		(20.32	)		N/A			4.19			N/A			9.08			N/A


Russell 2000^® Index		(20.44	)		N/A			4.13			N/A			9.01			N/A

^(a)

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

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

Expense Example


	Actual					Hypothetical 5% Return


		Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

Institutional		$ 1,000.00	$ 1,039.40	$ 0.62			$ 1,000.00	$ 1,024.60	$ 0.61		0.12	%
Investor A		1,000.00	1,037.80	1.90			1,000.00	1,023.34	1.89		0.37
Investor P		1,000.00	1,038.30	1.90			1,000.00	1,023.34	1.89		0.37
Class K		1,000.00	1,039.80	0.36			1,000.00	1,024.85	0.36		0.07

^(a)

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio in which it invests.

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


14		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

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.

On November 19, 2018, the iShares Municipal Bond Index Fund acquired all of the assets and assumed certain stated liabilities, of the State Farm Tax Advantaged Bond Fund (the “Predecessor Fund”), a series of State Farm Mutual Fund Trust, in a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization. Accordingly, information provided herein for periods prior to the Reorganization is that of the Predecessor Fund. See Note 1 of the Notes to Financial Statements for additional information regarding the Reorganization.

Institutional and Class K Shares performance of iShares Municipal Bond Index Fund shown prior to the Institutional and Class K Shares inception date of November 19, 2018 is that of Investor A Shares, which reflect the performance of Premier Shares of the Predecessor Fund. The performance of iShares Municipal Bond Index Fund’s Institutional and Class K Shares would be substantially similar to Investor A Shares because Institutional Shares, Class K Shares and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that Institutional Shares, Class K Shares and Investor A Shares have different expenses. The actual returns of Institutional and Class K Shares would have been higher than those of the Investor A Shares because Institutional and Class K Shares have lower expenses than the Investor A 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. Investor A Shares performance of iShares Municipal Bond Index Fund shown prior to the Reorganization is that of the Premier Shares of the Predecessor Fund.

Investor P Shares (available in iShares MSCI EAFE International Index Fund and iShares Russell 2000 Small-Cap Index Fund) are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). These shares are only available to investors purchasing shares through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with iShares MSCI EAFE International Index Fund and iShares Russell 2000 Small-Cap Index Fund’s distributor to offer such shares. Investor P Share performance of iShares MSCI EAFE International Index Fund and iShares Russell 2000 Small-Cap Index Fund shown prior to the Investor P Shares inception date of August 6, 2018 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor P Shares fees.

Investor P Shares (available in iShares Municipal Bond Index Fund) are subject to a maximum initial sales charge (front-end load) of 4.00% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are only available to investors purchasing shares through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with the Fund’s distributor to offer such shares. Investor P Shares performance shown prior to the Reorganization is that of the Premier Shares of the Predecessor Fund.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Fund Advisors, the investment adviser of iShares Municipal Bond Index Fund and BlackRock Advisors, LLC, the investment adviser of iShares Short-Term TIPS Bond Index Fund, iShares MSCI EAFE International Index Fund and iShares Russell 2000 Small-Cap Index Fund (the “Manager”), each has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver(s) and/or reimbursement(s), each Fund’s performance would have been lower. With respect to each Fund’s voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund’s contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.


ABOUT FUND PERFORMANCE		15

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) 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. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”

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

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

Derivative Financial Instruments

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


16		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

December 31, 2022

iShares Municipal Bond Index Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 0.1%

State — 0.1%
Alabama Public School and College Authority, Refunding RB, Series A, 4.00%, 11/01/38	$	395	$	393,650


Arizona — 0.2%

County/City/Special District/School District — 0.2%
City of Phoenix Arizona, Refunding GO, 5.00%, 07/01/24.		650		672,138


California — 21.0%

County/City/Special District/School District — 4.2%
Contra Costa Community College District, GO, Series A, 4.00%, 08/01/39		1,000		1,000,034
El Camino Community College District Foundation, GO, CAB, Series C, 0.00%, 08/01/38^(a)		680		365,327
Fremont Union High School District, Refunding GO, Series A, 5.00%, 08/01/44		1,350		1,440,336
Los Angeles Community College District, Refunding GO, Series A, 5.00%, 08/01/24^(b)		1,000		1,037,536
Los Angeles County Facilities, Inc., RB, Series A, 4.00%, 12/01/48		1,000		956,039
Los Angeles Unified School District, GO, Series B-1, 5.00%, 07/01/33		1,500		1,654,655
Poway Unified School District, Refunding GO, Series B, 0.00%, 08/01/46^(a)		995		310,862
Sacramento City Financing Authority, Refunding RB, Series E, (AMBAC), 5.25%, 12/01/30		250		287,190
San Diego Community College District, Refunding GO, 4.00%, 08/01/26^(b)		500		525,077
San Diego Unified School District, GO
Series I, 5.00%, 07/01/41		1,000		1,060,493
Series L, 4.00%, 07/01/49		1,000		944,671
Series I, Election 2012, 5.00%, 07/01/47		2,075		2,183,565
San Massachusettsrcos Unified School District, GO, CAB, Series B, 0.00%, 08/01/51^(a)		350		91,578


				11,857,363

Education — 2.4%
California Educational Facilities Authority, RB
Series U-6, 5.00%, 05/01/45		1,260		1,446,986
Series U-7, 5.00%, 06/01/46		495		566,505
California State University, Refunding RB
Series A, 4.00%, 11/01/35		500		510,100
Series A, 4.00%, 11/01/38		500		501,706
Series A, 5.00%, 11/01/43		540		560,432
Series A, 5.00%, 11/01/48		1,030		1,091,101
Lodi Unified School District, GO, Series 2022, 3.00%, 08/01/43		975		774,209
University of California, Refunding RB
Series AR, 5.00%, 05/15/41		605		633,897
Series AY, 5.00%, 05/15/32		500		549,120


				6,634,056

Health — 0.4%
California Health Facilities Financing Authority, Refunding RB, Class A, 5.00%, 08/15/51		1,000		1,062,667


State — 5.2%
California State Public Works Board, RB
Series A, 5.00%, 03/01/38		1,000		1,002,703
Series C, 5.00%, 08/01/30		1,000		1,167,247


Security	Par (000)		Value

State (continued)
California State Public Works Board, Refunding RB
Series B, 5.00%, 10/01/26	$	250	$	272,047
Series C, 5.00%, 11/01/34		685		739,579
State of California, GO, 5.00%, 03/01/45		1,000		1,032,363
State of California, Refunding GO
5.00%, 12/01/23^(b)		500		506,457
5.00%, 10/01/24		475		493,740
5.00%, 10/01/25		1,000		1,065,859
5.00%, 08/01/26		540		573,266
5.00%, 08/01/27		1,000		1,084,263
5.00%, 08/01/31		1,000		1,079,548
5.00%, 09/01/31		565		610,868
4.00%, 09/01/32		250		258,726
5.00%, 04/01/35		1,000		1,154,621
4.00%, 09/01/35		1,000		1,021,797
3.00%, 10/01/37		825		725,077
5.00%, 02/01/38		1,000		1,001,533
3.00%, 04/01/52		1,000		743,927


				14,533,621

Tobacco — 0.9%
Golden State Tobacco Securitization Corp., Refunding RB, Series A, (SAP), 5.00%, 06/01/25^(b)		2,400		2,539,766


Transportation — 3.0%
Bay Area Toll Authority, RB, Series F-1, 4.00%, 04/01/56		1,000		947,410
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/38		500		502,264
City of Long Beach California Harbor Revenue, Refunding ARB, Series C, 5.00%, 05/15/47		500		526,689
City of Los Angeles Department of Airports, ARB, Sub-Series B, 5.00%, 05/15/42		1,500		1,571,020
City of Los Angeles Department of Airports, Refunding ARB
AMT, 3.00%, 05/15/31		1,210		966,488
AMT, 3.00%, 11/15/31^(b)		55		55,632
Foothill-Eastern Transportation Corridor Agency, RB, Series A, Senior Lien, 4.00%, 01/15/46		1,000		923,373
Foothill-Eastern Transportation Corridor Agency, Refunding RB, CAB^(a)
Series A, (AGM), 0.00%, 01/15/36		500		296,103
Series A, (AGM), 0.00%, 01/15/37		1,000		556,484
Riverside County Transportation Commission, Refunding RB, Series B-1, Senior Lien, 4.00%, 06/01/37		1,154		1,136,396
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 4.00%, 05/01/49		1,000		868,068


				8,349,927

Utilities — 4.9%
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, 5.00%, 11/01/35		1,305		1,396,654
East Bay Municipal Utility District Water System Revenue, Refunding RB
Series B, 5.00%, 06/01/33		1,435		1,579,460
Series B-2, 5.00%, 06/01/34		1,000		1,220,169
Los Angeles Department of Water & Power, RB, Series D, 5.00%, 07/01/44		1,500		1,532,730
Los Angeles Department of Water & Power, Refunding RB
Series A, 5.00%, 07/01/30		1,500		1,573,412
Series A, 5.00%, 07/01/37		1,000		1,080,449


FUND SCHEDULES OF INVESTMENTS		17

Schedule of Investments (continued)

December 31, 2022

iShares Municipal Bond Index Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Utilities (continued)
Sacramento Municipal Utility District, RB, Series A, 5.00%, 08/15/41	$	575	$	581,072
San Diego County Water Authority, RB, Series A, 5.00%, 05/01/47		1,550		1,712,228
San Diego Public Facilities Financing Authority, Refunding RB, Series A, Subordinate, 5.00%, 08/01/43		500		538,778
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series B, 4.00%, 10/01/42		1,500		1,479,375
State of California Department of Water Resources, Refunding RB, Series AW, 5.00%, 12/01/26^(b)		1,000		1,089,572


				13,783,899


Total Municipal Bonds in California				58,761,299

Colorado — 3.2%

County/City/Special District/School District — 0.5%
City & County of Denver Colorado Dedicated Excise Tax Revenue, Refunding RB, Series A, 4.00%, 08/01/46		1,500		1,437,606


Health — 0.4%
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44		1,000		1,001,772


State — 0.2%
State of Colorado, COP, Series N, 4.00%, 03/15/43		500		477,558


Transportation — 1.7%
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 5.00%, 12/01/35		1,000		1,048,415
Series D, AMT, 5.50%, 11/15/29		3,000		3,356,773
E-470 Public Highway Authority, Refunding RB, Series A, 5.00%, 09/01/40		400		401,753


				4,806,941

Utilities — 0.4%
Board of Water Commissioners City & County of Denver, RB, Series A, 4.00%, 12/15/26		1,230		1,231,242


Total Municipal Bonds in Colorado				8,955,119


Connecticut — 2.5%

Health — 0.4%
Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45		1,000		1,014,670


State — 2.1%
State of Connecticut Special Tax Revenue, RB
Series A, 5.00%, 09/01/24		400		414,820
Series A, 5.00%, 10/01/29		725		736,532
Series A, 4.00%, 05/01/36		1,000		1,017,906
Series A, 4.00%, 09/01/36		430		433,627
Series A, 4.00%, 05/01/39		500		491,238
State of Connecticut, GO
Series A, 5.00%, 10/15/23		850		863,765
Series A, 5.00%, 10/15/27		400		407,257
Series B, 5.00%, 06/15/28		400		421,891


Security	Par (000)		Value

State (continued)
State of Connecticut, GO (continued) Series B, 4.00%, 06/15/33	$	850	$	865,101
State of Connecticut, Refunding GO, Series B, 5.00%, 05/15/25		250		263,276


				5,915,413


Total Municipal Bonds in Connecticut				6,930,083

District of Columbia — 2.1%

State — 0.5%
District of Columbia, GO
Series D, 5.00%, 06/01/26		500		539,521
Series D, 4.00%, 06/01/34		1,000		1,033,479


				1,573,000

Transportation — 1.0%
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 4.00%, 10/01/51		1,500		1,291,381
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 4.00%, 07/15/45		1,500		1,414,890


				2,706,271

Utilities — 0.6%
District of Columbia Water & Sewer Authority, Refunding RB, Sub-Series A, 5.00%, 10/01/45		1,510		1,580,800


Total Municipal Bonds in District of Columbia				5,860,071


Florida — 2.8%

County/City/Special District/School District — 0.7%
County of Miami-Dade Florida Transit System, RB, Series A, 4.00%, 07/01/50		1,500		1,358,578
School Board of Miami-Dade County, Refunding COP, Series D, 5.00%, 02/01/27		500		531,110


				1,889,688

Health — 0.3%
City of Tampa Florida, RB, 5.00%, 07/01/50		1,000		1,009,267


State — 0.4%
State of Florida, Refunding GO, Series A, 5.00%, 07/01/25		1,000		1,057,379


Transportation — 1.4%
Central Florida Expressway Authority, Refunding RB, Series B, Senior Lien, 5.00%, 07/01/33		1,000		1,060,611
Greater Orlando Aviation Authority, ARB, Series A, AMT, 5.00%, 10/01/54		850		861,867
Miami-Dade County Expressway Authority, Refunding RB, Series B, 5.00%, 07/01/25		1,000		1,026,515
State of Florida Department of Transportation Turnpike System Revenue, RB, Series A, 4.00%, 07/01/48		1,000		949,694


				3,898,687


Total Municipal Bonds in Florida				7,855,021

Georgia — 2.7%

County/City/Special District/School District — 0.9%
Gwinnett County School District, GO, 5.00%, 02/01/40		1,400		1,527,948
Metropolitan Atlanta Rapid Transit Authority, Refunding RB, Series B, 5.00%, 07/01/35		1,000		1,062,994


				2,590,942


18		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

iShares Municipal Bond Index Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

State — 0.9%
State of Georgia, GO, Series A, 5.00%, 02/01/29	$	650	$	697,067
State of Georgia, Refunding GO, Series C, 5.00%, 07/01/28		1,710		1,886,413


				2,583,480

Transportation — 0.7%
City of Atlanta Georgia Department of Aviation, Refunding RB, Series A, 5.00%, 07/01/29		1,000		1,136,122
Georgia Ports Authority, ARB, 5.25%, 07/01/52		750		832,554


				1,968,676

Utilities — 0.2%
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 05/01/25^(b)		500		525,860


Total Municipal Bonds in Georgia				7,668,958


Illinois — 4.5%

County/City/Special District/School District — 0.1%
City of Chicago Illinois, Refunding GO, Series A, 5.50%, 01/01/39		150		157,505


Health — 0.3%
Illinois Finance Authority, Refunding RB, 5.00%, 12/01/40		1,000		988,809


State — 1.9%
Metropolitan Pier & Exposition Authority, Refunding RB, Class B, (AGM), 0.00%, 06/15/46^(a)		1,105		347,132
State of Illinois, GO
5.00%, 05/01/39		1,500		1,488,329
Series C, 5.00%, 11/01/29		1,000		1,024,457
Series D, 5.00%, 11/01/24		1,000		1,018,965
Series D, 5.00%, 11/01/26		500		515,396
State of Illinois, Refunding GO
Series A, 5.00%, 10/01/25		500		512,309
Series A, 5.00%, 10/01/28		500		516,836


				5,423,424

Transportation — 1.8%
Chicago O’Hare International Airport, ARB, Series E, Senior Lien, 5.00%, 01/01/24		410		418,198
Chicago O’Hare International Airport, Refunding ARB
Series B, Senior Lien, 4.00%, 01/01/44		1,000		938,058
Series B, Senior Lien, 5.00%, 01/01/48		1,000		1,021,141
Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB, 5.00%, 06/01/28		190		204,276
Illinois State Toll Highway Authority, RB
Series A, 4.00%, 01/01/46		1,000		935,078
Series B, 5.00%, 01/01/41		1,000		1,026,000
Illinois State Toll Highway Authority, Refunding RB
Series A, 5.00%, 01/01/25		100		104,286
Series A, 5.00%, 01/01/30		250		279,941


				4,926,978

Utilities — 0.4%
Illinois Finance Authority, RB, 5.00%, 07/01/36		1,085		1,218,058


Total Municipal Bonds in Illinois				12,714,774


Security	Par (000)		Value

Indiana — 0.0%

State — 0.0%
Indiana Finance Authority, Refunding RB, Series C, 5.00%, 12/01/24	$	100	$	104,368


Kansas — 0.8%

County/City/Special District/School District — 0.1%
University of Kansas Hospital Authority, Refunding RB, Series A, 5.00%, 03/01/27^(b)		155		169,266


Health — 0.1%
University of Kansas Hospital Authority, Refunding RB, Series A, 5.00%, 03/01/47		425		432,402


Transportation — 0.6%
State of Kansas Department of Transportation, RB
5.00%, 09/01/27		1,000		1,060,318
5.00%, 09/01/34		500		525,161


				1,585,479


Total Municipal Bonds in Kansas				2,187,147

Maryland — 2.2%

State — 1.8%
State of Maryland, GO
5.00%, 06/01/33		1,500		1,784,997
Series A, 5.00%, 03/15/28		450		503,022
Series A, 5.00%, 03/15/30		1,000		1,158,350
Series A, 5.00%, 03/15/31		400		438,132
State of Maryland, Refunding GO, Series B, 5.00%, 08/01/25		1,000		1,059,887


				4,944,388

Transportation — 0.4%
State of Maryland Department of Transportation, ARB
4.00%, 12/15/28		405		409,902
4.00%, 11/01/29		695		710,682


				1,120,584


Total Municipal Bonds in Maryland				6,064,972

Massachusetts — 3.2%

Education — 0.8%
Massachusetts Development Finance Agency, RB, Series P, 5.00%, 07/01/50		500		571,008
Massachusetts Development Finance Agency, Refunding RB, Series A, 5.00%, 07/15/40		1,000		1,151,764
University of Massachusetts Building Authority, Refunding RB, Series 1, 5.00%, 11/01/24^(b)		400		416,330


				2,139,102

Health — 0.4%
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/34		1,000		1,079,115


State — 2.0%
Commonwealth of Massachusetts, GO
5.00%, 11/01/31		1,000		1,182,751
Series A, 5.00%, 03/01/26		725		778,522
Series B, 3.00%, 02/01/48		1,000		748,009
Series E, 4.00%, 04/01/46		530		504,521


FUND SCHEDULES OF INVESTMENTS		19

Schedule of Investments (continued)

December 31, 2022

iShares Municipal Bond Index Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

State (continued)
Commonwealth of Massachusetts, GO (continued)
Series F, 5.00%, 11/01/42	$	1,000	$	1,055,064
Series G, 4.00%, 09/01/32		1,325		1,374,532


				5,643,399


Total Municipal Bonds in Massachusetts				8,861,616

Michigan — 1.3%

Education — 0.2%
University of Michigan, Refunding RB, 5.00%, 04/01/26^(b)		585		628,512


Health — 0.4%
Michigan Finance Authority, Refunding RB, Series A, 5.00%, 12/01/41		1,000		1,043,745


State — 0.7%
Michigan State Building Authority, Refunding RB, Series I, 3.00%, 10/15/51		1,000		750,667
State of Michiganchigan Trunk Line Revenue, RB, BAB, Series B, 5.00%, 11/15/45		1,000		1,103,795


				1,854,462


Total Municipal Bonds in Michigan				3,526,719

Minnesota — 0.4%

Health — 0.4%
City of Rochester Minnesota, Refunding RB, 5.00%, 11/15/57		1,000		1,071,173


Missouri — 0.4%

Utilities — 0.4%
Metropolitan St Louis Sewer District, Refunding RB
Series B, 5.00%, 05/01/25^(b)		330		346,305
Series B, 5.00%, 05/01/45		705		734,172


Total Municipal Bonds in Missouri				1,080,477

New Jersey — 5.6%

Health — 0.3%
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51		1,000		897,376


State — 2.5%
New Jersey Economic Development Authority, RB, Series EEE, 5.00%, 06/15/48		1,000		1,010,610
New Jersey Economic Development Authority, Refunding RB
Series NN, 5.00%, 03/01/23^(b)		1,000		1,002,896
Series NN, 5.00%, 03/01/25		500		501,382
New Jersey Transportation Trust Fund Authority, RB, Series S, 5.00%, 06/15/46		500		506,661
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/38^(a)		530		243,804
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36		1,000		1,047,614
State of New Jersey, GO
Series A, 5.00%, 06/01/29		1,000		1,130,143
Series A, 4.00%, 06/01/31		1,500		1,592,458


				7,035,568

Transportation — 2.8%
New Jersey Transportation Trust Fund Authority, RB
Series A, 0.00%, 12/15/25^(a)		100		90,036
Series AA, 5.00%, 06/15/25		150		153,766
Series AA, 4.75%, 06/15/38		280		281,218


Security	Par (000)		Value

Transportation (continued)
New Jersey Transportation Trust Fund Authority, RB (continued)
Series AA, 3.00%, 06/15/50	$	1,000	$	702,495
New Jersey Transportation Trust Fund Authority, RB, CAB^(a)
Series A, 0.00%, 12/15/32		250		164,448
Series A, 0.00%, 12/15/35		3,075		1,703,638
New Jersey Transportation Trust Fund Authority, Refunding RB
Series A, 4.00%, 12/15/31		1,000		1,016,557
Series D, 5.00%, 12/15/24		250		258,808
New Jersey Turnpike Authority, RB, Series A, 5.00%, 01/01/34		1,000		1,028,803
New Jersey Turnpike Authority, Refunding RB
Series E, 5.00%, 01/01/29		1,000		1,103,986
Series E, 5.00%, 01/01/32		1,100		1,210,455


				7,714,210


Total Municipal Bonds in New Jersey				15,647,154

New York — 24.1%

County/City/Special District/School District — 5.8%
City of New York, GO
Series B-1, 5.00%, 12/01/41		1,390		1,455,379
Series D, 5.00%, 12/01/35		500		543,621
Series D, 4.00%, 12/01/41		1,000		961,112
Series F-1, 5.00%, 03/01/43		1,000		1,061,252
Series F-1, 5.00%, 03/01/50		1,000		1,053,245
City of New York, Refunding GO, Series I, 5.00%, 08/01/26		165		165,258
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42		910		959,314
Nassau County Interim Finance Authority, Refunding RB, Series A, 4.00%, 11/15/34		310		336,519
New York City Industrial Development Agency, Refunding RB, (AGM), 4.00%, 03/01/45		300		279,188
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
5.00%, 05/01/37		1,000		1,053,974
Series A-1, 5.00%, 08/01/36		500		541,844
Series A-1, 5.00%, 08/01/42		1,000		1,058,675
Series C-1, 5.00%, 02/01/32		2,285		2,690,963
Sub-Series I, 5.00%, 05/01/42		1,620		1,624,116
New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB, Series B-1, 5.00%, 11/01/30		1,400		1,629,096
New York State Thruway Authority, Refunding RB, Series A-3, 4.00%, 03/15/56		1,000		911,912


				16,325,468

Education — 1.4%
New York State Dormitory Authority, RB
5.00%, 10/01/45		1,500		1,712,978
Series A, 4.00%, 07/01/41		1,000		965,508
Series A, 5.00%, 10/01/48		1,000		1,140,099


				3,818,585

State — 7.3%
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 5.00%, 07/15/31		1,000		1,039,504


20		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

iShares Municipal Bond Index Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

State (continued)
New York City Transitional Finance Authority Building Aid Revenue, Refunding RB, Series -2A, Subordinate, (SAW), 4.00%, 07/15/36	$	1,455	$	1,460,830
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/35		740		805,100
New York State Dormitory Authority, Refunding RB
Series A, 5.00%, 03/15/24^(c)		600		615,401
Series A, 5.00%, 03/15/27		1,000		1,093,670
Series A, 5.00%, 03/15/28		250		278,555
Series A, 4.00%, 03/15/43		500		476,097
Series A, 3.00%, 03/15/51		2,000		1,493,936
Series D, 4.00%, 02/15/47		1,000		934,649
Series E, 5.00%, 03/15/27^(c)		500		547,674
Series E, 5.00%, 09/15/28^(b)		5		5,616
Series E, 5.00%, 03/15/29		995		1,121,358
Series E, 4.00%, 03/15/39		1,000		974,775
Series E, 3.00%, 03/15/41		1,500		1,229,763
New York State Thruway Authority, Refunding RB, Series A-1, 4.00%, 03/15/44		2,460		2,325,985
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49		1,000		915,303
New York State Urban Development Corp., Refunding RB
Series A, 5.00%, 03/15/24		1,000		1,025,748
Series A, 5.00%, 03/15/27^(c)		600		655,959
Series A, 5.00%, 03/15/39		1,000		1,079,760
Series E, 3.00%, 03/15/47		715		551,863
Series E, 3.00%, 03/15/50		1,130		852,155
Sales Tax Asset Receivable Corp., Refunding RB, Series A, 5.00%, 10/15/24^(b)		1,000		1,038,719


				20,522,420

Transportation — 5.2%
Metropolitan Transportation Authority, RB
Series A, 4.00%, 11/15/48		500		411,732
Series D1, 5.00%, 11/15/44		300		290,395
Metropolitan Transportation Authority, Refunding RB
Series B, 5.00%, 11/15/37		1,075		1,091,704
Series B-1, 5.00%, 11/15/47		1,000		1,038,380
Series D, 5.00%, 11/15/25		1,235		1,235,509
Series D-1, 5.00%, 11/15/34^(d)		1,000		1,024,822
Sub-Series C-1, 5.00%, 11/15/34		1,000		1,020,572
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50		1,000		907,969
Port Authority of New York & New Jersey, Refunding ARB
179th Series, 5.00%, 12/01/32		1,000		1,018,472
194th Series, 5.00%, 10/15/34		1,395		1,465,206
194th Series, 5.00%, 10/15/41		835		868,198
Triborough Bridge & Tunnel Authority, RB, Series A, 4.00%, 11/15/42		1,000		945,964
Triborough Bridge & Tunnel Authority, Refunding RB
Series A, 5.00%, 11/15/31		1,000		1,068,719
Series A, 5.00%, 11/15/40		600		619,043
Series B, 5.00%, 11/15/38		1,000		1,061,880
Senior Lien, 5.00%, 11/15/28		415		467,500


				14,536,065


Security	Par (000)		Value

Utilities — 4.4%
New York City Municipal Water Finance Authority, RB
Series CC-1, 5.00%, 06/15/48	$	1,000	$	1,037,367
Series DD-1, 4.00%, 06/15/49		1,000		927,979
New York City Municipal Water Finance Authority, Refunding RB
Series DD, 5.00%, 06/15/35		2,500		2,556,941
Series DD, 5.00%, 06/15/39		420		428,432
Series EE, 5.00%, 06/15/36		1,000		1,054,456
New York Power Authority, RB, (AGM), 4.00%, 11/15/52		1,000		934,397
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/50		1,000		919,373
New York State Environmental Facilities Corp., Refunding RB, Series A, Subordinate, 4.00%, 06/15/46		1,475		1,442,057
Utility Debt Securitization Authority, Refunding RB
Series TE, Restructured, 5.00%, 12/15/34		1,000		1,017,672
Series TE, Restructured, 5.00%, 12/15/41		2,000		2,030,279


				12,348,953


Total Municipal Bonds in New York				67,551,491

North Carolina^(a)— 0.2%

Transportation — 0.2%
North Carolina Turnpike Authority, RB, Series B, (AGC), 0.00%, 01/01/34		500		318,660
North Carolina Turnpike Authority, RB, CAB, 0.00%, 01/01/49		1,000		293,186


Total Municipal Bonds in North Carolina				611,846


Ohio — 1.8%

State — 0.2%
State of Ohio, Refunding GO, Series B, 5.00%, 09/15/25 .		510		541,648


Transportation — 0.4%
Ohio Turnpike & Infrastructure Commission, RB, Series A, 5.00%, 02/15/46		1,000		1,075,856


Utilities — 1.2%
American Municipal Power, Inc., Refunding RB, 5.00%, 02/15/33		1,000		1,126,276
Ohio Water Development Authority Water Pollution Control Loan Fund, RB, Series A, 5.00%, 12/01/28		2,000		2,204,028


				3,330,304


Total Municipal Bonds in Ohio				4,947,808

Oregon — 0.3%

State — 0.3%
State of Oregon Department of Transportation, Refunding RB, Series A, Subordinate, 4.00%, 11/15/42		1,000		985,285


Pennsylvania — 3.7%

Health — 0.7%
Geisinger Authority, Refunding RB, 5.00%, 04/01/50		1,000		1,024,891
Pennsylvania Higher Educational Facilities Authority, RB, 5.00%, 08/15/49		1,000		1,037,740


				2,062,631

State — 1.8%
Commonwealth of Pennsylvania, GO 5.00%, 10/01/31		1,000		1,154,493


FUND SCHEDULES OF INVESTMENTS		21

Schedule of Investments (continued)

December 31, 2022

iShares Municipal Bond Index Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

State (continued)
Commonwealth of Pennsylvania, GO (continued)
1st Series, 5.00%, 03/15/29	$	1,000	$	1,046,353
2nd Series, 5.00%, 10/15/26		685		696,413
Commonwealth of Pennsylvania, Refunding GO, 1st Series, 5.00%, 01/01/28		1,105		1,197,833
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/38		1,000		1,000,657


				5,095,749

Transportation — 1.2%
Delaware River Port Authority, ARB, Series A, 5.00%, 01/01/39		125		133,966
Delaware River Port Authority, Refunding RB, Series B, 5.00%, 01/01/26		250		266,566
Pennsylvania Turnpike Commission, RB
Series A-1, 5.00%, 12/01/47		1,000		1,033,583
Series C, 5.00%, 12/01/23^(b)		760		773,215
Series C, 5.00%, 12/01/43		240		241,881
Series A, Subordinate, 4.00%, 12/01/46		425		391,221
Series A, Subordinate, 4.00%, 12/01/50		480		428,541


				3,268,973


Total Municipal Bonds in Pennsylvania				10,427,353

South Carolina — 0.4%

Utilities — 0.4%
South Carolina Public Service Authority, Refunding RB
Series A, 4.00%, 12/01/40		750		697,264
Series B, 5.00%, 12/01/51		305		307,003


Total Municipal Bonds in South Carolina				1,004,267

Tennessee — 0.3%

Transportation — 0.3%
Metropolitan Nashville Airport Authority, ARB, Series A, 5.00%, 07/01/45		900		911,141


Texas — 9.0%

County/City/Special District/School District — 1.8%
Carrollton-Farmers Branch Independent School District, GO, Series A, (PSF), 4.00%, 02/15/23^(b)		445		445,471
County of Williamson Texax, GO, 4.00%, 02/15/26		1,000		1,039,436
Cypress-Fairbanks Independent School District, Refunding GO, Series C, (PSF), 5.00%, 02/15/44		500		509,380
Dallas Area Rapid Transit, Refunding RB
Series A, 5.00%, 12/01/23		800		814,200
Series B, Senior Lien, 4.00%, 12/01/51		1,780		1,670,346
Lewisville Independent School District, Refunding GO, Series B, 5.00%, 08/15/28		570		602,007


				5,080,840

Education — 0.2%
Board of Regents of the University of Texas System, RB, Series E, 5.00%, 08/15/27		400		442,206


Health — 0.4%
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 11/15/45		1,000		1,025,772


Security	Par (000)		Value

State — 0.7%
State of Texas, Refunding GO
5.00%, 04/01/24^(b)	$	1,000	$	1,026,776
Series A, 5.00%, 10/01/36		1,000		1,044,855


				2,071,631

Transportation — 4.2%
Central Texas Regional Mobility Authority, RB
Series C, 5.00%, 01/01/27		1,000		1,049,912
Series A, Senior Lien, 5.00%, 07/01/25^(b)		1,000		1,056,883
Central Texas Turnpike System, RB
Series A, (AMBAC), 0.00%, 08/15/30^(a)		270		206,429
Series C, 5.00%, 08/15/37		1,000		1,002,689
Dallas Fort Worth International Airport, Refunding RB, Series A, 4.00%, 11/01/34		1,250		1,281,354
Grand Parkway Transportation Corp., RB, Series A, 5.00%, 10/01/35		695		751,385
Grand Parkway Transportation Corp., Refunding RB, 4.00%, 10/01/49		500		443,025
Harris County Toll Road Authority, Refunding RB, Series A, Senior Lien, 5.00%, 08/15/31		1,000		1,105,422
North Texas Tollway Authority, Refunding RB
Series A, 5.00%, 01/01/38		1,000		1,055,068
Series A, 5.00%, 01/01/43		1,815		1,886,563
Series B, 5.00%, 01/01/34		1,000		1,036,996
State of Texas, Refunding GO, Series A, 5.00%, 10/01/24^(b)		1,000		1,038,758


				11,914,484

Utilities — 1.7%
City of Austin Texas Electric Utility Revenue, Refunding RB, Series A, 5.00%, 11/15/45		1,000		1,033,069
City of Garland Texas Electric Utility System Revenue, Refunding RB, 4.00%, 03/01/49		1,000		902,186
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/26		500		533,696
Texas Water Development Board, RB
Series A, 4.00%, 10/15/37		1,180		1,192,754
Series B, 5.00%, 04/15/49		1,000		1,054,437


				4,716,142


Total Municipal Bonds in Texas				25,251,075

Utah — 0.2%

State — 0.2%
State of Utah, GO, 5.00%, 07/01/25		450		476,379


Virginia — 2.1%

County/City/Special District/School District — 0.7%
City of Alexandria Virginia, GO, Series A, (SAW), 3.00%, 07/15/46		1,000		800,690
County of Fairfax Virginia, Refunding GO, Series A, (SAW), 4.00%, 10/01/27		1,000		1,044,778


				1,845,468

Health — 0.3%
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42		1,000		956,885


State — 0.4%
Virginia College Building Authority, Refunding RB, Series E, 5.00%, 02/01/30		1,000		1,107,162


22		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

iShares Municipal Bond Index Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Transportation — 0.5%
Virginia Commonwealth Transportation Board, Refunding RB
5.00%, 09/15/23	$	10	$	10,146
5.00%, 03/15/27		285		312,171
Series A, 5.00%, 05/15/31		1,000		1,105,869


				1,428,186

Utilities — 0.2%
City of Richmond Virginia Public Utility Revenue, Refunding RB, 5.00%, 01/15/26		500		535,347


Total Municipal Bonds in Virginia				5,873,048


Washington — 2.4%

County/City/Special District/School District — 0.2%
Central Puget Sound Regional Transit Authority, Refunding RB, Series S-1, 5.00%, 11/01/25^(b)		485		516,460


Health — 0.7%
Washington Health Care Facilities Authority, Refunding RB, 5.00%, 10/01/38		2,000		2,095,195


State — 0.8%
State of Washington, Refunding GO
Series B, 5.00%, 07/01/30		1,000		1,060,935
Series R, 5.00%, 07/01/31		1,000		1,040,294


				2,101,229

Transportation — 0.7%
Central Puget Sound Regional Transit Authority, RB, Series S-1, 5.00%, 11/01/46		1,000		1,152,675
Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 4.00%, 08/01/47		1,000		870,217


				2,022,892


Total Municipal Bonds in Washington				6,735,776

Wisconsin — 1.0%

Health — 0.3%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 11/15/39		1,000		1,020,522


Security	Par (000)		Value

State — 0.7%
State of Wisconsin, Refunding GO 5.00%, 11/01/27	$	770	$	843,736
Series 2, 5.00%, 11/01/26		980		1,066,751


				1,910,487


Total Municipal Bonds in Wisconsin				2,931,009


Total Long-Term Investments — 98.5% (Cost: $287,747,030)				276,061,217


	Shares

Short-Term Securities

Money Market Funds — 0.9%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.09%^(e)(f)		2,517,331		2,517,079


Total Short-Term Securities — 0.9% (Cost: $2,517,106)				2,517,079


Total Investments — 99.4% (Cost: $290,264,136)				278,578,296

Other Assets Less Liabilities — 0.6%				1,677,861


Net Assets — 100.0%			$	280,256,157

^(a)	Zero-coupon bond.

^(b)	U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(c)	Security is collateralized by municipal bonds or U.S. Treasury obligations.

^(d)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(e)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 12/31/22		Shares Held at 12/31/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, MuniCash, Institutional Class	$	725,084	$	1,792,500	^(a)	$	—	$	(478	)	$	(27	)	$	2,517,079		2,517,331	$	29,806	$	—

^(a)

Represents net amount purchased (sold).


FUND SCHEDULES OF INVESTMENTS		23

Schedule of Investments (continued)

December 31, 2022

iShares Municipal Bond Index Fund

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2			Level 3		Total

Assets					��
Investments
Long-Term Investments
Municipal Bonds	$	—	$	276,061,217		$	—	$	276,061,217
Short-Term Securities
Money Market Funds		2,517,079		—			—		2,517,079


	$	2,517,079	$	276,061,217		$	—	$	278,578,296

See notes to financial statements.


24		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

December 31, 2022

iShares Short-Term TIPS Bond Index Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Treasury Obligations
U.S. Treasury Inflation-Indexed Bonds
2.38%, 01/15/25 - 01/15/27	$	8,237	$	8,308,212
2.00%, 01/15/26		2,703		2,699,185
U.S. Treasury Inflation-Indexed Notes
0.63%, 01/15/24 - 01/15/26		13,003		12,626,502
0.50%, 04/15/24		4,130		4,015,748
0.13%, 07/15/24 - 04/15/27		51,225		48,593,359
0.25%, 01/15/25		6,681		6,408,422
0.38%, 07/15/25 - 07/15/27		20,372		19,340,923
1.63%, 10/15/27^(a)		6,740		6,732,126


Total Long-Term Investments — 80.1% (Cost: $115,808,146)				108,724,477


	Shares


Short-Term Securities

Money Market Funds — 5.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.12%^(b)(c)		7,055,575		7,055,575


Security	Par (000)		Value


U.S. Treasury Obligations — 17.5%
U.S. Treasury Inflation-Indexed Notes
0.13%, 01/15/23	$	8,711	$	8,699,744
0.63%, 04/15/23		7,250		7,176,505
0.38%, 07/15/23		8,047		7,951,294


				23,827,543


Total Short-Term Securities — 22.7% (Cost: $31,137,672)				30,883,118


Total Investments — 102.8% (Cost: $146,945,818)				139,607,595

Liabilities in Excess of Other Assets — (2.8)%				(3,847,438	)


Net Assets — 100.0%			$	135,760,157

^(a)	All or a portion of this security is on loan.

^(b)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 12/31/22		Shares Held at 12/31/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	2,879,900	$	4,175,675	^(a)	$	—	$	—	$	—	$	7,055,575		7,055,575	$	37,445	^(b)	$	—

^(a)

Represents net amount purchased (sold).

^(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
U.S. Treasury Obligations	$	—	$	108,724,477	$	—	$	108,724,477
Short-Term Securities
Money Market Funds		7,055,575		—		—		7,055,575
U.S. Treasury Obligations		—		23,827,543		—		23,827,543


	$ 7,055,575		$ 132,552,020		$ —		$ 139,607,595

See notes to financial statements.


FUND SCHEDULES OF INVESTMENTS		25

Schedule of Investments

December 31, 2022

iShares MSCI EAFE International Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 8.8%
Ampol Ltd.		130,389	$	2,506,395
ANZ Group Holdings Ltd.		1,603,927		25,837,523
APA Group		645,774		4,720,224
Aristocrat Leisure Ltd.		323,158		6,658,932
ASX Ltd.		104,856		4,829,269
Aurizon Holdings Ltd.		1,002,325		2,539,328
BHP Group Ltd., Class DI		2,724,352		84,392,091
BlueScope Steel Ltd.		255,182		2,908,367
Brambles Ltd.		778,175		6,381,505
Cochlear Ltd.		35,673		4,926,704
Coles Group Ltd.		719,106		8,151,517
Commonwealth Bank of Australia		918,316		63,781,466
Computershare Ltd.		291,896		5,142,048
CSL Ltd.		259,236		50,549,501
Dexus		585,584		3,074,353
Endeavour Group Ltd.		717,791		3,123,770
Fortescue Metals Group Ltd.		914,799		12,786,285
Glencore PLC		5,305,890		35,383,090
Goodman Group		907,403		10,671,380
GPT Group		1,031,149		2,940,847
IDP Education Ltd.		109,773		2,023,032
IGO Ltd.		367,071		3,357,728
Insurance Australia Group Ltd.		1,316,858		4,233,263
Lendlease Corp. Ltd.		372,045		1,974,846
Lottery Corp. Ltd.^(a)		1,209,911		3,687,908
Macquarie Group Ltd.		196,141		22,142,054
Medibank Pvt Ltd.		1,502,340		2,997,226
Mineral Resources Ltd.		91,753		4,813,037
Mirvac Group		2,104,615		3,044,792
National Australia Bank Ltd.		1,727,437		35,073,200
Newcrest Mining Ltd.		477,783		6,699,620
Northern Star Resources Ltd.		626,407		4,687,602
Orica Ltd.		246,184		2,517,086
Origin Energy Ltd.		940,654		4,923,311
Pilbara Minerals Ltd.^(a)		1,366,416		3,460,106
Qantas Airways Ltd.^(a)		501,114		2,028,363
QBE Insurance Group Ltd.		791,755		7,182,557
Ramsay Health Care Ltd.		97,608		4,286,074
REA Group Ltd.		28,716		2,159,631
Reece Ltd.		123,343		1,179,001
Rio Tinto Ltd.		199,455		15,742,104
Rio Tinto PLC		605,085		42,588,301
Santos Ltd.		1,724,800		8,482,903
Scentre Group		2,778,732		5,408,967
SEEK Ltd.		180,897		2,571,763
Sonic Healthcare Ltd.		244,048		4,966,627
South32 Ltd.		2,502,264		6,860,278
Stockland		1,276,685		3,144,293
Suncorp Group Ltd.		683,289		5,567,991
Telstra Corp. Ltd.		2,167,050		5,860,657
Transurban Group		1,651,772		14,532,045
Treasury Wine Estates Ltd.		385,450		3,560,946
Vicinity Ltd.		2,117,115		2,858,735
Washington H Soul Pattinson & Co. Ltd.		114,268		2,143,818
Wesfarmers Ltd.		610,354		19,035,282
Westpac Banking Corp.		1,884,175		29,829,333
WiseTech Global Ltd.		79,996		2,751,257


Security	Shares		Value

Australia (continued)
Woodside Energy Group Ltd.		1,021,836	$	24,747,025
Woolworths Group Ltd.		652,770		14,906,274


				679,333,631

Austria — 0.2%
Erste Group Bank AG		185,042		5,920,457
OMV AG		79,767		4,103,290
Verbund AG		36,881		3,100,208
voestalpine AG		62,425		1,653,582


				14,777,537

Belgium — 0.9%
Ageas SA/NV		87,607		3,887,284
Anheuser-Busch InBev SA		467,444		28,154,591
D’ieteren Group		13,447		2,580,651
Elia Group SA		17,721		2,519,265
Groupe Bruxelles Lambert NV		53,865		4,304,763
KBC Group NV		133,633		8,603,998
Sofina SA		8,209		1,812,574
Solvay SA		39,419		3,985,496
UCB SA		68,782		5,419,571
Umicore SA		112,688		4,144,640
Warehouses De Pauw CVA		87,478		2,505,962


				67,918,795

Chile — 0.0%
Antofagasta PLC		210,715		3,933,542


China — 0.2%
BOC Hong Kong Holdings Ltd.		1,983,534		6,733,693
Budweiser Brewing Co. APAC Ltd.^(b)		931,200		2,910,927
Futu Holdings Ltd., ADR^(a)		32,839		1,334,906
Wilmar International Ltd.		1,047,983		3,264,858


				14,244,384

Denmark — 2.9%
AP Moller - Maersk A/S, Class A		1,686		3,715,706
AP Moller - Maersk A/S, Class B		2,699		6,041,991
Carlsberg A/S, Class B		52,291		6,936,241
Chr Hansen Holding A/S		55,923		4,022,696
Coloplast A/S, Class B		63,405		7,428,063
Danske Bank A/S		368,028		7,258,656
Demant A/S^(a)		50,272		1,401,870
DSV A/S		100,681		15,921,406
Genmab A/S^(a)		35,360		14,950,024
Novo Nordisk A/S, Class B		890,893		120,997,134
Novozymes A/S, B Shares		110,779		5,620,225
Orsted A/S^(b)		101,805		9,203,746
Pandora A/S		49,494		3,498,309
ROCKWOOL A/S, B Shares		4,684		1,096,538
Tryg A/S		195,257		4,640,390
Vestas Wind Systems A/S		545,328		15,907,569


				228,640,564

Finland — 1.3%
Elisa OYJ		76,858		4,073,867
Fortum OYJ		240,327		4,002,421
Kesko OYJ, B Shares		147,935		3,268,798
Kone OYJ, Class B		183,941		9,522,944
Neste OYJ		226,996		10,468,365
Nokia OYJ		2,910,095		13,519,420
Nordea Bank Abp		1,835,437		19,661,112
Orion OYJ, Class B		58,048		3,182,366
Sampo OYJ, A Shares		257,214		13,434,146


26		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

iShares MSCI EAFE International Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Finland (continued)
Stora Enso OYJ, R Shares		297,870	$	4,199,817
UPM-Kymmene OYJ		286,835		10,733,752
Wartsila OYJ Abp		256,984		2,166,902


				98,233,910

France — 11.4%
Accor SA^(a)		93,467		2,331,773
Aeroports de Paris^(a)(c)		15,985		2,141,534
Air Liquide SA		281,425		39,944,138
Airbus SE		318,109		37,823,919
Alstom SA		173,039		4,233,675
Amundi SA^(b)		31,911		1,809,638
Arkema SA		31,530		2,835,960
AXA SA		1,005,842		28,018,234
BioMerieux		22,757		2,390,930
BNP Paribas SA		597,844		34,040,719
Bollore SE		484,142		2,705,579
Bouygues SA		121,636		3,648,077
Bureau Veritas SA		158,988		4,189,967
Capgemini SE		88,081		14,725,028
Carrefour SA		322,427		5,392,895
Cie de Saint-Gobain		268,885		13,154,069
Cie Generale des Etablissements Michelin SCA		365,484		10,181,386
Covivio		25,449		1,510,615
Credit Agricole SA		648,535		6,822,158
Danone SA		345,499		18,209,752
Dassault Aviation SA		13,537		2,295,781
Dassault Systemes SE		358,058		12,875,641
Edenred		134,183		7,302,959
Eiffage SA		44,689		4,395,790
Electricite de France SA		305,795		3,925,901
Engie SA		981,841		14,046,285
EssilorLuxottica SA		154,808		28,009,869
Eurazeo SE		23,899		1,487,893
Gecina SA		24,288		2,474,460
Getlink SE		240,250		3,847,159
Hermes International		17,044		26,381,578
Ipsen SA		19,808		2,130,558
Kering SA		40,263		20,490,947
Klepierre SA		117,064		2,701,909
La Francaise des Jeux SAEM^(b)		56,850		2,287,560
Legrand SA		143,500		11,506,073
L’Oreal SA		129,873		46,507,203
LVMH Moet Hennessy Louis Vuitton SE		149,403		108,719,420
Orange SA		1,070,753		10,624,135
Pernod Ricard SA		112,746		22,179,668
Publicis Groupe SA		123,652		7,899,172
Remy Cointreau SA		12,566		2,118,796
Renault SA^(a)		101,937		3,401,498
Safran SA		183,941		23,039,314
Sanofi		612,812		59,091,335
Sartorius Stedim Biotech		14,792		4,806,926
Schneider Electric SE		291,974		41,003,246
SEB SA		12,745		1,069,325
Societe Generale SA		426,497		10,698,095
Sodexo SA		47,503		4,545,009
Teleperformance		31,596		7,553,503
Thales SA		57,865		7,393,338
TotalEnergies SE		1,334,258		83,755,558
Ubisoft Entertainment SA^(a)		50,784		1,434,689
Unibail-Rodamco-Westfield^(a)(c)		63,475		3,318,229
Valeo		107,906		1,928,045


Security	Shares		Value

France (continued)
Veolia Environnement SA		357,727	$	9,191,584
Vinci SA		287,160		28,626,083
Vivendi SE		393,094		3,755,200
Wendel SE		14,316		1,337,242
Worldline SA^(a)(b)		127,977		5,011,893


				881,278,915

Germany — 7.5%
Adidas AG		92,878		12,587,412
Allianz SE, Registered Shares		219,817		46,943,592
BASF SE		494,291		24,338,192
Bayer AG, Registered Shares		528,704		27,212,420
Bayerische Motoren Werke AG		178,096		15,767,722
Bechtle AG		45,325		1,602,155
Beiersdorf AG		54,442		6,221,181
Brenntag SE		83,161		5,303,580
Carl Zeiss Meditec AG		21,220		2,667,224
Commerzbank AG^(a)		574,766		5,373,840
Continental AG, Class A		59,855		3,568,226
Covestro AG^(b)		102,689		4,000,355
Daimler Truck Holding AG^(a)		242,852		7,465,686
Delivery Hero SE^(a)(b)(c)		89,352		4,287,976
Deutsche Bank AG, Registered Shares		1,112,260		12,503,536
Deutsche Boerse AG		102,251		17,606,604
Deutsche Lufthansa AG, Registered Shares^(a)		315,292		2,598,970
Deutsche Post AG, Registered Shares		533,452		19,965,308
Deutsche Telekom AG, Registered Shares		1,744,291		34,705,410
E.ON SE		1,211,606		12,045,783
Evonik Industries AG		114,987		2,193,241
Fresenius Medical Care AG & Co. KGaA		109,961		3,591,603
Fresenius SE & Co. KGaA		226,958		6,339,364
GEA Group AG		79,884		3,248,685
Hannover Rueck SE		32,667		6,445,450
HeidelbergCement AG		78,253		4,434,206
HelloFresh SE^(a)		88,140		1,923,642
Henkel AG & Co. KGaA		55,830		3,587,896
Infineon Technologies AG		702,798		21,359,356
Knorr-Bremse AG		39,938		2,172,721
LEG Immobilien SE		39,902		2,602,356
Mercedes-Benz Group AG, Registered Shares		431,810		28,238,158
Merck KGaA		69,391		13,388,315
MTU Aero Engines AG		28,564		6,145,121
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares		75,396		24,388,369
Nemetschek SE		31,191		1,594,681
Puma SE		56,062		3,388,571
Rational AG		2,780		1,650,838
Rheinmetall AG		23,293		4,637,079
RWE AG		345,352		15,267,213
SAP SE		561,965		58,017,647
Scout24 SE^(b)		43,874		2,208,336
Siemens AG, Registered Shares		411,694		56,752,513
Siemens Energy AG^(a)		233,089		4,376,512
Siemens Healthineers AG^(b)		152,605		7,612,180
Symrise AG		71,890		7,807,613
Telefonica Deutschland Holding AG		566,180		1,390,545
United Internet AG, Registered Shares^(d)		51,161		1,031,641
Volkswagen AG		15,983		2,507,343
Vonovia SE		384,885		9,066,514
Zalando SE^(a)(b)		119,686		4,213,522


				578,346,403


FUND SCHEDULES OF INVESTMENTS		27

Schedule of Investments (continued)

December 31, 2022

iShares MSCI EAFE International Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong — 2.8%
AIA Group Ltd.		6,482,083	$	71,584,115
CK Asset Holdings Ltd.		1,076,089		6,599,839
CK Hutchison Holdings Ltd.		1,443,617		8,648,490
CK Infrastructure Holdings Ltd.		338,844		1,768,100
CLP Holdings Ltd.		889,261		6,478,772
ESR Group Ltd.^(b)		1,080,000		2,257,788
Galaxy Entertainment Group Ltd.		1,171,058		7,699,298
Hang Lung Properties Ltd.		1,070,565		2,085,471
Hang Seng Bank Ltd.		408,648		6,778,014
Henderson Land Development Co. Ltd.		794,774		2,766,768
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,402,616		927,407
HKT Trust & HKT Ltd., Class SS		2,068,417		2,531,997
Hong Kong & China Gas Co. Ltd.		6,058,383		5,745,816
Hong Kong Exchanges & Clearing Ltd.		648,243		27,855,156
Hongkong Land Holdings Ltd.		599,693		2,759,076
Jardine Matheson Holdings Ltd.		85,286		4,338,570
Link REIT		1,133,743		8,295,977
MTR Corp. Ltd.		836,033		4,421,653
New World Development Co. Ltd.		802,824		2,252,062
Power Assets Holdings Ltd.		762,118		4,165,332
Sino Land Co. Ltd.		1,861,975		2,322,413
SITC International Holdings Co. Ltd.		724,000		1,604,701
Sun Hung Kai Properties Ltd.		779,588		10,648,676
Swire Pacific Ltd., Class A		269,700		2,364,157
Swire Properties Ltd.		612,136		1,550,476
Techtronic Industries Co., Ltd.		740,131		8,220,514
WH Group Ltd.^(b)		4,419,607		2,577,683
Wharf Real Estate Investment Co. Ltd.		904,245		5,266,446
Xinyi Glass Holdings Ltd.		996,000		1,840,184


				216,354,951

Ireland — 1.0%
AerCap Holdings NV^(a)		72,496		4,227,967
AIB Group PLC		575,953		2,210,741
Bank of Ireland Group PLC		576,467		5,493,336
CRH PLC		410,636		16,331,051
Experian PLC		495,489		16,781,387
Flutter Entertainment PLC^(a)		90,206		12,361,038
James Hardie Industries PLC		239,140		4,304,108
Kerry Group PLC, Class A		85,517		7,724,769
Kingspan Group PLC		82,349		4,458,694
Smurfit Kappa Group PLC		131,997		4,891,852


				78,784,943

Isle of Man — 0.1%
Entain PLC		320,024		5,096,400


Israel — 0.7%
Azrieli Group Ltd.		22,913		1,528,027
Bank Hapoalim BM		684,060		6,159,221
Bank Leumi Le-Israel BM		832,789		6,936,138
Bezeq The Israeli Telecommunication Corp. Ltd.		1,136,095		1,948,981
Check Point Software Technologies Ltd.^(a)		54,997		6,938,421
CyberArk Software Ltd.^(a)(c)		21,866		2,834,927
Elbit Systems Ltd.		14,341		2,332,301
ICL Group Ltd.		377,522		2,727,770
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		659,245		3,460,984
Mizrahi Tefahot Bank Ltd.		82,721		2,669,839
Nice Ltd.^(a)		33,912		6,523,924
Teva Pharmaceutical Industries Ltd., ADR^(a)		602,279		5,492,784


Security	Shares		Value

Israel (continued)
Tower Semiconductor Ltd.^(a)		59,659	$	2,604,133
Wix.com Ltd.^(a)(c)		31,066		2,386,801
ZIM Integrated Shipping Services Ltd.^(c)		44,224		760,211


				55,304,466

Italy — 1.9%
Amplifon SpA		67,692		2,021,268
Assicurazioni Generali SpA		593,406		10,552,239
Davide Campari-Milano NV		284,052		2,883,780
DiaSorin SpA		13,521		1,891,933
Enel SpA		4,377,060		23,540,449
Eni SpA		1,358,277		19,313,966
Ferrari NV		67,773		14,533,131
FinecoBank Banca Fineco SpA		325,247		5,401,084
Infrastrutture Wireless Italiane SpA^(b)		183,357		1,849,743
Intesa Sanpaolo SpA		8,888,232		19,691,066
Mediobanca Banca di Credito Finanziario SpA		325,753		3,130,180
Moncler SpA		110,625		5,878,262
Nexi SpA^(a)(b)		279,444		2,205,913
Poste Italiane SpA^(b)		285,755		2,787,959
Prysmian SpA		137,589		5,112,188
Recordati Industria Chimica e Farmaceutica SpA		56,310		2,340,681
Snam SpA		1,092,879		5,299,192
Telecom Italia SpA^(a)		5,304,271		1,229,271
Terna - Rete Elettrica Nazionale		761,489		5,623,743
UniCredit SpA		1,034,689		14,681,766


				149,967,814

Japan — 21.7%
Advantest Corp.		101,300		6,488,118
Aeon Co. Ltd.		352,246		7,437,840
AGC, Inc.		104,648		3,472,821
Aisin Corp.		80,846		2,143,629
Ajinomoto Co., Inc.		245,354		7,498,835
ANA Holdings, Inc.^(a)		86,711		1,836,360
Asahi Group Holdings Ltd.		247,102		7,691,694
Asahi Intecc Co. Ltd.		116,200		1,895,485
Asahi Kasei Corp.		669,068		4,762,815
Astellas Pharma, Inc.		987,143		15,010,129
Azbil Corp.		61,600		1,546,606
Bandai Namco Holdings, Inc.		107,104		6,713,216
Bridgestone Corp.		308,441		10,920,994
Brother Industries Ltd.		127,663		1,929,457
Canon, Inc.		537,148		11,626,061
Capcom Co. Ltd.		93,700		2,990,950
Central Japan Railway Co.		77,740		9,544,882
Chiba Bank Ltd.		292,770		2,136,092
Chubu Electric Power Co., Inc.		349,011		3,608,941
Chugai Pharmaceutical Co. Ltd.		362,530		9,246,962
Concordia Financial Group Ltd.		592,670		2,474,648
CyberAgent, Inc.		231,716		2,062,916
Dai Nippon Printing Co. Ltd.		117,568		2,361,889
Daifuku Co. Ltd.		55,176		2,571,981
Dai-ichi Life Holdings, Inc.		527,300		11,908,211
Daiichi Sankyo Co. Ltd.		943,062		30,354,045
Daikin Industries Ltd.		134,068		20,339,923
Daito Trust Construction Co. Ltd.		33,170		3,396,037
Daiwa House Industry Co. Ltd.		323,076		7,442,456
Daiwa House REIT Investment Corp.		1,164		2,595,323
Daiwa Securities Group, Inc.		727,752		3,215,792
Denso Corp.		232,890		11,420,884
Dentsu Group, Inc.		114,682		3,597,652


28		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

iShares MSCI EAFE International Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Disco Corp.		15,459	$	4,406,137
East Japan Railway Co.		162,144		9,235,386
Eisai Co. Ltd.		136,015		8,970,466
ENEOS Holdings, Inc.		1,663,063		5,663,419
FANUC Corp.		103,151		15,436,185
Fast Retailing Co. Ltd.		31,441		19,132,902
Fuji Electric Co. Ltd.		67,094		2,532,078
FUJIFILM Holdings Corp.		192,908		9,645,677
Fujitsu Ltd.		105,604		14,078,864
GLP J-REIT		2,256		2,598,184
GMO Payment Gateway, Inc.		23,300		1,926,885
Hakuhodo DY Holdings, Inc.		129,792		1,302,600
Hamamatsu Photonics KK		75,487		3,602,821
Hankyu Hanshin Holdings, Inc.		124,563		3,690,503
Hikari Tsushin, Inc.		11,206		1,577,292
Hirose Electric Co. Ltd.		16,192		2,030,822
Hitachi Construction Machinery Co. Ltd.		57,505		1,281,581
Hitachi Ltd.		521,113		26,220,467
Honda Motor Co. Ltd.		877,335		20,011,141
Hoshizaki Corp.		57,030		2,005,290
Hoya Corp.		196,878		18,856,681
Hulic Co. Ltd.		208,767		1,639,354
Ibiden Co. Ltd.		61,100		2,203,417
Idemitsu Kosan Co. Ltd.		112,000		2,622,097
Iida Group Holdings Co. Ltd.		77,222		1,172,465
Inpex Corp.		560,000		6,017,431
Isuzu Motors Ltd.		312,382		3,621,404
Ito En Ltd.		29,800		1,084,541
ITOCHU Corp.		639,673		20,068,300
Itochu Techno-Solutions Corp.		52,300		1,213,138
Japan Airlines Co. Ltd.^(a)		75,162		1,530,874
Japan Exchange Group, Inc.		273,936		3,948,181
Japan Metropolitan Fund Invest		3,726		2,964,083
Japan Post Bank Co. Ltd.		227,200		1,947,773
Japan Post Holdings Co. Ltd.		1,279,529		10,765,901
Japan Post Insurance Co. Ltd.		108,300		1,904,686
Japan Real Estate Investment Corp.		681		2,991,151
Japan Tobacco, Inc.		644,941		13,002,151
JFE Holdings, Inc.		268,512		3,115,678
JSR Corp.		98,728		1,933,219
Kajima Corp.		230,677		2,684,459
Kakaku.com, Inc.		74,416		1,194,053
Kansai Electric Power Co., Inc.		377,151		3,662,460
Kao Corp.		254,707		10,111,979
KDDI Corp.		867,975		26,322,979
Keio Corp.		54,429		1,993,716
Keisei Electric Railway Co. Ltd.		67,587		1,920,231
Keyence Corp.		104,680		40,641,435
Kikkoman Corp.		77,364		4,072,178
Kintetsu Group Holdings Co. Ltd.		92,998		3,070,447
Kirin Holdings Co. Ltd.		440,655		6,716,213
Kobayashi Pharmaceutical Co. Ltd.		29,065		1,992,189
Kobe Bussan Co. Ltd.		81,100		2,337,398
Koei Tecmo Holdings Co. Ltd.		62,400		1,128,598
Koito Manufacturing Co. Ltd.		114,494		1,706,895
Komatsu Ltd.		498,954		10,784,448
Konami Group Corp.		49,799		2,259,020
Kose Corp.		18,259		1,983,899
Kubota Corp.		546,189		7,461,725
Kurita Water Industries Ltd.		55,629		2,297,740
Kyocera Corp.		174,000		8,636,776
Kyowa Kirin Co. Ltd.		146,897		3,364,525
Lasertec Corp.		40,400		6,596,132


Security	Shares		Value

Japan (continued)
Lixil Corp.		160,027	$	2,412,582
M3, Inc.		236,313		6,419,041
Makita Corp.		117,739		2,742,755
Marubeni Corp.		832,564		9,537,809
Mazda Motor Corp.		300,698		2,254,047
McDonald’s Holdings Co. Japan Ltd.		45,294		1,721,461
MEIJI Holdings Co. Ltd.		60,734		3,113,116
MINEBEA MITSUMI, Inc.		198,408		2,939,629
MISUMI Group, Inc.		154,356		3,354,820
Mitsubishi Chemical Group Corp.		695,509		3,600,663
Mitsubishi Corp.		679,597		22,062,963
Mitsubishi Electric Corp.		1,035,521		10,260,914
Mitsubishi Estate Co. Ltd.		636,582		8,246,014
Mitsubishi HC Capital, Inc.		350,773		1,725,294
Mitsubishi Heavy Industries Ltd.		171,205		6,765,429
Mitsubishi UFJ Financial Group, Inc.		6,433,070		43,187,857
Mitsui & Co. Ltd.		751,300		21,882,141
Mitsui Chemicals, Inc.		96,551		2,168,612
Mitsui Fudosan Co. Ltd.		489,120		8,939,631
Mitsui OSK Lines Ltd.		185,800		4,642,739
Mizuho Financial Group, Inc.		1,297,951		18,285,910
MonotaRO Co. Ltd.		133,100		1,874,830
MS&AD Insurance Group Holdings, Inc.		239,824		7,667,132
Murata Manufacturing Co. Ltd.		309,125		15,244,554
NEC Corp.		132,474		4,645,761
Nexon Co. Ltd.		267,948		6,015,618
NGK Insulators Ltd.		125,968		1,596,971
Nidec Corp.^(c)		240,420		12,371,809
Nihon M&A Center Holdings, Inc.		166,000		2,042,588
Nintendo Co. Ltd.		594,120		24,980,709
Nippon Building Fund, Inc.		830		3,711,603
Nippon Express Holdings, Inc.		41,270		2,356,908
Nippon Paint Holdings Co. Ltd.		443,080		3,479,991
Nippon Prologis REIT, Inc.		1,170		2,743,152
Nippon Sanso Holdings Corp.		93,793		1,358,630
Nippon Shinyaku Co. Ltd.		26,200		1,486,840
Nippon Steel Corp.		434,156		7,533,095
Nippon Telegraph & Telephone Corp.		643,232		18,344,015
Nippon Yusen KK		259,166		6,111,301
Nissan Chemical Corp.		69,311		3,022,459
Nissan Motor Co. Ltd.		1,249,915		3,911,513
Nisshin Seifun Group, Inc.		107,573		1,351,976
Nissin Foods Holdings Co. Ltd.		33,141		2,624,581
Nitori Holdings Co. Ltd.		43,623		5,699,888
Nitto Denko Corp.		76,726		4,419,011
Nomura Holdings, Inc.		1,557,418		5,770,973
Nomura Real Estate Holdings, Inc.		64,058		1,369,738
Nomura Real Estate Master Fund, Inc.		2,258		2,797,418
Nomura Research Institute Ltd.		213,963		5,086,740
NTT Data Corp.		342,617		4,992,866
Obayashi Corp.		353,734		2,671,962
Obic Co. Ltd.		37,594		5,519,140
Odakyu Electric Railway Co. Ltd.		161,185		2,087,414
Oji Holdings Corp.		423,626		1,711,020
Olympus Corp.		663,712		11,706,274
Omron Corp.		99,628		4,814,801
Ono Pharmaceutical Co. Ltd.		193,231		4,516,499
Open House Group Co. Ltd.		44,100		1,605,676
Oracle Corp. Japan		20,235		1,315,710
Oriental Land Co. Ltd.		107,504		15,644,430
ORIX Corp.		640,600		10,253,862
Osaka Gas Co. Ltd.		203,208		3,274,311
Otsuka Corp.		61,182		1,928,478


FUND SCHEDULES OF INVESTMENTS		29

Schedule of Investments (continued)

December 31, 2022

iShares MSCI EAFE International Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Otsuka Holdings Co. Ltd.		208,855	$	6,811,333
Pan Pacific International Holdings Corp.		206,136		3,828,793
Panasonic Holdings Corp.		1,188,557		9,947,056
Persol Holdings Co. Ltd.		94,175		2,003,077
Rakuten Group, Inc.^(a)		469,200		2,114,718
Recruit Holdings Co. Ltd.		775,794		24,283,884
Renesas Electronics Corp.^(a)		626,708		5,539,007
Resona Holdings, Inc.		1,162,899		6,387,122
Ricoh Co. Ltd.		312,981		2,382,144
Rohm Co. Ltd.		47,700		3,419,582
SBI Holdings, Inc.		129,597		2,469,180
SCSK Corp.		80,500		1,218,507
Secom Co. Ltd.		113,257		6,462,197
Seiko Epson Corp.		147,203		2,141,661
Sekisui Chemical Co. Ltd.		202,278		2,819,411
Sekisui House Ltd.		333,799		5,917,940
Seven & i Holdings Co. Ltd.		405,459		17,376,490
SG Holdings Co. Ltd.		157,204		2,179,740
Sharp Corp.		130,269		935,729
Shimadzu Corp.		127,863		3,619,786
Shimano, Inc.		39,470		6,237,004
Shimizu Corp.		288,506		1,539,447
Shin-Etsu Chemical Co. Ltd.		201,826		24,645,410
Shionogi & Co. Ltd.		141,821		7,075,891
Shiseido Co. Ltd.		215,378		10,556,469
Shizuoka Financial Group, Inc.		243,901		1,954,498
SMC Corp.		30,741		12,836,010
SoftBank Corp.		1,545,800		17,488,662
SoftBank Group Corp.		649,100		27,452,341
Sompo Holdings, Inc.		168,742		7,465,667
Sony Group Corp.		678,668		51,729,144
Square Enix Holdings Co. Ltd.		46,000		2,135,571
Subaru Corp.		332,846		5,039,311
SUMCO Corp.		192,215		2,546,577
Sumitomo Chemical Co. Ltd.		803,160		2,879,829
Sumitomo Corp.		606,140		10,075,918
Sumitomo Electric Industries Ltd.		380,480		4,298,833
Sumitomo Metal Mining Co. Ltd.		132,915		4,670,480
Sumitomo Mitsui Financial Group, Inc.		702,627		28,268,377
Sumitomo Mitsui Trust Holdings, Inc.		181,326		6,327,469
Sumitomo Realty & Development Co. Ltd.		167,049		3,936,998
Suntory Beverage & Food Ltd.		75,340		2,565,491
Suzuki Motor Corp.		198,319		6,351,627
Sysmex Corp.		89,322		5,392,421
T&D Holdings, Inc.		288,906		4,135,614
Taisei Corp.		98,610		3,179,700
Takeda Pharmaceutical Co. Ltd.		808,908		25,275,681
TDK Corp.		208,274		6,775,898
Terumo Corp.		348,806		9,888,851
TIS, Inc.		119,700		3,145,928
Tobu Railway Co. Ltd.		99,398		2,318,455
Toho Co. Ltd.		59,082		2,277,367
Tokio Marine Holdings, Inc.		988,061		21,107,337
Tokyo Electric Power Co. Holdings, Inc.^(a)		838,212		3,018,754
Tokyo Electron Ltd.		80,393		23,621,770
Tokyo Gas Co. Ltd.		213,355		4,177,448
Tokyu Corp.		285,765		3,598,915
Toppan, Inc.		142,200		2,099,936
Toray Industries, Inc.		739,014		4,109,930
Toshiba Corp.		211,170		7,338,006
Tosoh Corp.		143,974		1,712,087
TOTO Ltd.		76,087		2,580,829


Security	Shares		Value

Japan (continued)
Toyota Industries Corp.		79,400	$	4,313,457
Toyota Motor Corp.		5,707,045		77,858,605
Toyota Tsusho Corp.		114,581		4,214,786
Trend Micro, Inc.^(a)		71,634		3,350,132
Unicharm Corp.		217,602		8,331,159
USS Co. Ltd.		117,663		1,866,967
Welcia Holdings Co. Ltd.		52,200		1,216,798
West Japan Railway Co.		118,440		5,142,583
Yakult Honsha Co. Ltd.		69,582		4,529,618
Yamaha Corp.		76,564		2,841,122
Yamaha Motor Co. Ltd.		162,127		3,664,275
Yamato Holdings Co. Ltd.		155,462		2,463,490
Yaskawa Electric Corp.		127,945		4,082,138
Yokogawa Electric Corp.		122,363		1,942,019
Z Holdings Corp.		1,417,527		3,540,296
ZOZO, Inc.		65,951		1,628,709


				1,677,735,500

Jordan — 0.0%
Hikma Pharmaceuticals PLC		88,757		1,654,067


Luxembourg — 0.2%
ArcelorMittal SA		283,443		7,477,832
Aroundtown SA^(c)		522,175		1,216,364
Eurofins Scientific SE		72,890		5,233,365
Tenaris SA		255,127		4,474,341


				18,401,902

Macau — 0.1%
Sands China Ltd.^(a)		1,290,860		4,234,314


Netherlands — 4.6%
ABN AMRO Bank NV^(b)		223,273		3,091,875
Adyen NV^(a)(b)		11,663		16,191,147
Aegon NV		953,446		4,830,798
Akzo Nobel NV		97,652		6,552,696
Argenx SE^(a)		29,749		11,167,943
ASM International NV		25,194		6,392,585
ASML Holding NV^(c)		218,749		119,273,250
Euronext NV^(b)		46,744		3,460,513
EXOR NV^(a)		58,364		4,273,078
Heineken Holding NV		54,047		4,174,071
Heineken NV		139,196		13,111,173
IMCD NV		31,054		4,442,010
ING Groep NV, Series N^(a)		2,028,998		24,715,525
JDE Peet’s NV		55,298		1,599,485
Just Eat Takeaway.com NV^(a)(b)		96,310		2,049,911
Koninklijke Ahold Delhaize NV		562,770		16,180,348
Koninklijke DSM NV		94,465		11,599,788
Koninklijke KPN NV		1,768,814		5,474,929
Koninklijke Philips NV		473,028		7,117,751
NN Group NV		149,621		6,118,329
OCI NV		56,965		2,036,639
Prosus NV		446,383		30,819,793
QIAGEN NV^(a)		122,714		6,168,894
Randstad NV		65,299		3,989,924
Stellantis NV		1,184,342		16,829,919
Universal Music Group NV		392,054		9,480,908
Wolters Kluwer NV		141,158		14,770,097


				355,913,379

New Zealand — 0.2%
Auckland International Airport Ltd.^(a)		665,635		3,301,277
Fisher & Paykel Healthcare Corp. Ltd.		313,723		4,488,777
Mercury NZ Ltd.		390,836		1,380,721


30		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

iShares MSCI EAFE International Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

New Zealand (continued)
Meridian Energy Ltd.		697,683	$	2,320,625
Spark New Zealand Ltd.		997,546		3,415,368
Xero Ltd.^(a)		72,899		3,476,103


				18,382,871

Norway — 0.8%
Adevinta ASA^(a)		151,091		1,000,482
Aker BP ASA		170,060		5,285,953
DNB Bank ASA		502,714		9,928,656
Equinor ASA		516,213		18,552,821
Gjensidige Forsikring ASA		107,778		2,113,958
Kongsberg Gruppen ASA		48,483		2,063,618
Mowi ASA		224,039		3,817,690
Norsk Hydro ASA		732,925		5,476,682
Orkla ASA		407,149		2,938,529
Salmar ASA		31,789		1,246,650
Telenor ASA		378,311		3,534,549
Yara International ASA		89,995		3,952,306


				59,911,894

Portugal — 0.2%
EDP - Energias de Portugal SA		1,493,926		7,446,930
Galp Energia SGPS SA		265,813		3,585,982
Jeronimo Martins SGPS SA		155,331		3,360,660


				14,393,572

Singapore — 1.5%
CapitaLand Ascendas REIT		1,842,075		3,772,696
CapitaLand Integrated Commercial Trust		2,836,601		4,326,416
Capitaland Investment Ltd.		1,416,230		3,914,024
City Developments Ltd.		215,978		1,327,686
DBS Group Holdings Ltd.		974,809		24,673,978
Genting Singapore Ltd.		3,308,525		2,361,154
Grab Holdings Ltd., Class A^(a)(c)		711,123		2,289,816
Jardine Cycle & Carriage Ltd.		53,200		1,135,912
Keppel Corp. Ltd.		781,142		4,236,272
Mapletree Logistics Trust		1,728,141		2,054,946
Mapletree Pan Asia Commercial Trust		1,303,700		1,628,895
Oversea-Chinese Banking Corp. Ltd.		1,822,387		16,576,493
Sea Ltd., ADR^(a)		195,715		10,183,051
Singapore Airlines Ltd.		726,599		3,000,030
Singapore Exchange Ltd.		419,326		2,803,983
Singapore Technologies Engineering Ltd.		859,079		2,149,686
Singapore Telecommunications Ltd.		4,446,846		8,525,903
United Overseas Bank Ltd.		635,205		14,549,901
UOL Group Ltd.		251,599		1,264,985
Venture Corp. Ltd.		149,027		1,899,525


				112,675,352

South Africa — 0.3%
Anglo American PLC		683,842		26,779,165


Spain — 2.5%
Acciona SA		13,240		2,436,578
ACS Actividades de Construccion y Servicios SA		125,981		3,604,764
Aena SME SA^(a)(b)		40,306		5,052,692
Amadeus IT Group SA^(a)		244,396		12,678,705
Banco Bilbao Vizcaya Argentaria SA		3,267,805		19,682,856
Banco Santander SA		9,192,196		27,485,698
CaixaBank SA		2,401,216		9,414,661
Cellnex Telecom SA^(b)		294,353		9,764,046
Corp. ACCIONA Energias Renovables SA		35,466		1,370,427
EDP Renovaveis SA		157,610		3,473,020
Enagas SA		102,462		1,703,789


Security	Shares		Value

Spain (continued)
Endesa SA		172,034	$	3,242,244
Ferrovial SA		265,902		6,962,036
Grifols SA ^(a)		161,562		1,865,784
Iberdrola SA		3,225,239		37,649,790
Industria de Diseno Textil SA		591,435		15,709,125
Naturgy Energy Group SA		79,344		2,062,072
Red Electrica Corp. SA		180,542		3,139,292
Repsol SA		780,888		12,429,406
Telefonica SA		2,819,718		10,207,675


				189,934,660

Sweden — 3.0%
Alfa Laval AB		156,916		4,539,162
Assa Abloy AB, Class B		536,438		11,538,380
Atlas Copco AB, A Shares		1,445,537		17,127,293
Atlas Copco AB, B Shares		837,542		8,936,280
Boliden AB		146,627		5,507,631
Electrolux AB, Class B		119,474		1,614,203
Embracer Group AB^(a)(c)		353,249		1,603,731
Epiroc AB, Class A		357,153		6,503,437
Epiroc AB, Class B		209,144		3,364,540
EQT AB		161,631		3,433,896
Essity AB, Class B		326,305		8,545,007
Evolution AB^(b)		98,464		9,590,826
Fastighets AB Balder, B Shares^(a)		347,918		1,623,830
Getinge AB, B Shares		123,691		2,571,609
H & M Hennes & Mauritz AB, B Shares		389,344		4,195,735
Hexagon AB, B Shares		1,047,490		10,983,020
Holmen AB, B Shares		50,621		2,011,930
Husqvarna AB, B Shares		226,578		1,591,354
Industrivarden AB, A Shares		68,159		1,657,836
Industrivarden AB, C Shares		84,949		2,061,071
Indutrade AB		146,476		2,970,458
Investment AB Latour, B Shares		81,794		1,546,880
Investor AB, A Shares		268,320		4,992,009
Investor AB, B Shares		980,497		17,747,931
Kinnevik AB, Class B^(a)		133,698		1,840,242
L E Lundbergforetagen AB, B Shares		40,695		1,734,963
Lifco AB, B Shares		124,388		2,082,042
Nibe Industrier AB, B Shares		814,434		7,601,744
Sagax AB, Class B		102,761		2,334,759
Sandvik AB		574,279		10,378,131
Securitas AB, B Shares		262,025		2,186,456
Skandinaviska Enskilda Banken AB, Class A		875,867		10,083,744
Skanska AB, B Shares		180,843		2,866,810
SKF AB, B Shares, B Shares		203,601		3,109,705
Svenska Cellulosa AB SCA, Class B		324,414		4,108,594
Svenska Handelsbanken AB, A Shares		785,217		7,905,556
Swedbank AB, A Shares		487,301		8,288,535
Swedish Orphan Biovitrum AB^(a)		91,255		1,888,701
Tele2 AB, B Shares		302,910		2,471,090
Telefonaktiebolaget LM Ericsson, B Shares		1,570,723		9,203,512
Telia Co. AB		1,422,258		3,634,250
Volvo AB, A Shares		108,306		2,056,328
Volvo AB, B Shares		811,512		14,658,826
Volvo Car AB, Class B^(a)(c)		320,854		1,460,981


				236,153,018

Switzerland — 10.2%
ABB Ltd., Registered Shares		846,554		25,800,851
Adecco Group AG, Registered Shares		86,874		2,857,708
Alcon, Inc.		268,918		18,452,872
Bachem Holding AG		17,301		1,501,214


FUND SCHEDULES OF INVESTMENTS		31

Schedule of Investments (continued)

December 31, 2022

iShares MSCI EAFE International Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland (continued)
Baloise Holding AG, Registered Shares		24,472	$	3,773,747
Banque Cantonale Vaudoise, Registered Shares		16,223		1,555,411
Barry Callebaut AG, Registered Shares		1,936		3,823,117
BKW AG		11,375		1,556,362
Chocoladefabriken Lindt & Spruengli AG		582		5,930,603
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		58		5,967,241
Cie Financiere Richemont SA, Registered Shares, Class A		280,921		36,424,195
Clariant AG, Registered Shares		113,243		1,798,461
Coca-Cola HBC AG, Class DI		107,165		2,533,251
Credit Suisse Group AG, Registered Shares		1,848,864		5,519,688
EMS-Chemie Holding AG, Registered Shares		3,789		2,566,292
Geberit AG, Registered Shares		19,414		9,164,967
Givaudan SA, Registered Shares		4,966		15,210,392
Holcim AG, Registered Shares		298,140		15,432,701
Julius Baer Group Ltd.		119,748		6,969,462
Kuehne & Nagel International AG, Registered Shares		29,157		6,778,494
Logitech International SA, Registered Shares		93,168		5,777,295
Lonza Group AG, Registered Shares		40,076		19,672,323
Nestle SA, Registered Shares		1,481,122		171,083,443
Novartis AG, Registered Shares		1,164,233		105,360,081
Partners Group Holding AG		12,214		10,815,291
Roche Holding AG		392,444		124,371,893
Schindler Holding AG		21,905		4,119,942
Schindler Holding AG, Registered Shares		12,731		2,296,057
SGS SA, Registered Shares		3,427		7,982,642
SIG Group AG		165,638		3,619,384
Sika AG, Registered Shares		78,598		18,895,212
Sonova Holding AG, Registered Shares		29,112		6,914,059
STMicroelectronics NV		367,064		13,043,995
Straumann Holding AG, Registered Shares		59,848		6,862,836
Swatch Group AG		15,672		4,454,305
Swatch Group AG, Registered Shares		27,652		1,437,820
Swiss Life Holding AG, Registered Shares		17,019		8,772,590
Swiss Prime Site AG, Registered Shares		40,825		3,538,416
Swiss Re AG		162,037		15,150,682
Swisscom AG, Registered Shares		13,911		7,620,602
Temenos AG, Registered Shares		34,125		1,877,328
UBS Group AG, Registered Shares		1,803,417		33,518,703
VAT Group AG^(b)		14,767		4,053,797
Zurich Insurance Group AG		80,972		38,710,867


				793,566,592

United Arab Emirates — 0.0%
NMC Health PLC^(a)(e)		45,379		1


United Kingdom — 13.6%
3i Group PLC		523,784		8,447,243
Abrdn PLC		1,150,097		2,613,476
Admiral Group PLC		98,162		2,519,907
Ashtead Group PLC		238,334		13,538,503
Associated British Foods PLC		190,225		3,606,430
AstraZeneca PLC		833,863		112,837,800
Auto Trader Group PLC^(b)		514,017		3,200,963
AVEVA Group PLC		64,084		2,480,501
Aviva PLC		1,512,294		8,022,182
BAE Systems PLC		1,698,330		17,541,034
Barclays PLC		8,657,697		16,473,964
Barratt Developments PLC		558,777		2,668,883
Berkeley Group Holdings PLC		58,770		2,679,288
BP PLC		10,134,017		58,472,687
British American Tobacco PLC		1,159,170		45,854,628


Security	Shares		Value

United Kingdom (continued)
British Land Co. PLC		461,531	$	2,191,238
BT Group PLC		3,743,003		5,054,079
Bunzl PLC		181,207		6,028,783
Burberry Group PLC		211,604		5,144,548
CNH Industrial NV		552,825		8,868,414
Coca-Cola Europacific Partners PLC		110,198		6,096,153
Compass Group PLC		960,037		22,169,194
Croda International PLC		74,961		5,965,288
DCC PLC		53,429		2,627,206
Diageo PLC		1,230,863		53,877,157
GSK PLC		2,188,803		37,829,595
Haleon PLC^(a)		2,733,335		10,814,756
Halma PLC		204,395		4,867,655
Hargreaves Lansdown PLC		191,083		1,967,763
HSBC Holdings PLC		10,754,585		66,651,906
Imperial Brands PLC		483,956		12,055,885
Informa PLC		782,825		5,839,689
InterContinental Hotels Group PLC		99,446		5,706,092
Intertek Group PLC		85,913		4,179,856
J Sainsbury PLC		950,052		2,491,813
JD Sports Fashion PLC		1,379,623		2,096,511
Johnson Matthey PLC	��	100,704		2,573,710
Kingfisher PLC^(c)		1,074,022		3,051,537
Land Securities Group PLC		379,850		2,837,919
Legal & General Group PLC		3,225,059		9,669,153
Lloyds Banking Group PLC		36,732,766		20,045,541
London Stock Exchange Group PLC		177,359		15,238,897
M&G PLC		1,379,425		3,119,236
Melrose Industries PLC		2,371,133		3,820,141
Mondi PLC		264,052		4,465,357
National Grid PLC		1,962,463		23,509,036
NatWest Group PLC		2,871,287		9,157,194
Next PLC		69,904		4,898,222
Ocado Group PLC^(a)		312,917		2,322,788
Pearson PLC		359,207		4,056,100
Persimmon PLC		174,614		2,560,298
Phoenix Group Holdings PLC		406,533		2,978,049
Prudential PLC		1,479,502		20,173,435
Reckitt Benckiser Group PLC		384,820		26,674,306
RELX PLC		1,035,974		28,642,636
Rentokil Initial PLC		1,353,361		8,314,728
Rolls-Royce Holdings PLC^(a)		4,451,265		4,971,949
Sage Group PLC		551,326		4,964,526
Schroders PLC		394,970		2,075,367
Segro PLC		655,554		6,039,133
Severn Trent PLC		136,291		4,354,241
Shell PLC		3,912,511		110,296,882
Smith & Nephew PLC		468,056		6,250,803
Smiths Group PLC		204,120		3,917,486
Spirax-Sarco Engineering PLC		39,853		5,090,443
SSE PLC		574,581		11,817,371
St. James’s Place PLC		295,722		3,895,653
Standard Chartered PLC		1,357,595		10,125,643
Taylor Wimpey PLC		1,876,605		2,298,274
Tesco PLC		4,062,582		10,948,118
Unilever PLC		1,373,325		69,336,177
United Utilities Group PLC		369,634		4,416,508
Vodafone Group PLC		14,377,581		14,560,420


32		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

iShares MSCI EAFE International Index Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


United Kingdom (continued)
Whitbread PLC		106,879	$	3,304,544
WPP PLC		589,597		5,825,208


				1,056,078,099


Total Common Stocks — 98.6% (Cost: $6,541,361,489)				7,638,030,641


Preferred Securities

Preferred Stocks — 0.5%

Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares		32,538		2,745,921
Dr Ing hc F Porsche AG^(a)		60,893		6,144,926
Henkel AG & Co. KGaA, Preference Shares		95,770		6,638,076
Porsche Automobil Holding SE, Preference Shares		82,055		4,474,941
Sartorius AG, Preference Shares		13,149		5,192,219
Volkswagen AG, Preference Shares		99,783		12,378,040


				37,574,123


Total Preferred Securities — 0.5% (Cost: $38,940,894)				37,574,123


Total Long-Term Investments — 99.1% (Cost: $6,580,302,383)				7,675,604,764


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.53%^(f)(g)		66,105,152		66,124,984
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.12%^(f)(g)		16,740,802		16,740,802


Total Short-Term Securities — 1.1% (Cost: $82,855,724)				82,865,786


Total Investments — 100.2% (Cost: $6,663,158,107)				7,758,470,550

Liabilities in Excess of Other Assets — (0.2)%				(13,597,954	)


Net Assets — 100.0%			$	7,744,872,596

^(a)

Non-income producing security.

^(b)

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

^(c)

All or a portion of this security is on loan.

^(d)

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)

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

^(f)

Affiliate of the Fund.

^(g)

Annualized 7-day yield as of period end.

Affiliates




Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/22		Shares Held at 12/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,811,186	$	48,304,921	^(a)	$	—		$	(2,788	)	$	11,665	$	66,124,984		66,105,152	$	293,612	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		25,217,563		—			(8,476,761	)^(a)		—			—		16,740,802		16,740,802		208,030			—


									$	(2,788	)	$	11,665	$	82,865,786			$	501,642		$	—

^(a)

Represents net amount purchased (sold).

^(b)


FUND SCHEDULES OF INVESTMENTS		33

Schedule of Investments (continued)

December 31, 2022

iShares MSCI EAFE International Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Nikkei 225 Index		189		03/09/23	$	18,569	$	(1,037,899	)
SPI 200 Index		86		03/16/23		10,199		(207,669	)
Euro Stoxx 50 Index		762		03/17/23		30,860		(816,559	)
FTSE 100 Index		216		03/17/23		19,447		(15,536	)


							$	(2,077,663	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	2,077,663	$	—	$	—	$	—	$	2,077,663

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended December 31, 2022, 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	$	—	$	—	$	3,717,854		$	—	$	—	$	—	$	3,717,854


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(3,246,125	)	$	—	$	—	$	—	$	(3,246,125	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	96,561,088

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	25,837,523	$	653,496,108	$	—	$	679,333,631
Austria		—		14,777,537		—		14,777,537


34		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

iShares MSCI EAFE International Index Fund

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2			Level 3		Total

Common Stocks (continued)
Belgium	$	—	$	67,918,795		$	—	$	67,918,795
Chile		—		3,933,542			—		3,933,542
China		1,334,906		12,909,478			—		14,244,384
Denmark		—		228,640,564			—		228,640,564
Finland		—		98,233,910			—		98,233,910
France		—		881,278,915			—		881,278,915
Germany		—		578,346,403			—		578,346,403
Hong Kong		—		216,354,951			—		216,354,951
Ireland		4,227,967		74,556,976			—		78,784,943
Isle of Man		—		5,096,400			—		5,096,400
Israel		18,413,144		36,891,322			—		55,304,466
Italy		—		149,967,814			—		149,967,814
Japan		—		1,677,735,500			—		1,677,735,500
Jordan		—		1,654,067			—		1,654,067
Luxembourg		—		18,401,902			—		18,401,902
Macau		—		4,234,314			—		4,234,314
Netherlands		—		355,913,379			—		355,913,379
New Zealand		—		18,382,871			—		18,382,871
Norway		—		59,911,894			—		59,911,894
Portugal		—		14,393,572			—		14,393,572
Singapore		12,472,867		100,202,485			—		112,675,352
South Africa		—		26,779,165			—		26,779,165
Spain		—		189,934,660			—		189,934,660
Sweden		—		236,153,018			—		236,153,018
Switzerland		—		793,566,592			—		793,566,592
United Arab Emirates		—		—			1		1
United Kingdom		6,096,153		1,049,981,946			—		1,056,078,099
Preferred Securities
Preferred Stocks		—		37,574,123			—		37,574,123
Short-Term Securities
Money Market Funds		82,865,786		—			—		82,865,786

	$	151,248,346	$	7,607,222,203		$	1	$	7,758,470,550

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	—	$	(2,077,663	)	$	—	$	(2,077,663	)

^(a)

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

See notes to financial statements.


FUND SCHEDULES OF INVESTMENTS		35

Statements of Assets and Liabilities

December 31, 2022


	iShares Municipal Bond Index Fund			iShares Short-Term TIPS Bond Index Fund			iShares MSCI EAFE International Index Fund			iShares Russell 2000 Small-Cap Index Fund


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	276,061,217		$	132,552,020		$	7,675,604,764		$	—
Investments, at value — Master Small Cap Index Series		—			—			—			2,604,123,946
Investments, at value — affiliated^(c)		2,517,079			7,055,575			82,865,786			—
Cash pledged for futures contracts		—			—			6,295,577			—
Foreign currency, at value^(d)		—			—			50,042,167			—
Receivables:
Investments sold		—			2,058,468			—			—
Securities lending income — affiliated		—			1,030			29,675			—
Capital shares sold		715,739			878,619			38,051,085			14,759,800
Dividends — unaffiliated		—			—			21,751,440			—
Dividends — affiliated		7,138			4,589			48,471			—
Interest — unaffiliated		3,338,380			270,440			—			—
From the Manager		—			15,100			—			—
Variation margin on futures contracts		—			—			7,612			—
Withdrawals from the Master Portfolio		—			—			—			41,503
Prepaid expenses		53,826			21,168			10,174			64,741


Total assets		282,693,379			142,857,009			7,874,706,751			2,618,989,990


LIABILITIES
Bank overdraft		12,500			—			—			—
Collateral on securities loaned		—			4,223,000			66,141,556			—
Payables:
Investments purchased		158,817			2,626,044			—			—
Accounting services fees		6,011			6,008			—			3,297
Administration fees		—			—			266,119			74,953
Capital shares redeemed		2,013,993			161,718			62,064,932			14,801,303
Custodian fees		2,859			1,585			—			—
Income dividend distributions		46,180			20,804			—			—
Investment advisory fees		23,914			—			65,728			—
Directors’ and Officer’s fees		1,970			1,676			15,392			—
Recoupment of past waived fees		913			—			—			—
Other accrued expenses		26,781			17,855			103,341			19,947
Professional fees		59,967			35,309			159,876			35,877
Service fees		53,073			529			101,712			98,928
Transfer agent fees		30,244			2,324			17,984			168,301
Variation margin on futures contracts		—			—			897,515			—


Total liabilities		2,437,222			7,096,852			129,834,155			15,202,606


NET ASSETS	$	280,256,157		$	135,760,157		$	7,744,872,596		$	2,603,787,384


NET ASSETS CONSIST OF
Paid-in capital	$	292,420,925		$	147,929,338		$	7,989,614,728		$	2,471,125,482
Accumulated earnings (loss)		(12,164,768	)		(12,169,181	)		(244,742,132	)		132,661,902


NET ASSETS	$	280,256,157		$	135,760,157		$	7,744,872,596		$	2,603,787,384


^(a)Investments, at cost — unaffiliated	$	287,747,030		$	139,890,243		$	6,580,302,383		$	—
^(b)Securities loaned, at value	$	—		$	4,095,193		$	62,104,333		$	—
^(c)Investments, at cost — affiliated	$	2,517,106		$	7,055,575		$	82,855,724		$	—
^(d)Foreign currency, at cost	$	—		$	—		$	49,538,596		$	—


36		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (continued)

December 31, 2022


	iShares Municipal Bond Index Fund		iShares Short-Term TIPS Bond Index Fund		iShares MSCI EAFE International Index Fund		iShares Russell 2000 Small-Cap Index Fund


NET ASSET VALUE

Institutional
Net assets	$	37,235,294	$	23,581,214	$	1,036,641,301	$	390,669,812


Shares outstanding		3,443,032		2,478,146		78,211,243		19,368,383


Net asset value	$	10.81	$	9.52	$	13.25	$	20.17


Shares authorized		Unlimited		Unlimited		1.208 billion		208 million


Par value	$	0.001	$	0.001	$	0.0001	$	0.0001


Investor A
Net assets	$	20,059,638	$	2,513,941	$	348,314,420	$	194,548,916


Shares outstanding		1,855,006		263,724		26,465,380		9,630,087


Net asset value	$	10.81	$	9.53	$	13.16	$	20.20


Shares authorized		Unlimited		Unlimited		208 million		208 million


Par value	$	0.001	$	0.001	$	0.0001	$	0.0001


Investor P
Net assets	$	222,858,863		N/A	$	123,462,644	$	266,391,436


Shares outstanding		20,609,042		N/A		9,413,463		13,234,432


Net asset value	$	10.81		N/A	$	13.12	$	20.13


Shares authorized		Unlimited		N/A		2 billion		2 billion


Par value	$	0.001		N/A	$	0.0001	$	0.0001


Class K
Net assets	$	102,362	$	109,665,002	$	6,236,454,231	$	1,752,177,220


Shares outstanding		9,467		11,506,265		470,054,551		86,580,481


Net asset value	$	10.81	$	9.53	$	13.27	$	20.24


Shares authorized		Unlimited		Unlimited		1.208 billion		1.208 billion


Par value	$	0.001	$	0.001	$	0.0001	$	0.0001

See notes to financial statements.


FUND FINANCIAL STATEMENTS		37

Statements of Operations

Year Ended December 31, 2022


	iShares Municipal Bond Index Fund			iShares Short-Term TIPS Bond Index Fund			iShares MSCI EAFE International Index Fund			iShares Russell 2000 Small-Cap Index Fund


INVESTMENT INCOME
Dividends — unaffiliated	$	—		$	—		$	259,836,686		$	—
Dividends — affiliated		29,806			33,805			208,156			—
Interest — unaffiliated		8,742,159			8,661,587			—			—
Securities lending income — affiliated — net		—			3,640			293,486			—
Non-cash dividends — unaffiliated		—			—			13,243,358			—
Foreign taxes withheld		—			—			(22,722,253	)		—
Net investment income allocated from the Master Small Cap Index Series:
Dividends — unaffiliated		—			—			—			34,916,193
Dividends — affiliated		—			—			—			645,502
Interest — unaffiliated		—			—			—			7,668
Securities lending income — affiliated — net		—			—			—			3,704,030
Foreign taxes withheld		—			—			—			(88,770	)
Expenses		—			—			—			(511,975	)
Fees waived		—			—			—			18,847


Total investment income		8,771,965			8,699,032			250,859,433			38,691,495


EXPENSES
Service — class specific		672,763			5,570			1,194,426			1,247,706
Investment advisory		297,677			14,218			780,641			—
Transfer agent — class specific		161,802			27,521			—			733,452
Professional		100,563			93,758			108,429			81,196
Registration		78,979			71,058			—			106,961
Printing and postage		43,693			28,692			—			12,335
Accounting services		9,031			9,007			—			4,952
Directors and Officer		7,221			6,203			56,578			—
Recoupment of past waived and/or reimbursed fees — class specific		4,659			—			—			—
Custodian		4,327			2,413			—			—
Administration		—			—			—			1,139,271
Administration — class specific		—			—			3,080,152			—
Miscellaneous		21,222			13,418			910			19,018


Total expenses		1,401,937			271,858			5,221,136			3,344,891
Less:
Fees waived and/or reimbursed by the Administrator		—			—			—			(15,006	)
Fees waived and/or reimbursed by the Manager		(9,176	)		(153,257	)		(178,039	)		—
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(7,967	)		(15,644	)		—			(159,175	)


Total expenses after fees waived and/or reimbursed		1,384,794			102,957			5,043,097			3,170,710


Net investment income		7,387,171			8,596,075			245,816,336			35,520,785


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(728,747	)		(4,717,963	)		(110,762,232	)		—
Investments — affiliated		(478	)		—			(2,788	)		—
Foreign currency transactions		—			—			(9,968,017	)		—
Futures contracts		—			—			3,717,854			—
Net realized loss allocated from the Master Small Cap Index Series from:
Investments — unaffiliated		—			—			—			(43,449,591	)
Investments — affiliated		—			—			—			(1,032,115	)
Futures contracts		—			—			—			(770,921	)
Swaps		—			—			—			(601,147	)


		(729,225	)		(4,717,963	)		(117,015,183	)		(45,853,774	)


38		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (continued)

Year Ended December 31, 2022


	iShares Municipal Bond Index Fund			iShares Short-Term TIPS Bond Index Fund			iShares MSCI EAFE International Index Fund			iShares Russell 2000 Small-Cap Index Fund


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated	$	(35,793,797	)	$	(8,963,607	)	$	(1,403,014,673	)	$	—
Investments — affiliated		(27	)		—			11,665			—
Foreign currency translations		—			—			81,738			—
Futures contracts		—			—			(3,246,125	)		—

Net change in unrealized appreciation (depreciation) allocated from Master Small Cap Index Series on:
Investments — unaffiliated		—			—			—			(672,518,573	)
Investments — affiliated		—			—			—			(615,358	)
Futures contracts		—			—			—			(391,075	)
Swaps		—			—			—			(83,603	)


		(35,793,824	)		(8,963,607	)		(1,406,167,395	)		(673,608,609	)


Net realized and unrealized loss		(36,523,049	)		(13,681,570	)		(1,523,182,578	)		(719,462,383	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(29,135,878	)	$	(5,085,495	)	$	(1,277,366,242	)	$	(683,941,598	)

See notes to financial statements.


FUND FINANCIAL STATEMENTS		39

Statements of Changes in Net Assets


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


	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/22			Year Ended 12/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	7,387,171		$	7,321,596		$	8,596,075		$	3,705,514
Net realized gain (loss)		(729,225	)		495,970			(4,717,963	)		6,506
Net change in unrealized appreciation (depreciation)		(35,793,824	)		(3,402,224	)		(8,963,607	)		266,540


Net increase (decrease) in net assets resulting from operations		(29,135,878	)		4,415,342			(5,085,495	)		3,978,560


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income and net realized gain
Institutional		(796,740	)		(232,970	)		(2,804,472	)		(734,030	)
Investor A		(511,155	)		(552,520	)		(121,688	)		(58,170	)
Investor P		(6,184,204	)		(7,117,939	)		—			—
Class K		(2,763	)		(2,799	)		(5,656,150	)		(2,932,006	)
Return of capital
Institutional		—			—			(9,161	)		—
Investor A		—			—			(468	)		—
Class K		—			—			(20,245	)		—


Decrease in net assets resulting from distributions to shareholders		(7,494,862	)		(7,906,228	)		(8,612,184	)		(3,724,206	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(11,343,682	)		(14,587,213	)		44,739,190			44,904,403


NET ASSETS
Total increase (decrease) in net assets		(47,974,422	)		(18,078,099	)		31,041,511			45,158,757
Beginning of year		328,230,579			346,308,678			104,718,646			59,559,889


End of year	$	280,256,157		$	328,230,579		$	135,760,157		$	104,718,646

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

See notes to financial statements.


40		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares MSCI EAFE International Index Fund						iShares Russell 2000 Small-Cap Index Fund


	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/22			Year Ended 12/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	245,816,336		$	197,850,703		$	35,520,785		$	29,892,953
Net realized gain (loss)		(117,015,183	)		(13,451,057	)		(45,853,774	)		226,459,525
Net change in unrealized appreciation (depreciation)		(1,406,167,395	)		597,266,857			(673,608,609	)		150,185,274


Net increase (decrease) in net assets resulting from operations		(1,277,366,242	)		781,666,503			(683,941,598	)		406,537,752


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(28,819,074	)		(31,413,447	)		(6,608,956	)		(34,044,604	)
Investor A		(8,746,128	)		(10,423,294	)		(2,784,133	)		(16,774,863	)
Investor P		(3,057,353	)		(4,183,302	)		(3,814,743	)		(24,685,571	)
Class K		(169,428,266	)		(203,630,682	)		(30,551,485	)		(162,398,277	)


Decrease in net assets resulting from distributions to shareholders		(210,050,821	)		(249,650,725	)		(43,759,317	)		(237,903,315	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		704,872,365			1,348,384,504			(34,710,452	)		443,268,536


NET ASSETS
Total increase (decrease) in net assets		(782,544,698	)		1,880,400,282			(762,411,367	)		611,902,973
Beginning of year		8,527,417,294			6,647,017,012			3,366,198,751			2,754,295,778


End of year	$	7,744,872,596		$	8,527,417,294		$	2,603,787,384		$	3,366,198,751

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

See notes to financial statements.


FUND FINANCIAL STATEMENTS		41

Financial Highlights

(For a share outstanding throughout each period)



	iShares Municipal Bond Index Fund

	Institutional

																					Period from
		Year Ended					Year Ended					Year Ended					Year Ended						11/19/18	^(a)
	12/31/22					12/31/21					12/31/20					12/31/19					to 12/31/18

Net asset value, beginning of period			$	12.16				$	12.29				$	12.02				$	11.59			$	11.48


Net investment income^(b)				0.30					0.29					0.30					0.30				0.04
Net realized and unrealized gain (loss)				(1.35	)				(0.11	)				0.29					0.56				0.14


Net increase (decrease) from investment operations				(1.05	)				0.18					0.59					0.86				0.18


Distributions^(c)
From net investment income				(0.30	)				(0.29	)				(0.30	)				(0.30	)			(0.04	)
From net realized gain				(0.00	)^(d)				(0.02	)				(0.02	)				(0.13	)			(0.03	)


Total distributions				(0.30	)				(0.31	)				(0.32	)				(0.43	)			(0.07	)


Net asset value, end of period			$	10.81				$	12.16				$	12.29				$	12.02			$	11.59


Total Return^(e)
Based on net asset value				(8.61	)%				1.54	%				4.97	%				7.52	%			1.56	%^(f)


Ratios to Average Net Assets^(g)

Total expenses				0.24	%				0.25	%				0.23	%				0.30	%^(h)			0.32	%^(i)(j)(k)


Total expenses after fees waived and/or reimbursed				0.24	%				0.24	%				0.22	%				0.23	%^(h)			0.17	%^(i)(j)(k)


Net investment income				2.75	%				2.40	%				2.46	%				2.49	%			2.74	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)			$	37,235				$	11,794				$	6,115				$	477			$	101


Portfolio turnover rate				21	%				7	%				8	%				24	%			3	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

^(d)	Amount is greater than $(0.005) per share.

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

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed and paid indirectly would have been 0.24% and 0.23%, respectively.

⁽ⁱ⁾	Annualized.

^(j)	Reorganization and offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed and paid indirectly would have been 0.69% and 0.21%, respectively.

^(k)	Includes reorganization and offering costs associated with the Fund’s reorganization. Without these costs, total expenses and total expenses after fees waived and/or reimbursed and paid indirectly would have been 0.26% and 0.16%, respectively.

See notes to financial statements.


42		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Municipal Bond Index Fund (continued)

	Investor A

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			12/31/22				12/31/21				12/31/20				12/31/19				12/31/18	^(a)

Net asset value, beginning of year		$	12.16			$	12.29			$	12.02			$	11.59			$	11.81


Net investment income^(b)			0.27				0.26				0.27				0.27				0.39
Net realized and unrealized gain (loss)			(1.35	)			(0.11	)			0.29				0.56				(0.25	)


Net increase (decrease) from investment operations			(1.08	)			0.15				0.56				0.83				0.14


Distributions^(c)
From net investment income			(0.27	)			(0.26	)			(0.27	)			(0.27	)			(0.31	)
From net realized gain			(0.00	)^(d)			(0.02	)			(0.02	)			(0.13	)			(0.05	)


Total distributions			(0.27	)			(0.28	)			(0.29	)			(0.40	)			(0.36	)


Net asset value, end of year		$	10.81			$	12.16			$	12.29			$	12.02			$	11.59


Total Return^(e)
Based on net asset value			(8.85	)%			1.28	%			4.70	%			7.24	%			1.24	%


Ratios to Average Net Assets^(f)
Total expenses			0.51	%			0.53	%			0.50	%			0.62	%^(g)			0.77	%^(h)


Total expenses after fees waived and/or reimbursed			0.50	%			0.50	%			0.48	%			0.50	%^(g)			0.41	%^(h)


Net investment income			2.45	%			2.15	%			2.22	%			2.25	%			3.36	%


Supplemental Data
Net assets, end of year (000)		$	20,060			$	23,348			$	23,315			$	23,805			$	25,418


Portfolio turnover rate			21	%			7	%			8	%			24	%			3	%

^(a)

On November 19, 2018, State Farm Tax Advantaged Bond Fund was reorganized into the Fund. The activity in the table above is for the accounting survivor, State Farm Tax Advantaged Bond Fund Premier Class, for the periods prior to the date of the reorganization, and for the post-reorganization combined fund thereafter.

^(b)	Based on average shares outstanding.

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

^(d)	Amount is greater than $(0.005) per share.

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

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed and paid indirectly would have been 0.56% and 0.50%, respectively.

^(h)	Includes reorganization and offering costs associated with the Fund’s reorganization. Without these costs, total expenses and total expenses after fees waived and/or reimbursed and paid indirectly would have been 0.70% and 0.41%, respectively.

See notes to financial statements.


FUND FINANCIAL HIGHLIGHTS		43

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Municipal Bond Index Fund (continued)

	Investor P

		Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		12/31/22				12/31/21				12/31/20				12/31/19						12/31/18	^(a)

Net asset value, beginning of year			$	12.16			$	12.29			$	12.02			$	11.59			$	11.81


Net investment income^(b)				0.27				0.26				0.27				0.27				0.39
Net realized and unrealized gain (loss)				(1.35	)			(0.11	)			0.29				0.56				(0.25	)


Net increase (decrease) from investment operations				(1.08	)			0.15				0.56				0.83				0.14


Distributions^(c)
From net investment income				(0.27	)			(0.26	)			(0.27	)			(0.27	)			(0.31	)
From net realized gain				(0.00	)^(d)			(0.02	)			(0.02	)			(0.13	)			(0.05	)


Total distributions				(0.27	)			(0.28	)			(0.29	)			(0.40	)			(0.36	)


Net asset value, end of year			$	10.81			$	12.16			$	12.29			$	12.02			$	11.59


Total Return^(e)
Based on net asset value				(8.84	)%			1.29	%			4.69	%			7.25	%			1.24	%


Ratios to Average Net Assets^(f)
Total expenses				0.49	%			0.49	%			0.50	%			0.53	%^(g)			0.77	%^(h)


Total expenses after fees waived and/or reimbursed				0.49	%			0.49	%			0.49	%			0.50	%^(g)			0.41	%^(h)


Net investment income				2.45	%			2.16	%			2.21	%			2.26	%			3.35	%


Supplemental Data
Net assets, end of year (000)			$	222,859			$	292,983			$	316,772			$	333,565			$	352,137


Portfolio turnover rate				21	%			7	%			8	%			24	%			3	%

^(a)

^(b)	Based on average shares outstanding.

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

^(d)	Amount is greater than $(0.005) per share.

^(e)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed and paid indirectly would have been 0.47% and 0.50%, respectively.

^(h)	Includes reorganization and offering costs associated with the Fund’s reorganization. Without these costs, total expenses and total expenses after fees waived and/or reimbursed and paid indirectly would have been 0.70% and 0.41%, respectively.

See notes to financial statements.


44		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Municipal Bond Index Fund (continued)

	Class K

																		Period from
		Year Ended				Year Ended				Year Ended				Year Ended						11/19/18	^(a)
		12/31/22				12/31/21				12/31/20				12/31/19				to 12/31/18

Net asset value, beginning of period			$	12.16			$	12.29			$	12.02			$	11.59			$	11.48


Net investment income^(b)				0.31				0.30				0.30				0.30				0.04
Net realized and unrealized gain (loss)				(1.35	)			(0.11	)			0.29				0.56				0.14


Net increase (decrease) from investment operations				(1.04	)			0.19				0.59				0.86				0.18


Distributions^(c)
From net investment income				(0.31	)			(0.30	)			(0.30	)			(0.30	)			(0.04	)
From net realized gain				(0.00	)^(d)			(0.02	)			(0.02	)			(0.13	)			(0.03	)


Total distributions				(0.31	)			(0.32	)			(0.32	)			(0.43	)			(0.07	)


Net asset value, end of period			$	10.81			$	12.16			$	12.29			$	12.02			$	11.59


Total Return^(e)
Based on net asset value				(8.58	)%			1.58	%			5.00	%			7.57	%			1.57	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.32	%			0.25	%			0.24	%			0.27	%^(h)			0.33	%^(i)(j)(k)


Total expenses after fees waived and/or reimbursed				0.20	%			0.20	%			0.20	%			0.20	%^(h)			0.16	%^(i)(j)(k)


Net investment income				2.75	%			2.45	%			2.50	%			2.55	%			2.74	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)			$	102			$	106			$	107			$	105			$	101


Portfolio turnover rate				21	%			7	%			8	%			24	%			3	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

^(d)	Amount is greater than $(0.005) per share.

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

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed and paid indirectly would have been 0.21% and 0.20%, respectively.

⁽ⁱ⁾	Annualized.

^(j)	Reorganization and offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed and paid indirectly would have been 0.70% and 0.20%, respectively.

^(k)	Includes reorganization and offering costs associated with the Fund’s reorganization. Without these costs, total expenses and total expenses after fees waived and/or reimbursed and paid indirectly would have been 0.27% and 0.15%, respectively.

See notes to financial statements.


FUND FINANCIAL HIGHLIGHTS		45

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Short-Term TIPS Bond Index Fund

	Institutional
	Year Ended 12/31/22				Year Ended 12/31/21				Year Ended 12/31/20				Year Ended 12/31/19			Year Ended 12/31/18

Net asset value, beginning of year		$	10.37			$	10.30			$	9.98		$	9.74		$	9.95


Net investment income^(a)			0.63				0.46				0.25			0.15			0.22
Net realized and unrealized gain (loss)			(0.91	)			0.07				0.23			0.30			(0.16	)


Net increase (decrease) from investment operations			(0.28	)			0.53				0.48			0.45			0.06


Distributions^(b)
From net investment income			(0.57	)			(0.46	)			(0.16	)		(0.21	)		(0.26	)
From net realized gain			—				—				(0.00	)^(c)		—			(0.01	)
Return of capital			(0.00	)^(c)			—				—			—			—


Total distributions			(0.57	)			(0.46	)			(0.16	)		(0.21	)		(0.27	)


Net asset value, end of year		$	9.52			$	10.37			$	10.30		$	9.98		$	9.74


Total Return^(d)
Based on net asset value			(2.81	)%			5.18	%			4.89	%		4.66	%		0.56	%


Ratios to Average Net Assets^(e)
Total expenses			0.19	%			0.29	%			0.55	%		3.24	%		4.96	%


Total expenses after fees waived and/or reimbursed			0.08	%			0.07	%			0.07	%		0.11	%		0.09	%


Net investment income			6.44	%			4.41	%			2.51	%		1.47	%		2.19	%


Supplemental Data
Net assets, end of year (000)		$	23,581			$	18,004			$	16,549		$	721		$	976


Portfolio turnover rate			58	%			10	%			22	%		45	%		80	%

^(a)	Based on average shares outstanding.

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

^(c)	Amount is greater than $(0.005) per share.

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

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.


46		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

For a share outstanding throughout each period)


	iShares Short-Term TIPS Bond Index Fund (continued)

	Investor A
	Year Ended 12/31/22				Year Ended 12/31/21				Year Ended 12/31/20				Year Ended 12/31/19			Year Ended 12/31/18

Net asset value, beginning of year		$	10.41			$	10.34			$	9.97		$	9.74		$	9.95


Net investment income^(a)			0.54				0.40				0.07			0.19			0.20
Net realized and unrealized gain (loss)			(0.85	)			0.10				0.39			0.23			(0.18	)


Net increase (decrease) from investment operations			(0.31	)			0.50				0.46			0.42			0.02


Distributions^(b)
From net investment income			(0.57	)			(0.43	)			(0.09	)		(0.19	)		(0.22	)
From net realized gain			—				—				(0.00	)^(c)		—			(0.01	)
Return of capital			(0.00	)^(c)			—				—			—			—


Total distributions			(0.57	)			(0.43	)			(0.09	)		(0.19	)		(0.23	)


Net asset value, end of year		$	9.53			$	10.41			$	10.34		$	9.97		$	9.74


Total Return^(d)
Based on net asset value			(3.15	)%			4.89	%			4.64	%		4.39	%		0.22	%


Ratios to Average Net Assets^(e)
Total expenses			0.58	%			0.71	%			1.18	%		3.36	%		6.40	%


Total expenses after fees waived and/or reimbursed			0.36	%			0.36	%			0.36	%		0.36	%		0.36	%


Net investment income			5.46	%			3.79	%			0.71	%		1.94	%		2.00	%


Supplemental Data
Net assets, end of year (000)		$	2,514			$	1,908			$	1,475		$	737		$	526


Portfolio turnover rate			58	%			10	%			22	%		45	%		80	%

^(a)	Based on average shares outstanding.

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

^(c)	Amount is greater than $(0.005) per share.

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

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.


FUND FINANCIAL HIGHLIGHTS		47

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Short-Term TIPS Bond Index Fund (continued)

	Class K
	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19			Year Ended 12/31/18

Net asset value, beginning of year	$	10.41		$	10.34		$	9.98		$	9.76		$	9.95

Net investment income^(a)		0.58			0.49			0.12			0.25			0.31
Net realized and unrealized gain (loss)		(0.86	)		0.04			0.36			0.21			(0.25	)


Net increase (decrease) from investment operations		(0.28	)		0.53			0.48			0.46			0.06


Distributions^(b)
From net investment income		(0.60	)		(0.46	)		(0.12	)		(0.24	)		(0.24	)
From net realized gain		—			—			(0.00	)^(c)		—			(0.01	)
Return of capital		(0.00	)^(c)		—			—			—			—


Total distributions		(0.60	)		(0.46	)		(0.12	)		(0.24	)		(0.25	)


Net asset value, end of year	$	9.53		$	10.41		$	10.34		$	9.98		$	9.76


Total Return^(d)
Based on net asset value		(2.86	)%		5.19	%		4.87	%		4.72	%		0.60	%


Ratios to Average Net Assets^(e)
Total expenses		0.18	%		0.28	%		0.71	%		2.14	%		5.80	%


Total expenses after fees waived and/or reimbursed		0.06	%		0.06	%		0.06	%		0.06	%		0.06	%


Net investment income		5.88	%		4.69	%		1.17	%		2.55	%		3.13	%


Supplemental Data
Net assets, end of year (000)	$	109,665		$	84,806		$	41,536		$	16,112		$	1,788


Portfolio turnover rate		58	%		10	%		22	%		45	%		80	%

^(a)	Based on average shares outstanding.

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

^(c)	Amount is greater than $(0.005) per share.

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

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.


48		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI EAFE International Index Fund

	Institutional
	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19			Year Ended 12/31/18

Net asset value, beginning of year	$	15.85		$	14.68		$	13.86		$	11.76		$	14.18


Net investment income^(a)		0.41			0.41			0.30			0.42			0.42
Net realized and unrealized gain (loss)^(b)		(2.64	)		1.24			0.81			2.14			(2.31	)


Net increase (decrease) from investment operations		(2.23	)		1.65			1.11			2.56			(1.89	)


Distributions^(c)
From net investment income		(0.37	)		(0.48	)		(0.29	)		(0.46	)		(0.53	)
Return of capital		—			—			—			—			(0.00	)^(d)


Total distributions		(0.37	)		(0.48	)		(0.29	)		(0.46	)		(0.53	)


Net asset value, end of year	$	13.25		$	15.85		$	14.68		$	13.86		$	11.76


Total Return^(e)
Based on net asset value		(14.18	)%		11.28	%		8.03	%		21.80	%		(13.37	)%


Ratios to Average Net Assets^(f)
Total expenses		0.09	%		0.09	%		0.09	%		0.08	%		0.11	%^(g)


Total expenses after fees waived and/or reimbursed		0.09	%		0.09	%		0.09	%		0.08	%		0.10	%^(g)


Net investment income		3.06	%		2.57	%		2.35	%		3.23	%		3.02	%


Supplemental Data
Net assets, end of year (000)	$	1,036,641		$	1,058,978		$	1,004,855		$	876,551		$	753,659


Portfolio turnover rate		4	%		3	%		8	%		4	%		43	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Amount is greater than $(0.005) per share.

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

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Includes reorganization costs, offering and board reorganization and consolidation expenses associated with the Fund’s reorganization. Without these expenses, total expenses and total expenses after fees waived and/or reimbursed would have been 0.10% and 0.09% respectively.

See notes to financial statements.


FUND FINANCIAL HIGHLIGHTS		49

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI EAFE International Index Fund (continued)

	Investor A
	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19			Year Ended 12/31/18

Net asset value, beginning of year	$	15.74		$	14.58		$	13.78		$	11.69		$	14.09


Net investment income^(a)		0.38			0.36			0.27			0.39			0.38

Net realized and unrealized gain (loss)^(b)		(2.63	)		1.24			0.78			2.12			(2.28	)


Net increase (decrease) from investment operations		(2.25	)		1.60			1.05			2.51			(1.90	)


Distributions^(c)
From net investment income		(0.33	)		(0.44	)		(0.25	)		(0.42	)		(0.50	)
Return of capital		—			—			—			—			(0.00	)^(d)


Total distributions		(0.33	)		(0.44	)		(0.25	)		(0.42	)		(0.50	)


Net asset value, end of year	$	13.16		$	15.74		$	14.58		$	13.78		$	11.69


Total Return^(e)
Based on net asset value		(14.36	)%		11.01	%		7.68	%		21.53	%		(13.57	)%


Ratios to Average Net Assets^(f)
Total expenses		0.34	%		0.34	%		0.35	%		0.35	%		0.36	%^(g)


Total expenses after fees waived and/or reimbursed		0.34	%		0.34	%		0.35	%		0.35	%		0.36	%^(g)


Net investment income		2.85	%		2.31	%		2.11	%		3.00	%		2.74	%


Supplemental Data
Net assets, end of year (000)	$	348,314		$	385,287		$	351,999		$	340,750		$	305,043


Portfolio turnover rate		4	%		3	%		8	%		4	%		43	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Amount is greater than $(0.005) per share.

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

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Includes reorganization costs, offering and board reorganization and consolidation expenses associated with the Fund’s reorganization. Without these expenses, total expenses and total expenses after fees waived and/or reimbursed would have been 0.36% and 0.35% respectively.

See notes to financial statements.


50		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


			iShares MSCI EAFE International Index Fund (continued)

			Investor P

																							Period from
		Year Ended						Year Ended					Year Ended					Year Ended							08/06/18	^(a)
	12/31/22						12/31/21					12/31/20					12/31/19					to 12/31/18

Net asset value, beginning of period			$	15.69					$	14.53				$	13.73				$	11.65				$	13.87


Net investment income^(b)				0.39						0.36					0.26					0.39					0.01
Net realized and unrealized gain (loss)^(c)				(2.63	)					1.24					0.79					2.11					(1.70	)


Net increase (decrease) from investment operations				(2.24	)					1.60					1.05					2.50					(1.69	)


Distributions^(d)
From net investment income				(0.33	)					(0.44	)				(0.25	)				(0.42	)				(0.53	)
Return of capital				—						—					—					—					(0.00	)^(e)


Total distributions				(0.33	)					(0.44	)				(0.25	)				(0.42	)				(0.53	)


Net asset value, end of period			$	13.12					$	15.69				$	14.53				$	13.73				$	11.65


Total Return^(f)
Based on net asset value				(14.36	)%					11.05	%				7.68	%				21.51	%				(12.25	)%^(g)


Ratios to Average Net Assets^(h)
Total expenses				0.34	%					0.34	%				0.37	%				0.39	%				0.33	%^(i)(j)


Total expenses after fees waived and/or reimbursed				0.34	%					0.34	%				0.37	%				0.36	%				0.32	%^(i)(j)


Net investment income				2.87	%	��				2.30	%				2.08	%				2.97	%				0.23	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)			$	123,463					$	153,682				$	146,759				$	149,612				$	137,266


Portfolio turnover rate				4	%					3	%				8	%				4	%				43	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Amount is greater than $(0.005) per share.

^(f)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Reorganization costs, offering and board realignment and consolidation expenses were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 0.34% and 0.33% respectively.

See notes to financial statements.


FUND FINANCIAL HIGHLIGHTS		51

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI EAFE International Index Fund (continued)

	Class K

	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19			Year Ended 12/31/18

Net asset value, beginning of year	$	15.86		$	14.69		$	13.87		$	11.76		$	14.18


Net investment income^(a)		0.43			0.41			0.31			0.43			0.43
Net realized and unrealized gain (loss)^(b)		(2.65	)		1.24			0.80			2.14			(2.31	)


Net increase (decrease) from investment operations		(2.22	)		1.65			1.11			2.57			(1.88	)


Distributions^(c)
From net investment income		(0.37	)		(0.48	)		(0.29	)		(0.46	)		(0.54	)
Return of capital		—			—			—			—			(0.00	)^(d)


Total distributions		(0.37	)		(0.48	)		(0.29	)		(0.46	)		(0.54	)


Net asset value, end of year	$	13.27		$	15.86		$	14.69		$	13.87		$	11.76


Total Return^(e)
Based on net asset value		(14.07	)%		11.33	%		8.07	%		21.94	%		(13.33	)%


Ratios to Average Net Assets^(f)
Total expenses		0.04	%		0.04	%		0.04	%		0.03	%		0.06	%^(g)


Total expenses after fees waived and/or reimbursed		0.04	%		0.04	%		0.04	%		0.03	%		0.05	%^(g)


Net investment income		3.19	%		2.60	%		2.39	%		3.28	%		3.12	%


Supplemental Data
Net assets, end of year (000)	$	6,236,454		$	6,929,470		$	5,143,404		$	6,870,922		$	6,420,732


Portfolio turnover rate		4	%		3	%		8	%		4	%		43	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Amount is greater than $(0.005) per share.

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

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Includes reorganization costs, offering and board reorganization and consolidation expenses associated with the Fund’s reorganization. Without these expenses, total expenses and total expenses after fees waived and/or reimbursed would have been 0.05% and 0.04% respectively.

See notes to financial statements.


52		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell 2000 Small-Cap Index Fund

	Institutional
	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19			Year Ended 12/31/18

Net asset value, beginning of year	$	25.76		$	24.19		$	20.46		$	16.87		$	19.72


Net investment income^(a)		0.27			0.25			0.23			0.27			0.28
Net realized and unrealized gain (loss)		(5.52	)		3.28			3.84			4.02			(2.40	)


Net increase (decrease) from investment operations		(5.25	)		3.53			4.07			4.29			(2.12	)


Distributions^(b)
From net investment income		(0.28	)		(0.29	)		(0.25	)		(0.28	)		(0.20	)
From net realized gain		(0.06	)		(1.67	)		(0.09	)		(0.42	)		(0.53	)


Total distributions		(0.34	)		(1.96	)		(0.34	)		(0.70	)		(0.73	)


Net asset value, end of year	$	20.17		$	25.76		$	24.19		$	20.46		$	16.87


Total Return^(c)
Based on net asset value		(20.39	)%		14.73	%		19.97	%		25.50	%		(10.94	)%


Ratios to Average Net Assets^(d)(e)(f)
Total expenses		0.13	%		0.12	%		0.16	%		0.16	%		0.18	%^(g)


Total expenses after fees waived and/or reimbursed		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%^(g)


Net investment income		1.26	%		0.93	%		1.22	%		1.38	%		1.38	%


Supplemental Data
Net assets, end of year (000)	$	390,670		$	479,451		$	331,429		$	227,381		$	200,990


Portfolio turnover rate of the Series		38	%		31	%		27	%		20	%		28	%

^(a)	Based on average Common Shares outstanding.

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

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

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

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

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Includes reorganization costs, offering and board reorganization and consolidation expenses associated with the Fund’s reorganization. Without these expenses, total expenses and total expenses after fees waived and/or reimbursed would have been 0.16% and 0.10% respectively.

See notes to financial statements.


FUND FINANCIAL HIGHLIGHTS		53

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell 2000 Small-Cap Index Fund (continued)

	Investor A
	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19			Year Ended 12/31/18

Net asset value, beginning of year	$	25.79		$	24.22		$	20.49		$	16.89		$	19.74


Net investment income^(a)		0.22			0.18			0.17			0.22			0.22
Net realized and unrealized gain (loss)		(5.52	)		3.28			3.85			4.03			(2.40	)


Net increase (decrease) from investment operations		(5.30	)		3.46			4.02			4.25			(2.18	)


Distributions^(b)
From net investment income		(0.23	)		(0.22	)		(0.20	)		(0.23	)		(0.14	)
From net realized gain		(0.06	)		(1.67	)		(0.09	)		(0.42	)		(0.53	)


Total distributions		(0.29	)		(1.89	)		(0.29	)		(0.65	)		(0.67	)


Net asset value, end of year	$	20.20		$	25.79		$	24.22		$	20.49		$	16.89


Total Return^(c)
Based on net asset value		(20.57	)%		14.38	%		19.66	%		25.20	%		(11.19	)%


Ratios to Average Net Assets^(d)(e)(f)
Total expenses		0.40	%		0.40	%		0.41	%		0.42	%		0.43	%^(g)


Total expenses after fees waived and/or reimbursed		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%^(g)


Net investment income		1.01	%		0.66	%		0.93	%		1.14	%		1.08	%


Supplemental Data
Net assets, end of year (000)	$	194,549		$	243,110		$	257,905		$	273,413		$	254,591


Portfolio turnover rate of the Series		38	%		31	%		27	%		20	%		28	%

^(a)	Based on average Common Shares outstanding.

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

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

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

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

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Includes reorganization costs, offering and board reorganization and consolidation expenses associated with the Fund’s reorganization. Without these expenses, total expenses and total expenses after fees waived and/or reimbursed would have been 0.41% and 0.35% respectively.

See notes to financial statements.


54		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


			iShares Russell 2000 Small-Cap Index Fund (continued)

			Investor P

																						Period from
		Year Ended					Year Ended					Year Ended					Year Ended							08/06/18	^(a)
	12/31/22					12/31/21					12/31/20					12/31/19					to 12/31/18

Net asset value, beginning of period			$	25.70				$	24.14				$	20.43				$	16.84				$	21.76


Net investment income^(b)				0.22					0.18					0.18					0.22					0.17
Net realized and unrealized gain (loss)				(5.50	)				3.27					3.82					4.02					(4.38	)


Net increase (decrease) from investment operations				(5.28	)				3.45					4.00					4.24					(4.21	)


Distributions^(c)
From net investment income				(0.23	)				(0.22	)				(0.20	)				(0.23	)				(0.19	)
From net realized gain				(0.06	)				(1.67	)				(0.09	)				(0.42	)				(0.52	)


Total distributions				(0.29	)				(1.89	)				(0.29	)				(0.65	)				(0.71	)


Net asset value, end of period			$	20.13				$	25.70				$	24.14				$	20.43				$	16.84


Total Return^(d)
Based on net asset value				(20.57	)%				14.42	%				19.65	%				25.25	%				(19.49	)%^(e)


Ratios to Average Net Assets^(f)(g)(h)
Total expenses				0.39	%				0.38	%				0.41	%				0.40	%				0.39	%^(i)(j)(k)


Total expenses after fees waived and/or reimbursed				0.37	%				0.37	%				0.37	%				0.36	%				0.35	%^(i)(j)(k)


Net investment income				1.01	%				0.67	%				0.95	%				1.14	%				2.12	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)			$	266,391				$	354,746				$	329,486				$	301,163				$	265,393


Portfolio turnover rate of the Series				38	%				31	%				27	%				20	%				28	%

^(a)	Commencement of operations.

^(b)	Based on average Common Shares outstanding.

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

^(d)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)	Not annualized.

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

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

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Includes reorganization costs, offering and board reorganization and consolidation expenses associated with the Fund’s reorganization. Without these expenses, total expenses and total expenses after fees waived and/or reimbursed would have been 0.38% and 0.35% respectively.

^(k)	Reorganization costs, offering and board realignment and consolidation expenses were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 0.40% and 0.37% respectively.

See notes to financial statements.


FUND FINANCIAL HIGHLIGHTS		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell 2000 Small-Cap Index Fund (continued)

	Class K
	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19			Year Ended 12/31/18

Net asset value, beginning of year	$	25.84		$	24.26		$	20.52		$	16.91		$	19.77


Net investment income^(a)		0.28			0.27			0.24			0.28			0.30
Net realized and unrealized gain (loss)		(5.53	)		3.29			3.85			4.04			(2.43	)


Net increase (decrease) from investment operations		(5.25	)		3.56			4.09			4.32			(2.13	)


Distributions^(b)
From net investment income		(0.29	)		(0.31	)		(0.26	)		(0.29	)		(0.20	)
From net realized gain		(0.06	)		(1.67	)		(0.09	)		(0.42	)		(0.53	)


Total distributions		(0.35	)		(1.98	)		(0.35	)		(0.71	)		(0.73	)


Net asset value, end of year	$	20.24		$	25.84		$	24.26		$	20.52		$	16.91


Total Return^(c)
Based on net asset value		(20.32	)%		14.78	%		20.00	%		25.62	%		(10.93	)%


Ratios to Average Net Assets^(d)(e)(f)
Total expenses		0.07	%		0.07	%		0.08	%		0.08	%		0.11	%^(g)


Total expenses after fees waived and/or reimbursed		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%^(g)


Net investment income		1.31	%		0.99	%		1.26	%		1.44	%		1.44	%


Supplemental Data
Net assets, end of year (000)	$	1,752,177		$	2,288,892		$	1,835,475		$	1,502,229		$	945,929


Portfolio turnover rate of the Series		38	%		31	%		27	%		20	%		28	%

^(a)	Based on average Common Shares outstanding.

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

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

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

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

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Includes reorganization costs, offering and board reorganization and consolidation expenses associated with the Fund’s reorganization. Without these expenses, total expenses and total expenses after fees waived and/or reimbursed would have been 0.10% and 0.05% respectively.

See notes to financial statements.


56		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

1.	*ORGANIZATION*

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



Registrant Name	Fund Name	Herein Referred To As	Diversification Classification


BlackRock Funds^SM	iShares Municipal Bond Index Fund	Municipal Bond Index		Diversified
	iShares Short-Term TIPS Bond Index Fund	Short-Term TIPS Bond Index		Diversified
BlackRock Index Funds, Inc.	iShares MSCI EAFE International Index Fund	International Index		Diversified
	iShares Russell 2000 Small-Cap Index Fund	Small Cap Index		Diversified

Small Cap Index seeks to achieve its investment objective by investing all of its assets in Master Small Cap Index Series (the “Series”), a series of Quantitative Master Series LLC (the “Master LLC”), and an affiliate of Small Cap Index, which has the same investment objective and strategies as Small Cap Index. The value of Small Cap Index’s investment in the Series reflects Small Cap Index’s proportionate interest in the net assets of the Series. The performance of Small Cap Index is directly affected by the performance of the Series. At December 31, 2022, the percentage of the Series owned by Small Cap Index was 71.5%. The financial statements of the Series, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with Small Cap Index’s financial statements.

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor P Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Investor P Shares are only available through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with the Fund’s distributor to offer such shares. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

Share Class

Initial Sales Charge

CDSC

Conversion Privilege

Institutional, Investor A and Class K Shares

None

Investor P Shares

Yes

^(a)

None

^(a)

Investor P Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.

The Board of Trustees of the Trust and the Board of Directors of the Corporation are collectively referred to throughout this report as the “Board”, and the directors/trustees thereof are collectively referred to throughout this report as “Directors”.

The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA”) for Municipal Bond Index and BlackRock Advisors, LLC (“BAL”) for Short-Term TIPS Bond Index, International Index and Small Cap Index (“BFA” and “BAL” or together the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

Investment Transactions and Income Recognition: For Municipal Bond Index, Short-Term TIPS Bond Index and International Index, for financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when International Index is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

For Small Cap Index, for financial reporting purposes, contributions to and withdrawals from the Series are accounted for on a trade date basis. Small Cap Index records its proportionate share of the Series’ income, expenses and realized and unrealized gains and losses on a daily basis. Realized and unrealized gains and losses are adjusted utilizing partnership tax allocation rules. In addition, Small Cap Index accrues its own expenses. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are 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.


FUND NOTES TO FINANCIAL STATEMENTS		57

Notes to Financial Statements (continued)

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

ForeignTaxes: International Index may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

Distributions: Distributions paid by International Index and Small Cap Index are recorded on the ex-dividend dates. Distributions from net investment income for Municipal Bond Index and Short-Term TIPS Bond Index are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

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

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.


58		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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

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

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



	Standard Inputs Generally Considered By The Valuation Committee And 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. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques 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 applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

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

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

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

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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


FUND NOTES TO FINANCIAL STATEMENTS		59

Notes to Financial Statements (continued)

4.	*SECURITIES AND OTHER INVESTMENTS*

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

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

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of 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, respectively.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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




Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


Short-Term TIPS Bond Index
J.P. Morgan Securities LLC	$	4,095,193	$	(4,095,193	)	$	—		$	—

International Index
Citigroup Global Markets, Inc.	$	1,216,364	$	(1,216,364	)	$	—		$	—
Goldman Sachs & Co. LLC		1,400,734		(1,400,734	)		—			—
HSBC Bank PLC		51,056,153		(51,056,153	)		—			—
J.P. Morgan Securities LLC		4,787,244		(4,787,244	)		—			—
Morgan Stanley		3,052,247		(3,052,247	)		—			—
Wells Fargo Bank N.A.		591,591		(591,591	)		—			—


	$	62,104,333	$	(62,104,333	)	$	—		$	—

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.


60		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

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

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

Investment Advisory: Each of the Trust and the Corporation, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

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

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

Municipal Bond Index

Short-Term TIPS Bond Index

International Index

Small Cap Index

Share Class

Service Fees

Distribution Fees

Service Fees

Distribution Fees

Service Fees

Distribution Fees

Service Fees

Distribution Fees

Investor A

0.25

N/A

0.25

N/A

0.25

N/A

0.25

N/A

Investor P

0.25

N/A

0.25

N/A

0.25

N/A

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

For the year ended December 31, 2022, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:



Fund Name	Investor A		Investor P		Total

Municipal Bond Index	$	51,450	$	621,313	$	672,763
Short-Term TIPS Bond Index		5,570		—		5,570
International Index		874,204		320,222		1,194,426
Small Cap Index		517,401		730,305		1,247,706

Administration: The Corporation, on behalf of Small Cap Index and International Index, entered into an Administration Agreement with BlackRock Advisors, LLC (the “Administrator”), an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services (other than investment advice and related portfolio activities). For such services, Small Cap Index pays the Administrator a monthly fee at an annual rate of 0.04% of the average daily net assets of Small Cap Index. Small Cap Index does not pay


FUND NOTES TO FINANCIAL STATEMENTS		61

Notes to Financial Statements (continued)

an investment advisory fee or investment management fee. For International Index, the Administrator is entitled to receive for these administrative services an annual fee of 0.08% based on the average daily net assets of each Fund’s Institutional, Investor A and Investor P Shares and 0.03% of the average daily net assets of Class K Shares.

For the year ended December 31, 2022, the following table shows the class specific administration fees borne directly by each share class of each Fund:




Fund Name	Institutional		Investor A		Investor P		Class K		Total


International Index	$	798,953	$	279,745	$	102,471	$	1,898,983	$	3,080,152

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended December 31, 2022, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended December 31, 2022, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:




Fund Name	Institutional		Investor A		Investor P		Class K		Total


Municipal Bond Index	$	55	$	2,091	$	667	$	16	$	2,829
Short-Term TIPS Bond Index		41		458		—		184		683
Small Cap Index		2,945		11,807		2,384		5,935		23,071

For the year ended December 31, 2022, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:




Fund Name	Institutional		Investor A		Investor P		Class K		Total


Municipal Bond Index	$	16,045	$	14,762	$	130,865	$	130	$	161,802
Short-Term TIPS Bond Index		10,834		3,539		—		13,148		27,521
Small Cap Index		249,204		176,819		206,243		101,186		733,452

Other Fees: For the year ended December 31, 2022, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor P Shares as follows:




Fund Name	Investor P


Municipal Bond Index	$	5,287
International Index		7,391
Small Cap Index		17,222

For the year ended December 31, 2022, affiliates received CDSCs as follows:




Fund Name	Investor A		Investor P


Municipal Bond Index	$	—	$	112
Short-Term TIPS Bond Index		87		—

Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to Municipal Bond Index, Short-Term TIPS Bond Index and International Index the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Trust or the Corporation, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitations described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2022, the amounts waived were as follows:




Fund Name	Fees Waived and/or Reimbursed by the Manager


Municipal Bond Index	$	2,611
Short-Term TIPS Bond Index		1,924
International Index		13,032

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2023, with respect to Municipal Bond Index, Short-Term TIPS Bond Index and International Index. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended December 31, 2022, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.


62		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:



Fund Name	Institutional			Investor A			Investor P			Class K

Municipal Bond Index		0.25	%		0.50	%		0.50	%		0.20	%
Short-Term TIPS Bond Index		0.11			0.36			—			0.06
Small Cap Index		0.12			0.37			0.37			0.07

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2023 with respect to Municipal Bond Index, Short-Term TIPS Bond Index and Small-Cap Index, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended December 31, 2022, the Funds waived the following amounts:




Fund Name	Fees Waived and/or Reimbursed by the Manager		Fees Waived and/or Reimbursed by the Administrator


Municipal Bond Index	$	6,565	$	—
Short-Term TIPS Bond Index		151,333		—
Small Cap Index		—		15,006

With respect to International Index, the fees and expenses of the Fund’s Independent Trustees, counsel to the Independent Trustees and the Fund’s independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Fund. The manager has contractually agreed to reimburse the Fund or provide an offsetting credit for such independent expenses through June 30, 2032. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2022, the amount waived and/or reimbursed was $165,007.

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived - class specific and transfer agent fees waived and/or reimbursed by Manager - class specific respectively, in the Statements of Operations. For the year ended December 31, 2022, class specific expense waivers and/or reimbursements are as follows:




	Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific


Fund Name	Institutional		Investor A		Investor P		Class K		Total


Municipal Bond Index	$	372	$	2,466	$	5,013	$	116	$	7,967
Short-Term TIPS Bond Index		73		2,424		—		13,147		15,644
Small Cap Index		29,514		62,400		44,647		22,614		159,175

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

(1)

each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

(2)

the Manager or an affiliate continues to serve as a Fund’s investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective February 16, 2023 for Short-Term TIPS Bond Index and November 16, 2025 for Municipal Bond Index, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under each Fund’s contractual caps on net expenses will be terminated.

For the year ended December 31, 2022, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Funds:




Fund Name	Institutional		Investor A		Investor P


Municipal Bond Index	$	190	$	407	$	4,062

As of December 31, 2022, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:




	Expiring


Fund Name/Fund Level/Share Class	12/31/23		12/31/24


Municipal Bond Index
Fund Level	$	1,981	$	6,565
Institutional		—		371
Investor A		5,974		2,466
Investor P		—		5,013
Class K		52		116


FUND NOTES TO FINANCIAL STATEMENTS		63

Notes to Financial Statements (continued)




	Expiring


Fund Name/Fund Level/Share Class	02/16/23


Short-Term TIPS Bond Index
Fund Level	$	317,148
Institutional		73
Investor A		4,406
Class K		25,310

The following fund level and class specific waivers and/or reimbursements previously recorded by the Funds, which were subject to recoupment by the Manager, expired on December 31, 2022:




Fund Name/Fund Level/Share Class	Expired 12/31/22


Municipal Bond Index
Fund Level	$	16,665
Institutional		—
Investor A		2,952
Investor P		—
Class K		35
Short-Term TIPS Bond Index
Fund Level		202,508
Institutional		—
Investor A		1,581
Class K		8,574

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended December 31, 2022, each Fund paid BTC the following amounts for securities lending agent services:




Fund Name	Amounts


Short-Term TIPS Bond Index	$	918
International Index		73,650

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

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

During the year ended December 31, 2022, the Funds did not participate in the Interfund Lending Program.


64		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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

Other Transactions: International Index may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the year ended December 31, 2022, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:




Fund Name	Purchases		Sales		Net Realized Gain (Loss)


International Index	$	240,106,243	$	28,133,816	$	(4,635,540	)

7.	*PURCHASES AND SALES*

For the year ended December 31, 2022, purchases and sales of investments, excluding short-term securities, were as follows:




	U.S. Government Securities				Other Securities


Fund Name	Purchases		Sales		Purchases		Sales


Municipal Bond Index	$	—	$	—	$	62,159,236	$	69,754,082
Short-Term TIPS Bond Index		111,871,875		78,233,649		—		—
International Index		—		—		1,079,360,768		330,519,121

8.	*INCOME TAX INFORMATION*

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 2022, 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.

The tax character of distributions paid was as follows:




Fund Name	Year Ended 12/31/22		Year Ended 12/31/21


Municipal Bond Index
Tax-exempt income	$	7,389,247	$	7,302,123
Ordinary income		44		—
Long-term capital gains		105,571		604,105


	$	7,494,862	$	7,906,228

Short-Term TIPS Bond Index
Ordinary income	$	8,582,310	$	3,724,206
Return of capital		29,874		—


	$	8,612,184	$	3,724,206

International Index
Ordinary income	$	210,050,821	$	249,650,725


Small Cap Index
Ordinary income	$	35,602,037	$	75,850,658
Long-term capital gains		8,157,280		162,052,657


	$	43,759,317	$	237,903,315

As of December 31, 2022, the tax components of accumulated earnings (loss) were as follows:




Fund Name	Undistributed Tax-Exempt Income		Undistributed Ordinary Income		Non-Expiring Capital Loss Carryforwards^(a)			Net Unrealized Gains (Losses)^(b)			Qualified Late-Year Losses^(c)		Total


Municipal Bond Index		$ 251,849		$ —		$ (728,724	)		$ (11,687,893	)		$ —		$ (12,164,768	)
Short-Term TIPS Bond Index		—		—		(3,700,418	)		(8,468,763	)		—		(12,169,181	)
International Index		—		14,976,775		(1,082,744,410	)		823,025,503			—		(244,742,132	)


FUND NOTES TO FINANCIAL STATEMENTS		65

Notes to Financial Statements (continued)




Fund Name	Undistributed Tax-Exempt Income		Undistributed Ordinary Income		Non-Expiring Capital Loss Carryforwards^(a)		Net Unrealized Gains (Losses)^(b)		Qualified Late-Year Losses^(c)			Total


Small Cap Index		$ —		$ 205,500		$ —		$ 143,696,550		$ (11,240,148	)		$ 132,661,902

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the timing of income recognition on partnership interests, the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains / (losses) on certain futures, the classification of investments, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)

The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of December 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:




Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


Municipal Bond Index	$	290,266,189	$	1,151,280	$	(12,839,173	)	$	(11,687,893	)
Short-Term TIPS Bond Index		148,076,358		—		(8,468,763	)		(8,468,763	)
International Index		6,934,343,835		1,517,181,602		(694,300,550	)		822,881,052

9.	*BANK BORROWINGS*

The Trust and the Corporation, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), are a party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2022, the Funds did not borrow under the credit agreement.

10.

PRINCIPAL RISKS

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

Short-Term TIPS Bond Index and International Index may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

The Manager uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. The Manager does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by the Manager.

Market Risk: Municipal Bond Index and Short-Term TIPS Bond Index may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Municipal Bond Index and Short-Term TIPS Bond Indexmay also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.


66		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

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

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

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

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

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

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.


FUND NOTES TO FINANCIAL STATEMENTS		67

Notes to Financial Statements (continued)

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:




	Year Ended 12/31/22						Year Ended 12/31/21


Fund Name / Share Class	Shares			Amounts			Shares			Amounts


Municipal Bond Index
Institutional
Shares sold		6,716,407		$	73,545,161			650,586		$	7,957,426
Shares issued in reinvestment of distributions		72,389			789,735			18,813			229,880
Shares redeemed		(4,315,388	)		(46,776,153	)		(197,401	)		(2,412,656	)


		2,473,408		$	27,558,743			471,998		$	5,774,650

Investor A
Shares sold		514,295		$	5,646,294			245,063		$	3,009,149
Shares issued in reinvestment of distributions		39,382			434,735			39,449			482,182
Shares redeemed		(617,974	)		(6,755,505	)		(262,213	)		(3,206,037	)


		(64,297	)	$	(674,476	)		22,299		$	285,294

Investor P
Shares sold		521,140		$	5,825,075			1,203,054		$	14,753,952
Shares issued in reinvestment of distributions		560,086			6,186,252			584,095			7,139,511
Shares redeemed		(4,557,453	)		(50,247,487	)		(3,476,299	)		(42,540,620	)


		(3,476,227	)	$	(38,236,160	)		(1,689,150	)	$	(20,647,157	)

Class K
Shares sold		753		$	8,141			—		$	—
Shares issued in reinvestment of distributions		7			70			—			—


		760		$	8,211			—		$	—


		(1,066,356	)	$	(11,343,682	)		(1,194,853	)	$	(14,587,213	)




	Year Ended 12/31/22						Year Ended 12/31/21


Fund Name / Share Class	Shares			Amounts			Shares			Amounts


Short-Term TIPS Bond Index
Institutional
Shares sold		7,590,679		$	76,299,333			305,714		$	3,176,102
Shares issued in reinvestment of distributions		283,528			2,813,945			69,714			725,448
Shares redeemed		(7,132,696	)		(68,621,455	)		(245,716	)		(2,546,137	)


		741,511		$	10,491,823			129,712		$	1,355,413

Investor A
Shares sold		235,325		$	2,363,513			171,246		$	1,784,237
Shares issued in reinvestment of distributions		11,509			115,009			5,235			54,679
Shares redeemed		(166,487	)		(1,677,893	)		(135,842	)		(1,420,598	)


		80,347		$	800,629			40,639		$	418,318


68		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)




	Year Ended 12/31/22						Year Ended 12/31/21


Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts


Short-Term TIPS Bond Index (continued)
Class K
Shares sold		6,403,479		$	63,780,360			5,666,442		$	59,144,353
Shares issued in reinvestment of distributions		565,093			5,642,604			273,883			2,860,402
Shares redeemed		(3,612,033	)		(35,976,226	)		(1,808,850	)		(18,874,083	)


		3,356,539		$	33,446,738			4,131,475		$	43,130,672


		4,178,397		$	44,739,190			4,301,826		$	44,904,403




	Year Ended 12/31/22						Year Ended 12/31/21


Fund Name / Share Class	Shares			Amounts			Shares			Amounts


International Index
Institutional
Shares sold		44,830,303		$	599,799,146			23,127,179		$	364,411,891
Shares issued in reinvestment of distributions		1,990,031			27,339,792			1,891,131			29,454,601
Shares redeemed		(35,425,519	)		(467,004,260	)		(26,665,328	)		(423,071,784	)


		11,394,815		$	160,134,678			(1,647,018	)	$	(29,205,292	)

Investor A
Shares sold		9,154,580		$	124,407,393			8,903,542		$	138,961,412
Shares issued in reinvestment of distributions		615,903			8,412,911			655,384			10,142,811
Shares redeemed		(7,780,497	)		(105,168,005	)		(9,224,259	)		(144,389,967	)


		1,989,986		$	27,652,299			334,667		$	4,714,256

Investor P
Shares sold		444,880		$	5,951,609			605,499		$	9,492,012
Shares issued in reinvestment of distributions		223,905			3,052,600			270,934			4,177,007
Shares redeemed		(1,052,740	)		(14,165,561	)		(1,179,110	)		(18,358,506	)


		(383,955	)	$	(5,161,352	)		(302,677	)	$	(4,689,487	)

Class K
Shares sold		145,986,650		$	2,008,193,642			136,820,358		$	2,164,004,055
Shares issued in reinvestment of distributions		12,034,067			165,580,695			12,681,596			197,623,368
Shares redeemed		(124,798,602	)		(1,651,527,597	)		(62,785,698	)		(984,062,396	)


		33,222,115		$	522,246,740			86,716,256		$	1,377,565,027


		46,222,961		$	704,872,365			85,101,228		$	1,348,384,504




	Year Ended 12/31/22						Year Ended 12/31/21


Fund Name / Share Class	Shares			Amounts			Shares			Amounts


Small Cap Index
Institutional
Shares sold		7,797,928		$	169,143,081			8,680,716		$	240,094,727
Shares issued in reinvestment of distributions		315,848			6,543,993			1,322,710			33,755,049
Shares redeemed		(7,360,277	)		(159,895,204	)		(5,088,628	)		(138,990,726	)


		753,499		$	15,791,870			4,914,798		$	134,859,050

Investor A
Shares sold		2,622,705		$	58,016,949			3,401,943		$	94,188,064
Shares issued in reinvestment of distributions		131,542			2,720,059			640,818			16,377,948
Shares redeemed		(2,548,942	)		(55,990,710	)		(5,267,709	)		(146,988,976	)


		205,305		$	4,746,298			(1,224,948	)	$	(36,422,964	)

Investor P
Shares sold		828,931		$	18,359,829			1,120,863		$	30,459,520
Shares issued in reinvestment of distributions		185,136			3,812,087			968,853			24,668,150
Shares redeemed		(1,583,069	)		(34,375,275	)		(1,935,582	)		(52,802,385	)


		(569,002	)	$	(12,203,359	)		154,134		$	2,325,285


FUND NOTES TO FINANCIAL STATEMENTS		69


Notes to Financial Statements (continued)




	Year Ended 12/31/22						Year Ended 12/31/21


Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts


Small Cap Index (continued)
Class K
Shares sold		31,164,847		$	677,677,385			27,344,333		$	747,541,231
Shares issued in reinvestment of distributions		1,469,932			30,510,791			6,339,905			162,274,538
Shares redeemed		(34,633,557	)		(751,233,437	)		(20,752,569	)		(567,308,604	)


		(1,998,778	)	$	(43,045,261	)		12,931,669		$	342,507,165


		(1,608,976	)	$	(34,710,452	)		16,775,653		$	443,268,536

As of December 31, 2022, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:




Fund Name	Institutional		Investor A		Investor P		Class K


Municipal Bond Index		8,707		871		871		8,707
International Index		—		—		14,420		—
Small Cap Index		—		—		9,191		—

12.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


70		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of iShares Municipal Bond Index Fund and iShares Short-Term TIPS Bond Index Fund of BlackRock FundsSM and iShares MSCI EAFE International Index Fund and iShares Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. (collectively, the “Funds”), including the schedules of investments of iShares Municipal Bond Index Fund, iShares Short-Term TIPS Bond Index Fund, and iShares MSCI EAFE International Index Fund, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2023

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


FUND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		71


Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as tax-exempt interest dividends for the fiscal year ended December 31, 2022:




Fund Name	Exempt-Interest Dividends


Municipal Bond Index	$	7,387,127

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2022:




Fund Name	Qualified Dividend Income


International Index	$	255,942,959
Small Cap Index		26,022,623

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended December 31, 2022:




Fund Name	Qualified Business Income


Small Cap Index	$	4,613,647

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended December 31, 2022:




Fund Name	20% Rate Long-Term Capital Gain Dividends


Municipal Bond Index	$	105,571
Small Cap Index		8,157,280

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended December 31, 2022:




Fund Name	Foreign Source Income Earned		Foreign Taxes Paid


International Index	$	225,486,596	$	21,992,973

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2022:




Fund Name	Federal Obligation Interest


Short-Term TIPS Bond Index	$	8,562,350

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

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2022 qualified for the dividends-received deduction for corporate shareholders:




Fund Name	Dividends-Received Deduction


Small Cap Index		71.23%

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2022:




Fund Name	Interest Dividends


Short-Term TIPS Bond Index	$	8,562,350

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2022:




Fund Name	Interest Related Dividends


Short-Term TIPS Bond Index	$	8,562,350


72		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Series Portfolio Information as of December 31, 2022

Master Small Cap Index Series

TEN LARGEST HOLDINGS



Security	Percent of Net Assets

iShares Russell 2000 ETF		0.9	%
Halozyme Therapeutics, Inc.		0.3
Shockwave Medical, Inc.		0.3
Inspire Medical Systems, Inc.		0.3
EMCOR Group, Inc.		0.3
Crocs, Inc.		0.3
Matador Resources Co.		0.3
Iridium Communications, Inc.		0.3
Murphy Oil Corp.		0.3
Texas Roadhouse, Inc.		0.3

SECTOR ALLOCATION



Sector	Percent of Net Assets

Financials		16.7	%
Health Care		16.6
Industrials		15.3
Information Technology		12.5
Consumer Discretionary		10.3
Energy		6.7
Real Estate		6.3
Materials		4.2
Consumer Staples		3.6
Utilities		3.4
Communication Services		2.6
Investment Companies		0.9
Short-Term Securities		9.8
Liabilities in Excess of Other Assets		(8.9	)


SERIES PORTFOLIO INFORMATION		73

Schedule of Investments

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Advertising Agencies — 0.2%
Advantage Solutions, Inc.^(a)(b)		129,718	$	269,813
Audacy, Inc.^(a)		245,324		55,222
Boston Omaha Corp., Class A^(a)(b)		34,538		915,257
Cardlytics, Inc.^(a)		52,309		302,346
Chimera Investment Corp.		366,925		2,018,088
Clear Channel Outdoor Holdings, Inc.^(a)		595,261		625,024
QuinStreet, Inc.^(a)(b)		81,282		1,166,397
Thryv Holdings, Inc.^(a)		41,095		780,805
Viad Corp.^(a)		31,725		773,773


				6,906,725

Aerospace — 0.8%
AAR Corp.^(a)		53,253		2,391,060
Aerojet Rocketdyne Holdings, Inc.^(a)		125,242		7,004,785
AeroVironment, Inc.^(a)		38,919		3,333,801
AerSale Corp.^(a)		30,321		491,807
Archer Aviation, Inc., Class A^(a)		219,130		409,773
Astronics Corp.^(a)		39,911		411,083
Cadre Holdings, Inc.^(b)		29,880		601,783
Ducommun, Inc.^(a)		17,405		869,554
Kaman Corp.		43,670		973,841
Kratos Defense & Security Solutions, Inc.^(a)(b)		194,996		2,012,359
Macerich Co.		339,885		3,827,105
Moog, Inc., Class A		45,176		3,964,646
Triumph Group, Inc.^(a)		102,650		1,079,878


				27,371,475

Aerospace & Defense^(a)— 0.1%
Astra Space, Inc.^(b)		222,300		96,434
Momentus, Inc.		84,216		65,680
Redwire Corp.		29,894		59,190
Rocket Lab USA, Inc.		337,905		1,273,902
Terran Orbital Corp.^(b)		36,999		58,458
Virgin Galactic Holdings, Inc.^(b)		373,613		1,300,173


				2,853,837

Agriculture, Fishing & Ranching — 0.2%
Alico, Inc.		9,684		231,157
Andersons, Inc.		50,484		1,766,435
Calavo Growers, Inc.		27,224		800,386
Cal-Maine Foods, Inc.		59,826		3,257,526
Fresh Del Monte Produce, Inc.		48,413		1,267,937
Fresh Market, Inc.^(c)		14,020		—
GrowGeneration Corp.^(a)(b)		90,570		355,034


				7,678,475

Air Transport^(a)— 0.4%
Air Transport Services Group, Inc.		89,377		2,322,015
Allegiant Travel Co.		24,457		1,662,831
Atlas Air Worldwide Holdings, Inc.^(b)		44,196		4,454,957
Frontier Group Holdings, Inc.		57,842		594,037
Hawaiian Holdings, Inc.^(b)		79,002		810,561
SkyWest, Inc.		78,757		1,300,278
Spirit Airlines, Inc.^(b)		172,034		3,351,222
Sun Country Airlines Holdings, Inc.^(b)		52,729		836,282


				15,332,183

Airlines^(a)— 0.0%
Blade Air Mobility, Inc.^(b)		86,708		310,415
Diversey Holdings Ltd.		126,263		537,880


Security	Shares		Value

Airlines (continued)
Wheels Up Experience, Inc.^(b)		245,907	$	253,284
WM Technology, Inc.		110,879		111,988


				1,213,567

Alternative Energy — 0.5%
Aemetis, Inc.^(a)(b)		48,385		191,605
Alto Ingredients, Inc.^(a)		117,185		337,493
Ameresco, Inc., Class A^(a)(b)		50,182		2,867,399
Battalion Oil Corp.^(a)		4,417		42,889
Centrus Energy Corp., Class A^(a)(b)		15,863		515,230
Green Brick Partners, Inc.^(a)		43,583		1,056,016
Green Plains, Inc.^(a)(b)		51,340		1,565,870
Permian Resources Corp.		324,594		3,051,184
REX American Resources Corp.^(a)		25,459		811,124
Sitio Royalties Corp., Class A^(b)		112,339		3,240,966
Sunnova Energy International, Inc.^(a)(b)		156,662		2,821,483


				16,501,259

Aluminum — 0.2%
Arconic Corp.^(a)(b)		157,586		3,334,520
Century Aluminum Co.^(a)		84,532		691,472
Kaiser Aluminum Corp.		24,989		1,898,164


				5,924,156

Asset Management & Custodian — 0.9%
Artisan Partners Asset Management, Inc., Class A		94,829		2,816,421
AssetMark Financial Holdings, Inc.^(a)		33,462		769,626
B. Riley Financial, Inc.		32,429		1,109,072
Brightsphere Investment Group, Inc.		50,782		1,045,094
Cohen & Steers, Inc.		40,081		2,587,629
Cowen, Inc., Class A^(b)		41,932		1,619,414
Diamond Hill Investment Group, Inc.		4,658		861,823
Federated Hermes, Inc.		134,709		4,891,284
Focus Financial Partners, Inc., Class A^(a)(b)		91,539		3,411,659
GCM Grosvenor, Inc., Class A		66,624		507,009
Hamilton Lane, Inc., Class A		55,706		3,558,499
Open Lending Corp., Class A^(a)		165,970		1,120,298
Oppenheimer Holdings, Inc., Class A		13,284		562,312
PJT Partners, Inc., Class A		37,257		2,745,468
Sculptor Capital Management, Inc.		40,728		352,704
Silvercrest Asset Management Group, Inc., Class A		15,320		287,556
StepStone Group, Inc., Class A		84,068		2,116,832
Virtus Investment Partners, Inc.		11,061		2,117,518
WisdomTree, Inc.		213,451		1,163,308


				33,643,526

Auto Components^(a)(b)— 0.1%
Holley, Inc.		82,686		175,294
Luminar Technologies, Inc.		389,030		1,925,699
Solid Power, Inc.		209,517		532,173


				2,633,166

Auto Parts — 1.0%
Adient PLC^(a)		149,799		5,196,527
American Axle & Manufacturing Holdings, Inc.^(a)		180,412		1,410,822
Canoo, Inc.^(a)(b)		236,697		291,137
CarParts.com, Inc.^(a)		80,635		504,775
Dana, Inc.		203,709		3,082,117
Dorman Products, Inc.^(a)		41,582		3,362,736
Fisker, Inc.^(a)(b)		273,174		1,985,975
Fox Factory Holding Corp.^(a)		66,937		6,106,663
Gentherm, Inc.^(a)		52,269		3,412,643
Lordstown Motors Corp., Class A^(a)(b)		268,032		305,556


74		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Auto Parts (continued)
Mullen Automotive, Inc.^(a)(b)		476,197	$	136,192
Standard Motor Products, Inc.		31,821		1,107,371
Stoneridge, Inc.^(a)		41,244		889,221
Visteon Corp.^(a)		43,897		5,743,045
Workhorse Group, Inc.^(a)(b)		240,450		365,484
XPEL, Inc.^(a)		33,978		2,040,719


				35,940,983

Auto Services — 0.1%
Goodyear Tire & Rubber Co.^(a)(b)		442,774		4,494,156


Automobiles^(a)— 0.0%
Cenntro Electric Group Ltd.		284,366		125,121
Faraday Future Intelligent Electric, Inc.^(b)		300,590		87,261


				212,382

Back Office Support, HR & Consulting — 1.7%
ASGN, Inc.^(a)		77,422		6,308,345
Atlas Technical Consultants, Inc.^(a)		29,194		150,349
Barrett Business Services, Inc.		11,136		1,038,766
CBIZ, Inc.^(a)		74,412		3,486,202
Conduent, Inc.^(a)		267,871		1,084,878
CRA International, Inc.^(b)		10,959		1,341,710
DHI Group, Inc.^(a)		66,059		349,452
ExlService Holdings, Inc.^(a)(b)		50,672		8,585,357
Forrester Research, Inc.^(a)		18,008		643,966
Hackett Group, Inc.		42,527		866,275
Heidrick & Struggles International, Inc.		31,397		878,174
Huron Consulting Group, Inc.^(a)		30,444		2,210,234
ICF International, Inc.		29,118		2,884,138
Insperity, Inc.		56,542		6,423,171
Kelly Services, Inc., Class A		52,866		893,435
Kforce, Inc.		30,272		1,659,814
Korn Ferry		82,382		4,170,177
Liquidity Services, Inc.^(a)		38,307		538,596
Maximus, Inc.		94,430		6,924,552
NV5 Global, Inc.^(a)(b)		21,339		2,823,577
PFSweb, Inc.		25,521		156,954
Resources Connection, Inc.		51,424		945,173
Target Hospitality Corp.^(a)		47,647		721,376
TriNet Group, Inc.^(a)(b)		59,086		4,006,031
TrueBlue, Inc.^(a)		49,981		978,628
TTEC Holdings, Inc.		29,999		1,323,856


				61,393,186

Banks — 0.0%
John Marshall Bancorp, Inc.		17,653		508,053
USCB Financial Holdings, Inc.^(a)		16,653		203,167


				711,220

Banks: Diversified — 9.0%
1st Source Corp.		25,125		1,333,886
ACNB Corp.		13,052		519,600
Ambac Financial Group, Inc.^(a)		68,912		1,201,825
Amerant Bancorp, Inc.		44,106		1,183,805
American National Bankshares, Inc.		16,235		599,559
Ameris Bancorp		102,221		4,818,698
Arrow Financial Corp.		22,132		750,275
Associated Banc-Corp.^(b)		228,696		5,280,591
Atlantic Union Bankshares Corp.		118,179		4,152,810
BancFirst Corp.		31,021		2,735,432
Banco Latinoamericano de Comercio Exterior SA, Class E		43,124		698,609
Bancorp, Inc.^(a)		79,613		2,259,417


Security	Shares		Value

Banks: Diversified (continued)
Bank First Corp.		10,039	$	931,820
Bank of Marin Bancorp		24,854		817,200
Bank of NT Butterfield & Son Ltd.		78,446		2,338,475
Bankwell Financial Group, Inc.		8,704		256,159
Banner Corp.		52,372		3,309,910
Bar Harbor Bankshares		23,625		756,945
BayCom Corp.		19,853		376,810
BCB Bancorp, Inc.		22,202		399,414
Blue Ridge Bankshares, Inc.		27,394		342,151
Bridgewater Bancshares, Inc.^(a)		32,096		569,383
Business First Bancshares, Inc.		32,681		723,557
Byline Bancorp, Inc.		38,786		890,914
Cadence Bank		237,821		5,864,666
Cambridge Bancorp		10,923		907,264
Camden National Corp.		23,098		962,956
Capital Bancorp, Inc.		13,728		323,157
Capital City Bank Group, Inc.		21,636		703,170
Capitol Federal Financial, Inc.		206,654		1,787,557
Capstar Financial Holdings, Inc.		31,550		557,173
Carter Bankshares, Inc.^(a)		38,332		635,928
Cathay General Bancorp		110,915		4,524,223
Central Pacific Financial Corp.		36,134		732,798
Citizens & Northern Corp.		24,118		551,337
City Holding Co.		22,134		2,060,454
Civista Bancshares, Inc.		24,583		541,072
CNB Financial Corp.		25,754		612,688
Coastal Financial Corp.^(a)(b)		16,198		769,729
Colony Bankcorp, Inc.		25,286		320,879
Columbia Banking System, Inc.		111,572		3,361,664
Columbia Financial, Inc.^(a)(b)		54,374		1,175,566
Community Bank System, Inc.		80,268		5,052,871
Community Trust Bancorp, Inc.		25,076		1,151,741
ConnectOne Bancorp, Inc.		58,568		1,417,931
CrossFirst Bankshares, Inc.^(a)(b)		70,858		879,348
Customers Bancorp, Inc.^(a)		49,120		1,392,061
CVB Financial Corp.		207,979		5,355,459
Eagle Bancorp, Inc.		47,681		2,101,302
Eastern Bankshares, Inc.		246,092		4,245,087
Enterprise Bancorp, Inc.		15,063		531,724
Enterprise Financial Services Corp.		55,663		2,725,260
Equity Bancshares, Inc., Class A^(b)		23,763		776,337
Esquire Financial Holdings, Inc.		10,697		462,752
Farmers & Merchants Bancorp, Inc.		18,592		505,331
Farmers National Banc Corp.		50,578		714,161
FB Financial Corp.		56,457		2,040,356
Financial Institutions, Inc.		23,585		574,531
First Bancorp, Inc.		15,345		459,429
First BanCorp/Puerto Rico		284,836		3,623,114
First Bancorp/Southern Pines NC		51,199		2,193,365
First Bancshares, Inc.		31,038		993,526
First Bank		24,595		338,427
First Busey Corp.		81,445		2,013,320
First Business Financial Services, Inc.		12,390		452,855
First Commonwealth Financial Corp.		139,403		1,947,460
First Community Bankshares, Inc.		25,204		854,416
First Financial Bancorp		141,314		3,424,038
First Financial Bankshares, Inc.		203,005		6,983,372
First Financial Corp.		17,342		799,119
First Foundation, Inc.		81,782		1,171,936
First Guaranty Bancshares, Inc.		9,370		219,727
First Internet Bancorp		14,564		353,614
First Interstate BancSystem, Inc., Class A		140,494		5,430,093


SERIES SCHEDULE OF INVESTMENTS		75

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks: Diversified (continued)
First Merchants Corp.		90,327	$	3,713,343
First Mid Bancshares, Inc.		29,863		958,005
First of Long Island Corp.		35,860		645,480
First Western Financial, Inc.^(a)(b)		12,197		343,346
Five Star Bancorp		20,095		547,388
Fulton Financial Corp.		249,053		4,191,562
FVCBankcorp, Inc.^(a)		18,457		351,975
German American Bancorp, Inc.		43,307		1,615,351
Glacier Bancorp, Inc.		174,006		8,599,377
Guaranty Bancshares, Inc.		13,008		450,597
Hancock Whitney Corp.		134,201		6,493,986
Hanmi Financial Corp.		35,695		883,451
HarborOne Bancorp, Inc.		70,469		979,519
HBT Financial, Inc.		16,051		314,118
Heartland Financial USA, Inc.		64,821		3,021,955
Heritage Commerce Corp.		91,994		1,195,922
Hippo Holdings, Inc.^(a)(b)		25,613		348,337
Home BancShares, Inc.		293,696		6,693,332
Hope Bancorp, Inc.		162,875		2,086,429
Horizon Bancorp, Inc.		63,593		958,982
Independent Bank Corp.		98,708		6,408,004
Independent Bank Group, Inc.		56,474		3,392,958
International Bancshares Corp.		84,576		3,870,198
Lakeland Bancorp, Inc.		97,469		1,716,429
Lakeland Financial Corp.		38,212		2,788,330
Live Oak Bancshares, Inc.		51,623		1,559,015
Luther Burbank Corp.		24,183		268,673
Macatawa Bank Corp.		41,442		457,105
Mercantile Bank Corp.		24,735		828,128
Merchants Bancorp^(b)		24,586		597,932
Metrocity Bankshares, Inc.		29,924		647,256
Metropolitan Bank Holding Corp.^(a)(b)		16,268		954,444
Mid Penn Bancorp, Inc.		22,916		686,793
Midland States Bancorp, Inc.		33,402		889,161
MVB Financial Corp.		16,156		355,755
National Bank Holdings Corp., Class A		46,113		1,939,974
NBT Bancorp, Inc.		64,164		2,786,001
Nicolet Bankshares, Inc.^(a)		19,392		1,547,288
Northeast Bank		10,382		437,082
OFG Bancorp		71,865		1,980,599
Old National Bancorp		458,552		8,244,765
Old Second Bancorp, Inc.		67,733		1,086,437
Origin Bancorp, Inc.		35,335		1,296,794
Orrstown Financial Services, Inc.		16,163		374,335
Pacific Premier Bancorp, Inc.		132,968		4,196,470
Park National Corp.		22,642		3,186,861
Parke Bancorp, Inc.		15,614		323,834
PCB Bancorp		17,977		318,013
PCSB Financial Corp.		19,932		379,505
Peapack-Gladstone Financial Corp.		27,658		1,029,431
Peoples Bancorp, Inc.		44,482		1,256,617
Peoples Financial Services Corp.		10,766		558,109
Pioneer Bancorp, Inc.^(a)		20,117		229,334
Preferred Bank/Los Angeles CA		12,747		951,181
Primis Financial Corp.		35,322		418,566
Professional Holding Corp., Class A^(a)		19,999		554,772
Provident Financial Services, Inc.		110,654		2,363,569
QCR Holdings, Inc.		25,245		1,253,162
RBB Bancorp		22,814		475,672
Red River Bancshares, Inc.		7,783		397,400
Renasant Corp.		83,410		3,135,382
Republic Bancorp, Inc., Class A		13,729		561,791


Security	Shares		Value

Banks: Diversified (continued)
Republic First Bancorp, Inc.^(a)(b)		69,664	$	149,778
Root, Inc./OH, Class A^(a)(b)		11,987		53,822
S&T Bancorp, Inc.		52,403		1,791,135
Sandy Spring Bancorp, Inc.		68,943		2,428,862
Seacoast Banking Corp. of Florida		84,458		2,634,245
ServisFirst Bancshares, Inc.^(b)		79,165		5,455,260
Shore Bancshares, Inc.		27,333		476,414
Sierra Bancorp		21,281		452,008
Silvergate Capital Corp., Class A^(a)(b)		49,459		860,587
Simmons First National Corp., Class A		184,109		3,973,072
SmartFinancial, Inc.		24,098		662,695
South Plains Financial, Inc.		15,746		433,487
Southern First Bancshares, Inc.^(a)(b)		11,833		541,360
Southside Bancshares, Inc.		48,411		1,742,312
SouthState Corp.		117,355		8,961,228
Stellar Bancorp, Inc.		71,536		2,107,451
Stock Yards Bancorp, Inc.		45,176		2,935,536
Summit Financial Group, Inc.		17,559		437,044
Texas Capital Bancshares, Inc.^(a)		78,913		4,759,243
Third Coast Bancshares, Inc.^(a)		19,738		363,771
Tompkins Financial Corp.		21,899		1,698,924
Towne Bank		106,267		3,277,274
TriCo Bancshares		49,221		2,509,779
Triumph Financial, Inc.^(a)(b)		36,842		1,800,469
TrustCo Bank Corp./New York		29,053		1,092,102
Trustmark Corp.		95,350		3,328,668
UMB Financial Corp.		69,479		5,802,886
United Bankshares, Inc.		203,494		8,239,472
United Community Banks, Inc.		162,050		5,477,290
Unity Bancorp, Inc.		10,876		297,241
Univest Financial Corp.		45,685		1,193,749
Valley National Bancorp		679,810		7,688,651
Veritex Holdings, Inc.		73,782		2,071,799
Washington Trust Bancorp, Inc.		26,713		1,260,319
WesBanco, Inc.		88,028		3,255,275
West BanCorp., Inc.		25,156		642,736
Westamerica BanCorp		39,538		2,333,137


				329,108,250

Banks: Savings, Thrift & Mortgage Lending — 1.0%
Amalgamated Financial Corp.		22,374		515,497
Axos Financial, Inc.^(a)		90,438		3,456,540
Banc of California, Inc.		83,135		1,324,341
BankUnited, Inc.		119,002		4,042,498
Berkshire Hills Bancorp, Inc.		62,941		1,881,936
Brookline Bancorp, Inc.		112,560		1,592,724
Finance of America Cos., Inc., Class A^(a)		53,250		67,627
Flushing Financial Corp.		44,859		869,367
Great Southern Bancorp, Inc.		14,717		875,514
Greene County Bancorp, Inc.		5,231		300,364
Heritage Financial Corp.		53,775		1,647,666
Hingham Institution for Savings		2,351		648,782
Home Bancorp, Inc.		11,335		453,740
Home Point Capital, Inc.		7,506		10,283
HomeStreet, Inc.		25,459		702,159
Kearny Financial Corp.		95,358		967,884
Ladder Capital Corp.		179,266		1,799,831
Northfield Bancorp, Inc.		68,278		1,074,013
Northwest Bancshares, Inc.		184,801		2,583,518
OceanFirst Financial Corp.		91,596		1,946,415
Premier Financial Corp.		55,835		1,505,870
Provident Bancorp, Inc.		22,753		165,642
Southern Missouri Bancorp, Inc.		12,153		556,972


76		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks: Savings, Thrift & Mortgage Lending (continued)
Sterling Bancorp, Inc.^(a)		26,451	$	161,087
Washington Federal, Inc.		102,259		3,430,789
Waterstone Financial, Inc.		30,424		524,510
WSFS Financial Corp.		94,352		4,277,920


				37,383,489

Beverage: Soft Drinks — 0.5%
Celsius Holdings, Inc.^(a)		87,009		9,052,416
Coca-Cola Consolidated, Inc.		7,412		3,797,612
Duckhorn Portfolio, Inc.^(a)		63,778		1,056,802
National Beverage Corp.^(a)		37,260		1,733,708
Primo Water Corp.		248,642		3,863,897
Vintage Wine Estates, Inc.^(a)(b)		50,032		163,104


				19,667,539

Biotechnology — 7.1%
2seventy bio, Inc.^(a)		60,134		563,456
4D Molecular Therapeutics, Inc.^(a)		47,481		1,054,553
Aadi Bioscience, Inc.^(a)		22,370		287,007
Adicet Bio, Inc.^(a)		44,011		393,458
ADMA Biologics, Inc.^(a)(b)		289,347		1,122,666
Aduro Biotech, Inc.^(c)		21,953		55,738
Aerovate Therapeutics, Inc.^(a)(b)		14,296		418,873
Affimed NV^(a)		217,574		269,792
Agenus, Inc.^(a)		472,050		1,132,920
Agios Pharmaceuticals, Inc.^(a)		86,103		2,417,772
Akero Therapeutics, Inc.^(a)(b)		54,487		2,985,888
Albireo Pharma, Inc.^(a)		27,550		595,355
Alector, Inc.^(a)		99,288		916,428
Allogene Therapeutics, Inc.^(a)(b)		125,735		790,873
Allovir, Inc.^(a)		48,407		248,328
Alpine Immune Sciences, Inc.^(a)		23,938		175,944
ALX Oncology Holdings, Inc.^(a)(b)		32,739		368,969
Amicus Therapeutics, Inc.^(a)		435,108		5,312,669
Amylyx Pharmaceuticals, Inc.^(a)		78,907		2,915,614
AN2 Therapeutics, Inc.^(a)		15,732		149,926
AnaptysBio, Inc.^(a)(b)		31,437		974,233
Anavex Life Sciences Corp.^(a)(b)		110,559		1,023,776
ANI Pharmaceuticals, Inc.^(a)		19,754		794,703
Apellis Pharmaceuticals, Inc.^(a)(b)		147,957		7,650,856
Arbutus Biopharma Corp.^(a)(b)		174,248		405,998
Arcellx, Inc.^(a)		47,497		1,471,457
Arcturus Therapeutics Holdings, Inc.^(a)		36,368		616,801
Arcus Biosciences, Inc.^(a)		81,031		1,675,721
Arcutis Biotherapeutics, Inc.^(a)(b)		64,089		948,517
Arvinas, Inc.^(a)(b)		76,746		2,625,481
Atara Biotherapeutics, Inc.^(a)		143,092		469,342
Aura Biosciences, Inc.^(a)		28,310		297,255
Aurinia Pharmaceuticals, Inc.^(a)		215,124		929,336
Avid Bioservices, Inc.^(a)		95,218		1,311,152
Avidity Biosciences, Inc.^(a)(b)		79,404		1,761,975
Beam Therapeutics, Inc.^(a)(b)		100,274		3,921,716
BioCryst Pharmaceuticals, Inc.^(a)(b)		292,644		3,359,553
Biohaven Ltd.^(a)		95,362		1,323,625
Bioventus, Inc., Class A^(a)		48,861		127,527
Bioxcel Therapeutics, Inc.^(a)(b)		29,533		634,369
Bluebird Bio, Inc.^(a)(b)		128,771		891,095
Blueprint Medicines Corp.^(a)		94,277		4,130,275
Bridgebio Pharma, Inc.^(a)		165,051		1,257,689
C4 Therapeutics, Inc.^(a)(b)		65,317		385,370
Caribou Biosciences, Inc.^(a)		90,199		566,450
Castle Biosciences, Inc.^(a)		39,518		930,254
Catalyst Pharmaceuticals, Inc.^(a)		150,867		2,806,126


Security	Shares		Value

Biotechnology (continued)
Celldex Therapeutics, Inc.^(a)(b)		72,303	$	3,222,545
Celularity, Inc.^(a)		108,491		139,953
Century Therapeutics, Inc.^(a)		33,469		171,696
Cerevel Therapeutics Holdings, Inc.^(a)(b)		89,631		2,826,962
Chinook Therapeutics, Inc.^(a)		78,151		2,047,556
CinCor Pharma, Inc.^(a)(b)		38,285		470,523
Codexis, Inc.^(a)		95,897		446,880
Cogent Biosciences, Inc.^(a)(b)		100,663		1,163,664
Coherus Biosciences, Inc.^(a)		118,395		937,688
Collegium Pharmaceutical, Inc.^(a)		53,511		1,241,455
Crinetics Pharmaceuticals, Inc.^(a)		83,026		1,519,376
CTI BioPharma Corp.^(a)		161,357		969,756
Cullinan Oncology, Inc.^(a)		48,934		516,254
Cytokinetics, Inc.^(a)		129,537		5,935,385
Day One Biopharmaceuticals, Inc.^(a)		43,549		937,174
Deciphera Pharmaceuticals, Inc.^(a)		72,364		1,186,046
Denali Therapeutics, Inc.^(a)(b)		170,069		4,729,619
Design Therapeutics, Inc.^(a)(b)		54,618		560,381
Douglas Elliman, Inc		119,264		485,404
Dynavax Technologies Corp.^(a)		186,716		1,986,658
Dyne Therapeutics, Inc.^(a)		49,127		569,382
Editas Medicine, Inc.^(a)(b)		108,122		959,042
Eiger BioPharmaceuticals, Inc.^(a)		63,298		74,692
Emergent BioSolutions, Inc.^(a)		79,999		944,788
Enochian Biosciences, Inc.^(a)		30,528		31,444
EQRx, Inc.^(a)		322,000		792,120
Erasca, Inc.^(a)		100,902		434,888
EyePoint Pharmaceuticals, Inc.^(a)(b)		42,891		150,119
Fate Therapeutics, Inc.^(a)		131,147		1,323,273
FibroGen, Inc.^(a)		137,827		2,207,989
Foghorn Therapeutics, Inc.^(a)(b)		32,469		207,152
Fulcrum Therapeutics, Inc.^(a)(b)		65,670		478,078
Generation Bio Co.^(a)		79,184		311,193
Geron Corp.^(a)(b)		574,826		1,391,079
Gossamer Bio, Inc.^(a)(b)		99,288		215,455
GreenLight Biosciences Holdings PBC^(a)(b)		115,845		136,697
Gtx, Inc.^(b)(c)		944		968
Halozyme Therapeutics, Inc.^(a)		209,027		11,893,636
Heron Therapeutics, Inc.^(a)(b)		160,149		400,373
HilleVax, Inc.^(a)(b)		25,874		432,872
Humacyte, Inc.^(a)		76,600		161,626
Icosavax, Inc.^(a)		38,731		307,524
Ideaya Biosciences, Inc.^(a)		68,514		1,244,899
IGM Biosciences, Inc.^(a)(b)		17,415		296,229
Imago Biosciences, Inc.^(a)		40,767		1,465,574
ImmunityBio, Inc.^(a)(b)		127,460		646,222
ImmunoGen, Inc.^(a)		338,742		1,680,160
Immunovant, Inc.^(a)(b)		69,503		1,233,678
Inhibrx, Inc.^(a)		50,560		1,245,798
Inovio Pharmaceuticals, Inc.^(a)		389,992		608,388
Insmed, Inc.^(a)(b)		210,857		4,212,923
Instil Bio, Inc.^(a)		107,503		67,727
Intellia Therapeutics, Inc.^(a)		133,261		4,649,476
Intercept Pharmaceuticals, Inc.^(a)		38,914		481,366
Invitae Corp.^(a)(b)		368,229		684,906
Invivyd, Inc.^(a)		80,990		121,485
Iovance Biotherapeutics, Inc.^(a)		241,038		1,540,233
iTeos Therapeutics, Inc.^(a)		37,833		738,878
IVERIC bio, Inc.^(a)		211,440		4,526,930
Janux Therapeutics, Inc.^(a)		26,245		345,647
Jounce Therapeutics, Inc.^(a)		63,561		70,553
KalVista Pharmaceuticals, Inc.^(a)		37,687		254,764


SERIES SCHEDULE OF INVESTMENTS		77

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Karuna Therapeutics, Inc.^(a)		47,466	$	9,327,069
Karyopharm Therapeutics, Inc.^(a)		121,430		412,862
Keros Therapeutics, Inc.^(a)		29,968		1,439,063
Kezar Life Sciences, Inc.^(a)		81,326		572,535
Kiniksa Pharmaceuticals Ltd., Class A^(a)		50,378		754,662
Kinnate Biopharma, Inc.^(a)		46,139		281,448
Kodiak Sciences, Inc.^(a)		52,484		375,785
Kronos Bio, Inc.^(a)		65,413		105,969
Krystal Biotech, Inc.^(a)(b)		33,618		2,663,218
Kura Oncology, Inc.^(a)(b)		100,104		1,242,291
Kymera Therapeutics, Inc.^(a)(b)		59,148		1,476,334
Lexicon Pharmaceuticals, Inc.^(a)		125,521		239,745
Ligand Pharmaceuticals, Inc.^(a)(b)		23,810		1,590,508
Lyell Immunopharma, Inc.^(a)(b)		271,148		940,884
MacroGenics, Inc.^(a)		93,313		626,130
Madrigal Pharmaceuticals, Inc.^(a)		19,849		5,761,172
MannKind Corp.^(a)(b)		392,682		2,069,434
MaxCyte, Inc.^(a)		135,315		738,820
MeiraGTx Holdings PLC^(a)		49,912		325,426
Mersana Therapeutics, Inc.^(a)(b)		140,069		820,804
MiMedx Group, Inc.^(a)(b)		174,375		484,763
Mirum Pharmaceuticals, Inc.^(a)(b)		28,522		556,179
Monte Rosa Therapeutics, Inc.^(a)		44,992		342,389
Morphic Holding, Inc.^(a)(b)		41,269		1,103,946
Myriad Genetics, Inc.^(a)(b)		125,471		1,820,584
Nautilus Biotechnology, Inc.^(a)		73,637		132,547
NGM Biopharmaceuticals, Inc.^(a)		60,572		304,071
Nkarta, Inc.^(a)		50,082		299,991
Nurix Therapeutics, Inc.^(a)(b)		74,184		814,540
Nuvalent, Inc., Class A^(a)(b)		31,189		928,808
Ocugen, Inc.^(a)(b)		350,209		455,272
OPKO Health, Inc.^(a)		645,490		806,862
Outlook Therapeutics, Inc.^(a)(b)		186,570		201,496
Pacific Biosciences of California, Inc.^(a)(b)		356,389		2,915,262
Pardes Biosciences, Inc.^(a)		43,775		73,980
PepGen, Inc.^(a)		21,643		289,367
Phathom Pharmaceuticals, Inc.^(a)		36,555		410,147
PMV Pharmaceuticals, Inc.^(a)		59,370		516,519
Point Biopharma Global, Inc.^(a)		132,404		965,225
Praxis Precision Medicines, Inc.^(a)		52,779		125,614
Precigen, Inc.^(a)		166,443		252,993
Prime Medicine, Inc.^(b)		15,067		279,945
Prometheus Biosciences, Inc.^(a)		54,500		5,995,000
Protagonist Therapeutics, Inc.^(a)		73,546		802,387
Prothena Corp. PLC^(a)		57,485		3,463,471
Provention Bio, Inc.^(a)(b)		94,830		1,002,353
PTC Therapeutics, Inc.^(a)		110,835		4,230,572
Quantum-Si, Inc.^(a)(b)		141,106		258,224
RadNet, Inc.^(a)		79,813		1,502,879
Rallybio Corp.^(a)		23,944		157,312
RAPT Therapeutics, Inc.^(a)		41,866		828,947
Recursion Pharmaceuticals, Inc., Class A^(a)(b)		215,610		1,662,353
REGENXBIO, Inc.^(a)		62,985		1,428,500
Relay Therapeutics, Inc.^(a)		132,967		1,986,527
Relmada Therapeutics, Inc.^(a)		43,965		153,438
Replimune Group, Inc.^(a)		64,936		1,766,259
Revolution Medicines, Inc.^(a)(b)		117,216		2,792,085
Rigel Pharmaceuticals, Inc.^(a)		256,348		384,522
Rocket Pharmaceuticals, Inc.^(a)(b)		83,146		1,627,167
Sage Therapeutics, Inc.^(a)(b)		82,186		3,134,574
Sana Biotechnology, Inc.^(a)(b)		140,950		556,752
Sangamo Therapeutics, Inc.^(a)(b)		201,376		632,321


Security	Shares		Value

Biotechnology (continued)
Science 37 Holdings, Inc.^(a)		96,182	$	39,935
Seres Therapeutics, Inc.^(a)		111,300		623,280
Singular Genomics Systems, Inc.^(a)(b)		83,527		167,889
SomaLogic, Inc.^(a)		231,949		582,192
Sorrento Therapeutics, Inc.^(a)		704,011		623,754
SpringWorks Therapeutics, Inc.^(a)(b)		54,775		1,424,698
Stoke Therapeutics, Inc.^(a)		34,529		318,703
Sutro Biopharma, Inc.^(a)		78,219		632,010
Talaris Therapeutics, Inc.^(a)		32,454		33,103
Tango Therapeutics, Inc.^(a)		72,190		523,377
Tenaya Therapeutics, Inc.^(a)(b)		47,185		94,842
Travere Therapeutics, Inc.^(a)		96,084		2,020,647
Tricida, Inc.^(a)(b)		51,440		7,865
Twist Bioscience Corp.^(a)		88,559		2,108,590
Tyra Biosciences, Inc.^(a)		19,668		149,477
Vanda Pharmaceuticals, Inc.^(a)		87,581		647,224
Vaxart, Inc.^(a)(b)		196,290		188,615
Vaxcyte, Inc.^(a)		112,549		5,396,725
VBI Vaccines, Inc.^(a)(b)		310,101		121,281
Vera Therapeutics, Inc.^(a)(b)		23,254		449,965
Veracyte, Inc.^(a)		113,053		2,682,748
Vericel Corp.^(a)(b)		75,322		1,983,981
Verve Therapeutics, Inc.^(a)(b)		71,516		1,383,835
Vir Biotechnology, Inc.^(a)		114,410		2,895,717
Viridian Therapeutics, Inc.^(a)		58,442		1,707,091
VistaGen Therapeutics, Inc.^(a)(b)		304,040		31,316
Xencor, Inc.^(a)		90,572		2,358,495
Y-mAbs Therapeutics, Inc.^(a)		57,171		278,994
Zentalis Pharmaceuticals, Inc.^(a)(b)		73,671		1,483,734
Zogenix, Inc.^(b)(c)		87,311		59,371


				257,731,838

Building Materials — 0.7%
Aspen Aerogels, Inc.^(a)(b)		50,038		589,948
BlueLinx Holdings, Inc.^(a)		13,276		944,056
Caesarstone Ltd.		34,219		195,390
Gibraltar Industries, Inc.^(a)		47,479		2,178,337
Griffon Corp.^(b)		72,681		2,601,253
Masonite International Corp.^(a)		35,117		2,830,781
Patrick Industries, Inc.		34,645		2,099,487
PGT Innovations, Inc.^(a)		92,233		1,656,505
Quanex Building Products Corp.		51,787		1,226,316
Simpson Manufacturing Co., Inc.		66,494		5,895,358
Summit Materials, Inc., Class A^(a)(b)		190,314		5,403,022


				25,620,453

Building Products — 0.0%
Janus International Group, Inc.^(a)		130,032		1,237,905


Building: Climate Control — 0.3%
AAON, Inc.		69,205		5,212,521
Comfort Systems USA, Inc.		55,206		6,353,106
View, Inc.^(a)		170,099		164,129


				11,729,756

Building: Roofing, Wallboard & Plumbing^(a)— 0.2%
Beacon Roofing Supply, Inc.		81,063		4,279,316
JELD-WEN Holding, Inc.		131,619		1,270,123


				5,549,439

Cable Television Services^(a)— 0.1%
AMC Networks, Inc., Class A		47,702		747,490
Liberty Latin America Ltd., Class A		59,788		450,204


78		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Cable Television Services (continued)
Liberty Latin America Ltd., Class C		235,279	$	1,788,120
WideOpenWest, Inc.		84,378		768,684


				3,754,498

Capital Markets — 0.0%
Bakkt Holdings, Inc.^(a)(b)		106,356		126,564
Perella Weinberg Partners		64,719		634,246
Victory Capital Holdings, Inc., Class A		25,605		686,982


				1,447,792

Casinos & Gambling — 0.4%
Accel Entertainment, Inc.^(a)		90,391		696,011
Century Casinos, Inc.^(a)		41,548		292,082
Full House Resorts, Inc.^(a)		52,068		391,551
Inspired Entertainment, Inc.^(a)		34,213		433,479
International Game Technology PLC		155,005		3,515,513
Light & Wonder, Inc., Class A^(a)(b)		147,581		8,648,247
Monarch Casino & Resort, Inc.^(a)		20,995		1,614,306


				15,591,189

Cement — 0.0%
Concrete Pumping Holdings, Inc.^(a)		40,542		237,171


Chemicals — 0.0%
Perimeter Solutions SA^(a)		183,790		1,679,841


Chemicals: Diversified — 0.9%
AdvanSix, Inc.		42,642		1,621,249
American Vanguard Corp.		42,960		932,661
Avient Corp.		143,643		4,849,388
Cabot Corp.		86,733		5,797,234
CSW Industrials, Inc.		23,070		2,674,505
Danimer Scientific, Inc.^(a)(b)		144,177		258,077
Ecovyst, Inc.^(a)		108,029		957,137
Hawkins, Inc.		30,533		1,178,574
Ingevity Corp.^(a)(b)		58,191		4,098,974
Landec Corp.^(a)		42,588		275,970
LSB Industries, Inc.^(a)(b)		113,686		1,512,024
Origin Materials, Inc.^(a)(b)		164,339		757,603
PureCycle Technologies, Inc.^(a)(b)		169,172		1,143,603
Rayonier Advanced Materials, Inc.^(a)		98,884		949,286
Sensient Technologies Corp.		66,197		4,827,085
Valhi, Inc.		3,801		83,622


				31,916,992

Chemicals: Specialty — 0.8%
Amyris, Inc.^(a)(b)		318,831		487,811
Balchem Corp.		50,275		6,139,080
FutureFuel Corp.		39,115		318,005
Innospec, Inc.		39,069		4,018,637
Livent Corp.^(a)		255,740		5,081,554
Orion Engineered Carbons SA		94,692		1,686,465
Park Aerospace Corp.		31,735		425,566
Quaker Chemical Corp.		21,376		3,567,654
Stepan Co.		32,409		3,450,262
Trinseo PLC		55,198		1,253,547
Tronox Holdings PLC, Class A		184,598		2,530,839


				28,959,420

Coal — 0.4%
Arch Resources, Inc.		23,143		3,304,589
CONSOL Energy, Inc.		54,161		3,520,465
Peabody Energy Corp.^(a)		185,773		4,908,123


Security	Shares		Value

Coal (continued)
Ramaco Resources, Inc.		33,989	$	298,763
Warrior Met Coal, Inc.		81,254		2,814,638


				14,846,578

Commercial Banks — 0.1%
Dime Community Bancshares, Inc.		51,346		1,634,343
HomeTrust Bancshares, Inc.		22,705		548,780


				2,183,123

Commercial Finance & Mortgage Companies — 0.3%
Federal Agricultural Mortgage Corp., Class C		14,559		1,640,945
Pathward Financial, Inc.		43,148		1,857,521
PennyMac Financial Services, Inc.		41,666		2,360,796
RE/MAX Holdings, Inc., Class A		29,696		553,534
Velocity Financial, Inc.^(a)		17,616		169,994
Walker & Dunlop, Inc.		48,432		3,800,943


				10,383,733

Commercial Services & Supplies — 0.1%
ACV Auctions, Inc., Class A^(a)(b)		184,458		1,514,400
Aris Water Solution, Inc., Class A		34,177		492,490
Information Services Group, Inc.		54,901		252,545
Li-Cycle Holdings Corp.^(a)(b)		213,197		1,014,818
National Research Corp.		22,029		821,682


				4,095,935

Commercial Services: Rental & Leasing — 0.8%
GATX Corp.		54,732		5,820,201
GMS, Inc.^(a)		64,867		3,230,377
H&E Equipment Services, Inc.^(b)		50,095		2,274,313
Herc Holdings, Inc.		39,188		5,155,965
McGrath RentCorp		38,231		3,774,929
NOW, Inc.^(a)		174,040		2,210,308
Rush Enterprises, Inc., Class B		10,219		575,023
Triton International Ltd.		90,354		6,214,548


				29,255,664

Commercial Vehicles & Parts — 0.3%
Blue Bird Corp.^(a)(b)		27,405		293,507
Miller Industries, Inc.		17,488		466,230
Modine Manufacturing Co.^(a)		78,515		1,559,308
Motorcar Parts of America, Inc.^(a)		29,868		354,234
REV Group, Inc.		53,240		671,889
Rush Enterprises, Inc., Class A		65,013		3,398,880
Shyft Group, Inc.		54,259		1,348,879
Wabash National Corp.		73,031		1,650,501


				9,743,428

Communications Equipment^(a)(b)— 0.1%
CommScope Holding Co., Inc.		323,623		2,378,629
Ondas Holdings, Inc.		60,819		96,702


				2,475,331

Communications Technology — 0.9%
908 Devices, Inc.^(a)(b)		35,127		267,668
AdTheorent Holding Co., Inc.^(a)		58,110		96,463
ADTRAN Holdings, Inc.		118,802		2,232,290
Anterix, Inc.^(a)		29,042		934,281
Avaya Holdings Corp.^(a)(b)		128,969		25,278
Aviat Networks, Inc.^(a)(b)		10,089		314,676
Bandwidth, Inc., Class A^(a)(b)		35,910		824,134
Calix, Inc.^(a)(b)		89,574		6,129,549
Casa Systems, Inc.^(a)		55,675		151,993
Comtech Telecommunications Corp.		41,372		502,256
Digi International, Inc.^(a)		53,918		1,970,703


SERIES SCHEDULE OF INVESTMENTS		79

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Technology (continued)
DZS, Inc.^(a)		27,899	$	353,759
EchoStar Corp., Class A^(a)		54,126		902,822
Extreme Networks, Inc.^(a)		199,259		3,648,432
Harmonic, Inc.^(a)		145,028		1,899,867
Infinera Corp.^(a)(b)		298,676		2,013,076
Inseego Corp.^(a)(b)		146,601		123,511
InterDigital, Inc.		46,856		2,318,435
Maxar Technologies, Inc.^(b)		116,055		6,004,686
NETGEAR, Inc.^(a)		45,468		823,425
Ooma, Inc.^(a)		36,146		492,308
Ribbon Communications, Inc.^(a)		110,086		307,140


				32,336,752

Computer Services Software & Systems — 4.8%
A10 Networks, Inc.		98,630		1,640,217
ACI Worldwide, Inc.^(a)		173,652		3,993,996
Adeia, Inc.		166,633		1,579,681
Alarm.com Holdings, Inc.^(a)		75,890		3,755,037
Alkami Technology, Inc.^(a)(b)		58,228		849,546
Altair Engineering, Inc., Class A^(a)(b)		82,008		3,728,904
American Software, Inc., Class A		49,361		724,619
Appfolio, Inc., Class A^(a)		30,059		3,167,617
Appian Corp., Class A^(a)		63,168		2,056,750
Applied Digital Corp.^(a)		78,303		144,077
Asana, Inc., Class A^(a)(b)		116,201		1,600,088
Aterian, Inc.^(a)		94,084		72,473
Avid Technology, Inc.^(a)		53,751		1,429,239
Benefitfocus, Inc.^(a)(b)		39,344		411,538
BigCommerce Holdings, Inc., Series-1^(a)(b)		100,875		881,647
Blackbaud, Inc.^(a)		73,289		4,313,791
Blackline, Inc.^(a)(b)		87,155		5,862,917
Blucora, Inc.^(a)		75,131		1,918,094
Box, Inc., Class A^(a)		220,637		6,868,430
Brightcove, Inc.^(a)		64,907		339,464
Cargurus, Inc.^(a)(b)		161,035		2,256,100
Cerence, Inc.^(a)		62,394		1,156,161
Cleanspark, Inc.^(a)(b)		76,971		157,021
CommVault Systems, Inc.^(a)		70,251		4,414,573
CSG Systems International, Inc.		47,966		2,743,655
Digimarc Corp.^(a)(b)		21,894		404,820
Digital Turbine, Inc.^(a)		148,158		2,257,928
DigitalOcean Holdings, Inc.^(a)(b)		110,051		2,802,999
Domo, Inc., Class B^(a)		48,416		689,444
E2open Parent Holdings, Inc.^(a)(b)		313,292		1,839,024
Ebix, Inc.		41,582		829,977
Edgio, Inc.^(a)		215,777		243,828
Envestnet, Inc.^(a)		83,050		5,124,185
ePlus, Inc.^(a)		41,671		1,845,192
Eventbrite, Inc., Class A^(a)		119,924		702,755
Everbridge, Inc.^(a)		62,459		1,847,537
EverQuote, Inc., Class A^(a)(b)		31,499		464,295
Evolent Health, Inc., Class A^(a)		129,345		3,632,008
fuboTV, Inc.^(a)(b)		286,544		498,587
Grid Dynamics Holdings, Inc.^(a)		83,773		939,933
Groupon, Inc.^(a)(b)		36,579		313,848
LivePerson, Inc.^(a)		110,909		1,124,617
LiveRamp Holdings, Inc.^(a)		104,234		2,443,245
Magnite, Inc.^(a)(b)		206,506		2,186,899
Marathon Digital Holdings, Inc.^(a)(b)		173,343		592,833
MicroStrategy, Inc., Class A^(a)(b)		14,846		2,101,748
Mitek Systems, Inc.^(a)		66,630		645,645
Momentive Global, Inc.^(a)(b)		204,407		1,430,849


Security	Shares		Value

Computer Services Software & Systems (continued)
Multiplan Corp.^(a)(b)		601,228	$	691,412
NetScout Systems, Inc.^(a)		107,819		3,505,196
ON24, Inc.^(a)		63,216		545,554
OneSpan, Inc.^(a)		62,235		696,410
Ouster, Inc.^(a)(b)		220,786		190,538
PagerDuty, Inc.^(a)(b)		134,251		3,565,707
PAR Technology Corp.^(a)(b)		42,057		1,096,426
Parsons Corp.^(a)		53,086		2,455,227
Paya Holdings, Inc.^(a)		138,061		1,086,540
PDF Solutions, Inc.^(a)		46,905		1,337,731
Perficient, Inc.^(a)		53,914		3,764,815
Progress Software Corp.		66,718		3,365,923
PROS Holdings, Inc.^(a)		65,507		1,589,200
Q2 Holdings, Inc.^(a)		88,150		2,368,590
Rackspace Technology, Inc.^(a)(b)		89,351		263,585
Rapid7, Inc.^(a)(b)		91,653		3,114,369
Red Violet, Inc.^(a)		14,638		336,967
Rimini Street, Inc.^(a)		75,101		286,135
Riot Blockchain, Inc.^(a)(b)		242,650		822,583
Sapiens International Corp. NV		48,968		904,929
Schrodinger, Inc.^(a)(b)		86,286		1,612,685
SecureWorks Corp., Class A^(a)		13,813		88,265
ShotSpotter, Inc.^(a)		14,683		496,726
Shutterstock, Inc.		38,264		2,017,278
Simulations Plus, Inc.		25,013		914,725
Sprout Social, Inc., Class A^(a)		73,652		4,158,392
SPS Commerce, Inc.^(a)		57,225		7,349,407
Sumo Logic, Inc.^(a)		181,306		1,468,579
TechTarget, Inc.^(a)(b)		43,026		1,895,726
Telos Corp.^(a)		87,285		444,281
Tenable Holdings, Inc.^(a)		175,293		6,687,428
Tucows, Inc., Class A^(a)(b)		15,374		521,486
Unisys Corp.^(a)		105,434		538,768
Upland Software, Inc.^(a)		45,169		322,055
Upwork, Inc.^(a)(b)		189,177		1,975,008
Varonis Systems, Inc.^(a)		171,907		4,115,454
Verint Systems, Inc.^(a)		100,398		3,642,439
Veritone, Inc.^(a)(b)		48,924		259,297
Verra Mobility Corp.^(a)(b)		217,987		3,014,760
Viant Technology, Inc., Class A^(a)(b)		18,892		75,946
Workiva, Inc.^(a)		75,230		6,317,063
Yelp, Inc.^(a)		104,828		2,865,997
Yext, Inc.^(a)(b)		179,672		1,173,258
Zuora, Inc., Class A^(a)(b)		191,900		1,220,484


				176,191,175

Computer Technology — 0.7%
3D Systems Corp.^(a)		199,924		1,479,437
Cantaloupe, Inc.^(a)		91,146		396,485
Corsair Gaming, Inc.^(a)		59,893		812,748
Diebold Nixdorf, Inc.^(a)(b)		112,326		159,503
Identiv, Inc.^(a)		33,764		244,451
Impinj, Inc.^(a)(b)		33,798		3,690,066
Insight Enterprises, Inc.^(a)		49,552		4,968,579
PC Connection, Inc.		17,574		824,221
Super Micro Computer, Inc.^(a)		72,477		5,950,362
Synaptics, Inc.^(a)		62,597		5,956,730


				24,482,582

Construction — 0.5%
Construction Partners, Inc., Class A^(a)		62,592		1,670,580
EMCOR Group, Inc.		73,547		10,893,046
Granite Construction, Inc.		69,811		2,448,272


80		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction (continued)
Great Lakes Dredge & Dock Corp.^(a)		102,455	$	609,607
Primoris Services Corp.		83,699		1,836,356
Sterling Infrastructure, Inc.^(a)(b)		46,826		1,535,893
Tutor Perini Corp.^(a)		66,361		501,026


				19,494,780

Consumer Electronics^(a)— 0.1%
Sonos, Inc.		201,377		3,403,271
Universal Electronics, Inc.		18,452		383,986
Vuzix Corp.^(b)		93,896		341,782


				4,129,039

Consumer Finance^(a)— 0.0%
Consumer Portfolio Services, Inc.		17,579		155,574
Moneylion, Inc.		223,276		138,431
NerdWallet, Inc., Class A		39,578		379,949
OppFi, Inc.^(b)		20,875		42,794
Sunlight Financial Holdings, Inc.		37,549		48,438


				765,186

Consumer Lending — 0.5%
Curo Group Holdings Corp.		32,093		113,930
Encore Capital Group, Inc.^(a)		35,432		1,698,610
Enova International, Inc.^(a)(b)		46,722		1,792,723
Ezcorp, Inc., Class A^(a)(b)		77,749		633,654
LendingTree, Inc.^(a)		16,206		345,674
Marcus & Millichap, Inc.		39,824		1,371,937
MoneyGram International, Inc.^(a)		147,405		1,605,240
Navient Corp.		164,817		2,711,240
Nelnet, Inc., Class A		22,944		2,082,168
Oportun Financial Corp.^(a)		42,970		236,765
PRA Group, Inc.^(a)		60,463		2,042,440
PROG Holdings, Inc.^(a)		79,947		1,350,305
Regional Management Corp.		11,998		336,904
World Acceptance Corp.^(a)		6,330		417,400


				16,738,990

Consumer Services: Miscellaneous — 0.3%
Cars.com, Inc.^(a)(b)		106,354		1,464,495
Chuy’s Holdings, Inc.^(a)		29,747		841,840
FirstCash Holdings, Inc.		59,105		5,136,816
Franchise Group, Inc.		39,159		932,767
KAR Auction Services, Inc.^(a)		168,068		2,193,287
Udemy, Inc.^(a)		113,853		1,201,149
WW International, Inc.^(a)		87,231		336,712


				12,107,066

Containers & Packaging — 0.4%
Cryptyde, Inc.^(a)		28,356		5,436
Greif, Inc., Class A		38,345		2,571,416
Greif, Inc., Class B		8,371		654,863
Myers Industries, Inc.		57,255		1,272,779
O-I Glass, Inc.^(a)		245,597		4,069,542
Pactiv Evergreen, Inc.		67,071		761,926
Ranpak Holdings Corp.^(a)(b)		68,534		395,441
UFP Technologies, Inc.^(a)		10,865		1,280,875
Veritiv Corp.		20,224		2,461,463


				13,473,741

Cosmetics — 0.2%
elf Beauty, Inc.^(a)		76,391		4,224,422
Inter Parfums, Inc.		28,326		2,734,026


				6,958,448


Security	Shares		Value

Diversified Consumer Services^(a)— 0.2%
Beachbody Co., Inc.		161,696	$	85,052
Duolingo, Inc.		37,146		2,642,195
Frontdoor, Inc.		130,617		2,716,834
Nerdy, Inc.^(b)		83,730		188,392
Rover Group, Inc.		143,981		528,410


				6,160,883

Diversified Financial Services — 0.8%
Alerus Financial Corp.		24,233		565,841
Associated Capital Group, Inc., Class A		3,113		130,715
Cannae Holdings, Inc.^(a)		107,514		2,220,164
Compass Diversified Holdings		97,146		1,770,972
European Wax Center, Inc., Class A		38,668		481,417
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		136,727		3,962,348
Houlihan Lokey, Inc.		78,124		6,809,288
Jackson Financial, Inc., Class A		116,716		4,060,550
MBIA, Inc.^(a)		74,515		957,518
MidWestOne Financial Group, Inc.		22,466		713,295
Moelis & Co., Class A		100,573		3,858,986
Piper Sandler Cos.,		26,818		3,491,435
SWK Holdings Corp.^(a)		5,499		97,002
Tiptree, Inc.^(b)		40,535		561,004


				29,680,535

Diversified Manufacturing Operations — 0.5%
Barnes Group, Inc.		77,256		3,155,907
Custom Truck One Source, Inc.^(a)		92,336		583,563
Enerpac Tool Group Corp.		88,233		2,245,530
Federal Signal Corp.		94,261		4,380,309
Harsco Corp.^(a)		125,601		790,030
Luxfer Holdings PLC		43,897		602,267
OSI Systems, Inc.^(a)		25,555		2,032,134
PowerSchool Holdings, Inc., Class A^(a)		72,609		1,675,816
Standex International Corp.		18,748		1,919,983
TriMas Corp.		66,087		1,833,253


				19,218,792

Diversified Materials & Processing — 0.4%
Belden, Inc.		65,878		4,736,628
Encore Wire Corp.		27,625		3,800,095
Insteel Industries, Inc.		29,882		822,353
Koppers Holdings, Inc.		32,047		903,725
NL Industries, Inc.		14,377		97,907
Tredegar Corp.		43,945		449,118
Uranium Energy Corp.^(a)(b)		548,063		2,126,485


				12,936,311

Diversified Media — 0.0%
EW Scripps Co., Class A^(a)		92,275		1,217,107


Diversified Retail — 0.3%
Big Lots, Inc.		45,365		666,866
Dillard’s, Inc., Class A		6,204		2,005,133
Duluth Holdings, Inc., Class B^(a)(b)		21,183		130,911
Global Industrial Co.		20,148		474,082
Overstock.com, Inc.^(a)(b)		66,903		1,295,242
Porch Group, Inc.^(a)(b)		129,953		244,312
PriceSmart, Inc.		38,825		2,359,783
Revolve Group, Inc.^(a)(b)		64,387		1,433,255
Stitch Fix, Inc., Class A^(a)		126,949		394,811
Winmark Corp.		4,404		1,038,595


				10,042,990


SERIES SCHEDULE OF INVESTMENTS		81

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Telecommunication Services — 0.0%
Charge Enterprises, Inc.^(a)(b)		207,979	$	257,894


Drug & Grocery Store Chains — 0.3%
Ingles Markets, Inc., Class A		22,415		2,162,151
PetMed Express, Inc.		31,341		554,736
Rite Aid Corp.^(a)		86,181		287,845
Sprouts Farmers Market, Inc.^(a)		165,785		5,366,460
Village Super Market, Inc., Class A		13,818		321,821
Weis Markets, Inc.^(b)		25,880		2,129,665


				10,822,678

Education Services — 0.7%
2U, Inc.^(a)(b)		118,610		743,685
Adtalem Global Education, Inc.^(a)		70,801		2,513,435
American Public Education, Inc.^(a)		30,013		368,860
Chegg, Inc.^(a)		196,273		4,959,819
Coursera, Inc.^(a)		180,047		2,129,956
Franklin Covey Co.^(a)		18,892		883,579
Graham Holdings Co., Class B		5,661		3,420,433
HealthStream, Inc.^(a)		38,135		947,273
Laureate Education, Inc., Class A		214,325		2,061,807
Perdoceo Education Corp.^(a)		105,296		1,463,614
Strategic Education, Inc.		35,827		2,805,971
Stride, Inc.^(a)(b)		64,051		2,003,515
Universal Technical Institute, Inc.^(a)(b)		50,302		338,029


				24,639,976

Electrical Equipment^(a)— 0.3%
Energy Vault Holdings, Inc.^(b)		128,266		400,190
Enovix Corp.		171,646		2,135,276
ESS Tech, Inc.^(b)		124,621		302,829
Fluence Energy, Inc.^(b)		56,654		971,616
Heliogen, Inc.		148,599		103,752
NuScale Power Corp.		48,577		498,400
Shoals Technologies Group, Inc., Class A		217,813		5,373,447


				9,785,510

Electronic Components — 0.8%
AEye, Inc.^(a)(b)		128,643		61,826
Array Technologies, Inc.^(a)		237,900		4,598,607
Methode Electronics, Inc.		57,207		2,538,275
MicroVision, Inc.^(a)(b)		263,286		618,722
Novanta, Inc.^(a)		56,054		7,616,057
Rogers Corp.^(a)		29,335		3,500,839
Sanmina Corp.^(a)		88,640		5,078,186
ScanSource, Inc.^(a)(b)		40,025		1,169,531
Stem, Inc.^(a)(b)		227,396		2,032,920
TTM Technologies, Inc.^(a)		159,906		2,411,382
Velodyne Lidar, Inc.^(a)(b)		298,311		220,362


				29,846,707

Electronic Entertainment — 0.0%
Turtle Beach Corp.^(a)(b)		23,215		166,451
Via Renewables, Inc.		18,805		96,094


				262,545

Electronic Equipment, Instruments & Components^(a)— 0.1%
Evolv Technologies Holdings, Inc.		129,862		336,343
Focus Universal, Inc.		27,347		175,294
Lightwave Logic, Inc.^(b)		178,209		768,081
Mirion Technologies, Inc.^(b)		217,708		1,439,050
SmartRent, Inc.		198,503		482,362


				3,201,130


Security	Shares		Value

Electronics^(a)— 0.2%
Agilysys, Inc.		31,189	$	2,468,297
Integer Holdings Corp.		51,988		3,559,099
iRobot Corp.		42,346		2,038,113
nLight, Inc.		70,476		714,627


				8,780,136

Energy Equipment — 0.9%
API Group Corp.^(a)		326,480		6,141,089
Arcosa, Inc.		76,439		4,153,695
Bloom Energy Corp., Class A^(a)		281,765		5,387,347
Diamond Offshore Drilling, Inc.^(a)(b)		159,661		1,660,474
Expro Group Holdings NV^(a)		122,321		2,217,680
FuelCell Energy, Inc.^(a)(b)		633,961		1,762,412
Matador Resources Co.		177,624		10,167,198
SunPower Corp.^(a)(b)		129,114		2,327,925
TPI Composites, Inc.^(a)		57,057		578,558


				34,396,378

Energy Equipment & Services^(a)— 0.4%
Borr Drilling Ltd.		306,527		1,523,439
Valaris Ltd.		96,128		6,500,175
Weatherford International PLC		111,529		5,679,057


				13,702,671

Engineering & Contracting Services — 0.7%
Argan, Inc.		21,646		798,304
Dycom Industries, Inc.^(a)		45,567		4,265,071
Exponent, Inc.		79,427		7,870,421
Fluor Corp.^(a)(b)		222,480		7,711,157
IES Holdings, Inc.^(a)		13,540		481,618
MYR Group, Inc.^(a)		25,868		2,381,667
NETSTREIT Corp.		81,600		1,495,728
VSE Corp.^(b)		16,729		784,256
Willdan Group, Inc.^(a)		17,989		321,104


				26,109,326

Entertainment^(a)— 0.2%
Cinemark Holdings, Inc.^(b)		171,308		1,483,527
Golden Entertainment, Inc.		31,644		1,183,486
IMAX Corp.^(b)		73,742		1,081,058
Lions Gate Entertainment Corp., Class A^(b)		94,339		538,676
Lions Gate Entertainment Corp., Class B		182,201		989,351
Playstudios, Inc.^(b)		122,426		475,013
Reservoir Media, Inc.		31,600		188,652
Skillz, Inc.^(b)		502,465		254,498


				6,194,261

Environmental, Maintenance, & Security Service — 0.5%
ABM Industries, Inc.		102,909		4,571,218
BrightView Holdings, Inc.^(a)		68,501		471,972
Brink’s Co.		70,368		3,779,465
Healthcare Services Group, Inc.		115,841		1,390,092
IBEX Holdings Ltd.^(a)		11,848		294,423
Montrose Environmental Group, Inc.^(a)(b)		43,275		1,920,977
SP Plus Corp.^(a)		30,048		1,043,267
UniFirst Corp.		23,624		4,559,196
Vivint Smart Home, Inc.^(a)(b)		149,768		1,782,239


				19,812,849

Financial Data & Systems — 0.4%
Atlanticus Holdings Corp.^(a)(b)		7,396		193,775
Cass Information Systems, Inc.		21,214		972,026
Donnelley Financial Solutions, Inc.^(a)(b)		40,358		1,559,837
Everi Holdings, Inc.^(a)		136,141		1,953,623
EVERTEC, Inc.		94,501		3,059,942


82		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Financial Data & Systems (continued)
Evo Payments, Inc., Class A^(a)		74,619	$	2,525,107
Green Dot Corp., Class A^(a)		71,709		1,134,436
I3 Verticals, Inc., Class A^(a)(b)		34,942		850,488
International Money Express, Inc.^(a)		50,513		1,231,002
LendingClub Corp.^(a)		161,975		1,425,380
Priority Technology Holdings, Inc.^(a)		27,679		145,592
Repay Holdings Corp.^(a)(b)		138,026		1,111,109
Value Line, Inc.^(b)		1,578		80,289


				16,242,606

Food & Staples Retailing — 0.0%
Natural Grocers by Vitamin Cottage, Inc.		14,822		135,473


Food Products^(a)— 0.2%
Benson Hill, Inc.		265,305		676,528
Beyond Meat, Inc.^(b)		98,027		1,206,712
BRC, Inc.^(b)		39,661		242,329
Hain Celestial Group, Inc.		134,667		2,178,912
Local Bounti Corp.		69,287		96,309
SunOpta, Inc.		154,093		1,300,545


				5,701,335

Foods — 1.2%
AppHarvest, Inc.^(a)(b)		106,733		60,560
B&G Foods, Inc.		111,655		1,244,953
Chefs’ Warehouse, Inc.^(a)(b)		53,805		1,790,630
HF Foods Group, Inc.^(a)		54,160		219,890
Hostess Brands, Inc.^(a)		209,333		4,697,433
J & J Snack Foods Corp.		23,988		3,591,244
John B Sanfilippo & Son, Inc.		14,081		1,145,067
Lancaster Colony Corp.		30,681		6,053,361
Medifast, Inc.		17,073		1,969,371
Mission Produce, Inc.^(a)		62,419		725,309
Nature’s Sunshine Products, Inc.^(a)		19,301		160,584
Seneca Foods Corp., Class A^(a)		8,506		518,441
Simply Good Foods Co.^(a)		139,182		5,293,091
Sovos Brands, Inc.^(a)		61,819		888,339
SpartanNash Co.		53,204		1,608,889
Tattooed Chef, Inc.^(a)(b)		78,079		96,037
Tootsie Roll Industries, Inc.		24,880		1,059,142
TreeHouse Foods, Inc.^(a)		80,254		3,962,943
United Natural Foods, Inc.^(a)(b)		91,703		3,549,823
Utz Brands, Inc.		103,693		1,644,571
Vita Coco Co., Inc.^(a)(b)		43,072		595,255
Vital Farms, Inc.^(a)		46,307		690,900
Whole Earth Brands, Inc.^(a)		61,190		249,043


				41,814,876

Forest Products — 0.3%
Boise Cascade Co.		61,165		4,200,201
UFP Industries, Inc.		93,208		7,386,734


				11,586,935

Forms & Bulk Printing Services — 0.1%
Deluxe Corp.		67,704		1,149,614
Ennis, Inc.		39,690		879,531
Quad/Graphics, Inc.^(a)		53,805		219,524


				2,248,669

Fruit & Grain Processing — 0.1%
MGP Ingredients, Inc.		22,149		2,356,211


Security	Shares		Value

Funeral Parlors & Cemeteries — 0.2%
Carriage Services, Inc.		20,795	$	572,694
Hillenbrand, Inc.		107,332		4,579,857
Matthews International Corp., Class A		47,144		1,435,063


				6,587,614

Gas Pipeline — 0.2%
Equitrans Midstream Corp.		648,750		4,346,625
Kinetik Holdings, Inc., Class A		25,969		859,055
NextDecade Corp.^(a)		53,066		262,146


				5,467,826

Glass — 0.0%
Apogee Enterprises, Inc.		35,060		1,558,768


Gold^(a)— 0.1%
Coeur Mining, Inc.^(b)		439,586		1,477,009
Novagold Resources, Inc.		377,361		2,256,619


				3,733,628

Health Care Equipment & Services^(b)— 0.1%
Embecta Corp.		91,838		2,322,583
Figs, Inc., Class A^(a)		203,573		1,370,046


				3,692,629

Health Care Equipment & Supplies — 0.3%
AbCellera Biologics, Inc.^(a)(b)		326,736		3,309,836
Adaptive Biotechnologies Corp.^(a)		175,900		1,343,876
Inogen, Inc.^(a)		37,251		734,217
Nano-X Imaging Ltd.^(a)		71,188		525,367
OmniAb, Inc.^(a)(b)		116,347		418,849
OmniAb, Inc.^(c)		18,006		—
Paragon 28, Inc.^(a)		73,287		1,400,515
PROCEPT BioRobotics Corp.^(a)		40,392		1,677,884
Vicarious Surgical, Inc.^(a)		84,278		170,242
Zimvie, Inc.^(a)		34,331		320,651


				9,901,437

Health Care Facilities — 0.5%
Apollo Medical Holdings, Inc.^(a)(b)		61,420		1,817,418
Brookdale Senior Living, Inc.^(a)(b)		297,695		812,707
Ensign Group, Inc.		85,001		8,041,945
Joint Corp.^(a)		23,183		324,098
LifeStance Health Group, Inc.^(a)(b)		116,143		573,746
National HealthCare Corp.		20,131		1,197,794
RxSight, Inc.^(a)		33,786		428,069
Select Medical Holdings Corp.		164,292		4,079,370
Sight Sciences, Inc.^(a)(b)		33,974		414,823
U.S. Physical Therapy, Inc.		20,254		1,641,182


				19,331,152

Health Care Management Services^(a)— 0.5%
1Life Healthcare, Inc.^(b)		284,518		4,754,296
Computer Programs & Systems, Inc.		22,359		608,612
Hims & Hers Health, Inc.^(b)		194,087		1,244,098
Option Care Health, Inc.		246,629		7,421,066
Progyny, Inc.		118,042		3,677,008


				17,705,080

Health Care Providers & Services^(a)—0.2%
23andMe Holding Co., Class A^(b)		402,684		869,797
Cano Health, Inc.^(b)		257,690		353,035
CareMax, Inc.		92,130		336,275
Clover Health Investments Corp.^(b)		603,370		560,832
DocGo, Inc.		129,455		915,247


SERIES SCHEDULE OF INVESTMENTS		83

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Oncology Institute, Inc.^(b)		54,829	$	90,468
P3 Health Partners, Inc.^(b)		39,295		72,303
R1 RCM, Inc.^(b)		237,108		2,596,333
Sema4 Holdings Corp.^(b)		244,243		64,431


				5,858,721

Health Care Services — 1.9%
Accolade, Inc.^(a)(b)		105,277		820,108
Addus HomeCare Corp.^(a)		24,384		2,425,964
Agiliti, Inc.^(a)(b)		43,558		710,431
AirSculpt Technologies, Inc.^(b)		18,378		67,999
Alignment Healthcare, Inc.^(a)(b)		152,380		1,791,989
Allscripts Healthcare Solutions, Inc.^(a)(b)		167,135		2,948,261
American Well Corp., Class A^(a)(b)		361,919		1,024,231
AMN Healthcare Services, Inc.^(a)		67,520		6,942,406
ATI Physical Therapy, Inc.^(a)		115,575		35,250
Aveanna Healthcare Holdings, Inc.^(a)		74,403		58,034
Babylon Holdings Ltd./Jersey, Class A		6,729		45,421
Butterfly Network, Inc.^(a)		208,423		512,721
Cara Therapeutics, Inc.^(a)		69,849		750,178
CorVel Corp.^(a)		13,982		2,032,004
Cross Country Healthcare, Inc.^(a)(b)		55,125		1,464,671
Cue Health, Inc.^(a)		177,312		367,036
Health Catalyst, Inc.^(a)		84,946		902,976
HealthEquity, Inc.^(a)		129,743		7,997,358
Inari Medical, Inc.^(a)		76,122		4,838,314
LHC Group, Inc.^(a)(b)		46,440		7,508,884
ModivCare, Inc.^(a)		19,881		1,783,922
NeoGenomics, Inc.^(a)		198,221		1,831,562
NextGen Healthcare, Inc.^(a)		88,644		1,664,734
Omnicell, Inc.^(a)(b)		69,290		3,493,602
OptimizeRx Corp.^(a)		28,157		473,038
Pear Therapeutics, Inc.^(a)		109,561		129,282
Pediatrix Medical Group, Inc.^(a)		124,360		1,847,990
Pennant Group, Inc.^(a)		41,990		461,050
Phibro Animal Health Corp., Class A		31,916		427,994
Phreesia, Inc.^(a)		77,139		2,496,218
Privia Health Group, Inc.^(a)(b)		71,337		1,620,063
Ryman Hospitality Properties, Inc.		84,918		6,944,594
Sharecare, Inc.^(a)(b)		454,348		726,957
Surgery Partners, Inc.^(a)		78,950		2,199,547


				69,344,789

Health Care Technology — 0.0%
Nutex Health, Inc.^(a)(b)		360,876		685,664


Health Care: Miscellaneous^(a)— 0.2%
Absci Corp.		86,413		181,467
Berkeley Lights, Inc.		86,672		232,281
Medpace Holdings, Inc.		39,698		8,432,252


				8,846,000

Home Building — 0.9%
Beazer Homes USA, Inc.^(a)		45,900		585,684
Century Communities, Inc.		45,095		2,255,201
Hovnanian Enterprises, Inc., Class A^(a)		8,030		337,902
Installed Building Products, Inc.		37,554		3,214,622
KB Home		117,797		3,751,835
Legacy Housing Corp.^(a)		14,089		267,127
LGI Homes, Inc.^(a)(b)		32,378		2,998,203
M/I Homes, Inc.^(a)		42,538		1,964,405
MDC Holdings, Inc.		90,252		2,851,963
Meritage Homes Corp.^(a)(b)		55,909		5,154,810


Security	Shares		Value

Home Building (continued)
Taylor Morrison Home Corp.^(a)		162,908	$	4,944,258
Tile Shop Holdings, Inc.^(a)		56,219		246,239
Tri Pointe Homes, Inc.^(a)		159,190		2,959,342


				31,531,591

Hotel/Motel — 0.2%
Bally’s Corp.^(a)(b)		58,112		1,126,211
F45 Training Holdings, Inc.^(a)(b)		55,523		158,240
First Watch Restaurant Group, Inc.^(a)(b)		21,398		289,515
Krispy Kreme, Inc.		113,328		1,169,545
Marcus Corp.		37,198		535,279
NEOGAMES SA^(a)		20,310		247,579
Red Rock Resorts, Inc., Class A		80,036		3,202,240
Xponential Fitness, Inc., Class A^(a)		27,191		623,490


				7,352,099

Hotels, Restaurants & Leisure^(a)— 0.0%
Bowlero Corp.		46,279		623,841
Inspirato, Inc.		45,205		53,794
Sonder Holdings, Inc.^(b)		302,780		375,447
Vacasa, Inc., Class A^(b)		178,786		225,270


				1,278,352

Household Appliances — 0.0%
Landsea Homes Corp.^(a)		13,542		70,554
National Presto Industries, Inc.		8,088		553,705
Snap One Holdings Corp.^(a)(b)		28,334		209,955
Traeger, Inc.^(a)(b)		49,720		140,210


				974,424

Household Durables^(a)— 0.0%
Dream Finders Homes, Inc., Class A^(b)		32,374		280,359
Vizio Holding Corp., Class A		105,473		781,555


				1,061,914

Household Equipment & Products — 0.4%
Central Garden & Pet Co.^(a)		15,218		569,914
Central Garden & Pet Co., Class A^(a)		63,243		2,264,099
Energizer Holdings, Inc.		105,218		3,530,064
Helen of Troy Ltd.^(a)		37,510		4,160,234
Tupperware Brands Corp.^(a)		71,031		294,068
Weber, Inc., Class A^(b)		41,921		337,464
Zurn Elkay Water Solutions Corp.^(b)		195,963		4,144,618


				15,300,461

Household Furnishings — 0.2%
American Woodmark Corp.^(a)(b)		25,884		1,264,692
Ethan Allen Interiors, Inc.		36,050		952,441
La-Z-Boy, Inc.		67,425		1,538,639
Lifetime Brands, Inc.		19,521		148,164
Lovesac Co.^(a)		22,223		489,128
Purple Innovation, Inc.^(a)(b)		87,727		420,212
Sleep Number Corp.^(a)		33,471		869,577


				5,682,853

Independent Power Producers & Energy Traders^(a)— 0.0%
Altus Power, Inc.		67,257		438,516
Montauk Renewables, Inc.^(b)		103,034		1,136,465


				1,574,981

Industrial Conglomerates — 0.0%
Brookfield Business Corp., Class A		41,713		783,787


Insurance — 0.2%
Lemonade, Inc.^(a)(b)		72,596		993,113


84		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Marqeta, Inc., Class A^(a)(b)		685,033	$	4,185,552
Mercury General Corp.		42,223		1,444,027
Oscar Health, Inc., Class A^(a)		189,900		467,154


				7,089,846

Insurance: Life — 0.4%
American Equity Investment Life Holding Co.		110,753		5,052,552
Bright Health Group, Inc.^(a)(b)		298,230		193,820
CNO Financial Group, Inc.		174,416		3,985,405
National Western Life Group, Inc., Class A		3,510		986,310
Selectquote, Inc.^(a)		209,364		140,672
Trean Insurance Group, Inc.^(a)		38,584		231,504
Trupanion, Inc.^(a)		61,533		2,924,663


				13,514,926

Insurance: Multi-Line — 0.3%
BRP Group, Inc., Class A^(a)(b)		93,919		2,361,124
Crawford & Co., Class A		27,856		154,879
eHealth, Inc.^(a)		39,271		190,071
Goosehead Insurance, Inc., Class A^(a)		30,023		1,030,990
Horace Mann Educators Corp.		63,440		2,370,753
James River Group Holdings Ltd.		48,689		1,018,087
Mr. Cooper Group, Inc.^(a)		108,459		4,352,460
SiriusPoint Ltd.^(a)		144,727		853,889


				12,332,253

Insurance: Property-Casualty — 1.8%
AMERISAFE, Inc.		29,883		1,553,019
Argo Group International Holdings Ltd.		50,554		1,306,821
Donegal Group, Inc., Class A		24,551		348,624
Employers Holdings, Inc.		42,660		1,839,926
Enstar Group Ltd.^(a)		17,733		4,097,032
Essent Group Ltd.		163,045		6,339,190
Genworth Financial, Inc., Class A^(a)		761,926		4,030,589
Greenlight Capital Re Ltd., Class A^(a)		40,788		332,422
HCI Group, Inc.		10,305		407,975
Hilltop Holdings, Inc.		78,682		2,361,247
Investors Title Co.		2,120		312,806
Kinsale Capital Group, Inc.		34,153		8,931,693
NI Holdings, Inc.^(a)		17,790		236,073
NMI Holdings, Inc., Class A^(a)(b)		131,306		2,744,295
Palomar Holdings, Inc.^(a)		38,250		1,727,370
ProAssurance Corp.		79,587		1,390,385
Radian Group, Inc.		244,327		4,659,316
RLI Corp.		61,037		8,012,327
Safety Insurance Group, Inc.		21,629		1,822,460
Selective Insurance Group, Inc.		93,333		8,270,237
Stewart Information Services Corp.		40,510		1,730,992
United Fire Group, Inc.		33,291		910,842
Universal Insurance Holdings, Inc.		42,660		451,769


				63,817,410

International Trade & Diversified Logistic^(a)— 0.1%
CryoPort, Inc.^(b)		69,008		1,197,289
Radiant Logistics, Inc.		57,970		295,067
V2X, Inc.		19,227		793,883


				2,286,239

Internet & Catalog Retail^(a)— 0.1%
BARK, Inc.		193,194		287,859
ContextLogic, Inc., Class A		899,747		438,807
Poshmark, Inc., Class A		72,398		1,294,476
Qurate Retail, Inc., Series A		555,660		905,726
RumbleON, Inc., Class B^(b)		15,994		103,481


Security	Shares		Value

Internet & Catalog Retail (continued)
ThredUp, Inc., Class A^(b)		90,694	$	118,809
Vivid Seats, Inc., Class A		42,989		313,820


				3,462,978

Internet Software & Services^(a)— 0.3%
1stdibs.com, Inc.^(b)		36,989		187,904
aka Brands Holding Corp.		13,206		16,772
Boxed, Inc.		41,535		8,095
eGain Corp.		34,204	��	308,862
Flywire Corp.^(b)		89,335		2,186,028
Gogo, Inc.^(b)		79,983		1,180,549
Lulu’s Fashion Lounge Holdings, Inc.		26,618		66,811
MediaAlpha, Inc., Class A		39,495		392,975
Outbrain, Inc.		61,698		223,347
Quotient Technology, Inc.		131,056		449,522
Remitly Global, Inc.		157,965		1,808,699
Rent the Runway, Inc., Class A^(b)		72,180		220,149
TrueCar, Inc.		137,126		344,186
Xometry, Inc., Class A^(b)		53,151		1,713,057


				9,106,956

IT Services — 0.5%
Bread Financial Holdings, Inc.		45,593		1,717,033
Cerberus Cyber Sentinel Corp.^(a)(b)		70,569		179,951
Cyxtera Technologies, Inc.^(a)(b)		60,210		115,603
Fastly, Inc., Class A^(a)(b)		175,723		1,439,171
Joby Aviation, Inc.^(a)		395,125		1,323,669
Markforged Holding Corp.^(a)(b)		170,127		197,347
Payoneer Global, Inc.^(a)		341,030		1,865,434
Paysafe Ltd.^(a)		45,182		627,578
Sabre Corp.^(a)(b)		514,577		3,180,086
SolarWinds Corp.^(a)		74,666		698,874
Squarespace, Inc., Class A^(a)		49,984		1,108,145
StoneCo Ltd., Class A^(a)		437,327		4,128,367


				16,581,258

Leisure Time — 0.7%
Acushnet Holdings Corp.^(b)		51,668		2,193,823
AMMO, Inc.^(a)(b)		135,985		235,254
Clarus Corp.		45,706		358,335
Hilton Grand Vacations, Inc.^(a)(b)		132,810		5,118,498
Johnson Outdoors, Inc., Class A		8,574		566,913
Latham Group, Inc.^(a)		68,765		221,423
Life Time Group Holdings, Inc.^(a)(b)		65,278		780,725
Lindblad Expeditions Holdings, Inc.^(a)		53,512		412,042
Madison Square Garden Entertainment Corp.^(a)		40,625		1,826,906
OneSpaWorld Holdings Ltd.^(a)		102,899		960,048
Portillo’s, Inc., Class A^(a)		41,673		680,103
RCI Hospitality Holdings, Inc.		13,678		1,274,653
SeaWorld Entertainment, Inc.^(a)(b)		61,621		3,297,340
Smith & Wesson Brands, Inc.		71,791		623,146
Sturm Ruger & Co., Inc.		27,205		1,377,117
Topgolf Callaway Brands Corp.^(a)(b)		220,759		4,359,990
Vista Outdoor, Inc.^(a)		87,916		2,142,513


				26,428,829

Luxury Items — 0.2%
Movado Group, Inc.		24,262		782,450
Signet Jewelers Ltd.		72,255		4,913,340
Stagwell, Inc.^(a)		125,682		780,485


				6,476,275

Machinery^(a)— 0.1%
Berkshire Grey, Inc.		75,406		45,538


SERIES SCHEDULE OF INVESTMENTS		85

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Fathom Digital Manufacturing C^(b)		15,661	$	20,672
Hillman Solutions Corp.		212,153		1,529,623
Hyzon Motors, Inc.		146,569		227,182
Lightning eMotors, Inc.		60,481		22,166
Matterport, Inc.^(b)		347,210		972,188
Microvast Holdings, Inc.^(b)		263,449		403,077
Proterra, Inc.^(b)		348,862		1,315,210
Sarcos Technology & Robotics Corp.		177,959		99,888
Velo3D, Inc.^(b)		87,101		155,911
Xos, Inc.		84,540		37,443


				4,828,898

Machinery: Agricultural — 0.3%
Alamo Group, Inc.		15,876		2,248,042
Integral Ad Science Holding Corp.^(a)		59,020		518,786
Lindsay Corp.		17,367		2,828,216
SPX Technologies, Inc.^(a)		67,827		4,452,842
Titan International, Inc.^(a)		79,894		1,223,976
Titan Machinery, Inc.^(a)		31,516		1,252,131


				12,523,993

Machinery: Construction & Handling — 0.2%
Astec Industries, Inc.		36,026		1,464,817
Douglas Dynamics, Inc.		35,116		1,269,795
Manitowoc Co., Inc.^(a)		53,602		490,994
NACCO Industries, Inc., Class A		6,262		237,956
Terex Corp.		105,221		4,495,041


				7,958,603

Machinery: Industrial — 1.2%
Altra Industrial Motion Corp.		102,579		6,129,095
Applied Industrial Technologies, Inc.		59,803		7,536,972
Chart Industries, Inc.^(a)(b)		66,879		7,706,467
Columbus McKinnon Corp.		44,799		1,454,624
Desktop Metal, Inc., Class A^(a)(b)		423,566		576,050
DXP Enterprises, Inc.^(a)		24,668		679,603
EnPro Industries, Inc.		32,844		3,569,814
Hydrofarm Holdings Group, Inc.^(a)		71,262		110,456
Hyliion Holdings Corp.^(a)(b)		206,534		483,290
Hyster-Yale Materials Handling, Inc.		17,032		431,080
John Bean Technologies Corp.		49,912		4,558,463
Kadant, Inc.		18,312		3,252,761
Kennametal, Inc.		128,401		3,089,328
Nikola Corp.^(a)(b)		502,314		1,084,998
Omega Flex, Inc.		5,277		492,450
Proto Labs, Inc.^(a)		44,093		1,125,694
Tennant Co.		29,130		1,793,534


				44,074,679

Machinery: Specialty — 0.1%
Albany International Corp., Class A		49,202		4,850,825


Manufactured Housing^(a)— 0.2%
Cavco Industries, Inc.		14,058		3,180,623
Skyline Champion Corp.		84,167		4,335,442


				7,516,065

Marine — 0.1%
Golden Ocean Group Ltd.		196,293		1,705,786


Media^(a)— 0.2%
Arena Group Holdings, Inc.		17,516		185,845
Bumble, Inc., Class A		136,120		2,865,326
Gambling.com Group Ltd.		13,401		122,619
Innovid Corp.^(b)		122,274		209,089


Security	Shares		Value

Media (continued)
Leafly Holdings, Inc.		48,776	$	31,797
Loyalty Ventures, Inc.		30,988		74,681
PubMatic, Inc., Class A^(b)		66,431		850,981
Urban One, Inc.		31,333		127,916
Vimeo, Inc.		227,211		779,334
Vinco Ventures, Inc.^(b)		369,042		171,235
Wejo Group Ltd.		29,266		14,077
ZipRecruiter, Inc., Class A^(b)		113,528		1,864,130


				7,297,030

Medical & Dental Instruments & Supplies — 1.8%
Akoya Biosciences, Inc.^(a)(b)		25,409		243,164
Alphatec Holdings, Inc.^(a)		115,885		1,431,180
AngioDynamics, Inc.^(a)		57,436		790,894
Anika Therapeutics, Inc.^(a)		23,607		698,767
Artivion, Inc.^(a)(b)		60,635		734,896
AtriCure, Inc.^(a)		71,927		3,192,120
Atrion Corp.		2,170		1,214,006
Avanos Medical, Inc.^(a)		73,044		1,976,571
Axogen, Inc.^(a)		63,920		637,922
BioLife Solutions, Inc.^(a)		52,535		956,137
Cardiovascular Systems, Inc.^(a)		63,496		864,816
Cerus Corp.^(a)		272,276		993,807
Community Health Systems, Inc.^(a)		194,545		840,434
CONMED Corp.		45,932		4,071,412
Cutera, Inc.^(a)(b)		26,589		1,175,766
LeMaitre Vascular, Inc.		31,152		1,433,615
LivaNova PLC^(a)		84,708		4,704,682
Meridian Bioscience, Inc.^(a)		67,560		2,243,668
Merit Medical Systems, Inc.^(a)		88,193		6,228,190
NanoString Technologies, Inc.^(a)		73,503		585,819
Neogen Corp.^(a)		335,883		5,115,498
NuVasive, Inc.^(a)		82,614		3,407,001
Ocular Therapeutix, Inc.^(a)		125,127		351,607
OraSure Technologies, Inc.^(a)		110,625		533,213
Organogenesis Holdings, Inc.^(a)		116,971		314,652
Orthofix Medical, Inc.^(a)		29,924		614,340
OrthoPediatrics Corp.^(a)		23,171		920,584
Outset Medical, Inc.^(a)		75,634		1,952,870
Owens & Minor, Inc.		116,440		2,274,073
Owlet, Inc.^(a)(b)		20,593		11,514
Patterson Cos., Inc.		132,381		3,710,639
Pulmonx Corp.^(a)		55,555		468,329
SeaSpine Holdings Corp.^(a)		57,298		478,438
Senseonics Holdings, Inc.^(a)(b)		717,876		739,412
STAAR Surgical Co.^(a)		75,662		3,672,633
Surmodics, Inc.^(a)		21,902		747,296
TransMedics Group, Inc.^(a)		48,137		2,971,016
Treace Medical Concepts, Inc.^(a)(b)		52,352		1,203,572
Utah Medical Products, Inc.		5,607		563,672
ViewRay, Inc.^(a)		235,072		1,053,123


				66,121,348

Medical Equipment — 1.6%
AdaptHealth Corp.^(a)(b)		113,955		2,190,215
Alpha Teknova, Inc.^(a)		9,420		53,129
Bionano Genomics, Inc.^(a)(b)		456,898		667,071
CareDx, Inc.^(a)		80,333		916,600
Cytek Biosciences, Inc.^(a)(b)		180,154		1,839,372
Glaukos Corp.^(a)		72,185		3,153,041
Haemonetics Corp.^(a)		80,131		6,302,303
Inspire Medical Systems, Inc.^(a)(b)		44,540		11,218,735
iRadimed Corp.		11,053		312,689


86		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Medical Equipment (continued)
iRhythm Technologies, Inc.^(a)(b)		47,087	$	4,410,639
Lantheus Holdings, Inc.^(a)		107,814		5,494,202
Nevro Corp.^(a)(b)		55,065		2,180,574
Quanterix Corp.^(a)		52,353		725,089
Seer, Inc., Class A^(a)(b)		83,784		485,947
Shockwave Medical, Inc.^(a)		55,839		11,481,057
SI-BONE, Inc.^(a)(b)		54,450		740,520
Silk Road Medical, Inc.^(a)(b)		58,074		3,069,211
Tactile Systems Technology, Inc.^(a)		29,471		338,327
Varex Imaging Corp.^(a)		60,410		1,226,323
Zynex, Inc.		36,047		501,414


				57,306,458

Medical Services^(a)— 0.0%
Fulgent Genetics, Inc.		34,010		1,012,818
Innovage Holding Corp.^(b)		30,150		216,477
Inotiv, Inc.^(b)		26,659		131,695


				1,360,990

Metal Fabricating — 0.7%
CompX International, Inc.		2,464		45,535
Distribution Solutions Group, Inc.^(a)		7,401		272,801
DMC Global, Inc.^(a)		29,500		573,480
GrafTech International Ltd.^(b)		302,940		1,441,994
Haynes International, Inc.		18,971		866,785
MRC Global, Inc.^(a)		131,001		1,516,992
Mueller Industries, Inc.		86,861		5,124,799
Mueller Water Products, Inc., Class A		246,060		2,647,606
Northwest Pipe Co.^(a)		15,577		524,945
RBC Bearings, Inc.^(a)(b)		44,675		9,352,711
Worthington Industries, Inc.		49,592		2,465,218


				24,832,866

Metals & Minerals: Diversified — 0.9%
Alpha Metallurgical Resources, Inc.		23,798		3,483,789
Commercial Metals Co.		181,512		8,767,030
Compass Minerals International, Inc.		54,113		2,218,633
Constellium SE^(a)		198,995		2,354,111
Energy Fuels, Inc.^(a)(b)		246,187		1,528,821
Hecla Mining Co.		873,009		4,853,930
Hycroft Mining Holding Corp.^(a)(b)		233,212		124,092
Intrepid Potash, Inc.^(a)(b)		18,113		522,922
Materion Corp.		32,219		2,819,485
Minerals Technologies, Inc.^(b)		51,146		3,105,585
PolyMet Mining Corp.^(a)		49,605		131,453
Ring Energy, Inc.^(a)		133,562		328,563
SunCoke Energy, Inc.		130,151		1,123,203
U.S. Lime & Minerals, Inc.		3,248		457,189
U.S. Silica Holdings, Inc.^(a)		116,470		1,455,875


				33,274,681

Mining^(a)— 0.1%
5E Advanced Materials, Inc.^(b)		52,482		413,558
Dakota Gold Corp.		78,472		239,340
Piedmont Lithium, Inc.^(b)		27,171		1,196,067


				1,848,965

Office Supplies & Equipment — 0.2%
ACCO Brands Corp.		145,161		811,450
Eastman Kodak Co.^(a)		88,304		269,327
HNI Corp.		64,991		1,847,694
Kimball International, Inc., Class B		54,917		356,961


Security	Shares		Value

Office Supplies & Equipment (continued)
MillerKnoll, Inc.		119,935	$	2,519,834
Pitney Bowes, Inc.		200,937		763,561
Steelcase, Inc., Class A		139,162		983,875


				7,552,702

Oil & Gas Producers — 0.3%
Civitas Resources, Inc.		116,365		6,741,025
Crescent Energy Co., Class A^(b)		50,566		606,286
HighPeak Energy, Inc.^(b)		10,746		245,761
Kosmos Energy Ltd.^(a)		712,451		4,531,188


				12,124,260

Oil Well Equipment & Services — 1.4%
Bristow Group, Inc.^(a)		36,249		983,435
Cactus, Inc., Class A		93,015		4,674,934
ChampionX Corp.		312,537		9,060,448
Dril-Quip, Inc.^(a)		54,525		1,481,444
Helix Energy Solutions Group, Inc.^(a)		225,659		1,665,363
Helmerich & Payne, Inc.		162,219		8,041,196
Liberty Energy, Inc., Class A		215,183		3,445,080
Nabors Industries Ltd.^(a)		14,300		2,214,641
National Energy Services Reunited Corp.^(a)		61,329		425,623
Newpark Resources, Inc.^(a)		136,096		564,798
NexTier Oilfield Solutions, Inc.^(a)		277,136		2,560,737
Oceaneering International, Inc.^(a)		157,814		2,760,167
Oil States International, Inc.^(a)		100,643		750,797
Patterson-UTI Energy, Inc.		338,504		5,700,407
ProPetro Holding Corp.^(a)		139,170		1,443,193
RPC, Inc.		115,950		1,030,796
Select Energy Services, Inc., Class A		114,350		1,056,594
Solaris Oilfield Infrastructure, Inc., Class A		49,237		488,923
TETRA Technologies, Inc.^(a)		201,513		697,235


				49,045,811

Oil, Gas & Consumable Fuels — 0.5%
Archrock, Inc.		213,604		1,918,164
Ardmore Shipping Corp.^(a)		61,458		885,610
DHT Holdings, Inc.		216,050		1,918,524
Dorian LPG Ltd.		48,458		918,279
Empire Petroleum Corp.^(a)(b)		16,161		198,780
Excelerate Energy, Inc., Class A^(b)		28,672		718,234
FLEX LNG Ltd.^(a)		44,613		1,458,399
Frontline Ltd.		196,765		2,388,727
Gulfport Energy Corp.^(a)(b)		17,904		1,318,451
Noble Corp. PLC^(a)		130,735		4,930,017
ProFrac Holding Corp., Class A^(a)		34,317		864,788
VAALCO Energy, Inc.		166,338		758,501
Vertex Energy, Inc.^(a)(b)		86,840		538,408


				18,814,882

Oil: Crude Producers — 2.1%
Amplify Energy Corp.^(a)		55,108		484,399
Berry Corp.		123,333		986,664
California Resources Corp.^(b)		115,384		5,020,358
Callon Petroleum Co.^(a)		77,657		2,880,298
Chord Energy Corp.		65,558		8,968,990
CNX Resources Corp.^(a)		276,215		4,651,461
Comstock Resources, Inc.		144,648		1,983,124
CVR Energy, Inc.		46,660		1,462,324
Denbury, Inc.^(a)		79,083		6,881,803
Earthstone Energy, Inc., Class A^(a)(b)		72,046		1,025,215
Gevo, Inc.^(a)(b)		317,524		603,296


SERIES SCHEDULE OF INVESTMENTS		87

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil: Crude Producers (continued)
Laredo Petroleum, Inc.^(a)(b)		26,619	$	1,368,749
Magnolia Oil & Gas Corp., Class A		267,349		6,269,334
Murphy Oil Corp.		232,578		10,003,180
Northern Oil and Gas, Inc.		105,618		3,255,147
ONE Gas, Inc.		83,897		6,352,681
Ranger Oil Corp., Class A		31,415		1,270,108
Riley Exploration Permian, Inc.		17,112		503,606
SandRidge Energy, Inc.^(a)		33,568		571,663
SilverBow Resources, Inc.^(a)(b)		18,204		514,809
SM Energy Co.		191,124		6,656,849
Talos Energy, Inc.^(a)		104,374		1,970,581
Tellurian, Inc.^(a)(b)		805,075		1,352,526
Ur-Energy, Inc.^(a)(b)		323,414		371,926
W&T Offshore, Inc.^(a)(b)		149,173		832,385


				76,241,476

Oil: Refining & Marketing — 0.4%
Clean Energy Fuels Corp.^(a)(b)		267,480		1,390,896
Delek U.S. Holdings, Inc.		107,748		2,909,196
Par Pacific Holdings, Inc.^(a)		77,156		1,793,877
PBF Energy, Inc., Class A		152,755		6,229,349
World Fuel Services Corp.		96,758		2,644,396


				14,967,714

Paints & Coatings — 0.2%
Chase Corp.		11,786		1,016,660
HB Fuller Co.		81,947		5,869,044
Kronos Worldwide, Inc.		34,905		328,107


				7,213,811

Paper — 0.1%
Clearwater Paper Corp.^(a)		26,203		990,735
Glatfelter Corp.		68,669		190,900
Mativ Holdings, Inc.		85,492		1,786,783
Resolute Forest Products, Inc.^(a)		72,505		1,565,383


				4,533,801

Paper & Forest Products — 0.1%
Sylvamo Corp.		56,024		2,722,206


Personal Care — 0.5%
Beauty Health Co.^(a)(b)		147,795		1,344,934
BellRing Brands, Inc.^(a)		208,092		5,335,479
Edgewell Personal Care Co.		81,310		3,133,687
Honest Co., Inc.^(a)(b)		101,668		306,021
Nu Skin Enterprises, Inc., Class A		75,423		3,179,834
Sterling Check Corp.^(a)(b)		38,742		599,339
Thorne HealthTech, Inc.^(a)(b)		21,325		77,410
USANA Health Sciences, Inc.^(a)		17,723		942,863
Veru, Inc.^(a)(b)		103,445		546,190
WD-40 Co.		21,554		3,474,720


				18,940,477

Personal Products — 0.1%
Herbalife Nutrition Ltd.^(a)		154,548		2,299,674


Pharmaceuticals — 2.2%
ACADIA Pharmaceuticals, Inc.^(a)		189,684		3,019,769
Aclaris Therapeutics, Inc.^(a)		103,204		1,625,463
Alkermes PLC^(a)		257,256		6,722,099
Amneal Pharmaceuticals, Inc.^(a)		158,228		314,874
Amphastar Pharmaceuticals, Inc.^(a)		60,422		1,693,024
Arrowhead Pharmaceuticals, Inc.^(a)		162,400		6,586,944
Atea Pharmaceuticals, Inc.^(a)		122,464		589,052
Athira Pharma, Inc.^(a)(b)		48,613		154,103


Security	Shares		Value

Pharmaceuticals (continued)
Axonics, Inc.^(a)		77,339	$	4,836,008
Axsome Therapeutics, Inc.^(a)(b)		50,246		3,875,474
Cassava Sciences, Inc.^(a)(b)		60,177		1,777,629
Chimerix, Inc.^(a)(b)		128,913		239,778
Corcept Therapeutics, Inc.^(a)		134,532		2,732,345
DICE Therapeutics, Inc.^(a)		55,018		1,716,562
Eagle Pharmaceuticals, Inc.^(a)(b)		16,363		478,290
Edgewise Therapeutics, Inc.^(a)		58,010		518,609
Enanta Pharmaceuticals, Inc.^(a)		31,265		1,454,448
Esperion Therapeutics, Inc.^(a)		119,831		746,547
Evolus, Inc.^(a)(b)		55,919		419,952
Harmony Biosciences Holdings, Inc.^(a)(b)		41,284		2,274,748
Heska Corp.^(a)(b)		15,229		946,635
Innoviva, Inc.^(a)		99,832		1,322,774
Intra-Cellular Therapies, Inc.^(a)		144,546		7,649,374
Ironwood Pharmaceuticals, Inc.^(a)(b)		215,648		2,671,879
Liquidia Corp.^(a)		73,726		469,635
Nektar Therapeutics^(a)		291,165		658,033
Nuvation Bio, Inc.^(a)		179,816		345,247
Pacira BioSciences, Inc.^(a)(b)		70,884		2,736,831
PetIQ, Inc.^(a)		43,737		403,255
Prestige Consumer Healthcare, Inc.^(a)		78,585		4,919,421
Reata Pharmaceuticals, Inc., Class A^(a)(b)		43,344		1,646,639
Revance Therapeutics, Inc.^(a)(b)		126,244		2,330,464
SIGA Technologies, Inc.		74,223		546,281
Supernus Pharmaceuticals, Inc.^(a)		77,322		2,758,076
Syndax Pharmaceuticals, Inc.^(a)		83,407		2,122,708
Tarsus Pharmaceuticals, Inc.^(a)		30,297		444,154
TG Therapeutics, Inc.^(a)(b)		208,753		2,469,548
Theravance Biopharma, Inc.^(a)		101,325		1,136,866
Theseus Pharmaceuticals, Inc.^(a)(b)		24,213		120,581
Third Harmonic Bio, Inc.^(a)		17,626		75,792
Ventyx Biosciences, Inc.^(a)		38,889		1,275,170
Xeris Biopharma Holdings, Inc.^(a)		204,537		272,034


				79,097,115

Photography — 0.0%
GoPro, Inc., Class A^(a)		200,936		1,000,661


Power Transmission Equipment — 0.2%
Advanced Energy Industries, Inc.		59,291		5,085,982
Babcock & Wilcox Enterprises, Inc.^(a)(b)		98,961		571,005
Cepton, Inc.^(a)		78,507		99,704
Powell Industries, Inc.		15,240		536,143
Vicor Corp.^(a)		34,598		1,859,643


				8,152,477

Printing & Copying Services^(a)— 0.2%
Casella Waste Systems, Inc., Class A		78,785		6,248,439
Cimpress PLC		28,502		786,940


				7,035,379

Producer Durables: Miscellaneous^(a)—0.0%
First Advantage Corp.		92,641		1,204,333
Solo Brands, Inc., Class A^(b)		32,776		121,927


				1,326,260

Production Technology Equipment^(a)— 0.5%
ACM Research, Inc., Class A		76,354		588,689
Axcelis Technologies, Inc.		51,560		4,091,802
Cohu, Inc.		72,349		2,318,785
HireRight Holdings Corp.^(b)		32,758		388,510
Ichor Holdings Ltd.		43,956		1,178,900
Onto Innovation, Inc.		78,230		5,326,681


88		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Production Technology Equipment (continued)
Photronics, Inc.		94,566	$	1,591,546
Ultra Clean Holdings, Inc.		71,096		2,356,832
Veeco Instruments, Inc.^(b)		79,722		1,481,235


				19,322,980

Professional Services^(a)(b)— 0.2%
Alight, Inc., Class A		535,729		4,478,694
Legalzoom.com, Inc.		150,613		1,165,745
Planet Labs PBC		247,903		1,078,378
Skillsoft Corp.		125,407		163,029
Spire Global, Inc.		193,228		185,499


				7,071,345

Publishing — 0.2%
Daily Journal Corp.^(a)		1,917		480,228
Gannett Co., Inc.^(a)		236,046		479,173
John Wiley & Sons, Inc., Class A		67,775		2,715,066
Scholastic Corp.		46,967		1,853,318


				5,527,785

Radio & TV Broadcasters — 0.4%
Cumulus Media, Inc., Class A^(a)		28,553		177,314
Entravision Communications Corp., Class A		95,129		456,619
Gray Television, Inc.		130,997		1,465,856
iHeartMedia, Inc., Class A^(a)		189,588		1,162,175
Liberty Media Corp.-Liberty Braves, Class A^(a)(b)		15,906		519,649
Liberty Media Corp.-Liberty Braves, Class C^(a)		59,099		1,904,761
Sinclair Broadcast Group, Inc., Class A		62,766		973,501
TEGNA, Inc.		344,073		7,290,907


				13,950,782

Railroad Equipment — 0.2%
Greenbrier Cos., Inc.		49,890		1,672,812
Trinity Industries, Inc.		129,639		3,833,425


				5,506,237

Real Estate — 0.4%
Anywhere Real Estate, Inc.^(a)		162,084		1,035,717
Cushman & Wakefield PLC^(a)		250,850		3,125,591
eXp World Holdings, Inc.		108,543		1,202,656
Kennedy-Wilson Holdings, Inc.		186,352		2,931,317
Newmark Group, Inc., Class A^(b)		204,467		1,629,602
Redfin Corp.^(a)(b)		169,122		717,077
RMR Group, Inc., Class A		24,351		687,916
St. Joe Co.^(b)		54,373		2,101,516
Stratus Properties, Inc.		9,109		175,713
Tejon Ranch Co.^(a)		32,564		613,506


				14,220,611

Real Estate Investment & Services — 0.0%
Chicago Atlantic Real Estate Finance, Inc.		8,586		129,391


Real Estate Investment Trusts (REITs) — 6.3%
Acadia Realty Trust		141,868		2,035,806
AFC Gamma, Inc.		25,101		394,839
Agree Realty Corp.		134,371		9,530,935
Alexander & Baldwin, Inc.		115,301		2,159,588
Alexander’s, Inc.		3,368		741,162
American Assets Trust, Inc.		77,785		2,061,303
Angel Oak Mortgage, Inc.		18,499		87,500
Apartment Investment & Management Co., Class A		236,326		1,682,641
Apollo Commercial Real Estate Finance, Inc.		222,021		2,388,946
Apple Hospitality REIT, Inc.		339,492		5,357,184
Arbor Realty Trust, Inc.		260,597		3,437,274
Ares Commercial Real Estate Corp.		82,078		844,583


Security	Shares		Value

Real Estate Investment Trusts (REITs) (continued)
Armada Hoffler Properties, Inc.		104,968	$	1,207,132
ARMOUR Residential REIT, Inc.		182,480		1,027,362
Ashford Hospitality Trust, Inc.^(a)		53,148		237,572
Blackstone Mortgage Trust, Inc., Class A		265,177		5,613,797
Bluerock Homes Trust, Inc.		5,708		121,637
Braemar Hotels & Resorts, Inc.		106,168		436,350
Brandywine Realty Trust		270,049		1,660,801
BrightSpire Capital, Inc.		146,433		912,278
Broadmark Realty Capital, Inc.		208,728		743,072
Broadstone Net Lease, Inc.		263,247		4,267,234
BRT Apartments Corp.		19,693		386,771
CareTrust REIT, Inc.		152,378		2,831,183
CBL & Associates Properties, Inc.^(b)		41,858		966,083
Centerspace		24,312		1,426,385
Chatham Lodging Trust		75,637		928,066
City Office REIT, Inc.		65,402		548,069
Claros Mortgage Trust, Inc.		145,148		2,135,127
Clipper Realty, Inc.		23,302		149,133
Community Healthcare Trust, Inc.		36,847		1,319,123
CoreCivic, Inc.^(a)		176,745		2,043,172
Corporate Office Properties Trust		177,780		4,611,613
CTO Realty Growth, Inc.^(b)		27,368		500,287
DiamondRock Hospitality Co.		330,984		2,710,759
Diversified Healthcare Trust		375,306		242,748
Dynex Capital, Inc.		69,406		882,844
Easterly Government Properties, Inc.		143,866		2,052,968
Ellington Financial, Inc.		90,622		1,120,994
Elme Communities		137,948		2,455,474
Empire State Realty Trust, Inc., Class A^(b)		212,805		1,434,306
Equity Commonwealth		161,850		4,041,394
Essential Properties Realty Trust, Inc.		221,814		5,205,975
Farmland Partners, Inc.		77,573		966,560
Four Corners Property Trust, Inc.		128,209		3,324,459
Franklin BSP Realty Trust, Inc.		133,392		1,720,757
Franklin Street Properties Corp.		158,095		431,599
GEO Group, Inc.^(a)		181,328		1,985,542
Getty Realty Corp.		63,224		2,140,132
Gladstone Commercial Corp.		62,634		1,158,729
Gladstone Land Corp.		50,752		931,299
Global Medical REIT, Inc.		98,085		929,846
Global Net Lease, Inc.		164,432		2,066,910
Granite Point Mortgage Trust, Inc.		84,377		452,261
Hersha Hospitality Trust, Class A		48,635		414,370
Independence Realty Trust, Inc.		349,797		5,897,577
Indus Realty Trust, Inc.		8,253		523,983
Industrial Logistics Properties Trust		99,885		326,624
Innovative Industrial Properties, Inc.		43,822		4,441,360
InvenTrust Properties Corp.		106,924		2,530,891
Invesco Mortgage Capital, Inc.		52,085		663,042
iStar, Inc.		109,189		833,112
Kite Realty Group Trust		343,808		7,237,158
KKR Real Estate Finance Trust, Inc.		91,319		1,274,813
LTC Properties, Inc.		63,003		2,238,497
LXP Industrial Trust		419,998		4,208,380
MFA Financial, Inc.		161,928		1,594,991
National Health Investors, Inc.		64,453		3,365,736
Necessity Retail REIT, Inc.		210,869		1,250,453
New York Mortgage Trust, Inc.		563,315		1,442,086
Nexpoint Real Estate Finance, Inc.		12,113		192,476
NexPoint Residential Trust, Inc.		35,714		1,554,273
Office Properties Income Trust		74,499		994,562
One Liberty Properties, Inc.		25,572		568,210


SERIES SCHEDULE OF INVESTMENTS		89

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate Investment Trusts (REITs) (continued)
Orchid Island Capital, Inc.^(b)		55,012	$	577,626
Orion Office REIT, Inc.		92,198		787,371
Outfront Media, Inc.		231,438		3,837,242
Paramount Group, Inc.		300,959		1,787,696
Pebblebrook Hotel Trust		204,966		2,744,495
PennyMac Mortgage Investment Trust		142,433		1,764,745
Phillips Edison & Co., Inc.		184,871		5,886,293
Physicians Realty Trust		355,028		5,137,255
Piedmont Office Realty Trust, Inc., Class A		192,850		1,768,435
Plymouth Industrial REIT, Inc.		60,351		1,157,532
Postal Realty Trust, Inc., Class A		27,919		405,663
PotlatchDeltic Corp.		125,566		5,523,648
Ready Capital Corp.		103,781		1,156,120
Redwood Trust, Inc.		184,115		1,244,617
Retail Opportunity Investments Corp.		190,297		2,860,164
RLJ Lodging Trust		253,096		2,680,287
RPT Realty		133,870		1,344,055
Sabra Health Care REIT, Inc.		364,224		4,527,304
Safehold, Inc.		42,618		1,219,727
Saul Centers, Inc.		18,784		764,133
Service Properties Trust		260,521		1,899,198
STAG Industrial, Inc.		284,694		9,198,463
Summit Hotel Properties, Inc.		164,140		1,185,091
Sunstone Hotel Investors, Inc.		334,735		3,233,540
Tanger Factory Outlet Centers, Inc.		160,011		2,870,597
Terreno Realty Corp.		117,293		6,670,453
TPG RE Finance Trust, Inc.		106,899		725,844
Two Harbors Investment Corp.		136,289		2,149,278
UMH Properties, Inc.		78,691		1,266,925
Uniti Group, Inc.		374,357		2,070,194
Universal Health Realty Income Trust		20,518		979,324
Urban Edge Properties		180,550		2,543,950
Urstadt Biddle Properties, Inc., Class A		46,553		882,179
Veris Residential, Inc.^(a)		135,921		2,165,222
Whitestone REIT		73,796		711,393
Xenia Hotels & Resorts, Inc.		180,146		2,374,324


				230,702,541

Real Estate Management & Development — 0.1%
American Realty Investors, Inc.^(a)		2,389		61,278
Bluegreen Vacations Holding Corp.		10,868		271,265
Compass, Inc., Class A^(a)		427,652		996,429
DigitalBridge Group, Inc.		242,404		2,651,900
Doma Holdings, Inc.^(a)		211,562		95,816
Forestar Group, Inc.^(a)		28,202		434,593
Offerpad Solutions, Inc.^(a)(b)		105,470		48,569
Transcontinental Realty Investors, Inc.^(a)		1,939		85,665


				4,645,515

Recreational Vehicles & Boats — 0.3%
Camping World Holdings, Inc., Class A		60,729		1,355,471
LCI Industries		39,204		3,624,410
Malibu Boats, Inc., Class A^(a)		32,067		1,709,171
Marine Products Corp.		12,431		146,313
MasterCraft Boat Holdings, Inc.^(a)		28,135		727,852
Winnebago Industries, Inc.		45,927		2,420,353


				9,983,570

Rental & Leasing Services: Consumer — 0.1%
Rent-A-Center, Inc., Class A		77,482		1,747,219


Restaurants — 1.2%
Biglari Holdings, Inc., Class B^(a)		1,350		187,380


Security	Shares		Value

Restaurants (continued)
BJ’s Restaurants, Inc.^(a)		35,365	$	932,929
Bloomin’ Brands, Inc.		134,102		2,698,132
Brinker International, Inc.^(a)		68,547		2,187,335
Cheesecake Factory, Inc.^(b)		74,718		2,369,308
Cracker Barrel Old Country Store, Inc.		34,504		3,268,909
Dave & Buster’s Entertainment, Inc.^(a)		67,712		2,399,713
Denny’s Corp.^(a)(b)		88,946		819,193
Dine Brands Global, Inc.		23,321		1,506,537
El Pollo Loco Holdings, Inc.		31,184		310,593
Jack in the Box, Inc.		33,414		2,279,837
Kura Sushi USA, Inc., Class A^(a)(b)		7,587		361,748
Noodles & Co.^(a)		67,772		372,068
ONE Group Hospitality, Inc.^(a)(b)		33,654		212,020
Papa John’s International, Inc.^(b)		51,468		4,236,331
Rush Street Interactive, Inc.^(a)		94,256		338,379
Ruth’s Hospitality Group, Inc.		51,537		797,793
Shake Shack, Inc., Class A^(a)(b)		59,169		2,457,288
Sweetgreen, Inc., Class A^(a)		138,272		1,184,991
Texas Roadhouse, Inc.		104,918		9,542,292
Wingstop, Inc.^(b)		47,301		6,509,564


				44,972,340

Road & Rail^(a)(b)— 0.0%
Bird Global, Inc., Class A		264,846		47,725
TuSimple Holdings, Inc., Class A		220,774		362,070


				409,795

Scientific Instruments: Control & Filter — 0.7%
Arlo Technologies, Inc.^(a)		135,275		474,815
Brady Corp., Class A		72,004		3,391,388
CIRCOR International, Inc.^(a)		29,639		710,151
Energy Recovery, Inc.^(a)(b)		86,329		1,768,881
ESCO Technologies, Inc.		40,663		3,559,639
Gorman-Rupp Co.		35,263		903,438
Helios Technologies, Inc.		51,342		2,795,059
Napco Security Technologies, Inc.^(a)		47,050		1,292,934
Resideo Technologies, Inc.^(a)		228,198		3,753,857
Thermon Group Holdings, Inc.^(a)		52,262		1,049,421
Watts Water Technologies, Inc., Class A		42,440		6,206,001


				25,905,584

Scientific Instruments: Electrical — 0.6%
Allied Motion Technologies, Inc.		21,363		743,646
Atkore, Inc.^(a)		64,445		7,309,352
AZZ, Inc.		38,462		1,546,173
EnerSys		64,376		4,753,524
Franklin Electric Co., Inc.		72,743		5,801,254
FTC Solar, Inc.^(a)		67,315		180,404
Preformed Line Products Co.		4,083		340,073


				20,674,426

Scientific Instruments: Gauges & Meters — 0.3%
Badger Meter, Inc.		46,173		5,034,242
FARO Technologies, Inc.^(a)		28,471		837,332
Itron, Inc.^(a)		71,191		3,605,824
Mesa Laboratories, Inc.^(b)		7,945		1,320,539
Transcat, Inc.^(a)(b)		11,162		791,051
Vishay Precision Group, Inc.^(a)		19,811		765,695


				12,354,683


90		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Scientific Instruments: Pollution Control^(a)— 0.2%
Evoqua Water Technologies Corp.^(b)		185,626	$	7,350,790
Heritage-Crystal Clean, Inc.		25,071		814,306


				8,165,096

Securities Brokerage & Services — 0.1%
BGC Partners, Inc., Class A		501,547		1,890,832
StoneX Group, Inc.^(a)		27,149		2,587,300


				4,478,132

Semiconductors & Components — 1.6%
Alpha & Omega Semiconductor Ltd.^(a)		34,747		992,722
Amkor Technology, Inc.		160,138		3,840,109
Atomera, Inc.^(a)		32,540		202,399
AXT, Inc.^(a)		60,702		265,875
CEVA, Inc.^(a)		36,533		934,514
Diodes, Inc.^(a)(b)		70,244		5,348,378
FormFactor, Inc.^(a)		121,659		2,704,480
Kulicke & Soffa Industries, Inc.		90,069		3,986,454
MACOM Technology Solutions Holdings, Inc., Class H^(a)		78,190		4,924,406
MaxLinear, Inc.^(a)		114,773		3,896,543
Power Integrations, Inc.		88,373		6,338,111
Rambus, Inc.^(a)		167,521		6,000,602
Semtech Corp.^(a)		99,872		2,865,328
Silicon Laboratories, Inc.^(a)(b)		51,613		7,002,336
SiTime Corp.^(a)(b)		25,571		2,598,525
SkyWater Technology, Inc.^(a)(b)		17,469		124,205
SMART Global Holdings, Inc.^(a)		72,922		1,085,079
Vishay Intertechnology, Inc.		199,790		4,309,470


				57,419,536

Semiconductors & Semiconductor Equipment^(a)— 0.2%
Ambarella, Inc.		57,479		4,726,498
Credo Technology Group Holding Ltd.		152,109		2,024,571
indie Semiconductor, Inc., Class A^(b)		163,028		950,453
Rigetti Computing, Inc.^(b)		49,521		36,111
Rockley Photonics Holdings Ltd.		157,479		22,063
Transphorm, Inc.		33,131		180,232


				7,939,928

Shipping — 0.8%
A-Mark Precious Metals, Inc.		28,876		1,002,863
Eagle Bulk Shipping, Inc.		21,469		1,072,162
Eneti, Inc.		35,609		357,870
Genco Shipping & Trading Ltd.		57,601		884,751
Golar LNG Ltd.^(a)		158,779		3,618,573
International Seaways, Inc.		77,748		2,878,231
Matson, Inc.		58,302		3,644,458
Nordic American Tankers Ltd.		309,229		946,241
Safe Bulkers, Inc.		113,192		329,389
Scorpio Tankers, Inc.		73,566		3,955,644
SFL Corp. Ltd.		181,298		1,671,568
SITE Centers Corp.		307,346		4,198,346
Teekay Corp.^(a)		107,763		489,244
Teekay Tankers Ltd., Class A^(a)		36,070		1,111,317
Tidewater, Inc.^(a)		71,082		2,619,372


				28,780,029

Software — 0.9%
Amplitude, Inc., Class A^(a)(b)		88,227		1,065,782
Arteris, Inc.^(a)		26,145		112,424
AvePoint, Inc.^(a)(b)		206,992		850,737
AvidXchange Holdings, Inc.^(a)		231,302		2,299,142
Blend Labs, Inc., Class A^(a)		298,721		430,158


Security	Shares		Value

Software (continued)
C3.ai, Inc., Class A^(a)(b)		90,302	$	1,010,479
Cipher Mining, Inc.^(a)(b)		60,361		33,802
Clear Secure, Inc., Class A		98,171		2,692,831
Consensus Cloud Solutions, Inc.^(a)		28,022		1,506,463
Couchbase, Inc.^(a)		42,120		558,511
CS Disco, Inc.^(a)		36,009		227,577
Cvent Holding Corp.^(a)		69,124		373,270
Duck Creek Technologies, Inc.^(a)		121,567		1,464,882
Enfusion, Inc., Class A^(a)(b)		42,489		410,869
EngageSmart, Inc.^(a)		56,064		986,726
EverCommerce, Inc.^(a)		39,680		295,219
ForgeRock, Inc., Class A^(a)(b)		59,319		1,350,694
Greenidge Generation Holdings, Inc.^(a)(b)		14,396		4,162
Instructure Holdings, Inc.^(a)(b)		26,762		627,301
Intapp, Inc.^(a)(b)		23,364		582,698
IronNet, Inc.^(a)(b)		100,143		23,033
Kaleyra, Inc.^(a)		45,549		34,394
KnowBe4, Inc., Class A^(a)		114,925		2,847,842
Latch, Inc.^(a)(b)		169,067		120,021
MarketWise, Inc.^(a)		26,299		44,182
MeridianLink, Inc.^(a)(b)		35,842		492,111
Model N, Inc.^(a)		57,640		2,337,878
N-able, Inc.^(a)(b)		106,155		1,091,273
NextNav, Inc.^(a)(b)		107,065		313,701
Olo, Inc., Class A^(a)(b)		141,885		886,781
Qualys, Inc.^(a)		60,855		6,829,757
Terawulf, Inc.^(a)		33,175		22,081
UserTesting, Inc.^(a)(b)		73,236		550,002
Weave Communications, Inc.^(a)		46,166		211,440
Zeta Global Holdings Corp., Class A^(a)(b)		170,313		1,391,457


				34,079,680

Specialty Retail — 2.2%
1-800-Flowers.com, Inc., Class A^(a)		40,715		389,235
Aaron’s Co., Inc.		48,408		578,476
Abercrombie & Fitch Co., Class A^(a)		75,077		1,720,014
Academy Sports & Outdoors, Inc.^(b)		121,641		6,391,018
Alta Equipment Group, Inc.		33,149		437,235
American Eagle Outfitters, Inc.		243,281		3,396,203
America’s Car-Mart, Inc.^(a)		9,390		678,521
Arko Corp.		133,381		1,155,079
Asbury Automotive Group, Inc.^(a)(b)		34,953		6,265,325
Bed Bath & Beyond, Inc.^(a)(b)		128,500		322,535
Big 5 Sporting Goods Corp.^(b)		34,568		305,235
Blink Charging Co.^(a)(b)		55,491		608,736
Boot Barn Holdings, Inc.^(a)		46,573		2,911,744
Buckle, Inc.		47,656		2,161,200
Build-A-Bear Workshop, Inc.^(a)		21,911		522,358
Caleres, Inc.		56,159		1,251,223
Cato Corp., Class A		28,029		261,511
Chico’s FAS, Inc.^(a)		196,057		964,600
Children’s Place, Inc.^(a)(b)		20,305		739,508
Citi Trends, Inc.^(a)(b)		12,362		327,346
Conn’s, Inc.^(a)		22,927		157,738
Container Store Group, Inc.^(a)		51,861		223,521
Designer Brands, Inc., Class A^(b)		78,004		762,879
Destination XL Group, Inc.^(a)		92,328		623,214
EVgo, Inc.^(a)(b)		109,452		489,250
Express, Inc.^(a)(b)		99,247		101,232
Foot Locker, Inc.		126,307		4,773,142
Genesco, Inc.^(a)		20,412		939,360
Group 1 Automotive, Inc.^(b)		22,076		3,981,848


SERIES SCHEDULE OF INVESTMENTS		91

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Guess?, Inc.		46,468	$	961,423
Haverty Furniture Cos., Inc.		23,263		695,564
Hibbett, Inc.		19,450		1,326,879
JOANN, Inc.		17,579		50,100
Lands’ End, Inc.^(a)		22,749		172,665
LL Flooring Holdings, Inc.^(a)(b)		43,286		243,267
MarineMax, Inc.^(a)(b)		32,948		1,028,637
Monro, Inc.		48,532		2,193,646
Murphy USA, Inc.		32,855		9,184,287
National Vision Holdings, Inc.^(a)(b)		123,797		4,798,372
ODP Corp.^(a)		62,283		2,836,368
OneWater Marine, Inc., Class A^(a)		17,370		496,782
Party City Holdco, Inc.^(a)		175,980		64,321
RealReal, Inc.^(a)(b)		137,039		171,299
Sally Beauty Holdings, Inc.^(a)		168,346		2,107,692
Shoe Carnival, Inc.		27,348		653,891
Sonic Automotive, Inc., Class A		27,785		1,368,967
Sportsman’s Warehouse Holdings, Inc.^(a)		58,450		550,014
Tilly’s, Inc., Class A^(a)		36,062		326,361
Torrid Holdings, Inc.^(a)(b)		19,872		58,821
TravelCenters of America, Inc.^(a)		19,693		881,853
Urban Outfitters, Inc.^(a)		100,770		2,403,364
Volta, Inc.^(a)		188,784		67,094
Warby Parker, Inc., Class A^(a)(b)		131,696		1,776,579
Zumiez, Inc.^(a)		24,244		527,065


				78,384,597

Steel — 0.4%
ATI, Inc.^(a)(b)		195,858		5,848,320
Carpenter Technology Corp.		75,403		2,785,387
Ivanhoe Electric, Inc.^(a)(b)		23,194		281,807
Olympic Steel, Inc.		14,995		503,532
Ryerson Holding Corp.		30,989		937,727
Schnitzer Steel Industries, Inc., Class A		40,422		1,238,934
TimkenSteel Corp.^(a)		67,997		1,235,506


				12,831,213

Technology Hardware & Equipment — 0.1%
CompoSecure, Inc.^(a)(b)		12,055		59,190
IonQ, Inc.^(a)(b)		191,568		660,910
Xerox Holdings Corp.		180,427		2,634,234


				3,354,334

Technology: Miscellaneous — 0.5%
Aeva Technologies, Inc.^(a)(b)		147,733		200,917
Benchmark Electronics, Inc.		55,844		1,490,476
CTS Corp.		50,030		1,972,183
Fabrinet^(a)		57,627		7,388,934
Kimball Electronics, Inc.^(a)(b)		37,823		854,422
Plexus Corp.^(a)		43,326		4,459,545


				16,366,477

Telecommunications Equipment^(a)— 0.2%
Akoustis Technologies, Inc.^(b)		85,653		241,541
Cambium Networks Corp.		18,365		397,970
Clearfield, Inc.		18,459		1,737,730
Knowles Corp.		141,371		2,321,312
Viavi Solutions, Inc.		359,124		3,774,393


				8,472,946


Security	Shares		Value

Textile Products — 0.0%
Interface, Inc.		92,851	$	916,439
Unifi, Inc.^(a)		21,341		183,746


				1,100,185

Textiles Apparel & Shoes — 0.6%
Crocs, Inc.^(a)(b)		94,960		10,296,513
Fossil Group, Inc.^(a)		75,434		325,120
G-III Apparel Group Ltd.^(a)		68,846		943,879
Kontoor Brands, Inc.		87,665		3,505,723
Oxford Industries, Inc.		23,856		2,222,902
PLBY Group, Inc.^(a)(b)		51,541		141,738
Rocky Brands, Inc.		11,548		272,764
Steven Madden Ltd.		118,736		3,794,802
Superior Group of Cos., Inc.		17,077		171,794
Weyco Group, Inc.		9,117		192,916
Wolverine World Wide, Inc.		123,505		1,349,910


				23,218,061

Textiles, Apparel & Luxury Goods — 0.0%
Allbirds, Inc., Class A^(a)(b)		152,870		369,945
Ermenegildo Zegna NV		88,399		925,538


				1,295,483

Thrifts & Mortgage Finance — 0.2%
22nd Century Group, Inc.^(a)(b)		252,696		232,607
Blue Foundry Bancorp^(a)(b)		41,952		539,083
Enact Holdings, Inc.		47,948		1,156,506
Karat Packaging, Inc.		8,762		125,910
Turning Point Brands, Inc.		24,568		531,406
Universal Corp.		38,103		2,012,219
Vector Group Ltd.		226,767		2,689,456


				7,287,187

Toys — 0.0%
Funko, Inc., Class A^(a)(b)		50,748		553,661


Trading Companies & Distributors — 0.0%
Hudson Technologies, Inc.^(a)		66,670		674,700


Transportation Miscellaneous — 0.2%
Costamare, Inc.		84,457		783,761
Hub Group, Inc., Class A^(a)		50,303		3,998,585
Textainer Group Holdings Ltd.		65,068		2,017,759


				6,800,105

Truckers — 0.7%
ArcBest Corp.		38,585		2,702,493
Covenant Logistics Group, Inc.		13,934		481,698
Daseke, Inc.^(a)		67,766		385,589
Forward Air Corp.		42,419		4,449,329
FRP Holdings, Inc.^(a)(b)		10,729		577,864
Heartland Express, Inc.		73,712		1,130,742
Marten Transport Ltd.		92,016		1,820,077
PAM Transportation Services, Inc.^(a)		10,329		267,521
Saia, Inc.^(a)(b)		41,598		8,722,269
Universal Logistics Holdings, Inc.		11,496		384,426
Werner Enterprises, Inc.		98,181		3,952,767


				24,874,775

Utilities: Electrical — 1.4%
ALLETE, Inc.		90,449		5,834,865
Avista Corp.		110,092		4,881,479
Black Hills Corp.		100,430		7,064,246
Clearway Energy, Inc., Class A		54,947		1,644,014
Clearway Energy, Inc., Class C		129,432		4,124,998


92		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Security	Shares		Value


Utilities: Electrical (continued)
MGE Energy, Inc.		57,444	$	4,044,058
NorthWestern Corp.		88,966		5,279,243
Otter Tail Corp.		64,902		3,810,396
PNM Resources, Inc.		132,890		6,483,703
Portland General Electric Co.		138,799		6,801,151
Unitil Corp.		25,177		1,293,091


				51,261,244

Utilities: Gas Distributors — 0.9%
Chesapeake Utilities Corp.		26,238		3,100,807
New Jersey Resources Corp.		149,999		7,442,950
Northwest Natural Holding Co.		54,649		2,600,746
South Jersey Industries, Inc.		193,806		6,885,927
Southwest Gas Holdings, Inc.		104,672		6,477,103
Spire, Inc.		80,459		5,540,407


				32,047,940

Utilities: Miscellaneous — 0.4%
Brookfield Infrastructure Corp., Class A		154,537		6,011,489
Ormat Technologies, Inc.		77,539		6,705,573


				12,717,062

Utilities: Telecommunications — 0.8%
8x8, Inc.^(a)		185,794		802,630
ATN International, Inc.		17,193		779,015
Cogent Communications Holdings, Inc.		67,872		3,874,134
Consolidated Communications Holdings, Inc.^(a)		116,797		418,133
Globalstar, Inc.^(a)(b)		1,076,161		1,431,294
IDT Corp., Class B^(a)		23,937		674,305
Iridium Communications, Inc.^(a)		195,740		10,061,036
LiveVox Holdings, Inc.^(a)		36,149		107,363
Radius Global Infrastructure, Inc., Class A^(a)		119,987		1,418,246
Shenandoah Telecommunications Co.^(b)		76,417		1,213,502
Telephone & Data Systems, Inc.		158,226		1,659,791
U.S. Cellular Corp.^(a)(b)		23,362		487,098
Xperi, Inc.		65,156		560,993
Ziff Davis, Inc.^(a)		72,089		5,702,240


				29,189,780

Utilities: Water — 0.5%
American States Water Co.		58,249		5,390,945
Artesian Resources Corp., Class A		13,005		761,833
California Water Service Group		85,634		5,192,846
Global Water Resources, Inc.		22,439		297,990
Middlesex Water Co.		26,037		2,048,331
Pure Cycle Corp.^(a)		31,022		325,110
SJW Group		42,626		3,460,805
York Water Co.		22,682		1,020,236


				18,498,096


Security	Shares		Value


Wireless Telecommunication Services — 0.0%
KORE Group Holdings, Inc.^(a)		54,213	$	68,308


Total Common Stocks — 98.2% (Cost: $3,223,081,094)				3,574,146,195


Investment Companies

Equity Funds — 0.9%
iShares Russell 2000 ETF^(b)(d)(e)		196,753		34,305,853


Total Investment Companies — 0.9% (Cost: $33,509,545)				34,305,853


Rights

Diversified Consumer Services — 0.0%
PLBY Group, Inc., (Expires 01/19/23, Strike Price USD^(b)		51,541		1


Total Rights — 0.0% (Cost: $ — )				1


Total Long-Term Investments —99.1% (Cost: $3,256,590,639)				3,608,452,049


Short-Term Securities

Money Market Funds — 9.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.53%^(d)(e)(f)		319,239,283		319,335,055
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.12%^(d)(e)		34,903,521		34,903,521


Total Short-Term Securities —9.8% (Cost: $354,073,281)				354,238,576


Total Investments — 108.9% (Cost: $3,610,663,920)				3,962,690,625
Liabilities in Excess of Other Assets — (8.9)%				(322,328,041	)


Net Assets — 100.0%			$ 3,640,362,584

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

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

^(d)	Affiliate of the Series.

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

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

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


SERIES SCHEDULE OF INVESTMENTS		93

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

Affiliates

Investments in issuers considered to be affiliate(s) of the Series during the year ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 12/31/22		Shares Held at 12/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	262,643,563	$	56,651,397	^(a)	$	—		$	(54,402	)	$	94,497		$	319,335,055		319,239,283	$	5,133,169	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		32,243,211		2,660,310	^(a)		—			—			—			34,903,521		34,903,521		502,100			—
iShares Russell 2000 ETF		23,512,520		608,561,835			(595,425,369	)		(1,388,414	)		(954,719	)		34,305,853		196,753		401,794			—


									$	(1,442,816	)	$	(860,222	)	$	388,544,429			$	6,037,063		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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		291		03/17/23	$	25,767	$	(363,330	)

OTC Total Return Swaps



Reference Entity	Payment Frequency		Counterparty^(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage

Equity Securities Long		Monthly		Goldman Sachs Bank USA^(b)		02/27/23	$	3,165,061	$	66,361	^(c)	$	3,227,493		0.1	%
		Monthly		HSBC Bank USA N.A.^(d)		02/10/23		3,601,568		4,060	^(e)		3,597,688		0.1
		Monthly		JPMorgan Chase Bank N.A.^(f)		02/08/23		4,408,122		(80,987	)^(g)		4,295,879		0.1


									$	(10,566	)	$	11,121,060

^(a)

The Series receives the total return on a portfolio of long positions underlying the total return swap. The Series pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Series pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)

Amount includes $3,929 of net dividends and financing fees.

^(e)

Amount includes $7,940 of net dividends and financing fees.

^(g)

Amount includes $31,256 of net dividends and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(d)		(f)
Range:	65 basis points		65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate		USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	(FEDL01)


94		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023:


Security	Shares		Value			% of Basket Value

Reference Entity — Long

Common Stocks

Banks: Diversified
Ameris Bancorp		37	$	1,744			0.1	%
Berkshire Hills Bancorp, Inc.		4,898		146,450			4.5
Cadence Bank		48,172		1,187,922			36.8
Central Pacific Financial Corp.		277		5,618			0.2
Columbia Banking System, Inc.		12,750		384,157	��		11.9
Community Bank System, Inc.		2,302		144,911			4.5
First Financial Bancorp		2,563		62,101			1.9
Hanmi Financial Corp.		3,913		96,847			3.0
Hope Bancorp, Inc.		10,766		137,912			4.3
Independent Bank Corp.		657		55,471			1.7
NBT Bancorp, Inc.		445		19,322			0.6
Northwest Bancshares, Inc.		6,929		96,867			3.0
OFG Bancorp		1,347		37,123			1.1
Pacific Premier Bancorp, Inc.		1,697		53,557			1.7
Simmons First National Corp., Class A		3,425		73,912			2.3
Trustmark Corp.		1,313		45,837			1.4
United Community Banks, Inc.		5,705		192,829			6.0

				2,742,580

Banks: Savings, Thrift & Mortgage Lending
Homestreet, Inc.		2,872		79,210			2.4


Gas Utilities
Chesapeake Utilities Corp.		822		97,144			3.0


Insurance: Property-Casualty
Genworth Financial, Inc., Class A		4,713		24,932			0.8
Stewart Information Services Corp.		170		7,264			0.2

				32,196
Real Estate Investment Trusts (REITs)
Getty Realty Corp.		1,221		41,331			1.3


Thrifts & Mortgage Finance
WSFS Financial Corp.		1,835		83,199			2.6


Water Utilities
Middlesex Water Co.		1,930		151,833			4.7


Net Value of Reference Entity — Goldman Sachs Bank USA			$	3,227,493

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Alternative Energy
Green Plains, Inc.		23,522	$	717,421		19.9	%


Banks: Diversified
Ameris Bancorp		2,174		102,482		2.9


Security	Shares		Value		% of Basket Value

Banks: Diversified (continued)
Bancorp, Inc.		123	$	3,491		0.1	%
Banner Corp.		1,440		91,008		2.5
First Bancorp/Southern Pines NC		1,465		62,760		1.7
First Commonwealth Financial Corp.		7,310		102,121		2.8
First Financial Bancorp		3,191		77,318		2.2
Hope Bancorp, Inc.		9,241		118,377		3.3
Independent Bank Corp.		2,364		199,592		5.5
NBT Bancorp, Inc.		1,373		59,616		1.7
Preferred Bank/Los Angeles CA		8,864		661,432		18.4
Renasant Corp.		1,798		67,587		1.9
Seacoast Banking Corp. of Florida		1,988		62,006		1.7
Simmons First National Corp., Class A		358		7,726		0.2
Southside Bancshares, Inc.		1,005		36,170		1.0
Veritex Holdings, Inc.		1,725		48,438		1.3

				1,700,124

Banks: Savings, Thrift & Mortgage Lending
Berkshire Hills Bancorp, Inc.		1,653		49,425		1.4


Commercial Finance & Mortgage Companies
Pathward Financial, Inc.		888		38,228		1.1


Commercial Services
GEO Group, Inc.		5,512		60,356		1.7


Computer Services Software & Systems
Envestnet, Inc.		2,719		167,762		4.7


Insurance: Property-Casualty
Genworth Financial, Inc., Class A		4,124		21,816		0.6
James River Group Holdings Ltd.		9,323		194,944		5.4
Safety Insurance Group, Inc.		370		31,176		0.9

				247,936

Office Supplies & Equipment
Pitney Bowes, Inc.		74,700		283,860		7.9


Real Estate Investment Trusts (REITs)
Acadia Realty Trust		5,122		73,501		2.0
Getty Realty Corp.		2,118		71,694		2.0

				145,195

Utilities: Electrical
Avista Corp.		4,226		187,381		5.2


Net Value of Reference Entity — HSBC Bank PLC			$	3,597,688

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination date February 8, 2023:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Banks: Diversified
Bancorp, Inc.		7,277	$	206,521		4.8	%
Banner Corp.		131		8,279		0.2
Brookline Bancorp, Inc.		5,231		74,019		1.7
Cadence Bank		219		5,400		0.1
Central Pacific Financial Corp.		6,136		124,438		2.9
Eagle Bancorp, Inc.		3,094		136,353		3.2
First Bancorp/Southern Pines NC		3,919		167,890		3.9


SERIES SCHEDULE OF INVESTMENTS		95

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series


Security	Shares		Value		% of Basket Value

Banks: Diversified (continued)
Hanmi Financial Corp.		7,620	$	188,595		4.4	%
Heritage Financial Corp.		900		27,576		0.7
Independent Bank Corp.		2,402		202,801		4.7
Renasant Corp.		1,165		43,792		1.0
S&T Bancorp, Inc.		10,053		343,611		8.0
Seacoast Banking Corp. of Florida		9,035		281,802		6.6
Veritex Holdings, Inc.		7,370		206,950		4.8


				2,018,027

Commercial Finance & Mortgage Companies
Pathward Financial, Inc.		1,579		67,976		1.6


Insurance
Employers Holdings, Inc.		853		36,790		0.8


Insurance: Multi-Line
Horace Mann Educators Corp.		1,037		38,753		0.9
Safety Insurance Group, Inc.		797		67,155		1.6


				105,908


Security	Shares		Value		% of Basket Value

Insurance: Property-Casualty
Pacific Premier Bancorp, Inc.		13,284	$	419,243		9.7	%
ProAssurance Corp.		4,880		85,253		2.0


				504,496

IT Services
Bread Financial Holdings, Inc.		33,429		1,258,936		29.3


Oil, Gas & Consumable Fuels
Golar LNG Ltd.		506		11,532		0.3
Green Plains, Inc.		8,336		254,248		5.9


				265,780

Thrifts & Mortgage Finance
TrustCo Bank Corp./New York		1,010		37,966		0.9


Net Value of Reference Entity — JPMorgan Chase Bank N.A			$ 4,295,879

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



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

OTC Swaps	$	—	$	—	$	70,421	$	(80,987	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	—	$	—	$	70,421	$	—	$	—	$	—	$	70,421


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	363,330	$	—	$	—	$	—	$	363,330

Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		80,987		—		—		—		80,987


	$	—	$	—	$	444,317	$	—	$	—	$	—	$	444,317

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Series Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in net unrealized appreciation (depreciation).


96		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

For the period ended December 31, 2022, the effect of derivative financial instruments in the Statement 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	$	—	$	—	$	(1,070,016	)	$	—	$	—	$	—	$	(1,070,016	)
Swaps		—		—		(842,217	)		—		—		—		(842,217	)


	$	—	$	—	$	(1,912,233	)	$	—	$	—	$	—	$	(1,912,233	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(546,692	)	$	—	$	—	$	—	$	(546,692	)
Swaps		—		—		(159,994	)		—		—		—		(159,994	)

	$	—	$	—	$	(706,686	)	$	—	$	—	$	—	$	(706,686	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	25,100,901
Total return swaps:
Average notional value	$	11,460,553

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

Derivative Financial Instruments — Offsetting as of Period End

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



	Assets		Liabilities

Derivative Financial Instruments
Futures contracts	$	—	$	90,005
Swaps — OTC^(a)		70,421		80,987


Total derivative assets and liabilities in the Statement of Assets and Liabilities		70,421		170,992


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(90,005	)


Total derivative assets and liabilities subject to an MNA	$	70,421	$	80,987

^(a)

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

The following table presents the Series’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged) by the Series:



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(a)

Goldman Sachs Bank USA	$	66,361	$	—	$	—	$	—	$	66,361
HSBC Bank USA N.A		4,060		—		—		—		4,060


	$	70,421	$	—	$	—	$	—	$	70,421


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Pledged		Cash Collateral Pledged	^(b)		Net Amount of Derivative Liabilities

JPMorgan Chase Bank N.A	$	80,987	$	—	$	—	$	(80,987	)	$	—

^(a)

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

^(b)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.


SERIES SCHEDULE OF INVESTMENTS		97

Schedule of Investments (continued)

December 31, 2022

Master Small Cap Index Series

Fair Value Hierarchy as of Period End

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

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




	Level 1			Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	3,574,030,118		$	—		$	116,077	$	3,574,146,195
Investment Companies		34,305,853			—			—		34,305,853
Rights		—			1			—		1
Short-Term Securities
Money Market Funds		354,238,576			—			—		354,238,576


	$	3,962,574,547		$	1		$	116,077	$	3,962,690,625

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—		$	70,421		$	—	$	70,421
Liabilities
Equity Contracts		(363,330	)		(80,987	)		—		(444,317	)


	$	(363,330	)	$	(10,566	)	$	—	$	(373,896	)

^(a)

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

See notes to financial statements.


98		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Statement of Assets and Liabilities

December 31, 2022


	Master Small Cap Index Series


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	3,574,146,196
Investments, at value — affiliated^(c)		388,544,429
Cash pledged:
Collateral — OTC derivatives		720,000
Futures contracts		1,705,000
Receivables:
Securities lending income — affiliated		445,512
Swaps		281,720
Contributions from investors		6,866,042
Dividends — unaffiliated		4,328,877
Dividends — affiliated		81,549
Unrealized appreciation on OTC swaps		70,421
Prepaid expenses		12,686
Other assets		4,174


Total assets		3,977,206,606


LIABILITIES
Bank overdraft		2,359,560
Collateral on securities loaned		319,286,652
Payables:
Investments purchased		13,977,348
Swaps		848,077
Accounting services fees		6,024
Custodian fees		100,592
Investment advisory fees		29,896
Directors’ fees		9,107
Other accrued expenses		8,479
Professional fees		47,295
Variation margin on futures contracts		90,005
Unrealized depreciation on OTC swaps		80,987


Total liabilities		336,844,022


NET ASSETS	$	3,640,362,584


NET ASSETS CONSIST OF
Investors’ capital	$	3,288,709,775
Net unrealized appreciation (depreciation)		351,652,809


NET ASSETS	$	3,640,362,584


^(a) Investments, at cost — unaffiliated	$	3,223,081,095
^(b) Securities loaned, at value	$	306,115,955
^(c) Investments, at cost — affiliated	$	387,582,825

See notes to financial statements.


SERIES FINANCIAL STATEMENTS		99

Statement of Operations

Year Ended December 31, 2022


	Master Small Cap Index Series


INVESTMENT INCOME
Dividends — unaffiliated	$	48,386,539
Dividends — affiliated		902,361
Interest — unaffiliated		10,624
Securities lending income — affiliated — net		5,134,702
Foreign taxes withheld		(122,893	)


Total investment income		54,311,333


EXPENSES
Investment advisory		393,683
Custodian		151,233
Professional		68,108
Directors		35,602
Accounting services		15,214
Printing and postage		11,529
Miscellaneous		32,740


Total expenses		708,109
Less:
Fees waived and/or reimbursed by the Manager		(26,057	)


Total expenses after fees waived and/or reimbursed		682,052


Net investment income		53,629,281


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss from:
Investments — unaffiliated		(32,931,360	)
Investments — affiliated		(1,442,816	)
Futures contracts		(1,070,016	)
Swaps		(842,217	)


		(36,286,409	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(942,382,625	)
Investments — affiliated		(860,222	)
Futures contracts		(546,692	)
Swaps		(159,994	)


		(943,949,533	)


Net realized and unrealized loss		(980,235,942	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(926,606,661	)

See notes to financial statements.


100		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	Master Small Cap Index Series


	Year Ended 12/31/22			Year Ended 12/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	53,629,281		$	46,599,564
Net realized gain (loss)		(36,286,409	)		325,220,722
Net change in unrealized appreciation (depreciation)		(943,949,533	)		204,608,412


Net increase (decrease) in net assets resulting from operations		(926,606,661	)		576,428,698


CAPITAL TRANSACTIONS
Proceeds from contributions		1,206,262,904			1,298,147,027
Value of withdrawals		(1,208,228,644	)		(1,200,858,901	)


Net increase (decrease) in net assets derived from capital transactions		(1,965,740	)		97,288,126


NET ASSETS
Total increase (decrease) in net assets		(928,572,401	)		673,716,824
Beginning of year		4,568,934,985			3,895,218,161


End of year	$	3,640,362,584		$	4,568,934,985

See notes to financial statements.


SERIES FINANCIAL STATEMENTS		101

Financial Highlights


	Master Small Cap Index Series

	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19			Year Ended 12/31/18

Total Return
Total return		(20.29	)%		14.84	%		20.08	%		25.70	%		(10.96	)%


Ratios to Average Net Assets^(a)
Total expenses		0.02	%		0.02	%		0.03	%		0.02	%		0.03	%


Total expenses after fees waived and/or reimbursed		0.02	%		0.01	%		0.02	%		0.02	%		0.03	%


Net investment income		1.36	%		1.03	%		1.29	%		1.49	%		1.49	%


Supplemental Data
Net assets, end of year (000)	$	3,640,363		$	4,568,935		$	3,895,218		$	3,325,684		$	2,309,730


Portfolio turnover rate		38	%		31	%		27	%		20	%		28	%

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.


102		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

1.	*ORGANIZATION*

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

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

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

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

ForeignTaxes: The Series may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Series invests. These foreign taxes, if any, are paid by the Series and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.


SERIES NOTES TO FINANCIAL STATEMENTS		103

Notes to Financial Statements (continued)

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Series uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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



	Standard Inputs Generally Considered By The Valuation Committee And 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.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to 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.

•

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

•


104		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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.

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

Securities lending transactions are entered into by the Series under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Series, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Series can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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



Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount	^(b)

Barclays Capital, Inc.	$	7,281,307	$	(7,281,307	)	$	—		$	—
BMO Capital Markets Corp.		1,866,136		(1,866,136	)		—			—
BNP Paribas SA		36,162,645		(36,162,645	)		—			—
BofA Securities, Inc.		39,678,593		(39,678,593	)		—			—
Citadel Clearing LLC		2,936,418		(2,936,418	)		—			—
Citigroup Global Markets, Inc.		23,272,804		(23,272,804	)		—			—
Credit Suisse Securities (USA) LLC		399,474		(399,474	)		—			—
HSBC Bank PLC		5,386,816		(5,386,816	)		—			—
ING Financial Markets LLC		80,593		(80,593	)		—			—
J.P. Morgan Securities LLC		124,294,437		(124,294,437	)		—			—
Jefferies LLC		4,832,877		(4,832,877	)		—			—
Mizuho Securities USA LLC		66,085		(64,580	)		—			1,505
Nomura Securities International, Inc.		190,260		(190,260	)		—			—
Pershing LLC		47,957		(47,957	)		—			—
Scotia Capital (USA), Inc.		10,466,347		(10,466,347	)		—			—
State Street Bank & Trust Co.		4,714,147		(4,714,147	)		—			—
Toronto-Dominion Bank		16,748,568		(16,748,568	)		—			—
UBS AG		3,749,735		(3,749,735	)		—			—
UBS Securities LLC		13,032,638		(13,032,638	)		—			—
Virtu Americas LLC		147,009		(147,009	)		—			—
Wells Fargo Bank N.A.		4,005,247		(4,005,247	)		—			—
Wells Fargo Securities LLC		6,755,862		(6,755,862	)		—			—


	$	306,115,955	$	(306,114,450	)	$	—		$	1,505

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Series is disclosed in the Series’s Statement of Assets and Liabilities.

^(b)

The market value of the loaned securities is determined as of December 31, 2022. Additional collateral is delivered to the Series on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Series benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. 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. Such losses are borne entirely by the Series.


SERIES NOTES TO FINANCIAL STATEMENTS		105

Notes to Financial Statements (continued)

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

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

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

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

•

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

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

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Series has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

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


106		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

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

Expense Limitations, Waivers and Reimbursements: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Series pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Series, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of the Series. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2022, the amount waived was $23,039.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Series’ assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Series. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2022, the Manager waived $3,018 in investment advisory fees pursuant to this arrangement.

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Series’ business (“expense limitation”). The expense limitation as a percentage of average daily net assets is 0.07%.

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2023, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Series. For the year ended December 31, 2022, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as


SERIES NOTES TO FINANCIAL STATEMENTS		107

Notes to Financial Statements (continued)

securities lending agent for the Series, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Series is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Series bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. 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. 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 the current securities lending agreement, the Series retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds 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 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Series is shown as securities lending income — affiliated — net in the Statement of Operations. For the year ended December 31, 2022, the Series paid BTC $1,325,318 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.

During the year ended December 31, 2022, the Series did not participate in the Interfund Lending Program.

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

Other Transactions: The Series may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the year ended December 31, 2022, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:




Series Name	Purchases		Sales		Net Realized Gain (Loss)


Master Small Cap Index Series	$	73,268,598	$	140,788,518	$	21,621,919

7.	*PURCHASES AND SALES*

For the year ended December 31, 2022, purchases and sales of investments, excluding short-term securities, were $1,534,317,962 and $1,504,108,955, respectively.

8. INCOME TAX INFORMATION

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

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

Management has analyzed tax laws and regulations and their application to the Series as of December 31, 2022, 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.


108		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)




Series Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


Master Small Cap Index Series	$	3,743,436,195	$	987,487,079	$	(768,275,518	)	$	219,211,561

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, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Series may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Series, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2022, 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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Series and its investments. The Series’ prospectus provides details of the risks to which the Series is subject.

The Series may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to 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. An illiquid investment is any investment that the Series reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Series’ NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Series may lose value, regardless of the individual results of the securities and other instruments in which the Series invests.

The 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, including making timely interest and/or principal payments or otherwise honoring its obligations. The Series manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Series to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Series’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Series.


SERIES NOTES TO FINANCIAL STATEMENTS		109

Notes to Financial Statements (continued)

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.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Series’ portfolio are disclosed in its Schedule of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Series may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Series is uncertain.

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.


110		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Master Small Cap Index Series of Quantitative Master Series LLC (the “Fund”), including the schedule of investments, as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2023

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


SERIES REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		111

Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), BlackRock Funds^SM (the “Trust”), BlackRock Index Funds, Inc. and Quantitative Master Series LLC (the “Corporations”) have adopted and implemented a liquidity risk management program (the “Program”) for iShares Municipal Bond Index Fund, iShares Short-Term TIPS Bond Index Fund, iShares MSCI EAFE International Index Fund, iShares Russell 2000 Small-Cap Index Fund and Master Small Cap Index Series (the “Funds”), each a series of the Trust or the respective Corporation, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Corporations, on behalf of the Funds, met on November 8-9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. A fund’s derivative exposure was also considered in such calculation.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size utilized for liquidity classifications. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the Funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


112		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information


Independent Directors^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years

Mark Stalnecker 1951	Chair of the Board (Since 2019) and Director (Since 2015)	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014.	28 RICs consisting of 164 Portfolios	None

Susan J. Carter 1956	Director (Since 2016)	Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof since 2018; Advisory Board Member, Bridges Fund Management since 2016; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021.	28 RICs consisting of 164 Portfolios	None

Collette Chilton 1958	Director (Since 2015)	Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020.	28 RICs consisting of 164 Portfolios	None

Neil A. Cotty 1954	Director (Since 2016)	Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.	28 RICs consisting of 164 Portfolios	None

Lena G. Goldberg 1949	Director (Since 2019)	Director, Charles Stark Draper Laboratory, Inc. from 2013 to 2021; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President - Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985.	28 RICs consisting of 164 Portfolios	None


DIRECTOR AND OFFICER INFORMATION		113

Director and Officer Information (continued)


Independent Directors^(a) (continued)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years

Henry R. Keizer 1956	Director (Since 2019)	Director, Park Indemnity Ltd. (captive insurer) since 2010; Director, MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. (financial and bank holding company) from 2014 to 2016; Director, American Institute of Certified Public Accountants from 2009 to 2011; Director, KPMG LLP (audit, tax and advisory services) from 2004 to 2005 and 2010 to 2012; Director, KPMG International in 2012, Deputy Chairman and Chief Operating Officer thereof from 2010 to 2012 and U.S. Vice Chairman of Audit thereof from 2005 to 2010; Global Head of Audit, KPMGI (consortium of KPMG firms) from 2006 to 2010; Director, YMCA of Greater New York from 2006 to 2010.	28 RICs consisting of 164 Portfolios	Hertz Global Holdings (car rental) from 2015 to 2021; GrafTech International Ltd. (materials manufacturing); WABCO (commercial vehicle safety systems) from 2015 to 2020; Sealed Air Corp. (packaging) from 2015 to 2021

Cynthia A. Montgomery 1952	Director (Since 2007)	Professor, Harvard Business School since 1989.	28 RICs consisting of 164 Portfolios	None

Donald C. Opatrny 1952	Director (Since 2019)	Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Member of the Board and Investment Committee, University School from 2007 to 2018; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2017; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Phoenix Art Museum since 2018; Trustee, Arizona Community Foundation and Member of Investment Committee since 2020.	28 RICs consisting of 164 Portfolios	None

Joseph P. Platt 1947	Director (Since 2007)	General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015.	28 RICs consisting of 164 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc.

Kenneth L. Urish 1951	Director (Since 2007)	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since founding in 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter- Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020.	28 RICs consisting of 164 Portfolios	None


114		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (continued)


Independent Directors^(a) (continued)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years

Claire A. Walton 1957	Director (Since 2016)	Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015.	28 RICs consisting of 164 Portfolios	None


DIRECTOR AND OFFICER INFORMATION		115

Director and Officer Information (continued)


Interested Directors^(a)(d)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years

Robert Fairbairn 1965	Director (Since 2018)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares^® businesses from 2012 to 2016.	98 RICs consisting of 266 Portfolios	None

John M. Perlowski^(e) 1964	Director (Since 2015) President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	100 RICs consisting of 268 Portfolios	None

^(a)	The address of each Director is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

^(b)	Independent Directors serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Directors on a case-by-case basis, as appropriate.

^(c)

Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Director joined the Board, certain Independent Directors first became members of the boards of other BlackRock-advised Funds, legacy MLIM funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015.

^(d)	Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust/Corporations based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.

^(e)	Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.


Officers Who Are Not Directors^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years

Roland Villacorta 1971	Vice President (Since 2022)	Managing Director of BlackRock, Inc. since 2022; Head of Global Cash Management and Head of Securities Lending within BlackRock’s Portfolio Management Group since 2022; Member of BlackRock’s Global Operating Committee since 2022; Head of Portfolio Management in BlackRock’s Financial Markets Advisory Group within BlackRock Solutions from 2008 to 2015; Co-Head of BlackRock Solutions’ Portfolio Analytics Group; previously Mr. Villacorta was Co-Head of Fixed Income within BlackRock’s Risk & Quantitative Analysis Group.

Jennifer McGovern 1977	Vice President (Since 2014)	Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.

Trent Walker 1974	Chief Financial Officer (Since 2021)	Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Jay M. Fife 1970	Treasurer (Since 2007)	Managing Director of BlackRock, Inc. since 2007.

Charles Park 1967	Chief Compliance Officer (Since 2014)	Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares^® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares^® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.


116		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (continued)


Officers Who Are Not Directors^(a) (continued)

Name Year of Birth^(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years

Lisa Belle 1968	Anti-Money Laundering Compliance Officer (Since 2019)	Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012.

Janey Ahn 1975	Secretary (Since 2019)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

^(a)	The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

^(b)	Officers of the Trust/Corporation serve at the pleasure of the Board.

Further information about the Trust’s/Corporations’ Directors and Officers is available in the Trust’s/Corporations’ Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Effective March 31, 2022, Thomas Callahan resigned as a Vice President of the Trust/Corporations and effective May 10, 2022, Roland Villacorta was appointed as a Vice President of the Trust/Corporations.

Effective December 31, 2022, Joseph P. Platt retired as a Director of the Trust/Corporations.


DIRECTOR AND OFFICER INFORMATION		117

Additional Information

Dividend Policy

Each Fund’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly/quarterly basis. In order to provide shareholders with a more stable level of dividend distributions, the distributions paid by a Fund for any particular month/quarter may be more or less than the amount of net investment income earned by a Fund during such month/quarter. The portion of distributions that exceeds a Fund current and accumulated earnings and profits, which are measured on a tax basis, will constitute a nontaxable return of capital. The Funds’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

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

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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


118		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

BlackRock Privacy Principles

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

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

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

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

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

Fund and Service Providers

Investment Adviser and Administrator^(a)

BlackRock Advisors, LLC

Wilmington, DE 19809

Investment Adviser^(b)

BlackRock Fund Advisors

San Francisco, CA 94105

Sub-Adviser

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Funds/Corporation/Master LLC

100 Bellevue Parkway

Wilmington, DE 19809

^(a)Administrator to iShares short term TIPS Bond Index Fund, iShares MSCI EAFE

International Index Fund and iShares Russell 2000 Small-Cap Index Fund.

^(b)For iShares Municipal Bond Index Fund.


ADDITIONAL INFORMATION		119

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

AGC		Assured Guaranty Corp.

AGM		Assured Guaranty Municipal Corp.

AMBAC		AMBAC Assurance Corp.

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

BAB		Build America Bond

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

CVA		Certificaten Van Aandelen (Dutch Certificate)

ETF		Exchange-Traded Fund

FTSE		Financial Times Stock Exchange

GO		General Obligation Bonds

PSF		Permanent School Fund

RB		Revenue Bond

REIT		Real Estate Investment Trust

SAP		Subject to Appropriations

SAW		State Aid Withholding

SCA		Societe en Commandite par Actions


120		2 0 2 2 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS

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blackrock.com | 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

iSIndex-12/22-AR

(b) Not Applicable

Item 2 –

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

Item 3 –

Audit Committee Financial Expert – Each registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

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

Item 4 –

Principal Accountant Fees and Services

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


	(a) Audit Fees		(b) Audit-Related Fees¹		(c) Tax Fees²		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
iShares MSCI EAFE International Index Fund	$32,946	$32,623	$44	$207	$15,700	$16,400	$431	$0
iShares Russell 2000 Small-Cap Index Fund	$7,956	$7,878	$44	$207	$22,800	$23,500	$431	$0
Master Small Cap Index Series	$28,764	$28,482	$44	$207	$16,800	$16,800	$431	$0

The following table presents fees billed by D&T that were required to be approved by each registrant’s audit committee (each a “Committee”) for services that relate directly to the operations or financial reporting of each Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to each Fund (“Affiliated Service Providers”):


	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees¹	$0	$0
(c) Tax Fees²	$0	$0
(d) All Other Fees³	$2,098,000	$2,032,000

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

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

³ Non-audit fees of $2,098,000 and $2,032,000 for the current fiscal year and previous fiscal year, respectively, were paid to each Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of each Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

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

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

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

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

(f) Not Applicable

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


Entity Name	Current Fiscal Year End	Previous Fiscal Year End
iShares MSCI EAFE International Index Fund	$16,175	$16,607
iShares Russell 2000 Small-Cap Index Fund	$23,275	$23,707
Master Small Cap Index Series	$17,275	$17,007

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


Current Fiscal Year End		Previous Fiscal Year End
$2,098,000		$2,032,000

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

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

(i) – Not Applicable

(j) – Not Applicable

Item 5 –

Audit Committee of Listed Registrants – Not Applicable

Item 6 –

Investments

(a) The registrants’ Schedules of Investments are included as part of the Report to Stockholders filed under Item 1(a) 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 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 – See Item 2

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

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: February 23, 2023

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: February 23, 2023


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

Date: February 23, 2023

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